MIRA
INFORM REPORT
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Report Date : |
26.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOHO BUSSAN KAISHA LTD |
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Registered Office : |
Davinci Shiba Park A Bldg 8F, 2-4-1 Shibakoen Minatoku Tokyo 105-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jul 1958 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
General trading house specializing in
seafood & other 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 289.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
TOHO BUSSAN KAISHA LTD
REGD NAME
Toho Bussan KK
MAIN OFFICE
Davinci Shiba Park A Bldg 8F, 2-4-1 Shibakoen Minatoku Tokyo 105-0011
JAPAN
Tel : 03-3438-5711
Fax : 03-3438-5740
URL : http://www.tohob.co.jp/
E-Mail address: gyomu@tohob.co.jp
ACTIVITIES
General trading house specializing in seafood & other
foodstuffs
BRANCHES
Kobe
OVERSEAS
Jakarta, Bangkok, China (3)
OFFICER(S)
HIDEKI HATAYA, PRES & CEO Taku Furuta, mgn dir
Hideaki Fujimura, dir Hiroyuki
Hidaka, dir
Satoru Ichikawa, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 40,366 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND STEADY WORTH Yen 1,201 M
STARTED 1958 EMPLOYES 133
COMMENT
GENERAL TRADING HOUSE SPECIALIZING IN FOODSTUFFS, OWNED BY MITSUI & CO. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 289.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of business operations transferred from Dai-ichi Tsusho KK, specializing in export/import businesses with the then Communist countries, affiliated with Mitsui & Co. In 1965 the firm transferred the Russian operations to the parent, Mitsui & Co Ltd (see REGISTRATION). This is a trading firm specializing in seafood, farm products, food materials & ingredients, other. In 2004 merged two subsidiary seafood firms to integrate seafood operations. In Apr 2005, transferred from the parent its salmon business operations, followed by fruits/vegetable operations in May 2005. In Jul 2007, transferred from the parent its livestock business. Goods are imported widely from overseas countries. 5 overseas branch offices, Jakarta, Bangkok and China (3), function as purchasing & marketing offices. Exports Suzuki Motor’s finished automobiles; also exports used auto tires to Mid East. Domestic clients other than the parent, Mitsui & Co, include Agricultural & Forestry Ministry, fishery firms, meat packers, other.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 40,366 million, a 7% down from Yen 43,243 million in the previous term. Business declined due to the prices drop of vegetables & fruits from China from harsh competition. The recurring profit was posted at Yen 112 million and net profit at Yen 53 million, respectively, compared with Yen 121 million recurring profit and Yen 2 million net profit, respectively, a year ago. Merger/reconstruction costs ate into the recurring profit. The last term’s net profit decrease is referred to some extraordinary losses written off.
For the current term ending Mar 2008 the recurring profit is projected at Yen 115 million and the net profit at Yen 55 million, on a 4% rise in turnover, to Yen 42,000 million. Livestock business transferred from the parent will contribute to sales growth.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 289.7 million, on 30 days normal terms. .
REGISTRATION
Date Registered: Jul
1958
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3.2
million shares
Issued: 800,000
shares
Sum: Yen
400 million
Major shareholders (%): Mitsui & Co*(96), Chuo Gyorui (2), Mizuho Bank (1), SMBC (1)
No. of shareholders: 4
*.. Top-ranked general trading house, Tokyo, founded 1947, listed Tokyo, Osaka, Nagoya, Luxemburg, Amsterdam, Frankfurt S/E’s, capital Yen 323,213 million, turnover Yen 15,357,656 million, recurring profit Yen 330,140 million, net profit Yen 301,502 million, total assets Yen 9,813,312 million, net worth Yen 2,110,279 million, employees 41,761, pres Shoei Utsuda
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales:
Seafood (40%): fresh/smoked salmon (cultured in Chile), tune, fresh & boiled shrimps/prawns (from Thailand, Vietnam, Indonesia), salmon roes (from Alaska, Denmark, Finland, Norway, Chile), other fish roes;
Foodstuff Materials (20%): peanuts (from China, USA, S Africa, Paraguay, etc), almond/cashew nuts, soybeans, beef/chicken/port and other meat processed/half processed foods, dairy products, other;
Farm Products (25%): wheat (from USA, Canada, Australia), rice, cherry (from USA, Chile), corns, soybean cakes, rye (-feed materials), mushrooms, Chinese wines (ex JV Shanghai Dong Fa Brewery Co), fish bait;
Commodities, others (15%): hats, auto tires, motorcars (of Suzuki make), other.
(Sales breakdowns are all about).
