MIRA INFORM REPORT

 

 

Report Date :

19.10.2013

 

IDENTIFICATION DETAILS

 

Name :

FOODEM CO LTD

 

 

Registered Office :

2-5-4 Yasakadai Sumaku Kobe 654-2677

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

June 2010

 

 

Com. Reg. No.:

1400-01-032911 (Kobe-Sumaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

importer and wholesaler of foods including meat/fish foods, chilled/frozen/cooked foods

 

 

No. of Employees :

01

 

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 :

Small Company 

 

 

Payment Behaviour :

Slow but Correct  

 

 

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

 

 

Company name

 

FOODEM CO LTD

 

 

REGD NAME

 

KK Foodem

 

 

MAIN OFFICE

 

2-5-4 Yasakadai Sumaku Kobe 654-2677 JAPAN

Tel: 078-796-2677      Fax: 078-797-8561

 

URL:                 http://www.asask.co.jp (of the parent, Asahi Shokuhin Co Ltd)

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Import, wholesale of foods, cooked/frozen/chilled, other

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

SHOJI TAKEUCHI, PRES          

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                                         A/SALES          Yen 283 M

PAYMENTS      Slow but Correct               CAPITAL           Yen 100 M

TREND             UP                                WORTH            Yen 226 M

STARTED         2010                                         EMPLOYES      1

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN FOODS, WHOLLY OWNED BY ASAHI  SHOKUHIN CO LTD.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a trading division separated from Asahi Shokuhin Co Ltd (see REGISTRATION).  This is a trading firm for import and wholesale of foods: meat/fish foods, chilled/frozen/cooked foods, other.  Shoji Takeuchi is concurrently director at the parent.  Goods are imported from USA, China, Turkey, other, and wholly supplied to the parent, Asahi Shokuhin Co Ltd.

 

 

FINANCIAL INFORMATION

           

Financials are only partially disclosed.

 

The sales volume for Jan/2013 fiscal term amounted to Yen 283 million, a 23% up from Yen 230 million in the previous term.  Import sources expanded.  The net profit was posted at Yen 15 million, compared with Yen 12 million a year ago.

 

For the current term ending Jan 2014 the net profit is projected at Yen 18 million, on a 6% rise in turnover, to Yen 300 million.  Business is seen expanding steadily. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:       Jun 2010

Regd No.:                  1400-01-032911 (Kobe-Sumaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:                      8,000 shares

Issued:                2,000 shares

Sum:                   Yen 100 million

     Major shareholders (%): Asahi Shokuhin Co Ltd* (100)

 

*.. Trading firm specializing in foodstuffs, liquors, frozen foods, Kochi, founded 2012, capital Yen 500 million, sales Yen 118,320 million, recurring profit Yen 199 million, net profit Yen 24 million, total assets Yen 103,474 million, net worth Yen 1,564 million, employees 1,598, pres Shigeo Takeuchi

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports and wholesales foods: meat, fish, cooked/chilled/frozen foods, other (--100%)

 

Clients: [Mfrs, wholesalers] Shipped wholly to the parent, Asahi Shokuhin Co Ltd 

            No. of accounts: 1

            Domestic areas of activities: Centered in greater-Osaka

 

Suppliers: [Mfrs, wholesalers] Imports from China, USA, Turkey, other

 

Payment record: Slow but Correct  

 

Location: Business area in Kobe.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Kochi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/03/2014

31/03/2013

31/03/2012

31/03/2011

Annual Sales

　

300

283

230

68

Recur. Profit

　

..

..

..

..

Net Profit

　

18

15

12

-1

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

226

211

199

Capital, Paid-Up

　

　

100

100

100

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

6.01

23.04

238.24

---

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

6.00

5.30

5.22

-1.47

 

Notes: Financials are only partially disclosed.  The 31/03/2011 is the initial accounting term.

Forecast (or estimated) figures for the 31/03/2014 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.