|
|
|
MIRA INFORM REPORT
|
Report No. : |
484830 |
|
Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
OILES CORPORATION |
|
|
|
|
Registered Office : |
1-2-70 Konan Minatoku Tokyo |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
March, 1952 |
|
|
|
|
Com. Reg. No.: |
0104-01-006049
(Tokyo-Minatoku) |
|
|
|
|
Legal Form : |
Limited Company
(Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Bearings. |
|
|
|
|
No. of Employees : |
782 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2016 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
|
Source
: CIA |
Company
name and address
OILES
CORPORATION
REGD
NAME: Oiles Kogyo KK
MAIN
OFFICE: 8 Kiriharacho Fujisawa City
Kanagawa-Pref 252-0811 JAPAN
Tel:
0466-44-4901 Fax: 0466-44-4953
*.. Registered at:
1-2-70 Konan Minatoku Tokyo
E-Mail
address: (thru
the URL)
ACTIVITIES
Mfg of bearings
BRANCHES
17 locations nationwide
OVERSEAS
USA, Europe, Asia, China, other (--subsidiaries)
FACTORIES
Fujisawa, Ritto, Ashikaga, Nakatsu (Tot 4);
India, USA, Thailand, Czech, China, other
OFFICERS
MASAMI IIDA, PRES Toshio Okayama, ch
Takashi Maeda, advisor Hiroshi Suda, dir
Kazuharu Tanabe, dir Kiyoshi Kawasaki, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 56,893 M
PAYMENTS REGULAR CAPITAL Yen
8,585 M
TREND SLOW WORTH Yen
54,776 M
STARTED 1952 EMPLOYES 782
COMMENT
MFR OF OIL-LESS BEARINGS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
HIGHLIGHTS
This is oil-less bearing mfr with 50%
domestic market share. Also makes structural equipment, with anti-seismic
systems making up majority of domestic share. R&D oriented firm holding
many patents licensed at home and abroad. Active in expanding orders for
seismic isolation systems. Overseas production centers established in the US,
Thailand, Czech and China. Its plant in
India started operation in 2013. Deals
with a wide lineups, from compact products for OA equipment to large products
for automobiles and construction machinery. More than 60% of bearings are
delivered to the automobile industry.
Its subsidiary deals with ventilation and air conditioning systems for
buildings. Has its proprietary technology with many patents. Good financial
standing.
FINANCIAL
INFORMATION
The sales volume for
Mar/2017 fiscal term amounted to Yen 56,893 million, a 5.31% down from Yen
60,083 million in the previous term. The
recurring profit was posted at Yen 4,601 million and the net profit at Yen
1,466 million, respectively, compared with Yen 5,034 million recurring profit
and Yen 4,927 million net profit, respectively, a year ago.
For the current term ending Mar 2018 the recurring
profit is projected at Yen 4,900 million and the net profit at Yen 3,300
million, respectively, on a 4.53% rise in turnover, to Yen 59,500 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Mar
1952
Regd No.: 0104-01-006049
(Tokyo-Minatoku)
Listed company: Tokyo
S/E
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized: 153,200,000
shares
Issued: 36,300,505
shares
Sum: Yen
8,585 million
Major shareholders (%): TYO Sm. & Med Business Inv. & Cons.
(8.6), Company’s Treasury Stock (8.0), Master Trust Bank of Japan T (3.8),
Mizuho Bank (3.4), Japan Trustee Services T (3.2), Nippon Life Ins (2.8),
Keisuke Kawasaki (2.4), Northern Trust (AVFC) Re NV101 (2.3), Keita Kawasaki
(2.1), Oiles Higashinihon Kyoeikai (2.0); foreign owners (16.7)
No. of shareholders: 7,749
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Oiles ECO, Oiles America Corp, Taihei Co,
other.
OPERATION
Activities: Manufactures bearing equipment (76%), structural equipment (12%),
construction equipment (10%), others (2%)
Overseas Sales Ratio (37%)
Clients: [Mfrs, wholesalers] Shimizu Corp, JTEKT, Taihei Co, Oiles East Japan
Hambai, Oiles West Japan Hambai, Sho-Bond Corp, Toda Corp, IHI Infra System,
other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nagase Plastics,
Bridgestone Corp, Nitto Kako, Sakyo Kasei Corp, other
Payment record: Regular
Location: Business area in Fujisawa City, Kanagawa-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank
References:
MUFG
(Toranomon)
Mizuho
Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
|
|
Annual Sales |
|
59,500
|
56,893
|
60,083
|
61,897
|
|
Recur. Profit |
|
4,900 |
4,601 |
5,054 |
6,637 |
|
Net Profit |
|
3,300 |
1,466 |
4,927 |
4,300 |
|
Total Assets |
|
|
69,110
|
70,882
|
75,322
|
|
Current Assets |
|
|
43,559
|
42,389
|
40,963
|
|
Current Liabs |
|
|
10,499
|
10,160
|
11,290
|
|
Net Worth |
|
|
54,776
|
56,303
|
58,737
|
|
Capital, Paid-Up |
|
|
8,585 |
8,585 |
8,585 |
|
Div.Ttl in Million (¥) |
|
|
1,599 |
1,674 |
1,563 |
|
<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.58 |
-5.31 |
-2.93 |
4.24 |
|
Current Ratio |
|
.. |
414.89
|
417.21
|
362.83
|
|
N.Worth Ratio |
|
.. |
79.26 |
79.43 |
77.98 |
|
R.Profit/Sales |
|
8.24 |
8.09 |
8.41 |
10.72 |
|
N.Profit/Sales |
|
5.55 |
2.58 |
8.20 |
6.95 |
|
Return On Equity |
|
.. |
2.68 |
8.75 |
7.32 |
Notes: Forecast (or estimated) figures
for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
Yen |
1 |
INR 0.56 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.