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Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
HITACHI
HIGH-TECHNOLOGIES CORPORATION |
|
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|
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Registered Office : |
1-24-14 Nishishimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.03.2014 (Consolidated) |
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Date of Incorporation : |
April 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
· Engaged in Dealing semiconductor manufacturing equipment and Measuring Instruments. Manufacturer, Importer, Exporter and Wholesaler of
Electronic Devices, Finetech, Science & Medical-Use, Industrial Products
& IT as well as High-Tech Materials |
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|
|
|
No of Employees : |
10,504 |
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 |
|
Maximum Credit Limit : |
Yen 23,704.1 Million |
|
|
|
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
HITACHI HIGH-TECHNOLOGIES CORPORATION
KK Hitachi High Technologies
1-24-14
Nishishimbashi Minatoku Tokyo 105-8717 JAPAN
Tel:
03-3504-7111 Fax: 03-3504-7122
*.. The given address is its Ibaraki Branch Office
URL: http://www.hitachi-hitec.com
E-Mail address: (thru the URL)
· Engaged in Dealing semiconductor manufacturing equipment and Measuring Instruments.
Manufacturer,
Importer, Exporter and Wholesaler of Electronic Devices, Finetech, Science
& Medical-Use, Industrial Products & IT as well as High-Tech Materials
Osaka,
Sendai, Ibaragi, Yokohama, Chiba, other (Tot 19)
USA
(5), Europe (4), Asia (11) in 26 countries (--subsidiaries)
Hitachi,
Kudamatsu, Saitama; China (2)
MASAO
HISADA, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 639,116 M
PAYMENTSNo Complaints
CAPITAL Yen 7,938 M
TREND UP WORTH Yen
272,968 M
STARTED 1947 EMPLOYES 10,504
MFR OF SEMICONDUCTOR MFG EQUIPMENT
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 23,704.1 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
653,431 |
29,475 |
17,752 |
(%) |
242,845 |
|
(Consolidated) |
31/03/2012 |
645,865 |
26,233 |
14,265 |
-1.16 |
253,012 |
|
|
31/03/2013 |
575,468 |
20,098 |
12,166 |
-10.90 |
267,189 |
|
|
31/03/2014 |
639,116 |
31,102 |
18,032 |
11.06 |
272,968 |
|
|
31/03/2015 |
860,000 |
35,000 |
25,600 |
34.56 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2015
fiscal term.
This is a Hitachi-affiliated trading firm dealing in semiconductor-mfg equipment and measuring instruments. Also makes these products. It is highly competitive in in high-tech area. Excels in obtaining orders for system products thru sales operations by engineers. Fostering sales of medical-use equipment.
The sales volume for Mar/2014 fiscal term amounted to Yen 639,116 million, an 11.1% up from Yen 575,468 million in the previous term. Semiconductor equipment sales improved rapidly, backed by robust investment by makers of memories and logic semiconductors. Medical equipment sales also recovered overseas. The recurring profit was posted at Yen 31,102 million and the net profit at Yen 18,032 million, respectively, compared with Yen 20098 million recurring profit and Yen 12166 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected at Yen 35,000 million and the net profit at Yen 25,600 million, respectively, on a 3.3% rise in turnover, to Yen 660,000 million. Semiconductor equipment sales will further increase. Medical equipment sales will rise steadily.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 23,704.1 million, on 30 days normal terms.
Date Registered: Apr 1947
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 350 million shares
Issued:
137,738,730 shares
Sum: Yen 7,938
million
Major shareholders (%): Hitachi Ltd (51.6), Japan
Trustee Services T (4.0), Master Trust Bank of Japan T (2.4), Employees’
S/Holding Assn (1.5), Nomura Lux Multi Currency JS818517 (1.2), Bank of New
York Treaty Jasdec (1.1), Nippon Vest (1.1), Chase Manhattan GTS Escrow (0.7),
Goldman Sachs (Regular) Acct (0.7); foreign owners (23.5)
No. of shareholders: 6,823
Listed on the S/Exchange (s) of:
Tokyo
Managements: Kazuhiro Mori, ch; Masao Hisada,
pres; Takashi Matsuzaka, v pres; Toshio Kajimoto, s/mgn dir; Naoki Mitarai,
s/mgn dir; Masahiro Miyazaki, s/mgn dir; Norihiro Nishida, mgn dir; hun’ichi
Uno, mgn dir; Katsutaka Kimura, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Hitachi Hi-Tech Fielding, Hitachi Hi-Tech America, other.
