MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
HIKAWA MARINE CORPORATION |
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Registered Office : |
Shiroganedai Otsuka Bldg 4F, 2-10-2 Shiroganedai Minatoku Tokyo
108-0071 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Mar 1954 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of marine gears, supplies |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
Yen 14.7 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
HIKAWA MARINE CORPORATION
REGD NAME
KK Hikawa Marine
MAIN OFFICE
Shiroganedai Otsuka Bldg 4F, 2-10-2 Shiroganedai Minatoku Tokyo 108-0071
JAPAN
Tel: 03-6408-1611
Fax: 03-3449-0058
URL: http://www.hikawamarine.co.jp
E-Mail address: info@hikawamarine.co.jp
ACTIVITIES
Import, wholesale of marine gears, supplies
BRANCHES
Yokohama, Nagoya, Kobe
OVERSEAS
Singapore, Shanghai, USA, UK, Netherlands, UAE
OFFICERS
YOKU TAKAI, PRES Hiroaki
Suzuki, mgn dir
Ryozo Suzuki, dir Hiroshi
Sakakibara, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 3,706 M
PAYMENTS REGULAR CAPITAL Yen 60 M
TREND UP WORTH Yen 72 M
STARTED 1954 EMPLOYES 36
COMMENT
TRADING HOUSE SPECIALIZING IN MARINE SUPPLIES & EQUIPMENT, WHOLLY OWNED BY NYK TRADING CORP. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS
MAX CREDIT LIMIT: YEN 14.7 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established by NYK Lines for supplying ship stores and gears to NYK Line and group ships. The firm is owned by NYK Trading Corp, 100% owned by NYK Lines. Has two overseas subsidiaries in Singapore and Shanghai. Acts as agent for ALLSET, Swedish container lashing gears mfr. Shanghai liaison office was opened in Jul 2006.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 3,706 million, an 8% up from Yen 3,422 million in the previous term. Lashing gears for container ships fared well amid robust container ship transportation between China and Japan. The net profit was posted at Yen 51 million, up from Yen 50 million a year ago.
For the term just ended Mar 2007 the net profit is projected
at Yen 52 million, on a 5% rise in turnover, to Yen 3,900 million. New products of Jacklights and Immersion
suits were in good demand.
The financial situation is considered RATHER WEAK but should
be good for MODERATE business engagements.
Max credit limit is estimated at Yen 14.7 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Mar
1954
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1.2
million shares
Issued: 300,000
shares
Sum: Yen
60 million
Major shareholders (%): NYK Trading Corp*(100)
*.. Trading firm, owned by NYK Lines, founded 1948, capital Yen 1,246 million, sales Yen 117,327 million, net profit Yen 387 million, employees 165, pres Sumio Shimomura
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales ship stores, gears, marine cargo handling materials, equipment, other (100%). Also sales of IMO labels.
(Handling items):
General Marine Stores: mooring hawser / mooring wire, paints, safety equipment, Navigational equipment, stationery, hand tools, electrical tools, pneumatic tools, lighting & wiring materials, steel, non-steel & other materials;
Marine Gears: container lashing gears, PTCT lashing gears,
cargo hold coatings;
Marine Grit: Turbo charger carbon descaling agent,
environmentally friendly;
Jacklight: special search light against pirates attacks.
Clients: [Ship firms, wholesalers] Nippon Yusen Kaisha (NYK), Fuji Trans Corporation, NYK Trading Corp, Machine Trading, Toyofuji Shipping, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] NYK Trading Corp, Askul, Nippon Paint, Chugoku Paints, Machine Trading, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Tamachi)
Mizuho Bank (Shiba)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual Sales |
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3,900 |
3,706 |
3,422 |
2,995 |
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Recur. Profit |
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85 |
102 |
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Net Profit |
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52 |
51 |
50 |
30 |
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Total Assets |
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1,401 |
1,328 |
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Current Assets |
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1,309 |
1,253 |
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Current Liabs |
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1,278 |
1,263 |
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Net Worth |
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72 |
19 |
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Capital, Paid-Up |
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60 |
60 |
60 |
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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 |
5.23 |
8.30 |
14.26 |
10.88 |
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Current Ratio |
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.. |
102.43 |
99.21 |
.. |
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N.Worth Ratio |
.. |
5.14 |
1.43 |
.. |
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R.Profit/Sales |
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.. |
2.29 |
2.98 |
.. |
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N.Profit/Sales |
1.33 |
1.38 |
1.46 |
1.00 |
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Return On Equity |
.. |
70.83 |
7.10 |
.. |
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Note: Forecast (or estimated) for the 31/03/2007 fiscal
term.
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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)