MIRA
INFORM REPORT
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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
JX HOLDINGS INC |
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Registered Office : |
2-6-3 Ohtemachi Chiyodaku Tokyo 100-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 2010 |
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Com. Reg. No.: |
0100-01-131743
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Holding company of energy, oil
& natural gas, metals companies |
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No. of Employees : |
25,569 |
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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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.
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Source : CIA |
Company name
JX HOLDINGS INC
REGD NAME
JX Holdings KK
MAIN OFFICE
2-6-3 Ohtemachi
Chiyodaku Tokyo 100-0001 JAPAN
Tel:
03-6275-5009 -
URL: http://www.hd.jx-group.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
Holding
company of energy, oil & natural gas, metals companies
BRANCHEs
Nil
OVERSEAS
(subsidiaries)
FACTORIES
(subsidiaries)
CHIEF EXEC
ISAO
MATSUSHITA, PRES
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,219,474 M
PAYMENTS No Complaints
CAPITAL Yen 100,000 M
TREND UP WORTH Yen 2,327,432 M
STARTED 2010 EMPLOYES 25,569
COMMENT
HOLDING COMPANY
FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
HIGHLIGHTS
This is the holding company founded thru business consolidation of Nippon Oil, Largest oil refiner/wholesaler in Japan, and Nippon Mining Holdings to have Japan Energy and Nippon Mining & metals under its auspices in Apr 2010. Top ranking of petroleum development and metal products businesses. The company will start commercial production of copper concentrates .in Chile by late 2013.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 11,219,474 million, a 4.6% up from Yen 10,723,889 million in the previous term. Inventory valuation gains surged, reflecting the rise in yen-denominated crude oil prices on yen depreciation in the second half. The recurring profit was posted at Yen 328,300 million and the net profit at Yen 159,477 million, respectively, compared with Yen 407,765 million recurring profit and Yen 170,595 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected at Yen 335,000 million and the net profit at Yen 170,000 million, on a 9.2% rise in turnover, to Yen 12,250,000 million. Petroleum product sales will stay flat, but sales volume and profit margin of petrochemicals will improve. Petroleum development volume will flag and crude oil prices will be low, assumed at 105 dollar per barrel. But metal sales will increase on growth of electronic materials processing, and also benefitted by the weaker Yen with forex rate assumed at Yen 95 per dollar.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Apr 2010
Regd No.: 0100-01-131743 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 8,000 million shares
Issued:
2,495,485,929 shares
Sum: Yen 100,000
million
Major shareholders (%): Master Trust Bank of Japan T (6.4), Japan Trustee Services T (2.7), Mizuho Bank (2.6), SMBC (2.6), SSBT OD05 Omnibus Act Treaty(2.0), Mitsubishi Corp (1.9), MUFG (1.5), Inpex Corp (1.3), JP Morgan Chase Bank (1.1); foreign owners (31.1)
No. of
shareholders: 152,267
Listed
on the S/Exchange (s) of: Tokyo, Osaka, Nagoya
Managements:
Yasushi Kimura, ch; Isao Matsushita, pres; Ichiro Ushijima, dir; Jun’ichi
Kawada, dir; Reitaro Tonoike, dir; Akira Omachi, dir; Saiichi Isshiki, dir;
other
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Holding company of group firms: energy (86%), Oil & natural gas development
(2%), metals (8%), others (4%)
Overseas
sales ratio (14%)
Clients:
[Mfrs, wholesalers] JX Nippon Oil & Energy Corp, JX Nippon Mining &
Metals ＣCorp,
JX Nippon Oil & Gas Exploration Corp, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
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: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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11,219,474 |
10,723,889 |
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Cost of Sales |
10,431,380 |
9,879,587 |
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GROSS PROFIT |
788,094 |
844,302 |
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Selling & Adm Costs |
536,627 |
516,458 |
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OPERATING PROFIT |
251,467 |
327,844 |
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Non-Operating P/L |
76,833 |
79,921 |
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RECURRING PROFIT |
328,300 |
407,765 |
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NET PROFIT |
159,477 |
170,595 |
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BALANCE SHEET |
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Cash |
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350,098 |
241,978 |
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Receivables |
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1,339,210 |
1,308,111 |
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Inventory |
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1,819,312 |
1,694,395 |
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Securities, Marketable |
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Other Current Assets |
229,173 |
310,137 |
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TOTAL CURRENT ASSETS |
3,737,793 |
3,554,621 |
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Property & Equipment |
2,190,683 |
1,940,376 |
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Intangibles |
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134,845 |
137,213 |
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Investments, Other Fixed Assets |
1,211,570 |
1,058,209 |
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TOTAL ASSETS |
7,274,891 |
6,690,419 |
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Payables |
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892,965 |
917,955 |
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Short-Term Bank Loans |
841,863 |
715,030 |
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Other Current Liabs |
1,582,657 |
1,520,612 |
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TOTAL CURRENT LIABS |
3,317,485 |
3,153,597 |
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Debentures |
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192,960 |
206,187 |
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Long-Term Bank Loans |
1,019,817 |
911,930 |
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Reserve for Retirement Allw |
93,860 |
91,004 |
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Other Debts |
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323,337 |
282,949 |
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TOTAL LIABILITIES |
4,947,459 |
4,645,667 |
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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 |
746,711 |
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Retained
earnings |
1,053,576 |
933,573 |
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Evaluation
p/l on investments/securities |
35,260 |
24,802 |
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Others |
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395,739 |
243,388 |
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Treasury
stock, at cost |
(3,854) |
(3,722) |
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TOTAL S/HOLDERS` EQUITY |
2,327,432 |
2,044,752 |
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TOTAL EQUITIES |
7,274,891 |
6,690,419 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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265,571 |
246,642 |
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Cash
Flows from Investment Activities |
-426,110 |
-198,595 |
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Cash
Flows from Financing Activities |
154,104 |
-37,318 |
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Cash,
Bank Deposits at the Term End |
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249,131 |
241,035 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
2,327,432 |
2,044,752 |
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Current
Ratio (%) |
112.67 |
112.72 |
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Net
Worth Ratio (%) |
31.99 |
30.56 |
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Recurring
Profit Ratio (%) |
2.93 |
3.80 |
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Net
Profit Ratio (%) |
1.42 |
1.59 |
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Return
On Equity (%) |
6.85 |
8.34 |
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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.59.64 |
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UK Pound |
1 |
Rs.90.14 |
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Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.