MIRA INFORM REPORT

 

 

Report No. :

299904

Report Date :

07.01.2015

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI PLASTICS, INC. 

 

 

Registered Office :

Palace Bldg., 1-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-0005

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.01.1943

 

 

Com. Reg. No.:

0100-01-008775 (Tokyo)

 

 

Legal Form :

Private Company

 

 

Line of Business :

Engaged in manufacturing Packing Materials, Electronic & Specialty Materials, Building Materials, Polyester Film, Carbon Fiber & Aluminum Fiber

 

Subject product lines are as follows:-

 

Packing Materials

·         Stretch Wrapping Film

·         Gas Barrier Film

·         Multi Layered Non Oriented Film

·         Heat Shrinkage Film

·         Pet Bottle

·         Bio Based Film

·         Transparent Plastic Case

·         Micro Porous Film

·         Foil Sheet

·         Heat Shrinkage Tube

 

Electronic & Specialty Materials

·         Plastic And Metal Composite Sheet

·         Heat Resistant Engineering Plastic Film

·         Silicon Rubber Film

·         Flame Retardant Polyester Film

·         Thermo Plastic Resin Film

·         Rewritable Card

·         Card Use Sheet

·         Industrial Use Plate

 

Building Materials

·         Aluminum Composite Materials

·         Pvc Pipe

·         Plastic Water Tank

·         Plastic Cooling Tower

·         Plastic Partition

·         Plastic Lighting Sheet

·         Plastic Rain Gutter

·         Unit Flower Pot/Stand

·         Plastic Film Laminated Steel Sheet

 

Polyester Film

·         Biaxially Oriented Polyester Film

·         Silicon Coated Film

 

Carbon fiber

 

Aluminum fiber

 

 

No of Employees :

9,497 (as of March 31, 2014, consolidated)

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

COMPANY NAME

 

MITSUBISHI PLASTICS, INC.

 

 

Company OUTLINE

 

Company name:            MITSUBISHI PLASTICS, INC.

Name in local language: MITSUBISHI JUSHI K.K.

Office address:             Palace Bldg., 1-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-0005

Country:                        Japan

Office tel:                     03-6748-7400

Website:                       www.mpi.co.jp  

Business type:              Manufacturer

Industry:                       Chemicals

Established:                  January 15, 1943

Capital:                         Jp. 21,503,260,287 yen

Employees:                  9,497 (as of March 31, 2014, consolidated)

Corporate formation:     Private

Corporation No.:           0100-01-008775 (Tokyo Legal Affairs Bureau)

 

 

MAJOR SHAREHOLDERS

 

Paid in Capital :                                     Jp. 21,503,260,287 yen

Number of authorized shares :               865,200,000 shares

Shares issued :                                     214,742,045 shares

Number of shareholder :                                    1

 

Mitsubishi Chemical Holdings, Ltd. holds 100%.

 

 

DETAILED PRODUCT CLASSFICATION & ACTIVITY

 

Activity                         Product/Service Description

-------------------------------------------------------------------------------

Manufacturing               Polyester film        

Manufacturing               Plastic packing materials                                                     

Manufacturing               Building materials                                                            

Manufacturing               Electronic materials

 

Brands & Trade marks

­­­­­­­­­==================

MPI

 

 

COMPANY MANAGEMENT

 

President                      Mr. Takumi Ubagai (*)

Nationality:                    Japan

 

Director                        Mr. Takashi Ishizawa (*)

Nationality:                    Japan

 

Director                        Mr. Sadao Kobayashi

Nationality:                    Japan

 

Director                        Mr. Masafumi Ryu

Nationality:                    Japan

 

Director                        Mr. Takuya Wada

Nationality:                    Japan

 

Director                        Mr. Takao Okugawa

Nationality:                    Japan

 

Director                        Mr. Masato Sasaki

Nationality:                    Japan

 

Director                           Mr. Steve Yurich

Nationality                       n. a.

 

Director                        Mr. Ryoji Tanaka

Nationality                     Japan

 

Auditor                         Mr. Kaoru Kuroyama

Nationality:                    Japan

 

Auditor                         Mr. Hirotsugu Hayashi

Nationality:                    Japan

 

Auditor                         Mr. Akira Nakata

Nationality:                    Japan

 

Auditor                         Mr. Kazuhiro Watanabe

Nationality:                    Japan

 

 

Note: The names of director(s) and auditor(s) are phonetically spelt.

      (*): Representative directors

 

 

*Key Personnel*

==============

Mr. Takumi Ubagai, representative director and president

Born on August 7, 1948

Business career:

Apr. 1971: Employed by Mitsubishi Rayon Corp.

Jun. 2001: Director of the above company.

Jun. 2009: Representative senior managing director of the above company.

Apr. 2012: Representative director & president of the subject.

