MIRA
INFORM REPORT
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Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
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Name : |
JGC CORPORATION |
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Registered Office : |
Queen Tower A, 2-3-1 Minatomirai Nishiku Yokohama 220-6001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 1928 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 008732 |
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Legal Form : |
Limited Company |
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Line of Business : |
Plant Engineering Works |
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No. of Employees : |
5,826 |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 17,209.8 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
JGC CORPORATION
REGD NAME: Nikki
KK
MAIN OFFICE: Queen
Tower A, 2-3-1 Minatomirai Nishiku Yokohama 220-6001 JAPAN
Tel:
045-682-1111 Fax: 045-682-1112
E-Mail address: webmaster@jgc.co.jp
ACTIVITIES
Plant engineering works
BRANCHES
Tokyo, Osaka,
Yokohama, other (Tot 15)
OVERSEA
Beijing,
Singapore, Paris, London, Jakarta, Bangkok, Abu Dhabi, Algiers, Teheran, Arzew
(Algeria)
(Affiliated): China, Philippines, Singapore,
Korea, Malaysia, Indonesia, Pakistan, Saudi Arabia (2), UAE, Qatar, UK (2),
Netherlands, Nigeria, Algeria, USA, Venezuela
CHIEF EXEC
KOICHI KAWANA,
PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 447,222 M
PAYMENTS REGULAR CAPITAL Yen
23,511 M
TREND SLOW WORTH Yen
264,483 M
STARTED 1928 EMPLOYES 5,826
COMMENT
INDUSTRIAL PLANT ENGINEERING COMPANY.
FINANCIAL SITUATION CONSIDERED FAIR TO GOOD
AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 17,209.8 MILLION, 30
DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/03/2012 fiscal term
HIGHLIGHTS
This is an independent general engineering
company, founded originally in 1928 as producer of oil products, on acquisition
of license of Dubbs thermal cracking process from old Universal Oil Products,
USA. Strong in oil refining,
petrochemicals, LNG & nuclear fuel processing lines. Overseas sales ratio about 60%. With no production division, all materials,
machinery & plants are outsourced including subsidiaries. Works cover industrial plants, such as crude
oil, lube oil, LNG, LPG, ethylene, power generation, nuclear power facilities,
food processing, hospitals, shopping centers, airports, non-ferrous metal
smelting, pharmaceuticals & R&D facilities, information &
telecommunications facilities, medical & welfare facilities, other,
extending over 18,000 projects in more than 70 countries worldwide. Has close association with Shell. The firm made a capital investment in a company
involved in solar power generation system in Spain. The firm is taking aim at an oil refinery
project in Vietnam, an LNG plant construction in Australia and a gas treatment
project in Algeria in the current term.
It plans to increase investments to business corporations following
projects for a seawater desalination in China and solar power generation in
Spain.
(Impact on the operations due to the Pacific Coast
of Tohoku Earthquake in Japan)
The firm announced
that: concerning the impact on our operations, we would like to inform you that
while we have suffered some damage to certain of our facilities, there have
been no casualties among JC staff and that our Yokohama Office is in operation. We apologize that you might experience
difficulties in telecommunications with us by e-mail due to the scheduled power
outages implemented by the Tokyo Electric Power Co Inc.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 447,222
million, an 8% up from Yen 414,257 million in the previous term. Global oil/gas investments remained active,
backed by strong demand for energy & industry diversification in emerging
countries. Demand for LNG expanded
faster than expected in Asia/Oceania, where LNG development plans was in
progress Orders received up 23% overseas & 44% domestically. By Divisions, Comprehensive Engineering up
10% to Yen 401,198 million; Catalysts & Fine Products down 4.7% to Yen 36,031
million The recurring profit was posted
at Yen 63,395 million and the net profit at Yen 25,477 million, respectively,
compared with Yen 40,829 million recurring profit and Yen 27,112 million net
profit, respectively, a year ago.
(Apr/Dec/2011 results): Sales Yen 389,361 million (up 36.5%), operating
profit Yen 46,811 million (up 34.5%), recurring profit Yen 49,210 million (up
50.7%), net profit Yen 31,110 million (up 187.9%). (% compared with the corresponding period a
year ago). In June 2011, procured
enlargement project of electric plant in Indonesia, and in Aug, acquired
project of crude oil refinery plant in Algeria.
For the current term ending Mar 2012 the
recurring profit is projected at Yen 68,000 million and the net profit at Yen
42,000 million, respectively, on a 23.0% rise in turnover, to Yen 550,000
million. New orders are projected at Yen
550 trillion, down 11% from the preceding term.
Supported by an abundant order backlog, a project in Papua New Guinea will
make progress.
