MIRA INFORM REPORT
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Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
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Name : |
JX NIPPON OIL & ENERGY CORPORATION |
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Formerly Known As : |
NIPPON OIL CORP & NIPPON MINING HOLDINGS INC |
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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) : |
31.03.2013 |
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Date of Incorporation : |
April, 2010 |
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Com. Reg. No.: |
0100-01-130819 |
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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 : |
6,154 |
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 – 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 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
22)
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
Yukio Uchida, v pres Michio
Ikeda, v pres
Takeshi Kurosaki, v pres Yoshiki
Hirayama, v pres
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,736,833 M
PAYMENTS REGULAR CAPITAL Yen
139,437 M
TREND STEADY WORTH Yen
977,933 M
STARTED 2010 EMPLOYES 6,154
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 31/03/2014 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/2013 fiscal term amounted to Yen 8,736,833
million, a 13% up from Yen 7,359,322 million in the previous term. Reorganized group firms and sales increased. Also, oil refinery sales increased in
volume. Price hikes of petroleum oils
contributed, too. The recurring profit
was posted at Yen 119,456 million and the net profit at Yen 97,850 million,
respectively, compared with Yen 204,929 million recurring profit and Yen 77,516
million net losses, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 120,000 million and the net profit at Yen 98,000 million, respectively,
on a 3% rise in turnover, to Yen 9,000,000 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 11,219,474 million, operating profit Yen 251,467
million, recurring profit Yen 328,300 million, net profit Yen 159,477 million,
total assets Yen 7,274,891 million, net worth Yen 1,942,754 million, employees
25,569, 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: Regular
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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8,736,833 |
8,348,621 |
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Cost of Sales |
8,331,658 |
7,846,811 |
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GROSS PROFIT |
405,176 |
501,809 |
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Selling & Adm Costs |
319,995 |
318,320 |
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OPERATING PROFIT |
85,180 |
183,489 |
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Non-Operating P/L |
34,276 |
21,440 |
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RECURRING PROFIT |
119,456 |
204,929 |
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NET PROFIT |
97,850 |
77,516 |
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BALANCE SHEET |
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Cash |
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30,299 |
16,234 |
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Receivables |
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994,414 |
970,956 |
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Inventory |
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1,317,652 |
1,639,610 |
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Securities, Marketable |
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Other Current Assets |
226,738 |
1,316,603 |
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TOTAL CURRENT ASSETS |
2,569,103 |
3,943,403 |
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Property & Equipment |
1,098,638 |
1,125,922 |
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Intangibles |
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30,477 |
32,017 |
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Investments, Other Fixed Assets |
378,318 |
(1,157,939) |
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TOTAL ASSETS |
4,076,536 |
3,943,403 |
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Payables |
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624,630 |
629,632 |
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Short-Term Bank Loans |
916,828 |
839,923 |
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Other
Current Liabs |
913,356 |
854,879 |
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TOTAL CURRENT LIABS |
2,454,814 |
2,324,434 |
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Debentures |
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Long-Term Bank Loans |
521,120 |
543,895 |
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Reserve for Retirement Allw |
59,902 |
56,693 |
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Other Debts |
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62,766 |
113,839 |
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TOTAL LIABILITIES |
3,098,602 |
3,038,861 |
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MINORITY INTERESTS |
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Capital, Paid-Up |
139,437 |
139,437 |
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Surplus |
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838,496 |
765,104 |
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SHAREHOLDERS' EQUITY |
977,933 |
904,541 |
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TOTAL EQUITIES |
4,076,536 |
3,943,403 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net Worth (S/Holders' Equity) |
977,933 |
904,541 |
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Current Ratio (%) |
104.66 |
169.65 |
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Net Worth Ratio (%) |
23.99 |
22.94 |
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Recurring Profit Ratio (%) |
1.37 |
2.45 |
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Net Profit Ratio (%) |
1.12 |
0.93 |
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Return On Equity (%) |
10.01 |
8.57 |
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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.59.83 |
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1 |
Rs.91.76 |
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Euro |
1 |
Rs.79.33 |
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 |
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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.