|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
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Name : |
YUKIGUNI MAITAKE CO LTD |
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Registered Office : |
89 |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
Jul 1983 |
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Legal Form : |
Limited Company |
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Line of Business : |
Grow, Wholesale of “Maitake” Mushroom |
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No of Employees : |
1,196 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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. Prime Minister Shinzo ABE
has declared the economy his government's top priority; he has overturned his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus, monetary easing, and
structural reform. Japan joined the Trans Pacific Partnership negotiations in
2013, a pact that would open Japan's economy to increased foreign competition
and create new export opportunities for Japanese businesses. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2013 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 is
exceeding 230% of GDP. To help raise government revenue and reduce public debt,
Japan decided in 2013 to gradually increase the consumption tax to a total of
10% by the year 2015. Japan is making progress on ending deflation due to a
weaker yen and higher energy costs, but reliance on exports to drive growth and
an aging, shrinking population pose other major long-term challenges for the
economy.
|
Source
: CIA |
YUKIGUNI MAITAKE CO LTD
Yukiguni Maitake
KK (Yukiguni means Snow Country)
89 Yokawa
Minami-Uonuma City Niigata-Pref 949-6695 JAPAN
Tel:
025-778-0111
Fax:
025-778-0112 -
URL: http://www.maitake.co.jp
E-Mail
address: (thru the URL)
Grow,
wholesale of “Maitake” mushroom
Tokyo,
Osaka, Nagoya, Sendai, Hiroshima, other (Tot 7)
Niigata
(6)
KATSURO
SUZUKI, PRES
In million
Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 28,829
PAYMENTSSLOW
BUT CORRECT CAPITAL Yen 1,605
TREND UP WORTH Yen
2,636
STARTED 1983 EMPLOYES 1,196
“MAITAKE” MUSHROOM GROWER
FINANCIAL SITUATION COSIDERED
RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
26,520 |
907 |
692 |
(%) |
5,917 |
|
(Consolidated) |
31/03/2012 |
26,042 |
-3,767 |
-2,504 |
-1.80 |
2,672 |
|
|
31/03/2013 |
26,509 |
-1,124 |
-1,795 |
1.79 |
910 |
|
|
31/03/2014 |
28,829 |
1,124 |
1,356 |
8.75 |
2,636 |
|
|
31/03/2015 |
29,500 |
1,400 |
900 |
2.33 |
.. |
Unit:
In Million Yen
Forecast figures for the
31/03/2015 fiscal term.
This is a “Maitake” mushroom grower and wholesaler, Niigata,
maintaining majority share of market.
Has fully-equipped large-scale production facilities in Niigata. Distribution not handled via agricultural
cooperatives but made directly to retailers nationwide. Improper accounting in past years was
found. Financial situation will worsen
further due to prior period adjustment,
.
The sales volume for Mar/2014 fiscal term amounted to Yen
28,829 million, an 8.8% up from Yen 26,509 million in the previous term. Sales of Bunashimeji mushroom rallied, thank
to launch of new products and completion of production expansion. Unit prices of Eryingi & Maitake
mushrooms rose by 10%. Operations came
back to profitability to post Yen 1,124 million recurring profit and Yen 1,356
million net profit, respectively, compared with Yen 1,124 million recurring
loss and Yen 1,795 million net losses, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is
projected at Yen 1,400 million and the net profit at Yen 900 million,
respectively, on a 2.3% rise in turnover, to Yen 29,500 million. Sales of Maitake mushrooms, which account for
a high market share, as well as Bunashimeji and Eryingi mushrooms, will show a
growth.
The financial situation is considered RATHER WEAK but should
be good for MODERATE business engagements.
