MIRA INFORM REPORT

 

 

Report Date :

26.11.2012

 

IDENTIFICATION DETAILS

 

Name :

OKAYA ELECTRONICS CORPORATION

 

 

Registered Office :

Shinyokoham Mineta Bldg 8F, 2-3-19 Shin-Yokohama Kohokuku Yokohama

222-0033

 

 

Country :

Japan

 

 

Financials (as on) :

29.02.2012

 

 

Date of Incorporation :

February, 1984

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of semiconductors, network system

 

 

No. of Employees :

85

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. 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. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 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 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further 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 in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% 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

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 NAKAMURA, 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 25,625 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 60 M

TREND             SLOW                          WORTH                        Yen 1,914 M

STARTED         1984                             EMPLOYES                  85

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN SEMICONDUCTORS, OWNED BY OKAYA  & CO LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

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/2012 fiscal term amounted to Yen 25,625 million, a 6% down from Yen 27,131 million in the previous term.  Demand for semiconductor decreased.  Exports were hurt by the high Yen, reducing revenues in Yen terms.  The recurring profit was posted at Yen 818 million and the net profit at Yen 465 million, respectively, compared with Yen 712 million recurring profit and Yen 412 million net profit, respectively, a year ago.

 

For the current term ending Feb 2013 the recurring profit is projected at Yen830 million and the net profit at Yen 500 million, on a 3% rise in turnover, to Yen 26,500 million.   

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 508.9 million, on 30 days normal terms. 

 

 

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 680,040 million, operating profit Yen 9,534 million, recurring profit Yen 11,210 million, net profit Yen 8,483 million, total assets Yen 357,660 million, net worth Yen 92,201 million, employees 4,775, pres Tokuichi Okaya

           

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, NK Works Co, Konica Minolta Electronics, 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, NXP Semiconductors Japan, Ricoh Co, other

 

Payment record: No Complaints

 

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)

       Terms Ending:

28/02/2013

29/02/2012

28/02/2011

28/02/2010

Annual Sales

　

26,500

25,625

27,131

25,310

Recur. Profit

　

830

818

712

819

Net Profit

　

500

465

412

504

Total Assets

　

　

7,576

8,161

8,671

Current Assets

　

　

6,937

7,460

7,827

Current Liabs

　

　

5,253

6,033

5,471

Net Worth

　

　

1,914

1,727

1,735

Capital, Paid-Up

　

　

60

60

60

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

      S.Growth Rate

3.41

-5.55

7.19

-14.03

      Current Ratio

 

..

132.06

123.65

143.06

      N.Worth Ratio

..

25.26

21.16

20.01

      R.Profit/Sales

 

3.13

3.19

2.62

3.24

      N.Profit/Sales

1.89

1.81

1.52

1.99

      Return On Equity

..

24.29

23.86

29.05

 

Notes: Forecast (or estimated) figures for the 28/02/2013 fiscal term.

 

           

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

 

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

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%)

 

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