MIRA INFORM REPORT

 

 

Report Date :

02.10.2007

 

IDENTIFICATION DETAILS

 

Name :

MITSUI & CO LTD

 

 

Registered Office :

Mitsui Bussan Bldg, 1-2-1 Ohtemachi Chiyodaku Tokyo 100-0004

 

 

Country :

Japan

 

 

Financial (as on) :

31/03/2004

 

 

Date of Incorporation :

July, 1947

 

 

Legal Form :

Limited Company

 

 

Line of Business :

A general trading house.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

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

 

Maximum Credit Limit :

Yen 28332.4 million

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

NAME

 

MITSUI & CO LTD

 

 

Regd Name

 

Mitsui Bussan KK

 

 

Main Office

 

Mitsui Bussan Bldg, 1-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN  (Premises: owned)

Phone   : 03-3285-1111

Fax       : 03-3285-9800

URL      : http://www.mitsui.co.jp/

E-mail: Not specified (All addressed through the above URL)

 

 

Operations

 

A general trading house (sales breakdown by divisions): ion ore, metals & machinery (15%), industrial machinery, automobiles, electronics & information (--20%), chemicals (11%), crude oil, LPG, petroleum products (--10%), clothing, upholstery, fabrics, textile raw materials (--17%), lumber, flooring, other construction materials, sporting goods, cereals, alcoholic beverages, other foodstuffs (--27%); Overseas trading 41%)

 

 

Branch(es)

 

Domestic (23), overseas (70)

 

 

Identification

 

Incorporated

Jul 1947

Legal Status

Limited Company (Kabushiki Kaisha)

Capital paid-up

Yen 192,487,084,922 (Issued: 1,583,674,837 shares)

Chief Executive Officer

SHOEI UTSUDA, PRES

Major shareholder(s) (%)

Master Trust Bank of Japan (8.7), Japan Trustee Services Bank (8.2), Mitsui Life Ins (3.6), SMBC (3.5), Chuo Mitsui Trust & Banking (3.1), Mizuho Corporate Bank (3.0), Nippon Life Ins (2.2), Chase Manhattan Bank NA London SL Omnibus Acct (2.0), Mitsui Sumitomo Ins (1.9), Bank of Tokyo-Mitsubishi (1.9); foreign owners (22.6)

No. of shareholders

109,722

Listed on the Stock Exchange(s) of

Tokyo, Osaka, Nagoya, Sapporo, Fukuoka, Luxemburg, Amsterdam, Frankfurt

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES                      Yen 12,281,517 M

PAYMENTS                  REGULAR                     CAPITAL                       Yen 192,487 M

TREND                         STEADY                       WORTH                        Yen 963,278 M

STARTED                     1947                             EMPLOYS                    39,283

 

 

Comment

 

JAPAN’S LEADING GENERAL TRADING HOUSE.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS. 

 

MAX CREDIT LIMIT: YEN 28,332.4 MILLION (Revised downward from our previous report)

 

 

Note

 

Forecast (or estimated) figures for 31/03/2005 term.  Unit: Million Yen

 

 

Overview

 

The subject firm was established ^

 

The sales volume for Mar/2004 fiscal term amounted to Yen 12,281,517 million, a 7% fall from Yen 13,236,683 million in the previous term.  This is referred to accounting changes, including liquidation of unprofitable operations and subsidiaries.  Meanwhile, the recurring profit nearly doubled to Yen 113,546 million from Yen 62,409 million a year earlier, which resulted in Yen 68,387 million net profit, more than doubled from Yen 31,138 million the previous year.  This was attributed primarily to growing sales of chemicals, machinery and information products.

 

For the current term ending Mar 2005 the recurring profit is projected at Yen 105,000 million and net profit at Yen 75,000 million, respectively, on a 1.78% rise in turnover, to Yen 12,500,000 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 28,332.4 million, on normal terms.

 

 

Clients

 

(Wholesalers, retailers, mfrs) Nippon Steel, Toray Ind, Mitsui Oil & Gas, Tokyo Electric Power, other

 

No. of clients: 3,000 – 5,000

 

 

Area of activities

 

Nationwide       

 

 

Suppliers

 

(Mfrs, wholesalers) Nippon Steel, Toshiba Corp, Toyota Motor, Fuji Heavy Ind, other.

 

 

Related companies

 

Toyo Officemation, other (domestic 314, overseas 409)

 

 

Bank References

 

SMBC (H/O), Bank of Tokyo-Mitsubishi, Mizuho Corporate Bank

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

FINANCES

(Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2004

31/03/2003

INCOME STATEMENT

 

 

 

  Annual Sales

　

12,281,517

13,236,683

 

  Cost of Sales

2,370,421

2,219,506

 

      GROSS PROFIT

609,921

568,645

 

  Selling & Adm Costs

496,375

472,096

 

      OPERATING PROFIT

113,546

97,706

 

  Non-Operating P/L

　

　

 

      RECURRING PROFIT

113,546

62,409

　

      NET PROFIT

68,387

31,138

BALANCE SHEET

 

 

 

 

  Cash

　

638,294

660,216

 

  Receivables

 

1,706,850

1,589,379

 

  Inventory

 

513,016

488,672

 

  Securities, Marketable

29,337

99,084

 

  Other Current Assets

1,046,977

994,393

 

      TOTAL CURRENT ASSETS

3,934,474

3,831,744

 

  Property & Equipment

989,696

962,660

 

  Intangibles

 

113,126

71,179

 

  Investments, Other Fixed Assets

1,678,732

1,674,937

 

      TOTAL ASSETS

6,716,028

6,540,520

 

  Payables

 

1,467,516

1,417,472

 

  Short-Term Bank Loans

646,746

495,299

 

　

 

　

　

 

  Other Current Liabs

919,523

1,112,559

 

      TOTAL CURRENT LIABS

3,033,785

3,025,330

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,541,221

2,500,470

 

  Reserve for Retirement Allw

52,296

53,148

 

  Other Debts

　

47,387

31,549

 

      TOTAL LIABILITIES

5,674,689

5,610,497

 

      MINORITY INTERESTS

78,061

67,986

 

Common stock

192,487

192,487

 

Additional paid-in capital

287,763

287,756

 

Retained earnings

36,633

530,420

 

Evaluation p/l on investments/securities

(101,464)

(147,138)

 

Others

 

549,521

0

 

Treasury stock, at cost

(1,662)

(1,378)

 

      TOTAL S/HOLDERS` EQUITY

963,278

862,147

　

      TOTAL EQUITIES

6,716,028

6,540,520

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2004

31/03/2003

 

Cash Flows from Operating Activities

　

100,078

　52,148

 

Cash Flows from Investment Activities

-134,158

　-4,243

 

Cash Flows from Financing Activities

-12,248

　17,824

　

Cash, Bank Deposits at the Term End

　

638,299

　694,813

ANALYTICAL RATIOS            Terms ending:

31/03/2004

31/03/2003

 

 

Net Worth (S/Holders' Equity)

963,278

862,147

 

 

Current Ratio(%)

129.69

126.66

 

 

Net Worth Ratio (%)

14.34

13.18

 

 

Recurring Profit Ratio (%)

0.92

0.47

 

 

Net Profit Ratio (%)

0.56

0.24

 

 

Return On Equity (%)

7.10

3.61

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions