MIRA
INFORM REPORT
|
Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FANUC LTD |
|
|
|
|
Registered Office : |
3580 Shibakusa Oshinomura Minamitsugun Yamanashi-Pref 401-0597 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
May 1972 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of NC Equipment, Industrial Robots |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
YEN 14,375.5 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
FANUC LTD
REGD NAME: Fanuc KK
MAIN OFFICE: 3580 Shibakusa Oshinomura Minamitsugun
Yamanashi-Pref 401-0597 JAPAN
Tel:
0555-84-5555 Fax: 0555-84-5512
E-Mail address: info@fanuc.co.jp
ACTIVITIES
Mfr of NC equipment, industrial robots
BRANCHES
Osaka,
Nagoya, Tsukuba, Ebetsu (Hokkaido), Kumamoto, other (Tot 20);
OVERSEAS
USA,
Europe, Australia, China, other
FACTORY(IES)
At the caption address, Tsukuba, Hayato
CHIEF EXEC
YOSHIHARU INABA, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 419,560 M
PAYMENTS REGULAR CAPITAL Yen 69,014 M
TREND STEADY WORTH Yen 820,556 M
STARTED 1972 EMPLOYES 4,695
COMMENT
MFR OF
NC EQUIPMENT & INDUSTRIAL ROBOTS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 14,375.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company is the top manufacturer
of NC apparatus, holding 50% of the world market share and 70% of the domestic
market. Strong in in-house production
of servomotors. Holds solid position as
world leader in mfg of FA and industrial robots. Has JV with GE (US) in FA areas.
Aggressively expanding into Europe, India and China. Raising monthly production of industrial
robots to a record 1,500 units and monthly output of injection molding machines
to a record 500 units. Setting up a
sales company in Russia in partnership with Mitsui & Co. Most exports on OEM basis. Also engaged in NC equipment in US &
Europe. Business continues on the
uptrend.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 419,560 million, a 10.1% up from Yen 381,074 million
in the previous term. The recurring
profit was posted at Yen 179,412 million and net profit at Yen 106,758 million,
respectively, compared with Yen 150,832 million recurring profit and Yen 90,437
million net profit, respectively, a year ago.
Net profit surged 18% to record high driven by strong sales of factory
automation systems. Group operating
profit jumped 16% to Yen 162,930 million from the previous year.
(Apr/Dec/2007 results): Sales
Yen 352,231 million (up 12.8%), operating profit Yen 145,927 million (up
17.2%), recurring profit Yen 165,855 million (up 21.3%), net profit Yen 100,969
million (up 24.3%). (% compared with
corresponding period a year ago). Sales grew on the back of robust
demand for its factory automation systems & industrial robots both at home
and overseas.
For the term just ended Mar 2008
the recurring profit is projected at Yen 195,000 million and the net profit at
yen 116,000 million, respectively, on an 8% rise in turnover, to Yen 454,300
million.
Financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen
14,375.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: May
1972
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 400
million shares
Issued: 239,508,317
shares
Sum: Yen
69,014 million
Major shareholders (%)
Company’s
Treasury Stock (13.1), Master Trust Bank of Japan, T (5.5), Japan Trustee Services Bank T (5.1), Fujitsu
Ltd (5.0), Fuji Electric Holdings (4.4), State Street Street Bank & Trust (3.5), State Street Bank & Trust (1.9),
Morgan Stanley & Co (1.6), Chase Manhattan
Bank (1.3), BNP Paribas Securities (Japan) (1.1), foreign owners (45.0)
No. of shareholders: 68,676
Listed on the S/Exchange (s) of
Tokyo
Managements
Shigeaki
Oyama, ch; Yoshiharu Inaba, pres; Mitsuto Miyata, s/mgn dir; Mitsuo Kurakake, s/mgn dier; Hiryyuki Uchia, s/mg
dir; Shinichi Tanzawa, s/mg dir; Hideo Kojima, s/mgn dir; yoshihiro Gonda/s/mgn dri; Katsuo Kohari, s/mgn dir
Nothing detrimental is knows as
to the commercial morality of executives.
Related companies
Fanuc Robotics America, other (Tot 29 as of Sept/04)
OPERATION
Activities:
Manufactures NC apparatus (sales breakdown by divisions): FA Div (58%): CNC
series, power mater, Servo motors
(including spindle motors, linear motors, DD motors), other; Robotics Div
(25%): robots, electric injection molding machines, wire-cut EDMs, CNC drills,
super precision nano machines, lasers; Services Div (17%): maintenance,
repairing, testing, other services for
the products.