The financial situation is considered FAIR
to GOOD and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 17,209.8
million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1928
Regd No.:
(Tokyo-Chiyodaku) 008732
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
600 million shares
Issued:
259,052,929 shares
Sum: Yen 23,511 million
Major
shareholders (%): Japan Trustee Services T (8.5), Master Trust Bank of Japan, T (7.5),
Nikki Shoji (4.6), SMBC (4.2), Nikki/Saneyoshi Scholarship Found (3.2),
Companys Treasury Stock (2.5), Mizuho Corporate Bank (2.2), JP Morgan
Securities Japan (1.4), State Street Bank & Trust 505223 (1.4), Government
of Singapore Invest (1.3); foreign owners (36.8)
No. of shareholders: 7,292
Listed on the S/Exchange (s) of: Tokyo
Managements: Keisuke Takeuchi,
ch; Masahiko Yaegashi, v ch; Koichi Kawana, pres: Masanori Shintani, v pres;
Sei Tange, v pres; Tadashi Ishizuka, v pres; Yutaka Yamazaki, s/mgn dir; Eiki
Furuta, s/mgn dir; Hideki Miura, mgn dir; Tsutomu Akabane, mgn dir; Masayuki
Sato, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: JGC Catalysts & Chemicals Ind, JGC Information Systems, JGC
Projects Services, Japan Fine Ceramics, JGC Plantech, other . .
OPERATION
Activities: General
engineering works (sales breakdown by divisions): Comprehensive engineering
works* (90%), catalysts & chemicals** (--8%), others (2%).
Overseas
sales ratio (70.7%): East Asia 11.2%, Oceania 11.2%, Middle East 40.6%,
S/E Asia 7.3%.
*..
Detailed breakdown by industrial areas: oil/gas/resources (14%), petroleum
refining (17%), LNG (9%), chemicals (34%), power generation (6%), others (10%).
** Products:
catalysts-related (FCC catalysts, hydraulic treatment catalysts,
de-sulfurization catalysts, catalysts for petrochemicals); new
functional-related products (colloidal silica, CRT/FPD surface treatment
agents, LCDs materials, semiconductor materials, batteries, cosmetics,
optical, other materials, antibacterial agents, other)
Clients: [Oil refineries,
chemical mfrs, other mfrs] Cosmo Oil, Nippon Petrochemicals, Nippon Petroleum
Refining, Kyushu Oil, Japan Energy, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsui Engineering & Shipbuilding, Mitsubishi Heavy Ind,
Hitachi Ltd, Yokogawa Electric, Kobe Steel, Shinko Planning, Sanki Engineering,
other.
Payment record: Regular
Location: Business area in
Yokohama. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (H/O)
Mizuho Corporate
Bank (Ohtemachi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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447,222 |
414,257 |
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Cost of Sales |
365,823 |
353,906 |
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GROSS PROFIT |
81,398 |
60,351 |
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Selling & Adm Costs |
17,839 |
18,432 |
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OPERATING PROFIT |
63,559 |
41,919 |
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Non-Operating P/L |
-164 |
-1,090 |
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RECURRING PROFIT |
63,395 |
40,829 |
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NET PROFIT |
25,477 |
27,112 |
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BALANCE SHEET |
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Cash |
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131,894 |
83,308 |
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Receivables |
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108,810 |
87,626 |
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Inventory |
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24,347 |
36,895 |
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Securities, Marketable |
30,000 |
40,500 |
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Other Current Assets |
24,413 |
35,209 |
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TOTAL CURRENT ASSETS |
319,464 |
283,538 |
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Property & Equipment |
64,633 |
66,057 |
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Intangibles |
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4,639 |
5,448 |
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Investments, Other Fixed Assets |
79,766 |
75,133 |
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TOTAL ASSETS |
468,502 |
430,176 |
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Payables |
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70,761 |
59,391 |
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Short-Term Bank Loans |
14,438 |
1,051 |
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Other Current Liabs |
89,094 |
77,286 |
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TOTAL CURRENT LIABS |
174,293 |
137,728 |
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Debentures |
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Long-Term Bank Loans |
6,623 |
21,925 |
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Reserve for Retirement Allw |
14,283 |
15,352 |
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Other Debts |
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8,820 |
9,030 |
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TOTAL LIABILITIES |
204,019 |
184,035 |
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MINORITY INTERESTS |
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Common
stock |
23,511 |
23,511 |
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Additional
paid-in capital |
25,602 |
25,600 |
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Retained
earnings |
224,346 |
204,177 |
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Evaluation
p/l on investments/securities |
8,337 |
5,086 |
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Others |
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(11,145) |
(6,499) |
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Treasury
stock, at cost |
(6,168) |
(5,735) |
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TOTAL S/HOLDERS` EQUITY |
264,483 |
246,140 |
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TOTAL EQUITIES |
468,502 |
430,176 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash Flows
from Operating Activities |
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48,214 |
-25,179 |
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Cash
Flows from Investment Activities |
116 |
-19,823 |
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Cash
Flows from Financing Activities |
-7,317 |
-8,893 |
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Cash,
Bank Deposits at the Term End |
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161,894 |
123,808 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
264,483 |
246,140 |
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Current
Ratio (%) |
183.29 |
205.87 |
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Net
Worth Ratio (%) |
56.45 |
57.22 |
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Recurring
Profit Ratio (%) |
14.18 |
9.86 |
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Net
Profit Ratio (%) |
5.70 |
6.54 |
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Return
On Equity (%) |
9.63 |
11.01 |
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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.50.02 |
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1 |
Rs.79.01 |
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Euro |
1 |
Rs.66.18 |
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 |
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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NB |
New Business |
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This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.