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Report Date : |
10.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHOEI FOODS CORPORATION |
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Registered Office : |
5-7 Akihabara
Taitoku |
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Country : |
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Financials (as on) : |
31.10.2013 |
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Date of Incorporation : |
November
1947 |
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Com. Reg. No.: |
0100-01-139914 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale
of foodstuff materials |
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No. of Employees : |
1,187 |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
SHOEI
FOODS CORPORATION
REGD NAME: Shoei
Shokuhin Kogyo KK
MAIN OFFICE: 5-7 Akihabara
Taitoku
Tel:
03-3253-1211 Fax: 03-3253-0063
URL: http://www.shoeifoods.co.jp/
E-Mail
address: soumu@shoeifoods.co.jp
Wholesale
of foodstuff materials
Osaka,
Nagoya, Sapporo, Sendai, Niigata, Hiroshima, Fukuoka
4
subsidiary makers with 6 factories
Shoei
Foods (USA) Inc, Calif (USA) (prune processing factory); China (4)
ICHIRO
HONDA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 87,945 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 3,379 M
TREND STEADY WORTH Yen 27,754 M
STARTED 1947 EMPLOYES 1,187
TRADING HOUSE SPECIALIZING IN FOODSTUFFS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/10/2010 |
71,414 |
2,542 |
1,412 |
(%) |
22,036 |
|
(Consolidated) |
31/10/2011 |
75,161 |
2,355 |
1,118 |
5.25 |
22,722 |
|
|
31/10/2012 |
81,334 |
2,796 |
1,714 |
8.21 |
24,286 |
|
|
31/10/2013 |
87,945 |
3,039 |
2,075 |
8.13 |
27,754 |
|
|
31/10/2014 |
90,000 |
2,700 |
1,800 |
2.34 |
.. |
Unit: In Million Yen
Forecast
(or estimated) figures for 31/10/2014 fiscal term
The subject company was established originally in 1904 by
Tasuke Honda as a milk merchant, on his account. Incorporated in 1947 the firm has been succeeded
by his descendants. This is
comprehensive, independent foodstuff trading house, with mfg division. Handles 30,000 different items such as dried
fruits, nuts, dairy products and cake making food materials. Also sells original foods produced by domestic
and overseas subsidiaries and outside plants.
Runs processing plants in US and China.
The company plans to upgrade its marketing structure in the US and
expand the walnut business. The prune
business will benefit from the tie-up with Sun East US.
The sales volume for Oct/2013 fiscal term amounted to Yen
87,945 million, an 8.1% up from Yen 81,334 million in the previous term. The recurring profit was posted at Yen 3,039
million and the net profit at Yen 2,075 million, respectively, compared with
Yen 2,796 million recurring profit and Yen1,714 million net profit,
respectively, a year ago.
For the current term ending Oct 2014 the recurring profit is
projected at Yen 2,700 million and the net profit at Yen 1,800 million,
respectively, on a 2.3% rise in turnover, to Yen 90,000 million. Mainline domestic demand will fare well. Sales will grow, mainly in raisins and
walnuts, but with imports at a high level, the weaker Yen will squeeze domestic
profits. But the weaker Yen will drive
up earnings overseas, including in the US and China. Operating profits will rise.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Nov
1947
Regd No.: 0100-01-139914 (Tokyo-Taitoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
48,585,000 shares
Issued:
21,159,914 shares
Sum: Yen 3,379 million
Major shareholders (%): Shoei Plaza*(17.2), Company’s
Treasury Stock (8.0), Honda Kosan*(6.2), Customers’ S/Holding Assn (3.1),
Hidemitsu Honda (2.9), Mizuho Bank (2.5), Group Employees’ S/Holding Assn
(2.5), Ichiro Honda (2.2), MUFG (2.1), Meiji Co (2.0); foreign owners (0.2)
*.. Holding companies owned by
the Honda family
No. of shareholders:
11,699
Listed on the S/Exchange (s) of:
Tokyo (Second section)
Managements: Ichiro Honda, pres; Hidemitsu Honda,
s/mgn dir; Toyomi Nakashima, mgn dir; Hirokane Fujio, mgn dir; Moriyasu Fujikane,
dir; Masami Takahashi, dir; Keizo Fujikawa, dir
Nothing
detrimental is knows as to the commercial morality of executives.
