MIRA
INFORM REPORT
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Report Date : |
10th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
IDEMITSU
KOSAN CO. LTD. |
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Registered Office : |
3-1-1 Marunouchi Chiyodaku Tokyo 100-8321 Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
March
1940 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Oil & petrochemical refinery |
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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Maximum Credit Limit : |
YEN 40,467.2 MILLION |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
IDEMITSU KOSAN CO LTD
REGD NAME
Idemitsu Kosan KK
MAIN OFFICE
3-1-1 Marunouchi Chiyodaku Tokyo 100-8321 JAPAN
Tel :
03-3213-3115
URL : http://www.idemitsu co.jp/
E-Mail address : (thru the URL)
ACTIVITIES
Oil & petrochemical refinery
BRANCHES
Sapporo, Sendai, Chiba, Yokohama,
Nagoya, Osaka, other (Tot 18)
REFINERIES
Tomakomai (Hokkaido) (140,000 BPD);
Chiba (220,000 BPD); Chita (Aichi) (160,000 BPD); Tokuyama (120,000 BPD) (Refining
capacities in parenthesis)
CHIEF EXEC
AKIHITO TEMBO, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,327,403 M
PAYMENTS REGULAR CAPITAL Yen 51,388 M
TREND STEADY WORTH Yen 368715 M
STARTED 1940 EMPLOYES 7,737
COMMENT
OIL & PETROCHEMICAL REFINERY. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 40,467.2 MILLION,
30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for
31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established
originally in 1911 by Sazo Idemitsu at Moji as Idemitsu Shokai, a sole
proprietorship on his account, thence advanced into China & Manchuria. In 1940 incorporated as Idemitsu Kosan KK,
absorbing the said Idemitsu Shokai, and in 1947, when Oil Distribution Assoc
started, resumed oil business in Japan.
This is leading oil refinery, independent of any of the Major Oil
Companies, with petrochemical producing operations. In 1953, amid the internationaldisputes over Iran, the firm
ventured to send tankers to Iran and imported crude oils from there, which made the firm conspicuous
in the oil industry. In Aug 2004,
absorbed Idemitsu Petrochemical Co Ltd, wholly owned subsidiary founded 1964,
by separating unprofitable operation units to Mitsui Chemical Corp. In Nov 2005, upgraded Beijing Office to a
wholly owned subsidiary, Idemitsu Energy Consulting (Beijing) Co Ltd. The firm went public by listing on the Tokyo
S/E on 24/10/2006.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal
term amounted to Yen 3,327,403 million, a 20.4% up from Yen 2,763,668 million
in the previous term. The sharp leap is
attributed to the soaring crude oil prices which eventually were passed on to
consumers. The recurring profit was
posted at Yen 70,829 million and the net profit at Yen 27,391 million,
respectively, compared with Yen 79,594 million recurring profit and Yen 5,894
million net losses, respectively, a year ago.
The previous term’s net losses are referred to the asset-impairment
accounting system employed from that term.
For the current term ending Mar 2007
the recurring profit is projected at Yen 81,000 million and the net profit at
Yen 30,000 million, respectively, on a 7.6% rise in turnover, to Yen 3,580,000
million.The forecasts are based on: Crude oil US$56/bbl; Yen 188/US$.
The financial situation is considered
FAIR and goof for ORDINARY business engagements. Max credit limit is estimated
at Yen 40,467.2 million, on 30 days normal terms.
REGISTRATION
Date Registered : Mar 1940
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 109 million shares
Issued :
27,321,500 shares
Sum :
Yen 51,388 million
Major shareholders (%)
Nissho Kosan KK (33.9), Treasury Stock
(16.28), Employees’ S/Holding Assn (13.97), Idemitsu Museum (10.0), Shosuke
Idemitsu (4.66), Masakazu Idemitsu (1.9), Masamichi Idemitsu (1.9), Tokio
Marine & Nichido Fire Ins (0.16), Mitsui OSK Line (0.16), NYK (0.16)
No. of shareholders : 1,353 (as of Mar/06)
Listed on the S/Exchange (s) of : Tokyo (listed on 24/10/06)
Managements
Akira Idemitsu, ch; Akihiko Tembo,
pres; Masao Harada, v pres; Yoshiaki Yoshioka, v pres; Mitsuru Kusumoto, mgn
dir; Tetsuo Nishimura, mgn dir; Masakatsu Tanaka, mgn dir; Kazuhisa Nakano, mgn
dir; Shuichi Ohmiya, mgn dir; Ken’ichi Matsui, mgn dir
Nothing detrimental is known as to the
commercial morality of executives.
