MIRA INFORM REPORT
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Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAN INFORMATION TECHNOLOGY CO LTD |
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Registered Office : |
Shibaura Shimizu Bldg, 4-15-33 Shibaura Minatoku
Tokyo 108-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
August, 1978 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
IT Networking, System Solutions,
Internet Solutions, other |
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 945.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
JAN INFORMATION
TECHNOLOGY CO LTD
REGD NAME
KK Jal Infotec
MAIN OFFICE
Shibaura Shimizu Bldg, 4-15-33 Shibaura Minatoku Tokyo 108-0023 JAPAN
Tel: 03-5445-7000 Fax:
03-5445-7018
URL: http://www.jalinfotec.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
IT networking, system solutions, internet solutions, other
BRANCHES
Sapporo, Narita, Nagoya, Osaka, Fukuoka; Okinawa
(subsidiary)
OVERSEAS
Jal Avionet Asia (Hong Kong), Jal Avionet Europe (London),
Jal Aviation USA (Los Angeles)
OFFICER(S)
FUMIO TAKEMURA, PRES Masatoshi
Tsutsumi, v pres
Shigeo Takayanagi, s/mgn dir Akihiro
Uraba, mgn dir
Masayuki Machida, dir Yoko
Sakai, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,378 M
PAYMENTS REGULAR CAPITAL Yen 702 M
TREND STEADY WORTH Yen 5,703 M
STARTED 1978 EMPLOYES 1,141
COMMENT
NETWORKING & IT SOLUTIONS PROVIDER, AFFILIATED TO IBM
JAPAN & JAPAN AIRLINES CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 945.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as an IT solution provider, principally controlling & monitoring air flights, airlines facilities, other of Jal Airlines Corp, largest airlines operator, Tokyo (See REGISTRATION).
Later in Jul/1997 merged with three sister companies; Tokyo OA Equipment, Hokkaido Information Communications and International Communication Consultant, in order to streamline group operations. And in May/2000 accepted the capital participation of IBM Japan Ltd, which holds 51% of the total share. By the capital & business tie-ups, the operation areas have expanded into other than airlines-related IT operations.
Offers networking solutions, internet solutions, business management, system management services, application management services, other.
Major clients are IBL Japan Ltd and JAL group firms.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 26,378 million, a 7% up from Yen 24,741 million in the previous term. Business has been expanding into other than JAL group firms. Operations have been streamlining by the business-tie-ups with IBM Japan. The recurring profit was posted at Yen 1,651 million and the net profit at Yen 736 million, respectively, compared with Yen 1,646 million recurring profit and Yen 1,672 million net profit, respectively, a year ago.
For the current term ending Dec 2008 the recurring profit is projected at Yen 1,700 million and the net profit at Yen 740 million, respectively, on a 4% rise in turnover, to Yen 27,500 million. Operations have been expanded into vigorous mobile phone solution business.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 945.6 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1978
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
5 million shares
Issued:
1.31 shares
Sum: Yen 702.452 million
Major shareholders (%)
IBM Japan LTD*(51), Japan Airlines International*(41.5), Nippon
Information Industry Corp (7.5)
No. of shareholders
3
* Information service provider, Tokyo, Japan arm of IBM Corp
USA, founded 1937, unlisted, capital Yen 135,300 million, sales Yen 1,192,611
million, operating profit Yen 149,432 million, recurring profit Yen 154,048
million, net profit Yen 94,021 million, total assets Yen 721,135 million, net
worth Yen 197,837 million, employees 25,662, pres Takuma Okura
Consolidated
Financials are as attached (See
SUPPLEMENTS NO.2)
** Airlines
operator of JAL group, Tokyo, founded 2002 (reorganized), listed Tokyo, Osaka,
Nagoya S/E’s, capital Yen 251,000 million, sales Yen 2,230,416 million,
operating profit Yen 90,013 million, recurring profit Yen 69,817 million, net
profit Yen 16,921 million, total assets Yen 2,122,784 million, net worth Yen
453,934 million, employees 49,200, pres Haruka Nishimatsu
Consolidated
Financials are as attached (See SUPPLEMENTS
NO.1)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: IT/Networking solutions provider from formulation of airline operation systems to control/monitoring systems: system development/formulation services (67%), installation services (17%), maintenance/repairing, operations services (16&).
(Services):
Networking & IT solutions, Intranet solutions, securities
solutions, asset management, business intelligence, mobile phone solutions,
system management services, application
management services, business process service, other related services.
Clients
[Business firms, airlines] IBL Japan Ltd, Japan Airlines,
Access International
Network Inc, JAL Sales, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Telecommunications, mfrs] Jastec, IBM Japan Ltd, HBA, JIC,
Creva Systems Inc, Jass System, Date Communication Services, other.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (H/O)
SMBC (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2008 |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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27,500 |
26,378 |
24,741 |
23,475 |
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Recur.
Profit |
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1,700 |
1,651 |
1,646 |
1,115 |
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Net Profit |
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740 |
736 |
1,672 |
543 |
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Total
Assets |
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11,808 |
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Current
Assets |
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9,296 |
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Current
Liabs |
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3,925 |
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Net
Worth |
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5,703 |
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Capital,
Paid-Up |
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702 |
702 |
702 |
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Div.P.Share(¥) |
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0.00 |
1268.00 |
543.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.25 |
6.62 |
5.39 |
-7.12 |
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Current Ratio |
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.. |
236.84 |
.. |
.. |
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N.Worth Ratio |
.. |
48.30 |
.. |
.. |
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R.Profit/Sales |
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6.18 |
6.26 |
6.65 |
4.75 |
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N.Profit/Sales |
2.69 |
2.79 |
6.76 |
2.31 |
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Return On Equity |
.. |
12.91 |
.. |
.. |
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Notes: Forecast (or estimated) figures for the 31/12/2008
fiscal term.
