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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
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Name : |
OKOUCHI KAIUN CO
LTD |
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Registered Office : |
2264-20 Namikata-Ko
Namikatacho Imabari Ehime-Pref 799-2101 |
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Country : |
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Financials (as on) : |
29.02.2012 |
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Date of Incorporation : |
September 1955 |
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Com. Reg. No.: |
5000-01-011293
(Ehime-Imabari) |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship
owner/operator, management & agent |
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No. of Employees : |
5 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 |
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
OKOUCHI KAIUN CO LTD
REGD NAME: Okouchi
Kaiun KK
MAIN OFFICE: 2264-20
Namikata-Ko Namikatacho Imabari Ehime-Pref 799-2101
Tel:
0898-41-9318 Fax: 0898-43-0674
URL: N/A
E-Mail address: okouchi@lime.ocn.ne.jp
Ship
owner/operator, management & agent
Nil
KEISUKE OKOUCHI,
PRES
Shoko Okouchi, ch
Rie Okouchi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,430 M
PAYMENTSSLOW CAPITAL Yen 16 M
TREND SLOW WORTH Yen 415 M
STARTED 1955 EMPLOYES 5
SHIP OWNER/OPERATOR, MANAGEMENT & AGENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1918 by father of Keisuke Okouchi in order to make
most of his experience in the subject line of business. Incorporated in 1955, the firm has been
succeeded by his descendants. This is a
ship owner/operator, management and agent, owned and operated by the Okouchi
family. The firm owns and operates 17
ocean-going vessels. Ships are T/C
chartered out to major shipping lines.
Financials are only
partially disclosed as is the case with family-based companies.
The sales volume for Feb/2012 fiscal term
amounted to Yen 2,430 million, an almost similar amount of Yen 2,411 million in
the previous term. The operations
continued in the red to register Yen 10 million, similarly in the previous
period. Time-chartered rates are fixed
in US Dollars and foreign currency exchange losses were incurred.
For the current term
ending Feb 2013 the operations are projected to come back to profitability to
post Yen 10 million net profit, on a 3% rise in turnover, to Yen 2,500 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered:
Sept 1955
Regd No.:
5000-01-011293 (Ehime-Imabari)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 128,000 shares
Issued: 32,000 shares
Sum: Yen 16 million
Major
shareholders (%): Keisuke Okouchi and families (--100)
No. of shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship owner &
operator, ship management & agency business, owning and operating 17
ocean-going ships (--100%)
Clients: [Shipping lines]
NYK Lines, Kawasaki Kisen, Hawaii Shipping Corporation, Oak Island Maritime SA,
Patanagar Shipping SA, other
No. of accounts:
10
Domestic areas of
activities: Nationwide
Suppliers: [Ship builders,
wholesalers] Imabari Shipyard, Oshima Shipbuilding Co, Sanoyas Rides Corp,
Tsuneishi Shipbuilding Co, Higaki Ship Building Co, Kanax Corp, JFE Shoji
Trading, other
Payment record: Slow
Location: Business area in
Imabari, Ehime-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank
References:
Hiroshima Bank
(Imabari)
Ehime Bank
(Hashihama)
Relations:
Satisfactory
(In Million Yen)
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28/02/2013 |
29/02/2012 |
28/02/2011 |
28/02/2010 |
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Annual
Sales |
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2,500 |
2,430 |
2,411 |
1,492 |
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Recur.
Profit |
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Net
Profit |
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10 |
-10 |
-10 |
-10 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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|
415 |
405 |
395 |
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Capital,
Paid-Up |
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|
16 |
16 |
16 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.88 |
0.79 |
61.60 |
20.61 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.40 |
-0.41 |
-0.41 |
-0.67 |
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Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 28/02/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
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|
1 |
Rs.86.82 |
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Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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.