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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI ENERGY CORPORATION |
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Registered Office : |
Ochanomizu Kyoun Bldg 9/10 F’s, 2-2 Kanda-Surugadai Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
November 1991 |
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Legal Form : |
Limited Company |
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Line of Business : |
Retails and wholesales gasoline (57%), heavy fuel oil
(8%), light fuel oil (17%), kerosene oil (17%), asphalt, lube oil, others
(1%) |
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No of Employees : |
181 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus, monetary easing, and structural
reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact
that would open Japan's economy to increased foreign competition and create new
export opportunities for Japanese businesses. Measured on a purchasing power
parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of
GDP. To help raise government revenue and reduce public debt, Japan decided in
2013 to gradually increase the consumption tax to a total of 10% by the year
2015. Japan is making progress on ending deflation due to a weaker yen and
higher energy costs, but reliance on exports to drive growth and an aging,
shrinking population pose other major long-term challenges for the economy.
|
Source
: CIA |
MARUBENI ENERGY
CORPORATION
Marubeni Energy KK
Ochanomizu Kyoun Bldg 9/10 F’s, 2-2 Kanda-Surugadai Chiyodaku Tokyo
101-8322 Japan
Tel: 03-3293-4401
Fax: 03-3293-4036
URL: http://www.marubeni-e.co.jp/
E-Mail address: info@marubeni-e.co.jp
ACTIVITIES: Wholesale, retail of gasoline, other oil
products
BRANCHES: Osaka, Nagoya, Sapporo, Sendai, Kanazawa,
Fukuoka
SERVICE STATIONS: 600 nationwide,
including group & subsidiary firms
OFFICER(S): TETSUYA TAKESHITA, PRES Yoshito Manabe, dir
Ryoji
Yamauchi, dir Tomoharu
Hara, dir
Harumichi
Tanabe, dir Noriyuki Sato,
dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 487,708 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
2,350 M
TREND STEADY WORTH Yen 10,262 M
STARTED 1991 EMPLOYES 181
COMMENT: WHOLESALER & RETAILER SPECIALIZING IN GASOLINE AND OTHER PETROLEUM PRODUCTS, AFFILIATED WITH MARUBENI CORPORATION. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1976 on the basis of a section separated from Petroleum Division of Marubeni Corp (see REGISTRATION) in order to operate gas stations. The firm specializes in wholesaling & retailing gasoline and other oil products, to 600 gas stations nationwide, including group & subsidiary firms. In Nov 1985, transferred into LPG business from the parent. In Oct 2004, separated the LPG operations to a newly founded sister firm, Marubeni Gas Energy Corp, wholly owned by Marubeni Corp. At the same time, accepted capital participation from Showa Shell Sekiyu KK (see REGISTRATION). By this participation the service station operations have been strengthened and increased in sales volume. Clients in the wholesaling division include steel mills, pulp & paper, chemicals, ship operations, general contractors, oil dealerships, retail shops, other, nationwide.
The sales volume for Mar/2014 fiscal term amounted to Yen 487,708 million, a shade down from Yen 492,561 million in the previous term The recurring profit was posted at Yen 1,029 million and the net profit at Yen 600 million, respectively, compared with Yen 1,592 million recurring profit and Yen 625 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected at Yen 1,100 and the net profit at Yen 700 million, respectively, on a 5% rise in turnover, to Yen 512,000 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements.
Date
Registered: Nov 1991
Regd No.: (Tokyo-Chiyodaku)
029467
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 188,000 shares
Issued: 47,000 shares
Sum: Yen
2,350 million
Major shareholders
(%): Marubeni Corp* (66.6),
Showa Shell Sekiyu KK** (33.4)
No. of
shareholders: 2
*.. One of big 5 general trading houses, founded 1949, listed Tokyo S/E,
capital Yen 262,686 million, sales Yen 13,633,520 million, operating profit Yen
157,462 million, recurring profit Yen 236,373 million, net profit Yen 210,945
million, total assets Yen 7,255,380 million, net worth Yen 1,385,313 million,
employees 39,465, pres Fumiya Kokubu.
**.. Major oil distributor of Royal Dutch/Shell group, Tokyo, founded
1942, listed Tokyo S/E, capital Yen 34,197 million, turnover Yen 2,953,808
million, operating profit Yen 75,430 million, recurring profit Yen 76,204
million, net profit Yen 60,295 million, total assets Yen 1,221,887 million, net
worth Yen 300,974 million, employees 5,829, pres Douglas Wood
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Retails and wholesales gasoline (57%), heavy fuel oil (8%), light fuel oil (17%), kerosene oil (17%), asphalt, lube oil, others (1%), supplying to 600 service stations nationwide.
Clients: [Mfrs, wholesalers, consumers] Kuraray Co, Showa Denko, Kamei Corp, Nippon Paper Group, Marubeni Nenryo, Marubeni Corp, Idemitsu Kosan, Kamei Corp, other.
No. of accounts: 2,000 (wholesale div)
Domestic areas of activities: Nationwide
Suppliers: [Oil refiners, wholesalers] Marubeni Corp, Showa Shell Sekiyu, Idemitsu Kosan, TonenGeneral Sekiyu, Kyushu Oil, other.
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank (Ohtemachi)
SMBC (H/O)
Relations: Satisfactory
|
Terms
Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
512,000 |
487,708 |
492,561 |
463,972 |
|
Recur. Profit |
|
1,100 |
1,029 |
1,592 |
2,115 |
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Net Profit |
|
700 |
600 |
625 |
731 |
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Total Assets |
|
|
58,319 |
59,018 |
65,601 |
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Current Assets |
|
|
40,106 |
40,446 |
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Current Liabs |
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|
39,952 |
42,570 |
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Net Worth |
|
|
10,262 |
10,023 |
9,631 |
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Capital, Paid-Up |
|
|
2,350 |
2,350 |
2,350 |
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Div.P.Share(¥) |
|
|
6,382.00 |
6,638.00 |
7,765.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
4.98 |
-0.99 |
6.16 |
14.09 |
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Current Ratio |
|
.. |
100.39 |
95.01 |
.. |
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N.Worth Ratio |
|
.. |
17.60 |
16.98 |
14.68 |
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R.Profit/Sales |
|
0.21 |
0.21 |
0.32 |
0.46 |
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N.Profit/Sales |
|
0.14 |
0.12 |
0.13 |
0.16 |
|
Return On Equity |
|
.. |
5.85 |
6.24 |
7.59 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.27 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
Report Prepared
by : |
TPT |
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 |
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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 |
-- |
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.