MIRA INFORM REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CANON INC |
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Registered Office : |
3-30-2 Shimomaruko Ohtaku Tokyo 146-8501 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
April 1937 |
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Com. Reg. No.: |
(Tokyo-Ohtaku) 003186 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of OA equipment & cameras |
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 113,066.0 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
CANON INC
REGD NAME
Canon KK
MAIN OFFICE
3-30-2 Shimomaruko
Ohtaku Tokyo 146-8501 JAPAN
Tel:
03-3758-2111 Fax: 03-5482-5135
URL: http://www.canon.jp/
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of
OA equipment & cameras
BRANCHES
Kanagawa
(5), Tochigi (2), other
OVERSEAS
USA
(11), Latin America (6), Europe/Africa/Mid East (42), East Asia (8), S/E Asia (8), Oceania (2)
FACTORIES
Tamagawa,
Kawasaki, Hiratsuka, Atsugi, Utsunomiya, Toride, other (Tot 13)
OVERSEAs
USA
(3)
CHIEF EXEC
FUJIO
MITARAI, CH & CEO
TSUNEJI UCHIDA, PRES & COO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 3,706,901 M
PAYMENTS REGULAR CAPITAL Yen
174,762 M
TREND UP WORTH Yen 2,809,637 M
STARTED 1937 EMPLOYES 197,386
COMMENT
MFR OF O/A EQUIPMENT & CAMERAS.
FINANCIAL SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 113,066.0 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/12/2011 fiscal term
HIGHLIGHTS
Top-ranked mfr of
PC printers & cameras, with LBP (laser beam printers) accounting for 60% of
market share. Strength placed on
multimedia equipment such as digital cameras, printer, copiers and scanners. Top-class mfr of copiers & inkjet
printers. Advancing to large display
SEDs (surface conduction electron-emitter display). Now all-embracing producer of visual image,
LCDs, etc. Leads others in
multi-internalization. Overseas sales
ratio high. Known as high cash flow
management. In display business, tied up
with Toshiba Corp. In March 2010,
acquired a high-speed printer maker OCE NV of the Netherlands. The firm plans to start operations at its
printer plant in Thailand in Oct 2011, and will expand the digital camera in
Chiba in Dec 2011 term in response to demand in Asia. It also plans to broaden the lineup of entry
models by launching the “X5” and “X50” digital cameras.
FINANCIAL INFORMATION
The sales volume for
Dec/2010 fiscal term amounted to Yen 3,706,901 million, a 15.5% up from Yen
3,209,201 million in the previous term.
Sales of SRL cameras & photocopiers, the two mainlines, posted
double-digit growth, mainly in China.
Orders of semiconductor lithography equipment also recovered. Production efficiency improved on the
strength of increased automated equipment.
By Divisions; Office Div up 20.8% to Yen 1,987,300 million; Consumer Div
up 6.9% to Yen 1,391,300 million; Industrial Equipment Div up 20.9% to Yen
433,000 million. The recurring profit
was posted at Yen 392,863 million and the net profit at Yen 246,603 million,
respectively, compared with Yen 219,355 million recurring profit and Yen
131,647 million net profit, respectively, a year ago..
(Jan/Mar/2011
results): Sales Yen 839,191 million (up 11.1%) operating profit Yen 82,502
million (down 5.0%), recurring profit Yen 82,032 million (down 7.7%) net profit
Yen 55,462 million (down 2.4%). (%
compared with the corresponding period a year ago). Sales grew 11% driven by srong sales of
monochrome copiers in emerging nations as well as robust growth in sales of
office equipment. Sales of compact
cameras grew steadily in Asia and Russia.
The firm adds the Great East Japan Earthquake caused delays in production
and shipments of cameras and copiers, which weighed on revenue.
For the current
term ending Dec 2011 the recurring profit is projected at Yen 330,000 million
and the net profit at 220,000 million, respectively, on a 0.6% rise in
turnover, to Yen 3,730,000 million. The
firm cuts its earnings outlook for the full year, citing the impact from the
March 11 earthquake and continued disruption to supply chains. Canon’s results and outlook suggest that
earnings in the Japanese electronics industry are likely to show a strong
impact from the massive disaster. Like
many of its peers, Canon temporarily suspended its plants in quake-hit areas,
while a shortage of parts also forces suspensions of plants far away from the
quake zone. All of the company’s plants
have since resumed operations, at least partially, but worries remain over
supplies of parts & materials
The financial situation is considered FAIR TO GOOD (even to
EXCELLENT) and responsible for ORDINARY business engagements. Max credit limit is estimate at Yen 113,066.0
million, 30 days normal terms.
