MIRA
INFORM REPORT
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Report Date : |
26.12.2008 |
IDENTIFICATION DETAILS
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Name : |
MITSUI & CO
PLANT SYSTEMS LTD |
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Registered Office : |
Shiodome Sumitomo Bldg 25F, 1-9-2 Higashi-Nihombashi Minatoku |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
April 2007 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Plant Units, Power Systems, Transportation
Systems |
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 777.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
MITSUI
& CO PLANT SYSTEMS LTD
REGD
NAME: Mitsui Bussan
Plant System KK
MAIN OFFICE: Shiodome
Sumitomo Bldg 25F, 1-9-2 Higashi-Nihombashi Minatoku
Tel: 03-6218-3000
Fax: 03-6218-3450
* Moved to the caption address in Nov 2008 from the
address given.
URL: http://www.plantsystems.mitsui.co.jp
E-mail: info@plantsystems.mitsui.co.jp
ACTIVITIES
Import,
export, wholesale of plant units, power systems, transportation systems
BRANCHES
OFFICERS
HIDEKI
SHIINOKI, PRES
Fumitaka
Itoh, dir
Takahiro
Nakano, dir
Masayuki
Honjo, dir
Makoto Suzuki, dir
Masanari Nagai, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 99,420 M
PAYMENTS REGULAR CAPITAL Yen 1,555 M
TREND STEADY WORTH Yen
4,440 M
STARTED 1995 EMPLOYES 229
COMMENT
TRADING HOUSE SPECIALIZING IN PLANT, POWER & TRANSPORTATION UNITS, WHOLLY OWNED BY MITSUI & CO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
777.6 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The
subject company was established Apr/2007 by the merger of four Mitsui group
firms: Mitsui & Co Project Corp, Mitsui Bussan Plant & Project, Mitsui
& Co Power Systems, Mitsui Bussan Transportation Systems. The merger was intended to integrate group
operations to avoid redundant operations.
This is a trading house specializing in energy plants, power systems and
transportation units. In 2007,
transferred from the parent, Mitsui & Co Ltd, major portion of power system
units operations. Clients are major
electric powers, rail companies, chemical mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen
99,420 million, a 940% up from Yen 9,561 million in the previous term. The steep rise is attributed to the new
addition of power plant business from the parent. The recurring profit was posted at Yen 1,503
million and the net profit at Yen 930 million, respectively, compared with Yen
13 million recurring loss and Yen 54 million net losses, respectively, a year
ago
For the current term ending Mar 2009 the recurring profit is
projected at Yen 1,500 million and the net profit at Yen 930 million,
respectively, on a 0.6% rise in turnover, to Yen 100,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 777.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
2007
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
124,400 shares
Issued:
31,100 shares
Sum: Yen 1,555
million
Major shareholders (%)
Mitsui
& Co*(100)
*.. Leading general trading
company vying with Mitsubishi Corp for top position, founded 1947, capital Yen
337,544 million, listed Tokyo, Osaka, Nagoya, Nasdaq S/E’s, sales Yen 17,009,056 million, operating profit Yen
374,828 million, recurring profit Yen 402,004 million, net profit Yen 410,061
million, total assets Yen 9,690,879 million, net worth Yen 2,183,660 million,
employees 42,621, pres Shoei Utsuda Consolidated Financials are as attached
(See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
General trading house for import, export and wholesale of (--100%):
Plant
Units: energy & petrochemical plants, heavy machinery for
ferrous & nonferrous industries, industrial systems, machinery for
infrastructure fields;
Power
System Units: power generation, transmission & substations, energy
solution, captive power generation, cogeneration, renewable energy;
Transportation
System Units: railway facility, urban transportation system, other.
Clients
[Mfrs, steel makers, chemical
mfrs] Nippon Steel, Tosoh Ltd, JR East, Tokyo Electric Power, Mitsui & Co,
other..
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] IHI, Tosoh Ltd, Toray
Corp, Mitsui & Co, Plasser, other.
Payment record:
Regular
Location: Business area in
Bank References
SMBC
(Hibiya)
Mizuho
Corporate Bank (Ohtemachi)
Relations:
Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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100,000 |
99,420 |
9,561 |
7,761 |
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Recur.
