MIRA INFORM REPORT
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Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
MITSUI OSK LINES LTD |
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Registered Office : |
2-1-1 Toranomon Minatoku |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
May 1884 |
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Com. Reg. No.: |
(Tokyo-Minatoku)
082896 |
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Legal Form : |
Limited Company |
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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 40,464.0 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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
MITSUI OSK LINES LTD
REGD NAME
KK Shosen Mitsui
MAIN OFFICE
2-1-1 Toranomon
Minatoku
Tel:
03-3587-7017 Fax: 03-3587-7705
E-Mail address: info@mol.co.jp
ACTIVITIES
Ship
owner & operator
BRANCHES
OVERSEAS
CHIEF EXEC
KOICHI
MUTO, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,347,964 M
PAYMENTS REGULAR CAPITAL Yen 65,400 M
TREND SLOW WORTH Yen
735,702 M
STARTED 1884 EMPLOYES 9,474
COMMENT
SHIP
OWNER & OPERATOR
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 40,464.0 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2011 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 861 vessels of 599 million
deadweight tons. Founded originally as
OSK Lines, based in
FINANCIAL INFORMATION
The revenues for Mar/2010 fiscal term amounted to Yen 1,347,964 million,
a 27.8% down from Yen 1,865,802 million in the previous term. In the second half of fiscal 2008 and first
half of fiscal 2009, the marine transport industry was forced to navigate in
market conditions that were akin to zero visibility. Demand plunged by several dozen percent. By Divisions, Trampers down 27.8% to Yen
723,200 million; Containers down 31.9% to Yen 468,000 million; Ferry &
Coastal Transportation down 6.7% to Yen 51,000 million. The recurring profit was posted at Yen 24,234
million and the net profit at Yen 12,722 million, respectively, compared with
Yen 204,510 million recurring profit and Yen 126,987 million net profit,
respectively, a year ago.
(Apr/Dec/2010 results): Sales Yen 1,180,474 million (up 19.8%),
operating profits Yen 108,309 million (up from Yen 2,388 million), recurring
profit Yen 105,625 million (up from Yen 3,758 million), net profit Yen 56,083
million (up from Yen 2,207 million). (%
& figures compared with the corresponding period a year ago).
For the current term ending Mar 2011 the recurring profit is projected
at Yen 120,000 million and the net profit at Yen 57,000 million, on 13.5% rise
in turnover, to Yen 1,530,000 million.
In container vessels and bulk carriers freight rate hike is greater than
expected. Operating profits will gain
sharply, despite a heavy blow of the Yen.
A special loss will emerge on sale and return of ships. The foreign exchange rate is assumed at Yen
80 to the dollar, with 1-Yen rise against the dollar causes profits to decrease
by Yen 900 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 40,464.0 million, on
30 days normal terms.
REGISTRATION
Date Registered: May
1884
Regd No.: (Tokyo-Minatoku)
082896
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3,154
million shares
Issued: 1,206,286,115 shares
Sum: Yen
65,400 million
Major shareholders
(%): Japan Trustee Services Bank (15.8), Master Trust Bank of Japan (5.1),
Mitsui Sumitomo Ins (3.1), SMBC (2.4), Trust & Custody Services Bank (2.3),
State Street Bank & Trust 505225
(2.0), State Street Bank & Trust 505202 (1.8), Nomura Trust & Banking
(1.7), Mizuho Corporate Bank (1.6), SSBT OD05 Omnibus Acct Treaty Cl (1.5);
foreign owners (34.1)
No. of
shareholders: 70,568
Listed on the
S/Exchange (s) of:
Managements: Akimitsu Ashida,
ch; Masakazu Yakushiji, v ch; Koichi Muto, pres; Aoki, v pres; Masafumi
Yasuoka, s/mgn dir; Toshitaka Shishido, s/mgn dir; Hiroshi Tanaka, s/mgn dir;
Kazuhiro Sato, s/mgn dir; Soichi Hiratsuka, s/mgn dir; Tsuneo Watanabe, mgn
dir; Kenji Yokota, mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: MOL Logistics,
Daiichi Chuo Kisen, Mitsui OSK Kinkai, Tokyo Marine Co, other (Tot 331 as of
Mar/2010)
OPERATION
Activities: Ship owner and
operator:
(Sales breakdown
by divisions):
Trampers (54%): dry bulk
carriers, tankers, LNG carriers, car carriers;
Ocean-going
Container Ships (35%);
Ferry &
coastal transportation (4%);
Related Businesses
(7%);
Others (1%);
Overseas trading
ratio (88.5%): N America 18.1%, Europe 14.6%, Asia 21.7%, Central/South America 10.9%,
Clients: Cargo owners, trading
houses, mfrs, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: Ship builders,
shipping firms, ship owners, other
Payment record:
Regular
Location:
Business area in
Bank References:
·
Mizuho Corporate Bank (H/O)
·
SMBC (H/O)
Relations:
Satisfactory
FINANCES
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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1,347,964 |
1,865,802 |
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Cost of Sales |
1,228,478 |
1,564,485 |
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GROSS PROFIT |
