MIRA INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SOJITZ FOODS CORPORATION |
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Registered Office : |
Akasaka 2.14 Plaza Bldg, 2-14-32 Akasaka
Minatoku Tokyo 107-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
January 1983 |
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Com. Reg. No.: |
(Tokyo-Minatoku)
058924 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale
of foodstuffs from raw materials to finished products |
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No. of Employees
: |
314 |
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 3,604.1 Million |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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
SOJITZ FOODS CORPORATION
REGD NAME
Sojitsu Shokuryo
KK
MAIN OFFICE
Akasaka 2.14 Plaza
Bldg, 2-14-32 Akasaka Minatoku Tokyo 107-0052 JAPAN
Tel:
03-6229-4040 Fax: 03-6697-3080
URL: www.sojitz-foods.com
E-mail: info@sojitz-foods.com
ACTIVITIES
Import,
wholesale of foodstuffs from raw materials to finished products
BRANCHES
Osaka,
Shizuoka, Shimizu, Nagoya, Sendai, Sapporo, Fukuoka, other
OVERSEAS
Bangkok,
China (3) (--subsidiaries)
FACTORIES
(subcontracted)
OFFICER(S)
KENJI
FUJII, PRES Soichi
Hirayama, mgn dir
Mikio
Kitagawa, mgn dir Yuji Uchida,
mgn dir
Kenji
Matsuda, mgn dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 144,786 M
PAYMENTS REGULAR CAPITAL Yen 412 M
TREND UP WORTH Yen 10,657 M
STARTED 1983 EMPLOYES 314
COMMENT
TRADING
FIRM SPECIALIZING IN FOODSTUFFS, WHOLLY OWNED BY SOJITZ CORP
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 3,604.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by the then Nissho Iwai Corporation (now Sojitz Corp) as Nissho Iwai Foods Sales Corp. When the parent merged with Nichimen Corp in Apr 2003 to become Sojitz Corporation (See REGISTRATION), the subject renamed as captioned. In Apr 2005, absorbed part of foods operations of the parent. This is a trading firm specializing in import and wholesale of foodstuffs from raw materials to finished products (see OPERATION). Processed/finished foods are imported mainly from S/E Asia. In Apr 2010 merged a sister company, Sojitz Meat & Agri Corp. Clients include bakeries, food processors, chain stores, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 144,786 million, a 41% up from Yen 102,721 million in the previous term. This is the effect of the said merger with sister companies. The recurring profit was posted at Yen 1,779 million and the net profit at Yen 523 million, respectively, compared with Yen 1,112 million recurring profit and Yen 755 million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected at Yen 1,800 million and the net profit at Yen 540 million, respectively, on a 5% rise in turnover, to Yen 1152,00 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3,604.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1983
Regd No.: (Tokyo-Minatoku) 058924
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 3
million shares
Issued: 824,000
shares
Sum: Yen 412 million
Major shareholders (%):
Sojitz Corporation* (100)
* Sixth-ranked general trading house, born by the merger of former Nissho Iwai Corp & Nichimen Corp in 2003, listed Tokyo, Osaka S/E’s, capital Yen 160,339 million, sales Yen 4,014,639 million, operating profit Yen 37,519 million, recurring profit Yen 45,316 million, net profit Yen 15,981 million, total assets Yen 2,116,960 million, net worth Yen 355,510 million, employees 16,456, pres Yutaka Kase
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales a wide range of foodstuffs (---100%)
(Handling items): sugar, glycosylate, wheat flour, grains, oil & fats, dairy foods, starch, rice, fruits & vegetables (fresh & dried), meat & livestock products, fish & marine products, processed foods, confectionery & grocery, spices, canned foods, frozen foods, health foods, teas, coffee, food additives, beers, whiskies, feeds, fertilizers, other.
Clients: [Food processors, chain stores, wholesalers] Circle K Sanks, Green House Foods, Lotteria, Yakult Honsha, Nippon Meat Packers, Fujiya Co, CGC Japan, Lotte Co, Yamato Sangyo, Shikishima Baking Co, Yuasa Funashoku, Fujiya, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sojitz Corp, Mitsui Sugar, Fuji Nihon Seito, Hokuren Federation of Agricultural Coops, Zen-Noh, Nestle Japan, Nichirei Fresh, J-Oil Mills, Nihon Denpun, Nippon Flour Mills, Showa Sangyo, Kato Kagaku, Nippon Meat Packers, other
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
· MUFG (Tokyo)
· Mizuho Corporate Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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152,000 |
144,786 |
102,721 |
105,794 |
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Recur.
