MIRA INFORM REPORT
|
Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
KEYSPAN
CORPORATION |
|
|
|
|
Registered Office : |
One Metro Tech Center,
Brooklyn New York,11201 United
States |
|
|
|
|
Date of Incorporation : |
16/04/1998 |
|
|
|
|
Legal Form : |
Corporation
- Public |
|
|
|
|
Line of Business : |
Provides
energy-related services for home and business in New York, New Hampshire, New
Jersey and Massachusetts. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: KEYSPAN
CORPORATION
Address: One
Metro Tech Center
City: BROOKLYN
State/Province: NEW
YORK
Zip Code: 11201
Country: UNITED
STATES
Telephone: 718
403-1000
Facsimile: 718
545-2293
Legal Form: Corporation
- Public
Website: www.keyspanenergy.com
@rating Opinion:
In KUSD As of:
31/12/2005
Sales / Revenue: 7,662,000
Net Income: 390,200
Total Equity: 4,464,100
Number of Employees: 9,700
Business Activity:
The Company provides
energy-related services for home and business in New York, New Hampshire, New
Jersey and Massachusetts.
NOTE TO CLIENT
The address provided: 175
East Old Country Road, Hicksville, NY is the Subject's main branch location and
operating facility. The heading address is the Subject's headquarters.
LEGAL
Legal Form: Corporation -
Public
Since (D/M/Y): 16/04/1998
State/Province of
Incorporation: NY
Status: ACTIVE
Previous Legal Form:
Company is NOT required to
publish an annual financial report.
Entity Name: KEYSPAN
CORPORATION
Filing Date: APRIL 16, 1998
County: NASSAU
Jurisdiction: NEW YORK
Entity Type: DOMESTIC
BUSINESS CORPORATION
Entity Status: ACTIVE
NOTE: New York State does not
issue organizational identification numbers.
I.R.S. Employer
Identification Number: 11-3431358
KEYSPAN CORPORATION trades
stock on NYSE under the symbol KSE. A
recent closing price for KSE
was USD$40.21 and the 52 week range has been USD$41.52 /$32.66. There are
approximately 174,960,000 shares of common stock outstanding.
Managers/Key Personnel
Mr. Robert B. Catell Chairman & Chief
Executive Officer
Mr. Gerald Luterman Chief Financial Officer
Ms. Theresa A. Balog Vice President
Mr. Robert J. Fani President &
Chief Operating Officer
AFFILIATED ENTITIES
Subsidiaries of KeySpan
Corporation and Jurisdiction of Incorporation
Adrian Associates L.P. (25%)
- New York
Alberta Northeast Gas Ltd.
(29.6%) - Canada
Arlington Associates LP
(owned 99% by Adrian Associates LP) – New York
Bard, Rao + Athanas
Consulting Engineers, LLC - Delaware
Boston Gas Company d/b/a/
KeySpan Energy Delivery New England -
Massachusetts
Broken Bridge Corp. - New
Hampshire
Colonial Gas Company d/b/a/
KeySpan Energy Delivery New England -
Massachusetts
Eastern Rivermoor Company,
Inc. - Delaware
EnergyNorth Natural Gas, Inc. d/b/a/ KeySpan Energy Delivery New
England - New Hampshire
Enporian, Inc. (11.56%) -
Delaware
Essex Gas Company d/b/a/
KeySpan Energy Delivery New England -
Massachusetts
Honeoye Storage Corporation
(52.2%) - New York
Iroquois Gas Transmission
System LP (19.4%) - Delaware
Iroquois Pipeline Operating Company (Owned by Iroquois Gas
Transmission System LP) - Delaware
Island Energy Services
Company, Inc. - New York
Islander East Pipeline
Company, LLC (50% Ownership) - Delaware
KeySpan C.I. Ltd. - Cayman
Islands
KeySpan CI II Ltd. - Cayman
Islands
KeySpan Communications Corp.
