MIRA INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
FURUKAWA ELECTRIC CO Ltd |
|
|
|
|
Registered Office : |
Marunouchi Naka-Dori Bldg, 2-2-3 Marunouchi Chiyodaku Tokyo 100-8382 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
June 1896 |
|
|
|
|
Com. Reg. No.: |
0100-01-008795 (Tokyo-Chiyodaku) |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer
of electric wires & cables |
|
|
|
|
No. of Employees
: |
43,013 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
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 16,829.2 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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
FURUKAWA ELECTRIC CO Ltd
REGD NAME
Furukawa Denki
Kogyo KK
MAIN OFFICE
Marunouchi
Naka-Dori Bldg, 2-2-3 Marunouchi Chiyodaku Tokyo 100-8382, JAPAN
Tel:
03-3286-3001 Fax: 03-3286-3694-
URL: http://www.firilawa/cp/kp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
electric wires & cables
BRANCHES
Tokyo, China, Osaka, Nagoya, Yokohama, Fukuoka, other (tot 14)
OVERSEAS
Thailand
(8), China (15), Malaysia (2), India (2), Indonesia, Philippines, Vietnam, use,
Mexico, Taiwan, other
FACTORIES
Chiba,
Nikko, Hiratsuka, Mie, Yokohama, Osaka
CHIEF EXEC
MASAO
YOSHIDA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 925,754 M
PAYMENTS REGULAR CAPITAL Yen 69,395 M
TREND UP WORTH Yen
215,904 M
STARTED 1896 EMPLOYES 43,013
COMMENT
MFG OF ELECTRIC WIRES & CABLES
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 16,829.2 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is one of the largest mfrs of electric wires & cables. Advanced into rolled copper business in 1934 and grew into comprehensive nonferrous metal maker. Presently optical fiber cables major earnings source. Stressing copper foils. The company’s strategy focusing on high-function materials such as HDD glass substrates came to a deadlock. From now on, the make of electric wires & cables may lay stress on its original forte and peripheral products, including optical fibers bound for overseas, industrial-use electric wires and harnesses.
FINANCIAL INFORMATION
The sales volume for Mar 2011 fiscal term amounted to Yen 926,754 million, a 14.3% up from Yen 809,693 million in the previous term. Global economy shifted into a recovery phase, but uncertainty remained, owing to such factors as potential rise in crude oil prices. Japanese economy showed signs of recovery in the first half of the fiscal year, but ensuring Yen appreciation and the impact of the Great East Japan Earthquake rendered the economic outlook unreadable. . The recurring profit was posted at Yen 31,422 million and the net profit at Yen 12,213 million, respectively, compared with Yen 19,347 million recurring profit and Yen 9,704 million net profit, respectively, a year ago.
(Apr/Dec/2011 results): Sales Yen 692,899 million (up 0.9%), operating profit Yen 11,543 million (down 56.6%), recurring profit yen 9,656 million (down 57.9%), net loss Yen 14,784 million. (% compared with the corresponding period a year ago).
For the current term ending Mar 2012 the recurring profit is projected at Yen 29,000 million and the net profit at Yen 11,500 million, on a 2.6% rise in turnover, to Yen 950,000 million. Due to a rise in prices of material copper, overall sales will increase in nominal terms. Sale of liquid- and semiconductor-related products has plunged since Sept 2011. A high Yen and Thai floods may reduce profits by Yen 5 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 16,829.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1896
Regd No.: 0100-01-008795 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 2,590,000,000 shares
Issued:
706,669,179 shares
Sum: Yen 69,395
million
Major shareholders (%): Master Trust Bank of Japan T (3.8), Japan Trustee Services T (3.5), TCSB (Mizuho Bank (3.2), Japan Trustee Services T4 (3.2), Japan Trustee Services T9 (2.5), Asahi Life Ins (2.2), SSBT OD05 Omnibus Acct Treaty (2.0), Furukawa Co (1.8), Nippon Life ins (1.9), Fuji Electric (1.5); foreign owners (20.5)
No. of shareholders: 66,580
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Hiroshi Ishihara, ch; Masao Yoshida, pres; Tetsuo Yoshino, dir; Takasuke Kaneko, dir; Sumitaka Fujita, dir; Hideo Sakura, dir; Masahiro Yanagimoto, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Furukawa Battery, Furukawa Sky, OFS,.Riken Electric Wire, other
