MIRA INFORM REPORT

 

 

Report Date :           

28.07.2011

 

IDENTIFICATION DETAILS

 

Name :

SEKIDO & CO INC

 

 

Registered Office :

38 Higashihatada Saichicho Iwakura Aichi-Pref 482-0036

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

April 1954

 

 

Com. Reg. No.:

(Aichi-Iwakura) 087884

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of Fresh & Frozen Fish, Feeds

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 348.5 Million

Status :

Small Company 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Japan

a1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name

 

SEKIDO & CO INC

 

 

REGD NAME

 

KK Sekido Shoji

 

 

MAIN OFFICE

 

38 Higashihatada Saichicho Iwakura Aichi-Pref 482-0036 JAPAN

Tel: 0587-66-6111     Fax: 0587-37-3297

                       

URL:                 N/A

 

 

ACTIVITIES

 

Import, wholesale of fresh & frozen fish, feeds

 

 

BRANCHES   

 

Tokyo, Kobe

 

 

OFFICER(S)  

 

KAZUO SEKIDO, PRES

Keiichi Sekido, s/mgn dir

Shizuo Sugita, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 10,695 M

PAYMENTS      REGULAR         CAPITAL           Yen 20 M

TREND             SLOW              WORTH            Yen 1,361 M

STARTED                     1954                 EMPLOYES      24

 

 

COMMENT

 

IMPORTER AND WHOLESALER SPECIALIZING IN FISHES & FEEDS. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 348.5 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Notes: Forecast (or estimated) figures for the 31/12/2011 fiscal term

 

 

HIGHLIGHTS

 

The subject company was established by a certain Sekido in order to make most of his experience, as KK Sekido Shoten, and has been succeeded by his descendants.  Kazuo is the founder’s son.  Renamed as captioned in 1980.  This is a trading firm, solely owned and operated by Sekido family, specializing in importing and wholesaling fresh & frozen fishes, from USA, Canada, Chile, etc.  Also handles poultry feeds.  Fishes are shipped to fishery markets, fishery processors, farm coops, etc.  The firm is based in Aichi-Pref, and its Tokyo office is fully responsible for trading with Tokyo Central Wholesale Market.  Goods are also imported through general trading houses, in addition to direct imports.

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2010 fiscal term amounted to Yen 10,695 million, a 5% up from Yen 10,695 million in the previous term.  Price hikes of tuna & mackerel contributed.  Tuna catch was restricted due to the species preservation and catches decreased.  Consumer demand slowly came back.  High Yen contributed to decrease import prices in Yen terms.  The recurring profit was posted at Yen 99 million and the net profit at Yen 51 million, respectively, compared with Yen 60 million recurring profit and Yen 36 million net profit, respectively, a year ago.

 

For the current term ending Dec 2011 the recurring profit is projected at Yen 100 million and the net profit at yen 55 million, respectively, on a 5% rise in turnover, to Yen 11,200 million.  Consumer demand is seen recovering.  Poultry feeds are expanding steadily.  In the face of cow shipment is banned from the N-Power Plant-exploded area in Northern Japan (assaulted by earthquake & tsunami in Mar/2011), for fear of caesium affliction, demand for chicken in increasing.  The feeds given to the cows had already been afflicted by caesium, as reported.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 348.5 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Apr 1954

Regd No.:          (Aichi-Iwakura) 087884

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         160,000 shares

Issued:              40,000 shares

Sum:                   Yen 20 million

Major shareholders (%): Kazuo Sekido (67.5), Keiichi Sekido (25), Kyoko Sekido (7.5)

No. of shareholders: 3

 

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

 

 

OPERATION

 

Activities: Imports and wholesales fresh & frozen fishes (--70%), poultry feeds, others

(--30%).

 

Clients: [Fish markets, processors] Tokyo Central Wholesale Market, run by Tokyo-Metrop (Tsukiji Shijo), Nippon Suisan Kaisha, Kyokuyo Co, Benirei Corp, Chubu Suisan, Chubu Shiryo Co, Norsan Corporation, other

            No. of accounts: 500

            Domestic areas of activities: Centered in Aichi-Pref and Tokyo area

Suppliers: [Wholesalers] KK Yusho, ATC, Trident, Chubu Feeds, Kanematsu Corp, Sojitz Corp, other.

Imports from USA, Canada, Chile, other. 

 

Payment record: Regular

 

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

 

Bank References:

·         MUFG (Iwakura)

·         Bank of Nagoya (Iwakura)

       Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2010

31/12/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

10,695

10,177

 

  Cost of Sales

10,197

9,696

 

      GROSS PROFIT

498

481

 

  Selling & Adm Costs

415

410

 

      OPERATING PROFIT

82

70

 

  Non-Operating P/L

17

-10

 

      RECURRING PROFIT

99

60

　

      NET PROFIT

51

36

BALANCE SHEET

 

 

 

 

  Cash

　

480

517

 

  Receivables

 

1,473

1,357

 

  Inventory

 

276

425

 

  Securities, Marketable

　

　

 

  Other Current Assets

732

739

 

      TOTAL CURRENT ASSETS

2,961

3,038

 

  Property & Equipment

47

46

 

  Intangibles

 

1

1

 

  Investments, Other Fixed Assets

310

304

 

      TOTAL ASSETS

3,319

3,389

 

  Payables

 

1,792

1,858

 

  Short-Term Bank Loans

100

200

 

　

 

　

　

 

  Other Current Liabs

66

21

 

      TOTAL CURRENT LIABS

1,958

2,079

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

　

　

 

  Other Debts

　

0

0

 

      TOTAL LIABILITIES

1,958

2,079

 

      MINORITY INTERESTS

 

 

 

  Capital, Paid-Up

20

20

 

  Surplus

 

1,341

1,290

 

      SHAREHOLDERS' EQUITY

1,361

1,310

　

      TOTAL EQUITIES

3,319

3,389

ANALYTICAL RATIOS            Terms ending:

31/12/2010

31/12/2009

 

 

Net Worth (S/Holders' Equity)

1,361

1,310

 

 

Current Ratio (%)

151.23

146.13

 

 

Net Worth Ratio (%)

41.01

38.65

 

 

Recurring Profit Ratio (%)

0.93

0.59

 

 

Net Profit Ratio (%)

0.48

0.35

 

 

Return On Equity (%)

3.75

2.75

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.95

UK Pound

1

Rs.72.12

Euro

1

Rs.63.67

 

 

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%)

 

 

 

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.