MIRA
INFORM REPORT
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Report Date : |
25th January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MITSUI & CO. PETROLEUM LTD. |
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Registered Office : |
Mitsui Bussan Bldg, 1-2-1 Ohtemachi Chiyodaku Tokyo 100-0004,
Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
July 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of ship bunkers, marine fuel oils, as
agent for Energy Business Unit of Mitsui & Co Ltd. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 229,451.5 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
Company Name
MITSUI & CO PETROLEUM LTD
REGD NAME
Mitsuibussan Sekiyubu (In-house division company & not
registered)
MAIN OFFICE
Mitsui Bussan Bldg, 1-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN
Tel :
03-3285-6464
Fax :
03-3867-8577
URL :
http://www.mitsui.co.jp
(Of the parent, Mitsui & Co)
E-Mail address :
tkzph@dg.mitsui.co.jp
ACTIVITIES
Import, export, wholesale of ship bunkers, marine fuel oils, as
agent for Energy Business Unit of Mitsui & Co Ltd.
BRANCHES
172 offices in 72 overseas countries; domestically 19 (of the
parent)
OVERSEAS
153: branches 60; trading subsidiaries 93, as of Jun/06 (of the
parent)
OFFICERS
SHOEI UTSUDA, PRES & CEO, Tatsuya
Matsuoka, v pres
Masataka Suzuki, v pres Gembachiro
Aihara, v pres
Hiroshi Tada, v pres Yasunori
Yokote, s/man dir
(--all executives at the parent, Mitsui & Co)
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,885,726 M
PAYMENTS REGULAR CAPITAL Yen 295,766 M
TREND STEADY WORTH Yen 1,677,907 M
STARTED 1947 EMPLOYES 40,993
(-- all figures of the parent, Mitsui & Co)
COMMENT
ENERGY BUSINESS UNIT OF MITSUI & CO LTD, JAPAN’S LEADING
GENERAL TRADING HOUSE, TOKYO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 229,451.5 MILLION, 30 DAYS NORMAL
TERMS. .
(Of the parent, Mitsui & Co’s credit limit)
HIGHLIGHTS
The subject firm is intra-house division company belonging to
Energy Business Unit of Mitsui & Co Ltd, at the caption address (See
REGISTRATION and other parts particularly mentioned). It deals with ship bunkers and marine fuels, others, as agent for
the Unit. The Energy Business Unit
handles crude oil, LNG, LPG, fuels, oil exploration & drilling, oil
refining, other associated business as a group, accounting for 12% of total
group sales.
The Unit has 22 subsidiaries, including Mitsui Oil Co Ltd (Japan),
Mitsui Liquefied Gas Co Ltd (Japan) Kokusai Oil & Chemical Co Ltd (Japan),
and Mitsui Oil (Asia) Pte Ltd (Singapore), Mitsui LNG Nederland BV
(Netherlands), Mitsui E&P Middle East BV (Netherlands), Mitsui E&P Australia Pty Limited (Australia),
Mitsui E&P New Zealand Limited (New Zealand), Mitsui Gas Development Qatar
BV (Netherlands), Wandoo Petroleum Pty Ltd (Australia), Mittwell Energy Resources Pty Limited (Australia);
Also 10 associated companies, including Mitsui Oil Exploration Co
Ltd (Japan, Kyokuto Petroleum Industries Ltd (Japan), Japan Australia LNG
(MIMI) Pty Ltd (Australia), Sakhalin Energy Investment
Co Ltd (Bermuda)
FINANCIAL INFORMATION
The Unit’s sales volume for Mar/2006 fiscal term amounted to Yen
84,700 million (up 17% from previous Yen 72,600 million), and the net profit
Yen 40,900 million (down 4% from Yen 42,800 million previously). Crude oil prices hike that continued
contributed greatly to boost the sales amount.
The net profit deterioration is referred to, according to the firm,
increasing repatriation of undistributed earnings from overseas subsidiaries
and associated companies compared to the previous term; also interest expenses
at Mitsui Sakhalin Holdings BV (Netherlands) increased by Yen 6,700 million due
to the rise in US Dollar interest rates and the increase in interest bearing
debt to finance the investment in the Sakhalin II Project.
First Half results (Energy Business Unit, ending Sept/2006: sales
Yen 38,400 million (up 15%), net profit Yen 27,800 million (up 96%). Oil prices continued rising. Steady performance of subsidiaries
contributed.
