MIRA
INFORM REPORT
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Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
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Name : |
OKAYA & CO LTD |
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Registered Office : |
2-4-18 Sakae Nakaku |
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Country : |
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Financials (as on) : |
28.02.2007 |
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Date of Incorporation : |
Apr 1937 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of steel, machinery, electronics, chemicals, tools, other |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 17412.5 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
OKAYA & CO LTD
REGD NAME
Okaya Koki KK
MAIN OFFICE
2-4-18 Sakae
Nakaku
Tel : 052-204-8121
Fax : 052-204-8385
*.. The given
address is its Branch Office in
URL : http://www.okaya.co.jp/
E-Mail
address: kikku@okaya.co.jp
ACTIVITIES
Import,
export, wholesale of steel, machinery, electronics, chemicals, tools, other
BRANCHES
OVERSEAS
(Affiliated):
CHIEF EXEC
TOKUICHI
OKAYA, PRES & CEO (Assumed in 1990)
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 833,954 M
PAYMENTS REGULAR CAPITAL Yen 9,128 M
TREND STEADY WORTH Yen
122,792 M
STARTED 1937 EMPLOYES 3,959
COMMENT
TRADING HOUSE SPECIALIZING IN STEEL PRODUCTS. FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 17,412.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 28/02/2008 fiscal term
HIGHLIGHTS
A time-honored special trading firm dating back to 1669 when
Sosuke Okaya started his own firm as a hardware dealership at the caption
address,
FINANCIAL INFORMATION
The sales volume for Feb/2007 fiscal term amounted to Yen 833,954 million, an 11.8% up from Yen 745,769 million in the previous term, supported by rising exports from overseas expansion of auto industry, coupled with recovery of domestic capital spending. Machine tools at high level on back of capital spending and continued growth for automobiles. The recurring profit was posted at Yen 17,331 million and the net profit at Yen 9,329 million, respectively, compared with Yen 13,764 million recurring profit and Yen 10,187 million net profit, respectively, a year ago. The last term included extraordinary income from the sale of stockholdings.
For the current term ending Feb 2008 the recurring profit is projected at Yen 17,500 million and the net profit at Yen 9,500 million, on a 5.5% rise in turnover, to Yen 880,000 million. Benefits from Naito to subsidiary peaking out, but Naito contribution expanding. Steel will continue growing for construction and automobile industries. Semiconductors & related products will also grow for digital electric appliances.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 17,412.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1937
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 177,856,000 shares
Issued: 48,844,480 shares
Sum: Yen 9,128 million
Major shareholders (%): Okaya Estate (12.1), MUFG (5.5), Tokuichi Okaya (4.9), MUFG (4.7), Nippon Steel (4.3),
Chuo Mitsui Trust Bank (4.1), Resona Bank (2.7), Employees’ S/Holding Assn (2.0),
Nipponkoa Ins (2.2),Okuma Holdings (1.5), Shinshokai Foundation (1.4); foreign owners
(0.4)
No. of
shareholders: 3,501
Listed
on the S/Exchange (s) of:
Managements: Tokuichi Okaya, pres & CEO, Masaaki Miyazaki, s/mgn dir; Kokichi Kawamatsu, s/mgn
dir; Mikiya Nakamura, mgn dir; Tadashi Mukai, mgn dir; Hideo Sofue, mgn dir; Tadahiko
Katsuta, mgn dir; Masahide Yamazaki, dir; Masaaki Takizawa, dir; Shin’ichi Watanabe,
dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Okaya
USA Inc, Tokai Press
OPERATION
Activities: Activities: Imports, exports and wholesales:
(Sales
breakdown by divisions);
Steel Div (44%): steel plates, tubes, bars, H-section steel, steel alloys, stainless steel, etc;
Information & Electrical Equipment Div (19%): electrical parts & components, aluminum materials, semiconductors, software, A/V equipment, etc;
Industrial Materials Div (27%): machine tools, industrial robots, auto parts & components, plastic materials, semiconductor & electronics equipment & facilities, etc;
Lifestyle Area Div (10%): housing equipment, pipe fittings & materials, livestock products, marine products, sale of housing & condominiums, etc;
Sales at overseas subsidiaries (9%)
(Overseas trading 16%)
Clients: [Mfrs, public agencies] Tokyo Gas, Tokyo-Metrop Office, Toyota Motor, Takara Kotsu, Nichicon Corp, other.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Steel mills, wholesalers] JFE Steel, Nippon Steel, Mitsubishi Electric, Daido Special Steel, Fujikoshi, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG (
Chuo
Mitsui Trust Bank (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
28/02/2007 |
28/02/2006 |
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INCOME STATEMENT |
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Annual Sales |
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833,954 |
745,769 |
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Cost of Sales |
782,720 |
697,228 |
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GROSS PROFIT |
51,234 |
48,541 |
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Selling & Adm Costs |
35,591 |
36,194 |
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OPERATING PROFIT |
15,642 |
12,346 |
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Non-Operating P/L |
1,689 |
1,418 |
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RECURRING PROFIT |
17,331 |
13,764 |
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NET PROFIT |
9,329 |
10,187 |
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BALANCE SHEET |
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Cash |
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7,744 |
6,542 |
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Receivables |
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199,225 |
188,709 |
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Inventory |
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38,527 |
35,331 |
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Securities, Marketable |
1 |
1 |
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Other Current Assets |
14,226 |
12,223 |
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TOTAL CURRENT ASSETS |
259,723 |
242,806 |
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Property & Equipment |
32,474 |
31,960 |
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Intangibles |
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2,468 |
2,211 |
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Investments, Other Fixed Assets |
165,310 |
142,583 |
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TOTAL ASSETS |
459,975 |
419,560 |
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Payables |
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134,382 |
126,565 |
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Short-Term Bank Loans |
105,327 |
108,793 |
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Other Current Liabs |
10,439 |
11,892 |
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TOTAL CURRENT LIABS |
250,148 |
247,250 |
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Debentures |
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110 |
220 |
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Long-Term Bank Loans |
32,334 |
23,768 |
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Reserve for Retirement Allw |
2,451 |
2,532 |
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Other Debts |
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52,139 |
43,459 |
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TOTAL LIABILITIES |
337,182 |
317,229 |
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MINORITY INTERESTS |
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5,237 |
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Common
stock |
9,128 |
9,128 |
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Additional
paid-in capital |
7,798 |
7,798 |
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Retained
earnings |
28,891 |
20,848 |
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Evaluation
p/l on investments/securities |
70,827 |
60,975 |
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Others |
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6,149 |
(1,656) |
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Treasury
stock, at cost |
(1) |
0 |
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TOTAL S/HOLDERS` EQUITY |
122,792 |
97,093 |
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TOTAL EQUITIES |
459,975 |
419,560 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
28/02/2007 |
28/02/2006 |
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Cash Flows
from Operating Activities |
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4,992 |
-5,558 |
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Cash
Flows from Investment Activities |
-9,080 |
2,216 |
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Cash
Flows from Financing Activities |
5,075 |
5,196 |
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Cash,
Bank Deposits at the Term End |
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7,588 |
6,380 |
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ANALYTICAL RATIOS Terms ending: |
28/02/2007 |
28/02/2006 |
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Net
Worth (S/Holders' Equity) |
122,792 |
97,093 |
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Current
Ratio (%) |
103.83 |
98.20 |
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Net
Worth Ratio (%) |
26.70 |
23.14 |
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Recurring
Profit Ratio (%) |
2.08 |
1.85 |
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Net
Profit Ratio (%) |
1.12 |
1.37 |
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Return
On Equity (%) |
7.60 |
10.49 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)