|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
NABTESCO
CORPORATION |
|
|
|
|
Registered Office : |
JA Kyosai Bldg, 2-7-9 Hirakawacho
Chiyodaku Tokyo 102-0093 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 (Consolidated) |
|
|
|
|
Date of Incorporation : |
29.09.2003 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
· Manufacturer of precision equipment for industrial robots and working tools · Subject also manufacture transportation equipment, aircraft & hydraulic equipment as well as industrial equipment |
|
|
|
|
No of Employees : |
5,257 |
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 : |
Regular |
|
|
|
|
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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
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 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. Modest economic growth continued after 2000, but the economy has fallen
into recession three times since 2008. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Prime Minister Shinzo ABE
has declared the economy his government's top priority; he has overturned his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus, monetary easing, and
structural reform. Japan joined the Trans Pacific Partnership 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 2013 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 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which is
exceeding 230% of GDP. To help raise government revenue and reduce public debt,
Japan decided in 2013 to gradually increase the consumption tax to a total of
10% by the year 2015. Japan is making progress on ending deflation due to a
weaker yen and higher energy costs, but reliance on exports to drive growth and
an aging, shrinking population pose other major long-term challenges for the
economy.
|
Source : CIA |
NABTESCO CORPORATION
Nabtesco KK
JA Kyosai Bldg, 2-7-9
Hirakawacho Chiyodaku Tokyo 102-0093 JAPAN
Tel:
03-5213-1133 Fax: 03-5213-1171
URL: http://www.nabtesco.com
E-Mail address: (thru the URL)
· Manufacturer of precision equipment for industrial robots and working tools
· Subject also manufacture transportation equipment, aircraft & hydraulic equipment as well as industrial equipment
Kobe,
Nagoya, other (Tot 3)
USA (4),
Europe (8), Canada (2), China (12), Thailand (2), other (Tot 36)
Gifu
(2), Mie, Kobe (3)
KAZUAKI
KOTANI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 202,292 M
PAYMENTS REGULAR CAPITAL Yen 10,000 M
TREND UP WORTH Yen
139,471 M
STARTED 2003 EMPLOYES 5,257
HOLDING COMPANY OF PRECISION
EQUIPMENT MFRS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
169,303 |
22,365 |
13,387 |
(%) |
96,531 |
|
(Consolidated) |
31/03/2012 |
198,527 |
24,656 |
14,756 |
17.26 |
107,466 |
|
31/03/2013 |
179,543 |
17,890 |
13,269 |
-9.56 |
120,857 |
|
|
31/03/2014 |
202,292 |
24,227 |
14,978 |
12.67 |
139,471 |
|
|
31/03/2015 |
216,000 |
24,400 |
15,500 |
6.78 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2015
fiscal term.
This is the holding company established thru business combination with TS Corp and Nabco Ltd. Main profit earner is precision equipment for industrial robots and working tools. Maintains 60% global market share in precision motion reduction gears for use in industrial robots. Has strength in railway rolling-stock brakes. To expand sales of solar tracking units for photovoltaic power generation plants, the company established its office in the US. It will focus on business expansion through M&A under the next medium-term business plan to be released in 2014.
The sales volume for Mar/2014 fiscal term amounted to Yen 202,292 million, a 12.7% up from Yen 179,543 million in the previous term. Sales of railway rolling-stock equipment and automatic doors increased steadily. Orders for aircraft systems also grew. The recurring profit was posted at Yen 24,227 million and the net profit at Yen 14,978 million, respectively, compared with Yen 17,890 million recurring profit and Yen 13,269 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected at Yen 24,400 million and the net profit at Yen 15,500 million, respectively, on a 6.8% rise in turnover, to Yen 216,000 million. Sales of motion reduction gears and hydraulic equipment will rise. Solar tracking units will also make a contribution.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: 29 Sept 2003
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 400 million shares
Issued:
128,265,799
Sum: Yen 10,000
million
Major shareholders (%): Goldman Sachs (Regular) Acct (4.3), Central Japan Railway (4.0), JP Morgan Chase Bank 380055 (3.5), Japan Trustee Services T (3.5), BNP Paribas Lux J Aberdeen G (3.4), Chase London SL Omnibus Acct (3.2), Master Trust Bank of Japan T (3.1), Harmonic Drive Systems (2.5), Mellon Bank NA Treaty CL Omnibus (1.9), Mellon Bank Treaty CL Omnibus (1.9); foreign owners (62.09
No. of shareholders: 12,871
Listed on the S/Exchange (s) of: Tokyo
Managements: Kazuaki Kotani, pres; Yusuke Mishiro, s/mgn dir; Tsutomu Sakamoto, mgn dir; Hiroyuki Aoi, mgn dir; Nobutaka Osada, mgn dir; Ken’ichi Nakamura, mgn dir; Hiroaki Sakai, mgn dir; Toshio Yoshikawa, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Nabtesco Automotive, Nabtesco Door, Toyo Jidoki Co, other.
