MIRA INFORM REPORT

 

 

Report Date :           

07.01.2012

 

IDENTIFICATION DETAILS

 

Name :

JX NIPPON OIL & ENERGY CORPORATION

 

 

Registered Office :

JX Bldg, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 2010

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 133876

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Petroleum refining, import of LPG/LNG, petrochemical products

 

 

No. of Employees :

7064

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 139,955.0 Million

Status :

Good

Payment Behaviour :

Regular

Litigation :

----

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

JX NIPPON OIL & ENERGY CORPORATION

(BORN BY THE MERGER OF: NIPPON OIL CORP & NIPPON MINING HOLDINGS INC)

 

 

REGD NAME 

 

JX Nikko Nisseki Energy KK

 

 

MAIN OFFICE

 

JX Bldg, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN

Tel: 03-6275-5057     Fax: 03-3276-1260    

 

URL:                 www.noe.jx-group.co.jp 

E-mail:             (thru the URL)   

 

 

ACTIVITIES

 

Petroleum refining, import of LPG/LNG, petrochemical products

 

 

BRANCHES   

 

Sapporo, Sendai, Nagoya, Osaka, Hiroshima, Fukuoka, Okinawa, other (Tot 22)

 

 

OVERSEAS   

 

Abu Dhabi, Beijing, New Delhi, Ho Chi Ming, other.

 

 

FACTORIES

 

Muroran, Sendai, Negishi, Osaka, Mizushima, Marifu, Oita, Kawasaki,

Yokohama, Chita, Kashima

 

OFFICER(S)  

 

YASUSHI KIMURA, PRES         Isao Matsushita, v pres

Yasuo Kamino, v pres                Keizo Takeuchi, v pres

Yukio Uchida, s/mgn dir             Yasuo Kashiwagi, s/mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 7,359,322 M

PAYMENTS                  REGULAR         CAPITAL           Yen 139,437 M

TREND             STEADY           WORTH            Yen 843,835 M

STARTED                     2010                 EMPLOYES      7,064

 

 

COMMENT    

 

OIL REFINING, OWNED BY JX HOLDINGS INC. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 139,955.0 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by the business integration between Nippon Oil Corporation and Nippon Mining Holdings Inc.  Simultaneously, the new firm founded Holding Company, JX Holdings Inc and became its consolidated subsidiary (See REGISTRATION).  Specializes in: petroleum/petrochemical refining, import/wholesale of LPG/LNG, gas & coal, supply of electricity, other.  Has about 35% market shares in fuel oils, such as gasoline, diesel/fuel oil, other.  Operates about 13,000 gas stations (“ENEOS”) nationwide.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the holding company, JX Holdings Inc.:

 

The financial results for Mar/2011 fiscal term amounted to Yen 7,359,322 million, a 45% up from Yen 5,089,440 million in the previous term.  This is the effect of the business tie-up with Nippon Oil Corp.  The recurring profit was posted at Yen 208,549 million, while the bottom line resulted in Yen 55,679 million net losses for the term.  This is referred to the written-off of extraordinary losses.  This compares with Yen 50,596 million recurring profit and Yen 46,783 million net profit, respectively, a year ago.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 210,000 million and the net profit at Yen 50,000 million, respectively, on a 6% rise in turnover, to Yen 7,800,000 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 139,955.0 million, on 30 days normal terms.

 

REGISTRATION

 

Date Registered:  Apr 2010

Regd No.:        (Tokyo-Chiyodaku) 133876

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　5,000 million shares

Issued:             　1,464,508,343 shares

Sum:                　Yen 139,437 million

Major shareholders (%): JX Holdings Inc* (100)

 

*.. Holding company founded thru business consolidation of Nippon Oil & Nippon Mining Holdings in Apr 2010, listed Tokyo S/E, capital Yen 100,000 million, sales Yen 9,634,396 million, operating profit Yen 334,402 million, recurring profit Yen 413,667 million, net profit Yen 311,736 million, total assets Yen 6,259,958 million, net worth Yen 1,886,241 million, employees 118, pres Mitsunori Takahagi

 

Consolidated Financials are attached (See SUPPLEMENTS)

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Petroleum refining, import/export of oil/natural gas, petrochemical products, gas & coal, lubricating oil, LPG, supply of electricity, other (--100%).

