MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FUJI MACHINE MFG CO LTD |
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Registered Office : |
19 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1959 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of automated assembly machines for electronic components, other |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 4007.8 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
FUJI MACHINE MFG
CO LTD
REGD NAME
MAIN OFFICE
19
Yamamachi-Chausuyana Chiryu City Aichi-Pref 472-8686
Tel : 0566-81-2111
Fax : 0566-81-8238
URL : http://www.fuji.co.jp/
E-Mail
address: to.hijikata@fuji.co.jp
*.. The given address is its Fujioka Factory at: 480
Tel: 0565-76-2211; Fax: 0565-76-5413
ACTIVITIES
Mfg of
automated assembly machines for electronic components, other
BRANCH(ES)
OVERSEAS
(Subsidiaries): Fuji America Corp; Fuji Machine America Corp;
Fuji Machine Mfg (Europe) GmbH; Fuji Machine Mfg (Dalian) Co Ltd; Fuji
Do Brasil Maquinas Industrials Ltda
FACTORY(IES)
At the
caption address, Fujioka (as given),
CHIEF EXEC
MASAYOSHI
OHARA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 101,892 M
PAYMENTS REGULAR CAPITAL Yen 5,878 M
TREND STEADY WORTH Yen
96,077 M
STARTED 1959 EMPLOYES 2,010
COMMENT
MFR OF AUTOMATED ASSEMBLY MACHINES FOR ELECTRONIC COMPONENTS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 4,007.8 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
This a specialized mfr of automated assembly machines for
electronic components and other industries.
Known as maker of ultra high-speed mounters for electronic chip parts
labeled NXT products, a mainstay
item. Also makes machine tools for auto
parts processing. Highly
export-oriented, accounting for about 80% of total sales, with
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
101,892 million, a 12.2% up from Yen 90,792 million in the previous term. NXT model increased led by robust demand from
cellular phones, notebook PC’s and digital home appliances. By divisions, Electronic Parts Assemblers Div
up 23.3% to Yen 78,442 million; Machine Tools Div down 20.0% to Yen 18,708
million, affected by postponed equipment installation in automobile industry,
the target of the products; LCD Assembly Machinery Div up 42.7% to Yen 3,483 million,
boosted by robust demand from the largest domestic LCD mfr for mid- &
small-size LCD’s. The recurring profit
was posted at Yen 18,779 million and the net profit at Yen 11,467 million,
respectively, compared with Yen 11,711 million recurring profit and Yen 11,264
million net profit, respectively, a year ago.
The profit improvement reflects the effects of cost reduction, etc by
means of efficiency improvement in production.
(Apr/Jun/2007 results): Sales Yen 27,977 million (up 2.%), operating profit Yen 5,857 million (up 29.8%), recurring profit Yen 6,178 million (up 36.6%), net profit Yen 3,707 million (up 47.7%). (% compared with the same period last year). Demand for electronic parts assemblers rose in China, Taiwan and other S/E Asia, supported by increasing demand from cellular phones, notebook PC’s, flat panel TV’s and other electronics makers.
For the current term ending Mar 2008 the recurring profit is projected at Yen 16,400 million and the net profit at Yen 9,500 million, on an almost similar turnover, at Yen 102,000 million. While demand for electronic parts assemblers remains at high level, led by demand for mainstay module-type, high-speed multinational models, price-cut competition will intensify and profitability will worsen, hit by higher material costs.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,007.8 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1959
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 195 million shares
Issued: 48,911,874 shares
Sum: Yen 5,878 million
Major shareholders (%): Daido Life Ins (6.8), Japan Trustee Services T (5.3), Master Trust Bank of Japan T (5.3),
MUFG
(4.9), Sakagami Ltd (2.4), State Street Bank & Trust (2.1), Mellon
Bank Trust
Client
Omnibus (1.7), Bank of
&
Co (1.5); foreign owners (23.8)
No. of
shareholders: 7,920 (as of Mar/2007)
Listed
on the S/Exchange (s) of:
Managements: Masayoshi Ohara, pres; Toshiaki Mitsuya, v pres; Takeyoshi Isogai, s/mgn dir; Masanori
Aoki, mgn dir; Norio Nakano, mgn dir; Masaki Katoh, dir; Nobuyuki Soga, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Makoto
Industry Co,
OPERATION
Activities: Manufactures automated assembly machines for electronic components and other industries:
(Sales breakdown by divisions):
Electric Parts Assemblers Div (77%): electronics assembly equipped placing machines, high speed glue dispensers, fine device assembly equipment:
Machine Tools Div (18%); horizontal turning lathe, CNC horizontal lathe (with gantry robots, with swing-arm robots), single purpose CNC lathe, CNC horizontal lathe for shaft work, compact vertical lather, machining cell;
LCD-related software Div (4%): integrated assembly software, data consistency check, creation & management of documents;
Others (1%);
Overseas Sales Ratio
(79.1%): N America (11.0%), Europe (13.4%),
Clients: [Mfrs, wholesalers] Toyota Motor, Aisin Seiki, Denso, Nissan Motor, Canon Corp, Toshiba Corp, Omron Corp, Oki Electric Ind, other.