SUPPLEMENTS
1.
CONSOLIDATED FINANCIALS OF THE PARENT, JAPAN AIRLINES CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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2,230,416 |
2,301,915 |
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Cost of Sales |
1,776,979 |
1,885,211 |
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GROSS PROFIT |
453,436 |
416,703 |
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Selling & Adm Costs |
363,423 |
393,785 |
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OPERATING PROFIT |
90,013 |
22,918 |
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Non-Operating P/L |
-20,196 |
-2,342 |
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RECURRING PROFIT |
69,817 |
20,576 |
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NET PROFIT |
16,921 |
-16,267 |
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BALANCE SHEET |
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Cash |
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354,977 |
198,933 |
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Receivables |
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241,349 |
262,564 |
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Inventory |
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90,985 |
82,881 |
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Securities, Marketable |
8,795 |
13,234 |
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Other Current Assets |
114,209 |
149,699 |
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TOTAL CURRENT ASSETS |
810,315 |
707,311 |
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Property & Equipment |
1,037,117 |
1,116,391 |
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Intangibles |
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82,838 |
77,007 |
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Investments, Other Fixed Assets |
192,514 |
190,524 |
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TOTAL ASSETS |
2,122,784 |
2,091,233 |
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Payables |
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264,914 |
263,885 |
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Short-Term Bank Loans |
3,084 |
4,810 |
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Other Current Liabs |
393,231 |
391,101 |
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TOTAL CURRENT LIABS |
661,229 |
659,796 |
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Debentures |
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102,229 |
130,229 |
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Long-Term Bank Loans |
651,416 |
705,957 |
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Reserve for Retirement Allw |
95,485 |
129,061 |
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Other Debts |
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141,354 |
134,317 |
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TOTAL LIABILITIES |
1,651,713 |
1,759,360 |
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MINORITY INTERESTS |
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Common
stock |
251,000 |
174,250 |
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Additional
paid-in capital |
155,836 |
79,096 |
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Retained
earnings |
41,320 |
24,776 |
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Evaluation
p/l on investments/securities |
2,578 |
3,557 |
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Others |
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21,226 |
51,081 |
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Treasury
stock, at cost |
(890) |
(887) |
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TOTAL S/HOLDERS` EQUITY |
471,070 |
331,873 |
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TOTAL EQUITIES |
2,122,784 |
2,091,233 |
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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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157,331 |
127,748 |
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Cash
Flows from Investment Activities |
-26,229 |
-56,216 |
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Cash
Flows from Financing Activities |
36,896 |
-53,007 |
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Cash,
Bank Deposits at the Term End |
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354,037 |
191,381 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
471,070 |
331,873 |
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Current
Ratio (%) |
122.55 |
107.20 |
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Net
Worth Ratio (%) |
22.19 |
15.87 |
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Recurring
Profit Ratio (%) |
3.13 |
0.89 |
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Net
Profit Ratio (%) |
0.76 |
-0.71 |
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Return
On Equity (%) |
3.59 |
-4.90 |
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2,
CONSOLIDATED FINANCIALS OF THE PARENT, IBM JAPAN LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2007 |
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INCOME STATEMENT |
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Annual Sales |
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1,192,611 |
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Cost of Sales |
891,346 |
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GROSS PROFIT |
301,265 |
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Selling & Adm Costs |
151,832 |
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OPERATING PROFIT |
149,432 |
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Non-Operating P/L |
4,616 |
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RECURRING PROFIT |
154,048 |
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NET PROFIT |
94,021 |
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BALANCE SHEET |
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Cash |
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17,341 |
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Receivables |
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234,892 |
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Inventory |
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12,709 |
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Securities, Marketable |
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Other Current Assets |
148,448 |
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TOTAL CURRENT ASSETS |
413,390 |
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Property & Equipment |
208,807 |
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Intangibles |
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30,077 |
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Investments, Other Fixed Assets |
68,861 |
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TOTAL ASSETS |
721,135 |
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Payables |
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90,968 |
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Short-Term Bank Loans |
107,900 |
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Other Current Liabs |
261,366 |
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TOTAL CURRENT LIABS |
460,234 |
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Debentures |
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Long-Term Bank Loans |
29,748 |
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Reserve for Retirement Allw |
18,503 |
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Other Debts |
|
14,813 |
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TOTAL LIABILITIES |
523,298 |
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MINORITY INTERESTS |
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Common
stock |
135,300 |
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Additional
paid-in capital |
5,610 |
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Retained
earnings |
60,360 |
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Evaluation
p/l on investments/securities |
368 |
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Others |
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(3,801) |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
197,837 |
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TOTAL EQUITIES |
721,135 |
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ANALYTICAL RATIOS Terms
ending: |
31/12/2007 |
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Net
Worth (S/Holders' Equity) |
197,837 |
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Current
Ratio (%) |
89.82 |
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Net Worth
Ratio (%) |
27.43 |
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Recurring
Profit Ratio (%) |
12.92 |
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Net
Profit Ratio (%) |
7.88 |
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Return
On Equity (%) |
47.52 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)