MIRA INFORM REPORT

Report No. :	317618
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	DISK GARAGE CO LTD
Registered Office :	Ebisu Garden Place Tower 24F 4-20-3 Ebisu, Shibuya-ku, Tokyo, 150-6024
Country :	Japan
Financials (as on) :	31.01.2014
Year of Incorporation :	1979
Com. Reg. No.:	0132-01-003755
Legal Form :	Limited Company
Line of Business :	Planning, producing and managing of conxerts, events and other entertainment activities. Providing entertainment information and selling goods via web and mobile site. Planning and producing of TV and Radio programs. Producing and publishing of Music and Video.
No. of Employees :	80

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

Maximum Credit Limit :	Yen 61.8 million
Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to contract during the 2nd and 3rd quarters of 2014. The economy has largely recovered in the three years since the disaster, but reconstruction in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the final phase of the increase until 2017 to give the economy time to recover from the 2014 increase. 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

Company name and address

ENGLISH COMPANY NAME	DISK GARAGE CO LTD
Japanese company name	KK Disk Garage (Kabushiki Kaisha)
Registered Office
1. Street Number and District	Ebisu Garden Place Tower 24F 4-20-3 Ebisu, Shibuya-ku
2. City and Perefecture	Tokyo
3. ZIP Code	150-6024
4. Country	JAPAN
TEL	050-5533-0888
FAX	Information not available
URL	www. diskgarage.com/
Email Address	thru the URL

Activities (Services & Products)

• Planning, producing and managing of conxerts, events and other entertainment activities.
• Providing entertainment information and selling goods via web and mobile site.
• Planning and producing of TV and Radio programs.
• Producing and publishing of Music and Video.

SUMMARY OF REPORT

Annual Sales (MM YEN)	10,594
Capital Amount (MM YEN)	60
Net Worth (MM YEN)	Unavailable
FINANCES	SLOW
TREND	SLOW
EMPLOYEES	80
CREDIT LIMIT PROPOSED(MM YEN)	61.8

OTHER INFORMATION FOLLOWS

Year Started	1979
Month and Year Registered	Sep, 1987
Regd No.	0132-01-003755
Major Shareholders
1	Takeo Nakanishi
2	Fujipaciffic Co
3	Satoshi Kuroki
Number of Shareholders	35
Authorized Shares	1,600
Issued Shares	1,200
Executives
PRESIDENT	Takeo Nakanishi
Chairman
Vice President	Satoshi Kuroki
Senior Mgn Director	Kunio Watanabe
Mgn Director	Shungo Suzuki
Mgn Director	Atsushi Ishikawa
Director	Ken Hasunuma
Director	Masaaki Ueshima
Main Banks
1	MUFG (Higashiebisu)
2	Tokyo Tomin Bank(Shinjuku)
Relations	Satisfactory
Clients
1	General Consumers
2	Rockin'on Inc
3	Production
4	Others
Suppliers
1	Dentsu
2	Hakuhodo Inc
3	Pia
4	Lowson HMV Entertaiment
5	Others
Branches
1	None
Factories
1	None
Overseas
1	None

HIGHLIGHT and COMMENT

This is a company founded in 1979 for the business of concert and event planning.

Originally it had focused on pop and rock music but it has been expanded to football and motor sports recently.

FINANCIAL information

Finance partially disclosed

Financials are disclosed only partially.

The sales volume for Jan/2014 fiscal term amounted to Yen 10,594 million, a 7.29% down from Yen 11,427 million in the previous term. The net profit amounted at Yen 198 million which is increased from Yen 127 million in 2013.

For the current term ending Jan 2015, similar level of turnover and the net profit are estimated. Final results are yet to be released.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 61.8 million, on 30 days normal terms.

Financial

PLEASE ATTACH THE FINANCIALS BELOW.

