MIRA
INFORM REPORT
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Report Date : |
3rd
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
OG
CORPORATION |
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Registered Office : |
4-1-43
Miyahara Yodogawaku Osaka 532-0003, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
January
1923 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial chemicals. |
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 2,154.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
OG
CORPORATION
REGD NAME
O. G. KK
MAIN OFFICE
4-1-43
Miyahara Yodogawaku Osaka 532-0003 JAPAN
Tel : 06-6395-5100
Fax : 06-6395-5115
URL : http://www.ogfcorp.co.jp
E-Mail address : honsha@ogcorp.co.jp/ (each division has
its own E-mail address)
ACTIVITIES
Import, export, wholesale of industrial chemicals
BRANCHES
Tokyo, Sapporo, Nagoya, Takamatsu, Fuji, Hiroshima, Fukuoka, other
(Tot 14)
OVERSEAS
Mumbai, Shanghai
(Affiliates): China (4, including one in Hong Kong), USA (2),
Taiwan, Korea
(See REGISTRATION for related companies)
OFFICERS
Katsuyuki Wada, ch HIROYUKI
TAKINO, PRES
Muneaki Yoshitake, mgn dir Tsuneo
Sugimoto, mgn dir
Norio Katoh, mgn dir Kazuo
Nakagami dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 135,633 M
PAYMENTS REGULAR CAPITAL Yen 1,110 M
TREND STEADY WORTH Yen 14,477 M
STARTED 1923 EMPLOYES 596
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,154.5 MILLION, 30 DAYS NORMAL TERMS
Note: Forecast figures for the 31/03/2007 fiscal term
HIGHLIGHTS
This is an old-established trading house founded on the basis of
the merger of 5 local dye-trading houses, as Osaka Godo Co Ltd. In Jul 1991 renamed as captioned. Specializes in
import, export and wholesale of industrial chemicals, such as pigments,
dyestuff, paints, resins, pharmaceutical ingredients, food additives, and
others. The firm operates 6 core
business divisions: color & fine chemicals, paper & pulps, chemicals,
plastics, electronic materials, and R&D divisions (See OPERATION for
details & products). Goods are
imported from and exported to India, Taiwan, China, USA, etc.
Brief history: Jun 1958, founded
Daiwa Chemical Ind (mfr of textile chemicals & industrial chemicals; Mar
1963, capital participation in Nitto Plastics Co (synthetic resign molding);
Apr 1987, founded Suzukawa Chemical Ind (mfr of industrial chemicals); Dec
1971, founded Toa Kasei Co (mfr of industrial chemicals); Jul 1980, founded OG
Chemical Ind (mfr of industrial chemicals); Sept 1982, moved the head office to
the caption address; Aug 1983, opened Osakagodo America Inc; Sept 1985, capital
participation in Yamago Kasei Ind (synthetic resin molding); Oct 1990, founded
ICG Co Ltd (import/export of chemical products); Jul 1991, renamed as
captioned; Sept 1995, founded FO Tec Co (mfr of industrial chemicals); Oct
1995, founded OG Asia (Taiwan) Corp (import/export of chemical products); Dec
1995, founded Qingdao OG Plastic Products Co (mfr of synthetic resin products);
Apr 1996, founded OG Wakayama Co (wholesale of chemicals); Oct 1997, capital participation
in Daido Sangyo Co (wholesale of chemicals); Dec 1997, founded Shanghai OG
Trading Co (import/export of chemical products); Apr 1999, founded NOAC Co Ltd
(design/plan/development of computer software); Apr 2002, founded OG Film Co
(film mfr, product processing & sales); Oct 2002, founded Shanghai OG
T&D Techno Co (laboratory center, mfr of dyestuff & dyeing auxiliaries);
Aug 2003, capital participation in Ike Trading Co.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 135,633
million, a 2.9% up from Yen 131,800 million in the previous term. This is attributed to the recovery of
industrial activities domestically, added to robust demand in China and other
S/E Asian countries, particularly in auto and electronics industries. The recurring profit was posted at Yen 2,055
million and the net profit at Yen 1,100 million, respectively, compared with
Yen 2,360 million and Yen 1,332 million net profit, respectively, a year
ago. Profits deteriorated due to the
steep rise in fuel oil prices and materials costs.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 2,050 million and the net profit at Yen 1,100 million, on a
2.9% rise in turnover, to Yen 139,500 million.
Demand for industrial chemicals will continue rising from auto &
electronics industries.
First Half results ending Sept/2006: Sales Yen 68,736 million (up
2.4%), recurring profit Yen 1,202 million (down 8.2%), net profit Yen 650
million (-12.0%). (% compared with the
same period the previous term). Rising
fuel oil prices and materials costs continued to erode profits.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 2,154.5 million, on 30 days normal terms.
REGISTRATION
Date Registered : Jan 1923
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
60 million shares
Issued :
15 million shares
Sum :
Yen 1,110 million
Major shareholders (%)
Employees’ S/Holding Assn (6.84), Mizuho Bank (4.00), SMBC (4.0), Bank of Tokyo-Mitsubishi UFJ (4.0),
Ikeda Fukusuke KK (3.33), Dynic Corp (2.81), Masako Imura (2.76), Hokuriku Bank
(1.86)
No. of shareholders: 543
Nothing detrimental is known as to the commercial morality of
executives.
