MIRA
INFORM REPORT
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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TAMAI STEAMSHIP CO., LTD. |
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Registered Office : |
2-12-10 Shibadaimon, Tokyo, 108-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
10.03.1932 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the marine transportation business |
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No. of Employees : |
79 |
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 : |
No Complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
Company name & address
TAMAI STEAMSHIP
CO., LTD.
2-12-10 Shibadaimon
Tokyo, 108-0023
Japan
Tel: 81-3-64390260
Fax: 81-3-54390270
Web: www.tamaiship.co.jp
Synthesis
Employees: 79
Company Type: Public Parent
Traded: Osaka
Stock Exchange: 9127
Incorporation Date:
10-Mar-1932
Auditor: Ernst & Young ShinNihon LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 84.2
1
Net Income: 7.5
Total Assets: 178.3
2
Market Value: 17.6(15-Feb-2013)
Business Description
TAMAI STEAMSHIP
CO., LTD. is mainly engaged in the marine transportation business. The Company
operates in three business segments. The Overseas Marine Transportation segment
is engaged in the transportation of bauxite, aluminum hydroxide and grains. The
Domestic Marine Transportation segment is engaged in marine transportation and
treatment of bauxite residue, and the transportation of aluminum hydroxide.
Others segment is also engaged in the leasing of real estate. As of March 31,
2012, the Company had three consolidated subsidiaries. For the six months ended
30 September 2012, TAMAI STEAMSHIP CO., LTD. revenues decreased 24% to Y3.51B.
Net loss applicable to common stockholders decreased 15% to Y106.5M. Revenues
reflect Coastal Shipping Industry segment decrease of 13% to Y594M, Other
segment decrease of 2% to Y72.7M. Lower net loss reflects Coastal Shipping
Industry segment income increase from Y10M to Y83.9M, Eliminations and
Corporate segment loss decrease of 1% to Y264.3M.
Industry
Industry Water Transportation
ANZSIC 2006: 4810 - Water
Freight Transport
NACE 2002: 6110 - Sea and
coastal water transport
NAICS 2002: 483111 - Deep Sea
Freight Transportation
UK SIC 2003: 61102 - Freight
sea and coastal water transport
UK SIC 2007: 5020 - Sea and
coastal freight water transport
US SIC 1987: 4412 - Deep Sea
Foreign Transportation of Freight
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months
News
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Financial Summary
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Traded: Osaka Stock Exchange: 9127
As of 15-Feb-2013
Financials in: JPY
|
Recent Price |
85.00 |
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EPS |
-3.25 |
|
52 Week High |
132.00 |
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Price/Sales |
0.25 |
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52 Week Low |
68.00 |
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Dividend Rate |
3.00 |
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Avg. Volume (mil) |
0.06 |
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Price/Earnings |
2.67 |
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Market Value (mil) |
1,642.20 |
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Price/Book |
0.34 |
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Beta |
1.40 |
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Price % Change |
Rel S&P 500% |
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4 Week |
-10.53% |
-13.47% |
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13 Week |
14.86% |
-8.43% |
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52 Week |
-30.33% |
-40.84% |
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Year to Date |
-3.41% |
-11.88% |
1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
2-12-10 Shibadaimon
Tokyo, 108-0023
Japan
Tel: 81-3-64390260
Fax: 81-3-54390270
Web: www.tamaiship.co.jp
Quote Symbol –
Exchange
9127 - Osaka Stock Exchange
Sales JPY(mil): 6,646.1
Assets JPY(mil): 14,692.5
Employees: 79
Fiscal Year End: 31-Mar-2012
Industry: Water
Transportation
Incorporation Date: 10-Mar-1932
Company Type: Public
Parent
Quoted Status: Quoted
President,
President of Subsidiaries, Representative Director:
Nobuo Sano
Industry Codes
ANZSIC 2006 Codes:
4810 - Water Freight Transport
6711 - Residential Property Operators
NACE 2002 Codes:
6110 - Sea and coastal water transport
7020 - Letting of own property
NAICS 2002 Codes:
483111 - Deep Sea Freight Transportation
531110 - Lessors of Residential Buildings and Dwellings
483211 - Inland Water Freight Transportation
US SIC 1987:
4412 - Deep Sea Foreign Transportation of Freight
6513 - Operators or Apartment Buildings
4449 - Water Transportation of Freight, Not Elsewhere Classified
UK SIC 2003:
61102 - Freight sea and coastal water transport
70209 - Other letting of own property
UK SIC 2007:
5020 - Sea and coastal freight water transport
68209 - Letting and operating of own or leased real estate (other
than Housing Association real estate and conference and exhibition services)
n.e.c.
Business
Description
TAMAI STEAMSHIP
CO., LTD. is mainly engaged in the marine transportation business. The Company
operates in three business segments. The Overseas Marine Transportation segment
is engaged in the transportation of bauxite, aluminum hydroxide and grains. The
Domestic Marine Transportation segment is engaged in marine transportation and
treatment of bauxite residue, and the transportation of aluminum hydroxide.
Others segment is also engaged in the leasing of real estate. As of March 31,
2012, the Company had three consolidated subsidiaries. For the six months ended
30 September 2012, TAMAI STEAMSHIP CO., LTD. revenues decreased 24% to Y3.51B.
Net loss applicable to common stockholders decreased 15% to Y106.5M. Revenues
reflect Coastal Shipping Industry segment decrease of 13% to Y594M, Other
segment decrease of 2% to Y72.7M. Lower net loss reflects Coastal Shipping
Industry segment income increase from Y10M to Y83.9M, Eliminations and
Corporate segment loss decrease of 1% to Y264.3M.
