MIRA INFORM REPORT

 

 

Report Date :

05.09.2014

 

IDENTIFICATION DETAILS

 

Name :

FRESH CARRIERS CO LTD

 

 

Registered Office :

New Kawai Bldg 7F, 3-4-6 Nihombashi-Honcho Chuoku Tokyo 103-0023

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

April, 2001

 

 

Com. Reg. No.:

0100-01-073463 (Tokyo-Chuoku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Sea transport of fruits & vegetables

 

 

No. of Employees

10

 

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 :

No Complaints

 

 

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 and address

 

FRESH CARRIERS CO LTD

REGD NAME:    KK Fresh Carriers

MAIN OFFICE:  New Kawai Bldg 7F, 3-4-6 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN

Tel: 03-3516-8461     Fax: 03-3516-8462

 

URL:                 http://www.freshcarriers.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES  

 

Sea transport of fruits & vegetables

 

 

BRANCHES

 

Nil

 

 

OFFICER(S)

 

TAKAO TAKESHIGE, PRES

Mikio Kimura, dir

Tomiyasu Kondoh, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 17,000 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 52 M

TREND             SLOW                          WORTH            Yen 445 M

STARTED         2001                             EMPLOYES      10

 

 

COMMENT    

 

SHIPPING COMPANY, OWNED BY NIPPON SUISAN KAISHA LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

 

The subject company was established as a shipping firm when fruits/vegetables sales division separated from Nissui Shipping KK, wholly owned by Nippon Suisan Kaisha Ltd (See REGISTRATION).  This is a specialized carrier of fruits/vegetables.  Transports both imports and exports cargoes.

 

 

FINANCIAL INFORMATION

 

Financials are only partially disclosed and in rounded off numbers.  Profits are not precisely disclosed and only estimated.

 

The sales volume for Mar/2014 fiscal term amounted to Yen 17,000 million, a similar amount in the previous term.  Fresh fruits cargo movements were slow to increase.  The net profit is estimated posted at Yen 30 million, similarly in the previous term.

 

For the current term ending Mar 2015 the net profit is projected at Yen 35 million, on a 5% rise in turnover, to Yen 17,800 million.

 

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

 

 

REGISTRATION

 

Date Registered:                      Apr 2001

Regd No.:                                 0100-01-073463 (Tokyo-Chuoku)

Legal Status:                           Limited Company (Kabushiki Kaisha)

Authorized:                              4,200 shares

Issued:                                     1,050 shares

Sum:                                        Yen 52.5 million

Major shareholders (%):           Nippon Suisan Kaisha Ltd*(100)

 

* Second largest in seafood industry & tops in frozen foods, Tokyo, founded1943, listed Tokyo S/E, capital Yen 23,729 million, turnover Yen 604,249 million, operating profit Yen 13,931 million, recurring profit Yen 12,360 million, net profit Yen 3,754 million, total assets Yen 431,643 million, net worth Yen 66,314 million, employees 8,919, pres Norio Hosomi

 

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

 

 

OPERATION

 

Activities: Ship operator specializing in fruits & vegetables, wholly owned by Nippon Suisan Kaisha Ltd (--100%).

 

 

Clients: [Cargo owners] Nippon Suisan Kaisha, Dole Japan, Dole Chile, Sunrise Coast New Zealand, Sumisho Fruits, Zespri International Japan, Sumifru Corp, Tominaga Shoji, other

No. of accounts: 200

Domestic areas of activities: Nationwide

Suppliers: [Ship owners] Sampaquita Shipping SA, Copihue Shipping SA, Sasanqua Shipping SA, other.

Domestically: Toyo Wharf & Warehouse Co, Shinsei Kaiun, Hanwa Corp, other

 

Payment record: No Complaints

 

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

 

Bank References:

Mizuho Bank (Koenji)

SMBC (Koishikawa)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

Terms Ending:

　

31/03/2015

31/03/2014

31/03/2013

31/03/2012

Annual Sales

　

17,800

17,000

17,000

17,700

Recur. Profit

　

..

..

..

..

Net Profit

　

35

30

30

35

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

445

415

385

Capital, Paid-Up

　

　

52

52

52

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

4.71

0.00

-3.95

-0.56

    Current Ratio

　

　

..

..

..

    N.Worth Ratio

　

　

..

..

..

    N.Profit/Sales

　

0.20

0.18

0.18

0.20

 

Notes: Financials are only partially disclosed.  Profits are not precisely disclosed and only estimated.

Forecast (or estimated) figures for the 31/03/2015 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.45

UK Pound

1

Rs.99.46

Euro

1

Rs.79.46

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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