MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
JAL AEROPARTS CO LTD |
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Registered Office : |
Shiba 2-Chome Daimon Bldg 2F, 2-3-3 Shiba Minatoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Dec 1990 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, wholesale of aircraft
parts & components |
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 337.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
JAL AEROPARTS CO
LTD
REGD NAME
KK JAL Aeroparts
MAIN OFFICE
Shiba 2-Chome
Daimon Bldg 2F, 2-3-3 Shiba Minatoku
Te : 03-5443-5561
Fax : 03-5443-5710
URL : http://www.jal.com/
(Of the parent)
E-Mail
address: Not specified
ACTIVITIES
Import,
wholesale of aircraft parts & components
BRANCHES
OFFICER(S)
MASUHISA
YOKOYAMA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 33,297 M
PAYMENTS REGULAR CAPITAL Yen 490 M
TREND STEADY WORTH Yen
1,530 M
STARTED 1990 EMPLOYES 56
COMMENT
TRADING HOUSE FOR IMPORT AND WHOLESALE OF AIRCRAFT PARTS & COMPONENTS, WHOLLY OWNED BY JAPAN AIRLINES CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 337.7 MILLION, 30 DAYS
HIGHLIGHTS
The subject company was established as a trading division by
Japan Airlines Corp, largest airline company,
FINANCIAL
INFORMATION
Financials are consolidated by the parent, Japan Airlines Corp, and only digested figures are disclosed. Consolidated Financials are attached. (See SUPPLEMENTS)
The sales volume for Mar/2007 fiscal term amounted to Yen 33,297 million, a 22% up from Yen 27,215 million in the previous term. This is thanks to expanded airline operations of the parent and group firms. Demand from other airline parts mfrs also rose. The net profit rose to Yen 432 million, up from Yen 362 million a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 435 million, on a 2% rise in turnover, to Yen 34,000 million. Business keeps rising, particularly maintenance & repairing services overseas are robust.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 337.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1990
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 39,200 shares
Issued: 9,800 shares
Sum: Yen
490 million
Major shareholders (%): Japan Air Lines Corp*(100)
*.. Holding company formed thru integration of JAL & JAS in Oct 2002, one of world’s largest in passenger volume, Tokyo, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 174,250 million, turnover Yen 2,301,915 million, operating profits Yen 22,917 million, recurring profit Yen 20,576 million, net losses Yen 16,267 million, total assets Yen 2,091,233 million, net worth Yen 311,086 million, employees 51,497, pres Haruka Nishimatsu
Consolidated Financials are as attached (See SUPPLEMENTS).
Nothing detrimental is known as to 31/03/2007the commercial morality of executives.
OPERATION
Activities: Trading house, wholly owned by JAL group, for
import and wholesale of aircraft parts & components, foodstuffs,
pharmaceuticals, clothing & accessories, offering aircraft maintenance and repairing
services overseas (--100%). Operations
cover worldwide areas where JAL agents & subsidiaries are located.
Clients: [Airlines, airline mfrs, wholesalers] Japan Airlines and group firms (48.4%), Ishikawajima Harima Heavy Ind (27.1%), Mitsubishi Heavy Ind (13.9%), Ishikawajima Jet Service, other.
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, airlines] JAS Aircraft USA, JAS Aircraft SA, International Aero Engines, General Electric (Engines), other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(H/O)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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34,000 |
33,297 |
27,215 |
23,724 |
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Recur.
Profit |
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Net
Profit |
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435 |
432 |
362 |
192 |
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Total
Assets |
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8,987 |
7,325 |
5,746 |
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Current
Assets |
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8,619 |
6,953 |
5,382 |
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Current
Liabs |
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7,268 |
5,659 |
4,459 |
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Net
Worth |
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1,530 |
1,476 |
1,113 |
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Capital,
Paid-Up |
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490 |
490 |
490 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.11 |
22.35 |
14.72 |
-21.51 |
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Current Ratio |
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.. |
118.59 |
122.87 |
120.70 |
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N.Worth Ratio |
.. |
17.02 |
20.15 |
19.37 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
1.28 |
1.30 |
1.33 |
0.81 |
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Return On Equity |
.. |
28.24 |
24.53 |
17.25 |
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Notes:
Forecast for the 31/03/2008 fiscal term.
SUPPLEMENTS
Consolidated
Financials of the parent, Japan Airlines Corp
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FINANCES:
(Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME
STATEMENT |
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Annual Sales |
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2,301,915 |
2,199,385 |
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Cost of Sales |
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1,885,211 |
1,839,190 |
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GROSS PROFIT |
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416,703 |
360,195 |
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Selling & Adm Costs |
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393,785 |
387,029 |
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OPERATING PROFIT |
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22,917 |
-26,834 |
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Non-Operating P/L |
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-2,341 |
-14,774 |
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RECURRING PROFIT |
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20576.00 |
-41608.00 |
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NET PROFIT |
-16267 |
-47243 |
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BALANCE
SHEET |
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Cash |
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198,933.00 |
173,948.00 |
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Receivables |
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262,564.00 |
237,479.00 |
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Inventory |
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13,234.00 |
5,936.00 |
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Securities, Marketable |
13,234.00 |
5,936.00 |
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Other Current Assets |
219346.00 |
264020.00 |
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TOTAL CURRENT ASSETS |
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707311 |
687319 |
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Property & Equipment |
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1,116,391 |
1,152,762 |
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Intangibles |
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77,007 |
72,075 |
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Investments, Other Fixed Assets |
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190,524 |
249,084 |
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TOTAL ASSETS |
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2,091,233 |
2,161,240 |
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Payables |
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263,885 |
237,803 |
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Short-Term Bank Loans |
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4,810 |
6,562 |
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Other Current Liabs |
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391,101 |
400,479 |
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TOTAL CURRENT LIABS |
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659796.00 |
644844.00 |
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Debentures |
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130229 |
280000 |
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Long-Term Bank Loans |
705,957.00 |
800,001.00 |
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Reserve for Retirement Allw |
129,061.00 |
139,753.00 |
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Other Debts |
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134,317.00 |
121,126.00 |
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TOTAL LIABILITIES |
1,759,360.00 |
1,985,724.00 |
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MINORITY INTERESTS |
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27,449.00 |
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Common
stock |
174250.00 |
100000.00 |
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Additional
paid-in capital |
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79096 |
136145 |
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Retained
earnings |
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24,776 |
-90,186 |
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Evaluation
p/l on investments/securities |
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3,557 |
8,777 |
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Others |
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51,081 |
-5,778 |
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Treasury
stock, at cost |
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-887 |
-892 |
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TOTAL S/HOLDERS` EQUITY |
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331,873 |
148,066 |
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TOTAL EQUITIES |
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2,091,233 |
2,161,240 |
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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127748.00 |
100984.00 |
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Cash
Flows from Investment Activities |
-56216 |
-99283 |
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Cash
Flows from Financing Activities |
-53,007.00 |
-91,384.00 |
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Cash,
Bank Deposits at the Term End |
191,381.00 |
172,132.00 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
331,873.00 |
148,066.00 |
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Current
Ratio (%) |
107.20 |
106.59 |
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Net
Worth Ratio (%) |
15.87 |
6.85 |
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Recurring
Profit Ratio (%) |
0.893864456 |
-1.891801572 |
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Net Profit Ratio (%) |
-1 |
-2 |
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Return
On Equity (%) |
-5 |
-32 |
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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. |
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)