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Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
MARUBENI
CORPORATION |
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Registered Office : |
1-4-2 Ohtemachi Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1949 |
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Com. Reg. No.: |
0100-01-008776
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject
is a General Trading House Subject operates through following
divisions ·
Energy Division ·
Foods Division ·
Metals & Resources Division ·
Chemicals Division ·
Transportation & Industrial
Machinery Division ·
Plant, Ship & Infrastructure
Projects Division ·
Materials & Paper/Pulp Division,
others ·
Overseas operations |
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|
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No. of Employees |
38,662 |
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 228,618.0 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
In the years following World
War II, government-industry cooperation, a strong work ethic, mastery of high technology,
and a comparatively small defense allocation (1% of GDP) helped Japan develop a
technologically advanced economy. Two notable characteristics of the post-war
economy were the close interlocking structures of manufacturers, suppliers, and
distributors, known as keiretsu, and the guarantee of lifetime employment for a
substantial portion of the urban labor force. Both features are now eroding
under the dual pressures of global competition and domestic demographic change.
Japan's industrial sector is heavily dependent on imported raw materials and
fuels. A small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven. Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has overturned his predecessor's plan to permanently close nuclear power plants
and is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2013 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. The new government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which is exceeding 230% of GDP. To help raise government
revenue and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by the year 2015. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy.
|
Source
: CIA |
MARUBENI CORPORATION
REGD NAME: Marubeni
KK
MAIN OFFICE: 1-4-2
Ohtemachi Chiyodaku
Tel:
03-3282-2111 Fax: 03-3282-2331
E-Mail address: info@marubeni.co.jp
A
general trading house
Tokyo,
Osaka, Nagoya, other (Tot 10 domestic)
56 overseas branches & offices; 33 overseas corporate subsidiaries with 64 offices for a total of 120 offices in 65 countries/areas.
FUMIYA
KOKUBU, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 10,509,088 M
PAYMENTSREGULAR CAPITAL Yen
262,686 M
TREND STEADY WORTH Yen 1,188,379 M
STARTED 1949 EMPLOYES 38,662
GENERAL TRADING HOUSE, CORE OF FUYO GROUP FIRMS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
Max
credit limit: Yen 228.618.0 Million, 30 Days Normal Terms.
|
Business |
Terms Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
7,965,055 |
166,427 |
95,312 |
(%) |
799,746 |
|
(Consolidated) |
31/03/2011 |
9,020,468 |
207,217 |
136,541 |
13.25 |
831,730 |
|
|
31/03/2012 |
10,584,393 |
260,983 |
172,125 |
17.34 |
915,770 |
|
|
31/03/2013 |
10,509,088 |
247,543 |
205,696 |
-0.71 |
1,188,379 |
|
|
31/03/2014 |
13,500,000 |
250,000 |
210,000 |
28.46 |
.. |
Notes: Unit: in Million Yen
Forecast (or estimated) figures for 31/03/2014 fiscal term
This
is one of the leading general trading house, originated in Osaka as a textile
merchant, with its roots same as the present Itochu Corp, actually a breakaway
from the same roots. Strong in areas of
grain, machinery, industrial plants, chemicals & communications. Tops in pulps & paper. Well-experienced in domestic construction
operations, including housing. Also maintains
a strong presence in grain trading.
Recently strength being focused on information communications sector
entering satellite broadcasting thru CATV network. Developing & producing uranium at mine in
Kazakhstan, jointly with Tokyo Electric Power & others, having right to
obtain 2,000 tons/year with 60% equity share.
Acquired electric power holding company in Caribbean area at cost of
some Yen 70 billion. Tied up with
largest grain reserve operation group firm in China to expand local supply of
raw material soybeans and rapeseeds. In
China, making 30% capital participation in wastewater treatment plant
construction/operation firm in preparation for central government’s plan to
improve sewerages in urban areas. In
grain division, trying up with national oil extraction firm to take in surging
soybean demand in China. The firm
acquired Chile’s third largest private sector waterworks business jointly with
Innovation Network Corp of Japan. It
will further seek acquisitions in South America via the firm. Chile’s Esperanza Mine, where the firm has a
30% stake, started shipments in Jan 2011.
The firm acquired the third-largest grain firm in the US in Sept 2012 at
a cost of Yen 280 billion, making the company one of the world’s largest grain
traders.
