MIRA INFORM REPORT

 

 

Report Date :           

09.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI ELECTRIC CORPORATION

 

 

Registered Office :

2-7-3 Marunouchi Chiyodaku Tokyo 100-8310

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

January 1921

 

 

Com. Reg. No.:

0100-01-008772 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of heavy electrics, mechatronics, telephone systems, electronic devices

 

 

No. of Employees :

117,403

 

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 72,737.5 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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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 ELECTRIC CORPORATION

 

 

REGD NAME

 

Mitsubishi Denki KK

 

 

MAIN OFFICE

 

2-7-3 Marunouchi Chiyodaku Tokyo 100-8310 JAPAN

           

Tel: 03-3218-2111   

Fax: 03-3218-2431

                       

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

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

 

ACTIVITIES  

 

Mfg of heavy electrics, mechatronics, telephone systems, electronic devices

 

 

BRANCHES   

 

Osaka, Nagoya, Fukuoka, Hiroshima, other (Tot 6)

 

 

FACTORY(IES)

 

Nationwide (Tot 37)

 

 

OVERSEAS   

 

USA, Mid/South America, Canada, Europe, Near/Mid East, China (25), Korea (3), Taiwan (5), other Asia (21), Australia, including JV’s and subsidiaries

 

CHIEF EXEC

 

KENICHIRO YAMANASHI, PRES & CEO           

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 3,645,331 M

PAYMENTS      REGULAR         CAPITAL           Yen 175,820 M

TREND             STEADY           WORTH            Yen 1,109,025 M

STARTED                     1921                 EMPLOYES      117,403

 

 

COMMENT    

 

COMPREHENSIVE ELECTRICAL MACHINERY PRODUCER. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 72,737.5 MILLION, 30 DAYS NORMAL TERSM

 

 

                        Unit: In Million Yen

Forecast (or estimated) figures for 31/03/2012 fiscal term

 

 

HIGHLIGHTS

 

This is the third ranked comprehensive electric machinery mfr, with FA products as earnings source.  Strong in defense electronics and aerospace areas.  Japan’s top-class maker of power semiconductors for home appliances such as refrigerators.  In consumer electronics strong in air conditioners.  The company started up a demonstration facility for the smart grids constructed at a cost of Yen seven billion, in a bid to speed up development and to attain related sales at Yen1.3 trillion for the March 2016 term, up 60% from the March 2012 term.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 3,645,331 million, a 9% up from Yen 3,353,298 in the previous term.  The recurring profit was posted at Yen 210,237 million and the net profit at Yen 02,316 million and net profit at Yen 71,175 million, respectively, compared with Yen 64,259 million recurring profit and Yen 28,278 million net profit, respectively, a year ago

 

(Apr/Dec/2011 results): Sales Yen 16,013 million (down 9.8%), operating profit Yen

1,617 million (down 8.44%), recurring profit Yen 586 million (down 8.0%), net profit Yen 124 million(down 2.7%).  (% compared with the corresponding period a year ago.)  This is referred to a fall  in domestic sales of LCD TVs and air conditioners.  Even though sales of factory automation equipment and automotive devices remained firm, the Yen’s strength hurt the company’s profitability.

For the current term ending Mar 2012 the recurring profit is projected at Yen 210,000 and the net profit at Yen 135,000 million, respectively, on a 2.3% rise in turnover, to Yen 3,730,000 million,  Sales of main profit earner FA products are holding steady.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 72,737.5 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Jan 1921

Regd No.:         0100-01-008772 (Tokyo-Chiyodaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         8,000 million shares

Issued:                2,141,201,531 shares

Sum:                   Yen 175,820 million

 

Major shareholders (%): Master Trust Bank of Japan, T (8.0), Japan Trustee Services T (5.7), Japan Trustee Services T (5.7), State Street Bank & Trust (4.6), Meiji Yasuda Life Ins (3.89), Nippon Life Ins (3.3), Employees’ S/Holding Assn (2.2), SSBT OD05 Omnibus Acct Treaty (2.1), MUFG (1.7), Japan Trustee Services T4 (1.6), MTBJ (Mitsubishi Heavy Ind ) (1.4); foreign owners (29.6)

