|
Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAIICHI TANKER CO LTD |
|
|
|
|
Registered Office : |
Sunrise Bldg, 11-12 Nihombashi-Tomizawacho Chuoku Tokyo 103-0006 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
May 1961 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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|
|
|
Line of Business : |
Tanker owner, operator, ship
management. |
|
|
|
|
No. of Employees : |
63 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
small agricultural sector is highly subsidized and protected, with crop yields
among the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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.
Modest economic growth continued after 2000, but the economy has fallen into
recession three times since 2008. A sharp downturn in business investment and
global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
DAIICHI TANKER CO LTD
REGD NAME: Daiichi Tanker KK
MAIN OFFICE: Sunrise Bldg, 11-12 Nihombashi-Tomizawacho Chuoku Tokyo 103-0006 JAPAN
Tel: 03-5623-6367
Fax: 03-5623-6352
URL: http://www.ititan.co.jp
E-Mail address: (thru the URL)
Tanker owner, operator, ship
management
Chiyodaku
Panama (2)
TATSURO ISHIKAWA, PRES Hiroaki Kusaka, dir
Yutaka Kamiyama, dir Shin’ichi Nakata, dir
Yuji Kawase, dir Yuji Mano, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 9,934 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 550 M
TREND SLOW WORTH Yen 38 M
STARTED 1961 EMPLOYES 63
TANKER OWNER & OPERATOR,
WHOLLY OWNED BY MITSUI & CO LTD.
FINANCIAL SITUATION CONSIDERED
RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2.4 MILLION,
30 DAYS NORMAL TERMS
The subject company was
established on the basis of a shipping division separated from Mitsui & Co
Ltd (See REGISTRATION). This is a tanker owner and operator for
domestic & overseas transportation, ship management, ship repairing,
other. Has two subsidiaries in Panama
for ship building, repairing, crew manning, other. Clients include oil companies, trading firms,
other, nationwide
The sales volume for Mar/2013
fiscal term amounted to Yen 9,934 million, a 4% down from Yen 10,394 million in
the previous term. The recurring profit
was posted at Yen 171 million and the net profit at Yen 194 million,
respectively, compared with Yen 397 million recurring profit and Yen 480
million net losses, respectively, a year ago.
In the last term high oil prices ate into profits to turn into a loss.
For the current term ending Mar
20143 the recurring profit is projected at Yen 200 million and the net profit
at Yen 200 million, respectively, on a 6% rise in turnover, to Yen 10,500
million.
The financial situation is
considered RATHER WEAK but should be good for MODERATE business
engagements. Max credit limit is
estimated at Yen 2.4 million, on 30 days normal terms.
Date Registered: May1961
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
4.4 million shares
Issued:
1.1 million shares
Sum: Yen 550 million
Major shareholders (%):
Mitsui & Co Ltd* (100)
General trading house, Tokyo,
founded 1942, listed Tokyo S/E, capital Yen 341,482 million, sales Yen
10,049,637, operating profit Yen 254,603, recurring profit Yen 314,098 million,
net profit Yen 307,926 million, total assets Yen 10,324,581 million, net worth
Yen 3,181,819 million, employees 45,148, pres Masumi Iijima
Nothing detrimental is known as to
the commercial morality of executives.
Activities: Tanker
owner & operator for domestic & overseas transportation, ship
management, ship agency, crew manning, other (--100%)
Clients: [Mfrs,
wholesalers] Mitsui & Co, Mitsui chemical in, Tosoh, Ube Ind, JX Nippon Oil
& Mining Corp, other
No. of accounts: 200
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsui Oil, Kimura Kaiun, Sanko Unyu, other
Payment record: Slow
but correct
Location: Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References: SMBC (Hibiya)
MUFG
(Shimbashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
10,500 |
9,934 |
10,394 |
9,637 |
|
Recur.
Profit |
|
200 |
171 |
397 |
|
|
Net
Profit |
|
200 |
194 |
-480 |
-313 |
|
Total
Assets |
|
|
12,793 |
14,120 |
12,536 |
|
Current
Assets |
|
|
4,376 |
4,883 |
121 |
|
Current
Liabs |
|
|
4,412 |
4,883 |
5,501 |
|
Net
Worth |
|
|
38 |
-158 |
323 |
|
Capital,
Paid-Up |
|
|
550 |
550 |
550 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.70 |
-4.43 |
7.86 |
-39.45 |
|
|
Current Ratio |
|
.. |
99.18 |
100.00 |
2.20 |
|
N.Worth Ratio |
.. |
0.30 |
-1.12 |
2.58 |
|
|
R.Profit/Sales |
|
1.90 |
1.72 |
3.82 |
.. |
|
N.Profit/Sales |
1.90 |
1.95 |
-4.62 |
-3.25 |
|
Notes: Forecast (or estimated)
figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.04 |
|
|
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.