MIRA INFORM REPORT
|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KOKUKA SANGYO CO LTD |
|
|
|
|
Registered Office : |
NBF Hibiya Bldg 4F, 1-1-7 Uchisaiwaicho
Chiyodaku Tokyo 100-0011 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
March 1947 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Chemical Tanker Operator |
|
|
|
|
No. of Employees
: |
90 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
Yen 128.6 Million |
|
Status : |
Moderate |
|
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 |
KOKUKA SANGYO CO LTD
Kokuka Sangyo KK
NBF Hibiya Bldg
4F, 1-1-7 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN
Tel:
03-3593-3663 Fax: 03-3593-2272
*.. Moved to the caption address in Apr 2010 from the former as given
URL: www.kokuka.co.jp
E-mail: info@kokuka.co.jp
Chemical
tanker operator
Matsuyama,
Mihara (Hiroshima)
MAKOTO FUJITA, PRES Kenji Takagi, mgn dir
Yoshitsugu Owada, dir Soichiro Ueda, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 14,525 M
PAYMENTS No Complaints CAPITAL Yen 100 M
TREND SLOW WORTH Yen
1,032 M
STARTED 1947 EMPLOYES 90
CHEMICAL
TANKER OWNER & OPERATOR, AFFILIATED TO MITSUBISHI GAS CHEMICAL CO LTD
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 128.6 MILLION, 30 DAYS NORMAL TERMS
The subject company was established in 1947 originally as Kokuka Sangyo
Kaiun (Shipping in Japanese) Co Ltd, to engage in marine transport operation, non-life
insurance agent and commercial business operations. Began shipping operations for coals, carbon
sulfide and sodium hydroxide. In 1954,
changed the name as captioned (deleting Kaiun from the corporate name). In 195 first sodium hydroxide carrier was
completed. Thence successively has built
chemical tankers, molten sulfur carrier, stainless tanker, other. In 2001, stocks were transferred from Teijin
Ltd to Mitsubishi Gas Chemical Co Inc (owning 69.8% of the share) (See REGISTRATION). In 2002, began methanol transport from Saudi
Arabia, followed by from Venezuela in 2003.
In 2006, completed LPG carrier and entered into LPG transport
business. Owning & operating tonnage:
21 ships of 226,883 DWT for oceangoing trade; 16 ships of 21,911 DWT for coastal
trading. Clients are petrochemical mfrs,
oil refineries, wholesalers, other, nationwide.
The sales volume for Mar/2011 fiscal term amounted to Yen 14,525
million, a 7% up from Yen 13,336 million in the previous term. Methanol & LPG shipping rose and freight
rates increased on the back of robust demand.
The recurring profit was posted at Yen316 million and the net loss at
Yen 1,688 million, respectively, compared with Yen 644 million net loss a year
ago. High Yen deteriorated revenues in
Yen terms. .
For the current term ending Mar 2012 the recurring profit is projected
at Yen 320 and a minimum amount post-taxes, respectively, on a 3% rise in
turnover, to Yen 14,900 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 128.6 million, on 30 days normal terms.
Date Registered: Mar 1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 16
shares
Issued: 4
shares
Sum: Yen100 million
Major shareholders (%): Mitsubishi Gas Chemical Co
Inc* (100),
* Major mfr of xylene & methanol, Tokyo, founded 1951, listed Tokyo,
Osaka, Nagoya S/E’s, capital Yen 41,970 million, sales Yen 451,033 million, operating
profit Yen 23,363 million, recurring profit Yen 36,394 million, net profit Yen
18,950 million, total assets Yen 577,045 million, net worth Yen 288,257
million, employees 5,059, pres Kazuo Sakai
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Ship owning
& operating, including chartering, of chemicals, LPG, methanol, agency
business, other (--100%).
(Sales Breakdown):
Methanol Shipping:
operates
5 chemical tankers, mainly carrying Methanol produced in Saudi Arabia &
Venezuela; carrying about 1.5 million tons annually;
LPG Shipping: operates 3 gas
carriers of 3,500 m3 pressure type, trading area of India & Far East,
mainly Singapore & S/E Asia; operating about 80 trips annually in the area;
Chemical Shipping:
operated
9 ships, carrying small-lot chemicals mainly in the Far East area;
Coastal Shipping: handles all types
of chemicals, running services nationwide.
(Cargoes handled): .1.4-butanediol,
acetic acid, acetone, acrylonitrile, allyl alcohol, benzene, budadiene, carbon
disulfide, DM, ethanol, ethylbenzene, ethylene glycol, hydrochloric acid,
hydrogen peroxide, liquid ammonia, LPG, methanol, MMA, molten caprolactam,
molten phthalic anhydride, molten sulfur, MTBE, neopentyl glycol, nitric acid,
petroleum products, phenol, plasticizers, propylene, sodium hydroxide, styrene
monomer, toluene, vinyl acetate monomer, xylene, others.
