MIRA INFORM REPORT
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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
YOKOHAMA REITO CO LTD |
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Registered Office : |
Minatomirai Grand Central Tower 7F, 4-6-2 Minatomirai Nishiku Yokohama 220-0012 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
May 1948 |
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Com. Reg. No.: |
0200-01-030638 (Yokohama-Nishiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Cold Storage Operator |
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No. of Employees : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
Source
: CIA
Company name and address
YOKOHAMA REITO CO LTD
REGD NAME: Yokorei
KK
MAIN
OFFICE: Minatomirai Grand Central Tower
7F, 4-6-2 Minatomirai Nishiku Yokohama
220-0012
JAPAN
Tel:
045-727-8650 Fax: 045-641-4501
URL: http://www.yokorei.co.jp/
E-Mail address: info_reizo@yokorei.co.jp
ACTIVITIES
Cold storage
operator
BRANCHES
Tokyo, Shizuoka,
Osaka, Nagoya, Fukuoka, Hokkaido (Tot 60) (--distribution centers)
OVERSEAS
Thailand
CHIEF EXEC
TOSHIO YOSHIKAWA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 111,108 M
PAYMENTSREGULAR CAPITAL Yen
11,065 M
TREND STEADY WORTH Yen 55,639 M
STARTED 1948 EMPLOYES 1,200
COMMENT
COLD STORAGE OPERATOR.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
Notes: Unit (In Million Yen)
Forecast (or estimated) figures for 30/09/2013
fiscal term
HIGHLIGHTS
The subject
company is the second largest cold storage operator, after Nichirei Corp. Operates warehouses nationwide under direct
management. Sales ratio of seafood,
agricultural & livestock high, but profit margin small. Earnings fluctuate according to food
sales. Cold storage division consists of
cold-storage freezing & loading services.
Major emphasis placed on export and import businesses. The company will establish new facilities at
home and abroad, drawing on stronger demand for cold-storage warehousing services. Construction works in Yokohama, Osaka and
Ishikari, Hokkaido, already started in Mar 2013, and scheduled to finish off in
the spring 2014. Second-stage works in
Thailand will be completed in Dec 2013.
FINANCIAL INFORMATION
The sales volume for
Sept/2012 fiscal term amounted to Yen 111,108 million, a 10.4% down from Yen
124,051 million in the previous term.
Cold-storage warehousing services fared well, but foods sales business
fell into deficit, affected by stagnant seafood export on the N-power accident
and deteriorated markets for Chilean salmons & trouts. The recurring profit was posted at Yen 1,233
million and the net profit at Yen 199 million, respectively, compared with Yen
4,298 million recurring profit and Yen 1,668 million net profit, respectively,
a year ago.
(Oct/2012/Mar/2013
results): Sales Yen 56,216 million (down 2.2%), operating profit Yen 2,290
million (up 67.8%), recurring profit Yen 2,399 million (up 72.1%), net profit
Yen 1,483 million (up 92.8%). (%
compared with the corresponding period a year ago).
For the current term
ending Sept 2013 the recurring profit is projected at Yen 4,000 million and the
net profit at Yen 2,300 million, on a 0.8% rise in turnover, to Yen 112,000
million. Major profit-earner
cold-storage warehousing services will fare well, helped by increased food
cargo movement. Profit margin in foods
sales will improve rapidly from the preceding term’s massive deficit, free of
cost for eliminating salmon and trout inventories. Distribution outsourcing services will also
contribute fully.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: May 1948
Regd No.:
0200-01-030638 (Yokohama-Nishiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 160 million shares
Issued: 52,450,969 shares
Sum: Yen 11,065 million
Major
shareholders (%): Dai-ichi Life Ins (4.2), Bank of Yokohama (4.1), Norin Chukin Bank
(2.8), Japan Trustee Services T (2.7), Hatchoko Co (2.6), Employees’ S/Holding
Assn (2.2), Matsuoka Co (1.9), Sakata Seed (1.9), Master Trust Bank of Japan T
(1.7), CBNYDFA Int’l Cap Value P (1.7);
foreign owners (6.6)
No.
of shareholders: 13,623
Listed on the S/Exchange (s) of: Tokyo
Managements: Toshio
Yoshikawa, pres; Fumio Iwabuchi, mgn dir; Takaaki Mizuno, mgn dir; Hirofumi
Nakanishi, dir; Yuji Inoue, dir; Shigetaka Senda, dir; Toshimasa Iijima, dir;
Toshihiko Nishiyama, dir; Koji Ochi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Yokorei Thailand, Clover Trading, Alliance
Seafoods, other.
