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Report No. : |
304701 |
|
Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FANUC CORPORATION |
|
|
|
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Registered Office : |
3580, Shibokusa, Oshino-mura,
Minami-tsuru-gun, Yamanashi pref. 401-0597 |
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|
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Country : |
Japan |
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|
|
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Financials (as on) : |
30.09.2014 (Estimated) 31.03.2014 (Consolidated) |
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Date of Incorporation : |
22.11.1950 |
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|
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Com. Reg. No.: |
0900-01-010053 (Kofu) |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged in
Development, Manufacture, Exports, Imports and Sales of FA Equipment,
Robot & Robo-Machine Subject product lines includes: ·
Fanuc
Products Lineup 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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|
|
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No of Employees : |
5,469 |
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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
FANUC CORPORATION
Company name: FANUC
CORPORATION
Name in local
language: FANUC K.K.
Office address: 3580,
Shibokusa, Oshino-mura, Minami-tsuru-gun, Yamanashi pref. 401-0597
Country: Japan
Office tel: 0555-84-5555
Website: www.fanuc.co.jp
Business type: Manufacturer
Industry: FA
equipment, robot, robotic-machine
Established: November
22, 1950
Capital: Jp.
69,014,459,450 yen
Employees: 5,469
Corporate formation:
Listed
Corporation No.: 0900-01-010053 (Kofu Legal Affairs
Bureau)
As of March 31,
2014:
Paid in capital : Jp. 69,014,459,450 yen
Number of authorized
shares : 400,000,000 shares
Shares issued : 239,508,317 shares
Number of
shareholder : 35,120
Name of
shareholders Number of thousand shares (%)
-----------------------------------------------------------------------------------------------------------
Master Trust Bank of
Japan, Ltd. 15,930 ( 6.65)
Japan Trustee
Services Bank, Ltd. 12,165 ( 5.08)
State Street Bank
And Co.#1(U.S.A.) 7,528 ( 3.14)
Chase Manhattan Bank
NA London(U.K.) 6,392 ( 2.67)
Citi Bank NA NY
(U.S.A.) 3,950 ( 1.65)
BNP Paribas
Securities, Inc. 3,546 ( 1.48)
State Street Bank
And Trust Co.#2(U.S.A.) 2,675 ( 1.12)
Mellon Bank
NA(U.S.A.) 2,568 ( 1.07)
Trust & Custody
& Services Bank, Ltd. 2,494 ( 1.04)
----------------------------------------------------------------------------------------------------------
Total 67,484 (28.17)
The subject holds
43,836 thousand shares as treasury stock.
·
Fanuc
Products Lineup Includes;
·
Cnc
Series
·
Servo
Motor
·
Laser
·
Robot
·
Robodrill
·
Roboshot
(Electric Injection Molding Machine)
·
Robocut
(Wire-Cut Electric Discharge Machine)
·
Robonano
(Super Nano Machine)
President Mr.
Yoshiharu Inaba (*)
Nationality: Japan
Vice President Mr. Kenji Yamaguchi
(*)
Nationality: Japan
Vice President Mr. Hiroyuki Uchida (*)
Nationality: Japan
Vice President Mr.
Yoshihiro Gonda (*)
Nationality: Japan
Senior Managing
Director Mr. Kiyonori Inaba
Nationality: Japan
Senior
Managing Director Mr. Shunsuke
Matsubara
Nationality: Japan
Senior Managing
Director Mr. Hiroshi Noda
Nationality: Japan
Senior Managing
Director Mr. Katsuo Kohari
Nationality: Japan
Managing
Director Mr. Toshiya Okada
Nationality: Japan
Director Mr.
Richard E. Schneider
Nationality: n.
a.
Director Mr.
Olaf C. Gehrels
Nationality: n.
a.
Director Mr.
Masato Ono
Nationality: Japan
Auditor Mr. Shunsuke Kimura
Nationality: Japan
Auditor Mr.
Naoki Shimizu
Nationality: Japan
Auditor Mr.
Hajime Harada
Nationality: Japan
Auditor Mr.
Takeo Nakagawa
Nationality: Japan
Auditor Mr.
Masaharu Sumikawa
Nationality: Japan
Note: The names of
director(s) and auditor(s) are phonetically spelt.
