MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	H OGINO & CO LTD

Registered Office :	Ogino Bldg, 75 Yamashitacho Yokohama 231-0023

Country :	Japan

Financials (as on) :	30.09.2012

Date of Incorporation :	August 1955

Com. Reg. No.:	0200-01-025734 (Yokohama-Nakaku)

Legal Form :	Limited Company

Line of Business :	Export, import of ophthalmic instruments

No. of Employees :	10 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

japan - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war 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 are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name

H OGINO & CO LTD

REGD NAME

Ogino Boeki KK

MAIN OFFICE

Ogino Bldg, 75 Yamashitacho Yokohama 231-0023 JAPAN

Tel: 045-662-5261 Fax: 045-651-5467

URL: www.h-ogino.co.jp

E-mail: magnon@h-ogino.co.jp

ACTIVITIES

Export, import of ophthalmic instruments

BRANCHES

Nil

OFFICER(S)

JUN’YA OGINO, PRES

Satoshi Soga, mgn dir

Hiroko Ogino, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 3,000 M

PAYMENTS No Complaints CAPITAL Yen 10 M

TREND STEADY WORTH Yen 568 M

STARTED 1955 EMPLOYES 10

COMMENT

TRADING FIRM FOR EXPORTING OPHTHALMIC INSTRUMENTS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

HIGHLIGHTS

The subject company was established by Hiroyuki Ogino in order to make most of his experience in the subject line of business. Jun’ya is his son, who took the pres office in 1998. This is a trading firm, owned and operated by the Ogino family, for exporting ophthalmic instruments for medical use, branded as “MAGNON”. Goods are partially imported. Also rents, manages the owned building at the caption address.

FINANCIAL INFORMATION

Financials are only partially disclosed as is the case with family-based companies.

The sales volume for Sept/2011 fiscal term amounted to Yen 3,000 million, a similar amount in the previous term. The net profit was posted at Yen 80 million, similarly in the previous term. .

For the term that ended Sept 2012 the net profit was projected at Yen 95 million, on a 3% rise in turnover, to Yen 3,100 million. Final results are yet to be released.

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.

REGISTRATION

Date Registered: Aug 1955

Regd No.: 0200-01-025734 (Yokohama-Nakaku)

Legal Status: 　Limited Company (Kabushiki Kaisha)

Authorized: 　80,000 shares

Issued: 　20,000 shares

Sum: 　Yen 10 million

Major shareholders (%): Jun’ya Ogino (90), Hiroko Ogino (4)

No. of shareholders: 57

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

OPERATION

Activities: Exports ophthalmic instruments for medical use: lens meter, slit lamps, chart projector, ophthalmic unit, instrument tables, wall hanger, refractor, PD-meter, trial frames, trial lens sets, cross cylinder, others, branded as “MAGNON”; rents, manages the own building at the caption address (--100%).

Clients: [Mfrs, wholesalers] Maruko Co, Miyang, B.O.C., other

Exports to: Europe, USA, China, S/E Asia, Australia, other

No. of accounts: 300

Domestic areas of activities: Centered in greater-Tokyo

Suppliers: [Mfrs, wholesalers] Nidek Co, Tachibana Optical Co, Towa KK, Iketani Co, Kanehara Trading Co, other.

Payment record: No Complaints

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

Bank References:

MUFG (Yokohama)

Mizuho Bank (Yokohama-Chuo)

Relations: Satisfactory

FINANCES

(In Million Yen)

	30/09/2012	30/09/2011	30/09/2010	30/09/2009
Annual Sales	3,100	3,000	3,000	2,400
Recur. Profit
Net Profit	95	90	90	75
Total Assets		N/A	N/A	N/A
Net Worth		568	505	442
Capital, Paid-Up		10	10	10
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	3.33	0.00	25.00	14.29
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	3.06	3.00	3.00	3.13

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 30/09/2012 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MNL

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	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
----	NB	New Business	----

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%)

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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.