MIRA INFORM REPORT
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Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
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Name : |
TFK CORPORATION |
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Registered Office : |
Narita Airport, 141 Furugome Narita
Chiba-Pref 286-0104 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
December 1959 |
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Com. Reg. No.: |
(Chiba-Narita) 943044 |
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Legal Form : |
Limited Company |
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Line of Business : |
Flight catering service, operation of restaurants, hotels |
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 860.9 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
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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
TFK CORPORATION
REGD NAME
KK TFK
MAIN OFFICE
Narita Airport,
141 Furugome Narita Chiba-Pref 286-0104 JAPAN
Tel: 0476-32-5512 Fax: 0476-32-5548
*.. The given address is its Haneda Airport Branch Office at Haneda
International Airport, as given
URL: http://www.tfk.com
E-Mail address: nrtsoumu@tfk.com
ACTIVITIES
Flight
catering service, operation of restaurants, hotels
BRANCHES
Tokyo
FACTORIES
Shibayamacho
(Chiba)
OFFICERS
SHIN
FUKADA, PRES Won
C Min, rep dir
Tsutomu
Nomaguchi, ch Hideo Miyabe,
s/mgn dir
Koichi
Nomaguchi, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,804 M
PAYMENTS REGULAR CAPITAL Yen 497 M
TREND SLOW WORTH Yen 10,779 M
STARTED 1959 EMPLOYES 1,000
COMMENT
IN-FLIGHT CATERING SERVICES; HOTEL/RESTAURANT OPERATION.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 860.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by JAL as its catering service
company. In Dec 2010, when the JAL was
under corporate rehabilitation proceedings, JAL transferred, as part of
restructuring, the whole share of 50.7% in the subject company to SATS
Investments Pte Ltd, Singapore, wholly owned by SATS Ltd (See REGISTRATION). This is a provider of in-flight meal catering
services, also operates restaurants & a hotel (Narita Airport Rest House)
in Narita Airport. It also serves in
Haneda Airport. Clients are major
domestic and international airlines.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 20,804
million, an 8% down from Yen 22,548 million in the previous term. The flight operations decreased by JAL in the
process of the firm’s rehabilitation proceedings. The firm posted Yen 460 million recurring
loss, but ended with Yen 155 million net profits, aided by Yen 874
extraordinary profits. This compares
with Yen 875 million recurring profit and Yen 171 million net profit,
respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 850 million and the net profit at Yen 170 million, respectively, on an
8% rise in turnover, to Yen 22,500 million.
The number of flights to S/E Asia will increase from Haneda Airport,
primarily due to its easier accessibility from the center of Tokyo &
Yokohama area as compared with Narita Airport.
.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 860.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1959
Regd No.: (Chiba-Narita) 943044
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
938,500 shares
Issued:
938,500 shares
Sum: Yen 497.25 million
Major shareholders (%): SATS Investment (Singapore)*
(54), Japan Airport Service Co Ltd (35)
No. of shareholders: 7
*.. Investment Fund Company, owned by SATS Ltd, Singapore,
renamed from Singapore Airport Terminal Services Ltd, founded Dec 1971, capital
S$288,018,000, owned 43.79% by Venezio Investments Pte Ltd, Pres & CEO
Clement Woon
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Provides in-flight meal catering services, food cooking (85%); operates a hotel & restaurants (15%).
Clients: [Airlines] JAL, Qantas Airlines, Korea Airlines, Air France, Alitalia, Air Pacific, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] In-Flight Foods, Tasco Foods, Narita Dry Ice, Jalux, other
Payment record: Regular
Location: Business area in Narita. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Kamata)
SMBC
(Omori)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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22,500 |
20,804 |
22,584 |
25,883 |
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Recur.
Profit |
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850 |
-460 |
875 |
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Net
Profit |
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170 |
156 |
171 |
548 |
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Total
Assets |
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16,434 |
17,949 |
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Current
Assets |
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6,331 |
6,240 |
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Current
Liabs |
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4,540 |
6,431 |
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Net
Worth |
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10,779 |
10,669 |
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Capital,
Paid-Up |
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497 |
497 |
497 |
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Div.P.Share(¥) |
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46.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.15 |
-7.88 |
-12.75 |
-4.36 |
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Current Ratio |
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.. |
139.45 |
97.03 |
.. |
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N.Worth Ratio |
.. |
65.59 |
59.44 |
.. |
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R.Profit/Sales |
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3.78 |
-2.21 |
3.87 |
.. |
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N.Profit/Sales |
0.76 |
0.75 |
0.76 |
2.12 |
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Return On Equity |
.. |
1.45 |
1.60 |
.. |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
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UK Pound |
1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.06 |
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.