MIRA INFORM REPORT

Report No. :	506203
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	OPTRANS CORPORATION
Registered Office :	241 Noborito Tamaku Kawasaki City Kanagawa-Pref 214-0014
Country :	Japan
Financials (as on) :	31.03.2018
Date of Incorporation :	Apr 1987
Com. Reg. No.:	0200-01-063895 (Kawasaki-Tamaku)
Legal Form :	Limited Company (Kabushiki Kaisha)
Line of Business :	Manufacturer of photo-electronics devices & systems for OEM’s, other.
No. of Employees :	33

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	Yen 26.4 Million
Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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

Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.

Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - averaging 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which resulted in several years of economic stagnation as firms sought to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.

Japan enjoyed an uptick in growth since 2013, supported by Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the need to address its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to a sharp contraction, so Prime Minister ABE has twice postponed the next increase, which is now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.

Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.

Under the Abe Administration, Japan’s government sought to open the country’s economy to greater foreign competition and create new export opportunities for Japanese businesses, including by joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan became the first country to ratify the TPP in December 2016, but the United States signaled its withdrawal from the agreement in January 2017. In November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Japan also reached agreement with the European Union on an Economic Partnership Agreement in July 2017, and is likely seek to ratify both agreements in the Diet this year.

Source : CIA

Company name and address

OPTRANS CORPORATION

REGD NAME: KK Optrans

MAIN OFFICE: 241 Noborito Tamaku Kawasaki City Kanagawa-Pref 214-0014 JAPAN

Tel: 044-932-6491 Fax: 044-932-8281

URL: http://www.optrans.com

E-Mail address: info@optrans.com

ACTIVITIES

Mfg of photo-electronics devices & systems for OEM’s, other

BRANCHES

Nil

OVERSEAS

USA (subsidiary)

FACTORIES

At the caption address

OFFICERS

KATSUYA HOMMA, PRES

C. J. Mark, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 1,400 M

PAYMENTS REGULAR CAPITAL Yen 76 M

TREND STEADY WORTH Yen 2,176 M

STARTED 1987 EMPLOYES 33

COMMENT

MFR OF ELECTRONICS DEVICES & SYSTEMS, OTHER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: ESTIMATED AT YEN 26.4 MILLION, ON 30 DAYS

HIGHLIGHTS

The subject company is a specialized mfr of photo-electronics devices & systems for OEM’s, other. Has a subsidiary in the US. Clients include electronics mfrs, wholesalers, other.

FINANCIAL INFORMATION

Financials are disclosed only partially. Profits are not disclosed and only estimated.

The sales volume for Mar/2017 fiscal term amounted to Yen 1,400 million, an 8% up from Yen 1,300 million in the previous term. The net profit is estimated posted at Yen 140 million, compared with Yen 130 million a year ago.

For the term that ended Mar 2018 the net profit was projected at Yen 150 million, on a 7% rise in turnover, to Yen 1,500 million. Final results are yet to be released.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 26.4 million, on 30 days normal terms.

REGISTRATION

Date Registered: Apr 1987

Regd No.: 0200-01-063895 (Kawasaki-Tamaku)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 608,000 shares

Issued: 152,000 shares

Sum: Yen 76 million

Major shareholders (%): Keio Electronics, Company’s Treasury Stock, Katsuya Homma, other (Breakdown not disclosed)

No. of shareholders: 7

Nothing detrimental is known as to the commercial morality of executives.

OPERATION

Activities: Manufactures photo-electronics devices & systems for OEM’s, other (--100%)

Clients: [Mfrs, wholesalers] Keio Electronics, Toki Trading, Aroma Inc, Rocky Inc, Honda R&D, Alpha One Electronics, other

No. of accounts: 350

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Electronics makers, other

Imports from USA, other

Payment record: Regular

Location: Business area in Kawasaki City. Office premises at the caption address are owned and maintained satisfactorily.

Bank References:

Bank of Yokohama (Noborito)

MUFG (Seijo)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		31/03/2018	31/03/2017	31/03/2016	31/03/2015
Annual Sales		1,500	1,400	1,300	1,200
Recur. Profit		..	..	..	..
Net Profit		150	140	130	120
Total Assets			N/A	N/A	N/A
Net Worth			2,176	2,036	1,906
Capital, Paid-Up			76	76	76
Div.P.Share(¥)			0.00	0.00	0.00
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		7.14	7.69	8.33	4.35
Current Ratio			..	..	..
N.Worth Ratio			..	..	..
N.Profit/Sales		10.00	10.00	10.00	10.00

Notes: Financials are only partially disclosed. Profits are only estimate as not disclosed.

Forecast (or estimated) figures for the 31/03/2018 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Yen	1	INR 0.61

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.