MIRA INFORM REPORT

 

Report Date :

02.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI PLASTICS INC

 

 

Registered Office :

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

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

February 1946

 

 

Com. Reg. No.:

(Tokyo-Chuoku) 008775

 

 

Legal Form :

Limited Company

 

 

Line of Business :

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

 

 

No. of Employees :

8,549

 

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 6,127.6 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 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         Yoshiaki Io, s/mgn dir

Kaoru Kuroyama, mgn dir                       Takashi Ishizawa, mgn dir

Sadato Kobayashi, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 382,045 M

PAYMENTS                  REGULAR         CAPITAL           Yen 21,503 M

TREND             UP                    WORTH            Yen 77,800 M

STARTED                     1946                 EMPLOYES      8,549

 

 

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 6,127.6 MILLION, 30 DAYS NORMAL TERMS

 

                        Notes: Forecast (or estimated) figures for the 31/03/2012 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/2011 fiscal term amounted to Yen 382,045 million, a 22% up from 313,221 million in the previous term.  Market recovered from the global economic downturn in the previous term.  Demand increased.  Exports were robust.  The recurring profit was posted at Yen 14,882 million and the net profit at Yen 7,575 million, respectively, compared with Yen 919 million recurring profit and Yen 224 million net profit, respectively, a year ago.

 

            (Apr/Sept/2011 results): Sales Yen 197,265 million (dup 3.3%), recurring profit Yen 6,620 million (down 22.9%), net profit Yen 3,903 million (down 1.96%).  (% compared with the corresponding period a year ago).

 

For the current term ending Mar/2012 the recurring profit is projected at Yen 15,000 million and the net profit at Yen 8,000 million, on a 10% rise in turnover, to Yen 420,000 million. 

           

            The financial situation is considered FAIR and good for ORDINARY business

engagements.    Max credit limit is estimated at Yen 6,127.6 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 3,166,771 million, operating profit Yen 226,493 million, recurring profit Yen 223,889 million, net profit Yen 83,581 million, total assets Yen 3,255,926 million, net worth Yen 793,447 million, employees 53,882, 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 (44%): 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 (19%): 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 (35%): 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 (2%): carbon fiber, alumina fiber, other.

Overseas Sales Ratio (38%)

 

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:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

382,045

313,221

 

  Cost of Sales

298,187

252,163

 

      GROSS PROFIT

83,858

61,058

 

  Selling & Adm Costs

67,289

59,429

 

      OPERATING PROFIT

16,569

1,629

 

  Non-Operating P/L

-1,687

-710

 

      RECURRING PROFIT

14,882

919

　

      NET PROFIT

7,575

224

BALANCE SHEET

 

 

 

 

  Cash

　

10,947

8,371

 

  Receivables

 

81,176

75,366

 

  Inventory

 

50,508

48,354

 

  Securities, Marketable

　

　

 

  Other Current Assets

8,158

9,944

 

      TOTAL CURRENT ASSETS

150,789

142,035

 

  Property & Equipment

127,109

144,634

 

  Intangibles

 

13,374

14,007

 

  Investments, Other Fixed Assets

24,226

25,093

 

      TOTAL ASSETS

315,498

325,769

 

  Payables

 

61,997

59,084

 

  Short-Term Bank Loans

60,300

58,165

 

　

 

　

　

 

  Other Current Liabs

39,988

27,854

 

      TOTAL CURRENT LIABS

162,285

145,103

 

  Debentures

 

15,000

25,000

 

  Long-Term Bank Loans

37,750

55,120

 

  Reserve for Retirement Allw

14,965

16,652

 

  Other Debts

　

7,698

506,071

 

      TOTAL LIABILITIES

237,698

747,946

 

      MINORITY INTERESTS

 

 

 

Common stock

21,503

21,503

 

Additional paid-in capital

26,587

26,587

 

Retained earnings

38,247

31,409

 

Evaluation p/l on investments/securities

463

1,229

 

Others

 

(9,000)

(2,905)

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

77,800

77,823

　

      TOTAL EQUITIES

315,498

825,769

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

34,517

30,010

 

Cash Flows from Investment Activities

-17,907

-42,871

 

Cash Flows from Financing Activities

-12,756

439

　

Cash, Bank Deposits at the Term End

　

10,947

8,371

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

77,800

77,823

 

 

Current Ratio (%)

92.92

97.89

 

 

Net Worth Ratio (%)

24.66

9.42

 

 

Recurring Profit Ratio (%)

3.90

0.29

 

 

Net Profit Ratio (%)

1.98

0.07

 

 

Return On Equity (%)

9.74

0.29

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.53

UK Pound

1

Rs.77.95

Euro

1

Rs.64.66

 

 

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.