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Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ITOCHU FOOD SALES AND MARKETING CO LTD |
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Registered Office : |
Shin-Aoyama Bldg West Tower 21F, 1-1-1
Minamiaoyuama Minatoku Tokyo 107-0062 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
January 1973 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of foods, food materials, beverages |
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No. of Employees |
172 |
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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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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
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Source
: CIA |
ITOCHU FOOD SALES AND MARKETING CO LTD
REGD NAME: Itochu
Shokuryo KK
MAIN OFFICE: Shin-Aoyama
Bldg West Tower 21F, 1-1-1 Minamiaoyuama Minatoku Tokyo
107-0062 JAPAN
Tel:
03-5771-6371 Fax: 03-5414-5367
URL: http://www.itochufsm.co.jp
E-Mail address: (thru the URL)
Import, export, wholesale
of foods, food materials, beverages, other
Nagoya, Osaka,
Kyoto, Fukuoka, Sapporo, Saitama
Worldwide (using
the networks of the parent, Itochu Corp)
(subsidiary)
TAKASHI KOYAMA,
PRES Hirotaka Isaka, ch
Taisuke Saito,
s/mgn dir Shigeto
Tamaoki, mgn dir
Hidei Kondo, mgn
dir Koichiro Takiaki, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 184,286 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 400 M
TREND UP WORTH Yen 14,400 M
STARTED 1973 EMPLOYES 172
TRADING FIRM SPECIALIZING IN FOOD & FOOD
MATERIALS, OWNED BY
ITOCHU CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established on the basis of a food division
separated from Itochu Corp (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of foods, food materials, oil & fat,
beverages, other (See OPERATION). Goods are imported and exported worldwide
thru networks of the parent, Itochu Corp.
Clients include food makers, wholesalers, other, nationwide.
Financials are consolidated by the parent, Itochu Corp, and only
partially disclosed.
The sales volume for /2013 fiscal term amounted to Yen 184,286 million,
a 27% up from Yen 144,486 million in the previous term. Absorbed a sister company during the
term. The net profit was posted at Yen
1,124 million, compared with Yen 602 million a year ago. The foodstuffs division sales represent 27%
of total sales of the parent, Itochu Corp.
For the term that ended Mar 2014 the net profit is projected at Yen
1,200 million, on a 5% rise in turnover, to Yen 193,500 million. Final results are yet to be released.
The financial situation is considered FAIR
and good for ORDINARY business
engagements.
Date Registered: Jan 1973
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.2 million shares
Issued: 800,000 shares
Sum: Yen 400 million
Major shareholders (%): Itochu Corp*
(100)
*.. One of big 5 general trading firms,
Tokyo, founded 1949, listed Tokyo S/E, capital Yen 202,241 million,sales Yen
1,4586,820 million, operating profit Yen 279,094 million, recurring profit Yen
373,808 million, netprofit Yen 310,267 million, total assets Yen 7,848,440
million, net worth Yen 2,522,823 million, employees 104,543, pres Masahiro
Okafuji
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales: sugar, beverage materials, oil & fat, confectionery raw
materials, cereal, rice, other (--100%)
Clients: [Mfrs,
wholesalers] Meiji Food Materia Co, Nippon Access Inc, Pasco Shkishima Corp,
Coca Cola Business Service, Yamazaki Baking Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Itochu Corp, Zen-Noh Corp, Kato Kagaku Co, Daiichi Togyo Co, Fuji
Oil Co, other
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactory.
Bank References:
Mizuho Bank
(Uchisaiwaicho)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
|
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
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Annual
Sales |
|
193,500 |
184,286 |
144,786 |
99,654 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
1,200 |
1,124 |
602 |
555 |
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Total
Assets |
|
|
N/A |
N/A |
N/A |
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Net
Worth |
|
|
14,400 |
13,276 |
12,674 |
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Capital,
Paid-Up |
|
|
400 |
400 |
400 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.00 |
27.28 |
45.29 |
2.16 |
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Current Ratio |
.. |
.. |
.. |
||
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N.Worth Ratio |
.. |
.. |
.. |
||
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N.Profit/Sales |
0.62 |
0.61 |
0.42 |
0.56 |
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Notes: Financials
are consolidated by the parent, Itochu Corp, and only partially disclosed.
Forecast (or estimated)
figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.