CONSOLIDATED BALANCE SHEETS As at March 31, 2007 and by jamiemccoy

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									CONSOLIDATED BALANCE SHEETS
As at March 31, 2007 and 2006

                                        Millions of Yen            Liabilities, Minority Interests and                Millions of Yen
Assets
                                        FY2006            FY2005   Shareholders' Equity                               FY2006            FY2005
Assets                                                             Liabilities
Current Assets                          28,046            23,675   Current Liabilities                                18,385            20,961
  Cash and time deposits                 5,818             6,333     Notes and accounts payable-trade                  5,116             4,875
  Notes and accounts receivable-trade   11,375             8,366     Short-term bank loans                             5,034             9,367
  Short-term loans receivable            1,512               499     Accrued liabilities                                 186               164
  Marketable securities                    501               605     Income taxes payable                              3,729             2,346
  Fuel and supplies                      2,503             1,961     Deffered tax liabilities                            901                 -
  Prepaid expenses                       2,287             2,425     Advances received                                   867             1,245
  Deferred tax assets                      461               201     Employees' bonuses accrued                          329               308
  Other current assets                   3,616             3,315     Reserve for bonuses for directors and auditors       88                 -
  Allowance for doubtful accounts        △ 27              △ 30      Other current liabilities                         2,135             2,656


Non-Current Assets                      56,589            53,573   Long-term Liabilities                              28,148            28,553
                                                                     Long-term bank loans                             23,092            24,251
Tangible Fixed Assets                   44,433            44,755     Reserve for employees' retirement benefits        1,096             1,290
  Vessels                               35,302            39,978     Reserve for directors' retirement benefits          573               530
  Buildings                                161               165     Reserve for periodic dry docking of vessels         712               468
  Land                                     390               390     Deffered tax liabilities                          2,668             2,007
  Vessels under construction             8,357             3,984     Other long-term liabilities                           7                 7
  Other tangible fixed assets              223               238   Total Liabilities                                  46,533            49,514
                                                                   Minority Interests                                      -             1,222
Intangible Fixed Assets                    655               240   Shareholders' Equity
                                                                     Common stock                                          -             8,100
Investments and Other Assets            11,501             8,578     Capital surplus                                       -                20
  Investments in securities             10,126             7,434     Retained earnings                                     -            16,637
  Long-term loans receivable                21                21     Unrealized gain/loss on securities                    -             1,578
  Deferred tax assets                      317               172     Foreign currency translation adjustments              -               187
  Other investments                      1,039               953     Treasury stock, at cost                               -             △ 10
  Allowance for doubtful accounts         △2                △2     Total Shareholders' Equity                              -            26,512
                                                                   Total Liabilities, Minority Interests
Total Assets                            84,635            77,248   and Shareholders' Equity                                -            77,248
                                                                   Net Assets
                                                                   Shareholders' Equity
                                                                     Common stock                                      8,100                 -
                                                                     Capital surplus                                      20                 -
                                                                     Retained earnings                                24,141                 -
                                                                     Treasury stock, at cost                           △ 14                  -
                                                                   Total Shareholders' Equity                         32,247                 -
                                                                   Valuation and Translation Adjustments
                                                                     Unrealized gain/loss on securities                3,002                 -
                                                                     Gains (Losses) on deferred hedge                   852                  -
                                                                     Foreign currency translation adjustments           461                  -
                                                                   Total Valuation and Translation Adjustments         4,315                 -
                                                                   Minority Interests                                  1,540                 -
                                                                   Total Net Assets                                   38,102                 -


                                                                   Total Liabilities and Net Assets                   84,635                 -

								
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