119,485 |
301,316 |
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Selling & Adm Costs |
98,546 |
104,104 |
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OPERATING PROFIT |
20,939 |
197,211 |
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Non-Operating P/L |
3,295 |
7,299 |
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RECURRING PROFIT |
24,234 |
204,510 |
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NET PROFIT |
12,722 |
126,987 |
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BALANCE SHEET |
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Cash |
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44,147 |
83,784 |
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Receivables |
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117,483 |
186,625 |
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Inventory |
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38,531 |
28,151 |
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Securities, Marketable |
42,482 |
13 |
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Other Current Assets |
109,387 |
130,024 |
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TOTAL CURRENT ASSETS |
352,030 |
428,597 |
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Property & Equipment |
1,209,175 |
1,106,746 |
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Intangibles |
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9,079 |
14,285 |
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Investments, Other Fixed Assets |
291,028 |
257,451 |
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TOTAL ASSETS |
1,861,312 |
1,807,079 |
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Payables |
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114,352 |
167,471 |
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Short-Term Bank Loans |
99,393 |
142,804 |
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Other Current Liabs |
141,440 |
130,634 |
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TOTAL CURRENT LIABS |
355,185 |
440,909 |
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Debentures |
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153,425 |
132,671 |
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Long-Term Bank Loans |
441,285 |
366,521 |
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Reserve for Retirement Allw |
15,052 |
14,626 |
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Other Debts |
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160,662 |
157,331 |
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TOTAL LIABILITIES |
1,125,609 |
1,112,058 |
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MINORITY INTERESTS |
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Common
stock |
65,400 |
65,400 |
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Additional
paid-in capital |
44,522 |
44,543 |
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Retained
earnings |
616,736 |
623,626 |
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Evaluation
p/l on investments/securities |
20,999 |
6,165 |
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Others |
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(4,829) |
(38,275) |
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Treasury
stock, at cost |
(7,126) |
(6,438) |
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TOTAL S/HOLDERS` EQUITY |
735,702 |
695,021 |
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TOTAL EQUITIES |
1,861,312 |
1,807,079 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2010 |
31/03/2009 |
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Cash
Flows from Operating Activities |
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93,428 |
118,984 |
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Cash
Flows from Investment Activities |
-133,483 |
-190,022 |
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Cash
Flows from Financing Activities |
42,227 |
100,865 |
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Cash,
Bank Deposits at the Term End |
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85,894 |
83,194 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
735,702 |
695,021 |
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Current
Ratio (%) |
99.11 |
97.21 |
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Net
Worth Ratio (%) |
39.53 |
38.46 |
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Recurring
Profit Ratio (%) |
1.80 |
10.96 |
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Net
Profit Ratio (%) |
0.94 |
6.81 |
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Return
On Equity (%) |
1.73 |
18.27 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.12 |
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1 |
Rs.73.43 |
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Euro |
1 |
Rs.62.32 |
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 |
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 |
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.