|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MC ENERGY INC |
|
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Registered Office : |
Hibiya Dai Bldg 14F, 1-2-1 Uchisaiwaicho Chiyodaku Tokyo 100-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
January 2000 |
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Com. Reg. No.: |
0100-01-067102 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Sale of asphalt, road materials, bunker oils, marine lubricants |
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No. of Employees : |
62 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
MC Energy Inc
(Renamed in 2010 from Petro Diamond Co thru merger)
REGD NAME: MC
Energy KK
MAIN OFFICE: Hibiya
Dai Bldg 14F, 1-2-1 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN
Tel:
03-5251-2080 Fax: 03-5251-2086
URL: http://www.mcene.com
E-Mail address: (thru the URL)
Sale of asphalt,
road materials, bunker oils, marine lubricants
Sendai, Sapporo,
Nagoya, Osaka, Hiroshima, Fukuoka
SHUN’ICHIRO
KUWAHARA, PRES
Takayuki Higashi,
mgn dir Minoru
Katsu, dir
Hajime Hirano, dir Kenji Kuroe,
dir
Yozo Yamada, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 92,029 M
PAYMENTS REGULAR CAPITAL Yen 490 M
TREND STEADY WORTH Yen
3,276 M
STARTED 2000 EMPLOYES 62
WHOLESALER SPECIALIZING IN BUNKER OILS AND MARINE LUBRICANTS, ASPHALT, WHOLLY OWNED BY MITSUBISHI CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
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 Mar 2002 renamed as captioned to handle
additionally marine lubricants and related products. In Apr 2003, started to handle specialty
lubricants and operation of crude & crude oil products consigned from the
parent, Mitsubishi Corp. In Oct 2010
merged a sister company and renamed MC Energy Inc. 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.
The sales volume for
Mar/2012 fiscal term amounted to Yen 92,029 million, a 32% hike from Yen 70,748
million in the previous term. This is
attributed to the skyrocketing oil prices.
The recurring profit was posted at Yen 663 million and the net profit at
Yen 365 million, respectively, compared with Yen 505 million recurring profit
and Yen 307 million net profit, respectively, a year ago.
For the current
term ending Mar 2013 the recurring profit is projected at Yen 700 million and
the net profit at Yen 400 million, respectively, on a 5% rise in turnover, to
Yen 96,600 million. Business is seen
expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jan 2000
Regd No.:
0100-01-067102 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 39,200 shares
Issued: 9,800 shares
Sum: Yen 490 million
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 202,698 million, turnover Yen 20,126,321 million, operating profit Yen
271,122 million, recurring profit Yen 458,970 million, net profit Yen 458,849 million,
total assets Yen 12,588,513 million, net worth Yen 3,828,187 million, employees
63,058, pres Ken Kobayashi
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Wholesales
asphalt for road construction and other industrial purposes, bunker oils,
marine lubricants, specialty lubricants, oil cokes; operation of crude and
crude products consigned from the parent, Mitsubishi Corp (--100%).
Clients: [Ship owners,
operators] NYK, Mitsui OSK Lines, Kawasaki Kisen, Shinwa Kogyo, Seiki Tokyu
Kogyo, Nippon Road Co, Nippo, Maeda Road Construction, Obayashi Road Corp,
Taisei Rotec Corp, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
& worldwide
Suppliers: [Oil refineries,
oil traders] JX Nippon Energy & Corp, Showa Shell Sekiyu, Cosmo Oil,
Mitsubishi Corp, 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:
City Bank (Tokyo)
MUFG (Tokyo)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
96,600 |
92,029 |
70,748 |
49,257 |
|
Recur.
