MIRA
INFORM REPORT
|
Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
TOHTO SUISAN CO LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
Mar 1948 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, wholesale of frozen & fresh
fish products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 4714.1 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name
TOHTO SUISAN CO
LTD
REGD NAME
Tohto Suisan KK
MAIN OFFICE
Tel : 03-3541-5468
Fax : 03-3541-5648
URL : http://www.tohsui.co.jp/
E-Mail address: info@tohsui.co.jp
ACTIVITIES
Import, wholesale
of frozen & fresh fish products
(Licensed
wholesaler of marine products for Tokyo Central Wholesale Market)
BRANCHES
Cold storage at
the caption address
CHIEF EXEC
YOSHINARI
SEKIMOTO, PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 172,594 M
PAYMENTS REGULAR CAPITAL Yen 2,376 M
TREND STEADY WORTH Yen
12,423 M
STARTED 1948 EMPLOYES 452
COMMENT
IMPORTER AND WHOLESALER OF SEAFOOD.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 4,714.1 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company is the third largest consignee of seafood. Independent licensed wholesaler of seafood at Tokyo Central Wholesale Market, dealing in fresh/frozen fish & shellfish, plus processed seafood. Operates cold storage/refrigerated warehouse at the caption address. Expanding into regional wholesale markets. Engaged in tuna farming in foreign sea.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 172,594 million, a 0.3% up from Yen 172,069 million in the previous term. Fish market was thrown into harsh competition among the trade. Sales declined. Fish prices somewhat recovered. By divisions, seafood division up 0.5% to Yen 165,597 million; cold storage down 3.8% to Yen 6,265 million. The recurring profit was posted at Yen 1,326 million and the net profit at Yen 1,116 million, respectively, compared with Yen 1,243 million recurring profit and Yen 1,271 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected at Yen 1,000 million and the net profit at Yen 900 million, on a 3.2% fall in turnover, to Yen 167,000 million. Hike in overseas seafood and import costs may eat into profits.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,714.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1948
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 128 million shares
Issued: 40,260,000 shares
Sum: Yen 2,376 million
Major shareholders (%): Matsuoka Reizo (8.2), TCSB (Mizuho Bank) (4.8), MUFG (4.8), Japan Trustee Services
Bank T (4.1), Mizuho Corporate Bank (3.2), Nichiro Corp (3.0), Master Trust Bank of
Japan T (2.3), Yukiya Sekimoto (1.7), Nisshin Fire & Marine Ins (1.6); foreign owners
(5.5)
No. of
shareholders: 4,886
Listed on the
S/Exchange (s) of:
Managements: Yukiya Sekimoto, ch; Yoshinari Sekimoto, pres; Kuniyuki Takagi, s/mgn dir; Tsubasa
Oshikata, s/mgn dir; Noriyuki Moritaka, mgn dir; Masafumi Shinozaki, dir; Norio Aoyama,
dir; Sanshiro Maekawa, dir; Hisao Kabe, dir; Hiroshi Kobayashi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Saitamaken
Uoichiba,
OPERATION
Activities:
Imports and wholesales seafood (96%), cold storage operation (4%).
(Handling items):
Tuna Fish Div: Blue fin tuna, yellow fin tuna, sword fish;
Fresh Fish Div: horse mackerel, yellowtail, sea bream, fluke, mackerel, Pacific saury, plaice bonito, octopus;
Special Products Div: swellfish, sea urchin, ark shell, sea eel, hairy crab, lobster, prawn, shrimp;
Frozen & Salted Fish Div: salmon, crab, octopus, squid, lobster, prawns, shrimp, salmon roe, herring cod roe;
Processed Products Div: horse mackerel, sardine, eel, capelin, young sardine, walleye Pollack roe, bonito paste, kind of fish paste, dumplings stuffed with minced port, other.
