MIRA INFORM REPORT
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Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TOKYO MARINE CO LTD |
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Registered Office : |
Metlife 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) : |
31.03.2011 |
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Date of Incorporation : |
July 1972 |
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Com. Reg. No.: |
(Tokyo-Chuoku)
066006 |
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Legal Form : |
Limited Company |
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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 3,112.9 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
----- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
TOKYO MARINE CO LTD
REGD NAME
Tokyo Marine KK
MAIN OFFICE
METLIFE
Nihombashi-Honcho Bldg 8F, 1-1-1 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN
Tel:
03-3241-7711 Fax: 03-3246-1485
*.. Building name changed
from AIG to the above
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)
MASASHI
SEKI, PRES Yasutaka Nomura, v
pres
Sakae
Suzuki, mgn dir Kenji Arima,
mgn dir
Masao Nagao, mgn dir Yoshinori Shimizu, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 45,591 M
PAYMENTS REGULAR CAPITAL Yen 2,000 M
TREND SLOW WORTH Yen 13,799 M
STARTED 1972 EMPLOYES 115
COMMENT
CHEMICAL
PARCEL TANKER OPERATOR, AFFILIATED TO MITSUI-OSK LINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,112.9
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 62 chemical parcel tankers of 1,180,000 DWT, owned
& chartered-in of approx 5,000 to 25,000 DWT, all IMO II & III
certified, with segregation of 13 to 31 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/2010 fiscal term amounted to Yen 45,591 million, a
13% down from Yen 52,414 million in the previous term, as affected by the
global economic downturn. Transport
volumes declined substantially. Freight
rates dropped. The operations plunged
into the red to register Yen 1,680 million recurring loss and Yen 2,360 million
net losses, respectively, for the term. Oil
prices hiked. High Yen ate into earnings
& profits in Yen terms. This
compares with Yen 1,811 million recurring profit and Yen 1,107 million net
profit, respectively, a year ago.
For the term just ended Mar 2011 the operations were projected to come
back to profitability to post Yen 1,500 million recurring profit and Yen 1,000
million net profit, respectively, on a 10% rise in turnover, to Yen 50,100
million. Transportation volumes
recovered. Completed and added 4
newbuilding chemical tankers during the term.
Final results are yet to be released.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 3,112.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1972
Regd No.: (Tokyo-Chuoku) 066006
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2.4 million shares
Issued: 1.6 million 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 6,400 million,
turnover Yen 1,543,660 million, recurring profit Yen 121,621 million, net
profit Yen 58,277 million, total assets Yen 1,868,740 million, net worth Yen
740,247 million, employees 9,541, 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 (75%): ethylene glycol 20.8%, caustic soda 9.8%, phosphoric acid 5.0%, sulfuric acid 4.4%, cyclohexane 3.8%, xylene 3.2%, styrene monomer 2.0%, others 21.8%;
Oil & Fats (20%): clean petroleum products 3.5%, lubricants 4.0%, Lube oils 4.0%, others 1.4%, coconut oil 0.8%, tallow 1.5%, palm oil 22.2%, other;
Others (5%): petroleum products.
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)
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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50,100 |
45,591 |
52,414 |
55,350 |
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Recur.
Profit |
|
1,500 |
-1,680 |
1,811 |
4,927 |
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Net
Profit |
|
1,000 |
-2,060 |
1,107 |
3,349 |
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Total
Assets |
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18,187 |
20,616 |
21,016 |
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Current
Assets |
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13,465 |
4,165 |
16,300 |
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Current
Liabs |
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15,575 |
4,473 |
5,759 |
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Net
Worth |
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13,799 |
15,826 |
14,943 |
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Capital,
Paid-Up |
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|
2,000 |
2,000 |
2,000 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
75.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.89 |
-13.02 |
-5.30 |
19.38 |
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Current Ratio |
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.. |
86.45 |
93.11 |
283.04 |
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N.Worth Ratio |
.. |
75.87 |
76.77 |
71.10 |
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R.Profit/Sales |
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2.99 |
-3.68 |
3.46 |
8.90 |
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N.Profit/Sales |
2.00 |
-4.52 |
2.11 |
6.05 |
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Return On Equity |
.. |
-14.93 |
6.99 |
22.41 |
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Notes:
Forecast (or estimated) for the 31/03/2011 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: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,543,660 |
1,347,964 |
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Cost of Sales |
1,328,959 |
1,228,478 |
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GROSS PROFIT |
214,701 |
119,485 |
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Selling & Adm Costs |
91,300 |
98,546 |
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OPERATING PROFIT |
123,400 |
20,939 |
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Non-Operating P/L |
-1,779 |
3,295 |
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RECURRING PROFIT |
121,621 |
24,234 |
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NET PROFIT |
58,277 |
12,722 |
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BALANCE SHEET |
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Cash |
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65,788 |
44,147 |
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Receivables |
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128,208 |
117,483 |
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Inventory |
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46,547 |
38,531 |
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Securities, Marketable |
29 |
42,482 |
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Other Current Assets |
103,871 |
109,387 |
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TOTAL CURRENT ASSETS |
344,443 |
352,030 |
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Property & Equipment |
1,257,823 |
1,209,175 |
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Intangibles |
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9,187 |
9,079 |
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Investments, Other Fixed Assets |
257,287 |
291,028 |
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TOTAL ASSETS |
1,868,740 |
1,861,312 |
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Payables |
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130,752 |
114,352 |
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Short-Term Bank Loans |
111,720 |
99,393 |
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Other Current Liabs |
131,796 |
141,440 |
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TOTAL CURRENT LIABS |
374,268 |
355,185 |
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Debentures |
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160,157 |
153,425 |
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Long-Term Bank Loans |
399,382 |
441,285 |
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Reserve for Retirement Allw |
14,310 |
15,052 |
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Other Debts |
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180,376 |
160,662 |
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TOTAL LIABILITIES |
1,128,493 |
1,125,609 |
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MINORITY INTERESTS |
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Common
stock |
65,400 |
65,400 |
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Additional
paid-in capital |
44,516 |
44,522 |
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Retained
earnings |
664,645 |
616,736 |
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Evaluation
p/l on investments/securities |
14,488 |
20,999 |
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Others |
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(41,621) |
(4,829) |
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Treasury
stock, at cost |
(7,181) |
(7,126) |
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TOTAL S/HOLDERS` EQUITY |
740,247 |
735,702 |
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TOTAL EQUITIES |
1,868,740 |
1,861,312 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash Flows
from Operating Activities |
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181,755 |
93,428 |
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Cash
Flows from Investment Activities |
-134,785 |
-133,483 |
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Cash
Flows from Financing Activities |
-63,759 |
42,227 |
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Cash,
Bank Deposits at the Term End |
|
65,477 |
85,894 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
740,247 |
735,702 |
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Current
Ratio (%) |
92.03 |
99.11 |
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Net
Worth Ratio (%) |
39.61 |
39.53 |
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Recurring
Profit Ratio (%) |
7.88 |
1.80 |
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Net
Profit Ratio (%) |
3.78 |
0.94 |
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Return
On Equity (%) |
7.87 |
1.73 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
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UK Pound |
1 |
Rs.72.09 |
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Euro |
1 |
Rs.64.21 |
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 |
|
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 |
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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NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.