MIRA
INFORM REPORT
|
Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MARUHA GROUP INC |
|
|
|
|
Registered Office : |
1-1-2 Ohtemachi Chiyodaku Tokyo 100-0342 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
April 2004 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacture of Sea-Foods and General
Foods, Cold Storage and Distribution |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 8,916 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
MARUHA GROUP INC (Renamed Maruha Nichiro Holdings Inc in Oct/2007)
REGD NAME: KK Maruha Group Honsha
MAIN OFFICE: 1-1-2 Ohtemachi
Chiyodaku Tokyo 100-0342 JAPAN
Tel :
03-3216-0821
Fax : 03-3216-0342
E-Mail address: info@maruha.co.jp
ACTIVITIES
Mfg of sea-foods & general foods, cold storage &
distribution
BRANCHES
Sapporo, Osaka, Nagoya, Sendai, Hiroshima, Fukuoka, other
(Tot 7)
OVERSEAS
Canada, Russia, Morocco, Spain, Thailand, China, New Zealand
(--rep offices)
OFFICER(S)
YUJI IGARASHI, PRES & CEO
Ken Nakabe, v pres
Seigo Kawasoe, mgn dir
Nobuyuki Aoki, mgn dir
Shigeru Itoh, dir
Hideo Miyabe, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 737,510 M
PAYMENTS REGULAR CAPITAL Yen 311,000 M
TREND STEADY WORTH Yen 48,442 M
STARTED 2004 EMPLOYES 10,311
COMMENT
LEADING
SEAFOOD COMPANY, OWNED BY MARUHA GROUP INC.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT
YEN 8,916 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/03/2008
fiscal term
HIGHLIGHTS
A leading seafood company
established as a holding company by Maruha Corp in 2004 and in Oct 2007 merged with
Nichiro Corp to rename as Maruha Nichiro Holdings Inc. Maruha Corp was founded originally in 1880
by Ikujiro Nakabe for selling fish to fishery markets in Osaka, on his account. Owned by the Nakabe families, the management
has been transferred to the present executives. Originally a seafood processor, the firm has been orienting
towards a general food processor, functioning almost similar to a general
trading house with 59 overseas and 109 domestic subsidiaries & group firms
under the Maruha Group Inc control.
Diversified into chilled, retort foods, feeds & bait, etc. Produces fish paste in US. Handles pet foods, too.
FINANCIAL INFORMATION
The
sales volume for Mar/2007 fiscal term amounted to Yen 737,510 million, a 2.5%
up from Yen 719,275 million in the previous term. By divisions, Seafoods up 2.7% to Yen 556,140 million; Foods up
21.4% to Yen 158,572 million; Storage & Distribution down 4.6% to Yen
14,559 million. The recurring profit
was posted at Yen 11,093 million and the net profit at Yen 1,617 million,
respectively, compared with Yen 12,084 million recurring profit and Yen 4,647
million net profit, respectively, a year ago.
Posted extraordinary losses of Yen 556,140 million coming from the group
reorganization costs & expenses.
The firm partially withdrew from shrimp farming overseas and made
changes in frozen food ingredients.
Withdrew from restaurant operations.
For
the current term ending Mar 2008 the recurring profit is projected at Yen
13,800 million and net profit at Yen 4,900 million, respectively, on an 18%
rise in turnover, to Yen 870,000 million.
Nichiro will make additional contribution in 2nd half. Domestic fish culture and consigned services
continue faring well. Frozen foods now
out of unprofitable operations. Full-scale
business consolidation with Nichiro slated for Apr 08. Restructuring both companies into 4 business
corporations of seafoods, processed foods, livestock products and
storage/distribution. Full synergy
effect likely in Mar 10 term. Cold
storage operations in Thailand will continue to contribute.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 8,916.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 2004
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,170
million shares
Issued: 366,739,205
shares
Sum: Yen
31,000 million
Major shareholders (%)
Daito Tsusho
(14.4), Japan Trustee Services T (7.9), Master Trust Bank of Japan T (3.7),
Mizuho Corporate Bank (3.6), Norin Chukin Bank (2.7), Japan Trustee Services T4 (2.6), Nippon Life
Ins (2.5), Yamaguchi Bank (1.7), Toyo Seikan (1.3), Goldman Sachs Int’l (1.2); foreign owners (7.1)
No. of shareholders: 34,001
Listed on the stock exchange of
Tokyo
Related companies
Maruha Corp, Nichiro Corp, Daito Gyorui, Westward Seafoods Inc,
Kingfisher Holdings Ltd (Tot: 204: 109 domestic & 95 overseas).
