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MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOKYO SENPAKU KAISHA (TSK LINE) |
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Registered Office : |
Yusen Bldg, 2-3-2 Marunouchi Chiyodaku Tokyo 100-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jul 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Container ship 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 1673.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
TOKYO SENPAKU KAISHA (TSK LINE)
REGD NAME
Tokyo Sempaku KK
MAIN OFFICE
Yusen Bldg, 2-3-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel : 03-6212-4720
Fax : 03-6212-4798
URL : http://www.tskline.co.jp
E-mail :
info@tskline.co.jp
ACTIVITIES
Container ship operator
BRANCHES
16 domestic; 16 overseas (agents/terminals)
OFFICERS
TAKATAKE NARAOKA, PRES Ryoichi
Nakajima, mgn dir
Hisao Suto, dir Masanobu
Yoshida, dir
Kiyoshi Sato, dir Yoshiyuki
Kaneko, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 78,452 M
PAYMENTS REGULAR CAPITAL Yen 1,899 M
TREND STEADY WORTH Yen 3,669 M
STARTED 1949 EMPLOYES 92
COMMENT
CONTAINER SHIP OWNER & OPERATOR, WHOLLY OWNED BY NIPPON YUSEN KAISHA LTD (NYK LINE).
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,673.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established as a ship owner and
operator trading mainly in Asian region.
In Aug 2002, went under the control of Nippon Yusen Kaisha Ltd (see
REGISTRATION) and become its wholly owned subsidiary. At the same time delisted from Tokyo S/E. This is an owner and operator of container
ships (a total of 21 ships) trading within Asia, extending from Sakhalin in the
north to Indonesia in the south and to the Middle East in the west.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 78,452 million, a slight drop from Yen 78,495 in the previous term. The operations plunged into the red to register Yen 1,662 million recurring loss and Yen 2,074 million net loss, respectively, compared with Yen 103 million net loss a year ago. The steep hike in fuel oils was a hard blow to eat into profits. The freight rates hikes could not catch up with the fuel oil cost surge.
For the current term ending Mar 2008 the net profit is
projected at Yen 100 million, on a similar turnover, at Yen 78,500. Freight Conference’s freight rates revision
upward will lead to profitability.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 1,673.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1949
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 9.6
million shares
Issued: 3,798,000
shares
Sum: Yen
1,899 million
Major shareholders (%): Nippon
Yusen Kaisha Ltd*(100)
* Japan’s largest shipping
company, with century-old history of service, world’s largest in car carriers,
Tokyo, founded 1885, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 88,531
million, turnover Yen 2,164,279 million, operating profit Yen 104,941 million,
recurring profit Yen 107,534 million, net profit Yen 65,037 million, total
assets Yen 2,135,441 million, net worth Yen 657,088 million, employees 29,841,
pres Koji Miyahara
Consolidated Financials are as attached (See ATTACHMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Container ship owner and operator operating a total of 21 container ships in the routes as under (--100%):
(Trading
ranges):
The north-south trunk route in East Asia, linking North Asia, including Japan, with major ports in Southeast Asia;
The east-west trunk route connecting East Asia with West Asia, including the Middle East, India and Pakistan;
Feeder routes supplementing the above-mentioned trunk
routes.
Clients: [Cargo owners, wholesalers, mfrs] Mitsubishi Corp, Mitsui & Co, Toyota Motors, Toyota Tsusho Corp, Mitsubishi Motors, Itochu Corp, Suzuki Motor, Daihatsu Motor, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Wholesalers, ship agencies] Marubeni Corp, Itochu
Petroleum, NYK Trading Corp, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned by the parent,
Nippon Yusen Kaisha, Ltd, and maintained satisfactorily.
Bank References
MUFG (H/O)
Mizuho Corporate Bank (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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78,500 |
78,452 |
78,495 |
64,836 |
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Recur. Profit |
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-1,662 |
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Net Profit |
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100 |
-2,074 |
-103 |
1,300 |
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Total Assets |
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13,904 |
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Current Assets |
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11,534 |
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Current Liabs |
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9,393 |
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Net Worth |
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3,669 |
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Capital, Paid-Up |
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1,899 |
1,899 |
1,899 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.06 |
-0.05 |
21.07 |
.. |
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Current Ratio |
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122.79 |
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N.Worth Ratio |
.. |
26.39 |
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.. |
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R.Profit/Sales |
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.. |
-2.12 |
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.. |
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N.Profit/Sales |
0.12 |
-2.64 |
-0.13 |
2.01 |
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Return On Equity |
.. |
-56.53 |
.. |
.. |
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Notes: Forecast (or estimated) for the 31/03/2008 fiscal
term.
SUPPLEMENTS
Consolidated Financials of the parent, Nippon Yusen Kaisha
Ltd.
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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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2,164,279 |
1,929,302 |
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Cost of Sales |
1,840,784 |
1,594,598 |
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GROSS PROFIT |
323,495 |
334,703 |
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Selling & Adm Costs |
218,553 |
194,222 |
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OPERATING PROFIT |
104,941 |
140,481 |
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Non-Operating P/L |
2,593 |
-30 |
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RECURRING PROFIT |
107,534 |
140,451 |
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NET PROFIT |
65,037 |
92,058 |
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BALANCE SHEET |
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Cash |
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92,285 |
80,604 |
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Receivables |
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232,252 |
203,501 |
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Inventory |
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38,639 |
34,879 |
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Securities, Marketable |
2,265 |
1,722 |
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Other Current Assets |
174,530 |
139,830 |
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TOTAL CURRENT ASSETS |
539,971 |
460,536 |
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Property & Equipment |
946,328 |
856,065 |
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Intangibles |
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71,146 |
52,919 |
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Investments, Other Fixed Assets |
577,996 |
507,920 |
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TOTAL ASSETS |
2,135,441 |
1,877,440 |
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Payables |
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197,015 |
177,073 |
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Short-Term Bank Loans |
285,187 |
222,294 |
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Other Current Liabs |
214,848 |
212,787 |
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TOTAL CURRENT LIABS |
697,050 |
612,154 |
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Debentures |
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167,334 |
102,000 |
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Long-Term Bank Loans |
417,231 |
404,230 |
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Reserve for Retirement Allw |
20,076 |
21,531 |
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Other Debts |
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133,033 |
126,181 |
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TOTAL LIABILITIES |
1,434,724 |
1,266,096 |
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MINORITY INTERESTS |
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35,977 |
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Common stock |
88,531 |
88,531 |
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Additional paid-in capital |
97,188 |
94,427 |
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Retained earnings |
312,605 |
266,567 |
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Evaluation p/l on
investments/securities |
136,954 |
127,756 |
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Others |
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66,297 |
1,855 |
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Treasury stock, at cost |
(858) |
(3,770) |
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TOTAL S/HOLDERS` EQUITY |
700,717 |
575,366 |
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TOTAL EQUITIES |
2,135,441 |
1,877,440 |
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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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86,229 |
138,732 |
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Cash Flows from Investment
Activities |
-178,043 |
-170,511 |
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Cash Flows from Financing Activities |
97,363 |
40,339 |
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Cash, Bank Deposits at the Term End |
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87,709 |
78,487 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
700,717 |
575,366 |
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Current Ratio (%) |
77.47 |
75.23 |
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Net Worth Ratio (%) |
32.81 |
30.65 |
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Recurring Profit Ratio (%) |
4.97 |
7.28 |
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Net Profit Ratio (%) |
3.01 |
4.77 |
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Return On Equity (%) |
9.28 |
16.00 |
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%)