MIRA INFORM REPORT

 

 

Report Date :

29.05.2012

 

IDENTIFICATION DETAILS

 

Name :

CORDON VERT CO LTD 

 

 

Registered Office :

1-1 Kanda-Nishikicho Chiyodaku Tokyo

 

 

Country :

Japan

 

 

Financials (as on) :

29.02.2012

 

 

Date of Incorporation :

July 2006

 

 

Com. Reg. No.:

0100-01-101442 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of wines, whisky, liquor, foodstuffs, confectionery

 

 

No. of Employees :

22

 

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

 

CORDON VERT CO LTD

 

 

REGD NAME 

 

Cordon Vert KK

 

 

MAIN OFFICE

 

3-7-35 Tsutsujigaoka Miyaginoku Sendai 983-0852 JAPAN

 

Tel: 022-742-3120     Fax: 022-742-3139

 

* Registered address and Tokyo Head Office at: 1-1 Kanda-Nishikicho Chiyodaku Tokyo, as given

 

URL:                 www.aeon.info /  (of the parent, Aeon Co Ltd)

                                    www.yamaya.co.jp   (of the parent, Yamaya Corp)

E-mail:             info@aeon.info /

 

 

ACTIVITIES

 

Import, wholesale of wines, whisky, liquor, foodstuffs, confectionery

 

 

BRANCHES

 

Tokyo (as given)

 

 

OFFICER(S)

 

HIROAKI YAMAUCHI, PRES                  Hiroshi Asada, ch

Takashi Fukui, s/mgn dir                        Hidefusa Yamauchi, dir

Yasuo Suzuki, dir                                  Yoshitomo Suzuki, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 9,432 M

PAYMENTS  No Complaints CAPITAL           Yen 490 M

TREND SLOW                          WORTH            Yen 563 M

STARTED         2006                             EMPLOYES      22

 

 

COMMENT    

 

PURCHASING COMPANY OF LIQUOR, WINE, FOODS, JOINTLY OWNED BY AEON CO LTD & YAMAYA CORP 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

 

HIGHLIGHTS

           

The subject company was established jointly by Aeon Co Ltd & Yamaya Corp (See REGISTRATION for details of both firms) as a joint purchasing company of liquors, wines, foods, confectionary, other.  Goods are all imported, and shipped to the joint parents & their group firms.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Aeon Co Ltd, and only partially disclosed.

 

The sales volume for Feb/2011 fiscal term amounted to Yen 9,432 million, an 8% down from Yen 10,304 million in the previous term.  The Great North Japan Earthquake on 11/03/2011 was a blow.  Supply chains were disrupted.  The parent, Aeon Co Ltd, offered one of its stores as a refuge to the quake victims.  Consumer spending was languish.  High Yen hurt sales and profits in Yen terms.  The net profit was posted at Yen 45 million, compared with Yen 34 million a year ago.  Profits included some extraordinary income, details of which undisclosed. .

 

For the term that ended Feb 2012 the net profit was projected at Yen 50 million, on a 3% rise in turnover, to Yen 9,750 million.  Final results are yet to be released. 

           

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

 

 

REGISTRATION

 

Date Registered:           Jul 2006

Regd No.:                      0100-01-101442 (Tokyo-Chiyodaku)

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　9,800 shares

Issued: 　        9,800 shares

Sum:                　Yen 490 million

 

Major shareholders (%): Aeon Co Ltd* (51), Yamaya Corp ** (49)

 

No. of shareholders: 2


* Top-ranked operator general merchandise stores, Chiba, operating 396 stores nationwide, founded 1926, listed Tokyo S/E, capital Yen 199,054 million, sales Yen 111,940 million, operating profit Yen 195,690 million, recurring profit Yen 212,260 million, net profit Yen 66,756 million, total assets Yen 4,048,937 million, net worth Yen 1,282,066 million, employees 79,910, pres Motoya Okada

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

** Retailer of liquor, at the caption address, operating 189 retail stores nationwide, founded 1970, listed Tokyo S/E, capital Yen 3,247 million, sales Yen 75,778 million, operating profit Yen 3,599 million, recurring profit Yen 3,817 million, net profit Yen 2,143 million, total assets Yen 33,875 million, net worth Yen 18,321 million, employees 861, pres Hideharu Yamauchi

 

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

 

 

OPERATION

 

Activities: Imports and wholesales wines, liquors, whiskies, brandies, beer, foods, confectionery (--100%).

