MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SKYMARK
INC |
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Registered Office : |
Hamamatsucho
Square, 1-30-5 Hamamatsucho Minatoku Tokyo 100-0013, Japan. |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
November
1996 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Airline company servicing. |
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 1,818.7 Million |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
SKYMARK
INC
REGD NAME
Skymark
KK (Renamed from Oct/2006)
MAIN OFFICE
Hamamatsucho
Square, 1-30-5 Hamamatsucho Minatoku Tokyo 100-0013JAPAN
Tel : 03-5402-6767
Fax : 03-5402-6783
URL : http://www.skymark.co.jp/
E-Mail address :
info@skymark.co.jp
ACTIVITIES
Airline company
BRANCHES
Tokyo, Fukuoka, Kobe, Chitose (--airport offices)
CHIEF EXEC
SHIN’ICHI NISHIKUBO, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 35,694 M
PAYMENTS REGULAR CAPITAL Yen 3,998 M
TREND STEADY WORTH Yen 11,396 M
STARTED 1996 EMPLOYES 903
COMMENT
AIRLINE COMPANY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,818.7 MILLION, 30 DAYS NORMAL TERMS..
Forecast (or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is the Japan’s fourth airline company operating regular
domestic flights to/from Haneda Airport.
Attracting passengers with discount tickets, 50% lower than other
leading airline operators. Noted for
low-cost management. Operations are
being restructured. In Jul 2005,
withdrew from Tokyo/Seoul (Inchon) charter flight services due to
unprofitability. In Mar 2006,
terminated
Tokyo/Kansai route service.
Higher fuel prices weighing heavily on profits.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 35,694
million, a 14.2% up from Yen 13,029 million for irregular 5 months in the
previous term. The operations dipped
into the red to post Yen 1,169 million recurring loss and Yen 701 million net
loss, respectively, compares with Yen 258 million recurring profit and Yen
1,677 million net loss, respectively, a year ago. Higher fuel costs, introduction of new aircrafts, increasing
engine maintenance/repairing charges eroded profits.
First Half results ending Sept/2006: sales Yen 18,914 million (up
2.5% from previous term), operating loss Yen 2,650 million, recurring loss Yen
2,542 million, net loss Yen 2,609 million.
For the current term ending Mar the operations are projected to continue
in the red to post Yen 1,800 million recurring loss and Yen 2,000 million net
loss, respectively, on a 14.9% rise in turnover to Yen 41,000 million.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 1,818.7
million, on 30 days normal terms.
REGISTRATION
Date Registered : Nov 1996
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
187,720,000 shares
Issued :
57,779,100 shares
Sum :
Yen 3,998 million
Major shareholders (%)
Shin’Ichi Nishikubo (46.5), HIS Co Ltd (17.9), Trustee Bank of
Japan T (2.9), Orix Corp (2.0), Custody Management Trust (1.2), HSBC Bank
Account Atlantis Japan (1.1), Morgan Stanley Int’l (1.0), Nissay Dowa General
Ins (0.8), Yoshio Fuwa (0.7), Company’s Treasury Stock (0.5); foreign owners
(2.8)
No. of shareholders: 13,676
Listed on the S/Exchange (s) of: Tokyo
Managements
Shin’ichi Nishikubo, ch & pres; Takashi Ide, v pres; Yoshio
Fuwa, dir; Masakazu Arimori, dir
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Airline company servicing to/from Haneda Airport on 5
routes; passengers (95%), cargo (4%), others (1%)..
Clients
[Travel agents, business firms, passengers] JTB, Kinki Nippon
Tourist, HIS Co, Nippon Travel Agency, Japan Airways Co, other.
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Suppliers
[Oil refineries, wholesalers, travel agents] Idemitsu Kosan Co,
Showa Shell Sekiyu, Jalux, Evergreen Aviation Technologies, Lufthansa Technik
AG, GE CAS
Leasing Norway AS, other.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFJ (Nihombashi-Chuo)
Mizuho Bank (Kamata)
Relations: Satisfactory
FINANCES
(Non-Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME
STATEMENT |
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Annual Sales |
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35,694
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13,029
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Cost of Sales |
35,268
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11,897
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GROSS PROFIT |
426 |
1,131
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Selling & Adm Costs |
2,297
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1,066
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OPERATING PROFIT |
-1,870
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64 |
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Non-Operating P/L |
701 |
194 |
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RECURRING PROFIT |
-1,169
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258 |
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NET PROFIT |
-701 |
1,677
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BALANCE
SHEET |
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Cash |
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2,109
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2,545
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Receivables |
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2,170
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2,735
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Inventory |
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447 |
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Securities, Marketable |
1,051
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51 |
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Other Current Assets |
2,118
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1,767
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TOTAL CURRENT ASSETS |
7,895
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7,098
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Property & Equipment |
3,653
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2,647
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Intangibles |
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29 |
38 |
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Investments, Other Fixed Assets |
6,839
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4,192
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TOTAL ASSETS |
18,416
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13,975
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Payables |
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2,590
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2,180
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Short-Term Bank Loans |
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Other Current Liabs |
3,241
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2,738
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TOTAL CURRENT LIABS |
5,831
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4,918
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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1,189
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631 |
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TOTAL LIABILITIES |
7,020
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5,549
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MINORITY INTERESTS |
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Common
stock |
3,998
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2,163
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Additional
paid-in capital |
6,513
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4,677
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Retained
earnings |
975 |
1,677
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Evaluation
p/l on investments/securities |
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Others |
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1 |
0 |
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Treasury
stock, at cost |
(91) |
(91) |
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TOTAL S/HOLDERS` EQUITY |
11,396
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8,426
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TOTAL EQUITIES |
18,416
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13,975
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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-1,507
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-708 |
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Cash
Flows from Investment Activities |
-1,545
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-1,075
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Cash
Flows from Financing Activities |
3,651
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8 |
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Cash,
Bank Deposits at the Term End |
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3,160
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2,596
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
11,396
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8,426
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Current
Ratio (%) |
135.40
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144.33
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Net
Worth Ratio (%) |
61.88
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60.29
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Recurring
Profit Ratio (%) |
-3.28
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1.98 |
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Net
Profit Ratio (%) |
-1.96
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12.87
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Return
On Equity (%) |
-6.15
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19.90
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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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