MIRA INFORM REPORT
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Report Date : |
10.01.2012 |
IDENTIFICATION DETAILS
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Name : |
AJINOMOTO TRADING INC |
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Registered Office : |
TFT Bldg East Wing 7F, 3-1-22 Ariake
Kotoku Tokyo 135-0063 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
August 1954 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of foods, machinery, specialty
chemicals |
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No. of Employees
: |
79 |
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 408.5 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
|
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
AJINOMOTO TRADING INC
REGD NAME
Ajinomoto Trading
KK
MAIN OFFICE
TFT Bldg East Wing
7F, 3-1-22 Ariake Kotoku Tokyo 135-0063 JAPAN
Tel:
03-3528-4411 Fax: 03-3528-4421
URL: http://www.shin-com.co.jp/
E-Mail address: info@shin-com.co.jp
ACTIVITIES
Import,
export, wholesale of foods, machinery, specialty chemicals
BRANCHES
Nil
OFFICER(S)
TAKASHI
MURAMATSU, PRES Ikuo Suzuki, mgn dir
Takao
Sakurai, dir Takashi
Miyama, dir
Tadanori
Umezawa, dir Yutaka Ohori,
dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 21,997 M
PAYMENTS REGULAR CAPITAL Yen 200 M
TREND SLOW WORTH Yen
1,284 M
STARTED 1954 EMPLOYES 79
COMMENT
TRADING
FIRM SPECIALIZING IN FOODS, MACHINERY, OTHER, OWNED AJINOMOTO CO INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 408.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division separated
from Ajinomoto Co Inc, largest seasoning mfr, Tokyo (See REGISTRATION). This is a
trading firm specializing in import, export and wholesale of foods, machinery,
specialty chemicals, other. Machinery
and equipment are exported for supply to the parent’s mfg factories
overseas. Has a subsidiary in Thailand
for importing foods manufactured on consignment.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 21,997 million,
an 11% up from Yen 19,824 million in the previous term. Exports of machinery/equipment for Ajinomoto
plants overseas increased. The recurring
profit was posted at Yen 115 million and the net profit at Yen 170 million,
respectively, compared with Yen 191 million recurring profit and Yen 52 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 180 million, respectively, on a 3%
rise in turnover, to Yen 22,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen
408.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug1954
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1.6
million shares
Issued: 400,000
shares
Sum: Yen 200 million
Major shareholders
(%):
Ajinomoto Co Inc*(96.7), Shigenari Suzuki (2.2), Akio Ishiwata (1.1)
No. of
shareholders: 3
* Largest food seasoning mfr, Tokyo, founded 1925, listed Tokyo, Osaka
S/E’s, capital Yen 79,863 million, sales Yen 1,207,695 million, operating
profit Yen 69,374 million, recurring profit Yen 70,499 million, net profit Yen
30,400 million, total assets Yen 1,077,418 million net worth Yen 650,291
million, employees 28,084, pres Masatoshi Ito
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales:
(Sales Breakdown
by Divisions):
Food Division
(50%): shrimps (frozen peeled shrimps, deep fried shrimps, shrimps for Sushi,
etc), chickens, salmon, frozen wheat flour processed foods (roux, béchamel
sauce), health foods, other; Main import sources: Thailand, Vietnam, China,
Peru, New Zealand, Norway & USA:
Machinery &
Materials Procurement Div (20%): Exports machinery & materials for new
construction and expansion of overseas plants that manufacture Ajinomoto
products;
Specialty
Chemicals Div (20%): luckskin (amino acid applied products used as raw
materials for coating the surface of synthetic leather; Patented product
WASA-ACE (antibacterial, antifungal agent that uses wasabi (Japanese horse
radish) as raw materials; Resist ink for printed circuit boards, other.
Medical &
Ophthalmic Instruments Div (10%): digital refractor, LCD chart, slit lamp,
other
Clients: [Mfrs,
wholesalers] Exports to Ajinomoto plants in Thailand, Brazil, Peru, Malaysia,
Indonesia, China, other.
