MIRA INFORM REPORT
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Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
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Name : |
MITSUBISHI AIRCRAFT CORPORATION |
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Registered Office : |
2-15 Oyecho Minatoku Nagoya 455-0024 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March
2008 |
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Com. Reg. No.: |
(Nagoya-Minatoku) 064730 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of
aircraft |
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No. of Employees
: |
100 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
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 AIRCRAFT CORPORATION
REGD NAME
Mitsubishi
Koukuuki KK
MAIN OFFICE
2-15 Oyecho Minatoku
Nagoya 455-0024 JAPAN
Tel:
052-611-2210 Fax: 052-611-2217
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
aircraft (Mitsubishi Regional Jet)
BRANCHES
Tokyo
OVERSEAS
Chicago,
Dallas (--USA)
FACTORIES
Asuka
OFFICERS
HIDEO
EGAWA, PRES Yoji
Yamada, v pres
Akinobu
Kawai, v pres Takashi
Kobayashi, dir
Masanori
Shishido, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 0 M
PAYMENTS REGULAR CAPITAL Yen 50,000 M
TREND SLOW WORTH Yen
72,646 M
STARTED 2008 EMPLOYES 1,000
COMMENT
MFG OF AIRCRAFT, AFFILIATED TO MITSUBISHI HEAVY IND.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: UNABLE TO BE ASSESSED DUE TO THE LACK OF PROVEN
BUSINESS.
HIGHLIGHTS
The subject company was established on the basis of a part of aircraft
mfg division separated from Mitsubishi Heavy Ind (See REGISTRATION). In Apr 2008
went into business tie-up with Boeing Co, USA.
This is a specialized mfr of Mitsubishi Regional Jet (MRJ). Opened Chicago Office in Nov 2011. Business has not been as yet materialized, as
reported.
Mitsubishi Regional Jet (MRJ), a homegrown small jet that seats fewer
than 100 passengers. Around 60% of the
parts & materials, including engines, for the MRJ will be built in the
US. With deliveries of the jet slated to
begin in 2014, production of test planes will begin in earnest next year. ,
FINANCIAL INFORMATION
The sales have not materialized for Mar/2011 fiscal term, similarly in
the previous term. .
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is unable to be assessed due to the lack of proven business records.
REGISTRATION
Date Registered: Mar 2008
Regd No.: (Nagoya-Minatoku) 064730
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
4,000 shares
Issued: 1,000 shares
Sum: Yen 50,000 million
Major shareholders (%): Mitsubishi Heavy Ind* (64.0%),
Mitsubishi Corp (10.0%), Toyota Motor (10.0), Sumitomo Corp (5.0), Mitsui &
Co (5.0), Tokio Marine & Nichido Fire Ins (1.5), NGC Corp (1.5), Mitsubishi
Electric (1.0), Mitsubishi Rayon (1.0), Japan Investment Bank (1.0)
No. of shareholders: 10
*.. Nation’s largest comprehensive heavy machinery mfr, Tokyo, founded
1950, listed Tokyo S/E, capital Yen 265,608 million, sales Yen 2,903,770
million, operating profit yen 101,219 million, recurring profit Yen 68,113
million, net profit Yen 30,117 million, total assets Yen 3,989,001 million, net
worth Yen 1,312,678 million, employees 69,276, pres Hideaki Ohmiya
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
Mitsubishi Regional Jet (MBJ), and components, other (--100%).
Suppliers: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Nakabishi Engineering, MHI Aerospace
Systems, Kowa Mex, other.
Partners: Pratt &
Whitney, Hamilton Sundstrand, Rockwell Collins, Parker Aerospace, Spirit Aero
Systems, AIDC, Nabtesco, other
Payment record: Regular
Location: Business area in
Nagoya. Office premises at the caption address
are owned by the parent, Mitsubishi Heavy Ind, and maintained satisfactorily.
