MIRA
INFORM REPORT
|
Report Date : |
16.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNIVERSAL SHIPPING CO LTD |
|
|
|
|
Registered Office : |
Kochiwa Bldg 2F, 4-8-12 Ginza Chuoku Tokyo 104-0061 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.01.2007 |
|
|
|
|
Date of Incorporation : |
March 1982 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Ship Broker |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
YEN 154.2 Million |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
UNIVERSAL SHIPPING CO LTD
REGD NAME: Universal Kaiun KK
MAIN OFFICE: Kochiwa Bldg 2F,
4-8-12 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel:
03-3562-7080 Fax: 03-3562-7081
URL: N/A
ACTIVITIES
Ship broker
BRANCHES
Nil
OFFICERS
KATSUFUMI KAWABATA, PRES
Koichi Kurokawa, dir
Akira Tazawa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,455 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen 652 M
STARTED 1982 EMPLOYES 5
COMMENT
SHIP BROKER
SPECIALIZING IN STEEL PRODUCTS, FERTILIZER, ETC.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 154.2 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Katsufumi Kawabata in order to make most of his experience in the shipping industry. This is a ship broker specializing in steels, steel products and fertilizer as main items, also other industrial materials. The services include ship charter, ship sales & purchase, ship management, and other related services. Now, specifically concentrating on transport to and from China, which business continues growing. Clients are major general trading houses, nationwide.
FINANCIAL INFORMATION
The revenues for Jan/2007 fiscal term amounted to Yen 2,455 million, a 34% down from Yen 3,691 million in the previous term. Cargo movement was steady, while the freight rates declined from the peak period due to competition in the trade. Ship charter was difficult due to tight ship supply-demand situation. The recurring profit was posted at Yen 171 million and the net profit at Yen 83 million, respectively, compared with Yen 182 million recurring profit and Yen 132 million net profit, respectively, a year ago.
For the term just ended Jan 2008 the net profit is believed posted at Yen 85 million, on a 2% rise in turnover, to Yen 2,500 million. Cargo movement is seen increasing.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 154.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1982
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major shareholders (%)
Katsufumi Kawabata (63), Koichi Kurokawa (13), Akira Tazawa (6)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship broker specializing in steels, steel products, fertilizer, other industrial raw materials (--100%).
The service include: ship charter, ship sales & purchase, ship management, and related.
Clients
[Trading houses] Mitsui & Co, Sojitz Corp, Mitsubishi Corp, Shinsho Corp,
Itochu Corp, other.
No. of accounts
10
Domestic areas of activities
Centered in greater-Tokyo
Suppliers
Ship owners, ship operators, other
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Kyobashi)
Mizuho Bank (Kudan)
Relations: Money deposits and transfers only.
FINANCES: (In Million Yen)
|
Terms Ending: |
31/01/2008 |
31/01/2007 |
31/01/2006 |
31/01/2005 |
|
|
Annual
Sales |
|
2,500 |
2,455 |
3,691 |
3,939 |
|
Recur.
Profit |
|
|
171 |
182 |
569 |
|
Net
Profit |
|
85 |
83 |
132 |
317 |
|
Total
Assets |
|
|
759 |
702 |
760 |
|
Current
Assets |
|
|
614 |
607 |
710 |
|
Current
Liabs |
|
|
104 |
102 |
261 |
|
Net
Worth |
|
|
652 |
591 |
481 |
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.83 |
-33.49 |
-6.30 |
0.00 |
|
|
Current Ratio |
|
.. |
590.38 |
595.10 |
272.03 |
|
N.Worth Ratio |
.. |
85.90 |
84.19 |
63.29 |
|
|
R.Profit/Sales |
|
.. |
6.97 |
4.93 |
14.45 |
|
N.Profit/Sales |
3.40 |
3.38 |
3.58 |
8.05 |
|
|
Return On Equity |
.. |
12.73 |
22.34 |
65.90 |
|
Note: Forecast figures for the 31/01/2008 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%)