MIRA
INFORM REPORT
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Report
Date : |
20.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
MITSUBISHI CORPORATION |
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Registered
Office : |
2-3-1 Marunouchi Chiyodaku Tokyo
100-8086 Japan |
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Date
of Incorporation : |
Apr 1950 |
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Legal
Form : |
Limited Company |
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Line
of Business : |
Importers,
exporters, wholesalers of energy, metals, machinery and chemicals |
RATING & COMMENTS
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MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum
Credit Limit : |
YEN 343,091 MILLION |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
NAME
MITSUBISHI CORPORATION
REGD NAME
Mitsubishi Shoji KK
MAIN OFFICE
2-3-1 Marunouchi Chiyodaku Tokyo 100-8086 JAPAN
Tel: 03-3210-2121
Fax: 03-3210-8051
URL: http://www.mitsubishicorp.com/
E-Mail address: Not specified (thru the URL)
ACTIVITIES
Import, export, wholesale of energy, metals,
machinery, chemicals, other
BRANCHES
Domestic (43)
OVERSEAS
Branches & subsidiaries (118)
Affiliates (77) (39 main offices & 38
branches)
CHIEF EXEC
YORIHIKO KOJIMA, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 19,067,153 M
PAYMENTS REGULAR CAPITAL Yen 190,071 M
TREND STEADY WORTH Yen 2,379,264 M
STARTED 1950 EMPLOYES 54,143
COMMENT
LARGEST GENERAL TRADING HOUSE OF
JAPAN. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 343,091 MILLION, NORMAL 30
DAYS TERMS
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is the largest general trading house
of Japan and one of the core Mitsubishi group firms. Handles about 25,000 products from raw materials to finished
items. Strong in energies field, particularly
topping in LNG business. Has many
excellent subsidiaries in food-related area. Moving into satellite information business. Energy resources division faring well. Automobile business keeps expanding, thanks
to robust demand worldwide. Emphasis
being directed to new-functional business areas. Actively cultivating Asian markets such as importing LNG from
China and investing in projects in Singapore.
Four major general trading houses are actively accelerating investments
in energy and raw materials sectors and further expanding long-term
profitability. In this regard, the
subject firm anticipates the largest investment at Yen 1.2 trillion in fiscal
2006 & 2007, an increase o 70% over the previous two-year period. Total Yen 400 billion will be channeled into
the energy projects in LNG and crude oil exploration as well as resources such
as coal, iron and aluminum. It will
also allocate Yen 150 billion for investments in food operations and Yen 100
billion for overseas power generation projects.
(News released 03/May/06): The subject has acquired a 20% interest in
an offshore field project from Candax Energy Inc, Canada for roughly Yen 920
million, for LNG field development in Tunisia.
Said, the firm secured a 20% stake in the Chaal field, covering an area
of 1,200 sq kilometers. Candax has 60%
stake in the project and Mitsubishi 20% with the remaining 20% held locally.
The sales volume for Mar/2006 fiscal term
amounted to Yen 19,067,153 million, an 11.3% up from Yen 17,132,704 million in
the previous term. The record high
earnings were largely thanks to booming international commodities prices. Energy business cashed in on high oil prices
and its metal group benefited from a booming coal business. Foods were strong, too. Automobiles rose on robust demand
overseas. The recurring profit was
posted at Yen 478,383 million and the net profit at Yen 350,045 million (95%
jump from previous term), respectively, compared with Yen 219,175 million
recurring profit and Yen 182,369 million net profit, respectively, a year ago.
For the current term ending Mar/2007 the
net profit is projected at Yen 370,000 million on a 0.7% rise in turnover, to
Yen 19,200,000 million. Soaring
resources prices are expected to pause, holding metals and energy flat, but
covered by brisk machinery and foods.
The financial situation is considered
FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 343,091 million, on normal
30 days terms.
REGISTRATION
Date Registered: Apr
1950
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2,500
million shares
Issued: 1,674,179,186
shares
Sum: Yen
190,071 million
Major shareholders (%): Master Trust Bank
of Japan, T (8.0), Japan Trustee Services Bank, T (7.9), Tokyo Marine &
Nichido Fire Ins (5.5), Meiji Yasuda Life Ins (4.7), State Street Bank of Trust
(3.6), Mitsubishi Heavy Ind (2.9), Bank of Tokyo-Mitsubishi UFJ (2.5), Chase
Manhattan Bank (London) (2.2); foreign owners (33.4)
No. of shareholders: 82,642
Listed on the S/Exchange (s) of: Tokyo, Osaka,
Nagoya, London
Managements: Mikio Sasaki, ch; Yorihiko
Kojima, pres & CEO; Yukio Masuda, v pres; Takeru Ishibashi, v pres; Yukio
Ueno, v pres; Hidetoshi Kamezaki, v pres; Takeshi Inoue, s/mgn dir; Masao
Miyamoto, s/mgn dir; Ichiro Mizuno, s/mgn dir; Hisanori Yoshimura, s/mgn dir
Nothing detrimental is known as to the commercial
morality of executives.
