MIRA INFORM REPORT

 

 

Report Date :           

13.09.2011

 

IDENTIFICATION DETAILS

 

Name :

MC ENERGY INC 

 

 

Registered Office :

Hibiya Dai Bldg 14F, 1-2-2 Uchisaiwaicho Chiyodaku Tokyo 100-0011

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

January 2000

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 067102

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of asphalt & industrial use fuels, lubricants

 

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 1,113.7 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

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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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

MC ENERGY INC

 

 

REGD NAME

 

MC Energy KK

 

 

MAIN OFFICE

 

Hibiya Dai Bldg 14F, 1-2-2 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN

                        Tel: 03-5251-2070

 

URL:                             http://www.mitsubishicorp.com (Of the parent, Mitsubishi Corp)

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Import, export, wholesale of asphalt & industrial use fuels, lubricants

 

 

BRANCHES   

 

Sapporo, Sendai, Nagoya, Osaka, Hiroshima, Fukuoka

 

 

OFFICER(S)  

 

SHUN’ICHIRO KUWAHARA, PRES                    

Takayuki Higashi, mgn dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 70,748 M

PAYMENTS      REGULAR                     CAPITAL           Yen 490 M

TREND STEADY                       WORTH            Yen 3,200 M

STARTED         2000                             EMPLOYES      65

                                   

COMMENT    

 

WHOLESALER SPECIALIZING IN BUNKER OILS AND MARINE LUBRICANTS, WHOLLY OWNED BY MITSUBISHI CORP. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 1,113.7 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established on the basis of bunker sales division separated from Mitsubishi Corp (see REGISTRATION) as MC Marine & Bunkering Inc, for supplying bunker fuels to ships.  In 2002, renamed as Petro Diamond Japan Corp.  In Apr 2003, started to handle specialty lubricants and operation of crude & crude oil products consigned from the parent, Mitsubishi Corp.  In the marine lubricants, controls about 10% of total bunker sales to Japanese-owned/controlled ships.  Bunkering services cover all major Japan ports (31 ports) and worldwide ports in Europe, Mid East, Africa, N & S America, Taiwan, Singapore, other Asia & Oceania areas.  In Oct/2010 merged with a sister company, MC Energy Inc and renamed as captioned.  By the merger handling products expanded to cover asphalt, industrial use fuels, other.   

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 70,748 million, a 43% up from Yen 49,257 million in the previous term.  This is the result of the said merger with a sister company, expanding handling items.  The recurring profit was posted at Yen 505 million and the net profit at Yen 307 million, respectively, compared with Yen 140 million recurring profit and Yen 80 million net profit a year ago.    

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 520 million and the net profit at Yen 350 million, respectively, on a 5% rise in turnover, to Yen 74,000 million.  Crude oil prices rose.  Transaction volumes are increasing.  

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,113.7 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered: Jan 2000

Regd No.:          (Tokyo-Chiyodaku) 067102

Legal Status:     Limited Company (Kabushiki Kaisha)

Authorized:        39,200 shares

Issued:               9,800 shares

Sum:                  Yen 490 million*

*.. Increased from Yen 10 million from Oct/2010

Major shareholders (%): Mitsubishi Corporation*(100)

           

*.. Largest general trading house and one of core firms of Mitsubishi Group, Tokyo, founded 1950, listed Tokyo, Osaka, Nagoya and London S/E’s, capital Yen 203,228 million, turnover    Yen 19,233,443 million, recurring profit Yen 534,297 million, net profit Yen 463,188 million, total assets Yen 11,347,442 million, net worth Yen 3,600,990 million, employees 58,470, pres Ken Kobayashi

 

Consolidated Financials are as attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Wholesales and supplies bunker oils, marine lubricants, specialty lubricants; operation of crude products consigned from the parent, Mitsubishi Corp, asphalt for road construction and other industrial purposes, industrial use fuels, other (100%).             

 

Clients: [Ship owners, operators] NYK, Mitsui OSK Lines, Kawasaki Kisen, Shinwa Kogyo, Nippon Road Co, Seiki Tokyu Kogyo, Nippo, Maeda Road Construction, Obayashi Road Corp, Taisei Rotec Corp, other.

