MIRA INFORM REPORT

 

 

Report Date :

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI ELECTRIC TRADING CORPORATION

 

 

Registered Office :

Meiji Seimei Bldg 3F, 2-1-1 Marunouchi Chiyodaku Tokyo 100-0005

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

February 1979

 

 

Com. Reg. No.:

0100-01-095657 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Procurement of electric & electronic parts, materials.

 

 

No. of Employees :

527

 

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 3,108.8 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 and address

 

MITSUBISHI ELECTRIC TRADING CORPORATION

REGD NAME:    Mitsubishi Denki Trading KK

MAIN OFFICE:  Meiji Seimei Bldg 3F, 2-1-1 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN

Tel: 03-5220-7301      Fax: 03-3244-2011

                                               

URL:                 http://www.melco-trading.com

E-Mail address: (thru the URL

 

 

ACTIVITIES

 

Procurement of electric & electronic parts, materials, other

 

BRANCHES

 

Shizuoka, Nagoya, Itami, Kobe, Fukuoka, Hiroshima, other (Tot 23)

 

OVERSEAS   

 

Thailand, China

 

FACTORIES  

 

(subcontracted)

 

 

OFFICERS

 

KOJI HAGA, PRES                    Shusaku Hashimoto, s/mgn dir

Ken’ichi Katsunuma, mgn dir      Takashi Ogawa, mgn dir

Yukio Nakahara, dir                    Shigeru Takeda, dir                                                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 309,638 M

PAYMENTS      REGULAR         CAPITAL           Yen 1,000 M

TREND             UP                    WORTH            Yen 9,410 M

STARTED                     1979                 EMPLOYES      527

 

 

COMMENT

 

PROCUREMENT OF ELECTRIC/ELECTRONIC PARTS & MATERIALS,

OWNED BY MITSUBISHI ELECTRIC CORP.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

           

MAX CREDIT LIMIT: YEN 3,108.8 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

            The subject company was established by Mitsubishi Electric Corp (See REGISTRATION) as Melco Overseas Service Co Ltd to engage in an ancillary service to support the overseas business of the parent.  Renamed as captioned in Apr 2004.  This is a trading division of Mitsubishi Electric Corp offering material procurement, import, export, material control, office design, other (See OPERATION).  Clients are the parent and its group firms.

 

 

FINANCIAL INFORMATION   

 

            The sales volume for Mar/2011 fiscal term amounted to Yen 309,638 million, a 16% up from Yen 180,230 million in the previous term.  Sales of the main profit-earner FA products held steady, despite slowdown in those of semiconductors.  Those of automobile equipment expanded in the second half.  The recurring profit was posted at Yen 3,372 million and the net profit at Yen 1,946 million, respectively, compared with Yen 1,951 million recurring profit and Yen 1,170 million net profit, respectively, a year ago.

 

            For the term that just ended Mar 2012 the recurring profit was projected at Yen 3,400 million and the net profit at Yen 2,000 million, respectively, on a 3% rise in turnover, to Yen 215,000 million.  Business is seen steadily expanding.  Final results are yet to be released. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 3,108.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Feb 1979

Regd No.:         0100-01-095657 (Tokyo-Chiyodaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         24,000 shares

Issued:                6,000 shares

Sum:                   Yen 1,000 million

Major shareholders (%): Mitsubishi Electric Corp* (95.8), Mitsubishi Electric Logistics

Corp (4.2)

No. of shareholders: 2

 

*.. Mitsubishi Electric Corp, comprehensive electric machinery, Tokyo, founded 1921,

listed Tokyo S/E, capital Yen 175,820 million, sales Yen 3,645,331 million, operating profit Yen 33,761 million, recurring profit Yen 210,237 million, net profit Yen 124,525 million, total assets Yen 3,332,679 million, net worth Yen 1,109,025 million, employees 117,403, pres Ken’ichiro Yamanashi

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

           

Activities: Imports, exports, wholesales, procures electric & electronic materials (--100%)

 

(Handling Items): products, parts, materials, sub-materials, consumables for factories & offices, mfg facilities, inspection equipment, molds & dies and tools for electronic and telecommunication equipment and related fields, electrical equipment, traffic transportation equipment systems, and household electrical appliances, other

 

Clients: [Mfrs, wholesalers] Mitsubishi Electric Corp, Renesas Electronics, Mitsubishi Electric Consumer Products (Thailand), other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsubishi Electric Corp, Rohm Co, Mitsubishi Electric Shanghai, Mitsubishi Electric Asia, Ryosan Co, other

 

Payment record: Regular

 

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

 

Bank References:

MUFG (Marunouchi)

Mizuho Bank (Shiba)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

215,000

209,638

180,230

190,742

Recur. Profit

　

3,400

3,372

1,951

1,442

Net Profit

　

2,000

1,946

1,170

851

Total Assets

　

　

51,685

44,702

33,843

Current Assets

　

　

50,705

44,027

　

Current Liabs

　

　

42,111

36,765

　

Net Worth

　

　

9,410

7,815

6,900

Capital, Paid-Up

　

　

1,000

1,000

1,000

Div.P.Share(₯)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.56

16.32

-5.51

-15.04

    Current Ratio

 

..

120.41

119.75

..

    N.Worth Ratio

..

18.21

17.48

20.39

    R.Profit/Sales

 

1.58

1.61

1.08

0.76

    N.Profit/Sales

0.93

0.93

0.65

0.45

    Return On Equity

..

20.68

14.97

12.33

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI ELECTRIC CORP

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.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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.