MIRA INFORM REPORT
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Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SOJITZ CORPORATION |
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Registered Office : |
6-1-20 Akasaka Minatoku Tokyo 107-8655 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December, 1982 |
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Com. Reg. No.: |
049977 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of machinery, energy & metals,
chemicals, other |
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No. of Employees
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1750 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
SOJITZ CORPORATION
REGD NAME
Sojitz KK
MAIN OFFICE
6-1-20 Akasaka Minatoku Tokyo 107-8655 JAPAN
Tel: 03-5520-5000 Fax:
03-5520-2390
E-Mail address: info@sojitz.com
ACTIVITIES
Import, export, wholesale of machinery, energy & metals, chemicals,
other
BRANCHES
7 domestic, 91 overseas
(Subsidiaries/affiliates): 133 domestic, 356 overseas
CHIEF EXECS
YOJI SATO, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,494,237 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 160,339 M
TREND STEADY WORTH Yen 330,471 M
STARTED 2003 EMPLOYES 1,750
COMMENT
GENERAL TRADING HOUSE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Forecast figures for the 31/03/2013 fiscal term. (Unit in Million Yen)
HIGHLIGHTS
The subject company was established in Apr 2003 by forming a joint
holding company, named Nissho Iwai-Nichimen Holdings Company, by the then
Nissho Iwai Co and Nichimen Co, and subsequently in Apr 2004 the two merged
into Sojitz Corp as captioned. The
holding company, at the same time, renamed Sojitz Holdings Corporation. The merger was formed in order to restructure
the two firms through supports from financial institutions including the then
UFJ Bank (now MUFG), the main bank for the two firms. On 01/Oct/2005, in order to further
streamline the Group’s management framework, Sojitz Holdings merged with its
principal operating arm and wholly owned subsidiary, Sojitz Corporation. The company’s name was then changed to Sojitz
Corporation. This is a general trading
house succeeding the business rights & operations of the said two firms, excluding
liquidation or separation of unprofitable divisions & operations. This is the sixth-ranked general trading
house. Major handling items are
machinery, energy & resources, which former Nissho Iwai Corp was the
stronger, and textiles, etc, which the former Nichimen Corp was stronger. Highly competitive in fields of aircraft,
lumber and urban development. The
company plans to acquire additional concession of the Minerva mine in Australia
to independently operate the mine as the primary contractor. It joined the potassium sulfate fertilizer
production in India.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 4,494,237
million, an 11.9% up from Yen 4,014,639 million in the previous term. Sales rose as its consumer lifestyle division
grew, thanks to cigarette price hikes.
Operating profit soared 72%} to Yen 64.5 billion on increased vehicle
sales in Russia and other countries, as well as higher oil and coal prices. Despite strong sales at the trading company’s
overse4as auto, chemicals and functional materials divisions, the use of
deferred tax assets in line with changes to the tax system pushed down the
profit. It posted Yen 62,228 million
recurring profit but at the bottom line resulted in Yen 3,649 million net losses,
compared with yen 45,316 million recurring profit and Yen 15,981 million net
profit, respectively, a year ago.
(Apr/Jun/2012 results): Sales Yen 1,001,595 million (down 9.7%),
operating profit Yen 7,803 million (down 29.2%), recurring profit Yen 6,878
million (down 38.5%), net profit Yen 1,650 million (down 76.0%). (% compared with the corresponding period a
year ago). This is attributed to sales
declines in Consumer Lifestyle Business Division due to decreased trading
volumes for cigarettes and marine products, and the decline in Chemicals
Division due to declines in trading volumes for chemicals and prices in
response to reduced demand in China and elsewhere in Asia. China and other Asian economies have seen
their growth slow due to a falloff in exports to the euro zone.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 50,000 million and the net profit at Yen 20,000 million, respectively,
on a 4.3% fall in turnover, to Yen 4,300,000 million. Higher resource prices will peak out, but
automobile will continue expansion.
