MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	FUJIFILM HOLDINGS CORPORATION

Registered Office :	9-7-3 Akasaka Minatoku Tokyo 107-0052

Country :	Japan

Financials (as on) :	31.03.2012

Date of Incorporation :	January 1934

Com. Reg. No.:	0104-01-065370 (Tokyo-Minatoku)

Legal Form :	Limited Company

Line of Business :	Holding company of major three subsidiaries

No. of Employees :	81,387

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :

Yen 74,767.0 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 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

FUJIFILM HOLDINGS CORPORATION

REGD NAME

Fuji Film Holdings KK

MAIN OFFICE

9-7-3 Akasaka Minatoku Tokyo 107-0052 JAPAN

Tel: 03-6271-1111 -

URL: http://www.fujifilmholdings.com

E-Mail address: (thru the URL)

ACTIVITIES

Holding company of major three subsidiaries

BRANCHES

(subsidiaries)

OVERSEAS

(subsidiaries)

FACTORIES

(subsidiaries)

CHIEF EXEC

SHIGETAKA KOMORI, PRES

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR 　A/SALES Yen 2,217,084 M

PAYMENTS REGULAR 　CAPITAL Yen 40,363 M

TREND UP 　WORTH Yen 1,850,871 M

STARTED 1934 　EMPLOYES 81,387

COMMENT

HOLDING COMPANY OF FUJIFILM GROUP FIRMS

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

Forecast figures for the 31/03/2012 fiscal term.

HIGHLIGHTS

This is the Holding Company of Fujifilm group firms, organized Oct 2006. As of the date, Fuji Photo Film Co Ltd was transferred into a holding company and renamed as captioned. The businesses of Fuji Photo Film have been taken over by Fujifilm Corporation, which is a newly established operating company. Three major subsidiaries are: Fujifilm Corporation, Fuji Xerox Co Ltd and Toyama Chemical Co Ltd.

FINANCIAL INFORMATION

The sales volume for Mar/2011 fiscal term amounted to Yen 2,217,084 million, a 63% up from Yen 2,181,693 million in the previous term. Sales rose thanks to increased exports to China and other emerging economies. By Divisions, Imaging Solutions down 5.7% to Yen 325,804 million; Information Solutions up 1.8% to Yen 917,391 million; Document Solutions up 4.1% to Yen 973,889 million. The recurring profit was posted at Yen 117,105 million and the net profit at Yen 63,852 million, respectively, compared with Yen 41,999 million recurring loss and Yen 38,441 million net losses, respectively, a year ago.

(Apr/Dec/2011 results): Sales Yen 1,618,513 million (down 2.0%), operating profit Yen 85,566 million (down 30.1%), recurring profit Yen 57,685 million (down 47.1%9, net profit Yen 23,696 million (down 59.4%). (% compared with the corresponding period a yea ago).

For the current term ending Mar 2012 the recurring profit is projected at Yen 78,000 million and the net profit at Yen 28,000 million, on a 0.8% fall in turnover, to Yen 2,200,000 million. Profits will be slumped on the strong Yen and economic weakness in key overseas markets, sagging sales of lucrative LCD films and soaring silver and other material costs.

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

REGISTRATION

Date Registered:　Jan 1934

Regd No.: 0104-01-065370 (Tokyo-Minatoku)

Legal Status: Limited Company (Kabushiki Kaisha

Authorized: 800 million shares

Issued: 514,625,728 shares

Sum: Yen 40,363 million

Major shareholders (%): Japan Trustee Services T (6.8), Company’s Treasury Stock (6.3), Master Trust Bank of Japan T (5.8), Nippon Life Ins (3.9), State Street Bank & Trust (3.6), Japan Trustee Services T9 (2.4), Chuo Mitsui Trust (2.1), SMBC (2.0), Moxley & Co FBO Holders of DR (2.0), SSBT OD03 Omnibus Acct Treaty (1.9); foreign owners (37.6)

No. of shareholders: 61,226

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

Managements: Shigetaka Komori, pres; Shigehiro Nakajima, v pres; Haruhiko Yoshida, s/mgn dir; Nobuaki Inoue, s/mgn dir; Nobuyuki Watabe, s/mgn dir; Toru Takahashi, s/mgn dir; Koichi Tamai, s/mgn dir

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

Related companies: Fuji Film Corp, Fuji Xerox Co, Toyama Chemical Co, other.

OPERATION

Activities: Develops, produces, sales and services of:

Imaging Solutions (15%); color films, digital cameras, photofinishing equipment, color paper, chemicals & services of photofinishing, etc;

Information Solutions (41%): equipment & materials for medical system and life science, equipment & materials for graphic arts, flat panel display materials, etc;

Document Solutions (44%): office copy machines, MFPs, printers, production systems & services, paper, consumable and office services, etc

Overseas Sales Ratio (53%)

Clients: [Mfrs, wholesalers] Fujifilm Corp, Fujifilm Graphic Systems, Fujifilm Medical,

Fujifilm Opto Materials, other

No. of accounts: 1,000

Domestic areas of activities: Nationwide

Payment record: Regular

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

Bank References:

SMBC (H/o)

Chuo Mitsui Trust Bank (H/O)

Relations: Satisfactory

FINANCES

(In Million Yen)

