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Report No. : |
324617 |
|
Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
NACHI-FUJIKOSHI CORP. |
|
|
|
|
Registered Office : |
Shiodome Sumitomo Bldg. 17F., 1-9-2, Higashi-Shinbashi, Minato-Ku,
Tokyo 105-0021 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.11.2013 |
|
|
|
|
Date of Incorporation : |
21.12.1928 |
|
|
|
|
Com. Reg. No.: |
2300-01-002687 |
|
|
|
|
Legal Form : |
Listed |
|
|
|
|
Line of Business : |
Manufacturer of Machining Tools, Robotic Equipment, Functional Parts
and Materials |
|
|
|
|
No of Employees : |
6,071 |
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 |
|
|
|
|
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 – 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 |
NACHI-FUJIKOSHI CORP.
========
Country: Japan
Company Name: Nachi-Fujikoshi Corp.
Name In Local Language: Fujikoshi,
K.K.
Office Address: Shiodome Sumitomo Bldg. 17f.,
1-9-2, Higashi-Shinbashi, Minato-Ku,
Tokyo 105-0021
Office Tel: 03-5568-5111
Website: Www.Nachi-Fujikoshi.Co.Jp
Business Type: Manufacturer
Industry: Machining
Tools, Robotic Equipment, Functional Parts And Materials
Established: December 21, 1928
Capital: Jp.
16,074,871,800 Yen
Employees: 6,071
Corporate Formation: Listed
Corporation No.: 2300-01-002687
(Toyama Legal Affairs Bureau)
=====================
Paid in capital : Jp.
16,074,871,800 yen
Number of authorized shares : 600,000,000
shares
Shares issued : 249,193,436
shares
Number of shareholder : 16,581
Name of shareholders Number of thousand
shares (%)
------------------------------------------------------------------------------------------------------------
Business partners shareholders
fund 18,715 ( 7.51)
Employees shareholders fund 13,396 ( 5.37)
Toyota Motor Corp. 13,182
( 5.29)
Japan Trustee Services Bank,
Ltd. 12,011 ( 4.82)
Bank of Tokyo-Mitsubishi UFJ,
Ltd. 11,888 ( 4.77)
===========================================
Activity Product/Service
Description
-------------------------------------------------------------------------------
Manufacturing Machining tools
Manufacturing Robotic equipment
Manufacturing Bearings
Manufacturing Machinery
Manufacturing Special
steel
=======================
President Mr. Hiroo Honma
Nationality: Japan
Managing Director Mr.
Yukihiko Tanaka
Nationality: Japan
Managing Director Mr. Noriyasu Shiba
Nationality: Japan
Managing Director Mr. Naoshi Katayama
Nationality: Japan
Managing Director Mr.
Kenji Susukida
Nationality: Japan
Managing Director Mr. Kazuhito Yoshida
Nationality: Japan
Managing Director Mr. Isao Hori
Nationality Japan
Managing Director Mr. Hidenori Hayashi
Nationality Japan
Director Mr. Hideo Oba
Nationality Japan
Director Mr. Masayuki
Kobayashi
Nationality Japan
Director Mr. Katsumi
Nishijima
Nationality Japan
Director Mr. Toru Inoue
Nationality Japan
Director Mr. Tetsu Furusawa
Nationality Japan
Auditor Mr. Nobuo
Okada
Nationality: Japan
Auditor Mr. Atsushi
Saguchi
Nationality: Japan
Auditor Mr. Hiroshi
Yamada
Nationality: Japan
Auditor Mr. Eiichi
Fukushima
Nationality: Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
*Key Personnel*
==============
Mr. Hiroo Honma
President and representative director
Born on July 29, 1945
Business career:
Apr. 1970: Employed by the subject.
Feb. 2001: Director.
Feb. 2009: Representative director and president.
