MIRA INFORM
REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI CORPORATION |
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Registered Office : |
1-4-2 Ohtemachi Chiyodaku Tokyo 100-8088 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
December 1949 |
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Legal Form : |
Limited Company |
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Line of Business : |
A General Trading House |
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 125,884.6 Million |
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Status : |
Good |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
MARUBENI CORPORATION
REGD NAME
Marubeni KK
MAIN OFFICE
1-4-2 Ohtemachi
Chiyodaku Tokyo 100-8088 JAPAN
Tel:
03-3282-2111 Fax: 03-3282-2331
URL: http://www.marubeni.co.jp/
E-Mail address: info@marubeni.co.jp
ACTIVITIES
A
general trading house
BRANCHES
Tokyo,
Osaka, Nagoya, other (Tot 9 domestic)
OVERSEAS
57 overseas
branches & offices; 32 overseas corporate subsidiaries with 62 offices,
totaling 119 offices in 69
countries/areas.
CHIEF EXEC
TERUO
ASADA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,020,468 M
PAYMENTS REGULAR CAPITAL Yen
262,686 M
TREND STEADY WORTH Yen
831,730 M
STARTED 1949 EMPLOYES 31,547
COMMENT
GENERAL TRADING HOUSE, CORE OF FUYO GROUP FIRMS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 125,884.6 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2012 fiscal term
HIGHLIGHTS
This is one of the leading general trading house, originated in Osaka as
a textile merchant, with its roots same as the present Itochu Corp, actually a
breakaway from the same roots. Strong in
areas of grain, machinery, industrial plants, chemicals & communications. Tops in pulps & paper. Well-experienced in domestic construction
operations, including housing. Also
maintains a strong presence in grain trading.
Recently strength being focused on information communications sector
entering satellite broadcasting thru CATV network. Developing & producing uranium at mine in
Kazakhstan, jointly with Tokyo Electric Power & others, having right to
obtain 2,000 tons/year with 60% equity share.
Acquired electric power holding company in Caribbean area at cost of
some Yen 70 billion. Tied up with
largest grain reserve operation group firm in China to expand local supply of
raw material soybeans and rapeseeds. In
China, making 30% capital participation in wastewater treatment plant
construction/operation firm in preparation for central government’s plan to
improve sewerages in urban areas. In
grain division, trying up with national oil extraction firm to take in surging
soybean demand in China. The firm
acquired Chile’s third largest private sector waterworks business jointly with
Innovation Network Corp of Japan. It
will further seek acquisitions in South America via the firm. Chile’s Esperanza Mine, where the firm has a
30% stake, started shipments in Jan 2011.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 9,020,468
million, a 13.3% up from Yen 7,965,055 million in the previous term. This is referred to the robust resources
business that offset food-segment losses from the March 11 Earthquake. The firm logged several billion Yen in
extraordinary losses as it wrote off the damage it sustained to food storage
facilities and grain inventories. But
this was offset by the strength of its energy and resources business. By Divisions, Energy up 29.3% to Yen
2,476,400 million; Foods up 11.9% to Yen 1,781,00 million; Metals/Resources up
29.3% to Yen 868,500 million; Paper & Pulp up 2.4% to Yen 22,300 million;
Chemicals up 22.6% to Yen 799,900 million; Plant/Ships/Industrial Machinery up
2.4% to Yen 335,500 million; Transportation Machinery up 3.0% to Yen 690,400
million. The recurring profit was posted
at Yen 207,217 million (up 24.5%) and net profit at Yen 136,541 million (up
43.3%) 14.3%). (% compared with the
corresponding period a year ago).
For the current term ending Mar 2012 the recurring profit is projected
at Yen 255,000 million and the net profit at Yen 170,000 million, respectively,
on a 10.9% rise in turnover, to Yen 10,000 million. The firm will likely beat its standing net
profit record of Yen 147.2 billion, marked in fiscal 2007. Launching Chilean copper production in which
it has invested Yen 200 billion is seen boosting net profit by roughly Yen 10
billion. And demand for resources is
expected to rise, mainly in China and other parts of Asia. Crude oil development will benefit from the
acquisition of sales rights in the previous term.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 125,884.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4,300 million shares
Issued: 1,737,940,900 shares
Sum: Yen 262,686 million
Major shareholders
(%): Japan Trustee Services T (6.0), Master Trust Bank of Japan T (4.0),
Sompo Japan Ins (3.2), Tokio Marine & Nichido Fire Ins (2..8), Meiji Yasuda
Life Ins (2.4), Mizuho Corporate Bank (1.7), Japan Trustee Services T9 (1.6),
Chase London SL Omnibus Acct (1.5), Nippon Life Ins (1.4), State Street Bank
& Trust 505103 (1.3); foreign owners (29.8)
No. of
shareholders: 115,584
Listed on the
S/Exchange (s) of: Tokyo, Osaka, Nagoya
Managements: Nobuo Katsumata,
ch; Teruo Asada, pres & CEO; Mamoru Sekiyama, v pres; Michihiko Ota, s/mgn
dir; Shinji Kawai, mgn dir; Shigemasa Sonobe, mgn dir; Shigeru Yamazoe, mgn
dir; Mitsuru Akiyoshi, mgn dir; Toshiyuki Ogura, dir; Shigeaki Ishikawa, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Marubeni Energy,
Marubeni Nisshin Feed, Marubeni Pulp & Paper, other
OPERATION
Activities: General trading
house for import, export and wholesale of:
(Sales breakdown
by Divisions):
Energy Division
(27%): oil & gas exploration & production (E&P), LNG projects,
nuclear fuels from Kazakhstan, naphtha trading, LPG, other; engaged in Peru LNG
project, promoting Kazakhstan uranium mine project;
Foods Division
(20%): production & trading of food-related products, including livestock
feed & fodder, grain, soybeans, wheat, sugar, processed foods, beverages
& related ingredients, commercial foods & agricultural & marine
products, frozen/chilled foods; engaged in midstream/downstream operations with
Daiei Inc, Maruetsu Inc (--supermarket chains) as subsidiaries;
Metals &
Resources Division (10%): invests in metals & mineral resources
development, including the mining of steelmaking raw materials, coal &
nonferrous metals, smelting of aluminum, steel-making raw materials, thermal
coal for power utilities & general industries, nonferrous ingots,
electronics materials, recycling & new energy businesses;
Materials &
Paper/Pulp Division (6%): afforestation operations, wood chips, pulp &
wastepaper, paper & paperboards, natural rubber, rubber products, leather,
footwear, fitness equipment & other sporting goods, timber & plywood,
other; engaged in development recycled paper business, pulp production plant in
