MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
IBEX
AIRLINES CO LTD |
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Registered Office : |
1-2-3
Shinsuna Kotoku Tokyo 136-0075, Japan. |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007
(Estimated) |
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Date of Incorporation : |
January
1999 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Domestic airline business. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 63.1 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
IBEX
AIRLINES CO LTD
REGD NAME
Ibex
Airlines KK
MAIN OFFICE
1-2-3
Shinsuna Kotoku Tokyo 136-0075 JAPAN
Tel :
03-5653-5561
Fax : 03-5653-5563
*.. The given phone numbers are those of Osaka Branch Office.
URL : http://www.ibexair.co.jp
E-Mail address :
info@ibexair.co.jp
ACTIVITIES
Domestic airline
BRANCHES
Osaka, Sendai
OFFICERS
Takao Asai, ch TOSHINAO
MORISAKI, PRES
Hideaki Totsuka, v pres Shin’ichiro
Kubo, dir
Katsuhiko Emoto, dir Hiroyuki
Hattori, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 5,412 M
PAYMENTS REGULAR CAPITAL Yen 4,200 M
TREND SLOW WORTH Yen (-) 474 M
STARTED 1999 EMPLOYES 144
COMMENT
DOMESTIC AIRLINE.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 63.1 MILLION, 30 DAYS, RECOMMENDING ON
GUARANTEED TERMS. .
HIGHLIGHTS
The subject company was established by Japan Digital Co Ltd to
advance into airline business, originally named as Fair Inc. The first aircraft was introduced from Lauda
Air in May 2000. In Jun 2000,
authorized to operate an air transportation service. Service began in Aug 2000 for Sendai/Kansai Airport route. The second aircraft was introduced in Dec
2000 from Lauda Air. In Apr 2001 began
services for Sendai/Hiroshima and Hiroshima/Kagoshima routes. Thereafter,
Narita/Sendai, Itami/Matsuyama, Itami/Oita, Itami/Akita routes. The third aircraft was introduced from Bombardier Co Ltd in Mar 2002 and the
fourth in Jun 2003 from the same
firm. Operates 4 aircraft
BOMBARDIER CRJ (50 seats).
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 5,412
million, a shade down from Yen 5,426 million in the previous term. Operations continued in the red to register
Yen 390 million net losses for the term. This compares with Yen 310 million net
losses the previous term. Accumulated losses
carried over amount to Yen 4,683 million.
For the current term ending Mar 2007 the operations are expected
to come back to profitability but still limited to a minimum amount post-taxes,
on a 2% rise in turnover, to Yen 5,500 million. Higher fuel prices continue to erode profits.
The financial situation is considered RATHER WEAK but should be
for MODERATE business engagements. Max
credit limit is estimated at Yen 63.1 million, 30 days, we recommending on
fully guaranteed terms.
REGISTRATION
Date Registered : Jan 1999
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
336,000 shares
Issued :
84,000 shares
Sum :
Yen 4,200 million
Major shareholders (%)
Japan Digital Laboratory Co Ltd (47.9), Kazuo Maezawa (14.6), Art
vivant Co Ltd (9.5), Southern International Co Ltd (7.1)
No. of shareholders: 10
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Domestic airline business (100%).
Clients
[Airlines] All Nippon Airways, passengers.
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Suppliers
[Airlines] All Nippon Airways, CRJ Investment, Jamco Corp, other.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Development Bank of Japan (H/O)
MUFJ (Nihombashi-Chuo)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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5,500
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5,412
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5,426
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1,144
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Recur.
Profit |
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379 |
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Net
Profit |
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0 |
-390 |
-310 |
-377 |
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Total
Assets |
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4,704
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Current
Assets |
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1,187
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Current
Liabs |
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4,509
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Net
Worth |
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-474 |
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Capital,
Paid-Up |
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4,200
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4,200
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4,200
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.63 |
-0.26
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18.60
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0.02 |
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Current Ratio |
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.. |
26.33
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.. |
.. |
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N.Worth Ratio |
.. |
-10.08
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.. |
.. |
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R.Profit/Sales |
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.. |
7.00 |
.. |
.. |
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N.Profit/Sales |
0.00 |
-7.21
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Note: Forecast (or
estimated) for the 31/03/2007 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/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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