Profit |
|
700 |
663 |
505 |
|
|
Net
Profit |
|
400 |
365 |
307 |
80 |
|
Total
Assets |
|
|
20,575 |
17,089 |
5,441 |
|
Current
Assets |
|
|
20,231 |
17,089 |
|
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Current
Liabs |
|
|
16,393 |
13,321 |
|
|
Net
Worth |
|
|
3,276 |
3,200 |
1,083 |
|
Capital,
Paid-Up |
|
|
490 |
490 |
490 |
|
Div.Total
in million(¥) |
|
|
307 |
80 |
147 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
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S.Growth Rate |
4.97 |
30.08 |
43.63 |
-44.42 |
|
|
Current Ratio |
|
.. |
123.41 |
128.29 |
.. |
|
N.Worth Ratio |
.. |
15.92 |
18.73 |
19.90 |
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R.Profit/Sales |
|
0.72 |
0.72 |
0.71 |
.. |
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N.Profit/Sales |
0.41 |
0.40 |
0.43 |
0.16 |
|
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Return On Equity |
.. |
11.14 |
9.59 |
7.39 |
|
Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI
CORP
|
FINANCES: (Consolidated
in million yen) |
|
|||||
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Terms Ending: |
31/03/2012 |
31/03/2011 |
||
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INCOME STATEMENT |
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||||
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Annual Sales |
|
20,126,321 |
19,233,443 |
||
|
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Cost of Sales |
18,998,461 |
18,083,541 |
|||
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GROSS PROFIT |
1,127,860 |
1,149,902 |
|||
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Selling & Adm Costs |
856,738 |
833,761 |
|||
|
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OPERATING PROFIT |
271,122 |
316,141 |
|||
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Non-Operating P/L |
177,748 |
218,156 |
|||
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RECURRING PROFIT |
458,970 |
534,297 |
|||
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NET PROFIT |
453,849 |
463,188 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
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Cash |
|
1,252,951 |
1,208,752 |
||
|
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Receivables |
|
2,379,899 |
3,133,395 |
||
|
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Inventory |
|
965,027 |
970,675 |
||
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Securities, Marketable |
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|
|||
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Other Current Assets |
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|
|||
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TOTAL CURRENT ASSETS |
6,175,276 |
5,993,975 |
|||
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Property & Equipment |
3,265,380 |
2,978,616 |
|||
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Intangibles |
|
|
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||
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Investments, Other Fixed Assets |
|
|
|||
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TOTAL ASSETS |
12,588,513 |
11,272,775 |
|||
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Payables |
|
2,108,171 |
1,879,958 |
||
|
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Short-Term Bank Loans |
886,431 |
656,873 |
|||
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||
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Other Current Liabs |
|
|
|||
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TOTAL CURRENT LIABS |
4,465,966 |
3,981,297 |
|||
|
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Debentures |
|
|
|
||
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Long-Term Bank Loans |
3,760,101 |
3,188,749 |
|||
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Reserve for Retirement Allw |
51,345 |
48,657 |
|||
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Other Debts |
|
|
|
||
|
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TOTAL LIABILITIES |
8,760,226 |
7,722,830 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
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Common
stock |
204,447 |
203,598 |
|||
|
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Additional
paid-in capital |
262,039 |
256,501 |
|||
|
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Retained
earnings |
3,302,093 |
3,095,348 |
|||
|
|
Evaluation
p/l on investments/securities |
230,362 |
236,792 |
|||
|
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Others |
|
|
|
||
|
|
Treasury
stock, at cost |
(20,565) |
(151,650) |
|||
|
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TOTAL S/HOLDERS` EQUITY |
3,828,287 |
3,549,945 |
|||
|
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TOTAL EQUITIES |
12,588,513 |
11,272,775 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
550,694 |
331,204 |
||
|
|
Cash
Flows from Investment Activities |
-1,100,913 |
-262,601 |
|||
|
|
Cash
Flows from Financing Activities |
599,059 |
76,749 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
1,252,951 |
1,208,742 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
3,828,287 |
3,549,945 |
||
|
|
|
Current
Ratio (%) |
138.27 |
150.55 |
||
|
|
|
Net
Worth Ratio (%) |
30.41 |
31.49 |
||
|
|
|
Recurring
Profit Ratio (%) |
2.28 |
2.78 |
||
|
|
|
Net
Profit Ratio (%) |
2.26 |
2.41 |
||
|
|
|
Return
On Equity (%) |
11.86 |
13.05 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
---- |
NB |
New Business |
---- |
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.