MIRA INFORM REPORT
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Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
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Name : |
GODO SHUSEI CO LTD |
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Registered Office : |
6-2-10 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
July 2003 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 083622 |
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Legal Form : |
Limited Company |
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Line of Business : |
Producer of alcoholic beverages with mainline “shochu”
(distilled liquor/sake) |
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No. of Employees
: |
609 |
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 1,739.2 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
GODO
SHUSEI CO LTD
REGD NAME
Godo Shusei KK
MAIN OFFICE
6-2-10 Ginza Chuoku
Tokyo 104-0061 JAPAN
Tel:
03-3575-2711 Fax: 03-3575-2717
URL: http://www.oenon.jp/
E-Mail address: (thru
the URL)
ACTIVITIES
Producer
of alcoholic beverages with mainline “shochu” (distilled liquor/sake)
BRANCHES
Hokkaido, Hachinohe, Sendai, Matsudo (2), Shizuoka, Nagoya, Osaka, Hiroshima, Fukuoka
FACTORIES
Asahikawa,
Tomakomai, Hachinohe, Matsudo, Shimizu
OFFICER(S)
YUKIO
NAGAI, PRES Tohru
Yamaguchi, s/mgn dir
Kenji
Abe, mgn dir Takuya Nomura,
dir
Yuji
Nishinaga, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 55,478 M
PAYMENTS No Complaints CAPITAL Yen
2,000 M
TREND STEADY WORTH Yen
16,406 M
STARTED 2003 EMPLOYES 609
COMMENT
PRODUCER OF SHOCHU (DISTILLED LIQUOR/SAKE), WHOLLY OWNED BY OENON HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,739.2 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This is midsize distiller of alcoholic beverages with mainline “Shochu”
(distilled liquor/sake). Originally set up in 1924 thru merger of 4 sake
brewers in Hokkaido. In July 2003,
formed a holding company, Oenon Holdings Inc, and became its wholly owned
subsidiary (See REGISTRATION). Yukio Nagai is concurrently pres at the
Holding Inc. This is the core of Oenon
Group firms. Specializes in producing
refined sake & confection-use Western liquors, enzyme-based medicines,
wine, liqueur, foods (vinegar, spices, seasonings), other. Has strong foothold in Hokkaido but expanding
into nationwide operations. Used to be
listed on Tokyo, Osaka & Nagoya S/E’s but when the Holdings Inc
established, the firm was delisted. Set
up Tomakomai Plant (Hokkaido) in Apr 2009 to raise alcohol production capacity
by 70%, thereby solving supply shortage.
In private brand shochu for distribution businesses, the company is
developing alcohol-free wine & cocktails, aiming for marketing during the
December 202 term.
FINANCIAL INFORMATION
The sales volume for Dec/2010 fiscal term amounted to Yen 55,478
million, an almost similar amount in the previous term. Consigned production of private brand
“Chuhai” (distilled liquor) for major mass-volume retailers remained almost
flat. Own brand “Shochu” grew. Wine grew, too. The recurring profit was posted at Yen 1,068
million and the net profit at Yen 592 million, compared with Yen 1,032 million
recurring profit and Yen 443 million net profit, respectively, a year ago. Profits increased, with price markups for
patent/pot-still blended shochu paying off.
For the term that ended Dec 2011 the recurring profit was projected at
Yen 1,100 million and the net profit at Yen 600 million, respectively, on an
almost similar turnover, at Yen 56,000 million.
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 1,739.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: July 2003
Regd No.: (Tokyo-Chuoku) 083622
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 160,000
shares
Issued: 40,000
shares
Sum: Yen 2,000 million
Major shareholders (%):Oenon
Holdings Inc*(100)
* Holding company
& midsize distiller of alcoholic beverages, with Godo Shusei Co Ltd as
major player in the group, formed 2003, capital Yen 6,946 million, listed
Tokyo, Osaka S/E’s, sales Yen 83,707 million, operating profit Yen 2,110
million, recurring profit Yen 2,015 million, net profit Yen 898 million, total
assets Yen 62,744 million, net worth Yen 19,679 million, employees 1,949, pres
Yukio Nagai, concurrently.
The Group consists of 13 companies: Godo Shusei Co Ltd, Fukutokucho Co Ltd,
Fukumusume Sake Brewery Co Ltd, Akitakenhakko Kogyo Co Ltd, Kitanohomare Shuzo
Co Ltd, Koshinohana Shuzo Co Ltd (--all these names are the firm’s brands of
Shochu), Yamashin Trading Co Ltd, Wako Co Ltd, Taisetsu No Kura Co, Ltd, Sunny
Maize Co Ltd, Oenon Asset Corporation, Gotech Co Ltd..
