MIRA INFORM REPORT
|
Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI CORPORATION |
|
|
|
|
Registered Office : |
2-3-1 Marunouchi Chiyodaku Tokyo 100-8086 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
April, 1950 |
|
|
|
|
Com. Reg. No.: |
0100-01-008771 (Tokyo-Chiyodaku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, export, wholesale of energy,
metals, machinery, chemicals. |
|
|
|
|
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. 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 |
company
name
MITSUBISHI CORPORATION
REGD
NAME
Mitsubishi Shoji
KK
MAIN
OFFICE
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)
ACTIVITIES
Import, export,
wholesale of energy, metals, machinery, chemicals, other
BRANCHES
Domestic (141)
OVERSEAS
Branches &
subsidiaries (196)
CHIEF
EXEC
KEN KOBAYASHI,
PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,207,183 M
PAYMENTSREGULAR CAPITAL Yen
204,447 M
TREND STEADY WORTH Yen 4,556,050 M
STARTED 1950 EMPLOYES 65,975
COMMENT
LARGEST GENERAL TRADING HOUSE OF JAPAN.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Notes: Unit: in
Million Yen.
Forecast (or estimated) figures for
31/03/2014 fiscal term
HIGHLIGHTS
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 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. Moving into satellite
communications thru JV. 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.
FINANCIAL
INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 20,207,183 million, a 0.4% up from Yen 20,126,321 million in the previous tem. Main profit-earner Australia-sourced coking coal struggled by lower sales volume and prices as a result of the strike. The recurring profit was posted at Yen 337,206 million and the net profit at Yen 360,028 million, respectively, compared with Yen 458,970 million recurring profit and Yen 453,849 million net profit, respectively, a year ago.
(Apr/Sept/2013 results): Sales Yen 10,847,118 million (up 12.4%), operating profit Yen 84,332 million (up 51.5%), recurring profit Yen 235,366 million (up 55.4%), net profit Yen 248,275 million (up 30.4%). (% compared with the corresponding period a year ago).
For the current term ending Mar/2014 the recurring profit is projected at Yen 385,000 million and the net profit at Yen 400,000 million, respectively, on a 3.4% rise in turnover, to Yen 20,900,000 million. Mainline coking coal in Australia will be affected by a market slump, but the impact from labor strike in the preceding term will fade out. Automobile business will continue growing, including in Thailand and Indonesia. The weaker Yen will drive up overseas earnings, offsetting swelling shale-gas related depreciation costs. Net profit will rebound.
The
financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
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 (6.1), Tokio Marine & Nichido Fire Ins (4.5),
Master Trust Bank of Japan T (4.0), Meiji Yasuda Life Ins (3.9), MTBJ
(Mitsubishi Heavy Ind) (2.9), SSBT OT05 Omnibus Acct Treaty CI (2.1), MUFG
(1.5), Nomura T (MUTB) (1.3), Mellon
Bank Mellon Omnibus US P (1.0), MTBJ (Mitsubishi Electric) (1.0); foreign
owners (31.4)
No.
of shareholders: 323,772
Listed
on the S/Exchange (s) of: Tokyo, London
Managements: Yorihiko Kojima,
ch; Ken Kobayashi, pres; Hedeyuki Nabeshima, v pres; ideto Nakahara, v pres;
Jun Yanai, v pres; Jun Kinukawa, v pres; Takahisa Miyauchi, v pres; Nobuaki
Kojima, s/mgn dir; Seiji Shiraki, s/mgn dir; Toru Moriyama, s/mgn dir; Yasuo
Nagai, 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.
