|
Report No. : |
313833 |
|
Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
JALUX INC. |
|
|
|
|
Registered Office : |
IS Bldg, 3F, 3-32-42 Higashi Shinagawa, Shinagawa-Ku, Tokyo 140-0002 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Year of Establishment : |
1962 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, Supply of Aircraft Parts & Components; Management of
Duty-Free Shops. |
|
|
|
|
No. of Employees : |
347 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has overturned his predecessor's plan to permanently close nuclear power plants
and is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government
revenue and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by the year 2015. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy.
|
Source
: CIA |
|
ENGLISH COMPANY NAME |
JALUX INC. |
|||
|
Japanese company name |
KK Jalux |
|||
|
Registered Office |
||||
|
1. Street Number and District |
IS Bldg, 3F, 3-32-42 Higashi Shinagawa, Shinagawa-ku |
|||
|
2. City and Perefecture |
Tokyo |
|||
|
3. ZIP Code |
140-0002 |
|||
|
4. Country |
JAPAN |
|||
|
TEL |
03-6367-8800 |
|||
|
FAX |
n/a |
|||
|
URL |
||||
|
Email Address |
||||
|
Activities (Services & Products) |
Import, supply of aircraft parts & components; management of
duty-free shops |
|||
|
Annual Sales (MM YEN) |
99,837 |
|
Capital Amount (MM YEN) |
2,559 |
|
Net Worth (MM YEN) |
15,848 |
|
FINANCES |
FAIR |
|
TREND |
UP |
|
EMPLOYEES |
347 |
|
OTHER
INFORMATION FOLLOWS: |
||
|
Year Started |
1962 |
|
|
Year Registered |
1962 |
|
|
Major
Shareholders |
||
|
1 |
Sojitsu Corp.(22%) |
|
|
2 |
JAL (21.4%) |
|
|
3 |
Japan Airport Bdg (8%) |
|
|
Number of
Shareholders |
14,977 |
|
|
Authorized
Shares (MM) |
20 |
|
|
Issued Shares
(MM) |
12.7 |
|
|
Executives |
||
|
PRESIDENT |
AKINOBU YOKOO |
|
|
Vice President |
Kunio Hirata |
|
|
Director |
Tadashi Sato |
|
|
Main Banks |
||
|
1 |
MUFG (Head Office) |
|
|
2 |
||
|
Relations |
Satisfactory |
|
|
Clients |
||
|
1 |
IHI |
|
|
2 |
Jalux Airport |
|
|
3 |
JAL |
|
|
4 |
Daimaru Matsuzakaya |
|
|
5 |
JAL DFS |
|
|
Suppliers |
||
|
1 |
JALUX America |
|
|
2 |
Pernod Ricard Japan |
|
|
3 |
Japan Airport Delica |
|
|
4 |
Yantai Shanghai Foodstuff |
|
|
5 |
Japan Tobacco |
|
|
Branches |
||
|
1 |
Tokyo (5 in ttl) |
|
|
Factories |
||
|
1 |
None |
|
|
Overseas |
||
|
1 |
US |
|
|
2 |
Thailand |
|
|
3 |
Hong Kong and others |
|
The subject company was established as a trading firm, named Nikko Shoji
KK, by JAL, nation’s largest airline, at the caption address, Tokyo. Renamed as captioned in Jun 2001. It has 3 major business units, 1) Aviation
Business & Service Unit, 2)Marketing Unit, 3)Food & Beverage Unit.
1) Aviation Business & Service Unit: They continually strive to expand
their business areas by using their expertise nurtured in the aviation-related
business. They also provide complex
services that meet the needs of both Japanese and overseas customers.
2) Marketing Unit: They plan and provide a variety of products and services in
extensive business fields with companies in Japan and worldwide. For example, they plan and sell inflight and
mail order products, original goods, propose merchandise for brands, design and
produce paper media, plan and run events, and purchase goods.
3) They offer products and services in a variety of categories to help our
customers enjoy better lifestyles, including imports of fresh products and
wines, mail order services, and airport retail shops. They have developed and maintained impressive
sales channels by utilizing their domestic and international transport
networks.
