MIRA INFORM REPORT

 

 

Report Date :

22.11.2012

 

 

 

Tel. No.:

81 3 3211 2577

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI ORE TRANSPORT CO LTD

 

 

Registered Office :

New-Kokusai Bldg 5F, 3-4-1 Marunouchi Chiyodaku Tokyo 106-0005

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

January 1959

 

 

Com. Reg. No.:

0100-01-030402 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Ship owner/operator of vessels (coal/iron ore/woodchips/others)

 

 

No. of Employees :

46 employees

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

japan - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

 

Source : CIA

 

 

 

Company name

 

MITSUBISHI ORE TRANSPORT CO LTD

 

 

REGD NAME

 

Mitsubishi Koseki Yuso KK

 

 

MAIN OFFICE

 

New-Kokusai Bldg 5F, 3-4-1 Marunouchi Chiyodaku Tokyo 106-0005 JAPAN

Tel: 03-3211-2521      Fax: 03-3211-5075

 

URL:                             http://www.mot-tky.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Ship owner/operator of vessels (coal/iron ore/woodchips/others)

 

 

BRANCHES   

 

Nil

 

 

OFFICERS

 

TOSHIFUMI INAMI, PRES          Takao Itoh, v pres

Makoto Ando, mgn dir                Eiichiro Tomioka, mgn dir          

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 9,064 M

PAYMENTS      No Complaints          CAPITAL           Yen 1,500 M

TREND             UP                                WORTH            Yen 3,687 M

STARTED         1959                             EMPLOYES      46

 

COMMENT    

 

SHIP OWNER AND OPERATOR.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

The subject company was established as Chiyoda Ore Transport Ltd in a JV by Mitsubishi Corp, Mitsubishi Mining, Mitsubishi Shipping, Yawata Steel Corp (now Nippon Steel), Mitsubishi Heavy Ind and Tokio Marine Ins, for the purpose of transporting Atacama iron ore from Chile to Yawata Steel Corp.  Renamed as captioned in Mar 1964.  This is a ship owner and operator of cape-size bulkers, Panamax, car carriers, wood chip carriers, others.  Cargoes carried are: coal, iron ore, wood chips, grains, others. 

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2012 fiscal term amounted to Yen 9,064 million, a 2% up from Yen 8,869 million in the previous term.  The recurring profit was posted at Yen 408 million and the net profit at Yen 134 million, respectively, compared with Yen 238 million recurring profit and yen 39 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 410 million and the net profit at Yen 140 million, respectively, on a 3% rise in turnover, to Yen 9,300 million.  Business is seen expanding steadily. 

 

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

 

 

REGISTRATION

 

Date Registered:  Jan 1959

Regd No.:         0100-01-030402 (Tokyo-Chiyodaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         55,000 shares

Issued:                138,874 shares

Sum:                   Yen 1,500 million

 

Major shareholders (%): NYK Lines (40), Mitsubishi Corp (40), Mitsubishi Heavy Ind (10), Tokio Marine & Nichido Fire Ins (10)

 

No. of shareholders: 4

 

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

 

 

OPERATION

 

Activities: Ship owner, operator and management of: cape size bulkers, pure car carriers, wood chip carriers, self unloading coal carriers, Panamax bulkers, others for carrying coal, iron ore, wood chips, grains, others (--100%):

 

Clients: [Mfrs, wholesalers, shipping lines] Nippon Steel & Sumitomo Metal Corp, NYK Lines, others 

            No. of accounts: 300

            Domestic areas of activities: Nationwide

Suppliers: [Shipping lines, wholesalers] NYK Lines, Mitsubishi Corp, other

 

Payment record: No Complaints 

 

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

 

Bank References:

MUFG (H/O)

SMBC (H/O)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

9,300

9,064

8,869

9,201

Recur. Profit

　

410

408

238

1,058

Net Profit

　

140

134

39

677

Total Assets

　

　

36,967

31,119

31,150

Current Assets

　

　

10,116

9,602

10,460

Current Liabs

　

　

5,271

4,316

4,674

Net Worth

　

　

3,687

3,969

4,154

Capital, Paid-Up

　

　

1,500

1,500

1,500

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.60

2.20

-3.61

7.66

    Current Ratio

 

..

191.92

222.47

223.79

    N.Worth Ratio

..

9.97

12.75

13.34

    R.Profit/Sales

 

4.41

4.50

2.68

11.50

    N.Profit/Sales

1.51

1.48

0.44

7.36

    Return On Equity

..

3.63

0.98

16.30

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.20

UK Pound

1

Rs.87.79

Euro

1

Rs.70.43

 

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.