FINANCES: (Consolidated in million yen)
			Terms Ending:		31/03/2011	31/03/2010
INCOME STATEMENT
	Annual Sales				2,217,084	2,181,693
	Cost of Sales				1,313,103	1,316,835
	GROSS PROFIT				903,981	864,858
	Selling & Adm Costs				767,625	906,970
	OPERATING PROFIT				136,356	-42,112
	Non-Operating P/L				-19,251	113
	RECURRING PROFIT				117,105	-41,999
	NET PROFIT				63,852	-38,441
BALANCE SHEET
	Cash				313,070	406,177
	Receivables				490,554	479,972
	Inventory				342,165	303,120
	Securities, Marketable				23,188	61,362
	Other Current Assets				141,866	159,918
	TOTAL CURRENT ASSETS				1,310,843	1,410,549
	Property & Equipment				564,065	601,665
	Intangibles				388,667	371,054
	Investments, Other Fixed Assets				445,266	444,160
	TOTAL ASSETS				2,708,841	2,827,428
	Payables				261,373	261,552
	Short-Term Bank Loans				70,343	155,379

	Other Current Liabs				254,742	244,050
	TOTAL CURRENT LIABS				586,458	660,981
	Debentures
	Long-Term Bank Loans				119,314	140,269
	Reserve for Retirement Allw				78,806	78,253
	Other Debts				73,392	72,096
	TOTAL LIABILITIES				857,970	951,599
	MINORITY INTERESTS
	Common stock				40,363	40,363
	Additional paid-in capital				73,956	70,283
	Retained earnings				1,917,659	1,868,362
	Evaluation p/l on investments/securities				(206,858)	(150,288)
	Others				128,345	129,722
	Treasury stock, at cost				(102,594)	(82,613)
	TOTAL S/HOLDERS` EQUITY				1,850,871	1,875,829
	TOTAL EQUITIES				2,708,841	2,827,428
CONSOLIDATED CASH FLOWS
				Terms ending:	31/03/2011	31/03/2010
	Cash Flows from Operating Activities				199,354	314,826
	Cash Flows from Investment Activities				-130,760	-131,204
	Cash Flows from Financing Activities				-146,382	-42,609
	Cash, Bank Deposits at the Term End				313,070	406,177
ANALYTICAL RATIOS Terms ending:					31/03/2011	31/03/2010
		Net Worth (S/Holders' Equity)			1,850,871	1,875,829
		Current Ratio (%)			223.52	213.40
		Net Worth Ratio (%)			68.33	66.34
		Recurring Profit Ratio (%)			5.28	-1.93
		Net Profit Ratio (%)			2.88	-1.76
		Return On Equity (%)			3.45	-2.05

SUPPLEMENTS

FINANCES (In million Yen)

FINANCES: (Consolidated in million yen)
			Terms Ending:		31/03/2012	31/03/2011
INCOME STATEMENT
	Annual Sales				2,195,293	2,217,084
	Cost of Sales				1,327,567	1,313,103
	GROSS PROFIT				867,726	903,981
	Selling & Adm Costs				754,778	767,625
	OPERATING PROFIT				112,948	136,356
	Non-Operating P/L				-23,761	-19,251
	RECURRING PROFIT				89,187	117,105
	NET PROFIT				56,985	72,823
BALANCE SHEET
	Cash				235,104	313,070
	Receivables				556,483	502,177
	Inventory				377,952	342,165
	Securities, Marketable				12,364	23,188
	Other Current Assets				140,088	130,243
	TOTAL CURRENT ASSETS				1,321,991	1,310,843
	Property & Equipment				553,916	564,065
	Intangibles				393,541	344,444
	Investments, Other Fixed Assets				470,217	489,489
	TOTAL ASSETS				2,739,665	2,708,841
	Payables				258,404	261,373
	Short-Term Bank Loans				178,536	70,343

	Other Current Liabs				255,427	254,742
	TOTAL CURRENT LIABS				692,367	586,458
	Debentures
	Long-Term Bank Loans				20,334	119,314
	Reserve for Retirement Allw				85,116	78,806
	Other Debts				85,364	73,392
	TOTAL LIABILITIES				883,181	857,970
	MINORITY INTERESTS
	Common stock				40,363	40,363
	Additional paid-in capital				74,780	73,956
	Retained earnings				1,944,557	1,917,659
	Evaluation p/l on investments/securities				(235,400)	(206,858)
	Others				134,715	128,345
	Treasury stock, at cost				(102,531)	(102,594)
	TOTAL S/HOLDERS` EQUITY				1,856,484	1,850,871
	TOTAL EQUITIES				2,739,665	2,708,841
CONSOLIDATED CASH FLOWS
				Terms ending:	31/03/2012	31/03/2011
	Cash Flows from Operating Activities				135,133	199,354
	Cash Flows from Investment Activities				-185,875	-130,760
	Cash Flows from Financing Activities				-24,404	-146,382
	Cash, Bank Deposits at the Term End				235,104	313,070
ANALYTICAL RATIOS Terms ending:					31/03/2012	31/03/2011
		Net Worth (S/Holders' Equity)			1,856,484	1,850,871
		Current Ratio (%)			190.94	223.52
		Net Worth Ratio (%)			67.76	68.33
		Recurring Profit Ratio (%)			4.06	5.28
		Net Profit Ratio (%)			2.60	3.28
		Return On Equity (%)			3.07	3.93

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

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.

MIRA INFORM REPORT

Company name

REGD NAME

MAIN OFFICE

ACTIVITIES

BRANCHES

OVERSEAS

FACTORIES

CHIEF EXEC

SUMMARY

COMMENT

HIGHLIGHTS

FINANCIAL INFORMATION

REGISTRATION

OPERATION

FINANCES

SUPPLEMENTS

Unit