|
Report Date : |
29.05.2013 |
|
el. No.: |
03 5565 3126 |
IDENTIFICATION DETAILS
|
Name : |
GULF FOODS CO LTD |
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|
|
|
Registered Office : |
Miyako Bldg, 7-17-7 Tsukiji Chuoku Tokyo 104-0045 |
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|
|
|
Country : |
Japan |
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|
|
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Financials (as on) : |
31.03.2012 |
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|
|
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Date of Incorporation : |
December 1978 |
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|
|
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Com. Reg. No.: |
0100-01-040264 (Tokyo-Chuoku) |
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|
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
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Line of Business : |
Import, wholesale of fish, cuttlefish, octopus, other. |
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|
|
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Regular |
|
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) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
GULF FOODS CO LTD
REGD NAME: Gulf
Shokuhin KK
MAIN OFFICE: Miyako
Bldg, 7-17-7 Tsukiji Chuoku Tokyo 104-0045 JAPAN
Tel: 03-5565-3126 Fax: 03-5565-3127
URL: N/A
Import, wholesale
of fish, cuttlefish, octopus, other
Nil
HIROMI KUNISHI,
PRES
Yoji Kanehira, mgn
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 7,561 M
PAYMENTS REGULAR CAPITAL Yen 15 M
TREND UP WORTH Yen 274 M
STARTED 1978 EMPLOYES 6
IMPORTER AND
WHOLESALER OF FISH.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established by father of Hiromi Kunishi in order to make most of his experience
in the subject line of business. This is
a trading firm specializing in fish, cuttlefish, octopus, other. Clients are fish markets, fish dealers,
other, nationwide.
The sales volume for
Mar/2012 fiscal term amounted to Yen 7,561 million, a 9% up from Yen 6,941
million in the previous term. Fish
prices raised, particularly tuna fish.
The recurring profit was posted at Yen 59 million and the net profit at
Yen 30 million, respectively, compared with Yen 39 million recurring profit and
Yen 2 million net profit, respectively, a year ago. .
For the term that
ended Mar 2013 the recurring profit was projected at Yen 60 million and the net
profit at Yen 35 million, respectively, on a 3% rise in turnover, to Yen 7,800
million. Final results are yet to be
released.
The financial situation
is considered FAIR and good for ORDINARY business engagements.
Date Registered: Dec
1978
Regd No.:
0100-01-040264 (Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 120,000
shares
Issued: 30,000 shares
Sum: Yen
15 million
Major shareholders (%): Daito Gyorui Co
Ltd* (40), Hitoshi Kato (40), Teruo Tara (20)
No. of
shareholders: 2
*.. Fish wholesaler, Tokyo, founded 1950,
listed Tokyo (Second Section) S/E, capital Yen 2,628 million, sales Yen 125,753
million, operating loss Yen 1,602 million, recurring loss Yen 1,537 million,
net loss Yen 4,853 million, total assets Yen 22,659 million, net worth Yen
6,483 million, employees 308, pres Nobuyuki Aoki
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Imports and
wholesales fish, octopus, cuttlefish, other (--100%)
Clients: [Fish marts,
wholesalers] Daito Gyorui, Hoko Co, Maruha Nichiro Fish, Marubeni Corp, Fuji
Tsusho, Miura Suisan Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Imports (95%), Daito Gyorui, other.
Imports from China, Taiwan, Europe,
Thailand, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank
(Tsukiji)
MUFG (Tsukiji)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
7,800 |
7,561 |
6,941 |
6,402 |
|
Recur.
Profit |
|
60 |
59 |
39 |
35 |
|
Net
Profit |
|
35 |
30 |
2 |
20 |
|
Total
Assets |
|
|
720 |
528 |
638 |
|
Current
Assets |
|
|
705 |
487 |
586 |
|
Current
Liabs |
|
|
446 |
284 |
393 |
|
Net
Worth |
|
|
274 |
243 |
244 |
|
Capital,
Paid-Up |
|
|
15 |
15 |
15 |
|
Div.Ttl
in Million (¥) |
|
|
3.6 |
3.6 |
3.6 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.16 |
8.93 |
8.42 |
-11.07 |
|
|
Current Ratio |
|
.. |
158.07 |
171.48 |
149.11 |
|
N.Worth Ratio |
.. |
38.06 |
46.02 |
38.24 |
|
|
R.Profit/Sales |
|
0.77 |
0.78 |
0.56 |
0.55 |
|
N.Profit/Sales |
0.45 |
0.40 |
0.03 |
0.31 |
|
|
Return On Equity |
.. |
10.95 |
0.82 |
8.20 |
|
Notes: Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT, DAITO GYORUI
CO LTD
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
|
|
Annual
Sales |
|
46,000 |
44,818 |
50,014 |
53,082 |
|
Recur.
Profit |
|
110 |
101 |
-26 |
|
|
Net
Profit |
|
85 |
84 |
-152 |
101 |
|
Total
Assets |
|
|
5,837 |
6,573 |
7,100 |
|
Current
Assets |
|
|
3,490 |
4,161 |
|
|
Current
Liabs |
|
|
2,191 |
2,864 |
|
|
Net
Worth |
|
|
2,719 |
2,628 |
2,870 |
|
Capital,
Paid-Up |
|
|
669 |
669 |
669 |
|
Div.P.Share(¥) |
|
|
2.37 |
4.97 |
6.96 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.64 |
-10.39 |
-5.78 |
-2.76 |
|
|
Current Ratio |
|
.. |
159.29 |
145.29 |
.. |
|
N.Worth Ratio |
.. |
46.58 |
39.98 |
40.42 |
|
|
R.Profit/Sales |
|
0.24 |
0.23 |
-0.05 |
.. |
|
N.Profit/Sales |
0.18 |
0.19 |
-0.30 |
0.19 |
|
|
Return On Equity |
.. |
3.09 |
-5.78 |
3.52 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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.