More Business
Descriptions
Freight transportation by sea
Deep Sea, Coastal and Great Lakes Water Transportation
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Executive report
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Board of
Directors |
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Independent Director |
Director/Board Member |
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Director of 2nd Domestic Shipping, Director |
Director/Board Member |
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Director of Accounting, Director |
Director/Board Member |
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Director of Ocean Affairs, Manager of Coastal Tanker Safety Management
Office, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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President, President of Subsidiaries, Representative Director |
Director/Board Member |
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Senior Managing Director |
Director/Board Member |
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Executives |
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President, President of Subsidiaries, Representative Director |
President |
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Senior Managing Director |
Managing Director |
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Director of Ocean Affairs, Manager of Coastal Tanker Safety Management
Office, Director |
Environment/Safety Executive |
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Director of Accounting, Director |
Accounting Executive |
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Director of 2nd Domestic Shipping, Director |
Logistics Executive |
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Other |
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Significant Developments
Tamai Steamship Co Ltd Amends Full-year Consolidated Outlook and Cancels Year-end Dividend Payment for FY 2013 Feb 07, 2013
Tamai Steamship Co Ltd announced that it has lowered its full-year consolidated outlook for revenue from JPY 6,800 million to JPY 6,500 million, and raised its full-year consolidated outlook for operating profit (loss) from JPY (220 million) to JPY (190 million), ordinary profit (loss) from JPY (370 million) to JPY (300 million), net profit (loss) from JPY (190 million) to JPY (110 million), and earnings (loss) per share from JPY (9.84) to JPY (6.06), for the fiscal year ending March 31, 2013. The Company raised its full-year consolidated outlook for operating profit, ordinary profit and net profit mainly due to the depreciation of yen and discharge of loss on valuation of investment securities. The Company also has canceled its year-end dividend payment, which was announced as an undetermined value, for the same fiscal year.
Tamai Steamship Co Ltd Appoints New President and to Acquire Vessel Feb 07, 2013
Tamai Steamship Co Ltd announced that it has appointed Nobuo Sano as the new President of the Company, to replace Osamu Homma, effective April 1, 2013. The Company also announced that it has decided to acquire a new vessel by October 2013. The details will be disclosed later.
Tamai Steamship Co Ltd Lowers Consolidated Full-year Forecast for FY 2013 Nov 09, 2012
Tamai Steamship Co Ltd announced that it has lowered the consolidated full-year forecast for revenue from JPY 7,000 million to JPY 6,800 million, operating profit (loss) from JPY (30 million) to JPY (220 million), ordinary profit (loss) from JPY (190 million) to JPY (370 million), net profit from JPY (130 million) to JPY (190 million) and earning per share from JPY (6.73) to JPY (9.84) for the fiscal year ending March 31, 2013. The Company lowered the consolidated full-year outlook due to the downturn in economy and the aggravated order environment.
Tamai Steamship Co., Ltd. Amends Consolidated Mid-year and Full-year Outlook for FY 2013 Aug 08, 2012
Tamai Steamship Co., Ltd. announced that it has lowered its consolidated mid-year outlook for revenue from JPY 3,600 million to JPY 3,500 million, operating profit from a loss of JPY 20 million to a loss of JPY 40 million, ordinary profit from a loss of JPY 110 million to a loss of JPY 130 million, net profit from a loss of JPY 120 million to a loss of JPY 160 million and earning per share from a loss of JPY 6.21 to a loss of JPY 8.29, for the fiscal year ending March 2013. The Company has also raised its consolidated full-year outlook for revenue from JPY 6,800 million to JPY 7,000 mill9ion, but lowered the outlook for operating profit from JPY 80 million to a loss of JPY 30 mill9ion, ordinary profit from a loss of JPY 70 million to a loss of JPY 190 million, net profit from JPY 0 million to a loss of JPY 130 million and earning per share from JPY 0.00 to a loss of JPY 6.73, for the fiscal year ending March 2013. The Company lowered the outlook due to the impact of the higher yen and the fierce business conditions.
