MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
LEXINGTON
CORPORATION |
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Registered Office : |
Felte Kojimachi Bldg 7F, 1-7-25 Kojimachi
Chiyodaku Tokyo 102-0030 Japan |
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Country : |
Japan |
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Financials (as on) : |
31/05/2005 |
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Date of Incorporation : |
July
2003 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Investment Adviser |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Status : |
Moderate
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company name
LEXINGTON CORPORATION
REGD NAME
KK Lexington
MAIN OFFICE
Felte Kojimachi Bldg 7F, 1-7-25 Kojimachi Chiyodaku
Tokyo 102-0030 JAPAN
Tel :
03-5210-0030
URL : N/A
ACTIVITIES
Investment Adviser
LICENSE
Kanto FSA No. 1304
BRANCHES
Nil
OFFICERS
YOICHIRO NAKANO, PRES
C. E. Alan, v pres
Takehiko Kusajima, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 266 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND SLOW WORTH Yen 20 M
STARTED 2003 EMPLOYES 7
COMMENT
INVESTMENT ADVISER. FINANCIAL SITUATION CONSIDERED RATHER WEAK
BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: NO CREDITS.
HIGHLIGHTS
The subject company was established
jointly by Yoichiro Nakano, certified accountant, and C E Allan in order to
start investment advisory business. In
Jan 2005 the license was granted from Kanto FSA for the business
operation. However, no business
concluded in 2005. Therefore the financials for the 2005 fiscal term does not
reflect business revenues from the proper business line.
FINANCIAL INFORMATION
The revenues for May/2005 fiscal term
amounted to Yen 266 million, a similar amount in the previous term. No proper business concluded in the
investment advisory operations. Hence,
the operations incurred deficit consecutively to register Yen 71 million net
loss for the term. This compares with
Yen 7 million net loss the previous year.
The accumulated losses of Yen 79 million were carried over to the next
term.
For the term ended May 2006, financials
have not been submitted to the FSA despite repeated request from FSA for
submission. We have visited FSA today
and were told that the Bureau is repeatedly pressing the firm to submit the
same soonest. The shareholders’ meeting
should have been held at the end of May 2006.
No financials projections or estimates have been officially expressed by
the firm.
The financial situation is considered
RATHER WEAK but should be good for PROPER business engagement. Max credit limit cannot be assessed. We recommend any and all credits to be on
fully guaranteed terms.
REGISTRATION
Date Registered : Jul 2003
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 10,000 shares
Issued :
2,000 shares
Sum :
Yen 100 million
Major shareholders (%)
Pacific & General Estate Ltd*(100)
*.. c/o Hunter & Hunter Huntlaw
Bldg Huntlaw Fort Street POBox 190 GT Grand Cayman, Cayman Islands, BWI.
Nothing detrimental is known or heard
as to the commercial morality of executives.
OPERATION
Activities: Investment consultant
(100%). Provides consultancy advice
more than once a month by Telephone, Fax, writing, e-mail, etc.
Revenues to be assessed by 10.5% on the
total assets or any increased portion thereof for
half-yearly period.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
SMBC (only believed, as not
specifically disclosed)
Relations: Money deposits &
transfers only
FINANCES
(Non-Consolidated in million yen)
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Terms Ending: |
31/05/2005 |
31/05/2004 |
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INCOME STATEMENT |
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Annual
Sales |
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266 |
261 |
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Cost of
Sales |
0 |
0 |
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GROSS PROFIT |
266 |
261 |
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Selling
& Adm Costs |
345 |
276 |
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OPERATING PROFIT |
-79 |
-14 |
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Non-Operating P/L |
72 |
7 |
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RECURRING PROFIT |
-71 |
-7 |
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NET
PROFIT |
-71 |
-7 |
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BALANCE SHEET |
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Cash |
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118 |
188 |
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Receivables |
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55 |
27 |
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Inventory |
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Securities, Marketable |
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Other
Current Assets |
11 |
5 |
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TOTAL CURRENT ASSETS |
184 |
220 |
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Property
& Equipment |
146 |
149 |
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Intangibles |
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Investments, Other Fixed Assets |
249 |
244 |
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TOTAL ASSETS |
579 |
613 |
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Payables |
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151 |
101 |
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Short-Term Bank Loans |
72 |
49 |
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Other
Current Liabs |
248 |
284 |
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TOTAL CURRENT LIABS |
471 |
434 |
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Debentures |
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Long-Term Bank Loans |
87 |
86 |
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Reserve
for Retirement Allw |
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Other
Debts |
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1 |
0 |
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TOTAL LIABILITIES |
559 |
520 |
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MINORITY INTERESTS |
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Common stock |
100 |
100 |
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Additional paid-in capital |
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Retained earnings |
(79) |
(7) |
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Evaluation p/l on investments/securities |
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Others |
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(1) |
(1) |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
20 |
92 |
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TOTAL EQUITIES |
579 |
613 |
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ANALYTICAL RATIOS
Terms ending: |
31/05/2005 |
31/05/2004 |
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Net Worth (S/Holders' Equity) |
20 |
92 |
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Current Ratio (%) |
39.07 |
50.69 |
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Net Worth Ratio (%) |
3.45 |
15.01 |
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Recurring Profit Ratio (%) |
-26.69 |
-2.68 |
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Net Profit Ratio (%) |
-26.69 |
-2.68 |
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Return On Equity (%) |
-355.00 |
-7.61 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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