MIRA INFORM REPORT

 

 

Report Date :

22.06.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUI SUMITOMO PRIMARY LIFE INSURANCE CO LTD

 

 

Registered Office :

Yaesu First Financial Bldg, 1-3-7 Yaesu Chuoku Tokyo 103-0028

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

September  2001

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Life Insurance Company

 

 

No. of Employees :

474

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

MITSUI SUMITOMO PRIMARY LIFE INSURANCE CO LTD

REGD NAME:    Mitsui Sumitomo Kaijo Primary Seimei Hoken KK

MAIN OFFICE:  Yaesu First Financial Bldg, 1-3-7 Yaesu Chuoku Tokyo 103-0028 JAPAN

Tel: 03-3284-9112      Fax: 03-3284-9119

 

URL:                 http://www.ms-primary.com

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Life insurance company

 

BRANCHEs

 

Tokyo, Fukuoka, other

 

 

OFFICERS

 

YUKIO HIGUCHI, PRES             Eiji Tanaka, dir

Yutaka Mori, dir                         Susumu Fujimoto, dir

Yasuhiro Nagai, dir                    

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 251,510 M

PAYMENTS REGULAR  CAPITAL           Yen 41,060 M

TREND UP                    WORTH            Yen 60,549 M

STARTED         2001                 EMPLOYES      474

 

 

COMMENT

 

LIFE INSURANCE COMPANY, OWNED BY MS & AD INSURANCE GROUP

HOLDINGS..

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

HIGHLIGHTS

           

            The subject company was established by Mitsui Sumitomo Insurance Company jointly with Met Life Insurance Co.  In Apr 1999 Met Life Ins sold all its shares to MS & AD Co, and renamed as captioned.  This is a life insurance company.  Operations are growing.

 

 

FINANCIAL INFORMATION

           

            Financials are consolidated by the parent, MS & AD Insurance group Holdings and only partially disclosed.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 251,510 million, a 44% down from Yen 451,158 million in the previous term.  Insurance contracts decreased 95.7%.  The recurring profit was posted at Yen 12,369 million and the net profit at Yen 5,993 million, respectively, compared with Yen 29,474 million recurring profit and Yen 18,783 million net profit, respectively, a year ago.

 

            For the term that ended Mar 2012 the recurring profit was projected at Yen 12,500 million and the net profit at Yen 6,000 million, respectively, on a 3% rise in turnover, to Yen 260,000 million.   Final results are yet to be released. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Sept 2001

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         52,000 shares

Issued:                13,000 shares

Sum:                   Yen 41,060 million

Major shareholders (%): MS & AD Insurance Group Holdings* (100)

 

*.. Holding company formed in 2010 incorporated Mitsui Sumitomo Insurance group

Holdings with Nissay Dowa General Insurance, Aioi Insurance, founded 2010, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 100,000 million, sales Yen 3,764,986 million, recurring loss Yen 96,211 million, net loss Yen 169,469 million, total assets Yen 14,537,204 million, net worth Yen 1,512,134 million, employees 36,558, pres Toshiaki Egashira

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Life insurance company

 

Clients: Consumers

Domestic areas of activities: Nationwide

Suppliers: Insurance agents, other

 

Payment record: Regular

 

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

 

Bank References:

SMBC (Tokyo)

City Bank (Ohtemachi)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

　

　

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

260,000

251,510

451,168

623,327

Recur. Profit

　

12,500

12,369

29,474

14,036

Net Profit

　

6,000

5,993

18,783

8,922

Total Assets

　

　

3,154,651

3,069,708

3,116,508

Net Worth

　

　

60,549

54,290

35,393

Capital, Paid-Up

　

　

41,060

41,060

41,060

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.38

-44.25

-27.62

-3.35

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

1.92

1.77

1.14

    N.Profit/Sales

2.31

2.38

4.16

1.43

Notes: Financials are only partially disclosed.

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MS & AD INSURANCE GROUP HOLDINGS

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

3,764,986

3,404,942

 

  Cost of Sales

3,265,396

2,806,869

 

      GROSS PROFIT

499,590

598,073

 

  Selling & Adm Costs

515,270

508,641

 

      OPERATING PROFIT

-15,680

89,432

 

  Non-Operating P/L

-80,531

-68,427

 

      RECURRING PROFIT

-96,211

21,005

　

      NET PROFIT

-169,469

5,420

BALANCE SHEET

 

 

 

 

  Cash

　

649,505

623,606

 

  Receivables

 

178,679

26,535

 

  Inventory

 

86,814

117,169

 

  Securities, Marketable

10,220,605

7,818,573

 

  Other Current Assets

3,346,909

(5,584,336)

 

      TOTAL CURRENT ASSETS

14,482,512

3,001,547

 

  Property & Equipment

28,343

30,527

 

  Intangibles

 

26,349

5,435

 

  Investments, Other Fixed Assets

　

　

 

      TOTAL ASSETS

14,537,204

11,445,003

 

  Payables

 

11,998,690

9,114,317

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

(100)

2,330,686

 

      TOTAL CURRENT LIABS

11,998,590

11,445,003

 

  Debentures

 

171,165

164,963

 

  Long-Term Bank Loans

609,472

386,298

 

  Reserve for Retirement Allw

106,151

103,817

 

  Other Debts

　

139,691

(2,288,459)

 

      TOTAL LIABILITIES

13,025,069

9,811,622

 

      MINORITY INTERESTS

 

 

 

Common stock

100,000

100,000

 

Additional paid-in capital

682,753

682,754

 

Retained earnings

303,464

506,696

 

Evaluation p/l on investments/securities

495,851

409,337

 

Others

 

(45,133)

(40,621)

 

Treasury stock, at cost

(24,801)

(24,785)

 

      TOTAL S/HOLDERS` EQUITY

1,512,134

1,633,381

　

      TOTAL EQUITIES

14,537,204

11,445,003

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

-205,272

-59,339

 

Cash Flows from Investment Activities

149,960

89,783

 

Cash Flows from Financing Activities

65,442

19,893

　

Cash, Bank Deposits at the Term End

　

711,710

687,267

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

1,512,134

1,633,381

 

 

Current Ratio (%)

120.70

26.23

 

 

Net Worth Ratio (%)

10.40

14.27

 

 

Recurring Profit Ratio (%)

-2.56

0.62

 

 

Net Profit Ratio (%)

-4.50

0.16

 

 

Return On Equity (%)

-11.21

0.33

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.42

UK Pound

1

Rs.88.45

Euro

1

Rs.71.52

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.