MIRA INFORM REPORT

 

 

Report Date :

18.09.2007

 

IDENTIFICATION DETAILS

 

Name :

HAYAMA SHIPPING LTD

 

 

Registered Office :

Konishi Bldg 6F, 1-16-5 Nishishimbashi Minatoku Tokyo 105-0003

 

 

Country :

Japan

 

 

Financials (as on) :

31.10.2006

 

 

Date of Incorporation :

May 1981

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Refrigerated ship owner & operator, ship management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 47.4 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

name

 

HAYAMA SHIPPING LTD

 

 

REGD NAME

 

Hayama Sempaku KK

 

 

MAIN OFFICE

 

Konishi Bldg 6F, 1-16-5 Nishishimbashi Minatoku Tokyo 105-0003 JAPAN

Tel        : 03-3502-7977

Fax       : 03-3502-0570

URL      : N/A

E-mail address: s-okuda@hayamaship.co.jp

 

 

ACTIVITIES

 

Refrigerated ship owner & operator, ship management

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

MASANAO HASHIMOTO, PRES

Yasuo Uemichi, s/mgn dir

Yoshio Yanai, mgn dir

Tetsuya Kotani, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 2,682 M

PAYMENTS      REGULAR                     CAPITAL           Yen 10 M

TREND             STEADY                       WORTH            Yen 1,463 M

STARTED         1981                             EMPLOYES      23

 

 

COMMENT

 

SHIP OWNER & OPERATOR OF REFRIGERATED VESSELS.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 47.4 MILLION, 30 DAYS NORMAL TERMS.

 

 

HIGHLIGHTS

 

The subject company was established by Masanao Hashimoto in order to make most of his experience in the shipping business.  This is an owner and operator specializing in refrigerated vessels.  The major hirer of the vessels is Kawasaki Near Sea Shipping KK, a subsidiary of Kawasaki Kisen KK (or K Lines), specializing in Japan Near Sea shipping trade.  Also charters out the vessels to fishery companies in Taiwan, Korea, other.  The owning side of the vessels, on long term charter, guarantees steady income.  The financials are only partially disclosed.

 

           

FINANCIAL INFORMATION

 

Financials are only partially disclosed.

 

The sales volume for Oct/2006 fiscal term amounted to Yen 2,682 million, a 5% up from Yen 2,559 million in the previous term.  This was thanks to the steep rise in shipping freight market with robust demand domestically & abroad.  China was one of the main players in the market, with demand steadily and constantly rising for ships & marine transportation.  The operations, on the other hand, plunged into the red to register Yen 96 million net losses for the terms.  This is referred to the depreciation costs of ships that written off the for the term.

 

For the current term ending Oct 2007 the operations are expected to come back to profitability but still limited to a minimum amount post-taxes, on an almost similar turnover, at Yen Yen 2,700 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 47.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            May 1981

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    80,000 shares

Issued:                          20,000 shares

Sum:                            Yen 10 million

Major shareholders (%): Masanao Hashimoto (100)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Ship owner and operator specializing in refrigerated ships: ship owning & on long-term charter commitment (--60%); ship operating on the spot shipping markets (40%). 

 

Ship time-charter hirers include both domestic and overseas shipping companies.  Operating vessels are engaged in fishing/fish catch transport/etc on the spot shipping markets.

 

Clients: [Shipping firms] Kawasaki Near Sea KK, Sea Trade, Star Ship, Mitsui-OSK Lines, other.  Also leased to fishery firms in Korea, Taiwan, etc.

 

No. of accounts: 5 (steady charterers)

 

Domestic areas of activities: Nationwide

 

Suppliers: [Shipyards, engine makers, fuel suppliers] Imabari Shipyard, Yanmar Diesel Engine, Ohshima Shipyard, Fukuoka Shipbuilding, Mitsui Engineering & Shipbuilding, Kamei Corp, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

Mizuho Bank (Toranomon)

Shinsei Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

Terms Ending:

　

31/10/2007

31/10/2006

31/10/2005

31/10/2004

Annual Sales

　

2,700

2,682

2,559

2,103

Recur. Profit

　

　

　

　

　

Net Profit

　

0

-96

474

-69

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,463

1,559

1,085

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

0.67

4.81

21.68

-2.19

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

0.00

-3.58

18.52

-3.28

 

Notes: Financials are not disclosed only except the above partial figures.

Forecast (or estimated) figures for 31/10/2007 fiscal term.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions