MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
COSCO JAPAN CO LTD |
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Registered Office : |
Kamiyacho AT Bldg 9F, 4-3-20 Toranomon Minatoku Tokyo 105-0001 |
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Country : |
Japan |
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Date of Incorporation : |
June, 1999 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship Agency Serving for COSCO (China) |
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 17.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name of the company
COSCO JAPAN CO LTD
REGD NAME: Cosco Japan KK
MAIN OFFICE
Kamiyacho AT Bldg 9F, 4-3-20 Toranomon Minatoku Tokyo 105-0001 JAPAN
Tel: 03-5405-6320 Fax:
03-5405-3801
* Moved to the caption address in Aug 2007
from the former at: Iino Bldg 8F, 2-1-1 Uchisaiwaicho Chiyodaku Tokyo, as
given.
URL
E-Mail address
cosjp@cosco.co.jp
ACTIVITIES
Ship agency serving for COSCO (China)
BRANCHES
Osaka, Nagoya, Fukuoka, Yokohama
OFFICER(S)
Chen Hong Sheng, ch
ZHANG JI QING, PRES
Yuzo Abe, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 900 M
PAYMENTS REGULAR CAPITAL Yen 40 M
TREND STEADY WORTH Yen 664 M
STARTED 1994 EMPLOYES 5
COMMENT
SHIP AGENCY WHOLLY
OWNED BY COSCO, CHINA.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 17.4 MILLION. 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as a
ship agency by COSCO (China) to engage in container cargo booking, scheduling, port
arrangement, others related to the vessels’ calling at Japanese ports. Also conducts stevedoring & warehousing
arrangement on consignment to local firms.
In Dec 2004, established Cosco Container Lines Japan Co Ltd and
transferred container cargo business to this firm, and the subject has reduced
operations to ship husbanding agency.
The new firm started operations as from Jan 2005. All management and operations of the subject,
including staff members, are integrated with Cosco Container Lines Japan.
FINANCIAL INFORMATION
The firm stopped
releasing financials with the last as of the 31/12/2003 fiscal term. Thence, the firm declined to disclose
financials and all the financial figures shown in this report are estimated on
basis of estimates by outside sources.
The sales volume
for Dec/2006 fiscal term is thought amounted to Yen 900 million, a 13% up from
Yen 800 million in the previous term.
The 31/12/2004 fiscal term reported sales at Yen 2,200 million. The decline is referred to the said business
transfer to Cosco Container Lines Japan.
The net profit was posted, reportedly, at Yen 35 million. All estimated figures only.
For the term just
ended Dec 2007 the net profit was projected and believed posted at Yen 35
million, on an 11% rise in turnover, to Yen 1,000 million.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 17.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1999
Regd No: (Tokyo)
0104-01-071443
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3,200
shares
Issued: 800
shares
Sum: Yen
40 million
Major shareholders (%)
COSCO (China) (100)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Ship
agency, owned 100% by COSCO (China), for attending, stevedoring, warehousing,
inland transportation, etc for the cargoes carried by the parent’s vessels (--100%).
Clients
[Ship owner] COSCO
Container Lines Japan Co Ltd, owned by COSCO(China) Cosco Container Lines’
clients include: Itochu Corp, Mitsui & Co, Sumitomo Corp, Mitsubishi Corp,
Sojitz Corp, Toyota Motor, Toyota Tsusho Corp, Mitsui & Co, other.
No. of accounts: 1
Domestic areas of activities: Nationwide
Suppliers
[Stevedoring firms, warehousing firms]
Kamigumi Ltd, Sankyu Ltd, Seiwa, Japan Transcity,
other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
SMBC (Marunouchi)
MUFG (Toranomon)
Relations: Money deposits & transfers only
FINANCES: (In Million Yen)
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Terms Ending: |
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31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual Sales |
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1,000 |
900 |
800 |
2,200 |
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Recur. Profit |
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Net Profit |
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35 |
35 |
30 |
100 |
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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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664 |
629 |
599 |
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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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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
11.11 |
12.50 |
-63.64 |
-11.47 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
3.50 |
3.89 |
3.75 |
4.55 |
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Notes: Financials are not disclosed af from
the 31/12/2005 fiscal term and all the figures are estimated based on the
outside sources information.
Forecast (or estimated) figures for the 31/12/2007 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%)