MIRA
INFORM REPORT
|
Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TOKYO MARINE CO LTD |
|
|
|
|
Registered Office : |
AIG Nihombashi-Honcho Bldg, 1-1-1 Nihombashi-Honcho Chuoku Tokyo
103-0023 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
Jul 1972 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Chemical parcel tanker operator |
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 |
|
Maximum Credit Limit : |
Yen 2045.1 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
TOKYO MARINE CO LTD
REGD NAME
Tokyo Marine KK
MAIN OFFICE
AIG Nihombashi-Honcho Bldg, 1-1-1 Nihombashi-Honcho Chuoku Tokyo
103-0023 JAPAN
Tel: 03-3241-7711
Fax: 03-3246-1485
URL: http://www.tokyomarine.net/
E-Mail address: mail@tokyomarine.net/
ACTIVITIES
Chemical parcel tanker operator
BRANCHES
Vancouver, London, Singapore, Seoul, Pusan, Shanghai
SUBSIDIARIES
Singapore, Netherlands, Korea, other.
OFFICER(S)
HIROHIKO TANAKA, PRES Shihiro Naitoh, v pres
Shigeshi Ohmori, s/mg dir Makoto Takahashi, mgn dir
Yasutaka Nomura, mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 38,544 M
PAYMENTS REGULAR CAPITAL Yen 617 M
TREND STEADY WORTH Yen 7,003 M
STARTED 1972 EMPLOYES 77
COMMENT
CHEMICAL PARCEL TANKER OPERATOR, AFFILIATED WITH MITSUI-OSK
LINES. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,045.1 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) for the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established by Yoshioka in order to make
most of his previous experience and networks in the subject line of business,
and later in 1996 when the firm became the Mitsui OSK Lines group firm,
succeeded by the present executives.
This is a chemical parcel tanker operator ranked top in Japan and
reportedly 4th in the world in this specific line of business. Specializes in transport of liquid
chemicals, vegetable oils, fats, and other chemical products. Operates a total 51 chemical parcel tankers
of 818,000 DWT, owned & chartered-in of approx 5,000 to 25,000 DWT, all IMO
II & III certified, with segregation of 13 to 31 tanks. Out of the 51 tankers 44 ships are equipped
with stainless steel cargo tanks.
Services composed of: Pacific Ocean route, European route via Suez
Canal, Arabian Gulf-Asia route, Asian short sea trade route and worldwide
tramping. In 1999, took over commercial
activities of Tokyo Chemical Tanker Co Ltd, a short-sea chemical tanker
operator, Tokyo. By this takeover the
firm expanded trading route to short-sea transport. Has 6 overseas offices: London, Singapore, Vancouver, Shanghai,
Seoul, Pusan. Major clients are general
trading houses.
FINANCIAL INFORMATION
The revenues for Mar/2006 fiscal term amounted to Yen 38,544 million, a 32.8% up from Yen 29,029 million in the previous term. This is thanks to the robust demand for chemicals/ vegetable oils/fats particularly in China and other Asian countries. Hike in ocean freight rates also contributed. The recurring profit rose to Yen 1,984 million from Yen 1,235 million, and the net profit to Yen 1,153 million from Yen 728million, respectively, from the previous term. The growth served to offset skyrocketing fuel oil costs and other operational expenses.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 2,000 million and net profit at Yen 1,200 million,
respectively, on a 17% rise in turnover, to Yen 45,000 million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 2,045.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1972
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4.92
million shares
Issued: 1.23
million shares
Sum: Yen
617 million
Major shareholders (%): Mitsui OSK Lines*(74.6), Mitsubishi Corp (6.8), Sumitomo Trust Bank (4.9), Employees’
S/Holding Assn (3.4)
No. of shareholders: 18
*.. Nation’s second largest shipping company, Tokyo, founded 1884, listed Tokyo, Osaka, Nagoya, Frankfurt S/E’s, capital Yen 64,915 million, turnover Yen 1,366,725 million, recurring profit Yen 176,502 million, net profit Yen 113,731 million, total assets Yen 1,470,824 million, net worth Yen 424,460 million, employees 8,351, pres Tokinao Hojo
(Consolidated financials are as attached)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Chemical parcel tanker operator (--100%).
Trading routes: Pacific Ocean route, European service via Suez Canal, Arabian Gulf-Asia route, Asian Short Sea trade, Linkage Pacific Ocean service & European service, Linkage Pacific Ocean service & Arabian Gulf-Asia Service, Arabian Gulf-European service, Oil-Fats service.
Breakdown of cargoes transported:
Liquid chemicals (70.4%):
ethylene glycol 25.7%, caustic soda
10.7%, cyclo-hexane 4.8%, phosphoric acid 4.2%, xylene 3.4%, ethylene
dichloride 1.7%, Acryl-Nitril styrene 1.6%,
others 18.3%;
Oil & Fats (25.6%): clean petroleum products 4.0%, lubricants
4.0%, Lube oils 4.0%, others 2.9%, coconut oil 1.1%, tallow 1.1%, palm oil
20.5%, others 4%.
