MIRA
INFORM REPORT
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Report Date : |
12.01.2008 |
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 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jul 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 : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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
159 offices in 68 overseas countries; domestically 16 (of the parent)
OVERSEAS
143: branches 60; trading subsidiaries 93, as of Jun/07 (of the parent)
OFFICERS
Nobuo Ohashi, ch SHOEI
UTSUDA, PRES & CEO, Gempachiro
Aihara, v pres Hiroshi
Tada, v pres
Yasunori Yokote, v pres Kazuya
Imai, v pres
(--
all executives at the parent, Mitsui & Co)
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 15,357,656 M
PAYMENTS REGULAR CAPITAL Yen 323,213 M
TREND STEADY WORTH Yen 2,110,279 M
STARTED 1947 EMPLOYES 41,761
(--
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 192,648.7 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/2007 fiscal term amounted to Yen 1,811,897 million (up 4.7% from previous Yen 1,730,424 million), and the net profit Yen 70,215 million (up 71.5% from Yen 40,929 million previously). Crude oil prices hike that continued contributed greatly to boost the sales amount.
First Half results (Energy Business Unit, ending Sept/2007:
sales Yen 1,229,699 million (up 4.2%), net profit Yen 72,465 million (up
143.7%). Oil prices continued
skyrocketing. Steady performance of
subsidiaries contributed.
For the current term ending Mar 2008 the parent, Mitsui &
Co, projects recurring profit at Yen 450,000 million and the net profit at Yen
370,000 million, on an almost similar turnover, at Yen 15,300,000 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
192,648.7 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: 1,787,538,428
shares
Sum: Yen 323,213 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)
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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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15,357,656 |
14,885,772 |
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Cost of Sales |
3,977,063 |
3,297,161 |
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GROSS PROFIT |
11,380,593 |
11,588,611 |
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Selling & Adm Costs |
11,071,693 |
11,322,811 |
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OPERATING PROFIT |
308,900 |
265,800 |
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Non-Operating P/L |
21,240 |
-12,168 |
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RECURRING PROFIT |
330,140 |
253,182 |
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NET PROFIT |
301,502 |
202,409 |
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BALANCE SHEET |
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Cash |
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800,032 |
697,065 |
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Receivables |
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2,189,514 |
1,997,093 |
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Inventory |
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696,470 |
695,754 |
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Securities, Marketable |
11,670 |
26,860 |
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Other Current Assets |
1,376,090 |
1,330,059 |
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TOTAL CURRENT ASSETS |
5,073,776 |
4,746,831 |
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Property & Equipment |
988,300 |
746,149 |
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Intangibles |
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104,445 |
98,811 |
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Investments, Other Fixed Assets |
3,646,791 |
2,981,787 |
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TOTAL ASSETS |
9,813,312 |
8,573,578 |
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Payables |
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658,747 |
540,797 |
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Short-Term Bank Loans |
371,865 |
353,185 |
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Other Current Liabs |
2,779,590 |
2,616,959 |
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TOTAL CURRENT LIABS |
3,810,202 |
3,510,941 |
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Debentures |
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Long-Term Bank Loans |
2,887,528 |
2,658,735 |
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Reserve for Retirement Allw |
33,209 |
36,769 |
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Other Debts |
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733,407 |
570,066 |
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TOTAL LIABILITIES |
7,464,346 |
6,776,511 |
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MINORITY INTERESTS |
238,687 |
118,160 |
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Common stock |
323,213 |
295,766 |
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Additional paid-in capital |
417,900 |
390,488 |
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Retained earnings |
1,111,904 |
863,814 |
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Evaluation p/l on
investments/securities |
258,922 |
216,099 |
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Others |
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1,808 |
(86,257) |
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Treasury stock, at cost |
(3,468) |
(2,003) |
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TOTAL S/HOLDERS` EQUITY |
2,110,279 |
1,677,907 |
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TOTAL EQUITIES |
9,813,312 |
8,573,578 |
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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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239,275 |
146,396 |
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Cash Flows from Investment
Activities |
-418,028 |
-347,332 |
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Cash Flows from Financing Activities |
272,289 |
92,269 |
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Cash, Bank Deposits at the Term End |
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800,032 |
697,065 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
2,110,279 |
1,677,907 |
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Current Ratio (%) |
133.16 |
135.20 |
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Net Worth Ratio (%) |
21.50 |
19.57 |
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Recurring Profit Ratio (%) |
2.15 |
1.70 |
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Net Profit Ratio (%) |
1.96 |
1.36 |
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Return On Equity (%) |
14.29 |
12.06 |
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. |
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%)