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MIRA INFORM REPORT
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Report No. : |
504532 |
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Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MITSUBISHI ELECTRIC LIGHTING CORPORATION |
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Registered Office : |
2-14-40 Ofuna Kamakura City Kanagawa-Pref 247-0056 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
Mar 1973 |
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Com. Reg. No.: |
0210-01-009556 (Kanagawa-Kamakura) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures Electrical Lighting Fixtures, Other (--100%) |
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No. of Employees : |
466 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
Yen 801.8 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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work
ethic, mastery of high technology, and a comparatively small defense allocation
(slightly less than 1% of GDP) have helped Japan develop an advanced economy.
Two notable characteristics of the post-World War II 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 have significantly eroded under the dual
pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences,
Japan in 2017 stood as the fourth-largest economy in the world after
first-place China, which surpassed Japan in 2001, and third-place India, which
edged out Japan in 2012. For three postwar decades, overall real economic
growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in
the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely
because of the aftereffects of inefficient investment and the collapse of an
asset price bubble in the late 1980s, which entailed considerable time for
firms to reduce excess debt, capital, and labor. Modest economic growth
continued after 2000, but the economy has fallen into recession four times
since 2008.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister
Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics”
- of monetary easing, “flexible” fiscal policy, and structural reform. Led by
the Bank of Japan’s aggressive monetary easing, Japan is making modest progress
in ending deflation, but demographic decline – a low birthrate and an aging,
shrinking population – poses a major long-term challenge for the economy. The
government currently faces the quandary of balancing its efforts to stimulate
growth and institute economic reforms with the necessity of addressing its
sizable public debt, which stands at 235% of GDP. To help raise government
revenue, Japan adopted legislation in 2012 to gradually raise the consumption
tax rate. However, the first such increase, in April 2014, led to another
recession, so Prime Minister ABE has twice postponed the next increase, now
scheduled for October 2019. Structural reforms to unlock productivity are seen
as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on
imported energy and raw materials. After the complete shutdown of Japan’s
nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's
industrial sector has become even more dependent than before on imported fossil
fuels. However, ABE’s government is seeking to restart nuclear power plants
that meet strict new safety standards and is emphasizing nuclear energy’s
importance as a base-load electricity source. In August 2015, Japan
successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in
Kagoshima prefecture, and several other reactors around the country have since
resumed operations; however, opposition from local governments has delayed
several more restarts that remain pending. Reforms of the electricity and gas
sectors, including full liberalization of Japan’s energy market in April 2016
and gas market in April 2017, constitute an important part of Prime Minister
Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the
Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's
economy to increased foreign competition and create new export opportunities
for Japanese businesses. Japan was the first country to ratify the TPP in
December 2016; the United States signaled its withdrawal from the TPP in
January 2017, and in November 2017 the remaining 11 countries agreed on the
core elements of a modified agreement, which they renamed the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
Company
name & address
MITSUBISHI ELECTRIC LIGHTING CORPORATION
REGD NAME: Mitsubishi
Denki Shomei KK
MAIN OFFICE: 2-14-40
Ofuna Kamakura City Kanagawa-Pref 247-0056 JAPAN
Tel:
0467-41-2701 Fax: 0467-41-2780
URL: http://www.mitsubishielectric.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of electrical lighting fixtures, other
BRANCHES: Tokyo,
Nagoya
FACTORIES: Shizuoka
(2)
OFFICERS: MASAHARU ABE, PRES Toshihiko Uchida, s/mgn dir
Tohru Mori, mgn dir Shoichiro Ajisawa, dir
Hiroto Kawahira, dir Yoshio Toyotake, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 32,084 M
PAYMENTS REGULAR CAPITAL Yen 3,785 M
TREND SLOW WORTH Yen
9,080 M
STARTED 1973 EMPLOYES 466
COMMENT: MFR OF ELECTRICAL LIGHTING FIXTURES, WHOLLY OWNED BY MITSUBISHI ELECTRIC CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 801.8 MILLION, ON 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company is a specialized mfr of electrical lighting fixtures, other, owned by Mitsubishi Electric Corp (See REGISTRATION). Products are exported. Domestic clients include electric lighting mfrs, wholesalers, other.
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term amounted to Yen 32,084 million, a 2% fall from Yen 32,634 million in the previous term. The recurring profit was posted at Yen 73 million and the net profit at Yen 126 million, respectively, compared with Yen 367 million recurring loss and Yen 490 million net losses, respectively, a year ago.
For the term that ended Mar 2018 the recurring profit was projected at Yen 80 million and the net profit at Yen 130 million, respectively, on a 3% rise in turnover, to Yen 33,050 million. Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 801.8
million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1973
Regd No.:
0210-01-009556
(Kanagawa-Kamakura)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 30.2
million shares
Issued: 7.57
million shares
Sum: Yen
3,785 million
Major
shareholders (%): Mitsubishi Electric
Corp* (100)
*.. Mfr of heavy electric machinery, Tokyo, founded 1921, listed Tokyo
& London S/E’s, capital Yen 175,820
million, turnover Yen 4,238,666 million, operating profit Yen 270,104million,
recurring profit Yen 296,249 million, net profit Yen210,493 million, total
assets Yen 4,184,000 million, net worth Yen 2,254,351 million, employees
142,788, pres Takeshi Sugiyama
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures electrical lighting fixtures, other (--100%)
Clients: [Mfrs, wholesalers] Mitsubishi Electric Living Environment Systems Corp (85.2%), NEC Lighting, Mitsuwa Electric, Inaba Denki Sangyo, Tachibana Eletech, Fukunishi Electrical, other
No. of accounts: 350
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shihen Technical Corp, Dainichi Shokai, Okaya Iron Works, Misaki Electric, Yokohama Kiko, Olympia Lighting, other
Payment record: Regular
Location: Business area in Kamakura City,
Kanagawa-Pref. Office premises at the
caption address are owned and maintained satisfactory.
Bank References:
MUFG (H/O)
Shizuoka Bank (Ofuna)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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33,050 |
32,084 |
32,634 |
31,897 |
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Recur.
Profit |
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80 |
73 |
-367 |
250 |
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Net Profit |
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130 |
126 |
-490 |
141 |
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Total
Assets |
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21,833 |
23,384 |
24,391 |
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Net
Worth |
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9,080 |
8,953 |
9,444 |
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Capital,
Paid-Up |
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3,785 |
3,785 |
3,785 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.01 |
-1.69 |
2.31 |
4.78 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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41.59 |
38.29 |
38.72 |
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N.Profit/Sales |
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0.39 |
0.39 |
-1.50 |
0.44 |
Forecast (or
estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.61 |
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1 |
INR 94.21 |
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Euro |
1 |
INR 81.32 |
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YEN |
1 |
INR 0.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.