MIRA INFORM REPORT
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Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CARGILL JAPAN LIMITED |
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Registered Office : |
Fuji Bldg, 3-2-3 Marunouchi Chiyodaku
Tokyo 100-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
November 1946 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 034873 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading house specializing in foodstuffs |
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No. of Employees : |
324 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic, mastery
of high technology, and a comparatively small defense allocation (1% of GDP)
helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source : CIA |
CARGILL JAPAN LIMITED
Cargill Japan KK
Fuji Bldg, 3-2-3
Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel:
03-5224-5600 Fax: 03-5224-5930
E-Mail address: info@cargill.com
Trading
house specializing in foodstuffs
Osaka,
Kobe, Okayama
Los Angeles, New York, Portland (--USA), Sao Paolo, Vancouver, London,
Milan, Melbourne,Shanghai, Beijing (--China), Singapore, Bangkok, Jakarta
HIROTO
SASAKI, PRES
Hideyo Suzuki, ch
Anri Hamaya, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 182,278 M
PAYMENTS No Complaints
CAPITAL Yen 2,800 M
TREND UP WORTH Yen 88,189 M
STARTED 1946 EMPLOYES 324
TRADING HOUSE SPECIALIZING IN FOODSTUFFS, WHOLLY OWNED BY
CARGIL INC GROUP, USA.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
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.
The sales volume for May/2012 fiscal term amounted to Yen 182,278
million, a 5% up from Yen 173,586 million in the previous term. The recurring profit was posted at Yen 3,701
million and net profit at Yen 1,800 million, respectively, compared with Yen
5,862 million recurring profit and Yen 4,927 million net profit, respectively,
a year ago.
For the current term ending May 2013 the recurring profit is projected
at Yen 5,800 million and the net profit at Yen 4,900 million, respectively, on
a 7% rise in turnover, to Yen 195,000 million.
Weaker Yen will contribute to increase sales figures in Yen terms.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements.
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.
Activities: A trading house
for import, export, wholesale of: foodstuffs:
(Sales Breakdown
by Divisions):
Grain & Oil
Div (54%): 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
(13%): 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
(14%): canned/bottled foods, frozen/dried/salted vegetables, fruits &
spice, wine ingredients, juice materials, meat (pork, beef & chicken),
processed meat products, teas & laver, other;
Food Engineering
Div, others (19%): 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 Cacao, Mitsui Foods, Kyodo Shiryo, Nichiwa
Sangyo, Tokan Co, Ministry of Agriculture, Itoen
Ltd, Kewpie Co, Showa Sangyo Co, other.
No. of accounts: 1,000
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: No Complaints
Location: Business area in
Tokyo. Office premises at the caption address
are leased and maintained satisfactorily.
Bank
References:
SMBC (Nihombashi)
MUFG (Marunouchi)
Relations: Satisfactory
(In
Million Yen)
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Terms
Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
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Annual
Sales |
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195,000 |
182,278 |
173,586 |
176,572 |
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Recur.
Profit |
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5,800 |
3,701 |
5,862 |
2,635 |
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Net
Profit |
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4,900 |
1,800 |
4,927 |
1,699 |
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Total
Assets |
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120,525 |
113,545 |
106,243 |
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Current
Assets |
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98,031 |
89,044 |
95,606 |
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Current
Liabs |
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31,995 |
26,884 |
24,369 |
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Net
Worth |
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88,189 |
86,127 |
81,394 |
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Capital,
Paid-Up |
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2,800 |
2,800 |
2,800 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.98 |
5.01 |
-1.69 |
-24.73 |
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Current Ratio |
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.. |
306.39 |
331.22 |
392.33 |
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N.Worth Ratio |
.. |
73.17 |
75.85 |
76.61 |
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R.Profit/Sales |
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2.97 |
2.03 |
3.38 |
1.49 |
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N.Profit/Sales |
2.51 |
0.99 |
2.84 |
0.96 |
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Return On Equity |
.. |
2.04 |
5.72 |
2.09 |
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Notes:
Forecast (or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.54 |
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UK Pound |
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
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.