MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MATSUSHITA ELECTRIC INDUSTRIAL CO LTD |
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Registered Office : |
1006 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1935 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Mfg of consumer electronics, other |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
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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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Maximum Credit Limit : |
YEN 264,292.5 MILLION |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
COMPANY NAME
MATSUSHITA ELECTRIC INDUSTRIAL CO LTD
REGD NAME: Matsushita Denki Sangyo KK
MAIN OFFICE
1006 Kadoma Kadoma City Osaka-Pref 571-8501
Tel : 06-6908-1121
Fax : 06-6908-2351
URL : http://www.panasonic.co.jp/
E-Mail : (Thru the URL)
ACTIVITIES
Mfg of consumer electronics, other
BRANCH(ES)
OVERSEAS
Worldwide
FACTORY(IES)
Kadoma,
CHIEF EXEC
FUMIO OHTSUBO, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES EXCNT A/SALES Yen 9,108,170 M
PAYMENTS REGULAR CAPITAL Yen 258,740 M
TREND STEADY WORTH Yen 3,916,741 M
STARTED 1935 EMPLOYES 328,645
COMMENT
CONSUMER ELECTRONICS MFR.
FINANCIAL SITUATION COSIDERED EXCELLENT AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 264,292.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company is one of the world’s largest consumer electronics mfrs. Established by Konosuke Matsushita originally for selling bicycle lights. Now grown to be the largest mfr of Japan.Core company of Matsushita group. Overseas operations account for about 50% of total sales. Exports under the names of “Panasonic”, “Technics”, and “Quasar” brands.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 9,108,170 million, a 2.4% up from Yen 8,894,329 million in the previous term. Sales of its mainstay plasma TVs soared 30% to Yen 547,800 million. More than 20% decline in product prices was offset by nearly 80% increase in unit shipments. Home electrical appliances remained high. The recurring profit was posted at Yen 439,144 million and the net profit at Yen 217,185 million, respectively, compared with Yen 371,312 million recurring profit and Yen 154,410 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected at Yen 460,000 million and the net profit at Yen 250 million, on a 2.1% rise in turnover, to Yen 9,300,000 million.
Apr/June/2007 results: Sales gained 4.8% to Yen 2,240,000 million from Yen 2,137,000 mil- lin a year earlier, thanks to cost cutting and increased production of consumer electronics such as flat-screen TVs. Net profit for this quarter rose 9.7%.
The financial situation is considered maintained EXCELLENT and good for ORDINARY business engagements. Max credit limit is estimated at Yen 264,292.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1935
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4,950 million shares
Issued: 2,453,053,497 shares
Sum: Yen 258,740 million
Major shareholders (%): Company’s Treasury Stock (12.5), Moxley & Co (7.7), Master Trust Bank of Japan T (5.1), Japan Trustee Services T (3.4), State Street Bank & Trust (2.7), Nippon Life Ins (2.7), SMBC (2.3), Sumitomo Life Ins (1.4), Mitsui Sumitomo Ins (1.4),
Employees’ S/Holding Assn (1.3); foreign owners (28.5)
No. of shareholders: 161,244
Listed on the S/Exchange (s) of:
Managements: Kunio Nakamura, ch, Masayuki Matsushita, v ch; Fumio Ohtsubo, pres; Takami Sano, v pres; Susumu Koike, v pres; Shunzo Ushimaru, v pres; Koshi Kitadai, s/mgn dir; Toshihiro Sakamoto, s/mgn dir; Yasuo Katsura, mgn dir; Takahiro Mori, mgn dir; Shin’ichi Fukushima, mgn dir; Junji Esaka, mgn dir; Hitoshi Otsuki, mgn dir; Ikusaburo Kashima, mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Matsushita Electric Works, Victor Co of
OPERATION
Activities: Manufactures consumer electronics (--100%)
(Sales Breakdown by divisions):
AVC Networks Div (38%): AVC, fixed-line communications, mobile communications, automotive electronics, system solutions;
Home Appliances Div (12%): home appliances, household equipment, healthcare sys-tems, lighting, environmental systems;
Components & Devices Div (13%): semiconductors, display devices, batteries, electronic components, electric motors;
Sales at Matsushita Electric Works & Panahome (17%);
JVC Div (6%);
Others (14%);
Overseas Sales Ratio
44%: N America 15%; Europe 12%; Asia/China, others 17%; of the total n
Clients: [Mfrs, wholesalers] Matsushita Consumer Electronics, Panasonic North America, Panasonic Industries Taiwan, Matsushita Life Electronics, Toyota Motor, other.
