|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
OSAKI ELECTRIC CO LTD |
|
|
|
|
Registered Office : |
2-10-2 Higashi-Gotanda Shinagawaku Tokyo 141-0022 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
January 1937 |
|
|
|
|
Legal Form : |
Limited Company |
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|
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|
Line of Business : |
Manufactures watt-hour meters for electric power
companies: watt-hour meters, current limiter, time switch, demand control
equipment, centralized automatic meter reading system, fiber optical coupler,
switch gear, information communication devises |
|
|
|
|
No. of Employees |
3,417 |
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 |
|
Maximum Credit Limit : |
Yen 1,972.2 million |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus, monetary easing, and structural
reform. Japan joined the Trans Pacific Partnership 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 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 is exceeding 230% of GDP. To
help raise government revenue and reduce public debt, Japan decided in 2013 to
gradually increase the consumption tax to a total of 10% by the year 2015.
Japan is making progress on ending deflation due to a weaker yen and higher
energy costs, but reliance on exports to drive growth and an aging, shrinking
population pose other major long-term challenges for the economy
|
Source
: CIA |
OSAKI ELECTRIC CO LTD
REGD NAME: Osaki
Denki Kogyo KK
MAIN OFFICE: 2-10-2
Higashi-Gotanda Shinagawaku Tokyo 141-0022 JAPAN
Tel:
03-3443-7171 -
URL: http://www.osaki.co.jp
E-Mail
address: general-ld@osaki.co.jp
Mfg of
watt-hour meters for electric power companies
Tokyo
Singapore,
Indonesia
Osaka
YOSHIO
MATSUI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 65,663 M
PAYMENTS No complaints CAPITAL Yen
4,686 M
TREND UP WORTH Yen 42,760 M
STARTED 1937 EMPLOYES 3,417
MFR OF WATT-HOUR METERS FOR ELECTRIC POWERS COMPANY
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
45,975 |
4,154 |
1,020 |
(%) |
39,301 |
|
(Consolidated) |
31/03/2012 |
47,362 |
3,215 |
1,339 |
3.02 |
36,204 |
|
|
31/03/2013 |
61,205 |
2,900 |
1,472 |
29.23 |
39,830 |
|
|
31/03/2014 |
65,663 |
1,905 |
783 |
7.28 |
42,760 |
|
|
31/03/2015 |
76,000 |
2,600 |
1,300 |
15.74 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2015
fiscal term.
This is
the top-ranked mfr of watt-hour meters for electric power companies. Closely associated with power utilities in
capital and personnel phases. Half of
entire sales goes to power companies.
Osaki Engineering, subsidiary, involved in production of LCD and FPD mfg
systems. The company intends to
thoroughly review cost structure of those products, to enhance price
competitiveness. .
The sales
volume for Mar/2014 fiscal term amounted to Yen 65,663 million, a 7.3% up from
Yen 61,205 million in the previous term.
The recurring profit was posted at Yen 1,905 million and the net profit
at Yen 783 million, respectively, compared with Yen 2,900 million recurring
profit and Yen 1,472 million net profit, respectively, a year ago.
For the
current term ending Mar 2015 the recurring profit is projected at Yen 2,600
million and the net profit at Yen 1,300 million, on a 21.2% rise in turnover,
to Yen 76,000 million. Smart meters for
Kansai Electric Power are likely to make a contribution for the full term in
fiscal 2014, and those for Tokyo Electric Power will contribute from the second
half of the fiscal 2014.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 1,972.2 million, on 30 days normal terms.
Date Registered: Jan 1937
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 100 million shares
Issued:
38,550,684 shares
Sum: Yen 4,686
million
Major shareholders (%): Company’s Treasury Stock
(7.4), MUFG (4.0), Customers’ S/Holding Assn (3.8), Yoshihide Watanabe (2.9),
Kyushu Electric Power (2.8), Chase London Al Omnibus Acct (2.8), Fukoku Life
Ins (2.8), Chubu Electric Power (2.6), Kansai Electric Power (2.5), Master
Trust Bank of Japan T (2.4); foreign owners (13.7)
No. of shareholders: 3,568
Listed on the S/Exchange (s) of:
Tokyo
Managements: Yoshihide Watanabe, ch; Yoshio
Matsui, pres; Mitsuyasu Watanabe, v pres; Haruyuki Kawabata, s/mgn dir; Sumio
Takano, mgn dir; Kazuo Nemoto, mgn dir; Kuniaki Numazaki, dir; Toshio Yamanaka,
dir; Satoshi Komazawa, dir; Choichiro Hori, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Osaki Engineering, OUI, Enegate Co, other.
