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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MITSUI SUMITOMO INSURANCE CO LTD |
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|
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Registered Office : |
Surugadai Bldg, 3-9 Kanda-Surugadai Chuoku
Tokyo 101-8011 |
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|
|
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Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2013 |
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|
|
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Date of Incorporation : |
October 1918 |
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Com. Reg. No.: |
0100-01-008795 |
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|
|
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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|
|
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Line of Business : |
Non-life & life insurance
company |
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|
|
|
No. of Employees : |
14,478 |
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
79,596.0 million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
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. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy
|
Source
: CIA |
MITSUI
SUMITOMO INSURANCE CO LTD
REGD NAME: Mitsui
Sumitomo Kaijo Kasai Hoken KK
MAIN OFFICE: Surugadai
Bldg, 3-9 Kanda-Surugadai Chuoku Tokyo 101-8011 JAPAN
Tel:
03-3297-1111
URL: http://www.ms-ins.com
E-Mail
address: (thru the URL)
Non-life
& Life Insurance Company
502
nationwide
Europe
(24), Russia, UAE, and other (Tot35)
YASUYOSHI
KARASAWA, PRESToshiaki Egashira, ch
Ichiro
Iijima, v pres Junichi
Ui, v pres
Hiroshi
Ichihara, s/mgn dir Susumu
Fujimoto, s/mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,314,234 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
139,595 M
TREND UP WORTH Yen 1,192,079 M
STARTED 2001 EMPLOYES 14,478
NON-LIFE & LIFE INSURANCE COMPANY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 79,596.0 MILLION, 30 DAYS NORMAL TERMS
The subject company was formed through a merger between the
former Mitsui Marine & Fire Insurance Co Ltd “Mitsui Marine”) and the
former The Sumitomo Marine & Fire Insurance Co Ltd (“Sumitomo Marine”). Mitsui Marine and Sumitomo Marine were
leading non-life insurance companies boasting long histories, having been
established in 1918 and 1893, respectively.
This is a non-life and life insurance company, under MS&AD Insurance
Group Holdings Inc (See REGISTRATION). Operations tend to center in Asian
countries. The firm incurred a huge loss
by the Thai Floods last year. Marine
insurance operations were transferred from Nissay Dowa General Insurance Co
Ltd.
Financials are consolidated by the parent, MS&AD
Insurance Group Holdings Inc, and are only partially disclosed.
The sales volume for Mar/2013 fiscal term amounted to Yen
1,314,234 million, a 4% up from Yen 1,269,290 million in the previous
term. This is attributed to the said
transfer of marine insurance business from the Nissay Dowa General Insurance
Co. The recurring profit was posted at
Yen 65,366 million and the net profit at Yen 42,657 million, respectively,
compared with Yen 130,177 million recurring loss and Yen 130,607 million net
loss, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is
projected at Yen 67,000 million and the net profit at Yen 45,000 million,
respectively, on a 3% rise in turnover, to Yen 1,351,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 79,596.0 million, on 30 days normal terms.
Date Registered: Oct
1918
Regd No.: 0100-01-008795 (Tokyo-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 56 million shares
Issued:
14,044,070,000 shares
Sum: Yen 139,595 million
Major shareholders (%): MS&AD Insurance Group
Holdings Inc* (100)
*.. Holding company, Tokyo,
founded 2008, listed Tokyo S/E, capital Yen 100,000 million, revenues Yen
4,315,787 million, net profit Yen 83,625 million, total assets Yen 16,396,497
million, net worth Yen 2,259,216 million, employees 37,125, pres Toshiaki
Egashira
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Non-life & life insurance
company: fire (14%), marine (3%), injury (8%), cars, vehicles (51%), automobile
liability (11%), others (13%)
Clients: Individual contractors, consumers,
business firms, other
No. of
accounts: Unavailable
Domestic
areas of activities: Nationwide
Payment record: No
complaints
Location:
Business area in Tokyo. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(H/O)
Mitsui
Sumitomo Trust Bank (Nihombashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
|
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
Annual
Sales |
|
1,351,000 |
1,314,234 |
1,269,290 |
1,230,559 |
|
Recur.
Profit |
|
67,000 |
65,366 |
-130,177 |
31,770 |
|
Net
Profit |
|
45,000 |
42,657 |
-130,607 |
22,881 |
|
Total
Assets |
|
|
5,901,413 |
5,646,816 |
5,799,005 |
|
Net
Worth |
|
|
1,192,079 |
932,680 |
1,045,003 |
|
Capital,
Paid-Up |
|
|
139,595 |
139,595 |
139,595 |
|
Div.P.Share(¥) |
|
|
18.22 |
11.97 |
36.48 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.80 |
3.54 |
3.15 |
2.23 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
20.20 |
16.52 |
18.02 |
|
|
N.Profit/Sales |
3.33 |
3.25 |
-10.29 |
1.86 |
|
Notes: Financials are consolidated by the parent, MS&AD Insurance
Group Holdings Inc, and are only partially disclosed.
Forecast
(or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.