MIRA
INFORM REPORT
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Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MITSUI & CO PETROLEUM LTD |
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Registered Office : |
Mitsui Bussan Bldg, 1-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 (MITSUI & CO LTD) |
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Date of Incorporation : |
July, 1947 (MITSUI & CO LTD) |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 008767 (MITSUI & CO
LTD) |
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Legal Form : |
Limited Company (MITSUI & CO LTD) |
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Line of Business : |
Import, export, wholesale of ship bunkers,
marine fuel oils, as agent for Energy Business Unit of Mitsui & Co Ltd. |
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No. of Employees : |
45,145 |
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 : |
No Complaints |
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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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 small agricultural sector is highly subsidized and protected, with crop
yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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 |
company name and address
MITSUI
& CO PETROLEUM LTD
REGD
NAME: Mitsuibussan Sekiyubu
(In-house division company & not registered; Sekiyubu means Petroleum Dept)
MAIN
OFFICE: Mitsui Bussan Bldg, 1-2-1
Ohtemachi Chiyodaku Tokyo 100-0004 Japan
Tel: 03-3285-6464 Fax: 03-3867-8577
URL: http://www.mitsui.co.jp
(Of the parent, Mitsui & Co)
E-Mail address: tkzph@dg.mitsui.co.jp
ACTIVITIES
Import, export, wholesale of ship bunkers,
marine fuel oils, as agent for Energy Business Unit of Mitsui & Co Ltd.
BRANCHES
150 offices in 67 overseas countries;
domestically 12 (of the parent)
OVERSEAS
142: branches 43; trading subsidiaries 99,
as of Mar/08 (of the parent)
OFFICERs
MASAMI IIJIMA, PRES Shohei Utsuda, ch
Seiichi Tanaka, v pres Daisuke Sanga, s/mgn dir
Joji Okada, s/mgn dir Masayuki Kinoshita, s/mgn dir
(-- all executives at the parent, Mitsui
& Co)
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
10,049,637 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 341,482 M
TREND STEADY WORTH Yen 3,440,104 M
STARTED 1947 EMPLOYES 45,145
(-- all figures of the parent, Mitsui &
Co)
COMMENT
ENERGY BUSINESS UNIT OF MITSUI & CO LTD,
JAPAN’S LEADING GENERAL TRADING HOUSE, TOKYO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
(Of the parent, Mitsui & Co’s credit
limit)
.
Unit:
In Million Yen
Forecast
for the 31/03/2014 fiscal term. (Of the
parent, Mitsui & Co)
HIGHLIGHTS
The subject firm is intra-house division
company belonging to Energy Business Unit of Mitsui & Co Ltd, at the
caption address (See REGISTRATION
and other parts particularly mentioned).
It deals with ship bunkers and marine fuels, others, as agent for the
Unit. The Energy Business Unit (No.1
& No.2) handles crude oil, LNG, LPG, fuels, oil exploration & drilling,
oil refining, other associated business as a group, accounting for 29% of total
group sales.
The Unit has 31 subsidiaries, including
Mitsui Oil Co Ltd (Japan), Mitsui Liquefied Gas Co Ltd (Japan) Kokusai Oil & Chemical Co Ltd (Japan), and
Mitsui Oil (Asia) Pte Ltd (Singapore), Mitsui
LNG Nederland BV (Netherlands), Mitsui E&P Middle East BV (Netherlands),
Mitsui E&P Australia Pty
Limited (Australia), Mitsui E&P New Zealand Limited (New Zealand), Mitsui
Gas Development Qatar BV
(Netherlands), Wandoo Petroleum Pty Ltd (Australia), Mittwell Energy Resources Pty Limited (Australia),
other;
Also 10 associated companies, including
Mitsui Oil Exploration Co Ltd (Japan, Kyokuto Petro- leum Industries Ltd (Japan), Japan Australia LNG (MIMI) Pty
Ltd (Australia), Sakhalin Energy Investment
Co Ltd (Bermuda)
FINANCIAL INFORMATION
(all
figures are of the parent, Mitsui & Co Ltd)
The sales volume for Mar/2013 fiscal term
amounted to Yen 10,049,637 million, a 4.1% down from Yen 10,481,186 million in
the previous term. Energy business
performed better than expected, backed by solid oil prices and dividend income
from an LNG affiliate. But the softening
mainline iron ore market hurt. Economic
downturn in China affected the chemicals business. Net profit took a downturn, despite decrease
in the Yen 50 billion securities valuation loss of the preceding term. The recurring profit was posted at Yen
314,098 million and the net profit at Yen 307,926 million, respectively,
compared with Yen 413,211 million recurring profit and Yen 434,497 million net
profit, respectively, a year ago.
