MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JAPEX SKS CORPORATION |
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Registered Office : |
Sakura Shimbashi Bldg 7F, 2-6-1 Shimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jun 1962 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale of LNG, LPG |
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 816.2 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
JAPEX SKS
CORPORATION
REGD NAME
SK Sangyo KK
MAIN OFFICE
Sakura Shimbashi
Bldg 7F, 2-6-1 Shimbashi Minatoku
Tel : 03-5251-8001
Fax : 03-5251-8008
URL : http://www.japex-sks.co.jp
E-Mail
address: admi.dept@japex-sks.co.jp
*.. Registered at: 12-3 Udagawacho Shibuyaku
ACTIVITIES
Wholesale
of LNG, LPG
BRANCHES
Nagaoka,
FACTORY(IES)
Komaki
(LNG production)
OFFICERS
MASAMI
MIKI, PRES Shigeru
Ozawa, dir
Morio
Ishizeki, dir Hisdeo
Okato, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 19,992 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen
3,617 M
STARTED 1962 EMPLOYES 82
COMMENT
WHOLESALER OF LNG & LPG, WHOLLY OWNED BY JAPAN PETROLEUM EXPLORATION.CO LTD. FINANCIAL SITUATION CONSIDERED FAIR TO GOOD AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 816.2 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Japan Petroleum Exploration Co Ltd (Japex) as a wholesaler of LPG & LNG explored by the parent. Actual business operation started in 1974 when wholesale of LPG was transferred from Japex. The exploration and production site is Komaki. Clients are electric powers, steel mills, other mfg companies, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 19,992 million, a 26% down from Yen 27,155 million in the previous term. Sales declined. No materials reason for the decline is heard. The recurring profit was posted at Yen 489 million and the net profit at Yen 187 million, respectively, compared with Yen 540 million recurring profit and yen 271 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 185 million, on a similar turnover, at Yen 20,000 million. Sales should rise upwards by the rise in oil prices.
The financial situation is considered FAIR TO GOOD and good for ORDINARY business engagements. Max credit limit is estimated at Yen 816.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jun 1962
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 720,000 shares
Issued: 180,000 shares
Sum: Yen
90 million
Major shareholders (%): Japan Petroleum Exploration Co Ltd*(100)
*.. Resource development company, owning crude oil & natural gas fields in Niigata, Hokkaido and Akita, listed Tokyo S/E, capital Yen 14,288 million, turnover Yen 170,018 million, recurring profit Yen 34,705 million, net profit Yen 20,982 million, total assets Yen 578,059 million, net worth Yen 410,693 million, employees 1,557, pres Yuji Tanahashi.
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Wholesales LNG, LPG, other petroleum products (--100%).
Clients: [Electric powers, wholesalers, mfrs] Japex (30%), Tohoku Electric Power, Mitsubishi Corp, Nippon Steel, Nippon Steel Engineering, Marubeni Chemix, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Japex (20%), Mitsubishi Corp, Kansai Electric Power, Osaka Gas, Mitsubishi Gas Chemical, Sumisho LPG Hambai, Sojitz Corp, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Corporate Bank (H/O)
Daishi
Bank (Kanda)
Relations:
Satisfactory.
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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20,000 |
19,992 |
27,155 |
11,164 |
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Recur.
Profit |
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490 |
489 |
540 |
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Net
Profit |
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185 |
187 |
271 |
63 |
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Total
Assets |
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6,975 |
7,559 |
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Current
Assets |
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5,062 |
5,526 |
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Current
Liabs |
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3,241 |
4,048 |
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Net
Worth |
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3,617 |
3,400 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.04 |
-26.38 |
143.24 |
11.43 |
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Current Ratio |
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.. |
156.19 |
136.51 |
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N.Worth Ratio |
.. |
51.86 |
44.98 |
.. |
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R.Profit/Sales |
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2.45 |
2.45 |
1.99 |
.. |
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N.Profit/Sales |
0.93 |
0.94 |
1.00 |
0.56 |
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Return On Equity |
.. |
5.17 |
7.97 |
.. |
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Note:
Forecast (or estimated) for the 31/03/2008 fiscal term.
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. |
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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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%)