MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TERUMO BSN KK |
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Registered Office : |
2-44-1 Hatagaya Shibuyaku Tokyo 151-0072 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 1998 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Orthopedic Soft Goods and Equipment |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
YEN 31.5 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
TERUMO BSN KK (Correct style)
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 1,760 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 873 M
STARTED 1998 EMPLOYES 8
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/2007 fiscal term amounted to Yen 1,760 million, a 2% up from Yen 1,730 million in the previous term. The net profit was posted at Yen 225 million, compared with Yen 222 million net profit a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 225 million, on a 2% rise in turnover, to Yen 1,800 million.
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
11,572, pres Akira Takahashi
Consolidated Financials are as attached (See SUPPLEMENTS)
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)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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1,800 |
1,760 |
1,730 |
1,730 |
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Recur.
Profit |
(*) |
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394 |
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Net
Profit |
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225 |
225 |
222 |
278 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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873 |
648 |
426 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.27 |
1.73 |
0.00 |
1.76 |
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Current Ratio |
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.. |
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.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
12.50 |
12.78 |
12.83 |
16.07 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/03/2007 fiscal term.
(*) Pretax profits disclosed from the Taxation Office.
SUPPLEMENTS
Consolidated
financials of the Japan parent, Terumo Corp
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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276,439 |
247,048 |
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Cost of Sales |
123,112 |
111,377 |
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GROSS PROFIT |
153,326 |
135,670 |
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Selling & Adm Costs |
94,871 |
87,419 |
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OPERATING PROFIT |
58,455 |
48,251 |
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Non-Operating P/L |
-430 |
683 |
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RECURRING PROFIT |
58,025 |
48,934 |
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NET PROFIT |
37,242 |
32,457 |
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BALANCE SHEET |
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Cash |
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44,536 |
47,963 |
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Receivables |
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70,049 |
63,940 |
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Inventory |
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45,631 |
40,941 |
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Securities, Marketable |
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Other Current Assets |
11,360 |
12,642 |
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TOTAL CURRENT ASSETS |
171,576 |
165,486 |
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Property & Equipment |
115,643 |
109,837 |
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Intangibles |
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40,524 |
41,972 |
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Investments, Other Fixed Assets |
39,404 |
37,353 |
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TOTAL ASSETS |
367,147 |
354,648 |
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Payables |
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25,725 |
23,858 |
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Short-Term Bank Loans |
236 |
3,975 |
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Other Current Liabs |
39,930 |
39,043 |
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TOTAL CURRENT LIABS |
65,891 |
66,876 |
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Debentures |
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Long-Term Bank Loans |
436 |
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Reserve for Retirement Allw |
7,234 |
12,171 |
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Other Debts |
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4,338 |
2,241 |
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TOTAL LIABILITIES |
77,899 |
81,288 |
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MINORITY INTERESTS |
49 |
0 |
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Common
stock |
38,716 |
38,716 |
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Additional
paid-in capital |
59,030 |
59,030 |
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Retained
earnings |
215,213 |
183,391 |
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Evaluation
p/l on investments/securities |
8,947 |
(1,747) |
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Others |
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795 |
7,368 |
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Treasury
stock, at cost |
(33,453) |
(13,449) |
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TOTAL S/HOLDERS` EQUITY |
289,248 |
273,309 |
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TOTAL EQUITIES |
367,147 |
354,648 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows
from Operating Activities |
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43,123 |
43,380 |
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Cash
Flows from Investment Activities |
-19,917 |
-54,391 |
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Cash
Flows from Financing Activities |
-28,637 |
-12,343 |
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Cash,
Bank Deposits at the Term End |
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43,049 |
57,557 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
289,248 |
273,309 |
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Current
Ratio (%) |
260.39 |
247.45 |
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Net
Worth Ratio (%) |
78.78 |
77.06 |
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Recurring
Profit Ratio (%) |
20.99 |
19.81 |
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Net
Profit Ratio (%) |
13.47 |
13.14 |
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Return
On Equity (%) |
12.88 |
11.88 |
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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. |
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%)