MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHINKO KAIUN CO LTD |
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Registered Office : |
Kyobashi Nagaoka Bldg 4F, 3-5-8 Hatchobori Chuoku Tokyo 104-0032 |
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Country : |
Japan |
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Date of Incorporation : |
November, 1981 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship Operator |
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 13.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name of the company
SHINKO KAIUN CO LTD
REGD NAME: KK Shinko Kaiun
MAIN OFFICE
Kyobashi Nagaoka Bldg 4F, 3-5-8 Hatchobori Chuoku Tokyo 104-0032 JAPAN
Tel: 03-3552-2301 Fax:
03-3552-5105
URL
N/A
ACTIVITIES
Ship operator
BRANCHES
Singapore
OFFICERS
MASATAKA GOHARA, PRES
Hiromi Yamashita, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,400 M
PAYMENTS REGULAR CAPITAL Yen 23 M
TREND STEADY WORTH Yen 93 M
STARTED 1981 EMPLOYES 10
COMMENT
SHIP OPERATOR
SPECIALIZING IN LOGS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 13.4 MILLION, 30 DAYS NORMAL TERMS.
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HIGHLIGHTS
The subject company was established by
Takashi Shibasaki as a marine transport company of logs from Indonesia,
Malaysia, etc. When Indonesia and
Malaysia later stopped exports of logs due to the ecological reasons (forest
conservation), the firm was transferred to the present executives. T Shibasaki
then started his own company in Singapore for focusing on chemical transport
business in the Asian region. The
subject firm is now engaged in transport of logs and timber from Sarawak. This is a ship operator and operating
manager of vessels chartered from ship owners.
One time, due to the shrink of business, chartered vessels were reduced. But recently, when shipping market revived
with transportation demand rose, driven by robust shipping demand centrally
from China, the firm has started to increase the number of handling
vessels. Clients are general trading
houses, paper mills, lumber firms, other, nationwide. Reportedly, the firm lost one vessel due to marine accident.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term
amounted to Yen 2,658 million, edged up from Yen 2,628 million in the previous
term. Business continued steady. The recurring profit was posted at Yen 10 million
and the net profit at Yen 4 million, respectively, compared with Yen 14 million
recurring profit and Yen 14 million net profit, respectively, a year ago. Hike of fuel oil prices ate into profits.
For the term ended Sept 2007 the net profit
was reduced to a minimum amount post-taxes, on a 10% fall in turnover, to Yen
2,400 million. This is referred to the
loss of one vessel as aforementioned.
While the full financials are yet to be released, we have obtained these
figures directly from the pres, M Gohara.
Otherwise, business is seen steadily growing.
The financial situation is considered
maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 13.4
million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1981
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 184,000
shares
Issued: 46,000
shares
Sum: Yen
23 million
Major shareholders (%)
Hiromi Yamashita (21.7), Masataka Gohara (17.4), Takahana Sugie (17.4), Hideki Tsuyushige (13), Takashi Shibasaki*(10.9)
*.. Founder of the subject firm
No. of shareholders
9
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship operator of logs and timber from Sarawak centrally (--100%).
Clients
[Cargo owners, charterers] Marubeni Corp, Sojitz Corp, Nippon Paper Ind, Nagasaki International, Oji Forest & Products Co, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers
[Ship owners] Albeni Pratama Ocean Line, Yayasan Saba Shipping, Eternity
Shipping, Kyowa Sansho, other.
Payment record
Regular
Location
Business area in Tokyo. Office
premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Kyobashi)
MUFG (Shimbashi-Ekimae
Relations: Satisfactory.
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2007 |
30/09/2006 |
30/09/2005 |
30/09/2004 |
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Annual Sales |
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2,400 |
2,658 |
2,628 |
1,770 |
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Recur. Profit |
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10 |
14 |
32 |
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Net Profit |
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0 |
4 |
14 |
11 |
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Total Assets |
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1,302 |
819 |
519 |
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Current Assets |
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713 |
478 |
426 |
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Current Liabs |
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523 |
728 |
441 |
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Net Worth |
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93 |
91 |
78 |
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Capital, Paid-Up |
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23 |
23 |
23 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-9.71 |
1.14 |
48.47 |
5.55 |
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Current Ratio |
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.. |
136.33 |
65.66 |
96.60 |
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N.Worth Ratio |
.. |
7.14 |
11.11 |
15.03 |
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R.Profit/Sales |
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.. |
0.38 |
0.53 |
1.81 |
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N.Profit/Sales |
0.00 |
0.15 |
0.53 |
0.62 |
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Return On Equity |
.. |
4.30 |
15.38 |
14.10 |
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Note: Figures for the
30/09/2007 fiscal term have been verbally given from pres, M Gohara. Full financials are yet to be produced.
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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%)