MIRA INFORM REPORT

 

 

Report Date :           

30.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MARUHA NICHIRO MEAT AND PRODUCTS INC 

 

 

Registered Office :

Toyosu Front, 3-2-20 Toyosu Kotoku Tokyo 135-0061

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

December 2007

 

 

Com. Reg. No.:

0106-01-040696 (Tokyo-Kotoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of meat, meat products, fish meal

 

 

No. of Employees :

90

 

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 670.8 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 30th, 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

 

MARUHA NICHIRO MEAT AND PRODUCTS INC

 

 

REGD NAME

 

KK Maruha Nichiro Chikusan (Chikusan means meat products in Japanese)

 

mAIN OFFICE

 

Toyosu Front, 3-2-20 Toyosu Kotoku Tokyo 135-0061 JAPAN

Tel: 03-6833-1731    

Fax: 03-6833-1732

 

URL:                 www.maruha-nichiro.co.jp  (Of the parent)

E-mail:             info@maruha-nichiro.co.jp            

 

 

ACTIVITIES

 

Import, wholesale of meat, meat products, fish meal

 

 

BRANCHES

 

Ibaraki, Obihiro (Hokkaido), Osaka, Fukuoka, other

 

 

FACTORIES

 

(subcontracted) Thailand, China

 

 

OFFICER(S)

 

HIDEO MIYABE, PRES

Takashi Mayuzumi, mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 43,811 M

PAYMENTS      REGULAR         CAPITAL           Yen 1,000 M

TREND             UP                    WORTH            Yen 1,942 M

STARTED                     2007                 EMPLOYES      90

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN MEAT & PRODUCTS, WHOLLY OWNED BY MARUHA NICHIRO HOLDINGS INC 

 

FINANCIAL SITUATION CONSIDERED FARI AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 670.8 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a meat trading division separated from Maruha Nichiro Holdings Inc (See REGISTRATION).  This is a trading firm specializing in import, export and wholesale of meat & meat products.  Goods are imported from contracted partner suppliers in USA, Canada, Australia, Mexico, other (See OPERATION).  Imports processed foods from subcontracted factories in Thailand, USA and China.  Clients include meat product processors, food stores, chain stores, other.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Maruha Nichiro Holdings Inc, and disclosed in digested form.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 43,811 million, a 9% up from Yen 39,167 million in the previous term.  The recurring profit was posed at Yen 496 million and the net profit at Yen 287 million, respectively, compared with Yen 574 million recurring loss and Yen 353 million net losses, respectively, a year ago.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 500 million and the net profit at 290 million, respectively, on a 3% rise in turnover, to Yen 44,000 million.  In frozen foods, the supply volume wad down in the first half as a plant was hit by the Tohoku Earthquake.  But the sales volume of canned foods is showing an increase.  Imported pork prices will be lower than anticipated on the strength of the high Yen.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 670.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Dec 2007

Regd No.:        0106-01-040696 (Tokyo-Kotoku)

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　80,000 shares

Issued: 　         20,000 shares

Sum:                　Yen 1,000 million

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

 

*.. Maruha Nichiro Holdings Inc, Holding Company of Maruha Group firms, formed 2004, listed Tokyo S/E, capital Yen 31,000 million, sales Yen 823,399 million, operating profit Yen 17,418 million, recurring profit Yen 15,083 million, net profit Yen 3,606 million, total assets Yen 478,977 million, net worth Yen 60,010 million, employees 13,216, pres Toshio Kushiro

Consolidate Financials are attached (See SUPPLMENTS)

 

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

 

 

OPERATION

 

Activities: Imports meat & meat products: beef, port, poultry, duck, fish meal, animal feed, other (--100%).

 

Goods are imported from contracted partners:

Beef: from Australia, Mexico, USA, other;

Pork: from Canada, USA, Denmark, Mexico, Chile, other

Poultry: from Brazil, other;

Ducks: from Taiwan, other;

Fish meal: from North & South Americas, S/E Asia, Africa, other

 

Clients: [Food processors, chain stores] Hayashikane Sangyo, Meiji Kenko Ham, Takizawa Ham, Tokyu Store, Marubeni Nisshin Feed, Maruha Nichiro Foods, Glico Foods Co, other.