Clients: [Fish
markets, fish dealers] Tokyo Central Fish Market, regional fish markets, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toyo Reizo, other. Fishes
are imported.
Payment record:
Regular
Location: Business area in
Bank References
Mizuho Bank
(Tsukiji-Chuo)
MUFG (Tsukiji)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
||||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
|
|
INCOME STATEMENT |
|
|
|||
|
|
Annual Sales |
|
172,594 |
172,069 |
|
|
|
Cost of Sales |
163,682 |
162,888 |
||
|
|
GROSS PROFIT |
8,912 |
9,181 |
||
|
|
Selling & Adm Costs |
7,744 |
7,813 |
||
|
|
OPERATING PROFIT |
1,167 |
1,368 |
||
|
|
Non-Operating P/L |
159 |
-125 |
||
|
|
RECURRING PROFIT |
1,326 |
1,243 |
||
|
|
NET PROFIT |
1,126 |
1,271 |
||
|
BALANCE SHEET |
|
|
|
||
|
|
Cash |
|
6,014 |
3,898 |
|
|
|
Receivables |
|
11,120 |
10,656 |
|
|
|
Inventory |
|
7,603 |
4,895 |
|
|
|
Securities, Marketable |
|
|
||
|
|
Other Current Assets |
(1,593) |
(1,070) |
||
|
|
TOTAL CURRENT ASSETS |
23,144 |
18,379 |
||
|
|
Property & Equipment |
5,709 |
5,826 |
||
|
|
Intangibles |
|
236 |
221 |
|
|
|
Investments, Other Fixed Assets |
6,857 |
8,427 |
||
|
|
TOTAL ASSETS |
35,946 |
32,853 |
||
|
|
Payables |
|
4,552 |
4,551 |
|
|
|
Short-Term Bank Loans |
12,425 |
8,318 |
||
|
|
|
|
|
|
|
|
|
Other Current Liabs |
1,121 |
2,005 |
||
|
|
TOTAL CURRENT LIABS |
18,098 |
14,874 |
||
|
|
Debentures |
|
|
|
|
|
|
Long-Term Bank Loans |
769 |
121 |
||
|
|
Reserve for Retirement Allw |
1,618 |
1,828 |
||
|
|
Other Debts |
|
3,037 |
3,669 |
|
|
|
TOTAL LIABILITIES |
23,522 |
20,492 |
||
|
|
MINORITY INTERESTS |
|
26 |
||
|
|
Common
stock |
2,376 |
2,376 |
||
|
|
Additional
paid-in capital |
1,017 |
1,017 |
||
|
|
Retained
earnings |
6,068 |
5,066 |
||
|
|
Evaluation
p/l on investments/securities |
2,375 |
2,307 |
||
|
|
Others |
|
588 |
1,569 |
|
|
|
Treasury
stock, at cost |
(1) |
(1) |
||
|
|
TOTAL S/HOLDERS` EQUITY |
12,423 |
12,334 |
||
|
|
TOTAL EQUITIES |
35,946 |
32,853 |
||
|
CONSOLIDATED CASH FLOWS |
|
|
|||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
|
|
|
Cash
Flows from Operating Activities |
|
-1,154 |
1,541 |
|
|
|
Cash
Flows from Investment Activities |
-568 |
1,399 |
||
|
|
Cash
Flows from Financing Activities |
3,825 |
-2,295 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
5,940 |
3,824 |
|
|
ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
|||
|
|
|
Net
Worth (S/Holders' Equity) |
12,423 |
12,334 |
|
|
|
|
Current
Ratio (%) |
127.88 |
123.56 |
|
|
|
|
Net
Worth Ratio (%) |
34.56 |
37.54 |
|
|
|
|
Recurring
Profit Ratio (%) |
0.77 |
0.72 |
|
|
|
|
Net Profit
Ratio (%) |
0.65 |
0.74 |
|
|
|
|
Return
On Equity (%) |
9.06 |
10.30 |
|
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)