(Overseas sales ratio: 64.8%; N America 18.3%, Europe 15.6%, Asia
30.3%, other regions 0.6%).
Clients
Agent dealers, general trading
houses, manufactures, other
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
Subsidiary & subcontracted makers, wholesalers, other
Payment record
Regular
Location
Light industrial
area in Yamanashi-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Uchisaiwaicho)
MUFG (H/O)
Relations: Satisfactory
|
FINANCES: (Consolidated
in million yen) |
|
||||||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
|||
|
INCOME STATEMENT |
|
|
|||||
|
|
Annual Sales |
|
419,560 |
381,074 |
|||
|
|
Cost of Sales |
200,069 |
192,363 |
||||
|
|
GROSS PROFIT |
219,491 |
188,711 |
||||
|
|
Selling & Adm Costs |
56,561 |
48,121 |
||||
|
|
OPERATING PROFIT |
162,930 |
140,590 |
||||
|
|
Non-Operating P/L |
16,482 |
10,242 |
||||
|
|
RECURRING PROFIT |
179,412 |
150,832 |
||||
|
|
NET PROFIT |
106,756 |
90,437 |
||||
|
BALANCE SHEET |
|
|
|
||||
|
|
Cash |
|
495,796 |
471,576 |
|||
|
|
Receivables |
|
97,805 |
89,881 |
|||
|
|
Inventory |
|
62,854 |
59,858 |
|||
|
|
Securities, Marketable |
|
|
||||
|
|
Other Current Assets |
19,489 |
16,250 |
||||
|
|
TOTAL CURRENT ASSETS |
675,944 |
637,565 |
||||
|
|
Property & Equipment |
200,622 |
196,092 |
||||
|
|
Intangibles |
|
1,441 |
1,627 |
|||
|
|
Investments, Other Fixed Assets |
73,657 |
68,125 |
||||
|
|
TOTAL ASSETS |
951,664 |
903,409 |
||||
|
|
Payables |
|
24,914 |
17,665 |
|||
|
|
Short-Term Bank Loans |
|
|
||||
|
|
|
|
|
|
|||
|
|
Other Current Liabs |
75,896 |
64,768 |
||||
|
|
TOTAL CURRENT LIABS |
100,810 |
82,433 |
||||
|
|
Debentures |
|
|
|
|||
|
|
Long-Term Bank Loans |
|
|
||||
|
|
Reserve for Retirement Allw |
21,027 |
17,994 |
||||
|
|
Other Debts |
|
9,271 |
7,754 |
|||
|
|
TOTAL LIABILITIES |
131,108 |
108,181 |
||||
|
|
MINORITY INTERESTS |
|
20,810 |
||||
|
|
Common
stock |
69,014 |
69,014 |
||||
|
|
Additional
paid-in capital |
96,229 |
96,215 |
||||
|
|
Retained
earnings |
830,232 |
753,436 |
||||
|
|
Evaluation
p/l on investments/securities |
3,525 |
4,791 |
||||
|
|
Others |
|
41,342 |
5,271 |
|||
|
|
Treasury
stock, at cost |
(219,786) |
(154,309) |
||||
|
|
TOTAL S/HOLDERS` EQUITY |
820,556 |
774,418 |
||||
|
|
TOTAL EQUITIES |
951,664 |
903,409 |
||||
|
CONSOLIDATED CASH FLOWS |
|
|
|||||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
|||
|
|
Cash
Flows from Operating Activities |
|
125,520 |
100,543 |
|||
|
|
Cash
Flows from Investment Activities |
-15,021 |
-16,157 |
||||
|
|
Cash
Flows from Financing Activities |
-95,144 |
-14,513 |
||||
|
|
Cash,
Bank Deposits at the Term End |
|
495,540 |
471,340 |
|||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
|||||
|
|
|
Net
Worth (S/Holders' Equity) |
820,556 |
774,418 |
|||
|
|
|
Current
Ratio (%) |
670.51 |
773.43 |
|||
|
|
|
Net
Worth Ratio (%) |
86.22 |
85.72 |
|||
|
|
|
Recurring
Profit Ratio (%) |
42.76 |
39.58 |
|||
|
|
|
Net
Profit Ratio (%) |
25.44 |
23.73 |
|||
|
|
|
Return
On Equity (%) |
13.01 |
11.68 |
|||
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)