MIRA INFORM REPORT

 

 

Report Date :

03.09.2011

 

IDENTIFICATION DETAILS

 

Name :

TOKAI DENPUN CO LTD

 

 

Registered Office :

24-15 Tenmacho Aoiku Shizuoka 420-0858

 

 

Country :

Japan

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

August 1947

 

 

Com. Reg. No.:

(Shizuoka-Aoiku) 003502

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of farm, livestock, & marine products

 

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 5,764.1 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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

TOKAI DENPUN CO LTD

REGD NAME:    Tokai Denpun KK

MAIN OFFICE:  24-15 Tenmacho Aoiku Shizuoka 420-0858 JAPAN

                        Tel: 054-253-0934     Fax: 054-253-8053

 

URL:                 http://www.tdc-net.co.jp/

E-Mail address: info@tdc-net.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale of farm, livestock, & marine products

 

BRANCHES 

 

Tokyo, Sapporo, Sendai, Fukushima, Saitama, Chiba, Gunma, Niigata, Nagano, Kyoto, Nagoya, Osaka, Okayama, Hiroshima, Fukuoka, other (Tot 53 including agents)

 

OVERSEAS   

 

Thailand (2), China (5), Hong Kong, Taiwan, USA (2) (--subsidiaries);

India, Vietnam (--rep offices)

 

 

OFFICER(S)

 

Kenji Jinno, ch                           TOSHIAKI MASUDA, PRES

Kenji Mori, dir                            Yoshihiro Mochizuki, dir

Yoshio Okura, dir                       Ikuo Minami, dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 111,105 M

PAYMENTS      REGULAR         CAPITAL           Yen 781 M

TREND SLOW              WORTH            Yen 28,583 M

STARTED         1947                 EMPLOYES      571

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN FARM, MARINE, LIVESTOCK PRODUCTS.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 5,764.1 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Forecast (or estimated) for the 30/06/2011 fiscal term.

 

 

HIGHLIGHTS

 

The subject company was established by Jinno family as a wholesaler of starch originally, and has since diversified into various other areas in agricultural, marine and livestock products.  Top ranked trader in Shizuoka-Pref in this specific business line.  Imports and exports a variety of items (see OPERATION) from and to China, Thailand, Taiwan, other S/E Asian countries, USA, other.  Domestic clients include food processors, frozen food dealers, meat packers, canned foods, seafood processors, confectionery/bakery, beer breweries, fish farmers, etc, nationwide.  Fish farm division was separated to be an independent subsidiary, Tokai Sea Pro KK.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Jun/2010 fiscal term amounted to Yen 111,105 million, a 5% down from Yen 117,417 million in the previous term, affected by the global economic downturn, particularly in the first half of the term.  Imported food prices declined, including fish, meat, vegetables & fruit.  Wheat logged the biggest drop, plunging 49% on the year.  Eel prices tumbled 23%.  The operations came back to profitability to post Yen 398 million recurring profit and Yen 196 million net profit, respectively, compared with Yen 1,565 million recurring loss and Yen 564 million net losses, respectively, a year ago.

 

For the term that ended Jun 2011 the recurring profit was projected at Yen 400 million and the net profit at Yen 200 million, respectively, on a 4% rise in turnover, to Yen 116,000 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 5,764.1 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Aug 1947

Regd No.:         (Shizuoka-Aoiku) 003502

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         67 million shares

Issued:                18.49 million shares

Sum:                   Yen 781.81 million

Major shareholders (%): Employees’ S/Holding Assn (12.1), Denpun Fudosan KK (12.3), Denpun Shoji KK (7.0), Ajinomoto Co (5.0), Kenji Jinno (4.1), Mizuho Bank (3.7)

 

No. of shareholders: 608

 

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

 

 

OPERATION

 

Activities: A trading house specializing farm, marine, livestock products, others (sales breakdown by divisions):

Agricultural (Food) products (42%): corn starch, corn flour, sugar, vegetables (fresh, frozen, dried), pickles, canned foods, rice, barley, teas, cabbages, onions, fruits, flour, dried fruits, cashew nuts, butter, cheese, fats, spices, food additives;

Marine products (52%): octopus, squids, shrimps, cultured fishes, fish roes, sea weeds, shellfish, eels (processed), fish paste, processed seafood, other;

Livestock products (5%): pork, chicken, beef, hay, feeds, fertilizers, cow, other;

Others (1%): food packaging materials, food processing equipment, medical materials, chemicals, other.

 

Clients: [Food processors, meat packers, wholesalers] Nippon Meat Packers, Ajinomoto Co, Daiei Inc, Nichirei, Kibun Foods, Ajinomoto Frozen Foods Co, Nippon Meat Packers Inc, Nippon Suisan Kaisha, Ichimasa Kamaboko Co, other.

No. of accounts: 1,000

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Ajinomoto Co, Zen-Noh, Mercian, Hokuren Federation of Agricultural Coop, Hirose Suisan, Ueno Fine Chemicals, other.

Imports from: China, Taiwan, Thailand, USA, other

 

Payment record: Regular

 

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

 

Bank References:

            Mizuho Bank (Shizuoka)

            Bank of Shizuoka (H/O)

            Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

30/06/2010

30/06/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

111,105

117,417

 

  Cost of Sales

100,647

108,549

 

      GROSS PROFIT

10,458

8,867

 

  Selling & Adm Costs

10,726

11,008

 

      OPERATING PROFIT

-268

-2,140

 

  Non-Operating P/L

130

575

 

      RECURRING PROFIT

398

-1,565

　

      NET PROFIT

196

-564

BALANCE SHEET

 

 

 

 

  Cash

　

2,562

2,417

 

  Receivables

 

13,911

13,175

 

  Inventory

 

11,208

10,688

 

  Securities, Marketable

　

　

 

  Other Current Assets

8,301

8,253

 

      TOTAL CURRENT ASSETS

35,982

34,533

 

  Property & Equipment

2,359

2,251

 

  Intangibles

 

80

91

 

  Investments, Other Fixed Assets

3,170

3,073

 

      TOTAL ASSETS

41,591

39,948

 

  Payables

 

7,400

6,858

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

3,658

3,176

 

      TOTAL CURRENT LIABS

11,058

10,034

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

1,711

972

 

  Other Debts

　

238

220

 

      TOTAL LIABILITIES

13,007

11,226

 

      MINORITY INTERESTS

 

 

 

Common stock

781

781

 

Additional paid-in capital

512

511

 

Retained earnings

27,692

27,769

 

Evaluation p/l on investments/securities

(80)

(36)

 

Others

 

1

10

 

Treasury stock, at cost

(323)

(314)

 

      TOTAL S/HOLDERS` EQUITY

28,583

28,721

　

      TOTAL EQUITIES

41,591

39,948

ANALYTICAL RATIOS            Terms ending:

30/06/2010

30/06/2009

 

 

Net Worth (S/Holders' Equity)

28,583

28,721

 

 

Current Ratio (%)

325.39

344.16

 

 

Net Worth Ratio (%)

68.72

71.90

 

 

Recurring Profit Ratio (%)

0.36

-1.33

 

 

Net Profit Ratio (%)

0.18

-0.48

 

 

Return On Equity (%)

0.69

-1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.89

UK Pound

1

Rs.74.31

Euro

1

Rs.65.41

 

 

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.