MIRA INFORM REPORT

 

 

 

Report Date :

06.06.2008

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI PLASTICS INC

 

 

Registered Office :

Mitsubishi Plastic Bldg, 1-2-2 Nihombashi-Hongokucho Chuoku Tokyo 103-0021

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

February 1946

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacture of PVC Resin Packaging Films, Electronics and Specialty Materials, Building Materials, Polyester Films, Carbon Fiber, Alumina Fiber

 

 

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 4,739.1 Million

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

 

name & address

 

MITSUBISHI PLASTICS INC

REGD NAME:   Mitsubishi Jyushi KK

MAIN OFFICE:  Mitsubishi Plastic Bldg, 1-2-2 Nihombashi-Hongokucho Chuoku Tokyo 103-0021

                        JAPAN

                        Tel: 03-3279-9800     Fax: 03-3279-6700

 

URL:                 http://www.mpi.co.jp/

E-Mail address: info@mpi.co.jp

 

 

ACTIVITIES  

 

Mfg of PVC resin packaging films, electronics & specialty materials, building materials,                               polyester films, carbon fiber, alumina fiber

 

 

BRANCHES   

 

Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, Niigata, Takamatsu, Nagano,                                 Okayama, Kagoshima, Yamaguchi, Takamatsu, other (Tot 26)

 

 

FACTORY(IES)   

 

Nagahama, Shiga (2), Ushiku, Hiratsuka, Naoetsu, Sakaide, Nagoya, Mizushima,

Yamaguchi, Koriyama, Hanyu (Saitama)

 

 

OFFICER(S)

 

HIROSHI YOSHIDA, PRES                    

Hidemasa Hiramori, dir

Ken’ichi Tomiyama, dir                          

Yosuke Satoh, dir

Hiroshi Iihara, dir

 

 

Yen Amount

 

In million Yen, unless otherwise stated

 

 

 

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 193,866 M

PAYMENTS      REGULAR                     CAPITAL           Yen 21,503 M

TREND             STEADY                       WORTH            Yen 64,078 M

STARTED         1946                             EMPLOYES      3,882

 

 

COMMENT    

 

MFR OF PACKAGING MATERIALS, ELECTRONICS, OTHER; WHOLLY OWNED BY MITSUBISHI CHEMICAL HOLDINGS CORP. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

 

 

MAX CREDIT LIMIT

 

YEN 4,739.1 MILLION, 30 DAYS NORMAL TERMS

 

                        Notes: The numbers for the 31/03/2008 fiscal term are those of Consolidated

                        Financials of the parent, Mitsubishi Chemical Holdings Corp, as financials of the

                        Subject firm are consolidated by the parent

 

 

HIGHLIGHTS

 

The subject company was established by Mitsubishi Chemical Corp (now Mitsubishi Chemical        Holdings Corp) as processor of synthetic rubber used as aircraft packing materials.  In 1948, advanced   into PVC resin products.  Ranked third in PVC pipes.  Developing into polyethylene pipes, films,             construction materials & electronic materials.  In Oct 2007, became wholly owned subsidiary of Mitsubishi Chemical Holdings Corp (See REGISTRATION), and delisted from Tokyo & Osaka S/E’s. In Apr 2008, in order to reorganize and integrate functional materials operations, merged four sister companies of the group.

           

FINANCIAL INFORMATION

 

The sales volume for Mar/2007 fiscal term amounted to Yen 193,866 million, a 4.1% up from Yen 186,228 million in the previous term.  Packaging Materials Div was up 0.2% to Yen 2,759 million; Information & Electronics up 8.1% to Yen 55,099 million; Supply line-related Products Div up 4.1% to Yen 75,924 million.  The recurring profit was posted at Yen 10,195 million and the net profit at Yen 4,616 million, respectively, compared with Yen 9,723 million recurring profit and Yen 6,805 million net profit, respectively, a year ago.

 

(Apr/Sept/2007 results): Sales Yen 94,500 million (down 0.4%), operating profit Yen 3,721 million (down 23.6%), recurring profit Yen 3,435 million (down 28.0%), net profit Yen 953 million (down 55.8%).  (% compared with the same period a year ago)

 

For the term that ended Mar/2008 the financials are wholly consolidated by the parent, Mitsubishi Chemical Holdings Corp, as above..

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 4,739.1 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Feb 1946

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    866,200,000 shares

Issued:                          215,366,350 shares

Sum:                            Yen 21,503 million

           

 

Major shareholders (%)

 

Mitsubishi Chemical Holdings Corp*(100)

           

* Holding company founded by Mitsubishi Chemical Corp and Mitsubishi Pharma Corp(now Mitsubishi Tanabe Pharma Corp) in Oct 2005, listed Tokyo, Osaka S/E’s, capital Yen 50,000 million, turnover Yen 2,929,810 million, operating profit Yen 125,046 million, recurring profit Yen          128,885 million, net profit Yen 164,064 million, total assets Yen 2,765,837 million, net worth Yen 1,095,927 million, employee4s 33,447, pres Yoshimitsu Kobayashi

           

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

 

 

OPERATION

 

Activities: Manufactures PVC resin products, PE pipes, construction materials, electronics materials, others:

 

(Sales Breakdown by Divisions):

 

Packaging Materials Div (30%): stretch wrapping film, gas barrier film, multi layered non-oriented film, heat-shrinkable film, PET bottles, bio based film & sheet, transparent plastic case, micro porous film, foil sheets, heat-shrinkable tubes;

Information & Electronics Div (28%): plastic & metal composite sheet, heat-resistance engineering plastic film, silicone rubber film, flame-retardant polyester film, PIIK thermoplastic film,  rewritable cards;

Supply Line-related Products Div (39%): PVC pipes, plastic water tanks, plastic cooling towers, plastic partitions, lighting sheets, plastic rain gutters unit floor materials, sheet building materials, plastic film-laminated steel sheet, biaxially-oriented PE film, converted products of PE films;

Others (3%): carbon fiber, alumina fiber, other.

           

 

Clients

 

 [Mfrs, wholesalers] Mitsubishi Shoji Packaging, Okaya & Co, Diaplast Co, Ryoju Corp,

Kyokujitsu Sangyo, other

 

 

No. of accounts

 

1,000

 

 

Domestic areas of activities

 

Nationwide

 

           

Suppliers

 

Mfrs, wholesalers] Mitsubishi Corp, Mitsubishi Chemical, Mitsubishi Shoji

Plastic, JFE Shoji Trading, Ryoko Sangyo, other

 

 

Payment record

 

Regular

 

 

Location

 

Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

MUFG (H/O)

Mitsubishi UFJ Trust Bank (H/O)

Relations: Satisfactory

 

FINANCES: (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

193,866

186,228

 

  Cost of Sales

151,781

145,714

 

      GROSS PROFIT

42,085

40,514

 

  Selling & Adm Costs

31,348

30,571

 

      OPERATING PROFIT

10,737

9,943

 

  Non-Operating P/L

-542

-220

 

      RECURRING PROFIT

10,195

9,723

　

      NET PROFIT

4,616

6,805

BALANCE SHEET

 

 

 

 

  Cash

　

9,338

13,000

 

  Receivables

 

57,814

50,077

 

  Inventory

 

17,665

17,261

 

  Securities, Marketable

　

　

 

  Other Current Assets

10,329

6,110

 

      TOTAL CURRENT ASSETS

95,146

86,448

 

  Property & Equipment

56,677

55,032

 

  Intangibles

 

2,354

1,466

 

  Investments, Other Fixed Assets

16,843

18,785

 

      TOTAL ASSETS

171,020

161,731

 

  Payables

 

49,200

43,083

 

  Short-Term Bank Loans

12,807

14,667

 

　

 

　

　

 

  Other Current Liabs

18,564

18,175

 

      TOTAL CURRENT LIABS

80,571

75,925

 

  Debentures

 

15,000

5,000

 

  Long-Term Bank Loans

4,757

11,955

 

  Reserve for Retirement Allw

6,168

6,293

 

  Other Debts

　

446

1,123

 

      TOTAL LIABILITIES

106,942

100,296

 

      MINORITY INTERESTS

 

1,758

 

Common stock

21,503

21,503

 

Additional paid-in capital

15,036

15,036

 

Retained earnings

21,685

18,144

 

Evaluation p/l on investments/securities

4,159

5,047

 

Others

 

1,859

13

 

Treasury stock, at cost

(164)

(66)

 

      TOTAL S/HOLDERS` EQUITY

64,078

59,677

　

      TOTAL EQUITIES

171,020

161,731

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2007

31/03/2006

 

Cash Flows from Operating Activities

　

9,959

10,948

 

Cash Flows from Investment Activities

-7,951

-4,394

 

Cash Flows from Financing Activities

-1,007

-8,540

　

Cash, Bank Deposits at the Term End

　

16,375

15,017

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

64,078

59,677

 

 

Current Ratio (%)

118.09

113.86

 

 

Net Worth Ratio (%)

37.47

36.90

 

 

Recurring Profit Ratio (%)

5.26

5.22

 

 

Net Profit Ratio (%)

2.38

3.65

 

 

Return On Equity (%)

7.20

11.40


 

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