|
Report No. : |
316029 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
YOKOHAMA REITO CO LTD |
|
|
|
|
Registered Office : |
Minatomirai Grand Central Tower 7F, 4-6-2 Minatomirai Nishiku Yokohama city, Kanagawa 220-0012 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.09.2014 |
|
|
|
|
Date of Incorporation : |
May, 1948 |
|
|
|
|
Com. Reg. No.: |
0200-01-030638 |
|
|
|
|
Legal Form : |
Not Available |
|
|
|
|
Line of Business : |
Cold Storage Operator/Wholesaling, Importing and Exporting of Sea
Food, Other. |
|
|
|
|
No. of Employees : |
1,083 |
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 |
|
Status : |
Good |
|
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.
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. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to
contract during the 2nd and 3rd quarters of 2014. The economy has largely
recovered in the three years since the disaster, but reconstruction in the
Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the
final phase of the increase until 2017 to give the economy time to recover from
the 2014 increase. 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 |
|
ENGLISH COMPANY NAME |
YOKOHAMA REITO CO LTD |
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|
Japanese company name |
YOKOREI KK (Kabushiki Kaisha) |
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|
Registered Office |
|||||
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1. Street Number and District |
Minatomirai Grand Central Tower 7F, 4-6-2 Minatomirai Nishiku |
||||
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2. City and Perefecture |
Yokohama city, Kanagawa |
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3. ZIP Code |
220-0012 |
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4. Country |
JAPAN |
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TEL |
045-727-8650 |
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FAX |
045-641-4501 |
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URL |
|||||
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Email Address |
thru the URL |
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|
Activities (Services & Products) |
Cold storage operator/Wholesaling, Importing and Exporting of sea
food, other. |
||||
|
Annual Sales (MM
YEN) |
141,654 |
||||
|
Capital Amount
(MM YEN) |
11,065 |
||||
|
Net Worth (MM
YEN) |
59,635 |
||||
|
FINANCES |
FAIR |
||||
|
TREND |
UP |
||||
|
EMPLOYEES |
1,083 |
||||
|
OTHER
INFORMATION FOLLOWS: |
|||||
|
Year Started |
1948 |
||||
|
Month and Year
Registered |
May. 1948 |
||||
|
Regd No. |
0200-01-030638 |
||||
|
Major
Shareholders |
|||||
|
1 |
Dai-ichi Life Ins. (4.3%) |
||||
|
2 |
Bank of Yokohama (4.2%) |
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|
3 |
Other |
||||
|
Number of Shareholders |
14,166 |
||||
|
Authorized
Shares (MM) |
160 |
||||
|
Issued Shares |
52,450,969 |
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|
Executives |
|||||
|
PRESIDENT |
TOSHIO YOSHIKAWA |
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Mgn Director |
Fumio Iwabuchi |
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Mgn Director |
Takaaki Mizuno |
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|
Director |
Yuji Inoue |
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Director |
Shigetaka Senda |
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Director |
Toshimasa Iijima |
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Director |
Toshihiko Nishiyama |
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|
Director |
Koji Ochi |
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|
Director |
Hiroyuki Matsubara |
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Main Banks |
|||||
|
1 |
Bank of Yokohama (Chuoichiba) |
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2 |
Norin Chukin Bank (H/O) |
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Relations |
Satisfactory |
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Clients |
|||||
|
1 |
NH Foods Ltd. |
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|
2 |
Global Marketing |
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3 |
Mitsubishi Foods |
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|
4 |
Itoham Foods Inc. |
||||
|
5 |
Other |
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|
Suppliers |
|||||
|
1 |
Tyson Fresh Meats Inc. |
||||
|
2 |
Alliance Seafoods |
||||
|
3 |
Marubeni Corporation |
||||
|
4 |
US Seafoods |
||||
|
5 |
Other |
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Branches |
|||||
|
1 |
Sapporo |
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|
2 |
Sendai |
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|
3 |
Tokyo |
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|
4 |
Ibaraki |
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|
5 |
Other (total 63) |
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|
Factories |
|||||
|
1 |
None |
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Overseas |
|||||
|
1 |
Thailand |
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|
HIGHLIGHT and
COMMENT |
The subject company is the second largest cold storage operator, after
Nichirei Corp. Operates warehouse nationwide under direct management. Sales
ratio of seafood, agricultural & livestock high, but profit margin small.
Earnings fluctuate according to food sales. Cold storage division consists of
cold-storage freezing & loading services. Major emphasis placed on export
and import businesses. The company will establish new facilities at home and
abroad, drawing on stronger demand for cold-storage warehousing services.
