MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAISHIN CO LTD |
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Registered Office : |
1-6-12 Kyobashi Chuoku Tokyo 104-0031 |
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Country : |
Japan |
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Date of Incorporation : |
July 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Grains, Beans, 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 103.2 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
TAISHIN CO LTD
REGD NAME: Taishin Jitsugyo KK
ADDRESS
MAIN OFFICE
1-6-12 Kyobashi Chuoku Tokyo 104-0031 JAPAN
Tel :
03-5250-3950
Fax :
03-5250-8020
URL :
http://www.taishin.gr.jp
E-Mail address : into@taishin.gr.jp;
business@taishin.gr.jp
ACTIVITIES
Import, wholesale of grains, beans, other foodstuffs
BRANCHES
Kobe
OVERSEAS
Taishin Co (Hong Kong); Taishin Co (Thailand)
(--subsidiaries)
OFFICERS
Yao-Ting Huan, ch
JAMES BUNSEI KO*, PRES
Shigeyuki Yakabe, mgn dir
“KO” is Japanese name, correctly spelled as “Huan” in
Chinese.
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,000 M
PAYMENTS REGULAR CAPITAL Yen 88 M
TREND STEADY WORTH Yen 834 M
STARTED 1948 EMPLOYES 25
COMMENT
TRADING FIRM SPECIALIZING IN FOODSTUFFS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 103.2 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established originally in 1931 in
Kobe by Wen-Chu Huang, Chinese businessman, for importing panama hats from
Taiwan, on his account. Incorporated in
1948, he took the pres office and started importing beans & other
agricultural products from mainland China.
James Bunsei Ko (or Huan) took the pres office in 2001, when the firm
moved its headquarters to the caption address, Tokyo. This is a trading firm specializing in importing grains, beans,
dried fruits, nuts, proc-essed foods, bottled-canned foods, confectionery, etc.
FINANCIAL INFORMATION
The firm declined to disclose its financials and we have
managed to obtain the following figures from outside sources. They are believed correct but unconfirmed by
the subject firm.
The sales volume for Mar/2007 fiscal term are believed
amounted to Yen 6,000 million, a 2% up from Yen 5,900 million in the previous
term. This is attributed to the
increasing imports of foodstuffs from China.
The net profit was posted at Yen 160 million, down from Yen 165 million
a year ago. This is referred to the
rising costs of imports and operations.
For the current term ending Mar 2008 the net profit is projected
at Yen 160 million, on a 2% fall in turnover, to Yen 5,900 million. Some quality control of Chinese farm
products is being reviewed over the use of chemical or other fertilizers. Imports may be reduced.
The financial situation is considered maintained FAIR and
good for ORDINARY business engagements.
Max credit limit is estimated at Yen 103.2 million, on 30 days normal
terms.
REGISTRATION
Date Registered : Jul
1948
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
400,000 shares
Issued :
176,000 shares
Sum :
Yen 88 million
Major shareholders (%) :
Huan families (--100)
No. of shareholders : 7
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales grains, beans, dried
fruits, nuts, bottled bamboo shoots, wild vegetables, ready-to-serve food,
jarred/canned confectionery, confectionery ingredients, hat materials,
clothing, sundry goods, etc (--100%).
(Handling items):
Beans & Grains: Small red beans, large black colored
kidney beans, large white kidney beans, cow peas, white kidney beans, broad
beans, etc, from China, USA, UK, Canada, Australia, New Zealand, Central
America, S/E Asia;
Bean Sprouts: Chinese selected green beans, Myanmar black
matpe, Thailand black matpe, Chinese yellow soybeans, US soybeans, etc, from
China, Myanmar, Thailand, USA; Dried Fruits, Nuts: Raisin, prune, dehydrated
tropical fruits, dried wild blueberry, vacuum fried vegetable chips (bitter melon, okura, garlic, etc), dried fig,
almond, walnuts, pine nuts, hazel nuts, etc, from USA, Iran, Turkey, China,
Taiwan, Thailand, Chile, Vietnam, etc;
Wild Grass, Various Pickles, Bamboo Shoots: Salted bracken,
dried Osmond, salted taranome, salted shimeji mushroom, salted lotus root, dried
mountain jerry vegetables, dried kidney beans, boiled bamboo shoots, etc, form
China & Russia; Cooked & Frozen Food, Bottled/Canned Food,
Confectionery Materials: Small red bean paste, fresh chestnuts, peeled
chestnuts, frozen yuba, brown sugar, soybeans (yellow, black, green, etc), from
China, Bolivia & Thailand;
Black Tea: “BOH” brand teas from Thailand;
Miscellaneous Goods: Natural rubber, rubber compound,
garments, footwear, etc, from Thailand, Indonesia, Vietnam, Sri Lanka, China.
Clients
[Food processors, food stores] Narita Shokuhin Kogyo, Maniha
Shokuhin, Miyashita Shokuhin, Miyuki Shokuhin, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports from China, Hong Kong, Taiwan, USA,
UK, Thailand, Europe, S/E Asia, other, as listed above.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Resona Bank (Tokyo-Chuo)
SMBC (Tokyo-Chuo)
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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5,900
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6,000
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5,900
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5,800
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Recur. Profit |
(*) |
.. |
.. |
.. |
275 |
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Net Profit |
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160 |
160 |
165 |
165 |
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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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834 |
706 |
574 |
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Capital, Paid-Up |
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88 |
88 |
88 |
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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 |
-1.67
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1.69 |
1.72 |
0.00 |
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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 |
2.71 |
2.67 |
2.80 |
2.84 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/03/2008 fiscal term.
(*) Pretax profits disclosed from the Taxation Office.
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%)