MIRA
INFORM REPORT
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Report Date : |
22nd
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Chichibu
Bldg 7F, 1-8-6 Shinkawa Chuoku |
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Country : |
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Financials (as on) : |
30.09.2007
(Estimated) |
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Date of Incorporation : |
August
1973 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Chemical tanker 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 74.2 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
REGD NAME
MAIN OFFICE
Chichibu
Bldg 7F, 1-8-6 Shinkawa Chuoku
Tel : 03-3523-5682
Fax : 03-3523-5711
URL : http://www.dorval.co.jp
E-Mail address : tokall@dorval.co.jp
ACTIVITIES
Chemical tanker operator
BRANCHES
Dorval Shipping Inc (Houston); Dorval Tankers Pty Ltd (Australia);
Dorval Shipping Ltd (London); Dorval Tankers Pty Ltd (Pusan); Dorval Shipping
KK (Dalian) (--subsidiaries)
OFFICERS
Masashi Sato, ch KAORU
MICHIURA, PRES
Tetsuya Tagami, dir Yasuharu
Hidaka, dir
Hirokiyo Oka, dir Tomohiro
Yanagi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,206 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND STEADY WORTH Yen 263 M
STARTED 1973 EMPLOYES 32
COMMENT
SHIP OPERATOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 74.2 MILLION, 30 DAYS
HIGHLIGHTS
The subject company was established by Masashi Satoh in order to
make most of his experience in the shipping business. Originally established in
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen 14,206
million, a 16% up from Yen 12,214 million in the previous term. Trading to and from
For the current term ending Sept 2007 the net profit is projected
at Yen 100 million, on a 6% rise in turnover, to Yen 15,000 million. Transportation demand keeps rising.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 74.2 million, on 30 days normal terms.
REGISTRATION
Date Registered : Aug
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
384,000 shares
Issued :
96,000 shares
Sum :
Yen 48 million
Major shareholders (%)
Masashi Satoh (60), Masanari Satoh (33), Noriko Satoh (4), Yukiko
Yanagi (3)
No. of shareholders: 4
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Operator of chemical tankers, total 25 vessels of
274,000 DWT, trading between Japan/Far East/Melbourne/New
Zealand/Houston/London range.
Clients
[Trading houses, oil companies] Exxon Mobil, Mitsubishi Corp,
Mitsui & Co, Sumitomo Corp, Marubeni Corp, Gardner Smith, Cargill Oilseed
Australia, SVD, other.
No. of accounts
50
Domestic areas of activities
Nationwide
Suppliers
[Ship owners] Tamba Kisen, Daito Tsusho, Daiwa Kaiun, other.
Payment record
Regular
Location
Business area in
Bank References
SMBC (Tokyo-Chuo)
Bank of Tokyo-Mitsubishi UFJ (Yaesudori)
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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15,000
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14,206
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12,214
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9,617
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Recur.
Profit |
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268 |
229 |
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Net
Profit |
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100 |
124 |
3 |
24 |
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Total
Assets |
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4,190
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2,650
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Current
Assets |
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4,026
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2,455
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Current
Liabs |
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3,526
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2,257
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Net
Worth |
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263 |
139 |
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Capital,
Paid-Up |
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48 |
48 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.59 |
16.31
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27.00
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-0.71
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Current Ratio |
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114.18
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108.77
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N.Worth Ratio |
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6.28 |
5.25 |
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R.Profit/Sales |
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1.89 |
1.87 |
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N.Profit/Sales |
0.67 |
0.87 |
0.02 |
0.25 |
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Return On Equity |
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47.15
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2.16 |
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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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