 

Clients: [Mfrs, wholesalers] Mitsubishi Shoji Sekiyu, Zen-Noh, Kamei Corp, Cosmo Oil, Idemitsu Kosan, Showa Shell Sekiyu, Tonen General Sekiyu, other

            No. of accounts: 2,000 – 3,000

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Saudi Arabian Oil, Abu National Oil, Kuwait Petroleum, Idemitsu Kosan, Cosmo Oil, Nippon Oil, Kuwait Petroleum, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         Mizuho Corporate Bank (H/O)

·         MUFG (H/O)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

7,800,000

7,359,322

5,089,440

6,658,071

Recur. Profit

　

210,000

208,549

50,596

　

Net Profit

　

50,000

-55,679

46,783

14,723

Total Assets

　

　

3,651,199

3,132,648

2,868,804

Current Assets

　

　

2,004,788

1,719,918

　

Current Liabs

　

　

1,998,530

1,754,163

　

Net Worth

　

　

843,835

779,004

746,920

Capital, Paid-Up

　

　

139,437

139,437

139,437

Div.Total in million(¥)

　

　

11,678

29,199

23,383

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.99

44.60

-23.56

-0.72

    Current Ratio

 

..

100.31

98.05

..

    N.Worth Ratio

..

23.11

24.87

26.04

    R.Profit/Sales

 

2.69

2.83

0.99

..

    N.Profit/Sales

0.64

-0.76

0.92

0.22

    Return On Equity

..

-6.60

6.01

1.97

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF JX HOLDINGS INC

FINANCES: (Consolidated in million yen)

　

　

Terms Ending:

31/03/2011

INCOME STATEMENT

 

 

  Annual Sales

　

9,634,396

 

  Cost of Sales

8,805,610

 

      GROSS PROFIT

828,786

 

  Selling & Adm Costs

494,384

 

      OPERATING PROFIT

334,402

 

  Non-Operating P/L

69,265

 

      RECURRING PROFIT

413,667

　

      NET PROFIT

311,736

BALANCE SHEET

 

 

 

  Cash

　

233,471

 

  Receivables

 

1,065,973

 

  Inventory

 

1,484,879

 

  Securities, Marketable

　

 

  Other Current Assets

283,408

 

      TOTAL CURRENT ASSETS

3,067,731

 

  Property & Equipment

1,940,291

 

  Intangibles

 

166,147

 

  Investments, Other Fixed Assets

1,085,789

 

      TOTAL ASSETS

6,259,958

 

  Payables

 

739,855

 

  Short-Term Bank Loans

716,561

 

　

 

　

 

  Other Current Liabs

1,393,744

 

      TOTAL CURRENT LIABS

2,850,160

 

  Debentures

 

251,131

 

  Long-Term Bank Loans

908,832

 

  Reserve for Retirement Allw

88,920

 

  Other Debts

　

274,674

 

      TOTAL LIABILITIES

4,373,717

 

      MINORITY INTERESTS

 

 

  Capital, Paid-Up

100,000

 

  Surplus

 

1,786,241

 

      SHAREHOLDERS' EQUITY

1,886,241

　

      TOTAL EQUITIES

6,259,958

CONSOLIDATED CASH FLOWS

 

 

 

Terms ending:

31/03/2011

 

Cash Flows from Operating Activities

　

211,408

 

Cash Flows from Investment Activities

-170,908

 

Cash Flows from Financing Activities

-71,228

　

Cash, Bank Deposits at the Term End

　

232,438

ANALYTICAL RATIOS            Terms ending:

31/03/2011

 

 

Net Worth (S/Holders' Equity)

1,886,241

 

 

Current Ratio (%)

107.63

 

 

Net Worth Ratio (%)

30.13

 

 

Recurring Profit Ratio (%)

4.29

 

 

Net Profit Ratio (%)

3.24

 

 

Return On Equity (%)

16.53

Notes:  The 31/03/2011 fiscal term is the initial accounting term from the inception.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.81.79

Euro

1

Rs.67.46

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.