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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
TSUBAKI NAKASHIMA CO LTD |
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|
|
|
Registered Office : |
19 Shakudo Katsuragi Nara-Pref 639-2162 |
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|
|
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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|
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Date of Incorporation : |
January
2007 |
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|
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Com. Reg. No.: |
(Nara-Katsuragi)
014908 |
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Legal Form : |
Limited Company |
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|
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Line of Business : |
Manufacturing
of bearings |
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No. of Employees : |
800 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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
TSUBAKI NAKASHIMA CO LTD
KK Tsubaki
Nakashima
19 Shakudo
Katsuragi Nara-Pref 639-2162 JAPAN
Tel:
0745-48-2891 Fax: 0745-48-6583
*.. The is its Nara No.2 Factory
E-mail: hideyuki-sakai@tsubaki.com
Mfg of
bearings
Tokyo
At the
caption address, Koriyama (Nara-Pref), Sasebo (Nagasaki)
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
FINANCES FAIR A/SALES Yen 19,127 M
PAYMENTSNo Complaints CAPITAL Yen 15,753
M
TREND STEADY WORTH Yen 30,531 M
STARTED 2007 EMPLOYES 800
MFR OF
BEARINGS
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
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.
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.
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.
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: No Complaints
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
(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.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.