|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOKUSUI CORPORATION |
|
|
|
|
Registered Office : |
2-2-21 Minato Chuoku Fukuoka 810-0075 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
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Date of Incorporation : |
August 1947 |
|
|
|
|
Com. Reg. No.: |
2900-01-017718
(Fukuoka-Chuoku) |
|
|
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|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Import, wholesale of marine
products; fishery |
|
|
|
|
No. of Employees : |
71 |
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 |
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
TOKUSUI CORPORATION
KK Tokusui Corporation
2-2-21 Minato
Chuoku Fukuoka 810-0075 JAPAN
Tel:
092-721-0931 Fax: 092-712-0407
*.. The is its Fukuoka Branch Office
URL: http://www.tokusui.co.jp
E-Mail address: info@tokusui.co.jp
Import,
wholesale of marine products; fishery
Tokyo,
Osaka
USA
(2), Indonesia (2) (--subsidiaries) (See
REGISTRATION)
Fukuoka
(2) (Food processing & cold storage warehousing)
TAKEYUKI
TOKUSHIMA, PRES Chihiro Tokushima, ch
Hirotake
Tokushima, v pres Shinzo
Ishiguro, s/mgn dir
Toru
Shitanda, mgn dir Kazuhiro
Ushijima, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 12,147 M
PAYMENTSREGULAR CAPITAL Yen
400 M
TREND STEADY WORTH Yen 2,451 M
STARTED 1947 EMPLOYES 71
FISHERY; IMPORTER &
WHOLESALER OF FISHERY PRODUCTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established originally in 1924 by Iwakichi Tokushima, on his
account, for trawling net fishing in Nagasaki. Incorporated in 1947 the firm has been
succeeded by his descendants. Chihiro is
the third generation master, and Tokuyuki is the fourth. This is a trading firm with fishing
operations: imports and wholesales shrimps, prawns (trawled in Indonesia),
other fishes, processed seafoods, other foods, for commercial use centrally. In 2005, went into business tie-up with
Maruha Group Inc, nation’s leading food processor, Tokyo, in the area of USA
business operations. The Tokusui Group
firms consist of 13 consolidated subsidiaries (including 4 overseas) and 7
affiliates, each engaged in food mfg, processing, marketing, trading, etc. In Apr 2009 merged a 100% owned subsidiary,
KK Tokusho, into the firm.
The sales volume for Mar/2012 fiscal term amounted to Yen 12,147
million, a 4% up from Yen 11,726 million in the previous term. Fish prices raised, particularly tuna
fish. The recurring profit was posted at
Yen 93 million and the net profit at Yen 53 million, respectively, compared
with Yen 17 million recurring profit and Yen 47 million net losses,
respectively, a year ago.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 95 million and the net profit at Yen 55 million, respectively, on a 3% rise
in turnover, to Yen 12,500 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug
1947
Regd No.: 2900-01-017718 (Fukuoka-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
20 million shares
Issued:
8 million shares
Sum: Yen 400 million
Major shareholders
(%):
Chihiro Tokushima (30.5), KK Tokusui Asset management*(7.7), OUG Holdings KK
(5.0), Mizuho Bank (4.9), Maruha Group Inc (4.5), Bank of Fukuoka (4.5)
*.. Holding company owned by the Tokushima families.
No. of
shareholders: 160
Overseas
subsidiaries: Tokusui Corp of America (USA),
founded 1990, marketing, importing and exporting of fishery products, processed
foods for commercial-use in hotels, restaurants, schools, hospitals, other; Orca
Bay Sea Foods Inc (USA), processing of seafoods, other; PT
Dwi Bina Utama (Indonesia), founded 1974, trawling of prawns, shrimps; PT
Toxindo Prima (Indonesia), founded 1979, mfg of frozen foods, prepared foods
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures,
imports and wholesales marine products, processed foods, prepared foods, real
estate management, cold storage operations, others:
(Sales
Breakdown by Divisions):
Food
Business Division (95%): trawling of prawns/shrimps, import of other fishes,
mfg
of processed foods, prepared foods for
commercial use in hotels, restaurants, etc;
Real
Estate Management Division (3%): manages owning commercial buildings, etc;
Consulting
Division (2%): includes cold storage operations, other.
Overseas
Sales Ratio (47%)
(Breakdown figures are all about)
Clients: [Fish
markets, consumers’ coops, local federations] Chuo Gyorui, Kita-Kanto Kyodo
Center, Coop Tokyo, Federation of Pal System Consumers’ Coops (Nationwide),
Toto Consumers Coop, other.
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Sojitz Corp, Tohoku Tokusui, Kamei Bussan, other.
Imports from Indonesia, USA, Canada, Chile, Korea, China,
other.
Payment record: Regular
Location:
Business area in Fukuoka City. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Bank
of Fukuoka (H/O)
Mizuho
Bank (Fukuoka)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
12,500 |
12,147 |
11,726 |
11,091 |
|
Recur.
Profit |
|
95 |
93 |
17 |
41 |
|
Net
Profit |
|
55 |
53 |
-47 |
49 |
|
Total
Assets |
|
|
12,794 |
12,384 |
11,788 |
|
Current
Assets |
|
|
4,810 |
4,435 |
3,970 |
|
Current
Liabs |
|
|
8,146 |
7,388 |
6,692 |
|
Net
Worth |
|
|
2,451 |
2,319 |
2,402 |
|
Capital,
Paid-Up |
|
|
400 |
400 |
400 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.91 |
3.59 |
5.73 |
63.68 |
|
|
Current Ratio |
|
.. |
59.05 |
60.03 |
59.32 |
|
N.Worth Ratio |
.. |
19.16 |
18.73 |
20.38 |
|
|
R.Profit/Sales |
|
0.76 |
0.77 |
0.14 |
0.37 |
|
N.Profit/Sales |
0.44 |
0.44 |
-0.40 |
0.44 |
|
|
Return On Equity |
.. |
2.16 |
-2.03 |
2.04 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.74 |
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.