The sales volume for Mar/2013 fiscal term amounted to Yen 10,509,088 million, a 0.7% down from Yen 10,584,393 million in the previous term. The recurring profit was posted at Yen 247,543 million and the net profit at Yen 205,696 million, respectively, compared with Yen 260,983 million recurring profit, and Yen 172,125 million net profit, respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 9m783,308 million (up 26.1%), operating profits Yen 192,787 million (up 3.3%), recurring profits Yen 163,256 million (up 52.0%), net profit Yen 300,051 million (up 95.2%). (% compared with the corresponding period a year ago.)
For
the current term ending Mar 2014 the recurring profit is projected at Yen
250,000 million and the net profit at Yen 210,000 million, respectively, on a
26.5% up in turnover, to Yen 13,500,000 million. The bought-out US grains firm is struggling
more than anticipated, and net profit contribution will fall to zero. But electric power IPP and automobile
financing businesses are growing. The
weaker than expected Yen is also pushing up overseas earnings, and net profit will approach a new high.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Dec
1949
Regd No.: 0100-01-008776 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4,300 million shares
Issued: 1,737,940,900 shares
Sum: Yen 262,686 million
Major shareholders (%): Master Trust Bank of Japan T
(4.5), Japan Trustee Services T (4.1), Sompo Japan Ins (2.9), JP Morgan Chase
Bank (2.7), Japan Trustee Services T9 (2.7), Meiji Yasuda Life Ins (2.4), Tokio
Marine & Nichido Fire Ins (1.8), Mizuho Bank (1.7), Nippon Life Ins (1.4);
foreign owners (30.1)
No. of shareholders:
116,331
Listed on the S/Exchange (s) of:
Tokyo, Nagoya
Managements:
Teruo Asada, ch; Fumiya Kokubu, pres; Shigeru Yamazoe, s/mgn dir; Mitsuru
Akiyoshi, s/mgn dir; Yutaka Nomura, s/mgn dir; Daisuke Okada, mgn dir; Shoji
Kuwayama, mgn dir; Kazuaki Tanaka, mgn dir; Yukihiko Matsumura, mgn dir; Masami
Kakinoki, mgn dir
Nothing detrimental is known as
to the commercial morality of executives.
Related companies:
Marubeni Energy, Marubeni Nisshin Feed, Marubeni Pulp & Paper, other
Activities: General trading house for import,
export and wholesale of:
(Sales breakdown by Divisions):
Energy
Division (31%): oil & gas exploration & production (E&P), LNG
projects, nuclear fuels from Kazakhstan, naphtha trading, LPG, other; engaged
in Peru LNG project, promoting Kazakhstan uranium mine project;
Foods
Division (21%): production & trading of food-related products, including
livestock feed & fodder, grain, soybeans, wheat, sugar, processed foods,
beverages & related ingredients, commercial foods & agricultural &
marine products, frozen/chilled foods; engaged in midstream/downstream
operations with Daiei Inc, Maruetsu Inc (--supermarket chains) as subsidiaries;
Metals
& Resources Division (7%): invests in metals & mineral
resources development, including the mining of steelmaking raw materials, coal
& nonferrous metals, smelting of aluminum, steel-making raw materials,
thermal coal for power utilities & general industries, nonferrous ingots,
electronics materials, recycling & new energy businesses;
Chemicals
Division (10%): basic chemicals (olefins & synthetic fiber
intermediates), petrochemical products (vinyl alkali products & polymers),
inorganic chemicals (salt, sulfur, agrochemicals, specialty chemicals,
electronic materials (LCD, semiconductor-related products; engaged in synthetic
rubber business in China;
Transportation
& Industrial Machinery Division (3%): aircraft, aero engines,
helicopters, defense systems, automotives, construction & agricultural
machinery, automotive production lines, pulp & paper machinery,
semiconductor & DVD production machinery, precision machine tools, printing
machinery, visual inspection systems, food packaging machines, chemical
machinery & new energy-related systems;
Plant,
Ship & Infrastructure Projects Division (6%): plant
machinery & equipment (oil & gas, steel & cement), infrastructure
(rail transport, airports, water supply, sewage) projects, shipbuilding &
related equipment, sale & purchase of used vessels, textile machinery &
related equipment;
Materials
& Paper/Pulp Division, others (22%): afforestation operations, wood
chips, pulp & wastepaper, paper & paperboards, natural rubber, rubber
products, leather, footwear, fitness equipment & other sporting goods,
timber & plywood, other; engaged in development recycled paper business,
pulp production plant in Indonesia, afforestation & wood chip production in
Brazil; Lifestyle Division, Real estate Development Division, Iron & Steel
Strategies & Coordination Division, Abu Dhabi Trade House Project Division,
Overseas Operations, other
Overseas
operations (30%)
Clients:
[Mfrs, electric powers, wholesalers] Tokyo Electric Power, Chubu Electric
Power, Nissan Motors, Showa Denko, Idemitsu Kosan, JFE Steel, Uniqlo, Daio
Paper Corp, other.
