MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NIHON MEDI-PHYSICS CO LTD |
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Registered Office : |
Mitsui Seimei Bldg, 9-8 Rokutanjicho Nishinomiya City Hyogo-Pref
662-0918 |
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Country : |
Japan |
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Date of Incorporation : |
Mar 1973 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of radioactive pharmaceuticals,
radioactive medical devices |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 1169.9 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
NIHON MEDI-PHYSICS CO LTD
REGD NAME
Nihon Medi-Physics KK
MAIN OFFICE
Mitsui Seimei Bldg, 9-8 Rokutanjicho Nishinomiya City Hyogo-Pref
662-0918 JAPAN
Tel : 0798-26-7006
Fax : 0798-26-7646
*.. The given address is Chiba Factory & R&D Labs at:
3-1 Kitasode Sodegaura City Chiba-Pref
URL : http://www.nmp.co.jp
E-Mail address: info@nmp.co.jp
ACTIVITIES
Mfg of radioactive pharmaceuticals, radioactive medical devices
BRANCHES
Tokyo, Osaka, Nagoya, Sapporo, Sendai, Morioka, Yokohama,
Kyoto, Kanazawa, Okayama, Hiroshima, Takamatsu, Fukuoka, Kagoshima
OVERSEAS
Emeryville, Calif (USA)
FACTORY(IES)
Chiba (address as given), Sanda (Hyogo-Pref)
PET Labs
Tokyo, Kobe, Kyoto, Sapporo, Odawara, Toyota, Okayama, Fukuoka
OFFICERS
NOBUYOSHI MIKAMI, PRES Daniel
L Peters, rep dir
Takashi Mori, s/mgn dir Hideo
Yamada, dir
Mitsuhisa Iinuma, dir Yoshitaka
Mitsuhata, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 27,935 M
PAYMENTS REGULAR CAPITAL Yen 3,145 M
TREND SLOW WORTH Yen 31,812 M
STARTED 1973 EMPLOYES 782
COMMENT
MFR OF RADIOACTIVE PHARMACEUTICALS AND MEDICAL DEVICES, JOINTLY OWNED BY SUMITOMO CHEMICAL & GE HEALTHCARE (UK). FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$3,000,000 / 30 DAYS TERMS
MAX CREDIT LIMIT:
YEN 1,169.9 MILLION, 30 DAYS NORMAL TERMS.
.
HIGHLIGHTS
The subject company was established as a joint venture of
Medi-Physics Inc, USA, Sumitomo Chemical Co Ltd and Sumitomo Corporation. Through mergers and affiliation, the firm is
now 50/50 owned by Sumitomo Chemical and GE Healthcare Ltd, UK-based Amersham Group. Specializes in mfg radioactive
pharmaceuticals, radioactive medical devices and their related products. Goods are both imported and exported. The firm is pursuing new business
possibilities responding to needs in the medical care area in the increasing
aging society in Japan. Its main
business focus is in-vivo diagnostic radioactive pharmaceuticals used in highly
specialized field of nuclear medicine, making steady progress in promotion of
PET (positron emission tomography) agent
for the early detection of malignant tumors (See OPERATION). Clients are major hospitals throughout
Japan & overseas, mainly Asia and Oceania.
FINANCIAL INFORMATION
Financials are consolidated by the Japan partner, Sumitomo Chemical Co, and only available in digest form. Sumitomo Chemical’s consolidated financials are attached.
The sales volume for Dec/2005 fiscal term amounted to Yen 17,935 million, a 1.7% down from Yen 28,437 million in the previous term. The recurring profit was posted at Yen 4,080 million and the net profit at Yen 2,309 million, respectively, compared with Yen 6,239 million recurring profit and Yen 3,581 million net profit, respectively, a year ago.
For the term ended Dec 2006 the recurring profit was projected
and believed posted at Yen 4,100 million and the net profit at Yen 2,350
million, respectively, on a 2% rise in turnover, to Yen 28,500 million. Weaker Yen against foreign currencies should
have raised sales amount in Yen terms.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,169.9 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capabilities.
Max credit limit of the Japan parent, Sumitomo Chemical Co Ltd
is estimated at Yen 31,348.7 million, on normal 30 days terms.
REGISTRATION
Date Registered: Mar
1973
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 6,291,560
shares
Issued: 6,291,560
shares
Sum: Yen
3,145.78 million
Major shareholders (%): Sumitomo Chemical Co Ltd*(50), GE Healthcare Ltd (50)
No. of shareholders: 2
*.. Sumitomo Chemical Co Ltd, nation’s major comprehensive
chemical mfr, Tokyo, founded 1925, listed Tokyo, Osaka S/E’s, capital Yen
89,699 million, turnover Yen 1,556,606 million, recurring profit Yen 141,147
million, net profit Yen 90,665 million, total assets Yen 2,178,377 million, net
worth Yen 719,760 million, employees 24,160, pres Hiromasa Yonekura
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Research, development, mfg, sale, purchase and
import/export of radioactive pharmaceuticals, radioactive medical devices and
their related products (--100).
