MIRA INFORM REPORT

Report Date :

16.10.2007

IDENTIFICATION DETAILS

Name :	MITSUBISHI CORPORATION (UK) PLC
Registered Office :	Mid City Place, 71 High Holborn, London, WC1V 6BA
Country :	United Kingdom
Financials (as on) :	31.12.2005
Date of Incorporation :	26/01/1988
Com. Reg. No.:	02214224
Legal Form :	Public Limited Liability Company (GB)
Line of Business :	Trading in a broad range of commodities, technologies, industrial and consumer products, and the provision of services, including financing.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Company Identification Details

Subject Reported on	MITSUBISHI CORPORATION (UK) PLC
Holding Company	MITSUBISHI CORPORATION INTERNATIONAL N.V
Ultimate Holding Company	MITSUBISHI CORPORATION
Trading Address	71 HIGH HOLBORN,LONDON,WC1V 6BA
Telephone	020-7025-3000

	Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP   3,744,300
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   36,329,300
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Significant Event

Subject is a subsidiary of MITSUBISHI CORPORATION INTERNATIONAL N.V.,DUNS: 408779226

Official Company Data

Legal Form	Public Limited Liability Company (GB)
Registration Number	02214224
Date of Incorporation	26/01/1988
Registered Office	Mid City Place, 71 High Holborn, London, WC1V 6BA
Date of Last Annual Return to Registry	02/08/2007
Activities	Trading in a broad range of commodities, technologies, industrial and consumer porducts, and the provision of services, including financing.
Accounts	The last filed accounts cover the period to 31/12/2005 and were filed on 05/05/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
02/08/2007	Annual Return
31/12/2005	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	TSUNAO  KIJIMA
Occupation	DIRECTOR
Address	2-4,  HYDE PARK GATE KENSINGTON , LONDON , SW7 5EW
Country of Origin	JAPANESE
Date of Birth	09/05/1948
Appointment Date	03/05/2006
Other Appointments	JAPANESE CHAMBER OF COMMERCE AND INDUSTRY IN THE UNITED KINGDOM, JAPANESE SCHOOL LIMITED (THE),  MITSUBISHI CORPORATION FINANCE PLC,  MITSUBISHI CORPORATION (UK) PLC, PRINCES LIMITED,  PETRO-DIAMOND RISK MANAGEMENT LTD.,  MITSUBISHI CORPORATION INTERNATIONAL N.V.
DIRECTOR	OSAMU  NOMA
Occupation	DIR CFO CAO
Address	DOLBEN COURT ,  MONTAIGNE CLOSE WESTMINSTER , LONDON , SW1P 4BB
Country of Origin	JAPANESE
Date of Birth	01/09/1954
Appointment Date	07/06/2004
Other Appointments	TRILAND METALS LIMITED, MITSUBISHI CORPORATION (UK) PLC, MC(OPERATIONS) LIMITED, MITSUBISHI EMPLOYEE BENEFIT TRUSTEE LIMITED, TREDIA EUROPE LIMITED, BUCKINGHAM VENTURES LIMITED, MITSUBISHI CORPORATION INTERNATIONAL N.V.
DIRECTOR	TAICHI  ITO  (One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	FARLEY COURT ,  MELBURY ROAD , LONDON , W14 8LJ
Country of Origin	JAPANESE
Date of Birth	24/07/1951
Appointment Date	14/04/2006
Other Appointments	COLT CAR COMPANY LIMITED (THE), SPITALGATE DEALER SERVICES LIMITED, MITSUBISHI CORPORATION (UK) PLC, WATERMOOR SERVICES LIMITED, MC ENERGY SOLUTIONS LIMITED
SECRETARY	MR  ICHIRO KOBAYASHI
Address	10 GROVE HALL COURT,  HALL ROAD ST JOHN S WOOD , LONDON , NW8 9NR
Country of Origin	BRITISH
Date of Birth	15/04/1969
Appointment Date	26/04/2006

Recently Resigned Directors (last 3)

DIRECTOR	HIDETO  NAKAHARA
Occupation	CHAIRMAN & MANAGINGDIRECTOR
Address	2-4 , HYDE PARK GATE , LONDON , - -
Country of Origin	JAPANESE
Date of Birth	17/11/1950
Resignation Date	03/05/2006
DIRECTOR	MASAHIKO  KOJIMA
Occupation	DIRECTOR COO
Address	82 , COUNTY HALL APPARTMENT , LONDON , - -
Country of Origin	JAPANESE
Date of Birth	23/05/1955
Resignation Date	14/04/2006
DIRECTOR	TETSURO  IMAI
Occupation	MAN DIRECTOR
Address	17 , PORTMAN TOWERS , LONDON , - -
Country of Origin	JAPANESE
Date of Birth	22/11/1950
Resignation Date	28/03/2005

Share Summary

Share information is not held for this company.