Activities: Manufactures, imports, exports and
wholesales: electronic devices (18%), Finetech (2%), Science & Medical-use
(23%), Industrial products & IT (16%), High-tech materials (41%)
Overseas Sales Ratio (56%)
Clients: [Mfrs, wholesalers] Hitachi Hi-Tech
America, Hitachi Hi-Tech Fielding, Hitachi Ltd, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shin-Etsu
Chemical Ind, Hitachi Hi-Tech Manufacture & Service, Tohoku Pioneer EG,
Asahi Glass, Hitachi Ltd, other
Payment record: No
Complaints
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Shimbashi)
MUFG (Shimbashi)
Relations:
Satisfactory
(Consolidated in million yen)
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
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||
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Annual Sales |
|
639,116 |
575,468 |
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Cost of Sales |
515,752 |
470,599 |
|
|
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GROSS PROFIT |
123,364 |
104,868 |
|
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Selling & Adm Costs |
92,933 |
89,917 |
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OPERATING PROFIT |
30,431 |
14,951 |
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Non-Operating P/L |
20,671 |
5,147 |
|
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RECURRING PROFIT |
31,102 |
20,098 |
|
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NET PROFIT |
18,032 |
12,166 |
|
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BALANCE SHEET |
|
|
|
|
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|
Cash |
|
22,548 |
21,088 |
|
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Receivables |
|
135,067 |
110,722 |
|
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Inventory |
|
75,166 |
45,042 |
|
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Securities, Marketable |
1,002 |
85 |
|
|
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Other Current Assets |
143,248 |
153,686 |
|
|
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TOTAL CURRENT ASSETS |
377,031 |
330,623 |
|
|
|
Property & Equipment |
75,110 |
66,331 |
|
|
|
Intangibles |
|
12,993 |
13,956 |
|
|
Investments, Other Fixed Assets |
29,800 |
22,729 |
|
|
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TOTAL ASSETS |
494,934 |
433,639 |
|
|
|
Payables |
|
195,683 |
84,426 |
|
|
Short-Term Bank Loans |
|
1,650 |
|
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|
|
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|
|
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Other Current Liabs |
(24,792) |
41,189 |
|
|
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TOTAL CURRENT LIABS |
170,891 |
127,265 |
|
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Debentures |
|
|
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Long-Term Bank Loans |
|
|
|
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Reserve for Retirement Allw |
49,303 |
26,536 |
|
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Other Debts |
|
1,772 |
12,649 |
|
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TOTAL LIABILITIES |
221,966 |
166,450 |
|
|
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MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
7,938 |
7,938 |
|
|
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Additional
paid-in capital |
35,745 |
35,745 |
|
|
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Retained
earnings |
233,402 |
220,474 |
|
|
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Evaluation
p/l on investments/securities |
5,744 |
5,094 |
|
|
|
Others |
|
(9,527) |
(1,735) |
|
|
Treasury
stock, at cost |
(334) |
(327) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
272,968 |
267,189 |
|
|
|
TOTAL EQUITIES |
494,934 |
433,639 |
|
|
CONSOLIDATED CASH FLOWS |
|
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||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash Flows
from Operating Activities |
|
36,334 |
10,974 |
|
|
Cash
Flows from Investment Activities |
-24,674 |
-4,424 |
|
|
|
Cash
Flows from Financing Activities |
-4,664 |
-8,013 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
133,599 |
123,485 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
272,968 |
267,189 |
|
|
|
Current
Ratio (%) |
220.63 |
259.79 |
|
|
|
Net
Worth Ratio (%) |
55.15 |
61.62 |
|
|
|
Recurring
Profit Ratio (%) |
4.87 |
3.49 |
|
|
|
Net
Profit Ratio (%) |
2.82 |
2.11 |
|
|
|
Return
On Equity (%) |
6.61 |
4.55 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.