MIRA INFORM REPORT
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Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
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Name : |
MITSUI OSK KINKAI LTD |
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Registered Office : |
Shosen Mitsui Bldg 6F, 2-1-1 Toranomon
Minatoku Tokyo 105-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1972 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship operator |
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No. of Employees
: |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 1,148.2 Million |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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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 |
MITSUI OSK KINKAI LTD
Shosen Mitsui
Kinkai KK
Shosen Mitsui Bldg
6F, 2-1-1 Toranomon Minatoku Tokyo 105-0001 JAPAN
Tel: 03-3587-6011 Fax: 03-3587-6020
URL: http://www.mokinkai.co.jp
E-Mail address: mkchi@mokinkai.co.jp
Ship
operator
Kobe
China
NOBUO
NISHIJIMA, PRES Shiro
Adachi, s/mgn dir
Toshikazu
Otaki, mgn dir Akihiko
Kashiwano, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 22,301 M
PAYMENTS REGULAR CAPITAL Yen
660 M
TREND UP WORTH Yen 9,968 M
STARTED 1972 EMPLOYES 80
SHIP OPERATOR, OWNED BY MITSUI OSK LINES LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,148.2 MILLION, 30 DAYS NORMAL TERMS
This is a ship owner and operator owned by Mitsui OSK Lines Ltd (See REGISTRATION). Owns and operates 38
vessels of 494,900 DWT, for liner service and tramper service within Asian
waters. Operates on fixed schedule to
and from Japan to Asian countries.
Tramper cargoes are steel, iron ore, fertilizer, coal, other. Clients include steel makers, heavy machinery
makers, other
The sales volume for Mar/2011 fiscal term amounted to Yen 22,301 million,
a 28% up from Yen 17,458 million in the previous term. Cargoes to and from China increased and
demand was robust. The recurring profit
was posted at Yen 1,034 million and the net profit at Yen 741 million,
respectively, compared with Yen 139 recurring profit and Yen 280 net profit,
respectively, a year ago1,
For the current term ending Mar 2012 the recurring profit is projected
at Yen 1,100 million and the net profit at Yen 750 million, respectively, on a
5% rise in turnover, to Yen 23,500 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,148.2 million, on 30 days normal terms.
Date Registered: Mar 1972
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 5
million shares
Issued: 1.32 million shares
Sum: Yen 660 million
Major shareholders (%): Mitsui OSK Lines Ltd (100)
*.. Second largest shipping company, founded 1884, listed Tokyo, Osaka,
Nagoya, Fukuoka S/E’s, capital Yen 65,400 million, sales Yen 1,543,660 million,
operating profit Yen 489.3 million, recurring profit Yen 121,621 million, net
profit Yen 58,277 million, Total assets Yen 1,868,740 million, net worth Yen
740,247 million, employees 9,327, pres Akimitsu Ashida
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Shipping
company, offering liner service & tramper services within Asian waters,
shipping agency, shipping brokerage, other (--100%)
Clients: [Steel mfrs,
heavy machinery mfrs, wholesalers] Nippon Steel, Sojitz Corp, JFE Steel, Kobe
Steel, Sumitomo Corp, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: Ship owners, ship
builders, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent, Mitsui OSK Lines Ltd, and maintained
satisfactorily.
Bank References:
SMBC
(H/O)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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23,500 |
22,301 |
17,458 |
27,522 |
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Recur.
Profit |
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1,100 |
1,034 |
139 |
2,962 |
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Net
Profit |
|
750 |
741 |
280 |
1,434 |
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Total
Assets |
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15,377 |
12,009 |
11,824 |
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Current
Assets |
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9,679 |
7,951 |
5,347 |
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Current
Liabs |
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2,536 |
1,645 |
1,767 |
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Net
Worth |
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9,968 |
9,199 |
8,920 |
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Capital,
Paid-Up |
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|
660 |
660 |
660 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.38 |
27.74 |
-36.57 |
7.03 |
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Current Ratio |
|
.. |
381.66 |
483.34 |
302.60 |
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N.Worth Ratio |
.. |
64.82 |
76.60 |
75.44 |
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R.Profit/Sales |
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4.68 |
4.64 |
0.80 |
10.76 |
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N.Profit/Sales |
3.19 |
3.32 |
1.60 |
5.21 |
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Return On Equity |
.. |
7.43 |
3.04 |
16.08 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
MITSUI OSK LINES LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,543,660 |
1,347,964 |
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Cost of Sales |
1,328,959 |
1,228,478 |
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GROSS PROFIT |
214,701 |
119,485 |
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Selling & Adm Costs |
91,300 |
98,546 |
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OPERATING PROFIT |
123,400 |
20,939 |
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Non-Operating P/L |
-1,779 |
3,295 |
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RECURRING PROFIT |
121,621 |
24,234 |
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NET PROFIT |
58,277 |
12,722 |
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BALANCE SHEET |
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Cash |
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65,788 |
44,147 |
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Receivables |
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128,208 |
117,483 |
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Inventory |
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46,547 |
38,531 |
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Securities, Marketable |
29 |
42,482 |
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Other Current Assets |
103,871 |
109,387 |
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TOTAL CURRENT ASSETS |
344,443 |
352,030 |
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Property & Equipment |
1,257,823 |
1,209,175 |
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Intangibles |
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9,187 |
9,079 |
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Investments, Other Fixed Assets |
257,287 |
291,028 |
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TOTAL ASSETS |
1,868,740 |
1,861,312 |
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Payables |
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130,752 |
114,352 |
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Short-Term Bank Loans |
111,720 |
99,393 |
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Other Current Liabs |
131,796 |
141,440 |
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TOTAL CURRENT LIABS |
374,268 |
355,185 |
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Debentures |
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160,157 |
153,425 |
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Long-Term Bank Loans |
399,382 |
441,285 |
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Reserve for Retirement Allw |
14,310 |
15,052 |
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Other Debts |
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180,376 |
160,662 |
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TOTAL LIABILITIES |
1,128,493 |
1,125,609 |
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MINORITY INTERESTS |
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Common
stock |
65,400 |
65,400 |
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Additional
paid-in capital |
44,516 |
44,522 |
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Retained
earnings |
664,645 |
616,736 |
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Evaluation
p/l on investments/securities |
14,488 |
20,999 |
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Others |
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(41,621) |
(4,829) |
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Treasury
stock, at cost |
(7,181) |
(7,126) |
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TOTAL S/HOLDERS` EQUITY |
740,247 |
735,702 |
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TOTAL EQUITIES |
1,868,740 |
1,861,312 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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181,755 |
93,428 |
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Cash
Flows from Investment Activities |
-134,785 |
-133,483 |
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Cash
Flows from Financing Activities |
-63,759 |
42,227 |
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Cash,
Bank Deposits at the Term End |
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65,477 |
85,894 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
740,247 |
735,702 |
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Current
Ratio (%) |
92.03 |
99.11 |
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Net
Worth Ratio (%) |
39.61 |
39.53 |
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Recurring
Profit Ratio (%) |
7.88 |
1.80 |
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Net
Profit Ratio (%) |
3.78 |
0.94 |
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Return
On Equity (%) |
7.87 |
1.73 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
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UK Pound |
1 |
Rs.79.32 |
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Euro |
1 |
Rs.66.02 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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.