MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MISUGA KAIUN CO LTD |
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Registered Office : |
Iidabashi |
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Country : |
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Date of Incorporation : |
December, 1976 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Company is engaged in Ship Management, Ship Owning, Crew
Recruiting |
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 192.6 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
MISUGA KAIUN CO LTD
REGD NAME: Misuga Kaiun KK
ADDRESS
MAIN OFFICE
Iidabashi
Tel : 03-3261-6725
Fax : 03-3261-7194
URL : http://www.misuga-kaiun.co.jp
E-Mail :
senpakukanri@misuga-kaiun.co.jp
ACTIVITIES
Ship management, ship owning, crew recruiting
BRANCHES
Ehime (
OVERSEAS
Main Manila Philippines Inc (crew manning); Misuga Kaiun HK
Ltd (ship management)
OFFICERS
YOSHIO KURATANI, PRES Ichiro
Tamai, rep dir
Motoe Iwai, rep dir Susumu
Nemoto, dir
Toshimi Nakamura, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,500 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 3,500 M
STARTED 1976 EMPLOYES 80
COMMENT
SHIP MANAGEMENT COMPANY, OWNED BY DAIO KAIUN CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 192.6 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established originally in 1976 by
Daio Kaiun Co Ltd, marine transport, stevedoring,
Ehime-Pref in order to advance into ship management &
crew recruiting, but due to the slump in the shipping industry the firm had
been left dormant until reactivated in 1991.
This is a ship management, crew recruiting/management, ship owning and
related services company. Yoshio
Kuratani is concurrently rep dir at the parent.
The firm owns and operates 5 bulk carriers. Has two overseas subsidiaries: Main Marine
Philippines Inc (ship crew recruiting/training/maintenance); Misuga Kaiun HK
Ltd (ship management).
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen
10,500 million, a 1.3% up from Yen 10,370 million in the previous term. Due to robust marine transportation needs
this business continued to grow. The net profit was posted at Yen 700 million,
up from Yen 546 million a year ago.
For the current term ending Mar 2008 the net profit is
projected at Yen 710 million, on a 5% rise in turnover, to Yen 11,000
million. Transport demand to and from
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 192.6 million, on 30 days normal terms.
REGISTRATION
Date Registered : Dec
1976
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
2,400 shares
Issued :
600 shares
Sum :
Yen 30 million
Major shareholders (%): Maine Marine*(26), Daio Kaiun &
group firms**(74)
No. of shareholders:
6
Holding company owned by Daio Kaiun Kaisha Ltd.
Coastal/harbor transport, stevedoring, warehousing, customs
clearance businesses, Ehime-Pref, founded 1967, capital Yen 48 million,
turnover Yen 18,000 million, net profit Yen 310 million, employees 110, pres
Motoe Iwai
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Ship management, ship owning, crew
manning/training, and related services (--100%).
Owns 5 bulk carriers, with own operation and on charter to
others.
Clients: [Ship owners, operators] Daio Kaiun group firms,
Elleair Shipping SA, Misuga SA, Mitsui OSK Lines, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Ship owners, ship builders, ship chandlers] Maine
Marine, Misuga SA, Maine Marine Philippines, Daio Kaiun, other.
Payment record
Regular
Location
Business area in
Bank References
Ehime Bank (Mishima)
Shoko Chukin Bank (
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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11,000
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10,500
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10,370
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9,260
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Recur. Profit |
(*) |
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767 |
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Net Profit |
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710 |
700 |
546 |
760 |
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Total Assets |
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N/A |
N/A |
N/A |
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Net Worth |
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3,500
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2,800
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2,254
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Capital, Paid-Up |
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30 |
30 |
30 |
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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 |
4.76 |
1.25 |
11.99
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12.93
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Current Ratio |
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.. |
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.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
6.45 |
6.67 |
5.27 |
8.21 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/03/2008 fiscal term.
(*) Pretax profits disclosed from the Taxation Office.
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. |
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%)