MIRA INFORM REPORT
|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
4-14-1 Shiba Minatoku Tokyo 108-0014 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
June, 1950 |
|
|
|
|
Com. Reg. No.: |
0100-01-146743 (Tokyo-Minatoku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturing of petrochemicals, functional chemicals, health-care products, other. |
|
|
|
|
No. of Employees : |
5,857 |
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 |
COMPANY NAME
MITSUBISHI CHEMICAL CORPORATION
REGD NAME
Mitsubishi Kagaku
KK
MAIN OFFICE
4-14-1 Shiba
Minatoku Tokyo 108-0014 JAPAN
Tel:
03-6414-3730 Fax: 03-6414-3745
URL: http://www.m-kagaku.co.jp/
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
petrochemicals, functional chemicals, health-care products, other
BRANCHES
Osaka, Nagoya,
Fukuoka Sapporo, Sendai
OVERSEAS
USA (2), Germany,
Hong Kong, China (2), Singapore, Thailand (--subsidiaries)
FACTORIES
Kurosaki,
Yokkaichi, Naoetsu, Mizushima, Sakaide, Kashima, Tsukuba, Matsuyama, Odawara
R&D CENTERS
Yokohama, Tsukuba
OFFICER(S)
HIROAKI ISHIZUKA,
PRES Yoshimitsu Kobayashi, ch
Masanori Karatsu, mgn dir Noriyoshi Ohira, mgn dir
Tatsuo Suzuki, mgn dir Yoshihiro Umeba, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,961,833 M
PAYMENTSREGULAR CAPITAL Yen
50,000 M
TREND SLOW WORTH Yen 407,801 M
STARTED 1950 EMPLOYES 5,857
COMMENT
MFR SPECIALIZING IN CHEMICALS, WHOLLY OWNED BY MITSUBISHI CHEMICAL
HOLDINGS CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 36,436.9 MILLION, 30
DAYS NORMAL TERMS.
Notes: Unit In
million Yen
Forecast (estimated) for the 31/03/2014
fiscal term
HIGHLIGHTS
This is the nation’s largest comprehensive chemical mfr. Tops in ethylene production. Reborn through the merger between Mitsubishi
Kasei and Mitsubishi Petrochemical. In
Oct 2005, founded a joint-stock holding company, Mitsubishi Chemical Holdings
Corp (See REGISTRATION), jointly
with Mitsubishi Pharma Corp by means of a stock-to-stock exchange, and became
its wholly owned subsidiary, simultaneously de-listed from Tokyo & Osaka
S/E’s. By the stead, Mitsubishi Chemical
Holdings Corp was listed on the two S/E’s.
This is the core of the group, with petrochemicals accounting for about
85% of total group sales. The subject is
the top ethylene mfr, producing petrochemicals, functional chemicals,
healthcare products, other.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 1,961,833
million, a 6% down from Yen 2,080,902 million in the previous term. Demand was slow to recover. The earthquake-stricken Kashima Plant came
back to normal operations. Exports were,
however, weak. Mainstay item of
terephtalic acid was slow. The recurring
profit was posted at Yen 3,633 million and the net losses at Yen 10,654
million, respectively, compared with Yen 30,219 million recurring profit and
Yen 2,914 million net profit, respectively, a year ago. Wrote off Yen 7,916 million extraordinary
losses coming from the sale of securities.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 3,800 million and the net profit at Yen 2,900 million, respectively, on
a 5% rise in turnover, to Yen 2,060,000 million. .
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 36,436.9 million, 30
days normal terms
REGISTRATION
Date
Registered: Jun 1950
Regd
No.: 0100-01-146743
(Tokyo-Minatoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 5,900
million shares
Issued: 2,177,675,032
shares
Sum: 50,000
million
Major
shareholders(%):Mitsubishi Chemical Holdings Corp*(100)
*.. Joint-stock holding
company, formed in Oct 2005, listed Tokyo S/E, with role of portfolio
management of the group, capital Yen 50,000 million, turnover Yen 3,088,570
million, operating profit Yen 90,241 million, recurring profit Yen 87,054
million, net profit Yen 18,596 million, total assets Yen 3,307,758 million, net
worth Yen 815,503 million, employees 55,131, pres Yoshimitsu Kobayashi.
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
petrochemicals (35%), polymers (22%), functional chemicals (6%), functional
materials (8%), healthcare products (5%), services, others (24%).
(Products
by divisions):
Petrochemicals
Div:
purified terephthalic acid, C4 chemicals, PET resins, glacial acrylic acid
& derivatives, engineering plastics, functional polymers;
Functional
Chemicals Div: information & electronics products (printing supplies, display
materials, optical recording media), functional chemicals (fine chemicals,
ion-exchange resins, activated carbon, electronic chemicals, food ingredients);
Functional
Materials Div: functional materials (carbon materials & products, inorganic
materials); high performance materials (films & sheets, construction &
civil engineering materials, agricultural materials);
Healthcare
Products Div: active pharmaceutical ingredients, diagnostic reagents &
instruments, clinical testing, support for drug discovery;
Other
Div:
carbon, etc.
Clients: [Mfrs, wholesalers] Mitsubishi Corp,
Nisshin Steel, Meiwa Corp, other.
No. of accounts: 3,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Corp,
Nippon Oil Corp, Nisshin Steel, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent, Mitsubishi Chemical Holdings Corp, and
maintained satisfactorily.
Bank References:
MUFG (H/O)
Mizuho Corporate
Bank (H/O)
Relations:
Satisfactory
FINANCIALS
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
1,961,833 |
2,080,902 |
||
|
|
Cost of Sales |
1,749,062 |
1,838,995 |
|||
|
|
GROSS PROFIT |
212,771 |
241,907 |
|||
|
|
Selling & Adm Costs |
208,563 |
218,830 |
|||
|
|
OPERATING PROFIT |
4,208 |
23,077 |
|||
|
|
Non-Operating P/L |
-575 |
7,142 |
|||
|
|
RECURRING PROFIT |
3,633 |
30,219 |
|||
|
|
NET PROFIT |
-10,654 |
2,914 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
38,753 |
46,019 |
||
|
|
Receivables |
|
315,360 |
331,797 |
||
|
|
Inventory |
|
329,781 |
316,423 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
107,606 |
80,620 |
|||
|
|
TOTAL CURRENT ASSETS |
791,500 |
774,859 |
|||
|
|
Property & Equipment |
564,307 |
569,274 |
|||
|
|
Intangibles |
|
19,453 |
19,920 |
||
|
|
Investments, Other Fixed Assets |
256,027 |
289,389 |
|||
|
|
TOTAL ASSETS |
1,631,287 |
1,653,442 |
|||
|
|
Payables |
|
271,635 |
285,330 |
||
|
|
Short-Term Bank Loans |
386,511 |
254,292 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
187,991 |
222,270 |
|||
|
|
TOTAL CURRENT LIABS |
846,137 |
761,892 |
|||
|
|
Debentures |
|
95,000 |
105,000 |
||
|
|
Long-Term Bank Loans |
193,657 |
291,768 |
|||
|
|
Reserve for Retirement Allw |
62,056 |
59,611 |
|||
|
|
Other Debts |
|
26,636 |
27,968 |
||
|
|
TOTAL LIABILITIES |
1,223,486 |
1,246,239 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Capital, Paid-Up |
50,000 |
50,000 |
|||
|
|
Surplus |
|
357,801 |
357,183 |
||
|
|
SHAREHOLDERS' EQUITY |
407,801 |
407,183 |
|||
|
|
TOTAL EQUITIES |
1,631,287 |
1,653,422 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
Cash
Flows from Operating Activities |
|
82,510 |
89,980 |
||
|
|
Cash
Flows from Investment Activities |
-18,302 |
-12,052 |
|||
|
|
Cash Flows
from Financing Activities |
-36,611 |
-81,137 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
74,890 |
45,618 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
407,801 |
407,183 |
||
|
|
|
Current
Ratio (%) |
93.54 |
101.70 |
||
|
|
|
Net
Worth Ratio (%) |
25.00 |
24.63 |
||
|
|
|
Recurring
Profit Ratio (%) |
0.19 |
1.45 |
||
|
|
|
Net
Profit Ratio (%) |
-0.54 |
0.14 |
||
|
|
|
Return
On Equity (%) |
-2.61 |
0.72 |
||
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.