Home address: 1-26-3, Kami-saginomiya, Nakano-ku, Tokyo
===========
Currency: (local currency - Jp. yen)
-------------------------------------------------------------------------------------
Year | Sales | Net Income
-------------------------------------------------------------------------------------
|
2008 |
204,844,000,000 |
8,347,000,000 |
|
2009 |
107,586,000,000 |
loss 7,449,000,000 |
|
2010 |
134,807,000,000 |
5,562,000,000 |
|
2011 |
166,023,000,000 |
10,016,000,000 |
|
2012 |
172,259,000,000 |
4,585,000,000 |
|
2013 |
175,697,000,000 |
6,706,000,000 |
=======================
*Book Closing*
============
November 30th
*Financials*
==========
|
Consolidated Balance Sheet |
|||
|
Unit: millions of JP yen |
|||
|
|
11/30/2011 |
11/30/2012 |
11/30/2013 |
|
Current assets |
89,443 |
92,704 |
101,135 |
|
Cash & deposits |
13,118 |
15,901 |
18,591 |
|
Account receivables |
38,192 |
38,612 |
39,896 |
|
Inventories |
32,789 |
33,611 |
35,447 |
|
Others |
5,344 |
4,580 |
7,201 |
|
Fixed assets |
90,347 |
94,476 |
106,780 |
|
Tangible assets |
76,235 |
78,295 |
82,354 |
|
Intangible assets |
391 |
448 |
716 |
|
Investments & others |
13,720 |
15,732 |
23,709 |
|
Total Assets |
179,791 |
187,181 |
207,916 |
|
|
|
|
|
|
Current liabilities |
75,377 |
66,154 |
79,292 |
|
Account payables |
36,758 |
33,979 |
38,918 |
|
Short term loans |
10,118 |
1,946 |
2,104 |
|
Bonds payable due |
1,160 |
60 |
4,450 |
|
Long term loans due |
13,937 |
16,589 |
17,240 |
|
Outstanding taxes |
1,376 |
2,075 |
2,850 |
|
Others |
12,028 |
11,505 |
13,730 |
|
Fixed liabilities |
43,456 |
55,802 |
47,263 |
|
Bonds payable |
7,530 |
7,470 |
20 |
|
Long term loans |
23,026 |
34,719 |
31,308 |
|
Retirement benefits |
6,568 |
6,482 |
6,652 |
|
Others |
6,332 |
7,131 |
9,283 |
|
Shareholders' equity |
67,664 |
70,756 |
75,964 |
|
Paid up capital |
16,074 |
16,074 |
16,074 |
|
Capital reserves |
11,560 |
11,561 |
11,561 |
|
Retained earnings |
40,218 |
43,312 |
48,527 |
|
Treasury stock |
-189 |
-192 |
-199 |
|
Valuation & adjustment |
-9,465 |
-8,855 |
1,157 |
|
Minority Interest |
2,758 |
3,324 |
4,238 |
|
Total Net Assets |
60,957 |
65,224 |
81,360 |
|
Total Liabilities & Net
Assets |
179,791 |
187,181 |
207,916 |
|
Consolidated Income Statement |
|||
|
Unit : millions of JP yen |
|||
|
|
11/30/2011 |
11/30/2012 |
11/30/2013 |
|
Sales |
166,023 |
172,259 |
175,697 |
|
Cost of goods sold |
128,992 |
137,459 |
137,560 |
|
Gross profit(loss) |
37,030 |
34,800 |
38,136 |
|
Sales/administrative expenses |
22,387 |
24,161 |
25,797 |
|
Operating profit(loss) |
14,643 |
10,639 |
12,338 |
|
Non operating income |
741 |
776 |
1,760 |
|
Non operating expenses |
2,471 |
2,304 |
2,400 |
|
Ordinary profit(loss) |
12,913 |
9,111 |
11,698 |
|
Special profits |
45 |
36 |
400 |
|
Special losses |
734 |
365 |
1,240 |
|
Pretax profit |
12,223 |
8,782 |
10,858 |
|
Taxes & adjustment |
1,901 |
3,837 |
3,894 |
|
Minority interest |
305 |
359 |
257 |
|
Net profit |
10,016 |
4,585 |
6,706 |
*Latest Financials
*
================
On October 2, 2014, the subject released the following business results
an forecast:
As of August 31, 2014(3Q 2014 term)
Unit: millions of JPY
|
Year term |
Sales |
Operating profit |
Ordinary profit |
Net profit |
|
3Q 2013 |
128,351 |
8,159 |
7,544 |
3,409 |
|
3Q 2014 |
163,292 |
14,446 |
13,798 |
7,617 |
|
FY 2014(P) |
215,000 |
19,500 |
18,500 |
10 500 |
|
Current assets; |
116,863 |
|
Fixed assets; |
112,750 |
|
Total assets; |
229,614 |
|
Current liabilities; |
96,585 |
|
Fixed liabilities; |
43,607 |
|
Shareholders’ equity; |
82,076 |
|
Retained earnings; |
54,527 |
|
Total net assets; |
89,421 |
|
Total liabilities and net assets; |
229,614 |
*Bank Details*
============
Bank Name : Bank of
Tokyo-Mitsubishi UFJ, Ltd.
