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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIKON CORPORATION
|
|
|
|
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Registered Office : |
Shin-Yurakucho Bldg, 1-12-1 Yurakucho
Chiyodaku Tokyo 100-8331 |
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|
|
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Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2014 |
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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 |
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Line of Business : |
Manufacturer of Cameras,
Precision Equipment & Imaging Products |
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|
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No of Employees : |
23,859 |
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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|
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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 – 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 |
|
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 |
NIKON CORPORATION
KK Nikon
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)
Manufacturer
of Cameras, Precision Equipment & Imaging Products
Yokosuka,
Mito, Kumagaya, Yokohama, Sagamihara, Shinagawa (Tokyo)
USA (6), Europe (18), Asia/Oceania (12), China (7), Canada, Mexico,
Brazil, Russia, Australia, UAE (-subsidiaries)
Oh’I
(Tokyo), Yokohama, Sagamihara, Kumagaya, Mito, Yokosuka
MAKOTO
KIMURA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 980,556 M
PAYMENTS No
Complaints CAPITAL Yen 65,475 M
TREND SLOW WORTH Yen
546,813 M
STARTED 1917 EMPLOYES 23,859
MFR OF CAMERA & OTHER PRECISION EQUIPMENT.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
887,512 |
55,811 |
27,312 |
(%) |
389,220 |
|
(Consolidated) |
31/03/2012 |
918,651 |
89,383 |
59,305 |
3.51 |
433,616 |
|
|
31/03/2013 |
1,010,493 |
48,344 |
42,459 |
10.00 |
490,217 |
|
|
31/03/2014 |
980,556 |
61,725 |
46,824 |
-2.96 |
546,813 |
|
|
31/03/2015 |
940,000 |
66,000 |
45,000 |
-4.14 |
.. |
Notes: Unit: In Million Yen
Forecast (or estimated) figures for
31/03/2015 fiscal term
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. Developing parts for wind power generator and
aircraft to reduce dependence on automobile industry. Present emphasis placed on measuring
instruments. The company started
operations at a new plant at a new camera plant in Laos in Oct 2013, and will
partially transfer the SLR camera production line for intermediate products and
below from the plant in Thailand due to soaring wage costs. It plans to launch camera resistant to water
up to a depth of 15 meters. 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 mirror-less models also targeting use by
professionals.
The sales volume for Mar/2014 fiscal term amounted to Yen 980,556
million, a 3.0% down from Yen 1,010,493 million in the previous term. Sales volume of lucrative SLR cameras was
softened in the second half due to slowing sales in Europe and the US. The recurring profit was posted at Yen 61,725
million and the net profit at Yen 46,824 million, respectively, compared with
Yen 48,344 million recurring profit and yen 42,459 million net profit,
respectively, a year ago
For the current term ending Mar 2015 the recurring profit is projected
at Yen 66,000 million and the net profit at Yen 45,000 million, respectively,
on a 4.1% fall in turnover, to Yen 940,000 million. Sales of SRL cameras will recover slightly.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements.
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
(%):
Master Trust Bank of Japan T (7.2), Japan Trustee Services T (6.4), Meiji
Yasuda Life Ins (5.0), JP Morgan Chase Bank 380055 (4.5), Tokio Marine &
Nichido Fire Ins (2.0), Nippon Life Ins (1.8), Joyo Bank (1.6), Mitsubishi UFJ
Trust Bank (1.3), Bank of New York Treaty Jasdec (1.3); foreign owners (29.0)
No. of
shareholders: 46,775
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; Ken’ichi Kanazawa, mgn dir;
Toshikazu Umatate, mgn dir; Tsuneo Kosaka, mgn dir; Tomohide Hamada, mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Nikon Imaging
Japan, Nikon Inc USA, Nikon Inc, other
Activities: Manufactures
precision equipment, imaging products, instruments, other:
(Sales breakdown
by divisions):
Precision
Machinery (18%): IC stepper & scanners, LCD steppers & scanner;
Visual Equipment
(74%): digital cameras, film cameras, interchangeable lenses, speed lights,
film scanners, photographic accessories, software;
Instruments (5%): 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 BV, Samsung
Japan, Nikon Imaging China Sales Co, Nikon Hong Kong Ltd, Nikon Precision Inc,
other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sanyo Electric, UKC Electronics Inc, Nikon Co Ltd, USC, Renesas Electronics
Corp, Nano Metrix Japan, Nikon Thailand, other
Payment record: No Complaints
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
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
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||
|
|
Annual Sales |
|
980,556 |
1,010,493 |
|
|
Cost of Sales |
630,568 |
663,509 |
|
|
|
GROSS PROFIT |
349,987 |
346,984 |
|
|
|
Selling & Adm Costs |
287,046 |
295,982 |
|
|
|
OPERATING PROFIT |
62,941 |
51,001 |
|
|
|
Non-Operating P/L |
-1,216 |
-2,657 |
|
|
|
RECURRING PROFIT |
61,725 |
48,344 |
|
|
|
NET PROFIT |
46,824 |
42,459 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
225,519 |
110,281 |
|
|
Receivables |
|
128,443 |
134,225 |
|
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Inventory |
|
244,941 |
269,411 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
49,919 |
61,730 |
|
|
|
TOTAL CURRENT ASSETS |
648,822 |
575,647 |
|
|
|
Property & Equipment |
159,278 |
161,605 |
|
|
|
Intangibles |
|
33,006 |
32,270 |
|
|
Investments, Other Fixed Assets |
108,409 |
95,145 |
|
|
|
TOTAL ASSETS |
949,515 |
864,667 |
|
|
|
Payables |
|
118,841 |
124,676 |
|
|
Short-Term Bank Loans |
14,511 |
18,739 |
|
|
|
|
|
|
|
|
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Other Current Liabs |
146,824 |
155,771 |
|
|
|
TOTAL CURRENT LIABS |
280,176 |
299,186 |
|
|
|
Debentures |
|
50,000 |
40,000 |
|
|
Long-Term Bank Loans |
49,600 |
22,600 |
|
|
|
Reserve for Retirement Allw |
4,674 |
3,631 |
|
|
|
Other Debts |
|
18,252 |
9,033 |
|
|
TOTAL LIABILITIES |
402,702 |
374,450 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
65,475 |
65,475 |
|
|
|
Additional
paid-in capital |
80,711 |
80,711 |
|
|
|
Retained
earnings |
384,843 |
345,698 |
|
|
|
Evaluation
p/l on investments/securities |
12,859 |
9,482 |
|
|
|
Others |
|
15,543 |
1,655 |
|
|
Treasury
stock, at cost |
(12,618) |
(12,804) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
546,813 |
490,217 |
|
|
|
TOTAL EQUITIES |
949,515 |
864,667 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
114,185 |
51,890 |
|
|
Cash
Flows from Investment Activities |
-43,193 |
-65,109 |
|
|
|
Cash
Flows from Financing Activities |
31,868 |
-18,198 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
221,367 |
110,094 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
546,813 |
490,217 |
|
|
|
Current
Ratio (%) |
231.58 |
192.40 |
|
|
|
Net
Worth Ratio (%) |
57.59 |
56.69 |
|
|
|
Recurring
Profit Ratio (%) |
6.29 |
4.78 |
|
|
|
Net Profit
Ratio (%) |
4.78 |
4.20 |
|
|
|
Return
On Equity (%) |
8.56 |
8.66 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
UK Pound |
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
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.