MIRA
INFORM REPORT
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Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
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Name : |
FUJIFILM CORPORATION |
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Registered Office : |
Mid Town West, 9-7-3 Akasaka Minatoku Tokyo 107-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 2006 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 064789 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of photo films, photography equipment, digital cameras, imaging solutions |
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No. of Employees : |
8,107 |
RATING & COMMENTS
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MIRAs 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 36,734.3 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
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 September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
FUJIFILM CORPORATION
REGD NAME: Fuji
Film KK
MAIN OFFICE: Mid
Town West, 9-7-3 Akasaka Minatoku Tokyo 107-0052 JAPAN
Tel: 03-6271-3111 Fax: 03-6271-1130
URL: http//:www.fujifilm.co.jp
E-mail: (thru the URL)
ACTIVITIES
Mfg of photo
films, photography equipment, digital cameras, imaging solutions
BRANCHES
Tokyo (2), Osaka,
Nagoya, Sapporo, Sendai, Yokohama, other (Tot 39)
FACTORIES
Kanagawa (2),
Shizuoka, other (Tot 4)
OFFICER(S)
SHIGETAKA KOMORI,
PRES Shigehiro Nakajima, rep dir
Takeshi Higuchi, dir Yuzo Toda, dir
Toshio Takahashi, dir Nobuaki Inoue, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 692,622 M
PAYMENTS REGULAR CAPITAL Yen 40,000 M
TREND UP WORTH Yen 1,295,211 M
STARTED 2006 EMPLOYES 8,107
COMMENT
MFR OF PHOTO
FILMS, PHOTOGRAPHY EQUIPMENT, WHOLLY OWNED
BY FUJIFILM HOLDINGS CORP
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$500,000 / O/A 60 DAYS
MAX CREDIT LIMIT:
YEN 36,734.3 MILLION, 30 DAYS NORMAL TERMS
IGHLIGHTS
The subject company was established
originally in 1934 on the basis of film division spun off from present Daicel
Chemical Ind. Top-ranked photo film mfr
and leading mfr of digital cameras.
Shifted away from photo films into flat panel display materials and medical
image systems. This business specializes
in: imaging solutions, photography equipment, information solutions, medical
systems, life science systems, high-performance materials, optical devices,
graphic systems, recording media, other.
In Oct 2006, formed a holding company, Fujifilm Holdings Corp, and
became its wholly owned subsidiary together with Fuji Xerox Co Ltd, two major
pillars of the group. Goods are shipped
to two group firms for distribution nationwide: Fujifilm Graphic Systems &
Fujifilm Medical Corp. In Jan 2010
established Fujifilm North America Corp.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 692,622 million, a 12% up from Yen 618,533 million in the
previous term. The firm absorbed a
sister company during the term, which contributed to the sales growth. Operations turned to black to post Yen 61,840
million recurring profit and Yen 84,118 million net profit, respectively,
compared with Yen 7,056 million recurring profit and Yen 20,561 million net
losses, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 62,000 million and the net profit at Yen 85,000 million, respectively,
on a 5% rise in turnover, to Yen 730,000 million. Selling prices of digital cameras will turn
up with an increased lineup of functional models. Sales of multifunction models will bounce
back in the second half.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 36,734.3
million, on 30 days normal terms. The proposed
amount for 60 day terms is considered well within the firms financial
capacities.
REGISTRATION
Date Registered: Oct
2006
Regd No.: (Tokyo-Minatoku) 064789
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 32,000 shares
Issued: 8,000 shares
Sum: Yen 40,000 million
Major shareholders (%): Fujifilm
Holdings Corp* (100)
* Holding Company,
born by the Fujifilm group restructuring, listed Tokyo, Osaka, Nagoya, Fukuoka,
Sapporo S/Es, capital Yen 40,363 million, sales Yen 2,217,084 million,
operating profit Yen 136,356 million, recurring profit Yen 117,105 million, net
profit Yen 63,852 million, Total assets Yen 2,708,841l million, net worth Yen
1,850,871 million, employees 79,367, pres Shigetaka Komori, concurrently
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Engaged in
imaging & information businesses (100%):
Consumer
Products (digital cameras, 3D image products, films & cameras, supplies);
Business
Products (medical systems, life science systems, graphic systems, Photofinishing
products, motion picture films, recording media, office & industry).
