MIRA
INFORM REPORT
|
Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HAYAMA SHIPPING LTD |
|
|
|
|
Registered Office : |
Konishi Bldg 6F, 1-16-5 Nishishimbashi Minatoku Tokyo 105-0003 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.10.2007 |
|
|
|
|
Date of Incorporation : |
May 1981 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Refrigerated Ship Owner and Operator, Ship Management |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
YEN 48.9 Million |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
HAYAMA SHIPPING
LTD
REGD NAME: Hayama Sempaku KK
MAIN OFFICE: Konishi Bldg 6F, 1-16-5 Nishishimbashi
Minatoku Tokyo 105-0003 JAPAN
Tel:
03-3502-7977 Fax: 03-3502-0570
URL: N/A
E-mail address: s-okuda@hayamaship.co.jp
ACTIVITIES
Refrigerated ship owner & operator, ship management
BRANCHES
Nil
OFFICERS
MASANAO HASHIMOTO, PRES
Yoshio Yanai, mgn dir
Tetsuya Kotani, dir
Makoto Katoh, dir
Satoshi Okuda, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,758 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen 1,868 M
STARTED 1981 EMPLOYES 23
COMMENT
SHIP
OWNER & OPERATOR OF REFRIGERATED VESSELS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 48.9 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The
subject company was established by Masanao Hashimoto in order to make most of
his experience in the shipping business.
This is an owner and operator specializing in refrigerated vessels. The major hirer of the vessels is Kawasaki
Near Sea Shipping KK, a subsidiary of Kawasaki Kisen KK (or K Lines),
specializing in Japan Near Sea shipping trade.
Also charters out the vessels to fishery companies in Japan, Taiwan,
Korea, other. The owning side of the
vessels, on long term charter, guarantees steady income. Continues adding Newbuilding ships to secure
steady income.
FINANCIAL INFORMATION
Financials
are only partially disclosed.
The sales
volume for Oct/2007 fiscal term amounted to Yen 2,758 million, a 15% up from
Yen 1,682 million in the previous term.
This was thanks to a Newbuilding vessel constructed and delivered during
the term; also steep rise in shipping freight market with robust demand
domestically & abroad. China was
one of the main players in the market, with demand steadily and constantly
rising for ships & marine transportation.
The operations came back to profitability to post Yen 405 million net
profit, up from Yen 96 million net losses a year ago. The last term’s deficit is referred to heavy depreciation costs
of ships that had to be written off for the term.
For
the current term ending Oct 2008 the net profit is projected at Yen 400
million, on a 2% rise in turnover, to Yen 2,800 million. Shipping market is slowed from the previous
robust activities. Higher oil prices
will eat into profits.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 48.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1981
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued:
20,000 shares
Sum: Yen 10 million
Major shareholders (%)
Masanao Hashimoto (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Ship
owner and operator specializing in refrigerated ships: ship owning & on long-term charter commitment (--60%); refrigerated
ship operation on the spot shipping markets
(40%).
Ship
time-charter hirers include both domestic and overseas shipping companies.
Operating vessels are engaged in fishing/fish catch transport/etc (tuna,
mackerel, other) on the spot
shipping markets.
Clients
[Shipping firms] Kawasaki Near
Sea KK, Sea Trade, Star Ship, Mitsui-OSK Lines, other.
Also leased to fishery firms in
Korea, Taiwan, etc.
No. of accounts: 5 (steady charterers)
Domestic areas of activities: Nationwide
Suppliers
[Shipyards,
engine makers, fuel suppliers] Imabari Shipyard, Yanmar Diesel Engine, Ohshima Shipyard, Fukuoka
Shipbuilding, Mitsui Engineering & Shipbuilding, Kamei Corp, other.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Toranomon)
Shinsei Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
|
31/10/2008 |
31/10/2007 |
31/10/2006 |
31/10/2005 |
|
Annual
Sales |
|
2,800 |
2,758 |
2,882 |
2,559 |
|
Recur.
Profit |
|
|
|
|
|
|
Net
Profit |
|
400 |
405 |
-96 |
474 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
1,868 |
1,463 |
1,559 |
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.52 |
-4.30 |
12.62 |
21.68 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
14.29 |
14.68 |
-3.33 |
18.52 |
|
Notes: Financials are not disclosed only except the above
partial figures.
Forecast (or estimated) figures for 31/10/2008 fiscal term.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)