MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FUJIKURA LTD |
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Registered Office : |
1-5-1 Kiba Kotoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
March 1910 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of electric wires & cables |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
COMPANY NAME
FUJIKURA LTD
REGD NAME: KK Fujikura
MAIN OFFICE
1-5-1 Kiba Kotoku
Tel : 03-5606-1030
Fax : 03-5606-1539
URL : http://www.fujikura.co.jp/
E-Mail :
info@fujikura.co.jp
ACTIVITIES
Mfg of electric wires & cables
BRANCH(ES)
OVERSEAS
FACTORY(IES)
Sakura (
CHIEF EXEC
KAZUHIKO OHASHI, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 645,984 M
PAYMENTS REGULAR CAPITAL Yen 53,075 M
TREND STEADY WORTH Yen 254,638 M
STARTED 1910 EMPLOYES 43,874
COMMENT
MFR SPECIALIZING IN ELECTRIC WIRES, OPTICAL
TRANSMISSION SYSTEMS, OTHER.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 21,365.2 MILLION, 30 DAYS NORMAL
TERMS.
Forecast (or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established on the basis of electric
cable division spun off from Fujikura Electric Cables & Rubber in 1910 as
Fujikura Cable Works (renamed as captioned in 1992). Later diversified into optical cables,
communications systems, etc. One of big
3 wire suppliers for NTT. World’s second largest maker of flexible printed
wiring boards. Optical cables &
optical parts at high level at home and in US.
Operates overseas mfg plants in US, Europe,
(Recent News from Nikkei Shimbun dated 04/07/2007): Viscas
Corp, JV between Fujikura Ltd and Furukawa Electric Co, won 2 orders to install
electric cables in
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
645,984 million, a 28.4% hike from Yen 503,090 million in the previous
term. Steady growth in demand for FTTH
both at home and overseas fueled strong demand for optical fiber cables and
connection components for access networks, particularly robust demand for
optical fiber cable contributed significantly.
By divisions, Telecommunications up by Yen 17,300 million to Yen 117,700
million, Electronics/Electric up by Yen 43,300 million to Yen 240,900 million;
Cables up Yen 81,400 million to Yen 273,000 million, thanks to high level of
capital investment in Japan centering primarily on the construction of
large-scale commercial buildings & facilities. The recurring profit was posted at Yen 32,772
million and the net profit at Yen 21,484 million, respectively, compared with
Yen 36,441 million recurring profit and Yen 24,989 million net profit,
respectively, a year ago. Overall, profits
decreased due to the lingering impact of FPC price erosion, the firm says.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 30,000 million and the net profit at Yen 20,000 million, on a
1.4% rise in turnover, to Yen 655,000 million.
Optical cables &
optical parts may stand at high levels both at home and in US, but electronics
& electric equipment may
suffer further drop in FPC unit prices.
Connectors and ultrafine coaxial cables also stagnating.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 21,365.2 million, on 30 days normal terms.
REGISTRATION
Date Registered : Mar
1910
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
1,190 million shares
Issued :
376,263,421 shares
Sum :
Yen 53,075 million
Major shareholders
(%)
Japan Trustee Services Bank T (5.2), Master Trust Bank of
Japan T (3.8), Mitsui Life Ins (2.7), Chuo Mitsui Trust (2.5), SMBC (2.2),
Sumitomo Trust Shintaku Acct (2.0), Shizuoka Bank (2.0), Mitsui Sumitomo Ins
(1.8), Deutche Bank LDN PB Irish 619 (1.7), Dowa Metals & Mining Co (1.7);
foreign owners (28.2)
No. of shareholders: 43,874
Listed on the S/Exchange (s) of:
Managements
Kazuhiko Ohashi, pres & CEO; Masao Kawabata, v pres;
Yutaka Wakui, s/mgn dir; Takashi
Nishida, s/mgn dir; Toshio Mizushima, mgn dir; Youichi Nagahama, mgn dir;
Takashi Satoh, mgn dir; Takao Shioda, mgn dir; Masao Koike, mgn dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies: Yonezawa Electric Wire, Fujikura America
Inc, Nishi Nippon Electric Wire &
Cable, DDK Ltd, Tohoku Fujikura Ltd, other.