Tamai Steamship Co., Ltd. Announces Year-end Dividend Payment for FY 2012 May 18, 2012
Tamai Steamship Co., Ltd. announced that it has decided to pay a year-end dividend of JPY 3.00 per share, in line with the last forecast announced on February 2, 2012, to all shareholders of record as of March 31, 2012, for the fiscal year ended March 31, 2012. The payment will be conducted on June 29, 2012.
Tamai Steamship Co., Ltd. Lowers Consolidated Full-year Outlook for FY 2012 Apr 27, 2012
Tamai Steamship Co., Ltd. announced that it has lowered the consolidated full-year outlook for revenue from JPY 6,900 million to JPY 6,646 million, operating profit from JPY 250 million to JPY 164 million, ordinary profit (loss) from JPY 30 million to JPY (25 million), net profit from JPY 690 million to JPY 588 million and earning per share from JPY 35.73 to JPY 30.50 for the fiscal year ended March 31, 2012. The negative outlook is mainly due to loss in evaluation of golf membership.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
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|
|
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|
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Net Sales |
81.0 |
76.8 |
59.0 |
70.8 |
59.2 |
|
Revenue |
81.0 |
76.8 |
59.0 |
70.8 |
59.2 |
|
Other Revenue |
3.2 |
3.1 |
2.5 |
2.7 |
2.2 |
|
Other Revenue, Total |
3.2 |
3.1 |
2.5 |
2.7 |
2.2 |
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Total Revenue |
84.2 |
80.0 |
61.6 |
73.6 |
61.4 |
|
|
|
|
|
|
|
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Cost of Revenue |
74.3 |
61.3 |
52.3 |
47.0 |
38.6 |
|
Cost of Revenue, Total |
74.3 |
61.3 |
52.3 |
47.0 |
38.6 |
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Gross Profit |
6.7 |
15.5 |
6.7 |
23.8 |
20.6 |
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|
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|
|
|
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Selling/General/Administrative Expense |
3.2 |
3.7 |
3.1 |
2.9 |
2.0 |
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Labor & Related Expense |
4.5 |
4.2 |
3.9 |
4.7 |
3.6 |
|
Total Selling/General/Administrative Expenses |
7.8 |
7.9 |
7.0 |
7.7 |
5.6 |
|
Impairment-Assets Held for Sale |
0.2 |
0.5 |
0.0 |
0.8 |
-0.1 |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
-0.1 |
0.0 |
0.1 |
|
Unusual Expense (Income) |
0.3 |
0.6 |
-0.1 |
0.7 |
0.0 |
|
Other Operating Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Operating Expense |
82.3 |
69.8 |
59.2 |
55.4 |
44.2 |
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Operating Income |
1.8 |
10.1 |
2.3 |
18.1 |
17.2 |
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Interest Expense -
Non-Operating |
-1.7 |
-1.4 |
-1.0 |
-0.8 |
-0.8 |
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Interest Expense, Net Non-Operating |
-1.7 |
-1.4 |
-1.0 |
-0.8 |
-0.8 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Investment Income -
Non-Operating |
-0.1 |
-0.4 |
-0.2 |
0.3 |
-0.8 |
|
Interest/Investment Income - Non-Operating |
-0.1 |
-0.4 |
-0.2 |
0.4 |
-0.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.9 |
-1.8 |
-1.1 |
-0.4 |
-1.5 |
|
Gain (Loss) on Sale of Assets |
13.0 |
0.1 |
0.0 |
- |
- |
|
Other Non-Operating Income (Expense) |
-0.6 |
-3.3 |
0.0 |
0.0 |
-0.3 |
|
Other, Net |
-0.6 |
-3.3 |
0.0 |
0.0 |
-0.3 |
|
Income Before Tax |
12.3 |
5.1 |
1.3 |
17.7 |
15.4 |
|
|
|
|
|
|
|
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Total Income Tax |
4.8 |
2.2 |
0.5 |
7.4 |
6.4 |
|
Income After Tax |
7.5 |
2.9 |
0.7 |
10.3 |
9.0 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.3 |
|
Net Income Before Extraord Items |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
Net Income |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
|
|
|
|
|
|
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Income Available to Common Incl Extraord Items |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
|
|
|
|
|
|
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Basic/Primary Weighted Average Shares |
19.3 |
19.3 |
19.3 |
19.2 |
18.9 |
|
Basic EPS Excl Extraord Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Basic/Primary EPS Incl Extraord Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
Diluted Weighted Average Shares |
19.3 |
19.3 |
19.3 |
19.2 |
18.9 |
|
Diluted EPS Excl Extraord Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Diluted EPS Incl Extraord Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Dividends per Share - Common Stock Primary Issue |
0.04 |
0.04 |
0.03 |
0.10 |
0.09 |
|
