MIRA INFORM REPORT

 

 

Report Date :

22.02.2011

 

IDENTIFICATION DETAILS

 

Name :

HOKOKU CORPORATION

 

 

Registered Office :

4-170 Oihara Yao City Osaka-Pref 581-0092

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

December 1951

 

 

Com. Reg. No.:

(Osaka-Yao) 020006

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer  of caster oil & derivatives

 

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

 

Maximum Credit Limit :

Yen 480.4 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

----

 

 

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 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

HOKOKU CORPORATION

 

 

REGD NAME 

 

Hokoku Seiyu KK (Seiyu means oil-mfg)

 

 

MAIN OFFICE

 

4-170 Oihara Yao City Osaka-Pref 581-0092 JAPAN

Tel: 072-949-4121     Fax: 072-949-9124

URL:                 http//:www.hokoku-corp.co.jp

E-mail:             (thru the URL)   

 

 

ACTIVITIES  

 

Mfg of caster oil & derivatives

 

 

BRANCHES   

 

Tokyo

 

 

FACTORIES  

 

Mie

 

 

OFFICER(S)  

 

KAZUAKI IMAKAWA, PRES       Tetsuro Taguchi, s/mgn dir

Shigeo Satoh, dir                       Teiji Morinaka, dir

Hiromichi Imakawa, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 8,323 M

PAYMENTS      REGULAR         CAPITAL           Yen 92 M

TREND             STEADY           WORTH            Yen 9,795 M

STARTED                     1951                 EMPLOYES      92

 

 

COMMENT    

 

MFR OF CASTER OIL. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 480.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by father of Kazuaki Imakawa in order to make most of his experience in the subject line of business.  This is a specialized mfr of caster oil & derivatives, sabacic oil & derivatives, other.  Clients include major chemical makers.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 8,323 million, a 3% up from Yen 8,057 million in the previous term.  The recurring profit was posted at Yen 1,245 million and the net profit at Yen 441 million, respectively, compared with Yen 848 million recurring profit and Yen 307 million net profit, respectively, a year ago.  .

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 750 million and the net profit at Yen 450 million, respectively, on a 5% rise in turnover, to Yen 8,750 million. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 480.4 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:          Dec 1951

Regd No.:                     (Osaka-Yao) 020006

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         736,000 shares

Issued:                         184,000 shares

Sum:                　         Yen 92 million

Major shareholders (%): Kazuaki Imakawa (26), Shinro Yushi (10), Tetsuro Taguchi (7)

No. of shareholders: 32

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures caster oil, sabacic oil, their derivatives (--100%)

 

Clients: [Mfrs, wholesalers] Mitsui Chemical, Kuraray Corp, Daicel Chemical Ind, Ube Industries, Nippon Paint, DIC, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Toyota Tsusho Corp, Mitsui & Co, Mitsubishi Corp, Koa Corp, Ube Industries, Kuraray Corp, other.

 

Payment record: Regular

 

Location: Business area in Yao City, Osaka-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Hirano)

MUFG (Yao-Ekimae)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

8,750

8,323

8,057

8,972

Recur. Profit

　

950

1,245

848

　

Net Profit

　

450

441

307

586

Total Assets

　

　

12,018

10,609

11,281

Current Assets

　

　

5,917

3,693

　

Current Liabs

　

　

2,038

973

　

Net Worth

　

　

9,795

9,377

9,092

Capital, Paid-Up

　

　

92

92

92

Div.P.Share(¥)

　

　

125.00

125.00

125.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.13

3.30

-10.20

9.78

    Current Ratio

 

..

290.33

379.55

..

    N.Worth Ratio

..

81.50

88.39

80.60

    R.Profit/Sales

 

10.86

14.96

10.53

..

    N.Profit/Sales

5.14

5.30

3.81

6.53

    Return On Equity

..

4.50

3.27

6.45

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.73.25

Euro

1

Rs.61.70

 

 

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.