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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
KIBUN FOODS INC |
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Registered Office : |
2-1-7 Kaigan Minatoku Tokyo 105-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
September 1947 |
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Com. Reg. No.: |
0100-01-041880 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of fish cake (Surimi), fish paste, delicatessen foods, beverages, seasonings |
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No of Employees : |
1,422 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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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
|
Source
: CIA |
KIBUN
FOODS INC
KK Kibun Shokuhin (Shokuhin means foods)
2-1-7 Kaigan Minatoku Tokyo 105-0022 JAPAN
Tel: 03-6891-2600 Fax: 03-6891-2705
*.. Registered at: 5-15-1 Ginza
Chuoku Tokyo
URL: http//:www.kibun.co.jp
E-mail: (thru
the URL)
Mfg of fish cake (Surimi), fish
paste, delicatessen foods, beverages, seasonings
Sapporo, Sendai, Maebashi,
Nagoya, Osaka, Hiroshima, other (Tot 8)
USA, Hong Kong, China,
Singapore, Taiwan, Thailand (-- subsidiaries)
Eniwa, Tokyo, Funabashi,
Yokohama, Shizuoka, Osaka, Saga, Okayama
MASAHITO HOASHI, PRES Tohru Shiki, rep dir
Koji Ohtake, s/mgn dir Hiroshi Tsutsumi, mgn dir
Tadahiko Mitsui, mgn dir Wataru Yuge, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 68,590 M
PAYMENTS REGULAR CAPITAL Yen 4,425 M
TREND SLOW WORTH Yen 14,142 M
STARTED 1947 EMPLOYES 1,422
MFR OF FISH CAKES & PASTE
(SURIMI), BEVERAGES, SEASONINGS
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS
The
subject company was established by Kunihito Hoashi originally in 1938 for
selling fish products, on his account.
Incorporated in 1947, the firm has been succeeded by his descendants. Masahito is the third generation master who
took the pres office in Jan 1980. This
is a specialized mfr of fish cakes, pastes (as called Surimi in Japanese). Also makes delicatessen foods, beverages,
seasoning, etc. Subsidiaries (8
domestic) are engaged in mfg meat products, agricultural products, fish
products, and chemicals. In 2002, went
into business tie-up with Maruha Corp (now Maruha Nichiro Holdings Inc),
subsequently in 2004, went into capital and business tie-ups with Kikkoman
Corp, world’s largest soy sauce brewer, Chiba.
Clients include major food processors, food chains, and supermarkets,
nationwide.
The
sales volume for Mar/2013 fiscal term amounted to Yen 68,590 million, an inch
down from Yen 68,776 million in the previous term. Soymilk operations were transferred to a
subsidiary and sales decreased. The
recurring profit was posted at Yen 1,408 million and the net profit at Yen
1,134 million, respectively, compared with Yen 1,808 million recurring profit
and Yen 1,146 million net profit, respectively, a year ago.
For
the term that ended Mar 2014 the recurring profit was projected at Yen 1,500
million and the net profit at Yen 1,200 million, respectively, on a 6% rise in
turnover, to Yen 73,000 million. Final
results are yet to be released.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered:
Sept 1947
Regd No.: 0100-01-041880
(Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 35
million shares
Issued: 8,851,600
shares
Sum: Yen
4,425.8 million
Major
shareholders (%): Masahito Hoashi (25), Kifu Sangyo*
(10), Mizuho Bank (4.7), Kikkoman Corp
(2.9) Holding company owned by the
Hoashi family
No. of shareholders: 438
Nothing detrimental is known as
to the commercial morality of executives.
Activities:
Manufactures fish products (cakes/paste), processed meat, cooked foods,
delicatessen, beverages (non-alcoholic), seasonings, agricultural products,
other (--100%).
Clients:
[Supermarkets, food chains, food processors] Ito-Yokado, Aeon Retail,
Seven-Eleven Japan, Family Mart, Daiei Inc, Seiyu GK, Uny Co, Maruetsu Inc,
Life Corporation, other.
No. of accounts: 1,000
Domestic areas of activities:
Nationwide
Suppliers: [Fish
firms, wholesalers] Maruha Nichiro Holdings, Food Chemiphar, Kewpie Egg Co,
Yamaichi Suisan, Kikkoman Beverages, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises at the caption address are owned and
maintained satisfactorily.
Bank References:
Mizuho
Bank (Tsukiji)
Mizuho
Trust Bank (H/O)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
73,000 |
68,590 |
68,776 |
67,927 |
|
Recur.
Profit |
|
1,500 |
1,408 |
1,808 |
412 |
|
Net
Profit |
|
1,200 |
1,134 |
1,146 |
157 |
|
Total
Assets |
|
|
59,019 |
60,142 |
58,582 |
|
Current
Assets |
|
|
10,728 |
12,165 |
9,121 |
|
Current
Liabs |
|
|
72,542 |
23,980 |
22,645 |
|
Net
Worth |
|
|
14,142 |
12,396 |
11,019 |
|
Capital,
Paid-Up |
|
|
4,425 |
4,425 |
4,425 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
6.43 |
-0.27 |
1.25 |
0.35 |
|
|
Current Ratio |
.. |
14.79 |
50.73 |
40.28 |
|
|
N.Worth Ratio |
.. |
23.96 |
20.61 |
18.81 |
|
|
R.Profit/Sales |
2.05 |
2.05 |
2.63 |
0.61 |
|
|
N.Profit/Sales |
1.64 |
1.65 |
1.67 |
0.23 |
|
|
Return On Equity |
.. |
8.02 |
9.24 |
1.42 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.12 |
|
|
1 |
Rs. 102.00 |
|
Euro |
1 |
Rs. 81.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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 |
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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 |
|
-- |
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.