Gross Dividends - Common Stock |
0.7 |
0.7 |
0.6 |
2.3 |
1.7 |
|
Interest Expense, Supplemental |
1.7 |
1.4 |
1.0 |
0.8 |
0.8 |
|
Depreciation, Supplemental |
10.4 |
9.8 |
6.9 |
5.3 |
4.6 |
|
Total Special Items |
-12.7 |
0.5 |
-0.1 |
0.7 |
0.0 |
|
Normalized Income Before Tax |
-0.4 |
5.6 |
1.1 |
18.4 |
15.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-4.4 |
0.2 |
-0.1 |
0.3 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.4 |
2.4 |
0.5 |
7.7 |
6.4 |
|
Normalized Income After Tax |
-0.8 |
3.2 |
0.6 |
10.7 |
9.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-0.8 |
3.2 |
0.6 |
10.5 |
8.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.04 |
0.17 |
0.03 |
0.55 |
0.46 |
|
Diluted Normalized EPS |
-0.04 |
0.17 |
0.03 |
0.55 |
0.46 |
|
Reported Operating Profit |
2.1 |
10.7 |
2.2 |
18.8 |
17.2 |
|
Reported Ordinary Profit |
-0.3 |
5.7 |
1.1 |
18.1 |
15.0 |
|
Normalized EBIT |
2.1 |
10.7 |
2.2 |
18.8 |
17.2 |
|
Normalized EBITDA |
12.5 |
20.5 |
9.1 |
24.1 |
21.9 |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
4.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
4.5 |
- |
- |
- |
- |
|
Income Tax - Total |
4.8 |
- |
- |
- |
- |
|
Service Cost - Domestic |
0.3 |
0.4 |
0.1 |
0.9 |
0.7 |
|
Transition Costs - Domestic |
- |
- |
0.4 |
0.3 |
0.3 |
|
Domestic Pension Plan Expense |
0.3 |
0.4 |
0.4 |
1.3 |
1.0 |
|
Total Pension Expense |
0.3 |
0.4 |
0.4 |
1.3 |
1.0 |
|
Total Plan Service Cost |
0.3 |
0.4 |
0.1 |
0.9 |
0.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
24.9 |
25.5 |
28.0 |
30.3 |
36.1 |
|
Cash and Short Term Investments |
24.9 |
25.5 |
28.0 |
30.3 |
36.1 |
|
Trade Accounts Receivable - Net |
3.3 |
3.0 |
3.2 |
3.1 |
3.4 |
|
Total Receivables, Net |
3.3 |
3.0 |
3.2 |
3.1 |
3.4 |
|
Inventories - Other |
3.6 |
3.9 |
2.9 |
1.6 |
1.6 |
|
Total Inventory |
3.6 |
3.9 |
2.9 |
1.6 |
1.6 |
|
Deferred Income Tax - Current Asset |
1.3 |
1.1 |
0.6 |
0.9 |
1.3 |
|
Other Current Assets |
6.3 |
2.6 |
1.5 |
1.7 |
1.7 |
|
Other Current Assets, Total |
7.5 |
3.7 |
2.1 |
2.6 |
3.0 |
|
Total Current Assets |
39.3 |
36.1 |
36.2 |
37.6 |
44.1 |
|
|
|
|
|
|
|
|
Buildings |
12.2 |
12.1 |
10.0 |
9.4 |
9.2 |
|
Land/Improvements |
2.1 |
2.0 |
1.6 |
1.5 |
1.5 |
|
Machinery/Equipment |
197.9 |
190.1 |
134.1 |
128.8 |
101.2 |
|
Construction in
Progress |
14.8 |
14.7 |
6.5 |
3.1 |
5.6 |
|
Other
Property/Plant/Equipment |
0.2 |
0.6 |
0.5 |
0.5 |
0.4 |
|
Property/Plant/Equipment - Gross |
227.1 |
219.5 |
152.7 |
143.2 |
118.0 |
|
Accumulated Depreciation |
-96.6 |
-115.2 |
-93.2 |
-83.6 |
-77.7 |
|
Property/Plant/Equipment - Net |
130.5 |
104.4 |
59.5 |
59.7 |
40.3 |
|
Intangibles, Net |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
LT Investments - Other |
6.0 |
6.8 |
6.8 |
5.4 |
6.7 |
|
Long Term Investments |
6.0 |
6.8 |
6.8 |
5.4 |
6.7 |
|
Deferred Income Tax - Long Term Asset |
1.5 |
1.8 |
1.8 |
2.0 |
0.7 |
|
Other Long Term Assets |
1.0 |
1.3 |
1.2 |
1.2 |
1.3 |
|
Other Long Term Assets, Total |
2.4 |
3.1 |
3.0 |
3.2 |
1.9 |
|
Total Assets |
178.3 |
150.4 |
105.5 |
105.9 |
93.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
4.1 |
4.3 |
3.7 |
2.3 |
2.3 |
|
Accrued Expenses |
0.7 |
0.7 |
0.5 |
0.9 |
0.8 |
|
Notes Payable/Short Term Debt |
0.4 |
0.0 |
0.0 |
0.7 |
0.4 |
|
Current Portion - Long Term Debt/Capital Leases |
7.0 |
6.8 |
5.4 |
5.6 |
5.6 |
|
Customer Advances |
7.3 |
5.3 |
3.1 |
1.4 |
6.8 |
|
Income Taxes Payable |
0.3 |
2.4 |
0.2 |
3.3 |
7.6 |
|
Deferred Income Tax - Current Liability |
- |
0.0 |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
1.9 |
1.4 |
1.1 |
1.5 |
1.0 |
|
Other Current liabilities, Total |
9.5 |
9.1 |
4.4 |
6.2 |
15.3 |
|
Total Current Liabilities |
21.6 |
20.8 |
14.0 |
15.7 |
24.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
83.3 |
66.1 |
36.2 |
36.3 |
22.7 |
|
Total Long Term Debt |
83.3 |
66.1 |
36.2 |
36.3 |
22.7 |
|
Total Debt |
90.7 |
72.9 |
41.6 |
42.6 |
28.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
5.2 |
1.4 |
1.3 |
1.3 |
1.5 |
|
Deferred Income Tax |
5.2 |
1.4 |
1.3 |
1.3 |
1.5 |
|
Minority Interest |
1.9 |
1.9 |
1.7 |
1.5 |
1.4 |
|
Reserves |
2.5 |
2.3 |
1.4 |
1.4 |
1.0 |
|
Pension Benefits - Underfunded |
1.5 |
1.9 |
2.4 |
2.7 |
2.2 |
|
Other Long Term Liabilities |
2.9 |
2.9 |
3.3 |
3.1 |
3.3 |
|
Other Liabilities, Total |
6.9 |
7.1 |
7.1 |
7.2 |
6.5 |
|
Total Liabilities |
118.9 |
97.3 |
60.2 |
62.0 |
56.5 |
|
|
|
|
|
|
|
|
Common Stock |
8.5 |
8.5 |
7.5 |
7.1 |
7.1 |
|
Common Stock |
8.5 |
8.5 |
7.5 |
7.1 |
7.1 |
|
Additional Paid-In Capital |
3.4 |
3.4 |
3.0 |
2.8 |
2.3 |
|
Retained Earnings (Accumulated Deficit) |
47.3 |
40.6 |
33.9 |
33.8 |
25.3 |
|
Treasury Stock - Common |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Unrealized Gain (Loss) |
0.2 |
0.7 |
0.8 |
0.2 |
2.1 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
