MIRA INFORM REPORT
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Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
MARUZEN PETROCHEMICAL CO LTD |
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Registered Office : |
2-25-10 Hatchobori Chuoku Tokyo 104-8502 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 1969 |
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Com. Reg. No.: |
(Tokyo-Chuoku)
057408 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of petrochemicals |
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No. of Employees
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733 |
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 13,631.9 Million |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
MARUZEN PETROCHEMICAL CO LTD
REGD NAME
Maruzen Sekiyu
Kagaku KK
MAIN OFFICE
2-25-10 Hatchobori
Chuoku Tokyo 104-8502 JAPAN
Tel:
03-3552-9361 Fax: 03-5566-8391
URL: http://www.chemiway.co.jp/
E-Mail address: mpckoho@chemiway.co.jp
ACTIVITIES
Mfg of
petrochemicals
BRANCHES
Osaka
FACTORIES
Chiba,
Yokkaichi
OFFICER(S)
SHUN
FUJII, RPES Masatoshi
Tsuchiya, s/mgn dir
Hiromi Oshita, s/mgn dir Yoshiyuki
Satoh, mgn dir
Hitoshi Tsunajima, mgn dir Kazuyoshi
Takeuchi, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 376,682 M
PAYMENTS No
Complaints CAPITAL Yen 10,000 M
TREND SLOW WORTH Yen
78,944 M
STARTED 1959 EMPLOYES 733
COMMENT
MFR OF
PETROCHEMICALS, AFFILIATED TO COSMO OIL CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINess ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 13,631.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was established on the basis of a petrochemical sector separated
from the then Maruzen Oil Co (now merged into Cosmo Oil Co) in order to focus
on mfg of petrochemicals. In Feb 1964
completed the first ethylene plant, followed by the second plant in Jan 1966 as
aromatic extraction equipment. The third
plant was completed in Aug 1969, the first in Japan with annual production of
300,000 tons. The fourth plant was
completed in Dec 1995 of the highest production capacity in Japan of 600,000
tons jointly with Mitsui Chemicals Inc and Sumitomo Chemical Co Ltd. In Dec 1999, acquired Nisso Petrochemical
Industries Co Ltd (currently Maruzen Chemical Co Ltd) stock from Nippon Soda Co
Ltd and Teijin Ltd. In Oct 2003,
established Ube Maruzen Polyethylene Co Ltd, jointly with Ube Ind. In Apr 2005, merged Maruzen Chemical Co Ltd
and Maruzen Polymer Co Ltd.
Strengthening ties with Nisso Petrochemical Ind and Itochu Chemical
Frontier in the area of acrylic area.
Actively advancing into China.
Its Chiba Refinery was fire burned by the Great North East Earthquake
destroying alcohol ketone mfg yard, the restoration of which will be around Jun
2012.
FINANCIAL INFORMATION
The
sales volume for Mar/2011 fiscal term amounted to Yen 376,682 million, a 9% up
from Yen 345,821 million in the previous term.
Sales could not rise as expected due to the said fire at its Chiba
Plant. The recurring profit was posted
at Yen 5,371 million and the net profit at Yen 2,977 million, respectively,
compared with Yen 10,057 million recurring profit and Yen 11,884 million net
profit, respectively, a year ago..
For
the current term ending Mar 2012 the recurring profit is projected at Yen 5,300
million and the net profit at Yen 3,000 million, respectively, on an almost
similar turnover, at Yen 380,000 million.
The restoration of its Chiba Plant will be around Jun 2012, the firm
says.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 13,631.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1969
Regd No.: (Tokyo-Chuoku) 057408
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80 million shares
Issued:
20 million shares
Sum: Yen 10,000
million
Major
shareholders (%): Cosmo Oil Co Ltd*(33.0), Ube Ind (13.2), Denki Kagaku Kogyo
(13.2), Chisso Corp (13.2), Cosmo Matsuyama Oil (11.0), Tosoh Corp (5.5)
No. of shareholders: 10
*.. Leading domestic capital oil refinery/distributor, Tokyo, founded
1939, listed Tokyo, Osaka, Nagoya
S/E’s, capital Yen 107,246 million, turnover Yen 2,771,523 million, operating
profit Yen 104,097 million, recurring profit Yen 96,094 million, net profit Yen
28,933 million, total assets Yen 1,608,778 million, net worth Yen 324,328
million, employees 3,193, pres Yaichi Kimura
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
ethylene, propylene, benzene, toluene, xylene, other basic
chemicals (--85%), functional chemicals, methyl ethyl ketone and other
solvents, polyparavinyl, phenol and other new materials (--15%).
Clients: [Mfrs, oil
refiners, wholesalers] Cosmo Oil, Ube Ind, Denki Kagaku Kogyo, Keiyo
Polyethylene, Chiba Butadiene Ind, Kyowa Hakko Chemicals, Sumitomo Chemical,
Chisso Electric Ind, other.
No. of accounts: 2,000
Domestic areas of
activities: Nationwide
Suppliers: [Oil refinery]
Supplied exclusively from Cosmo Oil
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
MUFG
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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380,000 |
376,682 |
345,821 |
404,911 |
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Recur.
Profit |
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5,300 |
5,371 |
10,057 |
-7,567 |
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Net
Profit |
|
3,000 |
2,977 |
11,884 |
-8,652 |
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Total
Assets |
|
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175,908 |
185,477 |
134,835 |
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Current
Assets |
|
|
121,396 |
123,343 |
80,262 |
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Current
Liabs |
|
|
73,686 |
82,291 |
44,069 |
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Net
Worth |
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78,944 |
78,307 |
67,070 |
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Capital,
Paid-Up |
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|
10,000 |
10,000 |
10,000 |
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Div.P.Share(¥) |
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|
33.00 |
131.00 |
50.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.88 |
8.92 |
-14.59 |
-18.48 |
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Current Ratio |
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.. |
164.75 |
149.89 |
182.13 |
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N.Worth Ratio |
.. |
44.88 |
42.22 |
49.74 |
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R.Profit/Sales |
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1.39 |
1.43 |
2.91 |
-1.87 |
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N.Profit/Sales |
0.79 |
0.79 |
3.44 |
-2.14 |
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Return On Equity |
.. |
3.77 |
15.18 |
-12.90 |
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Notes:
Forecast (or estimated) figures for the 31/02/2012 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.65 |
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UK Pound |
1 |
Rs.77.80 |
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Euro |
1 |
Rs.65.05 |
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 |
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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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.