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Westward Seafoods, Danish Crown, Seaboard Food Corp, Olymel SEC, HACCP, Nichiro Chikusan Co, Danish Crown, other.

Imports from Australia, Mexico, USA, Canada, Denmark, Chile, Brazil, Taiwan, other.

 

 

Payment record: Regular

 

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)

MUFG (Shin-Marunouchi)

Relations: Satisfactory

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

44,000

42,811

39,167

43,147

Recur. Profit

　

500

496

-574

174

Net Profit

　

290

287

-353

46

Total Assets

　

　

8,338

8,338

9,951

Current Assets

　

　

6,960

6,960

8,512

Current Liabs

　

　

4,359

4,359

4,595

Net Worth

　

　

1,942

1,659

2,038

Capital, Paid-Up

　

　

1,000

1,000

1,000

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.78

9.30

-9.22

#DIV/0!

    Current Ratio

 

..

159.67

159.67

185.24

    N.Worth Ratio

..

23.29

19.90

20.48

    R.Profit/Sales

 

1.14

1.16

-1.47

0.40

    N.Profit/Sales

0.66

0.67

-0.90

0.11

    Return On Equity

..

14.78

-21.28

2.26

 

Notes: The 31/03/2008 fiscal term is the initial accounting term from the inception and business is not reported resulted.

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

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MARUHA NICHIRO HOLDINGS INC

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

823,399

828,715

 

  Cost of Sales

710,861

720,427

 

      GROSS PROFIT

112,538

108,287

 

  Selling & Adm Costs

95,120

97,524

 

      OPERATING PROFIT

17,418

10,763

 

  Non-Operating P/L

-2,335

-3,012

 

      RECURRING PROFIT

15,083

7,751

　

      NET PROFIT

3,606

1,586

BALANCE SHEET

 

 

 

 

  Cash

　

29,492

25,458

 

  Receivables

 

89,224

91,678

 

  Inventory

 

110,121

114,792

 

  Securities, Marketable

35

3,156

 

  Other Current Assets

9,987

16,922

 

      TOTAL CURRENT ASSETS

238,859

252,006

 

  Property & Equipment

137,333

147,922

 

  Intangibles

 

26,881

26,808

 

  Investments, Other Fixed Assets

71,208

74,647

 

      TOTAL ASSETS

474,281

501,383

 

  Payables

 

28,571

32,033

 

  Short-Term Bank Loans

189,829

186,526

 

　

 

　

　

 

  Other Current Liabs

37,743

35,306

 

      TOTAL CURRENT LIABS

256,143

253,865

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

108,973

128,194

 

  Reserve for Retirement Allw

26,564

26,890

 

  Other Debts

　

10,930

12,985

 

      TOTAL LIABILITIES

402,610

421,934

 

      MINORITY INTERESTS

 

 

 

Common stock

31,000

31,000

 

Additional paid-in capital

31,699

35,780

 

Retained earnings

8,190

6,340

 

Evaluation p/l on investments/securities

(2,130)

(346)

 

Others

 

2,976

6,784

 

Treasury stock, at cost

(64)

(59)

 

      TOTAL S/HOLDERS` EQUITY

71,671

79,499

　

      TOTAL EQUITIES

474,281

501,383

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

28,438

39,041

 

Cash Flows from Investment Activities

-9,399

-8,989

 

Cash Flows from Financing Activities

-25,048

-26,824

　

Cash, Bank Deposits at the Term End

　

18,663

24,492

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

71,671

79,499

 

 

Current Ratio (%)

93.25

99.27

 

 

Net Worth Ratio (%)

15.11

15.86

 

 

Recurring Profit Ratio (%)

1.83

0.94

 

 

Net Profit Ratio (%)

0.44

0.19

 

 

Return On Equity (%)

5.03

1.99

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.41

Euro

1

Rs.68.22

 

 

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.