MIRA INFORM REPORT

 

 

Report Date :

16.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

MITSUBISHI PLASTICS INC

 

 

Registered Office :

Mitsubishi Plastic Bldg, 1-2-2 Nihombashi-Hongokucho Chuoku Tokyo 103-0021

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

February 1946

 

 

Com. Reg. No.:

(Tokyo-Chuoku) 008775

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing of PVC resin packaging films, electronics & specialty materials, building materials, polyester films, carbon fiber, alumina fiber

 

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 5,019.9 Million

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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 PLASTICS INC

 

 

REGD NAME 

 

Mitsubishi Jyushi KK

 

 

MAIN OFFICE

 

Mitsubishi Plastic Bldg, 1-2-2 Nihombashi-Hongokucho Chuoku Tokyo 103-0021 JAPAN

Tel: 03-3279-9800     Fax: 03-3279-6700

 

URL:                             http://www.mpi.co.jp/

E-Mail address:             info@mpi.co.jp

 

 

ACTIVITIES  

 

Mfg of PVC resin packaging films, electronics & specialty materials, building materials, polyester films, carbon fiber, alumina fiber

 

 

BRANCHES   

 

Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, Niigata, Takamatsu, Nagano, Okayama, Kagoshima, Yamaguchi, Takamatsu, other (Tot 15)

 

OVERSEAS   

 

Germany, USA (2), Indonesia, China (2), Taiwan, Switz, other

 

 

FACTORIES  

 

Nagahama, Shiga (2), Ushiku, Hiratsuka, Naoetsu, Sakaide, Nagoya, Mizushima, Yamaguchi, Koriyama, Hanyu (Saitama)

 

OFFICER(S)  

 

HIROSHI YOSHIDA, PRES                     Eiji Nakanishi, mgn dir

Akimi Yano, mgn dir                               Yoshiaki Io, mgn dir

Kaoru Kuroyama, mgn dir                       Takashi Ishizawa, mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 313,221 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 21,503 M

TREND             SLOW                          WORTH            Yen 77,823 M

STARTED                     1946                             EMPLOYES      8,560

 

 

COMMENT    

 

MFR OF PACKAGING MATERIALS, ELECTRONICS, OTHER; WHOLLY OWNED BY MITSUBISHI CHEMICAL HOLDINGS CORP. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY  BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: YEN 5,019.9 MILLION, 30 DAYS NORMAL TERMS

 

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

 

 

HIGHLIGHTS

           

The subject company was established by Mitsubishi Chemical Corp (now Mitsubishi Chemical Holdings Corp) as processor of synthetic rubber used as aircraft packing materials.  In 1948, advanced into PVC resin products.  Ranked third in PVC pipes.  Developing into polyethylene pipes, films, construction materials & electronic materials.  In Oct 2007, became wholly owned subsidiary of Mitsubishi Chemical Holdings Corp (See REGISTRATION), and delisted from Tokyo & Osaka S/E’s.  In Apr 2008, in order to reorganize and integrate functional materials operations, merged four sister companies of the group: Mitsubishi Polyester Film, Mitsubishi Chemical Functional Products, Mitsubishi Chemical MKV and the Chemical Functional Division of Mitsubishi Chemical Co.  Handling items expanded.            

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 313,221 million, a 10% down from Yen 346,180 million in the previous term, as affected by the global economic downturn.  Housing starts slowed.  Corporate capital expenditure declined.  The recurring profit was posted at Yen 919 million and the net profit at Yen 224 million, respectively, compared with Yen 5,948 million recurring loss and Yen 12,098 million net losses, respectively, a year ago.

 

(Apr/Jun/2010 results): Sales Yen 93,165 million (up 35.7%), recurring profit Yen 3,727 million (up from Yen 1,328 million loss), net profit Yen 2,231 million (up from Yen 1 million).  (% compared with the corresponding period a year ago).

 

For the current term ending Mar/2011 the recurring profit is projected at Yen 930 million and the net profit at Yen 240 million, respectively, on a 5% rise in turnover, to Yen 330,000 million. 

