MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SHINKO KAIUN CO LTD |
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Registered Office : |
Towa Ginza I-chome Bldg 6F, 1-22-12 Ginza Chuoku Tokyo
104-0061 Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
November 1981 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 045770 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship Operator, Ship Broker |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 21.4 Million |
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Status : |
Small Company |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SHINKO KAIUN CO LTD
REGD NAME
KK Shinko Kaiun
MAIN OFFICE
Towa Ginza I-chome Bldg 6F, 1-22-12 Ginza
Chuoku Tokyo 104-0061 Tokyo 104-0061 JAPAN
Tel:
03-5524-3636 Fax: 03-5524-3637
URL: N/A
ACTIVITIES
Ship operator,
ship broker
BRANCHES
Singapore
OFFICERS
MASATAKA
GOHARA, PRES
Hiromi
Yamashita, v pres
K R
Chang, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,139 M
PAYMENTS REGULAR CAPITAL Yen 23 M
TREND STEADY WORTH Yen
98 M
STARTED 1981 EMPLOYES 11
COMMENT
SHIP OPERATOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 21.4 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company
was established by Takashi Shibasaki as a marine transport company of logs from
Indonesia, Malaysia, etc. When Indonesia
and Malaysia later stopped exports of logs due to the ecological reasons
(forest conservation), the firm was transferred to the present executives. T Shibasaki then started his own company in
Singapore for focusing on chemical tanker operation in the Asian region. The subject firm is now engaged in transport
of logs and timber from Sarawak. At the
same time, the firm expanded its operations to general merchandise shipment
& transport, particularly in small-lots of cargoes from and into
China. The operating vessel was reduced
to one bulker from two ships due to the sale of one ship. Vessels are mostly chartered in. Clients are general trading houses, paper
mills, and lumber traders, other, nationwide.
.
FINANCIAL INFORMATION
The sales volume for
Sept/2010 fiscal term amounted to Yen 1,137 million, a 52% rise from Yen 747
million. Cargo movements from and into China
jumped explosively, due to the robust Chinese economies. Small lot cargoes (container-lot type
cargoes) movement was brisk. Shipments into other S/E Asian countries also
rose. The recurring profit was posted at
Yen 1 million and the net profit at Yen 1 million, respectively, compared with
Yen 1 million recurring profit and Yen 2 million net profit, respectively, a
year ago. High eroded profits in Yen
terms.
For the current term
ending Sept 2011 the recurring profit is projected at Yen 2 million and the net
profit at Yen 2 million, respectively, on a 3% rise in turnover, to Yen 1,170
million. Business is steadily expanding.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 21.4
million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1981
Regd No.: (Tokyo-Chuoku) 045770
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
184,000 shares
Issued:
46,000 shares
Sum: Yen 23 million
Major
shareholders (%): Masataka Gohara (28), Hiromi Yamashita (24), K R Chan (22),
Kaoru Sugie (17),
Fusae Mizumachi (4)
No. of shareholders: 6
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Ship operator of logs and timber from Sarawak centrally, operating two Bulkers, shipment of container-lot cargoes (on a charter-in & broking basis) (--100%).
Clients: [Cargo owners, charterers] Marubeni Corp, Sojitz Corp, Nippon Paper Ind, Nagasaki International, Oji Forest & Products Co, Able Wooden Enterprise Co Ltd,
Norsk Hyudor ASA, Itochu Corp, Sumitomo Corp, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Ship owners] Albeni Pratama Ocean Line, Yayasan Saba Shipping, Eternity Shipping, Kyowa Sansho, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
· Mizuho Bank (Kyobashi)
· MUFG (Shimbashi-Ekimae)
Relations:
Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
30/09/2011 |
30/09/2010 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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1,170 |
1,139 |
747 |
893 |
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Recur.
Profit |
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2 |
1 |
1 |
5 |
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Net
Profit |
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2 |
1 |
2 |
4 |
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Total
Assets |
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401 |
478 |
426 |
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Current
Assets |
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174 |
233 |
149 |
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Current
Liabs |
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162 |
163 |
69 |
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Net
Worth |
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98 |
97 |
96 |
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Capital,
Paid-Up |
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23 |
23 |
23 |
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Div.P.Share(¥) |
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0.00 |
25.00 |
75.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.72 |
52.48 |
-16.35 |
-59.06 |
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Current Ratio |
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.. |
107.41 |
142.94 |
215.94 |
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N.Worth Ratio |
.. |
24.44 |
20.29 |
22.54 |
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R.Profit/Sales |
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0.17 |
0.09 |
0.13 |
0.56 |
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N.Profit/Sales |
0.17 |
0.09 |
0.27 |
0.45 |
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Return On Equity |
.. |
1.02 |
2.06 |
4.17 |
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Note: Forecast figures for the 30/09/2011 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.44.16 |
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UK Pound |
1 |
Rs.72.10 |
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Euro |
1 |
Rs.63.10 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.