|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIBINO CORPORATION |
|
|
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Registered Office : |
3-5-14 Konan Minatoku Tokyo 108-0075 |
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|
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
November 1964 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of professional audiovisual equipment & systems |
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No. of Employees |
649 |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
HIBINO CORPORATION
REGD NAME: Hibino
KK
MAIN OFFICE: 3-5-14
Konan Minatoku Tokyo 108-0075 JAPAN
Tel:
03-3740-4391 Fax: 03-3740-4390
E-Mail address: info@hibino.co.jp
Import, wholesale of
professional audiovisual equipment & systems
Tokyo (2), Suita
(Osaka), Sapporo, Nagoya, Fukuoka, other (Tot 8)
TERUHISA HIBINO,
PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 15,161 M
PAYMENTSREGULAR CAPITAL Yen
1,721 M
TREND STEADY WORTH Yen 4,049 M
STARTED 1984 EMPLOYES 649
IMPORTER AND WHOLESALER SPECIALIZING IN PROFESSIONAL AUDIOVISUAL SYSTEMS
&EQUIPMENT.
FINANCIAL SITUATION CONSIDRED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
14,207 |
-322 |
-150 |
(%) |
4,693 |
|
(Consolidated) |
31/03/2011 |
13,288 |
-175 |
-313 |
-6.47 |
4,121 |
|
|
31/03/2012 |
14,121 |
430 |
-13 |
6.27 |
3,903 |
|
|
31/03/2013 |
15,161 |
577 |
257 |
7.36 |
4,049 |
|
|
31/03/2014 |
17,000 |
1,000 |
550 |
12.13 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2014
fiscal term
The subject company was established originally in 1956 by Hiroaki
Hibino, on his account, for repairing TV sets and related apparatus. Teruhisa is his son. Incorporated in 1964, advanced into import
and wholesale of professional audiovisual equipment & systems, followed by
later development of designing, planning, installation, operations of various
trade events, converts, etc, offering rental of the related equipment. Has a strong foothold in the convert and
trade events operating fields. Strength
in import and sale of the equipment & systems from Europe, USA, other. Operates 6 independent intra-company
Divisions: Hibino pro audio sales Div; Hibino chromatek Div; Hibino sound Div;
Hibino visual Div; Hibino produce Div and Hibino GMC Hibino Group Management
Center (see OPERATION). The firm takes a pride, as advocated by the
firm, in being “The sound and image specialist” in the areas of professional
audiovisual & information technology.
Clients include NHK (Japan’s national broadcasting station), TV
stations, AD agencies, concert operators, other. The subject obtained a sole agency agreement
for importing audiovisual equipment from Dbx (USA). Listed on the JASDAQ in Feb 2006.
The sales volume for Mar/2013 fiscal term amounted to Yen 15,161
million, a 7.4% up from Yen 14,121 million in the previous term. This is attributed to the increased sales of
high-quality LED display systems, particularly to major automakers and overseas
rentals on the back of strong & solid demand for digital equipment &
systems. The recurring profit was posted
at Yen 577 million and the net profit at Yen 257 million, respectively,
compared with Yen 430 million recurring profit and Yen 13 million net losses,
respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 13,346 million (up 21.4%), operating
profit Yen 1,428 million (up 85.8%), recurring profit Yen 1,282 million (up
103.7%), net profit Yen 748 million (up 153.0%). (% 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 550 million, respectively, on a
12.1% rise in turnover, to Yen 17,000 million.
LED displays will expand sales.
Earphones of Shure make will also continue good sales.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered:
Nov 1964
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized:
17 million shared
Issued: 5,047,840 shares
Sum: Yen 1,721 million
Major
shareholders (%): Hibino Ltd (27.5), Teruhisa Hibino (11.6), Employees’ S/Holding Assn (6.8),
Company’s Treasury Stock (2.5), Hiroaki Hibino (2.4), Sumiko Hibino (2.3),
Nippon Life Ins (2.0), Nomura Holdings (1.9), MUFG (1.9), Mizuho Bank (1.9);
foreign owners (0.3)
No. of shareholders: 3,007
Listed on the S/Exchange (s) of: JASDAQ (listed
Feb/2006)
Managements: Hiroaki Hibino,
ch; Teruhisa Hibino, pres & CEO; Sachio Nomaki, s/mgn dir; v pres;; Ryoichi
Hashimoto, s/mgn dir; Junichi Imokawa, mgn dir; Chikayuki Hisano, mgn dir;
Satoshi Yoshimatsu, mgn dir; Sumio Fukazawa, mgn dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Hibino International
Corp, Studer Japan – Broadcast Ltd, Hibino Media Technical Cooperation, other
(Tot 8 consolidated subsidiaries)
Activities: Imports and
wholesales audiovisual equipment & systems: marketing (40%): video products
(6%), concerts & events (55%).
