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Report Date : |
13.02.2014 |
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) : |
31.03.2013 |
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Date of Incorporation : |
June, 2008 |
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Com. Reg. No.: |
0200-01-082080 (Kawasaki-Kawasakiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of audio, video & media equipment |
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No. of Employees : |
2,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
D&M HOLDINGS
INC
REGD NAME: KK D&M Holdings
MAIN OFFICE: D&M Bldg, 2-1 Nisshincho Kawasakiku
Kawasaki Kanagawa-Pref 210-0024
JAPAN
Tel:
044-670-1111
Fax: 044-670-2680
*.. The is
its Shirakawa Plant/Factory
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
JM CORDILL, PRES
Hirofumi Ichikawa, rep dir
Ian K Loring, dir
In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 33,141 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
14,199 M
TREND UP WORTH Yen 8,499 M
STARTED 2008 EMPLOYES 2,000
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 on the basis of
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.
The sales volume for Mar/2013 fiscal term is estimated amounted to Yen
33,141 million, a 5% up from 31,460 million in the previous term. The operations continued in the red to
register Yen 3,714 million recurring loss, but resulted in Yen 454 million net
profit at end, assisted by the extraordinary profit of Yen 6,680 million,
compared with Yen 3,270 million recurring loss and Yen 2,998 million net
losses, respectively, a year ago. .
For the current term ending Mar 2014 the operations are projected to
come back to profitability to post Yen 2000 million recurring profit and Yen 500
million net profit, respectively, on a 4% rise in turnover, to Yen 34,500
million.
The financial situation is considered RATHER WEAK but should be good for
MODERATE business engagements.
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: No complaints
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
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
34,500 |
33,141 |
31,460 |
31,314 |
|
Recur. Profit |
|
2,000 |
-3,714 |
-3,270 |
-3,795 |
|
Net Profit |
|
500 |
454 |
-2,998 |
-497 |
|
Total Assets |
|
|
73,845 |
73,937 |
77,867 |
|
Current Assets |
|
|
8,657 |
8,146 |
10,015 |
|
Current Liabs |
|
|
32,654 |
23,970 |
24,021 |
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Net Worth |
|
|
8,499 |
8,009 |
10,884 |
|
Capital, Paid-Up |
|
|
14,199 |
14,199 |
14,199 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.10 |
5.34 |
0.47 |
-7.66 |
|
|
Current Ratio |
|
.. |
26.51 |
33.98 |
41.69 |
|
N.Worth Ratio |
.. |
11.51 |
10.83 |
13.98 |
|
|
R.Profit/Sales |
|
5.80 |
-11.21 |
-10.39 |
-12.12 |
|
N.Profit/Sales |
1.45 |
1.37 |
-9.53 |
-1.59 |
|
Notes: Financials are disclosed in digested form.
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
<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.