MIRA INFORM REPORT

 

 

Report Date :           

09.04.2012

 

IDENTIFICATION DETAILS

 

Name :

UOICHI CO LTD 

 

 

Registered Office :

1-1-86 Noda Fukushimaku Osaka 553-0005

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

October 2006

 

 

Com. Reg. No.:

1200-01-118638 (Osaka-Fukushimaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of seafood

 

 

No. of Employees :

428

 

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

 

Status :

Good

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

 

UOICHI CO LTD

 

 

REGD NAME

 

KK Uoichi

 

 

MAIN OFFICE

 

1-1-86 Noda Fukushimaku Osaka 553-0005 JAPAN

Tel: 06-6469-2001     Fax: 06-6469-2153

 

URL:                 http://www.uoichi.co.jp/

E-Mail address:            info@uoichi.co.jp

 

 

ACTIVITIES  

 

Import, wholesale of seafood

 

 

BRANCHES

 

Osaka (3), Ohtsu, Wakayama, Tokyo, Nagasaki, Fukuoka

 

 

OVERSEAS

 

Uoichi Panama Inc (subsidiary)

 

 

FACTORIES

 

Panama (subsidiary of processing fish roe)

 

OFFICER(S)  

 

MITSUYUKI MIWA, PRES         

Noboru Katsuta, dir                   

Sanai Okawa, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 200,036 M

PAYMENTS                  REGULAR         CAPITAL           Yen 2,000 M

TREND                         UP                    WORTH            Yen 5,876 M

STARTED         2006                 EMPLOYES      428

 

 

COMMENT

 

SEAFOOD WHOLESALER, OWNED BY OUG HOLDINGS INC. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND SHOULD BE GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established on the basis of former Osaka Uoichiba Co Ltd merging two sister companies and named as captioned.  At the same time, founded a holding company, OUG Holdings Inc (See REGISTRATION), and became its wholly owned subsidiary.  This is a fishing company specializing in import and wholesale of seafood.  Also engaged in shrimp culture.  The merger was intended to eliminate unprofitable divisions/operations and to integrate group operations.  Clients include 5 Central Fish Markets in Osaka, Wakayama, Ohtsu, other.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 200,036 million, a 1% up from Yen 197,341 million in the previous term.  Demand for frozen fish was sluggish, particularly of shrimps and prawns.  Tsunami & earthquake in March 2011 affected the sales.  Fish prices continued under pressure due to harsh competitions among the trade, and continuing sluggish consumer spending.  The recurring profit was posted at Yen 769 million and the net profit at Yen 639 million, compared with Yen 610 million recurring profit and Yen 546 million net profit, respectively, a year ago.

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 800 million and the net profit at Yen 650 million, respectively, on a 3% rise in turnover, to Yen 205,000 million.  Seafood wholesale volume is recovering slowly.  But unit prices are rising, mainly on tune and eel.  .  .

           

The financial situation is considered FAIR and should be good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Oct 2006

Regd No.:        1200-01-118638 (Osaka-Fukushimaku)

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　160,000 shares

Issued: 　         40,000 shares

Sum:                　Yen 2,000 million

 

Major shareholders (%): OUG Holdings Inc*(100)

 

* Holding company established in Oct 2006 by the former Osaka Uoichiba Co Ltd when the firm merged two sister companies, listed Osaka S/E, capital Yen 6,495 million, sales Yen 319,127 million, operating profit Yen 1,189 million, recurring profit Yen 1,569 million, net profit Yen 1,095 million, total assets Yen 66,628 million, net worth Yen 14,575 million, employees 1,366, pres Masatoshi Tanigawa

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Wholesales and imports seafood: seafood sales at central wholesale markets (60%), at other markets (40%)

 

* Breakdown of imported fish by items: raw & fresh fish (43%), frozen/chilled fish (33%), salted, dried and processed fish (--24%).

