MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MITSUI BUSSAN METALS SALES CO LTD |
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Registered Office : |
Nihombashi Daini Bldg 8F, 41-12 Nihombashi-Hakozakicho Chuoku 103-0015 |
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Country : |
Japan |
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Date of Incorporation : |
Apr 1989 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
nonferrous metals, metals |
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 552.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
MITSUI BUSSAN METALS SALES CO LTD
REGD NAME
Mitsui Bussan Hitetsu Hambai KK
MAIN OFFICE
Nihombashi Daini Bldg 8F, 41-12 Nihombashi-Hakozakicho Chuoku 103-0015
JAPAN
Tel : 03-3249-7326
Fax : 03-3249-4575
URL : http://www.mbk-net.co.jp
E-Mail address: info@mbk-net.co.jp
ACTIVITIES
Import, export, wholesale of nonferrous metals, metals
BRANCHES
Osaka, Nagoya, Sendai
OFFICERS
KAZUO TASAKA, PRES Eiichi
Nakanishi, v pres
Seiichi Satoh, v pres Shoji
Ishibori, mgn dir
Akihiro Adachi, dir Terushige
Inoue, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 134,342 M
PAYMENTS REGULAR CAPITAL Yen 600 M*
TREND STEADY WORTH Yen 1,715 M
STARTED 1989 EMPLOYES 130
*.. Capital increased to Yen 3,300 million in Feb/2007.
COMMENT
TRADING HOUSE SPECIALIZING IN NONFERROUS METALS & METALS,
WHOLLY OWNED BY MITSUI & CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 552.3 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established on the basis of a
nonferrous metals section separated from Mitsui & Co Ltd, Tokyo (See
REGISTRATION), ORIGINALLY AS Bussan Metals sales Co Ltd and renamed as
captioned in Jul 1998. Specialized
trader in nonferrous metals, such as aluminum, copper and titanium
products. In Feb 2007, merged Mitsui
& Co Metals Ltd, which engaged in transactions of primary aluminum ingots
& copper. By the merger handling
products expanded to cover overall upstream to downstream of nonferrous metals
business. Active in overseas operations
by utilizing in full the worldwide networks of the parent’s overseas offices.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Mitsui & Co Ltd, of which financials are as attached.
The sales volume for Mar/2006 fiscal term amounted to Yen 134,342 million, a 43% up from Yen 93,808 million in the previous term. This is attributed to the steep hike in metals & nonferrous metals prices, which boosted sales amount. The recurring profit was posted at Yen 539 million and the net profit at Yen 414 million, respectively, compared with Yen 432 million recurring profit and Yen 252 million net profit, respectively, a year ago.
For the current term ending Mar 2007 the net profit is
projected at Yen 430 million, on a 2% rise in turnover, to Yen 137,000
million. The said merger with Mitsui
& Co Metals Ltd will contribute to sales growth for two months (Feb &
Mar). Merger took place in Feb 2007.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 552.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1989
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 16,000
shares
Issued: 12,000
shares
Sum: Yen
600 million*
*.. Capital increased to Yen 3,300 million in Feb 2007. This is not reflected in the Financials as
yet.
Major shareholders (%): Mitsui & Co Ltd*(100)
*.. Top-ranked general trading house vying with Mitsubishi
Corp, founded 1947, listed Tokyo, Osaka, Nagoya, NASDAQ S/E’s, capital Yen
295,766 million, sales Yen 14,885,728 million, recurring profit Yen 253,182
million, net profit Yen 202,109 million, total assets Yen 8,573,578 million,
net worth Yen 1,677,907 million, employees 40,993, pres Shoei Utsuda
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports and wholesales nonferrous
metals products (--100%).
(Handling items):
Primary aluminum ingots, aluminum alloy ingots, aluminum scraps, aluminum
extruded products, aluminum flat rolled products, titanium sponge, titanium
ingots, titanium scraps, titanium mill products, copper metals & products,
zirconium mill products, hafnium products, diecast products, LCD, magnesium
ingots & products, etc.