Clients: [Petrochemical
mfrs, oil refineries, wholesalers] Mitsubishi Gas Chemical, Idemitsu Kosan,
Sumitomo Chemical, Mitsubishi Chemical, Itochu Corp, Marubeni Corp, Mitsui
& Co, Maruzen Petrochemical, other.
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Ship owners,
shipyards] Kansai Apollo, Itochu Enex, Suzuki Shipyard, Miura Shipbuilding,
other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(Osaka)
Resona
Bank (Dojima)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
|
Annual
Sales |
|
14,900 |
14,525 |
13,536 |
13,551 |
|
Recur.
Profit |
|
320 |
316 |
|
-894 |
|
Net
Profit |
|
0 |
-1,688 |
-644 |
-389 |
|
Total
Assets |
|
|
6,977 |
9,086 |
11,546 |
|
Current
Assets |
|
|
3,847 |
3,878 |
4,898 |
|
Current
Liabs |
|
|
3,996 |
5,153 |
6,311 |
|
Net
Worth |
|
|
1,027 |
720 |
1,359 |
|
Capital,
Paid-Up |
|
|
100 |
250 |
250 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.58 |
7.31 |
-0.11 |
3.83 |
|
|
Current Ratio |
|
.. |
96.27 |
75.26 |
77.61 |
|
N.Worth Ratio |
.. |
14.72 |
7.92 |
11.77 |
|
|
R.Profit/Sales |
|
2.15 |
2.18 |
.. |
-6.60 |
|
N.Profit/Sales |
0.00 |
-11.62 |
-4.76 |
-2.87 |
|
|
Return On Equity |
.. |
-164.36 |
-89.44 |
-28.62 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
MITSUBISHI GAS CHEMICAL CO IND
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
451,033 |
384,528 |
||
|
|
Cost of Sales |
370,963 |
326,738 |
|||
|
|
GROSS PROFIT |
80,070 |
57,790 |
|||
|
|
Selling & Adm Costs |
56,706 |
53,699 |
|||
|
|
OPERATING PROFIT |
23,363 |
4,090 |
|||
|
|
Non-Operating P/L |
13,031 |
3,275 |
|||
|
|
RECURRING PROFIT |
36,394 |
7,365 |
|||
|
|
NET PROFIT |
18,950 |
5,827 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
47,964 |
27,560 |
||
|
|
Receivables |
|
112,029 |
104,086 |
||
|
|
Inventory |
|
68,316 |
62,006 |
||
|
|
Securities, Marketable |
613 |
10,016 |
|||
|
|
Other Current Assets |
15,600 |
14,414 |
|||
|
|
TOTAL CURRENT ASSETS |
244,522 |
218,082 |
|||
|
|
Property & Equipment |
176,823 |
161,334 |
|||
|
|
Intangibles |
|
4,231 |
4,658 |
||
|
|
Investments, Other Fixed Assets |
151,469 |
155,357 |
|||
|
|
TOTAL ASSETS |
577,045 |
539,431 |
|||
|
|
Payables |
|
60,108 |
56,486 |
||
|
|
Short-Term Bank Loans |
69,845 |
74,004 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
52,574 |
29,807 |
|||
|
|
TOTAL CURRENT LIABS |
182,527 |
160,297 |
|||
|
|
Debentures |
|
0 |
20,000 |
||
|
|
Long-Term Bank Loans |
75,850 |
71,394 |
|||
|
|
Reserve for Retirement Allw |
5,402 |
4,630 |
|||
|
|
Other Debts |
|
25,008 |
5,015 |
||
|
|
TOTAL LIABILITIES |
288,787 |
261,336 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
41,970 |
41,970 |
|||
|
|
Additional
paid-in capital |
25,591 |
25,590 |
|||
|
|
Retained
earnings |
236,597 |
222,394 |
|||
|
|
Evaluation
p/l on investments/securities |
4,197 |
(1,013) |
|||
|
|
Others |
|
(12,178) |
(2,942) |
||
|
|
Treasury
stock, at cost |
(7,920) |
(7,905) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
288,257 |
278,094 |
|||
|
|
TOTAL EQUITIES |
577,045 |
539,431 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash Flows
from Operating Activities |
|
39,773 |
31,326 |
||
|
|
Cash
Flows from Investment Activities |
-24,626 |
-33,662 |
|||
|
|
Cash
Flows from Financing Activities |
-1,849 |
-15,354 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
46,768 |
38,048 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
288,257 |
278,094 |
||
|
|
|
Current
Ratio (%) |
133.96 |
136.05 |
||
|
|
|
Net
Worth Ratio (%) |
49.95 |
51.55 |
||
|
|
|
Recurring
Profit Ratio (%) |
8.07 |
1.92 |
||
|
|
|
Net
Profit Ratio (%) |
4.20 |
1.52 |
||
|
|
|
Return
On Equity (%) |
6.57 |
2.10 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
|
UK Pound |
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.