MIRA INFORM REPORT

 

 

Report Date :

12.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI CORPORATION TECHNOS

 

 

Registered Office :

Tamachi Center Bldg 14/15F, 5-34-7 Shiba Minatoku Tokyo 108-0014

 

 

Country :

Japan

 

 

Year of Establishment :

March, 1979

 

 

Com. Reg. No.:

028730

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Eholesale of machine tools, industrial plants and machinery

 

 

No. of Employees :

265

 

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 851.7 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 CORPORATION TECHNOS

 

REGD NAME:    Mitsubishi Shoji Technos KK

 

MAIN OFFICE:  Tamachi Center Bldg 14/15F, 5-34-7 Shiba Minatoku Tokyo 108-0014 JAPAN

Tel: 03-3453-7441    

Fax: 03-3453-7449

 

URL: http://www.mmts.co.jp/

E-Mail address:(thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of machine tools, industrial plants & machinery

 

 

BRANCHES   

 

Osaka, Nagoya, Atsugi, Kobe, Okayama, Fukuoka, Fukushima, Fuji, Hamamatsu, Hiroshima, Nagasaki (Tot 14)

 

 

OVERSEAS

 

MC Technos (Thailand) Co Ltd; Ryosho Machinery (Shanghai) Co Ltd;

MC Craftman machinery Private Ltd (India); MC Machinery Systems Inc (USA)

(-- subsidiaries)

 

 

OFFICER(S)  

 

YOSHIKI UEDA, PRES              Hirofumi Hata, dir

Tetsushi Koike, dir                     Isao Murakami, dir

Kazuji Okawa, dir                       Satoru Iijima, dir

 

 

Yen Amount

 

In million Yen, unless otherwise stated

 

 

SUMMARY

           

FINANCES        FAIR                 A/SALES          Yen 54,819 M

PAYMENTS      REGULAR         CAPITAL           Yen 600 M

TREND             UP                    WORTH            Yen 4,254 M

STARTED         1979                 EMPLOYES      265

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN INDUSTRIAL MACHINERY, WHOLLY OWNED BY MITSUBISHI CORP. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 851.7 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of the machine tools division separated from Mitsubishi Corp, nation’s top trading house, Tokyo (See REGISTRATION).  This is a trading firm specializing in machine tools, industrial machinery & equipment.  The handling items have expanded to include: machine tools, printing machines, food processing plant machinery, IT-related machinery, OA systems, other (See OPERATION).  Has 4 overseas subsidiaries.  Additionally fully utilizing the parent’s overseas networks, the operations cover China, other S/E Asia, USA, India, etc.  Domestic clients include Mitsubishi group firms, printing houses, precision machinery makers, construction machinery mfrs, other, nationwide.

           

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Mitsubishi Corp, and disclosed only in digested statements.  Consolidated Financials are attached.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 54,819 million, a 21% up from Yen 45,211 million in the previous term.  Domestic orders recovered greatly.  Business returned to normal with up-trend from the previous term which was substantially affected by the global economic downturn.  Exports rose.  The recurring profit was posted at Yen 437 million and the net profit at Yen 162 million, respectively, compared with Yen 116 million recurring profit and Yen 44 million net losses, respectively, a year ago.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 450 million and the net profit at Yen 180 million, respectively, on a 7% rise in turnover, to Yen 58,500 million.  Business is seen up-trend and is steadily expanding.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 851.7 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　         Mar 1979

Regd No.:                      (Tokyo-Minatoku) 028730

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                   13 million shares

Issued:                          3.3 million shares

Sum:                            Yen 600 million

Major shareholders (%): Mitsubishi Corporation*(100)

           

* Mitsubishi Corporation, largest general trading house & one of core firms of Mitsubishi      group, founded 1950, listed Tokyo, Osaka, Nagoya, London S/E’s, capital Yen 204,447 million, turnover Yen 19,223,443 million, operating profit Yen 316,141 million, recurring  profit Yen 534,297 million, net profit Yen 463,188 million, total assets Yen 11,347,442 million, net worth Yen 3,600,990 million, employees 58,470, pres Ken Kobayashi

Consolidated Financials are as attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Trading firm for import, export and wholesale of machine tools & industrial machinery/equipment:

           

Machine tools, Lab/Testing machinery & equipment, OA systems, laser beam machine, electrical discharge machine, electron beam processing machine, machining center, mill- ing machine, lathe, surface grinding machine, cylindrical grinding machine, internal grinding machine, centerless grinding machine, tool grinding machine, horizontal boring machine, five-face milling machine, radial drilling machine & presses, forging press, shearing/press   brake, turret punch press, injection molding machine, blow molding machine, die-cast machine, robots, automated assembly machine, inspection machine, measuring instruments, washing equipment, thermal treatment equipment, painting equipment, others (--50%);

Printing machinery, CAD/CAM, private electric generators, food processing plants & machinery, beverage filling machines, micro-blasting machines, semiconductor mfg machines, other IT-related mfg machinery & equipment (--50%).

                       

Clients: [Mfrs, wholesalers] Mitsubishi Motors, Mitsubishi Heavy Ind, Makino J, Mitsubishi Electric, Dai Nippon Printing, Hitachi Construction Machinery, Sanyo Electric, Shin Cater-pillar Mitsubishi Ltd, Musashi Seimitsu Ind, KYB Caterpillar Japan, Toppan Printing, Hitachi Ltd, Kirin Engineering, other.

No. of accounts: 1,000

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsubishi Electric, Mitsubishi Heavy Ind, Makino Milling Machine Co,

Okuma Corp, Ryoden Koki Engineering, Fanuc Ltd, Okuma & Howa Machinery, Toshiba Machine Co, other

 

 

Payment record

 

Regular

 

Location

 

Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

MUFG (Tamachi)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

58,500

54,819

45,211

81,425

Recur. Profit

　

450

437

-116

1,652

Net Profit

　

180

162

-126

1,172

Total Assets

　

　

22,583

22,305

34,056

Current Assets

　

　

21,815

21,420

33,018

Current Liabs

　

　

18,276

18,158

28,605

Net Worth

　

　

4,254

4,080

5,388

Capital, Paid-Up

　

　

600

600

600

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

6.71

21.25

-44.48

-8.79

    Current Ratio

 

..

119.36

117.96

115.43

    N.Worth Ratio

..

18.84

18.29

15.82

    R.Profit/Sales

 

0.77

0.80

-0.26

2.03

    N.Profit/Sales

0.31

0.30

-0.28

1.44

    Return On Equity

..

3.81

-3.09

21.75

 

Notes:  Financials are consolidated by Mitsubishi Corp and released in digested forms only.

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

 

 

 

 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI CORP

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.51.75

UK Pound

1

Rs.80.00

Euro

1

Rs.65.99

 

 

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.