|
Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
JX NIPPON MINING & METALS CORP |
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Registered Office : |
JX Bldg 8F, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-8154 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
September 2002 |
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Legal Form : |
Limited Company |
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Line of Business : |
Non-ferrous metal mining, mfg of non-ferrous metal products, other |
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No. of Employees : |
2,199 |
RATING & COMMENTS
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MIRA’s 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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World
War II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor force.
Both features are now eroding under the dual pressures of global competition
and domestic demographic change. Japan's industrial sector is heavily dependent
on imported raw materials and fuels. A tiny agricultural sector is highly
subsidized and protected, with crop yields among the highest in the world.
Usually self-sufficient in rice, Japan imports about 60% of its food on a
caloric basis. Japan maintains one of the world's largest fishing fleets and
accounts for nearly 15% of the global catch. For three decades, overall real
economic growth had been spectacular - a 10% average in the 1960s, a 5% average
in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the
1990s, averaging just 1.7%, largely because of the after effects of inefficient
investment and an asset price bubble in the late 1980s that required a
protracted period of time for firms to reduce excess debt, capital, and labor.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, Japan in 2011 stood as the fourth-largest economy in the world
after second-place China, which surpassed Japan in 2001, and third-place India,
which edged out Japan in 2011. A sharp downturn in business investment and
global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
JX NIPPON MINING & METALS CORP
REGD NAME: JX
Nikko Nisseki Kinzoku KK
MAIN OFFICE: JX
Bldg 8F, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-8154 JAPAN
Tel:
03-5299-7000 Fax: 03-5299-7349
URL: http://www.jx-group.co.jp
E-Mail address: (thru the URL)
Non-ferrous metal
mining, mfg of non-ferrous metal products, other
Osaka, Tsuruga
Australia, Chile
Ibaraki (4),
Kanagawa (2), Fukui
YOSHIMASA ADACHI,
PRES Masanori Okada, ch
Hiroshi Matsui, v
pres Toshihiro Ohfuji,
s/mgn dir
Nobuyuki Yamaki,
mgn dir Keiichi Goto, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 192,283 M
PAYMENTSREGULAR CAPITAL Yen
40,000 M
TREND UP WORTH Yen 141,085 M
STARTED 2002 EMPLOYES 2,199
NON-FERROUS METAL SMEL MINING, MFG OF THEIR PRODUCTS,
OWNED BY JX HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally
in 1905 as Nippon Mining Corp for mining non-ferrous metals & smelting, and
in 2002 thru business tie up with Japan Energy Corp, jointly established a
joint holding company, JX Holdings Inc and became its wholly owned subsidiary. This is a specialized non-ferrous metal
mining & smelting firm, with mfg division of non-ferrous metal products,
others (See OPERATION). Developing copper mining in Chile with
investment of USD3,000 million, aiming to commercial production in 2013. Also developing coal mining in
Australia. Clients include chemical
makers, machinery makers, other, nationwide
The sales volume for Mar/2012 fiscal
term amounted to Yen 192,283 million, a 2% up from Yen 189,059 million in the
previous term. The recurring profit was
posted at Yen 52,853 million and the net profit at Yen 35,085 million,
respectively, compared with Yen 36,245 million recurring profit and yen 17,238
million net profit, respectively, a year ago.
For the current term ending Mar 2013
the recurring profit is projected at Yen 53,000 million and the net profit at
Yen 36,000 million, respectively, on a 3% rise in turnover, to Yen 198,000
million. Final results are yet to be
released.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered:
Sept 2002
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.7 million shares
Issued: 928,460 shares
Sum: Yen 40,000 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 10,723,889 million, operating profit Yen
327,844 million, recurring profit Yen 407,765 million, net profit Yen 170,595
million, total assets Yen 6,690,419 million, net worth Yen 2,044,752 million,
employees 114, pres Isao Matsushita
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Non-ferrous
metal mining/smeltering & mfg of non-ferrous metal products (--100%)
Exports
(30%)
(Mfg
Items): copper foil (electro-deposited copper foil, treated rolled copper foil),
sputtering targets, compound semiconductors, surface treatment agents, metallic
powder, precision rolled products, precision fabricated products, cathode
materials, others
Clients: [Mfrs,
wholesalers] Nippon Steel & Sumikin Chemical Co, Intel Corp, Samsung Japan,
Panasonic Corp, Mitsui & Co, Pan Pacific Copper, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsui & Co, Pan Pacific Copper, Mitsubishi Materials, Mitsui
Metal Mining, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent, JX Holdings Inc, and maintained
satisfactorily.
