MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOKYO BOEKI LTD |
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Registered Office : |
Daiichi Nagaoka Bldg, 2-13-8 Hatchobori Chuoku Tokyo 104-8510 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
October 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Trading Firm of Steel, Machinery, Energy, Motor Vehicles |
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 993.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TOKYO BOEKI LTD
REGD NAME: Tokyo Boeki KK
MAIN OFFICE: Daiichi Nagaoka Bldg,
2-13-8 Hatchobori Chuoku Tokyo 104-8510 JAPAN
Tel:
03-3555-7211 Fax: 03-3555-7131
URL: http://www.tokyo-boeki.co.jp/
E-Mail
address:info@tokyo-boeki.co.jp
ACTIVITIES
Trading firm of steel, machinery, energy, motor vehicles
BRANCHES
Osaka, Nagoya, Sendai, Hiroshima, Fukuoka, other (Tot 9)
(--subsidiaries)
OVERSEAS
New York, Melbourne, Beijing, Moscow (--subsidiaries), Doha
(office)
Groups
Domestic 10 firms; overseas 4 firms
OFFICER(S)
Hiroshi Machida, ch & CEO
YOSHIYUKI TATENO, PRES & COO
Hisashi Urushizaki, mgn dir
Toshiro Kawada, dir
Yen
Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 56,492 M
PAYMENTS REGULAR CAPITAL Yen 510 M
TREND STEADY WORTH Yen 7,466 M
STARTED 1947 EMPLOYES 694
COMMENT
TRADING HOUSE SPECIALIZING IN STEEL, MACHINERY, ENERGY, OTHER, NON-AFFILIATED WITH ANY FINANCIAL GROUPS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 993.8 MILLION, 30 DAYS NORMAL TERMS
Forecast
(or estimated) for the 31/03/2009 fiscal term.
HIGHLIGHTS
The
subject company is an independent trading firm, non-affiliated with any
financial groups, founded in 1947 by Yasuo Matsumiya in Tokyo. Specializes in import, export and wholesale
of machinery, energy, raw materials, metals, other materials, motor vehicles,
other (see OPERATION). In 2005, opened
100% subsidiary in Beijing to integrate refractory brick business (for
iron-making trade) within the Chinese market, aiming to expand refractory brick
distribution. In 2006, conducted
drastic restructuring in order to streamline operations and corporate
structure, by making the subject the group Holding Company. Has 10 subsidiaries domestically and 4
overseas.
FINANCIAL INFORMATION
The
sales volume for Mar/2008 fiscal term amounted to Yen 56,492 million, a 15% up
from Yen 49,075 million in the previous term.
Ferro-alloy rose. Exports of
steel products to Asia were robust.
Scientific instruments into Russia were broadly increased. As a result, operating profit was posted at
Yen 2,548 million (up 17.3%), recurring profit at Yen 2,292 million (up 6.5%)
and net profit at Yen 1,107 million (up 4.5%).
(% compared with the corresponding period a year ago). Booked Yen 67 million extraordinary losses
coming from the disposal of assets & securities.
For
the current term ending Mar 2009 the recurring profit is projected at Yen 2,300
million and the net profit at Yen 1,100 million, respectively, on a slight rise
in turnover, to Yen 57,000 million.
Original sales projection of Yen 59,000 million has been revised
downward reflecting the recent international financial crisis and higher Yen
against foreign currencies. Exports
will decrease, while imports will increase.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 993.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1947
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 40,800,000 shares
Issued: 7,919,920 shares
Sum: Yen 510 million
Major shareholders (%)
Employees’ S/Holding Assn
(13.2), Tokio Marine & Nichido Fire Ins (9.8), Toa Reins Co (6.4), MUFG
(5.0)
No. of
shareholders: 162
Related firms: Tokyo Boeki (USA)
Inc, Monitor Products Inc, Tokyo Boeki Techno System, Niigata Loading Systems,
other (Tot 14 consolidated subsidiaries, including 4 overseas)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: A specialized trading house for
import, export and wholesale of: iron & steel materials (51%), energy &
machinery (16%), motor cars, other industrial machinery (12%), measuring
instruments, information systems, others (21%).
