MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHUO MITSUI ASSET MANAGEMENT CO LTD |
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Registered Office : |
Shiba Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.208 |
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Date of Incorporation : |
September 1986 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Asset Management, Investment Advisory |
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 437 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
CHUO MITSUI ASSET
MANAGEMENT CO LTD
REGD NAME: Chuo Mitsui Asset Management KK
MAIN OFFICE: Shiba Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo
105-0014 JAPAN
Tel:
03-5440-0140 Fax: 03-5440-0160
URL: http://www.cmam.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
Asset management, investment advisory
LICENCES
Kanto FSA No. 356
BRANCHES
Nil
OFFICER(S)
TERUO WATANABE, PRES
Ken’ichi Uehara, dir
Junji Momose, dir
Masaru Hashimoto, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 13,124 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 1,758 M
STARTED 1986 EMPLOYES 90
COMMENT
ASSET MANAGEMENT & INVESTMENT ADVISOR, WHOLLY OWNED BY CHUO MITSUI TRUST HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 437 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as an investment advisory company by Mitsui Trust Bank Group (now Chuo Mitsui Trust Holdings Inc (See REGISTRATION). This is an asset management and investment advisory company, licensed from Kanto FSA No.356. Operating funds as of Mar/2008 are reported at Yen 2,210 billion. Business operations have been expanding steadily.
FINANCIAL INFORMATION
Financials are consolidated by the parent and disclosed only in digested forms.
The sales volume for Mar/2008 fiscal term amounted to Yen 13,124 million, a 27% sharp hike from Yen 10,350 million in the previous term. The number of management funds increased. The net profit was posted at Yen 796 million, down from Yen 841 million a year ago. Securities market was rather dull.
For the current term ending Mar 2009 the net profit is projected at Yen 790 million, on a 1% fall in turnover, to Yen 13,000 million. The US subprime mortgage crisis may hurt indirectly thru the parent.
The financial situation is considered GOOD and responsible for ORDINARY business en- gagements. Max credit limit is estimated at Yen 437 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1986
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 24,000 shares
Issued: 6,000 shares
Sum: Yen 300 million
Major shareholders (%): Chuo Mitsui Trust Holdings Inc*(100)
* Financial holding company controlling Chuo Mitsui Trust & Banking & Mitsui Asset Trust & Banking as core operating companies, founded 2002, listed Tokyo, Osaka, Nagoya S/E’s, turnover Yen 459,100 million, operating profit Yen 159,425 million, recurring profit Yen 125,387 million, net profit Yen 71,837 million, total assets Yen 14,472,837 million, net worth Yen 872,897 million, employees 9,037, pres Kazuo Tanabe
Consolidated Financials are as attached (See SUPPLEMENTS)
(Recent News from the Nikkei dated 16/09/2008): Chuo Mitsui trust Holdings Inc said it extended loans worth Yen 15 billion, or around US$145 million, to Lehman Brothers Holdings Inc, which has filed for bankruptcy protection. The loan includes Yen 10 billion extended to the Japanese unit and Yen 5 million to the US company. Shares of Chuo Mitsui were down 13% at Yen 496 on the Tokyo S/E at 15/09/2008.
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Asset management, investment advisory, securities management, other related services (--100%).
Clients
Business firms, individual investors, other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers
Investors
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Chuo Mitsui Trust Bank (H/O)
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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13,000 |
13,124 |
10,350 |
6,119 |
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Recur.
Profit |
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Net
Profit |
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790 |
796 |
841 |
436 |
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Total
Assets |
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3,051 |
2,934 |
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Current
Assets |
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2,674 |
2,640 |
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Current
Liabs |
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1,273 |
1,462 |
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Net
Worth |
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1,758 |
1,463 |
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Capital,
Paid-Up |
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300 |
300 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-0.94 |
26.80 |
69.15 |
108.48 |
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Current Ratio |
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.. |
210.05 |
180.57 |
.. |
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N.Worth Ratio |
.. |
57.62 |
49.86 |
.. |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
6.08 |
6.07 |
8.13 |
7.13 |
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Return On Equity |
.. |
45.28 |
57.48 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2009
fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, CHUO MITSUI TRUST HOLDINGS INC
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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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459,100 |
447,101 |
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Cost of Sales |
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GROSS PROFIT |
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Selling & Adm Costs |
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OPERATING PROFIT |
159,425 |
167,459 |
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Non-Operating P/L |
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RECURRING PROFIT |
125,387 |
159,723 |
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NET PROFIT |
71,837 |
112,793 |
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BALANCE SHEET |
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Cash |
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212,552 |
498,096 |
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Receivables |
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Inventory |
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Securities, Marketable |
4,647,960 |
4,511,730 |
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Other Current Assets |
3,625,243 |
3,569,129 |
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TOTAL CURRENT ASSETS |
8,635,069 |
8,578,955 |
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Property & Equipment |
132,794 |
203,672 |
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Intangibles |
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73,499 |
77,163 |
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Investments, Other Fixed Assets |
5,631,475 |
5,230,733 |
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TOTAL ASSETS |
14,472,837 |
14,090,523 |
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Payables |
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8,167,248 |
8,143,660 |
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Short-Term Bank Loans |
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Other Current Liabs |
3,258,803 |
2,508,119 |
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TOTAL CURRENT LIABS |
11,426,051 |
10,651,779 |
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Debentures |
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176,261 |
195,119 |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
3,563 |
4,307 |
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Other Debts |
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1,847,747 |
2,101,953 |
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TOTAL LIABILITIES |
13,453,622 |
12,953,158 |
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MINORITY INTERESTS |
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Common
stock |
261,608 |
261,608 |
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Additional
paid-in capital |
127,347 |
127,342 |
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Retained
earnings |
441,646 |
378,812 |
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Evaluation
p/l on investments/securities |
57,239 |
259,248 |
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Others |
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131,635 |
110,549 |
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Treasury
stock, at cost |
(261) |
(195) |
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TOTAL S/HOLDERS` EQUITY |
1,019,214 |
1,137,364 |
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TOTAL EQUITIES |
1,472,837 |
14,090,523 |
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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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427,967 |
521,847 |
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Cash
Flows from Investment Activities |
-574,244 |
-568,004 |
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Cash
Flows from Financing Activities |
-4,888 |
-2,754 |
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Cash,
Bank Deposits at the Term End |
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151,850 |
303,133 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
1,019,214 |
1,137,364 |
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Current
Ratio (%) |
75.57 |
80.54 |
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Net
Worth Ratio (%) |
69.20 |
8.07 |
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Recurring
Profit Ratio (%) |
27.31 |
35.72 |
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Net
Profit Ratio (%) |
15.65 |
25.23 |
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Return
On Equity (%) |
7.05 |
9.92 |
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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.45.72 |
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UK Pound |
1 |
Rs.84.81 |
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Euro |
1 |
Rs.67.60 |
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%)