MIRA
INFORM REPORT
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Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
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Name : |
TAIYO BUSSAN KAISHA LTD |
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Registered Office : |
12-9 Nihombashi-Kodenmacho Chuoku Tokyo |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
April
1941 |
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Com. Reg. No.: |
0110-01-067146
(Tokyo-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of agricultural & livestock
products, foods, industrial materials |
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No. of Employees : |
43 |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
TAIYO BUSSAN
KAISHA LTD
REGD NAME
Taiyo Bussan KK
MAIN OFFICE
1-46-3 Hatsudai
Shibuyaku Tokyo 151-0061 JAPAN
Tel:
03-5333-8080 Fax: 03-5333-8081
*.. Registered at: 12-9 Nihombashi-Kodenmacho Chuoku Tokyo
URL: http://www.taiyo-bussan.co.jp/
E-Mail address: webmaster@taiyo-bussan.co.jp
ACTIVITIES
Import,
export, wholesale of agricultural & livestock products, foods, industrial
materials
BRANCHES
Fukuyama
OVERSEAS
Seattle,
Beijing, Guangzhou, Shanghai (--China), New Delhi, Kerala
CHIEF EXEC
SHIGERU
KASHIWABARA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES WEAK A/SALES Yen 28,399 M
PAYMENTS
SLOW CAPITAL Yen
1,249 M
TREND SLOW WORTH Yen 107 M
STARTED 1941 EMPLOYES 43
COMMENT
TRADING
HOUSE SPECIALIZING IN FARM PRODUCTS, FOODS & INDUSTRIAL MATERIALS.
FINANCIAL SITUATION CONSIDERED
WEAK BUT SHOULD BE GOOD FOR MODERATE ENGAGEMENTS.
Unit: In Million Yen
Forecast (or estimated) figures for
30/09/2012 fiscal term
HIGHLIGHTS
The subject company was established originally in 1936 by Masao
Kashiwabara, on his account, in order to import agricultural products. Incorporated in 1941, the firm has been
succeeded by his descendants. Shigeru is
the founder’s son. This is a midsize
trading firm with imports of agricultural and livestock products as
mainline. Well-experienced in
transactions with China from prewar days.
Has 4 rep offices in China.
Top-class importer of soybeans for foodstuff use. In 1959, started imports of mutton from New
Zealand. In 1963 imported Chinese
buckwheat under the Memorandum Agreement between Japan & China. In 2004, listed on the JASDAQ. Stressing business into India. New business into India: introduction of key
machines for construction area (50 ton trucks, 50 ton crawler cranes, tower
cranes), introduction of key machines for earth moving site (wheel loader,
concrete mixer, concrete batching plant, trailer chassis, entrance door).,
FINANCIAL INFORMATION
The sales volume for Sept/2011 fiscal term amounted to Yen 28,399
million, a 29.7% down from Yen 40,443 million in the previous term. Lost one large-lot buyer of soybeans due to
its bankruptcy in the preceding term.
Soybean prices declined and had to sell large stocks for oil mill use
instead. Sales declined in all
segments. By Divisions, Agricultural
Products down 52.6% to Yen 5,250 million; Foods down 26.0% to Yen 13,808
million; Living Materials down 12.7% to Yen 4,476 million; New Business
Development down 12.9% to Yen 4,863 million, due to disrupted supply chains by
the North East Earthquake and exports declined.
The recurring loss was posted at Yen 597 million and the net profit at
Yen 39 million, respectively, compared with Yen 1,369 million recurring loss
and Yen 2,774 million net losses, respectively, a year ago. Posted extraordinary profits of Yen 647
million, coming from the disposal of fixed assets and recovered bankruptcy
costs of the client, other. Increased
the capital to Yen 1,249 million from the previous Yen 1,149 million.
(Oct/2010-Dec/2011 results): Sales Yen 5,541 million (down 38.1%),
operating loss Yen 76 million (previously Yen 159 million loss), recurring loss
Yen 111 million (previously Yen 222 million), net loss Yen 119 million
(previously Yen 218 million loss). (%
& figures compared with the corresponding period a year ago).
For the current term ending Sept 2012 the operations are projected to
come back to profitability to post Yen 83 million recurring profit and Yen 79
million net profit, respectively, on an 8.4% fall in turnover, to Yen 26,000
million. Withdrew from unprofitable
processed meat and some low-priced vegetable businesses. High Yen continues to hurt sales in Yen
terms.
The financial situation is considered WEAK but should be good for
MODERATE business engagements.