Consolidated Financials are as attached (See
SUPPLEMENTS)
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Produces &
distills alcoholic beverages: Shochu (distilled sake/liquors), confection-use
liquors, wine, cocktail drinks, refined sake, sake compounds, processed liquor,
other (--100%)
Clients: Sake stores,
wholesalers, chain stores, pharmaceuticals, other
No. of accounts: 1,000
- 2,000
Domestic areas of
activities: Nationwide
Suppliers: Mfrs,
wholesalers, other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the owner, Oenon Holdings Inc, and maintained
satisfactorily.
Bank
References:
Mizuho
Bank (Ginza)
North
Pacific Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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56,000 |
55,478 |
55,255 |
53,474 |
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Recur.
Profit |
|
1,100 |
1,068 |
1,032 |
815 |
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Net
Profit |
|
600 |
592 |
443 |
312 |
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Total
Assets |
|
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34,612 |
35,366 |
34,760 |
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Current
Assets |
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24,925 |
24,624 |
23,505 |
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Current
Liabs |
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14,929 |
15,888 |
15,504 |
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Net
Worth |
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16,406 |
16,259 |
16,018 |
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Capital,
Paid-Up |
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2,000 |
2,000 |
2,000 |
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Div.P.Share(¥) |
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14,000 |
11,000 |
6,500 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.94 |
0.40 |
3.33 |
16.63 |
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Current Ratio |
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.. |
166.96 |
154.98 |
151.61 |
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N.Worth Ratio |
.. |
47.40 |
45.97 |
46.08 |
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R.Profit/Sales |
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1.96 |
1.93 |
1.87 |
1.52 |
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N.Profit/Sales |
1.07 |
1.07 |
0.80 |
0.58 |
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Return On Equity |
.. |
3.61 |
2.72 |
1.95 |
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Notes:
Forecast (or estimated) figures for the 31/12/2011 fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT,
OENON HOLDINGS INC
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2010 |
31/12/2009 |
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INCOME STATEMENT |
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Annual Sales |
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83,707 |
83,161 |
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Cost of Sales |
66,360 |
65,816 |
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GROSS PROFIT |
17,347 |
17,345 |
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Selling & Adm Costs |
15,237 |
16,196 |
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OPERATING PROFIT |
2,110 |
1,148 |
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Non-Operating P/L |
-85 |
-9 |
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RECURRING PROFIT |
2,025 |
1,139 |
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NET PROFIT |
898 |
275 |
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BALANCE SHEET |
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Cash |
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2,363 |
2,121 |
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Receivables |
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22,100 |
22,585 |
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Inventory |
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8,289 |
9,410 |
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Securities, Marketable |
5 |
4 |
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Other Current Assets |
1,467 |
2,013 |
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TOTAL CURRENT ASSETS |
34,224 |
36,133 |
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Property & Equipment |
25,403 |
27,983 |
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Intangibles |
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1,297 |
1,290 |
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Investments, Other Fixed Assets |
1,820 |
2,346 |
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TOTAL ASSETS |
62,744 |
67,752 |
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Payables |
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6,384 |
6,686 |
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Short-Term Bank Loans |
4,230 |
4,580 |
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Other Current Liabs |
16,609 |
17,297 |
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TOTAL CURRENT LIABS |
27,223 |
28,563 |
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Debentures |
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Long-Term Bank Loans |
10,530 |
14,560 |
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Reserve for Retirement Allw |
1,166 |
1,163 |
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Other Debts |
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4,146 |
4,226 |
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TOTAL LIABILITIES |
43,065 |
48,512 |
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MINORITY INTERESTS |
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Common
stock |
6,946 |
6,946 |
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Additional
paid-in capital |
5,576 |
5,576 |
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Retained
earnings |
4,881 |
4,440 |
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Evaluation
p/l on investments/securities |
30 |
49 |
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Others |
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2,305 |
2,286 |
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Treasury
stock, at cost |
(59) |
(57) |
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TOTAL S/HOLDERS` EQUITY |
19,679 |
19,240 |
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TOTAL EQUITIES |
62,744 |
67,752 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2010 |
31/12/2009 |
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Cash
Flows from Operating Activities |
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5,418 |
3,827 |
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Cash
Flows from Investment Activities |
-756 |
-7,702 |
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Cash
Flows from Financing Activities |
-4,909 |
3,570 |
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Cash,
Bank Deposits at the Term End |
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1,859 |
2,106 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2010 |
31/12/2009 |
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Net
Worth (S/Holders' Equity) |
19,679 |
19,240 |
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Current
Ratio (%) |
125.72 |
126.50 |
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Net
Worth Ratio (%) |
31.36 |
28.40 |
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Recurring
Profit Ratio (%) |
2.42 |
1.37 |
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Net Profit
Ratio (%) |
1.07 |
0.33 |
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Return
On Equity (%) |
4.56 |
1.43 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.76.75 |
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Euro |
1 |
Rs.63.57 |
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 |
|
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.