- New York
KeySpan Corporate Services
LLC - New York
KeySpan Electric Services LLC
- New York
KeySpan Energy Corporation -
New York
KeySpan Energy Development
Co. d/b/a KeySpan Canada - Nova Scotia
KEDC Holdings Corp. -
Delaware
KeySpan Energy Management,
LLC d/b/a KeySpan Business Solutions -
Delaware
Fritze KeySpan, LLC d/b/a
KeySpan Home Energy Services - Delaware
KeySpan Energy
Services New Jersey, LLC
(formerly Fritze
KeySpan, LLC) - Delaware
KeySpan Energy Solutions, LLC
d/b/a KeySpan Home Energy Services -
Delaware
KeySpan Energy Supply, LLC -
Delaware
KeySpan Energy Trading
Services LLC - New York
KeySpan Engineering Associates,
Inc. d/b/a KeySpan Business Solutions
- New York
KeySpan Engineering
& Survey, Inc. - New York
KeySpan Exploration and
Production, LLC - Delaware
KeySpan Gas East Corporation
d/b/a/ KeySpan Energy Delivery
Long
Island - New York
KeySpan Generation LLC - New
York
KeySpan-Glenwood Energy
Center, LLC - Delaware
KeySpan Home Energy Services,
LLC d/b/a KeySpan Home Energy Services
- Delaware
KeySpan Home Energy
Services (New England),
LLC d/b/a KeySpan
Home Energy Services -
Delaware
KeySpan IGTS Corp. - New York
KeySpan Insurance Company -
Vermont
KeySpan International
Corporation - Delaware
KeySpan Islander East
Pipeline, LLC - Delaware
KeySpan LNG GP, LLC -
Delaware
KeySpan LNG LP, LLC -
Delaware
KeySpan LNG, LP - Delaware
KeySpan Luxembourg S.A.R.L. -
Luxembourg
KeySpan MHK, Inc. - Delaware
KeySpan Midstream Inc. -
Delaware
KeySpan Millennium, LLC -
Delaware
KeySpan New England, LLC -
Massachusetts
KeySpan North East Ventures
Inc.- Delaware
KeySpan Plumbing Solutions,
Inc. d/b/a KeySpan Home Energy Services -
New York
KeySpan Plumbing & Heating
Solutions, LLC d/b/a KeySpan
Home Energy
Services - Delaware
KeySpan-Port Jefferson Energy
Center, LLC - Delaware
KeySpan Ravenswood, LLC - New
York
KeySpan Ravenswood Services
Corp. - New York
KeySpan Services, Inc. -
Delaware
KeySpan Technologies Inc. -
New York
KeySpan Telemetry Solutions,
LLC - Delaware
KeySpan UK Limited - United
Kingdom
KeySpan Utility Services LLC
- New York
KS CI Midstream Limited -
Delaware
KSI Contracting, LLC d/b/a
KeySpan Business Solutions - Delaware
KSI Electrical, LLC d/b/a
KeySpan Business Solutions - Delaware
KSI Mechanical, LLC d/b/a
KeySpan Business Solutions - Delaware
KSNE, LLC - Delaware
Marquez Development Corp. -
New York
Metro Energy, LLC - Delaware
Millennium Pipeline Company,
LLC (21%) - Delaware
Millennium Pipeline Company,
LP (21%) - Delaware
MyHomeGate, Inc. - Delaware
myhomekey.com, Inc. (18.2%) -
Delaware
Mystic Steamship Corporation
- Delaware
Nicodama Beheer V. B.V. -
Netherlands
North East Transmission Co.,
Inc. - Delaware
Northeast Gas Markets LLC
(90% Ownership) - Delaware
Paulus, Sokolowski and
Sartor, LLC d/b/a KeySpan Business Solutions
Delaware
PCC Land Company, Inc. -
Texas
Philadelphia Coke Co., Inc. -
Delaware
Seneca Upshur Petroleum,
Inc.- West Virginia
Steuben Gas Storage Company
(owned 50% by Arlington Associates LP) -
New York
The Brooklyn Union Gas
Company d/b/a/ KeySpan
Energy Delivery New
York - New York
Transgas, Inc. -
Massachusetts
Western Associated Energy
Corp. - Delaware
NOTE: All subsidiaries owned
100% unless otherwise indicated.
Subsidiaries are held both directly and indirectly by KeySpan Corporation.
BANKS
NY
Telephone:
Facsimile:
Account Number:
Account Manager:
Please see FINANCIAL
INFORMATION for bank information.
