MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
OKABE MICA CO LTD |
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Registered Office : |
1-8-7 Nakama Nakama City Fukuoka-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
July 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Electric Insulating Equipment; Sale,
Rental of Apartments |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
YEN 263.5 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
OKABE MICA CO LTD
REGD NAME: KK Okabe Mica Kogyosho
MAIN OFFICE: 1-8-7 Nakama Nakama
City Fukuoka-Pref JAPAN
Tel:
093-245-0881 Fax: ^
URL: http://www.okabe-mica.co.jp/
E-Mail address: info@okbe-mica.co.jp
ACTIVITIES
Mfg of electric insulating equipment; sale, rental of
apartments
BRANCHES
Tokyo, Osaka
FACTORY(IES)
At the caption address, Miyata, Munakata (--Fukuoka)
OFFICER(S)
Yataro Okabe, ch
YASUZO OKABE, PRES
Ryoichi Yamachika, dir
Toshihiko Ikeda, dir
Kenzaburo Yamachika, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,443 M:
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 16,734 M
STARTED 1949 EMPLOYES 210
*
For 6 months due to change in accounting term.
COMMENT
MFR OF ELECTRIC INSULATING EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 263.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Kumezo Okabe in order to make most of his experience in the subject line of business. Yataro is his son and Yasuzo his grandson, who took the office of pres in Nov 2005. Specialized mfr of mica-based electric equipment and supplies. Tops in mica products in the industry, controlling 55% share in domestic market. Mica is imported mainly from India. In 1954, the subject became affiliated to Mitsubishi Electric Co Ltd, which holds 40% capital share of the firm.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term for irregular 6 months due to change in accounting term amounted to Yen 2,443 million, a 23% down from Yen 7,598 million in the previous 12-month term. Demand decreased from individual condominium owners as the condominium sale declined. The recurring profit was posted at Yen 671 million and the net profit at Yen 414 million.
For the term just ended Mar 2008 the recurring profit was projected at Yen 1,800 million and the net profit at Yen 910 million, respectively, on a 33% rise in turnover, to Yen 7,800 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 263.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 100 million
Major shareholders (%)
Mitsubishi Electric (40), Toshihiko Ikeda (5), Yasuzo Okabe (3), Ryoichi Yamachika (3)
No. of shareholders: 40
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures mica-based electric insulating equipment (40%), sale of apartments (35%), office rental (25%).
Mica is imported from India (7%).
Exports (15%)
Clients
[Consumers, business firms] Individual consumers (60%), direct exports (5%),
Mitsubishi Electric (3%), Yasukawa Electric (2%), Shinko Electric (1%), other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports mica from India (7%).
Domestically supplied from Towa Denki (3%), Toa Electric Ind (3%), Kanebo Cosmillion (2%), other
Payment record
Regular
Location
Business area in Nakama City, adjacent to Fukuoka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Yamaguchi Bank (Yawata)
Bank of Fukuoka (Nakama)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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7,800 |
2,443 |
7,598 |
7,332 |
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Recur.
Profit |
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1,800 |
671 |
1,759 |
1,486 |
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Net
Profit |
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910 |
414 |
903 |
949 |
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Total
Assets |
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28,896 |
33,160 |
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Current
Assets |
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15,275 |
19,584 |
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Current
Liabs |
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10,798 |
15,501 |
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Net
Worth |
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16,734 |
16,343 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.P.Share(¥) |
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0.00 |
24.00 |
24.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
33.30 |
-22.80 |
3.63 |
18.53 |
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Current Ratio |
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.. |
141.46 |
126.34 |
.. |
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N.Worth Ratio |
.. |
57.91 |
49.29 |
.. |
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R.Profit/Sales |
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23.08 |
27.47 |
23.15 |
20.27 |
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N.Profit/Sales |
11.67 |
16.95 |
11.88 |
12.94 |
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Return On Equity |
.. |
2.47 |
5.53 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
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. |
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%)