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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
HACHIUMA STEAMSHIP CO LTD |
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Registered Office : |
Kyomachi 74-Ban Bldg, 74 Kyomachi Chuoku Kobe 650-0034 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
January, 1925 |
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Reg. No.: |
1400-01-020241 |
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Legal Form : |
Limited Company |
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Line of Business : |
Steamship company: ship owning, ship operating, ship management |
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No. of Employees : |
108 (including ship crew 72) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
HACHIUMA STEAMSHIP
CO LTD
Hachiuma Kisen KK
Kyomachi 74-Ban Bldg, 74 Kyomachi Chuoku Kobe 650-0034 JAPAN
Tel: 078-334-3910 Fax:
078-334-3921
URL: http://www.hachiuma.co.jp
E-Mail address: (thru the URL)
Steamship company: ship owning, ship operating, ship management
Tokyo
Pegasus Maritime Co Ltd, Pegasus Enterprise Co Ltd
TAKESHI MATSUNAGA, PRES
Ichiro Fujiye, s/mgn dir Shigeto
Yoshimura, s/mgn dir
Haruo Tajima, dir Naoya
Miyasaka, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 15,509 M
PAYMENTS NO COMPLAITS CAPITAL Yen 500 M
TREND SLOW WORTH Yen 4,334 M
STARTED 1925 EMPLOYES 108 (including ship crew 72)
SHIP OWNER & OPERATOR, AFFILIATED TO NIPPON YUSEN KK.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established originally in 1878 and was
incorporated in 1925 and was succeeded by the present executives. This is a shipping company with three
divisions: ship owning, ship chartering/operating and ship management. Total ships controlled are 76: wood chips
carriers, containers, coal carriers, and PCC (pure car carriers). The firm also sells ship engines and
equipment. Clients include major paper
mfrs.
The sales volume for Mar/2012 fiscal term amounted to Yen 15,509
million, a 0.5% down from Yen 15,593 million in the previous term. High Yen hurt freight revenues and profits in
Yen terms. The recurring profit was
posted at Yen 391 million and the net profit at Yen 119 million, respectively,
compared with Yen 492 million recurring profit and yen 241 million net profit,
respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 400 million and the net profit at Yen 200 million, respectively, on a 2%
rise in turnover, to Yen 15,800 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 807.3 million, on 30 days normal terms.
Date Registered: Jan 1925
Regd No.: 1400-01-020241 (Kobe-Kitaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
40 million shares
Issued:
10 million shares
Sum: Yen 500 million
Major shareholders
(%): Nippon Yusen KK* (74.7), Tokio Marine & Nichido Fire Ins (6.4),
Aioi Nissei Dowa Insurance (2.1), SMBC (1.8)
No. of
shareholders: 59
*.. Nippon Yusen KK, Japan’s largest shipping company, founded 1885,
listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 144,319 million, sales Yen
1,807,819 million, operating loss Yen 24,124 million, recurring loss Yen 33,238
million, net loss Yen 72,820 million, total assets Yen 2,116,304 million, net
worth Yen 545,636 million, employees 28,498, pres Yasumi Kudo
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Ship owner,
operator, manager of 76 ships: wood chips carriers, container ships, coal
carriers and PCC (pure car carriers) (--97%), others (3%)
Clients: [Mfrs,
wholesalers] Nippon Yusen KK, Marubeni Corp, Oji paper Ind, Daio Paper Corp,
Intermare Transport, Itochu Corp, Louis Dreyfus, Sumitomo Corp, Sojitz Corp,
other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Yusen KK, Pine Crest Shipping Corp, Pegasus Ship Holding
SA, Marubeni Corp, Millennia Investment Co Ltd, JFE Shoji Trade Corp, Gemini Investment
Co Ltd, Sumitomo Corp, Hanwa Corp, other
Payment record: No Complaints
Location: Business area in
Kobe. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (Kobe)
MUFG (Kobe)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual Sales |
|
15,800 |
15,509 |
15,593 |
14,516 |
|
Recur. Profit |
|
400 |
391 |
492 |
426 |
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Net Profit |
|
200 |
199 |
241 |
240 |
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Total Assets |
|
|
6,805 |
6,197 |
5,800 |
|
Current Assets |
|
|
5,990 |
5,388 |
|
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Current Liabs |
|
|
2,322 |
1,884 |
|
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Net Worth |
|
|
4,334 |
4,142 |
3,913 |
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Capital, Paid-Up |
|
|
500 |
500 |
500 |
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Div.P.Share(¥) |
|
|
5.00 |
5.00 |
5.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.88 |
-0.54 |
7.42 |
-22.81 |
|
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Current Ratio |
.. |
257.97 |
285.99 |
.. |
|
|
N.Worth Ratio |
.. |
63.69 |
66.84 |
67.47 |
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R.Profit/Sales |
2.53 |
2.52 |
3.16 |
2.93 |
|
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N.Profit/Sales |
1.27 |
1.28 |
1.55 |
1.65 |
|
|
Return On Equity |
.. |
4.59 |
5.82 |
6.13 |
|
Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
|
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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 |
|
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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.