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Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FLAIR NAGAO INC |
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Registered Office : |
4010 Nakatsu Aikawamachi Aikogun Kanagawa-Pref 243-0303 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June, 1949 |
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Com. Reg. No.: |
0210-01-021797 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of heat exchangers, air dryers |
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No. of Employees : |
140 |
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 |
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Status : |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 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.
|
Source
: CIA |
FLAIR NAGAO INC
Flair Nagao KK
4010 Nakatsu Aikawamachi Aikogun Kanagawa-Pref 243-0303 JAPAN
Tel: 0462-285-0487 Fax:
046-285-5011
E-Mail address: sales@flair-nagao.co.jp
Mfg of heat exchangers, air dryers
Tokyo
Advanced Flow Technology Co (China)
At the caption address
GEN’ICHI NAGAO, PRES Jiro
Imaeda, dir
Nagamitsu Taketani, dir Ichiro
Kusayanagi, dir
Hirotake Ohno, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 3,756 M
PAYMENTS REGULAR CAPITAL Yen
69 M
TREND UP WORTH Yen 381 M
STARTED 1949 EMPLOYES 140
MFR OF HEAT EXCHANGERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established originally as KK Nagao Seisakusho
for making automobile parts. In Oct
2004, the subject merged with Flair Japan Inc and renamed as captioned. This is a specialized mfr of heat exchangers,
air dryers, other. Has a subsidiary in
China. Goods are exported.
The sales volume for Mar/2012 fiscal term amounted to Yen 3,756 million,
a 17% up from Yen 3,227 million in the previous term. Exports were robust, particularly into China
and other S/E Asian countries. The
recurring profit was posted at Yen 4 million and the net profit at Yen 1
million, respectively, compared with Yen 24 million recurring profit and Yen 18
million net profit, respectively, a year ago.
Materials cost-ups ate into profits.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 25 million and the net profit at Yen 20 million, respectively, on a 3% rise
in turnover, to 3,860 million. Final
results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jun 1949
Regd No.: 0210-01-021797 (Kanagawa-Aikogun)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3.9
million shares
Issued: 1,380,400
shares
Sum: Yen
69.02 million
Major shareholders (%): Employees’
S/Holding Assn (37), Gen’ichi Nagao (26), Nagamitsu Taketani (17)
No. of shareholders: 5
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures heat exchangers, air dryers, air-conditioners parts &
components, freezers, other (--100%)
Clients: [Mfrs, wholesalers] Hitachi Appliance, Toshiba Carrie Engineering,
Hitachi Ltd, Hitachi Industrial Systems, Hitachi Medico, Hitachi-Kucho SE Ltd,
IHI Compressor & Machinery Co, Mitsui Seiki Kogyo, Toyo Engineering Works,
Hokuetsu Kogyo, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi Appliance, Hitachi High Technologies,
Hitachi Industrial Systems, Japan Light Metal, Panasonic Industry Sales,
Toshiba Carrier Engineering, Saginomiya Sanki Inc, Kunitachi Press Corp, Papas
Co, other
Payment record: Regular
Location: Business area in Aikogun, Kanagawa-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Shoko Chukin Bank (Yokohama-Nishiguchi)
Jonan Shinkin Bank (Atsugi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual Sales |
|
3,860 |
3,756 |
3,227 |
2,468 |
|
Recur. Profit |
|
25 |
4 |
24 |
10 |
|
Net Profit |
|
20 |
1 |
18 |
7 |
|
Total Assets |
|
|
3,112 |
3,046 |
3,086 |
|
Current Assets |
|
|
1,677 |
1,538 |
1,506 |
|
Current Liabs |
|
|
740 |
632 |
464 |
|
Net Worth |
|
|
381 |
386 |
371 |
|
Capital, Paid-Up |
|
|
69 |
69 |
69 |
|
Div.P.Share(¥) |
|
|
9.00 |
9.00 |
9.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.77 |
16.39 |
30.75 |
-27.07 |
|
|
Current Ratio |
|
.. |
226.62 |
243.35 |
324.57 |
|
N.Worth Ratio |
.. |
12.24 |
12.67 |
12.02 |
|
|
R.Profit/Sales |
|
0.65 |
0.11 |
0.74 |
0.41 |
|
N.Profit/Sales |
0.52 |
0.03 |
0.56 |
0.28 |
|
|
Return On Equity |
.. |
0.26 |
4.66 |
1.89 |
|
Notes: Forecast (or estimated) figures
for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.