(*): Representative directors
*Key Personnel*
==============
Mr. Yoshiharu Inaba
President and
representative director since June 2003
Born on July 23,
1948
Business career:
Apr. 1973: Employed by Isuzu Motors.
Sep. 1983: Employed by the subject.
Jun. 1989: Director.
Oct. 2013: Concurrently General Manager of FA
Division.
Home address:
8-17-22, Ikuta, Tama-ku, Kawasaki city, Kanagawa pref.
Currency: (local
currency - Jp. yen)
-------------------------------------------------------------------------------------
Year |
Sales |
Net Income
-------------------------------------------------------------------------------------
|
2009 |
388,271,000,000 |
97,162,000,000 |
|
2010 |
253,393,000,000 |
37,511,000,000 |
|
2011 |
446,201,000,000 |
120,155,000,000 |
|
2012 |
538,492,000,000 |
138,819,000,000 |
|
2013 |
498,395,000,000 |
120,484,000,000 |
|
2014 |
450,976,000,000 |
110,930,000,000 |
*Book Closing*
============
March 31st
*Financials*
==========
|
Consolidated Balance Sheet |
|||
|
Unit: millions of JP yen |
|||
|
|
3/31/2012 |
3/31/2013 |
3/31/2014 |
|
Current assets |
848,669 |
906,440 |
1,027,801 |
|
Cash & deposits |
637,076 |
727,753 |
823,670 |
|
Account receivables |
98,717 |
81,318 |
91,698 |
|
Inventories |
86,599 |
72,184 |
87,495 |
|
Others |
26,277 |
25,185 |
24,938 |
|
Fixed assets |
281,956 |
312,673 |
316,103 |
|
Tangible assets |
235,763 |
264,821 |
262,473 |
|
Intangible assets |
12,758 |
8,747 |
4,213 |
|
Investments & others |
33,435 |
39,105 |
49,417 |
|
Total Assets |
1,130,625 |
1,219,113 |
1,343,904 |
|
|
|
|
|
|
Current liabilities |
115,270 |
92,973 |
99,449 |
|
Account payables |
30,196 |
22,044 |
26,192 |
|
Outstanding taxes |
50,155 |
30,637 |
30,787 |
|
Others |
34,919 |
40,292 |
42,470 |
|
Fixed liabilities |
30,033 |
32,011 |
44,592 |
|
Retirement benefits |
26,499 |
28,172 |
40,456 |
|
Others |
3,534 |
3,839 |
4,136 |
|
Shareholders' equity |
1,034,441 |
1,115,218 |
1,193,794 |
|
Paid up capital |
69,014 |
69,014 |
69,014 |
|
Capital reserves |
96,265 |
96,268 |
96,270 |
|
Retained earnings |
1,180,556 |
1,261,572 |
1,340,809 |
|
Treasury stock |
-311,394 |
-311,636 |
-312,299 |
|
Valuation &
adjustment |
-53,118 |
-25,958 |
238 |
|
Minority Interest |
3,999 |
4,869 |
5,831 |
|
Total Net Assets |
985,322 |
1,094,129 |
1,199,863 |
|
Total Liabilities & Net
Assets |
1,130,625 |
1,219,113 |
1,343,904 |
|
Consolidated Income Statement |
|||
|
Unit : millions of JP yen |
|||
|
|
3/31/2012 |
3/31/2013 |
3/31/2014 |
|
Sales |
538,492 |
498,395 |
450,976 |
|
Cost of goods sold |
262,120 |
258,670 |
227,189 |
|
Gross profit(loss) |
276,372 |
239,725 |
223,787 |
|
Sales/administrative
expenses |
54,538 |
54,904 |
59,653 |
|
Operating profit(loss) |
221,834 |
184,821 |
164,134 |
|
Non operating income |
8,010 |
7,437 |
11,312 |
|
Non operating expenses |
1,266 |
1,016 |
1,086 |
|
Ordinary profit(loss) |
228,578 |
191,242 |
174,360 |
|
Pretax profit |
228,578 |
191,242 |
174,360 |
|
Taxes & adjustment |
89,136 |
70,253 |
62,848 |
|
Minority interest |
623 |
505 |
582 |
|
Net profit |
138,819 |
120,484 |
110,930 |
*Latest Financials *
===============
On October 24 2014,
the subject released the following business results and forecast:
As of September 30, 2014:
Unit: millions of
JPY
|
Year term |
Sales |
Operating profit |
Ordinary profit |
Net profit |
|
2Q 2014 |
216,125 |
74,862 |
79,121 |
50,096 |
|
2Q 2015 |
342,815 |
138,319 |
145,002 |
94,366 |
|
FY 2015(F) |
688,200 |
268,000 |
280,900 |
185,100 |
|
Current assets; |
1,144,765 |
|
Non-current
assets; |
317,549 |
|
Total assets; |
1,462,314 |
|
Current
liabilities; |
129,597 |
|
Non-current
liabilities; |
46,997 |
|
Shareholders’
equity; |
1,268,536 |
|
Retained earnings; |
1,415,713 |
|
Total net assets; |
1,285,720 |
|
Total liabilities
and net assets; |
1,462,314 |
Bank Name : Mizuho Bank, Ltd.