PAYMENT HISTORY
BUSINESS DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY REPTD SALE TERMS $
$ % 30
60 90 91+ COMMENTS
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
AIR TRANS 06-02 06-02 UNK
1000 800 100 0
0 0 0 CUST 7 YR
BLDG MATRL 06-03 06-03 VARIED 30000
0 0 0
0 0 0
BLDG MATRL 06-03 00-00 VARIED 0
0 0 0
0 0 0 CUST 1 YR
COMPUTERS 06-05 05-09 0000000 85300
0 0 0
0 0 0
DP EQUIP 06-04 03-06 NET 30
1800 500 100 0
0 0 0
ELEC DISTR 06-02 00-00 NET 30 4100
4100 0 0
100 0 0
ELEC DISTR 06-03 00-00 NET 30 0
0 0 0
0 0 0 PROMPT
ELEC EQUIP 06-04 00-00 NET 30 14500
0 0 0
0 0 0
ELEC EQUIP 06-03 02-05 CREDIT 300
0 0 0
0 0 0 CUST 5 YR
ELEC EQUIP 06-03 06-02 CONTRCT
60100 1000 0 100 0 0
0
ELEC MFG 06-03 00-00 VARIED
60600 8100 31
5 0 20 44 CUST
6 YR
ELEC SUPLR 06-05 03-11 NET 30 0
0 0 0
0 0 0 CUST 6 YR
FACTOR 06-03 00-00 NET 30
2400 2400 0
100 0 0 0
CUST 1 YR
FACTOR 06-04 03-08 NET 30
13200 0 0
0 0 0 0
FINCL SVCS 06-03 06-03 CONTRCT 0 0 0 0 0
0 0 SATSFTRY
FINCL SVCS 06-03 06-02 VARIED 5100
2400 48 52 0 0
0
FINCL SVCS 06-03 06-02 NET 900
0 0 0
0 0 0 CUST 2 YR
FINCL SVCS 06-04 06-04 CONTRCT 0 0 0 0 0
0 0 SATSFTRY
FREIGHT 06-04 06-03 VARIED
200 0 0
0 0 0 0
INDUS MACH 06-04 00-00 NET30 0
0 0 0
0 0 0
INDUS SUPL 06-04 06-03 NET 30 42700
18300 0
0 77 23 0 CUST
5 YR
MACH DISTR 06-04 05-04 1/10N30 0 0 0 0 0
0 0 CUST 4 YR
MANUFCTRNG 06-05 06-04 VARIED 15700
5500 100 0 0
0 0
MISC MANUF 06-01 05-12 VARIED 342600
0 0 0
0 0 0
PACKAGING 06-04 00-00 NET 30
2500 0 0
0 0 0 0 CUST
5 YR
PAPER PROD 06-03 06-03 2/60N61
44800 29000 87 4 0
0 9
SAFTY PROD 06-03 00-00 NET 30 1500
0 0 0
0 0 0 CUST 5 YR
TRNS EQUIP 06-04 00-00 NET 30 0
0 0 0 0
0 0
AIR TRANS 05-12 00-00 NET 30
1300 0 0
0 0 0 0 CUST
7 YR
AIR TRANS 03-06 00-00 NET 7 0 0 0 0 0
0 0
AUTO ACCES 03-05 00-00 NET 30 0
0 0 0
0 0 0
CELLUL/PAG 06-04 04-07 NET 30 900
900 0 0
0 0 100
CHEMICALS 05-10 00-00 NET 30 0 0 0 0 0
0 0
CHEMICALS 05-10 00-00 NET 30
3300 0 0
0 0 0 0
COMPUTERS 05-05 00-00 CREDIT 0 0 0 0 0
0 0
COMPUTERS 04-04 00-00 NET 30
56000 9000 100 0
0 0 0
COMPUTERS 04-02 00-00 NET 30 0 0 0 0 0
0 0
ELEC MFG 04-03 03-12 NET 30
214200 98900 44
0 56 0 0
ELEC SUPLR 04-08 04-04 2/10N30 1000 0
0 0 0 0 0
ELEC SUPLR 05-04 00-00 VARIED 15000
0 0 0
0 0 0
FINCL SVCS 05-06 00-00 NET 20 16700
16700 0 100 0
0 0
GENERAL 05-02 02-12 NET 30
0 0 0
0 0 0 0 CUST
3 YR
GLASS 03-06 00-00 NET 30 0 0 0
0 0 0 0
HEATNG& A/C 05-10 00-00 NET 30 4300
2000 0 0
60 40 0
LUMBR& WOOD 03-10 00-00 VARIED 200
200 100 0 0
0 0
LUMBR& WOOD 05-11 00-00 NET 10 0
0 0 0
0 0 0
MANUFCTRNG 05-04 02-04 NET 30 0
0 0 0
0 0 0 CUST 4 YR
MANUFCTRNG 04-02 00-00 NET 30 100
0 0 0
0 0 0
METAL DIST 05-04 03-05 5/10N30 700 0
0 0 0 0 0
MISC MANUF 04-05 00-00 0000000
59000 0 0 0 0
0 0
OPTIC SUPL 03-12 02-09 VARIED 0
0 0 0
0 0 0 CUST 4 YR
PAINTS 04-12 00-00 VARIED
900 900 40
0 60 0 0
PERSNLSVCS 05-08 02-01 ROI 0
0 0 0
0 0 0
PRNTG& PUBL 04-10 00-00 NET 30 83700
83700 0 0
0 100 0
PRNTG& PUBL 04-03 04-03 N30 98600
0 0 0
0 0 0
SPORT GDS 04-10 03-08 VARIED
100 100 0
100 0 0 0
TELECOM 06-03 01-08 NET 30
100 0 0
0 0 0 0 CUST
5 YR
TELECOM 04-04 00-00 NET 30
