MIRA INFORM REPORT
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Report Date : |
06.02.2012 |
IDENTIFICATION DETAILS
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Name : |
OKAYA ELECTRONICS CORPORATION |
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Registered Office : |
Shinyokoham Mineta Bldg 8F, 2-3-19 Shin-Yokohama Kohokuku Yokohama 222-0033 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2011 |
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Date of Incorporation : |
February
1984 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of semiconductors, network
system |
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No. of Employees
: |
82 |
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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Maximum Credit Limit : |
Yen 345.6 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name
OKAYA ELECTRONICS CORPORATION
REGD NAME
Okaya Electronics
KK
MAIN OFFICE
Shinyokoham Mineta
Bldg 8F, 2-3-19 Shin-Yokohama Kohokuku Yokohama 222-0033 JAPAN
Tel:
045-475-1502 Fax: 045-475-1503
URL: http://www.oec.okaya.co.jp
E-Mail address: info@oec.okaya.co.jp
ACTIVITIES
Import,
export, wholesale of semiconductors, network system
BRANCHES
Nagoya,
Osaka
OFFICERS
ATSUSHI
NAKAMUR, PRES Atsushi
Matsuoka, mgn dir
Osamu
Mizuno, mgn dir Yasuharu
Mizuno, dir
Masaki
Kazaoka, dir Takahiro
Hirano, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 27,131 M
PAYMENTS REGULAR CAPITAL Yen 60 M
TREND UP WORTH Yen 1,727 M
STARTED 1984 EMPLOYES 82
COMMENT
TRADING FIRM SPECIALIZING IN
SEMICONDUCTORS, OWNED BY OKAYA & CO
LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$100,000 / 0/A 30 DAYS.
MAX
CREDIT LIMIT: YEN 345.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division
separated from Okaya & Co Ltd (See REGISTRATION). This is a trading firm specializing in import,
export and wholesale of semiconductors, other electronic devices, network
system, other. Clients include major
electronics makers, wholesalers, other, nationwide
FINANCIAL INFORMATION
The sales volume for Feb/2011 fiscal term amounted to Yen 27,131
million, a 7% up from Yen 25,310 million in the previous term. Demand rose.
Exports increased. The recurring
profit was posted at Yen 712 million and the net profit at Yen 412 million,
respectively, compared with Yen 819 million recurring profit and Yen 504
million net profit, respectively, a year ago.
For the current term ending Feb 2012 the recurring profit is projected
at Yen720 million and the net profit at Yen 345.6 million, on a 3% rise in
turnover, to Yen 28,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 345.6 million, on 30 days normal terms. The proposed amount is considered well within
the firm’s financial capacities.
REGISTRATION
Date Registered: Feb 1984
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
4,800 shares
Issued:
1,200 shares
Sum: Yen 60 million
Major shareholders (%): Okaya & Co Ltd* (100)
*.. Okaya & Co Ltd, dealing in steel products/machinery, founded
1937, listed Nagoya S/E, capital Yen 9,128 million, sales Yen 644,180 million,
operating profit Yen 8,426 million, recurring profit Yen 10,065 million, net
profit Yen 7,318 million, total assets Yen 347,058 million, net worth Yen
90,337 million, employees 4,733, pres Tokuichi Okaya
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales semiconductors, other electronic devices, network system (internet, intranet,
extranet), other (--100%)
Clients: [Mfrs,
wholesalers] Okaya & Co, Ricoh Co, Toshiba Personal Computer System Corp,
Konami Mfg & Services Co, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Intel, Microsoft, NEC Personal Products, Macronix International
Co, Super Micro Computer, Meritec Associated Enterprises, other
Payment record: Regular
Location: Business area in Yokohama. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
·
MUFG (Yokohama-Nishiguchi)
·
Mizuho Bank (Shin-Yokohama)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
29/02/2012 |
28/02/2011 |
28/02/2010 |
28/02/2009 |
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Annual
Sales |
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28,000 |
27,131 |
25,310 |
29,442 |
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Recur.
