|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN MARINE CORPORATION |
|
|
|
|
Registered Office : |
Maruito Ginza Bldg 3F, 3-10-6 Ginza Chuoku Tokyo 104-0061 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
May 1997 |
|
|
|
|
Com. Reg. No.: |
(Tokyo-Chuoku) 051868 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
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 |
|
|
|
|
No of Employees : |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus, monetary easing, and structural
reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact
that would open Japan's economy to increased foreign competition and create new
export opportunities for Japanese businesses. Measured on a purchasing power
parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of
GDP. To help raise government revenue and reduce public debt, Japan decided in
2013 to gradually increase the consumption tax to a total of 10% by the year
2015. Japan is making progress on ending deflation due to a weaker yen and
higher energy costs, but reliance on exports to drive growth and an aging,
shrinking population pose other major long-term challenges for the economy.
|
Source
: CIA |
EASTERN MARINE
CORPORATION
REGD NAME: Toyo Kaiun Tsusho KK
MAIN OFFICE: 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
Jyoji Tanada, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 8,409 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen
96 M
TREND UP WORTH Yen 429 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
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). Operations are extended 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/2014 fiscal term amounted to Yen 8,409 million,
a 2% up from Yen 8,246 million in the previous term. The recurring profit was posted at Yen 26
million and the net profit at Yen 22 million, respectively, compared with Yen
75 million recurring profit and Yen 45 million net profit, respectively, a year
ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 35 million and the net profit at Yen 30 million, respectively, on a 6%
rise in turnover, to Yen 8,900 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:
1,936 shares
Sum: Yen
96.8 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: Slow but correct
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: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
8,900 |
8,409 |
8,246 |
6,643 |
|
Recur. Profit |
|
35 |
26 |
75 |
63 |
|
Net Profit |
|
30 |
22 |
45 |
8 |
|
Total Assets |
|
|
2,786 |
1,962 |
1,800 |
|
Current Assets |
|
|
747 |
909 |
613 |
|
Current Liabs |
|
|
543 |
625 |
404 |
|
Net Worth |
|
|
429 |
400 |
359 |
|
Capital, Paid-Up |
|
|
96 |
80 |
80 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.84 |
1.98 |
24.13 |
22.23 |
|
Current Ratio |
|
.. |
137.57 |
145.44 |
151.73 |
|
N.Worth Ratio |
|
.. |
15.40 |
20.39 |
19.94 |
|
R.Profit/Sales |
|
0.39 |
0.31 |
0.91 |
0.95 |
|
N.Profit/Sales |
|
0.34 |
0.26 |
0.55 |
0.12 |
|
Return On Equity |
|
.. |
5.13 |
11.25 |
2.23 |
Notes: Forecast (or estimated) for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.