Branch : Tokyo business
banking department
Bank Name : Hokiriku Bank, Ltd.
Branch : Head office
Bank Name : Sumitomo Mitsui
Trust Bank, Ltd.
Branch : Shiba business
banking department
*Credit Opinion*
=============
The subject is a reputed major manufacturer of machine tools, bearings
and industrial robot.
Blessed with robust demands for the bearings from auto makers in China
and North America, its mainstay products are boosting the whole performance.
Hydraulic machines are also growing in the domestic markets backed by
increasing demands from construction industry.
Further growth is expected in the sphere of machine tools and robot for
Nov. 2015 term.
A new plant in Mexico is to start its operation in 2015.
Unmanned production lines have been promoted in major plants at home and
abroad.
Negative factors are not observed in particular at present.
================================
Branch name: Higashi-Nippon branch
Branch address: Shiodome Sumitomo Bldg., 1-9-2,
Higashi-shinbashi, Minato-ku,
Tokyo
----------------------------------------------------------------------------------------------------
Branch name: Naka-Nippon branch
Branch address: Takayashiro, Meito-ku, Nagoya-shi, Aichi
pref.
----------------------------------------------------------------------------------------------------
Branch name: Nishi-Nippon branch
Branch address: Nakanoshima, Kita-ku, Osaka-shi, Osaka
pref.
------------------------------------------------------------------------------------------------------
Ten other local sales offices are located in Sapporo, Yamagata,
Koriyama, Ota, Uead, Hamamatsu, Toyama, Hiroshima and Fukuoka cities.
========================================
*Main Products
& Services*
======================
Development, manufacture, import, export and sales of the following
products:
For Nov. 2013 term:
Machines and machine tools (36%)
Parts including bearings (56%)
Other products (8%)
Overseas business (40%)
===============================================
Toyama facility: Fujikoshi-honmachi, Toyama-shi
Higashi-Toyama facility: Yoneda-cho, Toyama-shi
Namerikawa facility: Namerikawa-shi, Toyama pref.
Mizuhashi facility: Mizuhashi-iseya, Toyama-shi
Nagaresugi facility: Nagaresugi, Toyama-shi
======================
*Address*
=========
Registered address:
1-1-1, Fujikoshi-honmachi, Toyama-shi, Toyama pref. 930-8511
Operational head office:
Shiodome Sumitomo Bldg. 17F., 1-9-2, Higashi-shinbashi, Minato-ku, Tokyo
105-0021
The quoted address belongs to Higashi-Nippon branch.
*Company History*
================
Date Development
-----------------------------------------------------------------------------------------------
December 21, 1928
Incorporated under the name of “Fujikoshi Kozai (Steel Materials) K.K.”
in Toyama-shi.
January 1939 Started manufacturing bearings.
May 1949 Listed on the TSE(6474).
August 1963 Took the current company name.
May 1969 Started manufacturing
industrial robots.
June 2007 Acquired “Tokiwa Industry Co., Ltd.”
April 2012 Merged “Nachi Thermotech Inc.”
June 2013 Merged “Nachi Sanyo Co., Ltd.” and
“Nachi Kyushu Co., Ltd.”
================
*Suppliers*
==========
Mitsubishi Steel Mfg. Co., Ltd.
Tsubaki Nakashima Co., Ltd.
Amatsuji Kokyu(Steel Ball) Seisakusho Co., Ltd.
Daido Special Steel Co., Ltd.
Sanyo Special Steel Co., Ltd.
*Customers*
==========
Toyota Motor Corp.
Honda Motor Co., Ltd.
Aisin A.W. Co., Ltd.
JTEKT Corp.
Denso Corp.
=========================================
Company name: Nachi Tohoku Seiko Co., Ltd.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Nachi America Inc.
Country: U.S.A.
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Nachi Czech s.r.o.
Country: Czech
Status: Subsidiary
===========================
*Subsidiaries
& Affiliates*
=====================
As of November 30, 2013 the subject owns and controls a total of 48
subsidiaries and four affiliates at home and abroad.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.94 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.