 

Other responsibilities:

Director of Mitsubishi Chemical Holdings

Director of Comfortable Earth Institute

 

 

FINANCIALS

 

Currency: (local currency – Jp. yen)

---------------------------------------------------------------------------------------

 Year |         Sales          |         Net Income 

---------------------------------------------------------------------------------------

2009

346,180,000,000

loss 12,098,000,000

2010

313,221,000,000

224,000,000

2011

382,045,000,000

7,575,000,000

2012

379,019,000,000

1,369,000,000

2013

398,139,000,000

4,423,000,000

2014

442,690,000,000

10,235,000,000

 

 

FINANCIAL DESCRIPTION

 

*Book Closing*

==============

March 31st

 

 

*Financials*

==========

Consolidated Balance Sheet

Unit: millions of JP yen

                          

3/31/2012

3/31/2013

3/31/2014

Current assets  

162,793

172,850

176,010

 Cash & deposits      

20,297

18,625

20,546

 Account receivables   

78,301

79,750

81,502

 Inventories          

52,636

54,888

58,218

 Others

11,559

19,587

15,744

Fixed assets           

153,539

168,334

189,386

 Tangible assets      

117,976

135,358

144,171

 Intangible assets    

11,080

12,478

25,907

 Investments & others  

24,483

20,498

19,308

Total Assets        

316,332

341,184

365,396

　

　

　

　

Current liabilities     

154,310

158,809

180,184

 Account payables  

65,975

70,048

65,182

 Short term loans    

51,301

48,140

67,713

 Bonds payable due   

0　

0　

10,000

 Outstanding taxes    

2,370

1,199

2,096

 Others

34,664

39,422

35,193

 

 

Fixed liabilities      

85,690

91,790

79,219

 Bonds payable

15,000

15,000

5,000

 Long term loans     

47,929

52,991

49,601

 Retirement benefits    

16,568

17,313

19,000

 Others

6,193

6,486

5,618

Shareholders' equity    

86,190

89,843

96,145

 Paid up capital      

21,503

21,503

21,503

 Capital reserves      

26,587

26,587

26,587

 Retained earnings    

38,100

41,753

48,055

Valuation & adjustment 

-13,802

-7,327

5,999

Minority Interest    

3,944

8,069

3,849

Total Net Assets       

76,332

90,585

105,993

Total Liabilities & Net Assets     

316,332

341,184

365,396

Consolidated Income Statement

Unit : millions of JP yen

                          

3/31/2012

3/31/2013

3/31/2014

Sales          

379,019

398,139

442,690

Cost of goods sold      

301,118

318,242

351,014

Gross profit(loss)    

77,901

79,897

91,676

Sales/administrative expenses  

67,323

67,108

71,585

Operating profit(loss)    

10,578

12,789

20,091

Non operating income         

1,811

2,573

4,253

Non operating expenses       

4,830

4,417

4,695

Ordinary profit(loss)      

7,559

10,945

19,649

Special profits                

1,476

3,156

604

Special losses             

3,897

5,752

1,729

Pretax profit                

5,138

8,349

18,524

Taxes & adjustment           

3,160

3,502

8,803

Minority interest   

609

424

-514

Net profit      

1,369

4,423

10,235

 

*Latest Financials *

================

2Q 2015 (as of September 30, 2014)

Year term   

Sales  

Operating profit

Ordinary profit 

Net profit

2Q 2014     

208,429

11,335

10,391

5,960

2Q 2015   

221,147

13,326

12,567

7,309

 

 

Current assets;

179,938

Fixed assets;

190,773

Total assets;

370,711

Current liabilities;

190,476

Fixed liabilities;

69,877

Total liabilities;

260,353

Shareholders’ equity;

100,095

  Retained earnings;

52,005

Total net assets;

110,358

Total liabilities and net assets;

370,711

 

*Transacting banks*

======================

Bank of Tokyo Mitsubishi UFJ, Ltd., Head office

Mitsubishi UFJ Trust & Banking Co., Ltd., Head office

 

*Credit Opinion*

===============

The subject has a long-standing operation history of over 70 years.

One of the three subsidiaries held by Mitsubishi Chemical Holdings.

An all-time high performance was posted for Mar. 2014 term.

The parent carries JPY 477,277 million of retained earnings as of June 30, 2014.

Negative factors are not observed particularly at present.

Advisable to establish a high credit line.

 

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

 

*Products*

==========

1)Packing Materials

- stretch wrapping film

- gas barrier film

- multi layered non oriented film

- heat shrinkage film

- PET bottle

- bio based film

- transparent plastic case

- micro porous film

- foil sheet

- heat shrinkage tube

 

 

2)Electronic & Specialty Materials

- plastic and metal composite sheet

- heat resistant engineering plastic film

- silicon rubber film

- flame retardant polyester film

- thermo plastic resin film

- rewritable card

- card use sheet

- industrial use plate

 

3)Building Materials

- aluminum composite materials

- PVC pipe

- plastic water tank

- plastic cooling tower

- plastic partition

- plastic lighting sheet

- plastic rain gutter

- unit flower pot/stand

- plastic film laminated steel sheet

 

4)Polyester Film

- biaxially oriented polyester film

- silicon coated film

 

5)Carbon fiber

 

6)Aluminum fiber

 

 

 

 

 

FACTORY FACILITIES & MANUFACTURING CAPABILITIES

 

*Local network*

====================

Branches

Kansai(Osaka), Chubu(Nagoya), Kyushu(Fukuoka), Hokkaido(Sapporo)

 

Plants:

Operating a total of seven plants and four facilities including:

Nagahama plant: Nagahama-shi, Shiga pref.

