MIRA INFORM REPORT

 

 

Report Date :           

08.02.2012

 

IDENTIFICATION DETAILS

 

Name :

DAITOH GYORUI CO LTD

 

 

Registered Office :

2-22 Kawanamicho Atsutaku Nagoya 456-0072

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 1950

 

 

Com. Reg. No.:

(Nagoya-Atsutaku) 022115

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of fish, fishery products

 

 

No. of Employees :

119

 

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

 

Maximum Credit Limit :

Yen 1,748.3 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

DAITOH GYORUI CO LTD

 

 

REGD NAME

 

Daitoh Gyorui KK

 

 

MAIN OFFICE

 

2-22 Kawanamicho Atsutaku Nagoya 456-0072 JAPAN

Tel: 052-683-3311     Fax: 052-683-3329

 

URL:                 www.nagoya-daitoh.co.jp  

E-mail:             info@nagoya-daitoh.co.jp              

 

 

ACTIVITIES

 

Import, export, wholesale of fish, fishery products,

 

 

BRANCHES

 

Nagoya

 

 

OFFICER(S)

 

SHINJI SHIGETA, PRES            Kazuhiko Matsuura, mgn dir      

Noboru Fukuyama, mgn dir         Masataka Moribe, dir

Shujiro Nakabe, dir                     Toshiyuki Matsuoka, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 42,857 M

PAYMENTS                  REGULAR         CAPITAL           Yen 669 M

TREND             SLOW              WORTH            Yen 2,731 M

STARTED                     1950                 EMPLOYES      119

 

 

COMMENT

           

SEAFOOD COMPANY, AFFILIATED TO MARUHA NICHIRO HOLDINGS INC. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 1,748.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

This is a seafood trading company affiliated to Maruha Nichiro Holdings Inc (See REGISTRATION)   This is one of leading seafood companies in the Group, for import, export and wholesale of fish, fishery product, other.  Fishes are imported from USA, Canada, Spain, other, mainly thru Group firms.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 42,857 million, a 4% down from Yen 44,818 million in the previous term.  Consumer spending was sluggish.  Tuna catch was limited, and prices rose, resulting in decreased imports.  The recurring profit was posted at Yen 115 million and the net profit at Yen 52 million, respectively, compared with Yen 94 million recurring profit and Yen 94 million net profit, respectively, a year ago. 

For the current term ending Mar 2012 the recurring profit is projected at Yen 120 million and the net profit at Yen 55 million, respectively, on a 3% rise in turnover, to Yen 44,000 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,748.3 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Apr 1950

Regd No.:           (Nagoya-Atsutaku) 022115

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　50 million shares

Issued: 　           13,380,000 shares

Sum:                　Yen 669 million

Major shareholders (%): Maruha Nichiro Holdings Inc* (32), Employees’ S/Holding Assn (2), Norin Chukin Assets Management (1), MUFG (1)

 

No. of shareholders: 55

 

*.. Maruha Nichiro Holdings Inc, Holding Company of Maruha Group firms, formed 2004, listed Tokyo S/E’s, capital Yen 31,000 million, sales Yen 823,399 million, operating profit Yen 17,418 million, recurring profit Yen 15,083 million, net profit Yen 3,806 million, total assets Yen 474,281 million, net worth Yen 71,671 million, employees 13,216, pres Toshio Kushiro

 

Consolidate Financials are attached (See SUPPLMENTS)

           

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

 

 

OPERATION

 

Activities: Imports, exports and wholesale of fish, fishery products, other (--100%).

 

(Handling Items): tuna, mackerel, salmon, crab, shrimp, lobster, trout, yellow tail fish, fish roe, frozen/chilled fish, shellfish, fish paste, other.

