MIRA INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL SEAFOOD CO LTD |
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Registered Office : |
JR Shinagawa East Bldg, 2-18-1 Konan
Minatoku Tokyo 108-0075 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
November 2007 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export
of seafood, processed seafoods |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 62.5 Million |
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Status : |
Small Company |
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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
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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
GLOBAL SEAFOOD CO LTD
REGD NAME
Global Seafoods KK
MAIN OFFICE
JR Shinagawa East Bldg,
2-18-1 Konan Minatoku Tokyo 108-0075 JAPAN
Tel:
03-6833-8883 Fax: 03-6833-8834
URL: www.zensho.co.jp
E-mail: info@zensho.co.jp
ACTIVITIES
Import, export of seafood,
processed seafoods
BRANCHES
Hong
Kong, Indonesia, Vietnam, (--subsidiaries)
FACTORIES
Indonesia,
Vietnam (--subsidiaries)
OFFICER(S)
SHIGEKI
UETSUJI, PRES Kentaro Ogawa, ch
Toshiyuki
Hara, dir Yoshio
Fukuhara, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,075 M
PAYMENTS REGULAR CAPITAL Yen
50 M
TREND SLOW WORTH Yen
92 M
STARTED 2007 EMPLOYES 3
COMMENT
TRADING
FIRM SPECIALIZING IN SEAFOODS
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR CREDIT ENGAGEMENTS: CD$690,701.00
MAX
CREDIT LIMIT: YEN 62.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division separated
from Zensho Co Ltd, a family restaurant operator, at the caption address (See REGISTRATION). This is a trading firm
specializing in import and export of fish, fishery products, processed seafood,
other, for supply mainly to sushi restaurants.
FINANCIAL INFORMATION
Financials are consolidated by the parent and only partially disclosed.
The sales volume for Mar/2010 fiscal term amounted to Yen 1,075 million,
a 29% down from 2,935 million in the previous term. Consumer spending was sluggish. The net profit was posted at Yen 13 million,
compared with 24 million a year ago. .
For the term that ended Mar 2011 the net profit was projected at Yen 15
million, on a 4% rise in turnover, to Yen 2,150 million. The parent reported 11% rise in turnover. 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 62.5 million, on 30 days normal terms. The proposed amount is considered well within
the firm’s financial capacities.
REGISTRATION
Date Registered: Nov 2007
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 1,000
shares
Sum: Yen 50 million
Major shareholders (%):
Zensho Co Ltd* (100)
*.. Family restaurants operator, at the caption address, founded 1982,
listed Tokyo S/E, capital Yen 10,089 million, sales Yen 370,769 million,
operating profit Yen 17,660 million, recurring profit Yen 15,791 million, net
profit Yen 4,735 million, total assets Yen 231,190 million, net worth Yen
45,887 million, employees 4,976, pres Kentaro Ogawa
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and
exports seafoods, processed seafoods: minced fish, fish paste, fish cakes,
tempura (fried fish & prawn), broiled fish & sea eels, dried sea slug,
cod ovum, other (--100%).
Clients: [Food
processors, wholesalers] Zensho Co (22%), Zensui Kakoren, Uoichi, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Imports from Norway, Canada, Iceland, China, Argentine, Chili, New
Zealand, Thailand, other
Payment record: Regular
Location: Business area in
Fukuoka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC
(Yokohama-Ekimae)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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2,150 |
2,075 |
2,935 |
500 |
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Recur.
Profit |
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Net
Profit |
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15 |
13 |
34 |
5 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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92 |
79 |
45 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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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 |
3.61 |
-29.30 |
487.00 |
0.00 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.70 |
0.63 |
1.16 |
1.00 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
ZENSHO CO LTD
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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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370,769 |
334,172 |
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Cost of Sales |
126,414 |
111,139 |
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GROSS PROFIT |
244,354 |
223,033 |
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Selling & Adm Costs |
226,694 |
210,493 |
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OPERATING PROFIT |
17,660 |
12,539 |
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Non-Operating P/L |
-1,869 |
-1,425 |
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RECURRING PROFIT |
15,791 |
11,114 |
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NET PROFIT |
4,735 |
3,506 |
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BALANCE SHEET |
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Cash |
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20,518 |
21,331 |
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Receivables |
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3,905 |
4,174 |
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Inventory |
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7,798 |
5,803 |
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Securities, Marketable |
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Other Current Assets |
10,065 |
9,800 |
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TOTAL CURRENT ASSETS |
42,286 |
41,108 |
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Property & Equipment |
107,929 |
104,707 |
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Intangibles |
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21,822 |
24,362 |
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Investments, Other Fixed Assets |
59,153 |
61,961 |
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TOTAL ASSETS |
231,190 |
232,138 |
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Payables |
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10,103 |
10,329 |
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Short-Term Bank Loans |
1,622 |
11,464 |
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Other Current Liabs |
76,288 |
68,390 |
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TOTAL CURRENT LIABS |
88,013 |
90,183 |
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Debentures |
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Long-Term Bank Loans |
83,444 |
83,882 |
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Reserve for Retirement Allw |
366 |
364 |
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Other Debts |
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13,479 |
12,774 |
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TOTAL LIABILITIES |
185,302 |
187,203 |
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MINORITY INTERESTS |
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Common
stock |
10,089 |
10,089 |
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Additional
paid-in capital |
10,642 |
10,642 |
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Retained
earnings |
21,440 |
18,279 |
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Evaluation
p/l on investments/securities |
(1,335) |
(1,108) |
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Others |
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5,071 |
7,052 |
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Treasury
stock, at cost |
(20) |
(20) |
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TOTAL S/HOLDERS` EQUITY |
45,887 |
44,934 |
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TOTAL EQUITIES |
231,190 |
232,138 |
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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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26,364 |
23,836 |
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Cash
Flows from Investment Activities |
-17,750 |
-18,337 |
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Cash
Flows from Financing Activities |
-9,131 |
-5,547 |
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Cash,
Bank Deposits at the Term End |
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20,518 |
21,320 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
45,887 |
44,934 |
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Current
Ratio (%) |
48.05 |
45.58 |
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Net Worth
Ratio (%) |
19.85 |
19.36 |
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Recurring
Profit Ratio (%) |
4.26 |
3.33 |
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Net
Profit Ratio (%) |
1.28 |
1.05 |
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Return
On Equity (%) |
10.32 |
7.80 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.29 |
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UK Pound |
1 |
Rs.73.84 |
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Euro |
1 |
Rs.64.18 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.