MIRA INFORM REPORT

 

 

Report Date :

16.06.2008

 

IDENTIFICATION DETAILS

 

Name :

ANGES MC INC

 

 

Registered Office :

Mita Suzuki Bldg 5F, 5-20-14 Shiba Minatoku Tokyo 108-0014

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

December 1999

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Development of Genome-Based Medicines

 

 

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 244.8 Million

 

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

 

 

 

name & address

 

ANGES MC INC

REGD NAME:   AnGes MG KK

MAIN OFFICE:  Mita Suzuki Bldg 5F, 5-20-14 Shiba Minatoku Tokyo 108-0014 JAPAN

                        Tel: 03-5730-2630   

                       

                        * Registered at: 7-7-15 Saitoasagi Ibaraki City Osaka-Pref 567-0085

 

URL:                 http://www.anges-mg.com/

E-Mail address: info@anges-mg.com

 

 

ACTIVITIES

 

Development of genome-based medicines

 

 

BRANCH(ES)

 

Osaka

 

 

OVERSEAS   

 

USA, UK (--subsidiaries)

 

 

FACTORY(IES)   

 

(subcontracted)

 

 

CHIEF EXEC

 

EI YAMADA, PRES

 

 

Yen Amount

 

In million Yen, unless otherwise stated

 

 

 

 

 

 

SUMMARY

 

FINANCES        R/WEAK                       A/SALES          Yen 1,720 M

PAYMENTS      REGULAR                     CAPITAL           Yen 5,693 M

TREND             SLOW                          WORTH                        Yen 12,305 M

STARTED         1999                             EMPLOYES      93

 

 

COMMENT    

 

DEVELOPER & MFR OF GENOME-BASED MEDICINES.. 

FINANCIAL SITUATION COSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

                       

 

MAX CREDIT LIMIT

 

YEN 244.8 MILLION, 30 DAYS NORMAL TERMS.

 

 

 

                        Forecast (or estimated) figures for 31/12/2008 fiscal term

 

 

HIGHLIGHTS

 

The subject company was established by Osaka University Assistant Professor Ryuichi      Morishita in order to develop & manufacture genome-based medicines.  This is the first genetic drug treatment developer in Japan.  On 27/Mar/2008 the firm applied to the Ministry of Health, Labor & Welfare for approval to make and sell Collategene, which uses the human gene that             controls the secretion of hepatocyte growth factor (HGF).  When injected into diabetics with ischemia – or poor circulation in certain parts of the body – the genes will produce proteins and           promote the generation of new blood vessels, according to the firm. In Jun 2005 formed partnership with Alfresa Pharma Corp on development of NF-kB decoy             oligonucleotides in the field of atopic demantitis in Japan.  In Aug 2005 formed partnership with Avontec GmbH, with cross license arrangement, granting NF-kB decoy for psoriasis in Europe.              In May 2006 forme4d partnership with Vical Inc, investing into Vical’s Phase III program of a gene based drug.  In Dec 2006 formed partnership with BioMarin Pharmaceutical Inc on marketing and distribution of product approved in the US for treatment of the genetic disease.

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2007 fiscal term amounted to Yen 1,720 million, a 41% down from Yen 2,912 million in the previous term.  New drug development delayed.  The operations continued in the red to post Yen 1,730 million recurring loss and Yen 1,728 million net losses, respectively, compared with Yen 1,137 million recurring loss and Yen 1,114 million net losses, respectively, a year ago.  Losses continued unabated since its listing in 2002, this being heavy development costs.

           

For the current term ending Dec 2008 the operations will continue in the red to post Yen      2,000 million recurring loss and Yen 2,000 million net losses, respectively, on a 45% rise in     turnover, to Yen 2,500 million. 

 

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.  Max credit limit is estimated at Yen 244.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Dec 1999

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    370,464 shares

Issued:                          117,313 shares

Sum:                            Yen 5,693 million

           

 

Major shareholders (%)

 

Ryuichi Morishita (11.7), Toshikazu Nakamura (6.7), ECS Ltd (3.7), Hitoshi Kotani (2.3), Shota Morishita (2.3), Bio Frontier Global Investment (2.1), Mayumi Morishita (2.1), Miwako Sakata (1.4), Kensuke Tomita (1.3), Morgan Stanley & Co (1.3); foreign owners (4.8).

           

No. of shareholders: 6,757

 

 

Listed on the S/Exchange (s) of

 

Tokyo (Mothers)

 

 

Managements

 

Shiro Enoki, ch; Ei Yamada, pres; Koji Nakamoto, dir; Takefumi Genba,    dir; Ryuichi Morishita, dir; Ichiro Kitasato, dir

           

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

 

 

Related companies

 

AnGes Inc (USA), AnGes Euro (Germany), other.

 

           

OPERATION

           

Activities: Develops & manufactures genome-based medical treatment using HGF (Hepatcyte Growth Factor) (--100%).

 

 

Clients

 

Pharmaceutical mfrs, wholesalers, other

 

 

No. of accounts

 

300

 

 

Domestic areas of activities

 

Nationwide

 

 

Suppliers

 

Laboratories, Mfrs, wholesalers, other..

 

 

Payment record

 

Regular

 

 

Location

 

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

 

 

Bank References

 

MUFG (Shinjuku-Nishi)

Mizuho Bank (Hamamatsucho)

Relations: Satisfactory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financials

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2007

31/12/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,720

2,912

 

  Cost of Sales

3,147

3,852

 

      GROSS PROFIT

-1,427

-940

 

  Selling & Adm Costs

612

583

 

      OPERATING PROFIT

-2,039

-1,523

 

  Non-Operating P/L

309

386

 

      RECURRING PROFIT

-1,730

-1,137

　

      NET PROFIT

-1,728

-1,114

BALANCE SHEET

 

 

 

 

  Cash

　

6,576

3,975

 

  Receivables

 

99

129

 

  Inventory

 

572

443

 

  Securities, Marketable

3,401

802

 

  Other Current Assets

823

852

 

      TOTAL CURRENT ASSETS

11,471

6,201

 

  Property & Equipment

111

152

 

  Intangibles

 

389

352

 

  Investments, Other Fixed Assets

1,211

1,358

 

      TOTAL ASSETS

13,182

8,063

 

  Payables

 

108

100

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

768

1,182

 

      TOTAL CURRENT LIABS

876

1,282

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

　

　

 

  Other Debts

　

0

22

 

      TOTAL LIABILITIES

876

1,304

 

      MINORITY INTERESTS

 

 

 

Common stock

9,439

5,693

 

Additional paid-in capital

7,749

4,004

 

Retained earnings

(4,702)

(2,973)

 

Evaluation p/l on investments/securities

(225)

32

 

Others

 

44

2

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

12,305

6,758

　

      TOTAL EQUITIES

13,182

8,063

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2007

31/12/2006

 

Cash Flows from Operating Activities

　

-1,976

-898

 

Cash Flows from Investment Activities

-3,668

-703

 

Cash Flows from Financing Activities

7,446

395

　

Cash, Bank Deposits at the Term End

　

6,276

4,478

ANALYTICAL RATIOS            Terms ending:

31/12/2007

31/12/2006

 

 

Net Worth (S/Holders' Equity)

12,305

6,758

 

 

Current Ratio (%)

1309.47

483.70

 

 

Net Worth Ratio (%)

93.35

83.81

 

 

Recurring Profit Ratio (%)

-100.58

-39.05

 

 

Net Profit Ratio (%)

-100.47

-38.26

 

 

Return On Equity (%)

-14.04

-16.48

 

 

 

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%)

 

 

 

 

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