MIRA INFORM REPORT

 

 

Report Date :           

21.04.2012

 

IDENTIFICATION DETAILS

 

Name :

HORIBA Ltd

 

 

Registered Office :

2 Miyanohigashi Kisshoin Minamiku Kyoto 601-8510

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

January  1953

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of measuring instruments, analyzers

 

 

No. of Employees :

5,448

 

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 3,538.2 Million

Status :

Good

Payment Behaviour :

Regular

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name 

 

HORIBA Ltd

 

 

REGD NAME

 

KK Horiba Seisakusho

 

 

MAIN OFFICE

 

2 Miyanohigashi Kisshoin Minamiku Kyoto 601-8510 JAPAN

Tel: 075-313-8121     Fax: 075-321-8312-

 

URL:                 http://www.horiba.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Mfg of measuring instruments, analyzers

 

 

BRANCHES

 

Tokyo, Sendai, Saitama, Yokohama, Nagoya, Osaka, other (Tot14)

 

 

OVERSEAS   

 

USA, UK (6), Italy (2), India, Australia, Canada, Korea (3), Singapore, Thailand, China (3), Germany (3), Brazil, France (3), Poland, Sweden, Spain, Belgium, Portugal, Russia

 

 

FACTORIES

 

At the caption address

 

CHIEF EXEC

 

ATSUSHI HORIBA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 　A/SALES       Yen 123,456 M

PAYMENTS      REGULAR         　CAPITAL        Yen 12,011 M

TREND             UP            WORTH        Yen 90,460 M

STARTED         1953                 　EMPLOYES   5,448

 

 

COMMENT    

 

MFR OF MEASURING INSTRUMENTS, ANALYZERS, OTHER 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 3,538.2 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Unit: In Million Yen

Forecast figures for the 31/12/2011 fiscal term.

 

 

HIGHLIGHTS

 

This is the leading mfr of measuring instruments and analyzers for environmental pollution. Independent of corporate affiliation.  Expanding analyzers for research on semiconductors.  Holds 80% global market share in engine measurement equipment.  Aggressively involved in M&A activities overseas.  The company will expand its reagent plant in Aso, Kumamoto-Pref in summer 2012 and those in Brazil at the yearend of 2012.


 

FINANCIAL INFORMATION

 

The sales volume for Dec/2011 fiscal term amounted to Yen 123,456 million, a 4.1% up from Yen 118,556 million in the previous term.  Overall global economy posted continued moderate economic growth, with emerging countries acting s the driving force.  In Japan, mfg activities dropped significantly in response to the Great East Japan earthquake in March 2011, but the economy recovered on the back of the restoration of mfg equipment and the rebuilding of the supply chain for components & materials.  However, owing to the appreciation of the Yen and the floods in Thailand, the recovery stalled.  By divisions, Automotive Test Systems up 8.2% to Yen 38,678 million; Process & Environmental Instruments & Systems up 23.5% to Yen 14,558 million; Medical Systems up 4.3% to Yen 23,485 million; Semiconductor Instruments Systems down 10.8% to Yen 24,694 million; Scientific Instruments Systems up 5.8% to Yen 1,433 million.  The recurring profit was posted at Yen 14,611 million and the net profit at Yen 8664 million, respectively, compared with Yen 12,309 million recurring profit and Yen 7,927 million net profit, respectively, a year ago. 

           

For the current term ending Dec 2012 the recurring profit is projected at Yen 12,000 million and the net profit at Yen 7,500 million, on a similar turnover, at Yen 123,500 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 3,538.2 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Jan 1953

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       100 million shares

Issued:             42,532,752 shares

Sum:                   Yen 12,011 million

 

Major shareholders (%): Japan Trustee Services T (6.0), Taiyo Fund LP (5.8), Master Trust Bank of Japan T (5.7), Masuo Horiba (2.9), Japan Trustee Services T9 (2.2), Chase London SL Omnibus Acct (2.2), Northern Trust (AVFC) American (1.9), Bank of Kyoto (1.9), Atsushi Horiba (1.9), Horiba Rakurakukai  Invest (1.8); foreign owners (35.5)

 

No. of shareholders: 7,882

 

Listed on the S/Exchange (s) of: Tokyo, Osaka

 

Managements: Atsushi Horiba, pres; Kozo Ishida, v pres; Fumitoshi Sato, mgn dir; Toshikazu Saito, dir; Masahiro Sugita, dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Horiba Estec, Horiba ABX, other.