Profit |
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1,500 |
1,503 |
-13 |
115 |
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Net
Profit |
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930 |
930 |
-54 |
26 |
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Total
Assets |
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44,806 |
3,599 |
1,940 |
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Current
Assets |
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43,662 |
3,488 |
1,774 |
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Current
Liabs |
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39,560 |
2,742 |
771 |
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Net
Worth |
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4,440 |
820 |
1,139 |
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Capital,
Paid-Up |
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1,555 |
1,555 |
600 |
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Div.P.Share(¥) |
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0.00 |
45450.00 |
45450.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.58 |
939.85 |
23.19 |
12.97 |
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Current Ratio |
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.. |
110.37 |
127.21 |
230.09 |
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N.Worth Ratio |
.. |
9.91 |
22.78 |
58.71 |
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R.Profit/Sales |
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1.50 |
1.51 |
-0.14 |
1.48 |
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N.Profit/Sales |
0.93 |
0.94 |
-0.56 |
0.34 |
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Return On Equity |
.. |
20.95 |
-6.59 |
2.28 |
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Notes:
Forecast (or estimated) figures for the 31/03/2009 fiscal term.
SUPPLEMNTS:
CONSOLIDATED FINANCIALS OF THE PARENT,
MITSUI & CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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17,009,056 |
15,271,649 |
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Cost of Sales |
16,020,979 |
14,405,358 |
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GROSS PROFIT |
988,077 |
866,291 |
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Selling & Adm Costs |
613,249 |
557,391 |
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OPERATING PROFIT |
374,828 |
308,900 |
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Non-Operating P/L |
27,176 |
21,240 |
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RECURRING PROFIT |
402,004 |
330,140 |
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NET PROFIT |
410,061 |
301,502 |
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BALANCE SHEET |
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Cash |
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899,264 |
800,032 |
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Receivables |
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2,125,640 |
2,199,614 |
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Inventory |
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739,721 |
696,470 |
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Securities, Marketable |
7,114 |
11,670 |
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Other Current Assets |
1,439,375 |
1,365,990 |
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TOTAL CURRENT ASSETS |
5,211,114 |
5,073,776 |
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Property & Equipment |
1,746,050 |
1,677,806 |
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Intangibles |
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128,504 |
104,445 |
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Investments, Other Fixed Assets |
2,005,211 |
2,957,285 |
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TOTAL ASSETS |
9,090,879 |
9,813,312 |
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Payables |
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464,547 |
658,747 |
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Short-Term Bank Loans |
776,620 |
371,865 |
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Other Current Liabs |
2,353,445 |
2,779,590 |
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TOTAL CURRENT LIABS |
3,594,612 |
3,810,202 |
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Debentures |
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Long-Term Bank Loans |
2,944,383 |
2,887,528 |
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Reserve for Retirement Allw |
32,754 |
33,209 |
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Other Debts |
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691,495 |
733,407 |
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TOTAL LIABILITIES |
7,263,244 |
7,464,346 |
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MINORITY INTERESTS |
243,976 |
236,687 |
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Common
stock |
337,544 |
323,213 |
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Additional
paid-in capital |
432,245 |
417,900 |
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Retained
earnings |
1,397,312 |
1,072,234 |
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Evaluation
p/l on investments/securities |
140,440 |
258,922 |
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Others |
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(118,751) |
41,478 |
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Treasury
stock, at cost |
(5,130) |
(3,468) |
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TOTAL S/HOLDERS` EQUITY |
2,183,660 |
2,110,279 |
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TOTAL EQUITIES |
9,690,879 |
9,811,312 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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415,791 |
239,275 |
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Cash
Flows from Investment Activities |
-104,778 |
-418,027 |
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Cash Flows
from Financing Activities |
-185,129 |
272,289 |
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Cash,
Bank Deposits at the Term End |
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899,264 |
800,032 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
2,183,660 |
2,110,279 |
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Current
Ratio (%) |
144.97 |
133.16 |
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Net
Worth Ratio (%) |
22.53 |
21.51 |
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Recurring
Profit Ratio (%) |
2.36 |
2.16 |
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Net
Profit Ratio (%) |
2.41 |
1.97 |
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Return
On Equity (%) |
18.78 |
14.29 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.89 |
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1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.57 |
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. |
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%)