The sales volume for March 2014 fiscal term amounted to Yen 99,837
million, a 16% up from Yen 85,937 million in the previous term. The recurring profit was posted at Yen 1,767
million and the net profit at Yen 967 million, respectively, compared with Yen
1,247 million recurring profit and Yen 780 million net profit, respectively, a
year ago.
For the term that ended Mar 2015 the
recurring profit was projected at Yen 2,200 million and the net profit at Yen
1,100 million, respectively, on a 6% rise in turnover, to Yen 106,000
million. Final results are yet to be
released.
The financial situation is considered FAIR and good for ORDINARY business
engagements.
|
Terms
Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
31/03/2011 |
95,541 |
1,603 |
492 |
(%) |
13,975 |
|
31/03/2012 |
89,082 |
1,656 |
693 |
-6.76 |
14,375 |
|
31/03/2013 |
85,937 |
1,247 |
780 |
-3.53 |
14,823 |
|
31/03/2014 |
99,837 |
1,767 |
967 |
16.17 |
15,848 |
|
31/03/2015 |
106,000 |
2,200 |
1,100 |
6.17 |
16,948 |
|
Forecast (or estimated)
figures for 2015 term. |
*..Unit: Million Yen |
||||
(Consolidated in
million yen)
|
|
|
Terms
Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
|
99,837 |
85,937 |
|
|
Cost of Sales |
|
80,297 |
66,945 |
|
|
GROSS PROFIT |
19,540 |
18,993 |
|
|
|
Selling & Adm Costs |
17,833 |
17,601 |
|
|
|
OPERATING PROFIT |
1,707 |
1,392 |
|
|
|
Non-Operating P/L |
60 |
-144 |
|
|
|
RECURRING PROFIT |
1,767 |
1,247 |
|
|
|
NET PROFIT |
|
967 |
780 |
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
6,361 |
5,220 |
|
|
Receivables |
7,705 |
8,034 |
|
|
|
Inventory |
6,718 |
5,502 |
|
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
3,387 |
2,656 |
|
|
|
TOTAL CURRENT ASSETS |
24,171 |
21,412 |
|
|
|
Property & Equipment |
4,703 |
5,335 |
|
|
|
Intangibles |
508 |
408 |
|
|
|
Investments, Other Fixed
Assets |
3,822 |
4,087 |
|
|
|
TOTAL ASSETS |
33,204 |
31,242 |
|
|
|
Payables |
7,026 |
6,790 |
|
|
|
Short-Term Bank Loans |
1,894 |
2,045 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
|
5,126 |
4,920 |
|
|
TOTAL CURRENT LIABS |
14,046 |
13,756 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
2,082 |
1,464 |
|
|
|
Reserve for Retirement Allw |
553 |
9 |
|
|
|
Other Debts |
|
674 |
1,190 |
|
|
TOTAL LIABILITIES |
17,356 |
16,419 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common stock |
2,559 |
2,559 |
|
|
|
Additional paid-in capital |
711 |
711 |
|
|
|
Retained earnings |
12,177 |
11,400 |
|
|
|
Evaluation p/l on investments/securities |
|
|
|
|
|
Others |
545 |
300 |
|
|
|
Treasury stock, at cost |
(143) |
(147) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
15,848 |
14,823 |
|
|
|
TOTAL EQUITIES |
33,204 |
31,242 |
|
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
|
Cash Flows from Operating Activities |
|
1,920 |
2,103 |
|
|
Cash Flows from Investment Activities |
-1,122 |
-1,197 |
|
|
|
Cash Flows from Financing Activities |
86 |
-1,145 |
|
|
|
Cash, Bank Deposits at the Term End |
|
6,303 |
5,217 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
Net Worth (S/Holders' Equity) |
15,848 |
