MIRA INFORM REPORT
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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NARITA INTERNATIONAL AIRPORT CORPORATION |
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Registered Office : |
NAA Bldg, 1-1 Furugome Narita Chiba-Pref 282-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
April 2004 |
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Com. Reg. No.: |
0400-01-044645 (Chiba-Narita) |
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Legal Form : |
Limited Company |
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Line of Business : |
Narita International Airport operation/management |
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No. of Employees : |
707 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2011 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2011. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
Company
name and address
NARITA INTERNATIONAL AIRPORT CORPORATION
REGD NAME: Narita
Kokusai Kuko KK
MAIN OFFICE: NAA Bldg,
1-1 Furugome Narita Chiba-Pref 282-0004 JAPAN
Tel: 0476-34-5400
URL: http://www.naa.jp.jp
E-Mail address: (thru the URL)
ACTIVITIES
Narita
International Airport operation/management
BRANCHES
Tokyo
OFFICERS
MAKOTO NATSUME,
PRES Ken’ichi Fukaya, v pres
Yasushi Murata,
s/mgn dir Kashiwa Takahashi, s/mgn dir
Kenji Hayashi,
s/mgn dir Teruo
Kato, s/mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 173,513 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
100,000 M
TREND STEADY WORTH Yen
902,566 M
STARTED 2004 EMPLOYES 707
COMMENT
NARITA INTERNATIONAL AIRPORT MANAGEMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
HIGHLIGHTS
This is the government owned airport
management company established under Narita International Airport Company
Article of Incorporation, Article 2).
The firm is engaged in: management of Narita International Airport,
management aviation navigation facilities and related management. Has Tokyo Branch Office. Owned and governed by the Ministry of Land,
Infrastructure, Transport and Tourism, and Ministry of Finance.
FINANCIAL
INFORMATION
The sales volume for Mar/2012 fiscal
term amounted to Yen 173,513 million, an 8% down from Yen 187,846 million in
the previous term. Sales declined as
affected by the Great North Japan Earthquake.
The recurring profit was posted at Yen 13,144 million and the net profit
at Yen 3,555 million, respectively, compared with Yen 23,428 million recurring
profit and yen 9,952 million net profit, respectively, a year ago.
For the current term ending Mar 2013
the recurring profit is projected at Yen 23,400 million and the net profit at
Yen 12,600 million, respectively, on a 9% rise in turnover, to Yen 188,400 million. Sales will recover from the Great East Japan
Earthquake as mentioned, and the entry into Low Cost Carrier (LCC) operation
will contribute.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Apr
2004
Regd No.:
0400-01-044645 (Chiba-Narita)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8 million shares
Issued: 2 million shares
Sum: Yen 100,000 million
Major
shareholders (%): Ministry of Land, Infrastructure, Transport and Tourism (90), Ministry
of Finance (10)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Management/operation of Narita International Airport and facilities, others
(--100%).
Clients: Air lines,
passengers, business firms, other
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Payment record: No Complaints
Location: Business area in
Narita, Chiba-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (H/O)
MUFG (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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173,513 |
187,846 |
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Cost of Sales |
127,608 |
130,905 |
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GROSS PROFIT |
45,904 |
56,941 |
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Selling & Adm Costs |
24,580 |
24,917 |
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OPERATING PROFIT |
21,324 |
32,023 |
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Non-Operating P/L |
-8,180 |
-8,595 |
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RECURRING PROFIT |
13,144 |
23,428 |
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NET PROFIT |
3,555 |
9,952 |
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BALANCE SHEET |
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Cash |
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28,489 |
27,935 |
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Receivables |
13,754 |
10,372 |
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Inventory |
3,771 |
4,789 |
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Securities, Marketable |
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Other Current Assets |
7,050 |
8,346 |
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TOTAL CURRENT ASSETS |
53,064 |
51,442 |
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Property & Equipment |
808,693 |
838,220 |
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Intangibles |
16,020 |
16,493 |
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Investments, Other Fixed Assets |
24,789 |
29,398 |
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TOTAL ASSETS |
902,566 |
935,553 |
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Payables |
6,699 |
5,840 |
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Short-Term Bank Loans |
100 |
100 |
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Other Current Liabs |
105,796 |
129,613 |
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TOTAL CURRENT LIABS |
112,595 |
135,553 |
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Debentures |
361,822 |
376,414 |
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Long-Term Bank Loans |
152,904 |
148,652 |
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Reserve for Retirement Allw |
26,472 |
26,880 |
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Other Debts |
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12,425 |
12,396 |
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TOTAL LIABILITIES |
666,218 |
699,895 |
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MINORITY INTERESTS |
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Common
stock |
100,000 |
100,000 |
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Additional
paid-in capital |
52,000 |
52,000 |
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Retained
earnings |
75,707 |
74,642 |
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Evaluation
p/l on investments/securities |
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Others |
8,641 |
9,015 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
236,348 |
235,657 |
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TOTAL EQUITIES |
902,566 |
935,553 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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52,843 |
70,634 |
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Cash
Flows from Investment Activities |
-17,759 |
-24,189 |
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Cash
Flows from Financing Activities |
-34,578 |
-46,088 |
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Cash,
Bank Deposits at the Term End |
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28,289 |
27,765 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
236,348 |
235,657 |
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Current
Ratio (%) |
47.13 |
37.95 |
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Net
Worth Ratio (%) |
26.19 |
25.19 |
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Recurring
Profit Ratio (%) |
7.58 |
12.47 |
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Net Profit
Ratio (%) |
2.05 |
5.30 |
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Return
On Equity (%) |
1.50 |
4.22 |
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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.53.04 |
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1 |
Rs.84.83 |
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Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.