MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FUYO KAIUN CO LTD |
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Registered Office : |
Dojima Fuyo Bldg, 2-3-8 Dojima Kitaku Osaka 530-0003 Ship owner; ship management |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
September 1974 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship Owner; Ship Management |
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 57.9 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
FUYO KAIUN CO LTD
REGD NAME: KK Fuyo Kaiun
MAIN OFFICE: Dojima Fuyo Bldg, 2-3-8 Dojima Kitaku Osaka
530-0003 JAPAN
Tel:
06-6341-1144 Fax: 03-6341-1778
URL: http://www.fuyokkk.co.jp/
E-Mail address: info@fuyokkk.co.jp
ACTIVITIES
Ship owner; ship management
BRANCHES
Kobe
OFFICER(S)
DAISUKE KUBO, PRES
Yoshio Takimoto, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,100 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND STEADY WORTH Yen 346 M
STARTED 11974 EMPLOYES 20
COMMENT
SHIP OWNERS AND SHIP MANAGEMENT COMPANY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 57.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a division separated from Fuyo Shoji KK in order to advance into ship owning/charter businesses. This is a ship owner, owning 8 ships: 3 capesize bulkers, 2 Panamax bulkers, 2 methanol tankers and 1 Aframax tankers. Offers ship management services, too. Reportedly, now on order are 9 new ships: 1 capesize bulker, 6 product tankers, 2 Aframax tankers. Ships are chartered to major shipping lines in Japan.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen 3,100 million, a 3% up from Yen 3,000 million in the previous term. The net profit remained similar at Yen 10 million, due to the rising costs of fuel oils.
For the term that ended Mar 2008 the net profit was projected at Yen 10 million, on a 6.5% rise in turnover, to Yen 3,300 million. Financials are not disclosed as yet due to the shareholders’ meeting scheduled in early July.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 57.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1974
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 50 million
Major shareholders (%)
Fuyo Shoji KK, Daisuke Kubo (--breakdown unavailable)
No. of shareholders: 2
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship owner, ship operator, ship management (--100%).
Owns 8 vessels, all chartered to major Japanese ship lines.
Clients
[Ship lines, trading firms] Iino Kaiun Kaisha, K line, Marubeni Corp, other.
No. of accounts: 50
Domestic areas of activities: Nationwide
Suppliers
[Shipbuilders] IHI, Kawasaki Heavy Ind, Hyundai Heavy Ind, Sasebo Heavy Ind, Exxon Mobil Oil, Namura Shipyard, other.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Chuo Mitsui Trust Bank (Osaka)
Sumitomo Trust Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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3,300 |
3,100 |
3,000 |
2,900 |
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Recur.
Profit |
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Net
Profit |
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10 |
10 |
10 |
10 |
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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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346 |
336 |
326 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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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 |
6.45 |
3.33 |
3.45 |
5.45 |
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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 |
0.30 |
0.32 |
0.33 |
0.34 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/03/2008 fiscal
term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.27 |
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UK Pound |
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.24 |
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%)