(Intra-company
operating divisions)
Pro Audio Sales Division: importing and
selling audio and communication equipment for professionals from all over the
world;
Chromatek
Division: LED display system sales, visual equipment sales, administration,
overseas sales, imports & exports, technical assistance & R&D;
Sound
Division: rental and operation of audio systems for rock & pop concerts and
other events,including project preparation;
Visual
Division: based in Tokyo, Nagoya and Osaka, offers total support, from planning
thru operation, of video & audio systems for professionals, such as presentation
display systems, satellite communication systems & transportable and fixed
Astrovision; post-production (providing video editing, audio sweetening &
DVD authoring services); recording live performances, utilizing mobile
recording studio and dubbing with Pro Tools;
Produce
Division: event consulting produce, information & technology, techno-staff
dispatch, other;
GMC
Hibino Group Management Center: management & planning, general affairs,
personal affairs, accounting & financing, import & export management,
computer system, other.
Clients: [Broadcasting
companies, event operators] Tokyo Media Communications, Asahi Broadcasts,
Kansai TV, Fuji TV, NHK, Dentsu Tech, Ikegami Tsushinki, On The Line, Excel
Video, Victor Arks, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Harman International, Hibino Inter Sound, Yamaha Music Japan, Tom
Communication Ind, AKB (Austria),Amcron (USA), BSS Audio (UK), DBX (USA), JBL
Professional (USA), Lexicon Pro (USA), Soundcraft (UK), other
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Mizuho Bank (Shiba)
MUFG (Tamachi)
Relations: Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
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||
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Annual Sales |
|
15,161 |
14,121 |
|
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Cost of Sales |
10,241 |
9,361 |
|
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GROSS PROFIT |
4,920 |
4,760 |
|
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Selling & Adm Costs |
4,164 |
4,244 |
|
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OPERATING PROFIT |
755 |
515 |
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Non-Operating P/L |
-178 |
-85 |
|
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RECURRING PROFIT |
577 |
430 |
|
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NET PROFIT |
257 |
-13 |
|
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BALANCE SHEET |
|
|
|
|
|
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Cash |
|
1,442 |
1,844 |
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Receivables |
|
3,185 |
2,838 |
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Inventory |
|
1,746 |
2,430 |
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Securities, Marketable |
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|
|
|
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Other Current Assets |
639 |
570 |
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TOTAL CURRENT ASSETS |
7,012 |
7,682 |
|
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Property & Equipment |
4,059 |
3,837 |
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Intangibles |
|
153 |
115 |
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Investments, Other Fixed Assets |
1,604 |
1,736 |
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TOTAL ASSETS |
12,828 |
13,370 |
|
|
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Payables |
|
791 |
797 |
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Short-Term Bank Loans |
1,230 |
1,694 |
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|
|
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|
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Other Current Liabs |
2,915 |
3,094 |
|
|
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TOTAL CURRENT LIABS |
4,936 |
5,585 |
|
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Debentures |
|
|
|
|
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Long-Term Bank Loans |
1,947 |
2,224 |
|
|
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Reserve for Retirement Allw |
827 |
792 |
|
|
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Other Debts |
|
1,069 |
865 |
|
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TOTAL LIABILITIES |
8,779 |
9,466 |
|
|
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MINORITY INTERESTS |
|
|
|
|
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Common
stock |
1,721 |
1,721 |
|
|
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Additional
paid-in capital |
2,074 |
2,074 |
|
|
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Retained
earnings |
416 |
608 |
|
|
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Evaluation
p/l on investments/securities |
10 |
6 |
|
|
|
Others |
|
(96) |
(140) |
|
|
Treasury
stock, at cost |
(76) |
(366) |
|
|
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TOTAL S/HOLDERS` EQUITY |
4,049 |
3,903 |
|
|
|
TOTAL EQUITIES |
12,828 |
13,370 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash
Flows from Operating Activities |
|
1,969 |
1,932 |
|
|
Cash
Flows from Investment Activities |
-1,125 |
-984 |
|
|
|
Cash
Flows from Financing Activities |
-1,229 |
-737 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
1,397 |
1,761 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
4,049 |
3,903 |
|
|
|
Current
Ratio (%) |
142.06 |
137.55 |
|
|
|
Net
Worth Ratio (%) |
31.56 |
29.19 |
|
|
|
Recurring
Profit Ratio (%) |
3.81 |
3.05 |
|
|
|
Net
Profit Ratio (%) |
1.70 |
-0.09 |
|
|
|
Return
On Equity (%) |
6.35 |
-0.33 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
|
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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 |
|
|
<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.