 

No. of shareholders: 114,318

 

Listed on the S/Exchange (s) of: Tokyo,

 

Managements: Setsuhiro Shimomujra, ch; Kenichiro Yamanashi, pres; Masanori Saito, dir; Hironori Yoshimatsu, dir; Noritomo Hashimoto, dir; Ryosuke Fujimoto, dir

 

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

 

Related companies: Kodensha, other^

 

 

OPERATION

 

Activities: Manufactures heavy electric machinery (25%), industrial Mechatronics (22%), telecom systems (12%), electronic devices (4%), consumer electronics (22%), others (15%)

Overseas Trading Ratio (34%)

 

(Mfg items): air conditioning systems automotive equipment, building systems, energy systems, home products, information & communication system, public systems, semiconductors & devices, space systems, transportation systems, visual information systems, other.

 

Clients: [Mfrs, wholesalers] Mitsubishi Electric Credit Corp, Mitsubishi Electric Europe, Mitsubishi Heavy Ind, Mitsubishi Electric Living Environment Systems Corp, Mitsubishi Corp, Mitsubishi Electric Automotive America, other

            No. of accounts: 2,000

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsubishi Electric Credit Corp, Mitsubishi Electric Trading Corp, Mitsubishi

Electric Engineering Co, Toshiba 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:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

3,645,331

3,353,299

 

  Cost of Sales

2,622,959

2,505,095

 

      GROSS PROFIT

1,022,372

848,134

 

  Selling & Adm Costs

784,606

736,959

 

      OPERATING PROFIT

233,761

94,302

 

  Non-Operating P/L

-23,524

-30,043

 

      RECURRING PROFIT

210,237

64,259

　

      NET PROFIT

96,247

124,525

BALANCE SHEET

 

 

 

 

  Cash

　

472,067

391,118

 

  Receivables

 

790,991

790,754

 

  Inventory

 

527,504

474,204

 

  Securities, Marketable

10,031

9,542

 

  Other Current Assets

273,471

261,855

 

      TOTAL CURRENT ASSETS

2,074,064

1,927,473

 

  Property & Equipment

527,453

517,534

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

731,162

770,087

 

      TOTAL ASSETS

3,332,679

3,215,094

 

  Payables

 

697,789

633,670

 

  Short-Term Bank Loans

20,276

128,999

 

　

 

　

　

 

  Other Current Liabs

752,322

504,240

 

      TOTAL CURRENT LIABS

1,470,387

1,266,909

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

281,591

408,501

 

  Reserve for Retirement Allw

419,008

458,763

 

  Other Debts

　

(1,061,961)

(1,112,979)

 

      TOTAL LIABILITIES

1,109,025

1,021,194

 

      MINORITY INTERESTS

 

 

 

Common stock

175,820

175,820

 

Additional paid-in capital

208,669

210,005

 

Retained earnings

881,973

776,763

 

Evaluation p/l on investments/securities

(215,919)

(196,509)

 

Others

 

59,775

55,318

 

Treasury stock, at cost

(1,293)

(203)

 

      TOTAL S/HOLDERS` EQUITY

1,109,025

1,021,194

　

      TOTAL EQUITIES

3,332,679

2,215,094

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

327,641

330,241

 

Cash Flows from Investment Activities

-145,630

-134,491

 

Cash Flows from Financing Activities

-89,228

-165,207

　

Cash, Bank Deposits at the Term End

　

472,067

391,118

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

1,109,025

1,021,194

 

 

Current Ratio (%)

141.06

152.14

 

 

Net Worth Ratio (%)

33.28

46.10

 

 

Recurring Profit Ratio (%)

5.77

1.92

 

 

Net Profit Ratio (%)

2.64

3.71

 

 

Return On Equity (%)

8.68

12.19


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.05

UK Pound

1

Rs.81.09

Euro

1

Rs.67.39

 

 

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

----

NB

New Business

----

 

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.