MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
JMS CO LTD |
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Registered Office : |
12-17 Kakomachi Nakaku Hiroshima 730-8652 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 1965 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Disposable Medical Supplies; Artificial
Kidney |
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 1,381.2 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
JMS CO LTD
REGD NAME: KK JMS
MAIN OFFICE: 12-17 Kakomachi Nakaku Hiroshima 730-8652
JAPAN
Tel:
082-243-5844 Fax: 082-243-5997
URL: http://www.hello-ims.co.jp/
E-Mail address: info@ims.co.jp
ACTIVITIES
Mfg of disposable medical supplies; artificial kidney
BRANCHES
Tokyo
OVERSEAS
JMS Singapore Pte Ltd; Dalian Medical Supply Co, other
FACTORY(IES)
Hiroshima (3), Izumo (Shimane)
CHIEF EXEC
HIROSHI TANIMITSU, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 43,545 M
PAYMENTS REGULAR CAPITAL Yen 6,522 M
TREND STEADY WORTH Yen 23,040 M
STARTED 1965 EMPLOYES 4,538
COMMENT
MFR OF
DISPOSABLE MEDICAL SUPPLIES.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,381.2MILLION, 30 DAYS NORMAL TERMS
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The
subject company is a leading mfr of disposable medical appliances, established
by Dr Tsuchiya, former chairman. Strong
in transfusion fluid systems and artificial kidneys. Handles medical peripherals, too, including sales of PC
software. Operates 3 overseas branches
including plant in Dalian (China).
Products are exported mainly to Asian countries.
FINANCIAL INFORMATION
The
sales volume for Mar/2008 fiscal term amounted to Yen 43,545 million, a 1.1% up
from Yen 43,058 million in the previous term.
Sales increased slightly. By
divisions, Infusion & Transfusion Sets up 2.8% to Yen 19,449 million, aided
by rising exports to Asian countries; General-use Sets up 6.7% to Yen 4,746
million; Dialysis Sets down 0.9% to Yen 14,132 million; Cardiovascular Sets
down 2.7% to Yen 4,048 million. The
recurring profit was posted at Yen 165 million and the net profit at Yen 1,015
million, respectively, compared with Yen 940 recurring profit and Yen 96
million net profit, respectively, a year ago.
Posted extraordinary income of Yen 1,470 from the disposal fixed
assets. Hence, rising costs of
materials & operations were covered.
(Apr/Jun/2008
results): sales Yen 11,103 million (up 6.8%), operating profit Yen 334 million
(up from previous term’s Yen 51 million losses), recurring profit Yen 232
million (up from Yen 132 million losses), net profit Yen 74 million (up from
Yen 89 million losses). (% &
comparison are of the corresponding period a year ago).
For
the current term ending Mar 2009 the recurring profit is projected at Yen 1,300
million and the net profit at Yen 1,100 million, on a 5.4% rise in turnover, to
Yen 45,900 million. Mainstay medical
supplies growing steadily. Plans to
introduce new infusion sets by Mar 2009.
Dialysis Sets recovering from preceding term’s slump. Market demand in China, Korea & other
Asian countries seen recovering. Dalian
plant in China running at capacity as production/distribution base.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,381.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1965
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 10 million shares
Issued: 43,844,932 shares
Sum: Yen 6,642 million
Major shareholders (%)
Kaneka Corp (10.0), Tsuchiya Foundation (8.6), Saeko Tsuchiya (4.5), Sanjukai (4.5), Hiroshima Bank (4.0), Dai-ichi Life Ins (3.9), Oshimo Sangyo (2.5), Mizuho Corporate Bank (2.5), Master Trust Bank of Japan T (1.8), CBNYDFA Int’l Cap Value P (1.7); foreign owners (4.2)
No. of shareholders: 4,459
Listed on the S/Exchange (s) of: Tokyo
Managements
Hiroshi Tanimitsu, pres; Katsuhiro Murakami, s/mgn dir; Hiroaki Okukubo, mgn dir; Jun Kunitomi, dir; Ryo Yamada, dir; Kazuo Izumi, dir; Shigemi Morikawa, dir; Shigeo Furuyoshi, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
JMS Singapore, Dalian Medical Supply Co, other
OPERATION
Activities: Manufactures, imports, exports and wholesales disposable medical supplies: infusion & transmission sets (45%), general-use sets (11%), dialysis sets (32%), cardiovascular sets (9%), others (3%)
Overseas Sales Ratio (32.7%): N America 9.1%; Europe 9%; Asia 8%; others 6.6%
Clients
[Mfrs, wholesalers] Yagami Co, Toho Pharmaceuticals, Nagoya I-Rika Shokai, Mediceo Medical, Sanshodo Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Sanko Dengyo, Sumitomo Corp, Golden State Medical Supply, Med-Tech Inc, Ansell Healthcare Japan, other.
Payment record: Regular
Location: Business area in Hiroshima. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Hiroshima Bank (H/O)
Mizuho Corporate Bank (Hiroshima)
Relations: Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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43,545 |
43,056 |
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Cost of Sales |
30,794 |
30,157 |
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GROSS PROFIT |
12,751 |
12,898 |
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Selling & Adm Costs |
11,736 |
11,491 |
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OPERATING PROFIT |
1,014 |
1,407 |
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Non-Operating P/L |
-849 |
-467 |
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RECURRING PROFIT |
165 |
940 |
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NET PROFIT |
1,015 |
96 |
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BALANCE SHEET |
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Cash |
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3,818 |
2,997 |
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Receivables |
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12,712 |
13,302 |
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Inventory |
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8,496 |
8,731 |
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Securities, Marketable |
52 |
62 |
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Other Current Assets |
596 |
764 |
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TOTAL CURRENT ASSETS |
25,674 |
25,856 |
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Property & Equipment |
13,261 |
14,980 |
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Intangibles |
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917 |
1,074 |
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Investments, Other Fixed Assets |
2,955 |
3,988 |
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TOTAL ASSETS |
42,807 |
45,898 |
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Payables |
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6,697 |
6,903 |
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Short-Term Bank Loans |
3,921 |
5,661 |
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Other Current Liabs |
4,925 |
5,265 |
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TOTAL CURRENT LIABS |
15,543 |
17,829 |
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Debentures |
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Long-Term Bank Loans |
3,146 |
3,413 |
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Reserve for Retirement Allw |
383 |
1,042 |
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Other Debts |
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695 |
613 |
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TOTAL LIABILITIES |
19,767 |
22,897 |
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MINORITY INTERESTS |
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Common
stock |
6,522 |
6,522 |
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Additional
paid-in capital |
9,473 |
9,473 |
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Retained
earnings |
7,978 |
7,180 |
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Evaluation
p/l on investments/securities |
143 |
505 |
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Others |
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(842) |
(453) |
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Treasury
stock, at cost |
(234) |
(227) |
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TOTAL S/HOLDERS` EQUITY |
23,040 |
23,000 |
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TOTAL EQUITIES |
42,807 |
45,898 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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3,107 |
-68 |
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Cash
Flows from Investment Activities |
145 |
-2,910 |
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Cash
Flows from Financing Activities |
-2,567 |
2,120 |
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Cash,
Bank Deposits at the Term End |
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3,760 |
2,928 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
23,040 |
23,000 |
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Current
Ratio (%) |
165.18 |
145.02 |
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Net
Worth Ratio (%) |
53.82 |
50.11 |
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Recurring
Profit Ratio (%) |
0.38 |
2.18 |
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Net
Profit Ratio (%) |
2.33 |
0.22 |
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Return
On Equity (%) |
4.41 |
0.42 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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%)