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MIRA INFORM REPORT
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Report No. : |
509766 |
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Report Date : |
17.05.2018 |
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) : |
31.03.2017 |
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Date of Incorporation : |
July 1917 |
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Com. Reg. No.: |
0100-01-008763 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures precision equipment, imaging products,
instruments, other |
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No. of Employees : |
5,090 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC
OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2016 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
summery
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 (tot 6)
CHIEF EXEC: KAZUO USHIDA, PRES
Yen Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 748,891 M
PAYMENTS REGULAR CAPITAL Yen 65,476 M
TREND SLOW WORTH Yen
537,524 M
STARTED 1917 EMPLOYES 5,090
COMMENT
MFR OF CAMERA & OTHER PRECISION EQUIPMENT. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
Time-honored
precision machinery manufacturer founded in 1917. Built a global brand name in SLR
cameras. Today the company’s two mainlines
are digital cameras and semiconductor & LCD mfg equipment. Also produces biological & industrial
microscopes &measuring equipment.
Holds the second highest market share in digital SLR cameras after
CANON. Earnings from camera sales are
high compared with global companies. Has
strengths in high value-added exposure equipment for application in
semiconductor mfg requiring technological expertise, such as immersion-type
exposure equipment, and is ranked second in the world after ASML of the Netherlands. Also has a forte in LCD mfg-use exposure
equipment.
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term amounted to Yen
748,891 million, a 9% down from Yen 822,915 million in the previous term. The recurring profit was posted at Yen 54,322
million and the net losses at Yen 7,109 million, respectively, compared with
Yen 43,870 million recurring profit and yen 22,192 million net profit,
respectively, a year ago
For the current term ending Mar 2018 the recurring profit is
projected at Yen 53,000 million and the net profit at Yen 41,000 million,
respectively, on a 6.13% fall in turnover, to Yen 703,000 million.
The financial situation is considered maintained FAIR and
good for ORDINARY business engagements.
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 65,476 million
Major shareholders (%): Master Trust Bank of Japan T (8.0), Japan Trustee Services T (6.0), Meiji Yasuda Life Ins (4.8), Japan Trustee Services T9 (2.0), MUFG (1.8), Joyo Bank (1.6), Nippon Life Ins (1.6), Northern Trust (AVFC) Kiltean GEF (1.6), Japan Trustee Services T5 (1.5), Tokio Marine & Nichido Fire Ins (1.5); foreign owners (32.9)
No. of shareholders: 31,924
Listed on the S/Exchange (s) of:
Tokyo
Managements: Kazuo
Ushida, pres; Masashi Oka, v pres; Takayuki
Okamoto, mgn dir; Takumi Odajima, mgn dir; Satoru Hagiwara, mgn dir;
Akio Negishi, dir; Takaharu Honda, dir; Koichi Fujio, dir; Tetsuya Fujiwara,
dir; Kou Hataguchi, dir; Kunio Ishihara 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 (33%): IC stepper & scanners, LCD
steppers & scanner;
Visual Equipment (51%): digital cameras, film cameras,
interchangeable lenses, speed lights, film scanners, photographic accessories,
software;
Instruments (10%): biological microscopes,
industrial microscopes, stereoscopic microscopes, measuring instruments,
semiconductor inspection equipment;
Medical (3%),
Other (3%): sport optics, customized products,
glass, encoders, ophthalmic lenses & surveying instruments.
Overseas Sales Ratio (83%)
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 Techno Solution, 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)
Resona
Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen):
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual Sales |
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703,000 |
748,891 |
822,915 |
857,782 |
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Recur. Profit |
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53,000 |
54,322 |
42,870 |
46,368 |
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Net Profit |
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41,000 |
-7,107 |
22,192 |
18,364 |
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Total Assets |
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1,018,351 |
945,827 |
972,945 |
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Current Assets |
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659,013 |
661,646 |
685,516 |
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Current Liabs |
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341,918 |
294,424 |
287,265 |
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Net Worth |
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537,524 |
539,138 |
570,561 |
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Capital, Paid-Up |
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65,476 |
65,476 |
65,476 |
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Div.Ttl in Million (¥) |
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8,729 |
11,901 |
12,692 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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-6.13 |
-9.00 |
-4.06 |
-12.52 |
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Current Ratio |
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.. |
192.74 |
224.73 |
238.64 |
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N.Worth Ratio |
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.. |
52.78 |
57.00 |
58.64 |
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R.Profit/Sales |
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7.54 |
7.25 |
5.21 |
5.41 |
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N.Profit/Sales |
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5.83 |
-0.95 |
2.70 |
2.14 |
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Return On Equity |
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.. |
-1.32 |
4.12 |
3.22 |
Notes: Forecast
(or estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.83 |
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1 |
INR 91.68 |
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Euro |
1 |
INR 80.29 |
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YEN |
1 |
INR 0.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.