|
Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI
CORPORATION |
|
|
|
|
Registered Office : |
2-3-1 Marunouchi Chiyodaku Tokyo 100-8086 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 (Consolidated) |
|
|
|
|
Date of Incorporation : |
April 1950 |
|
|
|
|
Com. Reg. No.: |
0100-01-008771
(Tokyo-Chiyodaku) |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
· Subject is a general trading house of Japan and one of the core Mitsubishi group firms Importer, exporter and wholesaler of wide varieties of
commodities from raw materials to consumer goods: Subject operates
through following divisions :- Energy Division (Crude Oil, Petroleum Products, Lng,
Lpg, Carbon) Metals Division (Ferrous & Nonferrous Raw Materials, Mdp Units, Steel Products) Machinery
Division (Power & Electrical Systems, Plant Projects, Aerospace, Industrial
Machinery, Motor Vehicles) Chemical
Division (Materials For Synthetic Resins & Fibers, Chemical Fertilizers,
Inorganic Raw Materials, Industrial Salts, Plastics, Electronics Materials,
Life Science Products) Life Style
Division (Foods, Textiles, Housing General Merchandise) |
|
|
|
|
No of Employees : |
65,975 |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 |
MITSUBISHI CORPORATION
Mitsubishi Shoji
KK
2-3-1 Marunouchi
Chiyodaku Tokyo 100-8086 JAPAN
Tel:
03-3210-2121 Fax: 03-3210-8051
URL: http://www.mitsubishicorp.com/
E-Mail address: (thru the URL)
· Subject is a general trading house of Japan and one of the core Mitsubishi group firms
Importer,
exporter and wholesaler of wide varieties of commodities from raw materials to
consumer goods:
Subject operates
through following divisions :-
Energy Division
(Crude Oil, Petroleum Products, Lng,
Lpg, Carbon)
Metals Division
(Ferrous & Nonferrous Raw Materials, Mdp Units, Steel Products)
Machinery
Division
(Power & Electrical Systems, Plant Projects, Aerospace, Industrial
Machinery, Motor Vehicles)
Chemical Division
(Materials For Synthetic Resins & Fibers, Chemical Fertilizers, Inorganic
Raw Materials, Industrial Salts, Plastics, Electronics Materials, Life Science
Products)
Life Style
Division
(Foods, Textiles,
Housing General Merchandise)
Domestic
(141) nationwide
Branches
& subsidiaries (195)
KEN
KOBAYASHI, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 21,950,137 M
PAYMENTSREGULAR CAPITAL Yen
204,447 M
TREND STEADY WORTH Yen 5,204,026 M
STARTED 1950 EMPLOYES 65,975
LARGEST GENERAL TRADING HOUSE OF JAPAN.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
19,233,443 |
534,297 |
463,188 |
(%) |
3,600,990 |
|
(Consolidated) |
31/03/2012 |
20,126,321 |
458,970 |
453,849 |
4.64 |
3,826,777 |
|
|
31/03/2013 |
20,207,183 |
337,206 |
360,028 |
0.40 |
4,556,050 |
|
|
31/03/2014 |
21,950,137 |
432,233 |
444,793 |
8.63 |
5,204,026 |
|
|
31/03/2015 |
22,500,000 |
405,000 |
420,000 |
2.51 |
.. |
Notes: Unit: in Million Yen.
Forecast (or estimated) figures for
31/03/2015 fiscal term
This is the largest general trading house of Japan and one of the core
Mitsubishi group firms. Strong in field
of energies including LNG. Has many
excellent subsidiaries in food-related area.
Boasts strong resources development capability. Moving into satellite communications thru
JV. Handles about 25,000 products from
raw materials to finished items. Strong
in energies field, particularly topping in LNG business. Has many subsidiaries in food-related
area. Listed on London Stock
Exchange. The company sold Yen 140
billion in assets from April to June 2013, around the same as the preceding
term, and will accelerate replacment of low-return assets. It acquired a thermal energy plant in the US
at a cost of Yen 200 billion, jointly with banks and pension funds. The company will step up activities in the
chartered vessel business, and aims to increase ownership of bulk carriers
two-fold by 2020. It plans voluntary
application of IFRS from the Mar 2015 term.
The sales volume for Mar/2014 fiscal term amounted to Yen 21,950,137
million, an 8.6% up from Yen 20,207,183 million in the previous tem. The increase was mainly due to higher
transaction volumes and foreign currency factors (weaker Yen). The Japanese economy remained on a moderate
recovery path. Price levels held firm
and internal demand was also robust, supported partly by last-minute demand
ahead of the increase in the consumption tax rate (from 5% to 8%). The recurring profit was posted at Yen 432,233
million and the net profit at Yen 444,793 million, respectively, compared with
Yen 337,206 million recurring profit and Yen 360,028 million net profit,
respectively, a year ago.
