MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHINKO KAIUN CO LTD |
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Registered Office : |
Kyobashi
Nagaoka Bldg 4F, 3-5-8 Hatchobori Chuoku Tokyo 104-0032 |
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Country : |
Japan |
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Date of Incorporation : |
Nov 1981 |
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Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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Line of Business : |
Ship operator |
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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Maximum Credit Limit : |
Yen
15.1 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
SHINKO KAIUN CO LTD
REGD NAME
KK Shinko Kaiun
MAIN OFFICE
Kyobashi Nagaoka Bldg 4F, 3-5-8
Hatchobori Chuoku Tokyo 104-0032 JAPAN
Tel: 03-3552-2301 Fax: 03-3552-5105
URL: N/A
ACTIVITIES
Ship operator
BRANCHES
Singapore
OFFICERS
MASATAKA GOHARA, PRES
Hiromi Yamashita, dir
Hideki Tsuyushige,
dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,658 M
PAYMENTS REGULAR CAPITAL Yen 23 M
TREND STEADY WORTH Yen
93 M
STARTED 1981 EMPLOYES 9
COMMENT
SHIP OPERATOR
SPECIALIZING IN LOGS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 15.1 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Takashi
Shibasaki as a marine transport company of logs from Indonesia, Malaysia,
etc. When Indonesia and Malaysia later
stopped exports of logs due to the ecological reasons, the firm was transferred
to the present executives. T Shibasaki
then started his own company in Singapore for focusing on shipping business in
the Asian region. The subject firm is
now engaged in transport of logs and timber from Sarawak. This
is essentially an operator and operating manager of vessels chartered from ship
owners. One time, due to the shrink of
business, chartered vessels were reduced.
But recently, when shipping market revived with transportation demand
rose, driven by robust shipping demand from China, the firm has started to
increase the number of handling vessels.
Clients are general
trading houses, paper mills, lumber firms, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen 2,658 million, edged up from Yen 2,628 million in the previous term. Business continued steady. The recurring profit was posted at Yen 10 million and the net profit at Yen 4 million, respectively, compared with Yen 14 million recurring profit and Yen 5 million net profit, respectively, a year ago.
For the current term ending Sept 2007 the net profit is projected at Yen 4 million, on a 2% rise in turnover, to Yen 2,700 million. Business continues steadily growing.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 15.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1981
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 84,000 shares
Issued: 6,000 shares
Sum: en 23 million
Major shareholders (%): Hiromi Yamashita (21.7), Masataka Gohara (17.4), Takahana Sugie (17.4), Hideki Tsuyushige (13), Takashi Shibasaki*(10.9)
*.. Founder of the subject firm
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship operator of logs and timber from Sarawak centrally (--100%).
Clients: [Cargo owners, charterers] Marubeni Corp, Sojitz Corp, Nippon Paper Ind, Nagasaki International, Oji Forest & Products Co, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Ship owners] Albeni Pratama Ocean Line, Yayasan Saba Shipping, Eternity Shipping, Kyowa Sansho, other.
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank
(Kyobashi)
Bank of
Tokyo-Mitsubishi UFJ (Shimbashi-Ekimae)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
30/09/2007 |
30/09/2006 |
30/09/2005 |
30/09/2004 |
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Annual
Sales |
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2,700
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2,658
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2,628
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1,770
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Recur.
Profit |
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10 |
10 |
14 |
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Net
Profit |
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4 |
4 |
5 |
3 |
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Total
Assets |
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1,302
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819 |
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Current
Assets |
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713 |
478 |
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Current
Liabs |
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523 |
728 |
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Net
Worth |
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93 |
91 |
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Capital,
Paid-Up |
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23 |
23 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.58 |
1.14 |
48.47
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5.55 |
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Current Ratio |
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.. |
136.33
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65.66
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.. |
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N.Worth Ratio |
.. |
7.14 |
11.11
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.. |
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R.Profit/Sales |
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0.37 |
0.38 |
0.53 |
.. |
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N.Profit/Sales |
0.15 |
0.15 |
0.19 |
0.17 |
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Return On Equity |
.. |
4.30 |
5.49 |
.. |
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Note: Forecast (or
estimated) for the 30/09/2007 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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