October 26, 2001 |
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“K” LINE Consolidates Its Group Accounting Systems and Outsources Its Own Accounting |
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| Kawasaki Kisen Kaisha, Ltd. (“K” LINE) takes
pleasure in announcing that it is planning to unveil a new wholly-owned subsidiary named
“K” Line Accounting and Finance Co., Ltd. (KAF) effective on and from November 1,
2001. The plan incorporates reorganization, reinforcement and expansion of the current
accounting processing unit so as to embrace consolidated management of all Group
accounting systems and the further outsourcing of “K” LINE´s own accounting
activities. The issue of consolidated management of accounting within the Group is one of the goals that “K” LINE´s 5-Year business plan known as New “K” LINE Spirit for 21 (New K-21) has been pursuing from April 1998. As a part of that plan, “K” LINE is promoting the unification of software underpinning the accounting infrastructure of the “K” LINE Group as a whole, striving to achieve overall rationalization of its integrated accounting. In anticipating the introduction of this software to 31 subsidiaries nationwide by the end of December, “K” LINE will change the name of its present wholly-owned subsidiary, “K” Line Management Service, Ltd. (KMS), into KAF, establishing it as the contracted source for accounting functions. Whereas the primary work of KMS has been “K” LINE Group accounting, FOC vessel accounting and group finance, KAF will be called upon for a more intensive focus on consolidated accounting for “K” Line and its subsidiaries, insomuch that “K” LINE will augment the organization with eight of its own employees to form a division ? the Group-Accounting Group, and KAF will be responsive to further additional business expected from subsidiary companies. Additionally, as sole clients, “K” LINE will further delegate work in the areas of consolidated accounting and tax accounting to KAF. |
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| Company particulars are as follows: | ||
| Company Name: | “K” Line Accounting And Finance, Ltd. (KAF) | |
| Address: | Hibiya Central Building, 2-9, Nishi-shinbashi 1-chome, Minato-ku, Tokyo 105-8421 Japan (Located within “K” LINE Headquarters) | |
| Capital: | ¥200,000,000 (wholly-owned by “K” LINE) | |
| President: | Michio Oka (“K” LINE´s Managing Director) | |
| Employees: | 20 employees including full-time directors | |
| Business Functions: | “K” LINE group accounting, FOC vessel accounting, group finance | |
| For further details, kindly contact: | ||
| Kawasaki Kisen Kaisha, Ltd. Accounting Group | ||
| General Manager: | Takashi Torizumi | Tel: 03-3595-5634 Fax: 03-3595-5597 |