 

Clients: [Fish markets, wholesalers] Marusen Co (10%), Yamabun Co (8%), Nagoya Daisui, Showa Suisan, Uohan Co, other

            No. of accounts: 300

            Domestic areas of activities: Centered in Nagoya & vicinity areas

 

Suppliers: [Mfrs, wholesalers] Maruha Nichiro Seafoods Inc (6%), Mie-Pref Fishery Federation, Fukutomi Suisan, Shokuryu Co, Yamabiko Suisan, other

 

Payment record: Regular

 

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

 

Bank References:

·         Norin Chuo Bank (Nagoya)

·         Bank of Nagoya (H/O)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

44,000

42,857

44,818

50,014

Recur. Profit

　

120

115

101

-26

Net Profit

　

55

52

94

-152

Total Assets

　

　

5,424

5,837

6,573

Current Assets

　

　

3,335

3,490

4,161

Current Liabs

　

　

1,925

2,191

2,864

Net Worth

　

　

2,731

2,719

2,628

Capital, Paid-Up

　

　

669

669

669

Div.P.Share(¥)

　

　

2.30

2.37

4.97

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.67

-4.38

-10.39

-5.78

    Current Ratio

 

..

173.25

159.29

145.29

    N.Worth Ratio

..

50.35

46.58

39.98

    R.Profit/Sales

 

0.27

0.27

0.23

-0.05

    N.Profit/Sales

0.13

0.12

0.21

-0.30

    Return On Equity

..

1.90

3.46

-5.78

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MARUHA NICHIRO HOLDINGS INC

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

823,399

828,715

 

  Cost of Sales

710,861

720,427

 

      GROSS PROFIT

112,538

108,287

 

  Selling & Adm Costs

95,120

97,524

 

      OPERATING PROFIT

17,418

10,763

 

  Non-Operating P/L

-2,335

-3,012

 

      RECURRING PROFIT

15,083

7,751

　

      NET PROFIT

3,606

1,586

BALANCE SHEET

 

 

 

 

  Cash

　

29,492

25,458

 

  Receivables

 

89,224

91,678

 

  Inventory

 

110,121

114,792

 

  Securities, Marketable

35

3,156

 

  Other Current Assets

9,987

16,922

 

      TOTAL CURRENT ASSETS

238,859

252,006

 

  Property & Equipment

137,333

147,922

 

  Intangibles

 

26,881

26,808

 

  Investments, Other Fixed Assets

71,208

74,647

 

      TOTAL ASSETS

474,281

501,383

 

  Payables

 

28,571

32,033

 

  Short-Term Bank Loans

189,829

186,526

 

　

 

　

　

 

  Other Current Liabs

37,743

35,306

 

      TOTAL CURRENT LIABS

256,143

253,865

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

108,973

128,194

 

  Reserve for Retirement Allw

26,564

26,890

 

  Other Debts

　

10,930

12,985

 

      TOTAL LIABILITIES

402,610

421,934

 

      MINORITY INTERESTS

 

 

 

Common stock

31,000

31,000

 

Additional paid-in capital

31,699

35,780

 

Retained earnings

8,190

6,340

 

Evaluation p/l on investments/securities

(2,130)

(346)

 

Others

 

2,976

6,784

 

Treasury stock, at cost

(64)

(59)

 

      TOTAL S/HOLDERS` EQUITY

71,671

79,499

　

      TOTAL EQUITIES

474,281

501,383

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

28,438

39,041

 

Cash Flows from Investment Activities

-9,399

-8,989

 

Cash Flows from Financing Activities

-25,048

-26,824

　

Cash, Bank Deposits at the Term End

　

18,663

24,492

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

71,671

79,499

 

 

Current Ratio (%)

93.25

99.27

 

 

Net Worth Ratio (%)

15.11

15.86

 

 

Recurring Profit Ratio (%)

1.83

0.94

 

 

Net Profit Ratio (%)

0.44

0.19

 

 

Return On Equity (%)

5.03

1.99

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.92

UK Pound

1

Rs.77.31

Euro

1

Rs.64.12

 

 

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.