OPERATION
Activities: Cold-storage
warehousing (18%), foods (82%).
Clients: [Meat packers, food processors] Itoham
Foods Inc, Nippon Meat Packers, Japan
Foods, Starzen Co, Prima Meat Packers, Daiei-Taigen,
Osaka Uoichiba, Daito Gyorui, Mitsubishi Foods, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Alliance Seafoods, Marubeni Corp, Taiyo Bussan, Three Stars
International, Hanwa Corp, Japan Foods, Hachinohe Uoichiba, other.
Payment record: Regular
Location: Business area in Yokohama.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Bank of Yokohama
(Yokohama-Ichiba)
Norin Chukin Bank
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
30/09/2012 |
30/09/2011 |
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INCOME STATEMENT |
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Annual Sales |
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111,108 |
124,051 |
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Cost of Sales |
102,959 |
113,055 |
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GROSS PROFIT |
8,148 |
10,996 |
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Selling & Adm Costs |
7,065 |
6,802 |
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OPERATING PROFIT |
1,083 |
4,193 |
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Non-Operating P/L |
150 |
105 |
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RECURRING PROFIT |
1,233 |
4,298 |
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NET PROFIT |
199 |
1,668 |
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BALANCE SHEET |
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Cash |
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2,700 |
4,563 |
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Receivables |
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14,402 |
15,902 |
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Inventory |
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14,003 |
13,985 |
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Securities, Marketable |
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Other Current Assets |
1,402 |
1,266 |
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TOTAL CURRENT ASSETS |
32,507 |
35,716 |
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Property & Equipment |
51,125 |
49,706 |
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Intangibles |
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2,479 |
2,420 |
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Investments, Other Fixed Assets |
4,826 |
5,223 |
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TOTAL ASSETS |
90,937 |
93,065 |
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Payables |
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5,314 |
6,765 |
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Short-Term Bank Loans |
10,509 |
7,335 |
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Other Current Liabs |
6,970 |
8,610 |
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TOTAL CURRENT LIABS |
22,793 |
22,710 |
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Debentures |
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90 |
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Long-Term Bank Loans |
11,242 |
12,465 |
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Reserve for Retirement Allw |
605 |
536 |
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Other Debts |
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657 |
702 |
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TOTAL LIABILITIES |
35,297 |
36,503 |
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MINORITY INTERESTS |
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Common
stock |
11,065 |
11,065 |
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Additional
paid-in capital |
11,109 |
11,109 |
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Retained
earnings |
34,061 |
34,897 |
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Evaluation
p/l on investments/securities |
(214) |
35 |
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Others |
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Treasury
stock, at cost |
(520) |
(520) |
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TOTAL S/HOLDERS` EQUITY |
55,639 |
56,562 |
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TOTAL EQUITIES |
90,937 |
93,065 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/09/2012 |
30/09/2011 |
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Cash
Flows from Operating Activities |
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3,476 |
1,067 |
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Cash
Flows from Investment Activities |
-6,114 |
-7,058 |
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Cash
Flows from Financing Activities |
780 |
6,686 |
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Cash,
Bank Deposits at the Term End |
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2,700 |
4,563 |
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ANALYTICAL RATIOS Terms ending: |
30/09/2012 |
30/09/2011 |
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Net
Worth (S/Holders' Equity) |
55,639 |
56,562 |
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Current
Ratio (%) |
142.62 |
157.27 |
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Net
Worth Ratio (%) |
61.18 |
60.78 |
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Recurring
Profit Ratio (%) |
1.11 |
3.46 |
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Net
Profit Ratio (%) |
0.18 |
1.34 |
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Return
On Equity (%) |
0.36 |
2.95 |
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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.56.74 |
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1 |
Rs.88.53 |
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Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.