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Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
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Name : |
AJINOMOTO TRADING INC |
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Registered Office : |
Tradepia Odaiba 11F, 2-3-1 Daiba Minatoku Tokyo 135-0091 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
August, 1954 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of foods, machinery, specialty chemicals |
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No. of Employees : |
85 |
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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Maximum Credit Limit: |
Yen 466.6 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
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 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.
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Source : CIA |
AJINOMOTO TRADING
INC
Ajinomoto Trading KK
Tradepia Odaiba 11F, 2-3-1 Daiba Minatoku Tokyo 135-0091 JAPAN
Tel: 03-3528-4411 Fax:
03-3528-4421
URL: http://www.shin-com.co.jp/
E-Mail address: info@shin-com.co.jp
Import, export, wholesale of foods, machinery, specialty chemicals
Nil
Taiwan, Thailand
TETSUHIKO YOSHIKAWA, PRES
Takashi Funakoshi, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 24,551 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 200 M
TREND UP WORTH Yen 1,404 M
STARTED 1954 EMPLOYES 85
TRADING FIRM SPECIALIZING IN FOODS, MACHINERY, OTHER, OWNED AJINOMOTO CO
INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 466.6 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of a trading division
separated from Ajinomoto Co Inc, largest seasoning mfr, Tokyo (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of foods, machinery, specialty chemicals,
other. Machinery and equipment are
exported for supply to the parent’s mfg factories overseas. Has a subsidiary in Thailand for importing
foods manufactured on consignment. The
firm is planning to expand business in Brazil, and strengthening China
business.
The sales volume for Mar/2012 fiscal term amounted to Yen 24,551
million, a 12% up from Yen 21,997 million in the previous term. Exports of machinery/equipment for Ajinomoto
plants overseas increased. Business in
China increased. The recurring profit
was posted at Yen 152 million and the net profit at Yen 164 million,
respectively, compared with Yen 115 million recurring profit and Yen 171
million net profit, respectively, a year ago.
.
For the term that ended Mar 2013 the recurring profit was projected t
Yen 160 million and the net profit at Yen 170 million, respectively, on a 6%
rise in turnover, to Yen 26,000 million.
Weaker Yen may have contributed to raise revenues in Yen terms. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit
limit is estimated at Yen 466.6 million, on 30 days normal terms.
Date Registered: Aug
1954
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 1.6 million shares
Issued: 400,000 shares
Sum: Yen 200 million
Major shareholders
(%):
Ajinomoto Co Inc*(96.7),
Shigenari Suzuki (2.2), Akio Ishiwata (1.1)
No. of
shareholders: 3
* Largest food seasoning mfr, Tokyo, founded 1925, listed Tokyo S/E,
capital Yen 79,863 million, sales Yen 1,197,313 million, operating profit Yen
72,584 million, recurring profit Yen 75,919 million, net profit Yen 41,754
million, total assets Yen 1,042,716 million net worth Yen 610,276 million,
employees 28,245, pres Masatoshi Ito
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports
and wholesales:
(Sales Breakdown
by Divisions):
Food Division
(50%): shrimps (frozen peeled shrimps, deep fried shrimps, shrimps for Sushi,
etc), chickens, salmon, frozen wheat flour processed foods (roux, béchamel
sauce), health foods, other; Main import sources: Thailand, Vietnam, China,
Peru, New Zealand, Norway & USA:
Machinery &
Materials Procurement Div (20%): Exports machinery & materials for new
construction and expansion of overseas plants that manufacture Ajinomoto
products;
Specialty
Chemicals Div (20%): luckskin (amino acid applied products used as raw
materials for coating the surface of synthetic leather; Patented product
WASA-ACE (antibacterial, antifungal agent that uses wasabi (Japanese horse
radish) as raw materials; Resist ink for printed circuit boards, other.
Medical &
Ophthalmic Instruments Div (10%): digital refractor, LCD chart, slit lamp,
other
(Breakdowns are
all about)
Clients: [Mfrs,
wholesalers] Exports to Ajinomoto plants in Thailand, Brazil, Peru, Malaysia,
Indonesia, China, other.
Domestically: Ajinomoto Co, Ajinomoto Fine Techno, Ajinomoto Frozen
Foods Co, Dainippon Printing, other
No. of accounts: 200
(Domestic)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Ajinomoto Co, DIC, Ajinomoto Fine Techno, NOF Corp,
Tsukiji Suisan, Toho Chemical Ind, Ryusyo Ind, Ebara Corp, Leica Corp,
other.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Tsukiji)
Mizuho Bank (Tsukiji)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual Sales |
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26,000 |
24,551 |
21,997 |
19,824 |
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Recur. Profit |
|
160 |
152 |
115 |
191 |
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Net Profit |
|
170 |
164 |
171 |
52 |
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Total Assets |
|
|
6,162 |
5,530 |
5,277 |
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Current Assets |
|
|
5,807 |
5,056 |
4,802 |
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Current Liabs |
|
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4,572 |
4,064 |
3,981 |
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Net Worth |
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|
1,404 |
1,284 |
1,127 |
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Capital, Paid-Up |
|
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200 |
200 |
200 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.90 |
11.61 |
10.96 |
-23.93 |
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Current Ratio |
|
.. |
127.01 |
124.41 |
120.62 |
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N.Worth Ratio |
.. |
22.78 |
23.22 |
21.36 |
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R.Profit/Sales |
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0.62 |
0.62 |
0.52 |
0.96 |
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N.Profit/Sales |
0.65 |
0.67 |
0.78 |
0.26 |
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Return On Equity |
.. |
11.68 |
13.32 |
4.61 |
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Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal
term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
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 : |
SDA |
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.