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Report No. : |
350128 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
TOKO KAIUN KAISHA LTD |
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|
|
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Registered Office : |
Meikai Bldg, 32 Akashimachi Chuoku Kobe 650-0037 |
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|
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Country : |
Japan |
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|
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
July, 1935 |
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|
|
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Com. Reg. No.: |
1400-01-009849 (Kobe-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship Owner/Operator, Ship Management, Ship Agency. |
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|
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No. of Employees : |
74 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 an
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. Scarce in many
natural resources, Japan has long been dependent on imported raw materials.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since
2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
TOKO KAIUN KAISHA LTD
REGD NAME: Toko
Kaiun KK
MAIN OFFICE: Meikai Bldg, 32 Akashimachi Chuoku
Kobe 650-0037 JAPAN
Tel: 078-331-1511 Fax: 078-331-6444
URL: http//:www.tokoline.co.jp
E-mail: info@tokoline.co.jp
Ship
owner/operator, ship management, ship agency
USA, Hong Kong,
Singapore
Tokyo
EISUKE IDAKA, PRES Daisuke Idaka, ch
Hideo
Suemune, v ch Kensuke
Idaka, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 40,344 M
PAYMENTSREGULAR CAPITAL Yen 49 M
TREND STEADY WORTH Yen 13,374 M
STARTED 1935 EMPLOYES 74
SHIP
OWNER/OPERATOR
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject
company is an old-established company by Iwaichiro Idaka as a ship operator. Line of business: ship operation (to/from
North America, Latin America, S/E Asia, China, Middle East, Bengal, India, Australia, etc). It also offers
ship management & ship agency services.
The sales volume
for Mar/2015 fiscal term amounted to Yen 40,344 million, an 11% up from Yen
36,215 million in the previous term.
Freight rate hike and the weaker Yen contributed to raise earnings in
Yen terms. The recurring profit was
posted at Yen 2,499 million and the net profit at Yen 1,110 million,
respectively, compared with Yen 1,589 million recurring profit and Yen 692
million net profit, respectively, a year ago..
.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 2,600 million and
the net profit at Yen 1,200 million, respectively, on a 5% rise in turnover, to
Yen 42,350 million. Weaker Yen may
continue to raise earnings in Yen terms.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Jul 1935
Regd
No.: 1400-01-009849 (Kobe-Chuoku)
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 2.4 million shares
Issued: 982,000 shares
Sum:
Yen 49.1 million
Major
shareholders (%): Toko Yoko (12), NS United Kaiun Kaisha (11), NYK Line
(8), other
No.
of shareholders: 27
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship
owner/operator, ship management services, ship agency (--100%)
(Line of Business): Ship operation
to/from North America, Latin America, S/E Asia, China, Middle East, Bengal,
India, Australia, etc.
Clients: [Wholesalers,
steel mills, mfrs] Mitsubishi Corp, Mitsui & Co, Metal One, Sumitomo Corp,
Itochu-Marubeni Steel, JFE Steel, Kobe Steel, Toyota Tsusho Corp, Kubota,
Kanematsu Corp, Nippon Steel & Sumitomo Metal Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Shipping lines,
mfrs] Shinwa Kaiun, NYK Bulk Projects, Mitsui-OSK Line, Leyte Navigation,
NS United Shipping, Kawasaki Kinkai
Kisen, other.
Payment
record: Regular
Location: Business area in Kobe. Office premises at the caption address are
leased and maintained satisfactorily.
Bank
References:
SMBC
(Kobe)
Mizuho
Bank (Kobe)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
42,350 |
40,344 |
36,215 |
29,662 |
|
Recur.
Profit |
|
2,600 |
2,499 |
1,589 |
797 |
|
Net
Profit |
|
1,200 |
1,110 |
692 |
469 |
|
Total
Assets |
|
|
20,110 |
18,659 |
17,314 |
|
Current
Assets |
|
|
14,217 |
13,015 |
12,265 |
|
Current
Liabs |
|
|
6,147 |
5,813 |
5,017 |
|
Net
Worth |
|
|
13,374 |
12,456 |
11,908 |
|
Capital,
Paid-Up |
|
|
40 |
49 |
49 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.97 |
11.40 |
22.09 |
8.56 |
|
Current Ratio |
|
.. |
231.28 |
223.89 |
244.47 |
|
N.Worth Ratio |
|
.. |
66.50 |
66.76 |
68.78 |
|
R.Profit/Sales |
|
6.14 |
6.19 |
4.39 |
2.69 |
|
N.Profit/Sales |
|
2.83 |
2.75 |
1.91 |
1.58 |
|
Return On Equity |
|
.. |
8.30 |
5.56 |
3.94 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
NIT |
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.