|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
HORIBA LTD |
|
|
|
|
Registered Office : |
2 Miyanohigashi Kisshoin Minamiku Kyoto 601-8510 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
January 1953 |
|
|
|
|
Com. Reg. No.: |
1300-01-011676 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturing of measuring instruments,
analyzers |
|
|
|
|
No. of Employees |
5,787 |
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 |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
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-
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
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 138,136 M
PAYMENTSNO
COMPLAINTS 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. Sales of
mainstay automobile-use exhaust gas measuring equipment increased. Demand for semiconductor-related products
recovered. 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.
(Jan/Jun/2014
results): Sales Yen 67,934 million (up 13.8%), operating profit Yen 5,661
million (up 42.5%), recurring profit Yen 5,138 million (up 37.4%), net profit
Yen 2,592 million (up 2.5%). (% compared
with the corresponding period 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 an 8.6% rise in turnover, to Yen
150,000 million. Sales of exhaust gas analyzers for power plants will
grow. Orders for automobile-use products
will fare well, led by those for exhaust gas measuring equipment. Demand for measuring equipment for smartphone
mfg was strong in the first quarter, but ceased to grow in Apr 2014.
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 (6.6), Master Trust Bank of Japan T (4.6), Taiyo Fund
LP (4.1), Zenkyoren (3.0), Masuo Horiba (2.7), Nomura Lux Multi Currency
1818517 (2.1), Bank of Kyoto (1.9), Atsushi Horiba (1.9), Horiba Rakurakukai
Invest (1.8), Japan Re Fidelity (1.6); foreign owners (36.8)
No. of shareholders: 6,328
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; Masahiro Sugita, 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: No complaints
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
(In Million Yen)
|
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.