MIRA INFORM REPORT

Report No. :	314011
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	TOHO BUSSAN KAISHA LTD
Registered Office :	Shiba Park Bldg A 8F, 2-4-1 Shibakoen Minato-ku
Country :	Japan
Financials (as on) :	31.03.2014
Date of Incorporation :	July 1958
Com. Reg. No.:	0104-01-020168
Legal Form :	Limited Company(Kabushiki Kaisha)
Line of Business :	Export/Import, coastal trades and domestic sales of the following main commodities. Foodstuff and their materials, feed and other agricultural and marine products and their finished products, livestock products, fresh produce
No. of Employee :	145

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Company name and address

	ENGLISH COMPANY NAME	TOHO BUSSAN KAISHA LTD
	Japanese company name	Toho Bussan KK
	Registered Office
	1. Street Number and District	Shiba Park Bldg A 8F, 2-4-1 Shibakoen Minato-ku
	2. City and Perefecture	Tokyo
	3. ZIP Code	1050011
	4. Country	JAPAN
	TEL	03-3438-5711
	FAX	03-3438-5740
	URL	www.tohob.co.jp
	Email Address	gyomu@toho.co.jp
	Activities (Services & Products)	Export/Import, coastal trades and domestic sales of the following main commodities. Foodstuff and their materials, feed and other agricultural and marine products and their finished products, livestock products, fresh produce.
SUMMARY OF REPORT
	Annual Sales (MM YEN)	60,324
	Capital Amount (MM YEN)	400
	Net Worth (MM YEN)	Unavailable
	FINANCES	FAIR
	TREND	SLOW
	EMPLOYEES	145
	CREDIT LIMIT PROPOSED(MM YEN)	358.9
	OTHER INFORMATION FOLLOWS:
	Year Started	1958
	Year Registered	July. 1958
	Regd No.	0104-01-020168
	Legal Status	Limited Company(Kabushiki Kaisha)
	Major Shareholders
	1	Mitsui & Co
	2
	3
	Number of Shareholders	1
	Authorized Shares	3.2 million
	Issued Shares	1.25 million
	Executives
	PRESIDENT	HIROYUKI NAKAYAMA
	Chairman
	Vice President
	Mgn Director	Kimio Sasanuma
	Mgn Director	Shimpei Kawaguchi
	Director	Motoyasu Hasebe
	Director	Junya Sone
	Director	Takashi Yokoyama
	Main Banks
	1	SMBC(Shinbashi)
	2	Mizuho (Shinbashi)
	Relations	Satisfactory
	Clients
	1	Ito-Yokado
	2	Ebisho Co
	3	Nosui
	4	S Foods
	5	Other
	Suppliers
	1	Mitsui & Co
	2	Zen-Noh Pearl Rice
	3	Kimanh Co
	4	Itami Sangyo Co
	5	Other
	Branches
	1	Sapporo
	2	Nagoya
	3	Osaka
	4	Kagoshima
	Factories
	1	None
	Overseas
	1	Indonesia
	2	Bangkok
	3	Other
	HIGHLIGHT and COMMENT	The subject company was established on the basis of business operations transferred from Dai-ichi Tsusho KK, specializing in export/import businesses with the then Communist countries, affiliated to Mitsui & Co Ltd. In 1965 the firm transferred the Soviet Union operations to the parent, Mitsui & Co Ltd. This is a trading firm specializing in seafood, farm products, food materials & ingredients, other. In 2004 merged two subsidiary seafood firms to integrate seafood operations. In Apr 2005, transferred from the parent its salmon business operations, followed by fruits/vegetable operations in May 2005. In July 2007, transferred from the parent its livestock business. In Apr 2011, transferred from the parent its marine business. Goods are imported widely from overseas countries.
	FINANCIAL information	Financials are disclosed only partially. The sales volume for March/2014 fiscal term amounted to Yen 60,324 million, a 7.3% up from Yen 56,190 million in the previous term. The net profit amounted at Yen 275 million which is increased from Yen 250 million in 2013. For the current term ending March 2015, the net profit at Yen 276 million is estimated based on a 2% rise in turnover, to Yen 61,530 million. Final results are yet to be released. The financial situation is considered FAIR and good for ORDINARY business engagements.
	PLEASE ATTACH THE FINANCIALS BELOW.
	Terms Ending:	31/03/2015	31/03/2014	31/03/2013	31/03/2012
	Annual Sales	61,530	60,324	56,190	68,014
	Recur. Profit	..	..	..	..
	Net Profit	276	275	250	204
	Total Assets
	Net Worth
	Capital, Paid-Up
	Div.P.Share(¥)		0.00	0.00	0.00
	<Analytical Data>	(%)	(%)	(%)	(%)
	S.Growth Rate	2.00	7.36	-17.38	#DIV/0!
	Current Ratio		..	..	..
	N.Worth Ratio		..	..	..
	N.Profit/Sales	0.45	0.46	0.44	0.30

Terms Ending:	31/03/2015	31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Annual Sales	61,530	60,324	56,190	68,014
Recur. Profit	..	..	..	..	..
Net Profit	276	275	250	204
Total Assets
Net Worth					-729	-729
Capital, Paid-Up
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)	(%)	(%)
S.Growth Rate	2.00	7.36	-17.38	#DIV/0!	#DIV/0!	#DIV/0!
Current Ratio		..	..	..	..	..
N.Worth Ratio		..	..	..	..	..
N.Profit/Sales	0.45	0.46	0.44	0.30	#DIV/0!	#DIV/0!
	S/Hldrs' Equity		-275	-525	-729	-729
	Div or Taxes
	Offs' Bonus
	Current Assets

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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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