Activities: Manufactures watt-hour meters for
electric power companies: watt-hour meters, current limiter, time switch,
demand control equipment, centralized automatic meter reading system, fiber
optical coupler, switch gear, information communication devises (97%), flat
panel displays (2%), real estate (1%
Overseas Sales Ratio (33%)
Clients: [Mfrs, wholesalers] Tokyo Electric
Power, Chubu Electric Power, Tohoku Electric Power, Kansai Electric Power,
Kyuden Techno Systems, Enegate, Chugoku Electric Power, Meidensha Corp, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Iwate Osaki Electric, Enegate, Osaki Electric Systems, other
Payment record: No complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
Bank (Gotanda)
SMBC
Bank (Gotanda)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
65,663 |
61,205 |
|
|
Cost of Sales |
48,660 |
44,817 |
|
|
|
GROSS PROFIT |
17,003 |
16,387 |
|
|
|
Selling & Adm Costs |
15,237 |
14,108 |
|
|
|
OPERATING PROFIT |
1,766 |
2,278 |
|
|
|
Non-Operating P/L |
139 |
622 |
|
|
|
RECURRING PROFIT |
1,905 |
2,900 |
|
|
|
NET PROFIT |
783 |
1,472 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
10,763 |
11,133 |
|
|
Receivables |
|
19,013 |
15,697 |
|
|
Inventory |
|
12,480 |
10,368 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
4,363 |
4,700 |
|
|
|
TOTAL CURRENT ASSETS |
46,619 |
41,898 |
|
|
|
Property & Equipment |
28,877 |
29,040 |
|
|
|
Intangibles |
|
4,386 |
4,230 |
|
|
Investments, Other Fixed Assets |
8,036 |
7,488 |
|
|
|
TOTAL ASSETS |
87,918 |
82,656 |
|
|
|
Payables |
|
8,293 |
7,246 |
|
|
Short-Term Bank Loans |
5,232 |
5,923 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
6,296 |
6,963 |
|
|
|
TOTAL CURRENT LIABS |
19,821 |
20,132 |
|
|
|
Debentures |
|
13,000 |
8,000 |
|
|
Long-Term Bank Loans |
5,442 |
7,968 |
|
|
|
Reserve for Retirement Allw |
1,507 |
187 |
|
|
|
Other Debts |
|
5,388 |
6,538 |
|
|
TOTAL LIABILITIES |
45,158 |
42,825 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
4,686 |
4,686 |
|
|
|
Additional
paid-in capital |
4,775 |
4,775 |
|
|
|
Retained
earnings |
18,985 |
18,630 |
|
|
|
Evaluation
p/l on investments/securities |
769 |
398 |
|
|
|
Others |
|
15,383 |
13,190 |
|
|
Treasury
stock, at cost |
(1,838) |
(1,849) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
42,760 |
39,830 |
|
|
|
TOTAL EQUITIES |
87,918 |
82,656 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
1,052 |
8,741 |
|
|
Cash
Flows from Investment Activities |
-2,524 |
-5,828 |
|
|
|
Cash
Flows from Financing Activities |
-185 |
-1,102 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
11,876 |
13,046 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
42,760 |
39,830 |
|
|
|
Current
Ratio (%) |
235.20 |
208.12 |
|
|
|
Net
Worth Ratio (%) |
48.64 |
48.19 |
|
|
|
Recurring
Profit Ratio (%) |
2.90 |
4.74 |
|
|
|
Net
Profit Ratio (%) |
1.19 |
2.41 |
|
|
|
Return
On Equity (%) |
1.83 |
3.70 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.