MIRA INFORM
REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
OKAYA & CO LTD |
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Registered Office : |
2-4-18 Sakae Nakaku Nagoya 460-866 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2011 |
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Date of Incorporation : |
April 1937
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Com. Reg. No.: |
(Nagoya-Nakaku) 034964 |
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Legal Form : |
Limited Company |
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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 : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 13,054.6 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company name
OKAYA & CO LTD
REGD NAME
Okaya Koki KK
MAIN OFFICE
2-4-18 Sakae
Nakaku Nagoya 460-866 JAPAN
Tel:
052-204-8121 Fax: 052-204-8385
*.. The given address is of its Tokyo Head Office
E-Mail address: kikku@okaya.co.jp
ACTIVITIES
Import,
export, wholesale of steel, machinery, electronics, chemicals, tools, other
BRANCHES
Tokyo,
Osaka, Fukuoka, Niigata, Shizuoka, Hiroshima, other (Tot 27)
OVERSEAS
Manila,
Dubai, Vietnam (2), China (4)
(Subsidiaries):
USA, Canada, Germany, Singapore, Thailand (2), China (5),
Taiwan, Korea, Australia, India
(Tot 34 overseas offices/subsidiaries)
CHIEF EXEC
TOKUICHI OKAYA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 644,180 M
PAYMENTS REGULAR CAPITAL Yen 9,128 M
TREND STEADY WORTH Yen
90,337 M
STARTED 1937 EMPLOYES 4,565
COMMENT
TRADING HOUSE SPECIALIZING IN STEEL PRODUCTS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 13,054.6 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 28/02/2012 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,
Nagoya, and has been succeeded by his descendants. Incorporated in 1937 and renamed as captioned
in 1943. Tokuichi assumed the post of
pres in 1990. This is a specialized
trading house highly dependant on steel, special steel, and business linked to
auto and construction industries. Excels
in transactions with power and gas utilities and public agencies. Has a strong business connection with Toyota
Motor. Strengthening operations in
China. Actively advancing into food
industry, too. The firm plans to
establish a subsidiary in Indonesia aimed at supplying machine tools to local
Japanese mfrs. The cutting &
processing joint venture for construction machinery and automobile in Suzhou,
China, started in May 2011 and is targeting Yen 430 million in the Feb 2013
term.
FINANCIAL INFORMATION
The sales volume for Feb/2011 fiscal term amounted to Yen 644,180
million, a 15.2% up from Yen 559,288 million in the previous term. The main profit-earner steel benefited from
continued steady growth of S/E Asia-bound exports. Machine tools and power semiconductor also
contributed. By divisions, Steel up 8.8%
to Yen 283,500 million; Information & Electrical Equipment up 36.3% to Yen
143,600 million; Industrial Materials up 18.8% to Yen 157,900 million. The recurring profit was posted at Yen 10,065
million and the net profit at Yen 7,318 million, respectively, compared with
Yen 2,198 million recurring profit and Yen 744 million net profit,
respectively, a year ago.
For the current term ending Feb 2012 the recurring profit is projected
at Yen 10,000 million and the net profit at Yen 7,500 million, respectively, on
a 0.9% rise in turnover, to Yen 650,000 million. Asia-bound steel exports continue steady and
expanding. Automobile-related sales
revived. High Yen may hurt
revenues/profits in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 13,054.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1937
Regd No.: (Nagoya-Nakaku) 034964
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
177,856,000 shares
Issued: 48,600,000 shares
Sum: Yen 9,128 million
Major shareholders
(%): Okaya Estate (12.4), Tokuichi Okaya (4.9), MUFG (4.7), Nippon Steel
(4.3), Chuo Mitsui Trust Bank (4.1), Resona Bank (2.7), Nipponkoa Ins (2.7),
Employees’ S/Holding Assn (1.7), Okuma Corp (1.5), Shinshokai Foundation (1.4);
foreign owners (0.1)
No. of
shareholders: 3,200
Listed on the
S/Exchange (s) of: Nagoya
Managements: Tokuichi Okaya,
pres & CEO, Kokichi Kawamatsu, s/mgn dir; Tadahiko Katsuta, s/mgn dir;
Shuji Ninomiya, mgn dir; Noriaki Baba, mgn dir; Yutaka Inao, mgn dir; Takehiro
Okaya, mgn dir; Masaaki Takizawa, dir; Shin’ichi Watanabe, dir; Seiichi
Hattori, dir; Kenji Iwata, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Okaya USA Inc,
Tokai Press Ind, Chubu Gosei Jushi Kogyo, other
OPERATION
Activities: Imports, exports
and wholesales steel products & machinery:
(Sales breakdown
by divisions);
Steel Div (44.0%): steel plates,
tubes, bars, H-section steel, steel alloys, stainless steel, etc;
Information &
electrical equipment Div (22.3%): electrical parts & components, aluminum
materials, semiconductors, software, A/V equipment, etc;
Industrial
materials Div (24.5%): machine tools, industrial robots, auto parts &
components, plastic materials, semiconductor & electronics equipment &
facilities, etc;
Lifestyle area Div
(9.2%): housing equipment, pipe fittings & materials, livestock products,
marine products, sale of housing & condominiums, etc;
Overseas Sales
Ratio (19.2%)
Clients: [Mfrs, public
agencies] Tokyo Gas, Tokyo-Metrop Office, Toyota Motor, Takara Kotsu, Nichirei
Fresh, Marusugi Corp, Suzuki Motor Corp, Nichicon Corp, other.
