MIRA INFORM REPORT

 

 

Report Date :

01.11.2007

 

IDENTIFICATION DETAILS

 

Name :

JAPAN MEDIAL DYNAMIC MARKETING INC

 

 

Registered Office :

12-2 Ichigaya-Daimachi Shinjukuku Tokyo 162-0066

 

 

Country :

Japan

 

 

Financials (as on) :

31.05.2007

 

 

Date of Incorporation :

May 1973

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacturing, import, wholesale of orthopedic devices

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Maximum Credit Limit :

Yen 209.8 millions

 

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

name

 

JAPAN MEDIAL DYNAMIC MARKETING INC

 

 

REGD NAME

 

KK Nippon M D M

 

 

MAIN OFFICE

 

12-2 Ichigaya-Daimachi Shinjukuku Tokyo 162-0066 JAPAN

Tel        : 03-3341-6545    

URL      : http://www.jmdm.co.jp/

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

 

 

ACTIVITIES

 

Mfg, import, wholesale of orthopedic devices

 

 

BRANCH(ES)

 

Sapporo, Sendai, Nagoya, Osaka, Fukuoka, other (Tot 18)

 

 

FACTORY(IES)

 

Chiba, other (--subsidiary makers)

 

 

CHIEF EXEC

 

ITSURO NUMATA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 11,462 M

PAYMENTS      REGULAR                     CAPITAL           Yen 1,826 M

TREND             SLOW                          WORTH            Yen 11,883 M

STARTED         1973                             EMPLOYES      420

 

 

COMMENT

 

MFR, IMPORTER AND WHOLESALER OF ORTHOPEDICS DEVICES.  FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 209.8 MILLION, 30 DAYS NORMAL TERMS.

 

                        Forecast (or estimated) figures for 31/05/2008 fiscal term

 

 

HIGHLIGHTS

 

This is importer and wholesaler of orthopedics medical appliances.  Top-ranked in bone joining materials.  Emphasizing in artificial joints.  Also makes electric scalps in-house.  Has a subsidiary maker in US for making medical appliances.  Fostering power beds to make it next profit          earner after electric scalps.

           

 

FINANCIAL INFORMATION

 

The sales volume for May/2007 fiscal term amounted to Yen 11,462 million, an 11% down from Yen 12,901 million in the previous term.  The operations plunged into the red to register Yen 249 million recurring loss and Yen 245 million net losses, respectively, for the term, compared with Yen 868 million recurring profit and Yen 50 million net profit, respectively, a year ago.  Profits deteriorated due to the rising R/D costs.

           

For the current term ending May 2008 the recurring profit is projected at Yen 520 million and the net profit at Yen 100 million, on a 1.5% decline in turnover, to Yen 11,290 million       

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 209.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            May 1973

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    37,728,000 shares

Issued:                          18,533,116 shares

Sum:                            Yen 1,826 million

Major shareholders (%): Takashi Watanabe (7.7), Yasuo Watanabe (5.4), Master Trust Bank of Japan T (5.2),

                                    Japan Trustee Services (4.8), Motohiro Shimazaki (4.8), ITT Co (2.1), Hiroshi Kusakabe

                                    (2.1), Ranko Watanabe (1.0); foreign owners (3.9)

No. of shareholders:       5,284

Listed on the S/Exchange (s) of: Tokyo

Managements:               Itsuro Numata, pres & CEO; Masao Okawa, dir, Katsuhiko Seshita, dir; Koichi Kondo, dir;

                                    Hideki Kuwabara, dir

           

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

 

 

Related companies

 

Ortho Development Corp (USA)

 

           

OPERATION

           

Activities: Import, wholesale and mfg of bone joining materials (59%), artificial joints (30%), other medical appliances, others (11%)

 

Clients: [Hospitals, traders] ME System, Mutow, Kawanishi, other.

 

No. of accounts: 800

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Abott Spine Inc, De Puy Orthopedics, Cincinnati Sub-Zero Products Inc, Ortho Development (--USA), other.

 

Payment record: Regular

 

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

 

 

Bank References

 

Mizuho Bank (Shinjuku-Chuo)

MUFG (Shinjukudori)

 

Relations: Satisfactory

 

 

Financials

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/05/2007

31/05/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

11,462

12,901

 

  Cost of Sales

4,196

3,367

 

      GROSS PROFIT

7,265

9,534

 

  Selling & Adm Costs

8,314

8,402

 

      OPERATING PROFIT

-1,049

1,132

 

  Non-Operating P/L

800

-264

 

      RECURRING PROFIT

-249

868

　

      NET PROFIT

-245

60

BALANCE SHEET

 

 

 

 

  Cash

　

1,185

1,057

 

  Receivables

 

1,434

1,725

 

  Inventory

 

15,933

15,034

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,982

1,388

 

      TOTAL CURRENT ASSETS

20,534

19,204

 

  Property & Equipment

8,010

8,699

 

  Intangibles

 

234

242

 

  Investments, Other Fixed Assets

940

1,160

 

      TOTAL ASSETS

29,718

29,305

 

  Payables

 

283

779

 

  Short-Term Bank Loans

6,173

5,562

 

　

 

　

　

 

  Other Current Liabs

2,882

1,188

 

      TOTAL CURRENT LIABS

9,338

7,529

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

4,205

7,711

 

  Reserve for Retirement Allw

550

571

 

  Other Debts

　

3,741

301

 

      TOTAL LIABILITIES

17,834

16,112

 

      MINORITY INTERESTS

 

 

 

Common stock

1,826

1,826

 

Additional paid-in capital

1,411

1,411

 

Retained earnings

8,519

9,228

 

Evaluation p/l on investments/securities

16

17

 

Others

 

86

735

 

Treasury stock, at cost

(25)

(25)

 

      TOTAL S/HOLDERS` EQUITY

11,833

13,192

　

      TOTAL EQUITIES

19,718

29,305

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/05/2007

31/05/2006

 

Cash Flows from Operating Activities

　

624

1,745

 

Cash Flows from Investment Activities

-2,175

-3,414

 

Cash Flows from Financing Activities

1,429

1,857

　

Cash, Bank Deposits at the Term End

　

970

842

ANALYTICAL RATIOS            Terms ending:

31/05/2007

31/05/2006

 

 

Net Worth (S/Holders' Equity)

11,833

13,192

 

 

Current Ratio (%)

219.90

255.07

 

 

Net Worth Ratio (%)

60.01

45.02

 

 

Recurring Profit Ratio (%)

-2.17

6.73

 

 

Net Profit Ratio (%)

-2.14

0.47

 

 

Return On Equity (%)

-2.07

0.45

 

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.

 

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