MIRA
INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
KANSAI INFLIGHT CATERING CO LTD |
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Registered Office : |
1 Senshu-Kuko Minami Senshu City
Osaka-Pref 549-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
August 1988 |
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Com. Reg. No.: |
(Osaka-Sennan) 010068 |
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Legal Form : |
Limited Company |
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Line of Business : |
In-flight catering services |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 194.8 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
KANSAI INFLIGHT CATERING CO LTD
REGD NAME: KK
Kansai Inflight Catering
MAIN OFFICE: 1 Senshu-Kuko
Minami Senshu City Osaka-Pref 549-0001 JAPAN
Tel: 072-456-6350 Fax: 072-456-6363
URL: http://www.kicfinefood.com
E-Mail address: customer-syc@kicfinefood.com
ACTIVITIES
In-flight catering
services
BRANCHES
Nil
FACTORIES
At the caption
address (food cooking/preparation, etc)
OFFICERS
SHIN’ICHI OHNO,
PRES
Toshio Takaoka,
s/mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,503 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND SLOW WORTH Yen 1,892 M
STARTED 1988 EMPLOYES 170
COMMENT
IN-FLIGHT CATERING SERVICES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
194.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
on the basis of in-flight food services division separated from Royal Holdings
Co Ltd (See REGISTRATION). Offers in-flight catering services for
domestic and international flights. It
also operates restaurants and warehousing operations. Clients are airline companies, both domestic
and overseas.
FINANCIAL INFORMATION
The sales volume for Dec/2010 fiscal
term amounted to Yen 4,503 million, a 14% up from Yen 3,967 million in the
previous term. This was thanks to the
increased Asian bound flights. The
recurring profit was posted at Yen 605 million and the net profit at Yen 323
million, compared with Yen 481 million recurring profit and Yen 278 million net
profit, respectively, a year ago.
For the current term ending Dec 2011
the recurring profit is projected at Yen 620 million and the net profit at Yen
340 million, respectively, on a 5% rise in turnover, to Yen 4,750 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 194.8 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Aug
1988
Regd No.:
(Osaka-Sennan) 010068
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major
shareholders (%): Royal Holdings Co Ltd* (100)
*.. Holding
Company controlling core firm “Royal Co Ltd”, leading suburban restaurant
chain operator, Tokyo, capital Yen 13,676
million, listed Tokyo, Fukuoka S/E’s, sales Yen 110,440 million, operating
profit Yen 2,054 million, recurring profit Yen 2,132 million, net profit Yen
901 million, total assets Yen 80,476 million, net worth Yen 43,755 million,
employees 3,324, pres Tadao Kikuchi
Consolidated
Financials are attached (See
SUPPLEMENTS)
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Provider of in-flight
meal catering services (--100%).
Clients: [Airline
operators] Both domestic and international flights, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Air Linen, Polar Star, other.
Payment record: Regular
Location: Business area in
Sennan City, Osaka-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Bank of Fukuoka
(Osaka)
MUFG (Osaka-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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4,750 |
4,503 |
3,967 |
5,007 |
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Recur.
Profit |
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620 |
605 |
481 |
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Net
Profit |
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340 |
323 |
278 |
477 |
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Total
Assets |
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2,691 |
2,041 |
2,345 |
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Current
Assets |
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2,167 |
1,494 |
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Current
Liabs |
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798 |
472 |
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Net
Worth |
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1,892 |
1,569 |
1,290 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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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 |
5.49 |
13.51 |
-20.77 |
-1.22 |
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Current Ratio |
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.. |
271.55 |
316.53 |
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N.Worth Ratio |
.. |
70.31 |
76.87 |
55.01 |
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R.Profit/Sales |
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13.05 |
13.44 |
12.13 |
.. |
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N.Profit/Sales |
7.16 |
7.17 |
7.01 |
9.53 |
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Return On Equity |
.. |
17.07 |
17.72 |
36.98 |
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Notes: Forecast
(or estimated) figures for the 31/12/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, ROYAL
HOLDINGS CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2010 |
31/12/2009 |
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INCOME STATEMENT |
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Annual Sales |
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108,630 |
110,141 |
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Cost of Sales |
32,247 |
32,867 |
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GROSS PROFIT |
76,383 |
77,278 |
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Selling & Adm Costs |
74,329 |
75,515 |
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OPERATING PROFIT |
2,054 |
1,763 |
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Non-Operating P/L |
78 |
a153 |
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RECURRING PROFIT |
2,132 |
1,916 |
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NET PROFIT |
901 |
-468 |
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BALANCE SHEET |
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Cash |
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8,242 |
8,504 |
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Receivables |
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3,787 |
3,670 |
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Inventory |
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1,836 |
1,763 |
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Securities, Marketable |
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Other Current Assets |
4,012 |
4,073 |
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TOTAL CURRENT ASSETS |
17,877 |
18,010 |
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Property & Equipment |
32,535 |
31,544 |
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Intangibles |
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1,982 |
1,056 |
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Investments, Other Fixed Assets |
28,082 |
27,604 |
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TOTAL ASSETS |
80,476 |
78,214 |
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Payables |
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3,450 |
3,318 |
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Short-Term Bank Loans |
2,900 |
3,610 |
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Other Current Liabs |
13,967 |
11,629 |
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TOTAL CURRENT LIABS |
20,317 |
18,557 |
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Debentures |
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Long-Term Bank Loans |
8,558 |
10,560 |
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Reserve for Retirement Allw |
259 |
255 |
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Other Debts |
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7,587 |
6,026 |
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TOTAL LIABILITIES |
36,721 |
35,398 |
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MINORITY INTERESTS |
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Common
stock |
13,676 |
13,676 |
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Additional
paid-in capital |
23,708 |
23,936 |
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Retained
earnings |
8,132 |
7,608 |
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Evaluation
p/l on investments/securities |
317 |
348 |
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Others |
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645 |
935 |
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Treasury
stock, at cost |
(2,723) |
(3,687) |
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TOTAL S/HOLDERS` EQUITY |
43,755 |
42,816 |
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TOTAL EQUITIES |
80,476 |
78,214 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2010 |
31/12/2009 |
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Cash
Flows from Operating Activities |
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6,504 |
4,557 |
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Cash
Flows from Investment Activities |
-4,298 |
-783 |
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Cash Flows
from Financing Activities |
-2,467 |
-1,022 |
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Cash,
Bank Deposits at the Term End |
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8,242 |
8,504 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2010 |
31/12/2009 |
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Net
Worth (S/Holders' Equity) |
43,755 |
42,816 |
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Current
Ratio (%) |
87.99 |
97.05 |
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Net
Worth Ratio (%) |
54.37 |
54.74 |
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Recurring
Profit Ratio (%) |
1.96 |
1.74 |
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Net
Profit Ratio (%) |
0.83 |
-0.42 |
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Return
On Equity (%) |
2.06 |
-1.09 |
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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.45.27 |
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1 |
Rs.73.34 |
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Euro |
1 |
Rs.64.58 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.