0.0 |
- |
- |
- |
- |
|
Total Equity |
59.4 |
53.1 |
45.2 |
43.9 |
36.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
178.3 |
150.4 |
105.5 |
105.9 |
93.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
19.3 |
19.3 |
19.3 |
19.3 |
19.0 |
|
Total Common Shares Outstanding |
19.3 |
19.3 |
19.3 |
19.3 |
19.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Employees |
79 |
79 |
79 |
82 |
77 |
|
Number of Common Shareholders |
2,284 |
2,456 |
2,824 |
2,481 |
2,483 |
|
Deferred Revenue - Current |
7.3 |
5.3 |
3.1 |
1.4 |
6.8 |
|
Total Long Term Debt, Supplemental |
90.3 |
72.9 |
41.6 |
41.8 |
28.3 |
|
Long Term Debt Maturing within 1 Year |
7.0 |
6.8 |
5.4 |
5.6 |
5.6 |
|
Long Term Debt Maturing in Year 2 |
7.8 |
6.0 |
5.0 |
8.0 |
5.5 |
|
Long Term Debt Maturing in Year 3 |
8.6 |
5.5 |
4.1 |
4.3 |
4.3 |
|
Long Term Debt Maturing in Year 4 |
8.8 |
6.2 |
3.3 |
3.4 |
4.4 |
|
Long Term Debt Maturing in Year 5 |
8.7 |
6.3 |
3.3 |
2.7 |
3.1 |
|
Long Term Debt Maturing in 2-3 Years |
16.4 |
11.5 |
9.1 |
12.3 |
9.8 |
|
Long Term Debt Maturing in 4-5 Years |
17.5 |
12.5 |
6.5 |
6.1 |
7.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
49.3 |
42.1 |
20.6 |
17.9 |
5.4 |
|
Pension Obligation - Domestic |
6.7 |
7.0 |
6.3 |
6.2 |
6.1 |
|
Plan Assets - Domestic |
5.2 |
5.0 |
4.0 |
3.2 |
3.2 |
|
Funded Status - Domestic |
-1.5 |
-1.9 |
-2.4 |
-3.0 |
-2.8 |
|
Total Funded Status |
-1.5 |
-1.9 |
-2.4 |
-3.0 |
-2.8 |
|
Accrued Liabilities - Domestic |
-1.5 |
-1.9 |
-2.4 |
-2.7 |
-2.2 |
|
Other Assets, Net - Domestic |
- |
- |
0.0 |
0.3 |
0.7 |
|
Net Assets Recognized on Balance Sheet |
-1.5 |
-1.9 |
-2.4 |
-2.3 |
-1.5 |
|
Total Plan Obligations |
6.7 |
7.0 |
6.3 |
6.2 |
6.1 |
|
Total Plan Assets |
5.2 |
5.0 |
4.0 |
3.2 |
3.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
12.3 |
5.1 |
1.3 |
17.7 |
15.4 |
|
Depreciation |
10.4 |
9.8 |
6.9 |
5.3 |
4.6 |
|
Depreciation/Depletion |
10.4 |
9.8 |
6.9 |
5.3 |
4.6 |
|
Unusual Items |
-12.0 |
3.8 |
0.0 |
0.4 |
-0.6 |
|
Other Non-Cash Items |
1.7 |
1.6 |
0.7 |
1.5 |
2.1 |
|
Non-Cash Items |
-10.3 |
5.5 |
0.7 |
2.0 |
1.6 |
|
Accounts Receivable |
-0.2 |
0.6 |
0.1 |
0.4 |
0.1 |
|
Inventories |
0.4 |
-0.7 |
-1.2 |
0.0 |
-0.3 |
|
Other Assets |
-3.8 |
-1.0 |
0.5 |
0.0 |
0.1 |
|
Accounts Payable |
-0.3 |
0.1 |
1.2 |
0.0 |
-0.6 |
|
Accrued Expenses |
0.0 |
0.1 |
-0.4 |
0.0 |
0.2 |
|
Other Liabilities |
2.3 |
1.0 |
1.3 |
-5.2 |
1.4 |
|
Other Operating Cash Flow |
-4.1 |
-1.1 |
-4.6 |
-12.5 |
-3.7 |
|
Changes in Working Capital |
-5.7 |
-1.0 |
-3.1 |
-17.3 |
-2.8 |
|
Cash from Operating Activities |
6.7 |
19.3 |
5.8 |
7.7 |
18.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-39.1 |
-45.8 |
-3.5 |
-23.9 |
-0.5 |
|
Capital Expenditures |
-39.1 |
-45.8 |
-3.5 |
-23.9 |
-0.5 |
|
Sale of Fixed Assets |
14.9 |
0.0 |
0.1 |
0.0 |
- |
|
Sale/Maturity of Investment |
- |
0.0 |
4.4 |
8.2 |
0.1 |
|
Purchase of Investments |
-1.3 |
0.0 |
0.0 |
-12.7 |
-2.2 |
|
Sale of Intangible Assets |
0.1 |
0.0 |
- |
- |
- |
|
Other Investing Cash Flow |
0.1 |
0.0 |
0.0 |
0.1 |
-0.4 |
|
Other Investing Cash Flow Items, Total |
13.8 |
0.0 |
4.4 |
-4.3 |
-2.6 |
|
Cash from Investing Activities |
-25.3 |
-45.9 |
0.9 |
-28.3 |
-3.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.5 |
-3.3 |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
-0.5 |
-3.3 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-0.7 |
-0.7 |
-2.5 |
-1.9 |
-0.8 |
|
Total Cash Dividends Paid |
-0.7 |
-0.7 |
-2.5 |
-1.9 |
-0.8 |
|
Sale/Issuance of
Common |
- |
- |
0.0 |
1.3 |
2.0 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
- |
0.0 |
|
Common Stock, Net |
- |
- |
0.0 |
1.3 |
2.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
1.3 |
2.0 |
|
Short Term Debt, Net |
0.4 |
0.0 |
-0.8 |
0.3 |
0.3 |
|
Long Term Debt Issued |
24.9 |
31.7 |
3.3 |
18.6 |
2.6 |
|
Long Term Debt
Reduction |
-7.2 |
-6.5 |
-5.9 |
-5.6 |
-5.1 |
|
Long Term Debt, Net |
17.7 |
25.2 |
-2.7 |
13.1 |
-2.5 |
|
Issuance (Retirement) of Debt, Net |
18.1 |
25.2 |
-3.5 |
13.4 |
-2.2 |
|
Cash from Financing Activities |
16.9 |
21.2 |
-6.0 |
12.8 |
-1.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
-0.6 |
-0.4 |
-0.2 |
-1.5 |
|
Net Change in Cash |
-2.0 |
-5.9 |
0.4 |
-7.9 |
13.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
26.8 |
30.6 |
27.8 |
33.7 |
16.4 |
|
Net Cash - Ending Balance |
24.8 |
24.7 |
28.2 |
25.7 |
29.6 |
|
Cash Interest Paid |
1.7 |
1.4 |
1.0 |
0.8 |
0.8 |
|
Cash Taxes Paid |
2.5 |
0.0 |
3.8 |
12.0 |
3.1 |
Annual Income Statement
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Freight and other |
79.3 |
75.4 |
57.5 |
68.3 |
57.0 |
|
Ship lease |
1.7 |
1.5 |
1.6 |
2.5 |
2.2 |
|
Other shipping business revenue |
1.3 |
1.3 |
0.9 |
1.2 |
0.8 |
|
Revenues on other businesses |
