|
Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIZKAN GROUP CORPORATION |
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|
|
|
Registered Office : |
2-6 Nakamuracho Handa City Aichi-Pref 475-0873 |
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Country : |
Japan |
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|
|
Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
July, 1977 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
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Line of Business : |
Holding company of Mizkan group firms |
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|
|
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No. of Employees : |
125 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit: |
Yen 250.4 million |
|
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) |
|
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 |
MIZKAN GROUP
CORPORATION
KK Mizkan Group Honsha
2-6 Nakamuracho Handa City Aichi-Pref 475-0873 JAPAN
Tel: 0569-21-3331 Fax:
0569-24-5000
E-Mail address: (thru the URL)
Holding company of Mizkan group firms
Tokyo, Nagoya, Osaka, Hiroshima, Niigata, other (Tot 22)
UK, USA, Singapore, Thailand, China
Tochigi, Takebayashi (2), Handa, Osaka, Miki (2), other (Tot 9);
Singapore, Thailand, USA, UK, China, other
MATAZAEMON Nakano, pres Miwa
Nakano, rep dir
Fuji Nakano, ch Yukio
Nonoyama, s/mgn dir
Kenji Hasegawa, s/mgn dir Hiroshi
Koike, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 6,744 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
100 M
TREND SLOW WORTH Yen 22,882 M
STARTED 1977 EMPLOYES 125
HOLDING COMPANY OF MIZKAN GROUP FIRMS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 250.4 MILLION, 30 DAYS NORMAL TERMS
The subject company is a holding company of Mizkan Group firms. The core company is Mizkan Co Ltd (See REGISTRATION), in the line of mfg
vinegar, other. Has 9 mfg bases
domestically and 8 factories overseas. Goods
are all shipped to group firms in the line of wholesaling and retailing.
The sales volume for Feb/2013 fiscal term amounted to Yen 6,744 million,
a 9% down from Yen 7,436 million in the previous term. Exports were hurt by the high Yen, reducing
earnings in Yen terms. The recurring
profit was posted at Yen 5,569 million and the net profit at Yen 5,250 million,
respectively, compared with Yen 6,530 million recurring profit and Yen 1,732
million net losses, respectively, a year ago.
For the current term ending Feb 2014 the recurring profit is projected
at Yen 5,700 million and the net profit at Yen 5,400 million, respectively, on
a 4% rise in turnover, to Yen 7,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 250.4 million, on 30 days normal terms.
Date Registered: Jul
1977
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800,000 shares
Issued: 200,000
shares
Sum: Yen
100 million
Major shareholders
(%): Nakano families (100)
No. of
shareholders: Unavailable
*.. Mizkan Co Ltd, at the caption address, mfg of vinegar, processed
foods, other, founded Jul 1991, capital Yen 330 million, sales Yen 134,000
million, employees 714, pres Yukio Nonoyama
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Holding company
of Mizkan Group firms, in the line of mfg vinegar, processed foods, other (--100%)
Clients: [Mfrs,
wholesalers] Mizkan Co, Mizkan Sammi, Mizkan Asset, Mizkan Logitec, Mizkan
Tatebayashi, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Payment record: No Complaints
Location: Business area in
Handa, Aichi-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Nagoya)
Mizuho Bank (Nagoya-Chuo)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
|
Annual Sales |
|
7,000 |
6,744 |
7,436 |
10,334 |
|
Recur. Profit |
|
5,700 |
5,569 |
6,530 |
3,594 |
|
Net Profit |
|
5,400 |
5,250 |
-1,732 |
2,804 |
|
Total Assets |
|
|
37,314 |
76,433 |
73,683 |
|
Current Assets |
|
|
31,407 |
70,473 |
923 |
|
Current Liabs |
|
|
2,563 |
45,564 |
23,732 |
|
Net Worth |
|
|
22,882 |
17,813 |
19,750 |
|
Capital, Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.80 |
-9.31 |
-28.04 |
-26.83 |
|
|
Current Ratio |
|
.. |
1,225.40 |
154.67 |
3.89 |
|
N.Worth Ratio |
.. |
61.32 |
23.31 |
26.80 |
|
|
R.Profit/Sales |
|
81.43 |
82.58 |
87.82 |
34.78 |
|
N.Profit/Sales |
77.14 |
77.85 |
-23.29 |
27.13 |
|
|
Return On Equity |
.. |
22.94 |
-9.72 |
14.20 |
|
Notes: Forecast (or estimated) figures for the 28/02/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.