MIRA INFORM REPORT

 

 

Report Date :

26.07.2014

 

IDENTIFICATION DETAILS

 

Name :

TOSHIN CO LTD

 

 

Registered Office :

7-1-106 Nanko-Higashi Suminoeku Osaka 559-0031

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

January 1987

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of used tractors, forklifts, harvesters

 

 

No. of Employees

85

 

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 84.9 Million

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy

 

Source : CIA

 

 

 

Company name and address

 

TOSHIN CO LTD

 

REGD NAME:    KK Toshin

MAIN OFFICE:  7-1-106 Nanko-Higashi Suminoeku Osaka 559-0031 JAPAN

Tel: 06-6612-3939      Fax: 06-6612-3700

 

URL:                 http://www.tractor-toshin.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES  

 

Import, export, wholesale of used tractors, forklifts, harvesters, other

 

 

BRANCHES   

 

Osaka (3), Kobe

 

 

OFFICERS

 

SHOZO YAEHARA, PRES         Akira Takamori, ch

Takao Koga, s/mgn dir               Hiroyuki Futagami, mgn dir

Kazuhisa Ushirogami, dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 4,658 M

PAYMENTSSLOW BUT CORRECT         CAPITAL           Yen 90 M

TREND SLOW                          WORTH            Yen 636 M       

STARTED         1987                             EMPLOYES      85

 

 

COMMENT

           

TRADING FIRM SPECIALIZING IN USED INDUSTRIAL MACHINERY.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: ESTIMATED AT YEN 84.9 MILLION, ON 30 DAYS  NORMAL TERMS.

           

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Tonan Kosan Co Ltd, a group of Tatsumi Shokai Co Ltd (See REGISTRATION).   This is a trading firm for import, export and wholesale of used tractors, harvesters, forklifts, other (See OPERATION).  Clients include heavy machinery mfrs, other

 

 

FINANCIAL INFORMATION

           

Financials are disclosed only partially.

 

The sales volume for Mar/2014 fiscal term amounted to Yen 4,658 million, a 25% sharp decline from Yen 6,201 million in the previous term.  The net profit was posted at Yen 64 million, compared with Yen 97 million a year ago.

 

For the current term ending Mar 2015 the net profit is projected at Yen 70 million, on a 4% rise in turnover, to Yen 4,850 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 84.9 million, on 30 days normal terms. Max credit limit is estimated at Yen 84.9 million, on 30 days normal terms.

 

 

 

REGISTRATION

 

Date Registered:  Jan 1987

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         720,000 shares

Issued:                180,000 shares

Sum:                   Yen 90 million

Major shareholders (%): Tonan Kosan Co Ltd* (100)

 

*.. Subsidiary of Tatsumi Shokai Co Ltd, marine forwarding, warehousing, Osaka, founded 1943, capital Yen 750 million, sales Yen 55,213 million, net profit Yen 764 million, employees 801, pres Teruyoshi Mizoe

 

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

 

OPERATION

           

Activities: Imports, exports and wholesales used tractors, combine harvesters, rice planting machines, forklifts, spare parts, wrapping/packaging materials, other (--100%)

 

Clients: [Mfrs, wholesalers] Kubota Corp, Tatsumi Shokai Co, other 

No. of accounts: 300

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Tatsumi Shokai Co, Kubota Corp, Care-Max Corp, Yamaha Motor, Paramount Bed, other

Imports from Indonesia, Russia, other

 

Payment record: Slow but correct

 

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

 

Bank References:

MUFG (Chikko)

Mizuho Bank (Osaka)

Relations: Satisfactory

 

FINANCES

 

(In Million Yen)

Terms Ending:

　

31/03/2015

31/03/2014

31/03/2013

31/03/2012

Annual Sales

　

4,850

4,658

6,201

7,098

Recur. Profit

　

..

..

..

..

Net Profit

　

70

64

97

87

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

636

572

475

Capital, Paid-Up

　

　

90

90

90

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.12

-24.88

-12.64

6.66

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

1.44

1.37

1.56

1.23

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/03/2015 fiscal term.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.