1.8 |
1.8 |
1.6 |
1.6 |
1.4 |
|
Total Revenue |
84.2 |
80.0 |
61.6 |
73.6 |
61.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Other Business Expenses |
0.6 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Total navigation expenses |
39.3 |
29.7 |
23.0 |
22.3 |
17.1 |
|
Total ship expenses |
29.6 |
27.2 |
24.5 |
20.5 |
18.2 |
|
Ship rental cost |
4.9 |
4.0 |
4.3 |
3.6 |
2.9 |
|
Other costs for marine shipping bus. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Costs for other businesses |
- |
0.5 |
0.5 |
0.5 |
0.4 |
|
Other Selling/General/Admin. Expense |
3.2 |
- |
- |
- |
- |
|
Director's remuneration |
1.6 |
1.5 |
1.4 |
1.3 |
1.1 |
|
Payrolls |
2.5 |
2.3 |
2.3 |
2.5 |
1.7 |
|
Provision for bonuses |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Provision for directors' bonuses |
0.1 |
0.1 |
- |
0.3 |
0.3 |
|
Periodic retirement benefit costs |
0.1 |
0.1 |
0.1 |
0.5 |
0.4 |
|
Other SG&A |
- |
3.7 |
3.1 |
2.9 |
2.0 |
|
NOP G on valuation of derivatives |
- |
- |
- |
0.0 |
-0.1 |
|
SP Rev. allow. for doubtful accts. |
- |
- |
- |
- |
0.0 |
|
SP Rev. G on special repair |
- |
0.0 |
-0.2 |
-0.1 |
0.0 |
|
SP G on cancel. of ship contract |
- |
- |
0.0 |
-0.2 |
0.0 |
|
SP Other special gains |
- |
- |
- |
- |
0.0 |
|
SP Asbestos related expenses |
- |
- |
- |
- |
0.0 |
|
SP L on val. of golf memberships |
0.2 |
0.0 |
0.0 |
0.0 |
- |
|
SP Employee special retirement bnf. |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
SP Other special losses |
- |
- |
0.0 |
0.1 |
0.0 |
|
SP L on val. of LT inv't secs. |
0.0 |
0.5 |
0.0 |
0.7 |
0.0 |
|
SP L on adjustment for changes of accoun |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Operating Expense |
82.3 |
69.8 |
59.2 |
55.4 |
44.2 |
|
|
|
|
|
|
|
|
NOP Interest income |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
NOP Dividends received |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Return of cancell. of insurance |
0.1 |
0.1 |
0.0 |
- |
- |
|
Gain On Sales Of Noncurrent Assets |
12.9 |
- |
- |
- |
- |
|
Gain on sales of fuel oil |
0.1 |
0.1 |
0.0 |
- |
- |
|
NOP Foreign exchange gains |
- |
- |
- |
- |
0.0 |
|
NOP Other non-operating income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Interest expenses |
-1.7 |
-1.4 |
-1.0 |
-0.8 |
-0.8 |
|
NOP Commission paid |
-0.7 |
-3.3 |
0.0 |
0.0 |
-0.3 |
|
NOP Foreign exchange losses |
-0.3 |
-0.5 |
-0.3 |
-0.2 |
-1.4 |
|
NOP Other non-operating expenses |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
SP G on sale of fixed assets |
- |
0.0 |
- |
- |
- |
|
SP G on sale of LT inv't secs. |
- |
- |
0.0 |
0.3 |
0.5 |
|
SP L on sale of LT inv't secs. |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
12.3 |
5.1 |
1.3 |
17.7 |
15.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.8 |
2.2 |
0.5 |
7.4 |
6.4 |
|
Net Income After Taxes |
7.5 |
2.9 |
0.7 |
10.3 |
9.0 |
|
|
|
|
|
|
|
|
Minority interests in income |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.3 |
|
Net Income Before Extra. Items |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
Net Income |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
19.3 |
19.3 |
19.3 |
19.2 |
18.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Basic EPS Including ExtraOrdinary Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
7.5 |
2.9 |
0.7 |
10.1 |
8.7 |
|
Diluted Weighted Average Shares |
19.3 |
19.3 |
19.3 |
19.2 |
18.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
Diluted EPS Including ExtraOrd Items |
0.39 |
0.15 |
0.03 |
0.53 |
0.46 |
|
DPS-Common Stock |
0.04 |
0.04 |
0.03 |
0.10 |
0.09 |
|
Gross Dividends - Common Stock |
0.7 |
0.7 |
0.6 |
2.3 |
1.7 |
|
Normalized Income Before Taxes |
-0.4 |
5.6 |
1.1 |
18.4 |
15.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.4 |
2.4 |
0.5 |
7.7 |
6.4 |
|
Normalized Income After Taxes |
-0.8 |
3.2 |
0.6 |
10.7 |
9.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-0.8 |
3.2 |
0.6 |
10.5 |
8.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.04 |
0.17 |
0.03 |
0.55 |
0.46 |
|
Diluted Normalized EPS |
-0.04 |
0.17 |
0.03 |
0.55 |
0.46 |
|
Interest Expense |
1.7 |
1.4 |
1.0 |
0.8 |
0.8 |
|
Amort of Tangible Assets-Current Portion |
10.4 |
- |
- |
- |
- |
|
Depreciation |
- |
9.8 |
6.9 |
5.3 |
4.6 |
|
Income taxes-current |
0.3 |
- |
- |
- |
- |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Income taxes-deferred |
4.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
4.5 |
- |
- |
- |
- |
|
Income Tax - Total |
4.8 |
- |
- |
- |
- |
|
Reported Operating Profit |
2.1 |
10.7 |
2.2 |
18.8 |
17.2 |
|
Reported Ordinary Profit |
-0.3 |
5.7 |
1.1 |
18.1 |
15.0 |
|
Service Cost |
0.3 |
0.4 |
0.1 |
0.9 |
0.7 |
|
Pension exp.due to acct,changes |
- |
- |
0.4 |
0.3 |
0.3 |
|
Domestic Pension Plan Expense |
0.3 |
0.4 |
