MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI CORPORATION

 

 

Registered Office :

2-3-1 Marunouchi Chiyodaku Tokyo 100-8086

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

April 1950

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 008771

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of energy, metals, machinery, chemicals, other

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 401,975.7 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular 

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

MITSUBISHI CORPORATION

 

 

REGD NAME 

 

Mitsubishi Shoji KK

 

 

MAIN OFFICE

 

2-3-1 Marunouchi Chiyodaku Tokyo 100-8086 JAPAN

Tel: 03-3210-2121     Fax: 03-3210-8051

 

*.. The given address is old.  Moved to the caption address as registered

 

URL:                 http://www.mitsubishicorp.com/

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of energy, metals, machinery, chemicals, other

 

BRANCHES   

 

Domestic (43)

 

 

OVERSEAS   

 

Branches & subsidiaries (120)

Subsidiaries/Affiliates (80) (39 main offices & 41 branches)

 

 

CHIEF EXEC 

 

KEN KOBAYASHI, PRES & CEO

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 17,098,705 M

PAYMENTS                  REGULAR         CAPITAL           Yen 203,228 M

TREND             SLOW              WORTH            Yen 2,961,376 M

STARTED                     1950                 EMPLOYES      58,583

 

 

COMMENT    

 

LARGEST GENERAL TRADING HOUSE OF JAPAN. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 401,975.7 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Forecast (or estimated) figures for 31/03/2011 fiscal term

 

 

HIGHLIGHTS

 

This is the largest general trading house of Japan and one of the core Mitsubishi group firms.  Handles about 25,000 products from raw materials to finished items.  Strong in energies field, particularly topping in LNG business.  Has many subsidiaries in food-related area.  Moving into satellite communications thru JV.  Energy resources division faring well.  Emphasis being directed to new-functional business areas.  Actively cultivating Asian markets such as importing LNG from China and investing in projects in Singapore.  Listed on London and Paris stock exchanges.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 17,098,705 million, a 23.6% down from Yen 22,389,104 million in the previous tem.  Under the extremely severe economic environment, creating sudden contraction of demand, which in turn led to a global downturn in production & trade, the firm comments.  Major volatility was also seen with large fluctuations in foreign currencies, highlighted by the Yen appreciating and euro weakening.  International commodity prices also dropped.  By Divisions, Energy down 37.6%; Metals down 59.3%; Machinery down 1.8%; Living Essentials down 9.3%.

           

(Apr/Jun/2010 results): Sales Yen 4,734,725 million (up 19.2%), operating profit Yen 102,618 million (up 123.4%), recurring profit Yen 180,557 million (up 191.5%), net profit Yen 140,434 million (up 107.1%).  (% compared with the corresponding period a year ago). The sales growth is in part attributed to growing automobile sales in Asia and gains on a stock swap.

 

For the current term ending Mar/2011 the recurring profit is projected at Yen 430,000 million and the net profit at Yen 370,000 million, respectively, on a 9.9% rise in turnover, to Yen 18,800,000 million.  Selling prices of main profit-earner Australian coking coals are rising.  Sales of metal resources will grow further with gains generated from stock exchanges with iron ore firm in Chile.. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 401,975.7 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:          Apr 1950

Regd No.:                     (Tokyo-Chiyodaku) 008771

Legal Status:              Limited Company (Kabushiki Kaisha)

Authorized:                 2,500 million shares

Issued:                         1,696,686,671 shares

Sum:                            Yen 203,228 million

           

Major shareholders (%): Japan Trustee Services Bank T (6.6), Tokio Marine & Nichido Fire Ins (5.3), Meiji Yasuda Life Ins (4.2), Master Trust Bank of Japan T (4.0), Company’s Treasury Stock (3.1), Mitsubishi Heavy Ind (2.8), State Street Bank & Trust (2.8), MUFG (2.5),Chase London Omnibus Acct (1.5) Nomura Trust (Mitsubishi UFJ Trust) (1.3), foreign owners (35.5)

 

No. of shareholders: 225,018

 

Listed on the S/Exchange (s) of: Tokyo, Osaka, Nagoya, London, Paris

 

Managements: Yorihiko Kojima, ch; Ken Kobayashi, pres; Ryoichi Ueda, s/mgn dir; Masahide Yano, s/mgn dir; Hideyuki Nabeshima, s/mgn dir; Tsuneo Kijima, mgn dir; Koichi Komatsu, mgn dir; Hideshi Takeuchi, mgn dir; Seiji Kato, mgn dir; Hideto Nakahara, mgn dir

           

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

 

Related companies: Ryoshoku Ltd, Mitsubishi Corp USA, Mitsubishi Corporation Financial Management Services, Mitsubishi Development, etc. 