Nothing
detrimental is knows as to the commercial morality of executives.
OPERATION
Activities:
Seafood & general foods mfg:
(Sales breakdown by divisions):
Fish & shellfish (75%);
Canned Foods, Frozen, Chilled Foods (22%);
Cold Storage, Warehousing, Distribution (2%);
Others (1%)
Clients
[Fish marts, fish markets] Osaka Uoichiba, Sanyu Koami,
Daiei Taigen, Daito
Gyorui, Maruha Pet Food, Mitsui Foods, other.
No. of accounts
3,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Hayashikane Sangyo, Taikai Shoji, Hatanaka Shokuhin, other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
Norin Chukin Bank (Tokyo)
Relations: Satisfactory
FINANCES: (Consolidated in
Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
||||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
|
|
INCOME STATEMENT |
|
|
|||
|
|
Annual Sales |
|
737,510 |
719,275 |
|
|
|
Cost of Sales |
662,599 |
644,195 |
||
|
|
GROSS PROFIT |
74,910 |
75,080 |
||
|
|
Selling & Adm Costs |
62,772 |
64,418 |
||
|
|
OPERATING PROFIT |
12,137 |
10,661 |
||
|
|
Non-Operating P/L |
-1,044 |
1,423 |
||
|
|
RECURRING PROFIT |
11,093 |
12,084 |
||
|
|
NET PROFIT |
1,617 |
4,647 |
||
|
BALANCE SHEET |
|
|
|
||
|
|
Cash |
|
14,941 |
37,617 |
|
|
|
Receivables |
|
73,644 |
56,765 |
|
|
|
Inventory |
|
85,274 |
78,389 |
|
|
|
Securities, Marketable |
7,663 |
2,223 |
||
|
|
Other Current Assets |
14,199 |
17,772 |
||
|
|
TOTAL CURRENT ASSETS |
195,721 |
192,766 |
||
|
|
Property & Equipment |
102,644 |
102,683 |
||
|
|
Intangibles |
|
12,432 |
5,850 |
|
|
|
Investments, Other Fixed Assets |
73,478 |
83,365 |
||
|
|
TOTAL ASSETS |
384,275 |
384,664 |
||
|
|
Payables |
|
29,180 |
26,688 |
|
|
|
Short-Term Bank Loans |
132,860 |
141,911 |
||
|
|
|
|
|
|
|
|
|
Other Current Liabs |
20,535 |
19,706 |
||
|
|
TOTAL CURRENT LIABS |
182,575 |
188,305 |
||
|
|
Debentures |
|
|
|
|
|
|
Long-Term Bank Loans |
121,520 |
118,654 |
||
|
|
Reserve for Retirement Allw |
8,073 |
6,990 |
||
|
|
Other Debts |
|
10,056 |
8,816 |
|
|
|
TOTAL LIABILITIES |
322,224 |
322,765 |
||
|
|
MINORITY INTERESTS |
|
15,467 |
||
|
|
Common
stock |
31,000 |
25,000 |
||
|
|
Additional
paid-in capital |
7,190 |
10,160 |
||
|
|
Retained
earnings |
10,740 |
9,844 |
||
|
|
Evaluation
p/l on investments/securities |
2,943 |
5,475 |
||
|
|
Others |
|
11,476 |
(3,803) |
|
|
|
Treasury
stock, at cost |
(1,299) |
(245) |
||
|
|
TOTAL S/HOLDERS` EQUITY |
62,050 |
46,431 |
||
|
|
TOTAL EQUITIES |
384,275 |
384,664 |
||
|
CONSOLIDATED CASH FLOWS |
|
|
|||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
|
|
|
Cash
Flows from Operating Activities |
|
2,821 |
3,531 |
|
|
|
Cash
Flows from Investment Activities |
-13,486 |
12,774 |
||
|
|
Cash
Flows from Financing Activities |
-13,090 |
-14,296 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
14,355 |
37,298 |
|
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
|||
|
|
|
Net Worth
(S/Holders' Equity) |
62,050 |
46,431 |
|
|
|
|
Current
Ratio (%) |
107.20 |
102.37 |
|
|
|
|
Net
Worth Ratio (%) |
16.15 |
12.07 |
|
|
|
|
Recurring
Profit Ratio (%) |
1.50 |
1.68 |
|
|
|
|
Net
Profit Ratio (%) |
0.22 |
0.65 |
|
|
|
|
Return
On Equity (%) |
2.61 |
10.01 |
|
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)