Australia rare earth project will start operations. Operating profit will edge up.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 55,357.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1982
Regd No.: (Tokyo-Minatoku) 049977
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,349 million shares
Issued: 1,251,091,013 shares
Sum: Yen 160,339 million
Major shareholders (%): Japan Trustee Services T (6.6), Master Trust
Bank of Japan T (4.6), State Street Bank & Trust 505225 (1.4), SSBT OD05 Omnibus
Acct Treaty (1.2), Mellon Bank Mellon Omnibus US P (1.2), Nomura Sing C
Segregated FJI309 (0.9), Japan Trustee Services T1 (0.8), Juniper (0.8), Trust
& Custody Services Trust A (0.8); foreign owners (25.8)
No. of shareholders: 184,535
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Akio Dobashi, ch; Takashi Hara, v ch; Yoji Sato, pres;
Shigeki Dantani, v
pres; Joji Suzuki, v pres; Yoshio Mogi, s/mgn dir; Shinichi Taniguchi,
s/mgn dir; Tetsuya Konoda, mgn dir; Masahiro Komiyama, mgn dir; Tatsunobu Sako,
mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: A general trading house:
(Sales breakdown by Divisions):
Machinery Division (23%): Automotive Unit, Environment & Infrastructure
Unit, IT Business Unit, Marine & Aerospace Unit;
Energy & Metals Division (23%): Energy & Nuclear Unit, Coal
& Non-ferrous Metals Unit, Ferrous Metals & Steel Products Unit;
Chemicals & Functional Materials Division (15%): Chemicals Unit,
Functional Materials Unit;
Lifestyle Business Division (37%): Foods Resources Unit, General
Commodities & Textile Unit, Forest Products & Real Estate Development
Unit;
Others (1%)
Overseas trading (32.2%): N America 4.4%, Europe 3.4%, Asia/Oceania
20.7%,
other 3.7%.
Clients: [Mfrs, wholesalers] Kobe Steel, NM Life, First Retailing, Uto
Kosan, Zao Severstal, Varig S.A., Auto-Isuzu PT Indofood Sukses Makmur TBK, MMC
Automotriz SA, other
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi Zosen, Hitachi Ltd, Toyo Rubber,
Yamazaki
Nabisco, Sun Building Materials Corp, Sumitomo Metal Mining, Fuji
Electric Systems,
Sojitz Asia, other.
Payment record: No Complaints
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
MUFG (Tokyo)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
FINANCIALS
(In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME
STATEMENT |
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Annual Sales |
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4,494,237 |
4,014,639 |
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Cost of Sales |
4,262,671 |
3,821,914 |
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GROSS PROFIT |
231,566 |
192,725 |
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Selling & Adm Costs |
167,044 |
155,205 |
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OPERATING PROFIT |
64,522 |
37,519 |
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Non-Operating P/L |
-2,294 |
7,797 |
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RECURRING PROFIT |
62,228 |
45,316 |
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NET PROFIT |
-3,649 |
15,981 |
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BALANCE
SHEET |
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Cash |
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442,706 |
415,694 |
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Receivables |
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490,708 |
478,880 |
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Inventory |
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270,645 |
243,210 |
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Securities, Marketable |
1,297 |
5,437 |
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Other Current Assets |
92,795 |
123,408 |
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TOTAL CURRENT ASSETS |
1,298,151 |
1,266,629 |
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Property & Equipment |
233,260 |
215,774 |
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Intangibles |
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124,497 |
132,695 |
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Investments, Other Fixed Assets |
464,688 |
501,862 |
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TOTAL ASSETS |
2,120,596 |
2,116,960 |
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Payables |
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481,799 |
414,984 |
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Short-Term Bank Loans |
282,524 |
247,656 |
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Other Current Liabs |
183,099 |
227,904 |
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TOTAL CURRENT LIABS |
947,422 |
890,544 |
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Debentures |
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80,000 |
82,719 |
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Long-Term Bank Loans |
691,018 |
723,926 |
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Reserve for Retirement Allw |
14,232 |
13,136 |
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Other Debts |
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57,453 |
51,124 |
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TOTAL LIABILITIES |
1,790,125 |
1,761,449 |
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MINORITY INTERESTS |
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Capital, Paid-Up |
160,339 |
160,339 |
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Surplus |
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170,132 |
195,171 |
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SHAREHOLDERS' EQUITY |
330,471 |
355,510 |
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TOTAL EQUITIES |
2,120,596 |
2,116,960 |
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CONSOLIDATED
CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash Flows from Operating Activities |
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91,600 |
87,883 |
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Cash Flows from Investment
Activities |
-42,387 |
-10,903 |
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Cash Flows from Financing Activities |
-35,376 |
-72,054 |
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Cash, Bank Deposits at the Term End |
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427,274 |
415,261 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net Worth (S/Holders' Equity) |
330,471 |
355,510 |
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Current Ratio (%) |
137.02 |
142.23 |
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Net Worth Ratio (%) |
15.58 |
16.79 |
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Recurring Profit Ratio (%) |
1.38 |
1.13 |
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Net Profit Ratio (%) |
-0.08 |
0.40 |
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Return On Equity (%) |
-1.10 |
4.50 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.47 |
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1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.