MIRA
INFORM REPORT
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Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNFCO LTD |
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Registered Office : |
Kanda 91 Bldg 8F, 1-8-3 Kanda-Kajicho Chiyodaku Tokyo 101-0044 |
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Country : |
Japan |
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Date of Incorporation : |
Mar 1979 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of raw materials for food, dairy
& medical products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 46.3 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
SUNFCO LTD
REGD NAME
KK Sunfco
MAIN OFFICE
Kanda 91 Bldg 8F, 1-8-3 Kanda-Kajicho Chiyodaku Tokyo 101-0044 JAPAN
Tel : 03-3255-2460
Fax : 03-3255-0787
URL : http://www.sunfco.com
E-Mail address: Osaka@sunfco.com
ACTIVITIES
Import, export, wholesale of raw materials for food, dairy
& medical products
BRANCHES
Osaka
OVERSEAS
Brisbane (Australia)
OFFICERS
HIROYA YUGUCHI, PhD, PRES Toshiaki
Shimokawa, dir
Minoru Hayashi, dir Nagahiro
Yamazaki, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 7,512 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND SLOW WORTH Yen 262 M
STARTED 1979 EMPLOYES 22
COMMENT
TRADING HOUSE OF RAW MATERIALS FOR FOOD, DAIRY, CHEMICAL, OTHERS.
FINANCIAL
SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 46.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by capital investments of
Morinaga Milk Industry Co Ltd, Taiyo Kagaku Co Ltd and Kaei Trading Co Ltd (See
REGISTRATION) as Sun Friend Chemical Ltd, in order to supply & develop raw materials
& ingredients, products for food, medical, biotech, chemical, health food
products. Renamed as captioned in Sept
1989. This is a trading house for
import, export and wholesale of these raw materials and ingredients. Has 5 divisions: Foodstuffs; Pharmaceutical
products; Biochemical products; Health foods; Chemical products and Equipment
(See OPERATION). Clients include major
dairy products mfrs, wholesalers,
other,
nationwide.
FINANCIAL INFORMATION
The sales volume for Feb/2006 fiscal term amounted to Yen 7,512 million, a slight rise from Yen 7,488 million in the previous term. The profits worsened due to rising costs of imports and operations, posting Yen 24 million in recurring profit and Yen 18 million net profit, respectively. This compares with Yen 74 million recurring profit and Yen 41 million net profit, respectively, a year ago.
For the term just ended Feb 2007 the net profit was projected
and believed posted at Yen 30 million, on a 3% rise in turnover, to Yen 7,700
million. Weaker Yen should have helped
to uplift sales in Yen terms. Business
is seen steady.
The financial situation is considered RATHER WEAK but should be
good for MODERATE business engagements.
Max credit limit is estimated at Yen 46.3 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Mar
1979
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 400,000
shares
Issued: 100,000
shares
Sum: Yen
50 million
Major shareholders (%): Morinaga Milk Industry Co Ltd*(45), Taiyo Kagaku Co Ltd**(45), Kaei Trading Co Ltd (10).
No. of shareholders: 3
*.. Morinaga Milk Industry Co Ltd, mfr of dairy products, Tokyo, founded 1949, listed Tokyo, Osaka S/E’s, capital Yen 21,704 million, turnover Yen 52,171 million, recurring profit Yen 11,305 million, net profit Yen 3,815 million, total assets Yen 339,456 million, net worth Yen 99,449 million, employees 6,815, pres Koichi Furukawa
**..Taiyo Kagaku Co Ltd, mfr of chemicals, foods &
pharmaceutical intermediates, Mie-Pref, founded 1948, listed Nagoya S/E (Second
section), capital Yen 7,730 million, turnover
Yen 35,309 million, recurring profit Yen 1,834 million, net profit Yen 1,052 million,
total assets Yen 39,228 million, net worth Yen 27,452 million, employees 1,116,
pres Nagahiro Yamazaki
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales raw materials &
intermediates for food, chemical, biochemical, pharmaceuticals, health foods
products (--100%).
(Handling
products by divisions):
Foodstuffs
Div:
(Dairy products) butter, cheese, milk powder, whey powder,
fermented milk, caramel powder;
(Imported & preparation): milk preparation, coffee
preparation, cocoa preparation, egg preparation, vanilla preparation, cheese
powder;
(Imported skim milk powder preparation): vegetable oil type,
dextrin type, flavored type;
(Raw materials): edible oil & fat, processed egg products, vegetables, fruits, fruit juice, lactose, milk protein;
(Food additives): emulsion stabilizer, vitamins, minerals, food
dye, flavors.
Pharmaceutical Products
Div: raw materials & additives for pharmaceuticals, raw materials &
additives for quasi-drugs.
Biochemical products
Div: biotechnological test agents, diagnostic products (antigens,
antibodies, antiserums).
Health Foods Div: Materials
for functional foods (lactoferrin, lactolose, lactobacillus, bihidobacteria);
Materials for health foods (vegetable powder, fruits powder, extractive
powder); Planning, sales & outsourced production of functional foods;
Chemical Products Div: cosmetics
minerals, industrial chemical products materials (glycerin, caustic soda,
activated carbon); water/oil repellent agents, cryoprotectant (CMA) &
spreader;
Equipment Div: Packaging
& packaging devices, micro filters (production line filters, air filters);
electrolyzed water production unit (Purester).
Clients: [Dairy food mfrs, pharmaceuticals mfrs, wholesalers] Morinaga Milk Ind, Taiyo Kagaku, Itoham Foods, Daicel Chemical Ind, Eisai Co, Zeria Pharmaceutical, Tosoh Ltd, Toray Ind, Honen Corporation, Nisshin Seifun Group, Mitsubishi Chemical, Morinaga & Co, Lion Corp, Yakult Honsha, DHC, Taisho Pharmaceuticals, Noevir Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Taiyo Kagaku, Morinaga Milk Ind,
Meggle Japan, Ikeda Yakuhin Kogyo, other.
(Overseas): Burra Foods Pty, Schering AG, Francexpa SA,
Bllantyne Foods Pty, Biodesign
International Inc, Biospecific Inc, Fitzgerald International Inc, OEM Concepts
Inc, Lampire Biological Laboratories Inc, Scantibodies Laboratories Inc, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (H/O)
Mizuho Bank (Kanda-Ekimae)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
28/02/2007 |
28/02/2006 |
28/02/2005 |
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Annual
Sales |
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7,700 |
7,512 |
7,488 |
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Recur.
Profit |
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24 |
74 |
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Net
Profit |
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30 |
18 |
41 |
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Total
Assets |
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3,416 |
4,003 |
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Current
Assets |
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3,250 |
3,891 |
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Current
Liabs |
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3,123 |
3,761 |
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Net
Worth |
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262 |
226 |
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Capital,
Paid-Up |
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50 |
50 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.50 |
0.32 |
12.25 |
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Current Ratio |
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104.07 |
103.46 |
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N.Worth Ratio |
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7.67 |
5.65 |
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R.Profit/Sales |
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0.32 |
0.99 |
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N.Profit/Sales |
0.39 |
0.24 |
0.55 |
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Return On Equity |
.. |
6.87 |
18.14 |
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Note: Forecast (or estimated) for the 28/02/2007 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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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%)