MIRA INFORM REPORT
|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIBAURA MECHATRONICS CORPORATION |
|
|
|
|
Registered Office : |
2-5-1 Kasama Sakaeku Yokohama 247-8610 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
October 1939 |
|
|
|
|
Com. Reg. No.: |
0200-01-032660 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of mechatronics
products (Fad, semiconductor-mgs systems) |
|
|
|
|
No. of Employees : |
1,285 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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
SHIBAURA
MECHATRONICS CORPORATION
REGD NAME: Shibaura
Mechatronics KK
MAIN OFFICE: 2-5-1
Kasama Sakaeku Yokohama 247-8610 JAPAN
Tel:
045-897-2421 Fax: 045-897-2470 -
URL: http://www.shibaura.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
Mechatronics products (Fad, semiconductor-mgs systems)
BRANCHES
Ebina
FACTORIES
At the
caption address, Ebina
CHIEF EXEC
KENJI
MINAMI, PRES
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 30,399 M
PAYMENTSSLOW CAPITAL Yen 6,761 M
TREND UP WORTH
Yen 15,696 M
STARTED 1939 EMPLOYES 1,285
COMMENT
MFR OF MECHATRONIC PRODUCTS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
HIGHLIGHTS
This is a major mfr of mechatronic products, including FPD and
semiconductor-mfg systems. Particularly
strong in LCD-related equipment, and world’s largest maker of LCD cleaning
systems. Also produces food tickets and
cigarette vending machines. The company
is despatching engineers to a semiconductor maker in Taiwan, to strengthen the
relationship and expand trading of cleaning equipment. .
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen
30,399 million, a 22.8% down from Yen 39,359 million in the previous term. Sales of TV-use LCD-mfg equipment was in
slump. The operations continued in the
deficit to post Yen 358 million recurring loss and Yen 1,416 million net
losses, respectively, compared with Yen 133 million recurring loss and Yen 394
million net losses, respectively, a year ago.
(Apr/June/2013 results): Sales Yen 6,830 million (up 39.1%),
operating loss Yen 433 million (previously Yen 803 million loss), recurring
loss Yen 604 million (previously Yen 921 million loss), net losses Yen 848
million (previously Yen 1,269 million loss).
(Figures compared with the corresponding period a year ago).
For the current term ending Mar 2014 the recurring profit is
projected at Yen 1,000 million and the net profit at Yen 800 million, on a
41.4% rise in turnover, to Yen 43,000 million.
Sales of large LCD-mfg equipment will fare well in China, and those of
small and medium-sized ones will remain brisk in the domestic and overseas
markets, backed by strong demand for smartphones. Orders for etching devices fir logic
semiconductors are likely to grow.
Demand from domestic memory makers will recover.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Oct 1939
Regd No.: 0200-01-032660
(Yokohama-Sakaeku)
Legal Status: Limited Company (Kabushiki Kaisha
Regd No.: 0200-01-032660 (Yokohama-Sakaeku)
Authorized: 100 million shares
Issued:
51,926,194 shares
Sum: Yen 6,761 million
Major shareholders (%): Toshiba Corp (36.5), Company’s
Treasury Stock (4.8), Japan Trustee Services T (1.7), Master Trust Bank of
Japan T (1.1), Employees’ S/Holding Assn (0.9), Japan Trustee Services Tl
(0.6), Toshiba Hoken Services (0.5), Japan Trustee Services T3 (0.5); foreign
owners (2.4)
No. of shareholders: 7,012
Listed on the S/Exchange (s) of:
Tokyo
Managements: Kenji Minami, pres; Shigeki Fujita,
mgn dir; Shun’ichi Kishimoto, mgn dir; Hitoshi Michishima, mgn dir; Ryuichi
Shimada, dir; Tohru Hara, dir; Keiji Ogawa, dir; Masato Fujino, dir; Takashi
Nozawa, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Shibaura Jihanki, other.
OPERATION
Activities: Manufactures fine Mechatronics (61%), Mechatronics
systems (27%), distribution equipment (6%), real estate leasing (7%)
Overseas Sales Ratio (34%)
Clients: [Mfrs, wholesalers] Sharp Corp,
Toshiba Corp, Toshiba Mobile Display, Sony
DADC Japan, NSC, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Toshiba Precision, Toshiba Engineering, other
Payment record: Slow
Location:
Business area in Yokohama. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References: SMBC (H/O)
Bank of
Yokohama (Ofuna)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
30,399 |
39,359 |
||
|
|
Cost of Sales |
23,267 |
30,993 |
|||
|
|
GROSS PROFIT |
7,132 |
8,366 |
|||
|
|
Selling & Adm Costs |
7,072 |
8,736 |
|||
|
|
OPERATING PROFIT |
60 |
-370 |
|||
|
|
Non-Operating P/L |
-448 |
237 |
|||
|
|
RECURRING PROFIT |
-358 |
-133 |
|||
|
|
NET PROFIT |
-1,416 |
-394 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
4,296 |
5,067 |
||
|
|
Receivables |
|
24,545 |
24,576 |
||
|
|
Inventory |
|
6,644 |
6,862 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
2,018 |
1,975 |
|||
|
|
TOTAL CURRENT ASSETS |
37,503 |
38,480 |
|||
|
|
Property & Equipment |
11,817 |
12,670 |
|||
|
|
Intangibles |
|
715 |
793 |
||
|
|
Investments, Other Fixed Assets |
732 |
1,000 |
|||
|
|
TOTAL ASSETS |
50,767 |
52,943 |
|||
|
|
Payables |
|
8,500 |
9,931 |
||
|
|
Short-Term Bank Loans |
11,742 |
9,775 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
3,571 |
5,138 |
|||
|
|
TOTAL CURRENT LIABS |
23,813 |
24,844 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
2,700 |
2,000 |
|||
|
|
Reserve for Retirement Allw |
4,801 |
5,365 |
|||
|
|
Other Debts |
|
3,756 |
3,786 |
||
|
|
TOTAL LIABILITIES |
35,070 |
35,995 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
6,761 |
6,761 |
|||
|
|
Additional
paid-in capital |
9,995 |
9,995 |
|||
|
|
Retained
earnings |
514 |
1,933 |
|||
|
|
Evaluation
p/l on investments/securities |
56 |
24 |
|||
|
|
Others |
|
90 |
(46) |
||
|
|
Treasury
stock, at cost |
(1,720) |
(1,720) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
15,696 |
16,947 |
|||
|
|
TOTAL EQUITIES |
50,767 |
52,943 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
Cash
Flows from Operating Activities |
|
-2,553 |
1,533 |
||
|
|
Cash
Flows from Investment Activities |
-311 |
-177 |
|||
|
|
Cash Flows
from Financing Activities |
1,949 |
392 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
4,234 |
5,024 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
15,696 |
16,947 |
||
|
|
|
Current
Ratio (%) |
157.49 |
154.89 |
||
|
|
|
Net
Worth Ratio (%) |
30.92 |
32.01 |
||
|
|
|
Recurring
Profit Ratio (%) |
-1.18 |
-0.34 |
||
|
|
|
Net
Profit Ratio (%) |
-4.66 |
-1.00 |
||
|
|
|
Return
On Equity (%) |
-9.02 |
-2.32 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.