Related
companies: Tsukuba Nyugyo, Mondo, Joyo Seika, Kyo Maron, other.
Activities: A trading house for import and
wholesale of confectionery raw materials:
(Sales breakdown by divisions);
Milk Products, Oils & Fats
(30%), Confectionery raw Materials (21%), Canned Foods, Dried Fruits,
Confectionery, Retailing goods, others (--49%)
Overseas Sales Ratio (8%).
Clients: [Bakery, confectionery makers, dairy
foods makers] Meiji Dairies, Yamazaki Baking, Kirin Beverage, other
No. of
accounts: 3,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, farm coops] Zen-Noh, Meiji Dairies, Morinaga Milk Ind, other
Payment record: No
complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References: Mizuho Bank (Ueno)
MUFG
(Asakusabashi)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
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|
Terms Ending: |
31/10/2013 |
31/10/2012 |
|
INCOME STATEMENT |
|
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||
|
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Annual Sales |
|
87,945 |
81,334 |
|
|
Cost of Sales |
76,137 |
69,873 |
|
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GROSS PROFIT |
11,807 |
11,461 |
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Selling & Adm Costs |
9,321 |
8,842 |
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OPERATING PROFIT |
2,485 |
2,619 |
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Non-Operating P/L |
554 |
177 |
|
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RECURRING PROFIT |
3,039 |
2,796 |
|
|
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NET PROFIT |
2,075 |
1,714 |
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BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
4,859 |
6,461 |
|
|
Receivables |
|
16,372 |
15,442 |
|
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Inventory |
|
13,842 |
12,382 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
1,741 |
1,550 |
|
|
|
TOTAL CURRENT ASSETS |
36,814 |
35,835 |
|
|
|
Property & Equipment |
14,704 |
11,506 |
|
|
|
Intangibles |
|
170 |
154 |
|
|
Investments, Other Fixed Assets |
2,842 |
2,217 |
|
|
|
TOTAL ASSETS |
54,530 |
49,712 |
|
|
|
Payables |
|
8,860 |
9,009 |
|
|
Short-Term Bank Loans |
10,864 |
10,877 |
|
|
|
|
|
|
|
|
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Other Current Liabs |
4,042 |
3,567 |
|
|
|
TOTAL CURRENT LIABS |
23,766 |
23,453 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
2,049 |
1,270 |
|
|
|
Reserve for Retirement Allw |
296 |
285 |
|
|
|
Other Debts |
|
664 |
417 |
|
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TOTAL LIABILITIES |
26,775 |
25,425 |
|
|
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MINORITY INTERESTS |
|
|
|
|
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Common
stock |
3,379 |
3,379 |
|
|
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Additional
paid-in capital |
3,042 |
3,042 |
|
|
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Retained
earnings |
21,078 |
19,294 |
|
|
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Evaluation
p/l on investments/securities |
523 |
183 |
|
|
|
Others |
|
1,032 |
(312) |
|
|
Treasury
stock, at cost |
(1,300) |
(1,300) |
|
|
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TOTAL S/HOLDERS` EQUITY |
27,754 |
24,286 |
|
|
|
TOTAL EQUITIES |
54,530 |
49,712 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/10/2013 |
31/10/2012 |
|
|
Cash
Flows from Operating Activities |
|
1,932 |
1,233 |
|
|
Cash Flows
from Investment Activities |
-4,137 |
-2,425 |
|
|
|
Cash
Flows from Financing Activities |
289 |
2,469 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
4,859 |
6,461 |
|
ANALYTICAL RATIOS Terms ending: |
31/10/2013 |
31/10/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
27,754 |
24,286 |
|
|
|
Current
Ratio (%) |
154.90 |
152.79 |
|
|
|
Net
Worth Ratio (%) |
50.90 |
48.85 |
|
|
|
Recurring
Profit Ratio (%) |
3.46 |
3.44 |
|
|
|
Net
Profit Ratio (%) |
2.36 |
2.11 |
|
|
|
Return
On Equity (%) |
7.48 |
7.06 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.