MIRA INFORM REPORT
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Report Date : |
09.11.2011 |
IDENTIFICATION DETAILS
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Name : |
NICHIREI FRESH INC |
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Registered Office : |
Nichirei Higashi-Ginza Bldg, 6-19-20
Tsukiji Chuoku Tokyo 104-8402 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
January
2005 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Processing, Wholesale of marine products, livestock 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 3,850.0 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
NICHIREI FRESH INC
REGD NAME
KK Nichirei Fresh
MAIN OFFICE
Nichirei Higashi-Ginza
Bldg, 6-19-20 Tsukiji Chuoku Tokyo 104-8402 , JAPAN
Tel:
03-3248-2204 Fax: 03-3248-2119
URL: http://www.nichireifresh.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Import, processing, wholesale of marine products, livestock products
BRANCHES
Tokyo,
Osaka, Nagoya, Sapporo, Sendai, Fukuoka
OVERSEAS
Ho Chi
Minh, Shanghai, Dalian, Bangkok, Amsterdam
OVERSEAS SUBSIDIARIES
USA, Netherlands,
Brazil, Germany, Thailand, China, Australia
FACTORIES
Kawagoe,
Yokohama (--food processing centers)
OFFICERS
MOTOHARU
HAYAMA, PRES Minoru Satoh, v pres
Tatsuo
Yamaguchi, s/mgn dir Tatsuya
Yamaguchi, mgn dir
Katsushi
Fukumoto, mgn dir Teruyoshi
Takahashi, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES
FAIR A/SALES Yen 146,716 M
PAYMENTS REGULAR CAPITAL Yen
8,000 M
TREND SLOW WORTH Yen
11,605 M
STARTED 2005 EMPLOYES 330
COMMENT
IMPORTER AND WHOLESALER OF MARINE & LIVESTOCK PRODUCTS, WHOLLY OWNED
BY NICHIREI CORPORATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
CREDIT
LIMIT: YEN 3,850.0 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of marine/livestock
division separated from Nichirei Corporation (See REGISTRATION). Nichirei
Corporation, then, separated effective 01/Apr/2005 its operations into five
independent consolidated subsidiaries and became the holding company. Five companies are: Nichirei Foods, Nichirei
Logistics, Nichirei Fresh Inc, Nichirei Bioscience and Nichirei Proserve
Inc. The subject imports, processes and
wholesales marine & livestock products.
The sales of the subject account for 34% of the total group sales. Clients include major food processors, food
stores, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 146,716
million, a 0.3% down from Yen 147,272 million in the previous term. Marine products sales declined 1% on the year
as a result of prudent volumes handled, reflecting rises in local prices. Volumes of shrimp produced in S/E Asia, its
mainstay product, increased, while volumes of octopus, salmon & trout decreased. The recurring profit was posted at Yen 771
million, while the bottom line registered Yen 1,344 million net losses for the
term. It wrote off Yen 2,110 million
extraordinary losses coming from the damages from the Great East Japan
Earthquake in March. This compares with
Yen 1,267 million recurring profit and Yen 1,231 million net profit,
respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 1,300 million and the net profit at Yen 1,000 million, respectively, on
a 3% rise in turnover, to Yen 151,000 million.
Closed Kesennum factory, located in the center of earthquake region, in
end/July. Onahama factory resumed
operations in Jun/2011.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen
3,850.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 2005
Regd No.: (Tokyo-Chuoku) ^
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 640,000
shares
Issued:
160,000 shares
Sum: Yen 8,000
million
Major shareholders (%): Nichirei Corporation*(100)
Nothing
detrimental is known as to the commercial morality of executives.
Nichirei Corporation:
Major refrigerated-warehouse operator, owning 22 distributions
centers & 79 warehouses in Japan, also a holding company of five
subsidiaries. Founded 1942, listed
Tokyo, Osaka S/E’s, capital Yen 30,307 million, turnover Yen 437,808 million,
operating profit Yen 16,681 million, recurring profit Yen 16,115 million, net
profit Yen 4,044 million, total assets Yen 284,562 million, net worth Yen
117,748 million, employees 11,271, pres Toshiaki Murai.
