MIRA
INFORM REPORT
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Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHIBUTA TUGBOAT CO LTD |
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Registered Office : |
6-7-23 Minamigaoka Monbetsu City Hokkaido 094-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
Mar 1978 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Harbor tugboat 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 3.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
Name
SHIBUTA TUGBOAT CO LTD
REGD NAME
Shibuta Tugboat KK
MAIN OFFICE
6-7-23 Minamigaoka Monbetsu City Hokkaido 094-0005 JAPAN
Tel:
0158-23-3586
Fax: 0158-23-3680
E-Mail: moribetsu@shibuta.co.jp
ACTIVITIES
Harbor tugboat operator
BRANCHES
Sapporo, Tokachi, Kushiro, Hakodate (--Hokkaido), Tokyo
OFFICERS
MASAMORI SHIBUTA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 752 M
PAYMENTS REGULAR CAPITAL Yen 24 M
TREND STEADY WORTH Yen 59 M
STARTED 1978 EMPLOYES 25
COMMENT
HARBOR
TUGBOAT OPERATOR.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 3.8 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established originally in 1955 by father of Masanori Shibuta, on his account. Incorporated in 1978, the firm has been succeeded by Masanori Shibuta. This is a harbor tugboat operator, one of the top operators in Hokkaido. Operations are extended into nationwide areas, Vietnam, China, Sakhalin, etc. Clients include major construction companies nationwide. Tokyo office covers the nationwide areas, from Hokkaido down to Kyushu. Operates a total 25 tugboats and small vessels.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 752 million, a 24% down from Yen 993 million in the
previous term. This is referred to
scrapping of a large size tugboat, which was the main profit earner. The hike in fuel oils is one of the
reasons. The net profit was posted at 2
million, sharply down from Yen 21 million a year ago. This is referred to the said hike in fuel oils.
For the term ended Mar 2008 the
net profit was projected at Yen 5 million, on a 4% rise in turnover, to Yen 780
million.
The financial situation is
considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3.8
million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar
1978
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 96,000
shares
Issued: 24,000
shares
Sum: Yen
24 million
Major shareholders (%)
Masamori Shibuta (83), Shizuko
Shibuta (17)
No. of shareholders
2
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Harbor tug boat operator (100%).
Operating vessels: 14 tugboats, including crane ships; 4
barges; 7 fishing boats/small ships
Operating areas: inland harbors; extending into Vietnam,
China, Sakhalin (oil/LNG pro-jects)
Clients
[Construction firms, mfrs] Nishimura Gumi, Iwakura Kensetsu (Construction), Toa Corp, Horimatsu Kensetsu Kogyo, Honma Corp, Shimada Kensetsu, Yasuda Kensetsu, Tomac (Toyo Marine), Tatsumi Shokai, Hamaya Kensetsu, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Ship builders, mfrs, wholesalers] Niigata Monbetsu Shipbuilding, Nakanishi Marine, Yanmar Hakuyo Systems, Kushiro Heavy Ind, Kitahama Tekkosho, Nippon Ring Service, Nihon Zosen Tekko, Wakkanai Kowan Kensetsu (Harbor Facilities), other.
Payment record
Regular
Location
Business
area in Monbetsu City, Hokkaido. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References
Engaru Shinkin Bank (Monbetsu)
Hokkaido Bank (Monbetsu)
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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780 |
752 |
993 |
684 |
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Recur.
Profit |
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10 |
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Net Profit |
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5 |
2 |
21 |
5 |
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Total
Assets |
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858 |
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Current
Assets |
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336 |
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Current
Liabs |
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196 |
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Net
Worth |
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59 |
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Capital,
Paid-Up |
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24 |
24 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.72 |
-24.27 |
45.18 |
33.59 |
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Current Ratio |
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171.43 |
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N.Worth Ratio |
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6.88 |
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R.Profit/Sales |
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1.33 |
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N.Profit/Sales |
0.64 |
0.27 |
2.11 |
0.73 |
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Return On Equity |
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3.39 |
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.. |
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Note: Forecast (or estimated) 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%)