MIRA INFORM REPORT
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Report No. : |
308755 |
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Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HOHSUI CORPORATION |
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Registered Office : |
5-2-1 Tsukiji Chuoku Tokyo 104-0045 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
Aug., 1945 |
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Com. Reg. No.: |
0100-01-034921 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import and Wholesale of Seafood. |
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No. of Employees : |
289 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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 |
Company
Name and address
HOHSUI CORPORATION
REGD NAME: KK
Hohsui
MAIN OFFICE: 5-2-1
Tsukiji Chuoku Tokyo 104-0045 JAPAN
Tel:
03-3543-3536 Fax: 03-3541-2519
E-Mail address: info@housui.co.jp
ACTIVITIES
Import, wholesale
of seafood
BRANCHES
Miyagi, Osaka
OVERSEAS
China
FACTORIES
(Subcontracted)
CHIEF
EXEC
MASAAKI TAKAHASHI,
PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 50,537 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 2,485 M
TREND STEADY WORTH Yen 5,727 M
STARTED 1945 EMPLOYES 289
COMMENT
SEAFOOD PROCESSOR & WHOLESALER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2015
fiscal term
HIGHLIGHTS
The subject
company was established as a fishery company in 1945, affiliated with Nippon Suisan
Kaisha Ltd, and in Apr 2008 merged with Chuo Reito, subsidiary of Chuo Gyorui
Co Ltd (owning 55.1% of the firm’s stock). This is a general seafood
distribution company, engaged in wholesaling fresh & frozen fish as well as
refrigerated warehousing. Also engaged in management of fresh fish sales
outlets.
FINANCIAL
INFORMATION
The sales volume
for Mar/2014 fiscal term amounted to Yen 50,537 million, a 13.7% up from Yen
44,451 million in the previous term. The recurring profit was posted at Yen 381
million and the net profit at Yen 211 million, respectively, compared with Yen
516 million recurring profit and Yen 248 million net profit, respectively, a
year ago.
(Apr/Dec/2014
results): Sales Yen 50,815 million (up 33.1%), operating profit Yen 232 million
(down 40.4%), recurring profit Yen 263 million (down 42.9%), net profit Yen 140
million (down 43.3%). (% as compared with the corresponding period a year ago).
For the current
term ending Mar/2015 the recurring profit is projected at Yen 320 million and
the net profit at Yen 160 million, respectively, on a 26.6% rise in turnover,
to Yen 64,000 million. In the seafood wholesaling business, selling price hike
for crabs and other seafood will contribute to profit margin. In the main pro
it-earner cold-storage warehousing business, sales will grow, aided by
large-lot orders.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Aug
1945
Regd No.:
0100-01-034921
(Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 300
million shares
Issued: 83,790,000
shares
Sum: Yen
2,485 million
Major shareholders (%): Chuo Gyorui
(55.1), Nippon Suisan (27.7), GMO Click Securi- ties (0.3), Japan Securities
Finance (0.3), Daiwa Securities (0.2), Master Trust Bank of Japan T (0.2),
Mizuho Securities (0.2), Shigeta Corp (0.2), Japan Trustee Services T5 (0.2),
Japan Trustee Services (0.1); foreign owners (0.4)
No. of shareholders: 2,728
Listed on the S/Exchange (s) of: Tokyo
Managements: Akitoshi Nomi,
ch; Masaaki Takahashi, pres; Masahide Ogawa, v pres; Katsumasa Yamashita, s/mgn
dir; Haruhiko Itoh, s/mgn dir; Hiroshi Nakashima, s/mgn dir; Makoto Sugawara,
dir; Yoshihiko Otaki, dir; Ryoichi Tsuru, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Keiko Suisan KK
(Tot 1 as of Sept/05)
OPERATION
Activities: Cold-storage
warehousing (8%), seafood wholesale (92%)
Clients: [Fishery processors,
fishery markets, fishery stores] Chuo Foods, Japan Access, Nishihara Shokai,
Nippon Suisan, Hokkaido Nissui, Narazaki Foods, YTR Corp, Akita Maruuo Co,
other.
No. of accounts:
500,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Benirei Co, Chuo
Gyorui, Hanwa Trading, Nippon Suisan, Toyo
Seafoods, Yokohama Reito, Maruha Nichiro
Seafoods Inc, other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
Mizuho Bank (Tsukiji)
MUFG (Tsukiji)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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50,537 |
44,451 |
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Cost of Sales |
46,154 |
40,527 |
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GROSS PROFIT |
4,383 |
3,923 |
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Selling & Adm Costs |
4,092 |
3,473 |
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OPERATING PROFIT |
291 |
449 |
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Non-Operating P/L |
90 |
67 |
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RECURRING PROFIT |
381 |
516 |
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NET PROFIT |
211 |
248 |
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BALANCE SHEET |
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Cash |
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1,214 |
382 |
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Receivables |
4,127 |
4,026 |
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Inventory |
1,903 |
1,499 |
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Securities, Marketable |
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Other Current Assets |
1,112 |
1,161 |
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TOTAL CURRENT ASSETS |
8,356 |
7,068 |
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Property & Equipment |
14,659 |
9,454 |
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Intangibles |
907 |
161 |
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Investments, Other Fixed Assets |
593 |
463 |
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TOTAL ASSETS |
24,515 |
17,146 |
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Payables |
4,326 |
4,190 |
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Short-Term Bank Loans |
133 |
138 |
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Other Current Liabs |
4,666 |
2,518 |
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TOTAL CURRENT LIABS |
9,125 |
6,846 |
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Debentures |
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Long-Term Bank Loans |
4,993 |
3,146 |
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Reserve for Retirement Allw |
891 |
870 |
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Other Debts |
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3,778 |
641 |
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TOTAL LIABILITIES |
18,787 |
11,503 |
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MINORITY INTERESTS |
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Common
stock |
2,485 |
2,485 |
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Additional
paid-in capital |
1,220 |
1,222 |
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Retained
earnings |
1,675 |
1,630 |
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Evaluation
p/l on investments/securities |
26 |
15 |
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Others |
322 |
291 |
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Treasury
stock, at cost |
(1) |
(1) |
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TOTAL S/HOLDERS` EQUITY |
5,727 |
5,642 |
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TOTAL EQUITIES |
24,515 |
17,146 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
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31,178 |
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Cash
Flows from Investment Activities |
31,650 |
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Cash
Flows from Financing Activities |
-94,276 |
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Cash,
Bank Deposits at the Term End |
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140,940 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
5,727 |
5,642 |
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Current
Ratio (%) |
91.57 |
103.24 |
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Net
Worth Ratio (%) |
23.36 |
32.91 |
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Recurring
Profit Ratio (%) |
0.75 |
1.16 |
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Net
Profit Ratio (%) |
0.42 |
0.56 |
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Return
On Equity (%) |
3.68 |
4.40 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
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|
1 |
Rs.95.99 |
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Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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.