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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
KOYO KAIUN CO LTD |
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Registered Office : |
Daini AB Bldg 2F, 3-1-17 Roppongi Minatoku Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2013 |
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Date of Incorporation : |
February 1949 |
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Com. Reg. No.: |
0104-01-046523 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Chemical tanker owner & operator |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
KOYO KAIUN CO LTD
REGD NAME: Koyo
Kaiun KK
MAIN OFFICE: Daini
AB Bldg 2F, 3-1-17 Roppongi Minatoku Tokyo 106-0032 JAPAN
Tel:
03-3224-2600 Fax: 03-3224-2650
E-Mail
address: subcontact@koyotky.co.jp
Chemical tanker
owner & operator
Singapore
(subsidiary, Koyo Kaiun Asia Pte Ltd)
FUJIO SEKIGUCHI,
PRES
Hiroshi Sekiguchi,
ch
Kanji Sekiguchi,
s/mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 6,017 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 90 M
TREND SLOW WORTH Yen 4,922 M
STARTED 1949 EMPLOYES 20
SHIP OWNER & OPERATOR SPECIALIZING IN OILS, CHEMICALS & EDIBLE OILS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established by Hiroshi Sekiguchi in order to make most of his
experience in the shipping business, starting as coastal tanker operator. This is a ship owner and operator
specializing in oil products, chemicals, edible oils, methanol, molasses,
other. Operating bases are Japan and
Singapore, wherefrom the firm operates liner services for these cargoes liking
Far East, S/E Asia, India/Pakistan and Middle East. Operates 17 ships: 3 vessels of palm oil
trade. 12 vessels of chemicals trade, and 2 vessels chartered out. From Apr 2012 all operations are shifted to
Singapore Office, and the subject concentrate on management and supervising. Clients include major trading houses, oil
refineries, other, nationwide.
(Brief History): In 1966, the firm sent for the first time
some of its coastal tankers to carry lubricant oils from Japan to Taiwan and
molasses on the way back. In 1969 began near-sea
chemical trades and in 1974 vegetable oils were added to the list of
cargoes. In 1996, established Koyo Kaiun
Asia Pte Ltd in Singapore to cater to the growing needs for chemical tanker
services within S/E Asia.
The sales volume for Jan/2013 fiscal term
amounted to Yen 6,017 million, a 2% up from Yen 5,903 million in the previous
term. The recurring profit was posted at
Yen 79 million and the net profit at Yen 49 million, respectively, compared
with Yen 100 million recurring loss and Yen 16 million net profit,
respectively, a year ago.
For the current
term ending Jan 2014 the recurring profit is projected at Yen 85 million and
the net profit at Yen 55 million, respectively, on a 5% rise in turnover, to
Yen 6,300 million. Shipping demand
continues rising.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Feb 1949
Regd No.: 0104-01-046523 (Tokyo-Minatoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
7.2 million shares
Issued: 1.8 million shares
Sum: Yen 90 million
Major shareholders (%): Miharu Unyu (85),
Company’s Treasury Stock (5), Fujio Sekiguchi (5), Kanji Sekiguchi (5)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship owner &
operator specializing in petroleum products (for coastal trades only), methanol, edible oil,
other chemicals (--100%).
(Operating
fleet): Palm oil trade (4 ships), Chemicals trade (12 ships), chartered out (2
ships).t
(Bases
of operations):
Tokyo-based: chemical trades
(S/E Asia – India/Pakistan – Middle East);
Edible
oil trades (Far East –
Malaysia/Indonesia/Thailand):
Singapore-based
trades
(Singapore/Malaysia/Indonesia/Thailand), servicing 7-10 times monthly liner
trades.
Trading
routes:
S/E
Asia-Japan trade: covered by 4 vessels each having stainless steel cargo tanks, making one
round trip in 30 days;
Regional
Liner Service: using 8-10 vessels to cover ports in Singapore, Malaysia, Thailand,
Indonesia, Vietnam, South China and Taiwan regularly
Asia-USA
trade: monthly service using 20,000 dwt type vessels;
Asia-Australia
trade: regular service for the trade, using 12,000 dwt type vessels
Methanol
Trade: first trade began in 1979 trading between Canada and Japan, and
recently between New Zealand and Japan/Korea/China, by putting one 16,000 DWT
methanol carrier and two new 49,000 DWT sizes.
Clients: [Cargo owners,
oil refineries] Exxon Mobil group firms, Itochu Corp,
Mitsubishi Corp, Marubeni Corp, Japan
Energy, Fuji Kosan Co, Koyo Kaiun Asia Ltd, other.
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Shipping firms,
forwarders] New Glory Shipping, New Seagull Shipping, Tamagawa Kosan, Asakawa Kisen, Nagata
Sempaku, Yawatahama Shosen, etc.
Payment record: No Complaints
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
Shoko Chukin Bank
(Yokohama-Nishiguchi)
Mizuho Bank
(Marunouchi-Chuo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/01/2014 |
31/01/2013 |
31/01/2012 |
31/01/2011 |
|
|
Annual
Sales |
|
6,300 |
6,017 |
5,903 |
7,312 |
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Recur.
Profit |
|
85 |
79 |
-100 |
53 |
|
Net
Profit |
|
55 |
49 |
16 |
21 |
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Total
Assets |
|
|
7,610 |
7,747 |
8,450 |
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Current
Assets |
|
|
5,427 |
5,391 |
5,757 |
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Current
Liabs |
|
|
1,182 |
1,261 |
1,488 |
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Net Worth |
|
|
4,922 |
4,856 |
8,842 |
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Capital,
Paid-Up |
|
|
90 |
90 |
90 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.70 |
1.93 |
-19.27 |
4.32 |
|
|
Current Ratio |
|
.. |
459.14 |
427.52 |
386.90 |
|
N.Worth Ratio |
.. |
64.68 |
62.68 |
104.64 |
|
|
R.Profit/Sales |
|
1.35 |
1.31 |
-1.69 |
0.72 |
|
N.Profit/Sales |
0.87 |
0.81 |
0.27 |
0.29 |
|
|
Return On Equity |
.. |
1.00 |
0.33 |
0.24 |
|
Notes: Forecast
(or estimated) figures for 31/01/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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 |
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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.