Note: Forecast (or estimated) figures for the 31/01/2015 fiscal term

Terms Ending:	31/01/2015	31/01/2014	31/01/2013	31/01/2012
Annual Sales	10,594	10,594	11,427	10,878
Recur. Profit		..	..	..
Net Profit	198	198	127	106
Total Assets
Net Worth
Capital, Paid-Up
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)
S.Growth Rate	0.00	-7.29	5.05
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	1.87	1.87	1.11	0.97

Terms Ending:	31/01/2015	31/01/2014	31/01/2013	31/01/2012	31/01/2011	31/01/2010
Annual Sales	10,594	10,594	11,427	10,878
Recur. Profit		..	..	..	..
Net Profit	198	198	127	106
Total Assets
Net Worth					-431	-431
Capital, Paid-Up
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)	(%)	(%)
S.Growth Rate	0.00	-7.29	5.05		..	..
Current Ratio		..	..	..	..	..
N.Worth Ratio		..	..	..	..	..
N.Profit/Sales	1.87	1.87	1.11	0.97	..	..
	S/Hldrs' Equity		-198	-325	-431	-431
	Div or Taxes
	Offs' Bonus
	Current Assets
	Current Liabs
	Credit Limit	61.8

Terms Ending:		31/03/2015	31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Annual Sales
Recur. Profit
Net Profit
Total Assets
Current Assets
Current Liabs
Net Worth						0	0
Capital, Paid-Up						90
Div.P.Share(¥)
<Analytical Data>		(%)	(%)	(%)	(%)	(%)	(%)
S.Growth Rate		..	..	..	..	..	..
Current Ratio		..	..	..	..	..	..
N.Worth Ratio		..	..	..	..	..	..
R.Profit/Sales		..	..	..	..	..	..
N.Profit/Sales		..	..	..	..	..	..
Return On Equity		..	..	..	..	..	..
	L-Term Liabs
	S/Hldrs' Equity			0	0	0	0
	Div or Taxes
	Offs' Bonus
	Gross Profit
	Opera.Profit
	Credit Limit		..

		Terms Ending:	31/03/2014	31/03/2013	IND/03/2014
INCOME STATEMENT
	Annual Sales
	Cost of Sales
	GROSS PROFIT		0	0	0
	Selling & Adm Costs
	OPERATING PROFIT		0	0	0
	Non-Operating P/L
	RECURRING PROFIT		0	0	0
	NET PROFIT
BALANCE SHEET
	Cash
	Receivables
	Inventory
	Securities, Marketable
	Other Current Assets		0	0	0
	TOTAL CURRENT ASSETS
	Property & Equipment
	Intangibles
	Investments, Other Fixed Assets		0	0	0
	TOTAL ASSETS
	Payables
	Short-Term Bank Loans
	Other Current Liabs		0	0	0
	TOTAL CURRENT LIABS
	Debentures
	Long-Term Bank Loans
	Reserve for Retirement Allw
	Other Debts		0	0	0
	TOTAL LIABILITIES
	MINORITY INTERESTS				..
	Common stock
	Additional paid-in capital
	Retained earnings
	Evaluation p/l on investments/securities
	Others		0	0	0
	Treasury stock, at cost
	TOTAL S/HOLDERS` EQUITY
	TOTAL EQUITIES		0	0	0
CONSOLIDATED CASH FLOWS
		Terms ending:	31/03/2014	31/03/2013	31/03/2012
	Cash Flows from Operating Activities		31,178
	Cash Flows from Investment Activities		31,650
	Cash Flows from Financing Activities		-94,276
	Cash, Bank Deposits at the Term End		140,940
ANALYTICAL RATIOS Terms ending:			31/03/2014	31/03/2013	IND/03/2014
		Net Worth (S/Holders' Equity)	0	0	0
		Current Ratio (%)	..	..	..
		Net Worth Ratio (%)	..	..	..
		Recurring Profit Ratio (%)	..	..	..
		Net Profit Ratio (%)	..	..	..
		Return On Equity (%)	..	..	..
Notes: Audited by CPA. IND/xx/yyyy.. Non-consolidated figures for (xx month)/(yyyy year) term.
		Current Sales	0
		Credit Limit	..

Business	Terms Ending	Annual Sales*	R.Profit*	N.Profit*	S.Growth	Net Worth*
Results:	31/03/2011				(%)
(Consolidated)	31/03/2012				..
	31/03/2013	0	0	0	..	0
	31/03/2014	0	0	0	..	0
	31/03/2015				..	..
	0Forecast (or estimated) figures for *** term.				*..Unit: Million Yen

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

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%)

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