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Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI
ELECTRIC CORPORATION |
|
|
|
|
Registered Office : |
2-7-3 Marunouchi Chiyodaku Tokyo 100-8310 |
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|
|
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Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
January 1921 |
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|
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Com. Reg. No.: |
0100-01-008772 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of Heavy Electric Machinery, Industrial Mechatronics,
Telecom Systems, Electronic Devices & Consumer Electronics |
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|
|
|
No of Employees : |
124,305 |
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 103,892.7 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 – 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 ELECTRIC CORPORATION
Mitsubishi Denki KK
2-7-3 Marunouchi
Chiyodaku Tokyo 100-8310 JAPAN
Tel: 03-3218-2111 Fax: 03-3218-2431
URL: http://www.mitsubishielectric.co.jp/
E-Mail address: info@mitsubishielectric.co.jp
Mfg of
heavy electrics, mechatronics, telephone systems, electronic devices
Osaka,
Nagoya, Fukuoka, Hiroshima, other (Tot 38)
Kobe,
Amagasaki, Mrugame, Inazawa
USA, Mid/South America, Canada, Europe, Near/Mid East, China (25), Korea
(3), Taiwan (5), other Asia (21), Australia, including JV’s and subsidiaries
MASAKI SAKUYAMA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 4,054,359 M
PAYMENTS REGULAR CAPITAL Yen 175,820 M
TREND STEADY WORTH Yen
1,600,351 M
STARTED 1921 EMPLOYES 124,305
COMPREHENSIVE ELECTRICAL MACHINERY PRODUCER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 103,892.7 MILLION, 30 DAYS NORMAL TERSM
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
3,645,331 |
124,525 |
110,349 |
(%) |
1,109,025 |
|
(Consolidated) |
31/03/2012 |
3,639,468 |
224,080 |
112,063 |
-0.16 |
1,191,020 |
|
|
31/03/2013 |
3,567,184 |
65,141 |
69,517 |
-1.99 |
1,366,991 |
|
|
31/03/2014 |
4,054,359 |
248,990 |
153,473 |
13.66 |
1,600,351 |
|
|
31/03/2015 |
4,180,000 |
260,000 |
175,000 |
3.10 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for
31/03/2015 fiscal term
This is the third ranked comprehensive electric machinery mfr, with FA
products as earnings source. Strong in defense
electronics and aerospace areas. Japan’s
top-class maker of power semiconductors for home appliances such as
refrigerators. In consumer electronics
strong in air conditioners. The company
started up a demonstration facility for the smart grids constructed at a cost
of Yen seven billion, in a bid to speed up development and to attain related
sales at Yen1.3 trillion for the March 2016 term, up 60% from the March 2012
term. The firm is eager to buy agents for
FA systems in overseas to cultivate new customers thru direct sales. It will start up automobile equipment
subsidiary in Mexico in October 2014.
The sales volume for Mar/2014 fiscal term amounted to Yen 4,054,359
million, a 13.7% up from Yen 3,567,184 in the previous term. Orders for FA systems and elevators for
Chinese customers were buoyant. The
recurring profit was posted at Yen 248,990 million and the net profit at Yen
153,473 million, respectively, compared with Yen 65,141 million recurring
profit and Yen 69,517 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 260,000 and the net profit at Yen 175,000 million, respectively, on a
3.1% rise in turnover, to Yen 4,180,000 million. Sales of FA systems, automobile equipment and
power semiconductors will remain brisk.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 103,892.7 million, on 30 days normal terms.
Date Registered: Jan 1921
Regd No.: 0100-01-008772 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
8,000 million shares
Issued:
2,147,201,551 shares
Sum: Yen 175,820 million
Major shareholders
(%): Master Trust Bank of Japan, T (7.4),State Street Bank & Trust
(5.3), Japan Trustee Services T (4.5), Meiji Yasuda Life Ins (3.8), Nippon Life
Ins (3.1), Group Employees’ S/Holding Assn (2.2), Bank of New York Treaty
Jasdec (1.8), MUFG (1.7), Japan Trustee Services T4 (1.5), Mitsubishi Heavy
Industries (1.4); foreign owners (34.4)
No. of
shareholders: 102,615
Listed on the
S/Exchange (s) of: Tokyo,
Managements: Kenichiro
Yamanishi, ch; Masaki Sakuyama, pres; Hideyuki Okubo, s/mgn dir; Makoto Ohashi,
s/mgn dir; Noritoo Hashimoto, s/mgn dir; Yoshiaki Nakaya, s/mgn dir; Yasuyuki
Nakatani, s/mgn dir; Yasuyuki Nakanishi, s/mgn dir; Masayuki Ichige, s/mgn dir;
Nothing detrimental is knows as to the commercial morality of
executives.
