MIRA
INFORM REPORT
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Report Date : |
14.08.2008 |
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 Tokyo 105-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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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 37.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
K LINE SHIP MANAGEMENT CO LTD
REGD NAME: K Line Ship Management
KK
MAIN OFFICE: Hibiya Central Bldg
21F, 1-2-9 Nishishimbashi Minatoku Tokyo 105-0003 JAPAN
Tel:
03-3595-5549 Fax: 03-3595-6586
URL: http://www.kline.co.jp
E-Mail address: klsmmsg@klsm.jp.kline.com
ACTIVITIES
Ship management
BRANCHES
Nil
OFFICERS
SATORU KUBOSHIMA, PRES
Shigeru Kojima, mgn dir
Shinsuke Kataoka, mgn dir
Shinkichi Iwaizako, mgn dir
Kozo Eguchi, mgn dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 15,465 M
PAYMENTS REGULAR CAPITAL Yen 75 M
TREND STEADY WORTH Yen 80 M
STARTED 1972 EMPLOYES 67
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 37.5 MILLION, 30 DAYS NORMAL TERMS.
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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.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 15,465 million, a 49% up from Yen 10,357 million in the previous term. The operations dipped in the red for four consecutive years, posting Yen 24 million net losses for the term, loss amount having been narrowed from Yen 102 million a year ago. Skyrocketing fuel oil prices and other material/operation costs continued to eat into profits, as the firm says.
For the current term ending Dec 2008 the operations are estimated to come back to profitability to project Yen 20 million recurring profit and Yen 10 million net profit, respectively, on a 3% rise in turnover, to Yen 16,000 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 37.5 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 45,819 million, turnover Yen 1,331,048 million, operating profit Yen 129,648 million, recurring profit Yen 125,867 million, net profit Yen 83,011 million, employees 7,615, 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 Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2008 |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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16,000 |
15,465 |
10,357 |
10,187 |
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Recur.
Profit |
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20 |
9 |
-119 |
-40 |
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Net
Profit |
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10 |
-24 |
-102 |
-39 |
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Total
Assets |
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5,982 |
3,241 |
2,950 |
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Current
Assets |
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5,805 |
3,090 |
2,797 |
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Current
Liabs |
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5,845 |
3,078 |
2,640 |
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Net
Worth |
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80 |
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 |
3.46 |
49.32 |
1.67 |
.. |
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Current Ratio |
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.. |
99.32 |
100.39 |
105.95 |
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N.Worth Ratio |
.. |
1.34 |
3.21 |
7.02 |
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R.Profit/Sales |
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0.13 |
0.06 |
-1.15 |
-0.39 |
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N.Profit/Sales |
0.06 |
-0.16 |
-0.98 |
-0.38 |
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Return On Equity |
.. |
-30.00 |
-98.08 |
-18.84 |
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Note: Forecast (or estimated) for the 31/12/2008 fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)