MIRA INFORM REPORT
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Report No. : |
316908 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
INPEX CORP |
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Registered Office : |
Akasaka Bix Tower, 5-3-1 Akasaka Minatoku Tokyo 107-6332 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 (Consolidated) |
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Date of Incorporation : |
April 2006 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Produces & Refines: crude oil, natural gas. |
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No. of Employee : |
3,114 |
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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Maximum Credit Limit : |
Yen 30,319.4 Million |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 four
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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge government
debt, which amounts to more than 240% 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 2015, although the government in 2014
decided to postpone the final phase of the increase until 2017 to give the
economy time to recover from the 2014 increase. 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.
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Source
: CIA |
Company
name and address
INPEX CORP
REGD NAME: Kokusai
Sekiyu Kaihatsu Teiseki KK
MAIN OFFICE: Akasaka
Bix Tower, 5-3-1 Akasaka Minatoku Tokyo 107-6332 JAPAN
Tel: 035572-0200
Fax: 03-5572-0205 -
E-Mail address: (thru the URL)
ACTIVITIES
Refining of crude
oil, LNG, LPG, gasoline, other
BRANCHES
30 nationwide
OVERSEAS
USA, Canada, UK,
Norway, Brazil, Venezuela, Malaysia, Australia, Singapore, Indonesia, & UAE
FACTORIES
Niigata (5),
Akita, Chiba
CHIEF
EXEC
TOSHIAKI KITAMURA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,334,625 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 290,809 M
TREND UP WORTH Yen
2,996,036 M
STARTED 2006 EMPLOYES 3,114
COMMENT
REFINING OF CRUDE OIL, LNG, LPG, GASOLINE,
OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 30,319.4 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This was formerly Holding Company founded between Inpex Corp and Teikoku
Oil and in Oct 2008, merged with these wholly-owned subs. Japan’s top-ranked developer and producer of
crude oil and natural gases.
Outdistances other Japanese natural resource developers in overseas development
concession rights.
FINANCIAL
INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen 1,334,625
million, a 9.7% up from Yen 1,216,533 million in the previous term. The recurring profit was posted at Yen
750,057 million and the net profit at Yen 183,690 million, respectively,
compared with Yen 718,146 million recurring profit and Yen 182,961 million net
profit, respectively, a year ago.
(Apr/Dec/2014 results): Sales Yen 926,597 million (down 7%), operating
profit Yen 452,698 million (down 17.3%), recurring profit Yen 492,358 million
(down 9.5%), net profit Yen 101,783 million (down 4.9%). (% as compared with the corresponding period
a year ago).
For the term that ended Mar 2015 the recurring profit was projected at
Yen 551,000 million and the net profit at Yen 120,000 million, respectively, on
a 13.6% fall in turnover, to Yen 1,153,000 million. Sales volume of natural gas & crude oil
declined. Final results are yet to be
released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 30,319.4 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 2006
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
3,600 million shares
Issued: 1,462,323,601
shares
Sum: Yen
290,809 million
Major shareholders
(%):
Ministry of Economy Trade Industry (18.9), Japan Petroleum Exploration (7.3),
Mitsui Oil Exploration (3.5), Japan Trustee Services T (3.1), JX Holding (2.9),
other; foreign owners (46.8)
No. of
shareholders: 34,750
Listed on the S/Exchange
(s) of: Tokyo
Managements: Naoki Kuroda,
ch; Toshiaki Kitamura, pres; Masatoshi Sugioka, v ch; Seiji Yui, v pres;
Masaharu Sano, s/mgn dir; Shun’ichiro Sugaya, mgn dir; Masahiro Murayama, mgn
dir; Seiya Ito, mgn dir; Wataru Tanaka, mgn dir; Takahiko Ikeda, mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Japan Petroleum
Exploration, other.
OPERATION
Activities: Produces &
Refines: crude oil (64%), natural gas (32%), others (3%)
Overseas Sales
Ratio (49%)
Clients: [Mfrs,
wholesalers] PERTAMINA, Invex Trading, Osaka Gas, Tokyo Gas, Chubu Electric
Power, Nagano City Gas, Bushu Gas, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shizuoka Gas, Tokyo Gas, Japan Petroleum Exploration, Cosmo Oil,
Kignas Oil, Sumitomo Corp, other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Mizuho Bank (H/O)
MUFG (H/O)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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1,334,625 |
1,216,533 |
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Cost of Sales |
490,416 |
426,326 |
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GROSS PROFIT |
844,209 |
790,206 |
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Selling & Adm Costs |
110,599 |
96,759 |
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OPERATING PROFIT |
733,610 |
693,447 |
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Non-Operating P/L |
16,467 |
24,699 |
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RECURRING PROFIT |
750,077 |
718,146 |
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NET PROFIT |
183,690 |
182,961 |
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BALANCE SHEET |
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Cash |
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650,187 |
183,814 |
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Receivables |
110,395 |
117,411 |
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Inventory |
25,485 |
15,409 |
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Securities, Marketable |
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Other Current Assets |
354,137 |
789,870 |
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TOTAL CURRENT ASSETS |
1,140,204 |
1,106,504 |
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Property & Equipment |
951,779 |
584,541 |
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Intangibles |
439,178 |
380,155 |
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Investments, Other Fixed Assets |
1,506,978 |
1,544,958 |
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TOTAL ASSETS |
4,038,139 |
3,616,158 |
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Payables |
46,811 |
41,401 |
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Short-Term Bank Loans |
21,954 |
8,560 |
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Other Current Liabs |
306,905 |
365,015 |
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TOTAL CURRENT LIABS |
375,670 |
414,976 |
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Debentures |
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Long-Term Bank Loans |
561,674 |
466,908 |
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Reserve for Retirement Allw |
7,793 |
8,580 |
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Other Debts |
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96,965 |
54,710 |
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TOTAL LIABILITIES |
1,042,102 |
945,174 |
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MINORITY INTERESTS |
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Common
stock |
290,809 |
290,809 |
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Additional
paid-in capital |
679,287 |
679,287 |
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Retained
earnings |
1,532,876 |
1,375,106 |
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Evaluation
p/l on investments/securities |
44,737 |
34,741 |
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Others |
453,575 |
296,288 |
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Treasury
stock, at cost |
(5,248) |
(5,248) |
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TOTAL S/HOLDERS` EQUITY |
2,996,036 |
2,670,983 |
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TOTAL EQUITIES |
4,038,409 |
3,616,158 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
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213,513 |
252,346 |
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Cash
Flows from Investment Activities |
-395,555 |
-489,870 |
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Cash
Flows from Financing Activities |
48,961 |
137,069 |
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Cash,
Bank Deposits at the Term End |
|
117,530 |
199,858 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net Worth
(S/Holders' Equity) |
2,996,036 |
2,670,983 |
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Current
Ratio (%) |
303.51 |
266.64 |
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Net
Worth Ratio (%) |
74.19 |
73.86 |
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Recurring
Profit Ratio (%) |
56.20 |
59.03 |
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Net
Profit Ratio (%) |
13.76 |
15.04 |
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Return
On Equity (%) |
6.13 |
6.85 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
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|
1 |
Rs.96.52 |
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Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.