|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOYO SUISAN KAISHA LTD |
|
|
|
|
Registered Office : |
2-13-40 Konan Minatoku Tokyo 108-8501 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
April, 1948 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
|
Line of Business : |
Manufacturing of noodles, marine foods, chilled foods |
|
|
|
|
No. of Employees : |
4,275 |
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 13,627.5 million |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
TOYO SUISAN KAISHA
LTD
REGD NAME: Toyo Suisan KK
MAIN OFFICE: 2-13-40 Konan
Minatoku Tokyo 108-8501 JAPAN
Tel:
03-3458-5111 -
URL: http://www.maruchan.co.jp
E-Mail address: (thru the URL)
Mfg of noodles, marine foods, chilled foods, other
Otaru, Sendai, Utsunomiya, Nagoya, Kobe, Osaka, other (Tot28)
Otaru, Sendai, other
KAZUO OBATA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 344,527 M
PAYMENTS REGULAR CAPITAL Yen
18,969 M
TREND UP WORTH Yen 209,172 M
STARTED 1948 EMPLOYES 4,275
MFR OF INSTANT NOODLES, MARINE FOODS, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 13,627.5 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
315,337 |
32,545 |
18,506 |
(%) |
170,288 |
|
(Consolidated) |
31/03/2011 |
305,911 |
27,191 |
12,415 |
-2.99 |
172,807 |
|
|
31/03/2012 |
320,988 |
26,989 |
16,119 |
4.93 |
186,665 |
|
|
31/03/2013 |
344,527 |
31,997 |
17,280 |
7.33 |
209,172 |
|
|
31/03/2014 |
370,000 |
32,000 |
20,000 |
7.39 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/03/2014 fiscal term.
This is the second-ranked producer of instant noodles, known for
“Maruchan” brand. Started off as
exporter of frozen tuna to US after World War II, and later, entered
refrigeration business. Diversified into
frozen foods, instant noodles, and fish paste products. Maintains overwhelming market share in US
& Mexico. The company will make
all-out efforts for sales volume growth of “Seimen” through more frequent
bargain sales. It will possibly tap into
South America, with Texas plant becoming operational in Apr 2014..
The sales volume for Mar/2013 fiscal term amounted to Yen 344,527
million, a 7.3% up from Yen 320,988 million in the previous term. The recurring profit was posted at Yen
31,997 million and the net profit at Yen 17,280 million, respectively, compared
with Yen 26,989 million recurring profit and Yen 16,119 million net profit,
respectively, a year ago.
(Apr/Sept/2013 results): Sales Ye 176,310 million (up 11.4%), operation
profit Yen 13,891 million (up 3.6%), recurring profit Yen 14,537 million (up
3.6%), net profit Yen 11,810 million (up 59.2%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 32,000 million and the net profit at Yen 20,000 million, on a 7.4% rise
in turnover, to Yen 370,000 million.
Affiliation of major seasonings firm Shimaya will send up overall sales
by Yen 12 billion. Overseas sales of
instant noodles will grow, backed by weaker Yen. Marine foods will enjoy improved profit
margin, with a rise in salmon market price.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 13,627.5 million, on 30 days normal terms.
