MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
LNG JAPAN CORPORATION |
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Registered Office : |
Roppongi First Bldg 14F, 1-9-9 Roppongi Minatoku Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
October 2001 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Importer and Wholesaler of LNG |
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 13,475.9 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
LNG JAPAN CORPORATION
REGD NAME: LNG Japan KK
MAIN OFFICE: Roppongi First Bldg
14F, 1-9-9 Roppongi Minatoku Tokyo 106-0032 JAPAN
Tel:
03-6229-3400 Fax: 03-3588-1094
E-Mail address: info@lngjapan.com
ACTIVITIES
Import, wholesale of LNG
BRANCHES
Osaka, Nagoya, Hiroshima, Fukuoka
OVERSEAS
Jakarta, Doha, Houston, London
LNGJ USA Inc (New York) (subsidiary)
OFFICER(S)
KEN’ICHI YONEZAWA, PRES
Eiji Sekine, s/mgn dir
Shigeki Nara, dir
Naka Kobayashi, dir
Satoshi Nagai, dir
Hiroshi Kanematsu, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 644,900 M
PAYMENTS REGULAR CAPITAL Yen 8,002 M
TREND STEADY WORTH Yen 25,342 M
STARTED 2001 EMPLOYES 163
COMMENT
IMPORTER & WHOLESALER OF LNG, JOINTLY OWNED BY SOJITZ
CORP & SUMITOMO CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 13,475.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1973 on signing sales contract with Pertamina (Indonesia) for importing LNG and founded Japan Indonesia Co Ltd by Nissho Iwai Corp (now Sojitz Corp). The contract was for buying 740,000 tons/year from Pertamina. In Aug 1977, the first LNG tanker arrived. In 1987, established a JV with PT Pertamina, Nusantara Gas Service Co Inc. In 1990, sales contract signed with Badak IV LNG. In 1997, invested capital to Ras Laffan LNG Co Ltd in Qatar. In 1999, acquired Muturi Block in Indonesia for Tangguh LNG project. In 2001, reorganized and established the subject jointly with Sumitomo Corp. Engaged in LNG project development, imports & wholesale of LNG, transportation, LNG intelligent service (website), other. LNG is imported from Indonesia. Imports over 15 million tons/year, accounting for 94% of total imports from Indonesia to Japan, or equivalent to 25% total LNG imports into Japan. Clients are electric power companies, city gas companies, steel maker, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 644,900 million, a 14% up from Yen 567,400 million in the previous term. Oil prices hike contributed. The recurring profit was posted at Yen 6,917 million and the net profit at Yen 3,974 million, respectively, compared with Yen 6,899 million recurring profit and Yen 3,985 million net profit, respectively, a year ago.
For the term just ended Mar 2008 the recurring profit was projected at Yen 7,000 million and the net profit at Yen 4,000 million, on a 9% rise in turnover, to Yen 700,000 million. This was based on the Yen 110 against US$1. Revenues could have been reduced due to the higher Yen against US Dollars.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 13,475.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 2001
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 160,000 shares
Issued: 160,000 shares
Sum: Yen 8,002 million
Major shareholders (%)
Sojitz Corp*(50), Sumitomo Corp**(50)
No. of shareholders: 2
* Trading company born by merger of former Nissho-Iwai Corp and Nichimen Corp, founded 2003, listed Tokyo, Osaka S/E’s, capital Yen 122,790 million, turnover Yen 5,218,153 million, operating profit Yen 77,932 million, recurring profit Yen 89,535 million, net profit Yen 58,766 million, total assets Yen 2,619,507 million, net worth Yen 488,586 million, employees 18,884, pres Yutaka Kase
** General trading company, nucleus of Sumitomo group, founded 1919, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 219,279 million, turnover Yen 10,528,277 million, operating profit Yen 239,748 million, recurring profit Yen 331,929 million, net profit Yen 211,004 million, total assets Yen 8,430,477 million, net worth Yen 1,473,128 million, employees 61,490, pres Susumu Kato
Affiliated companies: Japan Energy Service Corp; Nusantara Shipping Ltd (LNG tanker owner9; Indonesia Natural Gas Resources Muturi Inc (LNG upstream equity); LNG Oneworld (LNG intelligent website); Japan Indonesia LNG Co Ltd; Badak LNG Transport Inc; Universe Gas & Oil Co Ltd.
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: LNG project development, imports & wholesales LNG, others (100%)
LNG imports & wholesales (95%), marine fuels (5%).
LNG is transported by own vessels and chartered vessels form NYK and Mitsui OSK Lines.
Clients
[Electric powers, gas firms, steel makers] Chubu Electric Power (25%), Kansai Electric Power (15%), Osaka Gas Co (15%), Kyushu Electric Power, Tokyo Gas Energy, Toho Gas, Hiroshima Gas, other.
No. of accounts
50
Domestic areas of activities
Nationwide
Suppliers
[Oil refineries] PT Pertamina (Indonesia) (80%)
Charters ships from NYK and Mitsui OSK Lines.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (H/O)
MUFG (Tokyo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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644,900 |
567,400 |
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Cost of Sales |
641,771 |
563,949 |
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GROSS PROFIT |
3,128 |
3,451 |
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Selling & Adm Costs |
4,234 |
3,742 |
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OPERATING PROFIT |
-1,106 |
-291 |
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Non-Operating P/L |
8,023 |
7,190 |
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RECURRING PROFIT |
6,917 |
6,899 |
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NET PROFIT |
3,974 |
3,985 |
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BALANCE SHEET |
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Cash |
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Receivables |
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Inventory |
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Securities, Marketable |
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Other Current Assets |
37,093 |
35,433 |
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TOTAL CURRENT ASSETS |
37,093 |
35,433 |
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Property & Equipment |
63,479 |
63,105 |
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Intangibles |
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4,988 |
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Investments, Other Fixed Assets |
1 |
(4,988) |
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TOTAL ASSETS |
100,573 |
98,538 |
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Payables |
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Short-Term Bank Loans |
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Other Current Liabs |
33,050 |
60,343 |
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TOTAL CURRENT LIABS |
33,050 |
60,343 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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42,180 |
14,834 |
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TOTAL LIABILITIES |
75,230 |
75,177 |
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MINORITY INTERESTS |
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Common
stock |
8,002 |
8,002 |
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Additional
paid-in capital |
7,992 |
7,992 |
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Retained
earnings |
9,403 |
7,428 |
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Evaluation
p/l on investments/securities |
(54) |
(61) |
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Others |
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(1) |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
25,342 |
23,361 |
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TOTAL EQUITIES |
100,573 |
98,538 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
25,342 |
23,361 |
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Current
Ratio (%) |
112.23 |
58.72 |
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Net
Worth Ratio (%) |
25.20 |
23.71 |
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Recurring
Profit Ratio (%) |
1.07 |
1.22 |
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Net
Profit Ratio (%) |
0.62 |
0.70 |
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Return
On Equity (%) |
15.68 |
17.06 |
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Notes: Financials are disclosed in digested figures only.
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%)