MIRA INFORM REPORT

 

 

Report Date :

02.09..2014

 

IDENTIFICATION DETAILS

 

Name :

MMS CO LTD

 

 

Registered Office :

Surfeel Nakameguro Bldg, 1-18-12 Kamimeguro Meguroku Tokyo 153-0051

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

Jul 1974

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Ship management, shipbuilding supervision, ship manning, other

 

 

No of Employees :

55

 

 

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 – 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

 

 

COMPANY NAME

 

MMS CO LTD

 

 

REGD NAME

 

M. M. S. KK

 

 

MAIN OFFICE

 

Surfeel Nakameguro Bldg, 1-18-12 Kamimeguro Meguroku Tokyo 153-0051JAPAN

Tel: 03-3792-9811     

Fax: 03-3792-5023

 

URL:                 http://www.meiji-shipping.com (of the parent)

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Ship management, shipbuilding supervision, ship manning, other

 

 

BRANCHES

 

Nil

 

 

OVERSEAS

 

Singapore, Korea

 

 

OFFICERS

 

MASATSUGU TAKAHASHI, PRES

Kikuhiko Motoyama, rep dir        Hiroshi Kikuchi, dir

Toyoji Mamiya, dir                      Akihiko Abe, dir

                       

Yen Amount:    In million Yen, unless otherwise stated

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 908 M

PAYMENTS      SLOW BUT CORRECT   CAPITAL           Yen 40 M

TREND             SLOW                          WORTH            Yen 63 M         

STARTED         1974                             EMPLOYES      55

 

 

COMMENT

 

SHIP MANAGEMENT & SUPERVISION.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Meiji Shipping Co Ltd (See REGISTRATION).   The firm offers full range of ship transport service functions, such as ship management, shipbuilding supervision, manning of ships (officers/crew), other.  Clients include shipping companies, shipbuilders, other, nationwide.

 

 

FINANCIAL INFORMATION

           

The sales volume for Dec/2013 fiscal term amounted to Yen 908 million, a 1% down from Yen 919 million in the previous term.  Shipbuilding decreased.  The operations plunged into the red to post Yen 23 million recurring loss and Yen 22 million net losses, respectively, compared with Yen 13 million recurring profit and Yen 15 million net profit, respectively, a year ago.

 

For the current term ending Dec 2014 the operations are projected to come back to profitability to post Yen 30 million recurring profit and Yen 20 million net profit, respectively, on a 5% rise in turnover, to Yen 955 million.  Shipbuilding will increase, and also the weaker Yen will contribute to raise earnings in Yen terms.

 

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

 

 

REGISTRATION

 

Date Registered:  Jul 1974

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         320,000 shares

Issued:                80,000 shares

Sum:                   Yen 40 million

Major shareholders (%): Meiji Shipping Co Ltd* (25), Meiji Kosan (25), Meiji Tochi Tatemono (25), Tomei Kisen (25).  (--all group firms)

 No. of shareholders: 4

 

*.. Ship-owner of ocean-going ships, Tokyo, founded 1911, listed Tokyo S/E, capital Yen 1,800 million, sales Yen 28,151 million, operating profit Yen 2,524 million, recurring profit Yen 6,855 million, net profit Yen 1,414 million, total assets Yen 137,047 million, net worth Yen 9,185 million, employees 370, pres Kazuya Uchida

 

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

 

 

OPERATION

           

Activities: Ship management company, offering full range of ship transport service functions: ship ownership, shipbuilding supervision, ship maintenance, repairing, manning of ships (officers/crew), other (--100%)

 

Clients: [Mfrs, wholesalers] Meiji Shipping Co & group firms, Mitsui & Co, Mitsui Engineering & Shipbuilding Co, Mitsui-OSK Lines, other 

No. of accounts: 100

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsui Engineering & Shipbuilding Co, EMG Marketing, Showa Shell Sekiyu KK, Kobe Ship Supply Co, other

 

Payment record: Regular

 

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

           

 

Bank References

 

SMBC (Tokyo-Chuo)

MUFG (Higashi-Ebisu)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/12/2014

31/12/2013

31/12/2012

31/12/2011

Annual Sales

　

955

908

919

917

Recur. Profit

　

30

-23

13

　

Net Profit

　

20

-22

15

2

Total Assets

　

　

1,129

917

1,018

Current Assets

　

　

831

607

　

Current Liabs

　

　

993

704

　

Net Worth

　

　

63

87

74

Capital, Paid-Up

　

　

40

40

40

Div.Ttl in Million (¥)

　

　

2

2

2

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

5.18

-1.20

0.22

15.64

    Current Ratio

　

..

83.69

86.22

..

    N.Worth Ratio

　

..

5.58

9.49

7.27

    R.Profit/Sales

　

3.14

-2.53

1.41

..

    N.Profit/Sales

　

2.09

-2.42

1.63

0.22

    Return On Equity

　

..

-34.92

17.24

2.70

 

Notes: Forecast (or estimated) figures for the 31/12/2014 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.43

Euro

1

Rs.79.40

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SHG

 

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.