MIRA
INFORM REPORT
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Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SKYMARK AIRLINED INC |
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Registered Office : |
1-5-5 Haneda Airport Otaku Tokyo 144-0041 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
November, 1996 |
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Legal Form : |
Limited Company |
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Line of Business : |
Low-cost airline service operation of
domestic flights |
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No. of Employees : |
2,252 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2012) |
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.
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Source : CIA |
Company name
SKYMARK AIRLINED INC
REGD NAME
Skymark KK
MAIN OFFICE
1-5-5 Haneda
Airport Otaku Tokyo 144-0041 JAPAN
Tel:
03-5708-8280 -
URL: http://www.skymark.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Low-cost airline
service operation of domestic flights
BRANCHES
Osaka, Asahikawa,
Narita, Kobe, Fukuoka, other
CHIEF EXEC
SHINICHI
NISHIKUBO, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 80,255 M
PAYMENTS REGULAR CAPITAL Yen 14,173 M
TREND UP WORTH Yen 42,882 M
STARTED 1996 EMPLOYES 2,252
COMMENT
LOW-COST AIRLINE SERVICE OPERATOR
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million
Yen
Forecast figures for the 31/03/2013 fiscal
term.
HIGHLIGHTS
This company started service in Sept 1998, as a “New Wing” for the
aviation industry in Japan. Since than
the firm continued to strive for safe operation and nowadays the firm services
approx 4.4 million passengers per year with 27 aircrafts. Serviing 31 routes network, covering from
Hokkaido in the north to Okinawa in the south.
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FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 80,256 million,
a 38% up from Yen 58,023 million in the previous term. The recurring profit was posted at Yen
15,747 million and the net profit at Yen 7,705 million, respectively, compared
with Yen 10,963 million recurring profit and Yen 6,325 million net profit,
respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 16,200 million and the net profit at Yen 8,800 million, on a 22% rise in
turnover, to Yen 98,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Nov 1996
Legal
Status:
Limited Company
(Kabushiki Kaisha
Authorized: 187,720,000
million shares
Issued:
91,242,900
Sum: Yen
14,176,493,237 million
Major shareholders
(%):
Shinichi Nishikubo (36.5), HIS Co (7.7), Master Trust Bank of Japan T (4.7),
Goldman Sachs (3.8), Japan Trustee Services T (3.2), ORIX Corp (1.3), Japan
Trustee Services T9 (1.2), Nomura Asset Management UK (1.0), Nomura Trust Inv T
(0.7), Goldman Sachs International (0.7); foreign owners (18.6)
No. of
shareholders: 20,040
Listed
on the S/Exchange (s) of: Tokyo (Mothers)
Managements: Takashi Ide, ch;
Shinichi Nisshikubo, pres; Masakazu Arimori, mgn dir;Kimiyoshi Sakaki, dir;
Shozo Kato, dir
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Regular air
transportation service, arranging car rental, hotel bookings, others (99%),
others (1%)
Clients: [Travel agents,
passengers] JTB, HIS, Japan Travel, Kinki Nippon Tourists, other
No.
of accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers: [Oil Cos,
Insurance companies] Showa Shell Sekiyu KK, Idemitsu Kosan Kaisha Ltd, GECAS Aircraft
Leasing Norway AS, Jalux, Japan Insurance, other.
Payment
record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank
References:
SMBC (Shinjuku)
Mizuho Bank (Kamata)
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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80,255 |
58,023 |
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Cost of Sales |
61,642 |
44,051 |
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GROSS PROFIT |
18,613 |
13,972 |
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Selling & Adm Costs |
3,330 |
2,777 |
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OPERATING PROFIT |
15,283 |
11,195 |
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Non-Operating P/L |
464 |
-227 |
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RECURRING PROFIT |
15,747 |
10,968 |
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NET PROFIT |
7,705 |
6,325 |
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BALANCE SHEET |
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Cash |
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30,648 |
16,412 |
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Receivables |
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4,118 |
2,831 |
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Inventory |
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72 |
77 |
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Securities, Marketable |
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Other Current Assets |
4,075 |
3,035 |
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TOTAL CURRENT ASSETS |
38,913 |
22,355 |
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Property & Equipment |
17,696 |
7,367 |
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Intangibles |
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63 |
49 |
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Investments, Other Fixed Assets |
11,064 |
7,586 |
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TOTAL ASSETS |
67,736 |
37,357 |
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Payables |
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2,680 |
2,162 |
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Short-Term Bank Loans |
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Other Current Liabs |
12,157 |
11,537 |
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TOTAL CURRENT LIABS |
14,837 |
13,699 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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10,017 |
6,298 |
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TOTAL LIABILITIES |
24,854 |
19,997 |
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MINORITY INTERESTS |
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Common
stock |
14,170 |
4,952 |
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Additional
paid-in capital |
13,303 |
4,085 |
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Retained
earnings |
15,258 |
8,257 |
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Evaluation
p/l on investments/securities |
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Others |
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242 |
156 |
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Treasury
stock, at cost |
(91) |
(91) |
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TOTAL S/HOLDERS` EQUITY |
42,882 |
17,359 |
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TOTAL EQUITIES |
67,736 |
37,356 |
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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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9,621 |
14,825 |
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Cash
Flows from Investment Activities |
-13,125 |
-5,302 |
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Cash Flows
from Financing Activities |
17,571 |
-435 |
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Cash,
Bank Deposits at the Term End |
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30,648 |
16,412 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
42,882 |
17,359 |
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Current
Ratio (%) |
262.27 |
163.19 |
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Net
Worth Ratio (%) |
63.31 |
46.47 |
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Recurring
Profit Ratio (%) |
19.62 |
18.90 |
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Net
Profit Ratio (%) |
9.60 |
10.90 |
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Return
On Equity (%) |
17.97 |
36.44 |
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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.54.42 |
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UK Pound |
1 |
Rs.88.29 |
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Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.