|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JX NIPPON OIL & ENERGY CORPORATION |
|
|
|
|
Registered Office : |
JX Bldg, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
April 2010 |
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|
|
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Com. Reg. No.: |
0100-01-130819 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
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Line of Business : |
Petroleum refining, import of LPG/LNG, petrochemical products |
|
|
|
|
No. of Employees : |
6,287 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has overturned his predecessor's plan to permanently close nuclear power plants
and is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government
revenue and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by the year 2015. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy
|
Source
: CIA |
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)
Petroleum
refining, import of LPG/LNG, petrochemical products
Sapporo,
Sendai, Nagoya, Osaka, Hiroshima, Fukuoka, Okinawa, other (Tot 22)
Abu
Dhabi, Beijing, New Delhi, Ho Chi Ming, other.
Muroran,
Sendai, Negishi, Osaka, Mizushima, Marifu, Oita, Kawasaki,
Yokohama,
Chita, Kashima
TSUTOMU
SUGIMORI, PRES Yasushi Kimura, ch
Michio
Ikeda, dir Takeshi
Kurosaki, dir
Yoshiki
Hirayama, dir Ichiro
Uchijima, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 9,604,552 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 139,437 M
TREND STEADY WORTH Yen 989,260 M
STARTED 2010 EMPLOYES 6,287
OIL
REFINING, OWNED BY JX HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
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.
The sales volume for Mar/2014
fiscal term amounted to Yen 9,604,552 million, a 10% up from Yen 8,736,833
million in the previous term. Price
hikes of petroleum oils contributed, but profit margin decreased. The recurring profit was posted at Yen 68,527
million and the net profit at Yen 39,240 million, respectively, compared with
Yen 119,456 million recurring profit and Yen 97,850 million net losses,
respectively, a year ago.
For
the current term ending Mar 2015 the recurring profit is projected at Yen
69,000 million and the net profit at Yen 40,000 million, respectively, on a 5%
rise in turnover, to Yen 10,500,000 million.
The
financial situation is considered FAIR and good for ORDINARY business engagements.
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, Nagoya S/E’s, capital Yen 100,000 million, sales Yen 12,412,013 million,
operating profit Yen 213,657 million, recurring profit Yen 302,329 million, net
profit Yen 107,042 million, total assets Yen 7,698,057 million, net worth Yen
2,108,439 million, employees 26,616, pres Isao Matsushita
Nothing detrimental is known as
to the commercial morality of executives.
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
Bank (H/O)
SMBC
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
10,050,000 |
9,604,552 |
8,736,833 |
8,348,621 |
|
Recur.
Profit |
|
69,000 |
68,527 |
119,456 |
204,929 |
|
Net
Profit |
|
40,000 |
39,240 |
97,850 |
77,516 |
|
Total
Assets |
|
|
3,996,142 |
4,076,536 |
3,943,403 |
|
Current
Assets |
|
|
2,461,361 |
2,569,103 |
|
|
Current
Liabs |
|
|
2,377,205 |
2,454,814 |
2,324,434 |
|
Net
Worth |
|
|
989,260 |
977,933 |
904,541 |
|
Capital,
Paid-Up |
|
|
139,437 |
139,437 |
139,437 |
|
Div.Ttl
in Million (¥) |
|
|
26,423 |
23,797 |
13,372 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.64 |
9.93 |
4.65 |
13.44 |
|
Current Ratio |
|
.. |
103.54 |
104.66 |
.. |
|
N.Worth Ratio |
|
.. |
24.76 |
23.99 |
22.94 |
|
R.Profit/Sales |
|
0.69 |
0.71 |
1.37 |
2.45 |
|
N.Profit/Sales |
|
0.40 |
0.41 |
1.12 |
0.93 |
|
Return On Equity |
|
.. |
3.97 |
10.01 |
8.57 |
Notes:
Forecast figures for the 31/03/2015 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
|
<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.