MIRA
INFORM REPORT
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Report Date : |
28.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MARUBENI ENERGY CORPORATION |
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Registered Office : |
Ochanomizu Kyoun Bldg, 2-2 Kanda-Surugadai Chiyodaku Tokyo 101-8322 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Nov 1991 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale, retail of gasoline, other
oil products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 2355.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MARUBENI ENERGY CORPORATION
REGD NAME
Marubeni Energy KK
MAIN OFFICE
Ochanomizu Kyoun Bldg, 2-2 Kanda-Surugadai Chiyodaku Tokyo 101-8322
JAPAN
Tel : 03-3293-4401
Fax : 03-3293-4036
URL :http://www.marubeni-e.co.jp/
E-Mail address: info@marubeni-e.co.jp
ACTIVITIES
Wholesale, retail of gasoline, other oil products
BRANCHES
Osaka, Nagoya, Sapporo, Sendai, Kanazawa, Fukuoka
SERVICE STATIONS
750 nationwide
OFFICER(S)
TADATSUGU NAKAJIMA, PRES Tatsuhiro
Kuroda, mgn dir
Sadaji Yokoyama, dir Sachio
Fujiwara, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 362,233 M
PAYMENTS REGULAR CAPITAL Yen 2,350 M
TREND STEADY WORTH Yen 5,363 M
STARTED 1991 EMPLOYES 179
COMMENT
WHOLESALER & RETAILER SPECIALIZING IN GASOLINE AND OTHER
PETROLEUM PRODUCTS, AFFILIATED WITH MARUBENI CORPORATION. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,355.5 MILLION, NORMAL TERMS
Forecast
(or estimated) for the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established originally in 1976 on the basis of a section separated from Petroleum Division of Marubeni Corp (see REGISTRATION) in order to operate gas stations. The firm specializes in wholesaling & retailing gasoline and other oil products, operating 750 gas stations nationwide. In Nov 1985, transferred into LPG business from the parent. In Oct 2004, separated the LPG operations to a newly founded sister firm, Marubeni Gas Energy Corp, wholly owned by Marubeni Corp. At the same time, accepted capital participation from Showa Shell Sekiyu KK (see REGISTRATION). By this participation the service station operations have been strengthened and increased in sales volume. Clients in the wholesaling division are those industries as steel mills, pulp & paper, chemicals, ship operations, general contractors, oil dealerships, retail shops, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 362,233 million, a 213% up from Yen 297,272 million in the previous term. The rising oil prices contributed. Also sales volume expanded with the participation of Showa Shell Sekiyu KK. The recurring profit was posted at Yen 3,762 million, up from Yen 2,755 million a year ago, while the bottom line posted Yen 405 million net losses compared with Yen 833 million net profit a year ago. The firm booked Yen 4,119 million extraordinary losses for the term.
For the term just ended Mar 2007 the recurring profit was
projected at Yen 3,500 million and net profit at Yen 800 million, respectively,
on a 5% rise in turnover, to Yen 380,000 million. Oil dealers have already passed the hike on to the
consumers.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 2,355.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1991
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 188,000
shares
Issued: 47,000
shares
Sum: Yen
2,350 million
Major shareholders (%): Marubeni Corp*(66.6), Showa Shell
Sekiyu KK**(33.4)
No. of shareholders: 2
*.. One of big 5 general trading houses, founded 1949, listed
Tokyo, Osaka, Nagoya S/E’s, capital Yen 362,686 million, sales Yen 8,686,532
million, recurring profit Yen 101,453 million, net profit Yen 73,801 million,
total assets Yen 4,587,072 million, net worth Yen 663,787 million, employees
27,377, pres Nobuo Katsumata.
**.. Major oil distributor of Royal Dutch/Shell group, Tokyo,
founded 1942, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 34,197 million,
turnover Yen 2,921,287 million, recurring profit Yen 77,675 million, net profit
Yen 46,249 million, total assets Yen 1,195,015 million, net worth Yen 309,411
million, employees 3,751, pres Yasuo Murayama
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Retails and wholesales gasoline (56%), heavy fuel
oil (15%), light fuel oil (16%), kerosene oil (11%), asphalt (1%), lube oil,
others (1%), operating about 750 service stations nationwide.
Clients: [Mfrs, wholesalers, consumers] Kuraray Co, Showa
Denko, Kamei Corp, Nippon Paper Group,
Marubeni Nenryo, Marubeni Corp, Idemitsu Kosan, Kamei Corp, other.
No. of accounts: 2,000 (wholesale div)
Domestic areas of activities: Nationwide
Suppliers: [Oil refiners, wholesalers] Marubeni Corp, Showa
Shell Sekiyu, Idemitsu Kosan, TonenGeneral Sekiyu, Kyushu Oil, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Corporate Bank (Ohtemachi)
SMBC (H/O)
Relations: Satisfactory
FINANCIALS
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FINANCES: (Non-Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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362,233 |
297,272 |
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Cost of Sales |
355,786 |
291,880 |
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GROSS PROFIT |
6,447 |
5,392 |
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Selling & Adm Costs |
2,612 |
2,416 |
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OPERATING PROFIT |
3,835 |
2,976 |
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Non-Operating P/L |
-73 |
-221 |
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RECURRING PROFIT |
3,762 |
2,755 |
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NET PROFIT |
-405 |
833 |
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BALANCE SHEET |
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Cash |
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1,284 |
5,538 |
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Receivables |
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31,136 |
22,184 |
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Inventory |
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3,311 |
1,537 |
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Securities, Marketable |
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Other Current Assets |
1,299 |
2,126 |
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TOTAL CURRENT ASSETS |
37,030 |
31,385 |
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Property & Equipment |
30,474 |
28,942 |
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Intangibles |
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350 |
377 |
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Investments, Other Fixed Assets |
(350) |
(378) |
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TOTAL ASSETS |
67,504 |
60,326 |
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Payables |
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38,490 |
28,571 |
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Short-Term Bank Loans |
10,988 |
10,363 |
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Other Current Liabs |
4,663 |
3,628 |
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TOTAL CURRENT LIABS |
54,141 |
42,562 |
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Debentures |
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Long-Term Bank Loans |
3,680 |
4,231 |
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Reserve for Retirement Allw |
89 |
115 |
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Other Debts |
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4,231 |
7,651 |
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TOTAL LIABILITIES |
62,141 |
54,559 |
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MINORITY INTERESTS |
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Common
stock |
2,350 |
2,350 |
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Additional
paid-in capital |
700 |
700 |
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Retained
earnings |
2,308 |
2,713 |
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Evaluation
p/l on investments/securities |
5 |
4 |
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Others |
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0 |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
5,363 |
5,767 |
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TOTAL EQUITIES |
67,504 |
60,326 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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31,178 |
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Cash
Flows from Investment Activities |
31,650 |
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Cash
Flows from Financing Activities |
-94,276 |
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Cash,
Bank Deposits at the Term End |
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140,940 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
5,363 |
5,767 |
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Current
Ratio (%) |
68.40 |
73.74 |
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Net
Worth Ratio (%) |
7.94 |
9.56 |
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Recurring
Profit Ratio (%) |
1.04 |
0.93 |
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Net
Profit Ratio (%) |
-0.11 |
0.28 |
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Return
On Equity (%) |
-7.55 |
14.44 |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)