Indonesia, afforestation & wood chip production in Brazil;
Chemicals Division
(9%): basic chemicals (olefins & synthetic fiber intermediates),
petrochemical products (vinyl alkali products & polymers), inorganic
chemicals (salt, sulfur, agrochemicals, specialty chemicals, electronic
materials (LCD, semiconductor-related products; engaged in synthetic rubber
business in China;
Transportation
& Industrial Machinery Division (8%): aircraft, aero engines, helicopters, defense
systems, automotives, construction & agricultural machinery, automotive
production lines, pulp & paper machinery, semiconductor & DVD
production machinery, precision machine tools, printing machinery, visual
inspection systems, food packaging machines, chemical machinery & new
energy-related systems;
Plant, Ship &
Infrastructure Projects Division (4%): plant machinery & equipment (oil &
gas, steel & cement), infrastructure (rail transport, airports, water supply,
sewage) projects, shipbuilding & related equipment, sale & purchase of
used vessels, textile machinery & related equipment;
Other Divisions
(16%): Lifestyle Division, Real estate Development Division, Iron & Steel
Strategies & Coordination Division, Abu Dhabi Trade House Project Division,
Overseas Operations, other
Overseas
operations (28%)
Clients: [Mfrs, electric
powers, wholesalers] Tokyo Electric Power, Chubu Electric Power, Nissan Motors,
Showa Denko, Idemitsu Kosan, JFE Steel, Uniqlo, Daio Paper Corp, other.
No. of accounts: 3,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nissan Motors, Showa Denko, Nippon Paper, Hitachi Construction
Machinery, Idemitsu Kosan, Komatsu Ltd, other.
Payment record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Mizuho Corporate Bank (H/O)
MUFG (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen):
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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9,020,468 |
7,965,055 |
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Cost of Sales |
8,498,316 |
7,473,382 |
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GROSS PROFIT |
522,152 |
491,673 |
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Selling & Adm Costs |
370,963 |
366,922 |
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OPERATING PROFIT |
151,189 |
124,751 |
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Non-Operating P/L |
56,028 |
41,676 |
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RECURRING PROFIT |
207,217 |
166,427 |
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NET PROFIT |
136,541 |
95,312 |
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BALANCE SHEET |
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Cash |
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616,003 |
570,789 |
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Receivables |
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884,874 |
864,760 |
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Inventory |
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372,156 |
328,915 |
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Securities, Marketable |
2,870 |
3,743 |
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Other Current Assets |
521,888 |
472,921 |
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TOTAL CURRENT ASSETS |
2,397,791 |
2,241,128 |
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Property & Equipment |
639,366 |
691,136 |
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Intangibles |
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8,540,692,388 |
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Investments, Other Fixed Assets |
(8,539,050,456) |
1,654,308 |
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TOTAL ASSETS |
4,679,089 |
4,586,572 |
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Payables |
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732,560 |
675,736 |
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Short-Term Bank Loans |
106,275 |
96,362 |
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Other Current Liabs |
897,317 |
831,674 |
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TOTAL CURRENT LIABS |
1,736,152 |
1,603,772 |
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Debentures |
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2,021,241 |
2,104,718 |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
53,411 |
44,154 |
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Other Debts |
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36,555 |
34,182 |
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TOTAL LIABILITIES |
3,847,359 |
3,786,826 |
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MINORITY INTERESTS |
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Common
stock |
262,686 |
262,686 |
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Additional
paid-in capital |
157,908 |
158,409 |
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Retained
earnings |
712,815 |
594,508 |
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Evaluation
p/l on investments/securities |
21,005 |
33,808 |
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Others |
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(322,003) |
(249,029) |
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Treasury
stock, at cost |
(681) |
(636) |
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TOTAL S/HOLDERS` EQUITY |
831,730 |
799,746 |
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TOTAL EQUITIES |
4,679,089 |
4,586,572 |
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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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210,044 |
280,610 |
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Cash
Flows from Investment Activities |
-128,495 |
-35,207 |
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Cash
Flows from Financing Activities |
-17,010 |
-254,655 |
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Cash,
Bank Deposits at the Term End |
|
616,003 |
570,789 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
831,730 |
799,746 |
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Current
Ratio (%) |
138.11 |
139.74 |
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Net
Worth Ratio (%) |
17.78 |
17.44 |
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Recurring
Profit Ratio (%) |
2.30 |
2.09 |
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Net
Profit Ratio (%) |
1.51 |
1.20 |
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Return
On Equity (%) |
16.42 |
11.92 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.61 |
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UK Pound |
1 |
Rs.73.28 |
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Euro |
1 |
Rs.65.47 |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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.