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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
EASTERN MARINE CORPORATION |
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Registered Office : |
Maruito Ginza Bldg 3F, 3-10-6 Ginza Chuoku
Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
May 1997 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 051868 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship owner, operator, ship agency, ship chartering, ship
sales/purchasing |
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No. of Employees : |
36 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
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 |
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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 |
EASTERN MARINE CORPORATION
Toyo Kaiun Tsusho
KK
Maruito Ginza Bldg
3F, 3-10-6 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel:
03-5148-1881 Fax: 03-5148-1882
URL: http://www.e-m-c.co.jp
E-Mail address: ship@e-m-c.co.jp
Ship
owner, operator, ship agency, ship chartering, ship sales/purchasing
Beijing,
Qingdao, Shanghai
YUE
LI, PRES
Ke Bin
Xiang, s/mgn dir
Mitsuaki
Nishide, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 6,643 M
PAYMENTS Slow but Correct CAPITAL Yen
80 M
TREND UP WORTH Yen 359 M
STARTED 1997 EMPLOYES 36
SHIP OWNER & OPERATOR AND AGENCY BUSINESS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established by Yue Li, resident Chinese, in order to make most of his previous experience in the shipping business. This is a ship owner and operator of a total 12 vessels, plying between Japan/China, Korea and S/E Asia. Originally started as a ship agency business and has expanded its operations into other areas. In Apr 1999, started ship chartering business; in Oct 2002 owned first vessel & started tramper business. The firm has now five divisions: ship chartering team, ship owning and operating team (owning 12 vessels); ship agency team; export/import team (steel products, mechanical materials, plastic & raw materials); ship service team (ship sales/purchases, ship material supply). Recently extended operations into Russia and vicinities areas. Domestic clients include major trading firms, shipping companies, mfrs, other, nationwide.
The sales volume for Mar/2012 fiscal term amounted to Yen 6,643 million, a 22% up from Yen 5,435 million in the previous term. Shipments into China rose. Freight rates increased. The recurring profit was posted at Yen 63 million and the net profit at Yen 8 million, respectively, compared with Yen 48 million recurring profit and Yen 43 million net profit, respectively, a year ago. The hike in fuel oil prices ate into the profits.
For the current term ending Mar 2013 the recurring profit is projected at Yen 65 million and the net profit at Yen 30 million, respectively, on a 5% rise in turnover, to Yen 7,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: May 1997
Regd No.: (Tokyo-Chuoku) 051868
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,400 shares
Issued:
1,600 shares
Sum: Yen 80
million
Major shareholders (%): Yue
Li (41), K B Xiang (21), S Wang (17), Sumiko Yajima (9)
No. of shareholders: 11
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship owner and operator of 12 ships, plying Japan/China/Korea and S/E/Russia, Asian countries, offering ship agency, ship store & machinery supply, import & export of steel, steel products, other (--100%).
(Breakdown of
business teams):
Ship Chartering Team:
mainly carries bulk cargo such as steel products, plant equipment, coal,
grain, fertilizer, steel scrap & raw materials for import and export
between Japan, China, Korea, Russia and S/E Asia;
House Fleet Team: owns/operates 11 vessels ranging from 2,000 MT deadweight to more than 10,000 MT, the team runs under both periodic and spot contracts, including management, maintenance, repairing of vessels;
Trading Team: trades plastics, off-grades & recycles between Japan, China, Hong Kong, Taiwan & S/E Asia;
Ship S&P Service Team: sells & purchases bulk carriers, container ships, tankers and work boats primarily in Japan, China, Korea, S/E Asia and Europe, handling everything from concluding the contract to delivery of vessel(s).
Clients: [Mfrs, wholesalers] Mitsubishi Corp, Metal One, Mitsui & Co, Marubeni-Itochu Steel Inc, JFE Shoji Trading, Topy Enterprises, Nittetsu Butsuryu, Mitsui Kinzoku Trading, Kanematsu Corp, Sojitz Logistics, Toyota Tsusho Corp, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Ship owners, operators] Sankyu Inc, Nippon Express, other.
Payment record: Slow but Correct
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(Kyobashi)
SMBC
(Tokyo-Chuo)
Relations:
Satisfactory.
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
7,000 |
6,643 |
5,435 |
5,084 |
|
Recur.
Profit |
|
65 |
63 |
48 |
46 |
|
Net
Profit |
|
30 |
8 |
43 |
24 |
|
Total
Assets |
|
|
1,800 |
2,149 |
1,630 |
|
Current
Assets |
|
|
613 |
797 |
796 |
|
Current
Liabs |
|
|
404 |
510 |
365 |
|
Net
Worth |
|
|
359 |
358 |
323 |
|
Capital,
Paid-Up |
|
|
80 |
80 |
80 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.37 |
22.23 |
6.90 |
-8.81 |
|
|
Current Ratio |
|
.. |
151.73 |
156.27 |
218.08 |
|
N.Worth Ratio |
.. |
19.94 |
16.66 |
19.82 |
|
|
R.Profit/Sales |
|
0.93 |
0.95 |
0.88 |
0.90 |
|
N.Profit/Sales |
0.43 |
0.12 |
0.79 |
0.47 |
|
|
Return On Equity |
.. |
2.23 |
12.01 |
7.43 |
|
Notes:
Forecast (or estimated) for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.