MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
JALUX INC |
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Registered Office : |
JAL Bldg, 2-4-11 Higashishinagawa Shinagawaku Tokyo 140-8838 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
March 1962 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Supply of Aircraft Parts and Components;
Management of Duty-Free Shops |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 3,096.5 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
JALUX INC
REGD NAME: KK Jalux
MAIN OFFICE: JAL Bldg, 2-4-11
Higashishinagawa Shinagawaku Tokyo 140-8838 JAPAN
Tel:
03-5460-7200
E-Mail address: info@support.jalux.com
ACTIVITIES
Import, supply of aircraft parts & components;
management of duty-free shops
BRANCHES
Sapporo, Aomori, Akita, Narita, Haneda, Hiroshima, Kansai (Osaka), Matsuyama, Oita, Kitakyushu, Kagoshima, other (Tot 99 shops in 25 airports).
OVERSEAS
London, Vienna, Los Angeles, Honolulu, Hong Kong, Bangkok, Shanghai (-- subsidiaries). (See REGISTRATION)
CHIEF EXEC
TOSHIKI OKAZAKI, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 120,228 M
PAYMENTS REGULAR CAPITAL Yen 2,558 M
TREND STEADY WORTH Yen 16,032 M
STARTED 1962 EMPLOYES 1,076
COMMENT
A TRADING HOUSE AFFILIATED WITH SOJITZ CORP & JAPAN AIR LINES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 3,096.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company was established as a trading firm, named Nikko Shoji KK, by JAL, nation’s largest airline, at the caption address, Tokyo. Renamed as captioned in Jun 2001. Specializes in procurement of aircraft parts, sales of used aircraft and procurement of in-flight goods-for-sale for the JAL group. Operates and manages a total of 99 duty-free & other shops in 25 domestic airports. In Jan 2004, merged with KK JSS Trading, when JAL and JAS merged. Main business lies in planning and sales of gift products for retail stores, including dept stores, and sales of originally developed De SKY products also for JAL group. After the merger, the firm began selling time-shared rights to resort hotels in Hawaii, expanding the business into Asia outside Japan. In Dec 2005, set up a subsidiary in Shanghai and started water quality testing/improvement business on rivers. In Mar 2007 (effective 28/03/2007), JAL’s 30% share was transferred to Sojitz Corp (See REGISTRATION), who became the top shareholder.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 120,228 million, a 5.3% up from Yen 114,133 million in the previous term. Aviation-related parts and secondhand parts sales to airlines in Asia grew. Sales fully spurred by 5 airport shops, including store opened in Chitose in Mar 07 term. Mail-order sales recovered on back of increased direct marketing. By divisions, Aviation Div up 10.3% to Yen 43,079 million, Lifestyle Div up 5.2% to Yen 35,313 million, Customer Service Div up 0.9% to Yen 43,167 million. The recurring profit was posted at Yen 2,596 million and the net profit at Yen 978 million, respectively, compared with Yen 3,516 million recurring profit and Yen 1,579 million net profit, respectively, a year ago. Profits decline is referred to external service cost for development & updating of the company’s computer base system and due to higher general & administrative expenses from the system’s depreciation charges.
For the current term ending Mar 2009 the recurring profit is projected at Yen 3,700 million and the net profit at Yen 1,850 million, respectively, on a 5.1% rise in turnover, to Yen 120,000 million. Aircraft parts storage & maintenance sector will grow steadily, including selling of used aircraft, machinery and materials. DM catalog service will continue grow.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3,096.5 million, on 30 days normal 30 terms.
REGISTRATION
Date Registered: Mar 1962
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 20 million shares
Issued: 12,775,821 shares
Sum: Yen 2,558 million
Major shareholders (%)
Sojitz Corp*(30.0), JAL (Int’l) (21.4), Tokio Marine & Nichido Fire Ins (3.6), Nissay Dowa General Ins (3.1), Mitsui Sumitomo Ins (2.0), Aioi Ins (1.5), Sompo Japan Ins (1.5), Airport Facilities (1.3), Master Trust Bank of Japan T (1.2), Employees’ S/Holding Assn (1.1); foreign owners (2.9)
No. of shareholders: 11,820
*.. Leading trading house born by the merger of Nissho-Iwai Corp & Nichimen Corp, founded 2003, capital Yen 160,339 million, listed Tokyo, Osaka S/E’s, turnover Yen 5771,028 million, recurring profit Yen 101,480 million, net profit Yen 62,693 million, total assets Yen 2,669,352 million, net worth Yen 520,327 million, employees 18,440, pres Yutaka Kase
Listed on the S/Exchange (s) of
Tokyo
Managements
Hiroshi Tomonori, ch; Toshiki Okazaki, pres & CEO; Toshio Sakamoto, s/mgn dir; Sumio Shionoya, s/mgn dir; Hiroshi Iijima, mgn dir; Kenji Ichikawa, mgn dir; Yasumasa Onuki, mgn dir; Toshiro Yamaguchi, dir; Kaneo Maki, dir; Tokuhisa Asayama, dir; Yoshio Matsushita, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
JAL-DFS Co, JALUX Airport Inc (Airport shop management), JALUX Europe, JALUX Americas, other
Overseas consolidated subsidiaries: JALUX Europe Ltd (London, Vienna); JALUX
Americas Inc (Los Angeles);JALUX Asia Ltd (Bangkok); JALUX Asia Service Ltd (Bangkok); JALUX Hong Kong Co Ltd (Hong Kong); JALUX Shanghai Co Ltd (Shanghai)
OPERATION
Activities: A trading firm affiliated with Sojitz Corp & JAL.
