MIRA INFORM REPORT

 

 

Report Date :

29.09.2014

 

IDENTIFICATION DETAILS

 

Name :

FUJIFILM HOLDINGS CORPORATION

 

 

Registered Office :

9-7-3 Akasaka Minatoku Tokyo 107-0052

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

Jan., 1934

 

 

Com. Reg. No.:

0104-01-065370 (Tokyo-Minatoku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Develops, produces, sales and services of:

·         Imaging Solutions (15%); color films, digital cameras, photofinishing equipment, color paper, chemicals & services of photofinishing, etc;

Information Solutions (38%): equipment & materials for medical system and life science, equipment & materials for graphic arts, flat panel display materials, etc;

Document Solutions (46%): office copy machines, MFPs, printers, production systems & services, paper, consumable and office services, etc

Overseas Sales Ratio (58%)

 

 

No. of Employees :

78,595

 

 

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

 

 

Maximum Credit Limit :

YEN 86,224.0 MILLION

 

 

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

 

 

 

 

Company Name and Address  

 

FUJIFILM HOLDINGS CORPORATION

 

REGD NAME:    Fuji Film Holdings KK

 

MAIN OFFICE:  9-7-3 Akasaka Minatoku Tokyo 107-0052 JAPAN

                                    Tel: 03-6271-1111     -

 

                                    *.. Registered at: 2-26-30 Nishiazabu Minatoku Tokyo

 

URL:                             http://www.fujifilmholdings.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Holding company of major three subsidiaries

 

 

BRANCHES

 

Kanagawa, Saitama, Shizuoka, other (Tot 6) (Fujifilm Corp)

 

 

OVERSEAS

 

(Subsidiaries)

 

 

FACTORIES

 

Kanagawa, Shizuoka, other (Fujifilm Corp)

 

 

CHIEF EXEC

 

SHIGEHIRO NAKAJIMA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 　     A/SALES          Yen 2,439,953 M

PAYMENTSNO COMPLAINTS    CAPITAL           Yen 40,363 M

TREND UP                    　     WORTH            Yen 2,020,639 M

STARTED         1934                 　     EMPLOYES      78,595

 

 

COMMENT

 

HOLDING COMPANY OF FUJIFILM GROUP FIRMS 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 86,224.0 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Unit: In million Yen

Forecast figures for the 31/03/2015 fiscal term.

 

 

HIGHLIGHTS

 

This is the Holding Company of Fujifilm group firms, organized Oct 2006.  As of the date, Fuji Photo Film Co Ltd was transferred into a holding company and renamed as captioned.  The businesses of Fuji Photo Film have been taken over by Fujifilm Corporation, which is a newly established operating company. Three major subsidiaries are: Fujifilm Corporation, Fuji Xerox Co Ltd and Toyama Chemical Co Ltd.  Leading maker of digital cameras.  Shifted away from photo films into flat panel display films and medical image systems.  The company formed a business tie-up with Heidelberg of Germany in inkjet digital printing machinery.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2014 fiscal term amounted to Yen 2,439,953 million, a 10.2% up from Yen 2,214,696 million in the previous term.  In office machine business, sales to Xerox Corp of the US rebounded and relevant services increased.  Demand for LCD films for large-screen TVs grew.  The weaker Yen helped.  The recurring profit was posted at Yen 157,154 million and the net profit at Yen 80,996 million, respectively, compared with Yen 119,186 million recurring profit and Yen 54,266 million net profit, respectively, a year ago. 

 

(Apr/Jun/2014 results): Sales Yen 558,362 million (down 1.8%), operating profit Yen 29,838 million (up 18.8%), recurring profit Yen 29,866 million (down 1.5%), net profit Yen 15,365 million (up 2.8%).  (% compared with the corresponding period a yea ago).

           

For the current term ending Mar 2015 the recurring profit is projected at Yen 160,000 million and the net profit at Yen 85,000 million, on a 0.8% rise in turnover, to Yen 2,460,000 million.  Sales of office machines and films will grow.  Pharmaceutical business will also contribute.  Operating profit will grow.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 86,224.0 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　         Jan 1934

Regd No.:                                 0104-01-065370 (Tokyo-Minatoku)

Legal Status:               Limited Company (Kabushiki Kaisha

Authorized:                              800 million shares

Issued:                         514,625,728 shares

Sum:                            Yen 40,363 million

 

