MIRA INFORM REPORT

 

 

Report Date :           

03.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI HEAVY INDUSTRIES PRINTING & PACKAGING MACHINERY LTD

 

 

Registered Office :

1-1-1 Itozaki-Minami Mihara Hiroshima-Pref 729-0329

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April  2010  

 

 

Com. Reg. No.:

(Hiroshima-Mihara) 040326

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of printing press

 

 

No. of Employees :

950

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 515.4 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 30th, 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

 

MITSUBISHI HEAVY INDUSTRIES PRINTING & PACKAGING MACHINERY LTD

 

 

REGD NAME

 

Mitsubishi Jyuko Insatsu Shiko Kikai KK

 

 

MAIN OFFICE

 

1-1-1 Itozaki-Minami Mihara Hiroshima-Pref 729-0329 JAPAN

Tel:                               0848-67-2068     

                                               

URL:                             http://www.mhi-ppm.com

E-Mail address:                        (thru the URL)

 

 

ACTIVITIES  

 

Mfg of printing press

 

 

BRANCHES

 

Tokyo, Osaka, Sapporo, Nagoya, Sendai, Niigata, Saitama , other (Tot 11)l

 

 

OVERSEAS

 

USA, Europe, Canada, China (3), India, other

 

 

FACTORIES

 

At the caption address

 

OFFICERS

 

MASAMI SHIMIZU, PRES

Yuzuru Kazumasa, rep dir                                                         

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 37,199 M

PAYMENTS                  REGULAR         CAPITAL           Yen 1,000 M

TREND             UP                    WORTH            Yen 11,227 M

STARTED                     2010                 EMPLOYES      950

 

 

COMMENT    

 

MFR OF PRINTING PRESS, WHOLLY OWNED BY MITSUBISHI HEAVY IND.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 515.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established originally in 2004 on the basis of a division separated from Mitsubishi Heavy Industries Ltd (See REGISTRATION).   And was reorganized in 2010 by merging sister companies. .Capital increased to Yen 1,000 million from the previous Yen 500 million.  This is a specialized mfr of printing press and packaging machines. 

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2011 fiscal term amounted to Yen 37,199 million, a 114% up from Yen 17,340 million in the previous term.  This is the result of the said merger and reorganization.  The operations continued in the red to register Yen 1,957 million recurring loss and Yen 4,144 million net losses, respectively, compared with Yen 25 million recurring loss and Yen 605 million net losses, respectively, a year ago.

 

For the current term ending Mar 2012 the operations are projected to come back to profitability but still limited to a minimum amount post-taxes, on a 5% rise in turnover, to Yen 39,000 million.  

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 515.4 million, on 30 days normal terms.

REGISTRATION

 

Date Registered:  Apr 2010

Regd No.:         (Hiroshima-Mihara) 040326

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         80,000 shares

Issued:             20,000 shares

Sum:                   Yen 1,000 million

 

Major shareholders (%): Mitsubishi Heavy Machinery Ltd* (100)

 

*.. Nation’s largest comprehensive heavy machinery mfr, Tokyo, founded 1950, listed Tokyo, Osaka, Nagoya, Sapporo S/E’s, capital Yen 265,608 million, sales Yen 2,03,770 million, operating profit Yen 101,269 million, recurring profit Yen 68,113 million, net profit Yen 30,117 million, total assets Yen 3,919,456 million, net worth Yen 1,279,422 million, employees 69,347, pres Hideaki Ohmiya

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

           

Activities: Manufactures printing presses (sheet fed offset presses), paper converting machines (corrugating machinery, box making machines), other (--100%).

 

Clients: [Mfrs, wholesalers] MHI Finance, International Pulp & Paper, Nippon Pulp & Paper, Rengo Co, Dynapac Co, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Mitsubishi Heavy Industries Transportation Equipment Engineering & Service Co, NSK Ltd, Mitsubishi Electric Co, other

 

Payment record: Regular

 

Location: Business area in Mihara, Hiroshima-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         MUFG (Fukuyama)

·         SMBC (Shinjuku)

Relations: Satisfactory

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

39,000

37,199

17,340

20,386

Recur. Profit

　

0

-1,957

-25

-195

Net Profit

　

0

-4,144

-605

-261

Total Assets

　

　

59,629

15,287

17,323

Current Assets

　

　

46,931

11,933

13,751

Current Liabs

　

　

27,382

9,016

10,351

Net Worth

　

　

11,227

3,459

4,035

Capital, Paid-Up

　

　

1,000

500

500

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.84

114.53

-14.94

-48.26

    Current Ratio

 

..

171.39

132.35

132.85

    N.Worth Ratio

..

18.83

22.63

23.29

    R.Profit/Sales

 

0.00

-5.26

-0.14

-0.96

    N.Profit/Sales

0.00

-11.14

-3.49

-1.28

    Return On Equity

..

-36.91

-17.49

-6.47

 

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI HEAVY INDUSTRIES LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

2,903,770

2,940,887

 

  Cost of Sales

2,461,857

2,537,257

 

      GROSS PROFIT

441,913

403,629

 

  Selling & Adm Costs

340,693

337,968

 

      OPERATING PROFIT

101,219

65,660

 

  Non-Operating P/L

-33,016

-41,651

 

      RECURRING PROFIT

68,113

24,009

　

      NET PROFIT

30,117

14,163

BALANCE SHEET

 

 

 

 

  Cash

　

301,047

274,061

 

  Receivables

 

852,645

948,200

 

  Inventory

 

1,116,205

978,807

 

  Securities, Marketable

8

9

 

  Other Current Assets

305,708

625,585

 

      TOTAL CURRENT ASSETS

2,575,613

2,826,662

 

  Property & Equipment

861,528

896,350

 

  Intangibles

 

25,165

29,149

 

  Investments, Other Fixed Assets

526,695

510,698

 

      TOTAL ASSETS

3,989,001

4,262,859

 

  Payables

 

619,107

646,538

 

  Short-Term Bank Loans

85,488

117,679

 

　

 

　

　

 

  Other Current Liabs

829,475

791,579

 

      TOTAL CURRENT LIABS

1,534,070

1,555,796

 

  Debentures

 

320,000

344,605

 

  Long-Term Bank Loans

684,989

897,801

 

  Reserve for Retirement Allw

49,842

48,542

 

  Other Debts

　

87,421

87,343

 

      TOTAL LIABILITIES

2,676,322

2,934,087

 

      MINORITY INTERESTS

 

 

 

Common stock

265,608

265,608

 

Additional paid-in capital

203,939

203,938

 

Retained earnings

815,145

800,199

 

Evaluation p/l on investments/securities

25,579

35,942

 

Others

 

44,718

44,979

 

Treasury stock, at cost

(42,311)

(21,894)

 

      TOTAL S/HOLDERS` EQUITY

1,312,678

1,328,772

　

      TOTAL EQUITIES

3,989,001

4,262,859

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

337,805

117,977

 

Cash Flows from Investment Activities

-137,248

-180,704

 

Cash Flows from Financing Activities

-169,793

-105,291

　

Cash, Bank Deposits at the Term End

　

288,868

261,373

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

1,312,678

1,328,772

 

 

Current Ratio (%)

167.89

181.69

 

 

Net Worth Ratio (%)

32.91

31.17

 

 

Recurring Profit Ratio (%)

2.35

0.82

 

 

Net Profit Ratio (%)

1.04

0.48

 

 

Return On Equity (%)

2.29

1.07

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.13

UK Pound

1

Rs.77.85

Euro

1

Rs.64.78

 

 

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.