MIRA INFORM REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIBUN FOODS INC |
|
|
|
|
Registered Office : |
2-1-7 Kaigan Minatoku Tokyo 105-0022 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
September 1947 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of fish cake (Surimi), fish paste, delicatessen foods, beverages, seasonings |
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 727.6 Million |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Regular |
|
Litigation : |
Clear |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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
KIBUN FOODS INC
REGD NAME
KK Kibun Shokuhin
(Shokuhin means foods)
MAIN OFFICE
2-1-7 Kaigan
Minatoku Tokyo 105-0022 JAPAN
Tel:
03-6891-2600 Fax: 03-6891-2705
URL: http//:www.kibun.co.jp
E-mail: (thru the URL)
ACTIVITIES
Mfg of
fish cake (Surimi), fish paste, delicatessen foods, beverages, seasonings
BRANCHES
Sapporo,
Sendai, Maebashi, Nagoya, Osaka, Hiroshima
OVERSEAS
USA,
Hong Kong, China, Singapore, Taiwan (--subsidiaries)
FACTORIES
Eniwa,
Tokyo, Funabashi, Yokohama, Shizuoka, Osaka, Saga, Okayama
OFFICER(S)
MASAHITO
HOASHI, PRES Koji Oki, mgn dir
Yasuaki Takaichi, mgn dir Norikazu Nakagawa, mgn dir
Jun’ichi Kawashima, dir Kazumasa Atsumi, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 67,671 M
PAYMENTS REGULAR CAPITAL Yen
4,425 M
TREND SLOW WORTH Yen
11,109 M
STARTED 1947 EMPLOYES 1,478
COMMENT
MFR OF
FISH CAKES & PASTE (SURIMI),BEVERAGES, SEASONINGS
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 727.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Kunihito Hoashi originally in
1938 for selling fish products, on his account.
Incorporated in 1947, the firm has been succeeded by his descendants. Masahito is the third generation master who
took the pres office in Jan 1980. This
is a specialized mfr of fish cakes, pastes (as called Surimi in Japanese). Also makes delicatessen foods, beverages,
seasoning, etc. Subsidiaries (8
domestic) are engaged in mfg meat products, agricultural products, fish
products, and chemicals. In 2002, went
into business tie-up with Maruha Corp (now Maruha Nichiro Holdings Inc),
subsequently in 2004, went into capital and business tie-ups with Kikkoman
Corp, world’s largest soy sauce brewer, Chiba.
Clients include major food processors, food chains, supermarkets,
nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 67,691
million, a 2% down from Yen 68,983 million in the previous term. Sales were affected by the global economic
downturn particularly in the first half of the term. Consumer spending was sluggish. Exports were hurt by the high Yen, reducing
earnings & profits in Yen terms. The
recurring profit was posted at Yen 1,006 million and the net profit at Yen 410
million, respectively, compared with Yen 956 million recurring profit and Yen
525 million net profits, respectively, a year earlier. .
For the term that ended Mar 2011 the recurring profit was projected at
Yen 1,000 million and the net profit at Yen 420 million, respectively, on a 2%
rise in turnover, to Yen 69,000 million.
Consumer spending was normalized.
Exports recovered. 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 727.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 35
million shares
Issued: 8,851,600
shares
Sum: Yen 4,425.8 million
Major shareholders (%): Masahito Hoashi (25), Kifu
Sangyo* (10), Mizuho Bank (4.7), Kikkoman Corp (2.9)
* Holding company owned by the
Hoashi family
No. of shareholders: 43
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
fish products (cakes/paste), processed meat, cooked foods, delicatessen,
beverages (non-alcoholic), seasonings, agricultural products, other (--100%).
Clients: [Supermarkets,
food chains, food processors] Ito-Yokado, Aeon Inc, Seven-Eleven Japan, Family
Mart, Daiei Inc, Seiyu GK, Uny Co, Maruetsu Inc, Life Corporation, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Fish firms,
wholesalers] Maruha Nichiro Holdings, Food Chemiphar, Kewpie Egg Co, Yamaichi
Suisan, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
Mizuho Bank (Tsukiji)
SMBC (Shimbashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
|
|
Annual
Sales |
|
69,000 |
67,691 |
68,983 |
67,226 |
|
Recur.
Profit |
|
1,000 |
1,006 |
956 |
109 |
|
Net
Profit |
|
420 |
410 |
525 |
-96 |
|
Total
Assets |
|
|
60,677 |
61,095 |
63,854 |
|
Current
Assets |
|
|
9,562 |
9,253 |
8,676 |
|
Current
Liabs |
|
|
22,744 |
23,941 |
23,616 |
|
Net
Worth |
|
|
11,109 |
10,821 |
10,688 |
|
Capital,
Paid-Up |
|
|
4,425 |
4,425 |
4,425 |
|
Div.P.Share(¥) |
|
|
0.00 |
6.00 |
3.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.93 |
-1.87 |
2.61 |
1.27 |
|
|
Current Ratio |
|
.. |
42.04 |
38.65 |
36.74 |
|
N.Worth Ratio |
.. |
18.31 |
17.71 |
16.74 |
|
|
R.Profit/Sales |
|
1.45 |
1.49 |
1.39 |
0.16 |
|
N.Profit/Sales |
0.61 |
0.61 |
0.76 |
-0.14 |
|
|
Return On Equity |
.. |
3.69 |
4.85 |
-0.90 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2011 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.34 |
|
UK Pound |
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.65.75 |
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.