MIRA INFORM REPORT
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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
AOC HOLDINGS INC |
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Registered Office : |
2-5-8 Higashi-Shinagawa Shinagawaku Tokyo 140-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Jan 2003 |
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Com. Reg. No.: |
0104-01-103201 |
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Legal Form : |
Limited Company |
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Line of Business : |
Holding Company to manage
& operate: oil & gas development, petroleum refining |
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No. of Employees : |
557 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
YEN 32,469.7 MILLION |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
AOC HOLDINGS INC
REGD NAME
AOC Holdings KK
MAIN OFFICE
2-5-8
Higashi-Shinagawa Shinagawaku Tokyo 140-0002 JAPAN
Tel:
03-5463-5061 Fax: 03-5463-5043 -
URL: http://www.aolhd.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Holding
Company of oil/gas development, petroleum refinery companies
CHIEF EXEC
FUMIO
SEKIYA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 780,028 M
PAYMENTSSLOW
BUT CORRECT CAPITAL Yen 24,467 M
TREND UP WORTH Yen 81,116 M
STARTED 2003 EMPLOYES 557
COMMENT
HOLDING COMPANY OF OIL REFINERIES, OIL/GAS DEVELOPMENT,
ETC
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 32,469.7 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
HIGHLIGHTS
This is
the holding company formd thru management integrations between Arabia Oil
(upstream company) and Fuji Oil (downstream company for oil refining) in Jun
2003. Subsidiary Fuji Oil has oil
refinery in Sodegaura City, Chiba-Pref, supplying petroleum products to Tokyo
area. Arabia Oil engages in oil and natural gas exploration and
production. Has high-performance
residual oil cracking systems. The
company carried out a quadrennial regular facility repays at Sodegaura Refinery
from May to June in 2013. It pulled out
of the development project virtually, though a long-term purchase contract from
Kuwait remains. It is going to merge
Fuji Oil Co to shift to a business firm in Oct 2013. .
FINANCIAL INFORMATION
The sales
volume for Mar/2013 fiscal term amounted to Yen 780,028 million, an 11% up from
Yen 701,850 million in the previous term.
Oil &gas development was under break-even point. Petroleum refining benefitted from market
turn around in second half, but operating profit declined. Forex gains were posted in non-operating
account. Net account was in deficit,
pulled down by impairment loss on development projects. The recurring profit was posted at Yen 3,277
million and the net loss at Yen 13,025 million, respectively, compared with Yen
1,305 million recurring profit and Yen 3,371 million net profit, respectively,
a year ago.
(Apr/Jun/2013
results): Sales Yen 128,651 million (down 29.8%), operating loss Yen 2,998
million (previously Yen 10,464 million loss), recurring loss Yen 3,305 million
(previously Yen 11,288 million loss), net losses Yen 3,273 million (previously
Yen 20,661 million loss). (% &
figures compared with the corresponding period a year ago).
For the
current term ending Mar 2014 the recurring profit is projected at Yen 1,200 million
and the net profit at Yen 1,400 million, on a 9.0% fall in turnover, to Yen
710,000 million. In petroleum refining
business, sales will decrease due to regular facility repairs. Profit margin will deteriorate in petroleum
products but improve in chemical products.
Deficit in oil and gas development business will shrink through business
realignment. .
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 32,469.7 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jan 2003
Regd No.: 0104-01-103201
(Tokyo-Shinagawaku)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 200 million shares
Issued:
78,183,677 shares
Sum: Yen 24,467 million
Major shareholders (%): Tokyo Electric Power (8.7),
BBH for Fidelity Low Prices Stock (7.7), Kuwait Petroleum (7.4), Government of
Saudi Arabia (7.4), Showa Shell Sekiyu (6.5) Sumitomo Chemical (6.4), Nippon
Yusen (3.5), Japan Trustee Services T (2.4), Kenzai Electric Power (2.4), Japan
Trustee Services T9 (2.0); foreign owners (30.8)
No. of shareholders: 13,549
Listed on the S/Exchange (s) of:
Tokyo
Managements: Kuniyasu Takeda, ch; Fumio Sekiya,
pres; Yoshiaki Sekigawa, v pres; Nobumasa Hara, dir; Shigemi Tamura, dir;
Shigeya Kato, dir; Osamu Ishitobi, dir; Yahya Jamil Shinawi, dir; Emad
Al-Abdulkarim, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Fuji
Oil, Petro Progress Co, Fuji Tanker, other.
OPERATION
Activities: Holding Company to manage &
operate: oil & gas development (4%), petroleum refining (86%).
Overseas Sales Ratio (2%)
Clients: Mfrs, wholesalers, governments,
municipalities, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: Oil
companies, refiners, other
Payment record: Slow
but correct
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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780,028 |
701,650 |
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Cost of Sales |
772,831 |
690,771 |
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GROSS PROFIT |
7,197 |
10,878 |
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Selling & Adm Costs |
5,649 |
5,597 |
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OPERATING PROFIT |
1,548 |
5,281 |
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Non-Operating P/L |
1,729 |
-3,976 |
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RECURRING PROFIT |
3,277 |
1,305 |
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NET PROFIT |
-13,025 |
3,371 |
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BALANCE SHEET |
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Cash |
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13,140 |
17,185 |
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Receivables |
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99,985 |
98,194 |
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Inventory |
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96,378 |
122,151 |
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Securities, Marketable |
134 |
886 |
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Other Current Assets |
18,634 |
23,310 |
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TOTAL CURRENT ASSETS |
228,271 |
261,726 |
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Property & Equipment |
100,325 |
120,348 |
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Intangibles |
|
987 |
1,476 |
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Investments, Other Fixed Assets |
31,308 |
26,400 |
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TOTAL ASSETS |
360,891 |
409,950 |
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Payables |
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51,697 |
79,329 |
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Short-Term Bank Loans |
98,293 |
100,470 |
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Other Current Liabs |
86,938 |
69,842 |
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TOTAL CURRENT LIABS |
236,928 |
249,641 |
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Debentures |
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Long-Term Bank Loans |
19,540 |
47,358 |
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Reserve for Retirement Allw |
3,185 |
3,371 |
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Other Debts |
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20,121 |
14,813 |
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TOTAL LIABILITIES |
279,774 |
315,183 |
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MINORITY INTERESTS |
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Common
stock |
24,467 |
24,467 |
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Additional
paid-in capital |
57,215 |
57,215 |
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Retained
earnings |
6,940 |
20,429 |
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Evaluation
p/l on investments/securities |
(22) |
(64) |
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Others |
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(6,245) |
(6,042) |
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Treasury
stock, at cost |
(1,239) |
(1,239) |
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TOTAL S/HOLDERS` EQUITY |
81,116 |
94,766 |
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TOTAL EQUITIES |
160,891 |
409,950 |
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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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5,602 |
-841 |
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Cash
Flows from Investment Activities |
5,491 |
8,457 |
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Cash
Flows from Financing Activities |
-16,207 |
-6,664 |
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Cash,
Bank Deposits at the Term End |
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13,264 |
18,057 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
81,116 |
94,766 |
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Current
Ratio (%) |
96.35 |
104.84 |
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Net
Worth Ratio (%) |
50.42 |
23.12 |
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Recurring
Profit Ratio (%) |
0.42 |
0.19 |
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Net
Profit Ratio (%) |
-1.67 |
0.48 |
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Return
On Equity (%) |
-16.06 |
3.56 |
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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.62.24 |
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UK Pound |
1 |
Rs.99.89 |
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Euro |
1 |
Rs.84.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.