Construction works in Yokohama, Osaka and Ibaraki, Hokkaido, already started
in Mar. 2013, and schedules to finish off in the spring 2014. Second-stage
works in Thailand was completed in Dec. 2013. |
||||
|
FINANCIAL information |
Financials fully
disclosed |
||||
|
Financials are disclosed only partially. The sales volume for September/2014 fiscal
term amounted to Yen 141,654 million, a 7% up from Yen 118,691 million in the
previous term. The recurring profit
was posted at Yen 4,102 million and the net profit at Yen 1,835 million,
respectively, compared with Yen 3,806 million recurring profit and Yen 2,308
million net profit, respectively, a year ago. For the term that ended September 2015 the
recurring profit was projected at Yen 4,260 million and the net profit at Yen
2,500 million, respectively, on a1.4% rise in turnover, to Yen 143,630
million. Final results are yet to be
released. The financial situation is considered FAIR
and good for ORDINARY business engagements.
|
|||||
|
PLEASE ATTACH
THE FINANCIALS BELOW. |
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|
Terms Ending |
Annual Sales* |
R. Profit* |
N. Profit* |
S. Growth |
Net Worth* |
|
30/09/2011 |
124,051 |
4,298 |
1,668 |
2.15 |
56,562 |
|
30/09/2012 |
111,108 |
1,233 |
199 |
-10.43 |
55,639 |
|
30/09/2013 |
118,691 |
3,806 |
2,308 |
6.82 |
58,159 |
|
30/09/2014 |
141,654 |
4,102 |
1,835 |
19.35 |
59,635 |
|
30/09/2015 |
143,630 |
4,260 |
2,500 |
1.39 |
62,135 |
|
Forecast (or estimated) figures for
30/09/2015 term. |
|
|
*..Unit: Million Yen |
||
(Consolidated in million yen)
|
|
|
Terms Ending: |
31/09/2014 |
31/09/2013 |
|
|
INCOME STATEMENT |
|
||||
|
|
Annual Sales |
|
141,654 |
118,691 |
|
|
|
Cost of Sales |
|
130,235 |
108,093 |
|
|
|
GROSS PROFIT |
11,419 |
10,598 |
||
|
|
Selling & Adm Costs |
7,314 |
6,868 |
||
|
|
OPERATING PROFIT |
4,105 |
3,730 |
||
|
|
Non-Operating P/L |
-3 |
76 |
||
|
|
RECURRING PROFIT |
4,102 |
3,806 |
||
|
|
NET PROFIT |
|
1,835 |
2,308 |
|
|
BALANCE SHEET |
|
||||
|
|
Cash |
|
4,993 |
4,159 |
|
|
|
Receivables |
19,646 |
16,035 |
||
|
|
Inventory |
17,045 |
14,177 |
||
|
|
Securities, Marketable |
|
|
||
|
|
Other Current Assets |
1,893 |
2,957 |
||
|
|
TOTAL CURRENT ASSETS |
43,577 |
37,328 |
||
|
|
Property & Equipment |
61,700 |
51,403 |
||
|
|
Intangibles |
2,321 |
2,324 |
||
|
|
Investments, Other Fixed
Assets |
6,612 |
6,538 |
||
|
|
TOTAL ASSETS |
114,210 |
97,593 |
||
|
|
Payables |
7,315 |
6,515 |
||
|
|
Short-Term Bank Loans |
12,289 |
5,145 |
||
|
|
|
|
|
||
|
|
Other Current Liabs |
|
10,042 |
7,688 |
|
|
|
TOTAL CURRENT LIABS |
29,646 |
19,348 |
||
|
|
Debentures |
|
|
||
|
|
Long-Term Bank Loans |
15,956 |
11,470 |
||
|
|
Reserve for Retirement Allw |
1,186 |
967 |
||
|
|
Other Debts |
|
7,787 |
7,649 |
|
|
|
TOTAL LIABILITIES |
54,575 |
39,434 |
||
|
|
MINORITY INTERESTS |
|
|||
|
|
Common stock |
11,065 |
11,065 |
||
|
|
Additional paid-in capital |
11,109 |
11,109 |
||
|
|
Retained earnings |
36,145 |
35,335 |
||
|
|
Evaluation p/l on investments/securities |
|
|
||
|
|
Others |
1,838 |
1,171 |
||
|
|
Treasury stock, at cost |
(522) |
(521) |
||
|
|
TOTAL S/HOLDERS` EQUITY |
59,635 |
58,159 |
||
|
|
TOTAL EQUITIES |
114,210 |
97,593 |
||
|
CONSOLIDATED CASH FLOWS |
|
||||
|
|
Terms ending: |
31/09/2014 |
31/09/2013 |
||
|
|
Cash Flows from Operating Activities |
|
-280 |
6,952 |
|
|
|
Cash Flows from Investment Activities |
-12,812 |
-3,958 |
||
|
|
Cash Flows from Financing Activities |
11,320 |
471 |
||
|
|
Cash, Bank Deposits at the Term End |
|
4,431 |
