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Report No. : |
307506 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
EASTERN OPTICAL CORPORATION |
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Registered Office : |
2-1-13 Azusawa Itabashiku Tokyo 174-0051 |
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Country : |
Japan |
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Financials (as on) : |
30.04.2014 |
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Date of Incorporation : |
July 1978 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading firm specializing in optical lenses, optical goods, others:
Exports (90%), domestic sales (10%) |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 6.3 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 |
EASTERN OPTICAL
CORPORATION
KK Eastern Optical Corporation
2-1-13 Azusawa Itabashiku Tokyo 174-0051 JAPAN
Tel: 03-3968-2021
Fax: 03-3558-4119
URL: N/A
ACTIVITIES: Export of optical lenses, optical goods
BRANCHES: Nil
OFFICERS: YUZURU KANEKO, PRES
Toshiyuki Kaneko,
ch
Yen Amount: In million Yen,
unless otherwise stated
FINANCES R/WEAK A/SALES Yen 400 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 10 M
TREND SLOW WORTH Yen 262 M
STARTED 1978 EMPLOYES 5
COMMENT: TRADING FIRM SPECIALIZING IN OPTICAL
GOODS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 6.3 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company was established by Toshiyuki Kaneko in order to make
most of his experience in the subject line of business. Yuzuru is his son, who took the pres office
in Apr 2004. This is a trading firm for
export of optical lenses, optical goods, other.
Exports to China, and other S/E Asian countries.
Financials are disclosed only partially.
Profits are not precisely disclosed and only estimated.
The sales volume for Apr/2014 fiscal term amounted to Yen 400 million, a
similar amount in the previous term. The
net profit is estimated posted at Yen 15 million, similarly in the previous
term.
For the current term ending Apr 2015 the net profit is projected at Yen
18 million, on a 5% rise in turnover, to Yen 420 million. The weaker Yen may increase export revenues
in Yen terms.
The financial situation is considered RATHER WEAK but should be good for
MODERATE business engagements. Max credit
limit is estimated at Yen 6.3 million, on 30 days normal terms.
Date Registered: Jul 1978
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued:
20,000 shares
Sum: Yen 10 million
Major shareholders
(%): Toshiyuki Kaneko and families (--100)
No. of shareholders: 5
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Trading firm specializing
in optical lenses, optical goods, others: Exports (90%), domestic sales (10%)
Clients: [Mfrs,
wholesalers] Leica Microsystems, Anjenieux Co, JML Inc, Fuse, other
No. of accounts: Unavailable
Domestic areas of activities: Centered in the greater-Tokyo
Suppliers: [Mfrs,
wholesalers] Koizumi Kogaku (Optical), Hiki Optics Co, Miyaji Kogaku, Hoya
Corp, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactory.
Bank References:
MUFG (Shimura)
Mizuho Bank (Shimura)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
|
30/04/2015 |
30/04/2014 |
30/04/2013 |
30/04/2012 |
|
Annual Sales |
|
420 |
400 |
400 |
390 |
|
Recur. Profit |
|
.. |
.. |
.. |
.. |
|
Net Profit |
|
18 |
15 |
15 |
13 |
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Total Assets |
|
|
N/A |
N/A |
N/A |
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Net Worth |
|
|
262 |
247 |
232 |
|
Capital, Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.00 |
0.00 |
2.56 |
0.00 |
|
Current Ratio |
|
|
.. |
.. |
.. |
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N.Worth Ratio |
|
|
.. |
.. |
.. |
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N.Profit/Sales |
|
4.29 |
3.75 |
3.75 |
3.33 |
Notes: Financials are only partially disclosed. Profits are not precisely disclosed and only
estimated.
Forecast (or estimated) figures for the 30/04/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
|
-- |
NB |
New Business |
-- |
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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.