MIRA INFORM REPORT
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Report Date : |
18.11.2008 |
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) : |
31.03.2008 |
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Date of Incorporation : |
July, 1947 |
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Legal Form : |
Limited Company |
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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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Maximum Credit Limit : |
Yen 300,835.9 Million |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
Name
MITSUI
& CO PETROLEUM LTD
REGD NAME
Mitsuibussan Sekiyubu (In-house division company & not registered;
Sekiyubu means Petroleum Dept)
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
158 offices in 68 overseas countries; domestically 12 (of the parent)
OVERSEAS
146: branches 47; trading subsidiaries 99, as of Mar/08 (of the parent)
OFFICERS
Nobuo Ohashi, ch SHOEI
UTSUDA, PRES & CEO, Toshihiro
Soejima, v pres Motokazu
Yoshida, v pres
Ken Abe, v pres Yoshiyuki
Yoshizawa, v pres
(-- all executives at the parent, Mitsui & Co)
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 17,009,056 M
PAYMENTS REGULAR CAPITAL Yen 337,544 M
TREND STEADY WORTH Yen 2,183,660 M
STARTED 1947 EMPLOYES 42,621
(-- 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 300,835.9 MILLION, 30 DAYS NORMAL TERMS.
(Of the parent, Mitsui & Co’s credit
limit)
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Forecast for the
31/03/2009 fiscal term. (Of the parent,
Mitsui & Co)
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 (No.1 & No.2) handles crude oil, LNG, LPG, fuels, oil exploration & drilling, oil refining, other associated business as a group, accounting for 16% of total group sales.
The Unit has 32 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), other; Also 10 associated companies, including Mitsui Oil Exploration Co Ltd (Japan, Kyokuto Petro-leum 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/2008 fiscal term amounted to Yen 219,300 million, a 77% up from Yen 123,900 million in the previous term. The operating profit was posted at Yen 172,500 million and the net profit at Yen 124,100 million, respectively, compared with Yen 81,300 million operating profit and Yen 75,700 million, respectively, a year ago. Crude oil price hike that continued contributed greatly to boost the sales amount.
(Apr/Sept/2008 results): (Energy Business Unit (No.1 & No.2) Sales Yen 167,100 million (up 65%), operating profit Yen 74,800 million (up 88%), net profit Yen 167,100 million (up 65%). (% compared with the corresponding period a year ago). High crude oil prices and boosted oil production contributed. Oil prices continued skyrocketing. Crude oil prices hit US$135/bbl in Aug 2008. On half yearly basis, the average prices were Yen 109/bbl as compared with US$65/bbl in the previous half year term. Steady performance of subsidiaries contributed.
For the current term ending Mar 2008 the parent, Mitsui & Co, projects recurring profit at Yen 490,000 million and the net profit at Yen 460,000 million, on an almost similar turnover, at Yen 17,000,000 million. Resources and metals showing steady growth. The assumption is based on: Exchange rate: Yen 103.12/US$; crude oil prices: US$102/bbl (yearly average)
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 300,835.9 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: 1,820,183,809 shares
Sum: Yen 337,544 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: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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17,009,056 |
15,271,649 |
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Cost of Sales |
16,020,979 |
14,405,358 |
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GROSS PROFIT |
988,077 |
866,291 |
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Selling & Adm Costs |
613,249 |
557,391 |
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OPERATING PROFIT |
374,828 |
308,900 |
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Non-Operating P/L |
27,176 |
21,210 |
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RECURRING PROFIT |
402,004 |
330,140 |
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NET PROFIT |
410,061 |
301,502 |
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BALANCE SHEET |
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Cash |
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899,264 |
800,032 |
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Receivables |
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2,125,640 |
2,199,614 |
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Inventory |
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739,721 |
696,470 |
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Securities, Marketable |
7,114 |
11,670 |
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Other Current Assets |
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TOTAL CURRENT ASSETS |
5,211,114 |
5,073,776 |
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Property & Equipment |
1,746,050 |
1,677,806 |
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Intangibles |
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128,504 |
104,445 |
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Investments, Other Fixed Assets |
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TOTAL ASSETS |
9,090,879 |
9,813,312 |
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Payables |
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464,547 |
658,747 |
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Short-Term Bank Loans |
276,620 |
371,865 |
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Other Current Liabs |
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TOTAL CURRENT LIABS |
3,594,612 |
3,810,202 |
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Debentures |
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Long-Term Bank Loans |
2,944,383 |
2,887,528 |
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Reserve for Retirement Allw |
32,754 |
33,209 |
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Other Debts |
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TOTAL LIABILITIES |
7,263,244 |
7,464,346 |
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MINORITY INTERESTS |
243,976 |
236,687 |
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Common
stock |
337,544 |
323,213 |
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Additional
paid-in capital |
432,245 |
417,900 |
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Retained
earnings |
1,397,312 |
1,072,234 |
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Evaluation
p/l on investments/securities |
140,440 |
258,922 |
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Others |
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Treasury
stock, at cost |
(5,130) |
(3,468) |
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TOTAL S/HOLDERS` EQUITY |
2,183,660 |
2,110,279 |
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TOTAL EQUITIES |
9,690,880 |
9,813,312 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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415,791 |
239,275 |
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Cash
Flows from Investment Activities |
-104,778 |
-418,027 |
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Cash
Flows from Financing Activities |
-185,129 |
272,289 |
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Cash,
Bank Deposits at the Term End |
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899,264 |
800,032 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
2,183,660 |
2,110,279 |
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Current
Ratio (%) |
144.97 |
133.16 |
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Net
Worth Ratio (%) |
22.53 |
21.50 |
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Recurring
Profit Ratio (%) |
2.36 |
2.16 |
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Net
Profit Ratio (%) |
2.41 |
1.97 |
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Return
On Equity (%) |
18.78 |
14.29 |
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Note: Financials are of the parent, Mitsui & Co Ltd.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.68 |
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UK Pound |
1 |
Rs.74.64 |
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Euro |
1 |
Rs.62.58 |
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%)