Clients: [Cargo owners, trading houses, mfrs] Mitsubishi Corp, Itochu Corp, Marubeni Corp, Mitsui & Co, Kao Corp, Dow Chemical, ExxonMobile, Shell Chemical, Chevron, Philips, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Shipyard, ship owners] Shin Kurushima Dockyard,
Nippo Un’yu Shokai, Spring Navigation SA, Itochu Marine, Shinto Paint, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Sumitomo Trust Bank (Tokyo)
Kinki Osaka Bank (Tokyo)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Non-Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2006 |
31/03/2005 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
38,644 |
29,029 |
||
|
|
Cost of Sales |
36,495 |
27,725 |
|||
|
|
GROSS PROFIT |
2,149 |
1,304 |
|||
|
|
Selling & Adm Costs |
|
1,800 |
|||
|
|
OPERATING PROFIT |
2,048 |
-496 |
|||
|
|
Non-Operating P/L |
-64 |
1,735 |
|||
|
|
RECURRING PROFIT |
1,984 |
1,235 |
|||
|
|
NET PROFIT |
1,153 |
728 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
|
|
||
|
|
Receivables |
|
|
|
||
|
|
Inventory |
|
|
|
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
|
|
|||
|
|
TOTAL CURRENT ASSETS |
8,685 |
6,456 |
|||
|
|
Property & Equipment |
3,391 |
3,957 |
|||
|
|
Intangibles |
|
309 |
348 |
||
|
|
Investments, Other Fixed Assets |
(308) |
(347) |
|||
|
|
TOTAL ASSETS |
12,077 |
10,414 |
|||
|
|
Payables |
|
|
|
||
|
|
Short-Term Bank Loans |
|
|
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
4,621 |
4,094 |
|||
|
|
TOTAL CURRENT LIABS |
4,621 |
4,094 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
|
|
|||
|
|
Reserve for Retirement Allw |
|
|
|||
|
|
Other Debts |
|
453 |
401 |
||
|
|
TOTAL LIABILITIES |
5,074 |
4,495 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
617 |
617 |
|||
|
|
Additional
paid-in capital |
30 |
30 |
|||
|
|
Retained
earnings |
6,299 |
4,363 |
|||
|
|
Evaluation
p/l on investments/securities |
55 |
17 |
|||
|
|
Others |
|
2 |
891 |
||
|
|
Treasury
stock, at cost |
|
|
|||
|
|
TOTAL S/HOLDERS` EQUITY |
7,003 |
5,918 |
|||
|
|
TOTAL EQUITIES |
10,414 |
12,077 |
|||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
7,003 |
5,918 |
||
|
|
|
Current
Ratio (%) |
187.95 |
157.69 |
||
|
|
|
Net
Worth Ratio (%) |
67.25 |
49.00 |
||
|
|
|
Recurring
Profit Ratio (%) |
5.13 |
4.25 |
||
|
|
|
Net
Profit Ratio (%) |
2.98 |
2.51 |
||
|
|
|
Return
On Equity (%) |
16.46 |
12.30 |
||
Notes: Only summarized financials are disclosed.
Consolidated
financials of the parent, Mitsui OSK Lines.
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2006 |
31/03/2005 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
1,366,725 |
1,173,332 |
|
|
Cost of Sales |
1,101,459 |
917,148 |
|
|
|
GROSS PROFIT |
265,265 |
256,183 |
|
|
|
Selling & Adm Costs |
92,272 |
84,388 |
|
|
|
OPERATING PROFIT |
172,992 |
171,794 |
|
|
|
Non-Operating P/L |
3,510 |
3,185 |
|
|
|
RECURRING PROFIT |
176,502 |
174,979 |
|
|
|
NET PROFIT |
113,731 |
98,261 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
60,577 |
46,014 |
|
|
Receivables |
|
170,480 |
136,291 |
|
|
Inventory |
|
25,918 |
15,170 |
|
|
Securities, Marketable |
60 |
63 |
|
|
|
Other Current Assets |
83,320 |
102,297 |
|
|
|
TOTAL CURRENT ASSETS |
340,355 |
299,835 |
|
|
|
Property & Equipment |
769,902 |
665,319 |
|
|
|
Intangibles |
|
25,515 |
9,098 |
|
|
Investments, Other Fixed Assets |
335,052 |
258,000 |
|
|
|
TOTAL ASSETS |
1,470,824 |
1,232,252 |
|
|
|
Payables |
|
126,189 |
111,503 |
|
|
Short-Term Bank Loans |
116,877 |
128,271 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
189,956 |
189,921 |
|
|
|
TOTAL CURRENT LIABS |
433,022 |
429,695 |
|
|
|
Debentures |
|
107,687 |
64,563 |
|
|
Long-Term Bank Loans |
291,929 |
276,034 |
|
|
|
Reserve for Retirement Allw |
16,433 |
15,703 |
|
|
|
Other Debts |
|
128,948 |
88,284 |
|
|
TOTAL LIABILITIES |
978,019 |
874,279 |
|
|
|
MINORITY INTERESTS |
68,344 |
59,713 |
|
|
|
Common
stock |
64,915 |
64,915 |
|
|
|
Additional
paid-in capital |
43,886 |
43,886 |
|
|
|
Retained
earnings |
275,688 |
182,143 |
|
|
|
Evaluation
p/l on investments/securities |
48,731 |
25,898 |
|
|
|
Others |
|
(4,712) |
(14,869) |
|
|
Treasury
stock, at cost |
(4,048) |
(3,715) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
424,460 |
298,258 |
|
|
|
TOTAL EQUITIES |
1,470,824 |
1,232,252 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2006 |
31/03/2005 |
|
|
Cash
Flows from Operating Activities |
|
163,914 |
167,896 |
|
|
Cash
Flows from Investment Activities |
-155,076 |
-87,666 |
|
|
|
Cash
Flows from Financing Activities |
1,821 |
-79,619 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
60,267 |
45,756 |
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
424,460 |
298,258 |
|
|
|
Current
Ratio (%) |
78.60 |
69.78 |
|
|
|
Net
Worth Ratio (%) |
28.86 |
24.20 |
|
|
|
Recurring
Profit Ratio (%) |
12.91 |
14.91 |
|
|
|
Net
Profit Ratio (%) |
8.32 |
8.37 |
|
|
|
Return
On Equity (%) |
26.79 |
32.94 |
Note: Max credit limit is estimated at Yen 26,488.9 million,
30 days normal terms.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)