MIRA INFORM REPORT

 

 

Report Date :

03.03.2011

 

IDENTIFICATION DETAILS

 

Name :

CARGILL JAPAN LIMITED

 

 

Registered Office :

Fuji Bldg, 3-2-3 Marunouchi Chiyodaku Tokyo 100-0005

 

 

Country :

Japan

 

 

Financials (as on) :

31.05.2010

 

 

Date of Incorporation :

November  1946

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 034873

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trading house specializing in foodstuffs

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 11,255.8 Million

Status :

Satisfactory

Payment Behaviour :

Regular

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

CARGILL JAPAN LIMITED

REGD NAME:    Cargill Japan KK

MAIN OFFICE:  Fuji Bldg, 3-2-3 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN

                                    Tel: 03-5224-5600     Fax: 03-5224-5930

                       

URL:                 http://www.cargill.com/

E-Mail address: info@cargill.com

 

 

ACTIVITIES  

 

Trading house specializing in foodstuffs

 

BRANCHES   

 

Osaka, Nagoya, Sapporo, Sendai, Okayama, Fukuoka

 

OVERSEAS

 

Los Angeles, New York, Portland (--USA), Sao Paolo, Vancouver, London, Milan, Melbourne, Shanghai, Beijing (--China), Singapore, Bangkok, Jakarta

 

 

OFFICER(S)  

 

HIDEYO SUZUKI, PRES & CEO   Hiroto Sasaki, v presAnri Hamaya, dirMasahiko Ueno, dir                            

   Yen Amount: In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 176,572 M

PAYMENTS      REGULAR                     CAPITAL           Yen 2,800 M

TREND             SLOW                          WORTH            Yen 81,394 M

STARTED                     1946                             EMPLOYES      341

 

COMMENT    

 

TRADING HOUSE SPECIALIZING IN FOODSTUFFS, WHOLLY OWNED BY CARGIL INC GROUP, USA. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 11,255.8 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established originally as Tokyo Food Products Co Ltd as a trading house specializing in foodstuffs.  Renamed as Toshoku Ltd in Jan 1961.  In Dec 1997, Toshoku Ltd went into financial difficulties and filed for court protection under the Corporate Reorganization Law.  Reported liabilities were Yen 639,700 million.  In Mar 1998 received the order of commencement of the Corporate Reorganization Proceedings.  In Oct 1998, Cargill Inc, USA became the Toshoku’s sponsor company.  In Jun 2000, Court approval was granted for the Reorganization Plan, and elected Hideyo Suzuki as president.  In Sept 2000, decreased the capital to Yen 0 from the previous Yen 30,360 million, and increased to Yen 2,800 million.  On June 01 2007, merged with Cargill Japan Ltd into its subsidiary and renamed as captioned.   This is a specialized trading house of foodstuffs with 4 core divisions: Grain & Oil Div, Food Material Div, Processed Food Div, and Food Engineering Div.

 

 

FINANCIAL INFORMATION

 

The sales volume for May/2010 fiscal term amounted to Yen 176,572 million, a 25% down from Yen 234,591 million in the previous term.  The global economic downturn affected the sales substantially.  High Yen hurt both import/export revenues and profits in Yen terms.  Consumer spending was sluggish.  Demand from restaurants & hotels declined substantially.  The recurring profit was posted at Yen 2,635 million and net profit at Yen 1,699 million, respectively, compared with Yen 7,322 million recurring profit and Yen 4,685 million net profit, respectively, a year ago. 

 

For the current term ending May 2011 the net profit is projected at Yen 1,700 million, on a 5% rise in turnover, to Yen 185,000 million.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements. 

Max credit limit is estimated at Yen 11,255.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Nov 1946

Regd No.:             (Tokyo-Chiyodaku) 034873

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         200,000 shares

Issued:                56,000 shares

Sum:                   Yen 2,800 million

 

Major shareholders (%): Cargill Asia Pacific Ltd (80.1), Cargill Inc (19.9)

Number of shareholders: 2

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: A trading house for import, export, wholesale of: foodstuffs:

 

(Sales Breakdown by Divisions):

 

Grain & Oil Div (51%): wheat, barley, rice, wheat & other cereal flour, pre-mixed products, raw materials for grain teas, oil seeds (canola, soybeans, cottonseeds, sesame seeds, etc),

Animal/vegetable oils & fats (soybean oil, canola oil, palm oil, safflower oil, cottonseed oil, fish oil, etc), mayonnaise & other oil based products, feed grains, food, com, feed materials     (soybean meal, fishmeal, etc), raw materials of starch & its products, grits & sweeteners;

Food Materials Div (11%): cocoa beans & products (cocoa butter, cocoa liquor, cocoa powder,      etc), dried edible beans (small red beans, kidney beans, etc), nuts (groundnuts, almonds,cashew nuts, etc), cereals, dairy products, refined sugar, beet sugar & non-centrifugal sugar, raw sugar, coffee beans, chicory, other;

Processed Food Div (10%): canned/bottled foods, frozen/dried/salted vegetables, fruits &

spice, wine ingredients, juice materials, meat (pork, beef & chicken), processed meat prod-

ucts, teas & laver, other;

Food Engineering Div, others (28%): crude & refined ethanol, shelled egg & egg-related

products, organic & inorganic chemicals, food additives, crude solar salt, packaging materials,

etc.

Overseas trading ratio: about 50%.

 

 

Clients: [Food processors, wholesalers] Kokubu Ltd, QP Corp, Key Coffee Inc, Meiji Seika, Daito Cacao, Mitsui Foods, Kyodo Shiryo, Nichiwa Sangyo, Tokan Co, Ministry of Agriculture, Itoen Ltd, other.

No. of accounts: 2,000

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Cargill group firms, Key Coffee, UCC Ueshima Coffee, Nissin Food Products, Nissin Oillio Group, Hokuren Federation of Agricultural Coops, Marubeni Corp,             J Oil Mills, Mitsui Sugar, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

SMBC (Nihombashi)

Mizuho Corporate Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/05/2011

31/05/2010

31/05/2009

31/05/2008

Annual Sales

　

185,000

176,572

234,591

235,798

Recur. Profit

　

　

2,635

7,322

　

Net Profit

　

1,700

1,699

4,685

3,211

Total Assets

　

　

106,243

111,787

114,383

Current Assets

　

　

95,606

63,899

　

Current Liabs

　

　

24,369

31,322

　

Net Worth

　

　

81,394

79,735

75,474

Capital, Paid-Up

　

　

2,800

2,800

2,800

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.77

-24.73

-0.51

63.25

    Current Ratio

 

..

392.33

204.01

..

    N.Worth Ratio

..

76.61

71.33

65.98

    R.Profit/Sales

 

..

1.49

3.12

..

    N.Profit/Sales

0.92

0.96

2.00

1.36

    Return On Equity

..

2.09

5.88

4.25

 

Notes: Forecast (or estimated) figures for the 31/05/2011 fiscal term.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.