MIRA INFORM REPORT

 

 

Report Date :

27.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI CORPORATION

 

 

Registered Office :

2-3-1 Marunouchi Chiyodaku Tokyo 100-8086

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 1950         

 

 

Com. Reg. No.:

0100-01-008771 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of energy, metals, machinery, chemicals

 

 

No. of Employees :

58,470

 

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

 

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 CORPORATION

 

 

REGD NAME

 

Mitsubishi Shoji KK

 

MAIN OFFICE

 

2-3-1 Marunouchi Chiyodaku Tokyo 100-8086 JAPAN

Tel: 03-3210-2121     Fax: 03-3210-8051

 

URL:                 http://www.mitsubishicorp.com/

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of energy, metals, machinery, chemicals, other

 

 

BRANCHES

 

Domestic (148)

 

 

OVERSEAS   

 

Branches & subsidiaries (120)

 

Subsidiaries/Affiliates (80) (39 main offices & 41 branches)

 

 

CHIEF EXEC

 

KEN KOBAYASHI, PRES & CEO

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 19,233,443 M

PAYMENTS      REGULAR         CAPITAL           Yen 204,447 M

TREND             STEADY           WORTH            Yen 3,600,990 M

STARTED         1950                 EMPLOYES      58,470

 

 

COMMENT    

 

LARGEST GENERAL TRADING HOUSE OF JAPAN. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR  ORDINARY BUSINESS ENGAGEMENTS.

                       

                        Notes: Unit: in Million Yen.

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

 

 

HIGHLIGHTS

 

This is the largest general trading house of Japan and one of the core Mitsubishi group firms.  Handles about 25,000 products from raw materials to finished items.  Strong in energies field, particularly topping in LNG business.  Has many subsidiaries in food-related area.  Moving into satellite communications thru JV.  Energy resources division faring well.  Emphasis being directed to new-functional business areas.  Actively cultivating Asian markets such as importing LNG from China and investing in projects in Singapore.  Listed on London and Paris stock exchanges.  The company invested Yen 420 billion in acquiring partial concessions in a large-scale copper mine in Chile in Nov 2011, boosting its total copper concessions around two-fold to an annual 250,000 tons.  It will invest an additional Yen 400 billion-plus in the expansion of large-scale coking coal concessions in Australia.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 534,297 million, a 12.5% up from Yen 17,102,782 million in the previous tem.  The Great East Japan Earthquake in Mar 2011 caused a considerable damage to social infrastructure, production facilities, homes and other assets.  Production dropped as a result of interruption to component supply chains, leading to a large downturn in economic activity.  Under the circumstances, the firm’s total revenues increased, reflecting higher oil prices and robust growth in automobile and other machinery-related transactions.  By Divisions, Energy up 28.9% to Yen 1,248,900 million; Metals up 24.2% to Yen 834,800 million; Machinery up 19.9% to Yen 677,700 million; Chemicals up 12.3% to Yen 803,700 million.  The recurring profit was posted at Yen 534,297 million and the net profit at Yen 463,188 million, respectively, compared with Yen 297,872 million recurring profit and Yen 274,846 million net profit, respectively, a year ago.

 

(Apr/Dec/2011 results): Sales Yen 15,169,661 million (up 5.5%), operating profit Yen 232,953 million (down 14.0%), recurring profit Yen 369,308 million (down 12.4%), net profit Yen 370,194 million (up 2.2%).  (% compared with the corresponding period a year ago).

 

For the term that just ended Mar/2012 the recurring profit was projected at Yen 510,000 million and the net profit at Yen 450,000 million, respectively, on a 10.7% rise in turnover, to Yen 21,300,000 million.  Lucrative coking coal in Australia was hit by a prolonged impact from the floods, and metal resources remained flat.  Petroleum development and LNG sales grew on the strength of the rising oil price.  Chemicals and foods were steady.  Final results are yet to be released.  

 

The financial situation is considered FAIR and good for ORDINARY business engagements.

 

 

REGISTRATION

 

Date Registered: Apr 1950

Regd No.:       0100-01-008771 (Tokyo-Chiyodaku)

Legal Status:   Limited Company (Kabushiki Kaisha)

Authorized:      2,500 million shares

Issued:             1,697,268,271 shares

Sum:                 Yen 204,447 million

 

Major shareholders (%): Japan Trustee Services Bank T (6.8), Tokio Marine & Nichido Fire Ins (5.1), Master Trust Bank of Japan T (4.2), Meiji Yasuda Life Ins (3.9), MTBJ (Mitsubishi Heavy Ind) (2.9), SSBT OT05 Omnibus Acct Treaty CI (2.1), MUFG (1.5),  Nomura T (MUTB) (1.3), Mellon Bank Mellon Omnibus US P (1.0), MTBJ (Mitsubishi Electric) (1.0); foreign owners (31.4)

