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Report No. : |
309953 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TSUNEISHI SHIPBUILDING CO LTD |
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Registered Office : |
1083 Tsuneishi Numakumacho Fukuyama Hiroshima-Pref 720-0313 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
January 2012 |
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Com. Reg. No.: |
2400-01-037704 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is Shipbuilding,
repairs |
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No. of Employee : |
730 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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.
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Source
: CIA |
TSUNEISHI SHIPBUILDING CO LTD
REGD NAME: Tsuneishi
Zosen KK
MAIN OFFICE: 1083
Tsuneishi Numakumacho Fukuyama Hiroshima-Pref 720-0313 JAPAN
Tel: 084-987-1111
Fax: 084-987-0336
URL: http://www.tsuneishi.co.jp
E-Mail
address: (thru the URL)
Shipbuilding,
repairs
BRANCHES: Tokyo, Fukuoka
OVERSEAS: Philippines, China
FACTORIES: At the caption address, Tadotsu (subsidiary)
OVERSEAS: Cebu (Philippines), Zhoushan (China)
TAKAO
KAWAMOTO, PRES Akihiko Mishima, s/mgn
dir
Kenji
Kawano, mgn dir Yasunori
Obatake, mgn dir
Shigeru
Fujii, mgn dir Satoshi
Sato, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 154,457 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 100 M
TREND SLOW WORTH Yen 38,534 M
STARTED 2012 EMPLOYES 730
SHIPBUILDER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1942 by
Katsutaro Kambara as a ship operator, on his account. Incorporated in 1944 as Kambara Kisen Kaisha
Ltd, and renamed as captioned later.
This is a shipbuilder. In Jan
2007, merged 11 group firms to form newly a holding company, Tsuneishi Holdings
Corporation (See REGISTRATION). The holding firm has three core operation
divisions (in-house division companies): shipbuilding (Tsuneishi Shipbuilding
Company), shipping (Kambara Kisen Company), and support/others (Koshien
Warehousing, other division companies).
The sales volume for Dec/2013 fiscal term
amounted to Yen 154,457 million, a 19% down from Yen 189,984 million in the
previous term. The shipbuilding industry
was dampened. The recurring profit was
posted at Yen 22,953 million and the net profit at Yen 5,718 million,
respectively, compared with Yen 20,086 million recurring profit and Yen 14,313
million net profit, respectively, a year ago.
For the term that ended Dec 2014 the recurring
profit was projected at Yen 23,500 million and the net profit at Yen 7,000
million, respectively, on a 3% rise in turnover, to Yen 159,500 million. Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date
Registered: Jan 2012
Regd
No.: 2400-01-037704 (Shizuoka-Numazu)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued:
2,000 shares
Sum:
Yen
100 million
Major shareholders (%): Tsuneishi Holdings Corp* (100)
*.. Holding Company, founded 2007,
capital Yen 100 million, sales Yen 7,200 million, net profit Yen 4,567 million,
employees 24, pres Yasuharu Fushimi
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Shipbuilding: bulk carriers, tankers, car carriers, container carriers, wood
chip carriers, ship repairs (--100%)
Clients: [Mfrs,
wholesalers] Mitsui & Co, Itochu Corp, Mitsubishi Corp, Kawasaki Kisen
Kaisha, Mitsui OSK, Sumitomo Corp, Ugland, Mitsubishi Ore Transport Co, other
No. of accounts: 50
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsui & Co, Itochu Corp, Mitsubishi Corp, Tsuneishi
Trading, THI, TZS, other
Payment record: Regular
Location:
Business area in Fukuyama, Hiroshima-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank
References:
Chugoku Bank (Fukuyama)
Hiroshima Bank
(Fukuyama)
Relations: Satisfactory
In Million Yen)
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
Annual
Sales |
|
159,500 |
154,457 |
189,984 |
169,437 |
|
Recur.
Profit |
|
23,500 |
22,953 |
20,086 |
13,348 |
|
Net
Profit |
|
7,000 |
6,718 |
14,313 |
2,691 |
|
Total
Assets |
|
|
212,305 |
218,090 |
231,147 |
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Current
Assets |
|
|
173,779 |
179,139 |
102,010 |
|
Current
Liabs |
|
|
132,491 |
146,246 |
186,001 |
|
Net
Worth |
|
|
38,534 |
33,976 |
31,067 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.Ttl
in Million (¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.26 |
-18.70 |
12.13 |
- - - |
|
Current Ratio |
|
.. |
131.16 |
122.49 |
54.84 |
|
N.Worth Ratio |
|
.. |
18.15 |
15.58 |
13.44 |
|
R.Profit/Sales |
|
14.73 |
14.86 |
10.57 |
7.88 |
|
N.Profit/Sales |
|
4.39 |
4.35 |
7.53 |
1.59 |
|
Return On Equity |
|
.. |
17.43 |
42.13 |
8.66 |
Notes:
The 31/12/2011 fiscal term is the initial accounting term from the inception.
Forecast
(or estimated) figures for the 31/12/2014 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.04 |
|
|
1 |
Rs.96.02 |
|
Euro |
1 |
Rs.70.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
|
-- |
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.