MIRA INFORM REPORT
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Report No. : |
325474 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HORIBA LTD |
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Registered Office : |
2 Miyanohigashi Kisshoin Minamiku Kyoto 601-8510 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
January 1953 |
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Com. Reg. No.: |
1300-01-011676 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of measuring
instruments, analyzers |
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No. of Employee : |
5,965 |
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 Limit : |
Yen 4,391.1 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. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to contract during the 2nd and 3rd quarters of 2014. The economy has largely recovered in the three years since the disaster, but reconstruction in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the final phase of the increase until 2017 to give the economy time to recover from the 2014 increase. 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
HORIBA LTD
REGD
NAME
KK Horiba
Seisakusho
MAIN
OFFICE
2 Miyanohigashi
Kisshoin Minamiku Kyoto 601-8510 JAPAN
Tel:
075-313-8121 Fax: 075-321-8312-
URL
http://www.horiba.com
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
measuring instruments, analyzers
BRANCHES
Tokyo,
Sendai, Tsukuba, Yokohama, Nagoya, Osaka, other (Tot 15)
OVERSEAS
USA, UK (4), Italy (2), India, Austria,
Netherlands, Canada, Korea (3), Singapore, Sweden, Spain, Thailand, China (3),
Czech, Germany (3), Turkey, Brazil, France (3), Vietnam, Belgium (2), Poland,
Portugal, Russia (--subsidiaries)
FACTORIES
At the
caption address
CHIEF
EXEC
ATSUSHI
HORIBA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 153,065 M
PAYMENTSREGULAR CAPITAL Yen
12,011 M
TREND UP WORTH Yen 124,314 M
STARTED 1953 EMPLOYES 5,965
COMMENT
MFR OF MEASURING INSTRUMENTS, ANALYZERS, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,391.1 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/12/2015
fiscal term.
HIGHLIGHTS
This is the leading mfr of measuring instruments and analyzers
for environmental pollution. Independent of corporate affiliation. Expanding analyzers for research on
semiconductors. Holds 80% global market
share in engine measurement equipment.
Aggressively involved in M&A activities overseas. The company has totally changed large-sized
exhaust gas measuring equipment for automobiles for the first time in 17 years,
and aims to promote them to government organizations in various countries. The firm will establish an R&D and
production base for exhaust gas measuring equipment in Otsu, Shiga at a cost of
Yen 10 billion, a highest level in the past, with full-scale startup slated for
the end of 2015. It acquired an optical
analyzer maker in the US with sales at about Yen 800 million in Feb 2014, to
obtain new technologies for bio-based medical products.
FINANCIAL
INFORMATION
The sales volume for Dec/2014 fiscal term amounted to Yen
153,065 million, a 10.8% up from Yen 138,136 million in the previous term. The recurring profit was posted at Yen 16,454
million and the net profit at Yen 10,589 million, respectively, compared with
Yen 13,056 million recurring profit and Yen 8,999 million net profit,
respectively, a year ago.
For the current term ending Dec 2015 the recurring profit is
projected at Yen 17,500 million and the net profit at Yen 11,500 million, on an
11.1% rise in turnover, to Yen 170,000 million. In the automobile business,
sales of measuring instruments will grow.
Orders for semiconductor devices will remain at a high level.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 4,391.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1953
Regd No.:
1300-01-011676 (Kyoto-Minamiku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 100 million shares
Issued:
42,532,752 shares
Sum: Yen 12,011
million
Major shareholders (%): Japan Trustee Services T (7.4),
Master Trust Bank of Japan T (4.6), Taiyo Fund LP (4.1), Zenkyoren (3.0), Masuo
Horiba (2.7), Nomura Lux Multi Currency 1818517 (2.1), Bank of Kyoto (1.9),
Atsushi Horiba (1.9), Horiba Rakurakukai Invest (1.8), Japan Re Fidelity (1.6);
foreign owners (37.0)
No. of shareholders:
5,520
Listed on the S/Exchange (s) of:
Tokyo
Managements: Atsushi Horiba, ch & pres; Kozo
Ishida, v ch; Juichi Saito, v pres; Fumitoshi Sato, mgn dir; Masayuki Adachi,
dir; Masahiro Sugita, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Horiba Stec, Horiba ABX, Horiba Techno Services, other.
