MIRA INFORM REPORT

 

 

Report Date :

28.04.2012

\

IDENTIFICATION DETAILS

 

Correct Name :

OKI SENSOR DEVICE CORPORATION

 

 

Registered Office :

Tachihi Bldg No.7 4F, 6-1-1 Sakaecho Tachikawa Tokyo-Metrop 190-0003

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

October 1996

 

 

Com. Reg. No.:

0128-01-008463 (Tokyo-Tachikawa)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of reed switches, proximity switches, shock absorbers

 

 

No. of Employees :

77

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

---

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

OKI SENSOR DEVICE CORPORATION

 

 

REGD NAME

 

KK Oki Sensor Device

 

 

MAIN OFFICE

 

Tachihi Bldg No.7 4F, 6-1-1 Sakaecho Tachikawa Tokyo-Metrop 190-0003 JAPAN

 

Tel: 042-537-6511      Fax: 042-537-6514

 

*.. The given address is of the parent’s Headquarters (Oki Electric Ind Co Ltd)

                                               

URL:                             http://www.osdc.co.jp

E-Mail address:            (thru the URL)

 

ACTIVITIES

 

Mfg of reed switches, proximity switches, shock absorbers

 

 

BRANCHES

 

Tachikawa

 

 

FACTORIES

 

Kofu (Yamanashi)

 

 

OFFICERS

 

YUKI USHIDA, PRES

Masayuki Tsuboi, mgn dir

Hiroshi Nagai, dir                                                          

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        R/WEAK           A/SALES          Yen 5,600 M

PAYMENTS      REGULAR         CAPITAL           Yen 200 M

TREND             UP        WORTH            Yen 158 M

STARTED         1996                 EMPLOYES      77

 

 

COMMENT    

 

MFR OF REED SWITCHES, OWNED BY OKI ELECTRIC IND CO LTD.

 

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

The subject company was established originally in 1980 on the basis of a division separated from Oki Electric Ind Co Ltd (See OPERATION), as Ogose Toho Denshi KK.  In 1996 merged sister companies and restructured to be renamed as captioned.  This is a specialized mfr of reed switches, proximity switches, shock absorbers, other.  Goods are widely exported to USA, Europe, China, Taiwan, Singapore, Hong Kong, India, other.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 5,600 million, a 33% up from Yen 4,200 million in the previous term.  Exports to China and other S/E Asian countries rose.  The net profit was posted at Yen 500 million, compared with Yen 85 million a year ago.  This term’s profits include some extraordinary income, details of which not disclosed.

 

For the term that just ended Mar 2012 the net profit was projected at Yen 120 million, on a 2% rise in turnover, to Yen 5,700 million.  Business is steadily expanding.  Final results are yet to be released.

 

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. 

 

 

REGISTRATION

 

Date Registered:  Oct 1996

Regd No.:            0128-01-008463 (Tokyo-Tachikawa)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         16,000 shares

Issued:             4,000 shares

Sum:                   Yen 200 million

 

Major shareholders (%): Oki Electric Industrial Co Ltd* (100)

 

*.. Time-honored and major mfr of telecom equipment, Tokyo, founded 1949, listed Tokyo, Osaka S/E’s, capital Yen 44,000 million, sales Yen 432,685 million, operating profit Yen 11,049 million, recurring profit Yen 5,906 million, net loss Yen 27,001 million, total assets Yen 372,192 million, net worth Yen 59,903 million, employees 16,124, pres Hideichi Kawasaki

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

           

Activities: Manufactures reed switches, proximity switches, shock absorbers, other (--100%)

 

Clients: [Mfrs, wholesalers] Oki Electric Ind, Toki Commercial Co, Mitsumine Electric Co, other.

Exports to: USA, Europe, China, Taiwan, Hong Kong, Singapore, India, other

           

No. of accounts: 300

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Tanaka Kikinzoku Kogyo, Nippon Electric Glass Co, Mansei Kogyo, other

 

Payment record: Regular

 

Location: Business area in Tachikawa, Tokyo-Metrop.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Hachioji)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

5,700

5,600

4,200

4,505

Recur. Profit

　

　

　

　

　

Net Profit

　

120

500

85

-764

Total Assets

　

　

2,464

2,153

　        N/A

Current Assets

　

　

1,361

1,279

　

Current Liabs

　

　

1,955

2,395

　

Net Worth

　

　

158

-341

　        N/A

Capital, Paid-Up

　

　

200

200

200

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

1.79

33.33

-6.77

-17.40

    Current Ratio

 

..

69.62

53.40

..

    N.Worth Ratio

..

6.41

-15.84

..

    R.Profit/Sales

 

..

..

..

..

    N.Profit/Sales

2.11

8.93

2.02

-16.96

 

Notes: Financials are disclosed in digested form only.

Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, OKI ELECTRIC IND CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

432,685

443,949

 

  Cost of Sales

318,587

322,560

 

      GROSS PROFIT

114,097

121,388

 

  Selling & Adm Costs

103,048

107,431

 

      OPERATING PROFIT

11,049

13,957

 

  Non-Operating P/L

-5,143

-5,189

 

      RECURRING PROFIT

5,906

8,768

　

      NET PROFIT

-27,001

3,619

BALANCE SHEET

 

 

 

 

  Cash

　

45,959

57,844

 

  Receivables

 

113,729

118,324

 

  Inventory

 

64,943

62,825

 

  Securities, Marketable

34,720

17,314

 

  Other Current Assets

13,713

11,810

 

      TOTAL CURRENT ASSETS

273,064

268,117

 

  Property & Equipment

53,134

56,155

 

  Intangibles

 

7,791

10,060

 

  Investments, Other Fixed Assets

38,203

49,308

 

      TOTAL ASSETS

372,192

383,640

 

  Payables

 

53,923

54,930

 

  Short-Term Bank Loans

118,063

127,430

 

　

 

　

　

 

  Other Current Liabs

51,123

47,405

 

      TOTAL CURRENT LIABS

223,109

229,765

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

33,987

45,036

 

  Reserve for Retirement Allw

16,350

39,655

 

  Other Debts

　

38,842

4,373

 

      TOTAL LIABILITIES

312,288

318,829

 

      MINORITY INTERESTS

 

 

 

Common stock

44,000

76,940

 

Additional paid-in capital

113,124

46,744

 

Retained earnings

(90,536)

(63,534)

 

Evaluation p/l on investments/securities

(1,988)

2,096

 

Others

 

(4,674)

2,972

 

Treasury stock, at cost

(23)

(408)

 

      TOTAL S/HOLDERS` EQUITY

59,903

64,810

　

      TOTAL EQUITIES

372,192

383,640

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

1,585

51,290

 

Cash Flows from Investment Activities

-4,423

-12,992

 

Cash Flows from Financing Activities

11,207

-31,323

　

Cash, Bank Deposits at the Term End

　

79,645

71,156

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

59,903

64,810

 

 

Current Ratio (%)

122.39

116.69

 

 

Net Worth Ratio (%)

16.09

16.89

 

 

Recurring Profit Ratio (%)

1.36

1.98

 

 

Net Profit Ratio (%)

-6.24

0.82

 

 

Return On Equity (%)

-45.07

5.58

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.68

UK Pound

1

Rs.85.12

Euro

1

Rs.69.38

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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