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MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOP TRADING CO (FAR EAST) LTD |
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Registered Office : |
Seiko Bldg, 2-20-2 Saiwaicho Naniwaku Osaka 556-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
June 1970 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Meat, Ham, Sausages, Vegetables,
Pies, Dough |
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 140.1 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
TOP TRADING CO (FAR EAST) LTD
REGD NAME: Top Trading KK
MAIN OFFICE: Seiko Bldg, 2-20-2
Saiwaicho Naniwaku Osaka 556-0021 JAPAN
Tel:
06-6567-6616 Fax: 06-6567-6615
URL: http://www.toptrading.co.jp/
E-Mail address: info@toptrading.co.jp
ACTIVITIES
Import, wholesale of meat, ham, sausages, vegetables, pies,
dough
BRANCHES
Tokyo Sapporo
OVERSEAS
Invercargill (New Zealand), Lyon (France)
FACTORY (IES)
(subcontracted to subsidiaries) (food processing)
OFFICER(S)
TADASHI NAKAZAWA, PRES
Toshiro Nakazawa, v pres
Nobuhide Kohtake, mgn dir
Shigeyuki Shindo, dir
Kihachi Umebayashi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
7,687 M
PAYMENTS REGULAR CAPITAL Yen 52 M
TREND STEADY WORTH Yen 496 M
STARTED 1970 EMPLOYES 55
COMMENT
IMPORTER & WHOLESALER SPECIALIZING IN MEAT & MEAT PRODUCTS, OTHER FOODSTUFFS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 140.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Tadashi Nakazawa with two partners for importing lamb meat from New Zealand. In 1973, started importing jam & solid-packed apple from New Zealand for restaurant use. A trading house for import and wholesale of meats, meat products, vegetables, processed foods, confectionery materials, other foodstuffs. Goods are imported from Europe as main, Australia, New Zealand, USA, other. In 1990, started importing from Germany ham, sausages, raw ham, other, followed by veal from USA & Australia. In 1995, started imports of veal from Europe. In 2001 opened Lyon Office in France. Regularly organizes gourmet trip to Europe, Australia, New Zealand, USA, etc.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen 7,687 million, an 11% down from Yen 8,605 million in the previous term. Imports of beef from USA were suspended due to prolonged mad-cow disease problems. Imports from Australia & New Zealand instead did not cover the volume decrease. The net profit decreased to Yen 30 million from Yen 75 million a year ago.
For the term just ended Mar 2008 the net profit was projected at Yen 30 million, on a 4% rise in turnover, to Yen 8,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 140.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1970
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 160,000 shares
Issued: 105,000 shares
Sum: Yen 52.5 million
Major shareholders (%)
Tadashi Nakazawa (62), Toshiro Nakazawa (3), Shigeyuki Shindo (3), Noriaki Shinagawa (2)
No. of shareholders: 50
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales meat, meat products, frozen vegetables, confectionery mfg materials, chilled bread & cakes, other foodstuffs (--100%).
(Handling Items):
Meat & Products: Lamb, beef, veal, venison, poultries, ham, sausages, other;
Frozen Vegetables: cabbages, artichoke, mushrooms, other from Bretagne (France);
Confectionery Mfg Materials: pie/bread dough, fruits fillings, maroons, other;
Chilled Foods: chilled bread, chilled pies, chilled cakes, cookies, other;
Chilled Processed Foods: pizza, pasta, while sauces, other, chiefly from Italy.
Clients
[Meat packers, restaurants, wholesalers, chain stores] Itoham Foods, Nippon Meat Packers, Iwase Esta Corp, Nippon Access Inc, Uno Trading, Yoshida Sangyo, KK Gyucho, Amai Meat Co, Ikeden Corp, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports from Quality Foods, Tachiara Meat Co, Lamzy, Panavi, Jamco, other from France, Italy, Germany, Hungary, Spain, New Zealand, Australia, USA, other. Domestically supplied from: Kanematsu Corp, Yuasa Trading Co, other.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Settsu Suite Shinkin Bank (Umeda)
Mizuho Bank (Namba)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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8,000 |
7,687 |
8,605 |
7,964 |
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Recur.
Profit |
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Net
Profit |
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30 |
30 |
75 |
70 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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496 |
466 |
391 |
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Capital,
Paid-Up |
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52 |
52 |
52 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.07 |
-10.67 |
8.05 |
4.87 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.38 |
0.39 |
0.87 |
0.88 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/03/2008 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%)