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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
D&M HOLDINGS INC |
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Registered Office : |
D&M Bldg, 2-1 Nisshincho Kawasakiku Kawasaki Kanagawa-Pref
210-0024 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June, 2008 |
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Com. Reg. No.: |
0200-01-082080 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of audio, video & media equipment |
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No. of Employees : |
682 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. 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. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 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 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further 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 in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues 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 |
D&M HOLDINGS
INC
KK D&M Holdings
D&M Bldg, 2-1 Nisshincho Kawasakiku Kawasaki Kanagawa-Pref 210-0024
JAPAN
Tel: 044-670-1111 Fax: 044-670-2680
URL: http//:www.d&m-holdings.com/jp
E-mail: info@d&m-holdings.com
Mfg of audio, video & media equipment
Tokyo, Aichi, Osaka, Hiroshima, Fukuoka
Shirakawa, Fukushima-Pref, as given
JIM CORDILL, PRES
Hirofumi Ichikawa, rep dir
Ian K Loring, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES R/WEAK A/SALES Yen 31,460 M
PAYMENTS SLOW CAPITAL Yen 14,199 M
TREND UP WORTH Yen 8,009 M
STARTED 2008 EMPLOYES 682
MFR OF AUDIO, VIDEO & MEDIA EQUIPMENT.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
The subject company was established originally in 2002 by succeeding
business operations of D&M Holdings Inc and now became a holding company of
group firms. This is a specialized mfr
of audio, video and media equipment for Denon, Maintz, Mcintosh, Boston Snell
Escient Denon DJ, Calrec, Allen Heath, and Premium Sound Solutions brands. Goods are manufactured at Shirakawa Factory
in Fukushima-Pref and group firms. Goods
are exported.
We have obtained financials in digested form, as follows:
The sales volume for Mar/2012 fiscal term is estimated amounted to Yen 31,460
million, an almost similar amount of Yen 31,314 million in the previous
term. The operations continued in the
red to register Yen 3,270 million recurring loss and Yen 2,998 million net
losses, respectively, compared with Yen 3,795 million recurring loss and Yen
497 million net losses, respectively, a year ago. .
For the current term ending Mar 2013 the operations are projected to
come back to profitability but still limited to a minimum amount post-taxes, on
a 2% rise in turnover, to Yen 32,000 million.
The financial situation is considered RATHER WEAK but should be good for
MODERATE business engagements. Max
credit limit is estimated at Yen 225.2 million, on 30 days normal terms.
Date Registered: Jun
2008
Regd No.: 0200-01-082080
(Kawasaki-Kawasakiku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 283,997 shares
Issued: 283,997
shares
Sum: Yen
14,199,730,000.00
Major shareholders
(%):
BCJ-2 (100)
*..
Investment
Fund operated by Bain Capital Japan
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
audio, video and media equipment for: Denon, Marantz, Mcintosh, Boston Snell,
Escient Denon DJ, Calrec and Allen & Health brands (--100%).
Clients: [Mfrs,
wholesalers] D&M Europe, Denon Electronics USA, Marantz America, Denon
Consumer Marketing, Daiichi Kosho Co, Brother Ind Ltd, Nikkoshi Ltd, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] D&M Mfg Hong Kong, Anam Electronics, Rhome Co, Hitachi
High-Technologies, Miyako Marantz, Alps Electric, Panasonic Corp, other.
Imports from China, Hong Kong, other
Payment record: Slow
Location: Business area in
Kawasaki. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Ueno)
SMBC (Tokyo-Chuo)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual Sales |
|
32,000 |
31,460 |
31,314 |
33,913 |
|
Recur. Profit |
|
0 |
-3,270 |
-3,795 |
-4,302 |
|
Net Profit |
|
0 |
-2,998 |
-497 |
-6,327 |
|
Total Assets |
|
|
73,937 |
77,867 |
79,046 |
|
Current Assets |
|
|
8,146 |
10,015 |
7,791 |
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Current Liabs |
|
|
23,970 |
24,021 |
22,501 |
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Net Worth |
|
|
8,009 |
10,884 |
9,964 |
|
Capital, Paid-Up |
|
|
14,199 |
14,199 |
14,199 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
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S.Growth Rate |
1.72 |
0.47 |
-7.66 |
1,957.83 |
|
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Current Ratio |
|
.. |
33.98 |
41.69 |
34.63 |
|
N.Worth Ratio |
.. |
10.83 |
13.98 |
12.61 |
|
|
R.Profit/Sales |
|
0.00 |
-10.39 |
-12.12 |
-12.69 |
|
N.Profit/Sales |
0.00 |
-9.53 |
-1.59 |
-18.66 |
|
Notes: Financials are disclosed in digested form.
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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.