Date Registered: Jul 1983
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 120
million shares
Issued:
38,890,375 shares
Sum: Yen 1,605 million
Major shareholders (%): Ohdaira Shoji (32.2),
Yoshinobu Ohdaira (20.0), Company’s Treasury Stock (8.3), Daiwa House Industry
(4.6), Takeshi Wakai (2.4), Masao Ohdaira (2.3), Hideko Ohdaira (1.2), Yoichi
Ohdaira (0.9), Yasuo Ohdaira (0.8), Yoshitomi Ohdaira (0.7); foreign owners
(0.1)
No. of shareholders: 7,686
Listed on the S/Exchange (s) of:
Tokyo (Second Section)
Managements: Katsuro Suzuki, pres, Koichi Ueno, v
pres; Mitsugu Higashi, dir; Masanao Otsuka, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Yukiguni Bio Foods, Totaku Co,
Yukiguni Shoji, Imamachi Kosan, other.
Activities: Grows
and wholesales mushrooms (77%), bean sprouts & cut vegetables (15%), others
(8%)
Clients: [Mfrs,
wholesalers] Yukijirushi Maitake Nishinippon, Hokkaido CGC, Totaku Co,
Initio Foods, Life Corporation, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Totaku Co, Yukiguni
Agri, Mori Sangyo, other
Payment record: Slow
But Correct
Location: Business area in Niigata. Office premises at the caption address are
owned and maintained satisfactorily.
Daishi
Bank (Nagaoka)
Mizuho
Bank (Niigata)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
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||
|
|
Annual Sales |
|
28,829 |
26,509 |
|
|
Cost of Sales |
20,016 |
19,769 |
|
|
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GROSS PROFIT |
8,812 |
6,740 |
|
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Selling & Adm Costs |
6,836 |
6,951 |
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OPERATING PROFIT |
1,976 |
-211 |
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Non-Operating P/L |
-852 |
-913 |
|
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|
RECURRING PROFIT |
1,124 |
-1,124 |
|
|
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NET PROFIT |
1,356 |
-1,795 |
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BALANCE SHEET |
|
|
|
|
|
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Cash |
|
968 |
2,254 |
|
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Receivables |
|
1,992 |
2,256 |
|
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Inventory |
|
3,052 |
3,523 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
918 |
790 |
|
|
|
TOTAL CURRENT ASSETS |
6,930 |
8,823 |
|
|
|
Property & Equipment |
26,170 |
26,723 |
|
|
|
Intangibles |
|
476 |
465 |
|
|
Investments, Other Fixed Assets |
2,988 |
2,404 |
|
|
|
TOTAL ASSETS |
36,564 |
38,415 |
|
|
|
Payables |
|
83 |
1,171 |
|
|
Short-Term Bank Loans |
16,387 |
13,599 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
4,913 |
5,379 |
|
|
|
TOTAL CURRENT LIABS |
21,383 |
20,149 |
|
|
|
Debentures |
|
1,110 |
2,115 |
|
|
Long-Term Bank Loans |
10,332 |
13,494 |
|
|
|
Reserve for Retirement Allw |
1 |
82 |
|
|
|
Other Debts |
|
1,101 |
1,664 |
|
|
TOTAL LIABILITIES |
33,927 |
37,504 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
1,605 |
1,605 |
|
|
|
Additional
paid-in capital |
2,262 |
2,262 |
|
|
|
Retained
earnings |
(115) |
(1,471) |
|
|
|
Evaluation
p/l on investments/securities |
1 |
4 |
|
|
|
Others |
|
397 |
24 |
|
|
Treasury
stock, at cost |
(1,514) |
(1,514) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
2,636 |
910 |
|
|
|
TOTAL EQUITIES |
36,564 |
38,415 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
2,379 |
974 |
|
|
Cash
Flows from Investment Activities |
-337 |
-2,003 |
|
|
|
Cash Flows
from Financing Activities |
-2,523 |
1,200 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
944 |
1,379 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
2,636 |
910 |
|
|
|
Current
Ratio (%) |
32.41 |
43.79 |
|
|
|
Net
Worth Ratio (%) |
7.21 |
2.37 |
|
|
|
Recurring
Profit Ratio (%) |
3.90 |
-4.24 |
|
|
|
Net
Profit Ratio (%) |
4.70 |
-6.77 |
|
|
|
Return
On Equity (%) |
51.44 |
-197.25 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.85 |
|
|
1 |
Rs.102.68 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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.