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Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
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Name : |
OKADA SUISAN CO LTD |
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Registered Office : |
1755-1 Yuyaigami Nagato Yamaguchi-Pref
759-4505 |
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Country : |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
June 1979 |
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Com. Reg. No.: |
2500-01-008187 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is engaged in marine products processing. |
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No. of Employees |
73 |
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 : |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
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Source
: CIA |
OKADA SUISAN CO LTD
REGD NAME: Okada
Suisan KK
MAIN OFFICE: 1755-1
Yuyaigami Nagato Yamaguchi-Pref 759-4505
Tel:
0837-32-1101 Fax: 0837-32-2577
URL: http://www.okadasuisan.com
E-Mail address: (thru the URL)
Marine products
processing
Tokyo, Osaka,
Sendai, Shimonoseki, Hokkaido
China (Dalian)
At the caption
address, Nagato; China (Dalian)
MASAYUKI OKADA,
PRES Kenji Okada, ch
Miyoko Okada, mgn
dir Kenji Nishimoto, mgn dir
Hiroshi Okayama,
dir Hiroshi Okada, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 6,722 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 27 M
TREND UP WORTH Yen 360 M
STARTED 1979 EMPLOYES 73
MARINE PRODUCTS PROCESSING.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established originally in 1966 by Kenji Okada,
on his account, and was incorporated in 1979.
Masayuki is his son, who took the pres office in Aug 2012. This is a marine product processor: smelt,
horse mackerel, mackerel, sea urchin, shell fish, herring roe, yellow tails,
and other fish, seasoned & dried, in vinegar, other. Processing yard in China, where products are
exported to Europe, other. Clients include
fish markets, super markets, marine food processors, other.
The sales volume for May/2013 fiscal term amounted to Yen 6,722 million,
an 11% up from Yen 6,075 million in the previous term. Dried & seasoned smelt and other fish
were in much and good demand. Exports
rose, particularly from the China Yard.
The recurring profit was posted at Yen 32 million, while the net losses
were posted at Yen 27 million, respectively, compared with Yen 226 million
recurring profit and Yen 60 million net profit, respectively, a year ago. The net losses for the term include
extraordinary losses of Yen 77 million coming from the disposal of fixed
assets, other.
For the term that ended May 2014 the recurring profit was projected at
Yen 260 million and the net profit at Yen 70 million, respectively, on a 5%
rise in turnover, to Yen 7,050 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jun 1979
Regd No.:
2500-01-008187 (Yamaguchi-Nagato)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 216,000 shares
Issued: 54,000 shares
Sum: Yen 27 million
Major shareholders (%): Kenji Okada (60),
other
No. of shareholders: 6
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Seafood
processing, dried, seasoned in vinegar (30%), fried, other of smelt (60%),
horse mackerel, sea urchin, herring roe, mackerel, yellow tails, shell fish,
other, cooked seafood, seafood material (10%).
Clients: [Mfrs,
wholesalers] Aeon Group firms (general supermarkets chain operator), Uoichi Co,
Japan Consumers’ Coop, Yamae Hisano Co, Nichirei Corp, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Uoichi Co, Dolphin Trading, Matsuoka Co, other.
Imports from China, other
Payment record: No complaints
Location: Business area in
Nagato, Yamaguchi-Pref. Office premises
at the caption address are owned and maintained satisfactory.
Bank References:
Yamaguchi Bank
(Yuya)
Mizuho Bank
(Yamaguchi)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/05/2014 |
31/05/2013 |
31/05/2012 |
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Annual
Sales |
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7,050 |
6,722 |
6,075 |
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Recur.
Profit |
|
260 |
32 |
226 |
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Net
Profit |
|
70 |
-27 |
60 |
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Total
Assets |
|
|
3,485 |
3,441 |
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Current
Assets |
|
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2,790 |
2,726 |
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Current
Liabs |
|
|
1,650 |
1,555 |
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Net
Worth |
|
|
360 |
388 |
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Capital,
Paid-Up |
|
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27 |
27 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
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S.Growth Rate |
|
4.88 |
10.65 |
34.61 |
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Current Ratio |
|
.. |
169.09 |
175.31 |
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N.Worth Ratio |
|
.. |
10.33 |
11.28 |
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R.Profit/Sales |
|
3.69 |
0.48 |
3.72 |
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N.Profit/Sales |
|
0.99 |
-0.40 |
0.99 |
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Return On Equity |
|
.. |
-7.50 |
15.46 |
Notes: Forecast (or
estimated) figures for the 31/05/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.15 |
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|
1 |
Rs.101.92 |
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Euro |
1 |
Rs.80.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
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Report Prepared
by : |
NIS |
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 |
-- |
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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.