MIRA INFORM REPORT

 

 

Report Date :

26.10.2007

 

IDENTIFICATION DETAILS

 

Name :

NAGAO INTERNATIONAL INC

 

 

Registered Office :

AG Bldg 6F, 3-18-17 Minamiaoyama Minatoku Tokyo 107-0062

 

 

Country :

Japan

 

 

Financials (as on) :

31.07.2007

 

 

Date of Incorporation :

Aug 1987

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, wholesale of costume jewelry, apparel, clothing accessories

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

name

 

NAGAO INTERNATIONAL INC

 

 

REGD NAME

 

KK Nagao International

 

 

MAIN OFFICE

 

AG Bldg 6F, 3-18-17 Minamiaoyama Minatoku Tokyo 107-0062 JAPAN

Tel        : 03-3401-8101 

Fax       : 03-3401-4422

URL      : http://www.abiste.co.jp (Of the parent, Abiste Corp)

E-Mail address: soumu@abiste.co.jp

 

 

ACTIVITIES

 

Import, wholesale of costume jewelry, apparel, clothing accessories

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

YOSHITO NAGAO, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 1,400 M

PAYMENTS      REGULAR                     CAPITAL           Yen 10 M

TREND             STEADY                       WORTH            Yen 115 M

STARTED         1987                             EMPLOYES      3

 

 

COMMENT

 

IMPORTER OF FASHION ACCESSORIES, WHOLLY OWNED BY ABISTE CORP. 

                       

 

HIGHLIGHTS

           

The subject company was established on the basis of trading division separated from Abiste Corp, operator of boutique stores, at the caption address (See REISTRATION).  Yoshito Nagao is         concurrently pres at the parent.  Management & operations are fully integrated with the parent, with same phone/Fax numbers & Website used.  This is virtually import division of the parent.  Specializes in importing and wholesaling costume jewelry, fashion watches, hand bags, sunglasses, belts, neckties, apparel, home interior items, other.  Goods are wholly shipped to the parent, who operates 105 direct managed stores plus 120 licensed stores in leading hotels & department stores, nationwide.  Goods are imported from about 15 countries: France, Italy, Germany, UK, USA, etc.

 

 

FINANCIAL INFORMATION

           

Financials are only partially disclosed.

 

The sales volume for Jul/2007 fiscal term amounted to Yen 1,400 million, a 3% rise from Yen 1,360 million in the previous term.  This is thanks to the expansion of store numbers during the term.  The net profit is not openly disclosed but is believed posted at Yen 42 million, up from Yen 40 million a year ago.

 

For the current term ending Jul 2008 the net profit is projected at Yen 43 million, on a 4% rise in turnover, to Yen 1,450 million.  The figures could be revised upward by the number of stores expected to be added.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:            Aug 1987

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    800 shares

Issued:                          200 shares

Sum:                            Yen 10 million

Major shareholders (%): Abiste Corp (100)

*.. Boutique store operator (105 direct run stores & 120 licensed stores in hotels), at the caption address, founded 1976, capital Yen 17 million, turnover Yen 3,800 million, net profit Yen 466 million, employees 250, pres Yoshito Nagao, concurrently.

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports and wholesales costume jewelry, fashion watches, hand bags, sunglasses, reading glasses, belts, umbrellas, neckties, fashion accessories, apparel, interior decorative items, others (--100%).

 

Goods are imported from France, Italy, Germany, UK, USA, other in 15 countries worldwide, and wholly shipped to the parent, Abiste Corp.

 

Clients: [Boutique operator] Shipped wholly to the parent, Abiste Corp. 

 

No. of accounts: 1

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Imports from France, Italy, Germany, UK, USA, other in 15 countries worldwide. Imported brands include: Henckel, Burberry, Michael Frey, David Graff, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

MUFG (Aoyama)

Mizuho Bank (Aoyama)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

Terms Ending:

　

31/07/2008

31/07/2007

31/07/2006

31/07/2005

Annual Sales

　

1,450

1,400

1,360

680

Recur. Profit

(*)

　

　

　

58

Net Profit

　

43

42

40

35

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

115

73

33

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

3.57

2.94

100.00

8.80

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

2.97

3.00

2.94

5.15

 

Note: Financials are only partially disclosed.

Forecast (or estimated) for the 31/07/2008 fiscal term.

(*) Pretax profits disclosed from the Taxation Office.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions