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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SUNFCO LTD |
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Formerly Known as: |
Sun
Friend Chemical Ltd |
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Registered Office : |
Kanda 91 Bldg
8F, 1-8-3 Kanda-Kajicho Chiyodaku Tokyo 101-0044 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
01.03.1979 |
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Com. Reg. No.: |
0100-01-045246
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of raw materials & intermediates for food, chemical, biochemical, pharmaceuticals & health foods products |
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No. of Employees |
33 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 146.2 Million |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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. 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 |
SUNFCO LTD
KK Sunfco
Sun Friend Chemical Ltd
Kanda 91 Bldg 8F, 1-8-3
Kanda-Kajicho Chiyodaku Tokyo 101-0044 JAPAN
Tel: 03-3255-2460 Fax: 03-3255-0787
URL: http://www.sunfco.com
E-Mail address: osaka@sunfco.com
Import, export, wholesale of raw materials for food, dairy & medical products
Osaka
Brisbane
(Australia)
YUSUKE
MIYAZAKI, PRES Toshimitsu Tanaka,
dir
Kento
Higshikura, dir Nagahiro
Yamazaki, dir
Yoshiki
Yamazaki, dir
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 10,072 M
PAYMENTS No
Complaints CAPITAL Yen 50
M
TREND UP WORTH Yen 558 M
STARTED 1979 EMPLOYES 33
TRADING HOUSE OF RAW MATERIALS FOR FOOD, DAIRY, CHEMICAL,
OTHERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 146.2 MILLION, 30 DAYS NORMAL TERMS. .
The subject company was established by capital investments
of Morinaga Milk Industry Co Ltd, Taiyo Kagaku
Co Ltd and Kaei Trading Co Ltd (See REGISTRATION)
as Sun Friend Chemical Ltd, in order to supply & develop raw materials &
ingredients, products for food, medical,
biotech, chemical, health food products.
Renamed as captioned in Sept 1989.
This is a trading firm for import, export and wholesale of these raw
materials and ingredients. Has 5 divisions: Foodstuffs; Pharmaceutical
products; Biochemical products; Health foods; Chemical products and Equipment
(See OPERATION). Clients include major dairy products mfrs,
wholesalers, other, nationwide.
The sales volume for Feb/2013 fiscal term amounted to Yen 10,072 million, a 7% up from Yen 9,376 million in the previous term. Demand revived. Cream cheese and generic drugs were in good demand. The recurring profit was posted at Yen 110 million and the net profit at Yen 65 million, respectively, compared with Yen 127 million recurring profit and Yen 74 million net profit, respectively, a year ago.
For the current term ending Feb 2014 the recurring profit is projected at Yen 120 million and the net profit at Yen 75 million, respectively, on a 4% rise in turnover, to Yen 10,500 million. Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 146.2 million, on 30 days normal terms.
Date Registered: 1 Mar 1979
Regd No.: 0100-01-045246 (Tokyo-Chiyodaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
400,000 shares
Issued:
100,000 shares
Sum: Yen 50
million
Major shareholders (%): Morinaga Milk Industry Co Ltd* (45), Taiyo Kagaku Co Ltd** (45), Ehime Beverage Inc (10).
No. of shareholders: 3
*.. Morinaga Milk Industry Co Ltd, mfr of dairy products, Tokyo, founded 1949, listed Tokyo S/E, capital Yen 21,704 million, turnover Yen 591,197 million, recurring profit Yen 10,551 million, net profit Yen 5,016 million, total assets Yen 359,201 million, net worth Yen 120,456 million, employees 5,795, pres Michio Miyahara
**..Taiyo Kagaku Co Ltd, mfr of chemicals, foods & pharmaceutical intermediates, Mie-Pref, founded 1948, listed Nagoya S/E (Second section), capital Yen 7,730 million, turnover Yen 34,208 million, recurring profit Yen 2,745 million, net profit Yen 1,963 million, total assets Yen 37,966 million, net worth Yen 29,936 million, employees 957, pres Nagahiro Yamazaki
Nothing detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales raw materials & intermediates for food, chemical, biochemical, pharmaceuticals, health foods products (--100%).
(Handling products by
divisions):
Foodstuffs Div:
(Dairy products) butter, cheese, milk powder, whey powder, fermented milk, caramel powder;
(Imported & preparation): milk preparation, coffee preparation, cocoa preparation, egg preparation, vanilla preparation, cheese powder;
(Imported skim milk powder preparation): vegetable oil type, dextrin type, flavored type; (Raw materials): edible oil & fat, processed egg products, vegetables, fruits, fruit juice, lactose, milk protein;
(Food additives): emulsion stabilizer, vitamins, minerals, food dye, flavors.
Pharmaceutical Products Div: raw materials & additives for pharmaceuticals, raw materials & additives for quasi-drugs generic drugs, other
Biochemical products Div: biotechnological test agents, diagnostic products (anti-gens, antibodies, antiserums).
Health Foods Div: Materials for functional foods (lactoferrin, lactolose, lactobacillus, bihidobacteria); Materials for health foods (vegetable powder, fruits powder, extractive powder); Planning, sales & outsourced production of functional foods;
Chemical Products Div: cosmetics minerals, industrial chemical products materials (glycerin, caustic soda, activated carbon); water/oil repellent agents, cryoprotectant (CMA) & spreader;
Equipment Div: Packaging & packaging devices, micro filters (production line filters, air filters); electrolyzed water production unit (Purester).
Clients: [Dairy food mfrs, pharmaceuticals mfrs, wholesalers] Morinaga Milk Ind, Taiyo Kagaku, Itoham Foods, Daicel Chemical Ind, Eisai Co, Zeria Pharmaceutical, Toray Ind, Honen Corporation, Nisshin Seifun Group, Mitsubishi Chemical, Lion Corp, Yakult Honsha, DHC, Taisho Pharmaceuticals, Noevir Co, MK Cheese, Kajiwara Milk Products, Nichi-Iko Pharmaceutical Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Taiyo Kagaku, Morinaga Milk Ind, Meggle Japan, Ikeda Yakuhin Kogyo, DNP Fine Chemical, other.
(Overseas): Burra Foods Pty, Schering AG, Francexpa SA, Bllantyne Foods Pty, Biodesign International Inc, Biospecific Inc, Fitzgerald International Inc, OEM Concepts Inc, Lampire Biological Laboratories Inc, Scantibodies Laboratories Inc, other.
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(H/O)
Mizuho
Bank (Kanda-Ekimae)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
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Annual
Sales |
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10,500 |
10,072 |
9,376 |
7,141 |
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Recur.
Profit |
|
120 |
110 |
127 |
66 |
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Net
Profit |
|
75 |
65 |
74 |
38 |
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Total
Assets |
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3,143 |
3,131 |
2,957 |
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Current
Assets |
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2,904 |
2,952 |
2,769 |
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Current
Liabs |
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|
2,562 |
2,628 |
2,510 |
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Net
Worth |
|
|
558 |
490 |
429 |
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Capital,
Paid-Up |
|
|
50 |
50 |
50 |
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Div.Ttl
in Million (¥) |
|
|
7.5 |
5 |
2.5 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.25 |
7.42 |
31.30 |
-14.15 |
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Current Ratio |
.. |
113.35 |
112.33 |
110.32 |
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N.Worth Ratio |
.. |
17.75 |
15.65 |
14.51 |
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R.Profit/Sales |
1.14 |
1.09 |
1.35 |
0.92 |
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N.Profit/Sales |
0.71 |
0.65 |
0.79 |
0.53 |
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Return On Equity |
.. |
11.65 |
15.10 |
8.86 |
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Note: Forecast
(or estimated) for the 28/02/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
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UK Pound |
1 |
Rs.103.44 |
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Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.