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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FLAIR NAGAO INC |
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Registered Office : |
359-5 Mimasu Aikawacho Aikogun Kanagawa-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
June 1949 |
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Com. Reg. No.: |
0210-01-021797
(Kanagawa-Aikogun) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of heat exchangers, air dryers, air-conditioners parts
& components as well as freezers |
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No of Employees : |
145 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
FLAIR NAGAO INC
Flair Nagao KK
4010 Nakatsu
Aikawamachi Aikogun Kanagawa-Pref 243-0303 JAPAN
Tel:
0462-285-0487 Fax: 046-285-5011
*.. Registered and
Head Quarters at
359-5 Mimasu Aikawacho Aikogun Kanagawa-Pref
URL: http://www.flair-nagao.co.jp
E-Mail address: sales@flair-nagao.co.jp
Manufacturer of
heat exchangers, air dryers, air-conditioners parts & components as well as
freezers
Tokyo,
Atsugi
Advanced Flow Technology Co (China)
At the
caption address
GEN’ICHI
NAGAO, PRES Nagamitsu Taketani,
s/mgn dir
Jiro Imaeda, mgn dir Ichiro Kusayanagi, dir
Hirotaka
Ohno, dir Hiroshi Kojima,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 3,681 M
PAYMENTS No
Complaints CAPITAL Yen 69 M
TREND SLOW WORTH Yen
418 M
STARTED 1949 EMPLOYES 145
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/2013 fiscal term amounted to Yen 3,681 million,
a 2% down from Yen 3,756 million in the previous term. The recurring profit was posted at Yen 75
million and the net profit at Yen 45 million, respectively, compared with Yen 4
million recurring profit and Yen 1 million net profit, respectively, a year
ago.
For the term that ended Mar 2014 the recurring profit was projected at
Yen 80 million and the net profit at Yen 50 million, respectively, on a 3% rise
in turnover, to 3,800 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 (48.7%), Hitachi Industrial Systems (23.2%),
Mitsui Seiki Kogyo (5.1%), other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hitachi Appliance (28.6%), Hitachi High Technologies (12.9%),
Hitachi Industrial Systems, Japan Light Metal, Panasonic Industry Sales,
Toshiba Carrier Engineering, Saginomiya Sanki Inc, Kunitachi Press Corp, Papas
Co, other
Payment record: No Complaints
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: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
3,800 |
3,681 |
3,756 |
3,227 |
|
Recur.
Profit |
|
80 |
75 |
4 |
24 |
|
Net
Profit |
|
50 |
45 |
1 |
18 |
|
Total
Assets |
|
|
2,933 |
3,112 |
3,046 |
|
Current
Assets |
|
|
1,589 |
1,677 |
1,538 |
|
Current
Liabs |
|
|
753 |
740 |
632 |
|
Net
Worth |
|
|
418 |
381 |
386 |
|
Capital,
Paid-Up |
|
|
69 |
69 |
69 |
|
Div.Ttl
in Million (¥) |
|
|
2.8 |
5.7 |
2.8 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.23 |
-2.00 |
16.39 |
30.75 |
|
|
Current Ratio |
|
.. |
211.02 |
226.62 |
243.35 |
|
N.Worth Ratio |
.. |
14.25 |
12.24 |
12.67 |
|
|
R.Profit/Sales |
|
2.11 |
2.04 |
0.11 |
0.74 |
|
N.Profit/Sales |
1.32 |
1.22 |
0.03 |
0.56 |
|
|
Return On Equity |
.. |
10.77 |
0.26 |
4.66 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
UK Pound |
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.