No. of
accounts: 3,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nissan Motors,
Showa Denko, Nippon Paper, Hitachi Construction Machinery, Idemitsu Kosan,
Komatsu Ltd, other.
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Ohtemachi)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
|
13,633,520 |
10,674,395 |
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Cost of Sales |
12,982,457 |
10,334,747 |
|
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GROSS PROFIT |
651,063 |
539,648 |
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Selling & Adm Costs |
493,601 |
411,225 |
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OPERATING PROFIT |
157,462 |
128,423 |
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Non-Operating P/L |
78,911 |
28,831 |
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RECURRING PROFIT |
236,373 |
157,254 |
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NET PROFIT |
213,286 |
134,508 |
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BALANCE SHEET |
|
|
|
|
|
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Cash |
|
665,498 |
865,592 |
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Receivables |
|
1,414,045 |
1,320,305 |
|
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Inventory |
|
778,683 |
580,002 |
|
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Securities, Marketable |
0 |
949 |
|
|
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Other Current Assets |
452,800 |
407,538 |
|
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TOTAL CURRENT ASSETS |
3,311,026 |
3,174,386 |
|
|
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Property & Equipment |
1,175,046 |
782,112 |
|
|
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Intangibles |
|
350,443 |
118,789 |
|
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Investments, Other Fixed Assets |
2,418,865 |
2,040,496 |
|
|
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TOTAL ASSETS |
7,255,380 |
6,115,783 |
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|
|
Payables |
|
1,443,064 |
1,233,642 |
|
|
Short-Term Bank Loans |
482,904 |
482,564 |
|
|
|
|
|
|
|
|
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Other Current Liabs |
719,718 |
637,716 |
|
|
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TOTAL CURRENT LIABS |
2,645,686 |
2,353,922 |
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|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
2,699,461 |
2,271,066 |
|
|
|
Reserve for Retirement Allw |
69,014 |
67,606 |
|
|
|
Other Debts |
|
308,033 |
220,181 |
|
|
TOTAL LIABILITIES |
5,722,194 |
4,912,775 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
262,686 |
262,686 |
|
|
|
Additional
paid-in capital |
154,054 |
153,874 |
|
|
|
Retained
earnings |
701,906 |
550,841 |
|
|
|
Evaluation
p/l on investments/securities |
120,738 |
122,996 |
|
|
|
Others |
|
295,140 |
113,498 |
|
|
Treasury
stock, at cost |
(1,338) |
(887) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
1,533,186 |
1,203,008 |
|
|
|
TOTAL EQUITIES |
7,255,380 |
6,115,783 |
|
|
CONSOLIDATED CASH FLOWS |
|
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||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
291,188 |
6,115,783 |
|
|
Cash
Flows from Investment Activities |
-706,585 |
-192,825 |
|
|
|
Cash
Flows from Financing Activities |
196,779 |
111,585 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
665,498 |
865,592 |
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
1,533,186 |
1,203,008 |
|
|
|
Current
Ratio (%) |
125.15 |
134.86 |
|
|
|
Net
Worth Ratio (%) |
21.13 |
19.67 |
|
|
|
Recurring
Profit Ratio (%) |
1.73 |
1.47 |
|
|
|
Net
Profit Ratio (%) |
1.56 |
1.26 |
|
|
|
Return
On Equity (%) |
13.91 |
11.18 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.55 |
|
|
1 |
Rs. 103.50 |
|
Euro |
1 |
Rs. 82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
PDT |
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 |
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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 |
-- |
|
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.