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Report Date : |
17.10.2012 |
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) : |
31.03.2012 |
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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 |
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No. of Employees : |
106 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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) |
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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 |
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
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/
Chemical parcel
tanker operator
Vancouver, London,
Singapore, Seoul, Pusan, Shanghai
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).
YOICHI AOKI, PRES Yoshinori Shimizu, rep dir
Masao Nagao, dir Kenji Arima, dir
Masatoshi Kosaka,
dir Hirofumi Nara, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 43,177 M
PAYMENTSSLOW BUT
CORRECT CAPITAL Yen 2,000 M
TREND SLOW WORTH Yen 8,685 M
STARTED 1972 EMPLOYES 106
CHEMICAL PARCEL
TANKER OPERATOR, AFFILIATED TO MITSUI-OSK LINES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
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 45 chemical parcel tankers
of 1,060 million 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.
The revenues for Mar/2012 fiscal
term amounted to Yen 43,177 million, a 4% down from Yen 40,165 million in the
previous term. Transport volumes
declined. Freight rates dropped. The operations continued in the red to post
Yen 2,101 million recurring loss and Yen 2,074 million net losses,
respectively, compared with Yen 2,024 million recurring loss and Yen 3,030
million net losses, respectively, a year ago.
For the current term ending Mar 2013 the
operations are expected to come back to profitability to post Yen 300 million
recurring profit and Yen 300 million net profit, respectively, on a 3% rise in
turnover, to Yen 44,500 million. High
Yen may squeeze profits in Yen terms.
The financial situation is considered
maintained FAIR and good for ORDINARY business engagements.
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*(100)
No.
of shareholders: 5
*.. Nation’s second largest shipping
company, Tokyo, founded 1884, listed Tokyo, Osaka, Nagoya, Frankfurt S/E’s,
capital Yen 65,400 million, turnover Yen 1,435,220 million, recurring loss Yen
24,320 million, net loss Yen 26,009 million, total assets Yen 1,946,161
million, net worth Yen 717,909 million, employees 9,499, pres Akimitsu Ashida
Consolidated financials are as attached (See
ATTACHMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
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 (71%): 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
(9%): 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: Slow but correct
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
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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44,500 |
43,177 |
45,165 |
45,591 |
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Recur.
Profit |
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-300 |
-2,101 |
-2,024 |
-1,680 |
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Net
Profit |
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-300 |
-2,074 |
-3,030 |
-2,060 |
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Total
Assets |
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12,817 |
14,189 |
18,187 |
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Current
Assets |
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9,185 |
10,202 |
13,465 |
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Current
Liabs |
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3,900 |
3,241 |
15,573 |
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Net
Worth |
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8,685 |
10,781 |
13,799 |
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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 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.06 |
-4.40 |
-0.93 |
-13.02 |
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Current Ratio |
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.. |
235.51 |
314.78 |
86.46 |
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N.Worth Ratio |
.. |
67.76 |
75.98 |
75.87 |
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R.Profit/Sales |
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-0.67 |
-4.87 |
-4.48 |
-3.68 |
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N.Profit/Sales |
-0.67 |
-4.80 |
-6.71 |
-4.52 |
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Return On Equity |
.. |
-23.88 |
-28.10 |
-14.93 |
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Notes: Forecast
(or estimated) for the 31/03/2013 fiscal term
CONSOLIDATED FINANCIALS OF THE PARENT, Mitsui OSK
Lines.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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1,435,220 |
1,543,660 |
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Cost of Sales |
1,368,794 |
1,328,959 |
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GROSS PROFIT |
66,426 |
214,701 |
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Selling & Adm Costs |
90,885 |
91,300 |
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OPERATING PROFIT |
-24,459 |
123,400 |
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Non-Operating P/L |
139 |
-1,779 |
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RECURRING PROFIT |
-24,320 |
121,621 |
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NET PROFIT |
-26,009 |
58,277 |
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BALANCE SHEET |
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Cash |
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50,864 |
65,788 |
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Receivables |
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130,921 |
128,208 |
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Inventory |
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54,335 |
46,547 |
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Securities, Marketable |
10,023 |
29 |
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Other Current Assets |
40,793 |
103,871 |
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TOTAL CURRENT ASSETS |
286,936 |
344,443 |
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Property & Equipment |
1,293,802 |
1,257,823 |
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Intangibles |
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16,193 |
9,187 |
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Investments, Other Fixed Assets |
349,230 |
257,287 |
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TOTAL ASSETS |
1,946,161 |
1,868,740 |
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Payables |
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133,599 |
130,752 |
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Short-Term Bank Loans |
101,012 |
111,720 |
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Other Current Liabs |
88,240 |
131,796 |
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TOTAL CURRENT LIABS |
322,851 |
374,268 |
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Debentures |
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187,030 |
160,157 |
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Long-Term Bank Loans |
552,156 |
399,382 |
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Reserve for Retirement Allw |
13,766 |
14,310 |
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Other Debts |
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152,449 |
180,376 |
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TOTAL LIABILITIES |
1,228,252 |
1,128,493 |
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MINORITY INTERESTS |
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Common
stock |
65,400 |
65,400 |
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Additional
paid-in capital |
44,486 |
44,516 |
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Retained
earnings |
629,667 |
664,645 |
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Evaluation
p/l on investments/securities |
16,888 |
14,488 |
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Others |
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(31,381) |
(41,621) |
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Treasury
stock, at cost |
(7,151) |
(7,181) |
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TOTAL S/HOLDERS` EQUITY |
717,909 |
740,247 |
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TOTAL EQUITIES |
1,946,161 |
1,868,740 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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5,014 |
181,755 |
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Cash
Flows from Investment Activities |
-134,312 |
-134,785 |
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Cash Flows
from Financing Activities |
148,272 |
-63,759 |
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Cash,
Bank Deposits at the Term End |
|
82,837 |
65,477 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
717,909 |
740,247 |
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Current
Ratio (%) |
88.88 |
92.03 |
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Net
Worth Ratio (%) |
36.89 |
39.61 |
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Recurring
Profit Ratio (%) |
-1.69 |
7.88 |
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Net
Profit Ratio (%) |
-1.81 |
3.78 |
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Return
On Equity (%) |
-3.62 |
7.87 |
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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.52.82 |
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|
1 |
Rs.84.96 |
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Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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.