MIRA INFORM REPORT
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Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MITSUI & CO PLANT SYSTEMS LTD |
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Registered Office : |
Shiodome Sumitomo Bldg 25F, 1-9-2 Higashi-Nihombashi Minatoku Tokyo 105-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
April 2007 |
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Com. Reg. No.: |
(Tokyo-Minatoku)
057580 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of plant units, power systems,
transportation systems |
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No. of Employees
: |
380 |
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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Maximum Credit Limit : |
Yen 678.3 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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 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
MITSUI & CO PLANT SYSTEMS LTD
REGD NAME
Mitsui Bussan Plant System KK
MAIN OFFICE
Shiodome Sumitomo
Bldg 25F, 1-9-2 Higashi-Nihombashi Minatoku Tokyo 105-0021 JAPAN
Tel:
03-6218-3000 Fax: 03-6218-3450
URL: http://www.plantsystems.mitsui.co.jp
E-mail: info@plantsystems.mitsui.co.jp
ACTIVITIES
Import,
export, wholesale of plant units, power systems, transportation systems
BRANCHES
Sapporo,
Sendai, Nagoya, Osaka, other (tot 16)
OVERSEAS
Jakarta
(Indonesia)
OFFICERS
JUN
OKUNO, PRES Masato
Shioide, v pres
Hironori
Togo, s/mgn dir Hidenori Azabu,
s/mgn dir
Nobuhiko
Kaneko, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 165,873 M
PAYMENTS REGULAR CAPITAL Yen
1,555 M
TREND SLOW WORTH Yen
4,007 M
STARTED 1995 EMPLOYES 380
COMMENT
TRADING HOUSE SPECIALIZING IN PLANT, POWER & TRANSPORTATION UNITS, WHOLLY OWNED BY MITSUI & CO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 678.3 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established in Apr/2007 by the merger of four Mitsui group firms: Mitsui & Co Project Corp, Mitsui Bussan Plant & Project, Mitsui & Co Power Systems, Mitsui Bussan Transportation Systems. The merger was intended to integrate group operations to avoid redundant operations. This is a trading house specializing in energy plants, power systems and transportation units. In 2007, transferred from the parent, Mitsui & Co Ltd, major portion of power system units operations. Clients are major electric powers, railway companies, chemical mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 165,893 million, a 5% down from Yen 174,526 million in the previous term. Business volumes increased but earnings & profits were eroded in Yen terms by the strong Yen. The recurring profit was posted at Yen 2,043 million and the net profit at Yen 1,049 million, respectively, compared with Yen 3,287 million recurring profit, and Yen 1,853 million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected at Yen 2,100 and the net profit at Yen 1,100 million, respectively, on a 5% rise in turnover, to Yen 174,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 678.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
2007
Regd No.: (Tokyo-Minatoku) 057580
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
124,400 shares
Issued:
31,100 shares
Sum: Yen 1,555
million
Major shareholders (%):
Mitsui & Co*(100)
*.. Leading general trading company vying with Mitsubishi Corp for top position, founded 1947, capital Yen 341,482 million, listed Tokyo, Osaka, Nagoya, Nasdaq S/E’s, sales Yen 9,942,974 million, operating profit Yen 317,003 million, recurring profit Yen 272,097 million, net profit Yen 106,659 million, total assets Yen 8,411,677 million, net worth Yen 2,284,431 million, employees 40,026, pres Shoei Utsuda
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: General trading house for import, export and wholesale of (--100%):
Plant Units: energy & petrochemical plants, heavy machinery for ferrous & nonferrous industries, industrial systems, machinery for infrastructure fields;
Power System Units: power generation, transmission & substations, energy solution, captive power generation, cogeneration, renewable energy;
Transportation System Units: railway facility, urban transportation system, other.
Clients: [Mfrs, steel makers, chemical mfrs] Nippon Steel, Tosoh Ltd, JR East, Tokyo Electric Power, Mitsui & Co, JFE Steel, Seven-Eleven Japan, Hyundai, Hokkaido Electric Power, Tohoku Electric Power, Seven Eleven Japan, other..
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] IHI, GE, Tosoh Ltd, Toray Corp, Mitsui & Co, Plasser, Toshiba Corp, Ebara Corp, Okabe Bulb Ind, Permelec Electrode, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
· SMBC (Hibiya)
· Mizuho Corporate Bank (Ohtemachi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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174,000 |
165,893 |
174,526 |
155,675 |
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Recur.