REGISTRATION
Date Registered: Apr 1937
Regd No.: (Tokyo-Ohtaku) 003186
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
3,000 million shares
Issued:
1,333,763,464 shares
Sum: Yen 174,762
million
Major shareholders (%): Company’s Treasury Stock (7.8), Dai-ichi
Life Ins (5.6), Japan Trustee Services Bank T (5.0), Master Trust Bank of Japan
T (4.5), Moxley & Co (3.2), JP Morgan Chase Bank (2.9), State Street Bank
& Trust (2.2), Sompo Japan Ins (1.7); foreign owners (41.6)
No. of
shareholders: 165,774
Listed on the S/Exchange (s) of: Tokyo, Osaka, Nagoya, Sapporo, Fukuoka,
Frankfurt, and New York
Managements: Fujio Mitarai, ch & CEO; Tsuneji
Uchida, pres & CEO; Toshizo Tanaka, v pres; Toshiaki Ikoma, v pres; Kunio
Watanabe, s/mgn dir; Yoroku Adachi, s/mgn dir; Yasuo Mitsuhashi, s/mgn dir;
Tomonori iwashita, s/mgn dir; Masahiro Osawa, s/mgn dir; Shigeyuki Matsumoto,
s/mgn dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Canon Sales, Canon Chemicals, Canon
Electronics, Canon Finetech, Canon Software, Canon Marketing Japan, other
OPERATION
Activities: Manufactures business machines, cameras, optical & other O/A
equipment & products:
(Sales Breakdown by Divisions):
Business Machines Div (53%):
Office imaging
products: digital multifunctional devices, copying machines, laser facsimiles;
Computer
peripherals: laser beam printers, inkjet printers, inkjet multifunctional
devices, inkjet facsimiles, image scanners;
Business
Information products: computers, document scanners, microfilm equipment, handy
terminals, calculators, electronic dictionaries;
Cameras Div (37%): digital SRL cameras, film cameras, digital
video cameras, interchangeable lenses, LCD projectors;
Optical Equipment Div, others (9%): semiconductor production equipment,
ophthalmic instruments, mirror projection mask aligners for LCDs, Broadcast-use
TV lenses, X-Ray equipment, medical image recording equipment, others.
Overseas sales ratio (77.2%): Americas (27.1%), Europe (30.9%), Asia,
others (19.2%).
Clients: [Electronics mfrs, wholesalers] Canon Sales, Canon Copier Sales, Canon
USA, Canon Europe, Canon Singapore, Canon China, Canon Australia, Canon Canada,
Canon Latin America, Canon Semiconductor Equipment Taiwan, Canon Virginia (--
subsidiaries), Hitachi Ltd, Sony Corp, Sanyo Electric, other.
No. of accounts: 5,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] Canon Finetech, Canon Chemicals, Oita Canon,
Nagahama Canon, Canon Electronics, Canon Precision, Oita Canon Materials, Canon
Hi-Tech, Canon Dalian (-- subsidiaries), NEC, Matsushita Electric Ind, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate Bank (H/O)
SMBC (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2010 |
31/12/2009 |
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INCOME STATEMENT |
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Annual Sales |
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3,706,901 |
3,209,201 |
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Cost of Sales |
1,923,813 |
1,781,808 |
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GROSS PROFIT |
1,783,088 |
1,427,393 |
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Selling & Adm Costs |
1,395,536 |
1,210,338 |
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OPERATING PROFIT |
387,552 |
217,055 |
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Non-Operating P/L |
5,311 |
2,300 |
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RECURRING PROFIT |
392,863 |
219,355 |
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NET PROFIT |
246,603 |
131,647 |
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BALANCE SHEET |
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Cash |
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840,579 |
795,034 |
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Receivables |
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557,504 |
556,572 |
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Inventory |
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384,777 |
373,241 |
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Securities, Marketable |
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Other Current Assets |
347,569 |
292,932 |
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TOTAL CURRENT ASSETS |
2,130,429 |
2,017,779 |
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Property & Equipment |
1,201,968 |
1,269,785 |
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Intangibles |
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153,021 |
117,396 |
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Investments, Other Fixed Assets |
498,402 |
442,597 |
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TOTAL ASSETS |
3,983,820 |
3,847,557 |
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Payables |
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383,251 |
339,113 |
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Short-Term Bank Loans |
7,200 |
4,869 |
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Other Current Liabs |
506,490 |
439,708 |
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TOTAL CURRENT LIABS |
896,941 |
783,690 |
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Debentures |
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Long-Term Bank Loans |
4,131 |
4,912 |
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Reserve for Retirement Allw |
197,609 |
115,904 |
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Other Debts |
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75,502 |
63,651 |
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TOTAL LIABILITIES |
1,174,183 |
968,157 |
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MINORITY INTERESTS |
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Common
stock |
174,762 |
174,762 |
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Additional
paid-in capital |
400,425 |
404,293 |
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Retained
earnings |
3,023,167 |
2,926,124 |
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Evaluation
p/l on investments/securities |
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Others |
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(226,604) |
(69,527) |
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Treasury
stock, at cost |
(562,113) |
(556,252) |
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TOTAL S/HOLDERS` EQUITY |
2,809,637 |
2,879,400 |
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TOTAL EQUITIES |
3,983,820 |
3,847,557 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2010 |
31/12/2009 |
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Cash
Flows from Operating Activities |
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744,413 |
611,235 |
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Cash
Flows from Investment Activities |
-342,133 |
-370,244 |
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Cash
Flows from Financing Activities |
-279,897 |
-142,379 |
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Cash,
Bank Deposits at the Term End |
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840,579 |
795,035 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2010 |
31/12/2009 |
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Net Worth
(S/Holders' Equity) |
2,809,637 |
2,879,400 |
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Current
Ratio (%) |
237.52 |
257.47 |
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Net
Worth Ratio (%) |
70.53 |
74.84 |
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Recurring
Profit Ratio (%) |
10.60 |
6.84 |
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Net
Profit Ratio (%) |
6.65 |
4.10 |
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Return
On Equity (%) |
8.78 |
4.57 |
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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.45.28 |
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UK Pound |
1 |
Rs.73.30 |
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Euro |
1 |
Rs.63.61 |
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 |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.