MIRA INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TOYOTA TSUSHO FOODS CORPORATION |
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Registered Office : |
Shinagawa Front Bldg 14F, 2-3-13 Konan
Minatoku Tokyo 108-0075 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1968 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of foodstuffs, their raw materials,
processed foods |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 329.6 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
TOYOTA TSUSHO FOODS CORPORATION
REGD NAME
Toyotsu Shokuryo
KK (Toyotsu is short for TOYOta TSUsho, Shokuryo is foods)
MAIN OFFICE
Shinagawa Front
Bldg 14F, 2-3-13 Konan Minatoku Tokyo 108-0075 JAPAN
Tel:
03-4306-8539 Fax: 03-4306-8869
URL: http://www.toyotsu-shokuryo.com/
E-Mail address: info@toyotsu-shokuryo.com
ACTIVITIES
Import,
export, wholesale of foodstuffs, their raw materials, processed foods
BRANCHES
Osaka,
Nagoya
SHOP
Ginza,
Yokohama (wine shops)
OFFICER(S)
SEIICHIRO
TAKAHASHI, PRES Ushio Sato, dir
Tohru
Sasagawa, dir Akira
Suzuki, dir
Shuji Koshino, dir Tatsushi
Nakamura, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 36,068 M
PAYMENTS REGULAR CAPITAL Yen 370 M
TREND SLOW WORTH Yen
1,736 M
STARTED 1968 EMPLOYES 125
COMMENT
TRADING HOUSE SPECIALIZING IN FOODSTUFFS, WHOLLY OWNED BY
TOYOTA TSUSHO CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 329.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1948 on the basis of a
marine foods division separated from the then Tomen Corp (now merged into Toyota
Tsusho Corp), as Tomen Marine Products Corp.
Renamed in 1999 as Tomen Foods Corp by merging sister firms. In Apr 2006 merged into Toyota Tsusho Foods
Corp and renamed as captioned in Oct 2007.
In Oct 2007, transferred from Toyota Tsusho Corp part of its foodstuffs
operations. Specializes in import,
export and wholesale of marine/agricultural/livestock products, other foodstuff
materials, processed foods, etc. Marine
products are the mainstay. Handles
wines, too. Operates two wine shops
named “Marche de Vin” in Tokyo & Yokohama.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Toyota Tsusho Corp, and
disclosed only in digested form as follows:
The sales volume for Mar/2010 fiscal term amounted to Yen 36,068 million,
a 24% down from Yen 47,328 million in the previous term. Demand for food items weakened significantly
amid the global economic downturn, sending Japanese import prices sharply lower
in the first six months of the term.
Average import prices for a broad range items, including wheat, lemons
and tuna, fell 10-70%. Wheat declined
66% as global supply increased. Prices
also fell for marine products, fruits (lemon prices plummeted 51%), vegetables
(nearly 30%), dairy products (17% lower) depressed by weak cheese demand, beef
(fell 20% amid weakening demand). The
recurring profit was posted at Yen 627 million and the net profit at Yen 351
million, respectively, compared with Yen 546 million recurring profit and Yen
211 million net profit, respectively, a year ago.
For the term that ended Mar 2011 the recurring profit was projected at
Yen 630 million and the net profit at Yen 360 million, respectively, on a 3%
rise in turnover, to Yen 37,000 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 329.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1968
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 29,600
shares
Issued: 7,400
shares
Sum: Yen 370 million
Major shareholders (%):
Toyota Tsusho Corp*(100)
* Sole trading firm of Toyota Motor group,
Nagoya, founded 1948, listed Tokyo, Nagoya S/E’s, capital Yen 64,936 million,
sales Yen 5,743,649 million, operating profit Yen 85,297 million, recurring
profit Yen 104,218 million, net profit Yen 47,169 million, total assets Yen
2,436,248 million, net worth Yen 667,378 million, employees 30,864, pres Junzo
Shimizu
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports
and wholesales foodstuffs: Marine Division (raw/frozen fish, fishery products,
other) (--55%); Food Div (foodstuff materials, processed foods, canned foods,
precooked foods, confectionery, spices & seasonings, wines, other) (--45%)
Operates two wine shops in Tokyo & Yokohama, named “Marche de Vin”.
