MIRA INFORM REPORT
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Report No. : |
332830 |
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Report Date : |
20.07.2015 |
IDENTIFICATION DETAILS
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Name : |
NIKON CORPORATION |
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Registered Office : |
Shinagawa Intercity Tower C, 2-15-3 Konan Minatoku Tokyo 108-6290 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
July 1917 |
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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 : |
Manufactures of Precision Equipment, Imaging Products,
Instruments, Other. |
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No. of Employee : |
23,859 |
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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Maximum Credit Limits : |
Yen 30,261.3 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source
: CIA |
Company
name and address
NIKON
CORPORATION
REGD NAME: KK
Nikon
MAIN OFFICE: Shinagawa
Intercity Tower C, 2-15-3 Konan Minatoku Tokyo 108-6290 JAPAN
Tel: 03-0433-3600
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of
cameras, precision equipment, imaging products, other
BRANCHES
Yokosuka,
Mito, Kumagaya, Yokohama, Sagamihara, Shinagawa (Tokyo)
OVERSEAS
USA (6), Europe (18), Asia/Oceania (12), China (7), Canada, Mexico, Brazil, Russia, Australia, UAE (-subsidiaries)
FACTORIES
Oh’I
(Tokyo), Yokohama, Sagamihara, Kumagaya, Mito, Yokosuka
CHIEF
EXEC
KAZUO
USHIDA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 980,556 M
PAYMENTS REGULAR CAPITAL Yen 65,475 M
TREND SLOW WORTH Yen 546,813 M
STARTED 1917 EMPLOYES 23,859
COMMENT
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
HIGHLIGHTS
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.
FINANCIAL
INFORMATION
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
(Apr/Dec/2014 results): Sales Yen
617,819 million (down 15.7%), operating profit Yen 26,727 million (down 32.1%),
recurring profit Yen 27,843 million (down 26.1%), net profit Yen 16,732 million
(down 55.4%). (% as compared with the
corresponding period a year ago).
For
the current term ending Mar 2015 the recurring profit is projected at Yen 37,000
million and the net profit at Yen 20,000 million, respectively, on a 12.3% fall
in turnover, to Yen 860,000 million.
Sales volume of main profit-earner cameras will continue to decline,
mainly in Europe.
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.
REGISTRATION
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 (6.9), Japan Trustee Services
T (5.6), Meiji Yasuda Life Ins (4.8), JP Morgan Chase Bank 380055 (1.9), Tokio
Marine & Nichido Fire Ins (1.8), MUFG (1.8), 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 (31.5)
No. of
shareholders: 40,920
Listed on the S/Exchange (s) of: Tokyo
Managements:
Makoto Kimura, ch; Junichi Itoh, v pres; Kazuo Ushida, pres; 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
OPERATION
Activities:
Manufactures precision equipment, imaging products, instruments, other:
(Sales
breakdown by divisions):
Precision
Machinery (21%): IC stepper & scanners, LCD steppers & scanner;
Visual
Equipment (70%): digital cameras, film cameras, interchangeable lenses, speed
lights, film scanners, photographic accessories, software;
Instruments
(7%): 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
FINANCES
(In Million Yen)
|
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 |
|
980,556 |
1,010,493 |
|
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Cost of Sales |
630,568 |
663,509 |
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GROSS PROFIT |
349,987 |
346,984 |
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Selling & Adm Costs |
287,046 |
295,982 |
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OPERATING PROFIT |
62,941 |
51,001 |
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Non-Operating P/L |
-1,216 |
-2,657 |
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RECURRING PROFIT |
61,725 |
48,344 |
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NET PROFIT |
46,824 |
42,459 |
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BALANCE SHEET |
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Cash |
|
225,519 |
110,281 |
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Receivables |
128,443 |
134,225 |
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Inventory |
244,941 |
269,411 |
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Securities, Marketable |
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Other Current Assets |
49,919 |
61,730 |
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TOTAL CURRENT ASSETS |
648,822 |
575,647 |
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Property & Equipment |
159,278 |
161,605 |
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Intangibles |
33,006 |
32,270 |
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Investments, Other Fixed Assets |
108,409 |
95,145 |
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TOTAL ASSETS |
949,515 |
864,667 |
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Payables |
118,841 |
124,676 |
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Short-Term Bank Loans |
14,511 |
18,739 |
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Other Current Liabs |
146,824 |
155,771 |
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TOTAL CURRENT LIABS |
280,176 |
299,186 |
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Debentures |
50,000 |
40,000 |
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Long-Term Bank Loans |
49,600 |
22,600 |
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Reserve for Retirement Allw |
4,674 |
3,631 |
||
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Other Debts |
|
18,252 |
9,033 |
|
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TOTAL LIABILITIES |
402,702 |
374,450 |
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MINORITY INTERESTS |
||||
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Common
stock |
65,475 |
65,475 |
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Additional
paid-in capital |
80,711 |
80,711 |
||
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Retained
earnings |
384,843 |
345,698 |
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Evaluation
p/l on investments/securities |
12,859 |
9,482 |
||
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Others |
15,543 |
1,655 |
||
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Treasury
stock, at cost |
(12,618) |
(12,804) |
||
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TOTAL S/HOLDERS` EQUITY |
546,813 |
490,217 |
||
|
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TOTAL EQUITIES |
949,515 |
864,667 |
|
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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 |
|
114,185 |
51,890 |
|
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Cash
Flows from Investment Activities |
-43,193 |
-65,109 |
||
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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 |
||
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Net
Worth (S/Holders' Equity) |
546,813 |
490,217 |
||
|
Current
Ratio (%) |
231.58 |
192.40 |
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Net
Worth Ratio (%) |
57.59 |
56.69 |
||
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Recurring
Profit Ratio (%) |
6.29 |
4.78 |
||
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Net
Profit Ratio (%) |
4.78 |
4.20 |
||
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Return
On Equity (%) |
8.56 |
8.66 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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 |
|
<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.