79900 21900 89
0 0 0 11
TELECOM 04-05 00-00 NET 30
22500 12700 100 0
0 0 0 EXLENT ACC
TELECOM 05-10 00-00 NET 30
100 100 100 0
0 0 0
TELECOM 04-05 00-00 NET 30
600 600 100 0 0 0
0 EXLENT ACC
CURRENT QUARTER 729300 72100
49 9 25 8 9
Payment Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE CUR DBT DBT $ % 30
60 90 91+
-------- --- --- --- -------- --- --- --- --- ---
20060400 0 3 25 77400 44 30
5 13 8
20060300 0 3 24 88500 64 8
5 12 11
20060200 0 2 30 78600 53 8
10 22 7
20060100 0 2 5 447400 90 3
2 4 1
20051200 0 2 17 100800 67 14
0 16 3
20051100 0 2 22 102700 67 8
1 17 7
Payment History - Quarterly Averages
BALANCE
CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ --- -------- --- --- --- --- ---
First
2006 27 78200 53 15 7
16 9
Fourth
2005 9 214100 83 6
1 8 2
Third
2005 26 83200 59 12 2
16 11
Second
2005 32 153300 50 8 5
34 3
First
2005 23 162800 37 35 13
14 1
FINANCIAL INFORMATION
FINANCIAL
FIGURES
Year-End (D/M/Y): 31/03/2006 31/12/2005 31/12/2004
Quarterly Consolidated
Consolidated
Sales / Revenues 2,661,100 7,662,000 6,650,466
Interest Income - -2,800 330,622
Gross Margin 1,019,700 3,312,600
3,445,672
Operating Income (Loss) 385,700 907,800
935,270
Interest on Loans 66,200 269,300
331,251
Other Expenses -64,200 -74,800
-54,336
Extraordinary Item - -8,400 -151,048
RESULTS
Income before Taxes 334,300 105,700 940,253
Income Tax 126,300 239,300
325,540
Net Income 208,000 390,200
463,665
ASSETS
Cash and Equivalents 318,300 137,700 921,973
Inventory 623,800 907,400
638,935
Accounts Receivables 1,597,500 1,658,400 1,312,052
Other Current Assets 116,900 173,800 205,662
Total Current Assets 2,678,800 3,020,100 3,078,622
Property Plant & Equip 7,381,500
7,336,900 7,067,924
Other Fixed Assets 1,452,800 1,440,800 1,267,090
Total Fixed Assets 10,813,800 10,792,500 10,285,508
Intangibles 1,666,300 1,666,300
1,677,601
Total Assets 13,492,600
13,812,600 13,364,130
LIABILITIES
Trade Creditors 1,252,200 1,398,200 1,191,160
Other Current Liab 37,900 86,400 162,807
Total Current Liab 1,831,500 2,155,200 2,282,316
Long Term Debt 3,974,100
4,140,500 4,418,729
Other Long Term Liab 3,061,500
3,052,800 2,748,675
Total Long Term Liab 7,035,600 7,193,300 7,167,404
Total Liabilities 8,867,100 9,348,500 9,449,720
EQUITY
Retained Earnings 993,700 866,900 792,177
Total Equity 4,625,500 4,464,100
3,914,410
FINANCIAL ANALYSIS
Actual Previous
Percentage of total assets
31/03/2006 31/12/2005 31/03/2006 31/12/2005
Cash and Equivalents 318,300 137,700
2.36 1.00
Inventory 623,800
907,400 4.62 6.57
Other Current Assets 116,900 173,800
0.87 1.26
Total Current Assets 2,678,800 3,020,100
19.85 21.86
Intangibles 1,666,300
1,666,300 12.35 12.06
Total Assets 13,492,600
13,812,600 100.00 100.00
Total Current Liab 1,831,500 2,155,200
13.57 15.60
Long Term Debt 3,974,100
4,140,500 29.45 29.98
Other Long Term Liab 3,061,500 3,052,800
22.69 22.10
Total Liabilities 8,867,100 9,348,500
65.72 67.68
Total Equity 4,625,500
4,464,100 34.28 32.32
The consolidated year-end
statements have been audited, while the quarterly statements have not.