REGISTRATION
Date Registered: Apr 1941
Regd No.: 0110-01-067146 (Tokyo-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
20 million shares
Issued:
11,246,197 shares
Sum: Yen 1,249
million
Major shareholders
(%): Taiyo Fudosan (34.1), Daito Koun (12.7), Yamate Reizo (12.7), Shigeru Kashiwabara
(8.3), Aioi Nissay Dowa Ins (5.3), Sompo Japan Ins (3.3), MUFG (1.6), Shoko
Chukin Bank (1.6), Chuo Mitsui Trust Bank (1.6), Dai-sho-kin (1.1);foreign
owners (0.3)
No. of shareholders: 419
Listed on the S/Exchange (s) of:
JASDAQ
Managements: Shigeru
Kashiwabara, pres; Kunio Katoh, mgn dir; Shoo Fukunaka, dir
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading house for import, export and wholesale of:
(Sales breakdown
by divisions):
Agricultural
Products Div (18%); soybeans, soybeans meal, corn, mung beans, canola,
wheat, rice, peanuts;
Food Products Div
(49%): beef, mutton, chicken, pork, duck meat, rabbit meat, marine products,
fruits & vegetables, cooked products;
Living Materials Div
(16%): raw silk, thrown silk, sewn products, woven silk products, tie dyes,
embroideries, clothing accessories, cashmere, synthetic fiber, textile goods,
steel materials, flooring materials, shaoxing, buckwheat, food-related
equipment, machine parts, control apparatus parts, valves, cutting oil, metal
rolls, chemical raw materials & products, general merchandise, supplements;
New Business
Development Div (17%): automobile, automobile parts, trucks, bus,
specially-equipped vehicles, engines, harbor equipment, construction machines,
electricity & precision instrument, agriculture & mining machines,
industrial machines & parts, wireless application products;
Import/Export
(90%).
Clients: [Mfrs,
wholesalers] Nissei Oilio group, Ministry of Agriculture, Forestry &
Fisheries, Nippon Meat Packers, Nichirei Fresh, Prima Meat Packers, Itoham
Foods, Yokorei Co, Trans Japan, other.
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Okaya Koki, Mitsubishi Fuso Truck & Bus Co, Mitsui & Co,
Nichirei Fresh, other.
Payment
record: slow
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG (Kyobashi)
Shoko Chukin Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
30/09/2011 |
30/09/2010 |
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INCOME STATEMENT |
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Annual Sales |
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28,399 |
40,443 |
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Cost of Sales |
27,826 |
40,494 |
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GROSS PROFIT |
573 |
-51 |
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Selling & Adm Costs |
902 |
1,078 |
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OPERATING PROFIT |
-329 |
-1,128 |
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Non-Operating P/L |
-268 |
-241 |
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RECURRING PROFIT |
-597 |
-1,369 |
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NET PROFIT |
39 |
-2,774 |
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BALANCE SHEET |
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Cash |
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3,064 |
868 |
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Receivables |
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4,233 |
5,014 |
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Inventory |
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3,871 |
5,597 |
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Securities, Marketable |
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49 |
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Other Current Assets |
647 |
727 |
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TOTAL CURRENT ASSETS |
11,815 |
12,255 |
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Property & Equipment |
341 |
335 |
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Intangibles |
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3 |
4 |
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Investments, Other Fixed Assets |
668 |
1,714 |
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TOTAL ASSETS |
12,827 |
14,308 |
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Payables |
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640 |
635 |
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Short-Term Bank Loans |
10,054 |
8,118 |
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Other Current Liabs |
1,565 |
2,790 |
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TOTAL CURRENT LIABS |
12,259 |
11,543 |
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Debentures |
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300 |
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Long-Term Bank Loans |
270 |
2,543 |
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Reserve for Retirement Allw |
76 |
65 |
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Other Debts |
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115 |
137 |
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TOTAL LIABILITIES |
12,720 |
14,588 |
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MINORITY INTERESTS |
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Common
stock |
1,249 |
1,149 |
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Additional
paid-in capital |
1,211 |
1,111 |
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Retained
earnings |
(2,318) |
(2,355) |
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Evaluation
p/l on investments/securities |
9 |
7 |
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Others |
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(43) |
(190) |
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Treasury
stock, at cost |
(1) |
(1) |
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TOTAL S/HOLDERS` EQUITY |
107 |
(279) |
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TOTAL EQUITIES |
12,827 |
14,308 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/09/2011 |
30/09/2010 |
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Cash
Flows from Operating Activities |
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3,036 |
-2,060 |
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Cash
Flows from Investment Activities |
256 |
166 |
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Cash
Flows from Financing Activities |
-1,089 |
2,869 |
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Cash,
Bank Deposits at the Term End |
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3,064 |
865 |
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ANALYTICAL RATIOS Terms ending: |
30/09/2011 |
30/09/2010 |
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Net
Worth (S/Holders' Equity) |
107 |
(279) |
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Current
Ratio (%) |
96.38 |
106.17 |
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Net Worth
Ratio (%) |
0.83 |
-1.95 |
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Recurring
Profit Ratio (%) |
-2.10 |
-3.39 |
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Net
Profit Ratio (%) |
0.14 |
-6.86 |
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Return
On Equity (%) |
36.45 |
994.27 |
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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.53.64 |
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UK Pound |
1 |
Rs.86.42 |
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Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.