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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
FANUC CORPORATION
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Registered Office : |
3580 Shibakusa Aza-Komanba Oshinomura Minamitsurugun Yamanashi-Pref 401-0597 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1972 |
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Com. Reg. No.: |
0900-01-010053 (Yamanashi-Minamitsurugun-Oshinomura) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of NC apparatus & robots Subject product
ranges includes : ·
CNC series Servo Motor Laser Robot ROBODRILL ROBOSHOT (Electric Injection Molding Machine) ROBOCUT (Wire-cut Electric Discharge Machine) ROBONANO (Super Nano Machine) |
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No of Employees : |
5,261 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
FANUC CORPORATION
Fanuc KK
3580 Shibakusa
Aza-Komanba Oshinomura Minamitsurugun Yamanashi-Pref 401-0597 JAPAN
Tel:
0555-84-5555 Fax: 0555-84-5512
E-Mail address: info@fanuc.co.jp
Manufacturer of NC apparatus & robots
Subject product
ranges includes :
·
CNC series
Servo Motor
Laser
Robot
ROBODRILL
ROBOSHOT (Electric Injection Molding Machine)
ROBOCUT (Wire-cut Electric Discharge Machine)
ROBONANO (Super Nano Machine)
Osaka, Nagoya, Tsukuba, Ebetsu (Hokkaido), Kumamoto, other
(Tot 32);
USA, Europe, Australia, China, Asia, other (Tot 10)
At the
caption address, Tsukuba, Hayato (Kagoshima)
YOSHIHARU
INABA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 450,976 M
PAYMENTS REGULAR CAPITAL Yen 69,014 M
TREND SLOW WORTH Yen
1,199,863 M
STARTED 1972 EMPLOYES 5,261
MFR OF NC EQUIPMENT & INDUSTRIAL ROBOTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSI- NESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
446,201 |
195,434 |
120,155 |
(%) |
894,494 |
|
(Consolidated) |
31/03/2012 |
538,492 |
228,578 |
138,819 |
20.68 |
985,322 |
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31/03/2013 |
498,395 |
191,242 |
120,484 |
-7.45 |
1,094,129 |
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31/03/2014 |
450,976 |
174,360 |
110,930 |
-9.51 |
1,199,863 |
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31/03/2015 |
531,800 |
216,200 |
146,500 |
17.92 |
.. |
Unit; In Million Yen
Forecast (or estimated) figures for the
31/03/2015 fiscal term
The subject company was established on the basis of the Computing Control Division separated from Fujitsu Ltd, nation’s largest computer mfr, Tokyo. That year developed its first industrial robots. This is the world’s largest mfr of NC equipment in use for machine tools. Strong in-house production of servomotors. Noted for debt-free financial position and strong earnings. The firm increased the number of vice president position from one to three and granted a representation right to each of them, aiming to enhance the management term’s leadership capability. Kiyonori Inaba, a son of president Yoshiharu Inaba, was promoted to executive management director. Aggressively expanding into Europe, India and China. Set up a sales company in Russia in partnership with Mitsui & Co. Mostly exports on OEM basis. Also engaged in NC equipment in US & Europe. In 2009, Fanuc dissolved its JV with General Electric Company. Accordingly, the firm established FANUC CNC America Inc and FANUC CNC Europe SA as wholly owned subsidiaries to conduct sales and maintenance service activities of CNCs in the Americas & Europe respectively.
The sales volume for Mar/2014 fiscal term amounted to Yen 450,976 million, a 9.5% down from Yen 498,395 million in the previous term. Sales of robots increased steadily mainly in the US, backed by car-related brisk demand. But sales of small MCs decreased, hit by the absence of smartphone related large demand. Sales of main profit-earner NC equipment fell short of projections, owing to a slow recovery in the machine tool market. The recurring profit was posted at Yen 174,360 million and the net profit at Yen 110,930 million, respectively, compared with Yen 191,242 million recurring profit and Yen 120,484 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected at Yen 216,200 million and the net profit at yen 146,500 million, respectively, on a 17.9% rise in turnover, to Yen 531,800 million. Sales of mainstay NC equipment will grow, with machine tool markets turning up in Japan and China. Sales of robots will remain at a high level mainly in the US.
Financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: May
1972
Regd No.: 0900-01-010053
(Yamanashi-Minamitsurugun-Oshinomura)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400 million shares
Issued: 239,508,317 shares
Sum: Yen 69,014
million
Major shareholders (%): Company’s Treasury Stock (18.2), Master Trust Bank of Japan T (5.9), Japan Trustee Services T (4.8), State Street Bank & Trust (4.6), Chase London SL Omnibus Acct (3.0), State Street Bank & Trust (2) (2.6), CBNY for Depositary Shareholders (1.4), Caceis Bank France Ordinary (1.3), Bank of New York Treaty Jasdec (1.3), Mellon Bank Treaty Cl Omnibus (1.1); foreign owners (JP Morgan Chase Bank 380055 (1.9), JP Morgan Securities Japan (1.3), Trust & Custody Services Bank (1.2), SSB 0005 Omnibus China Treaty (1.1); foreign owners (46.4)
No. of shareholders: 47,851
Listed on the S/Exchange (s) of: Tokyo
Managements: Yoshiharu Inaba, pres & CEO; Kenji Yamaguchi, v pres; Hiroyuki Uchida, v pres; Yoshihiro Gonda, v pres; Kiyonori Inaba, s/mgn dir; Shunsuke Matsubara, s/mgn dir; Katsuo Kobari, s/mgn dir; Hiroshi Noda, s/mgn dir; Tetsuya Kosaka, mgn dir; Toshiya Okada, mgn dir; Kazuyuki Hiramoto mgn dir; Takayuki Ito mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Fanuc Robotics America, other
Activities: Manufactures NC apparatus & robots:
(Sales breakdown by divisions):
FA Div (40%): CNC series, power mater, Servo motors (including spindle motors, linear motors, DD motors), lasers, other
Robotics
Div (24%): robots;
Robot
Machine Div (36%): electric injection molding machines, wire-cut EDMs, CNC
drills, super 5 axis precision nano machines, including maintenance, repairing,
testing, and other services for the products.
Overseas
sales ratio (789.0%)
Clients:
[Mfrs, wholesalers] Mitsui & Co, Makino Milling Machine, Murata Machinery,
Amada Co, Yamazen Corp, Yuasa Trading, Tsugami Corp, Mori Seiki Co, Star Seiki
Co, Foxconn Precision Electronics, other
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers]: Fujitsu Ltd,
Panasonic Corp, Nabtesco Corp, Fuji Electric Devise Technology, Umetoku Inc,
Fanuc Pertronics, THK, Hitachi Metal Ind, Furukawa Electric Co, other
Payment
record: Regular
Location: Light
industrial area in Yamanashi-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Mizuho Bank (Tokyo)
MUFG (H/O)
Relations: Satisfactory
(In
Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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450,976 |
498,395 |
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Cost of Sales |
227,189 |
258,670 |
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GROSS PROFIT |
223,787 |
239,725 |
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Selling & Adm Costs |
59,653 |
54,904 |
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OPERATING PROFIT |
164,134 |
184,821 |
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Non-Operating P/L |
10,226 |
6,421 |
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RECURRING PROFIT |
174,360 |
191,242 |
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NET PROFIT |
110,930 |
120,484 |
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BALANCE SHEET |
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Cash |
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823,670 |
727,753 |
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Receivables |
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91,698 |
81,318 |
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Inventory |
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87,495 |
72,184 |
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Securities, Marketable |
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Other Current Assets |
24,938 |
25,185 |
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TOTAL CURRENT ASSETS |
1,027,801 |
906,440 |
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Property & Equipment |
262,473 |
264,821 |
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Intangibles |
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4,213 |
8,747 |
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Investments, Other Fixed Assets |
49,417 |
39,105 |
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TOTAL ASSETS |
1,343,904 |
1,219,113 |
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Payables |
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26,192 |
22,044 |
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Short-Term Bank Loans |
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Other Current Liabs |
73,257 |
70,929 |
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TOTAL CURRENT LIABS |
99,449 |
92,973 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
40,456 |
28,172 |
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Other Debts |
|
4,136 |
3,839 |
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TOTAL LIABILITIES |
144,041 |
124,984 |
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MINORITY INTERESTS |
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Common
stock |
69,014 |
69,014 |
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Additional
paid-in capital |
96,270 |
96,268 |
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Retained
earnings |
1,340,809 |
1,261,572 |
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Evaluation
p/l on investments/securities |
5,112 |
2,941 |
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Others |
|
957 |
(24,030) |
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Treasury
stock, at cost |
(312,299) |
(311,636) |
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TOTAL S/HOLDERS` EQUITY |
1,199,863 |
1,094,129 |
|
|
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TOTAL EQUITIES |
1,343,904 |
1,219,113 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
|
125,559 |
158,848 |
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Cash
Flows from Investment Activities |
-16,468 |
-43,964 |
|
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Cash
Flows from Financing Activities |
-31,929 |
-39,838 |
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Cash,
Bank Deposits at the Term End |
|
823,669 |
727,751 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
1,199,863 |
1,094,129 |
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Current
Ratio (%) |
1033.50 |
974.95 |
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Net
Worth Ratio (%) |
89.28 |
89.75 |
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Recurring
Profit Ratio (%) |
38.66 |
38.37 |
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Net
Profit Ratio (%) |
24.60 |
24.17 |
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Return
On Equity (%) |
9.25 |
11.01 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
UK Pound |
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<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.