MIRA
INFORM REPORT
|
Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MATSUSHITA ELECTRIC INDUSTRIAL CO LTD |
|
|
|
|
Registered Office : |
1006 Kadoma Kadoma City Osaka-Pref 571-8501 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
December 1935 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Consumer Electronics, Other |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
YEN 267,183.5 Million |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
MATSUSHITA
ELECTRIC INDUSTRIAL CO LTD (Renaming to Panasonic in Oct/2008)
REGD NAME: Matsushita Denki Sangyo KK
MAIN OFFICE: 1006 Kadoma Kadoma City Osaka-Pref 571-8501
JAPAN
Tel:
06-6908-1121 Fax: 06-6908-2351
URL: http://www.panasonic.co.jp/
E-Mail address: (Thru the URL)
ACTIVITIES
Mfg of consumer electronics, other
BRANCH(ES)
Tokyo, Osaka, Okayama, other (Tot 100)
OVERSEAS
India (7), Indonesia (12), Malaysia (15), Philippines (2), Singapore (11), Thailand (13), Vietnam (3), China (50), Hong Kong (8), Taiwan (8), Germany (3), UK (4), USA (14), other
FACTORY(IES)
Kadoma, Toyonaka, Ibaraki, Kusatsu, Okayama, other
CHIEF EXEC
FUMIO OHTSUBO, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES EXCNT A/SALES Yen 9,068,928 M
PAYMNTS REGULAR CAPITAL Yen 258,740 M
TREND STEADY WORTH Yen 3,742,329 M
STARTED 1935 EMPLOYES 305,828
COMMENT
CONSUMER ELECTRONICS MFR.
FINANCIAL SITUATION COSIDERED EXCELLENT AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMI
YEN 267,183.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company is one of the world’s largest consumer electronics mfrs. Established by Konosuke Matsushita originally for selling bicycle lights. Now grown to be the largest mfr of Japan. Core company of Matsushita group. Overseas operations account for about 50% of total sales. Exports under the names of “Panasonic”, “Technics”, and “Quasar” brands. Domestically marketed as “National” & “Panasonic” brands, but unified to “Panasonic”, and the corporate name will be changed to “Panasonic” in Oct 2008.
(Recent news) Matsushita will build a lithium-ion battery factory In Osaka, spending over Yen 100 trillion that will go onstream in fiscal 2010, tripling overall production capacity to more than 75 million units per month. This will put Matsushita to the world’s second-largest mfr of lithium-ion batteries after Sanyo Electric Co (now the firm is placed world’s fifth-largest mfr)
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 9,068,928 million, an almost similar amount of Yen 9,108,170 million in the previous term. This is referred to the separation of Victor Co of Japan and group firms from its consolidated subsidiary to independent subsidiary. from Aug 2007. Sales in all areas soared, otherwise. Sales sank 9% in N America but surged 14% in China, where audiovisual devices and white goods sold well. Robust European & Asian sales of audiovisual products offset slowing US demand. The recurring profit was posted at Yen 434,993 million and the net profit at Yen 281,877 million, respectively, compared with Yen 439,144 million recurring profit and Yen 217,877 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 500,000 million and the net profit at Yen 310,000 million, on a 1.5% rise in turnover, to Yen 9,200,000 million. Though the Yen’s appreciation is expected to erode profit by Yen 46,000 million, the firm seeks to offset this thru streaming efforts and by increasing overseas sales. Sales of 103-inch plasma TVs are increasing three-to-eightfold in Mid East and Russia, according to the firm.
The financial situation is considered maintained EXCELLENT and good for ORDINARY business engagements. Max credit limit is estimated at Yen 267,183.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1935
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4,950 million shares
Issued: 2,435,033,497 shares
Sum: Yen 258,740 million
Major shareholders (%)
Company’s Treasury Stock (14.3), Moxley & Co (7.5), Master Trust Bank of Japan T (5.4, Japan Trustee Services T (3.5), State Street Bank & Trust (2.7), Nippon Life Ins (2.7), SMBC (2.3), Sumitomo Life Ins (1.4), Mitsui Sumitomo Ins (1.4),
Employees’ S/Holding Assn (1.3); foreign owners (28.5)
No. of shareholders: 148,347
Listed on the S/Exchange (s) of: Tokyo, Osaka, Nagoya, New York
Managements
Kunio Nakamura, ch, Masayuki Matsushita, v ch; Fumio Ohtsubo, pres; Susumu Koike, v pres; Shunzo Ushimaru, v pres; Koshi Kitadai, v pres; Toshihiro Sakamoto, s/mgn dir; Takahiro Mori, s/mgn dir; Shin’ichi Fukushima, s/mgn dir; Yasuo Katsura, mgndir, mgn dir; Junji Esaka, mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Matsushita Electric Works, Victor Co of Japan, Panasonic
Communications, other.
