MIRA INFORM REPORT

 

 

Report Date :

03.10.2012

 

IDENTIFICATION DETAILS

 

Name :

TONENGENERAL KAIUN YK

 

 

 

 

Registered Office :

W Bldg, 1-8-15 Kohnan Minatoku Tokyo Japan 108-0075

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

June 1967

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Tanker operator, management, agency

 

 

No. of Employees :

30

 

 

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 :

Clear

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address

 

TONENGENERAL KAIUN YK

REGD NAME:   Tonen General Kaiun YK

MAIN OFFICE:  W Bldg, 1-8-15 Kohnan Minatoku Tokyo Japan 108-0075 JAPAN

Tel: 03-5425-9111      Fax:

 

URL:                 http://www.tonengeneral.co.jp (Of the parent, TonenGeneral Sekiyu KK)

E-Mail address: (thru the URL)

 

ACTIVITIES

 

Tanker operator, management, agency

 

BRANCHES   

 

Nil

 

 

OFFICERS

 

YASUHIRO TOBE, PRES          

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 35,000 M

PAYMENTSNO COMPLAINTS    CAPITAL           Yen 243 M

TREND UP                                WORTH            Yen 6,403 M

STARTED         1967                             EMPLOYES      30

 

 

COMMENT

 

SHIPPING COMPANU, OWNED BY TONENGENERAL SEKIYU KK.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

           

 

 

HIGHLIGHTS

           

            The subject company was established by TonenGeneral Sekiyu KK (See REGISTRATION) as a shipping company, for transporting crude oils, oil products, other.  This is a shipping company for carrying and transporting petroleum and petroleum products, for the parent, TonenGeneral Sekiyu KK.  Vessels are chartered from domestic shipping companies.

 

 

FINANCIAL INFORMATION

           

            Financials are consolidated by the parent, TonenGeneral Sekiyu KK, and only partially disclosed.

 

The sales volume for Dec/2011 fiscal term amounted to Yen 35,000 million, a 9% up from Yen 32,000 million in the previous term.  Transportation volumes increased.  The net profit is estimated posted at Yen 350 million, compared with Yen 320 million a year ago.  Profits are not precisely disclosed and the figures are only estimated.

 

            For the current term ending Dec 2012 the net profit is projected at Yen 360 million, on a 3% rise in turnover, to Yen 36,000 million.  Transportation volumes keep increasing with freight rates rising. 

 

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

 

 

REGISTRATION

 

Date Registered:  Jun 1967

Legal Status:       Limited Company (Kabushiki Kaisha)

Authorized:         1.9 million shares

Issued:                486,000 shares

Sum:                   Yen 243 million

Major shareholders (%): TonenGeneral Sekiyu KK* (100)

 

*.. Major oil refining distributing company having association with ExxonMobil, at the caption address, founded 1947, listed Tokyo S/E, capital Yen 35,123 million, sales Yen 2,677,115 million, operating profit Yen 216,191 million, recurring profit Yen 217,552 million, net profit Yen 132,779 million, total assets Yen 1,113,517 million, net worth Yen 359,473 million, employees 2,153, pres Jun Muto

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

           

Activities: Shipping company operating, management and agency of oil tankers for crude oil, oil products (gasoline, LPG, fuel oil, lubricant, other) (--100%)

 

Clients: [Oil refinery] TonenGeneral Sekiyu KK 

No. of accounts: 1

Domestic areas of activities: Nationwide

Suppliers: [Shipping firms, wholesalers] Meiji Shipping Co, Hayashi Shipping Co, Asahi Tanker Co, Naniwa Tanker Co, Fuji Transport Co, other

 

Payment record: No Complaints

 

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

 

Bank References:

SMBC (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

　

　

31/12/2012

31/12/2011

31/12/2010

31/12/2009

Annual Sales

　

36,000

35,000

32,000

32,000

Recur. Profit

　

　

　

　

　

Net Profit

　

360

350

320

320

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

6,403

6,053

5,733

Capital, Paid-Up

　

　

243

243

243

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.86

9.38

0.00

-8.57

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

1.00

1.00

1.00

1.00

Notes: Financials are only partially disclosed.  Profits are estimated.

Forecast (or estimated) figures for the 31/12/2012 fiscal term.

 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, TONENGENERAL SEKIYU KK

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2011

31/12/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

2,677,115

2,398,718

 

  Cost of Sales

2,428,148

2,331,852

 

      GROSS PROFIT

248,966

66,865

 

  Selling & Adm Costs

32,775

33,337

 

      OPERATING PROFIT

216,191

33,528

 

  Non-Operating P/L

1,361

3,483

 

      RECURRING PROFIT

217,552

37,011

　

      NET PROFIT

132,779

42,873

BALANCE SHEET

 

 

 

 

  Cash

　

280

278

 

  Receivables

 

445,227

414,435

 

  Inventory

 

313,884

130,012

 

  Securities, Marketable

　

　

 

  Other Current Assets

113,054

92,746

 

      TOTAL CURRENT ASSETS

872,445

637,471

 

  Property & Equipment

172,734

187,960

 

  Intangibles

 

4,274

4,302

 

  Investments, Other Fixed Assets

64,064

77,113

 

      TOTAL ASSETS

1,113,517

906,846

 

  Payables

 

302,516

280,210

 

  Short-Term Bank Loans

61,056

49,029

 

　

 

　

　

 

  Other Current Liabs

287,208

268,527

 

      TOTAL CURRENT LIABS

650,780

597,766

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,231

3,985

 

  Reserve for Retirement Allw

40,870

37,187

 

  Other Debts

　

60,162

19,613

 

      TOTAL LIABILITIES

754,043

658,551

 

      MINORITY INTERESTS

 

 

 

Common stock

35,123

35,123

 

Additional paid-in capital

20,742

20,741

 

Retained earnings

304,566

193,234

 

Evaluation p/l on investments/securities

(72)

5

 

Others

 

(189)

(161)

 

Treasury stock, at cost

(697)

(647)

 

      TOTAL S/HOLDERS` EQUITY

359,473

248,295

　

      TOTAL EQUITIES

1,113,517

906,846

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2011

31/12/2010

 

Cash Flows from Operating Activities

　

51,074

83,305

 

Cash Flows from Investment Activities

-10,351

-16,943

 

Cash Flows from Financing Activities

-40,721

-66,382

　

Cash, Bank Deposits at the Term End

　

280

278

ANALYTICAL RATIOS            Terms ending:

31/12/2011

31/12/2010

 

 

Net Worth (S/Holders' Equity)

359,473

248,295

 

 

Current Ratio (%)

134.06

106.64

 

 

Net Worth Ratio (%)

32.28

27.38

 

 

Recurring Profit Ratio (%)

8.13

1.54

 

 

Net Profit Ratio (%)

4.96

1.79

 

 

Return On Equity (%)

36.94

17.27

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.85.16

Euro

1

Rs.67.78

 

 

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.