MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

IDENTIFICATION DETAILS

 

Name :

IDEMITSU TANKER CO LTD

 

 

Registered Office :

Idemitsu Shinjuku Bldg 3F, 2-3-4 Okubo Shinjukuku Tokyo 169-0072

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

August 1962

 

 

Com. Reg. No.:

0111-01-002042 (Tokyo-Shinjukuku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Marine transportation (tankers/LPG carriers)

 

 

No. of Employees :

103

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company name and address

 

IDEMITSU TANKER CO LTD

REGD NAME:    Idemitsu Tanker KK

MAIN OFFICE:  Idemitsu Shinjuku Bldg 3F, 2-3-4 Okubo Shinjukuku Tokyo 169-0072 JAPAN

Tel: 03-5286-0611      Fax: 03-5286-0623

 

URL:                 http://www.idemitsu.co.jp/tanker

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Marine transportation (tankers/LPG carriers)

 

BRANCHES

 

Nil

 

 

OFFICERS

 

NOBUYUKI MASATAKE, PRES

Katsumi Goto, mgn dir   Hisashi Nakada, mgn dir

Shuhei Oshima, dir                    Kenji Tsutsumi, dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 42,000 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 1,000 M

TREND SLOW                          WORTH            Yen 11,803 M

STARTED         1962                             EMPLOYES      103

 

 

COMMENT

 

TANKER OWNER & OPERATOR, OWNED BY IDEMITSU KOSAN CO LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

HIGHLIGHTS

           

            The subject company was established on the basis of Marine Technical Department separated from Idemitsu Kosan Co Ltd (See REGISTRATION).  This is a ship owner and operator of tankers, LPG carriers, petroleum products carriers, other.  Operates a total 10 tankers (including LPG carrier) and manages 5 tankers.  Vessels are owned or time-chartered from major shipping companies and chartered to the parent, Idemitsu Kosan Co Ltd. 

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2012 fiscal term amounted to Yen 42,000 million, a slight up from Yen 41,740 million in the previous term.  The operations plunged into the red to register Yen 257 million recurring loss and Yen 203 million net losses, respectively, compared with Yen 745 million recurring profit and Yen 567 million net profits, respectively, a year ago

 

            For the current term ending Mar 2013 the operations are projected to come back to profitability to post Yen 100 million recurring profit and Yen 100 million net profit, respectively, on a 2% rise in turnover, to Yen 42,800 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Aug 1962

Regd No.:         0111-01-002042 (Tokyo-Shinjukuku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         8 million shares

Issued:                2 million shares

Sum:                   Yen 1,000 million

Major shareholders (%): Idemitsu Kosan Co Ltd* (100)

 

*.. Major oil refiner & distributor, Tokyo, founded 1940, listed Tokyo S/E, capital Yen

108,606 million, sales 4,310,348 million, operating profit Yen 138,078 million, recurring profit Yen 133,559 million, net profit Yen 64,376 million, total assets Yen 2,682,139 million, net worth Yen 614,513 million, employees 8,243, pres Kazuhisa Nakano

Consolidated Financials are attached (See SUPPLEMENTS)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Tanker & LPG carriers owner, operator and manager (--100%)

 

Clients: [Oil Refinery] Idemitsu Kosan Co Ltd, Astomos Energy Corp 

No. of accounts: 2

Domestic areas of activities: Nationwide

Suppliers: [Shipping companies, shipbuilders] Iino Kaiun Kaisha, Kawasaki Kisen Kaisha, Mitsui OSK Lines, NS United Kaisha, Nippon Yusen KK, IHI Marine United Inc, Kawasaki Shipbuilding Corp, Mitsubishi Heavy Ind, Jurong Shipyard Pte Ltd, other

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Tokyo)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

42,800

42,000

41,740

39,350

Recur. Profit

　

100

-257

745

5,022

Net Profit

　

100

-203

567

3,088

Total Assets

　

　

15,383

16,176

15,965

Current Assets

　

　

14,712

15,311

14,733

Current Liabs

　

　

2,948

3,202

2,915

Net Worth

　

　

11,803

12,495

12,411

Capital, Paid-Up

　

　

1,000

1,000

1,000

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

1.90

0.62

6.07

-33.48

    Current Ratio

 

..

499.05

478.17

505.42

    N.Worth Ratio

..

76.73

77.24

77.74

    R.Profit/Sales

 

0.23

-0.61

1.78

12.76

    N.Profit/Sales

0.23

-0.48

1.36

7.85

    Return On Equity

..

-1.72

4.54

24.88

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, IDEMITSU KOSAN CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

4,310,348

3,659,301

 

  Cost of Sales

3,912,921

3,272,302

 

      GROSS PROFIT

397,427

386,999

 

  Selling & Adm Costs

259,349

258,228

 

      OPERATING PROFIT

138,078

128,771

 

  Non-Operating P/L

-4,519

-756

 

      RECURRING PROFIT

133,559

128,015

　

      NET PROFIT

64,376

60,683

BALANCE SHEET

 

 

 

 

  Cash

　

171,480

150,696

 

  Receivables

 

452,348

371,157

 

  Inventory

 

585,579

521,150

 

  Securities, Marketable

　

4,253

 

  Other Current Assets

　

　

 

      TOTAL CURRENT ASSETS

1,330,559

1,147,078

 

  Property & Equipment

986,125

991,173

 

  Intangibles

 

52,741

57,501

 

  Investments, Other Fixed Assets

　

　

 

      TOTAL ASSETS

2,682,139

2,517,849

 

  Payables

 

407,490

301,464

 

  Short-Term Bank Loans

353,625

334,853

 

　

 

　

　

 

  Other Current Liabs

　

　

 

      TOTAL CURRENT LIABS

1,178,135

1,003,585

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

547,303

596,258

 

  Reserve for Retirement Allw

24,387

30,731

 

  Other Debts

　

　

　

 

      TOTAL LIABILITIES

2,067,626

1,976,969

 

      MINORITY INTERESTS

 

 

 

Common stock

108,606

108,606

 

Additional paid-in capital

71,131

71,131

 

Retained earnings

288,762

230,935

 

Evaluation p/l on investments/securities

843

1,458

 

Others

 

　

　

 

Treasury stock, at cost

(117)

(115)

 

      TOTAL S/HOLDERS` EQUITY

614,513

540,880

　

      TOTAL EQUITIES

2,682,139

2,517,849

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

159,723

86,995

 

Cash Flows from Investment Activities

-59,092

-74,848

 

Cash Flows from Financing Activities

-79,462

12,732

　

Cash, Bank Deposits at the Term End

　

171,080

154,749

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

614,513

540,880

 

 

Current Ratio (%)

112.94

114.30

 

 

Net Worth Ratio (%)

22.91

21.48

 

 

Recurring Profit Ratio (%)

3.10

3.50

 

 

Net Profit Ratio (%)

1.49

1.66

 

 

Return On Equity (%)

10.48

11.22

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.