MIRA INFORM REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
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Name : |
EASTERN MARINE CORP |
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Registered Office : |
Maruito Ginza Bldg 3F, 3-10-6 Ginza Chuoku
Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
May 1997 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 051868 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship owner, operator, ship agency, ship chartering, ship
sales/purchasing |
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 80.8 Million |
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Status : |
Moderate |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
EASTERN MARINE CORPORATION
REGD NAME
Toyo Kaiun Tsusho
KK
MAIN OFFICE
Maruito Ginza Bldg
3F, 3-10-6 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
owner, operator, ship agency, ship chartering, ship sales/purchasing
BRANCHES
Beijing,
Qingdao, Shanghai
OFFICERS
YUE
LI, PRES
Ke Bin
Xiang, s/mgn dir
Mitsuaki
Nishide, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
5,084 M
PAYMENTS REGULAR CAPITAL Yen 80 M
TREND SLOW WORTH Yen
323 M
STARTED 1997 EMPLOYES 32
COMMENT
SHIP OWNER & OPERATOR AND AGENCY BUSINESS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 80.8 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
12 vessels, plying between Japan/China, Korea and S/E Asia. Originally started as a ship agency business
and has expanded its operations into other areas. In Apr 1999, started ship chartering
business; in Oct 2002 owned first vessel & started tramper business. The firm has now five divisions: ship chartering
team, ship owning and operating team (owning 12 vessels); ship agency team; export/import
team (steel products, mechanical materials, plastic & raw materials); ship
service team (ship sales/purchases, ship material supply). Recently extended operations into Russia and
vicinities areas. Domestic clients
include major trading firms, shipping companies, mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 5,084 million, a 9% down from Yen 5,575 million in the previous term, as substantially affected by the global economic downturn. Shipments into and from China declined to a large extent. High Yen hurt revenues in Yen terms. The recurring profit was posted at Yen 46 million and the net profit at Yen 24 million, respectively, compared with Yen 57 million recurring profit and Yen 12 million net profit, respectively, a year ago.
For the term just ended Mar 2011 the recurring profit was projected at
Yen 50 million and the net profit at Yen 25 million, on a 4% rise in turnover,
to Yen 5,300 million. Transportation
needs revived from & into China to robust degree. Chartering of ships recovered to transport
cargoes more than the capacity of owned vessels. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 80.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1997
Regd No.: (Tokyo-Chuoku) 051868
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,400 shares
Issued: 1,600 shares
Sum: Yen 80
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 12 ships, plying Japan/China/Korea and S/E/Russia, Asian countries,
offering ship agency, ship store & machinery supply, import & export of
steel, steel products, other (--100%).
(Breakdown of
business teams):
Ship Chartering
Team: mainly carries bulk cargo such as steel products, plant equipment, coal,
grain, fertilizer, steel scrap & raw materials for import and export
between Japan, China, Korea, Russia and S/E Asia;
House Fleet Team: owns/operates 11 vessels
ranging from 2,000 MT deadweight to more than 10,000 MT, the team runs under
both periodic and spot contracts, including management, maintenance, repairing
of vessels;
Trading Team: trades plastics,
off-grades & recycles between Japan, China, Hong Kong, Taiwan & S/E
Asia;
Ship S&P
Service Team: sells & purchases bulk carriers, container ships, tankers and work
boats primarily in Japan, China, Korea, S/E Asia and Europe, handling
everything from concluding the contract to delivery of vessel(s).
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, Toyota Tsusho Corp, 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: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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5,300 |
5,084 |
5,575 |
4,722 |
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Recur.
Profit |
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50 |
46 |
57 |
179 |
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Net
Profit |
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25 |
24 |
12 |
99 |
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Total
Assets |
|
|
1,630 |
1,527 |
1,728 |
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Current
Assets |
|
|
796 |
765 |
609 |
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Current
Liabs |
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|
365 |
272 |
369 |
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Net
Worth |
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|
323 |
307 |
316 |
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Capital,
Paid-Up |
|
|
80 |
80 |
80 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.25 |
-8.81 |
18.06 |
-15.06 |
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Current Ratio |
|
.. |
218.08 |
281.25 |
165.04 |
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N.Worth Ratio |
.. |
19.82 |
20.10 |
18.29 |
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R.Profit/Sales |
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0.94 |
0.90 |
1.02 |
3.79 |
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N.Profit/Sales |
0.47 |
0.47 |
0.22 |
2.10 |
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Return On Equity |
.. |
7.43 |
3.91 |
31.33 |
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Notes:
Forecast (or estimated) for the 31/03/2011 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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.