MIRA INFORM REPORT

 

 

Report Date :

10.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

OLIVER CORPORATION

 

 

Registered Office :

1-1-12 Yabuta Okazaki City Aichi-Pref 444-2137

 

 

Country :

Japan

 

 

Financials (as on) :

20.10.2007

 

 

Date of Incorporation :

December 1967

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacture of Furniture and Interiors

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

YEN 918.3 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

name & address

 

OLIVER CORPORATION

REGD NAME:   KK Oliver

MAIN OFFICE:  1-1-12 Yabuta Okazaki City Aichi-Pref 444-2137 JAPAN

                        Tel: 0564-27-2800     Fax: 0567-27-2864

 

URL:                 http://www.oliver.co.jp/

E-Mail address: info@oliver.co.jp

 

 

ACTIVITIES

 

Mfr of furniture & interiors

 

 

BRANCH(ES)

 

Tokyo, Osaka, Nagoya, Sendai, Sapporo, other (Tot 19)

 

 

SALES OFFICES

 

 67

 

 

OVERSEAS

 

Oliver US International Co Ltd; Oliver Farm New Zealand Co Ltd    

 

 

FACTORY(IES)

 

At the caption address, Toyohashi

 

 

CHIEF EXEC

 

HIROMI OHKAWA, PRES

 

 

Yen Amount

 

In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 22,735 M

PAYMENTS      REGULAR                     CAPITAL           Yen 6,362 M

TREND             STEADY                       WORTH            Yen 22,111 M

STARTED         1967                             EMPLOYES      432

 

 

COMMENT

 

MFR OF FURNITURE & OFFICE INTERIORS. 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

                       

 

MAX CREDIT LIMIT

 

YEN 918.3 MILLION, 30 DAYS NORMAL TERMS.

 

                        Forecast (or estimated) figures for 20/10/2008 fiscal term

 

 

HIGHLIGHTS

 

The subject company was established by Hiromi Ohkawa in order to make most of his experiencein the subject line of business.  Started originally as steel furniture mfr and gradually         developed itself into a comprehensive interior decorator.  Office, store & home interiors are          mainstays.  Offers planning, designing, mg of original & customized furniture for hotels,       government offices, hospitals and other facilities.  Proportion of office facilities large.  Mfg is      done mostly in-house.  Has wood furniture subsidiary in US.  Recently began sales of reclining chairs to hot springs & public bath operators.  Focusing on Tokyo with market growth potential.

           

 

FINANCIAL INFORMATION

 

The sales volume for Oct/2007 fiscal term amounted to Yen 22,734 million, a 0.6% up from Yen 22,588 million in the previous term.  By divisions, Office & Interiors up 0.7% to Yen 2,017 million; Broadcasting & Communications up 14.1% to Yen 615 million, spurred by optical Internet devices.  The recurring profit was posted at Yen 2,670 million and the net profit at Yen 1,405 million, respectively, compared with Yen 2,461 million recurring profit and Yen 1,120 million net profit, respectively, a year ago. 

           

For the current term ending Oct 2008 the recurring profit is projected at Yen 2,600 million    and the net profit at Yen 1,450 million, on a 5.6% rise in turnover, to Yen 24,000 million.  Furniture           & interior works for wedding halls, hotels & restaurants continue increase.  Communication         services expanding benefiting from increased subscribers of cable TV networks.

 

The financial situation is considered FAIR and good for ORDINARY business          engagements.  Max credit limit is estimated at Yen 918.3 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered: Dec 1967

Legal Status:     Limited Company (Kabushiki Kaisha)

Authorized:        47,893,000 shares

Issued:              13,956,053 shares

Sum:                Yen 6,362 million

 

 

Major shareholders (%)

 

Ohkawa Corp*(28.2), MUFG (4.8), Mizuho Bank (4.8), Shin’ichi Kume (3.4), SMBC (3.3), Customers’ S/Holding (3.1), Michiyo Ohkawa (2.4), Junko Ohkawa (2.4), Employees’ S/Holding Assn (2.2), Company’s Treasury Stock (2.2); foreign owners (0.0) 

* Holding company owned by the Ohkawa family.