Related companies: Ryoshoku Ltd,
Mitsubishi Corp USA, Mitsubishi Corporation Financial & Management
Services, other (Tot 375 as of Sept/05)
OPERATION
Activities: Imports, exports and
wholesales wide varieties of commodities from raw materials to consumer goods
(Sales breakdown by divisions):
Energy Div (25%): crude oil, petroleum
products, LNG, LPG, carbon, other;
Metals Div (20%): ferrous &
nonferrous raw materials, MDP units, steel products, other;
Machinery Div (16%): power & electrical systems, plant
projects, aerospace, industrial machinery, motor vehicles, other;
Chemical Div (11%): raw materials for synthetic resins &
fibers, chemical fertilizers, inorganic raw materials, industrial salts,
plastics, electronics materials, life science products, other;
Living Essentials Div (26%): foods,
textiles, housing general merchandise, other;
New Business Initiative Div (2%): information &
telecommunication technologies, financial services, logistics services, human
life business, business investments, marketing technologies to create &
foster new businesses.
Overseas sales ratio (17%).
Clients: [Power companies, mfrs,
wholesalers] Nippon Oil Corp, Ryoshoku Ltd, Tokyo Gas, Tokyo Electric Power,
Kansai Electric Power, other.
No. of accounts: 3,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, oil refiners,
wholesalers] Mitsubishi Heavy Ind, Saudi Arabian Oil Co, Brunei LNG SB,
Malaysia LNG, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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19,067,153 |
17,132,704 |
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Cost of Sales |
18,015,672 |
16,254,941 |
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GROSS PROFIT |
1,051,481 |
877,763 |
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Selling & Adm
Costs |
696,779 |
685,022 |
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OPERATING PROFIT |
349,664 |
192,741 |
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Non-Operating P/L |
128,719 |
26,434 |
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RECURRING PROFIT |
478,383 |
219,175 |
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NET PROFIT |
350,045 |
182,369 |
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BALANCE SHEET |
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Cash |
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646,317 |
569,005 |
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Receivables |
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3,119,275 |
2,795,437 |
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Inventory |
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840,874 |
667,968 |
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Securities, Marketable |
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Other Current Assets |
777,054 |
833,474 |
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TOTAL CURRENT
ASSETS |
5,383,520 |
4,865,884 |
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Property &
Equipment |
1,327,272 |
1,227,161 |
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Intangibles |
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Investments, Other
Fixed Assets |
3,700,449 |
3,000,327 |
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TOTAL ASSETS |
10,411,241 |
9,093,372 |
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Payables |
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2,434,570 |
2,093,559 |
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Short-Term Bank Loans |
626,156 |
545,124 |
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Other Current Liabs |
1,080,694 |
1,221,736 |
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TOTAL CURRENT
LIABS |
4,141,420 |
3,860,419 |
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Debentures |
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Long-Term Bank Loans |
2,877,149 |
2,968,143 |
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Reserve for Retirement
Allw |
40,121 |
54,182 |
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Other Debts |
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705,595 |
475,232 |
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TOTAL LIABILITIES |
7,764,285 |
7,357,976 |
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MINORITY INTERESTS |
267,692 |
230,942 |
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Common stock |
197,818 |
126,705 |
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Additional paid-in capital |
251,598 |
179,632 |
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Retained earnings |
1,487,707 |
1,175,682 |
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Evaluation p/l on investments/securities |
544,328 |
278,288 |
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Others |
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(101,070) |
(254,923) |
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Treasury stock, at cost |
(1,117) |
(930) |
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TOTAL S/HOLDERS`
EQUITY |
2,379,264 |
1,504,454 |
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TOTAL EQUITIES |
10,411,241 |
9,093,372 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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336,316 |
148,578 |
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Cash Flows from Investment Activities |
-94,471 |
-51,637 |
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Cash Flows from Financing Activities |
-187,918 |
3,293 |
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Cash, Bank Deposits at the Term End |
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646,317 |
576,826 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
2,379,264 |
1,504,454 |
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Current Ratio (%) |
129.99 |
126.05 |
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Net Worth Ratio (%) |
22.85 |
16.54 |
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Recurring Profit Ratio (%) |
2.51 |
1.28 |
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Net Profit Ratio (%) |
1.84 |
1.06 |
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Return On Equity (%) |
14.71 |
12.12 |
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RATING EXPLANATIONS
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/normal. |
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 |