For the current term ending Mar 2007 the parent, Mitsui & Co,
projects recurring profit at Yen 310,000 million and the net profit at Yen
300,000 million, on a 2% rise in turnover, to Yen 15,000,000 million. Resources and metals showing steady growth.
The financial situation of the parent, Mitsui & Co Ltd, is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen
229,451.5 million, on 30 days normal terms.
REGISTRATION (MITSUI & CO
LTD)
Date Registered : Jul 1947
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
2,500 shares
Issued :
1,725,018,515 shares
Sum :
Yen 195,766 million
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports and wholesales bunker oils, marine
fuels, others, as agent for the Energy Business Unit of the parent, Mitsui
& Co Ltd (--100%).
Clients
[Oil refinery, oil traders, ship operators] Mitsui Oil & Gas,
Mitsui Chemical, other.
No. of accounts
300
Domestic areas of activities
Nationwide
Suppliers
[Wholesaler] Supplied from the parent, Mitsui & Co, and group
firms.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are owned by the parent and
maintained satisfactorily.
Bank References
SMBC (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory.
FINANCES (MITSUI &
CO LTD)
(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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14,885,728 |
13,583,948 |
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Cost of Sales |
14,069,101 |
12,874,997 |
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GROSS PROFIT |
816,627 |
708,921 |
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Selling & Adm Costs |
550,827 |
510,930 |
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OPERATING PROFIT |
265,800 |
197,991 |
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Non-Operating P/L |
-12,619 |
-22,347 |
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RECURRING PROFIT |
253,181 |
175,644 |
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NET PROFIT |
202,409 |
121,136 |
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BALANCE SHEET |
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Cash |
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697,065 |
791,810 |
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Receivables |
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2,605,989 |
2,511,435 |
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Inventory |
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695,754 |
596,876 |
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Securities, Marketable |
26,860 |
28,077 |
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Other Current Assets |
721,163 |
492,481 |
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TOTAL CURRENT
ASSETS |
4,746,831 |
4,420,679 |
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Property &
Equipment |
746,169 |
662,688 |
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Intangibles |
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98,811 |
104,257 |
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Investments, Other
Fixed Assets |
2,981,767 |
2,405,763 |
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TOTAL ASSETS |
8,573,578 |
7,593,387 |
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Payables |
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1,762,224 |
1,645,842 |
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Short-Term Bank Loans |
353,185 |
2,911,950 |
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Other Current Liabs |
4,662,102 |
1,811,940 |
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TOTAL CURRENT LIABS |
6,777,511 |
6,369,732 |
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Debentures |
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Long-Term Bank Loans |
2,910,890 |
2,904,923 |
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Reserve for Retirement
Allw |
36,769 |
39,467 |
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Other Debts |
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(6,214,229) |
(6,032,346) |
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TOTAL LIABILITIES |
3,510,941 |
3,281,776 |
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MINORITY INTERESTS |
118,160 |
100,827 |
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Common stock |
295,766 |
192,493 |
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Additional paid-in capital |
390,488 |
288,048 |
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Retained earnings |
825,306 |
656,032 |
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Evaluation p/l on investments/securities |
216,099 |
100,179 |
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Others |
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(47,749) |
(112,712) |
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Treasury stock, at cost |
(2,003) |
(1,212) |
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TOTAL S/HOLDERS`
EQUITY |
1,677,907 |
1,122,828 |
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TOTAL EQUITIES |
8,573,578 |
7,593,387 |
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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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146,396 |
200,069 |
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Cash Flows from Investment Activities |
-347,332 |
-224,010 |
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Cash Flows from Financing Activities |
92,269 |
171,321 |
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Cash, Bank Deposits at the Term End |
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697,065 |
791,810 |
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ANALYTICAL RATIOS
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
1,677,907 |
1,122,828 |
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Current Ratio (%) |
70.04 |
69.40 |
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Net Worth Ratio (%) |
19.57 |
14.79 |
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Recurring Profit Ratio (%) |
1.70 |
1.29 |
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Net Profit Ratio (%) |
1.36 |
0.89 |
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Return On Equity (%) |
12.06 |
10.79 |
Note: Financials are
of the parent, Mitsui & Co Ltd.
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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