MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SANTOKU SHIPPING
CO LTD |
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Registered Office : |
Santoku Senpaku Bldg, 3-26-9 Isoji Minatoku |
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Country : |
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Financials (as on) : |
31.01.2007 |
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Date of Incorporation : |
Jun 1972 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Ship owner, operator, ship
management |
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. |
Small |
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Maximum Credit Limit : |
Yen 2.3 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name
SANTOKU SHIPPING
CO LTD
REGD NAME
Santoku Senpaku KK
MAIN OFFICE
Santoku Senpaku Bldg,
3-26-9 Isoji Minatoku
Tel : 06-6574-1222
Fax : 06-6576-2600
URL : http://www.santokuship.co.jp
E-Mail
address: santoku@santokuship.co.jp
ACTIVITIES
Ship
owner, operator, ship management
BRANCHES
(Overseas):
OFFICERS
MASASHI
TAGA, PRES
Yoshikatsu
Misawa, s/mgn dir
Shoji
Nakamura, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 7,066 M
PAYMENTS REGULAR CAPITAL Yen 40 M
TREND UP WORTH Yen 90 M
STARTED 1972 EMPLOYES 80
COMMENT
SHIP OWNER & OPRATOR. FINANCIAL SITUATION
CONSIDERED RATHER WEAK BUT GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 2.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Masashi Taga as a ship
owner and operator. Owns about 115
vessels (of capsize, reefer, bulk carriers, pure car carriers) operating around
the world. Some are chartered out to
major ship operators. Offers ship management,
crew administration & training,
technical administration, other. Has two
overseas offices: Manila & Yangon.
Also 4 agents:
FINANCIAL INFORMATION
The sales volume for Jan/2007 fiscal term amounted to Yen 7,066 million, a 27% up from Yen 5,561 million in the previous term. This is thanks to the delivery of new ships during the term. Also good shipping market contributed. The net profit, on the other hand, decreased to Yen 8 million from Yen 17 million a year ago. This is referred to the high depreciation cost of ships.
For the current term ending Jan 2008 the net profit is projected at Yen 10 million, on a 6% rise in turnover, to Yen 7,500 million. Shipping markets will continue steady and strong.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 2.3 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jun 1972
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 3,200 shares
Issued: 800 shares
Sum: Yen 40 million
Major shareholders (%): Masashi
Taga (32.5)
No. of shareholders: 5
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship owner & operator, operating about 115 vessels (--100%).
Ships are operated by own management and also chartered out. Also offers ship management, crew manning & training, technical assistance, etc.
Clients: [Ship operators, trading houses] Kawasaki Kisen Kaisha, Mitsui & Co, Mitsui-OSK Lines, Sanko Steamship, Daiichi Chuo Kisen, Konoike Transportation Co, other.
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Ship owners, operators, dockyards] Kanda Shipyard, Orophil Shipping Int’l, Fresh Carriers, Cosco, other.
Payment
record: Regular
Location: Business area in
Bank References
Iyo
Bank (
Aozora
Bank (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/01/2008 |
31/01/2007 |
31/01/2006 |
31/01/2005 |
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Annual
Sales |
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7,500 |
7,066 |
5,561 |
3,447 |
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Recur.
Profit |
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12 |
30 |
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Net
Profit |
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10 |
8 |
17 |
7 |
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Total
Assets |
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22,568 |
18,360 |
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Current
Assets |
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712 |
651 |
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Current
Liabs |
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1,515 |
1,302 |
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Net
Worth |
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90 |
82 |
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Capital,
Paid-Up |
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40 |
40 |
40 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.14 |
27.06 |
61.33 |
72.70 |
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Current Ratio |
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.. |
47.00 |
50.00 |
.. |
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N.Worth Ratio |
.. |
0.40 |
0.45 |
.. |
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R.Profit/Sales |
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.. |
0.17 |
0.54 |
.. |
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N.Profit/Sales |
0.13 |
0.11 |
0.31 |
0.20 |
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Return On Equity |
.. |
8.89 |
20.73 |
.. |
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Notes:
Forecast (or estimated) for the 31/01/2008 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. |
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%)