Bank
References:
· MUFG (H/O)
· Mizuho Corporate Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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0 |
0 |
0 |
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Recur.
Profit |
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Net
Profit |
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-6,590 |
-14,361 |
-6,467 |
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Total
Assets |
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89,746 |
88,716 |
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Current
Assets |
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96,490 |
87,983 |
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Current
Liabs |
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16,952 |
9,542 |
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Net
Worth |
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72,646 |
79,171 |
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Capital,
Paid-Up |
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50,000 |
50,000 |
50,000 |
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Div.P.Share(¥) |
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0 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
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.. |
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Current Ratio |
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.. |
922.06 |
.. |
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N.Worth Ratio |
.. |
89.24 |
.. |
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R.Profit/Sales |
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.. |
.. |
.. |
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N.Profit/Sales |
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Return On Equity |
.. |
-18.14 |
.. |
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Notes:
Confirmed figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
MITSUBISHI HEAVY IND
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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2,903,770 |
2,940,887 |
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Cost of Sales |
2,461,857 |
2,537,257 |
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GROSS PROFIT |
441,913 |
403,629 |
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Selling & Adm Costs |
340,693 |
337,968 |
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OPERATING PROFIT |
101,219 |
65,660 |
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Non-Operating P/L |
-33,016 |
-41,651 |
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RECURRING PROFIT |
68,113 |
24,009 |
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NET PROFIT |
30,117 |
14,163 |
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BALANCE SHEET |
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Cash |
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301,047 |
274,061 |
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Receivables |
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852,645 |
948,200 |
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Inventory |
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1,116,205 |
978,807 |
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Securities, Marketable |
8 |
9 |
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Other Current Assets |
305,708 |
625,585 |
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TOTAL CURRENT ASSETS |
2,575,613 |
2,826,662 |
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Property & Equipment |
861,528 |
896,350 |
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Intangibles |
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25,165 |
29,149 |
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Investments, Other Fixed Assets |
526,695 |
510,698 |
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TOTAL ASSETS |
3,989,001 |
4,262,859 |
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Payables |
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619,107 |
646,538 |
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Short-Term Bank Loans |
85,488 |
117,679 |
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Other Current Liabs |
829,475 |
791,579 |
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TOTAL CURRENT LIABS |
1,534,070 |
1,555,796 |
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Debentures |
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320,000 |
344,605 |
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Long-Term Bank Loans |
684,989 |
897,801 |
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Reserve for Retirement Allw |
49,842 |
48,542 |
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Other Debts |
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87,421 |
87,343 |
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TOTAL LIABILITIES |
2,676,322 |
2,934,087 |
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MINORITY INTERESTS |
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Common
stock |
265,608 |
265,608 |
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Additional
paid-in capital |
203,939 |
203,938 |
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Retained
earnings |
815,145 |
800,199 |
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Evaluation
p/l on investments/securities |
25,579 |
35,942 |
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Others |
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44,718 |
44,979 |
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Treasury
stock, at cost |
(42,311) |
(21,894) |
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TOTAL S/HOLDERS` EQUITY |
1,312,678 |
1,328,772 |
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TOTAL EQUITIES |
3,989,001 |
4,262,859 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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337,805 |
117,977 |
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Cash
Flows from Investment Activities |
-137,248 |
-180,704 |
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Cash
Flows from Financing Activities |
-169,793 |
-105,291 |
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Cash,
Bank Deposits at the Term End |
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288,868 |
261,373 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
1,312,678 |
1,328,772 |
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Current
Ratio (%) |
167.89 |
181.69 |
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Net
Worth Ratio (%) |
32.91 |
31.17 |
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Recurring
Profit Ratio (%) |
2.35 |
0.82 |
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Net
Profit Ratio (%) |
1.04 |
0.48 |
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Return
On Equity (%) |
2.29 |
1.07 |
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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.53.40 |
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UK Pound |
1 |
Rs.83.32 |
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Euro |
1 |
Rs.70.44 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.