 

The financial situation is considered FAIR and good for ORDINARY business

engagements.  Max credit limit is estimated at Yen 5,019.9 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:          Feb 1946

Regd No.:                     (Tokyo-Chuoku) 008775

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  865,200,000 shares

Issued:                         214,742,045 shares

Sum:                            Yen 21,503 million

Major shareholders (%): Mitsubishi Chemical Holdings Corp*(100)

           

*  Holding company founded by Mitsubishi Chemical Corp and Mitsubishi Pharma Corp (now Mitsubishi Tanabe Pharma Corp) in Oct 2005, listed Tokyo, Osaka S/E’s, capital Yen 50,000 million, turnover Yen 2,515,079 million, operating profit Yen 66,342 million, recurring profit Yen 58,990 million, net profit Yen 12,833 million, total assets Yen 3,355,097 million, net worth Yen 673,574 million, employee4s 53,907, pres Yoshimitsu Kobayashi

           

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

 

 

OPERATION

 

Activities: Manufactures PVC resin products, PE pipes, construction materials,

electronics materials, others:

 

(Sales Breakdown by Divisions):

Packaging Materials Div (23%): stretch wrapping film, gas barrier film, multi layered non-oriented film, heat-shrinkable film, PET bottles, bio based film & sheet, transparent plastic case, micro porous film, foil sheets, heat-shrinkable tubes;

 

Information & Electronics Div (35%): plastic & metal composite sheet, heat-resistance engineering plastic film, silicone rubber film, flame-retardant polyester film, PIIK thermoplastic film, rewritable cards;

 

Supply Line-related Products Div (41%): PVC pipes, plastic water tanks, plastic cooling towers, plastic partitions, lighting sheets, plastic rain gutters unit floor materials, sheet building materials, plastic film-laminated steel sheet, biaxially-oriented PE film, converted products of PE films;

 

Others (1%): carbon fiber, alumina fiber, other.

Overseas Sales Ratio (28.3%): Asia (China, Korea, Taiwan) 11.1%, others (North America, Europe) 17.2%

           

Clients: [Mfrs, wholesalers] Mitsubishi Shoji Packaging, Okaya & Co, Diaplast Co, Ryoju

Corp, Kyokujitsu Sangyo, other

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Mitsubishi Chemical, Mitsubishi Shoji Plastic, JFE Shoji Trading, Ryoko Sangyo, 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)

Mitsubishi UFJ Trust 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

　

313,221

346,180

 

  Cost of Sales

252,163

290,164

 

      GROSS PROFIT

61,058

56,016

 

  Selling & Adm Costs

59,429

59,516

 

      OPERATING PROFIT

1,629

-3,500

 

  Non-Operating P/L

-710

-2,448

 

      RECURRING PROFIT

919

-5,948

　

      NET PROFIT

224

-12,098

BALANCE SHEET

 

 

 

 

  Cash

　

8,371

20,457

 

  Receivables

 

75,366

61,419

 

  Inventory

 

48,354

49,023

 

  Securities, Marketable

　

　

 

  Other Current Assets

9,944

10,847

 

      TOTAL CURRENT ASSETS

142,035

141,746

 

  Property & Equipment

144,634

122,837

 

  Intangibles

 

14,007

3,705

 

  Investments, Other Fixed Assets

25,093

20,949

 

      TOTAL ASSETS

325,769

289,237

 

  Payables

 

59,084

48,539

 

  Short-Term Bank Loans

58,165

75,811

 

　

 

　

　

 

  Other Current Liabs

27,854

45,589

 

      TOTAL CURRENT LIABS

145,103

169,939

 

  Debentures

 

25,000

10,000

 

  Long-Term Bank Loans

55,120

13,811

 

  Reserve for Retirement Allw

3,374

4,006

 

  Other Debts

　

19,349

15,359

 

      TOTAL LIABILITIES

247,946

213,115

 

      MINORITY INTERESTS

 

 

 

Common stock

21,503

21,503

 

Additional paid-in capital

26,587

26,587

 

Retained earnings

31,409

32,242

 

Evaluation p/l on investments/securities

1,229

454

 

Others

 

(2,905)

(4,664)

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

77,823

76,122

　

      TOTAL EQUITIES

325,769

289,237

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

30,010

9,516

 

Cash Flows from Investment Activities

-42,871

-23,360

 

Cash Flows from Financing Activities

439

27,824

　

Cash, Bank Deposits at the Term End

　

8,371

20,457

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

77,823

76,122

 

 

Current Ratio (%)

97.89

83.41

 

 

Net Worth Ratio (%)

23.89

26.32

 

 

Recurring Profit Ratio (%)

0.29

-1.72

 

 

Net Profit Ratio (%)

0.07

-3.49

 

 

Return On Equity (%)

0.29

-15.89

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.27

UK Pound

1

Rs.72.95

Euro

1

Rs.63.08

 

 

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.