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Report No. : |
353684 |
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Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
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Name : |
TSUBAKI NAKASHIMA CO LTD |
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Registered Office : |
19 Shakudo Katsuragi Nara-Pref 639-2162 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
Jan., 2007 |
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Com. Reg. No.: |
1500-01-014908 (Nara-Katsuragi) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Bearings. |
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No. of Employees : |
800 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
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 Koriyama Factory
URL: http://www.tsubaki.com/
E-mail: hideyuki-sakai@tsubaki.com
Mfg of bearings
Tokyo, Osaka,
Nagoya (Tot 3)
USA (3), Poland,
China (2), Taiwan, India (--subsidiaries)
At the caption
address, Koriyama (Nara-Pref), Sasebo (Nagasaki); USA, China, Poland
KENJI YAMADA, PRES Tsutomu Takamiya, rep dir
Shakil Ohara,
s/mgn dir Tetsuo Naraha, mgn
dir
Koji Hirota, mgn dir Kazuya
Shimada, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 17,551 M
PAYMENTSREGULAR CAPITAL Yen 15,824 M
TREND STEADY WORTH Yen 36,334 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 subsidiary. Clients are major
mfrs, wholesalers, other, nationwide.
The sales volume
for Dec/2014 fiscal term amounted to Yen 17,551 million, an 11% up from Yen
15,758 million in the previous
term. Production increased in USA and China. The recurring
profit was posted at Yen 2,926 million and the net profit at Yen 415 million,
respectively, compared with Yen 1,860 million recurring profit and Yen 600
million net profit, respectively, a year ago.
For the current
term ending Dec 2015 the recurring profit is projected at Yen 3,100 million and
the net profit at Yen 430 million, respectively, on a 5% rise in turnover, to
Yen 18,500 million. Business is seen
steadily expanding.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Jan 2007
Regd
No.: 1500-01-014908 (Nara-Katsuragi)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized:
100 million shares
Issued: 3.92 million shares
Sum:
Yen 15,824 million
Major
shareholders (%): CJP TN Holdings, LP (90), other
No
of shareholders: 5
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Mfg of bearings,
machinery parts & components, air blowers, their parts & components
(--100%)
(Mfg items): precision balls,
precision machine balls, feed screws, positioning tables, blowers & general
industrial machinery, other
Clients: [Mfrs, wholesalers]
J-Tect, Nachi-Fujikoshi Corp, Minebea Co, NTN Corp, Pilot Corp, Okuma Corp,
Mitsubishi Corp, Pilot Ink, Toshiba Machinery, DAIBEA Co, Kawasaki Heavy
Machinery, Mitsubishi Heavy Machinery, 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,
Kyocera Corp, other.
Payment
record: Regular
Location: Business area in
Nara. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Osaka)
Resona Bank (Osaka)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
Annual
Sales |
|
18,500 |
17,551 |
15,758 |
13,840 |
|
Recur.
Profit |
|
3,100 |
2,926 |
1,860 |
1,386 |
|
Net
Profit |
|
430 |
415 |
600 |
420 |
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Total
Assets |
|
|
72,476 |
80,174 |
79,002 |
|
Current
Assets |
|
|
20,196 |
23,734 |
23,095 |
|
Current
Liabs |
|
|
2,785 |
5,554 |
2,835 |
|
Net
Worth |
|
|
26,334 |
33,154 |
32,471 |
|
Capital,
Paid-Up |
|
|
15,824 |
15,824 |
15,824 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.41 |
11.38 |
13.86 |
-11.88 |
|
Current Ratio |
|
.. |
725.17 |
427.33 |
814.64 |
|
N.Worth Ratio |
|
.. |
36.33 |
41.35 |
41.10 |
|
R.Profit/Sales |
|
16.76 |
16.67 |
11.80 |
10.01 |
|
N.Profit/Sales |
|
2.32 |
2.36 |
3.81 |
3.03 |
|
Return On Equity |
|
.. |
1.58 |
1.81 |
1.29 |
Notes: Forecast (or estimated) figures for the 31/12/2015 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
Yen |
1 |
Rs.0.54 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
-- |
NB |
New Business |
-- |
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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.