0.4 |
1.3 |
1.0 |
|
Total Pension Expense |
0.3 |
0.4 |
0.4 |
1.3 |
1.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and deposits |
24.9 |
25.5 |
28.0 |
30.3 |
36.1 |
|
Notes receivable & Accounts receivable |
- |
0.0 |
3.2 |
3.1 |
3.4 |
|
Accounts receivable-shipping |
3.3 |
3.0 |
0.0 |
- |
- |
|
Inventories - supplies |
3.6 |
3.9 |
2.9 |
1.6 |
1.6 |
|
Deferred income taxes |
1.3 |
1.1 |
0.6 |
0.9 |
1.3 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Current assets other |
6.3 |
2.6 |
1.5 |
1.7 |
1.7 |
|
Total Current Assets |
39.3 |
36.1 |
36.2 |
37.6 |
44.1 |
|
|
|
|
|
|
|
|
Vessels, gross |
197.4 |
189.6 |
133.7 |
128.4 |
100.8 |
|
Accumulated Dep-Vessels |
-87.8 |
-106.3 |
-85.5 |
-76.6 |
-71.0 |
|
Buildings, gross |
12.2 |
12.1 |
10.0 |
9.4 |
9.2 |
|
Accumulated Dep-Buildings |
-8.3 |
-8.0 |
-6.9 |
-6.3 |
-6.1 |
|
Equipment |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Accumulated Dep-Equipment |
-0.4 |
-0.4 |
-0.4 |
-0.3 |
-0.3 |
|
Land |
2.1 |
2.0 |
1.6 |
1.5 |
1.5 |
|
Construction-in-progress |
14.8 |
14.7 |
6.5 |
3.1 |
5.6 |
|
Other tangible fixed assets |
0.2 |
0.6 |
0.5 |
0.5 |
0.4 |
|
Accumulated Dep-Other |
-0.1 |
-0.5 |
-0.4 |
-0.3 |
-0.3 |
|
Total intangible assets |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Long-term investment in securities |
6.0 |
6.8 |
6.8 |
5.4 |
6.7 |
|
Deferred tax assets |
1.5 |
1.8 |
1.8 |
2.0 |
0.7 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other investments and other assets |
1.0 |
1.3 |
1.2 |
1.2 |
1.3 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
178.3 |
150.4 |
105.5 |
105.9 |
93.1 |
|
|
|
|
|
|
|
|
Accounts payable-shipping |
4.1 |
4.3 |
3.7 |
2.3 |
2.3 |
|
Short-term loans payable |
0.4 |
- |
- |
- |
- |
|
Short-term borrowings |
- |
0.0 |
0.0 |
0.7 |
0.4 |
|
Current portion of long-term loans payab |
7.0 |
6.8 |
5.4 |
5.6 |
5.6 |
|
Income taxes payable |
0.3 |
2.4 |
0.2 |
3.3 |
7.6 |
|
Deferred tax liabilities (current) |
- |
0.0 |
0.0 |
0.0 |
- |
|
Advanced received |
7.3 |
5.3 |
3.1 |
1.4 |
6.8 |
|
Reserve for bonuses |
0.6 |
0.6 |
0.5 |
0.6 |
0.5 |
|
Provision for directors'' bonuses |
0.1 |
0.1 |
0.0 |
0.3 |
0.3 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other current liabilities |
1.9 |
1.4 |
1.1 |
1.5 |
1.0 |
|
Total Current Liabilities |
21.6 |
20.8 |
14.0 |
15.7 |
24.5 |
|
|
|
|
|
|
|
|
Long-term loans payable |
83.3 |
66.1 |
36.2 |
36.3 |
22.7 |
|
Total Long Term Debt |
83.3 |
66.1 |
36.2 |
36.3 |
22.7 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
5.2 |
1.4 |
1.3 |
1.3 |
1.5 |
|
Reserve for retirement benefits |
1.5 |
1.9 |
2.4 |
2.7 |
2.2 |
|
Reserve for special repair |
2.3 |
2.1 |
1.4 |
1.4 |
1.0 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Long-term accounts payable-other |
1.5 |
1.5 |
2.0 |
2.0 |
2.0 |
|
Asset retirement obligations |
0.1 |
0.1 |
0.0 |
- |
- |
|
Other long-term liabilities |
1.4 |
1.4 |
1.3 |
1.2 |
1.3 |
|
Minority interests |
1.9 |
1.9 |
1.7 |
1.5 |
1.4 |
|
Total Liabilities |
118.9 |
97.3 |
60.2 |
62.0 |
56.5 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common stock |
8.5 |
8.5 |
7.5 |
7.1 |
7.1 |
|
Total capital surpluses |
3.4 |
3.4 |
3.0 |
2.8 |
2.3 |
|
Total retained earnings |
47.3 |
40.6 |
33.9 |
33.8 |
25.3 |
|
Valuation difference on available-for-sa |
0.2 |
0.7 |
0.8 |
0.2 |
2.1 |
|
Treasury stocks |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Total Equity |
59.4 |
53.1 |
45.2 |
43.9 |
36.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
178.3 |
150.4 |
105.5 |
105.9 |
93.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
19.3 |
19.3 |
19.3 |
19.3 |
19.0 |
|
Total Common Shares Outstanding |
19.3 |
19.3 |
19.3 |
19.3 |
19.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Deferred Revenue |
7.3 |
5.3 |
3.1 |
1.4 |
6.8 |
|
Full-Time Employees |
79 |
79 |
79 |
82 |
77 |
|
Total Number of Shareholders |
2,284 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
2,456 |
2,824 |
2,481 |
2,483 |
|
LT debt Maturiting within 1 year |
7.0 |
6.8 |
5.4 |
5.6 |
5.6 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
7.8 |
- |
- |
- |
- |
|
LT debt Maturiting in 2 year |
- |
6.0 |
5.0 |
8.0 |
5.5 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
8.6 |
- |
- |
- |
- |
|
LT debt Maturiting in 3 year |
- |
5.5 |
4.1 |
4.3 |
4.3 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
8.8 |
- |
- |
- |
- |
|
LT debt Maturiting in 4 year |
- |
6.2 |
3.3 |
3.4 |
4.4 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
8.7 |
- |
- |
- |
- |
|
LT debt Maturiting in 5 year |
- |
6.3 |
3.3 |
2.7 |
3.1 |
|
LTD Remaining |
49.3 |
- |
- |
- |
- |
|
Remaining |
- |
42.1 |
20.6 |
17.9 |
5.4 |
|
Total Long Term Debt, Supplemental |
90.3 |
72.9 |
41.6 |
41.8 |
28.3 |
|
Pension Obligation |
6.7 |
7.0 |
6.3 |
6.2 |
