MIRA INFORM REPORT

 

 

Report Date :

03.08.2012

 

IDENTIFICATION DETAILS

 

Name :

SAPPORO BREWERIES LTD

 

 

Registered Office :

Ebisu Garden Place Tower, 4-20-1 Ebisu Shibuyaku Tokyo 150-8686

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

July 2003

 

 

Com. Reg. No.:

0110-01-040690 (Tokyo-Shibuya)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Beer brewery, whisky, wine, happoshu, shochu, other

 

 

No. of Employees :

2,151

 

 

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

 

Status :

Good

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

SAPPORO BREWERIES LTD

 

REGD NAME:    Sapporo Beer KK

MAIN OFFICE:  Ebisu Garden Place Tower, 4-20-1 Ebisu Shibuyaku Tokyo 150-8686 JAPAN

Tel: 03-5475-8050      Fax: 03-5475-8051

 

URL:                 http://www.sapporobeer.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Beer brewery, whisky, wine, happoshu, shochu, other

 

 

BRANCHES

 

Sapporo, Sendai, Osaka, Hiroshima, Fukuoka

 

 

FACTORIES  

 

Sapporo, Sendai, Nasu, Gunma, Chiba, Shizuoka, Oita

 

 

OFFICERS

 

FUMIAKI TERASAKA, PRES      Maki Oga, mgn dir

Seiichiro Ichikawa, mgn dir         Takafumi Sugigaki, dir

Junji Watari, dir                          Eiya Takashima, dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 263,173 M

PAYMENTS      REGULAR         CAPITAL           Yen 10,000 M

TREND SLOW              WORTH            Yen 36,350 M

STARTED         2003                 EMPLOYES      2,151

 

 

COMMENT    

 

BEER BREWERY.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

            The subject company was established originally in 1949 as Ebisu Brewery Co and later merged with Dainippon Beer and renamed as captioned.  In July 2003 formed a holding company, Sapporo Holdings Ltd and delisted and became its subsidiary together with group firms, including Sapporo Lion Ltd, Sapporo Wines Ltd, Sapporo Beverage Co, other.  The subject makes beer, wines & spirits, shochu, other.  Group firms make soft drinks, Pokka, other.  Operates beer restaurants nationwide.

 

 

FINANCIAL INFORMATION

           

            The sales volume for Dec/2011 fiscal term amounted to Yen 263,173 million, a 4% down from Yen 274,386 million in the previous term.  The Great East Japan Earthquake and tsunami disaster struck on Mar 11 and subsequent electricity shortages dealt a heavy blow, resulting in a sharp slowdown.  Three factories are located in the center of this district or vicinities.  The European crisis, continued yen appreciation and other adverse factors continued to cloud the outlook for a full-fledged recovery.  The recurring profit was posted at Yen 6,487 million and the net profit at Yen 458 million, respectively, compared with Yen 6,512 million recurring profit and Yen 10,860 million net profit, respectively, a year ago.

 

            For the current term ending Dec 2012 the recurring profit is projected at Yen 6,500 million and the net profit at Yen 470 million, respectively, on a 10% rise in turnover, to Yen 289,000 million.   Domestic beer sales are strong.  Low alcoholic beverages are increasing.  The firm’s Black Label is selling well.   

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  July 2003

Regd No.:         0110-01-040690 (Tokyo-Shibuya)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         800,000 shares

Issued:                200,000 shares

Sum:                   Yen 100,000 million

Major shareholders (%): Sapporo Holdings Ltd* (100)

 

*.. Holding firm of Sapporo group firms, founded 2003, listed Tokyo S/E, capital Yen

53,886 million, sales Yen 389,244 million, operating profit Yen 15,403 million, recurring profit Yen 14,328 million, net profit Yen 10,772 million, total assets Yen 494,798 million, net worth Yen 126,645 million, employees 6,649, pres Tsutomu Kamijo

Consolidated Financials are attached (See SUPPLEMENTS)

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

 

 

OPERATION

           

Activities: Beer brewery: international alcoholic beverages (59%), international alcoholic beverages (6%), beverages (8%), Pokka Group (soft drinks) (17%), restaurants (5%), others (3%) (All the group sales), wines are also imported.