Clients: [Mfrs,
wholesalers] Supplies exclusively to Fujifilm Graphic Systems & Fujifilm
Medical Co (the two subsidiaries)
No. of accounts:
1,000 2,000 (distributed by the two subsidiaries)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Fujifilm Photonix, Daicel Chemical Ind, Mitsui & Co, Fujifilm
Opt Materials, Wako Pure Chemical Ind, Sankyo Chemical, Daito Chemix, Nippon
Paper Ind, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (H/O)
Chuo Mitsui Trust Bank
(H/O)
Relations: Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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730,000 |
692,622 |
618,533 |
627,463 |
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Recur.
Profit |
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62,000 |
61,840 |
7,056 |
-26,351 |
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Net
Profit |
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85,000 |
84,118 |
-20,561 |
-7,681 |
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Total
Assets |
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1,501,442 |
1,395,238 |
1,379,567 |
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Current
Assets |
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513,760 |
416,408 |
335,124 |
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Current
Liabs |
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189,322 |
157,576 |
137,393 |
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Net
Worth |
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1,295,211 |
1,225,687 |
1,230,383 |
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Capital,
Paid-Up |
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40,000 |
40,000 |
40,000 |
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Div.P.Share(₯) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.40 |
11.98 |
-1.42 |
-19.23 |
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Current Ratio |
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.. |
271.37 |
264.26 |
243.92 |
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N.Worth Ratio |
.. |
86.26 |
87.85 |
89.19 |
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R.Profit/Sales |
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8.49 |
8.93 |
1.14 |
-4.20 |
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N.Profit/Sales |
11.64 |
12.14 |
-3.32 |
-1.22 |
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Return On Equity |
.. |
6.49 |
-1.68 |
-0.62 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, FUJIFILM
HOLDINGS CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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2,217,084 |
2,181,693 |
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Cost of Sales |
1,313,103 |
1,316,835 |
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GROSS PROFIT |
903,981 |
864,858 |
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Selling & Adm Costs |
767,625 |
906,970 |
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OPERATING PROFIT |
136,356 |
-42,112 |
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Non-Operating P/L |
-19,251 |
113 |
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RECURRING PROFIT |
117,105 |
-41,999 |
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NET PROFIT |
63,852 |
-38,441 |
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BALANCE SHEET |
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Cash |
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313,070 |
406,177 |
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Receivables |
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490,554 |
479,972 |
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Inventory |
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342,165 |
303,120 |
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Securities, Marketable |
23,188 |
61,362 |
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Other Current Assets |
141,866 |
159,918 |
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TOTAL CURRENT ASSETS |
1,310,843 |
1,410,549 |
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Property & Equipment |
564,065 |
601,665 |
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Intangibles |
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388,667 |
371,054 |
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Investments, Other Fixed Assets |
445,266 |
444,160 |
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TOTAL ASSETS |
2,708,841 |
2,827,428 |
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Payables |
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261,373 |
261,552 |
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Short-Term Bank Loans |
70,343 |
155,379 |
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Other Current Liabs |
254,742 |
244,050 |
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TOTAL CURRENT LIABS |
586,458 |
660,981 |
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Debentures |
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Long-Term Bank Loans |
119,314 |
140,269 |
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Reserve for Retirement Allw |
78,806 |
78,253 |
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Other Debts |
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73,392 |
72,096 |
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TOTAL LIABILITIES |
857,970 |
951,599 |
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MINORITY INTERESTS |
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Common
stock |
40,363 |
40,363 |
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Additional
paid-in capital |
73,956 |
70,283 |
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Retained
earnings |
1,917,659 |
1,868,362 |
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Evaluation
p/l on investments/securities |
(206,858) |
(150,288) |
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Others |
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128,345 |
129,722 |
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Treasury
stock, at cost |
(102,594) |
(82,613) |
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TOTAL S/HOLDERS` EQUITY |
1,850,871 |
1,875,829 |
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TOTAL EQUITIES |
2,708,841 |
2,827,428 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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199,354 |
314,826 |
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Cash
Flows from Investment Activities |
-130,760 |
-131,204 |
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Cash
Flows from Financing Activities |
-146,382 |
-42,609 |
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Cash,
Bank Deposits at the Term End |
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313,070 |
406,177 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
1,850,871 |
1,875,829 |
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Current
Ratio (%) |
223.52 |
213.40 |
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Net
Worth Ratio (%) |
68.33 |
66.34 |
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Recurring
Profit Ratio (%) |
5.28 |
-1.93 |
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Net
Profit Ratio (%) |
2.88 |
-1.76 |
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Return
On Equity (%) |
3.45 |
-2.05 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.23 |
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|
1 |
Rs.83.77 |
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Euro |
1 |
Rs.70.46 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.