OPERATION
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, 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, 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 Corporate Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million
Yen)
|
FINANCES: (Consolidated in million yen) |
|||||||
|
|
|
Terms
Ending: |
31/03/2013 |
31/03/2012 |
|||
|
INCOME STATEMENT |
|||||||
|
Annual Sales |
|
20,207,183
|
20,126,321
|
||||
|
Cost of Sales |
17,177,526
|
18,998,461
|
|||||
|
GROSS PROFIT |
1,029,657
|
1,127,860
|
|||||
|
Selling & Adm Costs |
895,782
|
856,738
|
|||||
|
OPERATING PROFIT |
133,875
|
271,122
|
|||||
|
Non-Operating P/L |
203,331
|
177,748
|
|||||
|
RECURRING PROFIT |
337,206
|
458,970
|
|||||
|
|
NET PROFIT |
360,028
|
453,849
|
||||
|
BALANCE SHEET |
|||||||
|
Cash |
|
1,345,755
|
1,252,951
|
||||
|
Receivables |
2,505,518
|
2,379,899
|
|||||
|
Inventory |
1,202,295
|
965,057
|
|||||
|
Securities, Marketable |
|
|
|||||
|
Other Current Assets |
1,772,692
|
1,577,369
|
|||||
|
TOTAL CURRENT ASSETS |
6,826,260
|
6,175,276
|
|||||
|
Property & Equipment |
3,952,731
|
3,265,380
|
|||||
|
Intangibles |
|
|
|||||
|
Investments, Other Fixed Assets |
3,631,674
|
3,147,664
|
|||||
|
TOTAL ASSETS |
14,410,665
|
12,588,320
|
|||||
|
Payables |
2,230,074
|
2,108,171
|
|||||
|
Short-Term Bank Loans |
799,983
|
886,431
|
|||||
|
|
|
|
|||||
|
Other Current Liabs |
1,698,056
|
1,471,364
|
|||||
|
TOTAL CURRENT LIABS |
4,728,113
|
4,465,966
|
|||||
|
Debentures |
|
|
|||||
|
Long-Term Bank Loans |
4,498,683
|
3,760,101
|
|||||
|
Reserve for Retirement Allw |
57,702 |
51,345 |
|||||
|
Other Debts |
|
570,117
|
484,131
|
||||
|
TOTAL LIABILITIES |
9,854,615
|
8,761,543
|
|||||
|
MINORITY INTERESTS |
|||||||
|
Common
stock |
204,447
|
204,447
|
|||||
|
Additional
paid-in capital |
262,705
|
262,039
|
|||||
|
Retained
earnings |
3,607,989
|
3,344,721
|
|||||
|
Evaluation
p/l on investments/securities |
305,447
|
230,362
|
|||||
|
Others |
193,432
|
(194,227) |
|||||
|
Treasury
stock, at cost |
(17,970) |
(20,565) |
|||||
|
TOTAL S/HOLDERS` EQUITY |
4,556,050
|
3,826,777
|
|||||
|
|
TOTAL EQUITIES |
14,410,665
|
12,588,320
|
||||
|
CONSOLIDATED CASH FLOWS |
|||||||
|
Terms
ending: |
31/03/2013 |
31/03/2012 |
|||||
|
Cash Flows
from Operating Activities |
|
403,313
|
550,694
|
||||
|
Cash
Flows from Investment Activities |
-752,473
|
-1,100,913
|
|||||
|
Cash
Flows from Financing Activities |
401,587
|
599,059
|
|||||
|
|
Cash,
Bank Deposits at the Term End |
|
1,345,755
|
1,252,951
|
|||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
|||||
|
Net
Worth (S/Holders' Equity) |
4,556,050
|
3,826,777
|
|||||
|
Current
Ratio (%) |
144.38 |
138.27 |
|||||
|
Net
Worth Ratio (%) |
31.62 |
30.40 |
|||||
|
Recurring
Profit Ratio (%) |
1.67 |
2.28 |
|||||
|
Net
Profit Ratio (%) |
1.78 |
2.26 |