Profit |
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720 |
712 |
819 |
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Net
Profit |
|
420 |
412 |
504 |
428 |
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Total
Assets |
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8,161 |
8,671 |
11,255 |
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Current
Assets |
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7,460 |
7,827 |
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Current
Liabs |
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6,033 |
6,471 |
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Net
Worth |
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1,727 |
1,735 |
1,548 |
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Capital,
Paid-Up |
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60 |
60 |
60 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.20 |
7.19 |
-14.03 |
-0.20 |
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Current Ratio |
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.. |
123.65 |
120.96 |
.. |
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N.Worth Ratio |
.. |
21.16 |
20.01 |
13.75 |
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R.Profit/Sales |
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2.57 |
2.62 |
3.24 |
.. |
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N.Profit/Sales |
1.50 |
1.52 |
1.99 |
1.45 |
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Return On Equity |
.. |
23.86 |
29.05 |
27.65 |
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Notes:
Forecast (or estimated) figures for the 29/02/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
OKAYA & CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
28/02/2011 |
28/02/2010 |
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INCOME STATEMENT |
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Annual Sales |
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644,180 |
559,288 |
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Cost of Sales |
601,840 |
523,480 |
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GROSS PROFIT |
42,339 |
35,807 |
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Selling & Adm Costs |
33,913 |
34,091 |
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OPERATING PROFIT |
8,426 |
1,716 |
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Non-Operating P/L |
1,639 |
482 |
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RECURRING PROFIT |
10,065 |
2,198 |
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NET PROFIT |
7,318 |
744 |
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BALANCE SHEET |
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Cash |
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6,976 |
5,958 |
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Receivables |
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159,975 |
144,976 |
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Inventory |
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34,861 |
32,062 |
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Securities, Marketable |
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Other Current Assets |
6,867 |
6,814 |
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TOTAL CURRENT ASSETS |
208,679 |
189,810 |
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Property & Equipment |
41,169 |
42,848 |
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Intangibles |
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1,141 |
1,613 |
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Investments, Other Fixed Assets |
96,069 |
86,932 |
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TOTAL ASSETS |
347,058 |
321,203 |
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Payables |
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100,449 |
98,263 |
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Short-Term Bank Loans |
94,131 |
78,864 |
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Other Current Liabs |
7,439 |
6,705 |
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TOTAL CURRENT LIABS |
202,019 |
183,832 |
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Debentures |
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Long-Term Bank Loans |
28,656 |
35,861 |
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Reserve for Retirement Allw |
2,063 |
1,974 |
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Other Debts |
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23,983 |
19,936 |
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TOTAL LIABILITIES |
256,721 |
241,603 |
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MINORITY INTERESTS |
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Common
stock |
9,128 |
9,128 |
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Additional
paid-in capital |
7,798 |
7,798 |
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Retained
earnings |
45,092 |
38,783 |
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Evaluation
p/l on investments/securities |
24,905 |
20,322 |
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Others |
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3,784 |
4,140 |
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Treasury
stock, at cost |
(370) |
(572) |
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TOTAL S/HOLDERS` EQUITY |
90,337 |
79,599 |
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TOTAL EQUITIES |
347,058 |
321,203 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
28/02/2011 |
28/02/2010 |
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Cash
Flows from Operating Activities |
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-2,332 |
26,808 |
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Cash
Flows from Investment Activities |
-1,702 |
-3,480 |
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Cash Flows
from Financing Activities |
5,411 |
-25,135 |
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Cash,
Bank Deposits at the Term End |
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6,774 |
5,850 |
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ANALYTICAL RATIOS Terms ending: |
28/02/2011 |
28/02/2010 |
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Net
Worth (S/Holders' Equity) |
90,337 |
79,599 |
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Current
Ratio (%) |
103.30 |
103.25 |
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Net
Worth Ratio (%) |
26.03 |
24.78 |
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Recurring
Profit Ratio (%) |
1.56 |
0.39 |
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Net
Profit Ratio (%) |
1.14 |
0.13 |
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Return
On Equity (%) |
8.10 |
0.93 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.77.47 |
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Euro |
1 |
Rs.64.39 |
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.