MIRA INFORM REPORT
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Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ALL NIPPON AIRWAYS TRADING CO LTD |
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Registered Office : |
Shiodome City Center, 1-5-2 Higashi-Shimbashi Minatoku Tokyo 105-7109 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 1970 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 036985 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading house specializing in aircraft & parts, airport shop
operation, machinery, pulp &
paper, foodstuffs, semiconductors |
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 1,293.4 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
ALL NIPPON AIRWAYS TRADING CO LTD
REGD NAME
Zen-Nikku Shoji KK
MAIN OFFICE
Shiodome City
Center, 1-5-2 Higashi-Shimbashi Minatoku Tokyo 105-7109 JAPAN
Tel:
03-6735-5011 Fax: 03-6735-5039
E-Mail address: webmaster@anatc.com
ACTIVITIES
Trading house specializing in aircraft & parts, airport shop
operation, machinery, pulp & paper, foodstuffs, semiconductors, other
BRANCHES
Hokkaido (5), Tohoku (Northern Japan) (5), Tokyo &
vicinities (7), Osaka & vicinities (7), Shikoku (3), Kyushu (8), other
(--Tot: 37)
OVERSEAS
Paris,
Singapore, Shanghai, New York, Los Angeles (subsidiary), Seattle
SHOP(S)
34 stores nationwide, light snack restaurants/coffee shops
in 33 airport terminals and six ANA
hotels nationwide
OFFICER(S)
MASAO
NHAKANO, PRES Toshiro
Kono, v pres
Yasuo Goto,
s/,mgn dir Makoto
Nakanosono, s/mgn dir
Hiroshi
Muto, mgn dir Masahiro
Ono, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 76,422 M
PAYMENTS REGULAR CAPITAL Yen 1,000 M
TREND STEADY WORTH Yen
9,364 M
STARTED 1970 EMPLOYES 381
COMMENT
GENERAL TRADING HOUSE OWNED BY ALL NIPPON AIRWAYS CO (ANA
AIR WAYS).
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,293.4 MILLION, NORMAL TERMS
HIGHLIGHTS
The subject company was established as a trading house by All Nippon
Airways Co Ltd (known as ANA Airways), Japan’s second largest airline, Tokyo
(See REGISTRATION), in order to
procure aircraft parts & components for the parent. In Feb 1973 registered as a domestic travel
agent. The firm has since grown into a
general trading house handling aircraft parts, aircraft leasing, operation of
in-flight shops, airport terminal shops, machinery, semiconductor-related parts
& components, pulp & paper products, liquor, tobacco, foods,
other. Has offices and shops at major
airports nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 76,422
million, a 5% up from Yen 72,966 million in the previous term. ANA expanded international business during
the fiscal year with addition of new services and increased capacity. ANA introduced new routes from Haneda to Los
Angeles, Honolulu, Bangkok, Singapore and Taipei following the opening of the
new International Terminal airport in October 2010. The recurring profit was posted at Yen 1,255
million and the net profit at Yen 309 million, respectively, compared with Yen
1,199 million recurring profit and Yen 786 million net profit, respectively, a
year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 1,300 million and net profit at Yen330 million, respectively, on a 3%
rise in turnover, to Yen 78,700 million.
ANA reports business and leisure travel steadily recovered from Japan’s
March 11 disasters.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 1,293.4 million, on normal terms.
REGISTRATION
Date Registered: Oct 1970
Regd No.: (Tokyo-Minatoku) 036985
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2.6 million shares
Issued:
654,000 shares
Sum: Yen 1,000 million
Major shareholders (%): All Nippon Airways* (80.2), ANA
Facilities (9.3) Kokusai (8.2), ANA Aircraft Maintenance Co (2.2), Sky Bldg
Service Co (0.1)
No. of shareholders: 5
.. *.. Nation’s second largest airline, Tokyo, founded 1952, listed
Tokyo, Osaka, London S/E’s, capital Yen 231,381 million, sales Yen 1,357,653
million, operating profit Yen 67,808 million, recurring profit Yen 37,020
million, net profit Yen 23,305 million, total assets Yen 1,928,021 million, net
worth Yen 526,354 million, employees 32,731, pres Shin’ichiro Ito
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: A general trading
house, affiliate to ANA Airways, for import, export, wholesale of: aircraft
parts & components (7%), aircraft (including leasing) (13%), store operation
(23%), pulp & paper (17%), foodstuffs (11%), direct selling (12%), others
(17%).
