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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SANTOKU SHIPPING
CO LTD |
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Registered Office : |
Santoku Senpaku Bldg, 3-26-9 Isoji Minatoku |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
June 1972 |
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Com. Reg. No.: |
1200-01-029026 (Osaka-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship owner, operator, ship management |
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No. of Employees : |
85 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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
SANTOKU SHIPPING CO LTD (English Expression)
REGD NAME: Santoku
Senpaku KK
MAIN OFFICE: Santoku
Senpaku Bldg, 3-26-9 Isoji Minatoku Osaka 552-0003 JAPAN
Tel:
06-6574-1222 Fax: 06-6576-2600
URL: http://www.santokuship.co.jp
E-Mail address: santoku@santokuship.co.jp
Ship owner,
operator, ship management
(Overseas): Manila,
Yangon (Myanmar), Beijing (China), Pusan (Korea)
MASASHI TAGA, PRES Yoshikatsu Misawa, mgn dir
Tomoko Taga, dir Junji Fujii, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR
A/SALES Yen 25,511 M
PAYMENTS SLOW
BUT CORRECT CAPITAL Yen
40 M
TREND UP WORTH Yen 1,476 M
STARTED 1972 EMPLOYES 85
SHIP OWNER & OPRATOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established
by Masashi Taga as a ship owner and operator.
Owns 115 vessels (of capsize, reefer, bulk carriers, pure car carriers)
operating around the world (See
OPERATION). Some are chartered out
to major ship operators. Offers ship
management, crew administration & training, technical administration,
other. Has two overseas offices: Manila
& Yangon. Also 4 agents: Manila,
Pusan, Yangon and Beijing. Ship crews
are recruited and trained through these agents.
The sales volume for Sept/2011
fiscal term amounted to Yen 25,511 million, an 11% up from Yen 22,967 million
in the previous term. This is thanks to
the delivery of a new ship during the term.
Cargo movement between Japan & China was brisk. The recurring profit was posted at Yen 511
million and the net profit at Yen 25million, respectively, compared with Yen
219 recurring profit and Yen 67 million net profit, respectively, a year ago.
For the term that just ended Sept 2012 the
recurring profit was projected at Yen 520 million and the net profit at Yen 30
million, respectively, on a 6% rise in turnover, to Yen 27,000 million. Final results are yet to be released.
The financial situation is considered RATHER
WEAK but should be good for MODERATE business engagements.
Date Registered: Jun 1972
Regd No.:
1200-01-029026 (Osaka-Minatoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3,200 shares
Issued: 1,000 shares
Sum: Yen 50 million
Major
shareholders (%): Masashi Taga (100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship owner & operator, operating &
managing 116 vessels (--100%).
(Vessels
under management):
Domestic
trading Vessels: 5 ships of 29,273 GT/27,564 DWT;
Far
East trading vessels: 9 ships of 47,698
GT/59,440 DWT;
Worldwide
trading vessels: 102 ships of 3,514,233 GT/5,729,228 DWT.
Total: 116 ships of
3,591,204 GT/5,816,232 DWT
Ships are operated
by own management and also chartered out.
Also offers ship
management, crew manning & training, technical assistance, etc.
Clients: [Ship operators,
trading houses] Kawasaki Kisen Kaisha, Mitsui & Co, Mitsui-OSK Lines, Sanko Steamship, Daiichi Chuo
Kisen, Konoike Transportation Co, Toyofuji Shipping, Dai-Ichi Chuo Kisen, Iino
Kaiun, other.
Corus UK Ltd, Odfjel ASA, Unicorn Shipping,
Pacific International Line, Sinostar marine Services (PTE) Ltd, Dongjin Marine
Co, Dae Ah Shipping Co, other.
No. of accounts:
400
Domestic areas of
activities: Nationwide
Suppliers: [Ship owners, operators, dockyards] Kanda
Shipyard, Orophil Shipping Int’l,
Sanwa Dockyard,
Oshima Shipbuilding, Tsuneishi Shipbuilding, Shin-Kurushima Dockyard,
Imabari Shipyard, other.
Payment record: Slow but correct
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Iyo Bank (Osaka)
SMBC (Itachibori)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
30/09/2012 |
30/09/2011 |
30/09/2010 |
30/09/2009 |
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Annual
Sales |
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27,000 |
25,511 |
22,967 |
20,824 |
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Recur.
Profit |
|
520 |
511 |
219 |
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Net
Profit |
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30 |
25 |
67 |
792 |
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Total
Assets |
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148,922 |
129,184 |
97,953 |
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Current
Assets |
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4,574 |
3,416 |
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Current
Liabs |
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3,129 |
3,085 |
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Net
Worth |
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1,486 |
1,461 |
1,373 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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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 |
5.84 |
11.08 |
10.29 |
15.75 |
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Current Ratio |
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.. |
146.18 |
110.73 |
.. |
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N.Worth Ratio |
.. |
1.00 |
1.13 |
1.40 |
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R.Profit/Sales |
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1.93 |
2.00 |
0.95 |
.. |
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N.Profit/Sales |
0.11 |
0.10 |
0.29 |
3.80 |
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Return On Equity |
.. |
1.68 |
4.59 |
57.68 |
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Notes:
Forecast (or estimated) for the 30/09/2012 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.62 |
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1 |
Rs.83.57 |
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Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.