MIRA INFORM REPORT
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Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
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Name : |
DMW CORPORATION |
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Registered Office : |
Omori Tokyo Kaijo Bldg, 1-5-1 Omori-Kita
Otaku Tokyo 143-85581-5-1 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1955 |
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Com. Reg. No.: |
0108-01-007581 (Tokyo-Otaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of pumps, valves, blowers |
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No. of Employees
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503 |
RATING & COMMENTS
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MIRA’s 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 811.4 Million |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 30th, 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
DMW CORPORATION
REGD NAME
KK Dengyosha Kikai
Seisakusho
MAIN OFFICE
Omori Tokyo Kaijo
Bldg, 1-5-1 Omori-Kita Otaku Tokyo 143-85581-5-1 JAPAN
Tel: 03-3298-5123 Fax: 03-3298-5146-
URL: http://www.dmw.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
pumps, valves, blowers
BRANCHES
Osaka,
Nagoya, Mishima, Sendai, Hiroshima, Fukuoka, other (Tot 17)
OVERSEAS
Houston,
Mumbai, Amsterdam, Dalian
FACTORIES
Mishima
CHIEF EXEC
NOBUHIRO
YANASE, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,512 M
PAYMENTS No Complaints CAPITAL Yen
810 M
TREND SLOW WORTH Yen
13,137 M
STARTED 1955 EMPLOYES 503
COMMENT
MFG OF PUMPS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 811.4 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is one of 5 largest pump manufacturers. Strong in public sector including local
governments. Also makes blowers for
steel, chemicals and cement makers.
Other products include valves, water-treatment systems, underwater
dredging robots, remote control systems, other.
The company aims to boost sales circulating water pumps to one billion
Yen in five years through a tie-up with a firm in India. It will enhance price competitiveness in the
overseas markets by improvement of products and cost reduction.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 7,512 million,
a 19.1% down from Yen 9,288 million in the previous term. Exports were hurt by the high Yen. Orders received decreased by 3.5% over the
previous year. By Divisions, Pumps down
21.0% to Yen 9,133 million; Blowers up 62.4% to Yen 4,816 million; Valves down
53.1% to Yen 183 million. The operations
continued in the deficit to register Yen 955 million recurring loss and Yen 627
million net losses, respectively, compared with Yen 423 million recurring loss
and Yen 349 million net losses, respectively, a year ago.
(Apr/Dec/2011 results): Sales Yen 18,834 million (down 22.2%), operating
profit Yen 902 million (down 47.4%), recurring profit Yen 883 million (down
49.7%), net profit Yen 441 million (down 57.5%). (% compared with the corresponding period a year
ago).
For the current term ending Mar 2012 the recurring profit is projected
at Yen 130 million and the net profit at Yen 20 million, on a 6.1% fall in
turnover, to Yen 17,680 million. Order
backlog at the end of September 2011 decreased by 5% over a year ago. Overseas sales are holding steady, led by
those in India. But domestic sales are
dropping, affected by curbed public investment and slightly decreased private
demand. Operating profit will plummet
under stiffer price competition, despite higher design efficiency and shift to
procurement from overseas suppliers.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 811.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1955
Regd No.: 0108-01-007581 (Tokyo-Otaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 19,107,800 million shares
Issued: 4,776,900 shares
Sum: Yen 810
million
Major shareholders
(%):
GM Investment Co (10.6), Company’s Treasury Stock (6.1), Mitsui Sumitomo Ins
(4.2), Meiji Yasuda Life Ins (3.6), Customers’ S/Holding Assn (3.2), Tsurumi
Mfg (2.7), Meidensha Corp (2.6), Seisan Gijutsu Kenkyu Shorei (2.5), Sumitomo
Life Ins (2.4), Nippon Life Ins (2.1); foreign owners (1.6)
No. of
shareholders: 2,466
Listed on the
S/Exchange (s) of: Tokyo (Second section)
Managements: Nobuhiro Yanase,
pres; Tadahiro Tsuchiya, s/mgn dir; Noboru Yamamoto, mgn dir; Yukio Asami, mgn
dir; Norio Hikosaka, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Dengyosha Koji,
Eco Advance, other.
OPERATION
Activities: Manufactures
industrial pumps (63%), blowers (28%), valves (2%), water treatment systems, underwater
dredging robots, remote control systems, others (--7%)
Overseas Sales
Ratio (26%)
Clients: [Electric
powers, steel makers, governments, local governments] Toshiba Corp, Nippon
Steel Corp, Tokyo Electric Power, Chiyoda Corp, Hitachi Ltd, IHI Corp, other.
Exports to: USA, UK, Italy, Korea, Malaysia, Thailand, Spain, Egypt,
India, Kuwait, Qatar, Saudi Arabia, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [mfrs,
wholesalers] Moriya Corp, Iwaki Moritani Electric Ind, Metal One Specialty
Steel Corp, Yanmar Energy System, Mitsubishi Heavy Ind, Hitachi Ltd, Kyowa
Engineering, other
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(Yotsuya)
SMBC
(Omori)
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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18,834 |
24,213 |
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Cost of Sales |
14,751 |
18,927 |
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GROSS PROFIT |
4,082 |
5,286 |
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Selling & Adm Costs |
3,180 |
3,571 |
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OPERATING PROFIT |
902 |
1,714 |
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Non-Operating P/L |
-19 |
42 |
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RECURRING PROFIT |
883 |
1,756 |
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NET PROFIT |
441 |
1,038 |
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BALANCE SHEET |
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Cash |
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2,128 |
1,396 |
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Receivables |
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9,571 |
11,777 |
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Inventory |
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1,350 |
3,313 |
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Securities, Marketable |
1,668 |
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Other Current Assets |
558 |
616 |
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TOTAL CURRENT ASSETS |
15,275 |
17,102 |
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Property & Equipment |
3,154 |
3,403 |
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Intangibles |
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190 |
189 |
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Investments, Other Fixed Assets |
3,111 |
3,664 |
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TOTAL ASSETS |
21,730 |
24,358 |
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Payables |
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4,263 |
5,068 |
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Short-Term Bank Loans |
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Other Current Liabs |
2,070 |
3,789 |
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TOTAL CURRENT LIABS |
6,333 |
8,857 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
882 |
1,073 |
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Other Debts |
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170 |
238 |
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TOTAL LIABILITIES |
7,385 |
10,168 |
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MINORITY INTERESTS |
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Common
stock |
810 |
810 |
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Additional
paid-in capital |
111 |
111 |
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Retained
earnings |
13,621 |
13,406 |
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Evaluation
p/l on investments/securities |
199 |
264 |
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Others |
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23 |
(24) |
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Treasury
stock, at cost |
(420) |
(378) |
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TOTAL S/HOLDERS` EQUITY |
14,344 |
14,189 |
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TOTAL EQUITIES |
21,730 |
24,358 |
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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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2,871 |
293 |
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Cash
Flows from Investment Activities |
-260 |
-859 |
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Cash
Flows from Financing Activities |
-277 |
-989 |
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Cash,
Bank Deposits at the Term End |
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3,729 |
1,396 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
14,344 |
14,189 |
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Current
Ratio (%) |
241.20 |
193.09 |
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Net Worth
Ratio (%) |
66.01 |
58.25 |
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Recurring
Profit Ratio (%) |
4.69 |
7.25 |
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Net
Profit Ratio (%) |
2.34 |
4.29 |
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Return
On Equity (%) |
3.07 |
7.32 |
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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.50.31 |
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UK Pound |
1 |
Rs.79.04 |
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Euro |
1 |
Rs.65.82 |
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 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.