MIRA
INFORM REPORT
|
Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GALAXY AIRLINES CO LTD |
|
|
|
|
Registered Office : |
Ark Bldg 4F, 3-2-6 Haneda Kuko (Airport) Otaku Tokyo 144-0041 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
May 2005 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Domestic
Airfreight Service |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
YEN 35.2 Million |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
GALAXY AIRLINES CO LTD
REGD NAME: Galaxy Airlines KK
MAIN OFFICE: Ark Bldg 4F, 3-2-6
Haneda Kuko (Airport) Otaku Tokyo 144-0041 JAPAN
Tel:
03-5757-4357 Fax: 03-5757-4338
URL: http://www.galaxy-airlines.com/
E-Mail address: info@galaxy-airlines.com
ACTIVITIES
Domestic airfreight service
BRANCHES
Chitose, Osaka, Kitakyushu, Naha (--air cargo terminals)
OFFICER(S)
TERUO WAKASA, PRES
Masataka Yoshido, dir
Kazuto Yamamoto, dir
Kazuyori Fujimoto, dir
Hiroshi Ugai, dir
Isamu Murakami, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 1,243 M
PAYMENTS REGULAR CAPITAL Yen 5,000 M
TREND UP WORTH Yen 3,518 M
STARTED 2005 EMPLOYES 150
COMMENT
AIR CARGO TRANSPORTATION SERVICE PROVIDER.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE
GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 35.2 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by SG Holdings Group (See REGISTRATION) in order to advance into air cargo transportation business. The Group is a provider of domestic home-delivery inland transport services. This is a provider of air transport service by cargo flights. Operates two cargo flights domestically. In Sept 2006, air transportation license granted from Ministry of Land, Infrastructure and Transportation. In Oct 2006, inaugurated air freight service. In Nov 2006, started code share service with JAL (Japan Airlines). In Apr 2007, commended operations of 2nd aircraft. The service routes originate Tokyo & Osaka to Hokkaido & Kyushu, including Okinawa. Operates two aircrafts: model: Airbus Industry A300B4-622R.
FINANCIAL INFORMATION
The sales volume for the initial fiscal term for 6 months from the start of operations ending Mar/2007amounted to Yen 1,243 million, posting Yen 1,430 million recurring loss and Yen 1,446 million net losses, respectively. This is referred to the heavy investment costs and operations. The net worth is reportedly at Yen 3,518 million, Yen 1,482 million short of paid-in capital.
For the term just ended Mar 2008 the sales turnover was projected at Yen 2,700 million for 12 months, up 9% as adjusted on a 12-month basis from the previous term. The profits were not officially mentioned but are believed remained in the deficit due to heavy costs of investment & depreciation. Some say around Yen 1,000 million net losses, but this remains to be confirmed.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 35.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 2005
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 5,000 million
Major shareholders (%)
SG Holdings Co Ltd*(55), Mitsui & Co (15), Japan Airlines
International (10), Sumitomo Corp (7.5)
No. of shareholders: 9
* SG Holdings Co Ltd, holding company of Sagawa Global Logistics (domestic home-delivery transport service provider), founded 2006, capital Yen 11,275 million, turnover Yen 869,268 million, recurring profit Yen 36,243 million, net profit Yen 18,537 million, employees 39,609, pres Eiichi Kuriwada
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Provider of domestic air transportation services by cargo flights (100%).
Service routes: Tokyo/Chitose, Naha, Kitakyushu; Osaka/Chitose, Kitakyushu, operating two cargo aircrafts: model Airbus Industry A300B4-622R
Clients
[Cargo owners, transport firms] Sagawa Global Logistics, International Express,
JAL Cargo Service, other
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Suppliers
[Airlines] Japan Airlines, Lufthansa Airlines, Airbus, other.
Payment record
Regular
Location
Cargo air terminal in Haneda, Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Kyoto)
Mizuho Bank (Kameido)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
|
|
Annual
Sales |
|
2,700 |
1,243 |
0 |
|
Recur.
Profit |
|
|
-1,430 |
|
|
Net
Profit |
|
0 |
-1,446 |
0 |
|
Total
Assets |
|
|
15,753 |
5,671 |
|
Current
Assets |
|
|
2,301 |
5,235 |
|
Current
Liabs |
|
|
1,565 |
705 |
|
Net
Worth |
|
|
3,518 |
4,964 |
|
Capital,
Paid-Up |
|
|
5,000 |
5,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
8.65 |
- - |
.. |
|
|
Current Ratio |
|
.. |
147.03 |
742.55 |
|
N.Worth Ratio |
.. |
22.33 |
87.53 |
|
|
R.Profit/Sales |
|
.. |
-115.04 |
.. |
|
N.Profit/Sales |
0.00 |
-116.33 |
-- |
|
Notes: The 31/03/2007 fiscal term was for irregular 6 months
from the starting of operations.
Growth rates are
adjusted on a 12-month basis.
Forecast (or estimated) figures for the 31/03/2008 fiscal
term.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)