MIRA
INFORM REPORT
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Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
OGURA TRADING CO LTD |
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Registered Office : |
JP Bldg 11F, 3-4-1 Nihombashi-Muromachi Chuoku Tokyo 103-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Dec 1917 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of fibers, fishing
gears, agro chemicals, sailboats |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 280.2 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
OGURA TRADING CO LTD
REGD NAME
Ogura Boeki KK
MAIN OFFICE
JP Bldg 11F, 3-4-1 Nihombashi-Muromachi Chuoku Tokyo 103-0022 JAPAN
Tel : 03-3231-8592
Fax : 03-3270-8560
URL : http://www.ogura.com
E-Mail address: info@ogura.co.jp
ACTIVITIES
Import, wholesale of fibers, fishing gears, agro chemicals,
sailboats
BRANCHES
Osaka, Sapporo, Nagoya, Fukuoka
OVERSEAS
Manila, Shanghai
FACTORY(IES)
Manila (production of Manila hemp)
OFFICERS
JUNZO TANABE, PRES Hiroshi
Takada, s/mgn dir
Eiji Ichikawa, mgn dir Ken’ichiro
Matsuda, dir
Takahiko Shimizu, dir Satoshi
Tanaka, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,033 M
PAYMENTS REGULAR CAPITAL Yen 240 M
TREND STEADY WORTH Yen 1,760 M
STARTED 1917 EMPLOYES 81
COMMENT
TRADING HOUSE SPECIALIZING IN FIBERS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 280.2 MILLION, 30 DAYS NORMAL TERMS. .
Forecast
figures for the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established by Kyubei Ogura in the 1970s
as lamp paraffin merchant in the Capital City of Edo (present Tokyo). In 1871, business expanded to ship chandlery and import of Manila & Ramie
hemp. Incorporated in 1917, business
expansion continued and opened overseas offices in China & Philippines. In 1968, began Abaca pulp production in the
Philippines, using raw Manila hemp.
This is a trading house specializing in fibers,
fishing gears, agricultural chemicals, sail boats, fishing gears, etc.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 20,033 million, a 1% up from Yen 19,843 million in the previous term. The recurring profit was posted at Yen 198 million and the net profit at Yen 128 million, respectively, compared with Yen 263 million recurring profit and Yen 82 million net profit, respectively, a year ago. In the previous term the firm wrote off Yen 129 million as extraordinary losses coming from NC’s.
For the term just ended Mar 2007 the recurring profit was
projected at Yen 200 million and the net profit at Yen 130 million,
respectively, on a 5% rise in turnover, to Yen 21,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 280.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1917
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 19
million shares
Issued: 4.8
million shares
Sum: Yen
240 million
Major shareholders (%): Employees’ S/Holding Assn (5), SMBC (5), MUFG (5), Mitsui Soko (3), Mitsui Sumitomo
Marine Ins (3)
No. of shareholders: 215
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales:
Materials Div: natural
vegetable fibers, synthetic fibers, pulp & paper;
Marine
Div: fishing gears, marine gears, marine engineering machines;
Land Div:
agricultural & horticultural supplies, soil savers, construction materials,
packaging
materials, household products;
Leisure
Div: sailboats, recreational vehicles, sporting goods, other.
Clients: [Mfrs, wholesalers] Asahi Chemical, Tsutsunaka Plastic Ind, Nippon Kodoshi Corp, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Unitika Ltd, Mitsui & Co,
Toray Ind, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Nihombashi)
MUFG (Nihombashi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Non-Consolidated in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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20,033 |
19,843 |
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Cost of Sales |
18,621 |
18,386 |
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GROSS PROFIT |
1,411 |
1,457 |
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Selling & Adm Costs |
1,109 |
1,028 |
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OPERATING PROFIT |
301 |
428 |
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Non-Operating P/L |
-103 |
-175 |
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RECURRING PROFIT |
198 |
253 |
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NET PROFIT |
128 |
82 |
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BALANCE SHEET |
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Cash |
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1,314 |
1,526 |
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Receivables |
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6,449 |
6,342 |
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Inventory |
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928 |
852 |
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Securities, Marketable |
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Other Current Assets |
105 |
144 |
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TOTAL CURRENT ASSETS |
8,796 |
8,864 |
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Property & Equipment |
93 |
95 |
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Intangibles |
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2 |
3 |
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Investments, Other Fixed Assets |
856 |
608 |
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TOTAL ASSETS |
9,747 |
9,570 |
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Payables |
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3,730 |
3,880 |
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Short-Term Bank Loans |
1,999 |
1,880 |
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Other Current Liabs |
331 |
225 |
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TOTAL CURRENT LIABS |
6,060 |
5,985 |
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Debentures |
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Long-Term Bank Loans |
1,926 |
1,914 |
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Reserve for Retirement Allw |
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13 |
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Other Debts |
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0 |
2 |
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TOTAL LIABILITIES |
7,986 |
7,914 |
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MINORITY INTERESTS |
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Common
stock |
240 |
240 |
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Additional
paid-in capital |
1 |
1 |
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Retained
earnings |
1,519 |
1,415 |
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Evaluation
p/l on investments/securities |
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Others |
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0 |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,760 |
1,656 |
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TOTAL EQUITIES |
9,747 |
9,570 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
1,760 |
1,656 |
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Current
Ratio (%) |
145.15 |
148.10 |
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Net
Worth Ratio (%) |
18.06 |
17.30 |
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Recurring
Profit Ratio (%) |
0.99 |
1.28 |
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Net
Profit Ratio (%) |
0.64 |
0.41 |
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Return
On Equity (%) |
7.27 |
4.95 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)