MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUN TECHNOMARINE CO LTD |
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Registered Office : |
Ginza East Bldg, 7-16-14 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
March 2004 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship Management |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SUN TECHNOMARINE
CO LTD
REGD NAME: Sun Technomarine KK
MAIN OFFICE: Ginza East Bldg, 7-16-14 Ginza Chuoku Tokyo
104-0061 JAPAN
Tel:
03-3543-5081 Fax: 03-3543-5082
* Moved to the caption address from the former: 8-16-13 Ginza Chuoku
Tokyo, as given.
URL: http://www.shokuyu.com (of the parent,
Shokuyu Tanker Co Ltd)
E-Mail address: info@shokuyu.com
ACTIVITIES
Ship management
BRANCHES
Nil
OFFICER(S)
HIDEHO SUGAWARA, PRES*
Kunioki Yasuhara, dir*
Akinori Wada, dir*
* All concurrently are executive officers of the parent
company.
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,472 M*
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen 2,205 M*
STARTED 2004 EMPLOYES 10
*
Figures are of the parent, Shokuyu Tanker Co Ltd
COMMENT
SHIP MANAGEMENT COMPANY, OWNED BY SHOKUYU TANKER CO
LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT OF THE PARENT: YEN 147.4 MILLION, 30 DAYS NORMAL TERMS. ANY CREDITS TO THE SUBJECT FIRM ARE RECOMMENDED WITH GUARANTEE FROM THE PARENT WITHIN THIS CREDIT LIMIT.
HIGHLIGHTS
The subject company was established on the basis of a ship management division separated from Shokuyu Tanker Co Ltd (See REGISTRATION). The separation is reportedly conducted as a round of restructuring. This is virtually a ship management division of the parent, offering ship agency, ship crew recruiting, ship bunker oil supply, arrangement of dockyard, supply of ship apparatus & other supplies, other, essentially for the parent. Three directors of the subject firm are all concurrently executive officers at the parent. Management & operations are understood fully integrated. Staffs are overlapped.
FINANCIAL INFORMATION
The subject firm does not disclose its independent financials as they are consolidated by the parent, Shokuyu Tanker Co Ltd. Hence, the following figures represent those of the parent.
The sales volume for Sept/2007 fiscal term amounted to Yen 9,472 million, inched down from Yen 9,479 million in the previous term. Ship market was steady, with no sharp ups & downs as seen previously. The recurring profit was posted at Yen 792 million and the net profit at Yen 342 million, respectively, compared with Yen 462 million a year ago. The decline in profits is referred to the rising oil prices and operations.
For the current term ending Sept 2008 the recurring profit is projected at Yen 800 million and the net profit at Yen 340 million, respectively, on a 1.4% rise in turnover, to Yen 9,600 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit of the parent, Shokuyu Tanker Co Ltd, is estimated at Yen 147.4 million, on 30 days normal terms. All & any credits to the subject company are recommended with full guarantee from the parent within this credit limit.
REGISTRATION
Date Registered: Mar 2004
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major shareholders (%)
Shokuyu Tanker Co Ltd*(100)
* Chemical tanker operator, at the caption address, founded1967, capital Yen 96 million, turnover Yen 9,472 million, recurring profit Yen 792 million, net profit Yen 342 million, total assets Yen 10,370 million, net worth Yen 2,205 million, employees 44, pres Naoto Toyama
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship management firm, owned by Shokuyu Tanker Co Ltd, offering ship management, ship crew recruiting & supply, ship bunker oil supply, ship apparatus & other supplies, shipyard/dockyard arrangement, ship agency, customs clearances, other related services essentially to the parent (--100%).
Clients
[Ship operator] Shokuyu Tanker Co Ltd.
No. of accounts: 1
Domestic areas of activities: Nationwide
Suppliers
[Oil companies, dockyard, ship chandlers] Exxon Mobil, BP, Royal Dutch Shell, American Bureau of Shipping, NKK, NYK Trading, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Shoko Chukin Bank (Tokyo)
MUFG (Shimbashi-Ekimae)
Relations: Satisfactory
FINANCES
(In
Million Yen)
CONSOLIDATED
FINANCIALS OF THE PARENT, SHOKUYU TANKER CO LTD
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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9,600 |
9,472 |
9,479 |
8,360 |
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Recur.
Profit |
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800 |
792 |
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Net
Profit |
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340 |
342 |
462 |
113 |
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Total
Assets |
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10,370 |
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Current
Assets |
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1,725 |
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Current
Liabs |
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1,158 |
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Net
Worth |
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2,205 |
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Capital,
Paid-Up |
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96 |
96 |
96 |
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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 |
1.35 |
-0.07 |
13.39 |
22.33 |
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Current Ratio |
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.. |
148.96 |
.. |
.. |
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N.Worth Ratio |
.. |
21.26 |
.. |
.. |
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R.Profit/Sales |
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8.33 |
8.36 |
.. |
.. |
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N.Profit/Sales |
3.54 |
3.61 |
4.87 |
1.35 |
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Return On Equity |
.. |
15.51 |
.. |
.. |
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Notes: The subject firm does not
disclose its independent financials as they are consolidated by the
parent, Shokuyu Tanker Co Ltd.
Forecast (or estimated) figures for the 30/09/2008 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.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
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%)