MIRA
INFORM REPORT
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Report Date : |
16.02.2013 |
IDENTIFICATION DETAILS
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Name : |
NIKON CORPORATION |
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Registered Office : |
Shin-Yurakucho Bldg, 1-12-1 Yurakucho Chiyodaku Tokyo 100-8331 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
July 1917 |
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Com. Reg. No.: |
0100-01-008763 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of cameras, precision equipment, imaging products. |
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No. of Employees : |
24,553 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 and address
NIKON CORPORATION
REGD NAME: KK
Nikon
MAIN OFFICE: Shin-Yurakucho
Bldg, 1-12-1 Yurakucho Chiyodaku Tokyo 100-8331 JAPAN
Tel:
03-3214-5311 Fax: 03-3349-5290
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of cameras, precision
equipment, imaging products, other
BRANCHES
Kawasaki, Mito,
Kumagaya, Yokohama, Sagamihara, other
OVERSEAS
USA (7), Europe
(15), Asia/Oceania (12), China (8), Canada, Mexico
(--subsidiaries)
FACTORIES
Oh’I (Tokyo), Yokohama,
Sagamihara, Kumagaya, Mito, Yokosuka
CHIEF EXEC
MAKOTO KIMURA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 918,651 M
PAYMENTS REGULAR CAPITAL Yen
65,475 M
TREND UP WORTH Yen 433,616 M
STARTED 1917 EMPLOYES 24,553
COMMENT
MFR OF CAMERA & OTHER PRECISION EQUIPMENT.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2013
fiscal term
HIGHLIGHTS
This is a major
camera mfr with strong brand name and world’s top class maker of high-quality
SLR (single-lens reflex) cameras.
Maintains world’s highest market share in probers (semiconductor plated
circuit board inspection devices). Excels
in 3-D measuring devices. Increasing use
of sales agencies with aim to expand sales to underdeveloped market of Chinese
local companies. Considering launches of
low-price products to emerging countries.
Developing parts for wind power generator and aircraft to reduce
dependence on automobile industry. In
the exposure equipment division, the firm aims to expand the market share for
the ultrahigh-priced S620 immersion scanner to 40% in two years from the current
25%. The achievements are already incorporated
into the projections for the next term.
The company will progress with development of iPS cell automatic
selection equipment applying image processing technology of exposure equipment
and is targeting commercialization by the March 2015 term. It will launch new mirroless models also
targeting use by professionals.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal
term amounted to Yen 918,651 million, a 3.5% up from Yen 887,512 million in the
previous term. Capital investment by mfrs
remained strong in both semiconductor-related & liquid crystal
panel-related markets of the Precision Equipment Business. Despite the floods in Thailand that led to
submersion at Nikon (Thailand) Co Ltd, operations resumed in Jan of this
year. By divisions, Precision Machinery
down up 18.9% to Yen 248,145 million; Imaging Products down 1.6% to Yen 587,127
million, by effects of a strong Yen; Instruments down 2.5% to Yen 56,000
million. The recurring profit was posted
at Yen 89,383 million and the net profit at Yen 59,305 million, respectively,
compared with Yen 55,811 million recurring profit and yen 27,312 million net
profit, respectively, a year ago
(Apr/Dec/2012 results): Sales Yen
763,276 million (up 8.8%), operating profit Yen 39,247 million (down 43.5%),
recurring profit Yen 40,977 million (down 46.2%), net profit Yen 32,330 million
(down 30.2%). (% compared with the
corresponding period a year ago).
For the current term ending Mar 2013
the recurring profit is projected at Yen 48,000 million and the net profit at
Yen 38,000 million, respectively, on an 8.9% rise in turnover, to Yen 1,000,000
million. SLR camera sales are growing
strongly in a reactionary upturn after the Thailand floods. But semiconductor exposure equipment sales
are suffering a greater than anticipated slump due to reduced capital spending
by customers. Operating profit will
fall.
