MIRA
INFORM REPORT
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Report Date : |
03.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON GLOBAL TANKER CO LTD |
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Registered Office : |
Nippon Oil Corp Bldg, 1-3-12 Nishishimbashi Minatoku Tokyo 105-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Nov 1978 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Oil tanker operator |
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 296.9 millions |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
NIPPON GLOBAL TANKER CO LTD
REGD NAME
Nihon Global Tanker KK
MAIN OFFICE
Nippon Oil Corp Bldg, 1-3-12 Nishishimbashi Minatoku Tokyo 105-0003
JAPAN
Tel : 03-3502-1191
Fax : 03-3502-9357
URL : http://www.eneos.co.jp (of the parent,
Nippon Oil Corp)
E-mail : info@eneos.co.jp
ACTIVITIES
Oil tanker operator
BRANCHES
Nil
OFFICERS
NAOAKI TSUCHIYA, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 97,965 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND STEADY WORTH Yen 635 M
STARTED 1978 EMPLOYES 2
COMMENT
OIL TANKER OPERATOR, AFFILIATED TO NIPPON OIL CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 296.9 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1978 and in
2000 reorganized by the merger of two companies: Nippon Ryoyu Tanker Co Ltd,
Nippon Oil group firm, and Cosmo Tanker Co Ltd, Cosmo Oil group firm, in order
to streamline oil tanker operations.
Crude oil tanker operator with 38 oil tankers operating for ocean-going
and inland transportation. Clients are
oil companies nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 97,965 million, a slight down from Yen 99,232 million in the previous term. The recurring profit was posted at Yen 540 million and the net profit at Yen 270 million, compares with Yen 25 million recurring profit and Yen 19 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the net profit is
projected at Yen 250 million, on a similar turnover, at Yen 98,000
million. Fuel oil price hikes will eat
into profits.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 296.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1978
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 1,000
shares
Sum: Yen
50 million
Major shareholders (%): Nippon Oil
Corp*(65), Cosmo Oil Co Ltd**(35)
No. of shareholders: 2
* Nippon Oil Corporation, founded 1888, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 139,437 million, sales Yen 6,624,256 million, operating profit Yen 159,684 million, recurring profit Yen 186,611 million, net profit Yen 70,221 million, employees 13,214, pres Shinji Nishio
Consolidated Financials are as attached (See SUPPLEMENTS)
** Cosmo Oil Co Ltd, founded 1939, listed Tokyo, Osaka, Nagoya
S/E’s, capital Yen 62,366 million, turnover Yen 3,062,743 million, operating
profit Yen 69,643 million, recurring profit Yen 74,789 million, net profit Yen
26,536 million, employees 6,103, pres Yaichi Kimura
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Crude oil tanker operator for ocean-going and
inland transportation, operating 38 oil tankers (100%).
Clients: [Oil refineries] Nippon Oil Corp, Cosmo Oil Co,
Nihonkai Oil, Nippon Petroleum Refining Co, other..
No. of accounts: 5
Domestic areas of activities: Nationwide
Suppliers: [Ship owners, operators] NYK Lines, Mitsui OSK
Lines, Enyo Kaiun, Shinwa Kaiun Kaisha, Kyoei Tanker Co, Nippon Petroleum
Tanker, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned by the parent,
Nippon Oil Corp, and maintained satisfactorily.
Bank References
SMBC (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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98,000 |
97,965 |
99,232 |
90,551 |
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Recur. Profit |
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540 |
25 |
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Net Profit |
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250 |
270 |
19 |
4 |
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Total Assets |
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17,278 |
22,975 |
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Current Assets |
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17,276 |
22,975 |
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Current Liabs |
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16,643 |
22,613 |
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Net Worth |
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635 |
364 |
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Capital, Paid-Up |
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50 |
50 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.04 |
-1.28 |
9.59 |
-0.70 |
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Current Ratio |
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.. |
103.80 |
101.60 |
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N.Worth Ratio |
.. |
3.68 |
1.58 |
.. |
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R.Profit/Sales |
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.. |
0.55 |
0.03 |
.. |
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N.Profit/Sales |
0.26 |
0.28 |
0.02 |
0.00 |
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Return On Equity |
.. |
42.52 |
5.22 |
.. |
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Notes: Forecast (or estimated) for the 31/03/2008 fiscal term.
SUPPLEMENTS
Consolidated Financials of the major parent, Nippon Oil Corporation.
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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6,624,256 |
6,117,988 |
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Cost of Sales |
6,176,656 |
5,521,191 |
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GROSS PROFIT |
447,600 |
596,796 |
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Selling & Adm Costs |
287,915 |
292,866 |
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OPERATING PROFIT |
159,684 |
303,930 |
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Non-Operating P/L |
26,927 |
5,153 |
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RECURRING PROFIT |
186,611 |
309,088 |
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NET PROFIT |
70,221 |
166,510 |
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BALANCE SHEET |
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Cash |
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332,113 |
214,720 |
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Receivables |
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818,679 |
773,589 |
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Inventory |
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889,827 |
951,046 |
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Securities, Marketable |
2,739 |
24,292 |
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Other Current Assets |
219,170 |
177,304 |
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TOTAL CURRENT ASSETS |
2,262,528 |
2,140,951 |
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Property & Equipment |
1,365,244 |
1,370,235 |
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Intangibles |
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41,370 |
43,153 |
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Investments, Other Fixed Assets |
716,391 |
677,475 |
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TOTAL ASSETS |
4,385,533 |
4,231,814 |
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Payables |
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515,930 |
580,081 |
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Short-Term Bank Loans |
255,640 |
262,056 |
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Other Current Liabs |
1,300,575 |
1,099,709 |
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TOTAL CURRENT LIABS |
2,072,145 |
1,941,846 |
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Debentures |
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134,997 |
160,537 |
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Long-Term Bank Loans |
478,483 |
491,537 |
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Reserve for Retirement Allw |
84,112 |
98,849 |
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Other Debts |
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283,814 |
299,478 |
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TOTAL LIABILITIES |
3,053,551 |
2,992,247 |
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MINORITY INTERESTS |
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109,238 |
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Common stock |
139,437 |
139,437 |
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Additional paid-in capital |
275,760 |
275,015 |
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Retained earnings |
651,294 |
599,517 |
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Evaluation p/l on
investments/securities |
148,723 |
122,456 |
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Others |
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236,008 |
(168) |
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Treasury stock, at cost |
(119,241) |
(5,929) |
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TOTAL S/HOLDERS` EQUITY |
1,331,981 |
1,130,328 |
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TOTAL EQUITIES |
4,385,533 |
4,231,814 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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205,867 |
34,021 |
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Cash Flows from Investment
Activities |
-143,487 |
-115,073 |
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Cash Flows from Financing Activities |
44,408 |
125,969 |
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Cash, Bank Deposits at the Term End |
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321,786 |
214,476 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
1,331,981 |
1,130,328 |
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Current Ratio (%) |
109.19 |
110.25 |
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Net Worth Ratio (%) |
30.37 |
26.71 |
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Recurring Profit Ratio (%) |
2.82 |
5.05 |
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Net Profit Ratio (%) |
1.06 |
2.72 |
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Return On Equity (%) |
5.27 |
14.73 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)