Profit |
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1,800 |
1,779 |
1,122 |
1,131 |
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Net
Profit |
|
540 |
523 |
755 |
730 |
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Total
Assets |
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36,013 |
27,387 |
23,271 |
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Current
Assets |
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31,538 |
23,495 |
20,447 |
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Current
Liabs |
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24,230 |
17,956 |
8,715 |
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Net
Worth |
|
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10,657 |
8,715 |
7,088 |
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Capital,
Paid-Up |
|
|
412 |
412 |
412 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.98 |
40.95 |
-2.90 |
13.12 |
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Current Ratio |
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.. |
130.16 |
130.85 |
234.62 |
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N.Worth Ratio |
.. |
29.59 |
31.82 |
30.46 |
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R.Profit/Sales |
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1.18 |
1.23 |
1.09 |
1.07 |
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N.Profit/Sales |
0.36 |
0.36 |
0.74 |
0.69 |
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Return On Equity |
.. |
4.91 |
8.66 |
10.30 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
SOJITZ CORPORATION
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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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4,014,639 |
3,844,418 |
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Cost of Sales |
3,821,914 |
3,666,215 |
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GROSS PROFIT |
192,725 |
178,203 |
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Selling & Adm Costs |
155,205 |
162,074 |
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OPERATING PROFIT |
37,519 |
16,128 |
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Non-Operating P/L |
7,797 |
-2,426 |
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RECURRING PROFIT |
45,316 |
13,702 |
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NET PROFIT |
15,981 |
8,974 |
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BALANCE SHEET |
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Cash |
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415,694 |
455,728 |
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Receivables |
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478,880 |
462,233 |
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Inventory |
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243,210 |
248,629 |
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Securities, Marketable |
5,437 |
6,131 |
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Other Current Assets |
123,408 |
112,556 |
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TOTAL CURRENT ASSETS |
1,266,629 |
1,285,277 |
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Property & Equipment |
215,774 |
222,665 |
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Intangibles |
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132,595 |
114,445 |
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Investments, Other Fixed Assets |
501,962 |
538,531 |
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TOTAL ASSETS |
2,116,960 |
2,160,918 |
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Payables |
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414,984 |
377,468 |
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Short-Term Bank Loans |
247,656 |
256,652 |
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Other Current Liabs |
227,904 |
207,413 |
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TOTAL CURRENT LIABS |
890,544 |
841,533 |
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Debentures |
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82,719 |
123,647 |
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Long-Term Bank Loans |
723,926 |
763,098 |
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Reserve for Retirement Allw |
13,136 |
13,280 |
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Other Debts |
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51,124 |
41,956 |
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TOTAL LIABILITIES |
1,761,449 |
1,783,514 |
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MINORITY INTERESTS |
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Common
stock |
160,339 |
160,339 |
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Additional
paid-in capital |
152,160 |
152,160 |
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Retained
earnings |
159,358 |
146,489 |
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Evaluation
p/l on investments/securities |
12,310 |
14,845 |
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Others |
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(128,487) |
(96,260) |
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Treasury
stock, at cost |
(170) |
(169) |
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TOTAL S/HOLDERS` EQUITY |
355,510 |
377,404 |
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TOTAL EQUITIES |
2,116,960 |
2,160,918 |
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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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67,863 |
107,222 |
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Cash
Flows from Investment Activities |
-19,903 |
28,439 |
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Cash Flows
from Financing Activities |
-72,054 |
-102,597 |
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Cash,
Bank Deposits at the Term End |
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415,261 |
454,262 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
355,510 |
377,404 |
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Current
Ratio (%) |
142.23 |
152.73 |
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Net
Worth Ratio (%) |
16.79 |
17.46 |
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Recurring
Profit Ratio (%) |
1.13 |
0.36 |
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Net
Profit Ratio (%) |
0.40 |
0.23 |
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Return
On Equity (%) |
4.50 |
2.38 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
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UK Pound |
1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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 |
---- |
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.