MIRA INFORM REPORT

 

 

Report Date :           

27.06.2011

 

IDENTIFICATION DETAILS

 

Name :

FWINES CO LTD 

 

 

Registered Office :

KDX Nishi-Gotanda Bldg 2F, 7-20-9 Nishi-Gotanda Shinagawaku Tokyo, 141-0031

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

February  1991

 

 

Com. Reg. No.:

 (Tokyo-Shinagawaku) 020738

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of fine wines

 

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 96.3 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

 

 Bottom of Form

FWINES CO LTD

 

 

REGD NAME 

 

KK Fwines (pronounced as “Fines”)

 

 

MAIN OFFICE

 

KDX Nishi-Gotanda Bldg 2F, 7-20-9 Nishi-Gotanda Shinagawaku Tokyo, 141-0031JAPAN

Tel: 03-5745-2190    

 

URL:                             http://www.fwines.co.jp/

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Import, wholesale of fine wines

 

 

BRANCHES

 

Osaka

 

 

OFFICER(S)  

 

TAKUYA NAKANISHI, PRES                 

Ikuo Tamura, mgn dir                             

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 5,190 M

PAYMENTS                  REGULAR         CAPITAL           Yen 10 M

TREND             STEADY           WORTH            Yen 1,708 M

STARTED                     1991                 EMPLOYES      50

 

COMMENT

 

IMPORTER & WHOSALER OF FINE WINES, WHOLLY OWNED BY SUNTORY WINE INTerNATIONAL CO LTD. 

           

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 96.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established by Tohru Yagi for importing and wholesaling vintage wines, as Kimros KK.  In Mar 2002 started importing fine wines from Europe, USA, other.  In Jul 2003, acquired by Suntory Ltd (See REGISTRATION) and became its wholly owned consolidated subsidiary.  Renamed as captioned in Sept 2003.  This is a trading firm specializing in importing and wholesaling fine/vintage wines mainly from Europe, and USA, Australia, other.  Wines are shipped to hotels, department stores, commercial food distributors, other, nationwide, through Suntory Ltd and group networks.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Suntory Wine International Co Ltd.

 

The sales volume for Dec/2010 fiscal term amounted to Yen 5,190 million, an almost similar amount of Yen 5,221 million in the previous term.  The net profit is estimated posted at Yen 280 million, compared with Yen 290 million a year ago.  .Net profits are all estimated as the firm does not disclose them in details.

 

For the current term ending Dec 2011 the net profit is projected at Yen 300 million, on a 6% rise in turnover, to Yen 5,500 million.  Business is seen steadily expanding.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 96.3 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Feb 1991

Regd No.:          (Tokyo-Shinagawaku) 020738

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　800 shares

Issued: 　         200 shares

Sum:                　Yen 10 million

Major shareholders (%): Suntory Wine International Ltd*(100)

 

*.. Wholesaler of liquor, owned by Suntory Holdings Ltd**, Tokyo, founded 2008, capital Yen 2,000 million, sales Yen 26,505 million, net profit Yen 54 million, employees 220, pres Tohru Yagi

 

**.. Leading food maker (foods/spirits/other), Osaka, founded 2009 (originally in 1899 and reorganized as a group to make a Holding Company), sales Yen 1,742,373 million, operating profit Yen 106,727 million, recurring profit Yen 100,839 million, net profit Yen 40,027 million, total assets Yen 1,568,296 million, net worth Yen 446,978 million, employees 25,854, pres Nobutada Saji

 

Consolidated Financials are as attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Imports and wholesales fine wines, sparkling wines, others (--100%).

 

Wines are imported widely from: France, Italy, Germany, Austria, Spain, Portugal, Hungary, USA, Chile, Argentina, Australia, other.

 

Clients: [Department stores, commercial spirits dealers, chain stores] Kokubu Ltd, Ryoshoku Liquor, Itochu Shokuhin Co, Sanyo Bussan Corp, Nihon Shurui Hanbai Co, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

Suppliers: [Wineries, wholesalers, negociants] Imports from: France, Italy, Germany,

Austria, Spain, Portugal, Hungary, USA, Chile, Argentina, Australia, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

MUFG (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

5,500

5,190

5,221

4,901

Recur. Profit

　

　

　

　

　

Net Profit

　

300

280

290

270

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,708

1,512

1,309

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.97

-0.59

6.53

2.19

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

5.45

5.39

5.55

5.51

 

Notes: Financials are only partially disclosed.  Net profits are all estimated as the firm does not

Disclose them in details.

 

Forecast (or estimated) figures for the 31/12/2011 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE TOP PARENT, SUNTORY HOLDINGS LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2010

31/12/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,742,373

1,550,719

 

  Cost of Sales

874,794

807,418

 

      GROSS PROFIT

867,579

743,301

 

  Selling & Adm Costs

760,851

659,757

 

      OPERATING PROFIT

106,727

83,544

 

  Non-Operating P/L

-5,888

-1,722

 

      RECURRING PROFIT

100,839

81,822

　

      NET PROFIT

40,027

32,666

BALANCE SHEET

 

 

 

 

  Cash

　

133,822

142,725

 

  Receivables

 

240,015

220,614

 

  Inventory

 

157,587

161,740

 

  Securities, Marketable

　

　

 

  Other Current Assets

86,368

60,502

 

      TOTAL CURRENT ASSETS

617,792

585,581

 

  Property & Equipment

379,225

388,708

 

  Intangibles

 

384,288

456,399

 

  Investments, Other Fixed Assets

186,991

197,592

 

      TOTAL ASSETS

1,568,296

1,628,280

 

  Payables

 

82,418

127,444

 

  Short-Term Bank Loans

101,907

101,464

 

　

 

　

　

 

  Other Current Liabs

354,612

325,842

 

      TOTAL CURRENT LIABS

538,937

554,750

 

  Debentures

 

209,750

178,327

 

  Long-Term Bank Loans

262,679

326,572

 

  Reserve for Retirement Allw

10,469

10,192

 

  Other Debts

　

99,492

102,800

 

      TOTAL LIABILITIES

1,121,327

1,172,641

 

      MINORITY INTERESTS

 

 

 

Common stock

70,000

70,000

 

Additional paid-in capital

　

　

 

Retained earnings

392,936

357,728

 

Evaluation p/l on investments/securities

10,158

11,368

 

Others

 

(26,116)

16,542

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

446,978

455,638

　

      TOTAL EQUITIES

1,568,296

1,628,280

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2010

31/12/2009

 

Cash Flows from Operating Activities

　

139,448

102,738

 

Cash Flows from Investment Activities

-28,200

-388,903

 

Cash Flows from Financing Activities

-60,661

243,629

　

Cash, Bank Deposits at the Term End

　

159,044

112,656

ANALYTICAL RATIOS            Terms ending:

31/12/2010

31/12/2009

 

 

Net Worth (S/Holders' Equity)

446,978

455,638

 

 

Current Ratio (%)

114.63

105.56

 

 

Net Worth Ratio (%)

28.50

27.98

 

 

Recurring Profit Ratio (%)

5.79

5.28

 

 

Net Profit Ratio (%)

2.30

2.11

 

 

Return On Equity (%)

8.96

7.17

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.71.89

Euro

1

Rs.64.09

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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