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Report No. : |
332737 |
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Report Date : |
17.07.2015 |
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) : |
31.03.2016 |
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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 : |
Subject is manufactures fish products (cakes/paste), paste
products, processed meat, cooked foods, delicatessen, beverages
(non-alcoholic), seasonings, agricultural products |
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No. of Employees : |
1,309 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy
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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
http//:www.kibun.co.jp
(thru
the URL)
Mfg of
fish cake (Surimi), fish paste, delicatessen foods, beverages, seasonings
Sapporo,
Sendai, Maebashi, Nagoya, Osaka, Hiroshima, other (Tot 18)
USA,
Hong Kong, China, Singapore, Taiwan, Thailand (-- subsidiaries)
Eniwa,
Tokyo, Funabashi, Yokohama, Shizuoka, Osaka, Saga, Okayama
MASAHITO
HOASHI, PRES Tohru Shiki, rep dir
Hiroshi
Tsutsumi, mgn dir Tadahiko
Mitsui, mgn dir
Wataru
Yuge, mgn dir Jun’ichi
Kawashima, dir
Yen
Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 55,761 M
PAYMENTSREGULAR CAPITAL Yen
4,425 M
TREND SLOW WORTH Yen 13,150 M
STARTED 1947 EMPLOYES 1,309
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
brewery, Chiba. Clients include major
food processors, food chains, and supermarkets, nationwide.
The sales volume for Mar/2015 fiscal term amounted to Yen
55,761 million, a9% down from Yen 60,982 million in the previous term. Soymilk operations were transferred to a
subsidiary and sales decreased. Weaker Yen
increased material purchase costs. The
recurring profit was posted at Yen 1,668 million and the net profit at Yen 52
million, respectively, compared with Yen 3,243 million recurring profit and Yen
231 million net profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is
projected at Yen 1,700 million and the net profit at Yen 250 million,
respectively, on a 5% rise in turnover, to Yen 58,550 million.
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), paste products (--80%), processed meat, cooked foods,
delicatessen, beverages (non-alcoholic), seasonings, agricultural products,
other (--20%).
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: 800
Domestic
areas of activities: Nationwide
Suppliers: [Fish firms, wholesalers] Maruha
Nichiro Holdings, Food Chemiphar, Kewpie Egg Co, Yamaichi Suisan, Kikkoman
Beverages, Ise Foods Inc, Totai Co, Ginpo Pack Co, Sanshu Shokuhin, 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)
SMBC (Shimbashi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
58,550 |
55,761 |
60,982 |
68,590 |
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Recur.
Profit |
|
1,700 |
1,668 |
3,243 |
1,408 |
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Net
Profit |
|
250 |
52 |
231 |
1,134 |
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Total
Assets |
|
|
47,966 |
53,144 |
59,019 |
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Current
Assets |
|
|
10,459 |
9,250 |
10,728 |
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Current
Liabs |
|
|
17,842 |
19,793 |
72,542 |
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Net
Worth |
|
|
13,150 |
13,978 |
14,142 |
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Capital,
Paid-Up |
|
|
4,425 |
4,425 |
4,425 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.00 |
-8.56 |
-11.09 |
-0.27 |
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Current Ratio |
|
.. |
58.62 |
46.73 |
14.79 |
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N.Worth Ratio |
|
.. |
27.42 |
26.30 |
23.96 |
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R.Profit/Sales |
|
2.90 |
2.99 |
5.32 |
2.05 |
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N.Profit/Sales |
|
0.43 |
0.09 |
0.38 |
1.65 |
|
Return On Equity |
|
.. |
0.40 |
1.65 |
8.02 |
Notes:
Forecast (or estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
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Analysis Done by
: |
TRS |
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Report Prepared
by : |
ASH |
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.