MIRA
INFORM REPORT
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Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARUBENI CORPORATION |
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Registered Office : |
1-4-2 Ohtemachi Chiyodaku Tokyo 100-8088 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1949 |
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Legal Form : |
Limited Company |
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Line of Business : |
General Trading House |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 115,015.3 Million |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
name
MARUBENI CORPORATION
REGD NAME
Marubeni KK
MAIN OFFICE
1-4-2 Ohtemachi Chiyodaku Tokyo 100-8088 JAPAN
Tel: 03-3282-2111
Fax: 03-3282-2331
URL: http://www.marubeni.co.jp/
E-Mail: info@marubeni.co.jp
ACTIVITIES
A general trading house
BRANCHES
Tokyo, Osaka, Nagoya, other (Tot 15 domestic)
OVERSEAS:
53 overseas branches &
offices; 27 overseas corporate subsidiaries with 64 offices, totaling 117
offices in 71 countries.
CHIEF EXEC
NOBUO KATSUMATA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,554,943 M
PAYMENTS REGULAR CAPITAL Yen 262,686 M
TREND STEADY WORTH Yen 745,454 M
STARTED 1949 EMPLOYES 28,442
COMMENT
GENERAL
TRADING HOUSE, CORE OF FUYO GROUP FIRMS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 115,015.3 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is one of the leading general trading house, originated
in Osaka as a textile merchant, with its roots same as the present Itochu Corp,
actually a breakaway from the same roots. Strong in areas of grain, machinery,
industrial plants, chemicals & communications. Tops in pulps & paper.
Well-experienced in domestic construction operations, including housing. Also maintains a strong presence in grain trading. Recently
strength being focused on information communications sector entering satellite
broadcasting thru CATV network.
Developing & producing uranium at mine in Kazakhstan, jointly with
Tokyo Electric Power & others, having right obtain 2,000 tons/year with 60%
equity share. Acquired electric power
holding company in Caribbean area at cost of some Yen 70 billion.
(Recent
report from The Nikkei):
Dated 24/01/2008: Marubeni plant to begin importing bio-ethanol compound (ETBE) from Brazil for use in bio-gasoline sold by petroleum wholesalers in Japan. This makes the first such imports from Brazil. The compound will be purchased from Companhia Petroquimica do Sul (Copesul). In February Marubeni will supply 6,500kl ETBE, worth around US$ 7 million, to a gasoline group made up of petroleum wholesalers.
Dated
05/03/2008: Marubeni & Talisman Energy Inc (Canada) have
confirmed discovery of significant natural gas & condensate reserves in UK
North Sea and aim to begin commercial production within four years. Located
200km off coast of Aberdeen, Scotland, the field found by them is believed to
hold at least 35 million barrels in crude oil terms. Marubeni holds 49% of concession
with Talisman owning 51%. The test
drilling conducted at the site resulted yielding daily output of 29.7 million
cubic feet of natural gas & 2,846 barrels of condensate.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 9,554,932 million, a 10% hike from Yen 8,686,532
million in the previous term. Sales
improved in all sectors. By divisions, Energy up 10.5% to 2,420,900 million,
led by increased sales of oil & gas; Foods up 4.4% to Yen 1,068,900 million,
thanks to increased sales of feeds & foodstuffs to Daiei Inc, newly became
consolidated subsidiary; Chemicals up 9.6% to Yen 857,000 million, led by
rising prices of petrochemical products; Metals up 35.7% to Yen 261,300
million, as metal prices rose. The recurring profit jumped to Yen 193,815
million and the net profit to Yen 119,349 million, respectively, compared with
Yen 101,453 million recurring profit and Yen 73,801 million net profit,
respectively, a year ago.
(Apr/Dec/2007 results): Sales Yen 7,784,119 million (up 11.4%), operating profit Yen 141,240 million (up 14.2%), recurring profit Yen 183,662 million (up 17.2%), net profit Yen 117,216 million (up 22.6%). (% compared with the corresponding period a year ago). Solid earnings continued from its energy-related trading activities, as well as from food operations.
For the current term ending Mar 2008 the recurring profit is projected at Yen 230,000 million and the net profit at Yen 145,000 million, respectively, on a 12% rise in turnover, to Yen 10,700,0000 million. Energy will enjoy growth on contribution from new large-scale interests on crude oil. Power plants expanding fueled by overseas IPPs. Transportation, machinery, plants, chemicals also advancing. Besides continuing high level on food, paper/pulp, steel products & textiles are improving. Net profit consecutively hitting all-time high.