Branch : Uchisaiwai-cho business banking
department
Bank Name : Bank of Tokyo-Mitsubishi UFJ, Ltd.
Branch : Head office
The subject is
nation’s first inventor and now world’s leading manufacturer of NC equipment
for machine tools, and also reputed for its industrial robot and small-sized
machining center.
The subject used to
be less interested in disclosing the information of its business, but it is
changing now. A school is open to the customers.
The mainstay, NC
equipment, has been growing domestically and in China as machine tools grow.
Shipment of robot
has been keeping a high pace in North America.
A big demands from
smart phone-related industries are boosting the performance.
Small-sized
machining center is now picking up after a lull of shipment last year.
The subject acquired
a sizable land in Tochigi Prefecture to meet the increasing demands for its
mainstay products at home and abroad.
Another all-time
high performance is likely posted for Mar. 2015 term.
The President became
concurrently the General Manager of FA Business Division and the number of the
directors was reduced from 18 to 12 in June in order to make further fast
decision.
Branch name: Hino
branch
Branch address: Hino
city, Tokyo
----------------------------------------------------------------------------------------------------
Branch name: Nagoya
branch
Branch address: Komaki
city, Aichi pref.
----------------------------------------------------------------------------------------------------
Branch name: Osaka
branch
Branch address: Osaka
city, Osaka pref.
Nine other branches
are in Ebetsu(Hokkaido), Sendai, Tsukuba, Maebashi, Mitsuke(Niigata), Hakusan,
Okayama, Hiroshima and Kumamoto.
*Main Products &
Services*
======================
Development,
manufacture, exports, imports and sales of the following products:
For Mar. 2014 term:
-
FA
equipment (49%)
-
Robot
(33%)
-
Robo-machine
(18%)
Overseas business
(77%)
Head plant: At the
location of the head office
Tsukuba plant:
Chikusei city, Ibaraki pref.
Hayato plant:
Kirishima city, Kagoshima pref.
*Address*
=========
Registered address
is the same as the operational address.
Date Development
-----------------------------------------------------------------------------------------------
November 22,
1950 Incorporated
in documents in Hino city, Tokyo.
May 1972 Founded
its operation with an investment of JPY 2 billion by
separating the NC division from Fujitsu Ltd.
The company name was
“Fujitsu Fanuc Ltd.”
November 1976 Went public.(#6954)
November 1977 Founded
the first overseas operation, “Fanuc America Corp.”
May 1981 Acquired
“Fanuc Partronics Co., Ltd.”
July 1982 Took
the current company name.
October 1984 Relocated
the head office to the current address.
December 1989 Founded
Tsukuba plant.
December 1991 Founded
Hayato plant.
October 1992 Acquired
GMFanauc Robotics Corp.(U.S.A.)
December 2009 Terminated
the joint venture with General Electric.
*Suppliers*
==========
Local subcontractors
(names not disclosed)
*Customers*
==========
Authorized agents
Trading firms
Major manufacturers
Company name: FANUC
America Corporation
Country: U.S.A.
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: FANUC
Europe Corporation
Country: Luxembourg
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: KOREA
FANUC CORPORATION
Country: R.
O. K.
Status: Subsidiary
*Subsidiaries &
Affiliates*
=====================
As of March 31, 2014
the subject owns and controls a total of 29 subsidiaries and two affiliates at
home and abroad.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.93.33 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.