MIRA INFORM REPORT
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Report No. : |
323438 |
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Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
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Name : |
O-WELL CORPORATION |
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Registered Office : |
5-13-9 Mitejima Nishiyodogawaku Osaka 555-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
November 1943 |
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Com. Reg. No.: |
(Osaka-Nishiyodogawaku) 049291 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export and wholesale of paints & coatings, chemicals,
electronics products |
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No. of Employee : |
449 |
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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Maximum Credit Limit : |
Yen 1,190.1 Million |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 inefficientINVESTMENT
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. 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge government
debt, which amounts to more than 240% 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 2015, although the government in 2014
decided to postpone the final phase of the increase until 2017 to give the
economy time to recover from the 2014 increase. 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.
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Source
: CIA |
Company
name and address
O-WELL CORPORATION
REGD NAME: O-Well
KK
MAIN OFFICE: 5-13-9
Mitejima Nishiyodogawaku Osaka 555-0012 JAPAN
Tel: 06-6473-0138 Fax: 06-6476-2200
*.. The given postal code No. is of its
Onomichi-Fukuyama Office in Hiroshima-Pref
E-Mail address: (thru the URL)
ACTIVITIES
Import, export,
wholesale of paints & coatings, chemicals, electronics
BRANCHES
Tokyo, Osaka,
Nagoya, Sendai, Fukushima, other (Tot 35)
OVERSEAS
Vietnam, Korea,
China, Indonesia, Germany, & Thailand
FACTORIES
3
(subcontracted-subsidiary mfrs)
OFFICERS
KATSUJI TOBITO,
PRES Fumiyoshi Miyamoto, ch
Shin’ya Tanaka,
mgn dir Makoto Tega, mgn dir
Shuhei Nishida,
mgn dir Naoki Otsu, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 54,376 M
PAYMENTSNO COMPLAINTS CAPITAL Yen 857 M
TREND UP WORTH Yen 9,260 M
STARTED 1943 EMPLOYES 449
COMMENT
TRADING FIRM SPECIALIZING IN PAINTS & COATINGS, CHEMICALS,
ELECTRONICS, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
1,190.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by
father of Fumiyoshi Miyamoto, now ch at the firm, in order to make most of his
experience in the subject line of business.
This is a trading firm specializing for import, export and wholesale of
paints & coatings, chemicals, electronics products, other. Operates 6 overseas offices: China, Korea,
Indonesia, Germany, Thailand & Vietnam.
Goods are exported to China, Thailand, Korea, India, other S/E Asian
markets. Local clients include major
automakers, electronics makers, other, nationwide.
FINANCIAL
INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen 54,376
million, a 6% up from Yen 51,232 million in the previous term. This is attributed to the robust exports into
China, Vietnam, India, Korea, and other S/E Asian countries, supported by
increased car production. The recurring
profit was posted at Yen 996 million and the net profit at Yen 529 million,
respectively, compared with Yen 821 million recurring profit and Yen 394
million net profit, respectively, a year ago.
For the term that ended Mar 2015 the recurring profit was projected at
Yen 1,100 million and the net profit at Yen 540 million, respectively, on a 5%
rise in turnover, to Yen 57,000 million.
Exports continued rising steadily.
The weaker Yen may have increased export revenues in Yen terms. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,190.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1943
Regd No.:
(Osaka-Nishiyodogawaku) 049291
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized:
40 million shares
Issued:
10.5 million shares
Sum: Yen 857 million
Major shareholders (%): Employees’ S/Holding Assn (15.1), Nippon Paint (9.3), Kansai Paint (7.2), Dai Nippon Toryo Co (5.7), MUFG (4.3)
No. of shareholders: 199
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading firm for import, export and wholesale of paints & coatings, chemicals, electronics products, other:
(Sales Breakdown by Divisions):
Paints & Coatings Div (56.5%): paints & coatings, coating equipment & materials, surface treatment agents, other;
Chemicals Div (17.9%): adhesives, sealants, tapes, films, resins, filters, heat resistant materials, other;
Electronics Div (19.7%): Hall IC, microcontroller, motor driver, magnetic circuit, other semiconductor-related materials;
Others (5.9%).
Clients: [Mfrs, wholesalers] Denso Corp, Nissan Motors, Fuji Heavy Ind, LIXIL, Mitsubishi Motors, Panasonic Corp, Nippon Steel & Sumikin Coating Steel Corp, Yutaka Giken, Universal Shipbuilding Corp, Okamura Corp, Nippon Steel & Sumitomo Metal Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nippon Paint Co, Kansai Paint Co, Sumitomo 3M, Dai Nippon Toryo Co, Nippon Fine Coatings, Micronas International, Nippon Bee Chemical Co, Nihon Tokushu Toryo Co, other
Payment record: No Complaints
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank
References:
MUFG (Semba-Chuo)
SMBC (Midosuji)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual
Sales |
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57,000 |
54,376 |
51,232 |
49,838 |
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Recur.
Profit |
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1,100 |
996 |
821 |
592 |
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Net
Profit |
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540 |
529 |
394 |
307 |
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Total
Assets |
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32,784 |
30,483 |
30,785 |
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Current
Assets |
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22,800 |
22,226 |
23,433 |
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Current
Liabs |
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19,514 |
19,361 |
20,260 |
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Net Worth |
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9,260 |
7,680 |
6,781 |
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Capital,
Paid-Up |
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|
857 |
857 |
857 |
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Div.P.Share(¥) |
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8.00 |
6.00 |
6.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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4.83 |
6.14 |
2.80 |
3.41 |
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Current Ratio |
|
.. |
116.84 |
114.80 |
115.66 |
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N.Worth Ratio |
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.. |
28.25 |
25.19 |
22.03 |
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R.Profit/Sales |
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1.93 |
1.83 |
1.60 |
1.19 |
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N.Profit/Sales |
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0.95 |
0.97 |
0.77 |
0.62 |
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Return On Equity |
|
.. |
5.71 |
5.13 |
4.53 |
Notes: Forecast
(or estimated) figures for the 31/03/2015 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.63.69 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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.