MIRA
INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
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Name : |
BELLUNA CO LTD |
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Registered Office : |
4-2 Miyamotocho Ageo City Saitama-Pref 362-8688 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
June 1977 |
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Com. Reg. No.: |
(Saitama-Ageo) 041663 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mail-Order Sales Company |
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No. of Employees : |
956 |
RATING & COMMENTS
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MIRAs 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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Maximum Credit Limit : |
Yen 1,885.2 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
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 September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name and address
BELLUNA CO LTD
REGD NAME: KK
Belluna
MAIN OFFICE: 4-2
Miyamotocho Ageo City Saitama-Pref 362-8688 JAPAN
Tel:
048-771-7753 Fax: 048-775-6063
URL: http://www.belluna.co.jp/
E-Mail address: info@belluna.co.jp
ACTIVITIES
Mail-order sales
company
BRANCHES
Tokyo, Saitama,
Kawagoe, Konosu, Yokohama, Tochigi, other (Tot 12)
OVERSEAS
Hong Kong,
Chicago, Seoul
CHIEF EXEC
KIYOSHI YASUNO,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 103,460 M
PAYMENTS REGULAR CAPITAL Yen 10,607 M
TREND SLOW WORTH Yen
57,465 M
STARTED 1977 EMPLOYES 956
COMMENT
MAIL-ORDER SALES COMPANY.
FINANCIAL SITUATION CONSDIERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENS.
MAX CREDIT LIMIT:
YEN 1,885.2 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/08/2012 fiscal term
HIGHLIGHTS
This is a major mail-order sales company by
catalog and mass media, with primary clientele being women in their 30s to
60s. Main items are clothing &
household goods, mainly suits, jackets & handbags. Also accepts orders by offering toll-free
telephone service. Strong in sales
directed toward membership customers.
Diversifying into the consumer financing. Started door-to-door sales originally in 1969
and incorporated in 1977. The firm aims
to reinforce sales for customers in their 20 & 30s, accounting for more
than 10% of total sales. It plans to
develop new customers by activating affiliate marketing. In cosmetics, I may start TV ads following
newspapers & magazines..
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 103,490
million, a 3.4% up from Yen 100,101 million in the previous term, boosted by
brisk core mail-order catalog sales. By
Divisions, Catalog Sales grew 7.0% to Yen 69,045 million, as new clients
increased; Specialized Marketing up 21.0% to Yen 2,189 million; Solutions up
60.1% to Yen 3,562 million; Financing down 45.7% to Yen 3,133 million;
Properties up 60.6% to Yen 2,173 million.
The recurring profit was posted at Yen 1,934 million and the net profit
at Yen 1,020 million, respectively, compared with Yen 2,450 million recurring
profit and Yen 1,158 million net profit, respectively, a year ago
(Apr/Sept/2011 results): Sales Yen 49,754 million (up 6.3%), operating
profit Yen 2,175 million (down 18.8%), recurring profit Yen 1,934 million (down
21.0%), net profit Yen 1,020 million (down 11.9%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2012 the
recurring profit is projected at Yen 6,700 million and net profit at Yen 4,200
million, respectively, on a 5.4% rise in turnover, to Yen 109,000 million. Mainline mail order sales of clothing are
slightly affected by the Earthquake. In
the second quarter, costs for starting up fall-winter products preceded. In the second half, rise in personal expenses
in China, the production area, and hike in materials costs will squeeze profit
margin.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,885.2
million, on normal terms.
REGISTRATION
Date Registered:
Jun 1977
Regd No.:
(Saitama-Ageo) 041663
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 130 million shares
Issued: 56,292,274 shares
Sum: Yen 10,607 million
Major
shareholders (%): Kiyoshi Yasuno (18.7), Friend Stage (12.8), Companys Treasury Stock
(11.4), BBH for Fidelity Low Price Stock (9.0), Nihon Robowaru (7.7), Japan
Trustee Services T (4.8), Kimi Yasuno (2.9), SMBC (1.9), Nomura (BOTMU) (1.7),
Companys Kyoeikai Assn (1.6); foreign owners (17.9)
No. of shareholders: 6,428
Listed on the S/Exchange (s) of: Tokyo
Managements:: Kiyoshi Yasuno,
pres; Yuichiro Yasuno, dir; Yasutaka Nomura, dir; Junko Shishido, dir; Takeo Shimano,
dir; Masakazu Oikawa, dir; Toshio Takahashi, dir
Nothing
detrimental is knows as to the commercial morality of executives.
