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Report No. : |
307122 |
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Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
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Name : |
D&M HOLDINGS INC |
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Registered Office : |
D&M Bldg, 2-1 Nisshincho Kawasakiku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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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 : |
Manufacturer of Audio, Video & Media Equipment. |
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No. of Employees : |
550 |
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 : |
Slow but correct |
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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 – 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 |
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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 |
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. 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 2013 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 is exceeding 230% 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 the year 2015. 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 |
D&M Holdings Inc
REGD NAME: KK
D&M Holdings
MAIN OFFICE: D&M
Bldg, 2-1 Nisshincho Kawasakiku Kawasaki Kanagawa-Pref 210-0024
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
Nil
At the caption
address
JM CORDILL, PRES
Hirofumi Ichikawa,
rep dir
Ian K Loring, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 35,166 M
PAYMENTSSlow but
correct CAPITAL Yen 14,199 M
TREND UP WORTH Yen (-) 8,953 M
STARTED 2008 EMPLOYES 550
MFR OF AUDIO,
VIDEO & MEDIA EQUIPMENT.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
NEGATIVE NET WORTH
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/2014 fiscal term amounted to Yen 35,166 million, a 6% up from 33,141
million in the previous term. The
operations continued in the red to register Yen 1,523 million recurring loss
and Yen 17,453 million net losses, respectively, compared with Yen 3,714
recurring loss and Yen 454 million net profit, respectively, a year ago. Depreciation of goodwill and other assets ate
into the profits, the firm says.
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 but correct
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: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
36,200 |
35,166 |
33,141 |
31,460 |
|
Recur.
Profit |
|
0 |
-1,523 |
-3,714 |
-3,270 |
|
Net
Profit |
|
0 |
-17,453 |
454 |
2,998 |
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Total
Assets |
|
|
47,340 |
73,845 |
73,937 |
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Current
Assets |
|
|
12,319 |
8,657 |
8,146 |
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Current
Liabs |
|
|
53,684 |
32,654 |
23,970 |
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Net
Worth |
|
|
-8,953 |
8,499 |
8,009 |
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Capital,
Paid-Up |
|
|
14,199 |
14,199 |
14,199 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.94 |
6.11 |
5.34 |
0.47 |
|
Current Ratio |
|
.. |
22.95 |
26.51 |
33.98 |
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N.Worth Ratio |
|
.. |
-18.91 |
11.51 |
10.83 |
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R.Profit/Sales |
|
0.00 |
-4.33 |
-11.21 |
-10.39 |
|
N.Profit/Sales |
|
0.00 |
-49.63 |
1.37 |
9.53 |
Notes: Financials are disclosed in digested form.
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.