MIRA
INFORM REPORT
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Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
FARMLAND TRADING LTD |
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Registered Office : |
Rex
Bldg, 6-10-8 Shimbashi Minatoku Tokyo 105-0004 |
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Country : |
Japan |
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Date of Incorporation : |
Apr 1983 |
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Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of beef, feeds, vegetables |
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
51.4 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
FARMLAND TRADING LTD
REGD NAME
Farmland Trading KK
MAIN OFFICE
Rex Bldg, 6-10-8 Shimbashi
Minatoku Tokyo 105-0004 JAPAN
Tel : 03-3431-4129
Fax : 03-3432-6356
URL : http://www.farmland.co.jp
E-Mail address: hidesato@blue.ocn.ne.jp
(livestock division)
ACTIVITIES
Import, wholesale of
beef, feeds, vegetables (organically produced)
BRANCHES
Ashiya (Hyogo)
OFFICERS
Takehisa Toki, ch
MASARU KAWASAKI, PRES
Yen Amount : In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,185 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen
265 M
STARTED 1983 EMPLOYES 13
COMMENT
TRADING FIRM
SPECIALIZING IN LIVESTOCK PRODUCTS, FEEDS AND VEGETABLES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
51.4 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Takehisa Toki in order to make most of his experience in the subject line of business. This is a trading firm specializing in importing and wholesaling chilled beef, feeds, fertilizer, vegetables and foods. Goods are all organically produced. Beef comes centrally from USA, other from France, Spain, Argentine, Chile, China, Indonesia, other. Clients include major meat packers nationwide.
FINANCIAL INFORMATION
The sales volume for Dec/2005 fiscal term amounted to Yen 5,185 million, a 24% up from Yen 3,596 million for irregular 9 months (due to change in accounting term) in the previous term. The growth rate is adjusted on a 12-month basis. The recurring profit was posted at Yen 60 million and the net profit at Yen 6 million, respectively, compared with Yen 63 million recurring profit and Yen 44 million net profit, respectively, a year ago. The net profit deterioration is referred to some NC’s plus risen imports and operation costs.
For the term just ended Dec 2006 the net profit was projected and believed posted at Yen 15 million, on a 2% rise in turnover, to Yen 5,300 million. Reportedly, the sales should have risen further thanks to the weaker Yen against foreign currencies.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 51.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1983
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major shareholders (%): Sunrex
Corp*(85), Masaru Kawasaki (15)
No. of shareholders: 2
*.. Wholesaler of OA equipment & supplies, Tokyo, founded 1969, capital Yen10 million, turnover Yen 330 million, net profit Yen 4 million, employees 7, pres Y Nakayama
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales frozen/chilled beef from USA, fertilizer, feeds, herbage, seeds & seedlings, farm supplies, frozen vegetables, canned foods (whole tomatoes), wines, sugar, bananas, raisin, beans, others, all organically cultivated (--100%).
Goods are imported from USA (beef), Argentine, Italy, Australia, New Zealand, Indonesia, China, other.
Clients: [Meat packers, wholesalers, mfrs] Itoham Foods Inc, Nippon Meat Packers, Takizawa Ham Co, Yoshida Ham Co, Nissho Iwai Meat & Agri Products, Meidi-Ya Shoji, Imac Corp, Taki Bussan, Daiko Bussan, other.
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Independent Meat, Snake River Farms, St Helen’s, Family Farm, Agri Beef, Washington Beef, Pennington Seed, Cobum Co (--USA), T&R, Heritage Seeds (--Australia), Berselingk Ciptapersada (Indonesia), Adubos de Portugal (Portugal), Aglukon (Germany), Cropmark Seeds (New Zealand)
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Kyodo)
MUFJ (Toranomon)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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5,300
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5,185
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3,596
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Recur.
Profit |
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60 |
63 |
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Net
Profit |
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15 |
6 |
44 |
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Total
Assets |
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2,151
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1,935
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Current
Assets |
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1,694
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1,489
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Current
Liabs |
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1,381
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1,246
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Net
Worth |
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265 |
278 |
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Capital,
Paid-Up |
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10 |
10 |
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Div.P.Share(¥) |
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50.00
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50.00
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<Analytical
Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.22 |
23.89
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-9.15
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Current Ratio |
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122.66
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119.50
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N.Worth Ratio |
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12.32
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14.37
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R.Profit/Sales |
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.. |
1.16 |
1.75 |
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N.Profit/Sales |
0.28 |
0.12 |
1.22 |
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Return On Equity |
.. |
2.26 |
15.83
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Note: Forecast (or
estimated) for the 31/12/2006 fiscal term.
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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