MIRA
INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARGILL JAPAN LIMITED |
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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) : |
31.05.2007 |
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Date of Incorporation : |
November 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 9,263.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
CARGILL JAPAN LIMITED
REGD NAME: Cargill Japan KK
MAIN OFFICE: Fuji Bldg, 3-2-3
Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel:
03-5224-5600 Fax: 03-5224-5930
E-Mail address: info@cargill.com
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
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 144,435 M
PAYMENTS REGULAR CAPITAL Yen 2,800 M
TREND STEADY WORTH Yen 57,394 M
STARTED 1946 EMPLOYES 379
COMMENT
TRADING
HOUSE SPECIALIZING IN FOODSTUFFS, WHOLLY OWNED BY CARGIL INC GROUP, USA.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS:
US$650,000 / O/A 30 DAYS TERMS.
MAX CREDIT LIMIT
YEN 9,263.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally as Tokyo Food Products Co Ltd as a trading house specializing in foodstuffs. Renamed as Toshoku Ltd 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 president. In Sept 2000, decreased the capital to Yen 0 from the previous Yen 30,360 million, and increased to Yen 2,500 million. On June 01 2007, merged with Cargill Japan Ltd into its subsidiary and renamed as captioned.
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 Cargill 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.
FINANCIAL INFORMATION
The sales volume for May/2007 fiscal term amounted to Yen 144,435 million, a 9% up from Yen 132,032 million in the previous term. Hike in grain & other foodstuffs contributed. The recurring profit was posted at Yen 2,462 million and net profit at Yen 1,921 million, respectively, compared with Yen 2,129 million recurring profit and Yen 1,441 million net profit, respectively, a year ago. Reported Yen 103 million as extraordinary losses for the previous term.
For the current term ending May 2008 the recurring profit is projected at Yen 2,500 million and net profit at Yen 2,000 million, respectively, on a 7% rise in turnover, to Yen 155,000 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 9,263.5 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Nov 1946
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 200,000 shares
Issued: 56,000 shares
Sum: Yen 2,800 million
Major shareholders (%)
Cargill Asia Pacific Ltd (80.12), Cargill Inc (19.88)
Number of shareholders: 2
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading house for import, export, wholesale of: foodstuffs:
(Sales Breakdown by
Divisions):
Grain & Oil Div (23%): 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 (56%): 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 (7%): 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 (14%): crude & refined ethanol, shelled egg & egg-related products,
organic & inorganic chemicals, food additives, crude solar salt, packaging materials, etc.
Overseas trading ratio: 50%.
Clients
[Food processors, wholesalers] Kokubu Ltd, QP Corp, Key Coffee Inc, Meiji Seika, Daito Cacao, Mitsui Foods, Kyodo Shiryo, Nichiwa Sangyo, Tokan Co, Ministry of Agriculture, Itoen Ltd, 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, Marubeni Corp, 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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Terms Ending: |
31/05/2008 |
31/05/2007 |
31/05/2006 |
31/05/2005 |
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Annual
Sales |
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155,000
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144,435
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132,032
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143,805
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Recur.
Profit |
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2,500 |
2,462 |
2,129 |
1,849 |
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Net
Profit |
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2,000 |
1,921 |
1,441 |
1,651 |
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Total
Assets |
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76,345 |
71,395 |
70,098 |
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Current
Assets |
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69,906 |
56,894 |
53,959 |
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Current
Liabs |
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18,108 |
14,736 |
15,548 |
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Net
Worth |
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57,394 |
55,460 |
53,483 |
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Capital,
Paid-Up |
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2,800 |
2,800 |
2,800 |
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Div.P.Share(¥) |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.31 |
9.39 |
-8.19 |
-3.35 |
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Current Ratio |
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.. |
386.05 |
386.09 |
347.05 |
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N.Worth Ratio |
.. |
75.18 |
77.68 |
76.30 |
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R.Profit/Sales |
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1.61 |
1.70 |
1.61 |
1.29 |
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N.Profit/Sales |
1.29 |
1.33 |
1.09 |
1.15 |
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Return On Equity |
.. |
3.35 |
2.60 |
3.09 |
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Notes: Forecast (or estimated) figures for the 31/05/2008
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. |
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%)