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Report No. : |
344808 |
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Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
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Name : |
EASTERN MARINE CORPORATION |
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Registered Office : |
Maruito Ginza Bldg 3F, 3-10-6 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
May 1997 |
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Com. Reg. No.: |
0100-01-051868 |
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Legal Form : |
Limited Company |
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Line of Business : |
Ship owner and operator of 15 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%). |
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No. of Employees : |
38 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 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 |
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
ACTIVITIES: Ship
owner, operator, ship agency, ship chartering, ship sales/purchasing
BRANCHES: Beijing,
Qingdao, Shanghai
OFFICERS: 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 9,541 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 96 M
TREND UP WORTH Yen 490 M
STARTED 1997 EMPLOYES 38
COMMENT: 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 15 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 15 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/2015 fiscal term amounted to Yen 9,541 million, a 14% up from Yen 8,409 million in the previous term. 3 vessels newly added in the previous term contributed. The recurring profit was posted at Yen 107 million and the net profit at Yen 65 million, respectively, compared with Yen 26 million recurring profit and Yen 22 million net profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected at Yen 110 million and the net profit at Yen 70 million, respectively, on a 5% rise in turnover, to Yen 10,010 million. The weaker Yen 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.:
0100-01-051868
(Tokyo-Chuoku)
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), Employees’ S/Holding Assn, other
No.
of shareholders: 10
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship owner and operator of 15 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 15 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, Mitsui Kinzoku Trading, Kanematsu Corp, Sojitz Logistics, Toyota Tsusho Corp, Mitsui OSK Kinkai, Nippon Steel & Sumikin Bussan Corp, Tokyo Steel, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Ship owners, operators] Sankyu Inc, Nippon Express, other.
Payment record: No Complaints
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: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
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Annual
Sales |
|
10,010 |
9,541 |
8,409 |
8,246 |
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Recur.
Profit |
|
110 |
107 |
26 |
75 |
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Net
Profit |
|
70 |
65 |
22 |
45 |
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Total
Assets |
|
|
2,301 |
2,786 |
1,962 |
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Current
Assets |
|
|
887 |
747 |
909 |
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Current
Liabs |
|
|
761 |
543 |
625 |
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Net
Worth |
|
|
490 |
429 |
400 |
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Capital,
Paid-Up |
|
|
96 |
96 |
80 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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4.92 |
13.46 |
1.98 |
24.13 |
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Current Ratio |
|
.. |
116.56 |
137.57 |
145.44 |
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N.Worth Ratio |
|
.. |
21.30 |
15.40 |
20.39 |
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R.Profit/Sales |
|
1.10 |
1.12 |
0.31 |
0.91 |
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N.Profit/Sales |
|
0.70 |
0.68 |
0.26 |
0.55 |
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Return On Equity |
|
.. |
13.27 |
5.13 |
11.25 |
Notes: Forecast (or estimated) for the 31/03/2016
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
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Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
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-- |
NB |
New Business |
-- |
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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.