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Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
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Name : |
REXXAM CO LTD |
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Registered Office : |
Soken Honmachi Bldg, 2-1-8 Minamihonmachi Chuoku Osaka 541-0054 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
November, 1948 |
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Reg. No.: |
(Osaka-Chuoku) 092225 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Mfg of electronics applied products, car parts, precision-machined
products |
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No. of Employees : |
927 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
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 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 exceeds 225% 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 |
REXXAM CO LTD
KK Rexxam
Soken Honmachi Bldg, 2-1-8 Minamihonmachi
Chuoku Osaka 541-0054 JAPAN
Tel: 06-6262-0871 Fax: 06-6264-6993
*.. The is its Kagawa Factory
E-Mail address: hp-contact@rexxam.co.jp
Mfg of electronics applied products, car parts, precision-machined
products
Tokyo, Nagoya
Ireland, Thailand, Czech, China (--subsidiaries & JV firms)
Kagawa (2), Ehime
China (2), Ireland, Thailand, Czech
SHINJI OKANO, PRES Keiko
Okano, ch
Hiroyuki Sumida, v pres Yoshinobu
Ushida, dir
Toshio Tsukada, dir Fuminori
Tsudakada, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 40,122 M
PAYMENTS REGULAR CAPITAL Yen
48 M
TREND UP WORTH Yen 22,793 M
STARTED 1948 EMPLOYES 927
MFR O ELECTRONICS APPLID PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established by Kaoru Okano in order to make most
of his experience in the subject line of business, as Ryusho Co Ltd. Present executives are his descendants. Renamed as captioned in 2010. This is a specialized mfr, wholly owned by
the Okano family, of electronics applied products, car parts, ski gears,
snowboard boots, other (See OPERATION). Operates mfg factories overseas: China (2),
Ireland, Czech, and Thailand, all of subsidiaries & JV firms. Products are both imported and exported.
The sales volume for Dec/2012 fiscal term amounted to Yen 40,122
million, a 1% up from Yen 39,687 million in the previous term. The net profit was posted at Yen 1,982
million, compared with Yen 1,732 million a year ago.
For the term that ended Dec 2013 the net profit was projected at Yen
2,100 million, on a 5% rise in turnover, to Yen 42,100 million. Final results are yet to come. Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date
Registered: Nov 1948
Regd
No.: (Osaka-Chuoku)
092225
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 280,000 shares
Issued:
97,600 shares
Sum:
Yen
48.8 million
Major
shareholders (%): Shinji Okano (27), Keiko Okano (22), Fuminori Tsukada (12)
No.
of shareholders: 17
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Manufactures
electronics applied products: PCB visual inspectors, supercritical rinser &
dryer, claspers for automobiles, auto reflex vision tester, auto lens meter,
electronics products, burner controllers, metal processed products, car parts,
ski gears, snowboard boots, other (--100%).
Clients: [Mfrs,
wholesalers] Daikin Ind (25%), Rexxam Ireland, Panasonic Corp, Hitachi
Appliances, Tiger Corp, Ajinomoto Trading, Panasonic Corp, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp, Hoei Denki Co, Rohm Co, Ryoden Trading, Kuroda
Electric Co, Tachibana Eletech Co, Shirai Electronics Ind, Techno Associe Co,
Green Electronics Corp, other
Payment
record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Semba-Chuo)
Mizuho Bank (Minami-Semba)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual Sales |
|
42,100 |
40,122 |
39,687 |
37,825 |
|
Recur. Profit |
|
|
|
|
|
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Net Profit |
|
2,100 |
1,982 |
1,732 |
1,283 |
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Total Assets |
|
|
37,126 |
37,314 |
35,551 |
|
Current Assets |
|
|
29,250 |
30,187 |
35,551 |
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Current Liabs |
|
|
9,759 |
11,190 |
11,230 |
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Net Worth |
|
|
22,778 |
20,795 |
19,063 |
|
Capital, Paid-Up |
|
|
48 |
48 |
48 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.93 |
1.10 |
4.92 |
21.90 |
|
|
Current Ratio |
.. |
299.72 |
269.77 |
316.57 |
|
|
N.Worth Ratio |
.. |
61.35 |
55.73 |
53.62 |
|
|
R.Profit/Sales |
.. |
.. |
.. |
.. |
|
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N.Profit/Sales |
4.99 |
4.94 |
4.36 |
3.39 |
|
|
Return On Equity |
.. |
8.70 |
8.33 |
6.73 |
|
Notes: Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.70 |
|
|
1 |
Rs.100.10 |
|
Euro |
1 |
Rs.83.81 |
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 |
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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 |
|
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.