Exports to Daimler Chrysler, JCB Transmissions, Rader Vorgel,
No. of
accounts: 3,000
Domestic
areas of activities: Nationwide
Suppliers: [mfrs, wholesalers] Toshiba Corp, Yasukawa Electric Corp, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(Nagoya-Ekimae)
Mizuho
Corporate Bank (
Relations:
Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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101,892 |
90,792 |
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Cost of Sales |
65,315 |
63,121 |
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GROSS PROFIT |
36,577 |
27,670 |
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Selling & Adm Costs |
18,159 |
16,197 |
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OPERATING PROFIT |
18,417 |
11,473 |
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Non-Operating P/L |
362 |
238 |
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RECURRING PROFIT |
18,779 |
11,711 |
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NET PROFIT |
11,467 |
11,264 |
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BALANCE SHEET |
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Cash |
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32,700 |
23,423 |
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Receivables |
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26,521 |
32,110 |
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Inventory |
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31,375 |
26,790 |
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Securities, Marketable |
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Other Current Assets |
5,741 |
5,974 |
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TOTAL CURRENT ASSETS |
96,337 |
88,297 |
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Property & Equipment |
17,415 |
17,117 |
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Intangibles |
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2,434 |
4,484 |
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Investments, Other Fixed Assets |
14,295 |
13,991 |
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TOTAL ASSETS |
130,481 |
123,889 |
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Payables |
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3,204 |
4,377 |
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Short-Term Bank Loans |
2,114 |
5,453 |
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Other Current Liabs |
14,060 |
8,409 |
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TOTAL CURRENT LIABS |
19,378 |
18,239 |
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Debentures |
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5,000 |
5,000 |
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Long-Term Bank Loans |
8,114 |
10,207 |
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Reserve for Retirement Allw |
97 |
145 |
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Other Debts |
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1,815 |
3,754 |
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TOTAL LIABILITIES |
34,404 |
37,345 |
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MINORITY INTERESTS |
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Common
stock |
5,878 |
5,878 |
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Additional
paid-in capital |
5,413 |
5,413 |
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Retained
earnings |
78,066 |
67,759 |
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Evaluation
p/l on investments/securities |
4,372 |
5,284 |
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Others |
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2,378 |
2,231 |
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Treasury
stock, at cost |
(30) |
(22) |
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TOTAL S/HOLDERS` EQUITY |
96,077 |
86,543 |
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TOTAL EQUITIES |
130,481 |
123,889 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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20,298 |
5,515 |
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Cash
Flows from Investment Activities |
-4,670 |
-2,398 |
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Cash Flows
from Financing Activities |
-6,565 |
3,022 |
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Cash,
Bank Deposits at the Term End |
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32,245 |
23,074 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
96,077 |
86,543 |
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Current
Ratio (%) |
497.15 |
484.11 |
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Net
Worth Ratio (%) |
73.63 |
69.86 |
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Recurring
Profit Ratio (%) |
18.43 |
12.90 |
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Net
Profit Ratio (%) |
11.25 |
12.41 |
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Return
On Equity (%) |
11.94 |
13.02 |
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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. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)