MIRA INFORM REPORT

 

 

Report Date :

30.06.2012

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL SEAFOOD CO LTD 

 

 

Registered Office :

JR Shinagawa East Bldg, 2-18-1 Konan Minatoku Tokyo 108-0075

 

 

Country :

Japan 

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

November 2007

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export of seafood, processed seafoods

 

 

No. of Employees :

01

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but Correct

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

 

GLOBAL SEAFOOD CO LTD

 

 

REGD NAME

 

Global Seafood KK

 

 

MAIN OFFICE

 

JR Shinagawa East Bldg, 2-18-1 Konan Minatoku Tokyo 108-0075 JAPAN

Tel: 03-6833-8883     Fax: 03-6833-8834

 

URL:                 http//:www.zensho.co.jp (Of the parent)

E-mail:             info@zensho.co.jp           

 

 

ACTIVITIES

 

Import, export of seafood, processed seafoods

 

 

BRANCHES

 

Hong Kong, Indonesia, Vietnam, (--subsidiaries)

 

 

FACTORIES  

 

Indonesia, Vietnam (--subsidiaries)

 

 

OFFICER(S)

 

SHIGEKI UETSUJI, PRES          Kentaro Ogawa, ch

Toshiyuki Hara, dir                     Yoshio Fukuhara, dir

 

Yen Amount:     In million Yen, unless otherwise stated

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 2,783 M

PAYMENTS      Slow but Correct  CAPITAL           Yen 50 M

TREND UP                                WORTH            Yen 99 M

STARTED         2007                             EMPLOYES      1

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN SEAFOODS 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS BUT DOUBTFUL FOR CREDIT ENGAGEMENTS: CD$1,435,181.00

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a trading division separated from Zensho Co Ltd, a family restaurant operator, at the caption address, now renamed as Zensho Holdings Co Ltd (See REGISTRATION).  This is a trading firm specializing in import and export of fish, fishery products, processed seafood, other, for supply mainly to sushi restaurants. 

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent and only partially disclosed.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 3,783 million, a 34% up from Yen 2,075 million in the previous term.  This is largely due to the price hike of fishes.  Demand also increased from sushi restaurants.  The net profit was posted at Yen 54 million, compared with 13 million a year ago.  .

 

For the term that ended Mar 2012 the net profit was projected at Yen 65 million, on a 4% rise in turnover, to Yen 2,900 million.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  The proposed amount, however, is considered TOO HIGH from the recent financial status. 

 

 

REGISTRATION

 

Date Registered:  Nov 2007

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　4,000 shares

Issued:             　1,000 shares

Sum:                　Yen 50 million

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

 

*.. Family restaurant chain operator, at the caption address, founded 1982, listed Tokyo S/E, capital Yen 10,089 million, sales Yen 402,962 million, operating profit Yen 21,005 million, recurring profit Yen 19,300 million, net profit Yen 3,068 million, total assets Yen 235,981 million, net worth Yen 49,066 million, employees 4,963, pres Kentaro Ogawa

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Imports and exports seafoods, processed seafoods: minced fish, fish paste, fish cakes, tempura (fried fish & prawn), broiled fish & sea eels, dried sea slug, cod ovum, other (--100%).

 

 

Clients: [Food processors, wholesalers] Zensho Holdings Co (22%), Zensui Kakoren, Uoichi, Hamazushi Co, Hanaya Yohei Co, Chugai Shokuhin Co, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Imports from Norway, Canada, Iceland, China, Argentine, Chili, New Zealand, Thailand, other

 

Payment record: Slow but Correct 

 

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

 

Bank References:

SMBC (Yokohama-Ekimae)

MUFG (Yokohama-Nishiguchi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

　

　

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

2,900

2,783

2,075

2,935

Recur. Profit

　

　

　

　

　

Net Profit

　

65

64

13

34

Total Assets

　

　

1,083

N/A

N/A

Net Worth

　

　

99

92

79

Capital, Paid-Up

　

　

50

50

50

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.20

34.12

-29.30

487.00

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

9.14

..

..

    N.Profit/Sales

2.24

2.30

0.63

1.16

 

Notes: Financials are only partially disclosed.

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, ZENSHO HOLDINGS CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

402,962

370,769

 

  Cost of Sales

141,341

126,414

 

      GROSS PROFIT

261,621

244,354

 

  Selling & Adm Costs

240,615

226,694

 

      OPERATING PROFIT

21,006

17,660

 

  Non-Operating P/L

-1,706

-1,869

 

      RECURRING PROFIT

19,300

15,791

　

      NET PROFIT

3,068

4,735

BALANCE SHEET

 

 

 

 

  Cash

　

18,580

20,518

 

  Receivables

 

4,774

3,905

 

  Inventory

 

10,025

7,800

 

  Securities, Marketable

　

　

 

  Other Current Assets

10,938

10,063

 

      TOTAL CURRENT ASSETS

44,317

42,286

 

  Property & Equipment

111,660

107,929

 

  Intangibles

 

18,312

21,822

 

  Investments, Other Fixed Assets

61,692

59,153

 

      TOTAL ASSETS

235,981

231,190

 

  Payables

 

11,067

10,103

 

  Short-Term Bank Loans

5,297

1,622

 

　

 

　

　

 

  Other Current Liabs

77,900

76,288

 

      TOTAL CURRENT LIABS

94,264

88,013

 

  Debentures

 

11,375

2,305

 

  Long-Term Bank Loans

69,131

83,444

 

  Reserve for Retirement Allw

358

366

 

  Other Debts

　

11,786

11,174

 

      TOTAL LIABILITIES

186,914

185,302

 

      MINORITY INTERESTS

 

 

 

Common stock

10,089

10,089

 

Additional paid-in capital

10,642

10,642

 

Retained earnings

22,691

21,440

 

Evaluation p/l on investments/securities

(1,144)

(1,335)

 

Others

 

6,808

5,071

 

Treasury stock, at cost

(20)

(20)

 

      TOTAL S/HOLDERS` EQUITY

49,066

45,887

　

      TOTAL EQUITIES

235,981

231,190

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

24,099

26,364

 

Cash Flows from Investment Activities

-19,398

-17,750

 

Cash Flows from Financing Activities

-6,592

-9,131

　

Cash, Bank Deposits at the Term End

　

18,580

20,518

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

49,066

45,887

 

 

Current Ratio (%)

47.01

48.05

 

 

Net Worth Ratio (%)

20.79

19.85

 

 

Recurring Profit Ratio (%)

4.79

4.26

 

 

Net Profit Ratio (%)

0.76

1.28

 

 

Return On Equity (%)

6.25

10.32

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.31

UK Pound

1

Rs.88.06

Euro

1

Rs.70.91

 

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.