MIRA INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AJINOMOTO CO INC |
|
|
|
|
Registered Office : |
1-15-1 Kyobashi Chuoku Tokyo 104-8315 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
December 1925 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of foods, amino acid, pharmaceuticals |
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 40,474.8 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
AJINOMOTO CO INC
REGD NAME
Ajinomoto KK
MAIN OFFICE
1-15-1 Kyobashi
Chuoku Tokyo 104-8315 JAPAN
Tel:
03-5250-8111 Fax: 03-5250-8378-
URL: http://www.ajinomoto.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of
foods, amino acid, pharmaceuticals
BRANCHES
Saitama,
Osaka, Nagoya, Hiroshima, other (Tot 8)
OVERSEAS
Offices
& subsidiaries in 22 overseas countries
FACTORIES
Kawasaki,
Yokkaichi, Saga; overseas subsidiaries
CHIEF EXEC
MASATOSHI
ITO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,207,695 M
PAYMENTS REGULAR CAPITAL Yen
79,863 M
TREND SLOW WORTH Yen 650,291 M
STARTED 1925 EMPLOYES 28,010
COMMENT
MFR OF FOODS, AMINO ACID, PHARMACEUTICALS, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 40,474.8 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is the largest seasoning mfr known for monosodium glutamate. Originally set up as iodine maker in 1888
with seaweed as raw materials. Ranks
among world’s leaders in advanced amino acid application technology. A specialized mfr of foods (seasoning), amino
acid and pharmaceuticals. Under the
medium-range business plan, the firm plans to boost the overall sales to Yen
1,366 trillion and operating profit to Yen 87 billion for the Mar 2014
term. It plans to set up M&A to beef
up overseas sales and R&D works.
Overseas sales will focus on the launching of low-priced seasonings.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 1,207,695
million, a 3.1% up from Yen 1,170,876 million in the previous term. Sales increased due to Asian sales of
processed foods and flavored seasonings.
Sales of amino acids for animal feed were robust, fueled by growing
demand in China and other emerging countries.
Favorable sales of instant noodles and canned coffee helped drive the 8%
growth in revenues at the firm’s overseas food business. The recurring profit was posted at Yen 70,499
million and the net profit at Yen 30,400 million, respectively, compared with
Yen 67,621 million recurring profit and Yen 16,646 million net profit,
respectively, a year ago. The firm suffered
extraordinary losses of Yen 25.2 billion due to damage from the Great East
Japan Earthquake and asset impairment costs, but they were offset by the
increased profit.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 69,000 million and the net profit at Yen 37,000 million, on a 3.1% rise
in turnover, to Yen 1,245,000 million.
Food sales will increase overseas.
But operating profit will inch down due to rising prices of material
amino acid, such as molasses.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 40,474.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1925
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 1,000 million shares
Issued: 700,032,654shares
Sum: Yen 79,863
million
Major shareholders
(%):
Master Trust Bank of Japan T (6.6), Japan Trustee Services T (5.2), Dai-ichi
Life Ins (3.7), Nippon Life Ins (3.6), MUFG (2.8), Nipponkoa Ins (2.3), Japan
Trustee Services T9 (1.9), Meiji Yasuda Life Ins (1.8), Zenkoren (1.7),
Mitsubishi UFJ Trust Bank (1.6); foreign owners (21.2)
No. of
shareholders: 62,942
Listed on the
S/Exchange (s) of: Tokyo, Osaka
Managements: Norio Yamaguchi,
ch; Masatoshi Ito, pres; Osamu Tosaka, v pres; Namio Terashi, s/mgn dir; Yutaka
Kunimoto, s/mgn dir; Keiichi Yokoyama, s/mgn dir; Kiyoshi Miwa, s/mgn dir;
Tomoya Yoshizumi, mgn dir; Takashi Nagamachi, mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Knoll Foods,
Ajinomoto America, Ajinomoto Frozen Foods, other.