Bank References:
Mizuho Corporate
Bank (H/O)
SMBC (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual
Sales |
|
198,000 |
192,283 |
189,059 |
171,236 |
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Recur.
Profit |
|
53,000 |
52,853 |
36,245 |
8,240 |
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Net
Profit |
|
36,000 |
35,085 |
17,238 |
5,475 |
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Total
Assets |
|
|
327,354 |
335,449 |
712,396 |
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Current
Assets |
|
|
112,364 |
122,335 |
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Current
Liabs |
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|
110,341 |
122,734 |
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Net
Worth |
|
|
141,085 |
123,358 |
349,857 |
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Capital,
Paid-Up |
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|
40,000 |
40,000 |
40,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.97 |
1.71 |
10.41 |
-8.82 |
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Current Ratio |
.. |
101.83 |
99.67 |
.. |
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N.Worth Ratio |
.. |
43.10 |
36.77 |
49.11 |
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R.Profit/Sales |
26.77 |
27.49 |
19.17 |
4.81 |
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N.Profit/Sales |
18.18 |
18.25 |
9.12 |
3.20 |
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Return On Equity |
.. |
24.87 |
13.97 |
1.56 |
|
Notes: Forecast (or
estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED
FINANCIALS OF THE PARENT, JX HOLDINGS INC
|
FINANCES: (Consolidated
in million yen) |
||||||
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
|
10,723,889 |
9,634,396 |
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Cost of Sales |
9,879,587 |
8,805,610 |
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GROSS PROFIT |
844,302 |
828,786 |
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Selling & Adm Costs |
516,458 |
494,384 |
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OPERATING PROFIT |
327,844 |
334,402 |
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Non-Operating P/L |
79,921 |
79,265 |
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RECURRING PROFIT |
407,765 |
413,667 |
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NET PROFIT |
170,595 |
311,736 |
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BALANCE SHEET |
||||||
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Cash |
|
241,978 |
233,471 |
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Receivables |
1,308,111 |
1,065,973 |
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Inventory |
1,694,395 |
1,484,879 |
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Securities, Marketable |
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Other Current Assets |
310,137 |
283,408 |
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TOTAL CURRENT ASSETS |
3,554,621 |
3,067,731 |
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Property & Equipment |
1,940,376 |
1,940,291 |
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Intangibles |
137,213 |
166,147 |
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Investments, Other Fixed Assets |
1,058,209 |
1,085,789 |
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TOTAL ASSETS |
6,690,419 |
6,259,958 |
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Payables |
917,955 |
739,855 |
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Short-Term Bank Loans |
715,030 |
716,561 |
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Other Current Liabs |
1,520,612 |
393,744 |
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TOTAL CURRENT LIABS |
3,153,597 |
1,850,160 |
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Debentures |
206,187 |
251,131 |
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Long-Term Bank Loans |
911,930 |
908,832 |
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Reserve for Retirement Allw |
91,004 |
88,920 |
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Other Debts |
|
282,949 |
1,274,674 |
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TOTAL LIABILITIES |
4,645,667 |
4,373,717 |
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MINORITY INTERESTS |
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Common
stock |
100,000 |
100,000 |
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Additional
paid-in capital |
746,711 |
746,693 |
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Retained
earnings |
933,573 |
801,567 |
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Evaluation
p/l on investments/securities |
24,802 |
35,524 |
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Others |
243,388 |
206,259 |
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Treasury
stock, at cost |
(3,722) |
(3,802) |
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TOTAL S/HOLDERS` EQUITY |
2,044,752 |
1,886,241 |
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TOTAL EQUITIES |
6,690,419 |
6,259,958 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash Flows
from Operating Activities |
|
246,642 |
211,408 |
|||
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Cash
Flows from Investment Activities |
-198,595 |
-170,908 |
||||
|
Cash
Flows from Financing Activities |
-37,318 |
-71,228 |
||||
|
|
Cash,
Bank Deposits at the Term End |
|
241,035 |
232,438 |
||
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
2,044,752 |
1,886,241 |
||||
|
Current
Ratio (%) |
112.72 |
165.81 |
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|
Net
Worth Ratio (%) |
30.56 |
30.13 |
||||
|
Recurring
Profit Ratio (%) |
3.80 |
4.29 |
||||
|
Net
Profit Ratio (%) |
1.59 |
3.24 |
||||
|
Return
On Equity (%) |
8.34 |
16.53 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.37 |
|
|
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.