(Sales breakdown by
divisions):
Aviation-related (35%): aircraft, fuel, aircraft components, machinery, equipment & materials, cabin service supplies, in flight-sales, others;
Lifestyle-related (30%): farm/marine products, processed foods, wines & liquor, jewelry (catalog & in-flight sales), beverages, others;
Customer services (35%): printing, greeting cards, other supplies, real estate management, insurances, airport shop operation, others.
(Overseas trading
ratio: less than 10%).
Clients
[Wholesalers, mfrs, consumers] JAL Int’l, Royal Co, JAL DFS Duty Free Shoppers, Ishikawajima-Harima Heavy Ind, Matsuzakaya, Japan Transocean Air, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] JALUX Americas, JALUX Europe, JAL Int’l, Fresh Pacific & Vegetable Inc, Showa Aircraft Ind, Japan Tobacco Inc, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are owned by the parent and maintained satisfactorily.
Bank References
SMBC (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
FINANCIALS
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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120,228 |
114,133 |
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Cost of Sales |
96,359 |
89,602 |
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GROSS PROFIT |
23,869 |
24,530 |
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Selling & Adm Costs |
21,680 |
21,284 |
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OPERATING PROFIT |
2,188 |
3,246 |
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Non-Operating P/L |
408 |
270 |
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RECURRING PROFIT |
2,596 |
3,516 |
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NET PROFIT |
978 |
1,579 |
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BALANCE SHEET |
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Cash |
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6,280 |
5,688 |
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Receivables |
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12,158 |
13,468 |
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Inventory |
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7,309 |
6,117 |
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Securities, Marketable |
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7,681 |
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Other Current Assets |
3,463 |
(3,396) |
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TOTAL CURRENT ASSETS |
29,210 |
29,558 |
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Property & Equipment |
4,812 |
5,210 |
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Intangibles |
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1,873 |
1,861 |
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Investments, Other Fixed Assets |
5,679 |
5,716 |
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TOTAL ASSETS |
41,574 |
42,345 |
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Payables |
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13,259 |
13,561 |
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Short-Term Bank Loans |
3,953 |
3,826 |
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Other Current Liabs |
4,501 |
5,650 |
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TOTAL CURRENT LIABS |
21,713 |
23,037 |
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Debentures |
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Long-Term Bank Loans |
2,970 |
2,963 |
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Reserve for Retirement Allw |
206 |
307 |
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Other Debts |
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653 |
523 |
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TOTAL LIABILITIES |
25,542 |
26,830 |
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MINORITY INTERESTS |
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Common
stock |
2,558 |
2,558 |
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Additional
paid-in capital |
711 |
711 |
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Retained
earnings |
11,885 |
11,289 |
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Evaluation
p/l on investments/securities |
(5) |
13 |
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Others |
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893 |
953 |
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Treasury
stock, at cost |
(10) |
(9) |
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TOTAL S/HOLDERS` EQUITY |
16,032 |
15,515 |
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TOTAL EQUITIES |
41,574 |
42,345 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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1,872 |
1,593 |
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Cash
Flows from Investment Activities |
-1,088 |
-1,823 |
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Cash
Flows from Financing Activities |
-216 |
765 |
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Cash,
Bank Deposits at the Term End |
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6,174 |
5,646 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
16,032 |
15,515 |
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Current
Ratio (%) |
134.53 |
128.31 |
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Net
Worth Ratio (%) |
38.56 |
36.64 |
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Recurring
Profit Ratio (%) |
2.16 |
3.08 |
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Net Profit
Ratio (%) |
0.81 |
1.38 |
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Return
On Equity (%) |
6.10 |
10.18 |
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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%)