MIRA INFORM REPORT

 

 

Report Date :

08.12.2012

 

IDENTIFICATION DETAILS

 

Name :

FUJIFILM CORPORATION 

 

 

Registered Office :

Mid Town West, 9-7-3 Akasaka Minatoku Tokyo 107-0052

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

October 2006

 

 

Com. Reg. No.:

0104-01-064789 (Tokyo-Minatoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of photo films, photography equipment, digital cameras, imaging solutions

 

 

No. of Employees :

7405 employees

 

 

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

 

Status :

Satisfactory  

Payment Behaviour :

Regular

Litigation :

Clear 

 

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

japan - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

Source : CIA

 

 

 

Company name

 

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:                 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     Shigetaka Komori, ch

Takeshi Higuchi, dir                                Yuzo Toda, dir

Toru Takahashi, dir                                 Nobuaki Inoue, dir

 

Yen Amount:                             In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 649,059 M

PAYMENTS      REGULAR         CAPITAL           Yen 40,000 M

TREND             SLOW              WORTH            Yen 1,286,005 M

STARTED                     2006                 EMPLOYES      7,405

 

 

COMMENT    

 

MFR OF PHOTO FILMS, PHOTOGRAPHY EQUIPMENT, WHOLLY OWNED BY FUJIFILM HOLDINGS CORP 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

 

HIGHLIGHTS

           

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/2012 fiscal term amounted to Yen 649,059 million, a 6% down from Yen 692,622 in the previous term.  Sales declined due to the floods in Thailand and Yen’ appreciation.  The recurring profit was posted at 6,008 million and the net profit at Yen 2,038 million, respectively, compared with Yen 61,840 million recurring profit and Yen 20,561 million net losses, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 6,100 million and the net profit at Yen 2,100 million, respectively, on a 3% rise in turnover, to Yen 668,000 million.  Main profit earner LCD films got of to a slow start due to inventory adjustment at customers.  In unfavorable environment of the stronger Yen, sales of office equipment will be steady, led by growing exports to up-and-coming countries.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:            Oct 2006

Regd No.:           0104-01-064789 (Tokyo-Minatoku)

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/E’s, capital Yen 40,363 million, sales Yen 2,195,293 million, operating profit Yen 112,948 million, recurring profit Yen 89,187 million, net profit Yen 43,758 million, Total assets Yen 2,685,824 million, net worth Yen 1,694,313 million, employees 80,155, pres Shigehiro Nakajima, concurrently

                       

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)

Mitsui Sumitomo Trust Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

 

668,000

649,059

692,622

618,533

Recur. Profit

 

6,100

6,008

61,840

7,056

Net Profit

　

2,100

2,038

84,118

-20,561

Total Assets

　

　

1,483,161

1,501,442

1,395,238

Current Assets

　

　

463,764

513,760

416,408

Current Liabs

　

　

188,837

189,322

157,576

Net Worth

　

　

1,286,005

1,225,687

1,230,383

Capital, Paid-Up

　

　

40,000

40,000

40,000

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.92

-6.29

11.98

-1.42

    Current Ratio

 

..

245.59

271.37

264.26

    N.Worth Ratio

..

86.71

81.63

88.18

    R.Profit/Sales

 

0.91

0.93

8.93

1.14

    N.Profit/Sales

0.31

0.31

12.14

-3.32

    Return On Equity

..

0.16

6.86

-1.67

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.