 

Clients: [Wholesalers, retailers] Goods are wholly shipped to the joint parents and their group firms

            No. of accounts: 600

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs wholesalers] Goods are imported from: Europe (51%), Asia (17%), Africa (1%), Oceania (8%), North America (14%), Central America (3%), South America (7%).

 

Payment record: No Complaints

 

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

 

Bank References:

Mizuho Bank (Sendai)

SMBC (Sendai)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

29/02/2012

28/02/2011

28/02/2010

28/02/2009

Annual Sales

　

9,750

9,432

10,304

8,250

Recur. Profit

　

　

　

　

　

Net Profit

　

50

45

34

29

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

563

532

509

Capital, Paid-Up

　

　

490

490

490

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.37

-8.46

24.90

10.63

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.51

0.48

0.33

0.35

 

Notes: Financials are only partially disclosed. 

Forecast (or estimated) figures for the 29/02/2012 fiscal term. 


SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, AEON CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

29/02/2012

28/02/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

5,206,131

5,096,569

 

  Cost of Sales

3,393,772

3,322,762

 

      GROSS PROFIT

1,812,359

1,773,807

 

  Selling & Adm Costs

1,616,668

1,601,446

 

      OPERATING PROFIT

195,690

172,360

 

  Non-Operating P/L

16,570

9,720

 

      RECURRING PROFIT

212,260

182,080

　

      NET PROFIT

66,750

59,688

BALANCE SHEET

 

 

 

 

  Cash

　

184,324

320,212

 

  Receivables

 

421,939

416,548

 

  Inventory

 

340,971

308,951

 

  Securities, Marketable

2,198

4,509

 

  Other Current Assets

423,098

459,242

 

      TOTAL CURRENT ASSETS

1,372,530

1,509,462

 

  Property & Equipment

1,749,903

1,407,068

 

  Intangibles

 

144,987

117,365

 

  Investments, Other Fixed Assets

781,517

740,733

 

      TOTAL ASSETS

4,048,937

3,774,628

 

  Payables

 

644,059

640,114

 

  Short-Term Bank Loans

97,003

52,065

 

　

 

　

　

 

  Other Current Liabs

798,272

726,734

 

      TOTAL CURRENT LIABS

1,539,334

1,418,913

 

  Debentures

 

204,319

215,209

 

  Long-Term Bank Loans

631,196

547,624

 

  Reserve for Retirement Allw

8,735

8,271

 

  Other Debts

　

383,287

365,374

 

      TOTAL LIABILITIES

2,766,871

2,555,391

 

      MINORITY INTERESTS

 

 

 

Common stock

199,054

199,054

 

Additional paid-in capital

264,963

264,963

 

Retained earnings

543,771

496,648

 

Evaluation p/l on investments/securities

1,853

3,401

 

Others

 

326,512

316,628

 

Treasury stock, at cost

(54,087)

(61,458)

 

      TOTAL S/HOLDERS` EQUITY

1,282,066

1,219,236

　

      TOTAL EQUITIES

4,048,937

3,774,628

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

29/02/2012

29/02/2011

 

Cash Flows from Operating Activities

　

203,382

261,132

 

Cash Flows from Investment Activities

-327,865

-105,517

 

Cash Flows from Financing Activities

-13,061

-121,847

　

Cash, Bank Deposits at the Term End

　

166,277

306,820

ANALYTICAL RATIOS            Terms ending:

29/02/2012

28/02/2011

 

 

Net Worth (S/Holders' Equity)

1,282,066

1,219,236

 

 

Current Ratio (%)

89.16

106.38

 

 

Net Worth Ratio (%)

31.66

32.30

 

 

Recurring Profit Ratio (%)

4.08

3.57

 

 

Net Profit Ratio (%)

1.28

1.17

 

 

Return On Equity (%)

5.21

4.90

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.26

UK Pound

1

Rs.86.80

Euro

1

Rs.69.63

 

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.