MIRA INFORM REPORT

 

 

Report Date :

07.08.2010

 

IDENTIFICATION DETAILS

 

Name :

ASTOMOS ENERGY CORPORATION

 

 

Registered Office :

Daiichi Tekko Bldg 4F, 1-8-2 Marunouchi Chiyodaku Tokyo 100-0005

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

January 1988    

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of LPG

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 8,362.0 Million

Status :

Satisfactory

Payment Behaviour :

Regular 

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

ASTOMOS ENERGY CORPORATION

 

 

REGD NAME

 

Astomos Energy KK

 

 

MAIN OFFICE

 

Daiichi Tekko Bldg 4F, 1-8-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN

Tel: 03-5221-9700     Fax: 03-5221-9790

URL:     http//:www.astomos.com

E-mail: info@astomos.com       

 

 

ACTIVITIES  

 

Import, wholesale of LPG

 

 

BRANCHES   

 

Sapporo, Sendai, Tokyo (2), Nagoya, Ishikawa, Osaka, Hiroshima, other (Tot 25)

 

 

OFFICER(S)  

 

KOJIRO HISAUCHI, PRES         Tatsuhiko Yamazaki, s/mgn dir

Tsutomu Shirakawa, mgn dir       Nobuhiro Sakaori, mgn dir

     Mitsuru Fukuda, mgn dir                    Toshiro Fuse, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 452,911 M

PAYMENTS      REGULAR         CAPITAL           Yen 10,000 M

TREND             SLOW              WORTH            Yen 30,480 M

STARTED                     1988                 EMPLOYES      339

 

COMMENT    

 

IMPORTER AND WHOLESALER SPECIALIZING IN LPG, JOINTLY OWNED BY IDEMITSU KOSAN CO LTD AND MITSUBISHI CORPORATION. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 8,362.0 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established jointly by Idemitsu Kosan Co Ltd and Mitsubishi Corporation by means of merger of: Idemitsu Gas & Life Co Ltd (subsidiary of Idemitsu Kosan) and Mitsubishi Liquefied Gas Co Ltd (subsidiary of Mitsubishi Corporation).  This is a trading company for import and wholesale of Liquefied Petroleum Gas (LPG).  Products are imported from Saudi Arabia (about 40%), UAE (about 20%), Australia, Qatar, Iran, Kuwait, other.   

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2009 fiscal term amounted to Yen 452,911 million, a 46% drop from Yen 838,833 million in the previous term, as affected by the global economic downturn.  Demand declined significantly particularly from mfrs & corporate users.  Consume spending was sluggish, too.  The recurring profit was posted at Yen 5,879 million and the net profit at Yen 2,843 million, respectively, compared with Yen 7,047 million recurring profit and Yen 3,572 million net profit, respectively, a year ago.  .

 

For the current term ending Dec 2010 the recurring profit is projected at Yen 6,000 million and the net profit at Yen 2,900 million, on a 7% rise in turnover, to Yen 485,000 million.  Market is seen reviving.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 8,362.0 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:                      Jan 1988

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         800,000 shares

Issued:                         200,000 shares

Sum:                　         Yen 10,000 million

Major shareholders (%): Idemitsu Kosan Co Ltd* (51), Mitsubishi Corp** (49)

No. of shareholders: 2

 

*.. Nation’s second-ranking oil distributor, Tokyo, founded 1940, listed Tokyo S/E, capital Yen 108,606 million, turnover Yen 3,112,305 million, operating profit Yen 44,462 million, recurring profit Yen 30,387 million, net profit Yen 5,977 million, total assets Yen 2,476,142 million, net worth Yen 469,554 million, employees 8,330, pres Kazuhisa Nakano 

 

Consolidated Financials are attached (See SUPPLEMENTS)

           

** Largest general trading house and core of Mitsubishi group, Tokyo, founded 1950, listed Tokyo S/E, capital Yen 203,228 million, turnover Yen 17,098,705 million, operating profit Yen 181,447 million, recurring profit Yen 294,268 million, net profit Yen 273,147 million, total assets Yen 10,891,275 million, net worth Yen 2,961,376 million, employees 58,583, pres Kan Kobayashi

 

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports and wholesales LPG (100%).