Related companies: Kodensha, other
Activities: Manufactures
heavy electric machinery (26%), industrial Mechatronics (23%), telecom systems
(13%), electronic devices (4%), consumer electronics (20%), others (14%)
Overseas Trading
Ratio (35%)
(Mfg items): air conditioning
systems automotive equipment, building systems, energy systems, home products,
information & communication system, public systems, semiconductors &
devices, space systems, transportation systems, visual information systems,
other.
Clients: [Mfrs,
wholesalers] Mitsubishi Electric Credit Corp, Mitsubishi Electric Europe,
Mitsubishi Heavy Ind, Mitsubishi Electric Living Environment Systems Corp,
Mitsubishi Corp, Mitsubishi Electric Automotive America, other
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Electric Credit Corp, Mitsubishi Electric Trading Corp,
Mitsubishi Electric Engineering Co, Toshiba 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 Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
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|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
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Annual Sales |
|
4,054,359 |
3,567,184 |
|
|
Cost of Sales |
2,814,589 |
2,604,360 |
|
|
|
GROSS PROFIT |
1,239,770 |
962,824 |
|
|
|
Selling & Adm Costs |
1,004,598 |
800,729 |
|
|
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OPERATING PROFIT |
235,172 |
152,095 |
|
|
|
Non-Operating P/L |
13,000 |
-86,954 |
|
|
|
RECURRING PROFIT |
248,990 |
65,141 |
|
|
|
NET PROFIT |
153,473 |
69,517 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
418,049 |
298,881 |
|
|
Receivables |
|
974,505 |
983,468 |
|
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Inventory |
|
590,735 |
602,341 |
|
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Securities, Marketable |
51 |
812 |
|
|
|
Other Current Assets |
1,306,667 |
243,893 |
|
|
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TOTAL CURRENT ASSETS |
3,290,007 |
2,129,395 |
|
|
|
Property & Equipment |
649,385 |
603,000 |
|
|
|
Intangibles |
|
|
|
|
|
Investments, Other Fixed Assets |
(326,426) |
678,015 |
|
|
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TOTAL ASSETS |
3,612,966 |
3,410,410 |
|
|
|
Payables |
|
758,913 |
652,718 |
|
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Short-Term Bank Loans |
162,052 |
234,918 |
|
|
|
|
|
|
|
|
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Other Current Liabs |
573,278 |
498,431 |
|
|
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TOTAL CURRENT LIABS |
1,494,243 |
1,386,067 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
211,426 |
305,654 |
|
|
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Reserve for Retirement Allw |
|
|
|
|
|
Other Debts |
|
306,946 |
351,698 |
|
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TOTAL LIABILITIES |
2,012,615 |
2,043,419 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
175,820 |
175,820 |
|
|
|
Additional
paid-in capital |
207,089 |
205,945 |
|
|
|
Retained
earnings |
1,139,738 |
1,012,027 |
|
|
|
Evaluation
p/l on investments/securities |
|
|
|
|
|
Others |
|
77,986 |
(26,566) |
|
|
Treasury
stock, at cost |
(282) |
(235) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
1,600,351 |
1,366,991 |
|
|
|
TOTAL EQUITIES |
3,612,966 |
3,410,410 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
440,487 |
82,752 |
|
|
Cash
Flows from Investment Activities |
-130,221 |
-153,701 |
|
|
|
Cash
Flows from Financing Activities |
-209,021 |
-41,153 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
418,049 |
298,881 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
1,600,351 |
1,366,991 |
|
|
|
Current
Ratio (%) |
220.18 |
153.63 |
|
|
|
Net
Worth Ratio (%) |
44.29 |
40.08 |
|
|
|
Recurring
Profit Ratio (%) |
6.14 |
1.83 |
|
|
|
Net
Profit Ratio (%) |
3.79 |
1.95 |
|
|
|
Return
On Equity (%) |
9.59 |
5.09 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
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.