MIRA INFORM REPORT

 

 

Report Date :

03.05.2012

 

IDENTIFICATION DETAILS

 

Name :

JAPEX-SKS CORPORATION 

 

 

Registered Office :

12-3 Udagawacho Shibuyaku Tokyo

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

June 1962

 

 

Com. Reg. No.:

0110-01-003715 (Tokyo-Shibuyaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer, processing of LPG, petrochemicals, LNG

 

 

No. of Employees :

106

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

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

 

*.. Registered at: 12-3 Udagawacho Shibuyaku Tokyo

 

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

 

 

FACTORIES

 

Mitsuke (Niigata), Tomakomai (Hokkaido)

 

OFFICER(S)  

 

SHINZO ICHIKAWA, PRES        Hideo Okado, mgn dir

Ryoichi Nakayama, dir               Hiroshi Umeda, dir

Mitsuya Kodama, dir                  Hisashi Sunayama, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        GOOD              A/SALES          Yen 10,375 M

PAYMENTS      REGULAR         CAPITAL           Yen 90 M

TREND STEADY           WORTH            Yen 3,708 M

STARTED         1962                 EMPLOYES      106



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.

 

                       

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.  Withdrew from crude oil handling in 2007.  Clients include major electric powers, steel mills, engineering firms, nationwide.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 10,375 million, an 11% up from Yen 9,331 million in the previous term.  Oil sales prices were revised upward and sales volume of natural gas expanded.  The operations came back to profitability to post Yen 136 million recurring profit and Yen 91 million net profit, respectively, compared with Yen 44 million recurring loss and Yen 38 million net loss, respectively, a year ago

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 140 million and the net profit at Yen 100 million, respectively, on an 11% rise in turnover, to Yen 11,500 million.  Final results are yet to be released.

 

The financial situation is considered GOOD and responsible for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:　Jun 1962

Regd No.:         0110-01-003715 (Tokyo-Shibuyaku)

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 199,651 million, operating profit Yen 13,849 million, recurring profit Yen 17,122 million, net profit Yen 10,010 million, total assets Yen 516,098 million, net worth Yen 393,689 million, employees 1,747, 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)

SMBC (Akasaka)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

11,500

10,375

9,331

11,440

Recur. Profit

　

140

136

-44

　

Net Profit

　

100

91

-38

90

Total Assets

　

　

5,751

5,646

5,098

Current Assets

　

　

4,114

3,970

　

Current Liabs

　

　

1,646

1,666

　

Net Worth

　

　

3,708

3,617

3,654

Capital, Paid-Up

　

　

90

90

90

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

10.84

11.19

-18.44

14.40

    Current Ratio

 

..

249.94

238.30

..

    N.Worth Ratio

..

64.48

64.06

71.68

    R.Profit/Sales

 

1.22

1.31

-0.47

..

    N.Profit/Sales

0.87

0.88

-0.41

0.79

    Return On Equity

..

2.45

-1.05

2.46

 

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

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, JAPAN PETROLEUM EXP CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

199,651

179,752

 

  Cost of Sales

144,919

125,467

 

      GROSS PROFIT

54,732

54,285

 

  Selling & Adm Costs

40,883

41,166

 

      OPERATING PROFIT

13,849

13,119

 

  Non-Operating P/L

3,273

10,087

 

      RECURRING PROFIT

17,122

23,206

　

      NET PROFIT

10,010

17,939

BALANCE SHEET

 

 

 

 

  Cash

　

32,042

24,314

 

  Receivables

 

21,235

19,774

 

  Inventory

 

10,216

10,416

 

  Securities, Marketable

18,186

17,669

 

  Other Current Assets

40,925

33,396

 

      TOTAL CURRENT ASSETS

122,604

105,569

 

  Property & Equipment

140,642

144,765

 

  Intangibles

 

7,296

7,450

 

  Investments, Other Fixed Assets

245,556

263,225

 

      TOTAL ASSETS

516,098

521,009

 

  Payables

 

5,057

5,914

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

14,896

10,052

 

      TOTAL CURRENT LIABS

19,953

15,966

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

26,898

24,471

 

  Reserve for Retirement Allw

645

690

 

  Other Debts

　

74,912

81,134

 

      TOTAL LIABILITIES

122,408

122,261

 

      MINORITY INTERESTS

 

 

 

Common stock

14,288

14,288

 

Additional paid-in capital

　

　

 

Retained earnings

279,582

271,858

 

Evaluation p/l on investments/securities

95,518

106,896

 

Others

 

4,311

5,715

 

Treasury stock, at cost

(10)

(10)

 

      TOTAL S/HOLDERS` EQUITY

393,689

398,747

　

      TOTAL EQUITIES

516,098

521,009

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

34,284

38,948

 

Cash Flows from Investment Activities

-24,282

-29,300

 

Cash Flows from Financing Activities

-521

-4,054

　

Cash, Bank Deposits at the Term End

　

66,826

57,645

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

393,689

398,747

 

 

Current Ratio (%)

614.46

661.21

 

 

Net Worth Ratio (%)

76.28

76.53

 

 

Recurring Profit Ratio (%)

8.58

12.91

 

 

Net Profit Ratio (%)

5.01

9.98

 

 

Return On Equity (%)

2.54

4.50

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.93

UK Pound

1

Rs.85.85

Euro

1

Rs.69.94

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.