Asai plant: ditto

Santo plant: Maibara-shi, Shiga pref.

 

 

Tsukuba plant: Ushiku-shi, Ibaraki pref.

Hiratsuka plant: Hiratsuka-shi, Kanagawa pref.

Ueda plant: Ueda-shi, Nagano pref.

Sakaide plant: Sakaide-shi, Kagawa pref.

Mizushima facility: Kurashiki-shi, Okayama pref.

Koriyama facility: Koriyama-shi, Fukushima pref.

Hanyu facility: Hanyu-shi, Saitama pref.

Tokyo facility: Ohme-shi, Tokyo

 

*Overseas offices*

=================

Taiwan Representative Office

8F-A,No.57,Tien Shiang Rd.,Taipei, Taiwan(R.O.C.)

TEL.+886-2-2586-7371

 

 

ORGANIZATION STRUCTURE

 

*Address*

=========

Registered address is the same as the operational address.

 

*History*

=============

Date             Development

-----------------------------------------------------------------------------------

Sep. 1943         Started business and incorporated

Feb. 1946         Started manufacturing natural rubber products

Jun. 1958          Terminated rubber goods production and shifted to plastic resin

manufacturer

Jun. 1972          Took the current company name

April 1st, 2008   Four companies and one business unit jointly formed Mitsubishi Chemical

Holdings, Ltd. for business integration.

                        The subject company became the wholly owned subsidiary of the holding

company.

                        Joined company names :

                        The subject company,

                        Mitsubishi Chemical Polyester Film Co., Ltd.

                                    Mitsubishi Chemical Sanshi Co., Ltd.

                                    Mitsubishi Chemical MKV Co., Ltd.

                                    Functional Material Div. of Mitsubishi Chemical Corporation.

                        Moved to the present location.

 

 

Sep. 2009         A joint venture, Aquamit B.V., the Netherlands, acquired the stakes of

Quandrant AG

Apr. 2012          Shut down Naoetsu plant.

May 2012          Relocated the head office to the current address.

Dec. 2012         Assigned the business assets of piping materials to Sekisui Chemical Ind.

Apr. 2013          Shut down Mi-ne plant.

Apr. 1, 2013      The following formation was made:

1.     Company split to found “MPI Infratech Co., Ltd.”

2.     Company split to found “Ryobi Techno Co., Ltd.”

3.     Company split to found “Ryoko Plastic Co., Ltd.”

4.     Company split to found “MHLC G.K.”

5.     Acquired some business assets from Mitsubishi Chemical Corp.

May 2013          Aquamit B.V. became an entire subsidiary.

 

 

TRADE REFERENCES

 

*Suppliers*

=========

Mitsubishi Corporation

Mitsubishi Chemical Corporation

Mitsubishi Shoji Plastics Co., Ltd.

Ryoko Sangyo Co., Ltd.

 

*Customers*

==========

Daia Blast Co., Ltd.

Ryoju Trading Co., Ltd.

Kyokujitsu Sangyo Co., Ltd.

Mitsubishi Shoji Package Co., Ltd.

Okaya Corporation

 

RELATED PARTIES DESCRIPTION

 

*Overseas Group companies*

=========================

1) Film & Sheet Division

Hishi Plastics U.S.A.,Inc.

600-F Ryerson Road Lincoln Park, New Jersey 07035 U.S.A.

TEL.+1-973-633-1230

 

 

Tai-Young Film Co., Ltd.

No.23, Daye St., Dafa Industrial Park, Daliao Township, Kaohsiung County 831, Taiwan

TEL.+886-7-787-7372

 

2)Polyester Film Division

Mitsubishi Polyester Film, Inc.

2001 Hood Rd., Greer, SC 29652, U.S.A.

TEL.+1-864-879-5000

 

Mitsubishi Polyester Film GmbH

Kasteler Straβe 45, D-65203 Wiesbaden, Germany

TEL.+49-611-962-8664

 

PT. MC PET Film Indonesia

Gdg. Setiabudi Atrium #710, Jl. H.R.Rasuna Said, Kuningan, Jakarta 12920 Indonesia

TEL.+62-21-521-0596

 

3) Electronics & Specialty Materials Division

Shanghai Baoling Plastics, Co., Ltd.

2016 Shengxin Road, Jiading, Shanghai, China

TEL.+86-21-5916-3030

 

MP International (Hong Kong) Ltd.

Unit 2513, 25/F, Miramar Tower, 132 Nathan Rd., TST, KLN, Hong Kong

TEL.+852-2528-6198

 

4) Industrial Materials Division

Mitsubishi Plastics Composites America, Inc.

401 Volvo Parkway, Chesapeake, VA 23320, U.S.A.

TEL.+1-757-382-5844

 

 

*Subsidiaries & Affiliates*

=====================

As of March 31, 2014 the subject owns and controls a total of 93 subsidiaries and nine affiliates at home and abroad.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.39

UK Pound

1

Rs.96.72

Euro

1

Rs.75.80

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.