|
Report No. : |
317759 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASTOMOS ENERGY CORPORATION |
|
|
|
|
Registered Office : |
Asahi Tower 24F, 1-2-1 Marunouchi Chiyodaku Tokyo 100-0005 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
January 1988 |
|
|
|
|
Com. Reg. No.: |
0100-01-030404 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Imports and wholesales LPG (100%). |
|
|
|
|
No. of Employees : |
260 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Yen 15,337.7 Million |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
ASTOMOS ENERGY
CORPORATION
Astomos Energy KK
Asahi Tower 24F, 1-2-1 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 29)
OVERSEAS: UAE, Korea & Singapore
OFFICER(S): TAKASHI MASUDA, PRES Mitssuru Doi, ch
Hidehiko Imamura,
mgn dir Kazuhito Nakayama mgn dir Kaname
Ichima, mgn dir Seiya Araki,
mgn dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 939,678 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 10,000 M
TREND UP WORTH Yen 35,842 M
STARTED 1988 EMPLOYES 260
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
MAX CREDIT LIMIT: YEN 15,337.7 MILLION, 30 DAYS NORMAL TERMS
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.
The sales volume for Dec/2014 fiscal term amounted to Yen 939,678
million, a 6% up from Yen 883,800 million in the previous term. The operations plunged into the deficit to
post Yen 12,588 million recurring loss and Yen 7848 net losses, respectively,
compared with Yen 18,214 million recurring profit and Yen 11,121 million net
profit, respectively, a year ago. The
losses are referred to inventory value losses.
For the current term ending Dec 2015 the recurring profit is projected
at Yen 20,000 million and the net profit at Yen 13,000 million, on a39% rise in
turnover, to Yen 967,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 15,337.7 million, on 30 days normal terms.
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 5,034,995 million,
operating profit Yen 78,197 million, recurring profit Yen 81,921 million, net
profit Yen 36,294 million, total assets Yen 2,991,315 million, net worth Yen
636,743 million, employees 8,749, pres Kazushi Tsukioka
** Largest general trading house and core of Mitsubishi group, Tokyo,
founded 1950, listed Tokyo S/E, capital Yen 204,447 million, turnover Yen
7,589,255 million, operating profit Yen 198,467 million, recurring profit Yen
432,233 million, net profit Yen 444,793 million, total assets Yen 17,148,169
million, net worth Yen 5,465,169 million, employees 68,383, 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: No Complaints
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
(In Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
Annual Sales |
|
967,000 |
939,678 |
883,800 |
738,328 |
|
Recur. Profit |
|
20,000 |
-12,588 |
18,214 |
11,481 |
|
Net Profit |
|
13,000 |
-7,848 |
11,121 |
6,702 |
|
Total Assets |
|
|
185,839 |
225,988 |
198,417 |
|
Current Assets |
|
|
146,947 |
192,412 |
164,508 |
|
Current Liabs |
|
|
136,384 |
162,432 |
139,014 |
|
Net Worth |
|
|
35,842 |
50,945 |
43,249 |
|
Capital, Paid-Up |
|
|
10,000 |
10,000 |
10,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.91 |
6.32 |
19.70 |
14.65 |
|
Current Ratio |
|
.. |
107.75 |
118.46 |
118.34 |
|
N.Worth Ratio |
|
.. |
19.29 |
22.54 |
21.80 |
|
R.Profit/Sales |
|
2.07 |
-1.34 |
2.06 |
1.55 |
|
N.Profit/Sales |
|
1.34 |
-0.84 |
1.26 |
0.91 |
|
Return On Equity |
|
.. |
-21.90 |
21.83 |
15.50 |
Notes: Forecast (or estimated) figures for the 31/12/2015 fiscal
term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.