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MIRA INFORM REPORT
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Report No. : |
510047 |
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Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ESOTERIC CORPORATION |
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Registered Office : |
1-47 Ochiai Tama City Tokyo-Metrop 206-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2018 |
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Date of Incorporation : |
April, 2004 |
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Com. Reg. No.: |
0134-01-005314 (Tokyo-Tama) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Mfg of audio CD player, CD transport, DA converter, other |
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No. of Employees : |
26 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
Yen 47.7 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
name and address
ESOTERIC CORPORATION
REGD NAME: Esoteric
KK
MAIN OFFICE: 1-47
Ochiai Tama City Tokyo-Metrop 206-0033 JAPAN
Tel:
042-356-9230 Fax: 042-356-9240
URL: http://www.esoteric.co.jp
E-Mail address: (Thru the URL)
ACTIVITIES
Mfg of audio CD
player, CD transport, DA converter, other
BRANCHES
Nil
FACTORIES
At the caption
address
OFFICERS
HIROSHI OSHIMA,
PRES Tetsuya Kato, dir
Hiroshi Tokushige, dir Nobuo Wada, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,060 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 90 M
TREND STEADY WORTH Yen 360 M
STARTED 2004 EMPLOYES 26
COMMENT
MFR OF AUDIO CD PLAYER, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
ESTIMATED AT YEN 47.7 MILLION, ON 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject
company is a specialized mfr of audio CD player, CD transport, DA converter, other. Products are exported. Clients include
audio makers, wholesaler, other
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term
amounted to Yen 1,060 million, a shade fall from Yen 1,062 million in the previous term. The net profit
was posted at Yen 11 million, compared with Yen 55 million a year ago.
For the term that ended Mar 2018 the net profit was projected at Yen 15
million, on a 3% rise in turnover, to Yen 1,095 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 47.7 million, on 30
days normal terms.
REGISTRATION
Date
Registered: Apr 2004
Regd
No.: 0134-01-005314 (Tokyo-Tama)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
7,200 shares
Issued:
1,800 shares
Sum:
Yen 90 million
Major shareholders (%): TEAC Corp (100)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
audio CD player, transport, D/A converter, other (--100%)
Clients: [Mfrs,
wholesalers] Dynamic Audio, Yodobashi Camera, Joshin Electric, other
No. of accounts:
350
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] CD player makers, other
Payment record: No Complaints
Location: Business area in
Tama City, Tokyo-Metrop. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Shinjuku)
MUFG (H/O)
Relations: Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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1,095 |
1,060 |
1,062 |
1,102 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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15 |
11 |
55 |
42 |
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Total
Assets |
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482 |
518 |
508 |
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Net
Worth |
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360 |
349 |
338 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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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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3.30 |
-0.19 |
-3.63 |
0.82 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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74.69 |
67.37 |
66.54 |
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N.Profit/Sales |
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1.37 |
1.04 |
5.18 |
3.81 |
Notes: Forecast (or estimated) figures for the 31/03/2018
fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.96 |
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1 |
INR 91.88 |
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Euro |
1 |
INR 80.28 |
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Yen |
1 |
INR 0.61 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.