For the current term ending Mar/2015 the recurring profit is projected
at Yen 405,000 million and the net profit at Yen 420,000 million, respectively,
on a 2.5% rise in turnover, to Yen 22,500,000 million. Sales of petroleum and natural gas will
benefit from expanded production. The
automobile and aircraft business in Asia will soar.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Apr 1950
Regd No.: 0100-01-008771 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2,500 million shares
Issued: 1,653,667,326 shares
Sum: Yen 204,447
million
Major shareholders
(%):
Japan Trustee Services Bank T (5.9), Tokio Marine & Nichido Fire Ins (4.5),
Master Trust Bank of Japan T (4.2), Meiji Yasuda Life Ins (3.9), MTBJ (Mitsubishi
Heavy Ind) (2.9), Japan Trustee Services T9 (1.7), MUFG (1.5), Bank of New York
Treaty Jasdec (1.3), Nomura T (MUTB) (1.3), JP Morgan Securities Japan (1.0);
foreign owners (27.9)
No. of
shareholders: 295,018
Listed on the
S/Exchange (s) of: Tokyo, Nagoya, London
Managements: Yorihiko Kojima,
ch; Ken Kobayashi, pres; Hideto Nakahara, v pres; Jun Yanai, v pres; Jun
Kinukawa, v pres; Takahisa Miyauchi, v pres; Seiji Shiraki, v pres; Toru
Moriyama, s/mgn dir; Ichiro Ando, s/mgn dir; Eiichi Tanabe, s/mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Ryoshoku Ltd,
Mitsubishi Corp USA, Mitsubishi Corporation Financial Management Services,
Mitsubishi Development, etc (414 subsidiaries & 215 affiliates).
Activities: Imports, exports
and wholesales wide varieties of commodities from raw materials to consumer
goods:
(Sales breakdown
by divisions):
Energy Div (25%): crude oil,
petroleum products, LNG, LPG, carbon, other;
Metals Div (20%): ferrous &
nonferrous raw materials, MDP units, steel products, other;
Machinery Div
(12%): power & electrical systems, plant projects, aerospace, industrial
machinery, motor vehicles, other;
Chemical Div
(12%): raw materials for synthetic resins & fibers, chemical fertilizers,
inorganic raw materials, industrial salts, plastics, electronics materials,
life science products, other;
Life Style Div
(27%): foods, textiles, housing general merchandise, other;
Others (4%)
Overseas sales
ratio (20%)
Clients: [Power companies,
mfrs, wholesalers] Nippon Oil Corp, Ryoshoku Ltd, Tokyo Gas, Tokyo Electric
Power, Kansai Electric Power, Chubu Electric Power, Kyushu Electric Power,
other.
No. of accounts: 3,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, oil refiners, wholesalers]
Mitsubishi Heavy Ind, Saudi Arabian Oil Co, Brunei LNG SB, Malaysia LNG, JGC
Corp, BG LNG Trading, LLC, Mitsubishi Motors, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(H/O)
Mizuho
Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
21,950,137 |
20,207,183 |
|
|
Cost of Sales |
20,789,996 |
19,177,526 |
|
|
|
GROSS PROFIT |
1,160,141 |
1,029,657 |
|
|
|
Selling & Adm Costs |
961,674 |
895,782 |
|
|
|
OPERATING PROFIT |
198,467 |
133,875 |
|
|
|
Non-Operating P/L |
233,766 |
203,331 |
|
|
|
RECURRING PROFIT |
432,233 |
337,206 |
|
|
|
NET PROFIT |
444,793 |
360,028 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
1,322,964 |
1,345,755 |
|
|
Receivables |
|
2,627,752 |
1,505,518 |
|
|
Inventory |
|
1,269,679 |
1,202,295 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
1,902,810 |
2,772,692 |
|
|
|
TOTAL CURRENT ASSETS |
7,123,205 |
6,826,260 |
|
|
|
Property & Equipment |
2,715,941 |
2,487,464 |
|
|
|
Intangibles |
|
|
|
|
|
Investments, Other Fixed Assets |
5,452,553 |
5,096,941 |
|
|
|
TOTAL ASSETS |
15,291,699 |
14,410,665 |
|
|
|
Payables |
|
2,222,955 |
2,230,074 |
|
|
Short-Term Bank Loans |
824,467 |
799,983 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
1,654,495 |
1,698,056 |
|
|
|
TOTAL CURRENT LIABS |
4,701,917 |
4,728,113 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
4,692,531 |
4,498,683 |
|
|
|
Reserve for Retirement Allw |
57,198 |
57,702 |
|
|
|
Other Debts |
|
636,027 |
570,117 |
|
|
TOTAL LIABILITIES |
10,087,673 |
9,854,615 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
204,447 |
204,447 |
|
|
|
Additional
paid-in capital |
265,972 |
262,705 |
|
|
|
Retained
earnings |
3,952,233 |
3,607,989 |
|
|
|
Evaluation
p/l on investments/securities |
244,156 |
305,447 |
|
|
|
Others |
|
551,299 |
193,432 |
|
|
Treasury
stock, at cost |
(14,081) |
(17,970) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
5,204,026 |
4,556,050 |
|
|
|
TOTAL EQUITIES |
15,291,699 |
14,410,665 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
258,142 |
403,313 |
|
|
Cash
Flows from Investment Activities |
-182,689 |
-752,477 |
|
|
|
Cash
Flows from Financing Activities |
-122,131 |
401,687 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
1,322,964 |
1,345,755 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
5,204,026 |
4,556,050 |
|
|
|
Current
Ratio (%) |
151.50 |
144.38 |
|
|
|
Net
Worth Ratio (%) |
34.03 |
31.62 |
|
|
|
Recurring
Profit Ratio (%) |
1.97 |
1.67 |
|
|
|
Net
Profit Ratio (%) |
2.03 |
1.78 |
|
|
|
Return
On Equity (%) |
8.55 |
7.90 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.72 |
|
UK Pound |
1 |
Rs.102.45 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.