MIRA INFORM REPORT

 

 

Report Date :

05.07.2012

 

IDENTIFICATION DETAILS

 

Name :

MARUHA NICHIRO SEAFOODS INC

 

 

Registered Office :

1-1-2 Ohtemachi Chiyodaku Tokyo 100-0342 JAPAN

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

March 1943

 

 

Com. Reg. No.:

0106-01-040697 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of fish, fishery products, fish farming

 

 

No. of Employees :

347

 

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

 

 

Status :

Good

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

MARUHA NICHIRO SEAFOODS INC

 

 

REGD NAME

 

KK Maruha Nichiro Suisan

 

 

MAIN OFFICE

 

1-1-2 Ohtemachi Chiyodaku Tokyo 100-0342 JAPAN

Tel: 03-3216-0221     Fax: 03-3216-0911

 

URL:                 http://www.fish.maruha-nichiro.co.jp/

E-Mail address:            info@fish.maruha-nichiro.co.jp

 

 

ACTIVITIES  

 

Import, export, wholesale of fish, fishery products, fish farming

 

 

BRANCHES

 

Sapporo, Osaka, Nagoya, Sendai, Hiroshima, Fukuoka

 

 

OVERSEAS

 

Canada, Russia, Morocco, Spain, Thailand, China, New Zealand, Chile, China (3), Netherlands (--rep offices)

 

 

OFFICER(S)

 

SHIGERU ITOH, PRES                          Atsushi Watanabe, v pres

Jun’ichiro Yoneoka, s/mgn dir                 Masayuki Nakashima, mgn dir   

Hiroshi Okazaki, dir                                Shuichi Seta, dir                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 183,779 M

PAYMENTS No Complaints   CAPITAL           Yen 15,000 M

TREND STEADY                       WORTH            Yen 25,793 M

STARTED         1943                             EMPLOYES      347

 

 

COMMENT

 

SEAFOOD COMPANY, OWNED BY MARUHA NICHIRO HOLDINGS INC.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

                        Unit: Million Yen

Forecast (or estimated) figures for 31/03/2011 fiscal term

 

 

HIGHLIGHTS

 

The subject company was established originally in 1880 by Ikujiro Nakabe for selling fishery markets in Osaka, on his account. This is a leading seafood company, wholly owned by Maruha Nichiro Holdings Inc (See OPERATION).  In 2004 merged with Nichiro Corp and formed Maruha Nichiro Holdings Inc in Oct 2007.  Under the Holding Company, there are three major subsidiaries: Maruha Nichiro Seafoods Inc, Maruha Nichiro Foods Inc and Maruha Nichiro Meat & Products Inc.  The subject concentrates on trading of fish, fishery products and fish farming.  Fishes are imported from USA, Canada, Spain, other.  Farm-raised tuna is imported from Spain, Tunisia, Australia, other.  Clients include fish markets, fish wholesalers, fish stores, other, nationwide.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 183,779 million, a 3.4% up from Yen 177,790 million in the previous term.  Sales boosted from increased sales of lucrative processed and frozen foods, thanks to a trend among consumers to eat prepared food at home.  Tuna prices increased.  The recurring profit was posted at Yen 4,947 million and the net profit at Yen 1,509 million, respectively, compared with Yen 5,083 million recurring profit and Yen 1,859 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 5,000 million and net profit at Yen 1,600 million, respectively, on a 3% rise in turnover, to Yen 189,000 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Mar 1943

Regd No.:         0106-01-040697 (Tokyo-Chiyodaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         12 million shares

Issued:                3 million shares

Sum:                   Yen 15,000 million

 

Major shareholders (%): Maruha Nichiro Holdings Inc* (100)

 

*.. Holding Company of Maruha Group firms, formed 2004, listed Tokyo S/E’s, capital Yen 31,000 million, sales Yen 816,121 million, operating profit Yen 16,431 million, recurring profit Yen 14,878 million, net profit Yen 3,385 million, total assets Yen 468,054 million, net worth Yen 73,737 million, employees 13,216, pres Toshio Kushiro

 

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

 

           

OPERATION

 

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

 

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

 

Imports farm-raised tuna from Australia, Spain, Tunisia, other.  

 

Clients: [Fish marts, fish markets] Osaka Uoichiba, Sanyu Koami, Daiei Taigen, Daito

            Gyorui, Maruha Pet Food, Mitsui Foods, Uoichi, other.

            No. of accounts: 800

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Taiyo A&F, Koyo Marine Products, other.

Imports from: USA, Canada, Spain, Tunisia, China, Morocco, Chile, other

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are owned by the parent, Maruha Nichiro Holdings Inc, and maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (H/O)

Norin Chukin Bank (Tokyo)

Relations: Satisfactory

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

183,779

177,790

 

  Cost of Sales

162,191

155,772

 

      GROSS PROFIT

21,588

22,018

 

  Selling & Adm Costs

15,883

15,833

 

      OPERATING PROFIT

5,704

6,184

 

  Non-Operating P/L

-757

-1,101

 

      RECURRING PROFIT

4,947

5,083

　

      NET PROFIT

1,509

1,859

BALANCE SHEET

 

 

 

 

  Cash

　

53

50

 

  Receivables

 

16,215

14,381

 

  Inventory

 

34,825

31,459

 

  Securities, Marketable

38

35

 

  Other Current Assets

11,803

11,131

 

      TOTAL CURRENT ASSETS

62,934

57,056

 

  Property & Equipment

10,628

10,844

 

  Intangibles

 

636

673

 

  Investments, Other Fixed Assets

38,387

43,836

 

      TOTAL ASSETS

112,585

112,409

 

  Payables

 

5,035

4,492

 

  Short-Term Bank Loans

28,618

27,688

 

　

 

　

　

 

  Other Current Liabs

29,315

6,255

 

      TOTAL CURRENT LIABS

62,968

38,435

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

18,608

43,511

 

  Reserve for Retirement Allw

3,726

3,156

 

  Other Debts

　

1,489

1,486

 

      TOTAL LIABILITIES

86,791

86,588

 

      MINORITY INTERESTS

 

 

 

Common stock

15,000

15,000

 

Additional paid-in capital

7,466

7,466

 

Retained earnings

3,260

3,350

 

Evaluation p/l on investments/securities

66

3

 

Others

 

1

1

 

Treasury stock, at cost

0

0

 

      TOTAL S/HOLDERS` EQUITY

25,793

25,820

　

      TOTAL EQUITIES

112,585

112,409

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

25,793

25,820

 

 

Current Ratio (%)

99.95

148.45

 

 

Net Worth Ratio (%)

22.91

22.97

 

 

Recurring Profit Ratio (%)

2.69

2.86

 

 

Net Profit Ratio (%)

0.82

1.05

 

 

Return On Equity (%)

5.85

7.20

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.55

UK Pound

1

Rs.85.48

Euro

1

Rs.68.70

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.