MIRA INFORM REPORT

 

 

Report Date :

08.05.2007

 

IDENTIFICATION DETAILS

 

Name :

TERUMO BSN KK

 

 

Registered Office :

2-44-1 Hatagaya Shibuyaku Tokyo 151-0072

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Apr 1998

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, wholesale of orthopedic soft goods & equipment

 

 

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 31.5 millions

 

 

Status :

Fair

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Correct style

 

TERUMO BSN KK

 

 

REGD NAME

 

Terumo BSN KK

 

 

MAIN OFFICE

 

2-44-1 Hatagaya Shibuyaku Tokyo 151-0072 JAPAN

Tel        : 03-3374-8615

Fax       : 03-3374-8652

URL      : http://www.terumo.co.jp (Of the parent, Terumo Corp)

E-Mail address: info@terumo.co.jp

 

 

ACTIVITIES

 

Import, wholesale of orthopedic soft goods & equipment

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

TAKAYOSHI MIMURA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 1,730 M

PAYMENTS      REGULAR                     CAPITAL           Yen 100 M

TREND             STEADY                       WORTH            Yen 648 M

STARTED         1998                             EMPLOYES      7

 

 

COMMENT

 

IMPORTER OF ORTHOPEDIC SOFT GOODS, JV WITH TERUMO CORP & BSN MEDICAL GMBH, GERMANY.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 31.5 MILLION, 30 DAYS NORMAL TERMS. 

 

 

HIGHLIGHTS

           

The subject company was established as JV between Terumo Corp, at the caption address (see Registration) and BSN Medical GmbH (Germany) for importing and marketing orthopedic medical goods and equipment, the products of the German partner, in Japan.  Takayoshi Mimura is concurrently dir at the Japan parent.  Goods are shipped to the Japan parent and other medical goods makers nationwide.

 

 

FINANCIAL INFORMATION

           

Financials are fully consolidated by the Japan parent, Terumo Corp, and only the following partial figures are released.  Consolidated financials of Terumo Corp are attached. 

 

The sales volume for Mar/2006 fiscal term amounted to Yen 1,730 million, a similar amount in the previous term.  The net profit, on the other hand, decreased to Yen 222 million from Yen 278 million a year ago, hurt by rising costs of imports

 

For the term just ended Mar 2007 the net profit was projected at Yen 230 million, on a 4% rise in turnover, to Yen 1,800 million.  Final results are yet to be produced.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 31.5 million, on 30 days normal terms.

 

Note: Max credit limit of the parent, Terumo Corp, is estimated at Yen 8,082.6 million, on    30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Apr 1998

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    2,000 shares

Issued:                          2,000 shares

Sum:                            Yen 100 million

Major shareholders (%): Terumo Corp*(50), BSN Medical GmbH (Germany) (50)

No. of shareholders:       2

*.. Comprehensive medical equipment mfr, at the caption address, founded 1921, listed Tokyo S/E, capital Yen 38,716 million, turnover Yen 276,439 million, operating profit Yen 58,455 million, recurring profit Yen 58,025 million, net profit Yen 37,232 million, total assets Yen 367,147 million, net worth Yen 289,248 million, employees 11,295, pres Akira Takashima

           

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

 

 

OPERATION

 

Activities: Imports and wholesales medical products for wound care, orthopedics, phlebology, other, mostly the products of the Germany parent, BSN Medical GmbH, centrally, others (--100%).

 

 

(Handling items include but not limited to):

 

Bandages, cast tapes, compression garments (elastic stockings) for patients suffering from diseases of the veins, fracture bracing, plaster of Paris, splinting systems, other orthopedic soft goods & equipment.

 

Clients: [Medical equipment mfrs, wholesalers] Terumo Corp, other. 

 

No. of accounts: 300

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Imports from BSN Medical (Germany), other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned by the Japan parent, Terumo Corp, and maintained satisfactorily.

 

 

Bank References

 

Mizuho Corporate Bank (Shinjuku)

MUFG (Shinjuku)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

Terms Ending:

　

31/03/2007

31/03/2006

31/03/2005

31/03/2004

Annual Sales

　

1,800

1,730

1,730

1,700

Recur. Profit

(*)

..

..

394

495

Net Profit

　

230

222

278

346

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

648

426

148

Capital, Paid-Up

　

　

100

100

100

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

4.05

0.00

1.76

0.00

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

12.78

12.83

16.07

20.35

 

Note: Financials are only partially disclosed.

Forecast (or estimated) for the 31/03/2007 fiscal term.

(*) Pretax profits disclosed from the Taxation Office.

 

 

 

 

Consolidated financials of the Japan

parent, Terumo Corp

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

276,439

247,048

 

  Cost of Sales

123,112

111,377

 

      GROSS PROFIT

153,326

135,670

 

  Selling & Adm Costs

94,871

87,419

 

      OPERATING PROFIT

58,455

48,251

 

  Non-Operating P/L

-430

683

 

      RECURRING PROFIT

58,025

48,934

　

      NET PROFIT

37,242

32,457

BALANCE SHEET

 

 

 

 

  Cash

　

44,536

47,963

 

  Receivables

 

70,049

63,940

 

  Inventory

 

45,631

40,941

 

  Securities, Marketable

　

　

 

  Other Current Assets

11,360

12,642

 

      TOTAL CURRENT ASSETS

171,576

165,486

 

  Property & Equipment

115,643

109,837

 

  Intangibles

 

40,524

41,972

 

  Investments, Other Fixed Assets

39,404

37,353

 

      TOTAL ASSETS

367,147

354,648

 

  Payables

 

25,725

23,858

 

  Short-Term Bank Loans

236

3,975

 

　

 

　

　

 

  Other Current Liabs

39,930

39,043

 

      TOTAL CURRENT LIABS

65,891

66,876

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

436

　

 

  Reserve for Retirement Allw

7,234

12,171

 

  Other Debts

　

4,338

2,241

 

      TOTAL LIABILITIES

77,899

81,288

 

      MINORITY INTERESTS

49

0

 

Common stock

38,716

38,716

 

Additional paid-in capital

59,030

59,030

 

Retained earnings

215,213

183,391

 

Evaluation p/l on investments/securities

8,947

(1,747)

 

Others

 

795

7,368

 

Treasury stock, at cost

(33,453)

(13,449)

 

      TOTAL S/HOLDERS` EQUITY

289,248

273,309

　

      TOTAL EQUITIES

367,147

354,648

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2007

31/03/2006

 

Cash Flows from Operating Activities

　

43,123

43,380

 

Cash Flows from Investment Activities

-19,917

-54,391

 

Cash Flows from Financing Activities

-28,637

-12,343

　

Cash, Bank Deposits at the Term End

　

43,049

57,557

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

289,248

273,309

 

 

Current Ratio (%)

260.39

247.45

 

 

Net Worth Ratio (%)

78.78

77.06

 

 

Recurring Profit Ratio (%)

20.99

19.81

 

 

Net Profit Ratio (%)

13.47

13.14

 

 

Return On Equity (%)

12.88

11.88

 

 

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