Clients: [Mfrs,
wholesalers, airlines, consumers] ANA Airways, IHI Corp, Denny’s Japan, Air
Nippon, Renesas Electronics Corp, other.
No. of accounts: 2,000 (wholesale
div only)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] GE Engine Service Distribution Japan, Pratt & Whitney Export
Inc, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
·
MUFG (Shimbashi)
·
SMBC (Hibiya)
Relations:
Satisfactory
FINANCIALS
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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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78,700 |
76,422 |
72,966 |
82,631 |
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Recur.
Profit |
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1,300 |
1,255 |
1,199 |
2,068 |
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Net
Profit |
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330 |
309 |
786 |
1,141 |
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Total
Assets |
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39,671 |
39,670 |
39,463 |
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Current
Assets |
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31,123 |
30,408 |
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Current
Liabs |
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24,038 |
24,528 |
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Net
Worth |
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9,364 |
9,448 |
9,082 |
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Capital,
Paid-Up |
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1,000 |
1,000 |
1,000 |
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Div.P.Share(¥) |
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288.00 |
600.00 |
871.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.98 |
4.74 |
-11.70 |
-42.71 |
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Current Ratio |
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.. |
129.47 |
123.97 |
.. |
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N.Worth Ratio |
.. |
23.60 |
23.82 |
23.01 |
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R.Profit/Sales |
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1.65 |
1.64 |
1.64 |
2.50 |
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N.Profit/Sales |
0.42 |
0.40 |
1.08 |
1.38 |
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Return On Equity |
.. |
3.30 |
8.32 |
12.56 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 Fiscal Term.
SUPPLEMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, ANA CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,357,653 |
1,228,353 |
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Cost of Sales |
1,071,003 |
1,049,367 |
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GROSS PROFIT |
286,650 |
178,986 |
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Selling & Adm Costs |
218,842 |
233,233 |
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OPERATING PROFIT |
67,808 |
-54,247 |
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Non-Operating P/L |
-30,788 |
-32,056 |
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RECURRING PROFIT |
37,020 |
-86,303 |
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NET PROFIT |
23,305 |
-57,387 |
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BALANCE SHEET |
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Cash |
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36,956 |
13,246 |
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Receivables |
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95,756 |
96,833 |
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Inventory |
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50,014 |
51,365 |
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Securities, Marketable |
173,874 |
180,576 |
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Other Current Assets |
115,587 |
79,496 |
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TOTAL CURRENT ASSETS |
472,187 |
421,516 |
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Property & Equipment |
1,189,200 |
1,152,354 |
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Intangibles |
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74,403 |
70,577 |
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Investments, Other Fixed Assets |
192,231 |
214,638 |
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TOTAL ASSETS |
1,928,021 |
1,859,085 |
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Payables |
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160,755 |
151,017 |
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Short-Term Bank Loans |
166 |
29,096 |
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Other Current Liabs |
286,670 |
292,500 |
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TOTAL CURRENT LIABS |
447,591 |
472,613 |
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Debentures |
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95,000 |
95,000 |
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Long-Term Bank Loans |
665,161 |
628,609 |
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Reserve for Retirement Allw |
123,400 |
119,425 |
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Other Debts |
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70,515 |
63,349 |
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TOTAL LIABILITIES |
1,401,667 |
1,378,996 |
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MINORITY INTERESTS |
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Common
stock |
231,381 |
231,381 |
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Additional
paid-in capital |
196,330 |
196,635 |
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Retained
earnings |
94,892 |
64,510 |
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Evaluation
p/l on investments/securities |
(810) |
1,516 |
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Others |
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10,361 |
(6,937) |
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Treasury
stock, at cost |
(5,800) |
(7,016) |
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TOTAL S/HOLDERS` EQUITY |
526,354 |
480,089 |
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TOTAL EQUITIES |
1,928,021 |
1,859,085 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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203,889 |
82,991 |
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Cash
Flows from Investment Activities |
-139,619 |
-251,893 |
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Cash
Flows from Financing Activities |
-10,596 |
173,791 |
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Cash,
Bank Deposits at the Term End |
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201,606 |
148,189 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
526,354 |
480,089 |
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Current
Ratio (%) |
105.50 |
89.19 |
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Net
Worth Ratio (%) |
27.30 |
25.82 |
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Recurring
Profit Ratio (%) |
2.73 |
-7.03 |
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Net
Profit Ratio (%) |
1.72 |
-4.67 |
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Return
On Equity (%) |
4.43 |
-11.95 |
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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.50.72 |
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UK Pound |
1 |
Rs.79.88 |
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Euro |
1 |
Rs.68.64 |
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.