Related companies
Idemitsu Oil & Gas Exploration,
Idemitsu tanker, Idemitsu Engineering, Idemitsu
Gas & Life, Apollo Service, other (Tot 76 as of Mar/06)
OPERATION
Activities: Oil & petrochemical
refinery.
(Sales breakdown by divisions):
Oil
refining & products (75%): gasoline, naphtha, kerosene,
gas oil, heavy fuel oil, jet fuel, lube oil, LPG, marine supply bunker oils,
others;
Petrochemicals
(17%): ethylene, benzene, butadiene, their derivatives, others;
Oil
development (3%): research, drilling, development of oil
resources;
Others
(5%): auto-related products, leasing, credit card business,
construction & maintenance of refineries & other buildings.
Clients
[Mfrs, wholesalers] Zen-Noh, Mitsui & Co, Mitsubishi Corp,
Tokuyama Corp, Tosoh Corp, ANA, Nippon Zeon, Sumitomo Chemical, Usami & Co,
other.
No. of accounts
3,000
Domestic areas of activities
Nationwide
Suppliers
[Oil producers, wholesalers] Crude oils
are supplied from Saudi Arabia, Kuwait, Qatar, Abu Dhabi, China, Iran,
Indonesia, other. Transported by own
crude oil tankers (12 owned) and
chartered fleet.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (H/O)
SMBC (Tokyo)
Relations: Satisfactory
FINANCES
(Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual
Sales |
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3,327,403 |
2,763,668 |
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Cost of
Sales |
3,003,287 |
2,401,504 |
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GROSS PROFIT |
324,115 |
362,164 |
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Selling
& Adm Costs |
252,682 |
262,781 |
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OPERATING PROFIT |
71,432 |
99,382 |
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Non-Operating P/L |
-603 |
-19,788 |
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RECURRING PROFIT |
70,829 |
79,594 |
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NET
PROFIT |
27,391 |
-5,894 |
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BALANCE SHEET |
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Cash |
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132,747 |
168,205 |
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Receivables |
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366,153 |
318,786 |
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Inventory |
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336,963 |
296,916 |
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Securities, Marketable |
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36,997 |
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Other
Current Assets |
142,459 |
131,095 |
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TOTAL CURRENT ASSETS |
978,322 |
951,999 |
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Property
& Equipment |
1,037,130 |
1,072,548 |
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Intangibles |
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33,331 |
28,672 |
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Investments, Other Fixed Assets |
231,576 |
175,355 |
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TOTAL ASSETS |
2,280,359 |
2,228,574 |
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Payables |
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294,875 |
239,270 |
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Short-Term Bank Loans |
407,599 |
470,504 |
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Other
Current Liabs |
340,777 |
326,013 |
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TOTAL CURRENT LIABS |
1,043,251 |
1,035,787 |
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Debentures |
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85,500 |
78,900 |
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Long-Term Bank Loans |
498,649 |
547,523 |
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Reserve
for Retirement Allw |
64,570 |
63,144 |
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Other
Debts |
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188,149 |
174,825 |
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TOTAL LIABILITIES |
1,880,119 |
1,900,179 |
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MINORITY INTERESTS |
31,524 |
34,122 |
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Common stock |
51,388 |
38,800 |
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Additional paid-in capital |
12,535 |
71 |
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Retained earnings |
144,914 |
114,545 |
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Evaluation p/l on investments/securities |
16,599 |
7,051 |
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Others |
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143,279 |
142,730 |
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Treasury stock, at cost |
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(8,925) |
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TOTAL S/HOLDERS` EQUITY |
368,715 |
294,272 |
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TOTAL EQUITIES |
2,280,358 |
2,228,574 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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56,337 |
86,533 |
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Cash Flows from Investment Activities |
-54,298 |
-4,298 |
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Cash Flows from Financing Activities |
-74,947 |
-135,664 |
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Cash, Bank Deposits at the Term End |
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132,747 |
203,484 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
368,715 |
294,272 |
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Current Ratio (%) |
93.78 |
91.91 |
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Net Worth Ratio (%) |
16.17 |
13.20 |
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Recurring Profit Ratio (%) |
2.13 |
2.88 |
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Net Profit Ratio (%) |
0.82 |
-0.21 |
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Return On Equity (%) |
7.43 |
-2.00 |
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RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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