Related
companies: Refre Co, Bell Net Investment Hong Kong, BN International USA,
Bell-Net Finance, other
OPERATION
Activities: Mail-order sales
through catalog and mass media (sales breakdown by division): mail-order sales
by catalog (67%), specialized direct marketing (20%), solutions (3%), financing
(3%), properties (2%), others (5%)
Clients: Consumers
No. of accounts:
About 10-12 million members.
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] SBC, Nice Day, Casio Computer, Moririn, Sowa Logistics, Asty,
Samsung Japan, other.
Payment record: Regular
Location: Business area in
Ageo City, adjacent to Saitama City.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
SMBC (Okegawa)
Ashikaga Bank (Okegawa)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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103,460 |
100,101 |
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Cost of Sales |
45,506 |
43,267 |
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GROSS PROFIT |
57,954 |
56,834 |
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Selling & Adm Costs |
51,221 |
52,502 |
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OPERATING PROFIT |
6,733 |
4,332 |
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Non-Operating P/L |
-369 |
-65 |
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RECURRING PROFIT |
6,364 |
4,267 |
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NET PROFIT |
4,389 |
1,276 |
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BALANCE SHEET |
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Cash |
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20,688 |
23,221 |
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Receivables |
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10,937 |
10,350 |
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Inventory |
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14,588 |
14,724 |
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Securities, Marketable |
3,275 |
68 |
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Other Current Assets |
19,466 |
24,235 |
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TOTAL CURRENT ASSETS |
68,954 |
72,598 |
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Property & Equipment |
27,310 |
28,151 |
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Intangibles |
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5,202 |
6,064 |
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Investments, Other Fixed Assets |
9,129 |
12,890 |
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TOTAL ASSETS |
110,595 |
119,703 |
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Payables |
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13,197 |
12,059 |
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Short-Term Bank Loans |
4,893 |
12,688 |
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Other Current Liabs |
21,444 |
17,332 |
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TOTAL CURRENT LIABS |
39,534 |
42,079 |
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Debentures |
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700 |
11,000 |
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Long-Term Bank Loans |
8,494 |
7,537 |
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Reserve for Retirement Allw |
496 |
492 |
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Other Debts |
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8,905 |
4,377 |
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TOTAL LIABILITIES |
58,129 |
65,485 |
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MINORITY INTERESTS |
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Common
stock |
10,607 |
10,607 |
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Additional
paid-in capital |
11,003 |
11,003 |
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Retained
earnings |
46,215 |
42,578 |
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Evaluation
p/l on investments/securities |
(77) |
(11) |
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Others |
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(1,487) |
(1,164) |
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Treasury
stock, at cost |
(8,796) |
(8,796) |
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TOTAL S/HOLDERS` EQUITY |
57,465 |
54,217 |
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TOTAL EQUITIES |
115,595 |
119,703 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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14,159 |
21,222 |
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Cash
Flows from Investment Activities |
-2,615 |
-2,294 |
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Cash
Flows from Financing Activities |
-15,037 |
-14,788 |
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Cash,
Bank Deposits at the Term End |
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17,607 |
21,166 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
57,465 |
54,217 |
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Current
Ratio (%) |
174.42 |
172.53 |
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Net
Worth Ratio (%) |
49.71 |
45.29 |
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Recurring
Profit Ratio (%) |
6.15 |
4.26 |
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Net
Profit Ratio (%) |
4.24 |
1.27 |
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Return
On Equity (%) |
7.64 |
2.35 |
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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.49.97 |
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1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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 SCs 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.