MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
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 Tokyo 105-004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June, 1962 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing and Processing of LPG,
petrochemicals, LNG, other |
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 603.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name
JAPEX-SKS
CORPORATION (THIS EXPRESSION IS USED)
REGD NAME
S K Sangyo KK
MAIN OFFICE
Sakura Shimbashi Bldg 7F, 2-6-1 Shimbashi
Minatoku Tokyo 105-004 JAPAN
Tel: 03-5251-8001 Fax:
03-5251-8008
* Nagaoka
Branch at: 2-5-35 Kuzumaki Mitsuke City Niigata-Pref
URL: http://www.japex-sks.co.jp/
E-Mail address: info@japex-sks.co.jp
ACTIVITIES
Mfg, processing of LPG, petrochemicals, LNG, other
BRANCHES
Nagaoka, Sapporo, Akita
FACTORY(IES)
Mitsuke (Niigata), Tomakomai (Hokkaido)
OFFICER(S)
Tetsuo Kurino, ch MASAMI
MIKI, PRES
Morio Ishizeki, dir Hideo
Okado, dir
Tadashi Martsunaga, dir Ryoichi
Nakayama, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 11,973 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen 3,629 M
STARTED 1962 EMPLOYES 236
COMMENT
MFG, PROCESSING OF LPG, PETROLEUM PRODUCTS, WHOLLY OWNED BY JAPAN PETROLEUM EXPLORATION CO LTD..
FINANCIAL SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 603.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a wholesaling division separated from Japan Petroleum Exploration Co Ltd, oil & gas exploration company, Tokyo (See REGISTRATION). The firm started as a trading firm, but with mfg divisions attached later, the nature of business is mfg and wholesaling of petroleum products. Handles LPG as a mainstay, petrochemicals, LNG, industrial chemicals, other. LNG handling started in 2003. 20% of the products are supplied from the parent, JAPEX. Clients include major electric powers, steel mills, engineering firms, nation wide. Withdrew from crude oil handling in 2007
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 11,973 million, a 40% fall from Yen 19,992 million in the previous term. This is referred to the said withdrawal from crude oil handling. The recurring profit was posted at Yen 383 million and the net profit at Yen 140 million, respectively, compared with Yen 489 million recurring profit and Yen 187 million net profit, respectively, a year ago. It is observed that profitability improved.
For the current term ending Mar 2009 the recurring profit is projected at Yen 390 million and the net profit at Yen 150 million, respectively, on a 9% rise in turnover, to Yen 13,000 million. Higher oil prices will contribute. The higher oil costs have been reported passed on to clients.
The financial situation is considered GOOD and responsible
for ORDINARY business engagements. Max credit limit is estimated at Yen 603.1
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 (JAPEX) (100)
* Oil resources
developer, owning crude oil/natural gas fields in Niigata, Hokkaido and
Akita, founded 1970, listed Tokyo S/E,
capital Yen 14,288 million, sales Yen 207,638 million, operating profit Yen
19,25 million, recurring profit Yen 27,247 million, net profit Yen 20,097
million, total assets Yen 620,946 million, net worth Yen 439,852 million,
employees 1,622, pres Osamu Watanabe. Consolidated Financials are as attached
(See SUPPLEMNTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Trading firm, owned by Japan Petroleum Exploration Company, with mfg & processing division of LPG, petrochemicals, LNG, industrial chemicals, others (--100%).
Clients
[Mfrs, electric powers, steel mills] JAPEX (30%), Mitsubishi Corp, Tohoku Electric Power, Marubeni Chemix, Nippon Steel Engineering, Fukui City Office, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] JAPEX (20%), Mitsubishi Corp, Sojitz
Corp, Kansai Electric, Osaka Gas Mitsubishi Gas Chemical, Nippon Kasei
Chemical, Toho Liquefied Gas Co, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
Daishi Bank (Kanda)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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13,000 |
11,973 |
19,992 |
27,155 |
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Recur.
Profit |
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390 |
383 |
489 |
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Net
Profit |
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150 |
140 |
187 |
271 |
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Total
Assets |
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5,942 |
6,975 |
7,559 |
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Current
Assets |
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4,261 |
5,062 |
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Current
Liabs |
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2,180 |
3,241 |
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Net
Worth |
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3,629 |
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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150.00 |
250.00 |
75.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.58 |
-40.11 |
-26.38 |
143.24 |
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Current Ratio |
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195.46 |
156.19 |
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N.Worth Ratio |
.. |
61.07 |
51.86 |
44.98 |
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R.Profit/Sales |
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3.00 |
3.20 |
2.45 |
.. |
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N.Profit/Sales |
1.15 |
1.17 |
0.94 |
1.00 |
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Return On Equity |
.. |
3.86 |
5.17 |
7.97 |
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Notes: Forecast (or estimated) figures for the 31/03/2009 fiscal term.
SUPPLEMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, JAPAN PETROLEUM EXP CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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207,638 |
170,018 |
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Cost of Sales |
143,682 |
104,174 |
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GROSS PROFIT |
63,955 |
65,844 |
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Selling & Adm Costs |
44,330 |
36,125 |
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OPERATING PROFIT |
19,625 |
29,719 |
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Non-Operating P/L |
7,622 |
4,986 |
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RECURRING PROFIT |
27,247 |
34,705 |
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NET PROFIT |
20,097 |
20,982 |
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BALANCE SHEET |
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Cash |
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27,794 |
27,169 |
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Receivables |
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25,865 |
24,451 |
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Inventory |
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10,492 |
8,683 |
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Securities, Marketable |
17,724 |
32,714 |
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Other Current Assets |
7,133 |
12,135 |
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TOTAL CURRENT ASSETS |
89,008 |
105,152 |
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Property & Equipment |
141,162 |
115,508 |
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Intangibles |
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6,179 |
7,585 |
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Investments, Other Fixed Assets |
384,597 |
349,814 |
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TOTAL ASSETS |
620,946 |
578,059 |
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Payables |
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13,469 |
9,395 |
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Short-Term Bank Loans |
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Other Current Liabs |
25,388 |
27,469 |
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TOTAL CURRENT LIABS |
38,857 |
36,864 |
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Debentures |
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Long-Term Bank Loans |
21,922 |
17,722 |
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Reserve for Retirement Allw |
5,783 |
6,042 |
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Other Debts |
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106,158 |
98,502 |
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TOTAL LIABILITIES |
172,720 |
159,130 |
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MINORITY INTERESTS |
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Common
stock |
14,288 |
14,288 |
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Additional
paid-in capital |
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Retained
earnings |
245,225 |
227,413 |
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Evaluation
p/l on investments/securities |
179,629 |
168,234 |
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Others |
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9,091 |
8,999 |
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Treasury
stock, at cost |
(7) |
(5) |
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TOTAL S/HOLDERS` EQUITY |
448,226 |
418,929 |
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TOTAL EQUITIES |
620,946 |
578,059 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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34,314 |
34,256 |
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Cash
Flows from Investment Activities |
-53,169 |
-18,140 |
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Cash Flows
from Financing Activities |
1,522 |
917 |
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Cash,
Bank Deposits at the Term End |
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42,440 |
60,199 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
448,226 |
418,929 |
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Current
Ratio (%) |
229.07 |
285.24 |
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Net
Worth Ratio (%) |
72.18 |
72.47 |
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Recurring
Profit Ratio (%) |
13.12 |
20.41 |
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Net
Profit Ratio (%) |
9.68 |
12.34 |
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Return
On Equity (%) |
4.48 |
5.01 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.79 |
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UK Pound |
1 |
Rs.80.05 |
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Euro |
1 |
Rs.64.56 |
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%)