The financial situation is considered
maintained FAIR and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Jul 1917
Regd
No.: 0100-01-008763 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,000 million shares
Issued: 400,878,921 shares
Sum: Yen 65,475 million
Major
shareholders (%): Japan Trustee Services T (8.4) Master Trust Bank of Japan T (7.1), JP
Morgan Chase Bank (5.6), Meiji Yasuda Life Ins (5.1), State Street Bank &
Trust (4.8), Tokio Marine & Nichido Fire Ins (2.0), Nippon Life Ins (1.9),
SSBT OD05 Omnibus Acct Treaty (1.9), MUFG (1.8), Joyo Bank (1.6); foreign
owners (31.5)
No.
of shareholders: 21,575
Listed on the S/Exchange (s) of: Tokyo
Managements: Makoto Kimura,
pres; Junichi Itoh, v pres; Kazuo Ushida, s/mgn dir; Toshiyuki Masai, mgn dir;
Yasuyuki Okamoto, mgn dir; Norio Hashizume, mgn dir; Kunio Kawabata, mgn dir;
Hiroshi Ohki, mgn dir; Takaharu Honda, mgn dir; Kenichi Kanazawa, mgn dir;
Toshikazu Umatate, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Nikon Imaging Japan, Nikon Inc USA, other
OPERATION
Activities: Manufactures
precision equipment, imaging products, instruments, other:
(Sales
breakdown by divisions):
Precision
Machinery (27%): IC stepper & scanners, LCD steppers & scanner;
Visual
Equipment (64%): digital cameras, film cameras, interchangeable lenses, speed lights,
film scanners, photographic accessories, software;
Instruments
(6%): biological microscopes, industrial microscopes, stereoscopic
microscopes, measuring instruments, semiconductor inspection equipment;
Other
(3%): sport optics, customized products, glass, encoders, ophthalmic lenses
& surveying instruments.
Overseas
Sales Ratio (86%)
Clients: [Mfrs,
wholesalers] Nikon Imaging Japan, Nikon Inc USA, Nikon Europe V, Samsung Japan,
Nikon Imaging China Sales Co, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sanyo Electric, USC,
Nikon Thailand, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mitsubishi UFJ
Trust Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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918,651 |
887,512 |
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Cost of Sales |
567,000 |
575,535 |
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GROSS PROFIT |
351,651 |
311,977 |
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Selling & Adm Costs |
271,570 |
257,924 |
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OPERATING PROFIT |
80,080 |
54,052 |
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Non-Operating P/L |
9,303 |
1,759 |
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RECURRING PROFIT |
89,383 |
55,811 |
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NET PROFIT |
59,305 |
27,312 |
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BALANCE SHEET |
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Cash |
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132,404 |
181,077 |
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Receivables |
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137,533 |
123,077 |
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Inventory |
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263,033 |
238,405 |
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Securities, Marketable |
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Other Current Assets |
76,504 |
48,395 |
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TOTAL CURRENT ASSETS |
609,474 |
590,954 |
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Property & Equipment |
130,943 |
119,016 |
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Intangibles |
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33,085 |
39,473 |
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Investments, Other Fixed Assets |
86,728 |
80,466 |
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TOTAL ASSETS |
860,230 |
829,909 |
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Payables |
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155,338 |
171,735 |
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Short-Term Bank Loans |
18,350 |
16,732 |
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Other Current Liabs |
168,321 |
153,828 |
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TOTAL CURRENT LIABS |
342,009 |
342,295 |
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Debentures |
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40,000 |
40,000 |
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Long-Term Bank Loans |
22,900 |
24,700 |
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Reserve for Retirement Allw |
3,700 |
14,951 |
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Other Debts |
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18,004 |
18,743 |
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TOTAL LIABILITIES |
426,613 |
440,689 |
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MINORITY INTERESTS |
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Common
stock |
65,475 |
65,475 |
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Additional
paid-in capital |
80,711 |
80,711 |
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Retained
earnings |
319,823 |
272,227 |
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Evaluation
p/l on investments/securities |
3,061 |
4,450 |
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Others |
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(22,462) |
(20,470) |
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Treasury
stock, at cost |
(12,992) |
(13,173) |
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TOTAL S/HOLDERS` EQUITY |
433,616 |
389,220 |
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TOTAL EQUITIES |
860,230 |
829,909 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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31,178 |
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Cash
Flows from Investment Activities |
31,650 |
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Cash
Flows from Financing Activities |
-94,276 |
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Cash,
Bank Deposits at the Term End |
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140,940 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
433,616 |
389,220 |
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Current
Ratio (%) |
178.20 |
172.64 |
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Net
Worth Ratio (%) |
50.41 |
46.90 |
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Recurring
Profit Ratio (%) |
9.73 |
6.29 |
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Net
Profit Ratio (%) |
6.46 |
3.08 |
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Return
On Equity (%) |
13.68 |
7.02 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.99 |
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|
1 |
Rs.83.72 |
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Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.