|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUJI DREAM AIRLINES CO LTD |
|
|
|
|
Registered Office : |
11-1 Irifunecho Shimizuku Shizuoka 424-0942 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
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Date of Incorporation : |
June 2008 |
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|
|
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
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Line of Business : |
Airline operator (domestic) |
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|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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
FUJI DREAM AIRLINES CO LTD
REGD NAME: KK
Fuji Dream Airlines
MAIN OFFICE: 11-1
Irifunecho Shimizuku Shizuoka 424-0942 JAPAN
Tel:
054-354-3019 Fax: 054-354-3024
URL: http://www.fujidream.co.jp
E-Mail address: (thru the URL)
Airline operator
(domestic)
Shizuoka, Aichi,
Kumamoto, Fukuoka, other (Tot 12)
YOHEI SUZUKI, PRES Takuro Uchiyama, v pres
Koji Sugawa, s/mgn
dir Shin’ya Asai, mgn dir
Hideto Kubo, mgn
dir Tetsuo Sugawa, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 14,200 M
PAYMENTSREGULAR CAPITAL Yen
493 M
TREND UP WORTH Yen 799 M
STARTED 2008 EMPLOYES 20
AIRLINE OPERATOR, OWNED BY SUZUYO CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established on the basis of a division separated from Suzuyo Co Ltd (See REGISTRATION). This is a domestic airline operator centering
in Nagoya Airport. Operates 7 domestic
airlines, slating to add one airline in 2014.
The sales volume for
Mar/2013 fiscal term amounted to Yen 14,200 million, a 3% up from Yen 13,800
million in the previous term. One
airplane was added for operation. The
recurring profit was posted at Yen 1,200 million and the net profit at Yen
1,200 million, respectively, compared with Yen 357 million net profit a year
ago.
For the current term
ending Mar 2014 the recurring profit is projected at Yen 1,500 million and the
net profit at Yen 1,400 million, respectively, on a 6% rise in turnover, to Yen
15,000 million.
The financial situation
is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jun
2008
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 39,440 shares
Issued: 9,860 shares
Sum: Yen 493 million
Major
shareholders (%): Suzuyo Co Ltd* (100)
*.. Freight forwarder,
warehousing, at the caption address, founded 1936, capital Yen 1,000 million,
sales Yen 88,436 million, employees 1,028, pres Yohei Suzuki, concurrently
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Airline operator
centering in Nagoya Airport (100%)
Clients: Individual
travelers, business firms, other
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Suzuyo Co, SAS, other
Payment record: Regular
Location: Business area in
Shimizu, Shizuoka-Pref. Office premises
at the caption address are owned by the parent, Suzuyo Co Ltd, and maintained
satisfactorily.
Bank References:
Shizuoka Bank (Shimizu)
Mizuho Bank (H/O)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
15,000 |
14,200 |
13,800 |
12,700 |
|
Recur.
Profit |
|
1,500 |
680 |
|
|
|
Net
Profit |
|
1,400 |
1,200 |
-357 |
-1,000 |
|
Total
Assets |
|
|
14,858 |
14,048 |
N/A |
|
Current
Assets |
|
|
4,523 |
6,772 |
|
|
Current
Liabs |
|
|
5,408 |
4,993 |
|
|
Net
Worth |
|
|
799 |
-2,016 |
|
|
Capital,
Paid-Up |
|
|
493 |
493 |
493 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.63 |
2.90 |
8.66 |
28.28 |
|
|
Current Ratio |
|
.. |
83.64 |
135.63 |
.. |
|
N.Worth Ratio |
.. |
5.38 |
-14.35 |
.. |
|
|
R.Profit/Sales |
|
10.00 |
4.79 |
.. |
.. |
|
N.Profit/Sales |
9.33 |
8.45 |
-2.59 |
-7.87 |
|
|
Return On Equity |
.. |
150.19 |
.. |
.. |
|
Notes: Financials are
only partially disclosed up to the 31/03/2011 fiscal term.
Forecast (or
estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.