MIRA INFORM REPORT
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Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
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Name : |
HYOCHIKU LIMITED |
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Registered Office : |
Kobe Commerce Industry & Trade Center Bldg 8F, 5-1-14 Isobedori Chuoku, Kobe 651-0083 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
February 2008 |
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Com. Reg. No.: |
(Kobe-Chuoku) 028874 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import,
Export, Wholesale of meat & meat products |
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No. of Employees
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17 Persons |
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 44.3 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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
HYOCHIKU LIMITED
REGD NAME
KK Hyochiku
MAIN OFFICE
Kobe Commerce
Industry & Trade Center Bldg 8F, 5-1-14 Isobedori Chuoku, Kobe 651-0083
JAPAN
Tel:
078-251-8900 Fax: 078-232-3627
URL: http://www.sfoods.co.jp (Of the
parent, S Foods Inc)
E-Mail address: (thru the URL)
ACTIVITIES
Import,
export, wholesale of meat & meat products
BRANCHES
Nil
OFFICERS
KIYOSHI
FUKUI, PRES
Satoshi
Inoue, dir
Akihiro
Tsujita, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,010 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen
234 M
STARTED 2008 EMPLOYES 17
COMMENT
TRADING
FIRM SPECIALIZING IN MEAT & MEAT PRODUCTS, OWNED BY S FOODS INC.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 44.3
MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of acquiring business operations from a financially ailing firm, Nitchiku Ltd, meat importer, which eventually bankrupted. This is a trading firm for import, export and wholesale of meat & meat products: beef, pork, chicken, lamb, other. Products are imported from USA, Mexico, other. Clients include major meat packers, wholesalers, meat markets, other, nationwide.
FINANCIAL INFORMATION
Financial are fully consolidated by the parent, S Foods Inc, and only
partially disclosed.
The sales volume for Mar/2011 fiscal term amounted to Yen 8,010 million,
a 46% rise from Yen 5,482 million in the previous term. Business operations expanded with client
networks increased for the second term.
The net profit was posted at Yen 106 million, compared with Yen 78 million
a year ago.
For the current term ending Mar 2012 the net profit is projected at Yen
110 million, on a 3% rise in turnover, to Yen 8,250 million. In meat sales, an issue of radiation
contamination broke out, of which the handing volume increased. Prices increased. Business is seen steadily expanding with
client networks continuing increasing.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 144.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 2008
Regd No.: (Kobe-Chuoku) 028874
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major shareholders (%): S Foods Inc* (100)
*.*. Pioneer importer
of bovine entrails, commanding top market share in this field, Nishinomiya,
Kobe, founded 1970, listed Tokyo, Osaka S/E’s, capital Yen 4,298 million Yen 130,179 million, operating profit Yen
4,538 million, recurring profit Yen 4,763 million, net profit Yen 2,362
million, total assets Yen 59,738 million, net worth Yen 34,621 million,
employees 1,312, pres Shinnosuke Murakami. Consolidated Financials are attached
(See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales meat & meat products: beef, pork, chicken, lamb, other,
cooked/frozen meat products & foods (--100%)
Clients: [Mfrs,
wholesalers] S Foods Inc, Nippon Meat Packers inc, Itoham Foods Inc, Toho Food
Service, SE Inc, Joyful Co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] S foods Inc, overseas meat packers, other
Imports from USA, Mexico, other
Payment record: Regular
Location: Business area in
Kobe. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
·
SMBC (Nishinomiya)
·
Sanin Godo Bank (Amagasaki)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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29/02/2012 |
28/02/2011 |
28/02/2010 |
28/02/2009 |
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Annual
Sales |
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8,250 |
8,010 |
5,482 |
2,354 |
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Recur.
Profit |
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Net
Profit |
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110 |
106 |
78 |
11 |
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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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234 |
161 |
107 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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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 |
3.00 |
46.11 |
132.88 |
- -
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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 |
1.33 |
1.32 |
1.42 |
0.47 |
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Notes: Financials are only partially disclosed. The 28/02/2009 fiscal term is the initial
accounting term since the inception of the firm.
Forecast
(or estimated) figures for the 29/02/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
S FOODS 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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130,179 |
119,077 |
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Cost of Sales |
108,015 |
95,741 |
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GROSS PROFIT |
22,163 |
23,336 |
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Selling & Adm Costs |
17,624 |
17,732 |
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OPERATING PROFIT |
4,538 |
5,603 |
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Non-Operating P/L |
225 |
144 |
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RECURRING PROFIT |
4,763 |
5,747 |
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NET PROFIT |
2,362 |
2,795 |
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BALANCE SHEET |
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Cash |
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13,600 |
12,926 |
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Receivables |
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11,764 |
11,437 |
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Inventory |
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8,130 |
6,831 |
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Securities, Marketable |
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Other Current Assets |
1,201 |
1,049 |
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TOTAL CURRENT ASSETS |
34,695 |
32,243 |
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Property & Equipment |
15,613 |
14,506 |
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Intangibles |
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679 |
1,111 |
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Investments, Other Fixed Assets |
8,751 |
8,749 |
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TOTAL ASSETS |
59,738 |
56,609 |
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Payables |
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8,035 |
7,437 |
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Short-Term Bank Loans |
4,105 |
3,223 |
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Other Current Liabs |
4,837 |
5,002 |
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TOTAL CURRENT LIABS |
16,977 |
15,662 |
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Debentures |
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750 |
1,050 |
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Long-Term Bank Loans |
4,702 |
4,431 |
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Reserve for Retirement Allw |
635 |
570 |
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Other Debts |
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2,053 |
1,931 |
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TOTAL LIABILITIES |
25,117 |
23,644 |
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MINORITY INTERESTS |
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Common
stock |
4,298 |
4,298 |
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Additional
paid-in capital |
11,952 |
11,952 |
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Retained
earnings |
19,361 |
17,643 |
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Evaluation
p/l on investments/securities |
(911) |
(939) |
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Others |
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2,906 |
2,995 |
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Treasury
stock, at cost |
(2,985) |
(2,984) |
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TOTAL S/HOLDERS` EQUITY |
34,621 |
32,965 |
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TOTAL EQUITIES |
59,738 |
56,609 |
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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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2,913 |
4,071 |
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Cash
Flows from Investment Activities |
-2,332 |
-2,654 |
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Cash
Flows from Financing Activities |
387 |
1,396 |
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Cash,
Bank Deposits at the Term End |
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12,349 |
11,410 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
34,621 |
32,965 |
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Current
Ratio (%) |
204.36 |
205.87 |
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Net
Worth Ratio (%) |
57.95 |
58.23 |
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Recurring
Profit Ratio (%) |
3.66 |
4.83 |
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Net
Profit Ratio (%) |
1.81 |
2.35 |
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Return
On Equity (%) |
6.82 |
8.48 |
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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.52.25 |
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UK Pound |
1 |
Rs.81.23 |
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Euro |
1 |
Rs.69.83 |
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 |
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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.