MIRA INFORM
REPORT
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Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ORIENTAL AIR BRIDGE CO LTD |
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Registered Office : |
593-2 Mishimacho Omura City Nagasaki-Pref 856-0816 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
June 1961 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Domestic Airline Operator |
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. |
Small |
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Maximum Credit Limit : |
YEN 31.9 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name & address
ORIENTAL AIR BRIDGE CO LTD
REGD NAME: Oriental Air Bridge KK
MAIN OFFICE: 593-2 Mishimacho
Omura City Nagasaki-Pref 856-0816 JAPAN
Tel:
0957-53-6692 Fax: 0957-53-6592
URL: http://www.orc-air.co.jp/
E-Mail address: info@orc-air.co.jp
ACTIVITIES
Domestic airline operator
LICENSE
#103 (domestic airline operation granted from Osaka-Pref);
#477 (operation of aircrafts granted from Ministry of
Transport)
BRANCHES
Iki, Tsushima, Fukue (--Nagasaki), Kagoshima, Miyazaki
(--air terminals)
OFFICER(S)
KAZUTAKA MURAOKA, PRES
Takashi Matsumoto, s/mgn dir
Kunihisa Yamaguchi, mgn dir
Hideo Kuribayashi, dir
Kuniaki Kunishima, dir
Katsusuke Nakamura, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 1,831 M
PAYMENTS REGULAR CAPITAL Yen 1,072 M
TREND SLOW WORTH Yen 388 M
STARTED 1961 EMPLOYES 65
COMMENT
DOMESTIC AIRLINE OPERATOR.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE
GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 31.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Nagasaki Airport Building Co Ltd & Nagasaki-Pref in order to advance into airline operation centering in Nagasaki-Pref. This is an airline operator centering in Nagasaki-Pref to Kagoshima & Miyazaki. Also handles air cargo. Headquarters and branches are located in airport terminals.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 1,831 million, a 5% down from Yen 1,925 million in the previous term. Passengers decreased. The operations plunged into the red to register Yen 216 million recurring loss and Yen 14 million net losses, respectively, compared with Yen 123 recurring loss and Yen 32 million net loss, respectively, a year ago. Rising fuel oil prices ate into profits.
For the term that ended Mar 2008 the operations were projected to return profitable but still limited to a minimum amount, on a 4% rise in turnover, to Yen 1,900 million.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 31.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1961
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8 million shares
Issued: 2.1 million shares
Sum: Yen 1,072 million
Major shareholders (%)
Nagasaki Airport Building International Corp*(60), Nagasaki-Pref
Government (23), Kyushu Gas (11), other
No. of shareholders: 10
* Airport Building owner & operator, Nagasaki, founded 1959, capital Yen 463 million, turnover Yen 5,421 million, net profit Yen 52 million, employees 175, pres Osamu Kawabata
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Domestic airline operator centering in Nagasaki-Pref (--100%)
Flight route: From Nagasaki to Iki, Tsushima, Goto (--Nagasaki-Pref) and to Kagoshima & Miyazaki.
Flight record for Mar/2008: 704 flights scheduled, actually flew 701 flights, three cancelled due to aircraft mechanical problems, according to the firm.
Clients
Passengers, travel agents, other
No. of accounts
Unavailable
Domestic areas of activities
Centered in Nagasaki-Pref
Suppliers
[Travel agents, other] Nippon Goodyear, Jamco, ANA Trading, Kokusai Aviation
Fueling Co, other.
Payment record
Regular
Location
Business area in Nagasaki. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Jyuhachi Bank (Omura)
Shinwa Bank (Omura)
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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1,900 |
1,831 |
1,925 |
1,758 |
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Recur.
Profit |
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-216 |
-123 |
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Net
Profit |
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0 |
-14 |
32 |
2 |
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Total
Assets |
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1,911 |
2,077 |
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Current
Assets |
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749 |
814 |
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Current
Liabs |
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398 |
361 |
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Net
Worth |
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388 |
403 |
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Capital,
Paid-Up |
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1,072 |
1,072 |
1,072 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.77 |
-4.88 |
9.50 |
7.79 |
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Current Ratio |
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.. |
188.19 |
225.48 |
.. |
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N.Worth Ratio |
.. |
20.30 |
19.40 |
.. |
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R.Profit/Sales |
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.. |
-11.80 |
-6.39 |
.. |
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N.Profit/Sales |
0.00 |
-0.76 |
1.66 |
0.11 |
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Notes: Forecast (or estimated) figures for the 31/03/2008
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. |
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%)