OPERATION
Activities: Manufactures consumer electronics (--100%)
(Sales Breakdown by
divisions):
AVC Networks Div (41%): AVC, fixed-line communications, mobile communications, automotive electronics, system solutions;
Home Appliances Div (12%): home appliances, household equipment, healthcare systems, lighting, environmental systems;
Components & Devices Div (13%): semiconductors, display devices, batteries, electronic components, electric motors;
Sales at Matsushita
Electric Works & Panahome (18%);
Victor of Japan (2%);
Others (14%);
Overseas Sales Ratio 44%: N America 15%; Europe 12%; Asia/China, others 17%; of the total n America sales, those of USA account for 87%.
Clients
[Mfrs, wholesalers] Matsushita Consumer Electronics, Panasonic North America, Panasonic Industries Taiwan, Matsushita Life Electronics, Toyota Motor, other.
No. of accounts: 3,000-4,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Panasonic Electric Device, Matsushita Plasma Display, Panasonic Industry Asia, Panasonic Communications, PS Funding Corp, other.
Payment record
Regular
Location
Business area in Kadoma City, Osaka-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (Osaka)
Resona Bank (Osaka)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
9,068,928 |
9,108,170 |
||
|
|
Cost of Sales |
6,377,240 |
6,394,418 |
|||
|
|
GROSS PROFIT |
2,691,688 |
2,713,752 |
|||
|
|
Selling & Adm Costs |
2,172,207 |
2,254,211 |
|||
|
|
OPERATING PROFIT |
519,481 |
459,541 |
|||
|
|
Non-Operating P/L |
-84,488 |
-20,397 |
|||
|
|
RECURRING PROFIT |
434,993 |
439,144 |
|||
|
|
NET PROFIT |
281,877 |
217,185 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
1,214,816 |
1,236,639 |
||
|
|
Receivables |
|
1,046,991 |
1,101,549 |
||
|
|
Inventory |
|
864,264 |
949,399 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
673,123 |
911,262 |
|||
|
|
TOTAL CURRENT ASSETS |
3,799,194 |
4,198,849 |
|||
|
|
Property & Equipment |
1,757,373 |
1,642,293 |
|||
|
|
Intangibles |
|
128,917 |
115,631 |
||
|
|
Investments, Other Fixed Assets |
1,758,130 |
1,940,185 |
|||
|
|
TOTAL ASSETS |
7,443,614 |
7,896,958 |
|||
|
|
Payables |
|
903,379 |
883,375 |
||
|
|
Short-Term Bank Loans |
156,260 |
223,190 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
1,501,320 |
1,635,302 |
|||
|
|
TOTAL CURRENT LIABS |
2,560,959 |
2,741,867 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
232,346 |
226,780 |
|||
|
|
Reserve for Retirement Allw |
238,396 |
280,958 |
|||
|
|
Other Debts |
|
154,964 |
179,458 |
||
|
|
TOTAL LIABILITIES |
3,186,665 |
3,429,063 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
258,740 |
258,740 |
|||
|
|
Additional
paid-in capital |
1,217,865 |
1,220,967 |
|||
|
|
Retained
earnings |
90,129 |
88,588 |
|||
|
|
Evaluation
p/l on investments/securities |
(173,897) |
107,097 |
|||
|
|
Others |
|
2,948,065 |
2,737,024 |
||
|
|
Treasury
stock, at cost |
(598,573) |
(495,675) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
3,742,329 |
3,916,741 |
|||
|
|
TOTAL EQUITIES |
7,443,614 |
7,896,958 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2008 |
31/03/2007 |
||
|
|
Cash Flows
from Operating Activities |
|
466,058 |
532,557 |
||
|
|
Cash
Flows from Investment Activities |
-61,371 |
-567,808 |
|||
|
|
Cash
Flows from Financing Activities |
-203,548 |
-427,703 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
1,236,639 |
1,667,396 |
||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
3,742,329 |
3,916,741 |
||
|
|
|
Current
Ratio (%) |
148.35 |
153.14 |
||
|
|
|
Net
Worth Ratio (%) |
50.28 |
49.60 |
||
|
|
|
Recurring
Profit Ratio (%) |
4.80 |
4.82 |
||
|
|
|
Net
Profit Ratio (%) |
3.11 |
2.38 |
||
|
|
|
Return
On Equity (%) |
7.53 |
5.55 |
||
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
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%)