OPERATION
Activities: Manufactures
foods (frozen foods, instant noodles, soup, seasonings, flavored seasonings,
other) (--72%) (domestic 54%, overseas 18%), amino acid (16%), pharmaceuticals
& health foods (7%), others (5%).
Overseas Sales
Ratio (31.2%): Asia 14.5%, USA 9.4%, Europe 7.3%
Clients: [Mfrs,
wholesalers] Ajinomoto Pharma, Kokubu & Co, Ryoshoku Ltd, Itochu Foods,
Kato Sangyo Co, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ajinomoto General Foods, Ajinomoto Frozen Foods, Ajinomoto Medica,
J-Oil Mills, Calpis Co, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG
(H/O)
Mizuho
Corporate Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
1,207,695 |
1,170,876 |
||
|
|
Cost of Sales |
804,716 |
785,578 |
|||
|
|
GROSS PROFIT |
402,978 |
385,298 |
|||
|
|
Selling & Adm Costs |
333,604 |
321,265 |
|||
|
|
OPERATING PROFIT |
69,374 |
64,034 |
|||
|
|
Non-Operating P/L |
1,125 |
3,587 |
|||
|
|
RECURRING PROFIT |
70,499 |
67,621 |
|||
|
|
NET PROFIT |
30,400 |
16,646 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
141,801 |
97,866 |
||
|
|
Receivables |
|
195,465 |
196,189 |
||
|
|
Inventory |
|
135,310 |
146,808 |
||
|
|
Securities, Marketable |
511 |
239 |
|||
|
|
Other Current Assets |
43,345 |
46,249 |
|||
|
|
TOTAL CURRENT ASSETS |
516,432 |
487,351 |
|||
|
|
Property & Equipment |
388,050 |
411,839 |
|||
|
|
Intangibles |
|
65,488 |
73,634 |
||
|
|
Investments, Other Fixed Assets |
107,448 |
109,414 |
|||
|
|
TOTAL ASSETS |
1,077,418 |
1,082,238 |
|||
|
|
Payables |
|
103,420 |
99,164 |
||
|
|
Short-Term Bank Loans |
16,209 |
9,963 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
98,712 |
119,109 |
|||
|
|
TOTAL CURRENT LIABS |
218,341 |
228,236 |
|||
|
|
Debentures |
|
69,989 |
69,988 |
||
|
|
Long-Term Bank Loans |
39,282 |
44,800 |
|||
|
|
Reserve for Retirement Allw |
58,554 |
52,623 |
|||
|
|
Other Debts |
|
40,961 |
43,411 |
||
|
|
TOTAL LIABILITIES |
427,127 |
439,058 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
79,863 |
79,863 |
|||
|
|
Additional
paid-in capital |
182,716 |
182,719 |
|||
|
|
Retained
earnings |
414,189 |
394,672 |
|||
|
|
Evaluation
p/l on investments/securities |
1,339 |
(232) |
|||
|
|
Others |
|
(25,302) |
(11,406) |
||
|
|
Treasury
stock, at cost |
(2,514) |
(2,437) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
650,291 |
643,179 |
|||
|
|
TOTAL EQUITIES |
1,077,418 |
1,082,238 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
112,716 |
105,924 |
||
|
|
Cash
Flows from Investment Activities |
-45,882 |
-63,327 |
|||
|
|
Cash
Flows from Financing Activities |
-25,893 |
-18,011 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
133,744 |
95,063 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
650,291 |
643,179 |
||
|
|
|
Current
Ratio (%) |
236.53 |
213.53 |
||
|
|
|
Net
Worth Ratio (%) |
60.36 |
59.43 |
||
|
|
|
Recurring
Profit Ratio (%) |
5.84 |
5.78 |
||
|
|
|
Net
Profit Ratio (%) |
2.52 |
1.42 |
||
|
|
|
Return
On Equity (%) |
4.67 |
2.59 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.