MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
OSAKA ASAHI KAIUN CO LTD |
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Registered Office : |
6-2-33 Namiyoke Minatoku Osaka 552-0001 |
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Country : |
Japan |
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Financials (as on) : |
31/03/2007 |
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Date of Incorporation : |
May 1960 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship operator/owner; coastal
transport, ship charter |
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 134.5 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name
OSAKA ASAHI KAIUN CO LTD
REGD NAME
Osaka Asahi Kaiun KK
MAIN OFFICE
6-2-33 Namiyoke Minatoku Osaka 552-0001
JAPAN
Tel: 06-6581-7108
Fax: 06-6581-7670
* Registered at: 1-12-10
Nishishimbashi Minatoku Tokyo
URL: N/A
ACTIVITIES
Ship operator/owner; coastal transport, ship charter
BRANCHES
Nil
OFFICER(S)
YOSHINOBU KITAMURA, PRES Katsunobu
Kitamura, s/mgn dir
Tsutomu Kitamura, mgn dir Kikuji
Nakayama, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,780 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen 1,423 M
STARTED 1960 EMPLOYES 38
COMMENT
SHIP OWNER/OPERATOR OF COASTAL
TRANSPORT. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 134.5 MILLION, 30 DAYS
NORMAL TERMS
HIGHLIGHTS
This is a ship owner and
operator specializing in coastal transport, owned and operated by Kitamura
family. Specialized coastal
transporter, offering NVO service of general cargo. Ships are also chartered out to domestic major shipping
lines.
FINANCIAL INFORMATION:
The sales volume for Mar/2007
fiscal term amounted to Yen 8,780 million, a 10% up from Yen 7,959 million in
the previous term. This is chiefly
attributed to the hike of freight rates affected by the rising fuel oil
prices. Transport volume also
increased. The profits, on the other
hand, deteriorated to post Yen 470 million recurring profit and Yen 193 million
net profit, respectively, compared with Yen 325 million recurring profit and
Yen 289 million net profit, respectively, a year ago. The hike in marine fuel oil prices ate into the profit.
For the current term ending Mar
2008 the net profit is projected at Yen 195 million, on an 8% rise in turnover,
to Yen 9,500 million. Cargo volume
keeps increasing. Ship charter rates
are steadily rising.
The financial situation is considered maintained FAIR and
good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 134.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: May
1960
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 720,000
shares
Issued: 180,000
shares
Sum: Yen
90 million
Major shareholders (%)
Katsunobu Kitamura (17),
Yoshinobu Kitamura (11), Osaka Asahi Rikuun (10), Nanyo Sempaku (10), Asahi
Sankiko (10)
No. of shareholders
21
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Ship owner/operator;
coastal trading, NVO service of general cargo, ship charter out/in, other
related services (--100%).
Clients
[Ship lines, cargo owners]
Mitsubishi Heavy Ind, Kawasaki Kisen, Marubeni Corp, Kubota Corp, JFE Logistics
Corp, Maruichi Steel Tube, other.
No. of accounts
300
Domestic areas of activities:
Nationwide
Suppliers
[Ship owners, ship chandlers]
Rozex Co, Asahi Marine SSA, Oak Ship Management SSA, other. Domestically Osaka
Asahi Rikuun, Asahi Kiko (--subsidiaries), other.
Payment record
Regular
Location
Business
area in Osaka. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
Kinki Osaka Bank (Kujo)
Osaka City Shinkin Bank (Fukushima)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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9,500 |
8,780 |
7,959 |
7,968 |
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Recur.
Profit |
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470 |
325 |
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Net
Profit |
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195 |
193 |
289 |
225 |
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Total
Assets |
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7,552 |
8,583 |
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Current
Assets |
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1,528 |
1,811 |
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Current
Liabs |
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758 |
703 |
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Net
Worth |
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1,423 |
1,229 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.20 |
10.32 |
-0.11 |
3.79 |
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Current Ratio |
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.. |
201.58 |
257.61 |
.. |
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N.Worth Ratio |
.. |
18.84 |
14.32 |
.. |
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R.Profit/Sales |
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.. |
5.35 |
4.08 |
.. |
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N.Profit/Sales |
2.05 |
2.20 |
3.63 |
2.82 |
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Return On Equity |
.. |
13.56 |
23.52 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
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%)