MIRA
INFORM REPORT
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Report Date : |
24th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
HIBINO CORPORATION |
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Registered Office : |
3-5-14 Konan Minatoku Tokyo 108-0075 Japan |
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Country : |
Japan |
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Financials (as on) : |
31-03-2006 |
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Date of Incorporation : |
Nov 1964 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engaged in the business of import, wholesale
of professional audiovisual equipment & systems |
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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 412.5 MILLION |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
name
HIBINO CORPORATION
REGD NAME
Hibino KK
MAIN OFFICE
3-5-14 Konan Minatoku Tokyo 108-0075 JAPAN
Tel: 03-3740-4391
Fax: 03-3740-4390
E-Mail address: info@hibino.co.jp
ACTIVITIES
Import, wholesale of professional
audiovisual equipment & systems
BRANCHES
Tokyo (2), Suita (Osaka), Sapporo,
Nagoya, Fukuoka
CHIEF EXEC
TERUHISA HIBINO, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,593 M
PAYMENTS REGULAR CAPITAL Yen 1,572 M
TREND STEADY WORTH Yen 5,004 M
STARTED 1984 EMPLOYES 434
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN PROFESSIONAL AUDIOVISUAL
SYSTEMS & EQUIPMENT. FINANCIAL
SITUATION CONSIDRED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 412.5 MILLION,
NORMAL 30 DAYS TERMS.
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established originally in 1956 by Hiroaki
Hibino, on his account, for repairing TV sets and related apparatus. Teruhisa is his son. Incorporated in 1964, advanced into import
and wholesale of professional audiovisual equipment & systems, followed by
later development of designing, planning, installation, operations of various
trade events, converts, etc, offering rental of the related equipment. Has a strong foothold in the convert and
trade events operating fields. Strength
in import and sale of the equipment & systems from Europe, USA, other. Operates 6 independent intra-company
Divisions: Hibino pro audio sales Div; Hibino chromatek Div; Hibino sound Div;
Hibino visual Div; Hibino produce Div and Hibino GMC Hibino Group Management
Center (see OPERATION). The firm takes
a pride, as advocated by the firm, in being “The sound and image specialist” in
the areas of professional audiovisual & information technology. Clients include NHK (Japan’s national
broadcasting station), TV stations, AD agencies, concert operators, other. The subject obtained a sole agency agreement
for importing audiovisual equipment from Dbx (USA). Listed on the JASDAQ in Feb 2006.
The sales volume for Mar/2006 fiscal term amounted to Yen 14,593
million, a 10.3% up from Yen 13,228 million in the previous term. This is attributed to the increased sales of
high-quality LED display systems, particularly to major automakers and overseas
rentals on the back of strong & solid demand for digital equipment &
systems. The recurring profit was
posted at Yen 886 million and the net profit at Yen 694 million, respectively,
compared with Yen 763 million recurring profit and Yen 449 million net profit,
respectively, a year ago. On the profit
side, the firm booked Yen 449 million of extraordinary income stemming from the
disposal of property at Shirogane, Minatoku, Tokyo in May 2005, in order to
effective use of management resources.
For the current term ending Mar 2006 the recurring profit is
projected at Yen 956 million and the net profit at Yen 538 million,
respectively, on a 3.2% rise in turnover, to Yen 15,064 million. LED displays will expand sales. Earphones of Shure make will also continue
good sales. Service Division, however,
will decrease due to slow & shrinking special demand.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 412.5 million, on normal 30 days terms.
REGISTRATION
Date Registered: Nov 1964
Legal Status: Limited Company (Kabushiki Kaisha)
Issued: 4,499
K shares
Sum: Yen
1,572 million
Major shareholders (%): Teruhisa Hibino (17.9), Hiroaki Hibino
(11.7), YK Hibino*(11.3), Meiji Capital Investment (7.4), Employees’ S/Holding
Assn (5.5), NVCC3 Investment (4.2), Junko Hibino (4.2), Takanobu Nishida (3.3),
Nomura Holding (2.2), NTT ME (2.0)
No. of shareholders: 66
Listed on the S/Exchange (s) of: JASDAQ
(listed Feb/2006)
Managements: Hiroaki Hibino, ch; Teruhisa Hibino, pres & CEO;
Takeshi Naruoka, s/mgn dir; Sachio Nomaki, mgn dir; Ryoichi Hashimoto, mgn dir;
Kazuhiko Hayakawa, mgn dir; Masaharu Miyazaki, dir; Manabu Takahashi, dir;
Yasuo Ikemura, dir; Jun’ichi Imokawa, dir
Nothing detrimental is known as to the
commercial morality of executives.
