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Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SALIX MERCHANDISE SYSTEMS CO LTD. |
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Registered Office : |
4868 Motokurihashi Gokamachi Sashimagun |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
November 1992 |
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Legal Form : |
Limited Company |
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Line of Business : |
Supplier of meat cooked foods, processed food cooking,
vegetables (except canned & bottled foods) |
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No. of Employees : |
55 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
|
Source : CIA |
SALIX MERCHANDISE SYSTEMS CO LTD
KK Salix Merchandise
Systems
4868 Motokurihashi
Gokamachi Sashimagun Ibaraki-Pref 306-0313 JAPAN
Tel:
0280-84-4100 Fax: 0280-84-4102
*.. The is its
Finance Div/Purchasing Div Office
E-Mail address: info@salixms.co.jp
Processing/cooking
of meat/fishery/agricultural products
Saitama, as given (Finance/Purchasing Divisions)
At the
caption address, Satte (Saitama-Pref)
KAZUO
NISHIMURA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 5,726 M
PAYMENTS Slow CAPITAL Yen 100 M
TREND UP WORTH Yen 442 M
STARTED 1992 EMPLOYES 55
MEAT & FOOD PROCESSOR, AFFILIATED TO ANRAKUTEI CO LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company is a meat/food processor founded in 1992 but operations
started in 1995. The firm was acquired
60% of shares by Anrakutei Co Ltd (See REGISTRATION)
in Aug 1999, and became its subsidiary.
This is a meat and general food processor, with all cooked/prepared
foods shipped to Anrakutei Co Ltd. In
Apr 2012 merged Daily Express Co, a subsidiary of Anrakutei Co Ltd in the
transportation and delivery services.
Meat & vegetables are imported from USA, other.
The sales volume for Mar/2013 fiscal term amounted to Yen 5,726 million,
a 14% up from Yen 5,021 million in the previous term. Anrakutei Co opened 5 new stores during the
term. Sales also grew thanks to the said
merger of Daily Express Co. The
operations, however, plunged into the
deficit to register Yen 131 million recurring loss and Yen 136 million net
losses, respectively, compared with Yen 44 million recurring profit and Yen 39
million net profit, respectively, a year ago.
The said merging costs/high Yen/material cost-ups ate into profits.
For the current term ending Mar 2014 the operations are projected to
come back to profitability to post Yen 60 million recurring profit and Yen 50
million net profit, respectively, on a 5% rise in turnover, to Yen 6,000
million. Business is seen expanding
steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Nov 1992
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued:
2,000 shares
Sum: Yen 100 million
Major shareholders
(%): Anrakutei Co Ltd* (60), other
No. of shareholders: 15
*.. Anrakutei Co Ltd, operator of grilled beef restaurant chains (Total
243 stores nationwide), Saitama (at the captioned firm’s Branch Office), listed
Tokyo S/E (Second Section), capital Yen 3,182 million, sales Yen 16,183
million, operating profit Yen 186 million, recurring profit Yen 235 million,
net profit Yen 306 million, total assets Yen 13,725 million, net worth Yen
5,144 million, employees 364, pres Tokiki Yanagi
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Supplies meat cooked foods, processed
food cooking, vegetables (except canned & bottled foods), other
(--100%).
Meat and food materials are
imported.
Clients: [Restaurant
Operator] Anrakutei Co Ltd, operating 243 grilled beef restaurants nationwide)
(100%)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Zen-Noh, Meat Companion, S Foods, Kanto Foods, other
Imports from JM International, Tyson Fresh Meat Inc (--USA), other
Payment record: Slow
Location: Business area in
Sashimagun, Ibaraki-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank
References:
Mizuho Bank (Kawaguchi)
MUFG (Omiya)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
6,000 |
5,726 |
5,021 |
5,675 |
|
Recur.
Profit |
|
60 |
-131 |
44 |
|
|
Net
Profit |
|
50 |
-136 |
39 |
18 |
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Total
Assets |
|
|
2,472 |
2,617 |
2,590 |
|
Current
Assets |
|
|
1,013 |
1,175 |
|
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Current
Liabs |
|
|
1,236 |
1,292 |
|
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Net
Worth |
|
|
442 |
448 |
408 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.79 |
14.04 |
-11.52 |
1.21 |
|
|
Current Ratio |
|
.. |
81.96 |
90.94 |
.. |
|
N.Worth Ratio |
.. |
17.88 |
17.12 |
15.75 |
|
|
R.Profit/Sales |
|
1.00 |
-2.29 |
0.88 |
.. |
|
N.Profit/Sales |
0.83 |
-2.38 |
0.78 |
0.32 |
|
|
Return On Equity |
.. |
-30.77 |
8.71 |
4.41 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
UK Pound |
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.