MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOSHOKU LTD |
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Registered Office : |
Fuji Bldg, 3-2-3 Marunouchi Chiyodaku Tokyo 100-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2006 |
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Date of Incorporation : |
Nov 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Trading house specializing in foodstuffs |
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 Limit : |
Yen 867.6 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
TOSHOKU LTD
REGD NAME
KK Toshoku
MAIN OFFICE
Fuji Bldg, 3-2-3 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel : 03-5224-5600
Fax : 03-5224-5930
URL : http://www.toshoku.co.jp/
E-Mail address: info@toshoku.co.jp
ACTIVITIES
Trading house specializing in foodstuffs
BRANCHES
Osaka, Nagoya, Sapporo, Sendai, Okayama, Fukuoka
OVERSEAS
Los Angeles, New York, Portland (--USA), Sao Paolo,
Vancouver, London, Milan, Melbourne, Shanghai, Beijing (--China), Singapore,
Bangkok, Jakarta
OFFICER(S)
HIDEYO SUZUKI, PRES & CEO Hiroto Sasaki, mgn dir
Anri Hamaya, dir Takayuki Kojima, dir
Kozo Shirasaka, dir
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 132,032 M
PAYMENTS REGULAR CAPITAL Yen 2,500 M
TREND STEADY WORTH Yen 55,460 M
STARTED 1946 EMPLOYES 233
COMMENT
TRADING HOUSE SPECIALIZING IN FOODSTUFFS, WHOLLY OWNED BY CARGIL INC GROUP, USA. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 8,67.6 MILLION, 30 DAYS NORMAL TERMS
Note: Forecast
figures for the 31/05/2007 fiscal term.
HIGHLIGHTS
The subject company was established originally as Tokyo Food Products Co Ltd as a trading house specializing in foodstuffs. Renamed as captioned in Jan 1961. In Dec 1997, the subject went into financial difficulties and filed for court protection under the Corporate Reorganization Law. Reported liabilities were Yen 639,700 million. In Mar 1998 received the order of commencement of the Corporate Reorganization Proceedings. In Oct 1998, Cargill Inc, USA became the Toshoku’s sponsor company. In Jun 2000, Court approval granted for the Reorganization Plan, and elected Hideyo Suzuki as pres. In Sept 2000, decreased the capital to Yen 0 from the previous Yen 30,360 million, and increased to Yen 2,500 million.
In Oct 2000, moved the headquarters to the caption address
(from Nihombashi-Muromachi Chuoku, Tokyo) and newly started business
operations. In Feb 2004, approval
granted by the Court for the completion of the Reorganization Proceedings. The firm is steadily moving on to the
recovery track by the aegis of the Cargil group, both in financing and business
transactions.
This is a specialized trading house of foodstuffs with 4
core divisions: Grain & Oil Div, Food Material Div, Processed Food Div, and
Food Engineering Div.
Merger
Plan announced on 13/02/2007 to the effect that:
The firm will merge with Cargill Japan Ltd* effective on
01/06/2007 to integrate businesses of both companies and will then change the
company name to Cargill Japan Limited.
*.. Trading firm at the caption address, wholly owned by
Cargill Inc, USA, founded 1988, marketing Cargill products imported from around
the world, capital Yen 300 million, turnover Yen 61,476 million, employees 130,
pres Hideyo Suzuki, concurrently.
FINANCIAL INFORMATION
The sales volume for May/2006 fiscal term amounted to Yen 132,032 million, an 8% down from Yen 143,805 million in the previous term. Hurt by lower-priced imports particularly vegetables, processed foods, other foodstuffs, mainly from China & other S/E Asian countries. The recurring profit was posted at Yen 2,129 million and net profit at Yen 1,441 million, respectively, compared with Yen 1,849 million recurring profit and Yen 1,651 million net profit, respectively, a year ago. Reported Yen 103 million as extraordinary losses.
For the current term ending May 2007 the recurring profit is
projected at Yen 12,150 million and net profit at Yen 1,480 million,
respectively, on a 2% rise in turnover, to Yen 135,000 million.
The financial situation is considered maintained FAIR and
good for ORDINARY business engagements.
Max credit limit is estimated at Yen 8,167.6 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Nov
1946
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 200,000
shares
Issued: 50,000
shares
Sum: Yen
2,500 million
Major shareholders (%): Cargill Asia Pacific Ltd (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: A trading house for import, export, wholesale of: food grains, oils & fats (23%), Agro & marine products (56%), feeds & livestock products (14%), eggs sugar, beverages, confectionary, processed food ingredients, others (4%).