 

OPERATION

           

Activities: Manufactures measuring instruments & analyzers:

 

(Sales Breakdown by Divisions):

 

Automotive Test Systems (31%): analytical emissions systems, on-board emissions systems, portable emissions systems, dilution/sampling systems, engine test systems, driveline test systems, vehicle test systems, brake test systems, wind tunnel balances, automation systems;

 

Process & environmental Instruments Systems (12%): environmental radiation monitor, water quality measurement, water treatment & environment, gloss checker, thermometry, other;

 

Medical-Diagnostic Instruments Systems (19%): produces near 7,500 analyzers per year and over 8,000 tones of reagents;

 

Semiconductor Instruments Systems (20%): high performance mass flow controllers, reticle/mask particle detection systems, in-line chemical solution concentration monitors, direct injection vaporizers, automatic spectroscopic ellipsometers, other;

 

Scientific Instruments Systems (18%): scientific’s fluorometer, other;

 

Overseas Sales Ratio (63.8%): USA 18.4%, Europe 28.3%, Asia 17.1%

           

Clients: [Mfrs, wholesalers] Horiba Techno Services, Hitachi Hitec Trading, Horiba Europe, Horiba Advances Techno, Horiba Instruments, Hitachi High Technologies, Yanmar Co, Fukuda Denshi, Honda Motor Co, Denso Corp, other

           

No. of accounts: 800

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Horiba Techno Service, Horiba Advanced Techno, Horiba Korea, Hitachi Metals Admet Inc, Horiba Estec, Oxford Instruments, Mikasa Shoji co, other

 

Payment record: Regular

 

Location: Business area in Kyoto.  Office premises at the caption address are owned and maintained satisfactorily.

Bank References:

MUFG (Kyoto)

Mizuho Corporate Bank (Kyoto)

Relations: Satisfactory

 

FINANCES

 (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2011

31/12/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

123,456

118,556

 

  Cost of Sales

67,892

66,153

 

      GROSS PROFIT

55,564

52,402

 

  Selling & Adm Costs

40,657

40,102

 

      OPERATING PROFIT

14,906

12,299

 

  Non-Operating P/L

-295

10

 

      RECURRING PROFIT

14,611

12,309

　

      NET PROFIT

8,664

7,927

BALANCE SHEET

 

 

 

 

  Cash

　

28,892

26,958

 

  Receivables

 

39,375

36,427

 

  Inventory

 

26,286

24,842

 

  Securities, Marketable

8,350

7,639

 

  Other Current Assets

5,352

4,258

 

      TOTAL CURRENT ASSETS

108,255

100,124

 

  Property & Equipment

22,924

22,516

 

  Intangibles

 

4,640

5,371

 

  Investments, Other Fixed Assets

8,830

9,279

 

      TOTAL ASSETS

144,649

137,290

 

  Payables

 

13,196

13,484

 

  Short-Term Bank Loans

6,684

5,575

 

　

 

　

　

 

  Other Current Liabs

18,694

18,636

 

      TOTAL CURRENT LIABS

38,574

37,695

 

  Debentures

 

10,000

10,000

 

  Long-Term Bank Loans

1,291

1,195

 

  Reserve for Retirement Allw

1,775

1,734

 

  Other Debts

　

2,549

2,511

 

      TOTAL LIABILITIES

54,189

53,135

 

      MINORITY INTERESTS

 

 

 

Common stock

12,011

12,011

 

Additional paid-in capital

18,717

18,717

 

Retained earnings

66,278

58,468

 

Evaluation p/l on investments/securities

717

897

 

Others

 

(6,475)

(5,134)

 

Treasury stock, at cost

(788)

(804)

 

      TOTAL S/HOLDERS` EQUITY

90,460

84,155

　

      TOTAL EQUITIES

144,649

137,290

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2011

31/12/2010

 

Cash Flows from Operating Activities

　

6,954

11,964

 

Cash Flows from Investment Activities

-6,145

-2,821

 

Cash Flows from Financing Activities

855

-1,028

　

Cash, Bank Deposits at the Term End

　

35,767

34,459

ANALYTICAL RATIOS            Terms ending:

31/12/2011

31/12/2010

 

 

Net Worth (S/Holders' Equity)

90,460

84,155

 

 

Current Ratio (%)

280.64

265.62

 

 

Net Worth Ratio (%)

62.54

61.30

 

 

Recurring Profit Ratio (%)

11.83

10.38

 

 

Net Profit Ratio (%)

7.02

6.69

 

 

Return On Equity (%)

9.58

9.42

 

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.99

UK Pound

1

Rs.83.54

Euro

1

Rs.63.40

 

 

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

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

----

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.