MIRA INFORM REPORT

 

 

Report Date :

26.03.2012

 

IDENTIFICATION DETAILS

 

Name :

TSUNEISHI SHIPBUILDING CO LTD

 

 

Registered Office :

1083 Tsuneishi Numakumacho Fukuyama Hiroshima-Pref 720-0313

 

 

Country :

Japan

 

 

Date of Incorporation :

January 2012

 

 

Com. Reg. No.:

2400-01-037704 (Shizuoka-Numazu)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Shipbuilding

 

 

No. of Employees :

930

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

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 30, 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 and address

 

TSUNEISHI SHIPBUILDING CO LTD

REGD NAME:    Tsuneishi Zosen KK

MAIN OFFICE:  1083 Tsuneishi Numakumacho Fukuyama Hiroshima-Pref 720-0313 JAPAN

Tel: 084-987-1111      Fax: 084-987-0336

                                               

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

E-Mail address: (thru the URL)

 

 

ACTIVITIES  

 

Shipbuilding

 

BRANCHES

 

Tokyo, Fukuoka

 

OVERSEAS   

 

Philippines, China

 

FACTORIES  

 

At the caption address, Tadotsu (Kagawa-Pref)

 

OVERSEAS   

 

Cebu (Philippines), Zhoushan (China)

 

 

OFFICERS

 

TAKAO KAWAMOTO, PRES      Akihiko Mishima, s/mgn dir

Kenichi Mori, ch                         Kenji Kawano, mgn dir

Yasunori Obatake, mgn dir         Shigeru Fujii, dir                                    

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 20,000 M*

PAYMENTS      UNKNOWN       CAPITAL           Yen 100 M

TREND             UP                    WORTH            Yen 23,000 M**

STARTED         2012                 EMPLOYES      930

*.. Target figures for the initial one year ending Dec/2012

**.. Estimated figures as carried from previously

 

 

COMMENT

 

SHIPBUILDER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: UNABLE TO BE ASSESSED IN THE LACK OF PROVEN BUSINESS.

 

 

HIGHLIGHTS

           

            The subject company was established originally in 1942 by Katsutaro Kambara as a ship operator, on his account.  Incorporated in 1944 as Kambara Kisen Kaisha Ltd, and renamed as captioned later.  This is a shipbuilder.  In Jan 2007, merged 11 group firms to form newly a holding company, Tsuneishi Holdings Corporation.  The holding firm had three core operation divisions (in-house division companies): shipbuilding (Tsuneishi Shipbuilding Company), shipping (Kambara Kisen Company), and support/others (Koshien Warehousing, other division companies).  In Jan 2012, the subject spun off from the Holding Company and became independent.

 

 

FINANCIAL INFORMATION

           

            The sales volume for the initial one year term is targeted at Yen 20,000 million. .The shipbuilding accounted for 77% of the total group sales.  Consolidated Financials of the Holding Company is attached (See SUPPLEMENTS)

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is unable to be assessed without proven business records.

 

 

REGISTRATION

 

Date Registered:  Jan 2012

Regd No.:             2400-01-037704 (Shizuoka-Numazu)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         8,000 shares

Issued:                2,000 shares

Sum:                   Yen 100 million

Major shareholders (%): Takao Kawamoto, other (Breakdown unavailable)

No. of shareholders: 7

           

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

 

 

OPERATION

           

Activities: Shipbuilding: bulk carriers, tankers, car carriers, container carriers, wood chip carriers (--100%)

 

Clients: [Mfrs, wholesalers] Mitsui & Co, Itochu Corp, Mitsubishi Corp, Kawasaki Kisen Kaisha, Mitsui OSK, Sumitomo Corp, Ugland, Mitsubishi Ore Transport Co, other

No. of accounts: 50

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsui & Co, Itochu Corp, Mitsubishi Corp, Tsuneishi Trading, THI, TZS, other

 

Payment record: Unknown

 

Location: Business area in Fukuyama, Hiroshima-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

                        Chugoku Bank (Fukuyama)

                        Hiroshima Bank (Fukuyama)

                        Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

NOT YET AVAILABLE

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE HOLDING COMPANY, TSUNEISHI HOLDINGS CORP

       Terms Ending:

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

157,000

152,793

218,403

224,558

Recur. Profit

　

23,500

23,095

9,336

8,290

Net Profit

　

11,500

11,135

3,544

1,766

Total Assets

　

　

295,253

338,492

386,616

Current Assets

　

　

209,185

242,218

281,839

Current Liabs

　

　

223,394

255,771

300,689

Net Worth

　

　

30,351

29,754

31,061

Capital, Paid-Up

　

　

320

320

320

Div.P.Share(₯)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.75

-30.04

-2.74

-2.37

    Current Ratio

 

..

93.64

94.70

93.73

    N.Worth Ratio

..

10.28

8.79

8.03

    R.Profit/Sales

 

14.97

15.12

4.27

3.69

    N.Profit/Sales

7.32

7.29

1.62

0.79

    Return On Equity

..

36.69

11.91

5.69

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.90

UK Pound

1

Rs.80.77

Euro

1

Rs.67.40

 

 

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.