MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEYMAX MARITIME CO LTD |
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Registered Office : |
Urban Toranomon Bldg 3F, 1-16-4 Toranomon Minatoku Tokyo 105-0001 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
December1991 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship Management, Ship Manning Agent |
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 136.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
KEYMAX MARITIME CO LTD
REGD NAME: KK Keymax Maritime
MAIN OFFICE: Urban Toranomon Bldg
3F, 1-16-4 Toranomon Minatoku Tokyo 105-0001 JAPAN
Tel:
03-3595-6400 Fax: 03-3595-6401
URL: http://www.keymaxmaritime.com/
E-Mail address: info@keymaxmaritime.com
ACTIVITIES
Ship management, ship manning agent
BRANCHES
Gunma, Shizuoka
OVERSEAS
Manila, China (2), India, Korea (2)
OFFICER(S)
NOBUO KAYAHARA, PRES
Saburo Iwai, rep dir
Kenji Tsurunaga, dir
Masahiro Kazusa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 28,145 M
PAYMENTS REGULAR CAPITAL Yen 45 M
TREND STEADY WORTH Yen 123 M
STARTED 1991 EMPLOYES 55
COMMENT
SHIP MANAGEMENT COMPANY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 136.8 MILLION, 30 DAYS
NORMAL TERMS
HIGHLIGHTS
The subject company was established Nobuo Kashihara in order to make most of his experience in the subject line of business. This is a ship management company sup0plying ships and crew members. Crews are recruited from Philippines & China centrally, also from India & Korea. Supplying about 2,500 ship crews for about 120 vessels of major ship lines in Japan.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 28,145 million, a 31% up from Yen 21,425 million in the previous term. This is attributed to the hike in crew salaries. The recurring profit was posted at Yen 53 million and the net profit at Yen 28 million, respectively, compared with Yen 53 million recurring profit and Yen 21 million net profit, respectively, a year ago.
For the current term ending Sept 2008 the net profit is projected at Yen 28 million, on a 3% rise in turnover, to Yen 29,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 136.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1991
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3,600 shares
Issued: 900 shares
Sum: Yen 45 million
Major shareholders (%
Nobuo Kayahara (47), Kikuo Tanabe (13), Takashi Shimamura (9),Hiroshi Iwai (8)
No. of shareholders: 8
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship management business, supplying crew, freight forwarding, warehousing, other related business (--100%)
Clients
[Shipping lines] Nippon Yusen Kaisha Ltd. Mitsui-OSK lines, Kansa Line, Kobe shipping, Hachiuma ship Lines, other.
No. of accounts
20
Domestic areas of activities
Centered in greater-Tokyo
Suppliers
[Crew manning firms] Magsaysay Maritime Corp, Araw Shipping Agency (-Philippines), China Ocean Shipping (China), Saigon Shipping (Vietnam), Delfareen Ind (India), Western Shipping Corp, KT Marine Co Ltd (--Korea), other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Akasaka)
Mizuho Bank (Toranomon)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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29,000 |
28,145 |
21,425 |
15,599 |
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Recur.
Profit |
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55 |
53 |
53 |
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Net
Profit |
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28 |
28 |
21 |
15 |
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Total
Assets |
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2,104 |
731 |
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Current
Assets |
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1,321 |
308 |
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Current
Liabs |
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1,117 |
246 |
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Net
Worth |
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123 |
95 |
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Capital,
Paid-Up |
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45 |
45 |
45 |
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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 |
3.04 |
31.37 |
37.35 |
29.59 |
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Current Ratio |
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.. |
118.26 |
125.20 |
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N.Worth Ratio |
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5.85 |
13.00 |
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R.Profit/Sales |
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0.19 |
0.19 |
0.25 |
.. |
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N.Profit/Sales |
0.10 |
0.10 |
0.10 |
0.10 |
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Return On Equity |
.. |
22.76 |
22.11 |
.. |
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Notes: Forecast (or estimated) figures for the 30/09/2008
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%)