|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOKUSUI CORPORATION |
|
|
|
|
Registered Office : |
2-2-21 Minato Chuoku Fukuoka 810-0075 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
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Date of Incorporation : |
August 1947 |
|
|
|
|
Com. Reg. No.: |
2900-01-017718 (Fukuoka-Chuoku) |
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|
|
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
|
Line of Business : |
Manufactures, imports and wholesales marine products (65.7%),
processed foods, prepared foods (32.1%), real estate management, cold storage
operations, others (2.2%): |
|
|
|
|
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 : |
No Complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
TOKUSUI
CORPORATION
REGD NAME: KK Tokusui Corporation
MAIN OFFICE: 2-2-21 Minato Chuoku Fukuoka 810-0075 JAPAN
Tel: 092-721-0931 Fax:
092-712-0407
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
Kazuhiro Ushijima, dir Odaka
Kubota, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 11,965 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 400 M
TREND STEADY WORTH Yen 2,544 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
accout, for trawling net fishing in Nagasaki. Incorporated in 1947 the firm has been
succeeded by his descendants. Chihiro is
the third generation master, and Tateyuki is the fourth, who took the pres
office in Sept 2005. 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, tradin. In Apr 2009 merged a
100% owned subsidiary, KK Tokusho, into the firm.
The sales volume for Mar/2014 fiscal term amounted to Yen 11,965
million, a 2% up from Yen 11,726 million in the previous term. Prices of frozen lobster rose. The recurring profit was posted at Yen 162
million and the net profit at Yen 46 million, respectively, compared with Yen
76 million recurring profit and Yen 36 million net profit, respectively, a year
ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 180 million and the net profit at Yen 60 million, respectively, on a 5%
rise in turnover, to Yen 12,500 million.
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 (65.7%), processed foods, prepared foods
(32.1%), real estate management, cold storage operations, others (2.2%):
Overseas Sales
Ratio (45%)
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, Tokusui Foods, Skylark (Restaurant operator), Shokuryu Co, Nosui Co,
other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sojitz Corp, Tohoku Tokusui, Kamei Bussan, Shokuryu Co, IBC,
Higashimaru International, Yokorei Co, other.
Imports from Indonesia, USA, Canada, Chile, Korea, China, other.
Payment record: No Complaints
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: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
12,500 |
11,965 |
11,726 |
12,147 |
|
Recur. Profit |
|
180 |
162 |
76 |
93 |
|
Net Profit |
|
60 |
46 |
36 |
53 |
|
Total Assets |
|
|
11,365 |
11,754 |
12,794 |
|
Current Assets |
|
|
3,851 |
3,847 |
4,810 |
|
Current Liabs |
|
|
6,866 |
7,075 |
8,146 |
|
Net Worth |
|
|
2,544 |
2,459 |
2,451 |
|
Capital, Paid-Up |
|
|
400 |
400 |
400 |
|
Div.Ttl in Million (¥) |
|
|
24 |
24 |
0.00 |
|
<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.47 |
2.04 |
-3.47 |
3.59 |
|
Current Ratio |
|
.. |
56.09 |
54.37 |
59.05 |
|
N.Worth Ratio |
|
.. |
22.38 |
20.92 |
19.16 |
|
R.Profit/Sales |
|
1.44 |
1.35 |
0.65 |
0.77 |
|
N.Profit/Sales |
|
0.48 |
0.38 |
0.31 |
0.44 |
|
Return On Equity |
|
.. |
1.81 |
1.46 |
2.16 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal
term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.