MIRA INFORM REPORT

 

 

 

 

Report Date :            

22.08.2012

 

IDENTIFICATION DETAILS

 

Name :

NISSHO MARITECH CORPORATION

 

 

Registered Office :

2-13-1 Kaigandori Mizushima Kurashiki Okayama 712-8071

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Year of Establishment :

1957

 

 

Legal Form :

---

 

 

Line of Business :

Ship Management

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Non Registered Entity

Payment Behaviour :

Unknown

Litigation :

Clear

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

NISSHO MARITECH CORPORATION

 

 

REGD NAME 

 

Nissho Maritech (Not registered)

 

 

MAIN OFFICE

 

2-13-1 Kaigandori Mizushima Kurashiki Okayama 712-8071 JAPAN

 

Tel:            0864-48-1088     

Fax:           0864-46-5819

 

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Ship Management

 

 

BRANCHES

 

Tokyo (Parent company)

 

 

FINDINGS

 

The firm was established originally in 1957 by Nissho Shipping Co Ltd (now JX Shipping Co Ltd) as its ship management division but was closed in Jul 2005.  It started again as a division company of Nissho Shipping and is not a registered company.  This is a ship management company, offering agency, ship machinery & products supply, other.  The JX Shipping Co Ltd is now owned by JX Nippon Oil & Energy Corp*, which is under JX Holdings Inc**.

 

*.. JX Nippon Oil & Energy Corp, oil refiner, Tokyo: Founded 2010, capital Yen 139,400 million, sales Yen 8,348,621 million, operating profit Yen 183,489 million, recurring profit Yen 204,929 million, net profit Yen 77,518 million, total assets 3,943,403 million, net worth Yen 904,541 million, employees 6,333, pres Yasushi Kimura, who is concurrently ch at JX Holdings Inc

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

**.. JX Holdings Inc, holding company of JX group firms, Tokyo, founded 2010, capital Yen 100,000 million, sales Yen 10,723,889 million, operating profit Yen  327,844 million, recurring profit Yen 405,765 million, net profit Yen 170,595 million, total assets Yen 1,744,203 million, net worth Yen 2,044,752 million, employees 24,236, pres Isao Matsushita

 

Activities: Ship management, agency, supplier of ship goods/machinery, other (--100%)

 

Clients: [Mfrs, wholesalers] JX Nippon Oil & group firms 

 

Suppliers: Shipping companies, shipbuilders, other

 

Payment record: Unknown

 

Location: Business area in Mizushima.  Office premises at the caption address are owned by JX group and maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (H/O)

Relations: Satisfactory

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, JX NIPPON OIL & ENERGY CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

8,348,621

7,359,322

 

  Cost of Sales

7,846,811

6,856,315

 

      GROSS PROFIT

501,809

503,007

 

  Selling & Adm Costs

318,320

299,540

 

      OPERATING PROFIT

183,489

203,466

 

  Non-Operating P/L

21,440

5,083

 

      RECURRING PROFIT

204,929

208,549

　

      NET PROFIT

77,516

85,679

BALANCE SHEET

 

 

 

 

  Cash

　

16,234

23,001

 

  Receivables

 

970,956

783,216

 

  Inventory

 

1,639,610

1,398,591

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,316,603

(200,020)

 

      TOTAL CURRENT ASSETS

3,943,403

2,004,788

 

  Property & Equipment

1,125,922

1,210,135

 

  Intangibles

 

32,017

33,285

 

  Investments, Other Fixed Assets

(1,157,939)

402,991

 

      TOTAL ASSETS

3,943,403

3,651,199

 

  Payables

 

629,632

523,138

 

  Short-Term Bank Loans

839,923

636,555

 

　

 

　

　

 

  Other Current Liabs

854,879

838,837

 

      TOTAL CURRENT LIABS

2,324,434

1,998,530

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

543,895

675,197

 

  Reserve for Retirement Allw

56,693

55,100

 

  Other Debts

　

113,839

78,536

 

      TOTAL LIABILITIES

3,038,861

2,807,363

 

      MINORITY INTERESTS

 

 

 

Common stock

139,437

139,437

 

Additional paid-in capital

427,488

427,488

 

Retained earnings

330,749

266,604

 

Evaluation p/l on investments/securities

　

　

 

Others

 

6,867

10,306

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

904,541

843,835

　

      TOTAL EQUITIES

3,943,403

3,651,199

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

904,541

843,835

 

 

Current Ratio (%)

169.65

100.31

 

 

Net Worth Ratio (%)

22.94

23.11

 

 

Recurring Profit Ratio (%)

2.45

2.83

 

 

Net Profit Ratio (%)

0.93

1.16

 

 

Return On Equity (%)

8.57

10.15

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.54

UK Pound

1

Rs.87.39

Euro

1

Rs.68.72

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.