MIRA
INFORM REPORT
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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
JX NIPPON OIL & ENERGY CORPORATION |
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Registered Office : |
JX Bldg, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
April 2010 |
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Com. Reg. No.: |
0100-01-130819 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Petroleum refining, import of LPG/LNG, petrochemical products |
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No. of Employees : |
6,338 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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
Company name and address
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: http//: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 23)
OVERSEAS
Abu Dhabi,
Beijing, New Delhi, Ho Chi Ming, other.
FACTORIES
Muroran, Sendai,
Negishi, Osaka, Mizushima, Marifu, Oita, Kawasaki,
Yokohama, Chita,
Kashima
OFFICER(S)
SEIICHI ISSHIKI,
PRES Yasushi Kimura, ch
Yasuo Kamino, v
pres Michio Ikeda, v pres
Yukio Uchida, v
pres Takeshi Kurosaki, v
pres
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,348,621 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
139,437 M
TREND STEADY WORTH Yen
904,541 M
STARTED 2010 EMPLOYES 6,338
COMMENT
OIL REFINING,
OWNED BY JX HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
Notes: Unit: In
Million Yen
Forecast (or
estimated) figures for the 31/03/2013 fiscal term.
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
The financial
results for Mar/2012 fiscal term amounted to Yen 8,348,621 million, a 13% up from
Yen 7,359,322 million in the previous term.
Oil refinery sales increased in volume.
Price hikes of petroleum oils contributed. The recurring profit was posted at Yen
204,929 million and the net profit at Yen 77,516 million, respectively,
compared with Yen 208,549 million recurring profit and Yen 55,679 million net
losses, respectively, a year ago.
For the current term ending Mar 2013 the
recurring profit is projected at Yen 210,000 million and the net profit at Yen
80,000 million, respectively, on a 3% rise in turnover, to Yen 8,600,000
million. Oil refinery sales will
continue increasing in volume.
The financial situation
is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Apr
2010
Regd No.:
0100-01-130819
(Tokyo-Chiyodaku)
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, Osaka,
Nagoya S/E’s, 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 6,404,006 million, net worth Yen
1,696,072 million, employees 115, pres Isao Matsushita
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, ENEOS Frontier, 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: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (H/O)
SMBC (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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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 |
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8,348,621 |
7,359,322 |
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Cost of Sales |
7,846,811 |
6,856,315 |
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GROSS PROFIT |
501,809 |
503,007 |
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Selling & Adm Costs |
318,320 |
299,540 |
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OPERATING PROFIT |
183,489 |
203,466 |
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Non-Operating P/L |
21,440 |
5,083 |
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RECURRING PROFIT |
204,929 |
208,549 |
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NET PROFIT |
77,516 |
85,679 |
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BALANCE SHEET |
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Cash |
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16,234 |
23,001 |
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Receivables |
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970,956 |
783,216 |
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Inventory |
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1,639,610 |
1,398,591 |
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Securities, Marketable |
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Other Current Assets |
1,316,603 |
(200,020) |
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TOTAL CURRENT ASSETS |
3,943,403 |
2,004,788 |
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Property & Equipment |
1,125,922 |
1,210,135 |
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Intangibles |
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32,017 |
33,285 |
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Investments, Other Fixed Assets |
(1,157,939) |
402,991 |
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TOTAL ASSETS |
3,943,403 |
3,651,199 |
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Payables |
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629,632 |
523,138 |
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Short-Term Bank Loans |
839,923 |
636,555 |
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Other Current Liabs |
854,879 |
838,837 |
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TOTAL CURRENT LIABS |
2,324,434 |
1,998,530 |
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Debentures |
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Long-Term Bank Loans |
543,895 |
675,197 |
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Reserve for Retirement Allw |
56,693 |
55,100 |
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Other Debts |
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113,839 |
78,536 |
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TOTAL LIABILITIES |
3,038,861 |
2,807,363 |
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MINORITY INTERESTS |
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Common
stock |
139,437 |
139,437 |
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Additional
paid-in capital |
427,488 |
427,488 |
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Retained
earnings |
330,749 |
266,604 |
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Evaluation
p/l on investments/securities |
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Others |
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6,867 |
10,306 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
904,541 |
843,835 |
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TOTAL EQUITIES |
3,943,403 |
3,651,199 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
904,541 |
843,835 |
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Current
Ratio (%) |
169.65 |
100.31 |
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Net
Worth Ratio (%) |
22.94 |
23.11 |
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Recurring
Profit Ratio (%) |
2.45 |
2.83 |
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Net
Profit Ratio (%) |
0.93 |
1.16 |
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Return
On Equity (%) |
8.57 |
10.15 |
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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.54.39 |
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1 |
Rs.88.76 |
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Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
-- |
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.