Clients: [Mfrs, wholesalers] Mitsui & Co, Nippon Steel, Nissan Motors, Toyo Seikan, Kyushu Fuji Sash, Mitsui Mining & Smelting, Sumitomo Light Metal Ind, Fukuda Metal Foil & Powder Co, Asahi Seiren, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui & Co, Toho Titanium,
Nippon Steel, Sumitomo Light Metal Ind,
Asahi Seiren, Mitsui Mining & Smelting, Asahi Seiren, Kyushu Fuji Sash,
Furukawa-Sky Aluminum, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Nihombashi)
MUFG (Ohdenmacho)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms
Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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137,000 |
134,342 |
93,808 |
29,892 |
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Recur.
Profit |
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539 |
432 |
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Net
Profit |
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430 |
414 |
252 |
109 |
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Total
Assets |
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34,759 |
31,950 |
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Current
Assets |
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34,228 |
31,432 |
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Current
Liabs |
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32,494 |
30,429 |
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Net
Worth |
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1,715 |
1,300 |
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Capital,
Paid-Up |
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600 |
600 |
200 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.98 |
43.21 |
213.82 |
12.29 |
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Current Ratio |
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105.34 |
103.30 |
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N.Worth Ratio |
.. |
4.93 |
4.07 |
.. |
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R.Profit/Sales |
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.. |
0.40 |
0.46 |
.. |
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N.Profit/Sales |
0.31 |
0.31 |
0.27 |
0.36 |
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Return On Equity |
.. |
24.14 |
19.38 |
.. |
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Note: Forecast (or estimated) for the 31/03/2007 fiscal
term.
Consolidated
financials of the parent,
Mitsui & Co Ltd
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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14,885,728 |
13,583,948 |
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Cost of Sales |
14,069,101 |
12,874,997 |
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GROSS PROFIT |
816,627 |
708,921 |
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Selling & Adm Costs |
550,827 |
510,930 |
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OPERATING PROFIT |
265,800 |
197,991 |
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Non-Operating P/L |
-12,619 |
-22,347 |
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RECURRING PROFIT |
253,181 |
175,644 |
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NET PROFIT |
202,409 |
121,136 |
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BALANCE SHEET |
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Cash |
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697,065 |
791,810 |
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Receivables |
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2,605,989 |
2,511,435 |
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Inventory |
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695,754 |
596,876 |
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Securities, Marketable |
26,860 |
28,077 |
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Other Current Assets |
721,163 |
492,481 |
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TOTAL CURRENT ASSETS |
4,746,831 |
4,420,679 |
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Property & Equipment |
746,169 |
662,688 |
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Intangibles |
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98,811 |
104,257 |
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Investments, Other Fixed Assets |
2,981,767 |
2,405,763 |
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TOTAL ASSETS |
8,573,578 |
7,593,387 |
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Payables |
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1,762,224 |
1,645,842 |
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Short-Term Bank Loans |
353,185 |
2,911,950 |
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Other Current Liabs |
4,662,102 |
1,811,940 |
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TOTAL CURRENT LIABS |
6,777,511 |
6,369,732 |
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Debentures |
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Long-Term Bank Loans |
2,910,890 |
2,904,923 |
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Reserve for Retirement Allw |
36,769 |
39,467 |
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Other Debts |
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(6,214,229) |
(6,032,346) |
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TOTAL LIABILITIES |
3,510,941 |
3,281,776 |
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MINORITY INTERESTS |
118,160 |
100,827 |
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Common
stock |
295,766 |
192,493 |
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Additional
paid-in capital |
390,488 |
288,048 |
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Retained
earnings |
825,306 |
656,032 |
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Evaluation
p/l on investments/securities |
216,099 |
100,179 |
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Others |
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(47,749) |
(112,712) |
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Treasury
stock, at cost |
(2,003) |
(1,212) |
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TOTAL S/HOLDERS` EQUITY |
1,677,907 |
1,122,828 |
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TOTAL EQUITIES |
8,573,578 |
7,593,387 |
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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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146,396 |
200,069 |
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Cash
Flows from Investment Activities |
-347,332 |
-224,010 |
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Cash
Flows from Financing Activities |
92,269 |
171,321 |
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Cash,
Bank Deposits at the Term End |
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697,065 |
791,810 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
1,677,907 |
1,122,828 |
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Current
Ratio (%) |
70.04 |
69.40 |
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Net Worth
Ratio (%) |
19.57 |
14.79 |
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Recurring
Profit Ratio (%) |
1.70 |
1.29 |
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Net
Profit Ratio (%) |
1.36 |
0.89 |
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Return
On Equity (%) |
12.06 |
10.79 |
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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%)