MIRA INFORM REPORT

 

 

Report Date :

07.07.2012

 

IDENTIFICATION DETAILS

 

Name :

MEIJI CO LTD

 

 

Registered Office :

1-2-10 Shinsuna Kotoku Tokyo 136-0075

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

December 1917

 

 

Com. Reg. No.:

0106-01-028138

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of confectioneries, dairy products, healthcare foods

 

 

No. of Employees :

6,607

 

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 :

Satisfactory

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

 

MEIJI CO LTD

 

 

REGD NAME

 

KK Meiji

 

 

MAIN OFFICe

 

1-2-10 Shinsuna Kotoku Tokyo 136-0075 JAPAN

Tel: 03-5653-6301

 

URL:                 http://www.meiji.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Mfg of confectioneries, dairy products, healthcare foods, other

 

BRANCHES

 

Sapporo, Sendai, Nagoya, Osaka, Hiroshima, Fukuoka, other (Tot 42)

 

 

OVERSEAs

 

Bangkok, Melbourne, Hanoi, Ho-chiming, Taipei, Shanghai

 

 

FACTORIES

 

Sapporo, Asahikawa, Osaka, Gunma, Ibaraki, other (Tot 27)

OFFICERS

 

KAZUO KAWAMURA, PRES      Koichi Yoshioka, dir

Sachihiko Mizoguchi, dir             Naoki Katoh, dir

Sadaaki Komura, dir                   Yoshio Baba, dir                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 986,319 M

PAYMENTS No Complaints   CAPITAL           Yen 33,646 M

TREND UP                                WORTH            Yen 219,619 M

STARTED         1917                             EMPLOYES      6,607

 

 

COMMENT

 

MFR OF CONFECTIONERIES, DAIRY PRODUCTS, OTHER.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established in 1917 as Meiji Dairy Sugar Co Ltd.  The firm thereafter split into two firms: Meiji Dairies & Meiji Seika.  The subject was renamed as captioned and in 2009, the three formed a holding company, Meiji Holdings Co Ltd and became its subsidiaries.  The subject specializes in mfg confectioneries, dairy products, healthcare foods, OTC drugs, other.  In 2011, merged Meiji Seika Pharma and made its subsidiary.  Goods are distributed to milk/ice cream stores, confectionery stores, others, nationwide.

 

 

FINANCIAL INFORMATION

 

                        Unit: Million Yen

                        Forecast figures for the 31/03/2013 fiscal term

           

 

The sales volume for Mar/2012 fiscal term amounted to Yen 986,319 million, a 39% up from Yen 707,500 million in the previous term.  This is attributed to the said merger of Meiji Seika Pharma.  The recurring profit was posted at Yen 10,884 million and the net profit at Yen 190 million, respectively, compared with Yen 17,456 million recurring profit and Yen 6,034 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 11,000 million and the net profit at Yen 200 million, respectively, on a 1.4% rise in turnover, to Yen 1,000,000 million.  Sales of powdered milk will be back into the recovery phase.  Pharmaceutical sales will be steady.

 

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

 

 

REGISTRATION

 

Date Registered:  Dec 1917

Regd No.:         0106-01-028138

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         800 shares

Issued:                328,500,000 shares

Sum:                   Yen 33,646 million

Major shareholders (%): Meiji Holdings Co Ltd* (100)

 

*.. Holding company of Meiji Group firms, founded 2009, listed Tokyo S/E, capital Yen 30,000 million, sales Yen 1,109,275 million, operating profit Yen 20,189 million,

 

Recurring profit Yen 21,882 million, net profit Yen 6,805 million, total assets Yen 749,985 million, net worth Yen 298,491 million, employees 14,861, pres Naotada Satoh

 

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

 

 

OPERATION

           

Activities: Manufacture confectioneries, dairy products, healthcare foods, OTC drugs, --80%), others (20%).

 

(Business Units):

 

Confectionery Business Unit: confectioneries, ice cream, sweets, institutional foodstuffs:

 

Dairy Business Unit: fresh dairy, processed dairy foods, dairy products for business-use;

 

Health & Nutritional Business Unit: infant formula & baby foods, beauty & healthcare products, spots nutrition, frozen food products, enteral formula & nursing care products, OTC drugs;

 

Others: feedstuffs, warehousing, transportation, real estate management, other

 

Clients: Confectionery stores, chain stores, department stores, other 

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Nihon Tetra Pack, Toyo Seikan, other

 

Payment record: No Complaints

 

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

 

Bank References:

Mizuho Bank (Kyobashi)

Resona Bank (Tokyo-Chuo)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

986,319

707,500

 

  Cost of Sales

685,375

499,139

 

      GROSS PROFIT

300,943

208,361

 

  Selling & Adm Costs

289,451

190,371

 

      OPERATING PROFIT

11,491

17,989

 

  Non-Operating P/L

-607

-533

 

      RECURRING PROFIT

10,884

17,456

　

      NET PROFIT

190

6,034

BALANCE SHEET

 

 

 

 

  Cash

　

5,082

13,033

 

  Receivables

 

133,064

74,552

 

  Inventory

 

77,488

44,348

 

  Securities, Marketable

　

　

 

  Other Current Assets

　

　

 

      TOTAL CURRENT ASSETS

235,240

144,371

 

  Property & Equipment

261,418

183,754

 

  Intangibles

 

7,689

6,694

 

  Investments, Other Fixed Assets

　

　

 

      TOTAL ASSETS

565,233

385,644

 

  Payables

 

97,433

62,818

 

  Short-Term Bank Loans

64,609

65,909

 

　

 

　

　

 

  Other Current Liabs

　

　

 

      TOTAL CURRENT LIABS

281,697

183,105

 

  Debentures

 

15,000

20,000

 

  Long-Term Bank Loans

21,998

12,800

 

  Reserve for Retirement Allw

10,581

3,690

 

  Other Debts

　

　

　

 

      TOTAL LIABILITIES

345,613

232,133

 

      MINORITY INTERESTS

 

 

 

Common stock

33,646

33,646

 

Additional paid-in capital

59,821

31,977

 

Retained earnings

124,313

85,856

 

Evaluation p/l on investments/securities

2,327

912

 

Others

 

　

　

 

Treasury stock, at cost

0

0

 

      TOTAL S/HOLDERS` EQUITY

219,619

153,510

　

      TOTAL EQUITIES

565,233

385,644

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

19,806

30,948

 

Cash Flows from Investment Activities

-35,689

-14,895

 

Cash Flows from Financing Activities

1,981

-7,618

　

Cash, Bank Deposits at the Term End

　

4,784

13,033

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

219,619

153,510

 

 

Current Ratio (%)

83.51

78.85

 

 

Net Worth Ratio (%)

38.85

39.81

 

 

Recurring Profit Ratio (%)

1.10

2.47

 

 

Net Profit Ratio (%)

0.02

0.85

 

 

Return On Equity (%)

0.09

3.93

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the ^ fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.42

UK Pound

1

Rs.86.04

Euro

1

Rs.68.61

 

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.