MIRA INFORM REPORT

 

 

Report Date :

28.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FUJIFILM RI PHARMA CO LTD 

 

 

Registered Office :

1-17-10 Kyobashi Chuoku Tokyo 104-0031

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

December 1968

 

 

Com. Reg. No.:

(Tokyo-Chuoku) 048783

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of radiopharmaceuticals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 314.4 Million

Status :

Moderate

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

 

FUJIFILM RI PHARMA CO LTD

 

 

REGD NAME 

 

Fujifilm RI Pharma KK

 

 

MAIN OFFICE

 

1-17-10 Kyobashi Chuoku Tokyo 104-0031 JAPAN

Tel: 03-5250-2600     Fax: 03-5258-2606

URL:                 www.fri.fujifilm.co.jp 

E-mail:             (thru the URL)   

 

 

ACTIVITIES  

 

Mfg of radiopharmaceuticals

 

 

BRANCHES

 

Tokyo (3), Sapporo, Sendai, Nagoya, Kanazawa, Kyoto, Osaka, Okayama, Fukuoka

 

 

FACTORIES  

 

China

 

 

OFFICER(S)  

 

MASAO TSUDA, PRES             Toshio Hanyu, dir

Minoru Kubota, dir                      Toshio Takahashi, dir

Kazuo Nakamura, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 15,232 M

PAYMENTS                  REGULAR         CAPITAL           Yen 1,400 M

TREND             SLOW              WORTH            Yen 4,305 M

STARTED                     1968                 EMPLOYES      372

 

 

COMMENT    

 

MFR OF RADIOPHARMACEUTICALS, WHOLLY OWNED BY FUJIFILM CORP 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 314.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established originally in 1968 as a JV between Daiichi Seiyaku Group and Mallinckrodt, USA, and started production of ultra-techne kow installed hot cells.  In 1988, Japan partner, Daiichi Seiyaku, bought the whole share of the US partner and the firm became a wholly owned subsidiary of Daiichi Seiyaku.  In 2006, Fujifilm Corp bought the whole share from Daiichi Seiyaku and the subject became a wholly owned subsidiary of Fujifilm Corp.  Specializes in mfg radiopharmaceutical products.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 15,232 million, a 6% down from Yen 16,140 million in the previous term.  This is referred to the global economic downturn started in Sept/Nov 2008.  Economic activities slowed.  Export revenues declined due to the higher Yen.  Consumer spending became sluggish & down pressed.  The recurring profit was posted at Yen 757 million and the net profit at Yen 251 million, respectively, compared with Yen 708 million recurring profit and Yen 147 million net profit, respectively, a year ago.  .

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 760 million and the net profit at Yen 360 million, respectively, on a 7% rise in turnover, to Yen 16,300 million.  Pharmaceutical industry is relatively well buffered against economic volatility. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 314.4 million, on 30 days normal terms. 

 

REGISTRATION

 

Date Registered:          Dec 1968

Regd No.:                     (Tokyo-Chuoku) 048783

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         3.2 million shares

Issued:                         800,000 shares

Sum:                　         Yen 1,400 million

Major shareholders (%): Fujifilm Corp* (100)

 

* Mfr of photo films, Tokyo, founded 2006 (reorganized), capital Yen 40,000 million, sales Yen 618,533 million, recurring profit Yen 7,056 million, net losses Yen 20,561 million, total assets Yen 1,395,238 million, net worth Yen 1,225,687 million, employees 8,800, pres Shigetaka Komori

 

Consolidated Financials of Fujifilm Holdings are attached (See SUPPLEMENTS)

           

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

 

 

OPERATION

 

Activities: Manufactures diagnostic radiopharmaceuticals: brain imaging, thyroid function test, heart imaging, malignant tumor & adrenal imaging, bone imaging, lung imaging, kidney imaging, haematological function test, therapeutic radiopharmaceuticals, radioiodine for thyroid therapy, other (--100%).

