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Report No. : |
348555 |
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Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
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Name : |
OG CORPORATION |
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Registered Office : |
4-1-43 Miyahara Yodogawaku Osaka 532-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
January 1923 |
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Com. Reg. No.: |
1200-01-054400 (Osaka-Yodogawaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export and wholesale of dyestuffs, pigments, tex-tile chemicals, industrial & fine chemicals, paints, raw resins, and their finished products, pharmaceutical ingredients, reprographic materials, food additives, other industrial chemicals (--100%) |
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No. of Employee : |
351 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been impressive - 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 aftereffects 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. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008. 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 and the ensuing tsunami in March of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
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Source
: CIA |
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
E-Mail address: honsha@ogcorp.co.jp/
(each division has its own E-mail address)
Import, export,
wholesale of industrial chemicals
Tokyo, Sapporo,
Nagoya, Takamatsu, Fuji, Hiroshima, Fukuoka, other (Tot 14)
USA, China, Korea,
Hong Kong, Thailand, India, Indonesia, UK, Dubai (--subs)
EIJI FUKUI, PRES Hiroyuki Takano, ch
Norio Katoh, dir Takeyasu Yasuda, mgn dir
Kotaro Akashiroi, dir Toru Haruna, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 108,500 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen
1,110 M
TREND UP WORTH Yen 12,513 M
STARTED 1923 EMPLOYES 351
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ODINARY BUSINESS ENGAGEMENTS.
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). Top-ranked
in dyestuffs & pigments. Goods are
imported from and exported to India, Taiwan, China, USA, etc. In Feb 2014, acquired 3 firms in Thailand and
made them as a subsidiary, MC Group firm.
The sales volume for Mar/2015 fiscal term amounted to Yen 104,880
million, an almost similar amount of Yen 104,340 million in the previous
term. The recurring profit was posted
at Yen 493 million and the net profit at Yen 362 million, respectively,
compared with Yen 280 million and Yen 139 million net profit, respectively, a
year ago.
For the current term ending Mar 2016 the recurring profit is projected
at Yen 550 million and the net profit at Yen 370 million, on a 3% rise in
turnover, to Yen 108,500 million. Weaker
Yen will contribute to raise earnings in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jan 1923
Regd No.:
1200-01-054400
(Osaka-Yodogawaku)
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 (7.4), Mizuho Bank (4.7)), MUFG (4.7), SMBC
(4.6), Fukusuke Ikeda (4.3)
No. of shareholders: 310
Nothing
detrimental is known as to the commercial morality of executives.
Activities: A trading house for import, export and wholesale of dyestuffs, pigments, tex- tile chemicals, industrial & fine chemicals, paints, raw resins, and their finished products, pharmaceutical ingredients, reprographic materials, food additives, other industrial chemicals (--100%)
Exports (29%) covering Asia, USA
(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
Clients: [Chemical mfrs,
wholesalers, specialty traders] Nippon Paper Ind, DIC Corp, Dainichiseika Color
& Chemicals Mfg Co, AICA Inc, Oji Paper Ind, Fukusuke Kogyo Co, Dynic Corp,
Daio Paper Ind, Daiichi Kigenso Kagaku Kogyo Co, Wako Ind Co, Fujicopian Co,
Mitsui Chemical, Shanghai OG Trading, Showa Denko, Daio Paper, other
No. of accounts:
3,300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsui & Co, DIC Corp, Nippon Kayaku, Sanyo Chemical Ind,
Tosoh Corp, Prime Polymer, Clariant Japan, Daicel Corp, other.
Payment record: Slow but Correct
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank
(Minamisemba)
MUFG (Semba-Chuo)
Relations:
Satisfactory.
(In Million Yen)
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Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
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Annual
Sales |
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108,500 |
104,880 |
104,340 |
104,017 |
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Recur.
Profit |
|
550 |
493 |
280 |
460 |
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Net Profit |
|
370 |
362 |
139 |
436 |
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Total
Assets |
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|
62,132 |
57,742 |
59,823 |
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Current
Assets |
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43,486 |
40,393 |
43,194 |
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Current
Liabs |
|
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36,736 |
34,578 |
38,714 |
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Net
Worth |
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|
12,513 |
11,074 |
10,755 |
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Capital,
Paid-Up |
|
|
1,110 |
1,110 |
1,110 |
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Div.Ttl
in Million (¥) |
|
|
127 |
278 |
127 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.45 |
0.52 |
0.31 |
-9.56 |
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Current Ratio |
|
.. |
118.37 |
116.82 |
111.57 |
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N.Worth Ratio |
|
.. |
20.14 |
19.18 |
17.98 |
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R.Profit/Sales |
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0.51 |
0.47 |
0.27 |
0.44 |
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N.Profit/Sales |
|
0.34 |
0.35 |
0.13 |
0.42 |
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Return On Equity |
|
.. |
2.89 |
1.26 |
4.05 |
Notes: Forecast
figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.45 |
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|
1 |
Rs.100.96 |
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Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.