MIRA INFORM REPORT

 

 

Report Date :

21.02.2011

 

IDENTIFICATION DETAILS

 

Name :

JMS CO LTD

 

 

Registered Office :

12-17 Kakomachi Nakaku Hiroshima 730-8652

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

June 1965

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of disposable medical appliances & supplies; artificial kidney

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 1,381.2 million

Status :

Satisfactory

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

 

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 appliances & supplies; artificial kidney

 

 

BRANCHES   

 

Tokyo

 

 

OVERSEAS

 

JMS Singapore Pte Ltd; Dalian Medical Supply Co, Indonesia, USA, Germany, Korea

 

 

FACTORIES  

 

Hiroshima (3), Izumo (Shimane)

 

 

CHIEF EXEC 

 

HIROSHI TANIMITSU, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 45,124 M

PAYMENTS      REGULAR                     CAPITAL           Yen 6,522 M

TREND             STEADY                       WORTH            Yen 24,339 M

STARTED                     1965                             EMPLOYES      4,972

 

 

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 31/03/2011 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/2010 fiscal term amounted to Yen 45,124 million, a 1.6% up from Yen 44,400 million in the previous term.  Sales increased slightly.  By divisions, Infusion & Transfusion Sets up 5.9% to Yen 20,480 million, aided by rising exports to Asian countries; General-use Sets down 2.1% to Yen 4,601 million; Dialysis Sets down 4.3% to Yen 14,256 million; Cardiovascular Sets up 1.0% to Yen 4,289 million.  The recurring profit was posted at Yen 2,435 million and the net profit at Yen 1,506 million, respectively, compared with Yen 1,743 million recurring profit and Yen 1,180 million net, respectively, a year ago. 

           

(Apr/Dec/2010 results): sales Yen 34,015 million (up 1.9%), operating profit Yen 1,456 million (down 21.2%), recurring profit Yen 1,550 million (down 17.0%), net profit Yen 977 million (down 34.2%).  (% compared with the corresponding period a year ago). 

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 1,750 million and the net profit at Yen 1,000 million, on a 0.3% fall in turnover, to Yen 45,000 million.  In the domestic market, sales of infection prevention products, such as infusion and transfusion sets, are faring well.  But those of disposable medical products, including examination gloves, under stiffer competition with imported products.  In the overseas markets, profit margin is eroded by the negative effect of stronger currencies in foreign countries and higher labor costs. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,463.0 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　      Jun 1965

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  100 million shares

Issued:                         43,844,932 shares

Sum:                            Yen 6,522 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: 3,825

 

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; Toshihiro Suzuki, 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 (10%), dialysis sets (32%), cardiovascular sets (10%), others (3%)

 

Overseas Sales Ratio (30.6%): N America 9.0%; Europe 8.2%; Asia 8.9%; others 4.5%

 

Clients: [Mfrs, wholesalers] Yagami Co, Toho Pharmaceuticals, Nagoya I-Rika Shokai, Mediceo Medical, Sanshodo Co, MM Corporation, 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)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

45,124

44,400

 

  Cost of Sales

31,506

31,314

 

      GROSS PROFIT

13,618

33,085

 

  Selling & Adm Costs

11,239

11,194

 

      OPERATING PROFIT

2,378

1,891

 

  Non-Operating P/L

57

-148

 

      RECURRING PROFIT

2,435

1,743

　

      NET PROFIT

1,506

1,180

BALANCE SHEET

 

 

 

 

  Cash

　

4,550

2,765

 

  Receivables

 

13,003

12,971

 

  Inventory

 

8,453

4,038

 

  Securities, Marketable

57

52

 

  Other Current Assets

594

5,350

 

      TOTAL CURRENT ASSETS

26,657

25,176

 

  Property & Equipment

13,442

13,154

 

  Intangibles

 

673

741

 

  Investments, Other Fixed Assets

2,903

2,666

 

      TOTAL ASSETS

43,675

41,737

 

  Payables

 

6,935

6,811

 

  Short-Term Bank Loans

3,583

3,624

 

　

 

　

　

 

  Other Current Liabs

5,392

4,927

 

      TOTAL CURRENT LIABS

15,910

15,362

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,409

2,763

 

  Reserve for Retirement Allw

229

311

 

  Other Debts

　

788

557

 

      TOTAL LIABILITIES

19,336

18,993

 

      MINORITY INTERESTS

 

 

 

Common stock

6,522

6,522

 

Additional paid-in capital

9,473

9,473

 

Retained earnings

10,190

8,965

 

Evaluation p/l on investments/securities

37

(33)

 

Others

 

(1,619)

(1,941)

 

Treasury stock, at cost

(264)

(242)

 

      TOTAL S/HOLDERS` EQUITY

24,339

22,744

　

      TOTAL EQUITIES

43,675

41,737

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

5,320

2,394

 

Cash Flows from Investment Activities

-3,026

-2,461

 

Cash Flows from Financing Activities

-593

-732

　

Cash, Bank Deposits at the Term End

　

4,534

2,750

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

24,339

22,744

 

 

Current Ratio (%)

167.55

163.88

 

 

Net Worth Ratio (%)

55.73

54.49

 

 

Recurring Profit Ratio (%)

5.40

3.93

 

 

Net Profit Ratio (%)

3.34

2.66

 

 

Return On Equity (%)

6.19

5.19

 

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.73.04

Euro

1

Rs.61.43

 

 

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

 

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.