Newly developed PET (positron emission tomography) radio diagnostic, FDGScan injectable (generic name: Fludeoxyglucose (FDG):
PET procedure allows early diagnosis of malignant tumors
utilizing innovative imaging procedure.
By injecting the agent into a patient’s body and taking an image of the
agent accumulating in the targeted organ or lesion from outside the body, PET
procedure is able to provide vital diagnostic information about the condition
of diseases. In July 2005, the firm
obtained approval for the use of FDGScan injectable as pharmaceutical, and this
PET diagnostic agent began to be covered under Japan’s national health
insurance in Sept the same year.
Because the half-life of PET agent is as short as 2 hours, the firm has
established nine supply facilities located close to major medical institutions
for timely distribution nationwide.
(Cited from Sumitomo Chemical Co’s annual report 2006)
Clients: [Hospitals, universities, R&D centers] Japan Radioisotope Assn, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Pharmaceutical mfrs, chemical mfrs] Sumitomo Chemical,
Amersham group, other.
Payment record: Regular
Location: Business area in Nishinomiya City, Hyogo-Pref. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
SMBC (Osaka H/O)
Sumitomo Trust Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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28,500 |
27,935 |
28,437 |
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Recur.
Profit |
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4,100 |
4,080 |
6,239 |
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Net
Profit |
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2,350 |
2,309 |
3,581 |
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Total
Assets |
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45,207 |
45,403 |
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Current
Assets |
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13,555 |
13,330 |
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Current
Liabs |
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4,650 |
4,092 |
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Net
Worth |
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31,812 |
31,042 |
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Capital,
Paid-Up |
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3,145 |
3,145 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.02 |
-1.77 |
-4.30 |
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Current Ratio |
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.. |
291.51 |
325.76 |
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N.Worth Ratio |
.. |
70.37 |
68.37 |
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R.Profit/Sales |
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14.39 |
14.61 |
21.94 |
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N.Profit/Sales |
8.25 |
8.27 |
12.59 |
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Return On Equity |
.. |
7.26 |
11.54 |
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Note: Forecast (or estimated) for the 31/12/2006 fiscal term.
Consolidated
financials of the Japan parent, Sumitomo Chemical Co Ltd.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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1,556,606 |
1,296,315 |
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Cost of Sales |
1,138,536 |
933,892 |
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GROSS PROFIT |
418,070 |
362,423 |
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Selling & Adm Costs |
297,280 |
257,241 |
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OPERATING PROFIT |
120,790 |
105,182 |
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Non-Operating P/L |
20,337 |
18,294 |
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RECURRING PROFIT |
141,127 |
123,476 |
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NET PROFIT |
90,665 |
64,452 |
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BALANCE SHEET |
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Cash |
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100,254 |
47,826 |
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Receivables |
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399,255 |
306,093 |
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Inventory |
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294,820 |
234,574 |
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Securities, Marketable |
12,991 |
1,732 |
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Other Current Assets |
139,234 |
104,363 |
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TOTAL CURRENT ASSETS |
946,554 |
694,588 |
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Property & Equipment |
570,322 |
515,866 |
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Intangibles |
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45,219 |
41,072 |
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Investments, Other Fixed Assets |
616,282 |
397,270 |
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TOTAL ASSETS |
2,178,377 |
1,648,796 |
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Payables |
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265,232 |
202,273 |
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Short-Term Bank Loans |
117,752 |
116,927 |
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Other Current Liabs |
283,894 |
211,382 |
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TOTAL CURRENT LIABS |
666,878 |
530,582 |
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Debentures |
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247,400 |
219,529 |
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Long-Term Bank Loans |
127,329 |
87,506 |
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Reserve for Retirement Allw |
52,917 |
46,909 |
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Other Debts |
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139,629 |
87,401 |
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TOTAL LIABILITIES |
1,234,153 |
971,927 |
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MINORITY INTERESTS |
224,464 |
107,268 |
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Common
stock |
89,699 |
89,699 |
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Additional
paid-in capital |
23,754 |
23,730 |
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Retained
earnings |
445,915 |
374,168 |
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Evaluation
p/l on investments/securities |
155,856 |
96,111 |
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Others |
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6,002 |
(12,932) |
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Treasury
stock, at cost |
(1,466) |
(1,175) |
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TOTAL S/HOLDERS` EQUITY |
719,760 |
569,601 |
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TOTAL EQUITIES |
2,178,377 |
1,648,796 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows
from Operating Activities |
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122,783 |
159,819 |
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Cash
Flows from Investment Activities |
-180,679 |
-117,953 |
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Cash
Flows from Financing Activities |
70,581 |
-31,204 |
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Cash,
Bank Deposits at the Term End |
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110,972 |
55,242 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
719,760 |
569,601 |
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Current
Ratio (%) |
141.94 |
130.91 |
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Net
Worth Ratio (%) |
33.04 |
34.55 |
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Recurring
Profit Ratio (%) |
9.07 |
9.53 |
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Net
Profit Ratio (%) |
5.82 |
4.97 |
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Return
On Equity (%) |
12.60 |
11.32 |
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RATING
EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)