MIRA
INFORM REPORT
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Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
COSCO JAPAN CO LTD |
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Registered Office : |
Iino Bldg 8F, 2-1-1 Uchisaiwaicho Chiyodaku Tokyo 100-0011 |
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Country : |
Japan |
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Date of Incorporation : |
Jun 1999 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship agency serving for COSCO (China) |
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 17.5 millions |
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Status : |
Fair |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
COSCO JAPAN CO LTD
REGD NAME
Cosco Japan KK
MAIN OFFICE
Iino Bldg 8F, 2-1-1 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN
Tel : 03-3501-7342
Fax : 03-3508-7963
URL : http://www.cosco.co.jp/
E-Mail address: webmastercj@cosco.co.jp
ACTIVITIES
Ship agency serving for COSCO (China)
BRANCHES
Osaka, Nagoya, Fukuoka, Yokohama
OFFICER(S)
Chen Hong Sheng, ch ZHANG
JI QING, PRES
Takashi Fukuzaki, v pres Tian
Hong Qi, dir
Jiang Ming, dir Masao
Umemuro, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,000 M
PAYMENTS REGULAR CAPITAL Yen 40 M
TREND SLOW WORTH Yen 649 M
STARTED 1994 EMPLOYES 50
COMMENT
SHIP AGENCY WHOLLY OWNED BY COSCO, CHINA. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 17.5 MILLION. 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as a ship agency by COSCO (China) to engage in container cargo booking, scheduling, port arrangement, others related to the vessels’ calling at Japanese ports. Also conducts stevedoring & warehousing arrangement on consignment to local firms. In Jan 2005, the firm transferred container cargo business to a sister company and sales are reported decreased.
FINANCIAL INFORMATION
The firm abruptly stopped releasing financials with the last as
of the 31/12/2003 fiscal term, as shown in the Financial Statement. The latest figures for the 31/12/2005 fiscal
term are all estimated combined with those estimated by outside sources.
The sales volume for Dec/2005 fiscal term is thought amounted to Yen 1,000 million, a 55% down from Yen 2,200 million in the previous term. This is referred to the said business transfer to a sister company. The net profits are again thought declined to Yen 50 million from Yen 100 million the previous term. All estimated figures only.
For the term ended Dec 2006 the net profit was projected and
believed posted at Yen 50 million, on a similar turnover, at Yen 1,000
million.
The financial situation is considered maintained FAIR and
should be good for ORDINARY business engagements. Max credit limit is estimated at Yen 17.5 million, on 30 days
normal terms.
REGISTRATION
Date Registered: Jun
1999
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800
shares
Issued: 800
shares
Sum: Yen
40 million
Major shareholders (%): COSCO (China) (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Ship agency, owned 100% by COSCO (China), for
attending, stevedoring, warehousing, inland transportation, etc for the cargoes
carried by the parent’s vessels (--100%).
Clients: [Cargo owners, wholesalers] COSCO (China), Itochu
Corp, Mitsui & Co, Sumitomo Corp, Mitsubishi Corp, Sojitz Corp, Toyota
Motor, Toyota Tsusho Corp, Mitsui & Co, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Stevedoring firms, warehousing firms] Kamigumi Ltd,
Sankyu Ltd, Seiwa, Japan Transcity, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Marunouchi)
MUFG (Toranomon)
Relations: Money deposits & transfer only
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
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Annual
Sales |
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1,000 |
2,200 |
2,485 |
2,659 |
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Recur.
Profit |
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169 |
118 |
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Net
Profit |
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50 |
100 |
133 |
91 |
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Total
Assets |
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N/A |
N/A |
3,442 |
4,648 |
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Current
Assets |
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2,714 |
3,551 |
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Current
Liabs |
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2,931 |
4,055 |
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Net
Worth |
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649 |
599 |
499 |
366 |
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Capital,
Paid-Up |
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40 |
40 |
40 |
40 |
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Div.P.Share(¥) |
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0 |
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-54.55 |
-11.47 |
-6.54 |
7.00 |
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Current Ratio |
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.. |
.. |
92.60 |
87.57 |
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N.Worth Ratio |
.. |
.. |
14.50 |
7.87 |
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R.Profit/Sales |
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.. |
.. |
6.80 |
4.44 |
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N.Profit/Sales |
5.00 |
4.55 |
5.35 |
3.42 |
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Return On Equity |
.. |
16.69 |
26.65 |
24.86 |
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Notes: Financials are only partially disclosed as from the
31/12/2004 fiscal term.
Forecast (or estimated) figures for the 31/12/2005 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%)