Related companies: None (Integrated in
2005)
OPERATION
Activities: Imports and wholesales audiovisual equipment &
systems: marketing (58%): Pro audio sales Div; Chromatek Div; servicing &
technical assistances (42%): Sound Div, visual Div, produce Div, others.
(Intra-company operating divisions)
Pro Audio Sales Division: importing
and selling audio and communication equipment for professionals
from all over the world;
Chromatek Division: LED
display system sales, visual equipment sales, administration, overseas sales,
imports & exports, technical assistance & R&D;
Sound Division: rental
and operation of audio systems for rock & pop concerts and other events,
including project preparation;
Visual Division: based
in Tokyo, Nagoya and Osaka, offers total support, from planning thru operation,
of video & audio systems for professionals, such as presentation display
systems, satellite communication systems & transportable and fixed
Astrovision; post-production (providing video editing, audio sweetening &
DVD authoring services); recording live performances, utilizing mobile
recording studio and dubbing with Pro Tools;
Produce Division: event
consulting produce, information & technology, techno-staff dispatch, other;
GMC Hibino Group Management Center: management & planning, general affairs, personal affairs,
accounting & financing, import & export management, computer system,
other.
Clients: [Broadcasting companies, event operators] Fuji TV, NHK,
Dentsu Tech, Ikegami Tsushinki, On The Line, Excel Video, Xebex Inc, Life Co,
other.
No. of accounts: 2,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] AMEK, TAC, Nexo (--France), Dbx
(USA), Crown, Synthetic Vector, other.
Also from Sony Corp, Yamaha Corp, Panasonic SS Marketing, Innovative
Design, other.
Payment
record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Shiba)
Bank of Tokyo-Mitsubishi UFJ (Tamachi)
Relations: Satisfactory
FINANCES
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(Non-Consolidated in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual
Sales |
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14,593 |
13,228 |
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Cost of
Sales |
10,026 |
9,327 |
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GROSS PROFIT |
4,567 |
3,900 |
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Selling
& Adm Costs |
3,594 |
3,046 |
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OPERATING PROFIT |
972 |
854 |
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Non-Operating P/L |
-104 |
-91 |
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RECURRING PROFIT |
868 |
763 |
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NET
PROFIT |
694 |
449 |
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BALANCE SHEET |
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Cash |
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2,037 |
1,306 |
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Receivables |
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2,407 |
2,926 |
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Inventory |
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1,686 |
1,603 |
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Securities, Marketable |
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Other
Current Assets |
321 |
327 |
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TOTAL CURRENT ASSETS |
6,451 |
6,162 |
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Property
& Equipment |
2,872 |
3,048 |
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Intangibles |
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169 |
154 |
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Investments, Other Fixed Assets |
644 |
1,250 |
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TOTAL ASSETS |
10,136 |
10,614 |
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Payables |
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1,295 |
1,575 |
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Short-Term Bank Loans |
941 |
941 |
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Other
Current Liabs |
957 |
2,377 |
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TOTAL CURRENT LIABS |
3,193 |
4,893 |
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Debentures |
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Long-Term Bank Loans |
1,432 |
2,105 |
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Reserve
for Retirement Allw |
412 |
477 |
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Other
Debts |
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94 |
0 |
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TOTAL LIABILITIES |
5,131 |
7,475 |
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MINORITY INTERESTS |
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Common stock |
1,572 |
1,037 |
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Additional paid-in capital |
1,925 |
1,159 |
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Retained earnings |
1,460 |
922 |
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Evaluation p/l on investments/securities |
45 |
19 |
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Others |
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195 |
2 |
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Treasury stock, at cost |
(193) |
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TOTAL S/HOLDERS` EQUITY |
5,004 |
3,139 |
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TOTAL EQUITIES |
10,136 |
10,614 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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1,273 |
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Cash Flows from Investment Activities |
399 |
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Cash Flows from Financing Activities |
-604 |
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Cash, Bank Deposits at the Term End |
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2,037 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
5,004 |
3,139 |
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Current Ratio (%) |
202.04 |
125.94 |
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Net Worth Ratio (%) |
49.37 |
29.57 |
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Recurring Profit Ratio (%) |
5.95 |
5.77 |
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Net Profit Ratio (%) |
4.76 |
3.39 |
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Return On Equity (%) |
13.87 |
14.30 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |