MIRA INFORM REPORT
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Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MITSUBISHI HEAVY INDUSTRIES LTD |
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Registered Office : |
2-16-5 Konan
Minatoku |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
January 1950 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 050387 |
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Legal Form : |
Limited Company |
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Line of Business : |
Comprehensive
Heavy Machinery Mfr |
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 65,907.2 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
MITSUBISHI HEAVY INDUSTRIES LTD
REGD
NAME
Mitsubishi
Jyukogyo KK
MAIN
OFFICE
2-16-5 Konan
Minatoku
Tel:
03-6716-3111 Fax: 03-6716-5800
*.. The given address is its Nagasaki Shipyard
E-Mail address: info@mhi.co.jp
ACTIVITIES
Comprehensive
heavy machinery mfr
BRANCHES
OVERSEAS
(Offices & Representatives)
9 Subsidiaries): Europe (19), North & South Americas (43), Asia (70),
Oceania (2),
FACTORIES
CHIEF
EXEC
HIDEAKI
OHMIYA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,940,887 M
PAYMENTS REGULAR CAPITAL Yen 265,608 M
TREND SLOW WORTH Yen
1,328,772 M
STARTED 1950 EMPLOYES 69,741
COMMENT
COMPREHENSIVE HEAVY MACHINERY MFR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 65,907.2 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2011 fiscal term
HIGHLIGHTS
This is the nation’s largest mfr of comprehensive heavy machinery. Core of Mitsubishi group. Maintains overwhelmingly strong market position
in shipbuilding, N-Power plants, aerospace, engines, and other heavy
machineries. Also involved in various
operations, such as power plants, bridges, environmental systems, theme parks
& air-conditioning with more than 700 kinds of products. (For products, see OPERATION). Fills majority
of orders for arms from Defense Ministry and by far leads others in this
sector. Windmill production expanding to
2,600 megawatts over medium term (currently 1,200 megawatts). A new windmill plant is under construction in
the
FINANCIAL
INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 2,940,887
million, a 12.9% down from Yen 3,375,674 million in the previous term, affected
by the global economic downturn. Demand
declined. New orders declined, too. High Yen hurt export revenues and profits in
Yen terms. Sales declined in all
segments. By Divisions,
Shipbuilding/offshore Structures down3.9% to Yen 230,692 million; Power Systems
down 11.8% to 166,128 million; Machinery & Steel Structures down to Yen
542,061 million; Mass & Medium-lot Manufactured Machinery down 32.4% to Yen
544,324 million; Aerospace down 2.4% to Yen 500,270 million. The recurring profit was posted at Yen 24,009
million and the net profit at Yen 14,163 million, respectively, compared with
Yen 75,306 million recurring profit and Yen 24,217 million net profit,
respectively, a year ago.
(Apr/Dec/2010 results): Sales Yen 2,087,762 million (up 4.4%), operating
profit Yen 80,811 million (up 75.4%), recurring profit Yen 50,834 million (up
183.7%), net profit Yen 17,966 million (up 318.5%). (% compared with the corresponding period a
year ago).
For the term that just ended Mar 2011 the recurring profit was projected
at Yen 50,000 million and the net profit at Yen 20,000 million, respectively,
on a 2.1% fall in turnover, to Yen 2,880,000 million. New order may have reached the projected Yen
3.1 trillion, up 25%. Final results will
be made available at the end of Apr 2011.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 65,907.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jan 1950
Regd
No.: (Tokyo-Minatoku) 050387
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
6,000 million shares
Issued: 3,356,127,153 shares
Sum: Yen 265,608 million
Major shareholders
(%):
Japan Trustee Services Bank, (4.2), Master Trust Bank of Japan T 13170 (4.1),
Nomura (BOTMU) (3.7), Meiji Yasuda Life Ins (2.3), Tokio Marine & Nichido
Fire Ins (1.7), Nomura Trust Bank (MUFG Trust) (1.3), Japan Trustee Services T4
(1.3), Nomura T (MUTB) (1.3), OD05 Omnibus China Treaty (1.0), Company’s
S/Holding Assn (0.8); foreign owners (19.2)
No. of
shareholders: 346,348
Listed on the
S/Exchange (s) of:
Managements: Kazuo Tsukuda,
ch; Hideaki Ohmiya, pres; Ichiro Fukue, s/mgn dir; Hiroshi Suga, s/mgn dir;
Sunao Aoki, s/mgn dir; Shiro Iijima, mgn dir; Katsuhiko Yasuda, mgn dir; Akira
Sawa, mgn dir; Teruaki Kawai, mgn dir; Shun’ichi Miyanaga, mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies:
Mitsubishi-Hitachi Metals Mfg, MHI Environment Engineering, MPSA, MCFA, other
(Domestic 127; overseas 136)
OPERATION
Activities: Comprehensive
heavy machinery mfr:
(Sales Breakdown
by Divisions):
Shipbuilding &
Offshore Structure (8%): ships, industrial carriers, navigation systems,
oil storage facilities, patrol boats, offshore production facilities, repairing
& conversion);
Power Systems
(36%): combined power plants, diesel power plants, maritime devices, LNG
power plants, thermal power generating plants, instrument control devices;
Machinery &
Steel Structure (18%): steel bridges, tunnel ventilation equipment,
energy-related facilities, material handling equipment, distribution equipment,
flood prevention & irrigation works, underground construction equipment,
water supply systems, cranes, conveyors, mechanical parking systems,
environmental devices, compressors & mechanical drive turbines, chemical
plants, oil & gas production plants, testing & measuring equipment,
iron & steel machinery, seawater desalination plants;
Aerospace (17%): defense
aircrafts, aero engines, guided weapon systems, civil aircrafts & aero
engines, space systems;
Mass &
Medium-lot Manufactured Machinery (18%): forklifts, compressors, small-medium sized
engines, tractors, industrial robots, paper & printing machinery,
construction machinery, special vehicles, turbo chargers, distribution
equipment, refrigeration systems, other;
Others (3%): machine tools, precision cutting
tools, automotive components, other.
