MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MITSUI & CO PLANT SYSTEMS LTD |
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Registered Office : |
Da Vinci Shiba Park A 6F, 2-4-1 Shibakoen Minatoku Tokyo 105-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 2007 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of plant
units, power systems, transportation systems |
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 1196.2 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MITSUI & CO PLANT SYSTEMS LTD
REGD NAME
Mitsui Bussan Plant System KK
MAIN OFFICE
Da Vinci Shiba Park A 6F, 2-4-1 Shibakoen Minatoku Tokyo 105-0011 JAPAN
Tel: 03-5401-8900
Fax: 03-5401-8997
URL: http://www.plantsystems.mitsui.co.jp
E-mail: info@plantsystems.mitsui.co.jp
ACTIVITIES
Import, export, wholesale of plant units, power systems,
transportation systems
BRANCHES
Sapporo, Sendai, Nagoya, Osaka, other (tot 16)
OFFICERS
HIDEKI SHIINOKI, PRES Soichiro
Tsurumaru, v pres
Takahiro Nakano, dir Masayuki
Honji, dir
Kenji Kuzumi, dir Kazuo
Nakayama, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,561 M
PAYMENTS REGULAR CAPITAL Yen 1,555 M
TREND STEADY WORTH Yen 820 M
STARTED 1995 EMPLOYES 285
COMMENT
TRADING HOUSE SPECIALIZING IN PLANT, POWER & TRANSPORTATION
UNITS, WHOLLY OWNED BY MITSUI & CO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,196.2 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established Apr/2007 by the merger of
four Mitsui group firms: Mitsui & Co Project Corp, Mitsui Bussan Plant
& Project, Mitsui & Co Power Systems, Mitsui Bussan Transportation
Systems. The merger was intended to
integrate group operations to avoid redundant operations. This is a trading house specializing in
energy plants, power systems and transportation units. Clients are major electric powers, rail
companies, chemical mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 9,561 million, a 23% up from Yen 7,761 million in the previous term. The operations plunged into the red to register Yen 13 million recurring loss and Yen 54 million net loss, respectively, compared with Yen 115 million recurring profit and Yen 26 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the net profit is
projected at Yen 300 million, on an 841% rise in turnover, to Yen 90,000
million. The said merger will boost
sales.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 1,196.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
2007
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 124,400
shares
Issued: 31,100
shares
Sum: Yen
1,555 million
Major shareholders (%): Mitsui & Co*(100)
*.. Leading general trading company vying with Mitsubishi Corp for top position, founded 1947, capital Yen 323,213 million, listed Tokyo, Osaka, Nagoya, Nasdaq S/E’s, sales Yen 15,357,656 million, operating profit Yen 308,900 million, recurring profit Yen 330,140 million, net profit Yen 301,502 million, total assets Yen 9,813,312 million, net worth Yen 2,110,279 million, employees 41,761, pres Shoei Utsuda
(Consolidated Financials are as attached)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: General trading house for import, export and
wholesale of:
Plant Units: energy & petrochemical plants, heavy machinery for ferrous & nonferrous industries, industrial systems, machinery for infrastructure fields;
Power System Units: power generation, transmission & substations, energy solution, captive power generation, cogeneration, renewable energy;
Transportation System Units: railway facility, urban
transportation system, other.
Clients: [Mfrs, steel makers, chemical mfrs] Nippon Steel, Tosoh Ltd, JR East, Tokyo Electric Power, Mitsui & Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] IHI, Tosoh Ltd, Toray Corp,
Mitsui & Co, Plasser, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Hibiya)
Mizuho Corporate Bank (Ohtemachi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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90,000 |
9,561 |
7,761 |
6,870 |
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Recur. Profit |
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-13 |
115 |
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Net Profit |
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300 |
-54 |
26 |
201 |
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Total Assets |
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3,599 |
1,940 |
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Current Assets |
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3,488 |
1,774 |
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Current Liabs |
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2,742 |
771 |
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Net Worth |
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820 |
1,139 |
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Capital, Paid-Up |
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600 |
600 |
600 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
841.32 |
23.19 |
12.97 |
41.13 |
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Current Ratio |
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127.21 |
230.09 |
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N.Worth Ratio |
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22.78 |
58.71 |
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R.Profit/Sales |
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.. |
-0.14 |
1.48 |
.. |
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N.Profit/Sales |
0.33 |
-0.56 |
0.34 |
2.93 |
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Return On Equity |
.. |
-6.58 |
2.28 |
0.00 |
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Notes: Forecast (or estimated) for the 31/03/2008 fiscal
term.
ATTACHMENTS
Consolidated Financials of the parent, Mitsui & Co Ltd.
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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15,357,656 |
14,885,772 |
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Cost of Sales |
14,453,978 |
14,067,482 |
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GROSS PROFIT |
903,678 |
818,290 |
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Selling & Adm Costs |
594,778 |
552,490 |
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OPERATING PROFIT |
308,900 |
265,800 |
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Non-Operating P/L |
21,240 |
-12,618 |
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RECURRING PROFIT |
330,140 |
253,182 |
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NET PROFIT |
301,502 |
202,409 |
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BALANCE SHEET |
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Cash |
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800,032 |
697,065 |
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Receivables |
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2,199,614 |
1,997,013 |
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Inventory |
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696,470 |
695,754 |
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Securities, Marketable |
11,670 |
26,860 |
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Other Current Assets |
1,365,990 |
1,330,139 |
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TOTAL CURRENT ASSETS |
5,073,776 |
4,746,831 |
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Property & Equipment |
1,677,808 |
1,183,750 |
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Intangibles |
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104,445 |
98,811 |
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Investments, Other Fixed Assets |
2,957,283 |
2,544,186 |
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TOTAL ASSETS |
9,813,312 |
8,573,578 |
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Payables |
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1,966,800 |
1,762,224 |
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Short-Term Bank Loans |
1,030,612 |
893,982 |
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Other Current Liabs |
812,790 |
854,735 |
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TOTAL CURRENT LIABS |
3,810,202 |
3,510,941 |
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Debentures |
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Long-Term Bank Loans |
2,887,528 |
2,658,735 |
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Reserve for Retirement Allw |
33,209 |
36,769 |
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Other Debts |
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733,407 |
571,066 |
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TOTAL LIABILITIES |
7,464,346 |
6,777,511 |
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MINORITY INTERESTS |
238,687 |
118,160 |
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Common stock |
323,213 |
295,766 |
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Additional paid-in capital |
417,900 |
390,488 |
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Retained earnings |
1,111,904 |
863,814 |
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Evaluation p/l on
investments/securities |
258,922 |
216,099 |
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Others |
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1,808 |
(86,257) |
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Treasury stock, at cost |
(3,468) |
(2,003) |
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TOTAL S/HOLDERS` EQUITY |
2,110,279 |
1,677,907 |
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TOTAL EQUITIES |
9,813,312 |
8,573,578 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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239,275 |
146,396 |
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Cash Flows from Investment
Activities |
-418,028 |
-347,332 |
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Cash Flows from Financing Activities |
272,289 |
92,269 |
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Cash, Bank Deposits at the Term End |
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800,032 |
697,065 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
2,110,279 |
1,677,907 |
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Current Ratio (%) |
133.16 |
135.20 |
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Net Worth Ratio (%) |
21.50 |
19.57 |
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Recurring Profit Ratio (%) |
2.15 |
1.70 |
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Net Profit Ratio (%) |
1.96 |
1.36 |
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Return On Equity (%) |
14.29 |
12.06 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)