Mortgages and Charges

There are no mortgages

Public Record Information

Summary of CCJ's/Scottish Decrees

There are 1 exact unsatisfied CCJs totaling GBP 1457 in the last 72 months

Details of most recent CCJ's/Scottish Decrees

25/06/2003, a Judgment of "GBP" 1457 was made in MAYORS & CITY court (Case No. MY303291 ) against Mitsubishi Corp (U K) PLC, Mid City Pl, 71 High Holborn, London, LONDON POSTAL, WC1V 6BA

Operations

Activities	Trading in a broad range of commodities, technologies, industrial and consumer products, and the provision of services, including financing.
Sic Code	Description
5164	Wholesale of office machinery and equipment
5143	Wholesale of electrical household appliances and radio and television goods
Staff Employed	144
Auditors	Deloitte & Touche LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	1,141,803	1,290,638	1,584,255	1,715,656
Other operating income	14,931	12,474	3,137	3,533
Cost of goods sold	1,125,042	1,273,756	1,565,819	1,695,465
GROSS PROFIT	16,761	16,882	18,436	20,191
General administration costs (-)	17,085	17,358	18,717	18,614
Wages and Salaries	9,679	10,309	10,020	10,042
Depreciation	674	755	695	578
Other operating charges	14,899	9,577	-	-
Net Operating Profit(Loss)	-292	2,421	2,856	5,110
Non Trading Income	2,501	2,444	2,383	1,670
Group Non Trading Income	11,878	9,066	7,090	6,818
Other financial income	1,770	171	388	-
Total Non Trading Income	16,149	11,681	9,861	8,488
Interest expenses & similar (-)	1,248	1,227	3,305	9,793
Other financial charges	12,854	8,902	7,458	4,083
Financial Expenses	14,102	10,129	10,763	13,876
PRE TAX PROFIT	1,755	3,973	1,954	-278
Other Taxation	-532	-196	-699	0
Taxation	279	1,648	1,493	1,079
PROFIT AFTER TAX	2,008	2,521	1,160	-1,357
Net Profit	2,008	2,521	1,160	-
Dividends Payable	0	0	0	0
RETAINED PROFITS	2,008	2,521	1,160	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	11,568	22,127	23,233	25,692
Plant, machinery & equipment	495	1,057	1,710	1,695
Intermediate Assets	11,067	21,060	21,508	23,958
Intangible Assets	6	10	15	20
TOTAL CURRENT ASSETS	681,000	628,339	620,383	706,375
Stocks	106,768	88,980	92,460	140,085
Trade Debtors	126,574	115,951	146,426	207,950
Other Receivables	59,830	-	-	-
Prepaid expenses	2,731	2,189	6,646	12,049
Group Loans	373,056	399,426	335,159	324,056
Cash	7,331	9,418	26,240	9,658
Tax Recoverable	4,710	-	-	-
TOTAL ASSETS	692,568	650,466	643,616	732,067
TOTAL CURRENT LIABILITIES	638,068	597,974	590,800	680,854
Trade Creditors	184,530	100,911	65,522	148,782
Bank Overdraft	28,450	3,372	78,090	398,322
Taxes	216	1,618	1,292	445
Other Current Liabilities	325	-	-	-
Due From Group	420,818	486,220	442,316	124,633
Accruals & deferred income	3,729	5,853	3,580	8,672
WORKING CAPITAL	42,932	30,365	29,583	25,521
TOTAL LONG TERM LIABS	0	0	2,845	2,402
NET ASSETS/(LIABILITIES)	54,500	52,492	52,816	51,213
SHARE CAPITAL + RESERVES	54,500	52,492	49,971	48,811
Issued Share Capital	33,650	33,650	33,650	33,650
Profit and Loss account	20,850	18,842	16,321	15,161
SHAREHOLDERS FUNDS	54,500	52,492	49,971	48,811
CAPITAL EMPLOYED	54,500	52,492	52,816	51,213
TANGIBLE NET WORTH	54,494	52,482	49,956	48,791

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Current Ratio	1.07	1.05	1.05	1.04
Profit Before Tax	0.00	0.00	0.00	0.00
Creditors Days (D.P.O)	59.87	28.92	15.27	32.03
Quick Ratio	0.90	0.90	0.89	0.83
Return on Assets	0.26	0.63	0.31	-0.04
T.N.W/Total Assets	0.08	0.08	0.08	0.07
Return on Capital	3.22	7.57	3.70	-0.54
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	-	-	0.18	0.20
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover decreased by more than 12% in the period. Turnover totaled GBP  1,141,803,000 for the period.
Operating Loss	Totaled GBP  -292,000 In the period prior a profit of GBP   2,421,000 was achieved.
Pre Tax	The subject made a profit of GBP  1,755,000 compared with a profit of GBP  3,973,000 in the previous period.
Working Capital	The company's working capital improved in the period by 41%
Tangible Net Worth	Net worth increased by 2,012,000 during the period and now stands at GBP  54,494,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  562,000 to GBP  495,000 and are now 0% of total assets compared with 0% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 36% and are now 7% of net worth compared with 11% in the previous period
Long Term Liabilities	Long term liabilities are now 1% of total assets compared with 1% in the previous period

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.	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