|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HORIBA LTD |
|
|
|
|
Registered Office : |
2 miyanohigashi-Cho, Kisshoin, Minami-ku |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
January, 1953 |
|
|
|
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Com. Reg. No.: |
1300-01-011676 (Kyoto-Minamiku) |
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|
|
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
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Line of Business : |
Manufacturing of measuring instruments, analyzers |
|
|
|
|
No. of Employees : |
5,787 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
HORIBA LTD
REGD NAME: KK Horiba Seisakusho
MAIN OFFICE: 2 Miyanohigashi
Kisshoin Minamiku Kyoto 601-8510 JAPAN
Tel:
075-313-8121
Fax: 075-321-8312-
URL: http://www.horiba.com
E-Mail address: (thru the URL)
Mfg of measuring instruments, analyzers
Tokyo, Sendai, Tsukuba, Yokohama, Nagoya, Osaka, other (Tot 14)
USA, UK (4), Italy (2), India, Austria, Netherlands, Canada, Korea (3),
Singapore, Sweden, Spain, Thailand, China (3), Czech, Germany (3), Turkey,
Brazil, France (3), Vietnam, Belgium (2), Poland, Portugal, Russia
(--subsidiaries)
At the caption address
ATSUSHI HORIBA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 138,136 M
PAYMENTS REGULAR CAPITAL Yen
12,011 M
TREND UP WORTH Yen 114,545 M
STARTED 1953 EMPLOYES 5,787
MFR OF MEASURING INSTRUMENTS, ANALYZERS, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
118,556 |
12,309 |
7,927 |
(%) |
84,155 |
|
(Consolidated) |
31/12/2011 |
123,456 |
14,611 |
8,664 |
4.13 |
90,460 |
|
|
31/12/2012 |
117,609 |
11,353 |
7,396 |
-4.74 |
99,536 |
|
|
31/12/2013 |
138,136 |
13,056 |
8,999 |
17.45 |
114,545 |
|
|
31/12/2014 |
150,000 |
14,500 |
9,000 |
8.59 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/12/2014 fiscal term.
This is the leading mfr of measuring instruments and analyzers for environmental
pollution. Independent of corporate affiliation. Expanding analyzers for research on
semiconductors. Holds 80% global market
share in engine measurement equipment.
Aggressively involved in M&A activities overseas. The company expanded its reagent plant in
Aso, Kumamoto-Pref in summer 2012 and those in Brazil at the year-end of
2012. The company has totally changed
large-sized exhaust gas measuring equipment for automobiles for the first time
in 17 years, and aims to promote them to government organizations in various
countries. The firm will establish an
R&D and production base for exhaust gas measuring equipment in Otsu, Shiga
at a cost of Yen 10 billion, a highest level in the past, with full-scale
startup slated for the end of 2015. It
acquired an optical analyzer maker in the US with sales at about Yen 800
million in Feb 2014, to obtain new technologies for bio-based medical
products.
The sales volume for Dec/2013 fiscal term amounted to Yen 138,136
million, a 17.5% up from Yen 117,609 million in the previous term. The recurring profit was posted at Yen 13,056
million and the net profit at Yen 8,999 million, respectively, compared with
Yen 11,353 million recurring profit and Yen 7,396 million net profit, respectively,
a year ago.
For the current term ending Dec 2014 the recurring profit is projected
at Yen 14,500 million and the net profit at Yen 9,000 million, on a 20.6% rise
in turnover, to Yen 150,000 million. Sales of mainstay automobile-use exhaust
gas measuring equipment will perform well mainly in US and Europe. Semiconductor-related products will also
enjoy strong demand. Operating profit
will continue expanding, topping the company’s goal.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jan 1953
Regd No.:
1300-01-011676 (Kyoto-Minamiku)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 100 million
shares
Issued: 42,532,752 shares
Sum: Yen 12,011 million
Major shareholders (%): Japan Trustee Services T (6.8), Master Trust
Bank of Japan T (5.1), Taiyo Fund LP (4.7), Zenkyoren (3.0), Masuo Horiba
(2.8), Nomura Lux Multi Currency 1818517 (2.1), Bank of Kyoto (1.9), Atsushi
Horiba (1.9), Horiba Rakurakukai Invest (18), Japan Re Fidelity (1.6); foreign
owners (36.8)
No. of shareholders: 5,946
Listed on the S/Exchange (s) of: Tokyo
Managements: Atsushi Horiba, ch & pres; Kozo Ishida, v ch; Juichi Saito,
v pres; Fumitoshi Sato, mgn dir; Masayuki Adachi, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Horiba Stec, Horiba ABX, Horiba Techno Services,
other.
Activities: Manufactures measuring instruments & analyzers:
(Sales Breakdown by Divisions):
Automotive Test Systems (36%): analytical emissions systems, on-board
emissions systems, portable emissions systems, dilution/sampling systems,
engine test systems, driveline test systems, vehicle test systems, brake test
systems, wind tunnel balances, automation systems;
Process & environmental Instruments Systems (11%): environmental
radiation monitor, water quality measurement, water treatment &
environment, gloss checker, thermometry, other;
Medical-Diagnostic Instruments Systems (19%): produces near 7,500
analyzers per year and over 8,000 tones of reagents;
Semiconductor Instruments Systems (17%): high performance mass flow
controllers, reticule/mask particle detection systems, in-line chemical
solution concentration monitors, direct injection vaporizers, automatic
spectroscopic ellipsometers, other;
Scientific Instruments Systems (17%): scientific’s fluorometer, other;
Overseas Sales Ratio (65%)
Clients: [Mfrs, wholesalers] Horiba Techno Services, Hitachi Hitec
Trading, Horiba Europe, Horiba Advances Techno, Horiba Instruments, Hitachi
High Technologies, Yanmar Co, Fukuda Denshi, Honda Motor Co, Denso Corp, other
No. of accounts: 800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Horiba Techno Service, Horiba Advanced
Techno, Horiba Korea, Hitachi Metals Admet Inc, Horiba Stec, Oxford
Instruments, Mikasa Shoji co, other
Payment record: Regular
Location: Business area in Kyoto.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
MUFG
(Kyoto)
Mizuho Bank
(Kyoto)
Relations:
Satisfactory
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
|
INCOME
STATEMENT |
|
|
||
|
|
Annual Sales |
|
138,136 |
117,609 |
|
|
Cost of Sales |
80,625 |
68,220 |
|
|
|
GROSS PROFIT |
57,510 |
49,389 |
|
|
|
Selling & Adm Costs |
43,777 |
37,637 |
|
|
|
OPERATING PROFIT |
13,733 |
11,751 |
|
|
|
Non-Operating P/L |
-677 |
-398 |
|
|
|
RECURRING PROFIT |
13,056 |
11,353 |
|
|
|
NET PROFIT |
8,999 |
7,396 |
|
|
BALANCE
SHEET |
|
|
|
|
|
|
Cash |
|
42,228 |
34,685 |
|
|
Receivables |
|
47,412 |
37,521 |
|
|
Inventory |
|
33,084 |
28,099 |
|
|
Securities, Marketable |
10,271 |
6,100 |
|
|
|
Other Current Assets |
7,240 |
5,583 |
|
|
|
TOTAL CURRENT ASSETS |
140,235 |
111,988 |
|
|
|
Property & Equipment |
33,326 |
28,179 |
|
|
|
Intangibles |
|
5,110 |
4,490 |
|
|
Investments, Other Fixed Assets |
10,598 |
9,179 |
|
|
|
TOTAL ASSETS |
189,269 |
153,836 |
|
|
|
Payables |
|
16,409 |
11,829 |
|
|
Short-Term Bank Loans |
6,606 |
5,523 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
29,123 |
20,310 |
|
|
|
TOTAL CURRENT LIABS |
52,138 |
37,662 |
|
|
|
Debentures |
|
15,000 |
10,000 |
|
|
Long-Term Bank Loans |
2,576 |
2,113 |
|
|
|
Reserve for Retirement Allw |
2,406 |
2,066 |
|
|
|
Other Debts |
|
2,603 |
2,458 |
|
|
TOTAL LIABILITIES |
74,723 |
54,299 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common stock |
12,011 |
12,011 |
|
|
|
Additional paid-in capital |
18,717 |
18,717 |
|
|
|
Retained earnings |
78,477 |
71,725 |
|
|
|
Evaluation p/l on
investments/securities |
2,296 |
987 |
|
|
|
Others |
|
3,809 |
(3,124) |
|
|
Treasury stock, at cost |
(765) |
(780) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
114,545 |
99,536 |
|
|
|
TOTAL EQUITIES |
189,269 |
153,836 |
|
|
CONSOLIDATED
CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/12/2013 |
31/12/2012 |
|
|
Cash Flows from Operating Activities |
|
15,076 |
13,395 |
|
|
Cash Flows from Investment
Activities |
-8,111 |
-7,891 |
|
|
|
Cash Flows from Financing Activities |
2,324 |
-3,304 |
|
|
|
Cash, Bank Deposits at the Term End |
|
49,246 |
38,858 |
|
ANALYTICAL
RATIOS Terms ending: |
31/12/2013 |
31/12/2012 |
||
|
|
|
Net Worth (S/Holders' Equity) |
114,545 |
99,536 |
|
|
|
Current Ratio (%) |
268.97 |
297.35 |
|
|
|
Net Worth Ratio (%) |
60.52 |
64.70 |
|
|
|
Recurring Profit Ratio (%) |
9.45 |
9.65 |
|
|
|
Net Profit Ratio (%) |
6.51 |
6.29 |
|
|
|
Return On Equity (%) |
7.86 |
7.43 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.