For the current term ending Mar 2014 the
recurring profit is projected at Yen 360,000 million and the net profit at Yen
370,000 million, respectively, on a 4.5% rise in turnover, to Yen 10,500,000
million. New copper concession in Chile
will increase. Iron ore market will
rebound after hitting the bottom in the second half of the preceding term. Grains business will be free of further
impact from droughts. Net profit will
rise.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
(MITSUI & CO LTD)
Date
Registered: Jul 1947
Regd
No.: (Tokyo-Chiyodaku) 008767
Legal
Status:
Limited Company
(Kabushiki Kaisha)
Authorized: 2,500 million shares
Issued:
1,829,153,527 shares
Sum:
Yen
341,482 million
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: The Energy
Segment consists of the following tow business units:
Energy
Business Unit 1, managed by Hiroyuki Kato: Exploration and production of oil &
gas, uranium and other energy resources; trading of oil, petroleum products,
coal, uranium and other energy resources and; petroleum refining and marketing
of gasoline, LPG and other petroleum products in the Japanese domestic market;
Energy
Business Unit 2, managed by Yasushi Yoshikai; Development of natural gas and LNG
projects; trading of LNG; development of new gas commercialization technology,
and; development of carbon credit business, biomass ethanol business, fuel cell
and other next generation energy sources.
(LNG
projects engaged by the Segment): Abu Dhabi Gas Liquefaction ltd, Northwest
Shelf JV in Australia, Qatar Liquefied Gas Co Ltd, Oman LNG LLC, Equatorial
Guinea LNG Company SA, Sakhalin Energy Investment Co Ltd, Tangguh LNG project
in Indonesia, other
Clients: [Oil refinery,
oil traders, ship operators] Mitsui Oil & Gas, Mitsui Chemical,
other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Wholesaler]
Supplied from the parent, Mitsui & Co, and group firms.
Payment
record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent and maintained satisfactorily.
Bank
References:
SMBC (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory.
FINANCES
(MITSUI & CO Ltd):
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual
Sales |
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5,000 |
10,481,166 |
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Cost
of Sales |
3,000 |
9,602,887 |
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GROSS
PROFIT |
2,000 |
878,279 |
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Selling
& Adm Costs |
1,000 |
529,895 |
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OPERATING
PROFIT |
1,000 |
348,384 |
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Non-Operating
P/L |
-169,110 |
64,837 |
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RECURRING
PROFIT |
-67,443 |
413,221 |
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NET
PROFIT |
-40,794 |
434,497 |
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BALANCE SHEET |
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Cash |
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1,425,174 |
1,431,112 |
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Receivables |
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1,608,915 |
1,616,191 |
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Inventory |
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746,584 |
515,758 |
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Securities,
Marketable |
367 |
1,087 |
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Other
Current Assets |
850,491 |
862,175 |
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TOTAL
CURRENT ASSETS |
4,631,531 |
4,426,323 |
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Property
& Equipment |
1,570,270 |
1,255,883 |
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Intangibles |
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118,448 |
110,307 |
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Investments,
Other Fixed Assets |
4,004,332 |
3,219,310 |
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TOTAL
ASSETS |
10,324,581 |
9,011,823 |
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Payables |
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1,438,287 |
1,342,343 |
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Short-Term
Bank Loans |
421,211 |
372,657 |
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Other
Current Liabs |
1,185,832 |
909,030 |
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TOTAL
CURRENT LIABS |
3,045,330 |
2,624,030 |
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Debentures |
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Long-Term
Bank Loans |
3,184,957 |
2,898,217 |
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Reserve
for Retirement Allw |
68,312 |
55,799 |
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Other
Debts |
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585,878 |
572,967 |
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TOTAL
LIABILITIES |
6,884,477 |
6,151,013 |
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MINORITY
INTERESTS |
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Common
stock |
341,482 |
341,482 |
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Additional
paid-in capital |
429,828 |
430,491 |
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Retained
earnings |
2,405,008 |
2,192,494 |
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Evluation
p/l on investments/securities |
135,832 |
90,476 |
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Others |
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133,928 |
(187,930) |
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Treasury
stock, at cost |
(5,974) |
(6,203) |
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TOTAL
S/HOLDERS` EQUITY |
3,440,104 |
2,860,810 |
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TOTAL
EQUITIES |
10,324,581 |
9,011,823 |
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CONSOLIDATED CASH FLOWS |
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Terms
ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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461,430 |
380,984 |
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Cash
Flows from Investment Activities |
-753,297 |
-438,191 |
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Cash
Flows from Financing Activities |
221,635 |
57,394 |
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Cash,
Bank Deposits at the Term End |
|
1,425,174 |
1,431,112 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
3,440,104 |
2,860,810 |
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Current
Ratio (%) |
152.09 |
168.68 |
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Net
Worth Ratio (%) |
33.32 |
31.75 |
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Recurring
Profit Ratio (%) |
-1348.86 |
3.94 |
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Net
Profit Ratio (%) |
-815.88 |
4.15 |
||
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Return
On Equity (%) |
-1.19 |
15.19 |
||
Notes: Financials are of the parent, Mitsui
& Co Ltd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
---- |
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.