OPERATION
Activities: Manufactures measuring instruments
& analyzers:
(Sales Breakdown by Divisions):
Automotive Test Systems (36%): analytical emissions systems,
on-board emissions systems, portable emissions systems, dilution/sampling
systems, engine test systems, driveline test systems, vehicle test systems,
brake test systems, wind tunnel balances, automation systems;
Process & environmental Instruments Systems (11%):
environmental radiation monitor, water quality measurement, water treatment
& environment, gloss checker, thermometry, other;
Medical-Diagnostic Instruments Systems (18%):
produces near 7,500 analyzers per year and over 8,000 tons of reagents;
Semiconductor Instruments Systems (19%): high
performance mass flow controllers, reticule/mask particle detection systems,
in-line chemical solution concentration monitors, direct injection vaporizers,
automatic spectroscopic ellipsometers, other;
Scientific Instruments Systems (16%):
scientific’s fluorometer, other;
Overseas Sales Ratio (69%)
Clients: [Mfrs, wholesalers] Horiba Techno
Services, Hitachi Hitec Trading, Horiba Europe, Horiba Advances Techno, Horiba
Instruments, Hitachi High Technologies, Yanmar Co, Fukuda Denshi, Honda Motor
Co, Denso Corp, other
No. of accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Horiba Techno
Service, Horiba Advanced Techno, Horiba Korea, Hitachi Metals Admet Inc, Horiba
Stec, Oxford Instruments, Mikasa Shoji co, other
Payment record:
Regular
Location:
Business area in Kyoto. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Kyoto)
Mizuho Bank (Kyoto)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2014 |
31/12/2013 |
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INCOME STATEMENT |
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Annual Sales |
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153,065 |
138,136 |
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Cost of Sales |
87,884 |
80,625 |
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GROSS PROFIT |
65,181 |
57,510 |
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Selling & Adm Costs |
47,966 |
43,777 |
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OPERATING PROFIT |
17,214 |
13,733 |
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Non-Operating P/L |
-760 |
-677 |
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RECURRING PROFIT |
16,454 |
13,056 |
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NET PROFIT |
10,589 |
8,999 |
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BALANCE SHEET |
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Cash |
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43,255 |
42,228 |
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Receivables |
52,246 |
47,412 |
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Inventory |
34,836 |
33,084 |
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Securities, Marketable |
11,380 |
10,271 |
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Other Current Assets |
7,963 |
7,240 |
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TOTAL CURRENT ASSETS |
149,680 |
140,235 |
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Property & Equipment |
39,441 |
33,326 |
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Intangibles |
6,353 |
5,110 |
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Investments, Other Fixed Assets |
11,861 |
10,598 |
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TOTAL ASSETS |
207,335 |
189,269 |
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Payables |
15,406 |
16,409 |
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Short-Term Bank Loans |
10,832 |
6,606 |
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Other Current Liabs |
32,765 |
29,123 |
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TOTAL CURRENT LIABS |
59,003 |
52,138 |
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Debentures |
15,000 |
15,000 |
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Long-Term Bank Loans |
2,209 |
2,576 |
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Reserve for Retirement Allw |
2,264 |
2,406 |
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Other Debts |
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4,544 |
2,603 |
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TOTAL LIABILITIES |
83,020 |
74,723 |
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MINORITY INTERESTS |
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Common
stock |
12,011 |
12,011 |
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Additional
paid-in capital |
18,717 |
18,717 |
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Retained
earnings |
86,218 |
78,177 |
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Evaluation
p/l on investments/securities |
2,041 |
2,296 |
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Others |
6,057 |
4,109 |
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Treasury
stock, at cost |
(730) |
(765) |
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TOTAL S/HOLDERS` EQUITY |
124,314 |
114,545 |
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TOTAL EQUITIES |
207,335 |
189,269 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2014 |
31/12/2013 |
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Cash
Flows from Operating Activities |
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11,455 |
15,076 |
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Cash
Flows from Investment Activities |
-9,875 |
-8,111 |
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Cash Flows
from Financing Activities |
-273 |
2,324 |
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Cash,
Bank Deposits at the Term End |
|
51,109 |
49,246 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2014 |
31/12/2013 |
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Net
Worth (S/Holders' Equity) |
124,314 |
114,545 |
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Current
Ratio (%) |
253.68 |
268.97 |
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Net
Worth Ratio (%) |
59.96 |
60.52 |
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Recurring
Profit Ratio (%) |
10.75 |
9.45 |
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Net
Profit Ratio (%) |
6.92 |
6.51 |
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Return
On Equity (%) |
8.52 |
7.86 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
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|
1 |
Rs.97.98 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.