 

* Breakdown by countries: Panama/Americas (60%), China (15%), India/Indonesia (10%), Thailand/Vietnam/Singapore (7%), Taiwan/Korea/Germany/Scotland/other (8%)

 

Clients: [Fish markets, fish wholesalers] Central Fish Markets in Osaka, Wakayama, Ohtsu Cities, CGC Japan, Nichirei Fresh, Shokuryu, other.

            No. of accounts: 2,000

            Domestic areas of activities: Centered in greater-Osaka

 

Suppliers: [Mfrs, wholesalers] Hanwa Corp, Maruha Nichiro Holdings, Itochu Corp, Uoichi Panama Inc, Nichirei Fresh, Yokohama Reito, other.

 

Payment record: Regular

 

Location: Business area in Osaka.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Norin Chukin Bank (Osaka)

Mizuho Bank (Umeda)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

210,000

200,036

197,341

212,378

Recur. Profit

　

800

769

613

-501

Net Profit

　

650

639

546

-1,983

Total Assets

　

　

22,770

20,822

21,737

Current Assets

　

　

22,183

20,140

　

Current Liabs

　

　

15,731

14,161

　

Net Worth

　

　

5,876

5,502

4,956

Capital, Paid-Up

　

　

2,000

2,000

2,000

Div.P.Share(¥)

　

　

7500.00

6500.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.98

1.37

-7.08

-4.87

    Current Ratio

 

..

141.01

142.22

..

    N.Worth Ratio

..

25.81

26.42

22.80

    R.Profit/Sales

 

0.38

0.38

0.31

-0.24

    N.Profit/Sales

0.31

0.32

0.28

-0.93

    Return On Equity

..

10.87

9.92

-40.01

 Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, OUG HOLDINGS INC

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

319,127

317,482

 

  Cost of Sales

296,128

294,175

 

      GROSS PROFIT

22,999

23,307

 

  Selling & Adm Costs

21,810

22,455

 

      OPERATING PROFIT

1,189

852

 

  Non-Operating P/L

380

380

 

      RECURRING PROFIT

1,569

1,232

　

      NET PROFIT

1,095

853

BALANCE SHEET

 

 

 

 

  Cash

　

2,349

2,586

 

  Receivables

 

26,512

26,750

 

  Inventory

 

16,310

14,343

 

  Securities, Marketable

　

　

 

  Other Current Assets

510

332

 

      TOTAL CURRENT ASSETS

45,681

44,011

 

  Property & Equipment

12,313

12,516

 

  Intangibles

 

2,489

1,771

 

  Investments, Other Fixed Assets

6,145

6,933

 

      TOTAL ASSETS

66,628

65,231

 

  Payables

 

17,469

17,798

 

  Short-Term Bank Loans

16,949

20,831

 

　

 

　

　

 

  Other Current Liabs

4,121

4,116

 

      TOTAL CURRENT LIABS

38,539

42,745

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

6,924

2,042

 

  Reserve for Retirement Allw

2,396

2,311

 

  Other Debts

　

4,193

4,014

 

      TOTAL LIABILITIES

52,052

51,112

 

      MINORITY INTERESTS

 

 

 

Common stock

6,495

6,495

 

Additional paid-in capital

6,153

6,153

 

Retained earnings

2,363

1,596

 

Evaluation p/l on investments/securities

178

466

 

Others

 

(373)

(371)

 

Treasury stock, at cost

(241)

(220)

 

      TOTAL S/HOLDERS` EQUITY

14,575

14,119

　

      TOTAL EQUITIES

66,628

65,231

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

-484

6,223

 

Cash Flows from Investment Activities

115

-284

 

Cash Flows from Financing Activities

112

-5,655

　

Cash, Bank Deposits at the Term End

　

2,314

2,571

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

14,575

14,119

 

 

Current Ratio (%)

118.53

102.96

 

 

Net Worth Ratio (%)

21.88

21.64

 

 

Recurring Profit Ratio (%)

0.49

0.39

 

 

Net Profit Ratio (%)

0.34

0.27

 

 

Return On Equity (%)

7.51

6.04

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.05

UK Pound

1

Rs.81.09

Euro

1

Rs.67.39

 

 

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.