MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
FARMLAND TRADING
LTD |
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Registered Office : |
Rex Bldg, 6-10-8 Shimbashi Minatoku Tokyo 105-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
April 1983 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Beef, Feeds, Vegetables (Organically
Produced) |
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. |
Small |
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Maximum Credit Limit : |
YEN 51.1 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name & address
FARMLAND TRADING
LTD
REGD NAME: Farmland Trading KK
MAIN OFFICE: Rex Bldg, 6-10-8 Shimbashi Minatoku Tokyo
105-0004 JAPAN
Tel: 03-3431-4129 Fax: 03-3432-6356
URL: http://www.farmland.co.jp
E-Mail
address: nkeigo@blue.ocn.ne.jp (Mr Keigo
Nagatomi of foodstuff division)
ACTIVITIES
Import,
wholesale of beef, feeds, vegetables (organically produced)
BRANCHES
Ashiya
(Hyogo)
OFFICERS
Takehisa
Toki, ch
KUNIHISA
TOKI, PRES
Masaru
Kawasaki, dir
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,741 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen
277 M
STARTED 1983 EMPLOYES 13
COMMENT
TRADING
FIRM SPECIALIZING IN LIVESTOCK PRODUCTS, FEEDS AND VEGETABLES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN
51.1 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Takehisa Toki in order to make most of his experience in the subject line of business. Kunihisa is his son. This is a trading firm special-izing in importing and wholesaling chilled beef, feeds, fertilizer, vegetables and foods. Also handles wines. Goods are all organically produced. Beef comes centrally from USA & Australia, other from France, Spain, Argentine, Chile, China, Indonesia, other. Clients include major meat packers nationwide.
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 5,741 million, an 11% up from Yen 5,185 million in the previous term. Beef imports from Australia & New Zealand increased. Wine imports also contributed. The recurring profit was posted at Yen 36 million and the net profit at Yen 13 million, respectively, compared with Yen 60 million recurring profit and Yen 6 million net profit, respectively, a year ago.
For the term just ended Dec 2007 the recurring profit was projected at and believed posted at Yen 40 million and the net profit at Yen 15 million, respectively, on a 5% rise in turnover, to Yen 6,000 million. Reportedly, the sales should have risen further thanks to the weaker Yen against foreign currencies.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 51.1 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1983
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major shareholders (%)
Sunrex
Corp*(85), Masaru Kawasaki (15)
No. of shareholders: 2
*.. Wholesaler of OA equipment & supplies, such as printer ribbons, toners, Tokyo, founded 1969, capital Yen10 million, turnover Yen 358 million, net profit Yen 3 million, employees 6, pres Y Nakayama
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales frozen/chilled beef from USA, fertilizer, feeds, herb-age, seeds & seedlings, farm supplies, frozen vegetables, canned foods (whole toma-toes), wines, sugar, bananas, raisin, beans, others, all organically cultivated (--100%).
Goods are imported from USA (beef), Argentine, Italy, Australia, New Zealand, Indone-sia, China, France, other.
Wines handled: Bordeux Graves (AOC) Chateau de Lanol; Bordeux Entre Deux Mers (AOC) Chateau Haut Pouchand; Clairette de Die (AOC) Brut, Domaine Achard-Vincent
Clients
[Meat packers, wholesalers, mfrs] Itoham Foods Inc, Nippon Meat Packers,
Takizawa Ham Co, Yoshida Ham Co, Nissho Iwai Meat & Agri Products, Meidi-Ya Shoji, Imac Corp, Taki Bussan, Daiko Bussan, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Independent Meat, Snake River Farms, St Helen’s, Family Farm, Agri Beef, Washington Beef, Pennington Seed, Cobum Co (--USA), T&R, Heritage Seeds (--Australia), Berselingk Ciptapersada (Indonesia), Adubos de Portugal (Portugal), Aglukon (Germany), Cropmark Seeds (New Zealand)
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho
Bank (Kyodo)
Resona
Bank (Akasaka)
Relations:
Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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6,000 |
5,741 |
5,185 |
3,596 |
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Recur.
Profit |
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40 |
36 |
60 |
63 |
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Net
Profit |
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15 |
13 |
6 |
44 |
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Total
Assets |
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2,585 |
2,151 |
1,935 |
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Current
Assets |
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2,116 |
1,694 |
1,489 |
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Current
Liabs |
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1,702 |
1,381 |
1,246 |
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Net
Worth |
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277 |
265 |
278 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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50.00 |
50.00 |
50.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.51 |
10.72 |
23.89 |
-9.15 |
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Current Ratio |
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.. |
124.32 |
122.66 |
119.50 |
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N.Worth Ratio |
.. |
10.72 |
12.32 |
14.37 |
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R.Profit/Sales |
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0.67 |
0.63 |
1.16 |
1.75 |
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N.Profit/Sales |
0.25 |
0.23 |
0.12 |
1.22 |
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Return On Equity |
.. |
4.69 |
2.26 |
15.83 |
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Note:
Forecast (or estimated) for the 31/12/2007 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. |
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%)