MIRA
INFORM REPORT
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Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
K LINE SHIP MANAGEMENT CO LTD |
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Registered Office : |
Hibiya Central Bldg 21F, 1-2-9 Nishishimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February 1972 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Ship management |
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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Maximum Credit Limit : |
YEN 32.3 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
K LINE SHIP MANAGEMENT CO LTD
REGD NAME: K Line Ship Management
KK
ADDRESS
MAIN OFFICE
Hibiya Central Bldg 21F, 1-2-9 Nishishimbashi Minatoku
Tel : 03-3595-5549
Fax : 03-3595-6586
URL : http://www.kline.co.jp
E-Mail :
klsmmsg@klsm.jp.kline.com
ACTIVITIES
Ship management
BRANCHES
Nil
OFFICERS
SHIN’ICHIRO MAEDA, PRES Hisao
Urai, s/mgn dir
Shigeru Kojima, mgn dir Shinsuke
Katayama, dir
Akira Eguchi, dir Kozo
Eguchi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,357 M
PAYMENTS REGULAR CAPITAL Yen 75 M
TREND STEADY WORTH Yen 104 M
STARTED 1972 EMPLOYES 90
COMMENT
SHIP MANAGEMENT COMPANY, WHOLLY OWNED BY KAWASAKI KISEN
KAISHA LTD (K LINE).
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 32.3 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established by Kawasaki Kisen Kaisha
Ltd (K Line) (See REGIS-TRATION) as ship management company, originally as
Overseas Maritime Agency. Renamed as captioned in 1994. This is a ship management company handling 43
ships, including 14 LPG carriers, oil & product tankers. In Jan 2007, 7 LNG carriers management,
trading mainly in the Asia Pacific region, was transferred from the owner, K
Line, to the subject firm. K Line owns a
total 31 LNG carriers, aiming to increase the number to 48 by 2009.
News just reported (25/Jul/2007):
K Line Ship Management Co Ltd (KLSM) made arrangement with
Training Institute Cochin Shipyard for the education of young engineers for K
Line. Under the terms of this
partnership, KLSM will send 10 cadets every year, with the shipyard to give
them engineer’s training for 1 year.
Public notice will be issued and cadets selected by KLSM from
engineering college graduates in
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen
10,357 million, a 2% up from Yen 10,187 million in the previous term. The operations dipped in the red for three consecutive
years, posting Yen 102 million net losses for the term, loss amount having been
widened from Yen 39 million a year ago.
Skyrocketing fuel oil prices and other material/operation costs ate into
the profits.
For the current term ending Dec 2007 the operations are
estimated to come back to profitability but still limited to a minimum amount
post-taxes, on an 11% rise in turnover, to Yen 11,500 million. The transfer of 7 LNG carriers under
management as from Jan 2007 will contribute.
The financial situation is considered maintained FAIR and
good for ORDINARY business engagements.
Max credit limit is estimated at Yen 32.3 million, on 30 days normal
terms.
REGISTRATION
Date Registered : Feb
1972
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
600,000 shares
Issued :
150,000 shares
Sum :
Yen 75 million
Major shareholders (%): Kawasaki Kisen Kaisha Ltd (K
Line)*(100)
One of major ship operators, with line operations mainline,
founded 1919, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 39,356 million,
turnover Yen 1,085,539 million, recurring profit Yen 63,927 million, net profit
Yen 51,514 million, employees 7,041, pres Hiroyuki Maekawa
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities :
Ship management company, handling 43 ships (including 14 LPG carriers, oil
&
product tankers) (100%).
Clients :
[Shipping lines] Kawasaki Kisen Kaisha (K Line), K Line Pte Ltd, K Line (Hong
Kong) Ltd, other K Line group shipping
firms.
No. of accounts :
30
Domestic areas of activities :
Nationwide
Suppliers :
[Mfrs, ship chandlers] Kawasaki Heavy Ind, Kobe Paints, Misuzu Machinery,
other.
Payment record
Regular
Location
Business area in
Bank References
Mizuho Corporate Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual Sales |
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11,500
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10,357
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10,187
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8,442
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Recur. Profit |
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-119 |
-40 |
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Net Profit |
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0 |
-102 |
-39 |
-9 |
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Total Assets |
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3,241
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2,905
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Current Assets |
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3,090
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2,797
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Current Liabs |
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3,078
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2,640
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Net Worth |
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104 |
207 |
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Capital, Paid-Up |
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75 |
75 |
75 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
11.04
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1.67 |
20.67
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-1.38
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Current Ratio |
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100.39
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105.95
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N.Worth Ratio |
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3.21 |
7.13 |
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R.Profit/Sales |
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.. |
-1.15
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-0.39
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.. |
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N.Profit/Sales |
0.00 |
-0.98
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-0.38
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-0.11
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Return On Equity |
.. |
-98.08
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-18.84
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.. |
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Note: Forecast (or estimated) for the 31/12/2007 fiscal
term.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)