MIRA INFORM REPORT

 

 

Report Date :

22.03.2013

 

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) :

31.03.2012

 

 

Date of Incorporation :

January 1988

 

 

Com. Reg. No.:

0100-01-030404 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of LPG

 

 

No. of Employees :

334

 

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

 

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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)

 

TATSUHIKO YAMAZAKI,           PRES   Tsutomu Shirakawa, ch

Mitsuru Fukuda, mgn dir                        Hidehiko Imamura, mgn dir

Kazuhito Nakayama dir              Takayoshi Adachi, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 643,990 M

PAYMENTSREGULAR   CAPITAL           Yen 10,000 M

TREND UP                    WORTH            Yen 37,472 M

STARTED         1988                 EMPLOYES      334

 

 

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

 

 

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/2011 fiscal term amounted to Yen 643,990 million, a 16% up from Yen 555,935 million in the previous term.  This is attributed to the unit price-hike of LPG.  Demand also increased.  The recurring profit was posted at Yen 12,327 million and the net profit at Yen 7,304 million, respectively, compared with Yen 5,550 million recurring profit and Yen 3,215 million net profit, respectively, a year ago.  .

 

For the current term ending Dec 2012 the recurring profit is projected at Yen 13,000 million and the net profit at Yen 7,600 million, on a 9% rise in turnover, to Yen 705,000 million.  Business is steadily expanding.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:              Jan 1988

Regd No.:            0100-01-030404 (Tokyo-Chiyodaku)

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 4,310,348 million, operating profit Yen 138,078 million, recurring profit Yen 133,559 million, net profit Yen 64,376 million, total assets Yen 2,682,139 million, net worth Yen 614,513 million, employees 8,243, 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 204,447 million, turnover Yen 20,126,321 million, operating profit Yen 271,122 million, recurring profit Yen 458,970 million, net profit Yen 453,849 million, total assets Yen 12,588,513 million, net worth Yen 3,509,328 million, employees 63,058, pres Ken 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, Indonesia, 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:

31/12/2012

31/12/2011

31/12/2010

31/12/2009

Annual Sales

　

705,000

643,990

555,935

452,911

Recur. Profit

　

13,000

12,327

5,550

5,879

Net Profit

　

7,600

7,304

3,215

2,843

Total Assets

　

　

165,683

152,517

141,509

Current Assets

　

　

133,813

122,490

111,042

Current Liabs

　

　

109,562

103,323

94,841

Net Worth

　

　

37,472

31,353

30,480

Capital, Paid-Up

　

　

10,000

10,000

10,000

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.47

15.84

22.75

-46.01

    Current Ratio

 

..

122.13

118.55

117.08

    N.Worth Ratio

..

22.62

20.56

21.54

    R.Profit/Sales

 

1.84

1.91

1.00

1.30

    N.Profit/Sales

1.08

1.13

0.58

0.63

    Return On Equity

..

19.49

10.25

9.33

 

Notes: Forecast (or estimated) figures for the 31/12/2012 fiscal term. 

 

 

 

 

SUPPLEMENTS:

 

CONSOLIDATED FINANCIALS OF THE PARENT, IDEMITSU KOSAN CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

4,310,348

3,659,301

 

  Cost of Sales

3,912,921

3,272,302

 

      GROSS PROFIT

397,427

386,999

 

  Selling & Adm Costs

259,349

258,228

 

      OPERATING PROFIT

138,078

128,771

 

  Non-Operating P/L

-4,519

-756

 

      RECURRING PROFIT

133,559

128,015

　

      NET PROFIT

64,376

60,683

BALANCE SHEET

 

 

 

 

  Cash

　

171,480

150,696

 

  Receivables

 

452,348

371,157

 

  Inventory

 

585,579

521,150

 

  Securities, Marketable

　

4,253

 

  Other Current Assets

　

　

 

      TOTAL CURRENT ASSETS

1,330,559

1,147,078

 

  Property & Equipment

986,125

991,173

 

  Intangibles

 

52,741

57,501

 

  Investments, Other Fixed Assets

　

　

 

      TOTAL ASSETS

2,682,139

2,517,849

 

  Payables

 

407,490

301,464

 

  Short-Term Bank Loans

353,625

334,853

 

　

 

　

　

 

  Other Current Liabs

　

　

 

      TOTAL CURRENT LIABS

1,178,135

1,003,585

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

547,303

596,258

 

  Reserve for Retirement Allw

24,387

30,731

 

  Other Debts

　

　

　

 

      TOTAL LIABILITIES

2,067,626

1,976,969

 

      MINORITY INTERESTS

 

 

 

Common stock

108,606

108,606

 

Additional paid-in capital

71,131

71,131

 

Retained earnings

288,762

230,935

 

Evaluation p/l on investments/securities

843

1,458

 

Others

 

　

　

 

Treasury stock, at cost

(117)

(115)

 

      TOTAL S/HOLDERS` EQUITY

614,513

540,880

　

      TOTAL EQUITIES

2,682,139

2,517,849

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

159,723

86,995

 

Cash Flows from Investment Activities

-59,092

-74,848

 

Cash Flows from Financing Activities

-79,462

12,732

　

Cash, Bank Deposits at the Term End

　

171,080

154,749

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

614,513

540,880

 

 

Current Ratio (%)

112.94

114.30

 

 

Net Worth Ratio (%)

22.91

21.48

 

 

Recurring Profit Ratio (%)

3.10

3.50

 

 

Net Profit Ratio (%)

1.49

1.66

 

 

Return On Equity (%)

10.48

11.22

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.28

UK Pound

1

Rs.82.65

Euro

1

Rs.70.22

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

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%)

 

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.