MIRA INFORM REPORT

 

 

Report Date :

14.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ANRITSU CORPORATION

 

 

Registered Office :

5-1-1 Onna Atsugi Kanagawa-Pref 243-8555

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

October 1950

 

 

Com. Reg. No.:

0210-01-021865 (Kanagawa-Atsugi)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of measuring instruments, communications equipment, other

 

 

No. of Employees :

3,696

 

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 :

Good

 

 

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 – 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

 

ANRITSU CORPORATION

 

 

REGD NAME

 

Anritsu KK

 

 

MAIN OFFICE

 

5-1-1 Onna Atsugi Kanagawa-Pref 243-8555 JAPAN

Tel: 046-223-1111     -

 

URL:                             http://www.anritsu.com

E-Mail address:            (thru the URL to each division)

 

 

ACTIVITIES

 

Mfg of measuring instruments, communications equipment, other

 

 

BRANCHES

 

Atsugi, Shinjuku, Sendai, Omiya, Nagoya, Osaka, Fukuoka

 

 

OVERSEAS

 

USA (2), Canada, Brazil, Mexico, UK, China (3), India, other (Tot 18)

 

 

FACTORIES

 

Subsidiaries

 

 

CHIEF EXEC

 

HIROKAZU HASHIMOTO, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 　A/SALES       Yen 93,586 M

PAYMENTS  REGULAR 　CAPITAL        Yen 17,105 M

TREND UP                    　WORTH         Yen 54,863 M

STARTED         1950                 　EMPLOYES   3,696

 

 

COMMENT

 

MFR OF MEASURING INSTRUMENTS, INDUSTRIAL MACHINES, OTHER 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

 

                        Unit: In Million Yen

Forecast figures for the 31/03/2013 fiscal term.

 

 

HIGHLIGHTS

 

This is a leading mfr of communications equipment and measuring instruments.  Spun off free from affiliation with NEC Corp.  Diversified into electronic equipment on strength of technical expertise.  Reliance on NTT and public sector declining.  Fostering next-generation IP and optical network under medium-term plan.  The company succeeded in metering experiment for products using more advanced generation communications standards, plans to focus on development of those products, aiming for communications in 2015.  It intends to strengthen marketing of measuring instruments to consumer electronics makers, equipped with wireless LAN.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 93,586 million, a 20.2% up from Yen 77,853 million in the previous term.  Test & Measurement segment performed well due to increasing demand for measuring instruments for the mobile communication market.  As a result, orders increased 12.6% compared with the previous fiscal year to Yen 90,358 million.  Sales rose in all segments.  By Divisions, Measuring Instruments up 31.9% to Yen 70,531 million; Industrial Machinery up 15.4% to Yen 14,221 million; Information & Communications up 20.5% to Yen 3,275 million.  The recurring profit was posted at Yen 13,593 million and the net profit at Yen 10,180 million, respectively, compared with Yen 5,362 million recurring profit and Yen 3,069 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 14,500 million and the net profit at Yen 10,000 million, on a 1% rise in turnover, to Yen 94,500 million.  Sales of products for smartphones will continue growing.  Those of products for base stations will remain brisk.  Operating profit is likely to continue rising.

 

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

 

 

REGISTRATION

 

Date Registered:　Oct 1950

Regd No.:         0210-01-021865 (Kanagawa-Atsugi)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       400 million shares

Issued:                128,042,848 shares

Sum:                   Yen 17,105 million

 

Major shareholders (%): Japan Trustee Services T (12.9), Master Trust Bank of Japan T (10.9), Japan Trustee Services T9 (7.4), NEC Corp (6.4), Mitsui Sumitomo Ins (2.3), Sumitomo Mitsui Trust Bank (1.9), Trust & Custody Services Inv T (1.9), Sumitomo Life Ins (1.8), Trust & Custody Services Ann T (1.5), Goldman Sachs International (1.3); foreign owners (17.4)

 

No. of shareholders: 10,474

 

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

 

Managements: Hirokazu Hashimoto, pres; Kenji Tanaka, v pres; Frank Tieman, mgn dir; Fumihiro Tsukasa, mgn dir; Junkichi Shirono, dir; Toshihiko Takahashi, dir; Toshisumi Taniai, dir; Nobuo Funahashi, dir; Osamu Nagata, dir; Akifumi Kubota, dir

 

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

 

Related companies: Anritsu Industrial Solutions, Anritsu Networks, other.

 

 

OPERATION

           

Activities: Manufactures measuring instruments (69%), industrial machinery (16%), information & communications equipment (5%), others (10%).

 

Overseas Sales Ratio (58%)

           

Clients: [Mfrs, wholesalers] NTT DoCoMo, Panasonic Mobile Communications, Fujitsu Ltd, other

            No. of accounts: 800

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] PALTEK, Marubun Corp, Satori Electric, other

 

Payment record: Regular

 

Location: Business area in Atsugi, Kanagawa-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Tokyo)

Mizuho Corporate Bank (Uchisaiwaicho)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

93,586

77,853

 

  Cost of Sales

49,384

43,033

 

      GROSS PROFIT

44,202

34,819

 

  Selling & Adm Costs

29,787

27,825

 

      OPERATING PROFIT

14,414

6,994

 

  Non-Operating P/L

-821

-1,632

 

      RECURRING PROFIT

13,593

5,362

　

      NET PROFIT

10,180

3,069

BALANCE SHEET

 

 

 

 

  Cash

　

39,596

27,993

 

  Receivables

 

23,605

19,175

 

  Inventory

 

14,812

15,762

 

  Securities, Marketable

　

　

 

  Other Current Assets

6,641

6,743

 

      TOTAL CURRENT ASSETS

84,654

69,673

 

  Property & Equipment

16,884

17,652

 

  Intangibles

 

625

1,872

 

  Investments, Other Fixed Assets

10,906

10,052

 

      TOTAL ASSETS

113,069

99,249

 

  Payables

 

4,919

6,147

 

  Short-Term Bank Loans

10,936

2,239

 

　

 

　

　

 

  Other Current Liabs

28,093

12,017

 

      TOTAL CURRENT LIABS

43,948

20,403

 

  Debentures

 

　

9,900

 

  Long-Term Bank Loans

5,600

14,700

 

  Reserve for Retirement Allw

1,789

1,895

 

  Other Debts

　

6,868

12,444

 

      TOTAL LIABILITIES

58,205

59,342

 

      MINORITY INTERESTS

 

 

 

Common stock

17,105

14,051

 

Additional paid-in capital

26,055

23,001

 

Retained earnings

19,698

10,792

 

Evaluation p/l on investments/securities

130

122

 

Others

 

(7,273)

(7,218)

 

Treasury stock, at cost

(852)

(842)

 

      TOTAL S/HOLDERS` EQUITY

54,863

39,906

　

      TOTAL EQUITIES

113,069

99,249

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

15,871

9,229

 

Cash Flows from Investment Activities

-1,963

-1,432

 

Cash Flows from Financing Activities

-2,204

-6,049

　

Cash, Bank Deposits at the Term End

　

39,596

27,993

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

54,863

39,906

 

 

Current Ratio (%)

192.62

341.48

 

 

Net Worth Ratio (%)

48.52

40.21

 

 

Recurring Profit Ratio (%)

14.52

6.89

 

 

Net Profit Ratio (%)

10.88

3.94

 

 

Return On Equity (%)

18.56

7.69

 

 

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.85

UK Pound

1

Rs.86.88

Euro

1

Rs.69.88

 

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.