MIRA
INFORM REPORT
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Report Date : |
22nd
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
EASTERN
MARINE CORPORATION |
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Registered Office : |
Kyodo
Bldg 10F, 3-10-4 Ginza Chuoku |
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Country : |
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Financials (as on) : |
31.03.2007
(Estimated) |
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Date of Incorporation : |
May
1997 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship operator, ship
agency |
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 28.0 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
EASTERN MARINE CORPORATION
REGD NAME
Toyo Kaiun Tsusho KK
MAIN OFFICE
Kyodo Bldg 10F, 3-10-4 Ginza
Chuoku
Tel : 03-5148-1881
Fax : 03-5148-1882
URL : http://www.e-m-c.co.jp
E-Mail address : emc.tokyo@e-m-c.co.jp
ACTIVITIES
Ship operator, ship
agency
BRANCHES
OFFICERS
YUE LI, PRES
Ke Bin Xiang, dir
Mitsuaki Nishide, dir
Yen Amount
In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,362 M
PAYMENTS REGULAR CAPITAL Yen 70 M
TREND STEADY WORTH Yen
165 M
STARTED 1997 EMPLOYES 28
COMMENT
SHIP OPERATOR AND AGENCY BUSINESS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
28.0 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Yue Li, resident Chinese,
in order to make most of his previous experience in the shipping business. This is a ship owner and operator of a total
13 vessels, plying between Japan/China,
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 4,362
million, a sharp 36% up from Yen 3,201 million in the previous term. This is thanks to robust transportation needs
to and from
For the current term ending Mar 2007 the net profit is projected
at Yen 60 million, on a shade rise in turnover, to Yen 4,400 million. Profits may erode due to rising fuel oil
costs and operations.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 28.0 million, on 30 days normal terms.
REGISTRATION
Date Registered : May 1997
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
5,600 shares
Issued :
1,400 shares
Sum :
Yen 70 million
Major shareholders (%)
Yue Li (38.6), K B Xiang (21.4),
No. of shareholders: 13
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Ship owner and operator of 13 ships, plying
Japan/China/Korea and S/E Asian countries, offering ship agency, ship store
& machinery supply, import & export of steel, steel products, other
(--100%).
Clients
[Mfrs, wholesalers] Mitsubishi Corp, Metal One, Mitsui & Co,
Marubeni-Itochu Steel Inc, JFE Shoji Trading, Topy Enterprises, Nittetsu
Butsuryu, Mitsui Kinzoku Trading, Kanematsu Corp, other.
No. of accounts
300
Domestic areas of activities
Nationwide
Suppliers
[Ship owners, operators]
Payment record
Regular
Location
Business area in
Bank References
Bank of Tokyo-Mitsubishi UFJ (Kyobashi)
SMBC (Tokyo-Chuo)
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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4,400
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4,362
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3,201
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2,470
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Recur.
Profit |
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110 |
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Net
Profit |
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60 |
60 |
38 |
32 |
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Total
Assets |
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1,950
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Current
Assets |
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1,194
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Current
Liabs |
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731 |
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Net
Worth |
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165 |
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Capital,
Paid-Up |
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70 |
70 |
70 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.87 |
36.27
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29.60
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40.02
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Current Ratio |
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.. |
163.34
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.. |
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N.Worth Ratio |
.. |
8.46 |
.. |
.. |
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R.Profit/Sales |
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2.52 |
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N.Profit/Sales |
1.36 |
1.38 |
1.19 |
1.30 |
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Return On Equity |
.. |
36.36
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.. |
.. |
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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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