MIRA INFORM REPORT

 

 

Report Date :

22.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SOFTBANK MOBILE CORPORATION 

 

 

Registered Office :

Tokyo Shiodome Bldg, 1-9-1 Higashishimbashi Minatoku Tokyo 105-7317

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

December 1986

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Mobile Phone Service Provider

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

Yen 35,093.4

 

 

Status :

Good

 

 

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

 

SOFTBANK MOBILE CORPORATION

 

 

REGD NAME 

 

Softbank Mobile KK

 

 

MAIN OFFICE

 

Tokyo Shiodome Bldg, 1-9-1 Higashishimbashi Minatoku Tokyo 105-7317 JAPAN　

Tel: 03-6889-6666    

URL:                 http://www.mb-softbank.jp/mb/

E-mail:                         pr@softbank.co.jp           

 

 

ACTIVITIES

 

Mobile phone service provider

 

 

BRANCHES   

 

Sapporo, Sendai, Nagoya, Osaka, Kanazawa, Hiroshima, Takamatsu, Fukuoka

 

 

OFFICER(S)  

 

MASAYOSHI SON, PRES          Ken Miyauchi, v pres

Tetsuzo Matsumoto, v pres         Shinichi Ata, s/mgn dir

Jun’ichi Miyagawa, s/mgn dir      Kazuhiko Fujihara, mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 1,723,859 M

PAYMENTS      REGULAR         CAPITAL           Yen 177,251 M

TREND             STEADY           WORTH            Yen 1,060,797 M

STARTED                     1986                 EMPLOYES      6,417

 

 

COMMENT    

 

MOBILE PHONE SERVICE PROVIDER 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: CD$997,200.00

 

MAX CREDIT LIMIT: YEN 35,093.4, 30 DAYS NORMAL TERMS

 

                                    Notes: Forecast (or estimated) for the 31/03/2011 fiscal term.

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a mobile phone service division separated from Softbank Corp, at the caption address.  This is a mobile phone service provider for domestic overseas communications.  The number of mobile phone subscribers stand at 24,399,900 as at Dec 2010.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 1,723,858 million, a 9.2% up from Yen 1,579,106 million in the previous term.  The number of subscribers increased by the introduction of iPhone system.  The recurring profit was posted at Yen 252,336 million and the net profit at Yen 109,632 million, respectively, compared with Yen 143,486 million recurring profit and Yen 27,620 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 260,000 million and the net profit at Yen 120,000 million, respectively, on a 10% rise in turnover, to Yen 1,900,000 million..  Subscribers total 24,399,900 as of Dec 2010, showing net addition of 324,900 subscribers.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 35,093.4 million, on 30 days normal terms.  The proposed amount is considered well within the firm’s financial capacities.

 

 

REGISTRATION

 

Date Registered:  Dec 1986

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　11,444,229 shares

Issued:             　5,427,893 shares

Sum:                　Yen 177,251 million

 

Major shareholders (%): BB Mobile (Softbank Corp*) (100)

 

* Softbank Corp, holding company of Softbank group firms & Yahoo Inc, founded 1981, capital Yen 188,734 million, listed Tokyo S/E, sales Yen 2,763,406 million, operating profit Yen 465,871 million, recurring profit Yen 340,997 million, net profit Yen 96,716 million, total assets Yen 4,270,968 million, net worth Yen 470,235 million, employees 22,217, pres Masayoshi Son, concurrently.           

           

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

 

 

OPERATION

 

Activities: Mobile phone service provider: for domestic/international call & messaging services, global roaming services, in-flight mobile phone services; sale of mobile handsets, digital photo frames, mobile data communication, other (--100%)..

 

Clients: Users, consumers, other           

No. of accounts: 24,399,900 subscribers as of end/Dec/2010

            Domestic areas of activities: Nationwide

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

·         Mizuho Corporate Bank (H/O)

·         Mizuho Bank (Tokyo-Chuo)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,723,858

1,579,106

 

  Cost of Sales

1,352,990

1,302,088

 

      GROSS PROFIT

370,868

277,018

 

  Selling & Adm Costs

77,741

87,653

 

      OPERATING PROFIT

293,127

189,365

 

  Non-Operating P/L

-40,791

-45,879

 

      RECURRING PROFIT

252,336

143,486

　

      NET PROFIT

109,632

27,620

BALANCE SHEET

 

 

 

 

  Cash

　

360,140

266,608

 

  Receivables

 

647,340

687,872

 

  Inventory

 

25,955

35,042

 

  Securities, Marketable

　

　

 

  Other Current Assets

115,354

87,532

 

      TOTAL CURRENT ASSETS

1,148,789

1,077,054

 

  Property & Equipment

787,013

843,403

 

  Intangibles

 

200,314

206,654

 

  Investments, Other Fixed Assets

1,272,050

1,242,432

 

      TOTAL ASSETS

3,408,166

3,369,543

 

  Payables

 

93,137

100,647

 

  Short-Term Bank Loans

118

73

 

　

 

　

　

 

  Other Current Liabs

762,496

622,663

 

      TOTAL CURRENT LIABS

855,751

723,383

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

1,157,514

1,313,823

 

  Reserve for Retirement Allw

2,872

2,934

 

  Other Debts

　

331,231

378,400

 

      TOTAL LIABILITIES

2,347,368

2,418,540

 

      MINORITY INTERESTS

 

 

 

Common stock

177,251

177,251

 

Additional paid-in capital

387,475

387,475

 

Retained earnings

495,646

386,013

 

Evaluation p/l on investments/securities

423

262

 

Others

 

2

2

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

1,060,797

951,003

　

      TOTAL EQUITIES

3,408,166

3,369,543

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

417,819

301,883

 

Cash Flows from Investment Activities

-175,601

-181,486

 

Cash Flows from Financing Activities

-148,686

-90,780

　

Cash, Bank Deposits at the Term End

　

360,140

266,608

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

1,060,797

951,003

 

 

Current Ratio (%)

134.24

148.89

 

 

Net Worth Ratio (%)

31.13

28.22

 

 

Recurring Profit Ratio (%)

14.64

9.09

 

 

Net Profit Ratio (%)

6.36

1.75

 

 

Return On Equity (%)

10.33

2.90

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

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.