MIRA INFORM REPORT

 

 

Report Date :           

31.01.2012

 

IDENTIFICATION DETAILS

 

Name :

KOBE SHIPPING CO LTD

 

 

Registered Office :

10-1-8 Nadakitadori Nadaku Kobe 657-6086

 

 

Country :

Egypt

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 1973

 

 

Com. Reg. No.:

(Kobe-Nadaku) 012000

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Ship Owner

 

 

No. of Employees :

07

 

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 :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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

 

KOBE SHIPPING CO LTD

 

 

REGD NAME

 

Kobe Shipping KK

 

 

MAIN OFFICE

 

10-1-8 Nadakitadori Nadaku Kobe 657-6086 JAPAN

Tel: 078-861-6086      Fax: 078-861-6088

                                               

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

E-Mail address:                        info@kobeshipping.co.jp

 

 

ACTIVITIES  

 

Ship owner

 

 

BRANCHES

 

Tokyo

 

 

OFFICERS

 

TAKAAKI TANABE, PRES                                                        

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    WEAK              A/SALES          Yen 3,846 M

PAYMENTS                  Unknown       CAPITAL           Yen 98 M

TREND             SLOW              WORTH            Yen (-) 1,252 M

STARTED                     1973                 EMPLOYES      7

COMMENT    

 

SHIP OWNER.

 

FINANCIAL SITUATION CONSIDERED WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN (-) 56.8 MILLION, 30 DAYS, RECOMMENDING ANY CREDITS TO BE ON STRICTLY SECURED TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Kikuo Tanabe originally as Tanabe Koun Co Ltd and later changed the name as captioned.  Takaaki is the founder’s son.  This is a ship owner owning 7 vessels of 490,812 DWT.  This is the core of Kobe Shipping Group of four firms:  Kobe Ship Management Co Ltd, Hinode Kosan Co Ltd, Chuo Kaiun Co Ltd.  Vessels are all chartered out to NYK Lines.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 3,840 million, an 8% down from Yen 4,180 million in the previous term.  Marine freight rates dropped.  The operations continued in the red to register Yen 94 million recurring loss and Yen 95 million net losses, respectively, compared with Yen 522 million recurring loss and Yen 536 million net losses, respectively, a year ago.  Ship building costs and heavy crew manning costs ate into profits.

 

For the current term ending Mar 2012 the operations are projected to come back to profitability but still limited to a minimum amount post-taxes, on a 4% rise in turnover, to Yen 3,900 million.

 

The financial situation is considered WEAK but should be good for MODERATE business engagements.  Max credit limit is estimated at negative Yen (-) 56.8 million, on 30 days, we recommending fully secured terms on new transactions.

 

 

REGISTRATION

 

Date Registered:  Apr 1973

Regd No.:           (Kobe-Nadaku) 012000

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         784,000 shares

Issued:             196,000 shares

Sum:                   Yen 98 million

Major shareholders (%): Yoshiko Tanabe (80), Mineko Tanabe (20)

No. of shareholders: 2

 

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

OPERATION

           

Activities: Ship owner of 7 vessels (287,666 GT/490,812 DWT), all chartered out to NYK Lines (--100%)

 

Clients: NYK Lines

            No. of accounts: 1

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Itochu Corp, Sumitomo Corp, Mitsui & Co, Oshima Shipbuilding Co, Daido Shoun Co, Toyo Sempaku, Mitsui Engineering & Shipbuilding Co, Kawasaki Heavy Ind, Yamamizu Shipping Co, other

 

Payment record: Unknown

 

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

 

Bank References:

·         MUFG (Sannomiya)

·         Aozora Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

4,000

3,846

4,180

4,515

Recur. Profit

　

0

-94

-522

　

Net Profit

　

0

-95

-535

49

Total Assets

　

　

5,141

3,508

　

Current Assets

　

　

3,250

1,555

　

Current Liabs

　

　

2,391

1,958

　

Net Worth

　

　

-1,252

-1,157

　

Capital, Paid-Up

　

　

98

98

98

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.00

-7.99

-7.42

-21.26

    Current Ratio

 

..

135.93

79.42

..

    N.Worth Ratio

..

-24.35

-32.98

..

    R.Profit/Sales

 

0.00

-2.44

-12.49

..

    N.Profit/Sales

0.00

-2.47

-12.80

1.09

 

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.50

UK Pound

1

Rs.77.74

Euro

1

Rs.65.19

 

 

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.