Overseas trading
ratio (50.3%): Asia 13.3%, N America 12.2%, Europe 7.6%, Latin America 8.3%, Mid East
5.8%,
Clients: [Mfrs, electric powers,
governments, wholesalers] Defense Ministry, Tokyo Electric Power, Kyushu
Electric Power, Shikoku Electric Power, Kansai Electric Power, Japan Aerospace
Exploration Agency, Mitsubishi Motors, other.
No. of accounts: 3,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp, Sumitomo Corp, Metal One, Mitsubishi Electric, Kawasaki Heavy Ind, Taihei Dengyo
Kaisha, other.
Payment record: Regular
Location: Business area in
Bank References:
MUFG
(H/O)
SMBC
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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2,940,887 |
3,375,674 |
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Cost of Sales |
2,537,257 |
2,945,340 |
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GROSS PROFIT |
403,629 |
430,334 |
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Selling & Adm Costs |
337,968 |
324,475 |
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OPERATING PROFIT |
65,660 |
105,859 |
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Non-Operating P/L |
-41,651 |
-30,553 |
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RECURRING PROFIT |
24,009 |
75,306 |
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NET PROFIT |
14,163 |
24,217 |
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BALANCE SHEET |
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Cash |
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274,061 |
435,038 |
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Receivables |
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948,200 |
1,082,569 |
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Inventory |
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1,240,061 |
1,268,616 |
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Securities, Marketable |
9 |
3,010 |
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Other Current Assets |
364,331 |
375,826 |
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TOTAL CURRENT ASSETS |
2,826,662 |
3,165,059 |
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Property & Equipment |
896,350 |
892,347 |
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Intangibles |
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29,149 |
30,991 |
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Investments, Other Fixed Assets |
510,698 |
437,816 |
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TOTAL ASSETS |
4,262,859 |
4,526,213 |
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Payables |
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646,538 |
699,648 |
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Short-Term Bank Loans |
117,679 |
248,734 |
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Other Current Liabs |
791,579 |
1,046,510 |
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TOTAL CURRENT LIABS |
1,555,796 |
1,994,892 |
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Debentures |
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344,605 |
264,601 |
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Long-Term Bank Loans |
897,501 |
855,956 |
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Reserve for Retirement Allw |
48,542 |
50,776 |
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Other Debts |
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87,643 |
76,736 |
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TOTAL LIABILITIES |
2,934,087 |
3,242,961 |
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MINORITY INTERESTS |
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Common
stock |
265,608 |
265,608 |
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Additional
paid-in capital |
203,938 |
203,928 |
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Retained
earnings |
800,199 |
788,948 |
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Evaluation
p/l on investments/securities |
35,942 |
17,313 |
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Others |
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28,110 |
12,495 |
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Treasury
stock, at cost |
(5,025) |
(5,041) |
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TOTAL S/HOLDERS` EQUITY |
1,328,772 |
1,283,251 |
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TOTAL EQUITIES |
4,262,859 |
4,526,213 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2010 |
31/03/2009 |
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Cash
Flows from Operating Activities |
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117,977 |
79,533 |
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Cash
Flows from Investment Activities |
-180,704 |
-156,593 |
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Cash
Flows from Financing Activities |
-105,291 |
262,002 |
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Cash,
Bank Deposits at the Term End |
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261,373 |
425,913 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
1,328,772 |
1,283,251 |
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Current
Ratio (%) |
181.69 |
158.66 |
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Net
Worth Ratio (%) |
31.17 |
28.35 |
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Recurring
Profit Ratio (%) |
0.82 |
2.23 |
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Net
Profit Ratio (%) |
0.48 |
0.72 |
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Return
On Equity (%) |
1.07 |
1.89 |
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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.44.22 |
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1 |
Rs.72.26 |
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Euro |
1 |
Rs.63.90 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.