MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITSUI LIFE INSURANCE CO LTD |
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Registered Office : |
Mitsui Seimei Bldg, 1-2-3 Ohtemachi
Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Aug 1947 |
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Legal Form : |
Limited Company |
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Line of Business : |
Life insurance, asset
management, investment advisory services |
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 5,510.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MITSUI LIFE INSURANCE CO LTD
REGD NAME
Mitsui Seimei Hoken KK
MAIN OFFICE
Mitsui Seimei Bldg, 1-2-3 Ohtemachi
Chiyodaku Tokyo 100-0004 JAPAN
Tel: 03-3211-6111
URL: http://www.mitsui-seimei.co.jp/
E-Mail address: (thru
the URL)
ACTIVITIES
Life insurance, asset
management, investment advisory services
BRANCH(ES)
Nationwide 543 locations from
Hokkaido to Kyushu
EXECUTIVES
Hirokazu Ishikawa, ch HIROSHI NISHIMURA,
PRES
Shuzo Kamimura, s/mg dir Takashi
Murota, rep dir
Hidefumi Ueda, dir Masato
Abiko, dir
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,142,325 M
PAYMENTS REGULAR CAPITAL Yen 137,280 M
TREND STEADY WORTH Yen 557,850 M
STARTED 1947 EMPLOYES 12,099
COMMENT
LIFE
INSURANCE COMPANY OF MITSUI GROUP. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR PROPER BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 5,510.4 MILLION, 30 DAYS
NORMAL TERMS
Forecast (or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is a life insurance company of the Mitsui Group firms. Offers
life insurance, asset management, investment advisory services, others.
Operates a total 543 branches nationwide from Hokkaido to Kyushu.12
subsidiaries: 3 in the insurance business, 6 in investment advisory, and 3 in
securities investment business.
FINANCIAL INFORMATION:
The sales volume for Mar/2007
fiscal term amounted to Yen 1,142,327 million, a 15% fall from Yen 1,340,974
million in the previous term. New
contracts declined due to some non-payment insurance issues came to light. Individual pension insurance decreased. The recurring profit was posted at Yen
61,048 million and the net profit at Yen 26,678 million, respectively, compared
with Yen 93,537 million recurring profit and Yen 53,065 million net losses,
respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 61,000 million and the net profit at Yen 26,650 million, on a
0.7% rise in turnover, to Yen 1,150,000 million.
The financial situation is considered FAIR and good for
PROPER business engagements. Max credit limit is estimated at Yen 5,510.4
million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 6.2
million shares
Issued: 4,042,072
shares
Sum: Yen
13,728 million
Major shareholders (%)
SMBC (25), Chuo Mitsui Trust
Bank (13), Daiwa Securities. SMBC Principal Investments (9), Nomura Financial
Partners (7), Mitsui Sumitomo Ins (5).
No. of shareholders
2,018
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Life insurance
business (pension, medical, other); asset management; investment advisory, others (--100%)..
Clients
Individual contractors, business
firms, investors, other
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
SMBC (H/O)
Sumitomo Trust Bank (H/O)
Relations: Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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1,142,325 |
1,340,974 |
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Cost of Sales |
967,077 |
1,135,656 |
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GROSS PROFIT |
175,248 |
205,318 |
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Selling & Adm Costs |
114,200 |
114,780 |
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OPERATING PROFIT |
61,048 |
90,538 |
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Non-Operating P/L |
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2,999 |
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RECURRING PROFIT |
61,048 |
93,537 |
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NET PROFIT |
26,678 |
-53,065 |
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BALANCE SHEET |
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Cash |
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155,443 |
191,630 |
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Receivables |
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38,900 |
22,624 |
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Inventory |
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Securities, Marketable |
5,427,277 |
5,401,948 |
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Other Current Assets |
2,277,984 |
2,530,262 |
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TOTAL CURRENT ASSETS |
7,899,604 |
8,146,464 |
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Property & Equipment |
244,772 |
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Intangibles |
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8,930 |
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Investments, Other Fixed Assets |
0 |
0 |
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TOTAL ASSETS |
8,153,306 |
8,146,464 |
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Payables |
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7,065,829 |
7,048,780 |
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Short-Term Bank Loans |
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Other Current Liabs |
0 |
0 |
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TOTAL CURRENT LIABS |
7,065,829 |
7,048,780 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
38,707 |
29,127 |
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Other Debts |
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490,920 |
681,364 |
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TOTAL LIABILITIES |
7,595,456 |
7,759,271 |
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MINORITY INTERESTS |
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1,501 |
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Common
stock |
137,280 |
87,280 |
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Additional
paid-in capital |
137,536 |
87,536 |
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Retained
earnings |
63,375 |
36,696 |
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Evaluation
p/l on investments/securities |
226,419 |
182,779 |
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Others |
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1,841 |
1 |
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Treasury
stock, at cost |
(8,601) |
(8,601) |
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TOTAL S/HOLDERS` EQUITY |
557,850 |
385,691 |
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TOTAL EQUITIES |
8,153,306 |
8,146,464 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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90,988 |
205,510 |
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Cash
Flows from Investment Activities |
-160,263 |
-128,007 |
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Cash Flows
from Financing Activities |
34,956 |
11,090 |
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Cash,
Bank Deposits at the Term End |
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255,443 |
289,630 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
557,850 |
385,691 |
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Current
Ratio (%) |
111.80 |
115.57 |
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Net
Worth Ratio (%) |
6.84 |
4.73 |
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Recurring
Profit Ratio (%) |
5.34 |
6.98 |
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Net
Profit Ratio (%) |
2.34 |
-3.96 |
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Return
On Equity (%) |
4.78 |
-13.76 |
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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. |
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%)