MIRA INFORM REPORT

 

 

Report Date :           

03.04.2012

 

IDENTIFICATION DETAILS

 

Name :

EASTERN CAR LINER LTD 

 

 

Registered Office :

Tennoz Park Side Bldg 5F, 2-5-8 Higashishinagawa Shinagawaku Tokyo 140-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

May 1977

 

 

Com. Reg. No.:

0107-01-012186 (Tokyo-Shinagawaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Operator of car carriers, RO/RO ships, multi-purpose vessels, heavy lifters

 

 

No. of Employees :

211

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 1,747.8 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

EASTERN CAR LINER LTD

 

 

REGD NAME

 

Eastern Car Liner KK

 

 

MAIN OFFICE

 

Tennoz Park Side Bldg 5F, 2-5-8 Higashishinagawa Shinagawaku Tokyo 140-0002, JAPAN

Tel: 03-5769-7611     Fax: 03-5769-7616

 

URL:                 http//:www.ecl.co.jp

E-mail:             (thru the URL to each department)          

 

 

ACTIVITIES  

 

Operator of car carriers, RO/RO ships, multi-purpose vessels, heavy lifters, other

 

 

BRANCHES

 

Osaka, Nagoya, Yokohama (2), Kobe

 

 

OVERSEAS

 

(Business Offices): Singapore (2), Malaysia, Indonesia, Hong Kong (2), Thailand, Myanmar, Korea, China (8), USA (3), India, UAE

 

(Agents): Korea, China (7), Taiwan, Hong Kong, Malaysia (7), Philippines, Indonesia (2), Cambodia (3), Myanmar (3), Thailand (2), India (4), Sri Lanka, Pakistan, USA (6), Canada, Oman, UAE (2), Bahrain, Saudi Arabia, Kuwait, Qatar, Iran, New Zealand

 

 

OFFICER(S)

 

Takashi Nagate, ch                    AKIRA NAKANO, PRES

Ktsuyuki Irie, mgn dir                 Shigeru Nagate, mgn dir

Yukimasa Hashimoto, dir            Noriharu Kurihara, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 43,623 M

PAYMENTS                  No Complaints          CAPITAL           Yen 489 M

TREND             SLOW                          WORTH            Yen 9,862 M

STARTED                     1977                             EMPLOYES      211

 

 

COMMENT

 

OPERATOR OF CAR CARRIERS & OTHER MULTI-PURPOSE FLEET. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 1,747.8 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Takashi Nagate in order to make most of his experience in the shipping business.  Started to provide Car transport services to S/E Asia from Japan and has grown into providing multi-purpose marine transport of liner services, tramper services and chartering business to S/E Asia, China, N America, Mid East, other.  Owns and operates 50 multi-purpose & conventional ships & 13 pure car & truck carriers.  Clients include major automakers, heavy machinery mfrs, steel mills, general trading houses, other, nationwide. 

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 43,023 million, a 1% down from Yen 44,092 million in the previous term.  Car transport slowed.  The recurring profit was posted at Yen 678 million and the net profit at Yen 137 million, respectively, compared with Yen 2,012 million recurring profit and Yen 933 million net losses, respectively, a year ago.  .

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 680 million and the net profit at Yen 140 million, respectively, on a 5% rise in turnover, to Yen 45,800 million.  Automobile transport increasing.  Higher Yen may hurt revenues in Yen terms and eat into profits.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,747.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  May 1977

Regd No.:        0107-01-012186 (Tokyo-Shinagawaku)

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　424,000 shares

Issued:             　106,000 shares

Sum:                　Yen 488,750,000.-

 

Major shareholders (%): Mitsui OSK Lines (12.5%), Tatsumi Shokai (10.5), Tokio Marine & Nichido Fire Ins (9.9), Everett Orient Line (6.5), Mizuho Bank (4.8)

 

No. of shareholders: 42

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Marine transportation of liner services, tramper services and chartering, operating RO/RO ships, pure car & truck carriers, multi-purpose ships, heavy lifters, other (--100%).

 

(Service routes): China, S/E Asia, N America, Middle East, Oceania, other.

 

(Operating fleet): 50 multi-purpose & conventional ships; 13 pure car & truck carriers.

 

(Cargoes carried): automobiles, trucks, bulldozers & heavy vehicles, construction materials, electric locomotives, subway carriages, rolling stock, power equipment, oil refinery equipment, automobile production equipment, large project cargoes, forest products, general cargoes, etc.

 

 

Clients: [Automakers, steel mills, mfrs, wholesalers] Nissan Motors, Mitsubishi Heavy Machinery Ind, Sumitomo Corp, Kobe Steel, Mitsubishi Corp, Mitsubishi Motors, Marubeni Corp, Mitsui & Co, Sojitz Corp, Itochu Corp, Bridgestone Corp, Metal One Corp, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Ship owners, freight forwarders, agents] Mitsui OSK Lines, Fenix Oil, MK Ship Management, Keihin Koun Co, Rickmers Japan, Libero Panama, Tatsumi Shokai, Asiana Panama, other

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Ginza)

MUFG (Kyobashi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

45,800

43,623

44,002

64,619

Recur. Profit

　

680

678

-2,012

2,025

Net Profit

　

140

137

-933

1,080

Total Assets

　

　

19,932

20,999

23,061

Current Assets

　

　

10,711

12,739

14,625

Current Liabs

　

　

8,003

9,264

8,098

Net Worth

　

　

9,862

9,728

10,835

Capital, Paid-Up

　

　

489

489

489

Div.P.Share(¥)

　

　

0.00

0.00

800.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.99

-0.86

-31.91

1.20

    Current Ratio

 

..

133.84

137.51

180.60

    N.Worth Ratio

..

49.48

46.33

46.98

    R.Profit/Sales

 

1.48

1.55

-4.57

3.13

    N.Profit/Sales

0.31

0.31

-2.12

1.67

    Return On Equity

..

1.39

-9.59

9.97

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.16

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.