 

Clients: [Pharmaceutical associations] Japan Radiopharmaceuticals Association, The Pharmaceuticals’ Association of Tokyo, Japan Pharmaceuticals Manufactures Association, Japan Radioisotope Association, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] MDS Nordion Inc (Canada), Tyco Healthcare Mallinckrodt, Ion Beam Association SA, Fuilford Pharmaceuticals Inc, other

 

Payment record: Regular

 

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

 

Bank References:

·         SMBC (Tokyo-Chuo)

·         Mizuho Bank (Nihombashi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

16,300

15,232

16,140

16,447

Recur. Profit

　

760

757

708

525

Net Profit

　

360

351

347

66

Total Assets

　

　

13,020

14,040

15,002

Current Assets

　

　

6,889

6,928

7,274

Current Liabs

　

　

8,042

9,475

10,800

Net Worth

　

　

4,305

3,953

3,905

Capital, Paid-Up

　

　

1,400

1,400

1,400

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

7.01

-5.63

-1.87

-1.57

    Current Ratio

 

..

85.66

73.12

67.35

    N.Worth Ratio

..

33.06

28.16

26.03

    R.Profit/Sales

 

4.66

4.97

4.39

3.19

    N.Profit/Sales

2.21

2.30

2.15

0.40

    Return On Equity

..

8.15

8.78

1.69

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term. 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE HOLDING COMPANY, FUJI HOLDINGS CORP)

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

2,181,693

2,434,344

 

  Cost of Sales

1,316,835

1,511,242

 

      GROSS PROFIT

864,858

923,102

 

  Selling & Adm Costs

763,229

885,816

 

      OPERATING PROFIT

101,629

37,286

 

  Non-Operating P/L

-79,398

-64,343

 

      RECURRING PROFIT

-42,112

37,286

　

      NET PROFIT

-36,441

10,524

BALANCE SHEET

 

 

 

 

  Cash

　

406,177

270,094

 

  Receivables

 

495,025

472,517

 

  Inventory

 

303,120

368,250

 

  Securities, Marketable

61,362

29,224

 

  Other Current Assets

144,865

162,614

 

      TOTAL CURRENT ASSETS

1,410,549

1,302,699

 

  Property & Equipment

601,661

698,006

 

  Intangibles

 

325,859

328,958

 

  Investments, Other Fixed Assets

489,359

366,974

 

      TOTAL ASSETS

2,827,428

2,696,637

 

  Payables

 

261,552

221,544

 

  Short-Term Bank Loans

155,379

67,559

 

　

 

　

　

 

  Other Current Liabs

244,050

244,467

 

      TOTAL CURRENT LIABS

660,981

533,570

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

140,269

253,987

 

  Reserve for Retirement Allw

78,253

157,277

 

  Other Debts

　

72,096

79,582

 

      TOTAL LIABILITIES

951,599

1,024,416

 

      MINORITY INTERESTS

 

 

 

Common stock

40,363

40,363

 

Additional paid-in capital

70,283

69,739

 

Retained earnings

1,868,362

1,919,019

 

Evaluation p/l on investments/securities

　

　

 

Others

 

(20,566)

(74,297)

 

Treasury stock, at cost

(82,613)

(82,603)

 

      TOTAL S/HOLDERS` EQUITY

1,875,829

1,872,221

　

      TOTAL EQUITIES

2,827,428

2,896,637

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

318,826

209,506

 

Cash Flows from Investment Activities

-131,204

-152,781

 

Cash Flows from Financing Activities

-42,609

-102,139

　

Cash, Bank Deposits at the Term End

　

406,177

270,094

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

1,875,829

1,872,221

 

 

Current Ratio (%)

213.40

244.15

 

 

Net Worth Ratio (%)

66.34

64.63

 

 

Recurring Profit Ratio (%)

-1.93

1.53

 

 

Net Profit Ratio (%)

-1.67

0.43

 

 

Return On Equity (%)

-1.94

0.56

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.57

UK Pound

1

Rs.72.50

Euro

1

Rs.62.46

 

 

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.