August 31, 2011, to begin special liquidation proceedings. Because of this action, Promise may be unable to collect some of the amount due from AZ Card.
AZ Card Co., Ltd., a subsidiary of Promise Co., Ltd., submitted an application on
(Information about the resolution by the Board of Directors of Promise to dissolve AZ Card is provided in the July 15, 2011 press release titled “Announcement of Dissolution of Subsidiary.”)
1.Outline of AZ Card
1. Trade name | AZ Card Co., Ltd. | |
2. Location | 1-2-4, Otemachi, Chiyoda-ku, Tokyo | |
3. Name of representative | Hiroyuki Nakane | |
4. Description of businesses | Finance | |
5. Paid-in capital | 400 million yen | |
6. Date of establishment | October 8, 1987 | |
7. Net assets (Non-Consolidated) | (4,164) million yen (As of March 31, 2011) | |
8. Total assets (Non-Consolidated) | 1,093 million yen (As of March 31, 2011) | |
9. Major shareholders and their shareholding ratio | Promise Co., Ltd.: 100% | |
10.Relationship with Promise | Capital | Promise holds 8,000 shares of AZ Card stock. |
Personnel | A Promise employee is also a representative liquidator of AZ Card | |
Business activities | Promise has loaned ¥5,250 million to AZ Card |
2. Type and amount of AZ Card receivables
Short-term borrowings: 5,250 million yen
3. Outlook
The inability to collect part of the amount due from AZ Card will not have a material effect on non-consolidated or consolidated performance in the fiscal year ending March 31, 2012, because an addition for AZ Card receivables was made in a previous fiscal year to the allowance for credit losses.
This news release has been translated from the original Japanese document released on August 31, 2011, for reference only. In the event of any discrepancy between this translated document and the original Japanese document, the original document shall prevail. |
Promise Co., Ltd.