Clients: [Foodstuffs
dealers, wholesalers, fish markets] Toyota Tsusho Corp, Kyokuyo Co, Maruha
Nichiro Seafoods, Daito Gyorui Co, Kaneka Seafoods, Oka Foods, Kuki Sangyo,
Japan Beverage, Morozoff, Tsuchiya Shoten, Kyowa Bussan, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Daito Gyorui Co, Kanedai Co, Semillas Kemagro SA, Icelandic Japan,
Toyota Tsusho Corp, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG
(Tokyo)
SMBC
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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37,000 |
36,068 |
47,238 |
33,082 |
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Recur.
Profit |
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630 |
627 |
546 |
531 |
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Net
Profit |
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360 |
351 |
211 |
561 |
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Total
Assets |
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11,367 |
14,699 |
15,723 |
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Current
Assets |
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10,529 |
13,976 |
15,056 |
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Current
Liabs |
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9,509 |
13,118 |
14,348 |
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Net Worth |
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1,736 |
1,465 |
1,262 |
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Capital,
Paid-Up |
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370 |
370 |
370 |
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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 |
2.58 |
-23.65 |
42.79 |
101.12 |
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Current Ratio |
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.. |
110.73 |
106.54 |
104.93 |
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N.Worth Ratio |
.. |
15.27 |
9.97 |
8.03 |
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R.Profit/Sales |
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1.70 |
1.74 |
1.16 |
1.61 |
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N.Profit/Sales |
0.97 |
0.97 |
0.45 |
1.70 |
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Return On Equity |
.. |
20.22 |
14.40 |
44.45 |
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Notes: Financials are consolidated by the parent, Toyota
Tsusho Corp, and only disclosed in digest form.
Forecast (or estimated) figures for the 31/03/2011 fiscal
term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
TOYOTA TSUSHO CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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5,743,649 |
5,102,261 |
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Cost of Sales |
5,412,919 |
4,821,470 |
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GROSS PROFIT |
330,730 |
280,790 |
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Selling & Adm Costs |
245,432 |
225,199 |
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OPERATING PROFIT |
85,297 |
55,591 |
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Non-Operating P/L |
18,921 |
11,788 |
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RECURRING PROFIT |
104,218 |
67,379 |
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NET PROFIT |
47,169 |
27,339 |
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BALANCE SHEET |
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Cash |
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252,768 |
170,714 |
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Receivables |
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898,212 |
886,425 |
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Inventory |
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379,116 |
386,019 |
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Securities, Marketable |
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Other Current Assets |
142,849 |
111,143 |
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TOTAL CURRENT ASSETS |
1,672,945 |
1,554,301 |
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Property & Equipment |
272,513 |
238,941 |
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Intangibles |
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95,438 |
109,409 |
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Investments, Other Fixed Assets |
395,352 |
371,896 |
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TOTAL ASSETS |
2,436,248 |
2,274,547 |
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Payables |
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713,396 |
681,456 |
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Short-Term Bank Loans |
283,860 |
257,997 |
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Other Current Liabs |
277,865 |
195,442 |
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TOTAL CURRENT LIABS |
1,275,121 |
1,134,895 |
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Debentures |
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65,000 |
95,000 |
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Long-Term Bank Loans |
378,003 |
342,141 |
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Reserve for Retirement Allw |
14,447 |
13,586 |
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Other Debts |
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36,298 |
38,609 |
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TOTAL LIABILITIES |
1,768,869 |
1,624,231 |
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MINORITY INTERESTS |
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Common
stock |
64,936 |
64,936 |
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Additional
paid-in capital |
154,367 |
154,367 |
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Retained
earnings |
431,126 |
386,084 |
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Evaluation
p/l on investments/securities |
14,849 |
21,105 |
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Others |
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9,530 |
30,867 |
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Treasury
stock, at cost |
(7,430) |
(7,144) |
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TOTAL S/HOLDERS` EQUITY |
667,378 |
650,215 |
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TOTAL EQUITIES |
2,436,248 |
2,274,547 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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79,884 |
100,217 |
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Cash Flows
from Investment Activities |
-74,046 |
-73,090 |
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Cash
Flows from Financing Activities |
77,751 |
-107,623 |
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Cash,
Bank Deposits at the Term End |
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252,747 |
170,714 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
667,378 |
650,215 |
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Current
Ratio (%) |
131.20 |
136.96 |
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Net
Worth Ratio (%) |
27.39 |
28.59 |
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Recurring
Profit Ratio (%) |
1.81 |
1.32 |
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Net Profit
Ratio (%) |
0.82 |
0.54 |
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Return
On Equity (%) |
7.07 |
4.20 |
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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.44.68 |
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UK Pound |
1 |
Rs.73.05 |
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Euro |
1 |
Rs.64.29 |
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 |
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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NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.