Clients: [Wholesalers, fish markets, government agencies] Ministry of Agriculture & Forestry, Mitsui & Co, Itoham Foods, Chuo Gyorui, Chuka Takahashi Corp, Morinaga Milk Ind, Kikkoman Corp, Bridgestone Corp, Marine Foods, Nippon Suisan Kaisha, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Producers, wholesalers] Mitsui & Co (26.8%) PT Misaja Mitra (Indonesia) (5.2%), Chuka Takahashi Seafood, Suzuki Motor, Narong Seafood Co, CP Merchandising Co (--Thailand), other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Shimbashi)
SMBC (Shimbashi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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42,000 |
40,366 |
43,243 |
32,523 |
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Recur. Profit |
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115 |
112 |
121 |
243 |
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Net Profit |
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55 |
53 |
2 |
75 |
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Total Assets |
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13,945 |
14,039 |
12,202 |
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Current Assets |
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13,104 |
13,279 |
11,408 |
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Current Liabs |
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11,799 |
11,944 |
10,171 |
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Net Worth |
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1,201 |
1,151 |
1,119 |
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Capital, Paid-Up |
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400 |
400 |
400 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.05 |
-6.65 |
32.96 |
12.27 |
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Current Ratio |
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.. |
111.06 |
111.18 |
112.16 |
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N.Worth Ratio |
.. |
8.61 |
8.20 |
9.17 |
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R.Profit/Sales |
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0.27 |
0.28 |
0.28 |
0.75 |
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N.Profit/Sales |
0.13 |
0.13 |
0.00 |
0.23 |
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Return On Equity |
.. |
4.41 |
0.17 |
6.70 |
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Notes: Forecast figures for the 31/03/2008 fiscal term.
SUPPLEMENTS
Consolidated Financials of the parent, Mitsui & Co.
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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15,357,656 |
14,885,772 |
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Cost of Sales |
3,977,063 |
3,297,161 |
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GROSS PROFIT |
11,380,593 |
11,588,611 |
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Selling & Adm Costs |
11,071,693 |
11,322,811 |
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OPERATING PROFIT |
308,900 |
265,800 |
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Non-Operating P/L |
21,240 |
-12,168 |
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RECURRING PROFIT |
330,140 |
253,182 |
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NET PROFIT |
301,502 |
202,409 |
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BALANCE SHEET |
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Cash |
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800,032 |
697,065 |
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Receivables |
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2,189,514 |
1,997,093 |
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Inventory |
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696,470 |
695,754 |
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Securities, Marketable |
11,670 |
26,860 |
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Other Current Assets |
1,376,090 |
1,330,059 |
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TOTAL CURRENT ASSETS |
5,073,776 |
4,746,831 |
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Property & Equipment |
988,300 |
746,149 |
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Intangibles |
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104,445 |
98,811 |
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Investments, Other Fixed Assets |
3,646,791 |
2,981,787 |
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TOTAL ASSETS |
9,813,312 |
8,573,578 |
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Payables |
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658,747 |
540,797 |
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Short-Term Bank Loans |
371,865 |
353,185 |
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Other Current Liabs |
2,779,590 |
2,616,959 |
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TOTAL CURRENT LIABS |
3,810,202 |
3,510,941 |
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Debentures |
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Long-Term Bank Loans |
2,887,528 |
2,658,735 |
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Reserve for Retirement Allw |
33,209 |
36,769 |
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Other Debts |
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733,407 |
570,066 |
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TOTAL LIABILITIES |
7,464,346 |
6,776,511 |
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MINORITY INTERESTS |
238,687 |
118,160 |
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Common stock |
323,213 |
295,766 |
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Additional paid-in capital |
417,900 |
390,488 |
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Retained earnings |
1,111,904 |
863,814 |
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Evaluation p/l on
investments/securities |
258,922 |
216,099 |
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Others |
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1,808 |
(86,257) |
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Treasury stock, at cost |
(3,468) |
(2,003) |
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TOTAL S/HOLDERS` EQUITY |
2,110,279 |
1,677,907 |
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TOTAL EQUITIES |
9,813,312 |
8,573,578 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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239,275 |
146,396 |
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Cash Flows from Investment Activities |
-418,028 |
-347,332 |
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Cash Flows from Financing Activities |
272,289 |
92,269 |
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Cash, Bank Deposits at the Term End |
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800,032 |
697,065 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
2,110,279 |
1,677,907 |
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Current Ratio (%) |
133.16 |
135.20 |
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Net Worth Ratio (%) |
21.50 |
19.57 |
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Recurring Profit Ratio (%) |
2.15 |
1.70 |
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Net Profit Ratio (%) |
1.96 |
1.36 |
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Return On Equity (%) |
14.29 |
12.06 |
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. |
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%)