MIRA
INFORM REPORT
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Report Date : |
15.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
EASTERN MARINE CORPORATION |
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Registered Office : |
Kyodo Bldg 10F, 3-10-4 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
May 1997 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship Operator, Ship Agency |
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 71.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
EASTERN MARINE CORPORATION
REGD NAME: Toyo Kaiun Tsusho KK
MAIN OFFICE: Kyodo Bldg 10F,
3-10-4 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel :
03-5148-1881
Fax :
03-5148-1882
URL : http://www.e-m-c.co.jp
E-Mail address :
emc.tokyo@e-m-c.co.jp
ACTIVITIES
Ship operator, ship agency
BRANCHES
Beijing, Qingdao, Shanghai
OFFICERS
YUE LI, PRES
Ke Bin Xiang, dir
Mitsuaki Nishide, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,559 M
PAYMENTS REGULAR CAPITAL Yen 70 M
TREND STEADY WORTH Yen 217 M
STARTED 1997 EMPLOYES 27
COMMENT
SHIP
OPERATOR AND AGENCY BUSINESS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 71.8 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Yue Li, resident Chinese, in order to make most of his previous experience in the shipping business. This is a ship owner and operator of a total 13 vessels, plying between Japan/China, Korea and S/E Asia. The firm has four divisions: ship owning and operating team (owning 13 vessels); ship agency team; export/import team (steel products, mechanical materials, plastic & raw materials); Ship service team (ship sales/purchases, ship material supply).
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 5,559 million, a sharp 27% up from Yen 4,362 million in the previous term. This was thanks to robust transportation needs to and from China, where demand for steel, steel products, other raw materials rose sharply. The recurring profit was posted at Yen 94 million and the net profit at Yen 63 million, respectively, compared with Yen 110 million recurring profit and Yen 60 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected at Yen 95 million and the net profit at Yen 65 million, respectively, on an 8% rise in turnover, to Yen 6,000 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 71.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1997
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 5,600 shares
Issued: 1,400 shares
Sum: Yen 70 million
Major shareholders (%)
Yue Li (41), K B Xiang (21), S Wang (17), Sumiko Yajima (9)
No. of shareholders: 11
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship owner and operator of 13 ships, plying Japan/China/Korea and S/E Asian countries, offering ship agency, ship store & machinery supply, import & export of steel, steel products, other (--100%).
Clients
[Mfrs, wholesalers] Mitsubishi Corp, Metal One, Mitsui & Co, Marubeni-Itochu Steel Inc, JFE Shoji Trading, Topy Enterprises, Nittetsu Butsuryu, Mitsui Kinzoku Trading, Kanematsu Corp, Sojitz Logistics, other.
No. of accounts
300
Domestic areas of activities
Nationwide
Suppliers
[Ship owners, operators] Sankyu Inc, Nippon Express, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Kyobashi)
SMBC (Tokyo-Chuo)
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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6,000 |
5,559 |
4,362 |
3,201 |
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Recur.
Profit |
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95 |
94 |
110 |
79 |
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Net
Profit |
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65 |
63 |
60 |
38 |
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Total
Assets |
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1,401 |
1,950 |
917 |
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Current
Assets |
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643 |
1,194 |
813 |
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Current
Liabs |
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286 |
731 |
335 |
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Net
Worth |
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217 |
165 |
109 |
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Capital,
Paid-Up |
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70 |
70 |
70 |
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Div.P.Share(¥) |
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70.00 |
70.00 |
70.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.93 |
27.44 |
36.27 |
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Current Ratio |
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224.83 |
163.34 |
242.69 |
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N.Worth Ratio |
.. |
15.49 |
8.46 |
11.89 |
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R.Profit/Sales |
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1.58 |
1.69 |
2.52 |
2.47 |
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N.Profit/Sales |
1.08 |
1.13 |
1.38 |
1.19 |
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Return On Equity |
.. |
29.03 |
36.36 |
34.86 |
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Notes: 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%)