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Report No. : |
301618 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARUBENI
CORPORATION |
|
|
|
|
Registered Office : |
1-4-2 Ohtemachi Chiyodaku
|
|
|
|
|
Country : |
|
|
|
|
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Financials (as on) : |
31.03.2014 |
|
|
|
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Date of Incorporation : |
December 1949 |
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|
|
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Com. Reg. No.: |
0100-01-008776 |
|
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|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
General trading
house for import, export and wholesale of: ·
(Sales breakdown by Divisions): ·
Energy Division (31%): ·
Foods Division (21%): ·
Metals & Resources Division (7%): ·
Materials & Paper/Pulp Division (6%): ·
Chemicals Division (10%): ·
Transportation & Industrial Machinery
Division (8%): ·
Plant, Ship & Infrastructure Projects
Division (6%): ·
Other Divisions (11%): |
|
|
|
|
No. of Employee : |
39,126 |
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 |
|
Maximum Credit Limit : |
Yen 228,618 Million |
|
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 – 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 |
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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
Marubeni KK
1-4-2 Ohtemachi Chiyodaku Tokyo
100-8088 JAPAN
Tel:
03-3282-2111
Fax: 03-3282-2331
*.. The is one of
its branch offices
URL: http://www.marubeni.co.jp/
E-Mail address: info@marubeni.co.jp
ACTIVITIES: A
general trading house
BRANCHES: Tokyo,
Osaka, Nagoya, other (Tot 10 domestic)
OVERSEAS: 64
overseas branches & offices; 32 overseas corporate subsidiaries with
62 offices, totaling 117 offices in 64 countries/areas.
CHIEF EXEC: FUMIYA
KOKUBU, PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 13,633,520 M
PAYMENTS REGULAR 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.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.