MIRA INFORM REPORT

 

 

Report Date :

11.07.2007

 

IDENTIFICATION DETAILS

 

Name :

DVX INC

 

 

Registered Office :

Mejiro Nakano Bldg 5F, 2-17-22 Takada Toshimaku Tokyo 171-0033

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Apr 1986

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, wholesale of cardiovascular equipment & apparatus

 

 

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 140.1 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

 

name

 

DVX INC

 

 

REGD NAME

 

DVX KK

 

 

MAIN OFFICE

 

Mejiro Nakano Bldg 5F, 2-17-22 Takada Toshimaku Tokyo 171-0033 JAPAN

Tel        : 03-5985-6827    

URL      : http://www.dvx.jp/

E-Mail address: dvx@dvx.jp

 

 

ACTIVITIES

 

Import, wholesale of cardiovascular equipment & apparatus

 

 

BRANCH(ES)

 

Yokohama, Tsuchiura, Osaka,

 

 

CHIEF EXEC

 

MAKOTO WAKABAYASHI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 9,911 M

PAYMENTS      REGULAR                     CAPITAL           Yen 118 M

TREND             STEADY                       WORTH            Yen 1,048 M

STARTED         1986                             EMPLOYES      119

 

 

COMMENT

 

IMPORTER AND WHOLESALER SPECIALIZING IN CARDIOVASCULAR EQUIPMENT & SUPPLIES.  FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 140.1 MILLION, 30 DAYS NORMAL TERMS.

 

                        Forecast (or estimated) figures for 31/03/2008 fiscal term

 

 

HIGHLIGHTS

 

The subject company was established jointly by Satoshi Kawabata and Makoto Wakabayashi in order to make most of their experiences in the subject line of business.  This is a trading firm specializing in import and wholesale of cardiovascular equipment, apparatus, supplies, and the related products.  Listed on the JASDAQ on 25/Apr/2007.  Main items are cardiac pace makers, electro-physiology catheter, others.  Goods are imported mainly from USA through dealer agents in Japan.  Clients are hospitals, medical laboratories, university hospitals, other, nationwide.

           

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2007 fiscal term amounted to Yen 9,911 million, a 25% up from Yen 7,929 million in the previous term.  Arrhythmia Div grew 25.2% to Yen 8,389 million as EP (electro-physiology) catheter met in rising demand.  The recurring profit was posted at Yen 360 million and the net profit at Yen 193 million, respectively, compared with Yen 326 million recurring profit and Yen 176 million net profit, respectively, a year ago.

           

For the current term ending Mar 2008 the recurring profit is projected at Yen 420 million and the net profit at Yen 230 million, on a 15% rise in turnover, to Yen 11,400 million.  EP catheter & pace makers will continue growing on the back of increasing elderly persons.

 

The financial situation is considered maintained FAIR and good for ORDINARY business     engagements.    Max credit limit is estimated at Yen 140.1 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Apr 1986

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    2,080,000 shares

Issued:                          538,000 shares

Sum:                            Yen 118 million

Major shareholders (%): Makoto Wakabayashi (41.2), KK MSS (39.1), Employees’ S/Holding Assn (4.0), Satoshi

                                    Kawabata (2.6), Fumio Oka (1.4), Masayuki Nabeya (1.1), Sachiko Toda (1.1), Takako

                                    Miyagawa (1.1), Hajime Miyagawa (1.1), Emi Wakabayashi (1.1)

No. of shareholders:       34

Listed on the S/Exchange (s) of: JASDAQ (Listed on 25/Apr/2007)

Managements:               Satoshi Kawabata, ch; Makoto Wakabayashi, pres; Fumio Oka, v pres; Sachiko Toda, dir

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

Related companies

 

None

 

           

OPERATION

           

Activities: Imports and wholesales cardiovascular equipment & supplies:

 

(Sales breakdown by divisions):

 

Arrhythmia Div (85%): pace makers, ICD (Implantable cardiovascular defibrillator), abration catheter, electro-physiology catheter, excimer laser, rapid exchange PTCA catheter, others;

Ischemia Div, others (15%): X-ray protection shield, power injector, medical device software, other.

 

Clients: [Medical institutions, hospitals] Yokosuka Kyosai Hospital, Gunma-Pref Cardio vascular Center, Tokyo-Metrop Hiroo Hospital, Medeiseo Medical, other.

           

No. of accounts: 800

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Getz Brothers, Nihon Life Line, Johnson & Johnson, Nihon Guidant, Medtronic Japan, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

MUFG (Nishi-Ikebukuro)

SMBC (Ikebukuro-Higashiguchi)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Non-Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

9,911

7,929

 

  Cost of Sales

7,671

5,949

 

      GROSS PROFIT

2,240

1,979

 

  Selling & Adm Costs

1,875

1,634

 

      OPERATING PROFIT

364

345

 

  Non-Operating P/L

0

-19

 

      RECURRING PROFIT

360

326

　

      NET PROFIT

193

176

BALANCE SHEET

 

 

 

 

  Cash

　

1,402

1,193

 

  Receivables

 

2,410

1,814

 

  Inventory

 

280

301

 

  Securities, Marketable

　

　

 

  Other Current Assets

396

195

 

      TOTAL CURRENT ASSETS

4,488

3,503

 

  Property & Equipment

101

56

 

  Intangibles

 

61

83

 

  Investments, Other Fixed Assets

131

125

 

      TOTAL ASSETS

4,781

3,767

 

  Payables

 

2,612

1,979

 

  Short-Term Bank Loans

226

200

 

　

 

　

　

 

  Other Current Liabs

601

379

 

      TOTAL CURRENT LIABS

3,439

2,558

 

  Debentures

 

50

60

 

  Long-Term Bank Loans

152

188

 

  Reserve for Retirement Allw

90

80

 

  Other Debts

　

2

2

 

      TOTAL LIABILITIES

3,733

2,888

 

      MINORITY INTERESTS

 

 

 

Common stock

118

118

 

Additional paid-in capital

88

88

 

Retained earnings

840

406

 

Evaluation p/l on investments/securities

1

1

 

Others

 

1

265

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

1,048

878

　

      TOTAL EQUITIES

4,781

3,767

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2007

31/03/2006

 

Cash Flows from Operating Activities

　

276

83

 

Cash Flows from Investment Activities

-117

-103

 

Cash Flows from Financing Activities

0

97

　

Cash, Bank Deposits at the Term End

　

1,352

1,193

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

1,048

878

 

 

Current Ratio (%)

130.50

136.94

 

 

Net Worth Ratio (%)

21.92

23.31

 

 

Recurring Profit Ratio (%)

3.63

4.11

 

 

Net Profit Ratio (%)

1.95

2.22

 

 

Return On Equity (%)

18.42

20.05

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions