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Report No. : |
307513 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIKON CORPORATION |
|
|
|
|
Registered Office : |
Shin-Yurakucho Bldg, 1-12-1 Yurakucho Chiyodaku Tokyo 100-8331 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
July, 1917 |
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|
|
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Com. Reg. No.: |
0100-01-008763 (Tokyo-Chiyodaku) |
|
|
|
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Cameras, Precision
Equipment, Imaging Products, Other. |
|
|
|
|
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 |
|
Maximum Credit Limit : |
YEN 30,261.3 MILLION |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
NIKON CORPORATION
REGD NAME: KK
Nikon
MAIN OFFICE: 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)
Mfg of cameras,
precision equipment, imaging products, other
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
PAYMENTSREGULAR 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.
MAX CREDIT LIMIT:
YEN 30,261.3 MILLION, 30 DAYS NORMAL TERMS
|
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. Max credit limit is
estimated at Yen 30,261.3 million, on 30 days normal terms.
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: Regular
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 |
||||
|
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 |
||
|
|
|
|
||
|
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.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
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.