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Report No. : |
357030 |
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Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
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Name : |
KITAJIMA SUISAN CO LTD |
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Registered Office : |
1-119 Higashi-Uzura Gifu 500-8281 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2014 |
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Date of Incorporation : |
November 1984 |
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Com. Reg. No.: |
2000-01-000302 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports and wholesales fresh fish (tuna, lobster, shrimps,
other), fishery products, others |
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No. of Employee : |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
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Source
: CIA |
KITAJIMA SUISAN CO LTD
REGD NAME: Kitajima Suisan KK
MAIN OFFICE: 1-119 Higashi-Uzura Gifu 500-8281 JAPAN
Tel: 058-274-8862
Fax: 058-273-4655
URL: N/A
ACTIVITIES: Import, wholesale of fresh fish, fish
products
BRANCHES: Nil
FACTORIES: At the caption address (processing)
OFFICERS: KEN IBUKA, PRES Nobuharu Ibuka, dir
Hitomi
Ibuka, dir Fumiko
Ibuka, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY:FINANCES FAIR A/SALES Yen 10,720 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 10 M
TREND UP WORTH Yen 687 M
STARTED 1984 EMPLOYES 80
IMPORTER OF FISH & FISH PRODUCTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 197.7 MILLION, 30 DAYS NORMAL TERMS
The subject company was established by father of Ken Ibuka
in order to make most of his experience in the subject line of business. This is a trading firm, owned and operated by
the Ibuka family, for import and wholesale of fresh fish and fish
products. Clients include fishery shops,
wholesalers, fishery markets, other
Financials are only partially disclosed.
The sales volume for Oct/2014 fiscal term amounted to Yen
10,720 million, a 13% up from Yen 9,316 million in the previous term. Shrimps were in short supply due to poor
catches. The net profit was posted at
Yen 97 million, compared with Yen 326 million a year ago.
For the term that ended Oct 2015 the net profit was
projected at Yen 105 million, on a 5% rise in turnover, to Yen 11,300
million. Final results are yet to be
released.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 197.7 million, on 30 days normal terms.
Date Registered: Nov
1984
Regd No.: 2000-01-000302
(Gifu-Gifu)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000
shares
Issued:
20,000 shares
Sum: Yen
10 million
Major shareholders (%): Ken Ibuka (100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and wholesales fresh fish
(tuna, lobster, shrimps, other), fishery products, others (--100%)
Clients: [Mfrs, wholesalers] Daito Gyorui, Chuo
Gyorui, Chubu Suisan Co, Aeon Retail, Yokohama Maruuo Co, Tokyo Kitauo Co,
Chiyoda Suisan Co, Nichimo Foods, other
No. of accounts: 300
Domestic
areas of activities: Centered in Aichi-Pref & vicinities
Suppliers: [Mfrs, wholesalers] Imports from S/E
Asia (70%), other
Domestically: Daito Gyorui,
Maruha Nichiro Seafoods Inc, Hanwa Corp, Koyo Co, other
Payment record: No complaints
Location:
Business area in Gifu. Office premises
at the caption address are owned and maintained satisfactorily.
MUFG (Gifu)
Gifu Shinkin Bank (Rokujo)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
|
31/10/2015 |
31/10/2014 |
31/10/2013 |
31/10/2012 |
|
Annual Sales |
|
11,300 |
10,720 |
9,516 |
7,853 |
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Recur. Profit |
|
.. |
.. |
.. |
.. |
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Net Profit |
|
105 |
97 |
326 |
19 |
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Total Assets |
|
|
N/A |
N/A |
N/A |
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Net Worth |
|
|
687 |
620 |
392 |
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Capital, Paid-Up |
|
|
10 |
10 |
10 |
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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 |
|
5.41 |
12.65 |
21.18 |
8.48 |
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Current Ratio |
|
|
.. |
.. |
.. |
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N.Worth Ratio |
|
|
.. |
.. |
.. |
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N.Profit/Sales |
|
0.93 |
0.90 |
3.43 |
0.24 |
Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/10/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
UK Pound |
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
YEN |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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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.