           

 

OPERATION

 

Activities: Imports, exports and wholesales wide varieties of commodities from raw materials to consumer goods:

 

(Sales breakdown by divisions):

Energy Div (19%): crude oil, petroleum products, LNG, LPG, carbon, other;

 

Metals Div (21%): ferrous & nonferrous raw materials, MDP units, steel products, other;

 

Machinery Div (18%): power & electrical systems, plant projects, aerospace, industrial machinery, motor vehicles, other;

 

Chemical Div (10%): raw materials for synthetic resins & fibers, chemical fertilizers, inorganic raw materials, industrial salts, plastics, electronics materials, life science products, other;

 

Living Essentials Div (30%): foods, textiles, housing general merchandise, other;

 

New Business Initiative Div (1%): information & telecommunication technologies, financial services, logistics services, human life business, business investments, marketing technologies to create & foster new businesses;

 

Industrial Finance Div (1%)

 

Overseas sales ratio (17%): USA 6.7%, Australia 3.1%, other region 7.2%.

 

Clients: [Power companies, mfrs, wholesalers] Nippon Oil Corp, Ryoshoku Ltd, Tokyo Gas, Tokyo Electric Power, Kansai Electric Power, other.

            No. of accounts: 3,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, oil refiners, wholesalers] Mitsubishi Heavy Ind, Saudi Arabian Oil Co, Brunei LNG SB, Malaysia LNG, JGC Corp, 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)

Mizuho Corporate Bank (H/O)

Relations: Satisfactory

 

 

FINANCES: (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

17,098,705

22,389,104

 

  Cost of Sales

16,082,022

20,925,952

 

      GROSS PROFIT

1,016,683

1,463,152

 

  Selling & Adm Costs

835,236

874,256

 

      OPERATING PROFIT

181,447

588,896

 

  Non-Operating P/L

112,821

-200,668

 

      RECURRING PROFIT

294,268

388,226

　

      NET PROFIT

273,147

369,936

BALANCE SHEET

 

 

 

 

  Cash

　

106,021

113,029

 

  Receivables

 

2,245,556

2,186,044

 

  Inventory

 

855,322

1,005,934

 

  Securities, Marketable

　

　

 

  Other Current Assets

2,318,301

2,496,913

 

      TOTAL CURRENT ASSETS

5,525,200

5,801,920

 

  Property & Equipment

1,697,372

1,576,985

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

3,668,703

3,539,098

 

      TOTAL ASSETS

10,891,275

10,918,003

 

  Payables

 

1,893,754

1,812,793

 

  Short-Term Bank Loans

555,001

1,038,926

 

　

 

　

　

 

  Other Current Liabs

1,299,671

1,337,222

 

      TOTAL CURRENT LIABS

3,748,426

4,188,941

 

  Debentures

 

3,246,029

3,467,766

 

  Long-Term Bank Loans

54,592

85,181

 

  Reserve for Retirement Allw

　

　

 

  Other Debts

　

575,454

487,571

 

      TOTAL LIABILITIES

7,624,501

8,229,459

 

      MINORITY INTERESTS

 

 

 

Common stock

203,228

202,817

 

Additional paid-in capital

254,138

261,828

 

Retained earnings

2,748,461

2,529,540

 

Evaluation p/l on investments/securities

11,922

(23,464)

 

Others

 

200,597

(130,629)

 

Treasury stock, at cost

(151,572)

(151,548)

 

      TOTAL S/HOLDERS` EQUITY

3,266,774

2,688,544

　

      TOTAL EQUITIES

10,891,275

10,918,003

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

760,568

550,441

 

Cash Flows from Investment Activities

-141,157

-691,216

 

Cash Flows from Financing Activities

-755,117

650,546

　

Cash, Bank Deposits at the Term End

　

1,093,478

1,215,099

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

3,266,774

2,688,544

 

 

Current Ratio (%)

147.40

138.51

 

 

Net Worth Ratio (%)

29.99

24.62

 

 

Recurring Profit Ratio (%)

1.72

1.73

 

 

Net Profit Ratio (%)

1.60

1.65

 

 

Return On Equity (%)

8.36

13.76

           

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.