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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
COSMO PETROLEUM GAS CO LTD |
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Registered Office : |
Tamachi Nikko Bldg, 5-29-4 Shiba Minatoku
Tokyo 108-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June 1986 |
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Com. Reg. No.: |
0104-01-099579
(Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of LPG, LNG |
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No. of Employees : |
76 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – 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 |
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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 |
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 |
COSMO PETROLEUM GAS CO LTD
Cosmo Sekiyu Gas
KK
Tamachi Nikko
Bldg, 5-29-4 Shiba Minatoku Tokyo 108-0014 JAPAN
Tel:
03-3798-3171 Fax: 03-3798-3421
URL: http://www.cosmo-oil.co.jp (Of the
parent, Cosmo Oil Co)
E-Mail address: (thru the URL)
Import,
wholesale of LPG, LNG
Nagoya,
Osaka
KENSUKE
SUZUKI, PRES Masayoshi Ishino,
s/mgn dir
Yoshimi
Niwa, dir Akira
Satoh, dir
Hidenori
Fujime, dir Hirohide Iijima,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 90,108 M
PAYMENTSREGULAR CAPITAL Yen
3,500 M
TREND SLOW WORTH Yen 5,168 M
STARTED 1986 EMPLOYES 76
IMPORTER OF LPG, OWNED BY COSMO OIL CO.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 783.3 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of a trading division separated
from Cosmo Oil Co Ltd (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of LPG (propane, butane), LPG, other. Placed 4th in this line of
business in Japan. Imports from Saudi
Arabia are over 30% of total sales.
Goods are exported. Clients
include electric powers, oil companies, other
The sales volume for Mar/2012 fiscal term amounted to Yen 90,108
million, an 8% down from Yen 97,963 million in the previous term. Material price hike decreased demand
domestically. The firm posted Yen 783
recurring loss due to the hike in material prices, but net profit at Yen 96
million, respectively, compared with Yen 6,936 million recurring profit and Yen
2,231 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 1,000 million and the net profit at Yen 500 million, respectively, on an
almost similar turnover, at Yen 91,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 783.3 million, on 30 days normal terms.
Date Registered: Jun
1986
Regd No.: 0104-01-099579 (Tokyo-Minatoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
40,000 shares
Issued:
10,000 shares
Sum: Yen 3,500 million
Major shareholders (%): Cosmo Oil Co Ltd* (100)
*.. Leading domestic capital oil
refiner/distributer, Tokyo, founded 1939, listed Tokyo, Osaka, Nagoya S/E’s, capital
Yen 107,246 million, sales Yen 3,109,746 million, operating profit Yen 63,570
million, recurring profit Yen 61,420 million, net losses Yen 9,084 million,
total assets Yen 1,550,954 million, net worth Yen 228,014 million, employees
6,185, pres Keizo Morikawa
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales LPG: propane (65%), butane (28%), others (7%)
Clients: [Mfrs,
wholesalers] Maruzen Petrochemical Co, Iwatani Corp, Chubu Electric Power, Toho
Gas Ltd, Shinanen Co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Cosmo Oil, Maruzen Petrochemical Co, other
Imports from Saudi Arabia, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
MUFG
(Tokyo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
91,000 |
90,108 |
97,963 |
105,204 |
|
Recur.
Profit |
|
1,000 |
-783 |
6,936 |
2,708 |
|
Net
Profit |
|
500 |
96 |
2,231 |
1,615 |
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Total
Assets |
|
|
48,400 |
46,309 |
50,938 |
|
Current
Assets |
|
|
38,765 |
35,636 |
38,657 |
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Current
Liabs |
|
|
41,300 |
35,583 |
42,388 |
|
Net
Worth |
|
|
5,168 |
8,175 |
6,104 |
|
Capital,
Paid-Up |
|
|
3,500 |
3,500 |
3,500 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
0.99 |
-8.02 |
-6.88 |
-22.05 |
|
|
Current Ratio |
|
.. |
93.86 |
100.15 |
91.20 |
|
N.Worth Ratio |
.. |
10.68 |
17.65 |
11.98 |
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|
R.Profit/Sales |
|
1.10 |
-0.87 |
7.08 |
2.57 |
|
N.Profit/Sales |
0.55 |
0.11 |
2.28 |
1.54 |
|
|
Return On Equity |
.. |
1.86 |
27.29 |
26.46 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
UK Pound |
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.