Consolidated
Financials are as attached (See SUPPLEMENTS)
OPERATION
Activities: Imports, exports
and wholesales fish products, meat & poultry products:
(Sales Breakdown by divisions):
Marine Products
Div (47%): fresh & frozen fish, pink shrimp, black tiger shrimps, Norwegian
salmon, octopus, including seafood processing;
Meat & Poultry
Products Div (53%): poultry, pork, beef, other meat products;
Clients: [Fishery markets,
wholesalers, chain stores] Marubeni Corp, Itochu Corp, Mitsui & Co,
Ryoshoku Ltd, Takase Bussan Co, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Fishery firms,
food processors, wholesalers] Sumikin Bussan Corp, Meisei Trading, Sojitz Corp,
Maruichi Kako Corp Inc, Chiba Chikusan Kogyo Inc, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Ohtemachi)
Relations:
Satisfactory
FINANCE
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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151,000 |
146,716 |
147,272 |
171,493 |
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Recur.
Profit |
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1,300 |
771 |
1,267 |
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Net
Profit |
|
1,000 |
-1,344 |
1,231 |
27 |
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Total
Assets |
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|
35,160 |
35,035 |
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Current
Assets |
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31,961 |
30,101 |
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Current
Liabs |
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|
22,924 |
21,639 |
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Net
Worth |
|
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11,605 |
12,982 |
11,751 |
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Capital,
Paid-Up |
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|
8,000 |
8,000 |
8,000 |
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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 |
2.92 |
-0.38 |
-14.12 |
0.88 |
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Current Ratio |
|
.. |
139.42 |
139.11 |
.. |
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N.Worth Ratio |
.. |
33.01 |
37.05 |
.. |
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R.Profit/Sales |
|
0.86 |
0.53 |
0.86 |
.. |
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N.Profit/Sales |
0.66 |
-0.92 |
0.84 |
0.02 |
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Return On Equity |
.. |
-11.58 |
9.48 |
.. |
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Notes: Forecast figures for the 31/03/2012 fiscal
term.
SUPPLEMENTS
Consolidated Financials of the parent,
Nichirei Corporation
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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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437,808 |
438,111 |
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Cost of Sales |
350,442 |
350,153 |
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GROSS PROFIT |
87,365 |
87,957 |
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Selling & Adm Costs |
70,684 |
71,143 |
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OPERATING PROFIT |
16,681 |
16,814 |
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Non-Operating P/L |
-566 |
-1,364 |
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RECURRING PROFIT |
16,115 |
15,450 |
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NET PROFIT |
4,044 |
9,064 |
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BALANCE SHEET |
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Cash |
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10,795 |
6,272 |
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Receivables |
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56,566 |
55,896 |
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Inventory |
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29,779 |
27,500 |
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Securities, Marketable |
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Other Current Assets |
33,040 |
5,165 |
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TOTAL CURRENT ASSETS |
130,180 |
94,833 |
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Property & Equipment |
143,466 |
140,806 |
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Intangibles |
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5,971 |
4,413 |
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Investments, Other Fixed Assets |
4,945 |
37,444 |
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TOTAL ASSETS |
284,562 |
277,496 |
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Payables |
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24,466 |
23,861 |
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Short-Term Bank Loans |
29,549 |
17,373 |
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Other Current Liabs |
56,313 |
48,316 |
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TOTAL CURRENT LIABS |
110,328 |
89,550 |
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Debentures |
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Long-Term Bank Loans |
21,879 |
29,669 |
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Reserve for Retirement Allw |
3,809 |
3,514 |
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Other Debts |
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30,797 |
32,069 |
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TOTAL LIABILITIES |
166,813 |
154,802 |
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MINORITY INTERESTS |
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Common
stock |
20,307 |
20,307 |
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Additional
paid-in capital |
23,709 |
23,709 |
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Retained
earnings |
63,254 |
62,318 |
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Evaluation
p/l on investments/securities |
2,255 |
3,723 |
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Others |
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10,447 |
13,030 |
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Treasury
stock, at cost |
(2,224) |
(393) |
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TOTAL S/HOLDERS` EQUITY |
117,748 |
122,694 |
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TOTAL EQUITIES |
284,562 |
277,496 |
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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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17,274 |
33,345 |
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Cash
Flows from Investment Activities |
-18,228 |
-13,555 |
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Cash
Flows from Financing Activities |
6,416 |
-33,323 |
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Cash,
Bank Deposits at the Term End |
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10,795 |
6,239 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
117,748 |
122,694 |
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Current
Ratio (%) |
117.99 |
105.90 |
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Net
Worth Ratio (%) |
41.38 |
44.21 |
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Recurring
Profit Ratio (%) |
3.68 |
3.53 |
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Net
Profit Ratio (%) |
0.92 |
2.07 |
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Return
On Equity (%) |
3.43 |
7.39 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.38 |
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UK Pound |
1 |
Rs.79.20 |
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Euro |
1 |
Rs.67.84 |
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 |
|
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 |
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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.