Related companies
(Domestic): Daiwa Chemical Ind,
Yamago Kasei Ind, OG Chemical Ind, Toa Kasei Co, Suzukawa Chemical Ind, Nitto
Plastics Co, OG Wakayama Co, Daido Sangyo Co, FO TEC Co, OG Film Co, other (Tot
12);
(Overseas): Osakagodo America
Inc, OG Asia (Taiwan) Corp, Qingdao OG Plastic Products, ICG Co (Hong Kong),
Shanghai OG Trading Co, Ike Trading Co (USA), Shanghai OG T&D Techno Co,
Osakagodo Korea Corp (Tot 8).
OPERATION
Activities
A trading house for import, export and wholesale of dyestuffs,
pigments, textile chemicals, industrial & fine chemicals, paints, raw
resins, and their finished products, pharmaceutical ingredients, reprographic
materials, food additives, other industrial chemicals (--99.7%), office
building management, leasing, etc (--0.3%).
Overseas trading ratio 10.8% covering Asia, USA, etc).
BUSINESS DIVISIONS
(major handling products)
Color & fine chemicals: Dyestuffs, Pigments, Textile
auxiliaries, Antibacterial agent, Germicide, Flame retardant, Non-woven fabric,
CCM, Colorimeters, Automatic color matching devices, Raw material for medicine
and agricultural chemicals, Organic intermediates and Fragrant materials.
Paper & pulps: All sorts of chemicals used in
every process of paper mfg, non-wood pulp, such as kenaf & bamboo, used
paper recycling
Chemicals: Organic chemicals, Industrial
chemicals, Inorganic chemicals, Acrylic resins, Epoxy resins and basic
ingredients of the following items- Paint/Ink, Electronic components, Urethane
and other resins, Transport equipment accessories, Synthetic leathers,
Surfactants, Food related materials, Building materials, Acrylic resins and
Epoxy resins.
Plastic: Raw resins, resin additives, films,
sheets, laminated manufactured products, injection-molded parts,
extrusion-molded parts, blow-molded parts, packaging-related machines,
bolding-related machines
Electronic Materials: Color filters, Pigment
dispersing agents, Overcoat materials, Anti-reflection materials, Toner binder
resins, Charge control agents, Ink, Image receiving sheets, Dyestuffs,
Pigments, Base film sheets, Insulation sheets, Electrode materials, Resist
solvents, Sensitizers, Near-infrared ray absorbents, Ultraviolet absorbents
R&D Division (projects): Specialty chemicals, pharmaceuticals, China projects, specialty films,
new materials, etc.
Clients
Chemical mfrs, wholesalers, specialty traders] Ikeuchi Veneer,
Dainippon Ink & Chemicals, JSR,
OG Wakayama, OG Taiwan, Nippon Paper Ind, Dynic Corp, JSR Micro Kyushu,
Fukusuke Kogyo, Teijin Ltd, other
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Mitsui & Co, Dainippon Ink &
Chemicals, Apollo Investment, Toa Gosei, Mitsubishi Gas Chemicals, Nissan
Chemical Ind, Mitsui Chemical, Clariant
Japan, Sanyo Chemical Ind, Nippon Kayaku, Tokushiki Co, Daiwa Chemical Ind,
other.
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (Minamisemba)
Bank of Tokyo-Mitsubishi UFJ (Semba-Chuo)
Relations: Satisfactory.
FINANCES
(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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135,633
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131,800
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Cost of Sales |
125,554
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121,796
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GROSS PROFIT |
10,079
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10,004
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Selling & Adm Costs |
8,299
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7,768
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OPERATING PROFIT |
1,779
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2,236
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Non-Operating P/L |
276 |
124 |
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RECURRING PROFIT |
2,055
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2,360
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NET PROFIT |
1,100
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1,332
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BALANCE
SHEET |
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Cash |
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3,299
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4,019
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Receivables |
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42,376
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40,664
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Inventory |
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4,420
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4,538
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Securities, Marketable |
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Other Current Assets |
1,050
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676 |
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TOTAL CURRENT ASSETS |
51,145
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49,897
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Property & Equipment |
6,099
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6,250
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Intangibles |
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316 |
277 |
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Investments, Other Fixed Assets |
12,743
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9,492
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TOTAL ASSETS |
70,303
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65,916
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Payables |
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30,554
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30,838
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Short-Term Bank Loans |
13,103
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11,439
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Other Current Liabs |
3,134
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1,875
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TOTAL CURRENT LIABS |
46,791
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44,152
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Debentures |
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800 |
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Long-Term Bank Loans |
5,509
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7,951
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Reserve for Retirement Allw |
466 |
525 |
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Other Debts |
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2,747
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587 |
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TOTAL LIABILITIES |
55,513
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54,015
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MINORITY INTERESTS |
312 |
289 |
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Common
stock |
1,110
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1,110
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Additional
paid-in capital |
515 |
515 |
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Retained
earnings |
9,608
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8,696
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Evaluation
p/l on investments/securities |
3,245
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1,425
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Others |
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12 |
(128) |
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Treasury
stock, at cost |
(13) |
(7) |
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TOTAL S/HOLDERS` EQUITY |
14,477
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11,611
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TOTAL EQUITIES |
70,303
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65,916
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CONSOLIDATED CASH FLOWS
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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553 |
-135 |
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Cash
Flows from Investment Activities |
-356 |
225 |
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Cash
Flows from Financing Activities |
-900 |
527 |
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Cash,
Bank Deposits at the Term End |
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3,125
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5,021
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ANALYTICAL RATIOS
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
14,477
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11,611
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Current
Ratio (%) |
109.31
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113.01
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Net
Worth Ratio (%) |
20.59
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17.61
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Recurring
Profit Ratio (%) |
1.52 |
1.79 |
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Net
Profit Ratio (%) |
0.81 |
1.01 |
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Return
On Equity (%) |
7.60 |
11.47
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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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