Major shareholders (%): Company’s Treasury Stock (6.3), Japan Trustee Services T (5.9), Master Trust Bank of Japan T (5.3), Nippon Life Ins (3.7), Bank of New York Mellon SANV 10 (2.7), SMBC (2.0), Northern Trust (AVFC) Nontreaty (1.4), Mitsui Sumitomo Ins (1.4), State Street Bank & Trust 505225 (1.1), State Street Bank West Treaty (1.1); foreign owners (40.3)

 

No. of shareholders: 82,091

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Shigetaka Komori, ch; Shigehiro Nakajima, pres; Kouichi Tamai, s/mgn dir; Yuzo Toda, dir; Toru Takahashi, dir; Takatoshi Ishikawa, dir; Kenji Sukeno, dir; Kazuhiko Furuya, dir; Masahiro Asami, dir; Tadahito Yamamoto, dir

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Fuji Film Corp, Fuji Xerox Co, Toyama Chemical Co, other.

 

 

OPERATION

           

Activities: Develops, produces, sales and services of:

Imaging Solutions (15%); color films, digital cameras, photofinishing equipment, color paper, chemicals & services of photofinishing, etc;

Information Solutions (38%): equipment & materials for medical system and life science, equipment & materials for graphic arts, flat panel display materials, etc;

Document Solutions (46%): office copy machines, MFPs, printers, production systems & services, paper, consumable and office services, etc

Overseas Sales Ratio (58%)

           

Clients: [Mfrs, wholesalers] Fujifilm Corp, Fujifilm Global Graphic Systems, Fujifilm Medical, Fujifilm Opto Materials, other

No. of accounts: 1,000

Domestic areas of activities: Nationwide

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

                        SMBC (H/O)

                        Chuo Mitsui Trust Bank (H/O)

                        Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

　

　

　

Terms Ending:

31/03/2014

31/03/2013

INCOME STATEMENT

 

　

　

  Annual Sales

　

2,439,953

2,214,696

　

  Cost of Sales

1,518,911

1,364,196

　

      GROSS PROFIT

921,042

850,500

　

  Selling & Adm Costs

780,234

736,384

　

      OPERATING PROFIT

140,808

114,116

　

  Non-Operating P/L

16,346

5,070

　

      RECURRING PROFIT

157,154

119,186

　

      NET PROFIT

80,996

54,266

BALANCE SHEET

 

 

　

　

  Cash

　

604,571

154,394

　

  Receivables

 

636,813

588,875

　

  Inventory

 

363,743

399,929

　

  Securities, Marketable

16,635

3,653

　

  Other Current Assets

139,935

414,436

　

      TOTAL CURRENT ASSETS

1,761,697

1,561,287

　

  Property & Equipment

530,237

546,132

　

  Intangibles

 

423,088

412,247

　

  Investments, Other Fixed Assets

511,947

539,930

　

      TOTAL ASSETS

3,226,969

3,059,596

　

  Payables

 

244,883

227,048

　

  Short-Term Bank Loans

44,731

40,680

　

　

 

　

　

　

  Other Current Liabs

306,808

278,636

　

      TOTAL CURRENT LIABS

596,422

546,364

　

  Debentures

 

　

　

　

  Long-Term Bank Loans

314,968

317,592

　

  Reserve for Retirement Allw

32,466

80,997

　

  Other Debts

　

84,890

89,857

　

      TOTAL LIABILITIES

1,028,746

1,034,810

　

      MINORITY INTERESTS

 

　

　

Common stock

40,363

40,363

　

Additional paid-in capital

75,507

75,226

　

Retained earnings

2,036,451

1,979,552

　

Evaluation p/l on investments/securities

(29,995)

(124,225)

　

Others

 

177,584

155,916

　

Treasury stock, at cost

(101,687)

(102,046)

　

      TOTAL S/HOLDERS` EQUITY

2,198,223

2,024,786

　

      TOTAL EQUITIES

3,226,969

3,059,596

CONSOLIDATED CASH FLOWS

 

　

　

 

Terms ending:

31/03/2014

31/03/2013

　

Cash Flows from Operating Activities

　

292,532

199,451

　

Cash Flows from Investment Activities

-125,478

-140,934

　

Cash Flows from Financing Activities

-25,094

128,287

　

Cash, Bank Deposits at the Term End

　

604,571

445,394

ANALYTICAL RATIOS            Terms ending:

31/03/2014

31/03/2013

　

 

Net Worth (S/Holders' Equity)

2,198,223

2,024,786

　

 

Current Ratio (%)

295.38

285.76

　

 

Net Worth Ratio (%)

68.12

66.18

　

 

Recurring Profit Ratio (%)

6.44

5.38

　

 

Net Profit Ratio (%)

3.32

2.45

　

　

Return On Equity (%)

3.68

2.68

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.45

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.