MIRA INFORM REPORT

 

 

Report Date :           

30.12.2011

 

IDENTIFICATION DETAILS

 

Name :

TORAY MEDICAL CO LTD 

 

 

Registered Office :

Toray Bldg 5F, 1-8-1 Mihma Urayasu Chiba-Pref 279-0011

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

January 1980

 

 

Com. Reg. No.:

(Chiba-Urayasu) 032901

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer, wholesale of medical devices & supplies

 

 

No. of Employees :

455

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

Yen 817.3 Million

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

TORAY MEDICAL CO LTD

 

REGD NAME 

 

Toray Medical KK

 

 

MAIN OFFICE

 

Toray Bldg 5F, 1-8-1 Mihma Urayasu Chiba-Pref 279-0011 JAPAN

Tel: 047-700-7511     Fax: 047-700-7551

                       

URL:                 www.toray-medical.com 

E-mail:             (thru the URL)   

 

 

ACTIVITIES

 

Mfg, wholesale of medical devices & supplies

 

 

BRANCHES   

 

Tokyo, Osaka, Nagoya, Sapporo, Yokohama, Fukuoka, other (Tot 13)

 

 

FACTORIES

 

Shizuoka, Okazaki, Seta, Shiga, Mishima; China

 

 

OFFICER(S)  

 

MOTONAGA TANAKA, PRES                Masami Sasabe, v pres

Kenji Kageyama, mgn dir                        Makoto Yamamoto, mgn dir

Masahiro Tamura, mgn dir                      Masanobu Nakata, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 37,300 M

PAYMENTS                  REGULAR         CAPITAL           Yen 575 M

TREND             STEADY           WORTH            Yen 1,945 M

STARTED                     1980                 EMPLOYES      455

 

 

COMMENT    

 

MFR OF MEDICAL DEVICES & SUPPLIES, WHOLLY OWNED BY TORAY INDUSTRIES INC 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$350,000 / O/A 60 DAYS

 

MAX CREDIT LIMIT: YEN 817.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Toray Industries Inc (See REGISTRATION).  Specializes in manufacturing and wholesaling of medical devices & supplies (See OPERATION).  Clients include hospitals and dealerships nationwide.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Toray Industries Inc, and only partially disclosed.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 37,300 million, a 5% up from Yen 35,700 million in the previous term.  Artificial kidney was much in demand, contributing to sales growth.  Feron, natural-type interferon-B preparation, increased thanks to the approval obtained for additional indication.  That of REMITICH, an oral anti-prunitus drug, also contributed to increase, as sales of the product went into full swing.  Moreover, among medical devices, shipment of Toraymyxin, a hemoperfusion absorption column for removing endotoxin, and dialysis equipments performed robustly.  The net profit is estimated posted at Yen 110 million, compared with Yen 100 million a year ago.  .

 

For the current term ending Mar 2012 the net profit is projected at Yen 120 million, on a 7% rise in turnover, to Yen 40,000 million.  The ballooning elderly population will need medical treatment.  Demand will increase.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 817.3 million, on 30 days normal terms.  The proposed amount for 60 day terms is considered well within the firm’s financial capacities.

 

REGISTRATION

 

Date Registered:  Jan 1980

Regd No.:                     (Chiba-Urayasu) 032901

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　46,000 shares

Issued:             11,500 shares

Sum:                　Yen 575 million

Major shareholders (%): Toray Ind* (100)

           

* Largest mfr of synthetic fiber, Tokyo, founded 1926, listed Tokyo, Osaka, Nagoya, Sapporo, Fukuoka, London, Luxemburg S/E’s, capital Yen 147,873 million, sales Yen 1,539,693 million, operating profit Yen 100,087 million, recurring profit Yen 98,888 million, net profit Yen 57,925 million, total assets Yen 1,567,470 million, net worth Yen 640,970 million, employees 38,740, pres Akihiro Nikkaku

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Manufactures and wholesales medical equipment & supplies: dialysis-related products, critical care-related products, intervention cardiology-related products, other (--100%).

