MIRA INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Name : |
JAPAN FOOD CORPORATION |
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Registered Office : |
Mita Nitto Dai Bldg 7F, 3-11-36 Mita
Minatoku Tokyo 108-0073 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March
1960 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale
of meat products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 3,189.1 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
JAPAN FOOD
CORPORATION
REGD NAMe
Japan Food KK
MAIN OFFICE
Mita Nitto Dai
Bldg 7F, 3-11-36 Mita Minatoku Tokyo 108-0073 JAPAN
Tel: 03-5441-8500 Fax: 03-5441-8505
URL: http://www.japanfoodcorp.co.jp/
E-Mail address: info@japanfoodcorp.co.jp
ACTIVITIES
Import,
wholesale of meat products
BRANCHES
Nishinomiya
(Hyogo), Kawasaki, Koshigaya, other
OVERSEAS
Korea,
Australia, China (2), China (2), USA
OFFICER(S)
HITOSHI
TOGAWA, PRES Taku Usui, mgn dir
Takayuki
Miwa, dir Takaharu
Nakajo, dir
Satoshi
Ueda, dir Koji
Uchida, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 196,221 M
PAYMENTS REGULAR CAPITAL Yen
40 M
TREND SLOW WORTH Yen
13,026 M
STARTED 1960 EMPLOYES 220
COMMENT
TRADING HOUSE SPECIALIZING IN MEAT PRODUCTS, WHOLLY OWNED BY
NIPPON MEAT PACKERS INC.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 3,189.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division
separated from Nippon Meat Packers Inc, nation’s top-ranked meat processor,
Osaka (See REGISTRATION). This is a trading house specializing in meat,
meat products, processed foods, etc for supply to the parent centrally, and
other meat packers. It also handles farm
& marine products. Import sources
are Australia, USA, Canada, UK, Korea, and other S/E Asian countries, mostly
imported through general trading houses.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 196,221
million, a 16% down from Yen 233,961 million in the previous term. This is referred to the lower unit prices of
raw materials in the first half, amid severe price competition. In marine products, sales to volume retailers
grew but sushi toppings and fillings had a poor year. Sales to overseas markets declined due to
rising market prices in Japan. The
recurring profit was posted at Yen 1,648 million and the net profit at Yen 869
million, respectively, compared with Yen 1,098 million recurring profit and Yen
486 million net profits, respectively, a year ago.
For the term that ended Mar 2011 the recurring profit was projected at
Yen 1,700 million and the net profit at Yen 870 million, respectively, on a 3%
rise in turnover, to Yen 202,000 million.
Final results are yet to be released.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3,189.1
million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1960
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
320,000 shares
Issued: 80,000
shares
Sum: Yen 40
million
Major shareholders (%):
Nippon Meat Packers Inc*(100)
*.. Major comprehensive meat processor, Osaka, founded 1949, listed
Tokyo S/E, capital
Yen 24,166 million, turnover Yen 990,338 million, operating profit Yen
34,205 million, recurring profit Yen 29,523 million, net profit Yen 16,731
million, total assets Yen 590,688 million, net worth Yen 283,204 million,
employees 15,118, pres Hiroshi Kobayashi
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports and
wholesales meat (beef. pork, chicken, etc), meat products, processed foods
(--90%), farm & marine products (--10%).
Clients: [Meat packers,
food processors] Nippon Meat Packers, Prima Meat Packers, Meidi-Ya, Altac
Foods, Minaminippon Ham, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Meat Packers, Itochu Corp, Mitsui & Co, Hannan Co,
Zenchiku Hambai, other.
Imports from Australia, USA, Canada, UK, Korea and other S/E Asian
countries.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG
(Mita)
Hyakujushi
Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
|
202,000 |
196,221 |
233,961 |
226,140 |
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Recur.
Profit |
|
1,700 |
1,648 |
1,098 |
-405 |
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Net
Profit |
|
870 |
869 |
486 |
-468 |
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Total
Assets |
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67,463 |
68,068 |
73,236 |
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Current
Assets |
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65,824 |
65,233 |
70,352 |
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Current
Liabs |
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53,973 |
54,266 |
59,657 |
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Net
Worth |
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13,026 |
13,436 |
13,240 |
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Capital,
Paid-Up |
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|
40 |
40 |
40 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.95 |
-16.13 |
3.46 |
10.56 |
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Current Ratio |
|
.. |
121.96 |
120.21 |
117.93 |
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N.Worth Ratio |
.. |
19.31 |
19.74 |
18.08 |
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R.Profit/Sales |
|
0.84 |
0.84 |
0.47 |
-0.18 |
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N.Profit/Sales |
0.43 |
0.44 |
0.21 |
-0.21 |
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Return On Equity |
.. |
6.67 |
3.62 |
-3.53 |
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Notes:
Financials are disclosed in digested form.
Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
NIPPON MEAT PACKERS INC
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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990,338 |
958,310 |
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Cost of Sales |
785,878 |
754,992 |
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GROSS PROFIT |
204,460 |
203,318 |
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Selling & Adm Costs |
170,255 |
173,769 |
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OPERATING PROFIT |
34,205 |
29,549 |
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Non-Operating P/L |
-4,682 |
-5,525 |
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RECURRING PROFIT |
29,523 |
24,024 |
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NET PROFIT |
16,731 |
15,721 |
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BALANCE SHEET |
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Cash |
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54,409 |
43,518 |
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Receivables |
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104,501 |
100,366 |
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Inventory |
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107,599 |
100,545 |
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Securities, Marketable |
20,197 |
261 |
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Other Current Assets |
30,657 |
74,639 |
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TOTAL CURRENT ASSETS |
317,363 |
319,329 |
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Property & Equipment |
219,324 |
227,081 |
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Intangibles |
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10,244 |
12,224 |
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Investments, Other Fixed Assets |
43,757 |
45,567 |
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TOTAL ASSETS |
590,688 |
604,201 |
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Payables |
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90,317 |
84,124 |
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Short-Term Bank Loans |
43,344 |
48,332 |
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Other Current Liabs |
64,135 |
81,004 |
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TOTAL CURRENT LIABS |
197,796 |
213,460 |
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Debentures |
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Long-Term Bank Loans |
88,012 |
96,770 |
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Reserve for Retirement Allw |
17,581 |
16,128 |
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Other Debts |
|
4,095 |
3,881 |
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TOTAL LIABILITIES |
307,484 |
330,239 |
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MINORITY INTERESTS |
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Common
stock |
24,166 |
24,166 |
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Additional
paid-in capital |
50,809 |
50,925 |
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Retained
earnings |
231,771 |
218,482 |
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Evaluation
p/l on investments/securities |
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Others |
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(6,846) |
(2,824) |
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Treasury
stock, at cost |
(16,696) |
(16,787) |
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TOTAL S/HOLDERS` EQUITY |
283,204 |
273,962 |
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TOTAL EQUITIES |
590,688 |
604,201 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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36,761 |
67,448 |
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Cash
Flows from Investment Activities |
8,745 |
-60,134 |
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Cash
Flows from Financing Activities |
-36,951 |
-5,227 |
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Cash,
Bank Deposits at the Term End |
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51,409 |
43,518 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
283,204 |
273,962 |
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Current
Ratio (%) |
160.45 |
149.60 |
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Net
Worth Ratio (%) |
47.94 |
45.34 |
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Recurring
Profit Ratio (%) |
2.98 |
2.51 |
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Net
Profit Ratio (%) |
1.69 |
1.64 |
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Return
On Equity (%) |
5.91 |
5.74 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
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UK Pound |
1 |
Rs.72.43 |
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Euro |
1 |
Rs.63.62 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.