 

Clients: [Mfrs, wholesalers] Air Water, Toho Gas, Nippon Oil, Shinanen Co, Chamber of Agriculture, Itochu Enex, Taiyo Nissan Sanso Corp, other

No. of accounts: 500

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Idemitsu Kosan Co, Chugoku Kogyo, Ricoh Elemex, other.

Imports from Saudi Arabia, Qatar, UAE, Australia, Iran, Kuwait, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

MUFG (H/O)

Mitsubishi UFJ Trust Bank (H/O)

Relations: Satisfactory

 

 

FINANCES (In Million Yen)

 

       Terms Ending:

31/12/2010

31/12/2009

31/12/2008

31/12/2007

Annual Sales

　

485,000

452,911

838,833

603,721

Recur. Profit

　

6,000

5,879

7,047

　

Net Profit

　

2,900

2,843

3,572

3,060

Total Assets

　

　

141,509

137,420

　

Current Assets

　

　

111,042

107,718

　

Current Liabs

　

　

94,841

87,928

　

Net Worth

　

　

30,480

32,231

　

Capital, Paid-Up

　

　

10,000

10,000

10,000

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

7.09

-46.01

38.94

57.35

       Current Ratio

 

..

117.08

122.51

..

       N.Worth Ratio

..

21.54

23.45

..

       R.Profit/Sales

 

1.24

1.30

0.84

..

       N.Profit/Sales

0.60

0.63

0.43

0.51

      Return On Equity

..

9.33

11.08

..

 

Notes: Forecast (or estimated) figures for the 31/12/2010 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, IDEMITSU KOSAN CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

3,112,305

3,798,489

 

  Cost of Sales

2,818,337

3,441,949

 

      GROSS PROFIT

293,967

356,539

 

  Selling & Adm Costs

249,505

254,128

 

      OPERATING PROFIT

44,462

102,411

 

  Non-Operating P/L

-4,075

-13,122

 

      RECURRING PROFIT

30,387

89,289

　

      NET PROFIT

5,977

3,323

BALANCE SHEET

 

 

 

 

  Cash

　

129,947

298,082

 

  Receivables

 

362,278

203,249

 

  Inventory

 

432,343

350,180

 

  Securities, Marketable

3,911

4,406

 

  Other Current Assets

97,604

110,025

 

      TOTAL CURRENT ASSETS

1,026,083

965,942

 

  Property & Equipment

1,041,630

999,400

 

  Intangibles

 

64,813

31,489

 

  Investments, Other Fixed Assets

343,616

292,978

 

      TOTAL ASSETS

2,476,142

2,289,809

 

  Payables

 

326,251

227,221

 

  Short-Term Bank Loans

327,222

429,538

 

　

 

　

　

 

  Other Current Liabs

328,259

349,823

 

      TOTAL CURRENT LIABS

981,732

1,006,582

 

  Debentures

 

　

6,600

 

  Long-Term Bank Loans

609,732

457,024

 

  Reserve for Retirement Allw

37,536

41,944

 

  Other Debts

　

349,855

310,469

 

      TOTAL LIABILITIES

1,978,855

1,822,619

 

      MINORITY INTERESTS

 

 

 

Common stock

108,606

108,606

 

Additional paid-in capital

71,131

71,135

 

Retained earnings

179,955

177,418

 

Evaluation p/l on investments/securities

2,049

186

 

Others

 

135,655

109,960

 

Treasury stock, at cost

(110)

(115)

 

      TOTAL S/HOLDERS` EQUITY

497,286

467,190

　

      TOTAL EQUITIES

2,276,142

2,289,809

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

-62,846

235,340

 

Cash Flows from Investment Activities

-139,223

-86,136

 

Cash Flows from Financing Activities

23,681

60,929

　

Cash, Bank Deposits at the Term End

　

133,858

302,488

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

497,286

467,190

 

 

Current Ratio (%)

104.52

95.96

 

 

Net Worth Ratio (%)

21.85

20.40

 

 

Recurring Profit Ratio (%)

0.98

2.35

 

 

Net Profit Ratio (%)

0.19

0.09

 

 

Return On Equity (%)

1.20

0.71

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.02

UK Pound

1

Rs.73.21

Euro

1

Rs.60.70

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.