Date Registered: Apr 1948
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized: 427 million shares
Issued: 110,881,044
shares
Sum: Yen 18,969 million
Major shareholders (%): Company’s Treasury Stock (7.8), Japan Trustee
Services T (4.3), Northern Trust (AVFC) American (3.6), Master Trust Bank of
Japan T (3.5), SMBC (2.6), Northern Trust (AVFC) Re US Tax EP (2.5), Employees’
S/Holding Assn (1.8), Towa Shokuhin Kenkyu Shinkokai (1.8), SSBT OD05 Omnibus
Acc Treaty (1.8), State Street Bank & Trust 505225 (1.5); foreign owners
(42.7)
No. of shareholders: 4,319
Listed on the S/Exchange (s) of: Tokyo
Managements: Tadasu Tsutsumi, ch; Kazuo Obata, pres; Koji Yoshino, s/mgn
dir; Masaya Imamura, s/mgn dir; Hiroyuki Mitsunami, mgn dir; Kazuo Yamamoto,
mgn dir; Isao Yoshimura, mgn dir; Kenji Sugawara, dir; Masaharu Oikawa, dir;
Tadasi Fujitani, dir; Hisao Ichishima, dir
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures marine foods (9%), instant noodles (Overseas) (21%),
instant noodles (Domestic) (34%), chilled foods (18%), processed foods (5%),
refrigerated foods (4%), others (9%)
Overseas Sales Ratio (21%)
Clients: [Mfrs, wholesalers] Mitsui & Co, Kokubu Ltd, Mitsubishi
Foods, Japan Co-Ops, Kato Sangyo, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Yutaka Foods, Fukushima Foods, Nippon
Denpun, Shuetsu, other
Payment record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
SMBC (H/O)
MUFG
(Tokyo)
Relations:
Satisfactory
|
FINANCES: (Consolidated in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME
STATEMENT |
|
|
||
|
|
Annual Sales |
|
344,527 |
320,988 |
|
|
Cost of Sales |
214,908 |
202,610 |
|
|
|
GROSS PROFIT |
129,619 |
118,378 |
|
|
|
Selling & Adm Costs |
99,995 |
92,863 |
|
|
|
OPERATING PROFIT |
29,623 |
25,514 |
|
|
|
Non-Operating P/L |
2,374 |
1,475 |
|
|
|
RECURRING PROFIT |
31,997 |
26,989 |
|
|
|
NET PROFIT |
17,280 |
16,119 |
|
|
BALANCE
SHEET |
|
|
|
|
|
|
Cash |
|
50,496 |
43,207 |
|
|
Receivables |
|
45,948 |
48,746 |
|
|
Inventory |
|
20,174 |
20,837 |
|
|
Securities, Marketable |
27,501 |
17,001 |
|
|
|
Other Current Assets |
5,242 |
4,405 |
|
|
|
TOTAL CURRENT ASSETS |
149,361 |
134,196 |
|
|
|
Property & Equipment |
102,262 |
97,581 |
|
|
|
Intangibles |
|
2,349 |
2,051 |
|
|
Investments, Other Fixed Assets |
20,917 |
17,586 |
|
|
|
TOTAL ASSETS |
274,889 |
251,414 |
|
|
|
Payables |
|
21,711 |
21,997 |
|
|
Short-Term Bank Loans |
212 |
325 |
|
|
|
|
|
|
|
|
|
Other
Current Liabs |
25,244 |
24,543 |
|
|
|
TOTAL CURRENT LIABS |
47,167 |
46,865 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
|
|
|
|
|
Reserve for Retirement Allw |
16,232 |
15,626 |
|
|
|
Other Debts |
|
2,318 |
2,258 |
|
|
TOTAL LIABILITIES |
65,717 |
64,749 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common stock |
18,969 |
18,969 |
|
|
|
Additional paid-in capital |
22,516 |
22,516 |
|
|
|
Retained earnings |
171,426 |
158,052 |
|
|
|
Evaluation p/l on
investments/securities |
2,185 |
322 |
|
|
|
Others |
|
2,221 |
(5,065) |
|
|
Treasury stock, at cost |
(8,145) |
(8,129) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
209,172 |
186,665 |
|
|
|
TOTAL EQUITIES |
274,889 |
251,414 |
|
|
CONSOLIDATED
CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash Flows from Operating Activities |
|
33,367 |
19,510 |
|
|
Cash Flows from Investment
Activities |
-19,958 |
-31,089 |
|
|
|
Cash Flows from Financing Activities |
-4,565 |
-4,691 |
|
|
|
Cash, Bank Deposits at the Term End |
|
51,341 |
39,402 |
|
ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net Worth (S/Holders' Equity) |
209,172 |
186,665 |
|
|
|
Current Ratio (%) |
316.66 |
286.35 |
|
|
|
Net Worth Ratio (%) |
76.09 |
74.25 |
|
|
|
Recurring Profit Ratio (%) |
9.29 |
8.41 |
|
|
|
Net Profit Ratio (%) |
5.02 |
5.02 |
|
|
|
Return On Equity (%) |
8.26 |
8.64 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.