MIRA
INFORM REPORT
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Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOKYO MARINE CO LTD |
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Registered Office : |
AIG Nihombashi-Honcho Bldg 8F, 1-1-1 Nihombashi-Honcho Chuoku Tokyo
103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
July 1972 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Chemical Parcel 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 2,423.0 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TOKYO MARINE CO LTD
REGD NAME: Tokyo Marine KK
MAIN OFFICE: AIG Nihombashi-Honcho
Bldg 8F, 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
Tokyo Marine Asia Pte Ltd, Unix Line Pte Ltd (--Singapore);
Tokyo Marine Europe Ltd, Tokyo Marine Europe Ltd, Rotterdam
Branch;
TM Ship Management Co Ltd (Korea) (--subsidiaries).
OFFICER(S)
HIROHIKO TANAKA, PRES
Shigeshi Ohmori, s/mg dir
Yasutaka Nomura, s/mgn dir
Hideaki Okabe, mgn dir
Sakae Suzuki, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 46,363 M
PAYMENTS REGULAR CAPITAL Yen 2,000 M
TREND STEADY WORTH Yen 11,681 M
STARTED 1972 EMPLOYES 87
COMMENT
CHEMICAL PARCEL TANKER OPERATOR, AFFILIATED WITH MITSUI-OSK
LINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 2,423.0 MILLION, 30 DAYS NORMAL TERMS.
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. In 1996 the firm became the Mitsui OSK Lines group firm. 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, alcohols, 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, 45 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.
FINANCIAL INFORMATION
The revenues for Mar/2007 fiscal term amounted to Yen 46,363 million, a 20% up from Yen 38,544 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 4,391 million from Yen 2,742 million and the net profit to Yen 2,742 million, respectively, compared with Yen 1,984 million recurring profit and Yen 1,153 million net profit, respectively, a year ago. The sales growth offset skyrocketing fuel oil costs and other operational expenses.
For the term just ended Mar 2008 the recurring profit was projected at Yen 4,500 million and net profit at Yen 2,850 million, respectively, on a 5% rise in turnover, to Yen 48,500 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 2,423.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1972
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 160,000 shares
Issued: 40,000 shares
Sum: Yen 2,000 million
Major shareholders (%)
Mitsui OSK Lines*(87.1), Mitsubishi Corp (5.3), Sumitomo Trust Bank (3.8), Itochu Corp (2.6), STB Leasing Co (1.2)
No. of shareholders: 5
*.. Nation’s second largest shipping company, Tokyo, founded 1884, listed Tokyo, Osaka, Nagoya, Frankfurt S/E’s, capital Yen 64,915 million, turnover Yen 1,568,435 million, recurring profit Yen 182,488 million, net profit Yen 120,940 million, total assets Yen 1,639,940 million, net worth Yen 550,763 million, employees 8,621, pres Akimitsu Ashida
Consolidated financials are as attached (See ATTACHMENTS)
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 (70.2%): ethylene glycol 23.6%, caustic soda 10.7%, cyclo-hexane 4.1%, sulfuric acid 3.1%, phosphoric acid 2.9%, xylene 2.9%, acryl-Nitril styrene 1.9%, others 21.1%;
Oil & Fats (25.8%): clean petroleum products 4.0%, lubricants 4.0%, Lube oils 4.0%, others 1.4%, coconut oil 0.8%, tallow 1.5%, palm oil 22.2%.
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
300
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)
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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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48,500 |
46,363 |
38,544 |
29,029 |
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Recur.
Profit |
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4,500 |
4,391 |
1,984 |
1,235 |
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Net
Profit |
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2,850 |
2,742 |
1,153 |
728 |
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Total
Assets |
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16,640 |
12,007 |
10,414 |
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Current
Assets |
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11,829 |
8,685 |
6,456 |
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Current
Liabs |
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4,421 |
4,621 |
4,094 |
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Net
Worth |
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11,681 |
7,003 |
5,918 |
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Capital,
Paid-Up |
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2,000 |
617 |
617 |
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Div.P.Share(¥) |
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75.00 |
75.00 |
75.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.61 |
20.29 |
32.78 |
14.07 |
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Current Ratio |
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.. |
267.56 |
187.95 |
157.69 |
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N.Worth Ratio |
.. |
70.20 |
58.32 |
56.83 |
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R.Profit/Sales |
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9.28 |
9.47 |
5.15 |
4.25 |
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N.Profit/Sales |
5.88 |
5.91 |
2.99 |
2.51 |
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Return On Equity |
.. |
23.47 |
16.46 |
12.30 |
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Notes: Forecast (or estimated) for the 31/03/2008 fiscal
term
SUPPLEMENTS:
Consolidated
financials of the parent, Mitsui OSK Lines.
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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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1,568,435 |
1,366,725 |
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Cost of Sales |
1,300,038 |
1,101,459 |
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GROSS PROFIT |
268,396 |
265,265 |
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Selling & Adm Costs |
100,323 |
92,272 |
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OPERATING PROFIT |
168,073 |
172,992 |
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Non-Operating P/L |
14,415 |
3,510 |
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RECURRING PROFIT |
182,488 |
176,502 |
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NET PROFIT |
120,940 |
113,731 |
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BALANCE SHEET |
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Cash |
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51,737 |
60,577 |
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Receivables |
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197,261 |
170,480 |
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Inventory |
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28,437 |
25,918 |
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Securities, Marketable |
87 |
60 |
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Other Current Assets |
127,951 |
83,321 |
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TOTAL CURRENT ASSETS |
405,473 |
340,356 |
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Property & Equipment |
847,660 |
769,902 |
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Intangibles |
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19,318 |
25,515 |
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Investments, Other Fixed Assets |
367,489 |
335,051 |
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TOTAL ASSETS |
1,639,940 |
1,470,824 |
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Payables |
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151,193 |
126,189 |
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Short-Term Bank Loans |
147,810 |
116,877 |
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Other Current Liabs |
183,807 |
189,956 |
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TOTAL CURRENT LIABS |
482,810 |
433,022 |
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Debentures |
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125,489 |
107,687 |
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Long-Term Bank Loans |
273,044 |
291,929 |
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Reserve for Retirement Allw |
17,309 |
16,433 |
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Other Debts |
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120,299 |
128,948 |
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TOTAL LIABILITIES |
1,018,951 |
978,019 |
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MINORITY INTERESTS |
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68,344 |
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Common
stock |
64,915 |
64,915 |
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Additional
paid-in capital |
43,886 |
43,886 |
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Retained
earnings |
375,443 |
175,688 |
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Evaluation
p/l on investments/securities |
57,771 |
48,731 |
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Others |
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83,127 |
95,288 |
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Treasury
stock, at cost |
(4,153) |
(4,048) |
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TOTAL S/HOLDERS` EQUITY |
620,989 |
424,460 |
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TOTAL EQUITIES |
1,639,940 |
1,470,824 |
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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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156,418 |
163,914 |
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Cash
Flows from Investment Activities |
-136,049 |
-155,067 |
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Cash
Flows from Financing Activities |
-29,142 |
1,821 |
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Cash,
Bank Deposits at the Term End |
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51,382 |
60,267 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
620,989 |
424,460 |
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Current
Ratio (%) |
83.98 |
78.60 |
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Net
Worth Ratio (%) |
37.87 |
28.86 |
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Recurring
Profit Ratio (%) |
11.64 |
12.91 |
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Net
Profit Ratio (%) |
7.71 |
8.32 |
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Return
On Equity (%) |
19.48 |
26.79 |
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Note: Max credit limit is estimated at Yen 41,023.3 million,
30 days normal terms.
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%)