 

            No. of accounts: 500

            Domestic areas of activities: Nationwide & worldwide

 

Suppliers: [Oil refineries, oil traders] JX Nippon Energy & Energy Corp, Showa Shell Sekiyu, Idemitsu Kosan, Mitsubishi Corp, Cosmo Oil, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned by the parent, Mitsubishi Corp, and maintained satisfactorily.

 

Bank References:

·         MUFG (Shimbashi)

·         City Bank (H/O)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

74,000

70,748

49,257

88,622

Recur. Profit

　

520

505

140

489

Net Profit

　

350

307

80

294

Total Assets

　

　

17,435

5,441

5,794

Current Assets

　

　

17,089

5,440

5,793

Current Liabs

　

　

13,321

4,351

4,644

Net Worth

　

　

3,200

1,083

1,149

Capital, Paid-Up

　

　

490

10

10

Div.Ttl in Million(¥)

　

　

137

147

80

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.60

43.63

-44.42

-1.68

    Current Ratio

 

..

128.29

125.03

124.74

    N.Worth Ratio

..

18.35

19.90

19.83

    R.Profit/Sales

 

0.70

0.71

0.28

0.55

    N.Profit/Sales

0.47

0.43

0.16

0.33

    Return On Equity

..

9.59

7.39

25.59

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

SUPPLEMNTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

19,233,443

17,102,782

 

  Cost of Sales

1,803,541

16,086,185

 

      GROSS PROFIT

1,149,902

1,016,597

 

  Selling & Adm Costs

833,761

834,344

 

      OPERATING PROFIT

316,141

182,253

 

  Non-Operating P/L

218,156

115,619

 

      RECURRING PROFIT

534,297

297,872

　

      NET PROFIT

463,188

274,846

BALANCE SHEET

 

 

 

 

  Cash

　

1,208,742

1,080,544

 

  Receivables

 

2,133,395

2,018,823

 

  Inventory

 

970,675

848,448

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,680,583

1,543,582

 

      TOTAL CURRENT ASSETS

5,993,395

5,491,397

 

  Property & Equipment

1,735,808

1,696,600

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

3,618,239

3,668,853

 

      TOTAL ASSETS

11,347,442

10,856,850

 

  Payables

 

1,879,958

1,864,811

 

  Short-Term Bank Loans

655,873

655,001

 

　

 

　

　

 

  Other Current Liabs

1,445,466

1,191,577

 

      TOTAL CURRENT LIABS

3,981,297

3,711,389

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

3,188,749

3,246,029

 

  Reserve for Retirement Allw

48,657

54,535

 

  Other Debts

　

527,749

576,202

 

      TOTAL LIABILITIES

7,746,452

7,588,155

 

      MINORITY INTERESTS

 

 

 

Common stock

203,598

203,228

 

Additional paid-in capital

256,501

254,138

 

Retained earnings

3,091,532

2,706,986

 

Evaluation p/l on investments/securities

291,911

300,313

 

Others

 

(90,902)

(44,398)

 

Treasury stock, at cost

(151,650)

(151,572)

 

      TOTAL S/HOLDERS` EQUITY

3,600,990

3,268,695

　

      TOTAL EQUITIES

11,347,442

10,856,850

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

331,204

701,573

 

Cash Flows from Investment Activities

-262,601

-138,502

 

Cash Flows from Financing Activities

76,749

-755,347

　

Cash, Bank Deposits at the Term End

　

1,208,742

1,080,544

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

3,600,990

3,268,695

 

 

Current Ratio (%)

150.54

147.96

 

 

Net Worth Ratio (%)

31.73

30.11

 

 

Recurring Profit Ratio (%)

2.78

1.74

 

 

Net Profit Ratio (%)

2.41

1.61

 

 

Return On Equity (%)

12.86

8.41

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.97

UK Pound

1

Rs.74.22

Euro

1

Rs.63.66

 

 

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

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NB

New Business

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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%)

 

 

 

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.