MIRA
INFORM REPORT
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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DAIFUKU CO LTD |
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Registered Office : |
3-2-11 Mitejima Nishiyodogawaku |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1937 |
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Com. Reg. No.: |
1200-01-050011 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures of materials handling equipment: distribution equipment (87%), electronic equipment (6%), others (7%) |
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No of Employees : |
7349 |
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 : |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company name & address
DAIFUKU CO LTD
REGD NAME
KK Daifuku
MAIN OFFICE
3-2-11 Mitejima
Nishiyodogawaku Osaka 555-0012 Japan
Tel:
06-6472-1261
Fax:
06-6476-2561 -
URL: http://www.daifuku.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of material handling equipment
BRANCHES: Tokyo,
Sapporo, Komaki, Hiroshima, Toyoda, other (Tot 82)
FACTORIES: Shiga,
Komaki
CHIEF EXEC: MASAKI
HOJO, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 241,811 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 8,024 M
TREND UP WORTH Yen
99,690 M
STARTED 1937 EMPLOYES 7349
COMMENT: MFR OF MATERIAL HANDLING EQUIPMENT FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This is the world’s top-class mfr of material handling equipment. Leads other makers in automated rack-type warehouses in Japan. Aggressively taking on overseas operations. Also engaged in production of LCD and semiconductor handling equipment.
FINANCIAL INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen 241,811 million, a 19.5% up from Yen 202,337 million in the previous term. Three month results of the newly purchased peer were added to earnings. Sales of conveyance equipment for automakers soared in North America. Orders from Internet retailers went well in the domestic and overseas makers, including China. The recurring profit was posted at Yen 13,191 million and the net profit at Yen 7,740 million, respectively, compared with Yen 7,999 million recurring profit and Yen 4,439 million net profit, respectively, a year ago.
(Apr/Jun/2014 results): Sales Yen 58,533 million (up 16.2%), operating profit Yen 1,010 million (down 9.7%), recurring profit Yen 1,375 million (down 18%), net profit Yen 1,117 million (up 16.8%). (% compared with the corresponding period a year ago).
For the current term ending Mar 2015 the recurring profit is projected at Yen 14,300 million and the net profit at Yen 8,800 million, respectively, on an 11.7% rise in turnover, to Yen 270,000 million. The newly bought US firm will contribute for the full term. Sales of conveyance equipment will hold steady.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: May 1937
Regd
No.: 1200-01-050011 (Osaka-Nishiyodogawaku)
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
250 million shares
Issued: 113,671,494
shares
Sum: Yen
8,024 million
Major
shareholders (%): Master Trust Bank of Japan T (6.2), Mizuho Bank (5.4), Japan Trustee
Services T (4.2), Northern Trust (AVFC) Re 15PCT T (3.8), SMBC (3.5),
Customers’ S/Holding Assn (3.5), MUFG (3.3), Nippon Life Ins (2.7), Company’s
Treasury Stock (2.2), Employees’ S/Holding Assn (1.6); foreign owners (27.6)
No.
of shareholders: 7,153
Listed on the S/Exchange (s) of: Tokyo
Managements: Masaki Hojo,
pres; Fumio Kobayashi, v pres; Mikio Inohara, v pres; Akio Tanaka, v pres;
Susumu Moriya, s/mgn dir; Shuichi Honda, s/mgn dir; Masayoshi Inoue, mgn dir;
Takashi Hiramoto, mgn dir; Hidenori Iwamoto, mgn dir; Noboru Kashiwagi, dir;
Yoshiaki Ozawa, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Contec Co, Daifuku Plusmore Co, other.
OPERATION
Activities: Manufactures materials handling equipment: distribution equipment (87%), electronic equipment (6%), others (7%)
Overseas Sales Ratio (61%)
Clients: [Mfrs, wholesalers] Daifuku America, Daifuku Plusmore Co, CEC Panda LCD, Honda Motor Co, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Densetsu Co, EMS, Tachibana Eletech, NEC,
Hanwa Trading Corp, other
Payment record: No Complaints
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Umeda-Chuo)
SMBC (Osaka H/O)
Relations:
Satisfactory
FINANCES
(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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241,811 |
202,337 |
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Cost of Sales |
194,974 |
165,340 |
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GROSS PROFIT |
46,836 |
36,996 |
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Selling & Adm Costs |
34,279 |
28,986 |
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OPERATING PROFIT |
12,556 |
8,010 |
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Non-Operating P/L |
635 |
-11 |
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RECURRING PROFIT |
13,191 |
7,999 |
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NET PROFIT |
7,740 |
4,439 |
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BALANCE SHEET |
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Cash |
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52,132 |
33,735 |
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Receivables |
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74,217 |
68,826 |
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Inventory |
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20,381 |
17,603 |
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Securities, Marketable |
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Other Current Assets |
24,051 |
19,667 |
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TOTAL CURRENT ASSETS |
170,781 |
139,831 |
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Property & Equipment |
34,075 |
31,297 |
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Intangibles |
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14,856 |
9,035 |
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Investments, Other Fixed Assets |
29,819 |
26,712 |
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TOTAL ASSETS |
249,531 |
206,875 |
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Payables |
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36,818 |
36,553 |
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Short-Term Bank Loans |
7,014 |
28,221 |
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Other Current Liabs |
39,879 |
29,224 |
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TOTAL CURRENT LIABS |
83,711 |
93,998 |
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Debentures |
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2,700 |
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Long-Term Bank Loans |
33,298 |
19,163 |
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Reserve for Retirement Allw |
8,681 |
4,712 |
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Other Debts |
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21,450 |
3,317 |
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TOTAL LIABILITIES |
149,840 |
121,190 |
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MINORITY INTERESTS |
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Common
stock |
8,024 |
8,024 |
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Additional
paid-in capital |
9,239 |
9,028 |
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Retained
earnings |
76,009 |
69,859 |
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Evaluation
p/l on investments/securities |
3,102 |
1,809 |
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Others |
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5,936 |
(611) |
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Treasury
stock, at cost |
(2,620) |
(2,424) |
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TOTAL S/HOLDERS` EQUITY |
99,690 |
85,685 |
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TOTAL EQUITIES |
249,531 |
206,875 |
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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 |
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20,447 |
15,666 |
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Cash
Flows from Investment Activities |
-7,372 |
-13,649 |
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Cash
Flows from Financing Activities |
1,045 |
88 |
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Cash,
Bank Deposits at the Term End |
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51,852 |
33,722 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
99,690 |
85,685 |
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Current
Ratio (%) |
204.01 |
148.76 |
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Net
Worth Ratio (%) |
39.95 |
41.42 |
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Recurring
Profit Ratio (%) |
5.46 |
3.95 |
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Net
Profit Ratio (%) |
3.20 |
2.19 |
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Return
On Equity (%) |
7.76 |
5.18 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.04 |
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1 |
Rs.98.64 |
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Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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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.