MIRA INFORM REPORT
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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MARUDAI FOOD CO LTD |
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Registered Office : |
21-3 Midoricho Takatsuki City Osaka-Pref 569-8577 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June 1958 |
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Com. Reg. No.: |
1209-01-012046
(Osaka-Takatsuki) |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Mfg of ham & sausages,
processed foods, others |
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No. of Employees : |
2,322 |
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 : |
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
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Source : CIA |
Company
name
MARUDAI FOOD CO LTD
REGD NAME: Marudai
Shokuhin KK
MAIN OFFICE: 21-3 Midoricho
Takatsuki City Osaka-Pref 569-8577 JAPAN
Tel:
072-661-2518 Fax: 072-661-5006 -
URL: http://www.marudai.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
ham & sausages, processed foods, others
BRANCHES
Nationwide
103
FACTORIES
14
Factories; 11 distribution centers
CHIEF EXEC
TOKUO
KUDARA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 204,127 M
PAYMENTSREGULAR CAPITAL Yen
6,716 M
TREND UP WORTH Yen 68,309 M
STARTED 1958 EMPLOYES 2,322
COMMENT
MFR OF HAM & SAUSAGE, PROCESSED FOODS, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2013
fiscal term.
HIGHLIGHTS
This
is the leading mfr of ham & sausages, and originally fish meat
processors. Started producing livestock
ham & sausages in 1961. Has strength
in possession of direct-sales route to food retail stores. Known for high-level promotional activities
including TV spots. Strengthening
diversification of processed products, and ventured into dessert area in
2007. The firm is strongly motivated to
expand merchandise for large-scale volume retailers in line with the easing of
import restriction on US-produced beef.
FINANCIAL INFORMATION
The sales volume
for Mar/2012 fiscal term amounted to Yen 204,127 million, a 2.7% up from Yen
198,752 million in the previous term.
With corporate acquisition in the preceding term contributing fully,
sales showed an additional increase of Yen 3 billion but profit was small. In meat sales, the pork sales volume
increased, but market prices were slumping, squeezing profitability. Operating profits declined. The recurring profit was posted at Yen 6,123
million and the net profit at Yen 3,933 million, respectively, compared with
Yen 5,822 million recurring profit and Yen 3,854 million net profit,
respectively, a year ago.
(Apr/Dec/2012
results): Sales Yen 161,662 million (up 1.9%), operating profit Yen 4,459
million (down 32.3%), recurring profit Yen 4,442 million (down 33.4%), net
pofit Yen 2,682 million (down 51.5%). (%
compared with the corresponding period a year ago).
For the
term that ended Mar 2013 the recurring profit was projected at Yen 4,800
million and the net profit at Yen 2,100 million, on a 2.9% rise in turnover, to
Yen 210,000 million. Ham/sausage sales
picked up. Processed daily dishes
continued going strong. Final results
are yet to be released.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
REGISTRATION
Date Registered: Jun 1958
Regd No.; 1209-01-012046 (Osaka-Takatsuki)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 200 million shares
Issued:
132,527,909
Sum: Yen 6,716
million
Major shareholders (%): Company’s Kyoeikai Assn (6.6),
Komori Kinen Zaidan (3.9), SG Trust, Specified Sec T (3.7), Master Trust Bank
of Japan T (3.4), Japan Trustee Services T (3.3), SMBC (3.3), Sumitomo Life Ins
(3.2), Norin Chukin Bank (2.4), CBNYDFA Int’l Cap Value P (2.3); foreign owners
12.1)
No. of shareholders: 14,388
Listed on the S/Exchange (s) of:
Tokyo, Osaka, Frankfurt
Managements: Tokuo Kudara, pres; Keiichi Kato,
s/mgn dir; Toshiharu Inoue, s/mgn dir; Yasushi Sawada, mgn dir; Masahiro
Oshima, mgn dir; Hiroshi Kubota, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Marudai Food, Marudai Meat, Meat Supply, other.
OPERATION
Activities: Manufactures daily processed foods
(74%): rice, bread, salads, confectionery, curries, pizza, dessert, other; meat
products (26%): ham & sausages, others.
Clients: [Mfrs, wholesalers] Aeon Corp, Seiyu,
Daiei, Uny, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Corp,
Sumikin Bussan Corp, Kanematsu Corp, other,
Payment record:
Regular
Location:
Business area in Osaka. Office premises
at the caption address are owned maintained satisfactorily.
Bank References:
SMBC
(Osaka)
Resona
Bank (Osaka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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204,127 |
198,752 |
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Cost of Sales |
151,654 |
146,682 |
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GROSS PROFIT |
52,473 |
52,069 |
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Selling & Adm Costs |
46,566 |
46,345 |
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OPERATING PROFIT |
5,906 |
5,724 |
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Non-Operating P/L |
217 |
-98 |
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RECURRING PROFIT |
6,123 |
5,822 |
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NET PROFIT |
3,933 |
3,854 |
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BALANCE SHEET |
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Cash |
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12,482 |
13,619 |
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Receivables |
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25,234 |
19,921 |
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Inventory |
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14,053 |
14,596 |
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Securities, Marketable |
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Other Current Assets |
2,569 |
2,497 |
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TOTAL CURRENT ASSETS |
54,338 |
50,633 |
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Property & Equipment |
51,098 |
50,381 |
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Intangibles |
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1,928 |
826 |
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Investments, Other Fixed Assets |
16,993 |
15,264 |
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TOTAL ASSETS |
124,357 |
117,104 |
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Payables |
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19,817 |
18,178 |
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Short-Term Bank Loans |
8,416 |
4,533 |
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Other Current Liabs |
15,875 |
17,987 |
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TOTAL CURRENT LIABS |
44,108 |
40,698 |
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Debentures |
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Long-Term Bank Loans |
5,387 |
5,153 |
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Reserve for Retirement Allw |
854 |
548 |
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Other Debts |
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5,699 |
5,995 |
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TOTAL LIABILITIES |
56,048 |
52,394 |
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MINORITY INTERESTS |
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Common
stock |
5,716 |
5,716 |
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Additional
paid-in capital |
21,685 |
21,685 |
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Retained
earnings |
37,171 |
34,277 |
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Evaluation
p/l on investments/securities |
2,001 |
1,805 |
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Others |
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2,433 |
1,924 |
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Treasury
stock, at cost |
(697) |
(697) |
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TOTAL S/HOLDERS` EQUITY |
68,309 |
64,710 |
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TOTAL EQUITIES |
124,357 |
117,104 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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8,328 |
9,825 |
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Cash
Flows from Investment Activities |
-6,077 |
-2,885 |
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Cash Flows
from Financing Activities |
-3,537 |
-3,967 |
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Cash,
Bank Deposits at the Term End |
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12,295 |
13,582 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
68,309 |
64,710 |
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Current
Ratio (%) |
123.19 |
124.41 |
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Net
Worth Ratio (%) |
54.93 |
55.26 |
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Recurring
Profit Ratio (%) |
3.00 |
2.93 |
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Net
Profit Ratio (%) |
1.93 |
1.94 |
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Return
On Equity (%) |
5.76 |
5.96 |
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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.53.95 |
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1 |
Rs.83.80 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.