MIRA INFORM REPORT
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Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
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Name : |
FUJIKURA LTD |
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Registered Office : |
1-5-1 Kiba
Kotoku Tokyo 135-8512 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1910 |
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Com. Reg. No.: |
(Tokyo-Kotoku) 007861 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of electric wires & cables |
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 14,541.4 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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
FUJIKURA LTD
REGD NAME
KK Fujikura
MAIN OFFICE
1-5-1 Kiba Kotoku
Tokyo 135-8512 JAPAN
Tel:
03-5606-1030 Fax: 03-5606-1539
URL: http://www.fujikura.co.jp/
E-Mail address: info@fujikura.co.jp
ACTIVITIES
Mfg of
electric wires & cables
BRANCH (ES)
Osaka,
Nagoya, Fukuoka, Hiroshima, Sendai, Sapporo, Toyama, Takamatsu, Okinawa, Numazu
OVERSEAS
USA (3), Europe (5), Russia, Malaysia (2), Singapore, China
(8), Taiwan, Korea, Thailand (4), Vietnam, Mexico, Morocco
(--subsidiaries/affiliates)
FACTORIES
Sakura
(Chiba), Suzuka, Numazu
(Overseas):
USA, UK, Singapore, Malaysia, Thailand, China, Vietnam, India, and Russia
CHIEF EXEC
YOICHI NAGAHAMA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 521,832 M
PAYMENTS REGULAR CAPITAL Yen 53,075 M
TREND SLOW WORTH Yen
192,750 M
STARTED 1910 EMPLOYES 53,289
COMMENT
MFR SPECIALIZING IN ELECTRIC WIRES, OPTICAL
TRANSMISSION SYSTEMS, OTHER.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 14,541.4 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2012 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, Asia, other.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 521,832
million, a 3.6% up from Yen 503,527 million in the previous term. Exports grew reflecting the economic recovery
in China as well as the turnaround in private consumption kindled by the
Japanese Government’s stimulus package.
Sales of splicers were brisk, while connectors incurred deficit due to
increased unprofitable products. By
divisions, Telecommunications up 4.7% to Yen 112,300 million; Electronics &
Electrical Equipment down 6.4% to Yen 195,100 million; Cables & Equipment
up 12.0% to Yen 195,400 million, due to the price hike of material copper. The recurring profit was posted at Yen 18,397
million and the net profit at Yen 9,383 million, respectively, compared with
Yen 16,529 million recurring profit and Yen 2,567 million net profit,
respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 12,000 million and the net profit at Yen 6,000 million, on a 9.2% rise
in turnover, to Yen 570,000 million.
Full-term earnings of FPC’s for smart phones will recover. A wholly owned Thai car electronics
subsidiary that was established in Apr 2010 will make a contribution for the
full-term.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 14,541.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1910
Regd No.: (Tokyo-Kotoku)
007861
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,190 million shares
Issued: 360,863,000 shares
Sum: Yen 53,075
million
Major shareholders
(%): Japan Trustee Services Bank T (9.9), Master Trust Bank of Japan T
(5.4), Mitsui Life Ins (2.8), Chuo Mitsui Trust (2.7), BBH Boston Custodian
Vanguard Int’l 938 (2.6), Zenkyoren (2.3), SMBC (2.3), Shizuoka Bank (2.1),
Japan Trustee Services T9 (1.2), Mitsui Sumitomo Ins (1.9); foreign owners
(19.3)
No. of
shareholders: 28,704
Listed on the
S/Exchange (s) of: Tokyo, Osaka
Managements: Yoichi Nagahama,
pres & CEO; Toshio Mizushima, v pres; Takashi Satoh, s/mgn dir; Takamasa
Katoh, s/mgn dir; Masato Koike, mgn dir; Takashi Kunimoto, mgn dir; Hideo
Naruse, mgn dir; Noboru Sugiyama, mgn dir; Toshihide Kanai, 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 (22%): 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 (37%): 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 (3%);
Overseas Sales
Ratio (47.4%): Asia (Thailand, Singapore, Malaysia, China) 31.1%; Other regions (USA,
UK) 16.3%.
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
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
SMBC
(H/O)
MUFG
(Tokyo)
Relations:
Satisfactory
FINANCES
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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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521,832 |
503,527 |
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Cost of Sales |
436,741 |
417,830 |
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GROSS PROFIT |
85,091 |
85,696 |
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Selling & Adm Costs |
68,199 |
67,762 |
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OPERATING PROFIT |
16,891 |
17,934 |
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Non-Operating P/L |
-494 |
-1,405 |
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RECURRING PROFIT |
16,397 |
16,529 |
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NET PROFIT |
9,383 |
2,567 |
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BALANCE SHEET |
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Cash |
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45,459 |
50,753 |
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Receivables |
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122,645 |
119,415 |
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Inventory |
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53,259 |
46,985 |
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Securities, Marketable |
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Other Current Assets |
24,389 |
24,545 |
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TOTAL CURRENT ASSETS |
245,752 |
241,698 |
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Property & Equipment |
149,133 |
154,861 |
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Intangibles |
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4,878 |
4,833 |
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Investments, Other Fixed Assets |
82,664 |
88,357 |
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TOTAL ASSETS |
482,427 |
489,749 |
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Payables |
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72,702 |
74,575 |
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Short-Term Bank Loans |
58,360 |
52,373 |
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Other Current Liabs |
39,782 |
46,095 |
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TOTAL CURRENT LIABS |
170,844 |
173,043 |
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Debentures |
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20,000 |
30,000 |
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Long-Term Bank Loans |
76,305 |
69,829 |
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Reserve for Retirement Allw |
7,397 |
6,809 |
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Other Debts |
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15,131 |
16,682 |
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TOTAL LIABILITIES |
289,677 |
296,363 |
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MINORITY INTERESTS |
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Common
stock |
53,075 |
53,075 |
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Additional
paid-in capital |
54,957 |
54,957 |
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Retained
earnings |
92,985 |
85,255 |
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Evaluation
p/l on investments/securities |
42 |
1,997 |
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Others |
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(8,155) |
(1,761) |
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Treasury
stock, at cost |
(154) |
(137) |
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TOTAL S/HOLDERS` EQUITY |
192,750 |
193,386 |
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TOTAL EQUITIES |
482,427 |
489,749 |
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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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17,255 |
43,867 |
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Cash
Flows from Investment Activities |
-31,770 |
-25,458 |
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Cash
Flows from Financing Activities |
11,869 |
-25,310 |
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Cash,
Bank Deposits at the Term End |
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49,216 |
53,671 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
192,750 |
193,386 |
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Current
Ratio (%) |
143.85 |
139.68 |
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Net
Worth Ratio (%) |
39.95 |
39.49 |
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Recurring
Profit Ratio (%) |
3.14 |
3.28 |
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Net
Profit Ratio (%) |
1.80 |
0.51 |
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Return
On Equity (%) |
4.87 |
1.33 |
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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.44.33 |
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UK Pound |
1 |
Rs.70.74 |
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Euro |
1 |
Rs.63.65 |
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 |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.