 

(Mfg & handling items): dialysis monitor, dialysis machine, RO water treatment, filtryzer, Toraysulfone, Toraylight, Inoue-Balloon Catheter, P-U catheter, Toraymixin, feron, other.

 

Clients: [Hospitals, dealership] Mediceo Corp, Chuo Medical, Mutoh group firms, Alfresa Corp, Toho Pharmaceutical Co, other

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Toray Ind, Hanako Medical, Fenwal Controls of Japan, other

 

Payment record: Regular

 

Location: Business area in Chiba.  Office premises at the caption address are owned by the parent and maintained satisfactorily.

 

Bank References:

SMBC (Tokyo-Chuo)

Mizuho Bank (Nihombashi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

40,000

37,300

35,700

35,600

Recur. Profit

　

　

　

　

　

Net Profit

　

120

110

100

95

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,945

1,835

1,735

Capital, Paid-Up

　

　

575

575

575

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

7.24

4.48

0.28

0.56

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.30

0.29

0.28

0.27

 

Notes: Financials are only partially disclosed.  Profits are estimated.

Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, TORAY INDUSTRIES INC

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,539,693

1,359,631

 

  Cost of Sales

1,228,782

1,114,991

 

      GROSS PROFIT

310,911

244,640

 

  Selling & Adm Costs

210,824

204,533

 

      OPERATING PROFIT

100,087

40,107

 

  Non-Operating P/L

-1,199

-31,101

 

      RECURRING PROFIT

98,888

9,006

　

      NET PROFIT

57,925

-14,158

BALANCE SHEET

 

 

 

 

  Cash

　

105,326

64,384

 

  Receivables

 

283,404

258,934

 

  Inventory

 

270,009

264,562

 

  Securities, Marketable

　

　

 

  Other Current Assets

65,339

52,591

 

      TOTAL CURRENT ASSETS

724,078

640,471

 

  Property & Equipment

531,595

580,344

 

  Intangibles

 

9,282

10,361

 

  Investments, Other Fixed Assets

302,515

325,620

 

      TOTAL ASSETS

1,567,470

1,556,796

 

  Payables

 

182,184

162,997

 

  Short-Term Bank Loans

74,766

134,013

 

　

 

　

　

 

  Other Current Liabs

246,002

216,956

 

      TOTAL CURRENT LIABS

502,952

513,966

 

  Debentures

 

70,000

140,000

 

  Long-Term Bank Loans

259,472

290,922

 

  Reserve for Retirement Allw

66,877

67,064

 

  Other Debts

　

27,199

26,628

 

      TOTAL LIABILITIES

926,500

1,038,580

 

      MINORITY INTERESTS

 

 

 

Common stock

147,873

96,937

 

Additional paid-in capital

136,739

85,803

 

Retained earnings

382,454

332,107

 

Evaluation p/l on investments/securities

21,164

24,139

 

Others

 

(46,100)

(19,629)

 

Treasury stock, at cost

(1,160)

(1,141)

 

      TOTAL S/HOLDERS` EQUITY

640,970

518,216

　

      TOTAL EQUITIES

1,567,470

1,556,796

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

129,214

156,215

 

Cash Flows from Investment Activities

-50,734

-121,723

 

Cash Flows from Financing Activities

-33,039

-43,361

　

Cash, Bank Deposits at the Term End

　

105,257

64,327

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

640,970

518,216

 

 

Current Ratio (%)

143.97

124.61

 

 

Net Worth Ratio (%)

40.89

33.29

 

 

Recurring Profit Ratio (%)

6.42

0.66

 

 

Net Profit Ratio (%)

3.76

-1.04

 

 

Return On Equity (%)

9.04

-2.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.36

UK Pound

1

Rs.82.51

Euro

1

Rs.68.99

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.