|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
MARUBENI CORPORATION |
|
|
|
|
Registered Office : |
1-4-2 Ohtemachi Chiyodaku Tokyo 100-8088 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
December 1949 |
|
|
|
|
Com. Reg. No.: |
0100-01-008776
(Tokyo-Chiyodaku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
General trading house for
import, export and wholesale of (Sales breakdown by Divisions): · Energy Division · Metals & Resources Division · Materials & Paper/Pulp Division · Chemicals Division · Transportation & Industrial Machinery Division · Plant, Ship & Infrastructure Projects Division · Other Divisions |
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|
|
|
No. of Employees |
39,126 |
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 Limits : |
YEN 228,618.0 MILLION |
|
|
|
|
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 |
|
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. 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 Tokyo 100-8088 JAPAN
Tel:
03-3282-2111 Fax: 03-3282-2331
URL: http://www.marubeni.co.jp/
E-Mail address: info@marubeni.co.jp
A
general trading house
Tokyo,
Osaka, Nagoya, other (Tot 10 domestic)
64 overseas branches &
offices; 32 overseas corporate subsidiaries with 62 offices, totaling 117
offices in 64 countries/ areas.
FUMIYA
KOKUBU, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 13,633,520 M
PAYMENTSREGULAR CAPITAL Yen
262,686 M
TREND STEADY WORTH Yen 1,533,186 M
STARTED 1949 EMPLOYES 39,126
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: |
31/03/2011 |
9,020,468 |
207,217 |
136,541 |
(%) |
831,730 |
|
(Consolidated) |
31/03/2012 |
10,584,393 |
260,983 |
172,125 |
17.34 |
915,770 |
|
31/03/2013 |
10,674,395 |
157,254 |
134,508 |
0.85 |
1,203,008 |
|
|
31/03/2014 |
13,633,520 |
236,373 |
213,286 |
27.72 |
1,533,186 |
|
|
31/03/2015 |
14,300,000 |
300,000 |
230,000 |
4.89 |
.. |
Notes: Unit: in Million Yen
Forecast (or estimated) figures for
31/03/2015 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 will actively engage in the power generation business also in
Japan. It acquired a thermal power plant
in Sodegaura, Chiba-Pref. It will also
start collaborating with US firms to create business meeting the needs of domestic
customers. It will book partial asset
impairment on shale gas development.
The
sales volume for Mar/2014 fiscal term amounted to Yen 13,633,520 million, a
27.7% up from Yen 10,674,395 million in the previous term. Energy business turned around after booking
asset impairment last term. The weaker
Yen pushed up overseas earnings. The
recurring profit was posted at Yen 236,373 million and the net profit at Yen
213,286 million, respectively, compared with Yen 157,254 million recurring
profit and Yen 134,508 million net profit, respectively, a year ago.
For
the current term ending Mar 2015 the recurring profit is projected at Yen
300,000 million and the net profit at Yen 230,000 million, respectively, on a
4.9% up in turnover, to Yen 14,300,000 million.
Gavilon, a leading US grain firm, will rebound and contribute in full
term. Electric power generation and
transportation machinery businesses will also continue in good shape. Operating profit will grow.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 228,618 million, on 30 days normal terms.
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), Barclays Securities
Japan (1.4), Nippon Life Ins (1.4); foreign owners (30.1)
No. of shareholders:
120,898
Listed on the S/Exchange (s) of:
Tokyo, Nagoya
Managements: Teruo Asada, ch; Fuiya 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; Masazumi Kakinoki, mgn dir; Takao Kitabatake, dir;
Yukiko Matsumoto, 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;
Materials & Paper/Pulp Division (6%): 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;
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 (8%): 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;
Other Divisions (11%): 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, Mitsubishi Heavy Ind, Columbia Grain
Trading, 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, Marubeni International Commodities, Marubeni USA, other.
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
SMBC (Osaka)
MUFG (H/O)
Relations: Satisfactory
(In Million Yen):
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
13,633,520 |
10,674,395 |
|
|
Cost of Sales |
12,982,457 |
10,334,747 |
||
|
GROSS PROFIT |
651,063 |
539,648 |
||
|
Selling & Adm Costs |
493,601 |
411,225 |
||
|
OPERATING PROFIT |
157,462 |
128,423 |
||
|
Non-Operating P/L |
78,911 |
28,831 |
||
|
RECURRING PROFIT |
236,373 |
157,254 |
||
|
|
NET PROFIT |
213,286 |
134,508 |
|
|
BALANCE SHEET |
||||
|
Cash |
|
665,498 |
865,592 |
|
|
Receivables |
1,414,045 |
1,320,305 |
||
|
Inventory |
778,683 |
580,002 |
||
|
Securities, Marketable |
0 |
949 |
||
|
Other Current Assets |
452,800 |
407,538 |
||
|
TOTAL CURRENT ASSETS |
3,311,026 |
3,174,386 |
||
|
Property & Equipment |
1,175,046 |
782,112 |
||
|
Intangibles |
350,443 |
118,789 |
||
|
Investments, Other Fixed Assets |
2,418,865 |
2,040,496 |
||
|
TOTAL ASSETS |
7,255,380 |
6,115,783 |
||
|
Payables |
1,443,064 |
1,233,642 |
||
|
Short-Term Bank Loans |
482,904 |
482,564 |
||
|
|
|
|
||
|
Other Current Liabs |
719,718 |
637,716 |
||
|
TOTAL CURRENT LIABS |
2,645,686 |
2,353,922 |
||
|
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 |
||||
|
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.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.