MIRA
INFORM REPORT
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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
YONEKYU CORP |
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Registered Office : |
1259 |
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Country : |
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
February 1969 |
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Com. Reg. No.: |
0801-01-001988
(Shizuoka-Numazu) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing and processing of processed foods &
meat products (including beef, pork & poultry) |
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No. of Employees : |
1,779 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic,
mastery of high technology, and a comparatively small defense allocation (1% of
GDP) helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing
tsunami in March disrupted manufacturing. The economy has largely recovered in
the two years since the disaster, but reconstruction in the Tohoku region has
been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy
his government's top priority; he has pledged to reconsider his predecessor's
plan to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source : CIA |
Company name
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
E-Mail address: khinsitu@yonekyu.co.jp
ACTIVITIES
Meat
Packer
BRANCHES
27
nationwide
OVERSEAs
USA, China,
Thailand
FACTORIES
Shizuoka
(8)
CHIEF EXEC
ISAO
MIYASHITA,
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 142,372 M
PAYMENTS Slow
but Correct CAPITAL Yen
8,634 M
TREND UP WORTH Yen 36,050 M
STARTED 1969 EMPLOYES 1,779
COMMENT
MEAT PACKER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
*..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.
In no-operating account, equity-method profit on a chicken production
company will improve. In processed
products, the company plans to mark up prices mainly of commercial-use products
by about 10% after September 2013.
FINANCIAL INFORMATION
The sales volume for Feb/2013 fiscal term amounted to Yen 142,372
million, a 1.1% up from Yen 140,796f million in the previous term. Sales of daily dishes and home-consumption
sausages kept going strong. The recurring
profit was posted at Yen 322 million and the net losses of Yen 221 million,
respectively, compared with Yen 2,013 million recurring profit and Yen 1,359
million net profit, respectively, a year ago.
(Mar/Aug/2013 results): Sales Yen 69,162 million (down 1.2%), operating
profit Yen 137 million (previously Yen 250 losses), recurring profit Yen 74
million (previously Yen 320 million losses), net losses Yen 158 million
(previously Yen 401 million losses). (%
& figures compared with the corresponding period a year ago).
For the current term ending Feb 2014 the recurring profit is projected
at Yen 2,000 million and the net profit at Yen 700 million, on a 5.4% rise in
turnover, to Yen 150,000 million. Pork
& chicken market prices, sluggish in the preceding term, will be back on
the recovery phase. Meat profitability
will improve by the reduced low-profitability transactions. In sales of processed foods, including
ham/sausages, soaring raw material prices may precede, but will be absorbed by
price markups of some products after 2013.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Feb
1969
Regd No.: 0801-01-001988 (Shizuoka-Numazu)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 45 million shares
Issued: 28,809,801 shares
Sum: Yen 8,634
million
Major shareholders
(%):
Mitsubishi Corp (62.5), Company’s Treasury Stock (11.9), Employees’ S/Holding
Assn (1.6), Sumitomo Mitsui Trust Bank (1.3), Japan Trustee Services T4 (0.9),
Master Trust Bank of Japan T (0.6), Japan Trustee Services T1 (0.6), Sumitomo
Life Ins (0.4), Kazuhiro Noaki (0.2); foreign owners (2.0)
No. of
shareholders: 4,620
Listed on the
S/Exchange (s) of: Tokyo
Managements: Isao Miyashita, pres;
Masatoshi Tanda, dir; Yasuhiro Nakanishi, dir; Takeshi Fukunishi, dir; Yuko
Tanemoto, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Yonekyu
Kagayaki, Yonekyu Oishii Tori, Nikko Foods, Yonekyu Delica Foods, other.
OPERATION
Activities: Manufactures and
processes processed foods & meat products (beef, pork, poultry, etc) (57%);
processed foods, restaurants (41%), 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: Slow but
Correct
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)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
28/02/2013 |
29/02/2012 |
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INCOME STATEMENT |
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Annual Sales |
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142,372 |
140,796 |
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Cost of Sales |
123,088 |
121,234 |
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GROSS PROFIT |
19,284 |
19,561 |
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Selling & Adm Costs |
18,799 |
17,844 |
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OPERATING PROFIT |
484 |
1,717 |
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Non-Operating P/L |
-162 |
301 |
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RECURRING PROFIT |
322 |
2,018 |
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NET PROFIT |
-221 |
1,359 |
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BALANCE SHEET |
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Cash |
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10,266 |
11,294 |
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Receivables |
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14,461 |
14,643 |
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Inventory |
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7,718 |
8,172 |
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Securities, Marketable |
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Other Current Assets |
1,755 |
1,104 |
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TOTAL CURRENT ASSETS |
34,200 |
35,213 |
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Property & Equipment |
19,653 |
20,387 |
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Intangibles |
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1,568 |
2,102 |
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Investments, Other Fixed Assets |
5,725 |
5,908 |
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TOTAL ASSETS |
61,146 |
63,610 |
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Payables |
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17,750 |
18,078 |
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Short-Term Bank Loans |
456 |
478 |
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Other Current Liabs |
4,722 |
4,972 |
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TOTAL CURRENT LIABS |
22,928 |
23,528 |
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Debentures |
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Long-Term Bank Loans |
375 |
681 |
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Reserve for Retirement Allw |
450 |
471 |
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Other Debts |
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1,342 |
(8,500) |
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TOTAL LIABILITIES |
25,095 |
16,180 |
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MINORITY INTERESTS |
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Common
stock |
8,634 |
8,634 |
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Additional
paid-in capital |
8,375 |
8,375 |
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Retained
earnings |
21,275 |
21,976 |
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Evaluation
p/l on investments/securities |
318 |
319 |
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Others |
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185 |
(138) |
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Treasury
stock, at cost |
(2,737) |
(1,736) |
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TOTAL S/HOLDERS` EQUITY |
36,050 |
37,430 |
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TOTAL EQUITIES |
61,146 |
53,610 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
28/02/2013 |
28/02/2012 |
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Cash
Flows from Operating Activities |
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2,727 |
6,916 |
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Cash
Flows from Investment Activities |
-1,746 |
-3,499 |
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Cash
Flows from Financing Activities |
-1,834 |
-2,193 |
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Cash,
Bank Deposits at the Term End |
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10,154 |
10,981 |
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ANALYTICAL RATIOS Terms ending: |
28/02/2013 |
29/02/2012 |
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Net Worth
(S/Holders' Equity) |
36,050 |
37,430 |
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Current
Ratio (%) |
149.16 |
149.66 |
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Net
Worth Ratio (%) |
58.96 |
69.82 |
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Recurring
Profit Ratio (%) |
0.23 |
1.43 |
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Net
Profit Ratio (%) |
-0.16 |
0.97 |
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Return
On Equity (%) |
-0.61 |
3.63 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.98 |
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UK Pound |
1 |
Rs.101.49 |
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Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.