MIRA INFORM REPORT

 

 

Report Date :

11.11.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL BUNKER SERVICES KK

 

 

Registered Office :

MLC Kojimachi Bldg, 2-8 Kojimachi Chiyodaku Tokyo 102-0083

 

 

Country :

Japan

 

 

Financials (as on) :

30.04.2013

 

 

Date of Incorporation :

March, 2005

 

 

Com. Reg. No.:

0100-01-096936 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Supply of marine fuel oils, lubricants

 

 

No. of Employees :

5

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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 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

 

company name

 

INTERNATIONAL BUNKER SERVICES KK

 

 

REGD NAME

 

International Bunker Services KK

 

 

MAIN OFFICE

 

MLC Kojimachi Bldg, 2-8 Kojimachi Chiyodaku Tokyo 102-0083 JAPAN

Tel: 03-5215-8120     Fax: 03-5215-8121

 

URL:                 http://www.ibskk.com/

E-Mail address: ibs@ibskk.com

 

 

ACTIVITIES

 

Supply of marine fuel oils, lubricants

 

 

BRANCHES

 

Nil

 

 

OFFICER(S)

 

HIDEO SHIKADA, PRES

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 10,220 M

PAYMENTS      SLOW BUT CORRECT   CAPITAL           Yen 10 M

TREND             SLOW                          WORTH            Yen 42 M

STARTED         2005                             EMPLOYES      5

                       

 

COMMENT    

 

SUPPLIER OF MARINE FUEL OILS AND LUBRICANTS, OWNED BY DANISH CAPITAL. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

 

The subject company was established by a Danish shipping company & bunkering group, established in 1876, in order to market bunkering fuels and lubricants in Japan.  The firm has three divisions: supply of marine fuel/diesel oils, lubricants and ship husbanding agency division.  This is a trading firm for import and supply bunker oils & lubricants for vessels calling Japanese ports.  It also offers agency services for foreign vessels calling Japan.  The Danish group supplies bunkers & lubricants for vessels world over.  It also arranges bunker surveyor from surveyor companies, such as DNV, SGS & Intertek Caleb Brett.  In 2012, established subsidiaries in Russia & Hong Kong, and transferred the operations to each subsidiary.  Staff members were reduced to 5 from 11 previously.  Clients are shipping companies, oil companies, oil dealers, general trading houses, other, nationwide.

                       

 

FINANCIAL INFORMATION

 

The sales for Apr/2013 fiscal term amounted to Yen 10,220 million, a 45% down from Yen 18,564 million in the previous term.  This is referred to the said transfer of operations to new subsidiaries in Russia and Hong Kong.  The operations plunged into the red to post Yen 7 million recurring loss and Yen 17 million net losses, respectively, compared with Yen 100 million recurring profit and Yen 17 million net proft, respectively, a year ago

 

For the current term ending Apr 2014 the operations are projected to come back to profitability to post Yen 50 million recurring profit and Yen 20 million net profits, respectively, on an 8% rise in turnover, to Yen 11,000 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Mar 2005

Regd No.:            0100-01-096936 (Tokyo-Chiyodaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         200 shares

Issued:                200 shares

Sum:                   Yen 10 million

Major shareholders (%): Danish Capital (T. O. Nielsen) (100)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Supplier of marine fuel & diesel oils, lubricants; ship agency services, arrangement of bunker surveyors (--100%)

 

Clients: [Ship owners, ship operators, oil traders] Royal Dutch Shell, Exxon Mobile, BP,

Sumitomo Corp, Marubeni Corp, Mitsui & Co, Mitsubishi Corp, other

No. of accounts: 200

Domestic areas of activities: Nationwide

Suppliers: [Oil refineries, oil traders, general trading houses] Group firms, Shinanen Co, Mitsubishi Corp, Sumitomo Corp, Marubeni Corp, Mitsui & Co, other.

                                                           

Payment record: Slow but Correct

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

SMBC (Hibiya)

Deutche Bank (Tokyo)

Relations: Satisfactory

 

 

FINANCES

 

 (In Million Yen)

       Terms Ending:

30/04/2014

30/04/2013

30/04/2012

30/04/2011

Annual Sales

　

11,000

10,220

18,564

18,158

Recur. Profit

　

50

-7

100

40

Net Profit

　

20

-17

17

10

Total Assets

　

　

1,129

2,267

1,971

Current Assets

　

　

1,093

2,227

1,925

Current Liabs

　

　

1,087

2,207

1,939

Net Worth

　

　

42

60

32

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

7.63

-44.95

2.24

46.41

    Current Ratio

 

..

100.55

100.91

99.28

    N.Worth Ratio

..

3.72

2.65

1.62

    R.Profit/Sales

 

0.45

-0.07

0.54

0.22

    N.Profit/Sales

0.18

-0.17

0.09

0.06

    Return On Equity

..

-40.48

28.33

31.25

 

Notes: Forecast (or estimated) figures for the 30/04/2014 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.