MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRESH SHIPPING CO LTD |
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Registered Office : |
New Kawai Bldg 7F, 3-4-6 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 2001 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Sea Transport of Fruits and Vegetables |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
YEN 315.0 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
FRESH SHIPPING CO LTD
REGD NAME: KK Fresh Carriers
MAIN OFFICE: New Kawai Bldg 7F,
3-4-6 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN
Tel :
03-3516-8461
Fax : 03-3516-8462
URL: http://www.freshcarriers.com
(under repairing)/
E-Mail address: mail@freshcarriers.com
ACTIVITIES
Sea transport of fruits & vegetables
BRANCHES
Nil
OFFICER(S)
TAKAO TAKESHIGE, PRES
Mikio Kimura, dir
Tomiyasu Kondoh, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 17,000 M
PAYMENTS REGULAR CAPITAL Yen 52 M
TREND STEADY WORTH Yen 220 M
STARTED 2001 EMPLOYES 9
COMMENT
SHIPPING COMPANY, OWNED BY NIPPON SUISAN KAISHA LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 315.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a division separated from Nissui Shipping KK, wholly owned by Nippon Suisan Kaisha Ltd (See REGISTRATION). This is a shipping company for transport of fruits & vegetables. Transports goods for import and export.
FINANCIAL INFORMATION
Financials are only partially disclosed and in rounded off numbers.
The sales volume for Mar/2007 fiscal term amounted to Yen 17,000 million, a 6% up from Yen 16,000 million in the previous term. Cargo movements were robust. The net profit was posted at Yen 50 million, up from Yen 45 million a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 50 million, on a 6% rise in turnover, to Yen 18,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 315.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 2001
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4,200 shares
Issued: 1,050 shares
Sum: Yen 52.5 million
Major shareholders (%)
Nippon Suisan Kaisha Ltd*(100)
* Second largest in seafood industry & tops in frozen foods, Tokyo, founded1943, listed Tokyo, Osaka S/E’s, capital Yen 23,729 million, turnover Yen 552,871 million, operating profit Yen 16,544 million, recurring profit Yen 16,065 million, net profit Yen 9,301 million, total assets Yen 404,173 million, net worth Yen 111,869 million, employees 7,764, pres Naoya Kakizoe
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to ^the commercial morality of executives.
OPERATION
Activities: Ship operator specializing in fruits &
vegetables, wholly owned by Nippon Suisan Kaisha
Ltd (--100%).
Clients
[Cargo owners] Nippon Suisan Kaisha, Dole Japan, Dole Chile, Sunrise Coast New Zealand, other
No. of accounts
200
Domestic areas of activities
Nationwide
Suppliers
[Ship owners] Sampaquita Shipping SA, Copihue Shipping SA, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Koenji)
SMBC (Koishikawa)
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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18,000 |
17,000 |
16,000 |
11,000 |
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Recur.
Profit |
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Net
Profit |
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50 |
50 |
45 |
40 |
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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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220 |
170 |
125 |
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Capital,
Paid-Up |
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52 |
52 |
52 |
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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 |
5.88 |
6.25 |
45.45 |
2.80 |
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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 |
0.28 |
0.29 |
0.28 |
0.36 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/03/2008 fiscal
term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE TOP PARENT, NIPPON SUISAN KAISHA LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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552,871 |
539,653 |
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Cost of Sales |
438,126 |
432,924 |
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GROSS PROFIT |
114,744 |
106,729 |
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Selling & Adm Costs |
98,200 |
95,566 |
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OPERATING PROFIT |
16,544 |
11,163 |
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Non-Operating P/L |
-479 |
725 |
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RECURRING PROFIT |
16,065 |
11,888 |
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NET PROFIT |
9,301 |
6,700 |
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BALANCE SHEET |
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Cash |
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12,406 |
12,015 |
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Receivables |
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70,282 |
65,257 |
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Inventory |
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71,522 |
62,125 |
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Securities, Marketable |
1,394 |
30 |
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Other Current Assets |
16,187 |
17,238 |
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TOTAL CURRENT ASSETS |
171,791 |
156,665 |
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Property & Equipment |
94,661 |
93,640 |
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Intangibles |
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37,516 |
38,555 |
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Investments, Other Fixed Assets |
100,205 |
95,959 |
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TOTAL ASSETS |
404,173 |
384,819 |
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Payables |
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30,717 |
30,537 |
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Short-Term Bank Loans |
104,436 |
103,833 |
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Other Current Liabs |
34,306 |
30,867 |
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TOTAL CURRENT LIABS |
169,459 |
165,237 |
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Debentures |
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Long-Term Bank Loans |
75,255 |
64,638 |
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Reserve for Retirement Allw |
16,711 |
18,668 |
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Other Debts |
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15,396 |
14,418 |
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TOTAL LIABILITIES |
276,821 |
262,961 |
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MINORITY INTERESTS |
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15,994 |
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Common
stock |
23,729 |
23,729 |
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Additional
paid-in capital |
14,152 |
14,152 |
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Retained
earnings |
51,426 |
43,208 |
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Evaluation
p/l on investments/securities |
14,816 |
18,149 |
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Others |
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23,430 |
6,805 |
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Treasury
stock, at cost |
(202) |
(180) |
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TOTAL S/HOLDERS` EQUITY |
127,351 |
105,863 |
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TOTAL EQUITIES |
404,173 |
384,819 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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16,744 |
16,798 |
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Cash
Flows from Investment Activities |
-22,990 |
-30,201 |
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Cash
Flows from Financing Activities |
8,098 |
14,792 |
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Cash,
Bank Deposits at the Term End |
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12,900 |
11,601 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
127,351 |
105,863 |
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Current
Ratio (%) |
101.38 |
94.81 |
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Net
Worth Ratio (%) |
31.51 |
27.51 |
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Recurring
Profit Ratio (%) |
2.91 |
2.20 |
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Net
Profit Ratio (%) |
1.68 |
1.24 |
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Return
On Equity (%) |
7.30 |
6.33 |
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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%)