MIRA INFORM REPORT

 

 

Report Date :

17.02.2012

 

IDENTIFICATION DETAILS

 

Name :

TOYOTA TSUSHO FOODS CORPORATION

 

 

Registered Office :

Shinagawa Front Bldg 14F, 2-3-13 Konan Minatoku Tokyo 108-0075

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

March 1968

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of foodstuffs, their raw materials, processed foods

 

 

No. of Employees :

120

 

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 329.3 Million

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

 

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

 

                        *.. Moved to the caption address in Dec 2010 from the former as given

 

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

 

SHOP 

 

Ginza, Yokohama (wine shops)

 

 

OFFICER(S)  

 

SEIICHIRO TAKAHASHI, PRES  Kazuhiko Iwasa, 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 33,402 M

PAYMENTS                  NO COMPLAINTS          CAPITAL           Yen 370 M

TREND             SLOW                          WORTH            Yen 1,836 M

STARTED                     1968                             EMPLOYES      120

 

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 329.3 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.  This is a trading firm specializing 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/2011 fiscal term amounted to Yen 33,402 million, a 7% down from Yen 36,068 million in the previous term.  Consumer spending was sluggish.  High Yen ate into earnings & profits in Yen terms.  The recurring profit was posted at Yen 726 million and the net profit at Yen 409 million, respectively, compared with Yen 627 million recurring profit and Yen 357 million net profit, respectively, a year ago.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 780 and the net profit at Yen 410 million, respectively, on a 2% rise in turnover, to Yen 34,100 million. 

           

            The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 329.3 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: No Complaints

 

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)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

34,100

33,402

36,068

47,238

Recur. Profit

　

780

776

627

546

Net Profit

　

410

409

351

211

Total Assets

　

　

11,092

11,367

14,699

Current Assets

　

　

1,053

10,529

13,976

Current Liabs

　

　

9,118

9,509

13,118

Net Worth

　

　

1,836

1,736

1,465

Capital, Paid-Up

　

　

370

370

370

Div.P.Share(₯)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.09

-7.39

-23.65

42.79

    Current Ratio

 

..

11.55

110.73

106.54

    N.Worth Ratio

..

16.55

15.27

9.97

    R.Profit/Sales

 

2.29

2.32

1.74

1.16

    N.Profit/Sales

1.20

1.22

0.97

0.45

    Return On Equity

..

22.28

20.22

14.40

 

Notes: Financials are consolidated by the parent, Toyota Tsusho Corp, and only disclosed in digest form.　

Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, TOYOTA TSUSHO CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

5,743,649

5,102,261

 

  Cost of Sales

5,412,919

4,821,470

 

      GROSS PROFIT

330,730

280,790

 

  Selling & Adm Costs

245,432

225,199

 

      OPERATING PROFIT

85,297

55,591

 

  Non-Operating P/L

18,921

11,788

 

      RECURRING PROFIT

104,218

67,379

　

      NET PROFIT

47,169

27,339

BALANCE SHEET

 

 

 

 

  Cash

　

252,768

170,714

 

  Receivables

 

898,212

886,425

 

  Inventory

 

379,116

386,019

 

  Securities, Marketable

　

　

 

  Other Current Assets

142,849

111,143

 

      TOTAL CURRENT ASSETS

1,672,945

1,554,301

 

  Property & Equipment

272,513

238,941

 

  Intangibles

 

95,438

109,409

 

  Investments, Other Fixed Assets

395,352

371,896

 

      TOTAL ASSETS

2,436,248

2,274,547

 

  Payables

 

713,396

681,456

 

  Short-Term Bank Loans

283,860

257,997

 

　

 

　

　

 

  Other Current Liabs

277,865

195,442

 

      TOTAL CURRENT LIABS

1,275,121

1,134,895

 

  Debentures

 

65,000

95,000

 

  Long-Term Bank Loans

378,003

342,141

 

  Reserve for Retirement Allw

14,447

13,586

 

  Other Debts

　

36,298

38,609

 

      TOTAL LIABILITIES

1,768,869

1,624,231

 

      MINORITY INTERESTS

 

 

 

Common stock

64,936

64,936

 

Additional paid-in capital

154,367

154,367

 

Retained earnings

431,126

386,084

 

Evaluation p/l on investments/securities

14,849

21,105

 

Others

 

9,530

30,867

 

Treasury stock, at cost

(7,430)

(7,144)

 

      TOTAL S/HOLDERS` EQUITY

667,378

650,215

　

      TOTAL EQUITIES

2,436,248

2,274,547

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

79,884

100,217

 

Cash Flows from Investment Activities

-74,046

-73,090

 

Cash Flows from Financing Activities

77,751

-107,623

　

Cash, Bank Deposits at the Term End

　

252,747

170,714

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

667,378

650,215

 

 

Current Ratio (%)

131.20

136.96

 

 

Net Worth Ratio (%)

27.39

28.59

 

 

Recurring Profit Ratio (%)

1.81

1.32

 

 

Net Profit Ratio (%)

0.82

0.54

 

 

Return On Equity (%)

7.07

4.20

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.77.45

Euro

1

Rs.64.89

 

 

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.