Activities: Manufactures precision equipment (23%), transportation equipment (25%), aircraft & hydraulic equipment (26%), industrial equipment (27%)
Overseas Sales Ratio (40%)
Clients: [Mfrs, wholesalers] Nabtesco Precision Europe, Kawasaki Heavy Ind, Cobra Thermosolar Plants, Nabco System, other
No. of accounts: 1,000
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Sumisho Aero System, FMC, Mutsumi Ind Co, Toa Electric Ind
Co, SSA Ind, other
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
MUFG
(Tokyo)
Mizuho
Bank (Ohtemachi)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
202,292 |
179,543 |
|
|
Cost of Sales |
148,321 |
134,859 |
||
|
GROSS PROFIT |
53,970 |
44,684 |
||
|
Selling & Adm Costs |
33,877 |
29,670 |
||
|
OPERATING PROFIT |
20,092 |
15,013 |
||
|
Non-Operating P/L |
4,135 |
2,877 |
||
|
RECURRING PROFIT |
24,227 |
17,890 |
||
|
|
NET PROFIT |
14,978 |
13,269 |
|
|
BALANCE SHEET |
||||
|
Cash |
|
25,726 |
13,904 |
|
|
Receivables |
52,840 |
45,131 |
||
|
Inventory |
22,233 |
20,529 |
||
|
Securities, Marketable |
27,999 |
26,998 |
||
|
Other Current Assets |
5,361 |
5,486 |
||
|
TOTAL CURRENT ASSETS |
134,159 |
112,048 |
||
|
Property & Equipment |
55,225 |
54,475 |
||
|
Intangibles |
21,393 |
17,579 |
||
|
Investments, Other Fixed Assets |
23,207 |
18,954 |
||
|
TOTAL ASSETS |
233,984 |
203,056 |
||
|
Payables |
35,265 |
28,026 |
||
|
Short-Term Bank Loans |
5,825 |
6,098 |
||
|
|
|
|
||
|
Other Current Liabs |
32,071 |
18,198 |
||
|
TOTAL CURRENT LIABS |
73,161 |
52,322 |
||
|
Debentures |
10,000 |
10,000 |
||
|
Long-Term Bank Loans |
259 |
10,220 |
||
|
Reserve for Retirement Allw |
7,111 |
7,022 |
||
|
Other Debts |
|
3,982 |
2,634 |
|
|
TOTAL LIABILITIES |
94,513 |
82,198 |
||
|
MINORITY INTERESTS |
||||
|
Common
stock |
10,000 |
10,000 |
||
|
Additional
paid-in capital |
19,011 |
19,026 |
||
|
Retained
earnings |
94,225 |
83,606 |
||
|
Evaluation
p/l on investments/securities |
1,783 |
1,294 |
||
|
Others |
17,439 |
7,670 |
||
|
Treasury
stock, at cost |
(2,987) |
(739) |
||
|
TOTAL S/HOLDERS` EQUITY |
139,471 |
120,857 |
||
|
|
TOTAL EQUITIES |
233,984 |
203,056 |
|
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Cash
Flows from Operating Activities |
|
27,597 |
12,952 |
|
|
Cash Flows
from Investment Activities |
-8,064 |
-13,693 |
||
|
Cash
Flows from Financing Activities |
-8,175 |
-10,090 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
53,052 |
40,200 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Net
Worth (S/Holders' Equity) |
139,471 |
120,857 |
||
|
Current
Ratio (%) |
183.38 |
214.15 |
||
|
Net
Worth Ratio (%) |
59.61 |
59.52 |
||
|
Recurring
Profit Ratio (%) |
11.98 |
9.96 |
||
|
Net
Profit Ratio (%) |
7.40 |
7.39 |
||
|
Return
On Equity (%) |
10.74 |
10.98 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
UK Pound |
1 |
Rs.102.89 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.