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Report No. : |
332792 |
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Report Date : |
05.09.2015 |
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) : |
30.04.2015 |
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Date of Incorporation : |
July 1978 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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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 |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Small Company |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
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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
N/A
Export
of optical lenses, optical goods
Nil
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 292 M
STARTED 1978 EMPLOYES 5
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/2015 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 2016 the net profit is
projected at Yen 16 million, on a 3% rise in turnover, to Yen 410 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] Hoya Corp, Ohara
Optical, Hiki Optics Co, Miyaji Kogaku, 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)
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Terms Ending: |
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30/04/2016 |
30/04/2015 |
30/04/2014 |
30/04/2013 |
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Annual
Sales |
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410 |
400 |
400 |
400 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net Profit |
|
16 |
15 |
15 |
15 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
|
|
292 |
277 |
247 |
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Capital,
Paid-Up |
|
|
10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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2.50 |
0.00 |
0.00 |
2.56 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
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|
.. |
.. |
.. |
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N.Profit/Sales |
|
3.90 |
3.75 |
3.75 |
3.75 |
Notes:
Financials are only partially disclosed.
Profits are not precisely disclosed and only estimated.
Forecast
(or estimated) figures for the 30/04/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
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UK Pound |
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
VNT |
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 |
-- |
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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.