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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
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Name : |
NISSEN KAIUN CO LTD |
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Registered Office : |
3477-5 Kiurako Hakatacho Imabari Ehime-Pref 794-2305 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
May 1959 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship owner/operator of tankers, container ships, chemical tankers, bulkers |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
NISSEN KAIUN CO LTD
REGD NAME: Nissen
Kaiun KK
MAIN OFFICE: 3477-5
Kiurako Hakatacho Imabari Ehime-Pref 794-2305 JAPAN
Tel:
0897-72-1478 Fax: 0897-72-1478
URL: N/A
Ship owner/operator
of tankers, container ships, chemical tankers, bulkers
Nil
KATSUYA ABE, PRES Tetsuo Abe, dir
Hirofumi Hamada,
dir Ryoji Akase, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen
16,000 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 45 M
TREND SLOW WORTH Yen
4,220 M
STARTED 1959 EMPLOYES 20
SHIP OWNER & OPERATOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was
established by father of Katsuya Abe in order to make most of his experience in
the shipping business. Katsuya took the
pres office in Sept 2005. This is a ship
owner & operator of tankers (VLCC & chemical tankers), bulkers, container
ships, other. The firm is owned and
managed by the Abe family. Ships are
built in Japan and registered in Panama.
All chartered to major ship operators, such as MOSK Lines, Kawasaki
Kisen Kaisha, Daiichi Chuo Line, Nippon Oil, other.
Financials are only
partially disclosed.
The sales volume for Mar/2012 fiscal term
amounted to Yen 16,000 million, a 27% down from Yen 22,000 million in the
previous term. Shipping demand
decreased. Tanker demand dropped. The net profit was posted at Yen 800 million,
compared with Yen 1,100 million a year ago.
For the current
term ending Mar 2013 the net profit is projected at Yen 830 million, on a 3%
rise in turnover, to Yen 16,500 million.
Shipping demand recovered.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements.
Date Registered:
May 1959
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 365,000 shares
Issued: 91,260 shares
Sum: Yen 45.63 million
Major shareholders (%): Katsuya Abe
& Akira Abe (Breakdown not available)
No.
of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship owner/operator
of tankers, dry bulkers, container ships, others, registered in Panama
(--100%). Ships are all chartered out to
major shipping lines.
Clients: [Ship operators]
Daiichi Chuo Lines, Southern Route Maritime SA, NYK Lines, MOSK Lines, Kawasaki
Kisen Kaisha, Sanko Kisen, other.
No. of accounts:
30
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
shipbuilders] Imabari Shipyard, Shikoku Dockyard, Tsuneishi Shipbuilding
Holdings, Mitsui Engineering & Shipbuilding, Hakata Zosen, Kowa Marine
Service, Murakami Kikai Kogu, Hiroshimaya Shoten, other.
Payment record: No Complaints
Location: Business area in
Imabari, Ehime-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Imabari)
Iyo Bank (Hakata)
Relations:
Satisfactory
(In Million Yen)
|
|
|
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
|
16,500 |
16,000 |
22,000 |
20,000 |
|
Recur.
Profit |
|
|
|
|
|
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Net
Profit |
|
830 |
800 |
1,100 |
1,000 |
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Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
4,220 |
2,153 |
1,383 |
|
Capital,
Paid-Up |
|
|
45 |
45 |
45 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.13 |
-27.27 |
10.00 |
-7.08 |
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|
Current Ratio |
|
|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
5.03 |
5.00 |
5.00 |
5.00 |
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Note: Financials are
only partially disclosed.
Forecast (or
estimated) for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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.