Overseas trading 50%.
(Handling
Items by divisions):
Grain
& Oil Div: wheat, barley, rice, wheat & other cereal flour,
pre-mixed products, raw materials for
grain teas, oil seeds (canola, soybeans, cottonseeds, sesame seeds, etc),
Animal/vegetable oils & fats (soybean oil, canola oil,
palm oil, safflower oil, cottonseed oil, fish oil, etc), mayonnaise & other
oil based products, feed grains, food, com, feed materials (soybean meal,
fishmeal, etc), raw materials of starch & its products, grits &
sweeteners;
Food
Materials Div: cocoa beans & products (cocoa butter, cocoa liquor,
cocoa powder, etc), dried edible beans (small red beans, kidney beans, etc),
nuts (groundnuts, almonds, cashew nuts, etc), cereals, dairy products, refined
sugar, beet sugar & non-centrifugal sugar, raw sugar, coffee beans, chicory,
other;
Processed
Food Div: canned/bottled foods, frozen/dried/salted vegetables,
fruits & spice, wine ingredients, juice materials, meat (pork, beef &
chicken), processed meat products, teas & laver, other;
Food
Engineering Div: crude & refined ethanol, shelled egg & egg-related
products, organic & inorganic chemicals, food additives, crude solar salt,
packaging materials, etc.
Clients: [Food processors, wholesalers] Kokubu Ltd, QP Corp, Key Coffee Inc, Meiji Seika, Daito Cacao, Mitsui Foods, Kyodo Shiryo, Nichiwa Sangyo, Tokan Co, other.
No. of accounts: 3,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Cargill group firms, Key
Coffee, UCC Ueshima Coffee, Nissin Food Products, Nissin Oillio Group, Hokuren
Federation of Agricultural Coops, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Nihombashi)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Non-Consolidated in million yen) |
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Terms Ending: |
31/05/2006 |
31/05/2005 |
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INCOME STATEMENT |
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Annual Sales |
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132,032 |
143,805 |
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Cost of Sales |
126,172 |
138,258 |
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GROSS PROFIT |
5,860 |
5,547 |
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Selling & Adm Costs |
3,775 |
3,874 |
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OPERATING PROFIT |
2,084 |
1,671 |
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Non-Operating P/L |
45 |
178 |
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RECURRING PROFIT |
2,129 |
1,849 |
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NET PROFIT |
1,441 |
1,651 |
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BALANCE SHEET |
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Cash |
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353 |
1,256 |
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Receivables |
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18,253 |
18,026 |
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Inventory |
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9,534 |
7,722 |
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Securities, Marketable |
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Other Current Assets |
28,754 |
26,955 |
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TOTAL CURRENT ASSETS |
56,894 |
53,959 |
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Property & Equipment |
195 |
313 |
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Intangibles |
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12 |
11 |
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Investments, Other Fixed Assets |
15,935 |
16,614 |
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TOTAL ASSETS |
71,395 |
70,098 |
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Payables |
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13,747 |
15,548 |
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Short-Term Bank Loans |
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Other Current Liabs |
989 |
0 |
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TOTAL CURRENT LIABS |
14,736 |
15,548 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
410 |
641 |
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Other Debts |
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789 |
425 |
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TOTAL LIABILITIES |
15,935 |
16,614 |
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MINORITY INTERESTS |
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Common stock |
2,500 |
2,500 |
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Additional paid-in capital |
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Retained earnings |
52,056 |
50,614 |
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Evaluation p/l on
investments/securities |
904 |
368 |
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Others |
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0 |
1 |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
55,460 |
53,483 |
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TOTAL EQUITIES |
71,395 |
70,098 |
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ANALYTICAL RATIOS Terms ending: |
31/05/2006 |
31/05/2005 |
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Net Worth (S/Holders' Equity) |
55,460 |
53,483 |
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Current Ratio (%) |
386.09 |
347.05 |
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Net Worth Ratio (%) |
77.68 |
76.30 |
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Recurring Profit Ratio (%) |
1.61 |
1.29 |
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Net Profit Ratio (%) |
1.09 |
1.15 |
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Return On Equity (%) |
2.60 |
3.09 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)