MIRA
INFORM REPORT
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Report Date : |
22.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
MITSUI OSK LINES LTD |
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Registered Office : |
2-1-1
Toranomon Minatoku Tokyo 106-8688 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
May 1884 |
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Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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Line of Business : |
Ship owner &
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
26488.9 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MITSUI OSK LINES LTD
REGD NAME
Shosen Mitsui KK
MAIN OFFICE
2-1-1 Toranomon Minatoku Tokyo 106-8688
JAPAN
Tel : 03-3587-7017
Fax : 03-3587-7705
URL : http://www.mol.co.jp/
E-Mail address: info@mol.co.jp
ACTIVITIES
Ship owner &
operator
BRANCHES
Osaka, Sapporo,
Yokohama, Nagoya, Kobe, Fukuoka, Tomakomai, Hiroshima
OVERSEAS
Worldwide
CHIEF EXEC
AKIMITSU ASHIDA, PRES
& CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,366,725 M
PAYMENTS REGULAR CAPITAL Yen 64,915 M
TREND STEADY WORTH Yen
424,460 M
STARTED 1884 EMPLOYES 8,351
COMMENT
SHIP OWNER &
OPERATOR
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 26,488.9 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is the second largest shipping company, next to NYK Lines, involved in air-sea-land intermodal transport, operating a total fleet of 705 vessels of 464 million deadweight tons. Founded originally as OSK Lines, based in Osaka, and in 1964 merged with Mitsui Steamship Co Ltd, to rename Mitsui OSK Ltd (MOL), and in 1999, absorbed Navix Lines, Tokyo to become one of the world’s largest shipping firms in fields of liners, tramps and tankers. Operating fleet consists of container ships, car carriers, oil/chemical tankers, tramp vessels, LNG carriers, passenger ships, tug boats, etc. Also offers total shipping services, as a group, such as harbor operations & customs clearance,, tug boat operations, cargo forwarding, stevedoring, warehousing & logistics, etc.
FINANCIAL INFORMATION
The revenues for Mar/2006 fiscal term amounted to Yen 1,366,725 million, a 16.5% up from Yen 1,173,332 million in the previous term. The growth is thanks to the surge in ship freight rates amid tight vessel supply against vigorous demand for ocean transport needs, spurred by rising imports of oils & industrial materials by US, China, India and other countries. The recurring profit was posted at Yen 176,502 million and the net profit at Yen 113,731 million, respectively, compared with Yen 174,979 million recurring profit and Yen 98,261 million net profit, respectively, a year ago.
First half results ending Sept/2006: revenues Yen 759,500 million, recurring profit Yen 78,500 million and net profit Yen 47,700 million. The firm expects the containership business to post higher earnings, backed by favorable trends, and a continued robust bulkship business during the second half of the year. The profits will, on the other hand, erode by lower container fares and higher fuel costs.
For the current term ending Mar 2007 the recurring profit is projected at Yen 180,000 million and the net profit at Yen 105,000 million, on an 8.3% rise in turnover, to Yen 1,480,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 26,488.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1884
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 3,154 million shares
Issued: 1,205,410,445 shares
Sum: Yen 84,915 million
Major shareholders (%): Japan Trustee Services Bank (11.8), Master Trust Bank of Japan T (5.5), Trust &
Custody Services Bank (4.0), Mitsui Sumitomo Ins (3.9), SMBC (2.4), State
Street Bank & Trust (2.1), Mitsubishi UFJ Trust Bank (1.8), State Street Bank &
Trust 505103 (1.7), Mizuho Corporate Bank (1.3), Mizuho Trust Bank (1.2);
foreign owners (28.1)
No. of shareholders : 74,135
Listed on the
S/Exchange (s) of: Tokyo, Osaka, Nagoya, Sapporo, Fukuoka
Managements : Kunio Suzuki, ch; Tokinao Hojo, v ch; Akimitsu Ashida, pres & CEO; Saburo
Koide, v pres; Hidehiro Harada, v pres; Masakazu Yakushiji, s/mgn dir;
Toshihiro Kagami, s/mgn dir; Satsuyasu Hagiwara, s/mgn dir; Masashi Seki,
mgn dir; Osamu Suzuki, mgn dir; Kenichi Yonetani, mgn dir; Yoichi Aoki, mgn
dir; Kenji Hokazono, mgn dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies
MOL Logistics, other
(Tot 275 as of Mar/06)
OPERATION
Activities: Ship owner and operator (Sales breakdown by divisions):
Ocean-going container ship operation (36%);
tramper vessels operation (49%); logistics (5%), ferry & coastal transport
(3%), agency, forwarding, chartering, cargo broking, warehousing, others
(--6%). Overseas trading ratio 89.1%: N
America 22.7%; Europe 14.2%; Asia 23.3%; other 29%.
Clients
Cargo owners, trading
houses, mfrs, other.
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: Ship
builders, shipping firms, ship owners, 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
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FINANCES:
(Consolidated in million yen) |
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Terms
Ending: |
31/03/2006 |
31/03/2005 |
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INCOME
STATEMENT |
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Annual Sales |
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1,366,725
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1,173,332
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Cost of Sales |
1,101,459
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917,148
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GROSS PROFIT |
265,265
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256,183
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Selling & Adm Costs |
92,272
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84,388
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OPERATING PROFIT |
172,992
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171,794
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Non-Operating P/L |
3,510
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3,185
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RECURRING PROFIT |
176,502
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174,979
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NET PROFIT |
113,731
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98,261
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BALANCE
SHEET |
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Cash |
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60,577
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46,014
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Receivables |
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170,480
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136,291
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Inventory |
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25,918
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15,170
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Securities, Marketable |
60 |
63 |
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Other Current Assets |
83,320
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102,297
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TOTAL CURRENT ASSETS |
340,355
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299,835
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Property & Equipment |
769,902
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665,319
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Intangibles |
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25,515
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9,098
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Investments, Other Fixed Assets |
335,052
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258,000
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TOTAL ASSETS |
1,470,824
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1,232,252
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Payables |
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126,189
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111,503
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Short-Term Bank Loans |
116,877
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128,271
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Other Current Liabs |
189,956
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189,921
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TOTAL CURRENT LIABS |
433,022
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429,695
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Debentures |
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107,687
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64,563
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Long-Term Bank Loans |
291,929
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276,034
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Reserve for Retirement Allw |
16,433
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15,703
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Other Debts |
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128,948
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88,284
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TOTAL LIABILITIES |
978,019
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874,279
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MINORITY INTERESTS |
68,344
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59,713
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Common
stock |
64,915
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64,915
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Additional
paid-in capital |
43,886
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43,886
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Retained
earnings |
275,688
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182,143
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Evaluation
p/l on investments/securities |
48,731
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25,898
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Others |
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(4,712) |
(14,869) |
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Treasury
stock, at cost |
(4,048) |
(3,715) |
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TOTAL S/HOLDERS` EQUITY |
424,460
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298,258
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TOTAL EQUITIES |
1,470,824
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1,232,252
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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163,914
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167,896
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Cash
Flows from Investment Activities |
-155,076
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-87,666
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Cash
Flows from Financing Activities |
1,821
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-79,619
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Cash,
Bank Deposits at the Term End |
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60,267
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45,756
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
424,460
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298,258
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Current
Ratio (%) |
78.60
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69.78
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Net
Worth Ratio (%) |
28.86
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24.20
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Recurring
Profit Ratio (%) |
12.91
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14.91
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Net
Profit Ratio (%) |
8.32 |
8.37 |
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Return
On Equity (%) |
26.79
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32.94
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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/normal. |
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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