MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

MOL CABLE SHIP LTD

 

 

Registered Office :

Tamachi Hara Bldg 2F, 4-11-5 Shiba Minatoku Tokyo 108-0014

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

October 1988

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Ship management of submarine cable layer ships

 

 

No. of Employees :

28

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

MOL CABLE SHIP LTD

 

 

REGD NAME

 

KK MOL Cable Ship

 

 

MAIN OFFICE

 

Tamachi Hara Bldg 2F, 4-11-5 Shiba Minatoku Tokyo 108-0014JAPAN

Tel: 03-3769-3001      Fax: 03-3769-3009

 

*.. Moved to the caption address from the former, as given

 

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

E-Mail address:            admin@mocableship.co.jp

 

 

ACTIVITIES  

 

Ship management of submarine cable layer ships

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

HIROYUKI IDE, PRES    Soichi Hiratsuka, dir

Yoshio Toyoda, dir                     Isao Yorinari, dir

                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 4,570 M

PAYMENTS No Complaints   CAPITAL           Yen 10 M

TREND SLOW                          WORTH            Yen 493 M

STARTED         1988                             EMPLOYES      28

 

 

COMMENT

 

SHIP MANAGEMENT COMPANY, OWNED BY MITSUI OSK LINES LTD.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established as a ship management company by Mitsui OSK Lines Ltd (See REGISTRATION).  This is a ship management company of submarine cable layer ships, owned by KDDI.  The vessels are: KDDI Ocean Link and KDDI Pacific Link. 

 

 

FINANCIAL INFORMATION

           

Financials are consolidated by the parent, Mitsui OSK Lines Ltd, and only partially disclosed. 

 

The sales volume for Mar/2011 fiscal term amounted to Yen 4,570 million, a 9% down from Yen 5,000 million in the previous term.  The operation rate of two ships declined.  The net profit is estimated posted at Yen 40 million, compared with Yen 50 million a year ago.

 

For the term that ended Mar 2012 the net profit was projected at Yen 50 million, on a 9% rise in turnover, to Yen 5,000 million.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.

 

 

REGISTRATION

 

Date Registered:  Oct 1988

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         800 shares

Issued:              200 shares

Sum:                   Yen 10 million

Major shareholders (%): Mitsui OSK Lines Ltd* (100)

           

*.. Japan’s second largest shipping company, Tokyo, founded 1884, listed Tokyo, Osaka, Nagoya, Fukuoka S/E’s, capital Yen 65,400 million, sales Yen 1,435,220 million, operating loss Yen 24,459 million, recurring loss Yen 24,320 million, net loss Yen 26,009 million, total assets Yen 1,946,161 million, net worth Yen 717,909 million, employees 9,400, pres Akimitsu Ashida Consolidated Financials are attached (See SUPPLEMENTS)

           

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

 

 

OPERATION

           

Activities: Ship management company of KDDI owned two submarine cable layer ships, KDDI Ocean Link & KDDI Pacific Link, including repairing, maintenance, crew arrangement, other (--100%).

 

Clients: [Mfrs, wholesalers] Mitsui OSK Lines Ltd, KDDI group firms, other 

            No. of accounts: Limited

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] MOL Techno Trade, Kawabata Shoten, Mitsubishi Heavy Ind, Universal Shipbuilding, other

 

Payment record: No Complaints

 

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

 

Bank References:

SMBC (H/O)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

　

　

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

5,000

4,570

5,000

4,800

Recur. Profit

　

　

　

　

　

Net Profit

　

50

40

50

48

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

493

453

403

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.41

-8.60

4.17

-12.73

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

1.00

0.88

1.00

1.00

 

Notes: Financials are only partially disclosed.

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUI OSK LINES LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,435,220

1,543,660

 

  Cost of Sales

1,368,794

1,328,959

 

      GROSS PROFIT

66,426

214,701

 

  Selling & Adm Costs

90,885

91,300

 

      OPERATING PROFIT

-24,459

123,400

 

  Non-Operating P/L

139

-1,779

 

      RECURRING PROFIT

-24,320

121,621

　

      NET PROFIT

-26,009

58,277

BALANCE SHEET

 

 

 

 

  Cash

　

50,864

65,788

 

  Receivables

 

130,921

128,208

 

  Inventory

 

54,335

46,547

 

  Securities, Marketable

10,023

29

 

  Other Current Assets

40,793

103,871

 

      TOTAL CURRENT ASSETS

286,936

344,443

 

  Property & Equipment

1,293,802

1,257,823

 

  Intangibles

 

16,193

9,187

 

  Investments, Other Fixed Assets

349,230

257,287

 

      TOTAL ASSETS

1,946,161

1,868,740

 

  Payables

 

133,599

130,752

 

  Short-Term Bank Loans

101,012

111,720

 

　

 

　

　

 

  Other Current Liabs

88,240

131,796

 

      TOTAL CURRENT LIABS

322,851

374,268

 

  Debentures

 

187,030

160,157

 

  Long-Term Bank Loans

552,156

399,382

 

  Reserve for Retirement Allw

13,766

14,310

 

  Other Debts

　

152,449

180,376

 

      TOTAL LIABILITIES

1,228,252

1,128,493

 

      MINORITY INTERESTS

 

 

 

Common stock

65,400

65,400

 

Additional paid-in capital

44,486

44,516

 

Retained earnings

629,667

664,645

 

Evaluation p/l on investments/securities

16,888

14,488

 

Others

 

(31,381)

(41,621)

 

Treasury stock, at cost

(7,151)

(7,181)

 

      TOTAL S/HOLDERS` EQUITY

717,909

740,247

　

      TOTAL EQUITIES

1,946,161

1,868,740

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

5,014

181,755

 

Cash Flows from Investment Activities

-134,312

-134,785

 

Cash Flows from Financing Activities

148,272

-63,759

　

Cash, Bank Deposits at the Term End

　

82,837

65,477

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

717,909

740,247

 

 

Current Ratio (%)

88.88

92.03

 

 

Net Worth Ratio (%)

36.89

39.61

 

 

Recurring Profit Ratio (%)

-1.69

7.88

 

 

Net Profit Ratio (%)

-1.81

3.78

 

 

Return On Equity (%)

-3.62

7.87

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

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.