MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
KOYO KAIUN CO LTD |
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Registered Office : |
Roppongi No. 25 Mori Bldg 15F, 1-4-30 Roppongi Minatoku Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2008 |
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Date of Incorporation : |
February 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Chemical Tanker Owner and Operator |
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 520.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
KOYO KAIUN CO LTD
REGD NAME: Koyo Kaiun KK
MAIN OFFICE: Roppongi No. 25 Mori Bldg 15F, 1-4-30 Roppongi
Minatoku Tokyo
106-0032 JAPAN
Tel:
03-3224-2600 Fax: 03-3224-2650
URL: http://www.koyotky.co.jp/ (Under repairing)
E-Mail address: k.watanabe@koyotky.co.jp
ACTIVITIES
Chemical tanker owner & operator
BRANCHES
Singapore (subsidiary, Koyo Kaiun Asia Pte Ltd)
OFFICERS
Hiroshi Sekiguchi, ch
FUJIO SEKIGUCHI, PRES
Kanji Sekiguchi, s/mgn dir
Hidehiko Ichimaru, mgn dir
Akira Saikawa, mgn dir
Yen
Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,391 M
PAYMENTS REGULAR CAPITAL Yen
90 M
TREND STEADY WORTH Yen
4,535 M
STARTED 1949 EMPLOYES 55*
*
including 22 ship crew
COMMENT
SHIP
OWNER & OPERATOR SPECIALIZING IN OILS, CHEMICALS & EDIBLE OILS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 520.5 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was
established by Hiroshi Sekiguchi in order to make most of his experience in the
shipping business, starting as coastal tanker operator. This is a ship owner and operator
specializing in oil products, chemicals, edible oils, methanol, molasses,
other. Operating bases are Japan and
Singapore, wherefrom the firm operates liner services for these cargoes liking
Far East, S/E Asia, India/Pakistan and Middle East. Operates 29 ships: 19 vessels of coastal trading, 10
ocean-going): Clients include major
trading houses, oil refineries, other, nationwide.
(Brief History): In
1966, the firm sent for the first time some of its coastal tankers to carry
lubricant oils from Japan to Taiwan and molasses on the way back. In 1969 began near-sea chemical trades and
in 1974 vegetable oils were added to the list of cargoes. In 1996, established Koyo Kaiun Asia Pte Ltd
in Singapore to cater to the growing needs for chemical tanker services within
S/E Asia.
(Recent News): Reported
that on 21/08/2008 the firm’s vessel, Irene (7,373 DWT) was attached by armed
pirates off Somalia. The ship was on
the way from France to India, carrying chemical products.
FINANCIAL INFORMATION
The
sales volume for Jan/2008 fiscal term amounted to Yen 11,391 million, a 1.7%
down from Yen 11,682 million in the previous term. Cargo volume decreased due to some delay of liner trading
vessels. The recurring profit was posted
at Yen 742 million and the net profit at Yen 367 million, respectively,
compared with Yen 1,338 million recurring profit and Yen 685 million net
profit, respectively, a year ago.
Profits deteriorated due to skyrocketing bunker oil prices.
For
the current term ending Jan 2009 the recurring profit is projected at Yen 740
million and the net profit at Yen 365 million, respectively, on a 1% rise in
turnover, to Yen 11,500 million. Ship
market continues rising.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 520.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1949
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 7.2
million shares
Issued:
1.8 million shares
Sum: Yen 90 million
Major shareholders (%)
Miharu
Unyu (80), Hiroshi Sekiguchi (10), Kinue
Sekiguchi (5), Nagata Sempaku
(5)
No. of
shareholders: 4
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Ship
owner & operator specializing in petroleum products (for coastal trades only), methanol, edible oil, other
chemicals (--100%).
(Bases of operations):
Tokyo-based: chemical trades (S/E Asia –
India/Pakistan – Middle East); Edible oil trades (Far East –
Malaysia/Indonesia/Thailand):
Singapore-based trades
(Singapore/Malaysia/Indonesia/Thailand), servicing 7-10 times monthly liner
trades.
Methanol Trade:
first trade began in 1979 trading between Canada and Japan, and recently between
New Zealand and Japan/Korea/China, by putting one 16,000 DWT methanol carrier
and two new 49,000 DWT sizes.
Clients
[Cargo owners, oil refineries]
Exxon Mobil group firms, Itochu Corp,
Mitsubishi Corp, Marubeni Corp,
Japan Energy, Fuji Kosan Co, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Shipping
firms, forwarders] New Glory Shipping, New Seagull Shipping, Tamagawa Kosan, Asakawa Kisen, Nagata
Sempaku, Yawatahama Shosen, etc.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
Shoko Chukin Bank (Yokohama-Nishiguchi)
Mizuho Bank (Tokyo)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/01/2009 |
31/01/2008 |
31/01/2007 |
31/01/2006 |
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Annual
Sales |
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11,500 |
11,391 |
11,584 |
12,011 |
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Recur.
Profit |
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740 |
742 |
1,338 |
978 |
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Net
Profit |
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365 |
367 |
685 |
488 |
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Total
Assets |
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7,598 |
7,551 |
6,711 |
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Current
Assets |
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6,350 |
6,274 |
5,509 |
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Current
Liabs |
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2,161 |
2,789 |
2,817 |
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Net
Worth |
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4,535 |
4,167 |
3,482 |
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Capital,
Paid-Up |
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|
90 |
90 |
90 |
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Div.P.Share(¥) |
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90.00 |
90.00 |
90.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.96 |
-1.67 |
-3.56 |
2.82 |
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Current Ratio |
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.. |
293.85 |
224.96 |
195.56 |
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N.Worth Ratio |
.. |
59.69 |
55.18 |
51.88 |
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R.Profit/Sales |
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6.43 |
6.51 |
11.55 |
8.14 |
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N.Profit/Sales |
3.17 |
3.22 |
5.91 |
4.06 |
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Return On Equity |
.. |
8.09 |
16.44 |
14.01 |
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Notes: Forecast (or estimated) figures for 31/01/2009 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.46.25 |
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UK Pound |
1 |
Rs.85.92 |
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Euro |
1 |
Rs.68.11 |
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%)