|||||
|
Return
On Equity (%) |
7.90 |
11.86 |
|||||
|
FINANCES: (Consolidated
in million yen) |
|
||||||
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
||||
|
INCOME STATEMENT |
|
||||||
|
Annual
Sales |
20,207,183 |
20,126,321 |
|
||||
|
Cost
of Sales |
17,177,526 |
18,998,461 |
|
||||
|
GROSS
PROFIT |
1,029,657 |
1,127,860 |
|
||||
|
Selling
& Adm Costs |
895,782 |
856,738 |
|
||||
|
OPERATING
PROFIT |
133,875 |
271,122 |
|
||||
|
Non-Operating
P/L |
203,331 |
177,748 |
|
||||
|
RECURRING
PROFIT |
337,206 |
458,970 |
|
||||
|
NET
PROFIT |
360,028 |
453,849 |
|
||||
|
BALANCE SHEET |
|
||||||
|
Cash |
1,345,755 |
1,252,951 |
|
||||
|
Receivables |
2,505,518 |
2,379,899 |
|
||||
|
Inventory |
1,202,295 |
965,057 |
|
||||
|
Securities,
Marketable |
|
||||||
|
Other
Current Assets |
1,772,692 |
1,577,369 |
|
||||
|
TOTAL
CURRENT ASSETS |
6,826,260 |
6,175,276 |
|
||||
|
Property
& Equipment |
3,952,731 |
3,265,380 |
|
||||
|
Intangibles |
|
||||||
|
Investments,
Other Fixed Assets |
3,631,674 |
3,147,664 |
|
||||
|
TOTAL
ASSETS |
14,410,665 |
12,588,320 |
|
||||
|
Payables |
2,230,074 |
2,108,171 |
|
||||
|
Short-Term
Bank Loans |
799,983 |
886,431 |
|
||||
|
|||||||
|
Other
Current Liabs |
1,698,056 |
1,471,364 |
|
||||
|
TOTAL
CURRENT LIABS |
4,728,113 |
4,465,966 |
|
||||
|
Debentures |
|
||||||
|
Long-Term
Bank Loans |
4,498,683 |
3,760,101 |
|
||||
|
Reserve
for Retirement Allw |
57,702 |
51,345 |
|
||||
|
Other
Debts |
570,117 |
484,131 |
|
||||
|
TOTAL
LIABILITIES |
9,854,615 |
8,761,543 |
|
||||
|
MINORITY
INTERESTS |
|
||||||
|
Common
stock |
204,447 |
204,447 |
|
||||
|
Additional
paid-in capital |
262,705 |
262,039 |
|
||||
|
Retained
earnings |
3,607,989 |
3,344,721 |
|
||||
|
Evaluation
p/l on investments/securities |
305,447 |
230,362 |
|
||||
|
Others |
193,432 |
(194,227) |
|
||||
|
Treasury
stock, at cost |
(17,970) |
(20,565) |
|
||||
|
TOTAL
S/HOLDERS` EQUITY |
4,556,050 |
3,826,777 |
|
||||
|
TOTAL
EQUITIES |
14,410,665 |
12,588,320 |
|
||||
|
CONSOLIDATED CASH FLOWS |
|
||||||
|
Terms
ending: |
31/03/2013 |
31/03/2012 |
|
||||
|
Cash
Flows from Operating Activities |
403,313 |
550,694 |
|
||||
|
Cash
Flows from Investment Activities |
-752,473 |
-1,100,913 |
|
||||
|
Cash
Flows from Financing Activities |
401,587 |
599,059 |
|
||||
|
Cash,
Bank Deposits at the Term End |
1,345,755 |
1,252,951 |
|
||||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
|
||||
|
Net
Worth (S/Holders' Equity) |
4,556,050 |
3,826,777 |
|
||||
|
Current
Ratio (%) |
144.38 |
138.27 |
|
||||
|
Net
Worth Ratio (%) |
31.62 |
30.40 |
|
||||
|
Recurring
Profit Ratio (%) |
1.67 |
2.28 |
|
||||
|
Net
Profit Ratio (%) |
1.78 |
2.26 |
|
||||
|
Return
On Equity (%) |
7.90 |
11.86 |
|
||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
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.