MIRA
INFORM REPORT
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Report Date : |
10th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TSUJI MARINE SERVICE CO LTD |
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Registered Office : |
177-2 Hikarimachi Sasebo City Nagasaki-Pref 858-0908, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 (Estimated) |
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Date of Incorporation : |
July 1985 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Sales & supplies ship equipment, spare parts, apparatus,
offering inspection, maintenance, repairing, related services, and crew
training and technical consulting services, others. |
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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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
TSUJI MARINE SERVICE CO LTD
REGD NAME
Tsuji Marine Service KK
MAIN OFFICE
177-2 Hikarimachi Sasebo City Nagasaki-Pref 858-0908 JAPAN
Tel : 0956-47-3119
Fax : 0956-48-5443
URL : http://tsuji-hi.com
E-mail :
main.office@tsuji-hi.com
ACTIVITIES
Sale, repair, maintenance of ship machinery & equipment
BRANCHES
Tokyo, Osaka, Hiroshima
FACTORY(IES)
At the caption address
OFFICERS
Masahiro Tsuji, ch MINORU
KANEDA, PRES
Kazuhiko Tominaga, dir Fulco
Vrooland, dir
Masashi Toyonaga, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 1,374 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND UP WORTH Yen
39 M
STARTED 1985 EMPLOYES 33
COMMENT
SALE, REPAIRING & MAINTENANCE SERVICES OF SHIP
EQUIPMENT, AFFILIATED WITH TSUJI HEAVY INDUSTRIES CO LTD.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE
GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was established on the basis of the
after-sales service division separated from Tsuji Heavy Industries Co Ltd, mfr
of ship equipment, at the caption address (See REGISTRATION). Specializes in wholesaling & supplying ship
parts & equipment, offering inspection, maintenance & repairing
services. Offers training for ship crew
and technical services, too. Clients
are ship owners, shipbuilders, ship management firms, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
1,374 million, a 21% up from Yen 1,132 million in the previous term. The hike in materials prices and equipment
boosted sales amount. The recurring
profit was posted at Yen 18 million and net profit at Yen 9 million,
respectively, compared with Yen 5 million recurring profit and Yen 2 million
net profit, respectively, a year ago.
For the current term ending Mar 2007 the net profit is
projected at Yen 9 million, on a 6% rise in turnover, to Yen 1,450 million. Business continues rising.
The financial situation is considered RATHER WEAK but should
be good for MODERATE business engagements.
Max credit limit is estimated at Yen 6.7 million, on 30 days normal
terms.
REGISTRATION
Date Registered : Jul
1985
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
800 shares
Issued :
200 shares
Sum :
Yen 10 million
Major shareholders (%)
Tesco Co (32.5), Tsuji Heavy Ind*(22.5), West Japan
Information Service Co (13), Masahiro Tsuji (4), Minoru Kaneda (4)
No. of shareholders:
15
*.. Tsuji Heavy Industries Co Ltd, mfr of ship equipment, at
the caption address, founded 1939,
capital Yen 300 million, turnover Yen 17,000 million, employees 135, pres T
Tsuji
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Sales & supplies ship equipment, spare
parts, apparatus, offering inspection, maintenance, repairing, related
services, and crew training and technical consulting services, others (--100%).
Business is not confined to the parent and group firms, but
also extended to other mfrs.
Clients
[Shipbuilders, ship owners, ship management firms] Oshima
Shipbuilding, Ishikawajima-Harima Heavy Ind, Tsuneishi Corp, Mitsubishi Heavy
Ind, Universal Shipbuilding Corp, Koyo
Dockyard, Sanoyas Hishino Meisho Corp, Imabari Shipbuilding, other
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfr] Supplied wholly from the parent, Tsuji Heavy Industries.
Payment record
Regular
Location
Business area in Sasebo City, Nagasaki-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Shinwa Bank (H/O)
Jyuhachi Bank (Sasebo)
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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1,450 |
1,374 |
1,132 |
930 |
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Recur.
Profit |
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18 |
5 |
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Net
Profit |
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9 |
9 |
2 |
3 |
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Total
Assets |
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667 |
544 |
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Current
Assets |
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644 |
534 |
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Current
Liabs |
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614 |
513 |
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Net
Worth |
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39 |
29 |
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Capital,
Paid-Up |
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10 |
10 |
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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 |
5.53 |
21.38 |
21.72 |
4.73 |
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Current Ratio |
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104.89 |
104.09 |
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N.Worth Ratio |
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5.85 |
5.33 |
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R.Profit/Sales |
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1.31 |
0.44 |
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N.Profit/Sales |
0.62 |
0.66 |
0.18 |
0.32 |
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Return On Equity |
.. |
23.08 |
6.90 |
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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%)