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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
MITSUTOMO LTD |
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Registered Office : |
Minami Sakae Bldg, 1-22-16 Sakae Nakaku |
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Country : |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
September 1982 |
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Com. Reg. No.: |
1800-01-036152 (Nagoya-Nishiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of dairy products, cake/baking materials |
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No. of Employees : |
25 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. 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. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 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 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further 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 in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues 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
MITSUTOMO LTD
REGD NAME: KK
Mitsutomo
MAIN OFFICE: Minami
Sakae Bldg, 1-22-16 Sakae Nakaku Nagoya 460-0008 JAPAN
Tel:
052-204-1661 Fax: 052-204-1664
URL: http://www.mitsutomoltd.com/
E-Mail address: mitsutomo@mitsutomoltd.com
Import, export,
wholesale of dairy products, cake/baking materials
Tokyo, Osaka
JUN’ICHI SAEKI,
PRES
Hisatoshi Yasuda, s/mgn dir
Tokuzo Hayakawa,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES WEAK A/SALES Yen 5,008 M
PAYMENTS SLOW CAPITAL Yen 50 M
TREND UP WORTH Yen (-) 662 M
STARTED 1982 EMPLOYES 25
TRADING FIRM
SPECIALIZING IN DAIRY PRODUCTS.
FINANCIAL SITUATION CONSIDERED WEAK BUT
SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was
established by Jun’ichi Saeki in order to make most of his experience in the
subject line of business. This is a
trading firm specializing in importing, exporting and wholesaling foodstuff materials: eggs, egg products, dairy
products, confectionery & bake making materials, other. Goods are imported from China, India,
Australia, New Zealand, Europe, USA, Venezuela, etc. Clients are bakeries, confectionery mfrs,
other.
The sales volume for May/2012
fiscal term amounted to Yen 5,008 million, a 62% up from Yen 3,080 million in
the previous term. Imports
increased. The recurring profit was
posted at Yen 406 million, while the profits deteriorated to register Yen 686
million net losses for the term. Wrote
off Yen 1,642 million as extraordinary losses for the term. This compares with Yen 350 million recurring
profit and Yen 241 million net profit, respectively, a year ago.
For the current
term ending May 2013 the operations are projected to come back to profitability
to post Yen 420 million recurring profit and Yen 420 million net profit,
respectively, on a 3% rise in turnover, to Yen 5,150 million.
The financial situation
is considered WEAK but should be good for MODERATE business engagements.
Date Registered:
Sept 1982
Regd No.:
1800-01-036152 (Nagoya-Nishiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 160,000 shares
Issued:
40,000 shares
Sum: Yen 50 million
Major shareholders
(%): Jun’ichi Saeki (100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales
foodstuffs materials, confectionery raw materi- als,
egg products, others (--100%).
(Handling items):
Eggs, egg powder,
frozen eggs, frozen egg yolk, frozen egg while;
Silicon baking
sheet, baking net, silicon forcing bags, cake/break trays;
Dairy products,
lactin, casein, powdered cheese, other dairy products.
Clients: [Bakeries, cake mfrs] Itochu Corp, Nippon
Suisan, Shikishima Baking, Taiyo
Kagaku, Shoei
Foods, Fuji Baking, Furuta Confectionery, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from USA,
China, India, Australia, New Zealand, Europe,
Venezuela, other.
Also domestically supplied from Andoh Keiran
Ton’ya, Meggle Japan, other.
Payment record: Slow
Location: Business area in
Nagoya. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank
(Nagoya)
MUFG (Yanagibashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/08/2011 |
31/08/2010 |
|
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Annual
Sales |
|
5,150 |
5,008 |
3,080 |
3,935 |
|
Recur.
Profit |
|
420 |
406 |
350 |
-160 |
|
Net
Profit |
|
420 |
-686 |
241 |
-159 |
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Total
Assets |
|
|
3,037 |
2,636 |
2,926 |
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Current
Assets |
|
|
2,189 |
2,274 |
2,685 |
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Current
Liabs |
|
|
1,064 |
1,988 |
2,049 |
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Net
Worth |
|
|
-662 |
24 |
84 |
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Capital,
Paid-Up |
|
|
50 |
50 |
50 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.84 |
62.60 |
-21.73 |
-24.44 |
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Current Ratio |
|
.. |
205.73 |
114.39 |
131.04 |
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N.Worth Ratio |
.. |
-21.80 |
0.91 |
2.87 |
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R.Profit/Sales |
|
8.16 |
8.11 |
11.36 |
-4.07 |
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N.Profit/Sales |
8.16 |
-13.70 |
7.82 |
-4.04 |
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Notes: Accounting
term changed to Jun/May from Sept/Aug from the 31/05/2012 fiscal term
Forecast (or
estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
-- |
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.