MIRA INFORM REPORT

 

 

Report Date :

18.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ITOH OIL CHEMICALS CO LTD

 

 

Registered Office :

16-41 Suehirocho Yokkaichi Mie-Pref 510-0052

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

June, 1946

 

 

Com. Reg. No.:

1800-01-014316 (Mie-Yokkaichi)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Mfg of castor oil & derivatives

 

 

No. of Employees :

70

 

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 :

Satisfactory

Payment Behaviour :

Regular

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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

 

company name

 

ITOH OIL CHEMICALS CO LTD

 

 

REGD NAME

 

Itoh Seiyu KK (Seiyu means oil-refining)

 

 

MAIN OFFICE

 

16-41 Suehirocho Yokkaichi Mie-Pref 510-0052 JAPAN

Tel: 059-352-5101     Fax: 059-354-3851

 

URL:                 http//:www.itoh-oilchem.co.jp

E-mail:             info@itoh-oilchem.co.jp 

 

 

ACTIVITIES

 

Mfg of castor oil & derivatives

 

 

BRANCHES

 

Tokyo, Osaka

 

 

OVERSEAS

 

Shanghai

 

 

FACTORIES

 

At the caption address

 

 

OFFICER(S)

 

MASATSUGU AKITA, PRES      Goro Itoh, ch                            

Sadaaki Tsuji, mgn dir                Takashi Hamaguchi, dir             

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 5,418 M

PAYMENTS      REGULAR         CAPITAL           Yen 200 M

TREND             SLOW              WORTH            Yen 5,841 M

STARTED         1946                 EMPLOYES      70

 

 

COMMENT    

 

MFR OF CASTOR OIL. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

           

HIGHLIGHTS

           

The subject company was established by Goro Itoh, now ch at the firm, in order to make most of his experience in the subject line of business.  This is a specialized mfr, wholly owned by the Itoh family, of refined castor oil & derivatives, polyurethane resins, lubricants, additives for coatings, other.  Clients include major paint mfrs nationwide.  Goods are also exported. 

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2013 fiscal term amounted to Yen 5,418 million, a 7% down from Yen 5,839 million in the previous term.  Exports were hurt by the high Yen, reducing earnings in Yen terms.  The recurring profit was posted at Yen 414 million and the net profit at Yen 258 million, respectively, compared with Yen 94 million recurring profit and Yen 36 million net profit, respectively, a year ago.  .

 

For the current term ending Mar 2014 the recurring profit is projected at Yen 450 million and the net profit at Yen 270 million, respectively, on a 5% rise in turnover, to Yen 5,700 million.. 

           

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

 

 

REGISTRATION

 

Date Registered:                      Jun 1946

Regd No.:                                 1800-01-014316 (Mie-Yokkaichi)

Legal Status:                           Limited Company (Kabushiki Kaisha)

Authorized:                              160,000 shares

Issued:                                     40,000 shares

Sum:                                        Yen 200 million

Major shareholders (%):           Hideko Itoh (15), Goro Itoh (10), Shizuko Itoh (5)

No. of shareholders:                144

 

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

 

 

OPERATION

 

Activities: Manufactures refined castor oil & derivatives, polyurethane resins, lubricants & processed oil materials, additives for coatings, printing inks & adhesives, other (--100%)

 

Clients: [Mfrs, wholesalers] Nippon Polyurethane Ind, Chugoku Marine Paints, Kaneda Co, Nagase & Co, Kansai Paints, Dainippon Paints, Nippon Paints, Sanyo Chemical Ind, Matsumoto Yushi-Seiyaku Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsui & Co, Kaneda Co, Itochu Chemical Frontier, Nagase & Co, Goto Chemical, Tokai Oil & Chemicals, Nagase & Co, other

 

Payment record: Regular

 

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

 

Bank References:

Mizuho Bank (Yokkaichi)

Mie Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/03/2014

31/03/2013

31/03/2012

31/03/2011

Annual Sales

　

5,700

5,418

5,839

5,657

Recur. Profit

　

450

414

94

318

Net Profit

　

270

258

36

183

Total Assets

　

　

7,065

6,765

6,742

Current Assets

　

　

4,195

4,056

3,829

Current Liabs

　

　

874

843

838

Net Worth

　

　

5,841

5,600

5,608

Capital, Paid-Up

　

　

200

200

200

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.20

-7.21

3.22

9.67

    Current Ratio

 

..

479.98

481.14

456.92

    N.Worth Ratio

..

82.68

82.78

83.18

    R.Profit/Sales

 

7.89

7.64

1.61

5.62

    N.Profit/Sales

4.74

4.76

0.62

3.23

    Return On Equity

..

4.42

0.64

3.26

 

Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.58

UK Pound

1

Rs.98.51

Euro

1

Rs.83.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

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