MIRA INFORM REPORT

 

 

Report Date :

05.09.2007

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI UFJ FACTORS LIMITED

 

 

Registered Office :

1-10 Kanda-Sakumacho Chiyodaku Tokyo 101-8637

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Jun 1977

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Factoring services, debt/receivables collection, credit guarantee business.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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 57.9 millions

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

name

 

MITSUBISHI UFJ FACTORS LIMITED

 

 

REGD NAME

 

Mitsubishi UFJ Factor KK

 

 

MAIN OFFICE

 

1-10 Kanda-Sakumacho Chiyodaku Tokyo 101-8637 JAPAN

Tel        : 03-3251-8351

Fax       : 03-3255-6850

URL      : http://www.muf.bk.mufg.jp/

E-Mail address: info@muf.bk.mufg.jp (General affairs)

 

 

ACTIVITIES

 

Factoring services, debt/receivables collection, credit guarantee business  

 

License: FSA#01393 (under Money-lending Control Law)

 

 

BRANCHES

 

Nagoya, Osaka

 

 

OFFICER(S)

 

Yasuki Ogasawara, ch                           SATOSHI HOSHINO, PRES

Hisao Shimizu, s/mgn dir                        Koji Aoki, mgn dir                                 

Fumitoshi Shibusawa, mgn dir                Tohru Kumagai, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 19,805 M

PAYMENTS      REGULAR                     CAPITAL           Yen 2,080 M

TREND             STEADY                       WORTH            Yen 32,495 M

STARTED         1977                             EMPLOYES      217

 

 

COMMENT

 

FACTORING SERVICING COMPANY, OWNED BY MITSUBISHI UFJ FINANCIAL GROUP INC.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR PROPER BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 57.9 MILLION, 30 DAYS NORMAL TERMS.

 

                        Note: Forecast for the 31/03/2008 fiscal term.      

 

 

HIGHLIGHTS

 

The subject company was established by Bank of Tokyo-Mitsubishi, named as Diamond Factors Ltd, as factoring service and loan/credit/debt collection servicing company.  In Oct 2005, the firm absorbed UFJ Business Finance KK, when the former and UFJ Bank were merged, and renamed as captioned.  This is a factoring service company, loan/debt collections, credit guarantee service, payment/purchase fees collection services, buying L/C’s and guarantee payments.  The firm now belongs to Mitsubishi Financial Group Inc (see REGISTRATION). 

           

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2007 fiscal term amounted to Yen 19,805 million, a 42% up from Yen 13,957 million in the previous term.  Financial markets rapidly improved with banks reporting record-high results.  The recurring profit was posted at Yen 5,439 million and the net profit at Yen 3,074 million, respectively, compared with Yen 4,486 million recurring profit and Yen 3,637 million net profit, respectively, a year ago.

 

For the term ending Mar/2008 the recurring profit is projected at Yen 5,500 million and the net profit at Yen 3,100 million, respectively, on a 6% rise in turnover, to Yen 21,000 million.  This is rather conservative estimate.  Turnover could vary on the foreign currency exchange fluctuations.

.

The financial situation is considered FAIR and good for PROPER business engagements.  Max credit limit is estimate at Yen 57.9 million, on normal 30 days terms.  On the back of financial strength of the top parent, Mitsubishi UFJ Financial Group Inc, the limit can be extended with guarantee. 

 

 

REGISTRATION

 

Date Registered:            Jun 1977

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    14.4 million shares

Issued:                          3.6 million shares

Sum:                            Yen 2,080 million

Major shareholders (%): MUFG*(55), Mitsubishi UFJ Capital (13), Mitsubishi UFJ Loan        Service (7), other

Number of shareholders: 38

*.. Leading Bank of Japan, founded 1919, core firm of Mitsubishi UFJ Financial Group, capital Yen 996,973 million, turnover Yen 2,931,816 million, recurring profit Yen 697,515 million, net profit Yen 484,k187 million, total assets Yen 160,772,959 million, net worth Yen          6,774,059 million, employees 63,443, pres Nobuo Azeyanagi 

           

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

 

 

OPERATION

 

Activities: Factoring servicing company, licensed FSA#01393: offering such services as factoring, credit guarantee, revolving guarantee, debt/receivables collection, loans secured by account receivables, payment guarantee, L/C’s buying & payment, other related services (--100%).

 

Clients: Business firms, other

 

No. of accounts: Unavailable

 

Domestic areas of activities: Nationwide

 

Suppliers: [Banks, financial institutions] Bank of Tokyo-Mitsubishi UFJ, Mitsubishi Trust      Bank, Hachijuni Bank, Joyo Bank, Shizuoka Bank, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

MUFG (H/O)

Shizuoka Bank (Tokyo)

 

Relations: Satisfactory

 

 

FINANCES

 

(Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

19,805

13,957

 

  Cost of Sales

7,681

5,910

 

      GROSS PROFIT

12,124

8,047

 

  Selling & Adm Costs

6,929

3,711

 

      OPERATING PROFIT

5,193

4,336

 

  Non-Operating P/L

246

150

 

      RECURRING PROFIT

5,439

4,486

　

      NET PROFIT

3,074

3,637

BALANCE SHEET

 

 

 

 

  Cash

　

19,969

13,670

 

  Receivables

 

811,949

746,115

 

  Inventory

 

　

　

 

  Securities, Marketable

　

　

 

  Other Current Assets

60,630

12,996

 

      TOTAL CURRENT ASSETS

892,548

772,781

 

  Property & Equipment

32,612

34,767

 

  Intangibles

 

2,577

1,651

 

  Investments, Other Fixed Assets

(2,577)

(1,650)

 

      TOTAL ASSETS

925,160

807,549

 

  Payables

 

522,123

448,212

 

  Short-Term Bank Loans

285,739

248,291

 

　

 

　

　

 

  Other Current Liabs

81,510

75,091

 

      TOTAL CURRENT LIABS

889,372

771,594

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

388

366

 

  Other Debts

　

2,905

4,165

 

      TOTAL LIABILITIES

892,665

776,125

 

      MINORITY INTERESTS

 

 

 

Common stock

2,080

2,080

 

Additional paid-in capital

　

　

 

Retained earnings

20,424

17,498

 

Evaluation p/l on investments/securities

9,934

11,802

 

Others

 

57

43

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

32,495

31,423

　

      TOTAL EQUITIES

925,160

807,549

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

32,495

31,423

 

 

Current Ratio (%)

100.36

100.15

 

 

Net Worth Ratio (%)

3.51

3.89

 

 

Recurring Profit Ratio (%)

27.46

32.14

 

 

Net Profit Ratio (%)

15.52

26.06

 

 

Return On Equity (%)

9.46

11.57

 

 

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