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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
MINAMI KYUSHU SHIZAI CO LTD |
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Registered Office : |
9578-5 Shimohoricho Kanoya City Kagoshima-Pref 893-0047 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
April 1980 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports, wholesales and retails fresh/dried fruits & vegetables |
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No. of Employees : |
23 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World
War II, government-industry cooperation, a strong work ethic, mastery of high technology,
and a comparatively small defense allocation (1% of GDP) helped Japan develop a
technologically advanced economy. Two notable characteristics of the post-war
economy were the close interlocking structures of manufacturers, suppliers, and
distributors, known as keiretsu, and the guarantee of lifetime employment for a
substantial portion of the urban labor force. Both features are now eroding
under the dual pressures of global competition and domestic demographic change.
Japan's industrial sector is heavily dependent on imported raw materials and
fuels. A tiny agricultural sector is highly subsidized and protected, with crop
yields among the highest in the world. Usually self-sufficient in rice, Japan
imports about 60% of its food on a caloric basis. Japan maintains one of the
world's largest fishing fleets and accounts for nearly 15% of the global catch.
For three decades, overall real economic growth had been spectacular - a 10%
average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s.
Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of
the after effects of inefficient investment and an asset price bubble in the
late 1980s that required a protracted period of time for firms to reduce excess
debt, capital, and labor. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, Japan in 2011 stood as the third-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and in a virtual tie with India. A sharp downturn in business investment and
global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and
resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
MINAMI KYUSHU SHIZAI CO LTD
REGD NAME: KK
Minami Kyushu Shizai
MAIN OFFICE: 9578-5
Shimohoricho Kanoya City Kagoshima-Pref 893-0047 JAPAN
Tel:
0994-44-1860 Fax: 0994-44-9925
URL: http://www.nan9.com
E-Mail address: (thru the URL)
Imports,
wholesales and retails fresh/dried fruits & vegetables
Fukuoka
China, Marshall
Island
Kanoya
(processing/sorting)
KOICHI YAMASHITA,
PRES
Mieko Yamashita, dir
Shin’ya Yamashita,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 5,004 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 50 M
TREND UP WORTH Yen 941 M
STARTED 1980 EMPLOYES 23
IMPORTER OF FRUITS AND VEGETABLES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$150,000.ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established by Koichi Yamashita in order to make most of his experience in the subject
line of business. This is a trading
firm, essentially owned and operated by the Yamashita family, for import,
wholesale and retails of fresh/dried fruits and vegetables. Operates overseas buying offices in China and
Malaysia Island. Products are imported
widely from the world: China, Thailand, Netherlands, New Zealand, Chile,
Taiwan, China, other. Goods are shipped to vegetable/fruits markets centrally
in Kyushu.
The sales volume for Mar/2012
fiscal term amounted to Yen 5,004 million, a 13% up from Yen 4,416 million in
the previous term. Imports of fresh
fruits/vegetables rose, such as mango, avocado, banana, lettuce, cabbage,
broccoli, etc. The recurring profit was
posted at Yen 164 million and the net profit at Yen 98 million, respectively,
compared with Yen 160 million recurring profit and yen 86 million net profit,
respectively, a year ago.
For the current term
ending Mar 2013 the recurring profit is projected at Yen 165 million and the
net profit at Yen 100 million, respectively, on a 2% rise in turnover, to Yen
5,100 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr
1980
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 40,000 shares
Issued: 10,000 shares
Sum: Yen 50 million
Major shareholders (%): Koichi Yamashita
(76), Mieko Yamashita (20), Shin’ya Yamashita (4)
No. of shareholders: 3
Nothing detrimental
is known as to the commercial morality of executives.
Activities: Imports,
wholesales and retails fresh/dried fruits and vegetables: mango, lemon,
cabbage, broccoli, banana, lettuce, other. (--100%)
Clients: [Markets,
wholesalers] Fukuoka Daido Seika Co, Kitakyushu Seika Co, Asahikawa Daiichi
Seika Oroshi Co, Shounan Co, Okinawa Seika Co, other
No. of accounts:
300
Domestic areas of
activities: Centered in Kyushu
Suppliers: [Mfrs,
wholesalers] Imports from China, Netherlands, Chile, Thailand, New Zealand,
USA, Taiwan, Mexico, other.
Domestically supplied from fruits/vegetable
markets, general trading houses, other.
Payment record: No Complaints
Location: Business area in
Kanoya City, Kagoshima-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Miyazaki Bank
(Kanoya)
SMBC (Kagoshima)
Relations:
Satisfactory
(In Million
Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
|
5,100 |
5,004 |
4,416 |
3,462 |
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Recur.
Profit |
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165 |
164 |
160 |
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Net
Profit |
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100 |
98 |
86 |
79 |
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Total
Assets |
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1,611 |
1,394 |
133 |
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Current
Assets |
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|
874 |
781 |
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Current
Liabs |
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|
658 |
547 |
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Net
Worth |
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|
941 |
843 |
757 |
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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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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.92 |
13.32 |
27.56 |
-3.81 |
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Current Ratio |
.. |
132.83 |
142.78 |
.. |
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N.Worth Ratio |
.. |
58.41 |
60.47 |
569.17 |
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R.Profit/Sales |
3.24 |
3.28 |
3.62 |
.. |
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N.Profit/Sales |
1.96 |
1.96 |
1.95 |
2.28 |
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Return On Equity |
.. |
10.41 |
10.20 |
10.44 |
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Notes: Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
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1 |
Rs.89.53 |
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Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.