MIRA INFORM REPORT

 

 

Report Date :

17.08.2011

 

IDENTIFICATION DETAILS

 

Name :

TSUBAKI NAKASHIMA CO LTD

 

 

Registered Office :

19 Shakudo Katsuragi Nara-Pref 639-2162

 

 

Country :

Japan　

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

January 2007

 

 

Com. Reg. No.:

(Nara-Katsuragi) 014908

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of bearings

 

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 498.3 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

--

 

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, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

TSUBAKI NAKASHIMA CO LTD

REGD NAME:    KK Tsubaki Nakashima

MAIN OFFICE:  19 Shakudo Katsuragi Nara-Pref 639-2162 JAPAN　

                        Tel: 0745-48-2891     Fax: 0745-48-6583

 

                        *.. The given address is its Nara No.2 Factory

 

URL:                 http://www.tsubaki.com/

E-mail:             hideyuki-sakai@tsubaki.com     

 

 

ACTIVITIES  

 

Mfg of bearings

 

BRANCHES   

 

Tokyo

 

FACTORIES  

 

At the caption address, Koriyama (Nara-Pref), Sasebo (Nagasaki)

 

 

OFFICER(S)

 

TAKANORI KONDO, PRES        Kenji Yamada, s/mgn dir

Nariyuki Tanaka, s/mgn dir         Masashi Tsuda, dir                    

Noboru Ohta, dir                        Fumio Ichiyama, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 19,127 M

PAYMENTS      REGULAR         CAPITAL           Yen 15,753 M

TREND STEADY           WORTH            Yen 30,531 M

STARTED         2007                 EMPLOYES      800

 

COMMENT    

 

MFR OF BEARINGS 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 498.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

            The subject company was established originally by Kosaburo Kondo in order to make most of his experience in the subject line of business, as Tsubakimoto Seiko KK.  In 2007, operations went under and restructured by merging Nakashima Corp, and renamed as captioned.  This is a specialized mfr of bearings (stainless steel, ceramic, synthetic resin make).  In Apr 2011, the owner Nomura Holdings transferred the whole share in the firm to Carlyle Group, USA and the firm became its wholly owned subsidiary.  Clients are major mfrs, wholesalers, other, nationwide.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2011 fiscal term amounted to Yen 19,127 million, a 60% up from Yen 11,953 million in the previous term.  Sales in the previous term were substantially affected by the global economic downturn.  Sales expanded with robust exports directly and/or thru general trading firms.  The recurring profit was posted at Yen 2,273 million and the net profit at Yen 740 million, respectively, compared with Yen 498 million recurring profit and Yen 861 million net losses, respectively, a year ago.  Operations returned to profitability.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 2,300 million and the net profit at Yen 800 million, respectively, on a 10% rise in turnover, to Yen 21,000 million.  Business is seen steadily expanding.

           

            The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 498.3 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Jan 2007

Regd No.:        (Nara-Katsuragi) 014908

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　315,063 shares

Issued:             　315,063 shares

Sum:                　Yen 15,753.15 million

Major shareholders (%): Carlyle Group USA* (100)

 

*.. Shareholder changed in Apr 2011 from the previous Nomura Holdings Ltd

 

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

 

OPERATION

 

Activities: Mfg of bearings, machinery parts & components, air blowers, their parts & components (--100%)

 

Clients: [Mfrs, wholesalers] J-Tect, Nachi-Fujikoshi Corp, Minebea Co, NTN Corp, Pilot Corp, Okuma Corp, Mitsubishi Corp, Pilot Ink, Toshiba Machinery, DAIBEA Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers [Mfrs, wholesalers] Nachi-Fujikoshi Corp, Tungaloy Corp, Umetoku Inc, Daido Metal Ind, Okaya & Co, Asahi Diamond Ind, Kanehira Steel Co, Koshuha-Foundry Co, other.

 

Payment record: Regular

 

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

 

Bank References:

SMBC (Osaka-Chuo)

MUFG (Osaka)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

21,000

19,127

11,953

18,248

Recur. Profit

　

2,300

2,273

498

1,682

Net Profit

　

800

740

-861

4,145

Total Assets

　

　

75,056

74,186

80,699

Current Assets

　

　

20,326

17,428

20,042

Current Liabs

　

　

5,311

4,597

3,893

Net Worth

　

　

30,531

30,074

30,933

Capital, Paid-Up

　

　

15,753

15,753

15,753

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.79

60.02

-34.50

25.49

    Current Ratio

 

..

382.72

379.12

514.82

    N.Worth Ratio

..

40.68

40.54

38.33

    R.Profit/Sales

 

10.95

11.88

4.17

9.22

    N.Profit/Sales

3.81

3.87

-7.20

22.71

    Return On Equity

..

2.42

-2.86

13.40

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.24

UK Pound

1

Rs.73.88

Euro

1

Rs.65.06

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.