MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KOKURA ENERGY CO
LTD |
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Registered Office : |
KMM Bldg 7F, 2-14-1 Asano Kokura-Kitaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jun 1999 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale of gasoline,
operation of gas stations |
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 239.1 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
KOKURA ENERGY CO
LTD
REGD NAME
Kokura Kosan
Energy KK
MAIN OFFICE
KMM Bldg 7F,
2-14-1 Asano Kokura-Kitaku
Tel : 093-511-3150
Fax : 093-511-6730
URL : http://www.itcenex.co.jp (Of the parent,
Itochu Enex Co Ltd)
E-Mail
address: (thru the URL)
ACTIVITIES
Wholesale
of gasoline, operation of gas stations
BRANCHES
OFFICERS
TOSHITAKA
ISHII, PRES Takumi
Onishi, mgn dir
Toyohiro
O’he, dir Koji
Tsutsumi, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 75,000 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND STEADY WORTH Yen
522 M
STARTED 1999 EMPLOYES 155
COMMENT
WHOLESALE OF GASOLINES, WHOLLY OWNED BY ITOCHU ENEX CO
LTD. FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 239.1 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Kokura Enterprise Co Ltd, real estate manager, at the caption address, in order to advance into automobile repairing shops, as Kokura Kosan Jidosha Seibi KK (Jidosha is automobile; Seibi is repairing). Later advanced into wholesaling gasoline to cars, in relation with the repairing workshop. In Jul 2005, the oil business of Kokura Enterprise Co Ltd was transferred to Itochu Enex Co Ltd, by the latter taking 70% of Kokura Kosan Jidosha Seibi’ shares. In Sept 2005 the subject renamed as captioned. In Apr 2006, Itochu Enex bought the remaining 30% share of the subject and became wholly owning parent of the company. The subject wholesales gasoline and other oil products, operating gas stations. Clients include thermal power companies.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 75,000 million, a 150% leap from Yen 30,000 million in the previous term. The hike in oil prices plus increasing number of gas stations contributed to the growth. The net profit jumped to Yen 117 million, up from Yen 11 million a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 120 million, on a 7% rise in turnover, to Yen 80,000 million. This business is seen on the upswing.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 239.1 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jun 1999
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 32,000 shares
Issued: 8,000 shares
Sum: Yen 400 million
Major shareholders (%): Itochu
Enex Co Ltd*(100)
*..Leading fuel oil dealer, affiliated to Itochu Corp, founded 1948, listed Tokyo S/E, capital Yen 19,877 million, turnover Yen 886,483 million, recurring profit Yen 6,748 million, net profit Yen 4,987 million, total assets Yen 235,850 million, net worth Yen 81,594 million, employees 2,852, pres Akira Kodera
Consolidated
Financials are as attached (See SUPPLEMENTS).
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Wholesales gasoline, fuel oil, diesel oil, other; operates gas stations
(--100%).
Clients: [Mfrs, wholesalers, consumers] Maruei Ferry, Sumitomo Metal Ind Kokura, Marubeni Energy, Kashima Kyodo Electric Power, Wakayama Kyodo Electric Power, other.
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Oil refineries, wholesalers] Idemitsu Kosan Kaisha, Nippon Oil, Itochu Enex, Exxon Mobil, Kyushu Oil, Taiyo Oil, Kignus Oil, Kamei Corp, Marubeni Corp, other.
Payment
record: Regular
Location: Business area in
Bank References
SMBC (
Bank
of
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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80,000 |
75,000 |
30,000 |
157 |
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Recur.
Profit |
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Net
Profit |
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120 |
117 |
11 |
-17 |
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Total
Assets |
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10,188 |
8,616 |
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Current
Assets |
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9,587 |
8,250 |
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Current
Liabs |
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9,240 |
8,457 |
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Net
Worth |
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522 |
11 |
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Capital,
Paid-Up |
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400 |
10 |
10 |
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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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S.Growth Rate |
6.67 |
150.00 |
19,008.28 |
-13.74 |
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Current Ratio |
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.. |
103.76 |
97.55 |
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N.Worth Ratio |
.. |
5.12 |
0.13 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
0.15 |
0.16 |
0.04 |
-10.83 |
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Return On Equity |
.. |
22.41 |
100.00 |
.. |
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Note:
Financials are released in digested forms only.
Forecast
(or estimated) for the 31/03/2008 fiscal term.
SUPPLEMENTS:
Consolidated
Financials of the parent, Itochu Enex Co Ltd.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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886,483 |
771,894 |
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Cost of Sales |
823,668 |
711,193 |
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GROSS PROFIT |
62,815 |
60,701 |
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Selling & Adm Costs |
54,880 |
53,876 |
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OPERATING PROFIT |
7,934 |
6,824 |
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Non-Operating P/L |
814 |
1,754 |
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RECURRING PROFIT |
8,748 |
8,578 |
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NET PROFIT |
4,987 |
4,661 |
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BALANCE SHEET |
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Cash |
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33,297 |
26,364 |
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Receivables |
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89,201 |
89,562 |
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Inventory |
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7,762 |
7,725 |
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Securities, Marketable |
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Other Current Assets |
7,714 |
7,385 |
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TOTAL CURRENT ASSETS |
137,974 |
131,036 |
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Property & Equipment |
61,807 |
59,320 |
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Intangibles |
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7,647 |
7,660 |
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Investments, Other Fixed Assets |
28,422 |
37,603 |
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TOTAL ASSETS |
235,850 |
235,619 |
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Payables |
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79,533 |
78,354 |
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Short-Term Bank Loans |
21,041 |
28,172 |
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Other Current Liabs |
21,176 |
16,869 |
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TOTAL CURRENT LIABS |
121,750 |
123,395 |
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Debentures |
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5,000 |
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Long-Term Bank Loans |
16,475 |
14,005 |
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Reserve for Retirement Allw |
4,448 |
3,803 |
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Other Debts |
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10,828 |
10,408 |
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TOTAL LIABILITIES |
153,501 |
156,611 |
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MINORITY INTERESTS |
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762 |
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Common
stock |
19,877 |
19,877 |
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Additional
paid-in capital |
17,782 |
17,560 |
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Retained
earnings |
53,141 |
50,757 |
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Evaluation
p/l on investments/securities |
2,245 |
2,181 |
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Others |
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(8,112) |
(8,879) |
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Treasury
stock, at cost |
(2,584) |
(3,251) |
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TOTAL S/HOLDERS` EQUITY |
82,349 |
78,245 |
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TOTAL EQUITIES |
235,850 |
235,619 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows
from Operating Activities |
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14,130 |
6,304 |
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Cash
Flows from Investment Activities |
-2,141 |
-8,652 |
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Cash
Flows from Financing Activities |
-5,525 |
511 |
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Cash,
Bank Deposits at the Term End |
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33,297 |
26,364 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
82,349 |
78,245 |
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Current
Ratio (%) |
113.33 |
106.19 |
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Net
Worth Ratio (%) |
34.92 |
33.21 |
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Recurring
Profit Ratio (%) |
0.99 |
1.11 |
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Net
Profit Ratio (%) |
0.56 |
0.60 |
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Return
On Equity (%) |
6.06 |
5.96 |
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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. |
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%)