 

Clients: [Mfrs, wholesalers] Ryoshoku Liquor, Kokubu Co, Mitsui Foods, Itochu Foods, Nihon Shurui Hambai Co, other 

No. of accounts: 1,000

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Marubeni Corp, Showa Denko, Daiwa Can Co, Dainippon Printing, Rengo Co Ltd, other

 

Payment record: Regular

 

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

 

 

Bank References

 

Mizuho Corporate Bank (Ohtemachi)

MUFG (Shimbashi)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/12/2012

31/12/2011

31/12/2010

31/12/2009

Annual Sales

　

289,000

263,173

274,386

278,556

Recur. Profit

　

6,500

6,487

6,512

4,071

Net Profit

　

470

458

10,860

1,432

Total Assets

　

　

210,945

220,667

244,218

Current Assets

　

　

74,532

73,086

73,913

Current Liabs

　

　

116,017

151,143

171,741

Net Worth

　

　

36,350

36,574

25,307

Capital, Paid-Up

　

　

10,000

10,000

10,000

Div.P.Share(¥)

　

　

7.00

7.00

7.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.81

-4.09

-1.50

-5.47

    Current Ratio

 

..

64.24

48.36

43.04

    N.Worth Ratio

..

17.23

16.57

10.36

    R.Profit/Sales

 

2.25

2.46

2.37

1.46

    N.Profit/Sales

0.16

0.17

3.96

0.51

    Return On Equity

..

1.26

29.69

5.66

 

Notes: Forecast (or estimated) figures for the 31/12/2012 fiscal term.

 

SUPPLEMENTS:

 

CONSOLIDATED FINANCIALS OF THE PARENT, SAPPORO HOLDINGS LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2011

31/12/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

389,244

387,534

 

  Cost of Sales

261,211

267,690

 

      GROSS PROFIT

128,032

119,843

 

  Selling & Adm Costs

112,629

106,947

 

      OPERATING PROFIT

15,403

12,895

 

  Non-Operating P/L

-1,075

-2,170

 

      RECURRING PROFIT

14,328

10,725

　

      NET PROFIT

3,164

10,772

BALANCE SHEET

 

 

 

 

  Cash

　

13,390

6,387

 

  Receivables

 

61,352

60,120

 

  Inventory

 

24,978

25,734

 

  Securities, Marketable

2

47

 

  Other Current Assets

10,015

9,989

 

      TOTAL CURRENT ASSETS

109,737

102,277

 

  Property & Equipment

296,629

317,838

 

  Intangibles

 

24,459

21,894

 

  Investments, Other Fixed Assets

63,973

64,865

 

      TOTAL ASSETS

494,798

506,874

 

  Payables

 

24,348

20,185

 

  Short-Term Bank Loans

28,089

36,735

 

　

 

　

　

 

  Other Current Liabs

114,606

112,332

 

      TOTAL CURRENT LIABS

167,043

169,252

 

  Debentures

 

35,843

43,843

 

  Long-Term Bank Loans

97,402

106,216

 

  Reserve for Retirement Allw

7,190

7,487

 

  Other Debts

　

60,674

61,486

 

      TOTAL LIABILITIES

368,152

388,284

 

      MINORITY INTERESTS

 

 

 

Common stock

53,886

53,886

 

Additional paid-in capital

46,315

46,316

 

Retained earnings

28,317

20,286

 

Evaluation p/l on investments/securities

2,985

2,637

 

Others

 

(3,668)

(998)

 

Treasury stock, at cost

(1,190)

(3,627)

 

      TOTAL S/HOLDERS` EQUITY

126,645

118,500

　

      TOTAL EQUITIES

494,798

506,784

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2011

31/12/2010

 

Cash Flows from Operating Activities

　

27,431

12,454

 

Cash Flows from Investment Activities

-2,594

-32,227

 

Cash Flows from Financing Activities

-18,119

3,745

　

Cash, Bank Deposits at the Term End

　

13,270

6,267

ANALYTICAL RATIOS            Terms ending:

31/12/2011

31/12/2010

 

 

Net Worth (S/Holders' Equity)

126,645

118,500

 

 

Current Ratio (%)

65.69

60.43

 

 

Net Worth Ratio (%)

25.60

23.38

 

 

Recurring Profit Ratio (%)

3.68

2.77

 

 

Net Profit Ratio (%)

0.81

2.78

 

 

Return On Equity (%)

2.50

9.09


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.77

UK Pound

1

Rs.86.74

Euro

1

Rs.68.31

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.