Overseas
sales ratios (74%)
(Breakdown of handling items):
Machinery: fluid
handling equipment, household air conditioning units, scientific equipment,
automated clinical analyzers systems, automobiles, other;
Energy: LPG projects in UAE; import of
steaming coal from Australia, China, Indonesia, etc;
Raw Materials: coking coals, cokes, iron ore,
manganese ore, ferro alloy products, supplying to iron/steel, electric power,
chemical and electronic device industries;
Metals: JV with overseas firms for raw
materials supplying to iron & steel mfrs;
Materials: refractory bricks, particularly
stressing in sales in China; imports high-quality bricks made in Australia for
building and paving;
New Business & Products: health & medicine, automated
clinical analyzer systems; developing fuel-cell-related business both at home
and abroad.
Clients
[Steel mills, carmakers, Gas
& Power firms, other mfrs, wholesalers] Nippon Steel, JFE Steel, Toyota
Motor, Tokyo Gas, Nippon Oil, Tokyo Electric Power, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Nippon Steel, JFE Steel, NEC, Hitachi Home
& Life Solution, JEOL Ltd, Toyota Motor, other. Imports from BHP Billiton, BORAL (--Australia), other from China,
UAE, Indonesia, USA, other.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (H/O)
Mizuho Bank (Kabutocho)
Relations: Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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56,492 |
49,075 |
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Cost of Sales |
45,172 |
38,854 |
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GROSS PROFIT |
11,320 |
10,221 |
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Selling & Adm Costs |
8,772 |
8,048 |
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OPERATING PROFIT |
2,548 |
2,173 |
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Non-Operating P/L |
-256 |
-21 |
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RECURRING PROFIT |
2,292 |
2,152 |
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NET PROFIT |
1,107 |
1,060 |
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BALANCE SHEET |
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Cash |
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5,648 |
5,919 |
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Receivables |
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10,091 |
11,662 |
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Inventory |
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6,464 |
5,161 |
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Securities, Marketable |
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Other Current Assets |
1,455 |
1,589 |
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TOTAL CURRENT ASSETS |
23,658 |
24,331 |
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Property & Equipment |
1,638 |
1,432 |
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Intangibles |
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642 |
824 |
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Investments, Other Fixed Assets |
2,342 |
2,883 |
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TOTAL ASSETS |
28,280 |
29,470 |
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Payables |
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7,456 |
8,360 |
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Short-Term Bank Loans |
8,149 |
9,887 |
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Other Current Liabs |
4,240 |
3,388 |
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TOTAL CURRENT LIABS |
19,845 |
21,635 |
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Debentures |
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Long-Term Bank Loans |
280 |
313 |
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Reserve for Retirement Allw |
325 |
319 |
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Other Debts |
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364 |
467 |
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TOTAL LIABILITIES |
20,814 |
22,734 |
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MINORITY INTERESTS |
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Common
stock |
510 |
510 |
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Additional
paid-in capital |
18 |
18 |
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Retained
earnings |
7,211 |
6,165 |
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Evaluation
p/l on investments/securities |
188 |
407 |
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Others |
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(320) |
(224) |
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Treasury
stock, at cost |
(141) |
(141) |
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TOTAL S/HOLDERS` EQUITY |
7,466 |
6,735 |
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TOTAL EQUITIES |
28,280 |
29,470 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
7,466 |
6,735 |
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Current
Ratio (%) |
119.21 |
112.46 |
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Net
Worth Ratio (%) |
26.40 |
22.85 |
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Recurring
Profit Ratio (%) |
4.06 |
4.39 |
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Net
Profit Ratio (%) |
1.96 |
2.16 |
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Return
On Equity (%) |
14.83 |
15.74 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)