14,823 |
|
|
|
Current Ratio (%) |
172.09 |
155.65 |
|
|
|
Net Worth Ratio (%) |
47.73 |
47.45 |
|
|
|
Recurring Profit Ratio (%) |
1.77 |
1.45 |
|
|
|
Net Profit Ratio (%) |
0.97 |
0.91 |
|
|
|
|
Return On Equity (%) |
6.10 |
5.26 |
|
|
Terms
Ending: |
31/03/2014 |
31/03/2013 |
IND/03/2014 |
|
|
||||
|
Annual Sales |
|
99,837 |
85,937 |
|
|
Cost of Sales |
80,297 |
66,945 |
|
|
|
GROSS PROFIT |
19,540 |
18,993 |
0 |
|
|
Selling & Adm Costs |
17,833 |
17,601 |
|
|
|
OPERATING PROFIT |
1,707 |
1,392 |
0 |
|
|
Non-Operating P/L |
60 |
-144 |
|
|
|
RECURRING PROFIT |
1,767 |
1,247 |
0 |
|
|
NET PROFIT |
967 |
780 |
|
|
|
|
||||
|
Cash |
|
6,361 |
5,220 |
|
|
Receivables |
7,705 |
8,034 |
|
|
|
Inventory |
6,718 |
5,502 |
|
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
3,387 |
2,656 |
0 |
|
|
TOTAL CURRENT ASSETS |
24,171 |
21,412 |
|
|
|
Property & Equipment |
4,703 |
5,335 |
|
|
|
Intangibles |
508 |
408 |
|
|
|
Investments, Other Fixed
Assets |
3,822 |
4,087 |
0 |
|
|
TOTAL ASSETS |
33,204 |
31,242 |
|
|
|
Payables |
7,026 |
6,790 |
|
|
|
Short-Term Bank Loans |
1,894 |
2,045 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
5,126 |
4,920 |
0 |
|
|
TOTAL CURRENT LIABS |
14,046 |
13,756 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
2,082 |
1,464 |
|
|
|
Reserve for Retirement Allw |
553 |
9 |
|
|
|
Other Debts |
|
674 |
1,190 |
0 |
|
TOTAL LIABILITIES |
17,356 |
16,419 |
|
|
|
MINORITY INTERESTS |
|
.. |
||
|
Common stock |
2,559 |
2,559 |
|
|
|
Additional paid-in capital |
711 |
711 |
|
|
|
Retained earnings |
12,177 |
11,400 |
|
|
|
Evaluation p/l on investments/securities |
|
|
|
|
|
Others |
545 |
300 |
0 |
|
|
Treasury stock, at cost |
(143) |
(147) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
15,848 |
14,823 |
|
|
|
TOTAL EQUITIES |
33,204 |
31,242 |
0 |
|
|
|
||||
|
Terms ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Cash Flows from Operating Activities |
|
1,920 |
2,103 |
|
|
Cash Flows from Investment Activities |
-1,122 |
-1,197 |
|
|
|
Cash Flows from Financing Activities |
86 |
-1,145 |
|
|
|
Cash, Bank Deposits at the Term End |
|
6,303 |
5,217 |
|
|
31/03/2014 |
31/03/2013 |
IND/03/2014 |
||
|
Net Worth (S/Holders' Equity) |
15,848 |
14,823 |
0 |
|
|
Current Ratio (%) |
172.09 |
155.65 |
#DIV/0! |
|
|
Net Worth Ratio (%) |
47.73 |
47.45 |
#DIV/0! |
|
|
Recurring Profit Ratio (%) |
1.77 |
1.45 |
#DIV/0! |
|
|
Net Profit Ratio (%) |
0.97 |
0.91 |
#DIV/0! |
|
|
|
Return On Equity (%) |
6.10 |
5.26 |
#DIV/0! |
|
Current Sales |
99,837 |
|||
|
Credit Limit |
3,193.8 |
|||
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
95,541 |
1,603 |
492 |
(%) |
13,975 |
|
(Consolidated) |
31/03/2012 |
89,082 |
1,656 |
693 |
-6.76 |
14,375 |
|
31/03/2013 |
85,937 |
1,247 |
780 |
-3.53 |
14,823 |
|
|
31/03/2014 |
99,837 |
1,767 |
967 |
16.17 |
15,848 |
|
|
31/03/2015 |
106,000 |
2,200 |
1,100 |
6.17 |
16,948 |
|
|
Forecast (or estimated)
figures for 2015 term. |
*..Unit: Million Yen |
|||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.92.73 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.