           

No. of shareholders: 17,080

 

 

Listed on the S/Exchange (s) of

 

Nagoya (Second Section)

 

 

Managements

 

Hiromi Ohkawa, pres; Kenkichi Nakane, v pres; Shuichi Murakami, s/mgn dir; Kazumasa Ohkawa, mgn dir; Hiroyuki Fukuoka, dir, Hiroaki Kuroo, dir, Koichi       Shimohata, dir; Hitoshi Kishibe, dir

           

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

 

 

Related companies

 

Mics Network Corp, Oliver America International, other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

OPERATION

           

Activities: Plans, designs, manufactures, wholesales and retails furniture for office interiors (23%), store interiors (23%), factory interiors (31%), home interiors (12%), broadcasting & communications (11%)..

 

 

Clients

 

[Furniture mfrs, wholesalers] Uchida Yoko (9%), Toyota Tsusho (9%), Itoki Co, Plus, Mitsui & Co, Toyoko Inn, Lion Office Products, Daiwa Rakuda Ind, other.

 

 

No. of accounts

 

1,000 (wholesale div)

 

 

Domestic areas of activities

 

Nationwide

 

           

Suppliers

 

[Mfrs, wholesalers] Aoi Furniture, Okazaki Isu Co, Toyota Tsusho, Niimi Ohsetsu Set, Daimon Furniture, other..

 

 

Payment record

 

Regular

 

 

Location

 

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

 

 

Bank References

 

MUFG (Okazaki)

Mizuho Bank (Okazaki)

Relations: Satisfactory

 

 

 

 

Financials

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

20/10/2007

20/10/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

22,734

22,588

 

  Cost of Sales

16,045

16,100

 

      GROSS PROFIT

6,690

6,488

 

  Selling & Adm Costs

4,067

4,152

 

      OPERATING PROFIT

2,622

2,335

 

  Non-Operating P/L

48

126

 

      RECURRING PROFIT

2,670

2,461

　

      NET PROFIT

1,405

1,120

BALANCE SHEET

 

 

 

 

  Cash

　

7,923

7,786

 

  Receivables

 

5,692

5,578

 

  Inventory

 

555

652

 

  Securities, Marketable

260

　

 

  Other Current Assets

432

536

 

      TOTAL CURRENT ASSETS

14,862

14,552

 

  Property & Equipment

7,852

8,223

 

  Intangibles

 

61

84

 

  Investments, Other Fixed Assets

9,418

9,394

 

      TOTAL ASSETS

32,193

32,253

 

  Payables

 

5,448

5,258

 

  Short-Term Bank Loans

1,500

1,500

 

　

 

　

　

 

  Other Current Liabs

1,641

2,000

 

      TOTAL CURRENT LIABS

8,589

8,758

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

578

483

 

  Reserve for Retirement Allw

11

51

 

  Other Debts

　

904

1,342

 

      TOTAL LIABILITIES

10,082

10,634

 

      MINORITY INTERESTS

 

 

 

Common stock

6,362

6,362

 

Additional paid-in capital

5,401

5,401

 

Retained earnings

7,099

6,095

 

Evaluation p/l on investments/securities

1,499

2,246

 

Others

 

1,750

1,514

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

22,111

21,618

　

      TOTAL EQUITIES

32,193

32,253

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

20/10/2007

20/10/2006

 

Cash Flows from Operating Activities

　

2,131

2,053

 

Cash Flows from Investment Activities

-1,511

-565

 

Cash Flows from Financing Activities

-509

-881

　

Cash, Bank Deposits at the Term End

　

7,107

6,969

ANALYTICAL RATIOS            Terms ending:

20/10/2007

20/10/2006

 

 

Net Worth (S/Holders' Equity)

22,111

21,618

 

 

Current Ratio (%)

173.04

166.16

 

 

Net Worth Ratio (%)

68.68

67.03

 

 

Recurring Profit Ratio (%)

11.74

10.90

 

 

Net Profit Ratio (%)

6.18

4.96

 

 

Return On Equity (%)

6.35

5.18

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions