MIRA INFORM REPORT

 

 

Report Date :

14.01.2014

 

IDENTIFICATION DETAILS

 

Name :

ASRAPPORT DINING CO LTD

 

 

Registered Office :

Maruzen Takanawa Bldg 2F, 2-16-29 Takanawa Minatoku Tokyo 108-0074

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

January, 2007

 

 

Com. Reg. No.:

0107-01-015996 (Tokyo-Minatoku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha

 

 

Line of Business :

Holding company mainly engaged in the operation of restaurants: store management, franchisee

 

 

No. of Employees :

126

 

 

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 134.9 million

Status :

Satisfactory

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

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 & address

 

ASRAPPORT DINING CO LTD

 

REGD NAME:   Asrapport Dining KK

MAIN OFFICE:  Maruzen Takanawa Bldg 2F, 2-16-29 Takanawa Minatoku Tokyo 108-0074

JAPAN

                        Tel: 03-6459-3231    

Fax: 03-5791-7161     -

 

URL:                 http://www.asrapport-dining.com

E-Mail address: info@asrappoet-dining.com

 

 

ACTIVITIES  

 

Holding company controlling operation of group restaurants & pubs

 

 

BRANCHES   

 

43 direct-run restaurants & pubs, and 302 franchise stores

 

 

CHIEF EXEC 

 

SHUSAKU HIGAKI, PRES

 

 

Yen Amount

 

In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 7,320 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 400 M

TREND             UP                                WORTH            Yen 1,411 M

STARTED         2007                             EMPLOYES      126

 

 

COMMENT    

 

HOLDING COMPANY OF GROUP RESTAURANT & PUB OPERATORS 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN134.9 MILLION, 30 DAYS NORMAL TERMS

 

 

Business

Terms Ending

Annual Sales*

R.Profit*

N.Profit*

S.Growth

Net Worth*

   Results:

31/03/2009

10,162

106

6

(%)

459

(Consolidated)

31/03/2011

7,347

305

143

-27.70

691

 

31/03/2012

7,307

270

241

-0.54

1,017

 

31/03/2013

7,320

360

280

0.18

1,411

 

31/03/2014

9,364

570

382

27.92

..

Unit: In Million Yen

Forecast figures for the 31/03/2014 fiscal term.

 

 

HIGHLIGHTS

 

This is a holding company controlling operators of restaurants including grilled beef “Gyukaku” outlets and Japanese-style pub yakitori “Toritetsu” outlets and kamameshi “Toriden”.  Under auspices of Hanshin Shuhan (sake sales) Group.  The company operates in three business segments.  The Restaurant Operation segment is engaged in the operation of restaurants under the name of “Gyukaku” Toriden, Odaidokoro and Toritetsu (-- restaurant names in Japanese), among others.  The other segment is engaged in the provision of sales promotion consulting services to franchise stores and other restaurants.   In Sept 2013 the company acquired 93.44% interests in a Japanese company.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2013 fiscal term amounted to Yen 7,320 million, a 0.2% up from Yen 7,307 million in the previous term.  One new restaurant opened.  The recurring profit was posted at Yen 360 million and the net profit at Yen 280 million, respectively, compared with Yen 270 million recurring profit and Yen 241 million net profit, respectively, a year ago. 

 

(Apr/Sept/2013 results): Sales Yen 3,944 million (up 10.2%), operating profit Yen 164 million (up 5.1%), recurring profit Yen 141 million (down 7.8%), net profit Yen 105 million (down 4.2%).  (% compared with the corresponding period a year ago).

           

For the current term ending Mar 2014 the recurring profit is projected at Yen 570 million and the net profit at Yen 382 million, on a 27.9% rise in turnover, to Yen 9,364 million.  10 new stores are slated to open.  The acquired Japanese firm will contribute to the sales growth.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 134.9 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　     Jan 2007

Regd No:                       0107-01-015996 (Tokyo-Minatoku)

Legal Status:                 Limited Company (Kabushiki Kaisha

Authorized:                    49,500,000 million shares

Issued:                          18,250,000

Sum:                            Yen 700 million

 

Major shareholders (%): HIS Global Inc (71.3), Masatoshi Nozawa (0.1), Katsuyuki Higaki (0.1), Chikura Shiraishi (0.1)

 

No. of shareholders:       8,609

 

Listed on the S/Exchange (s) of: JASDAQ

 

Managements: Shusaku Higaki, pres; Yosuke Abe, dir; Toshio Nakamura, dir; Takeshi Kobayashi, dir

 

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

 

Related companies: Prime Link Co, Toritetsu, Food Stand International, other.

 

 

OPERATION

           

Activities: Holding company mainly engaged in the operation of restaurants: store management (40%), franchisee (52%), others (8%)

           

Payment record: No complaints

 

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

 

Bank References:

                        SMBC (Mitadori)

                        Tokyo Star Bank (H/O)

                        Relations: Satisfactory

 

 

FINANCES (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2013

31/03/2012

INCOME STATEMENT

 

 

 

  Annual Sales

　

7,320

7,307

 

  Cost of Sales

3,887

3,905

 

      GROSS PROFIT

3,432

3,401

 

  Selling & Adm Costs

3,076

3,115

 

      OPERATING PROFIT

356

286

 

  Non-Operating P/L

4

-16

 

      RECURRING PROFIT

360

270

　

      NET PROFIT

280

241

BALANCE SHEET

 

 

 

 

  Cash

　

659

510

 

  Receivables

 

634

616

 

  Inventory

 

71

33

 

  Securities, Marketable

　

　

 

  Other Current Assets

174

205

 

      TOTAL CURRENT ASSETS

1,538

1,364

 

  Property & Equipment

254

334

 

  Intangibles

 

293

363

 

  Investments, Other Fixed Assets

1,303

787

 

      TOTAL ASSETS

3,388

2,848

 

  Payables

 

391

393

 

  Short-Term Bank Loans

394

153

 

　

 

　

　

 

  Other Current Liabs

514

623

 

      TOTAL CURRENT LIABS

1,299

1,169

 

  Debentures

 

70

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

　

　

 

  Other Debts

　

608

661

 

      TOTAL LIABILITIES

1,977

1,830

 

      MINORITY INTERESTS

 

 

 

Common stock

700

644

 

Additional paid-in capital

659

603

 

Retained earnings

14

(266)

 

Evaluation p/l on investments/securities

　

　

 

Others

 

39

37

 

Treasury stock, at cost

(1)

(1)

 

      TOTAL S/HOLDERS` EQUITY

1,411

1,017

　

      TOTAL EQUITIES

3,388

2,848

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2013

31/03/2012

 

Cash Flows from Operating Activities

　

502

398

 

Cash Flows from Investment Activities

-585

-21

 

Cash Flows from Financing Activities

232

-103

　

Cash, Bank Deposits at the Term End

　

659

510

ANALYTICAL RATIOS            Terms ending:

31/03/2013

31/03/2012

 

 

Net Worth (S/Holders' Equity)

1,411

1,017

 

 

Current Ratio (%)

118.40

116.68

 

 

Net Worth Ratio (%)

41.65

35.71

 

 

Recurring Profit Ratio (%)

4.92

3.70

 

 

Net Profit Ratio (%)

3.83

3.30

 

 

Return On Equity (%)

19.84

23.70

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.52

UK Pound

1

Rs.101.48

Euro

1

Rs.84.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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