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Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
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Name : |
DAITOH TRADING CO LTD |
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Registered Office : |
Ichigaya Daitoh Bldg, 6-3 Ichigayadaimachi Shinjukuku Tokyo 162-0066 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
August
1947 |
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Com. Reg. No.: |
(Tokyo-Shinjukuku)
062340 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of petroleum products, marine products;
tanker operation |
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No. of Employees : |
69 employees |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest economy
in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source : CIA |
DAITOH TRADING CO LTD
Daitoh Tsusho KK
Ichigaya Daitoh Bldg,
6-3 Ichigayadaimachi Shinjukuku Tokyo 162-0066 JAPAN
Tel:
o3-5919-6100
URL: http://www.daitohnet.co.jp/
E-Mail address: info@daitohnet.co.jp
Import, export, wholesale of petroleum products, marine products; tanker operation
Nil (Regional operations are handled by 15 subsidiaries nationwide &
2 overseas: New York & Singapore))
YOSHIRO
NAKABE, PRES Sadao Kogure, mgn dir
Yoishiro Sakai, mgn dir Yasuo Akuzawa, dir
Akira Nakabe, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 102,457 M
PAYMENTSNo Complaints CAPITAL Yen 2,000 M
TREND UP WORTH Yen 6,054 M
STARTED 1947 EMPLOYES 69
TRADING HOUSE SPECIALIZING IN PETROLEUM OILS, MARINE
PRODUCTS AND TANKER OPERATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established by Taiyo Fishery group originally as
Azuma Boeki KK for exporting farm/fishery products and non-life insurance
broking. In 1953, licensed as importer
of petroleum products. After merging several
sister firms, renamed as captioned in 1963 to focus on petroleum trading
business. In 1988, launched crude
oil/oil products transportation business by large-sized tankers. In 1989, advanced into chemical tanker
operations (total 12 chemical tankers operated). This is a trading house having 5 divisions:
Petroleum Div, Materials Div, Shipping Div, Insurance Broking Div, and Real
Estate Div (See OPERATION for
details). The Petroleum Div accounts for
about 60% of total sales. Operates 15
subsidiaries domestically and two overseas: New York & Singapore. Domestic major clients are oil refiners both
on the supply and sales sides.
The sales volume for Mar/2012 fiscal term amounted to Yen 102,457
million, a 24% up from Yen 82,457 million in the previous term. The growth is attributed to the price hike of
petroleum products & petro chemicals.
The recurring profit was posted at Yen 640 million and the net profit at
Yen 167 million, respectively, compared with Yen 478 million recurring profit
and Yen 285 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 650 million and the net profit at Yen 180 million, respectively, on a 3%
rise in turnover, to Yen 105,000 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug 1947
Regd No.: (Tokyo-Shinjukuku) 062340
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
49 million shares
Issued:
40 million shares
Sum: Yen 2,000 million
Major
shareholders (%): NA Holdings Co Ltd* (25.3), Yoshiro Nakabe (12.2), Ken
Nakabe (9.3), Kumiko Tsubakihara (8.0), Takako Akusawa (7.3)
* Holding company owned by the
Nakabe family.
No. of shareholders: 36
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Trading house specializing in oils, marine products and ship operation:
(Sales breakdown
by divisions):
Petroleum
Div (60%): import, export, and wholesale of crude oil, gasoline, fuel oil, other petroleum products, including supply
of fuels/diesels/lubricating oils to ocean-going vessels, ship agency;
Ship Operation Div
(20%): operates crude oil tanker, liquid chemical stainless tankers, engaged in ocean-going & coastal
transportation, including supply of bunker fuels/victuals, etc to fishing boats
at sea, operating a supply boat “Oriental Bluebird”, business tie-up with
Serromah Shipping BV, Rotterdam, Netherlands in the area of chemical cargo
marketing, booking, etc;
Materials
Div (10%): marine products (raw & frozen fish, processed sea foods), building
materials, Styrofoam products,
paint, lube oils for industrial machinery;
Insurance Broking
Div (5%): representing nation’s major life & non-life insurance firms;
Real Estate Div
(5%): real estate/office building management, leasing, new building house
broking, others.
(The breakdown
percentages are estimated only and all about).
Clients: [Oil refiners,
wholesalers] JX Nippon Oil & Energy Corp, Taiyo Oil, Marubeni Energy,
Sojitz Energy, Hayashikane Oil, National Federation of Fisheries Coop Assn,
Kamei Corp, Itochu Enex, Showa Shell Sekiyu, Kokusai Oil & Chemical Co,
Cosmo Oil, other.
No. of accounts: 800
Domestic areas of
activities: Nationwide
Suppliers: [Oil refiners,
wholesalers] JX Nippon Oil & Energy Corp, Showa Shell Sekiyu,
Marubeni Energy, Kamei Corp, Mitsubishi Corp, Sojitz Energy, Kignus,
Itochu Enex, other.
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises at
the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
105,000 |
102,457 |
82,547 |
67,357 |
|
Recur.
Profit |
|
650 |
640 |
478 |
347 |
|
Net
Profit |
|
180 |
167 |
285 |
186 |
|
Total
Assets |
|
|
46,023 |
44,751 |
50,688 |
|
Current
Assets |
|
|
18,430 |
18,571 |
25,041 |
|
Current
Liabs |
|
|
22,180 |
20,911 |
29,115 |
|
Net
Worth |
|
|
6,054 |
5,601 |
5,421 |
|
Capital,
Paid-Up |
|
|
2,000 |
2,000 |
2,000 |
|
Div.P.Share(¥) |
|
|
3.00 |
3.00 |
5.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.48 |
24.12 |
22.55 |
-35.85 |
|
|
Current Ratio |
.. |
83.09 |
88.81 |
86.01 |
|
|
N.Worth Ratio |
.. |
13.15 |
12.52 |
10.69 |
|
|
R.Profit/Sales |
0.62 |
0.62 |
0.58 |
0.52 |
|
|
N.Profit/Sales |
0.17 |
0.16 |
0.35 |
0.28 |
|
|
Return On Equity |
.. |
2.76 |
5.09 |
3.43 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.