 

No. of shareholders: 275,268

 

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

 

Managements: Yorihiko Kojima, ch; Ken Kobayashi, pres; Ryoichi Ueda, v pres; Masahide Yano, s/mgn dir; Hideyuki Nabeshima, s/mgn dir; Hideto Nakahara, s/mgn dir; Kiyoshi Fujimura, mgn dir; Yasuo Nagai, mgn dir; Yu Nomaguchi, dir; Kunio Itoh, dir; Kazuo Tsukuda, dir

           

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

 

Related companies: Ryoshoku Ltd, Mitsubishi Corp USA, Mitsubishi Corporation Financial Management Services, Mitsubishi Development, etc. 

           

 

 

OPERATION

 

Activities: Imports, exports and wholesales wide varieties of commodities from raw materials to consumer goods:

 

(Sales breakdown by divisions):

 

Energy Div (20%): crude oil, petroleum products, LNG, LPG, carbon, other;

 

Metals Div (23%): ferrous & nonferrous raw materials, MDP units, steel products, other;

 

Machinery Div (18%): power & electrical systems, plant projects, aerospace, industrial machinery, motor vehicles, other;

 

Chemical Div (10%): raw materials for synthetic resins & fibers, chemical fertilizers, inorganic raw materials, industrial salts, plastics, electronics materials, life science products, other;

 

Life Style Div (28%): foods, textiles, housing general merchandise, other;

 

Overseas sales ratio (19%): USA 6.7%, Australia 3.1%, other region9.2%.

 

Clients: [Power companies, mfrs, wholesalers] Nippon Oil Corp, Ryoshoku Ltd, Tokyo Gas, Tokyo Electric Power, Kansai Electric Power, other.

            No. of accounts: 3,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, oil refiners, wholesalers] Mitsubishi Heavy Ind, Saudi Arabian Oil Co, Brunei LNG SB, Malaysia LNG, JGC 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

　

19,233,443

17,102,782

 

  Cost of Sales

1,803,541

16,086,185

 

      GROSS PROFIT

1,149,902

1,016,597

 

  Selling & Adm Costs

833,761

834,344

 

      OPERATING PROFIT

316,141

182,253

 

  Non-Operating P/L

218,156

115,619

 

      RECURRING PROFIT

534,297

297,872

　

      NET PROFIT

463,188

274,846

BALANCE SHEET

 

 

 

 

  Cash

　

1,208,742

1,080,544

 

  Receivables

 

2,133,395

2,018,823

 

  Inventory

 

970,675

848,448

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,680,583

1,543,582

 

      TOTAL CURRENT ASSETS

5,993,395

5,491,397

 

  Property & Equipment

1,735,808

1,696,600

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

3,618,239

3,668,853

 

      TOTAL ASSETS

11,347,442

10,856,850

 

  Payables

 

1,879,958

1,864,811

 

  Short-Term Bank Loans

655,873

655,001

 

　

 

　

　

 

  Other Current Liabs

1,445,466

1,191,577

 

      TOTAL CURRENT LIABS

3,981,297

3,711,389

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

3,188,749

3,246,029

 

  Reserve for Retirement Allw

48,657

54,535

 

  Other Debts

　

527,749

576,202

 

      TOTAL LIABILITIES

7,746,452

7,588,155

 

      MINORITY INTERESTS

 

 

 

Common stock

203,598

203,228

 

Additional paid-in capital

256,501

254,138

 

Retained earnings

3,091,532

2,706,986

 

Evaluation p/l on investments/securities

291,911

300,313

 

Others

 

(90,902)

(44,398)

 

Treasury stock, at cost

(151,650)

(151,572)

 

      TOTAL S/HOLDERS` EQUITY

3,600,990

3,268,695

　

      TOTAL EQUITIES

11,347,442

10,856,850

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

331,204

701,573

 

Cash Flows from Investment Activities

-262,601

-138,502

 

Cash Flows from Financing Activities

76,749

-755,347

　

Cash, Bank Deposits at the Term End

　

1,208,742

1,080,544

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

3,600,990

3,268,695

 

 

Current Ratio (%)

150.54

147.96

 

 

Net Worth Ratio (%)

31.73

30.11

 

 

Recurring Profit Ratio (%)

2.78

1.74

 

 

Net Profit Ratio (%)

2.41

1.61

 

 

Return On Equity (%)

12.86

8.41

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.57

UK Pound

1

Rs.85.03

Euro

1

Rs.69.56

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.