OPERATION
Activities: Manufactures electric wires, optical transmission
systems, network systems, power systems, coated wires, others:
(Sales Breakdown by Divisions):
Telecommunication Products Div
(18%): optical fiber & optical fiber cables, optical con-
nectors & connection components, optical devices, optical fusion splicers,
optical network monitoring systems, optical transmission equipment, optical
wiring systems, telecommuni-
cations-related installation products;
Electronic & Electric
Equipment Div (37%): flexible printed circuit boards (FPC),
con-nectors, automotive wire harnesses, automotive components, sensors,
electronic wiring, hard disk drive components, micro heat pipes & heat
sinks;
Metal Cables & Systems Div
(42%): industrial cables, metal telecommunications cables, overhead
power transmission cables, distribution wires, magnet wires, electrical wires,
all kinds of cable accessory
products, and cable laying works;
Real Estate, others (2%);
Overseas Sales Ratio (38.3%): Asia (
Clients: [Electric powers, telecommunications carriers]
Tokyo Electric Power, Fuji Heavy Ind,
Kansai Electric Power, NTT East, NTT West, Mazda Motor, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui Bussan Metals, Pan
Pacific Copper, JSR, Dowa Mining, SWCC Showa Holdings, other. .
Payment record
Regular
Location
Business area in
Bank References
SMBC (H/O)
MUFG (
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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645,984
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503,090
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Cost of Sales |
540,442
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398,809
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GROSS PROFIT |
105,541
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104,280
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Selling & Adm Costs |
71,034
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64,523
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OPERATING PROFIT |
34,507
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39,757
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Non-Operating P/L |
-1,735
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-3,316
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RECURRING PROFIT |
32,772
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36,441
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NET PROFIT |
21,484
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24,989
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BALANCE SHEET |
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Cash |
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22,117
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25,353
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Receivables |
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157,488
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139,817
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Inventory |
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55,016
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43,876
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Securities, Marketable |
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Other Current Assets |
29,125
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18,900
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TOTAL CURRENT ASSETS |
263,746
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227,946
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Property & Equipment |
160,280
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137,761
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Intangibles |
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11,350
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2,830
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Investments, Other Fixed Assets |
101,390
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96,829
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TOTAL ASSETS |
536,766
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465,366
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Payables |
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94,281
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81,198
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Short-Term Bank Loans |
56,731
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44,558
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Other Current Liabs |
59,235
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46,156
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TOTAL CURRENT LIABS |
210,247
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171,912
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Debentures |
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20,000
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30,000
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Long-Term Bank Loans |
27,739
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17,873
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Reserve for Retirement Allw |
5,706
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5,702
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Other Debts |
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18,435
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16,048
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TOTAL LIABILITIES |
282,127
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241,535
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MINORITY INTERESTS |
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6,161
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Common stock |
53,075
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53,075
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Additional paid-in capital |
54,960
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54,958
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Retained earnings |
117,447
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96,005
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Evaluation p/l on
investments/securities |
20,821
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20,721
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Others |
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13,591
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(6,926) |
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Treasury stock, at cost |
(5,256) |
(164) |
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TOTAL S/HOLDERS` EQUITY |
254,638
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217,669
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TOTAL EQUITIES |
536,766
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465,366
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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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39,257
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39,254
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Cash Flows from Investment
Activities |
-47,710
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-18,731
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Cash Flows from Financing Activities |
1,271
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-19,817
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Cash, Bank Deposits at the Term End |
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22,117
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25,353
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
254,638
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217,669
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Current Ratio (%) |
125.45
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132.59
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Net Worth Ratio (%) |
47.44
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46.77
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Recurring Profit Ratio (%) |
5.07 |
7.24 |
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Net Profit Ratio (%) |
3.33 |
4.97 |
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Return On Equity (%) |
8.44 |
11.48
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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%)