No. of accounts: 3,000-4,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Panasonic Electric Device, Matsushita Plasma Display, Panasonic Industry Asia, Panasonic Communications, PS Funding Corp, other.
Payment record
Regular
Location
Business area in
Bank References
SMBC (
Resona Bank (
Relations: Satisfactory
FINANCES: (In Million
Yen)
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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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9,108,170 |
8,894,329 |
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Cost of Sales |
6,394,418 |
6,155,297 |
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GROSS PROFIT |
2,713,752 |
2,739,032 |
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Selling & Adm Costs |
2,254,211 |
2,324,759 |
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OPERATING PROFIT |
459,541 |
414,273 |
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Non-Operating P/L |
-20,397 |
-42,961 |
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RECURRING PROFIT |
439,144 |
371,312 |
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NET PROFIT |
217,185 |
154,410 |
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BALANCE
SHEET |
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Cash |
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1,236,639 |
1,667,396 |
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Receivables |
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1,101,549 |
1,117,508 |
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Inventory |
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949,399 |
915,262 |
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Securities, Marketable |
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Other Current Assets |
911,262 |
706,387 |
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TOTAL CURRENT ASSETS |
4,198,849 |
4,406,553 |
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Property & Equipment |
1,642,293 |
1,632,339 |
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Intangibles |
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379,324 |
413,137 |
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Investments, Other Fixed Assets |
1,676,492 |
1,512,611 |
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TOTAL ASSETS |
7,896,958 |
7,964,640 |
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Payables |
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883,375 |
914,963 |
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Short-Term Bank Loans |
223,190 |
339,845 |
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Other Current Liabs |
1,635,302 |
1,630,260 |
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TOTAL CURRENT LIABS |
2,741,867 |
2,885,068 |
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Debentures |
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Long-Term Bank Loans |
226,780 |
264,070 |
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Reserve for Retirement Allw |
280,958 |
414,266 |
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Other Debts |
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179,458 |
112,024 |
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TOTAL LIABILITIES |
3,429,063 |
3,675,428 |
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MINORITY INTERESTS |
551,154 |
501,591 |
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Common
stock |
258,740 |
258,740 |
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Additional
paid-in capital |
1,220,967 |
1,234,289 |
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Retained
earnings |
88,588 |
87,526 |
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Evaluation
p/l on investments/securities |
2,737,024 |
2,575,890 |
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Others |
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107,097 |
(26,119) |
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Treasury
stock, at cost |
(495,675) |
(342,705) |
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TOTAL S/HOLDERS` EQUITY |
3,916,741 |
3,787,621 |
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TOTAL EQUITIES |
7,896,958 |
7,964,640 |
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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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532,557 |
575,418 |
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Cash Flows
from Investment Activities |
-567,808 |
407,091 |
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Cash Flows
from Financing Activities |
-427,703 |
-524,568 |
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Cash, Bank
Deposits at the Term End |
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1,236,639 |
1,667,396 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth
(S/Holders' Equity) |
3,916,741 |
3,787,621 |
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Current
Ratio (%) |
153.14 |
152.74 |
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Net Worth
Ratio (%) |
49.60 |
47.56 |
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Recurring
Profit Ratio (%) |
4.82 |
4.17 |
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Net Profit
Ratio (%) |
2.38 |
1.74 |
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Return On
Equity (%) |
5.55 |
4.08 |
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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/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 |
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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%)