MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
KAWASAKI KISEN KAISHA LTD |
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Registered Office : |
Hibiya Central Bldg, 1-2-9 Nishishimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1919 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Ship operator, warehousing,
land transport |
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 31702.1 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
KAWASAKI KISEN KAISHA LTD
REGD NAME
MAIN OFFICE
Hibiya Central
Bldg, 1-2-9 Nishishimbashi Minatoku
Tel : 03-3595-5000
Fax : 03-3595-5001
*.. Registered at:
Shinko Bldg, 8 Kaigandori Chuoku
URL : http://www.kline.co.jp/
E-Mail
address: info@kline.co.jp
ACTIVITIES
Ship
operator, warehousing, land transport
BRANCHES
OVERSEAS
OVERSEAS AGENTS
Korea, Hong Kong, China, Taiwan, Thailand, Philippines, Singapore, Malaysia, Indonesia, Australia, UK, Germany, France, Netherlands, Belgium, Italy, Finland, Denmark, Norway, Sweden, Spain, Portugal, Turkey, Canada, USA, Mexico, Chile, Peru
CHIEF EXEC
HIROYUKI
MAEKAWA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,085,539 M
PAYMENTS REGULAR CAPITAL Yen 29,356 M
TREND STEADY WORTH Yen
357,624 M
STARTED 1919 EMPLOYES 6,970
COMMENT
SHIP OPERATOR. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS. MAX CREDIT LIMIT: YEN 31,702.1 MILLION,
30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company is one of major ship operators with
container liner operations mainline.
Stands 3rd next to Nippon Yusen Kaisha and Mitsui OSK
Lines. Key member of
The firm reportedly concluded long-term time charter contract with Electricite de France (EDF) of a large bulk carrier of170,000/180,000 DWT starting 2009.
Also reported, the firm agreed with Hanjin Shipping Co Ltd of
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 1,085,539
million, a 15.4% up from Yen 940,818 million in the previous term. Exports were robust from mainly
For the current term ending Mar 2008 the recurring profit is projected at Yen 95,000 million and the net profit at Yen63,000 million, respectively, on an 10.5% rise in turnover, to Yen 1,200,000 million. Container ships uncertain. Ship demand/supply balance will continue tight due to steady cargo movement. Freight rates will be restored. As a result, operating performances will see increases both in operating revenues and profits.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 31,702.1 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1919
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1,086 million shares
Issued: 594,518 thousand
shares
Sum: Yen 29,689 million
Major shareholders (%): Japan Trustee Services Bank T (11.0), Master Trust Bank of Japan T (10.1), Trust &
Custody
Services Bank (
(4.9),
Sompo Japan Ins (4.5), JFE Steel (4.2),
Bank
(1.8), Trust & Custody Services Bank T (1.5), Mitsui Sumitomo Ins (1.3);
foreign
owners
(16.3)
No. of
shareholders: 34,264
Listed
on the S/Exchange (s) of:
Managements: Yasuhide Sakinaga, ch; Hiroyuki Maekawa, pres & CEO; Eiichi Suzuki, v pres & assistant
CEO; Yoichi Hasegawa, s/mgn dir; Tetsuo Shiota, s/mgn dir; Katsue Yoshida, s/mgn dir;
Toshio Shimizu, s/mgn dir; Shigeru Soda, mgn dir; Norio Tsutsumi, mgn dir; Toshinori
Morita, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Kawasaki
Kinkai Kisen, Daito Corporation, other (Tot 215 as of Sep/06)
OPERATION
Activities: Ship operation (86%): containerships, bulk carriers & car carriers, LNG carriers, crude & chemical tankers, coastal trading; freight forwarding/harbor transportation (12%); others (2%): ship management, etc.
Containership liner service
routes: Asia/North America service; Asia/Europe service; Asia/sub
continent service; Transatlantic service; Interasia service;
Overseas trading ratio 84.2%: N America 27.3%; Europe 18.6%;
Asia 20.3%;
Total operating fleet: 444 ships of 27,353,252 DWT: 89 containerships of 3,860,942 DWT; 259 bulk carriers & car carriers of 18,268,641 DWT; 45 gas carriers & tankers of 4,757,601 DWT; 51 other ships of 466,068 DWT.
Clients: [Cargo owners, wholesalers, mfrs] JFE group, Kawasaki Heavy Ind, Mitsui & Co, Toshiba Corp, Toyota Tsusho Corp, Toyota Motors, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: Ship owners, ship builders, freight forwarders, ship chandlers, other
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Corporate Bank (Uchisaiwaicho)
MUFG
(H/O)
Relations:
Satisfactory
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FINANCES (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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1,085,539 |
940,818 |
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Cost of Sales |
957,847 |
791,803 |
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GROSS PROFIT |
127,692 |
149,015 |
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Selling & Adm Costs |
66,335 |
61,039 |
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OPERATING PROFIT |
61,356 |
87,976 |
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Non-Operating P/L |
2,571 |
597 |
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RECURRING PROFIT |
63,927 |
88,573 |
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NET PROFIT |
51,514 |
62,423 |
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BALANCE SHEET |
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Cash |
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63,927 |
44,185 |
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Receivables |
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101,434 |
109,110 |
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Inventory |
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21,722 |
19,958 |
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Securities, Marketable |
995 |
932 |
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Other Current Assets |
64,720 |
60,857 |
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TOTAL CURRENT ASSETS |
252,798 |
235,042 |
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Property & Equipment |
401,789 |
346,344 |
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Intangibles |
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6,091 |
6,458 |
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Investments, Other Fixed Assets |
239,760 |
179,196 |
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TOTAL ASSETS |
900,438 |
767,040 |
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Payables |
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75,914 |
82,311 |
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Short-Term Bank Loans |
83,201 |
54,707 |
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Other Current Liabs |
71,816 |
80,089 |
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TOTAL CURRENT LIABS |
230,931 |
217,107 |
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Debentures |
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70,666 |
70,000 |
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Long-Term Bank Loans |
156,315 |
119,816 |
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Reserve for Retirement Allw |
10,309 |
10,260 |
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Other Debts |
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74,593 |
70,814 |
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TOTAL LIABILITIES |
542,814 |
487,997 |
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MINORITY INTERESTS |
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11,233 |
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Common
stock |
39,356 |
29,689 |
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Additional
paid-in capital |
24,201 |
14,534 |
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Retained
earnings |
211,602 |
169,430 |
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Evaluation
p/l on investments/securities |
5,515 |
36,928 |
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Others |
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77,938 |
8,259 |
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Treasury
stock, at cost |
(988) |
(1,031) |
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TOTAL S/HOLDERS` EQUITY |
357,624 |
257,809 |
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TOTAL EQUITIES |
900,438 |
757,040 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows
from Operating Activities |
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66,483 |
72,337 |
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Cash
Flows from Investment Activities |
-102,852 |
-83,342 |
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Cash
Flows from Financing Activities |
53,376 |
17,157 |
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Cash,
Bank Deposits at the Term End |
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60,493 |
41,157 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
357,624 |
257,809 |
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Current
Ratio (%) |
109.47 |
108.26 |
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Net
Worth Ratio (%) |
39.72 |
34.05 |
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Recurring
Profit Ratio (%) |
5.89 |
9.41 |
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Net
Profit Ratio (%) |
4.75 |
6.63 |
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Return
On Equity (%) |
14.40 |
24.21 |
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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/normal. |
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%)