6.1 |
|
Fair value of plan assets |
5.2 |
5.0 |
4.0 |
3.2 |
3.2 |
|
Funded Status |
-1.5 |
-1.9 |
-2.4 |
-3.0 |
-2.8 |
|
Total Funded Status |
-1.5 |
-1.9 |
-2.4 |
-3.0 |
-2.8 |
|
Expense unrecog.for acct.changes |
- |
- |
0.0 |
0.3 |
0.7 |
|
Reserve for Accrued Retirement Benefits |
-1.5 |
-1.9 |
-2.4 |
-2.7 |
-2.2 |
|
Net Assets Recognized on Balance Sheet |
-1.5 |
-1.9 |
-2.4 |
-2.3 |
-1.5 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income before Tax |
12.3 |
5.1 |
1.3 |
17.7 |
15.4 |
|
Depreciation |
10.4 |
9.8 |
6.9 |
5.3 |
4.6 |
|
Reserve for doubtful accounts |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in provision for bon |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Increase (decrease) in provision for dir |
0.0 |
0.1 |
-0.3 |
0.0 |
0.2 |
|
Increase (decrease) in provision for ret |
-0.4 |
-0.7 |
-0.5 |
0.5 |
0.0 |
|
Reserve for director's retirement |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in provision for spe |
0.2 |
0.5 |
0.0 |
0.4 |
0.0 |
|
Reversal of int. & dividends rcvd. |
-0.2 |
-0.1 |
-0.2 |
-0.3 |
-0.2 |
|
Reversal of interest expenses |
1.7 |
1.4 |
1.0 |
0.8 |
0.8 |
|
Commission fee |
0.7 |
3.3 |
0.0 |
- |
- |
|
Foreign exchange losses (gains) |
0.3 |
0.6 |
0.4 |
0.2 |
1.5 |
|
Loss (gain) on sales of intangible asset |
-0.1 |
- |
- |
- |
- |
|
Loss (gain) on sales of property, plant |
-12.8 |
- |
- |
- |
- |
|
Loss on valuation of golf club membershi |
0.2 |
- |
- |
- |
- |
|
G/L on the sale of PPE |
- |
0.0 |
- |
- |
- |
|
Loss (gain) on sales of intangible asset |
- |
0.0 |
- |
- |
- |
|
G/L on valuation of derivatives |
- |
- |
- |
0.0 |
-0.1 |
|
G/L on sale of LT inv't secs. |
- |
- |
0.0 |
-0.3 |
-0.5 |
|
Loss (gain) on valuation of investment s |
0.0 |
0.5 |
0.0 |
0.7 |
0.0 |
|
L on valuation of golf memberships |
- |
0.0 |
- |
- |
- |
|
Decrease (increase) in notes and account |
-0.2 |
0.6 |
0.1 |
0.4 |
0.1 |
|
Decrease (increase) in inventories |
0.4 |
-0.7 |
-1.2 |
0.0 |
- |
|
(Inc) Dec supplies |
- |
- |
- |
- |
-0.3 |
|
Decrease (increase) in other assets |
-3.8 |
-1.0 |
0.5 |
0.0 |
0.1 |
|
Increase (decrease) in notes and account |
-0.3 |
0.1 |
1.2 |
0.0 |
-0.6 |
|
Increase (decrease) in advances received |
2.1 |
1.7 |
1.6 |
-5.3 |
1.2 |
|
Increase (decrease) in other liabilities |
0.2 |
-0.7 |
-0.3 |
0.1 |
0.2 |
|
Bonuses to directors |
- |
- |
- |
- |
0.0 |
|
Other, net |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Int. & div. received (cash basis) |
0.2 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Interest paid (cash basis) |
-1.7 |
-1.4 |
-1.0 |
-0.8 |
-0.8 |
|
Income taxes paid |
-2.5 |
0.0 |
-3.8 |
-12.0 |
-3.1 |
|
Cash from Operating Activities |
6.7 |
19.3 |
5.8 |
7.7 |
18.9 |
|
|
|
|
|
|
|
|
Time deposit made |
-1.3 |
0.0 |
0.0 |
-10.0 |
-1.8 |
|
Time deposit matured |
- |
0.0 |
4.4 |
8.0 |
0.1 |
|
Purchase of property, plant and equipmen |
-39.1 |
-45.8 |
-3.5 |
-23.9 |
-0.5 |
|
Proceeds from sales of property, plant a |
14.9 |
0.0 |
0.1 |
0.0 |
- |
|
Proceeds From Sales Of Intangible Assets |
0.1 |
- |
- |
- |
- |
|
Sale of intangible assets |
- |
0.0 |
- |
- |
- |
|
Purchase of LT inv't secs. |
0.0 |
0.0 |
0.0 |
-2.7 |
-0.5 |
|
Sale/redempt.LT inv't secs. |
- |
- |
0.0 |
0.3 |
0.0 |
|
Payments Of Loans Receivable |
-0.1 |
- |
- |
- |
- |
|
Loans made |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loan Collected |
0.0 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Other investments made |
0.0 |
0.0 |
-0.1 |
0.0 |
-0.5 |
|
Other investments collected |
0.2 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Cash from Investing Activities |
-25.3 |
-45.9 |
0.9 |
-28.3 |
-3.1 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
0.4 |
0.0 |
-0.8 |
0.3 |
0.3 |
|
Proceeds from long-term loans payable |
24.9 |
31.7 |
3.3 |
18.6 |
2.6 |
|
Repayment of long-term loans payable |
-7.2 |
-6.5 |
-5.9 |
-5.6 |
-5.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Commission fee |
-0.4 |
-3.3 |
0.0 |
- |
- |
|
Purch. of minority equity |
- |
- |
- |
- |
0.0 |
|
Treasury stock sold |
- |
- |
0.0 |
1.3 |
2.0 |
|
Cash dividends paid |
-0.7 |
-0.7 |
-2.5 |
-1.9 |
-0.8 |
|
Cash dividends paid to minority |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other, net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
16.9 |
21.2 |
-6.0 |
12.8 |
-1.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
-0.6 |
-0.4 |
-0.2 |
-1.5 |
|
Net Change in Cash |
-2.0 |
-5.9 |
0.4 |
-7.9 |
13.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
26.8 |
30.6 |
27.8 |
33.7 |
16.4 |
|
Net Cash - Ending Balance |
24.8 |
24.7 |
28.2 |
25.7 |
29.6 |
|
Cash Interest Paid |
1.7 |
1.4 |
1.0 |
0.8 |
0.8 |
|
Cash Taxes Paid |
2.5 |
0.0 |
3.8 |
12.0 |
3.1 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.