No. of accounts: 200
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ajinomoto Co, DIC, Ajinomoto Fine Techno, NOF Corp,
Tsukiji Suisan, Toho Chemical Ind, Ryusyo Ind, Ebara Corp, Leica Corp,
other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
·
MUFG (Tsukiji)
·
Mizuho Bank (Tsukiji)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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22,500 |
21,997 |
19,824 |
26,061 |
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Recur.
Profit |
|
120 |
115 |
191 |
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Net
Profit |
|
180 |
170 |
52 |
-416 |
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Total
Assets |
|
|
5,530 |
5,277 |
5,914 |
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Current
Assets |
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|
5,056 |
4,802 |
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Current
Liabs |
|
|
4,064 |
3,981 |
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Net
Worth |
|
|
1,284 |
1,127 |
1,075 |
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Capital,
Paid-Up |
|
|
200 |
200 |
200 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.29 |
10.96 |
-23.93 |
2.76 |
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Current Ratio |
|
.. |
124.41 |
120.62 |
.. |
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N.Worth Ratio |
.. |
23.22 |
21.36 |
18.18 |
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R.Profit/Sales |
|
0.53 |
0.52 |
0.96 |
.. |
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N.Profit/Sales |
0.80 |
0.77 |
0.26 |
-1.60 |
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Return On Equity |
.. |
13.24 |
4.61 |
-38.70 |
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Notes: Forecast (or estimated) figures for the
31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
AJINOMOTO CO 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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1,207,695 |
1,170,876 |
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Cost of Sales |
804,716 |
785,578 |
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GROSS PROFIT |
402,978 |
385,298 |
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Selling & Adm Costs |
333,604 |
321,265 |
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OPERATING PROFIT |
69,374 |
64,034 |
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Non-Operating P/L |
1,125 |
3,587 |
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RECURRING PROFIT |
70,499 |
67,621 |
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NET PROFIT |
30,400 |
16,646 |
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BALANCE SHEET |
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Cash |
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141,801 |
97,866 |
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Receivables |
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195,465 |
196,189 |
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Inventory |
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135,310 |
146,808 |
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Securities, Marketable |
511 |
239 |
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Other Current Assets |
43,345 |
46,249 |
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TOTAL CURRENT ASSETS |
516,432 |
487,351 |
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Property & Equipment |
388,050 |
411,839 |
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Intangibles |
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65,488 |
73,634 |
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Investments, Other Fixed Assets |
107,448 |
109,414 |
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TOTAL ASSETS |
1,077,418 |
1,082,238 |
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Payables |
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103,420 |
99,164 |
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Short-Term Bank Loans |
16,209 |
9,963 |
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Other Current Liabs |
98,712 |
119,109 |
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TOTAL CURRENT LIABS |
218,341 |
228,236 |
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Debentures |
|
69,989 |
69,988 |
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Long-Term Bank Loans |
39,282 |
44,800 |
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Reserve for Retirement Allw |
58,554 |
52,623 |
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Other Debts |
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40,961 |
43,411 |
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TOTAL LIABILITIES |
427,127 |
439,058 |
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MINORITY INTERESTS |
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Common
stock |
79,863 |
79,863 |
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Additional
paid-in capital |
182,716 |
182,719 |
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Retained
earnings |
414,189 |
394,672 |
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Evaluation
p/l on investments/securities |
1,339 |
(232) |
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Others |
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(25,302) |
(11,406) |
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Treasury
stock, at cost |
(2,514) |
(2,437) |
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TOTAL S/HOLDERS` EQUITY |
650,291 |
643,179 |
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TOTAL EQUITIES |
1,077,418 |
1,082,238 |
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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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112,716 |
105,924 |
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Cash
Flows from Investment Activities |
-45,882 |
-63,327 |
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Cash Flows
from Financing Activities |
-25,893 |
-18,011 |
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Cash,
Bank Deposits at the Term End |
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133,744 |
95,063 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
650,291 |
643,179 |
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Current
Ratio (%) |
236.53 |
213.53 |
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Net
Worth Ratio (%) |
60.36 |
59.43 |
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Recurring
Profit Ratio (%) |
5.84 |
5.78 |
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Net
Profit Ratio (%) |
2.52 |
1.42 |
||
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Return
On Equity (%) |
4.67 |
2.59 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.73 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.67.01 |
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 |
|
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 |
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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.