Profit |
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2,100 |
2,043 |
3,287 |
3,072 |
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Net
Profit |
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1,100 |
1,049 |
1,853 |
1,639 |
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Total
Assets |
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81,548 |
71,071 |
89,143 |
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Current
Assets |
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68,900 |
61,013 |
80,752 |
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Current
Liabs |
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65,635 |
56,711 |
76,521 |
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Net
Worth |
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4,007 |
4,934 |
4,500 |
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Capital,
Paid-Up |
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1,555 |
1,555 |
1,555 |
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Div.P.Share(¥) |
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1049.00 |
1852.00 |
1638.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.89 |
-4.95 |
12.11 |
56.58 |
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Current Ratio |
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.. |
104.97 |
107.59 |
105.53 |
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N.Worth Ratio |
.. |
4.91 |
6.94 |
5.05 |
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R.Profit/Sales |
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1.21 |
1.23 |
1.88 |
1.97 |
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N.Profit/Sales |
0.63 |
0.63 |
1.06 |
1.05 |
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Return On Equity |
.. |
26.18 |
37.56 |
36.42 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMNTS
CONSOLIDATED FINANCIALS OF MITSUI &
CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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9,942,472 |
9,358,379 |
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Cost of Sales |
3,820,220 |
3,394,484 |
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GROSS PROFIT |
6,122,252 |
5,963,895 |
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Selling & Adm Costs |
5,805,249 |
5,819,382 |
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OPERATING PROFIT |
317,003 |
144,513 |
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Non-Operating P/L |
-44,306 |
-18,473 |
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RECURRING PROFIT |
272,697 |
126,040 |
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NET PROFIT |
306,659 |
149,719 |
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BALANCE SHEET |
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Cash |
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1,441,059 |
1,402,399 |
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Receivables |
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1,463,601 |
1,382,259 |
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Inventory |
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467,355 |
504,547 |
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Securities, Marketable |
5,602 |
4,361 |
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Other Current Assets |
940,025 |
967,524 |
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TOTAL CURRENT ASSETS |
4,317,642 |
4,261,090 |
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Property & Equipment |
1,030,748 |
978,560 |
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Intangibles |
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87,525 |
84,741 |
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Investments, Other Fixed Assets |
3,162,209 |
3,044,593 |
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TOTAL ASSETS |
8,598,124 |
8,368,984 |
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Payables |
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1,316,772 |
1,307,980 |
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Short-Term Bank Loans |
250,062 |
241,380 |
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Other Current Liabs |
976,115 |
831,407 |
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TOTAL CURRENT LIABS |
2,542,949 |
2,380,767 |
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Debentures |
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Long-Term Bank Loans |
2,818,529 |
2,909,794 |
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Reserve for Retirement Allw |
37,054 |
33,927 |
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Other Debts |
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614,690 |
646,258 |
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TOTAL LIABILITIES |
6,313,222 |
5,970,746 |
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MINORITY INTERESTS |
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Common
stock |
341,482 |
341,482 |
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Additional
paid-in capital |
430,152 |
428,848 |
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Retained
earnings |
1,922,034 |
1,671,945 |
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Evaluation
p/l on investments/securities |
96,657 |
123,891 |
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Others |
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(230,650) |
(130,891) |
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Treasury
stock, at cost |
(6,341) |
(6,321) |
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TOTAL S/HOLDERS` EQUITY |
2,553,334 |
2,429,806 |
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TOTAL EQUITIES |
8,598,124 |
8,368,984 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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504,474 |
632,360 |
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Cash Flows
from Investment Activities |
-484,021 |
-180,093 |
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Cash
Flows from Financing Activities |
33,820 |
-214,445 |
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Cash,
Bank Deposits at the Term End |
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1,441,059 |
1,401,399 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
2,553,334 |
2,429,806 |
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Current
Ratio (%) |
169.79 |
178.98 |
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Net
Worth Ratio (%) |
29.70 |
29.03 |
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Recurring
Profit Ratio (%) |
2.74 |
1.35 |
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Net
Profit Ratio (%) |
3.08 |
1.60 |
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Return
On Equity (%) |
12.01 |
6.16 |
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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.49.53 |
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UK Pound |
1 |
Rs.77.95 |
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Euro |
1 |
Rs.64.66 |
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.