The financial situation is considered FAIR and good for
ORDINARY business engagements Max credit limit is estimated at Yen 115,015.3
million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1949
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,300
million shares
Issued: 1,734,916,816
shares
Sum: Yen
262,686 million
Major shareholders (%)
Japan Trustee Services Bank (6.l), Master Trust Bank of
Japan T (5.4), Sompo Japan Ins (3.4), Tokio Marine & Nichido Fire Ins
(3.0), Meiji Yasuda Life Ins (2.4), State Street Bank & Trust 505103 (1.7)
Mizuho Corporate Bank (1.7), Japan Trustee Services T4 (1.6), Nippon Life Ins
(1.4), State Street Bank & Trust (1.4); foreign owners (29.2)
No. of shareholders
116,420
Listed on the S/Exchange (s) of
Tokyo, Osaka, Nagoya
Managements
Tohru Tsuji, ch; Nobuo Katsumata, pres & CEO; Kazuhiko Sakamoto,
v pres; Akira Matsuda, v pres; Kazuo Ogawa, s/mgn dir; Teruo Asada, s/mgn dir;
Mamoru Sekiyama, s/mgn dir; Masaru Funai, s/mgn dir; Koichi Mochizuki, mgn dir;
Tetsuro Sakamoto, mgn dir; Norihiro Shimizu, mgn dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Marubeni Energy, Marubeni Nisshin Feed, Marubeni Pulp &
Paper, other
OPERATION
Activities: General trading house for import, export and
wholesale of:
(Sales
breakdown by divisions):
Energy (25%); Foods (11%),
Metals & Resources (10%); Materials & paper/pulp (9%); Chemicals (9%);
others (37%)
Overseas operations 45.6%: N America 10.5%; Europe 5.9%;
Asia/Oceania 22.4%; other regions 6.8%.
Clients
[Mfrs, electric powers,
wholesalers] Tokyo Electric Power, Chubu Electric Power, Nissan Motors, Showa Denko, other.
No. of accounts
3,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Nissan Motors, Showa Denko, Daishowa
Paper Mfg, Hitachi Construction Machinery, other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (H/O)
Bank of Tokyo-Mitsubishi UFJ (Tokyo)
Relations: Satisfactory
FINANCES
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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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9,554,932 |
8,686,532 |
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Cost of Sales |
9,022,761 |
8,184,508 |
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GROSS PROFIT |
532,171 |
502,024 |
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Selling & Adm Costs |
367,151 |
358,776 |
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OPERATING PROFIT |
165,020 |
143,248 |
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Non-Operating P/L |
28,795 |
-41,795 |
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RECURRING PROFIT |
193,815 |
101,453 |
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NET PROFIT |
119,349 |
73,801 |
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BALANCE SHEET |
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Cash |
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414,952 |
368,936 |
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Receivables |
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1,032,790 |
896,781 |
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Inventory |
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420,533 |
395,599 |
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Securities, Marketable |
26,693 |
20,989 |
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Other Current Assets |
607,624 |
486,312 |
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TOTAL CURRENT ASSETS |
2,502,592 |
2,168,617 |
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Property & Equipment |
731,452 |
780,809 |
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Intangibles |
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86,654 |
89,325 |
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Investments, Other Fixed Assets |
1,552,606 |
1,548,321 |
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TOTAL ASSETS |
4,873,304 |
4,587,072 |
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Payables |
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762,520 |
715,370 |
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Short-Term Bank Loans |
334,908 |
588,141 |
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Other Current Liabs |
782,838 |
657,718 |
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TOTAL CURRENT LIABS |
1,880,266 |
1,961,229 |
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Debentures |
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Long-Term Bank Loans |
2,130,137 |
1,879,739 |
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Reserve for Retirement Allw |
12,075 |
9,129 |
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Other Debts |
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29,987 |
26,189 |
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TOTAL LIABILITIES |
4,052,465 |
3,876,286 |
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MINORITY INTERESTS |
75,385 |
46,999 |
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Common
stock |
37,750 |
37,750 |
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Additional
paid-in capital |
155,905 |
155,903 |
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Retained
earnings |
298,011 |
193,772 |
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Evaluation
p/l on investments/securities |
102,899 |
109,035 |
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Others |
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151,376 |
167,653 |
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Treasury
stock, at cost |
(487) |
(326) |
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TOTAL S/HOLDERS` EQUITY |
745,454 |
663,787 |
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TOTAL EQUITIES |
4,873,304 |
4,587,072 |
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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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152,075 |
133,408 |
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Cash
Flows from Investment Activities |
-135,147 |
-193,781 |
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Cash
Flows from Financing Activities |
24,819 |
-46,037 |
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Cash,
Bank Deposits at the Term End |
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414,952 |
368,936 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
745,454 |
663,787 |
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Current
Ratio (%) |
133.10 |
110.57 |
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Net
Worth Ratio (%) |
15.30 |
14.47 |
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Recurring
Profit Ratio (%) |
2.03 |
1.17 |
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Net
Profit Ratio (%) |
1.25 |
0.85 |
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Return
On Equity (%) |
16.01 |
11.12 |
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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%)