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Report No. : |
318958 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MEIDI-YA CO LTD |
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Registered Office : |
Kayabacho 1-Chome Heiwa Bldg, 1-8-1 Nihombashi-Kayabacho Chuoku Tokyo 103-0025 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2015 |
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Date of Incorporation : |
April, 1911 |
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Com. Reg. No.: |
0200-01-029171 (Yokohama-Nakaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Supermarket Chain Operator, Import of Liquor, Foodstuffs. |
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No. of Employees : |
356 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limits : |
Yen 407.8 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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 |
MEIDI-YA CO LTD
REGD NAME: KK
Meidi-Ya
MAIN OFFICE: Kayabacho
1-Chome Heiwa Bldg, 1-8-1 Nihombashi-Kayabacho Chuoku Tokyo
103-0025 JAPAN
Tel: 03-3271-1111 Fax: 03-3273-6360
*.. Registered at: 5-76 Onoecho Nakaku
Yokohama
URL: http://www.meidi-ya.co.jp/
E-Mail address: (thru the URL)
Supermarket chain
operator, import of liquor, foodstuffs
Yokohama, Nagoya, Kobe,
Fukuoka, other (Tot 30)
Tokyo (6), Yokohama, Nagoya, Kyoto, Kobe, Sendai,
other; Amsterdam (Tot 25)
MOTOICHI YONEI,
PRES Masahiro Morioka, v pres
Hirotsune Sakano,
s/mgn dir Yoshimi Kikuchi, mgn dir
Toshio Yokoyama, dir Kenzo Isono, advisor
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 26,319 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 270 M
TREND UP WORTH Yen 4,4,99 M
STARTED 1911 EMPLOYES 356
FOODSTUFF SUPERMARKET
CHAIN OPERATOR; IMPORTER OF WINES, OTHER LIQUOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 407.8 MILLION, 30 DAYS NORMAL TERMS.
The subject company
was established originally in 1885 when Kei Isono started a ship chandler
business in Yokohama, on his account.
Incorporated in 1911 the firm has been succeeded by his descendants. Motoichi Yonei is the 7th
generation master, who took the pres office in May 2004 when the former pres,
Keiichi Isono was promoted to the ch.
This is a foodstuff supermarket chain operator and importer of wines,
other foodstuffs, having changed the mainstay from foodstuff trading business
until Apr 2005. In Apr 2005, the firm
founded JV trading firm, Meidi-Ya Corporation (now Mitsubishi Shokuhin Co Ltd)
(see REGISTRATION), jointly with
Mitsubishi Corp. By the merger the
domestic wholesale operations were transferred to the JV firm, including staff
members, and the subject transformed itself into a specialized foodstuff
supermarket chain operator and importer of liquor, foodstuffs, other.
The sales volume
for Feb/2014 fiscal term amounted to Yen 26,319 million, a 3% up from Yen
25,520 million in the previous term. The
operations continued in the red for 3 consecutive terms to post Yen 258 million
net losses for the term, compared with Yen 408 million net losses a year
ago.
For the term that
ended Feb 2015 the operations were expected to come back profitability to post
Yen 150 million net profit, on a 3% rise in turnover, to Yen 27,150
million. Final results are yet to be
released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 407.8
million, on 30 days normal terms.
Date Registered:
Apr 1911
Regd No.:
0200-01-029171 (Yokohama-Nakaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 21.6 million shares
Issued: 5.4 million shares
Sum: Yen 270 million
Major
shareholders (%): Isono Fudosan*(26%), Chuotei Tokyo*(5), Meidi-Ya Shokuhin Factory*(5),
Chuotei Osaka*(5), Chuotei Kobe*(5).
*.. Group subsidiaries
No. of shareholders: 35
Mitsubishi
Shokuhin Co Ltd, largest processed food wholesaler, originally Mitsubishi Corp’s
marketing firm dealing in canned seafoods, Tokyo, integrated 3 group firms in
Apr 2012 including Meidi-Ya Corporation, founded 1925, listed Tokyo S/E,
capital Yen 10,630 million, sales Yen 2,388,326 million, operating profit Yen
15,684 million, recurring profit Yen 17,172 million, net profit Yen 9,657
million, total assets Yen 706,558 million, net worth Yen 135,227 million,
employees 5,365, pres Takeshi Inoue.
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Operates
foodstuff supermarket chain of 25 stores nationwide, including one in
Amsterdam; imports liquor & foodstuffs; supplies liquor & foodstuffs to
ships (ship chandler); restaurant operation attached:.
(Operations
consist of the Three Main Divisions):
Retail
Div (48%): Operates 20 stores of a wide variety of foodstuffs, wines, beers,
other liquor, canned goods, spices, vegetables, fruits, food additives, other;
Merchandise
Div (38.3%): Imports the goods from world over (as exclusive agent);
Overseas
Supply Div (Yokohama) (10.1%): ship
chandler business as originally started, supplying ship machinery, equipment,
tackles, liquor, cigarettes (bonded stores included), victuals, etc at major
ports worldwide. Singapore Office is the
center of this operation. The division
also handles products of A. W. Chesterton, USA & Sponge-Jet Inc USA, as
sole distributor agent from 1976.
Other
Div (3.6%)
Clients:
[Food
processors, wholesalers, consumers] Mitsubishi Shokuhin Co (50%), Nippon Meat
Packers Inc, Itoham Foods Inc, Kirin Brewery Co, other
No. of accounts: 800 (including clients
through Mitsubishi Shokuhin Co).
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Shokuhin Co, Kirin Brewery, Ajinomoto, Nestle Japan,
House Foods, Kagome Co, Nikka Whisky Distilling, Meidi-Ya Shokuhin Factory,
other.
Imports from USA, China, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mitsubishi UFJ
Trust Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
28/02/2015 |
28/02/2014 |
28/02/2013 |
29/02/2012 |
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Annual
Sales |
|
27,150 |
26,319 |
25,520 |
25,650 |
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Recur.
Profit |
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|
-360 |
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Net
Profit |
|
150 |
-258 |
-408 |
-1,223 |
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Total
Assets |
|
|
17,473 |
15,757 |
15,426 |
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Current
Assets |
|
|
6,084 |
5,124 |
5,517 |
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Current
Liabs |
|
|
8,502 |
6,019 |
6,254 |
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Net
Worth |
|
|
4,499 |
4,744 |
4,706 |
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Capital,
Paid-Up |
|
|
270 |
270 |
270 |
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Div.Ttl
in Million (¥) |
|
|
0.00 |
6 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
3.16 |
3.13 |
-0.51 |
-0.42 |
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Current Ratio |
|
.. |
71.56 |
85.13 |
88.22 |
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N.Worth Ratio |
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.. |
25.75 |
30.11 |
30.51 |
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R.Profit/Sales |
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.. |
-1.37 |
.. |
.. |
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N.Profit/Sales |
|
0.55 |
-0.98 |
-1.60 |
-4.77 |
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Return On Equity |
|
.. |
-5.73 |
-8.60 |
-25.99 |
Notes: Forecast (or estimated) figures for
28/02/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.96.52 |
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Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.