MIRA INFORM REPORT

 

 

Report Date :

28.02.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

AEON RETAIL CO LTD

 

 

Registered Office :

1-5-1 Nakase Mihamaku Chiba 261-8515

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2010

 

 

Date of Incorporation :

July 1986

 

 

Com. Reg. No.:

(Chiba-Mihamaku) 000456　      

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Chain store operator of general merchandise

 

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 28,851.4 Million

Status :

Good

Payment Behaviour :

Regular

Litigation :

----

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

AEON RETAIL CO LTD

 

 

REGD NAME 

 

Aeon Retail KK

 

 

MAIN OFFICE

 

1-5-1 Nakase Mihamaku Chiba 261-8515 JAPAN

Tel: 043-212-6500    

 

URL:                 www.aeonretail.jp

E-mail:            (thru the URL)     

 

 

ACTIVITIES

 

Chain store operator of general merchandise

 

 

BRANCHES   

 

495 chain stores nationwide

 

 

OFFICER(S)

 

SHOHEI MURAI, PRES  Yuichiro Okauchi, dir

Hiroshi Yokoo, dir                      Aritomo Iesaka, dir                    

Masahito Nishimatsu, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 1,702,572 M

PAYMENTS                  REGULAR         CAPITAL           Yen 48,970 M

TREND             SLOW              WORTH            Yen 251,613 M

STARTED                     1986                 EMPLOYES      14,178

 

 

COMMENT    

 

CHAIN STORE OPERATOR OF GENERAL MERCHANDISE, WHOLLY ONWED BY AEON CO LTD. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 28,851.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established a chain store operator of general merchandize, wholly owned by Aeon Corp (See REGISTRATION).  In Oct 2010 merged a sister company, Aeon Marche Co Ltd.  Plans to merge Mycal Corp in Mar 2011.  Operates 495 chain stores nationwide. 

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Aeon Co Ltd and only disclosed in digested form.

 

The sales volume for Feb/2010 fiscal term amounted to Yen 1,702,572 million, a 13% down from Yen 781,320 million for irregular 6 months, due to the change in accounting term, in the previous term.  Growth rate is adjusted on a 12-month basis.  The recurring profit was posted at Yen 17,390 million and the net profit at Yen 8,829 million, respectively, compared with Yen 18,773 million recurring profit and Yen 7,729 million net profit, respectively, a year ago.  .

 

For the current term ending Feb 2011 the recurring profit is projected at Yen 20,000 million and the net profit at Yen 9,000 million, respectively, on an 18% rise in turnover, to Yen 2,000,000 million.  The said merger will contribute to sales growth. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 28,851.4 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:          Jul 1986

Regd No.:                     (Chiba-Mihamaku) 000456

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         400,000 shares

Issued:                         100,000 shares

Sum:                　         Yen 48,900 million

Major shareholders (%): Aeon Co Ltd* (100)

 

*.. Top-ranked operator of general merchandise stores (GMS), Chiba, founded 1926, listed Tokyo S/E, capital Yen 199,054 million, sales Yen 5,054,394 million, operating profit Yen 130,193 million, recurring profit Yen 130,198 million, net profit Yen 31,123 million, total assets Yen 3,723,608 million, net worth Yen 1,144,434 million, employees 74,414, pres Motoya Okada

 

Consolidated Financials are attached (See SUPPLEMENTS)

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Chain store operator of general merchandise, operating 495 chain stores nationwide (--100%)

 

Clients: Consumers

            No. of accounts: Unavailable

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Takisada Osaka, Wacoal Corp, Takihyo Co, Cross Plus Co, other

 

Payment record: Regular

 

Location: Business area in Chiba.  Office premises at the caption address are owned by the parent, Aeon Co Ltd, and maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (Uchisaiwaicho)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

28/02/2011

28/02/2010

28/02/2009

31/03/2008

Annual Sales

　

2,000,000

1,702,572

981,320

2,000,000

Recur. Profit

　

20,000

17,390

18,773

　

Net Profit

　

9,000

8,829

7,729

7,700

Total Assets

　

　

1,017,451

998,954

　

Current Assets

　

　

237,663

211,664

　

Current Liabs

　

　

666,017

640,535

　

Net Worth

　

　

251,613

251,554

　

Capital, Paid-Up

　

　

48,970

48,970

48,900

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

17.47

-13.25

-1.90

-4.76

    Current Ratio

 

..

