MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SKYNET
ASIA AIRWAYS CO LTD |
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Registered Office : |
148
Akae-Hieda Miyazaki 880-0912, Japan. |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
July
1997 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Airline operator on four routes to/from Haneda Airport and
Miyazaki, Nagasaki & Kumamoto |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Status : |
Poor |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
SKYNET
ASIA AIRWAYS CO LTD
REGD NAME
Skynet
Asia Koku KK
MAIN OFFICE
148
Akae-Hieda Miyazaki 880-0912 JAPAN
Tel : 0985-55-2200
Fax : 0985-55-2211
*.. The given phone/fax numbers are those of Tokyo Branch Office
URL :
http://www.skynetasia.co.jp
E-Mail address :
info@skynetasia.co.jp
ACTIVITIES
Airline operator
BRANCHES
Tokyo, Nagasaki, Kumamoto
OFFICERS
TAMIO FUJIWARA, PRES Yoshimi
Matsuishi, mgn dir
Ken Hyodo, mgn dir Akitoshi
Nakamura, dir
Hironobu Nakano, dir Wataru
Kikuchi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 14,460 M
PAYMENTS REGULAR CAPITAL Yen 120 M
TREND UP WORTH Yen (-) 1,474 M
STARTED 1997 EMPLOYES 566
COMMENT
AIRLINE OPERATOR, AFFILIATED WITH ALL NIPPON AIRWAYS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ALL CREDITS ARE RECOMMENDED ON FULLY SECURED
TERMS DUE TO NEGATIVE NET WORTH.
Note: Forecasts for the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established by local entrepreneurs to
advance into airline business operations.
This is an airline operator servicing three routes from/to Haneda
Airport and Kumamoto, Nagasaki and Miyazaki.
The firm went into financial difficulties in 2005 and sought protection
under Industrial Revitalization Corp of Japan.
The IRCJ selected All Nippon Airways as the sponsor company for the
rehabilitation. ANA, now owns 14.9% of
the firm’s stock, provides technical operations, such as plane maintenance and
marketing. The firm is successfully on
the way to rehabilitation thanks to strong support from All Nippon Airways.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 14,460
million, a 21% up from Yen 11,935 million in the previous term. The operations continued in the red to post
Yen 2,685 million net loss for the term. This is referred largely to the
increased costs and expenses covering new opening of Tokyo-Nagasaki route.
First Half results ending Sept/2006: sales Yen 9,059 million (up
33.4%), recurring loss Yen 1,020 million, net loss Yen 1,047 million.
For the current term ending Mar 2007 the operations are projected
to come back to profitability but still limited to a minimum amount post-taxes,
on a 3.7% rise in turnover, to Yen 15,000 million.
The financial situation is considered RATHER WEAK but should be
good for MODERATE business engagements.
Due to the negative net worth we recommend all credits to be on fully
guaranteed terms.
REGISTRATION
Date Registered : Jul 1997
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
195,000 shares
Issued :
119,374 shares
Sum :
Yen 3,868 million
Major shareholders (%)
Industrial Revitalization Corp of Japan (41.9)*, All Nippon Airways
(14.9), Yoneshige Denki Sangyo (11.7), Miyazaki-Pref Small & Medium Business
Support Fund & Investment Coop (3.3), Employees’ S/Holding Assn (2.2),
Mitsunori Mera (1.2)
*.. IRCJ’s stocks were all transferred by friendly takeover bid to
Miyako Ground Service Co on 05/Jan/2007.
(Miyako is short for Miyazaki Transportation Co).
No. of shareholders: 901
Related companies
Skynet Tours, Skynet Communications, Skynet Sales.
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Airline operator on four routes to/from Haneda Airport
and Miyazaki, Nagasaki & Kumamoto
(--100%). Business collaboration with
All Nippon Airways.
Payment record
Regular
Location
Business area in Miyazaki. Office premises at the caption address
are leased and maintained satisfactorily.
Bank References
Bank of Miyazaki (H/O)
Relations: Satisfactory.
FINANCES
(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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14,460
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11,935
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Cost of Sales |
15,291
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11,136
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GROSS PROFIT |
-831 |
799 |
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Selling & Adm Costs |
1,759
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1,928
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OPERATING PROFIT |
-2,590
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-1,129
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Non-Operating P/L |
-77 |
-107 |
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RECURRING PROFIT |
-2,667
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-1,236
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NET PROFIT |
-2,865
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-1,367
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BALANCE
SHEET |
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Cash |
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369 |
2,293
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Receivables |
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842 |
815 |
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Inventory |
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203 |
160 |
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Securities, Marketable |
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Other Current Assets |
577 |
265 |
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TOTAL CURRENT ASSETS |
1,991
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3,533
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Property & Equipment |
322 |
358 |
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Intangibles |
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44 |
197 |
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Investments, Other Fixed Assets |
1,298
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856 |
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TOTAL ASSETS |
3,655
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4,944
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Payables |
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1,888
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951 |
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Short-Term Bank Loans |
800 |
3 |
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Other Current Liabs |
194 |
604 |
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TOTAL CURRENT LIABS |
2,882
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1,558
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Debentures |
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Long-Term Bank Loans |
1,915
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1,929
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Reserve for Retirement Allw |
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Other Debts |
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332 |
66 |
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TOTAL LIABILITIES |
5,129
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3,553
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MINORITY INTERESTS |
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Common
stock |
3,868
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3,868
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Additional
paid-in capital |
2,100
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2,100
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Retained
earnings |
(7,442) |
(4,577) |
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Evaluation
p/l on investments/securities |
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Others |
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0 |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
(1,474) |
1,391
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TOTAL EQUITIES |
3,655
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4,944
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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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31,178
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Cash
Flows from Investment Activities |
31,650
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Cash
Flows from Financing Activities |
-94,276
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Cash,
Bank Deposits at the Term End |
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140,940
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
(1,474) |
1,391
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Current
Ratio (%) |
69.08
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226.77
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Net
Worth Ratio (%) |
-40.33
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28.14
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Recurring
Profit Ratio (%) |
-18.44
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-10.36
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Net
Profit Ratio (%) |
-19.81
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-11.45
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Return
On Equity (%) |
194.37
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-98.27
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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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