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Report No. : |
324198 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
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Name : |
NICHIREI FOODS INC |
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Registered Office : |
Nichirei Higashiginza Bldg, 6-19-20 Tsukiji Chuoku Tokyo 104-0045 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
January 2005 |
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Com. Reg. No.: |
091394 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is Manufactures, Imports, Exports and
Wholesales of Processed Foods |
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No. of Employee : |
1,527 |
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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Maximum Credit Limits : |
YEN 4,272.3 MILLION |
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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
|
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.
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 |
NICHIREI FOODS INC
REGD NAME: KK
Nichirei Foods
MAIN OFFICE: Nichirei
Higashiginza Bldg, 6-19-20 Tsukiji Chuoku Tokyo 104-0045 JAPAN
Tel: 03-3248-2179 Fax: 03-3248-2140
URL: http://www.nichireifoods.co.jp/
E-Mail address: info@nichireifoods.co.jp
Import,
export, wholesale of processed foods
Sapporo,
Sendai, Osaka, Nagoya, Fukuoka, other (Tot 25)
Thailand,
Vietnam, China, Brazil, Australia, USA
Funabashi,
other (Tot 8)
YASUHIRO
IKEDA, PRES Kenji Sato, S/mgn dir
Yoshifumi
Kaneko, dir Kunio Otani, dir
Motoharu
Hayama, dir
Yen
Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 180,302 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 15,000 M
TREND SLOW WORTH Yen 32,494 M
STARTED 2005 EMPLOYES 1,527
MFR OF PROCESSED FOODS, WHOLLY
OWNED BY NICHIREI CORP
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,272.3 MILLION, 30 DAYS NORMAL TERMS.
The
subject company was established on the basis of Processed Foods Division separated
from Nichirei Corp, general processed foods company, at the caption address
(See REGISTRATION). Specializes in mfg processed foods:
frozen foods & vegetables, retort-pouched foods, acerola products,
other. Sales account for about 35% of
the total group sales. Goods are also
imported and exported. Clients include
leading general trading houses, food mfrs, other, nationwide.
The
sales volume for Mar/2014 fiscal term amounted to Yen 180,302 million, a 6.7% up from Yen 168,920 million in the previous term. The recurring profit was posted at Yen 5,240 million and the net profit at Yen 1,253
million, respectively, compared with Yen 5,936
million recurring profit and Yen 1,615
million net profit, respectively, a year ago.
For
the current term ending Mar 2015 the recurring profit is projected at Yen 6,000
million and the net profit at Yen 1,350 million, respectively, on a 5 % rise in
turnover, to Yen 189,500 million. Even
though they have achieved increase in income and profit for three terms in a row, the devaluation of the yen is causing a
considerable decrease in profits
.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is estimated at
Yen 4,272.3 million, on 30 days normal terms.
Date Registered: Jan 2005
Regd No.: (Tokyo-Chuoku)
091394
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 120 million shares
Issued:
30 million shares
Sum: Yen
15,000 million
Major shareholders (%): Nichirei Corp* (100)
*.. General
processed food company based on cold storage operations, at the caption
address, founded 1942, listed Tokyo S/E, capital Yen 30,307 million, turnover
Yen 511,189 million, operating profit Yen 15,789 million, recurring profit Yen
14,443 million, net profit Yen 8,898 million, total assets Yen 322,607 million,
net worth Yen 133,456 million, employees 12,970, pres Kunio Otani
Nothing detrimental is known as
to the commercial morality of executives.
Activities: Manufactures, imports, exports and
wholesales processed foods: frozen foods & vegetables, acerola-based
beverages, retort-pouch foods, canned foods, health foods, other (--100%).
Clients: [Mfrs, wholesalers] Mitsubishi Corp,
Marubeni Corp, Itochu Foods, Mitsui & Co, Asahi Foods, Takase Bussan, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Surapon Nichirei
Foods Co, Zen-Noh, Chiba Chikusan Kogyo, other
Payment record: No
Complaints
Location:
Business area in Tokyo.
Office premises at the caption address are owned by the parent, Nichirei
Corp, and maintained satisfactorily.
Bank References:
Mizuho Bank (Ohtemachi)
MUFG (H/O)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual
Sales |
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189,500 |
180,302 |
168,920 |
162,718 |
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Recur.
Profit |
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5,300 |
5,240 |
5,936 |
5,240 |
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Net
Profit |
|
600 |
1,253 |
1,615 |
3,432 |
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Total
Assets |
|
|
86,643 |
74,952 |
71,956 |
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Current
Assets |
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|
48,435 |
43,307 |
41,324 |
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Current
Liabs |
|
|
48,340 |
41,586 |
39,668 |
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Net
Worth |
|
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32,494 |
31,609 |
30,350 |
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Capital,
Paid-Up |
|
|
15,000 |
15,000 |
15,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.10 |
6.74 |
3.81 |
4.89 |
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Current Ratio |
|
.. |
100.20 |
104.14 |
104.17 |
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N.Worth Ratio |
|
.. |
37.50 |
42.17 |
42.18 |
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R.Profit/Sales |
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2.80 |
2.91 |
3.51 |
3.22 |
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N.Profit/Sales |
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0.32 |
0.69 |
0.96 |
2.11 |
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Return On Equity |
|
.. |
3.86 |
5.11 |
11.31 |
Forecast
(or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
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 |
-- |
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.