Auditor: Deloitte
& Touche LLP
New
York, New York
BANK
Credit Agreement dated as of
June 24, 2005 among KeySpan Corporation, the
several lenders, The Royal
Bank of Scotland PLC and Citibank, N.A., as Co-
Syndication Agents, The Bank of New York and The Bank of
Nova Scotia, as Co- Documentation
Agents, and JPMorgan Chase Bank, N.A., as Administrative Agent.
Amended and Restated Credit
Agreement dated as of June 24, 2005 among KeySpan Corporation, the several
lenders, The Royal Bank of Scotland PLC and Citibank, N.A., as Co-Syndication
Agents, The Bank of New York and The Bank of Nova Scotia, as
Co-Documentation Agents, and JPMorgan
Chase Bank, N.A., as Administrative Agent.
Indenture, dated as of
November 1, 2000, between KeySpan
Corporation and the Chase Manhattan Bank, as Trustee, with respect to
the issuance of Debt
Securities.
CURRENT OPERATIONS
NAICS Code: 211111 Crude Petroleum and Natural Gas Extraction
SIC Code: 1311
Number of Employees: 9,700
Business Activity:
The Company provides
energy-related services for home and business in
New York, New Hampshire, New
Jersey and Massachusetts. The heading address is the Subject's headquarters,
which is leased. In addition, they lease other office and building space,
office equipment, vehicles and power operated
quipment. The properties are adequate and suitable to meet their current
and expected business requirements. Moreover, their productive capacity and
utilization meet the Subject's needs for the foreseeable future. The Subject
continually examines its real property and other property for its contribution
and relevance to their businesses and when such properties are no longer
productive or suitable, they are disposed of as promptly as possible. In the
case of leased office space, they anticipate
no significant difficulty in leasing alternative space at reasonable rates
in the event of the expiration, cancellation or termination of a lease.
PUBLIC RECORD
Name Searched: KEY SPAN
Creditor: MACK RAHEEM
Debtors: KEY SPAN ENERGY NYC
Docket Number: 0029682004
Filing Date: 4/7/2004
Type: CIVIL SUMMONS
Name Searched: KEY SPAN
Amount: $ 8,000
Civil Summons: CIVIL COURT OF
THE CITY OF NEW YORK - RICHMOND
ROBERT LEE v. MAYSONOT,
JOSEPHINE, et al.
Defendant: MAYSONOT,
JOSEPHINE
0 Y
433 JEFFERSON AV
STATEN ISLAND, NY 10306
RASHMIR, MARTHA
0 Y
2 CIRCLE RD
STATEN ISLAND, NY 10304
PINKONIS, MARTIN
0 Y
433 JEFFERSON AV
STATEN ISLAND, NY 10306
CON EDISON
1 DAVIS AV
STATEN ISLAND, NY 10310
KEY SPAN
1 METROTECH CENTER
BROOKLYN, NY 11201
SCARAN HEATING
6767 AMBOY RD
STATEN ISLAND, NY 10307
Docket Number: 3162901
Filing Date: 4/12/2001
Plaintiff: ROBERT LEE
Type: CIVIL SUMMONS
Other filings may exist in
other court jurisdictions. Future claims may be
pending.
We have also conducted a
nationwide search with bankruptcy courts, which have revealed no record of a
firm by this name filing for bankruptcy.
GENERAL COMMENTS
KEYSPAN CORPORATION trades
stock on NYSE under the symbol KSE. The Company provides energy-related
services for home and business in New York, New Hampshire, New Jersey and
Massachusetts. The Subject's payment history is reported to be satisfactory.
Annual sales for 2005 have exceeded USD$7.6 billion.
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |