MIRA INFORM REPORT

 

 

Report Date :

26.03.2012

 

IDENTIFICATION DETAILS

 

Name :

YONEKYU CORP

 

 

Registered Office :

1259 Terabayashi Okanomiya Numazu City Shizuoka 410-8530

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2011

 

 

Date of Incorporation :

February 1969

 

 

Com. Reg. No.:

0801-01-001988 (Shizuoka-Numazu)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Meat Packer

 

 

No. of Employees :

1,772

 

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

 

Maximum Credit Limit :

Yen 6,000.4 Million

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 and address

 

YONEKYU CORP

REGD NAME:    Yonekyu KK

MAIN OFFICE:  1259 Terabayashi Okanomiya Numazu City Shizuoka 410-8530 JAPAN

Tel: 055-922-5321     Fax: 055-922-5345-

 

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

E-Mail address: khinsitu@yonekyu.co.jp

 

 

ACTIVITIES

 

Meat Packer

 

BRANCHES   

 

21 nationwide

 

OVERSEAS   

 

USA, China

 

FACTORIES

 

Shizuoka (7)

 

 

CHIEF EXEC 

 

AKIRA FUJII, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 　         A/SALES                      Yen 136,049 M

PAYMENTS                              NO COMPLAINTS          CAPITAL                       Yen 8,634 M

TREND                         　         EMPLOYES                  1,772

SLOW              　                     WORTH                        Yen 37,756 M

STARTED         1969    

 

COMMENT

 

MEAT PACKER 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 6,000.4 MILLION, 30 DAYS NORMAL TERMS

 

                        *..Unit: in Million Yen.  Forecast figures for the 29/02/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is a meat packer of beef, pork and processed meat products based in Shizuoka.  Excels in development of own products, including fresh ham and delicatessen, semi-cooked foodstuffs and meatballs.  Also expanding into management of regional beer restaurants.  Formed comprehensive sales tie-up with Itoham Foods in 2009.  The company launched the first TV commercial of sausages in the Chukyo (great-Nagoya) area from Nov 2011 to the end of Jan 2012 to enhance the company recognition.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Feb/2011 fiscal term amounted to Yen 136,049 million, a 19.4% down from Yen 168,717 million in the previous term.  Economic condition was unfavorable: Yen’s hike, unemployment, sluggish consumer spending, other.  Exports were hurt by the high Yen.  The recurring profit was posted at Yen 1,999 million and the net profit at Yen 1,220 million, respectively, compared with Yen 4,539 million recurring profit and Yen 2,863 million net profit, respectively, a year ago. 

 

            (Mar/Nov/2011 results): Sales Yen 103,043 million (up 3.5%), operating profit Yen 1,231 million (up 32.6%), recurring profit Yen 1,428 million (up 55.3%), net profit Yen 932 million (up 101.4%).  (% compared with the corresponding period a year ago).

           

            For the term that ended Feb 2011 the recurring profit was projected at Yen 2,500 million and the net profit at Yen 1,280 million, on a 7.0% rise in turnover, to Yen 145,600 million.  Meat wholesaling is growing marginally.  In processed food sales, bargain sales in the first half are decreasing and high-unit priced commercial-use daily foods and household consumption sausage are posting a faster-than-expected increase.  Operating profits growth is expanding, covering increased advertizing outlays.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 6,000.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Feb 1969

Regd No.:         0801-01-001988 (Shizuoka-Numazu)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       45 million shares

Issued:                28,809,701 shares

Sum:                   Yen 8,634 million

 

Major shareholders (%): Mitsubishi Corp (23.5), Japan Trustee Services T (5.2), Trust, Specified Sec T (3.9), Company’s Treasury Stock (3.8), Employees’ S/Holding Assn (2.2), Suruga Bank (2.2), Master Trust Bank of Japan T (2.1), Itoham Corp (2.0), Sumitomo Trust Bank (1.3), Japan Trustee Services T4 (1.1); foreign owners (10.3)

 

No. of shareholders: 7,298

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Akira Fujii, pres; Kazuo Kuwata, dir; Yasuhiro Nakanishi, dir; Isao Miyashita, dir; Takeshi Fukunishi, dir

 

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

 

Related companies: Yonekyu Kagayaki, Yonekyu Oishii Tori, Nikko Foods, other.

 

 

OPERATION

           

Activities: Manufactures and processes processed foods & meat products (beef, pork, poultry, etc) (97%), restaurants (1%), others (2%)

 

(Mfg items): ham, sausage, bacon, Vienna sausage, meatballs, cooked beef products, roast beef, roast pork, roast chicken, other

 

Clients: [Mfrs, wholesalers] Maxvalu Tokai Co, Beisia Co, Maruetsu Inc, CGC Japan, Seiyu GK, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Toyota Tsusho Corp, Kanematsu Corp, Itochu Corp, Lacto Japan, other

 

Payment record:  No Complaints

 

Location: Business area in Numazu City, Shizuoka-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Mishima)

Sumitomo Trust Bank (Shizuoka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

28/02/2011

28/02/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

136,049

168,717

 

  Cost of Sales

116,834

125,352

 

      GROSS PROFIT

19,214

43,365

 

  Selling & Adm Costs

17,296

38,978

 

      OPERATING PROFIT

1,917

4,387

 

  Non-Operating P/L

82

152

 

      RECURRING PROFIT

1,999

4,539

　

      NET PROFIT

1,220

2,863

BALANCE SHEET

 

 

 

 

  Cash

　

9,887

12,621

 

  Receivables

 

14,160

14,497

 

  Inventory

 

7,299

7,672

 

  Securities, Marketable

　

　

 

  Other Current Assets

2,202

1,106

 

      TOTAL CURRENT ASSETS

33,548

35,896

 

  Property & Equipment

20,457

19,348

 

  Intangibles

 

2,575

1,945

 

  Investments, Other Fixed Assets

4,682

4,182

 

      TOTAL ASSETS

61,262

61,371

 

  Payables

 

15,031

14,449

 

  Short-Term Bank Loans

1,078

610

 

　

 

　

　

 

  Other Current Liabs

4,395

6,843

 

      TOTAL CURRENT LIABS

20,504

21,902

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

990

160

 

  Reserve for Retirement Allw

661

902

 

  Other Debts

　

1,350

1,215

 

      TOTAL LIABILITIES

23,505

24,179

 

      MINORITY INTERESTS

 

 

 

Common stock

8,634

8,634

 

Additional paid-in capital

8,375

8,375

 

Retained earnings

21,116

20,394

 

Evaluation p/l on investments/securities

750

703

 

Others

 

(163)

41

 

Treasury stock, at cost

(956)

(956)

 

      TOTAL S/HOLDERS` EQUITY

37,756

37,191

　

      TOTAL EQUITIES

61,262

61,371

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

28/02/2011

28/02/2010

 

Cash Flows from Operating Activities

　

1,266

11,499

 

Cash Flows from Investment Activities

-4,298

1,863

 

Cash Flows from Financing Activities

339

-12,924

　

Cash, Bank Deposits at the Term End

　

9,770

12,508

ANALYTICAL RATIOS            Terms ending:

28/02/2011

28/02/2010

 

 

Net Worth (S/Holders' Equity)

37,756

37,191

 

 

Current Ratio (%)

163.62

163.89

 

 

Net Worth Ratio (%)

61.63

60.60

 

 

Recurring Profit Ratio (%)

1.47

2.69

 

 

Net Profit Ratio (%)

0.90

1.70

 

 

Return On Equity (%)

3.23

7.70

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.90

UK Pound

1

Rs.80.77

Euro

1

Rs.67.40

 

 

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.