6,159 |
|
|
ANALYTICAL RATIOS Terms ending: |
31/09/2014 |
31/09/2013 |
|||
|
|
Net Worth (S/Holders' Equity) |
59,635 |
58,159 |
||
|
|
Current Ratio (%) |
146.99 |
192.93 |
||
|
|
Net Worth Ratio (%) |
52.22 |
59.59 |
||
|
|
Recurring Profit Ratio (%) |
2.90 |
3.21 |
||
|
|
Net Profit Ratio (%) |
1.30 |
1.94 |
||
|
|
|
Return On Equity (%) |
3.08 |
3.97 |
|
|
FINANCES (Consolidated
in million yen) |
|
||||
|
|
|
Terms Ending: |
31/09/2014 |
31/09/2013 |
IND/09/2014 |
|
INCOME STATEMENT |
|
||||
|
|
Annual Sales |
|
141,654 |
118,691 |
|
|
|
Cost of Sales |
130,235 |
108,093 |
|
|
|
|
GROSS PROFIT |
11,419 |
10,598 |
0 |
|
|
|
Selling & Adm Costs |
7,314 |
6,868 |
|
|
|
|
OPERATING PROFIT |
4,105 |
3,730 |
0 |
|
|
|
Non-Operating P/L |
-3 |
76 |
|
|
|
|
RECURRING PROFIT |
4,102 |
3,806 |
0 |
|
|
|
NET PROFIT |
1,835 |
2,308 |
|
|
|
BALANCE SHEET |
|
||||
|
|
Cash |
|
4,993 |
4,159 |
|
|
|
Receivables |
19,646 |
16,035 |
|
|
|
|
Inventory |
17,045 |
14,177 |
|
|
|
|
Securities, Marketable |
|
|
|
|
|
|
Other Current Assets |
1,893 |
2,957 |
0 |
|
|
|
TOTAL CURRENT ASSETS |
43,577 |
37,328 |
|
|
|
|
Property & Equipment |
61,700 |
51,403 |
|
|
|
|
Intangibles |
2,321 |
2,324 |
|
|
|
|
Investments, Other Fixed
Assets |
6,612 |
6,538 |
0 |
|
|
|
TOTAL ASSETS |
114,210 |
97,593 |
|
|
|
|
Payables |
7,315 |
6,515 |
|
|
|
|
Short-Term Bank Loans |
12,289 |
5,145 |
|
|
|
|
|
|
|
|
|
|
|
Other Current Liabs |
10,042 |
7,688 |
0 |
|
|
|
TOTAL CURRENT LIABS |
29,646 |
19,348 |
|
|
|
|
Debentures |
|
|
|
|
|
|
Long-Term Bank Loans |
15,956 |
11,470 |
|
|
|
|
Reserve for Retirement Allw |
1,186 |
967 |
|
|
|
|
Other Debts |
|
7,787 |
7,649 |
0 |
|
|
TOTAL LIABILITIES |
54,575 |
39,434 |
|
|
|
|
MINORITY INTERESTS |
|
.. |
||
|
|
Common stock |
11,065 |
11,065 |
|
|
|
|
Additional paid-in capital |
11,109 |
11,109 |
|
|
|
|
Retained earnings |
36,145 |
35,335 |
|
|
|
|
Evaluation p/l on investments/securities |
|
|
|
|
|
|
Others |
1,838 |
1,171 |
0 |
|
|
|
Treasury stock, at cost |
(522) |
(521) |
|
|
|
|
TOTAL S/HOLDERS` EQUITY |
59,635 |
58,159 |
|
|
|
|
TOTAL EQUITIES |
114,210 |
97,593 |
0 |
|
|
CONSOLIDATED CASH FLOWS |
|
||||
|
|
Terms ending: |
31/09/2014 |
31/09/2013 |
31/09/2012 |
|
|
|
Cash Flows from Operating Activities |
|
-280 |
6,952 |
|
|
|
Cash Flows from Investment Activities |
-12,812 |
-3,958 |
|
|
|
|
Cash Flows from Financing Activities |
11,320 |
471 |
|
|
|
|
Cash, Bank Deposits at the Term End |
|
4,431 |
6,159 |
|
|
ANALYTICAL RATIOS Terms ending: |
31/09/2014 |
31/09/2013 |
31/09/2014 |
||
|
|
Net Worth (S/Holders' Equity) |
59,635 |
58,159 |
0 |
|
|
|
Current Ratio (%) |
146.99 |
192.93 |
.. |
|
|
|
Net Worth Ratio (%) |
52.22 |
59.59 |
.. |
|
|
|
Recurring Profit Ratio (%) |
2.90 |
3.21 |
.. |
|
|
|
Net Profit Ratio (%) |
1.30 |
1.94 |
.. |
|
|
|
|
Return On Equity (%) |
3.08 |
3.97 |
.. |
|
Notes: Audited by CPA. IND/xx/yyyy..
Non-consolidated figures for (xx month)/(yyyy year) term. |
|||||
|
|
|
|
|
|
|
|
Current Sales |
141,654 |
||||
|
Credit Limit |
5,666.9 |
||||
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
30/09/2011 |
124,051 |
4,298 |
1,668 |
2.15 |
56,562 |
|
(Consolidated) |
30/09/2012 |
111,108 |
1,233 |
199 |
-10.43 |
55,639 |
|
30/09/2013 |
118,691 |
3,806 |
2,308 |
6.82 |
58,159 |
|
|
30/09/2014 |
141,654 |
4,102 |
1,835 |
19.35 |
59,635 |
|
|
30/09/2015 |
143,630 |
4,260 |
2,500 |
1.39 |
62,135 |
|
|
Forecast (or estimated) figures for 30/09/2015 term. |
*..Unit: Million Yen |
|||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.