OPERATION
Activities: Manufactures electric wire & cables:
(Sales Breakdown by
divisions):
Telecommunications ( (15%): optical fibers & cables, semiconductor optical devices, optical components, optical fiber cable accessories & installations, metal communication cables, electronic appliance wires, network equipment, CATV system, radio products, etc;
Electronics & Automotive Systems (21%): automotive components & electric wiring, magnet wires, heat-sinks, memory disc materials, antennas, electronic component materials, battery products, etc;
Energy & Industrial Products (25%): bare wires, aluminum wires, insulated wires, power cable, power transmission cable accessories & installation, electric material products, cable conduits, fire prevention products, water-feeding pipe materials, foam products, UV tapes for semiconductor mfg, etc;
Metals (15%): wrought copper products (plates, strips, pipes, rods & wires), functional surface products, electrodeposited copper oil, processed products for electronic parts, superconducting products, special metal materials, special metal materials, shape-memory & super-elastic alloys, etc;
Light Metals (21%): aluminum sheets, extruded aluminum products, processed light metal products, etc;
Services & Others (3%): logistics, information & various other services, etc;
Overseas sales ratio (30.8%): Asia 20.3%, others 10.5%
Clients: [Mfrs, wholesalers] Japan Railways, NTT, Electric Powers, Government Agencies, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Corp, Mitsui & Co, Mitsubishi Corp, other
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and
maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
MUFG
(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 |
|
925,754 |
809,693 |
||
|
|
Cost of Sales |
773,499 |
679,403 |
|||
|
|
GROSS PROFIT |
152,254 |
130,290 |
|||
|
|
Selling & Adm Costs |
117,110 |
109,968 |
|||
|
|
OPERATING PROFIT |
35,144 |
20,321 |
|||
|
|
Non-Operating P/L |
-3,722 |
-974 |
|||
|
|
RECURRING PROFIT |
31,422 |
19,347 |
|||
|
|
NET PROFIT |
12,213 |
9,704 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
41,899 |
45,346 |
||
|
|
Receivables |
|
227,147 |
217,098 |
||
|
|
Inventory |
|
99,905 |
87,032 |
||
|
|
Securities, Marketable |
114 |
15 |
|||
|
|
Other Current Assets |
50,743 |
51,006 |
|||
|
|
TOTAL CURRENT ASSETS |
419,808 |
400,497 |
|||
|
|
Property & Equipment |
273,025 |
291,189 |
|||
|
|
Intangibles |
|
16,261 |
19,288 |
||
|
|
Investments, Other Fixed Assets |
117,850 |
124,845 |
|||
|
|
TOTAL ASSETS |
826,944 |
835,819 |
|||
|
|
Payables |
|
120,873 |
115,045 |
||
|
|
Short-Term Bank Loans |
128,552 |
125,116 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
89,376 |
92,154 |
|||
|
|
TOTAL CURRENT LIABS |
338,801 |
332,315 |
|||
|
|
Debentures |
|
28,806 |
42,899 |
||
|
|
Long-Term Bank Loans |
160,002 |
162,226 |
|||
|
|
Reserve for Retirement Allw |
59,062 |
64,798 |
|||
|
|
Other Debts |
|
24,368 |
24,652 |
||
|
|
TOTAL LIABILITIES |
611,039 |
626,890 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
69,395 |
69,395 |
|||
|
|
Additional
paid-in capital |
21,467 |
21,467 |
|||
|
|
Retained
earnings |
87,007 |
71,987 |
|||
|
|
Evaluation
p/l on investments/securities |
14,222 |
16,482 |
|||
|
|
Others |
|
24,084 |
29,833 |
||
|
|
Treasury
stock, at cost |
(271) |
(236) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
215,904 |
208,928 |
|||
|
|
TOTAL EQUITIES |
826,944 |
835,819 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
37,121 |
36,668 |
||
|
|
Cash
Flows from Investment Activities |
-21,382 |
-25,113 |
|||
|
|
Cash
Flows from Financing Activities |
-18,317 |
-23,582 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
37,647 |
40,808 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
215,904 |
208,928 |
||
|
|
|
Current
Ratio (%) |
123.91 |
120.52 |
||
|
|
|
Net
Worth Ratio (%) |
26.11 |
25.00 |
||
|
|
|
Recurring
Profit Ratio (%) |
3.39 |
2.39 |
||
|
|
|
Net Profit
Ratio (%) |
1.32 |
1.20 |
||
|
|
|
Return
On Equity (%) |
5.66 |
4.64 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.57 |
|
UK Pound |
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.