MIRA INFORM REPORT

 

 

Report Date :

22.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

OGIHARA CORPORATION

 

 

Registered Office :

210-1 Higashi-Yajimacho Ota City Gunma-Pref 373-0816

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

December 1955

 

 

Com. Reg. No.:

0700-01-018918 (Gunma-Ota)  

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of press dies & mold for car bodies

 

 

No. of Employees :

512 employees

 

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

 

Status :

Good

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

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

 

OGIHARA CORPORATION

 

 

REGD NAME

 

KK Ogihara

 

 

MAIN OFFICE

 

210-1 Higashi-Yajimacho Ota City Gunma-Pref 373-0816 JAPAN

                                    Tel: 0276-38-1221      Fax: 0276-26-0058

 

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

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

 

 

ACTIVITIES

 

Mfg of press dies & mold for car bodies

 

BRANCHES

 

O’Hara

 

 

OVERSEAS

 

USA, Thailand, China (3)

 

 

FACTORIES

 

Gunma (5), China (3), Thailand, USA

 

 

OFFICERS

 

N R CHANNALOON, PRES (Phonetically spelled)

Hisao Kurihara, dir

Nasanu Ujesygum dir    

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 10,635 M

PAYMENTS      No Complaints          CAPITAL           Yen 845 M

TREND             UP                                WORTH            Yen 4,221 M

STARTED                     1955                             EMPLOYES      512

 

 

COMMENT    

 

MFR OF PRESS DIES & MOLDS FOR CAR BODIES.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established originally in 1951 by a certain Ogihara in order to make most of his experience in the subject line of business.  Incorporated in 1955 the firm was succeeded by his descendants.  This is a specialized mfr of press dies & molds for auto bodies.  In Apr 2009 the firm was acquired by Thai Summit Auto Parts Industries and became its wholly owned subsidiary.  The firm has mfg bases: 5 domestic, 3 in China, one each USA and Thailand.  Clients include major car makers both at home and abroad.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 10,635 million, a 25% up from Yen 8,509 million in the previous term.  The firm increased the capital to Yen 845 million from Yen 235 million in the previous term and the financial status has been strengthened.  The sales growth is attributed to the increased car production by the relevant car makers overseas.  Production in China rose as the domestic demand increased.  The operations came back to profitability to post Yen 4,800 million net profit for the term, compared with Yen 2,997 million net losses a year ago.  The firm posted negative profits for the past 6 year in a row.

 

For the current term ending Mar 2013 the net profit is projected at Yen 5,000 million, on a 4% rise in turnover, to Yen 11,100 million.

 

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

 

REGISTRATION

 

Date Registered:  Dec 1955

Regd No.:         0700-01-018918 (Gunma-Ota)

Legal Status:       Limited Company (Kabushiki Kaisha)

Authorized:         16,900 shares

Issued:                16,900 shares

Sum:                   Yen 845 million

Major shareholders (%): Thai Summit Auto Parts Industries (100)

 

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

 

 

OPERATION

           

Activities: Manufactures press dies & molds for auto bodies (--90%), pressing works (9%), jigs, others (1%)

 

Clients: [Car makers, wholesalers] General Motors, Ford Motors, Daimler Chrysler, Jaguar, Renault, Peugeot, Chinese car makers, other

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Hitachi Metal Ind, Kimura Chuzosho Co, Hasegawa Steel, Ogihara Trading, Iwase Sangyo Co, other

 

Payment record: No Complaints

 

Location: Business area in Ota City, Gunma-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Gunma Bank (Ota)

Shoko Chukin Bank (Maebashi)

Relations: Satisfactory

 

 

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

Annual Sales

　

11,100

10,635

8,509

Recur. Profit

　

　

　

　

Net Profit

　

5,000

4,800

-2,997

Total Assets

　

　

22,988

25,986

Current Assets

　

　

10,672

11,427

Current Liabs

　

　

4,127

15,837

Net Worth

　

　

4,221

-2,190

Capital, Paid-Up

　

　

845

235

Div.P.Share(¥)

　

　

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

    S.Growth Rate

4.37

24.99

-54.41

    Current Ratio

 

..

258.59

72.15

    N.Worth Ratio

..

18.36

-8.43

    R.Profit/Sales

 

..

..

..

    N.Profit/Sales

45.05

45.13

-35.22

    Return On Equity

..

113.72

..

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

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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