35.68

33.04

..

    N.Worth Ratio

..

24.73

25.18

..

    R.Profit/Sales

 

1.00

1.02

1.91

..

    N.Profit/Sales

0.45

0.52

0.79

0.39

    Return On Equity

..

3.51

3.07

..

 

Notes:

The 28/02/2009 fiscal term is for irregular 6 months, due to change in accounting term to

 

Mar/Feb from Sept/Oct.  The growth rates are adjusted on a 12-month basis.

 

Forecast (or estimated) figures for the 28/02/2011 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, AEON CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

28/02/2010

28/02/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

5,054,396

5,230,786

 

  Cost of Sales

3,269,190

3,374,213

 

      GROSS PROFIT

1,785,203

1,856,572

 

  Selling & Adm Costs

1,655,010

1,732,199

 

      OPERATING PROFIT

130,193

124,373

 

  Non-Operating P/L

5

1,657

 

      RECURRING PROFIT

130,198

126,030

　

      NET PROFIT

31,123

-2,760

BALANCE SHEET

 

 

 

 

  Cash

　

294,427

240,447

 

  Receivables

 

323,779

314,134

 

  Inventory

 

333,624

342,904

 

  Securities, Marketable

3,372

3,215

 

  Other Current Assets

577,883

613,235

 

      TOTAL CURRENT ASSETS

1,533,085

1,513,935

 

  Property & Equipment

1,432,648

1,422,764

 

  Intangibles

 

119,816

126,795

 

  Investments, Other Fixed Assets

699,739

677,953

 

      TOTAL ASSETS

3,785,288

3,741,447

 

  Payables

 

637,470

583,033

 

  Short-Term Bank Loans

89,180

181,253

 

　

 

　

　

 

  Other Current Liabs

661,400

763,803

 

      TOTAL CURRENT LIABS

1,388,050

1,528,089

 

  Debentures

 

223,182

192,169

 

  Long-Term Bank Loans

616,213

584,321

 

  Reserve for Retirement Allw

13,412

30,367

 

  Other Debts

　

399,996

300,789

 

      TOTAL LIABILITIES

2,640,853

2,635,735

 

      MINORITY INTERESTS

 

 

 

Common stock

199,054

199,054

 

Additional paid-in capital

264,963

264,967

 

Retained earnings

449,950

434,991

 

Evaluation p/l on investments/securities

(718)

(4,591)

 

Others

 

292,697

221,539

 

Treasury stock, at cost

(61,512)

(10,248)

 

      TOTAL S/HOLDERS` EQUITY

1,144,434

1,105,712

　

      TOTAL EQUITIES

3,785,288

3,741,447

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

28/02/2010

28/02/2009

 

Cash Flows from Operating Activities

　

361,096

234,082

 

Cash Flows from Investment Activities

-324,573

-325,758

 

Cash Flows from Financing Activities

11,179

165,000

　

Cash, Bank Deposits at the Term End

　

280,521

224,266

ANALYTICAL RATIOS            Terms ending:

28/02/2010

28/02/2009

 

 

Net Worth (S/Holders' Equity)

1,144,434

1,105,712

 

 

Current Ratio (%)

110.45

99.07

 

 

Net Worth Ratio (%)

30.23

29.55

 

 

Recurring Profit Ratio (%)

2.58

2.41

 

 

Net Profit Ratio (%)

0.62

-0.05

 

 

Return On Equity (%)

2.72

-0.25

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

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

 

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%)

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.