No. of accounts: 2,000
Domestic areas of
activities: Nationwide
Suppliers: [Steel mills,
wholesalers] JFE Steel, Nippon Steel, JFE Engineering Corp, Mitsubishi
Electric, Daido Nachi-Fujikoshi Corp, Special Steel, other.
Payment record: Regular
Location: Business area in
Nagoya. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG
(Nagoya)
Chuo
Mitsui Trust Bank (Nagoya)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
28/02/2011 |
28/02/2010 |
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INCOME STATEMENT |
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Annual Sales |
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644,180 |
559,288 |
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Cost of Sales |
601,840 |
523,480 |
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GROSS PROFIT |
42,339 |
35,807 |
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Selling & Adm Costs |
33,913 |
34,091 |
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OPERATING PROFIT |
8,426 |
1,716 |
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Non-Operating P/L |
1,639 |
482 |
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RECURRING PROFIT |
10,065 |
2,198 |
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NET PROFIT |
7,318 |
744 |
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BALANCE SHEET |
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Cash |
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6,976 |
5,958 |
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Receivables |
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159,975 |
144,976 |
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Inventory |
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34,861 |
32,062 |
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Securities, Marketable |
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Other Current Assets |
6,867 |
6,814 |
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TOTAL CURRENT ASSETS |
208,679 |
189,810 |
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Property & Equipment |
41,169 |
42,848 |
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Intangibles |
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1,141 |
1,613 |
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Investments, Other Fixed Assets |
96,069 |
86,932 |
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TOTAL ASSETS |
347,058 |
321,203 |
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Payables |
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100,449 |
98,263 |
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Short-Term Bank Loans |
94,131 |
78,864 |
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Other Current Liabs |
7,439 |
6,705 |
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TOTAL CURRENT LIABS |
202,019 |
183,832 |
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Debentures |
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Long-Term Bank Loans |
28,656 |
35,861 |
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Reserve for Retirement Allw |
2,063 |
1,974 |
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Other Debts |
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23,983 |
19,936 |
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TOTAL LIABILITIES |
256,721 |
241,603 |
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MINORITY INTERESTS |
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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 |
45,092 |
38,783 |
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Evaluation
p/l on investments/securities |
24,905 |
20,322 |
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Others |
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3,784 |
4,140 |
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Treasury
stock, at cost |
(370) |
(572) |
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TOTAL S/HOLDERS` EQUITY |
90,337 |
79,599 |
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TOTAL EQUITIES |
347,058 |
321,203 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
28/02/2011 |
28/02/2010 |
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Cash Flows
from Operating Activities |
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-2,332 |
26,808 |
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Cash
Flows from Investment Activities |
-1,702 |
-3,480 |
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Cash
Flows from Financing Activities |
5,411 |
-25,135 |
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Cash,
Bank Deposits at the Term End |
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6,774 |
5,850 |
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ANALYTICAL RATIOS Terms ending: |
28/02/2011 |
28/02/2010 |
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Net
Worth (S/Holders' Equity) |
90,337 |
79,599 |
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Current
Ratio (%) |
103.30 |
103.25 |
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Net
Worth Ratio (%) |
26.03 |
24.78 |
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Recurring
Profit Ratio (%) |
1.56 |
0.39 |
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Net
Profit Ratio (%) |
1.14 |
0.13 |
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Return
On Equity (%) |
8.10 |
0.93 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.38 |
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UK Pound |
1 |
Rs.72.21 |
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Euro |
1 |
Rs.62.87 |
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 |
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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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.