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Report Date : |
06.11.2013 |
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 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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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 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%). |
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No. of Employees : |
32 |
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) |
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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 |
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 |
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
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 8,246 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
80 M
TREND UP WORTH Yen 400 M
STARTED 1997 EMPLOYES 32
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
11 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 11 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. Two ships were built
in Qingdao, China.
The sales volume for Mar/2013 fiscal term amounted to Yen 6,643 million,
a 24% up from Yen 6,643 million in the previous term. Shipments into China rose. Freight rates increased. Yen’s weakness in Feb/Mar/2013
contributed. The recurring profit was
posted at Yen 75 million and the net profit at Yen 45 million, respectively,
compared with Yen 63 million recurring profit and Yen 8 million net profit,
respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 85 million and the net profit at Yen 50 million, respectively, on a 6%
rise in turnover, to Yen 8,700 million.
Yen’s weakness will raise freight revenues in Yen terms.
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: 10
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, Mitsui OSK Lines, Kambara
Steamship, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Ship owners,
operators] Sankyu Inc, Nippon Express, other.
Payment
record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Kyobashi)
Shoko Chukin Bank (Oshiage)
Relations: Satisfactory.
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
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Annual
Sales |
|
8,700
|
8,246
|
6,643
|
5,435
|
|
Recur.
Profit |
|
85 |
75 |
63 |
48 |
|
Net
Profit |
|
50 |
45 |
8 |
43 |
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Total
Assets |
|
|
1,962
|
1,800
|
2,149
|
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Current
Assets |
|
|
909 |
613 |
797 |
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Current
Liabs |
|
|
625 |
404 |
510 |
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Net
Worth |
|
|
400 |
359 |
358 |
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Capital,
Paid-Up |
|
|
80 |
80 |
80 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.51 |
24.13
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22.23
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6.90 |
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Current Ratio |
|
.. |
145.44
|
151.73
|
156.27
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N.Worth Ratio |
.. |
20.39
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19.94
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16.66
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R.Profit/Sales |
|
0.98 |
0.91 |
0.95 |
0.88 |
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N.Profit/Sales |
0.57 |
0.55 |
0.12 |
0.79 |
|
|
Return On Equity |
.. |
11.25
|
2.23 |
12.01
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Notes: Forecast (or estimated) for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.