MIRA INFORM REPORT

 

 

Report Date :

17.05.2011

 

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) :

31.03.2010

 

 

Date of Incorporation :

January  1980

 

 

Com. Reg. No.:

(Chiba-Urayasu) 032901

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer, wholesale of medical supplies and equipment

 

 

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 745.1 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

Name and address

 

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:                 http//:www.toray-medical.com

E-mail:             (thru the URL)   

 

 

ACTIVITIES

 

Mfg, wholesale of medical supplies & equipment

 

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          Junji Ikeda, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 35,700 M

PAYMENTS                  REGULAR         CAPITAL           Yen 575 M

TREND             STEADY           WORTH            Yen 1,835 M

STARTED                     1980                 EMPLOYES      456

 

COMMENT    

 

MFR & WHOLESALER OF MEDICAL 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 745.1 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 equipment & supplies (See OPERATION).  Clients are hospitals and dealerships nationwide.

 

 

FINANCIAL INFORMATION

 

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

 

The sales volume for Mar/2010 fiscal term amounted to Yen 35,700 million, a slight up from Yen 35,600 million in the previous term.  Artificial kidney was much in demand, contributing to sales growth.  The net profit is estimated posted at Yen 100 million, compared with Yen 95 million a year ago.  .

 

For the current term ending Mar 2011 the net profit is projected at Yen 105 million, on a 2% rise in turnover, to Yen 36,500 million.  The ballooning elderly population will need medical treatment.  Demand will increase.. 

           

The financial situation is considered FIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 745.1 million, on 30 days normal terms.  The proposed amount for 60 day terms is considered 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 1,359,631 million, recurring profit Yen 9,006 million, net losses Yen 14,158 million, total assets Yen 1,556,796 million, net worth Yen 518,216 million, employees 38,507, 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:

　

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

36,500

35,700

35,600

35,400

Recur. Profit

　

　

　

　

　

Net Profit

　

105

100

95

100

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,835

1,735

1,640

Capital, Paid-Up

　

　

　

　

　

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.24

0.28

0.56

6.95

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.29

0.28

0.27

0.28

 

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

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, TORAY INDUSTRIES INC

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,359,631

1,471,561

 

  Cost of Sales

1,114,991

1,208,056

 

      GROSS PROFIT

244,640

263,505

 

  Selling & Adm Costs

204,533

227,499

 

      OPERATING PROFIT

40,107

36,006

 

  Non-Operating P/L

-31,101

-15,484

 

      RECURRING PROFIT

9,006

20,522

　

      NET PROFIT

-14,158

-16,326

BALANCE SHEET

 

 

 

 

  Cash

　

64,384

62,290

 

  Receivables

 

258,934

220,129

 

  Inventory

 

264,562

319,962

 

  Securities, Marketable

　

　

 

  Other Current Assets

52,591

53,503

 

      TOTAL CURRENT ASSETS

640,471

655,884

 

  Property & Equipment

580,344

596,261

 

  Intangibles

 

10,361

10,519

 

  Investments, Other Fixed Assets

325,620

260,939

 

      TOTAL ASSETS

1,556,796

1,523,603

 

  Payables

 

162,997

150,159

 

  Short-Term Bank Loans

134,013

128,194

 

　

 

　

　

 

  Other Current Liabs

216,956

182,404

 

      TOTAL CURRENT LIABS

513,966

460,757

 

  Debentures

 

140,000

150,000

 

  Long-Term Bank Loans

290,922

306,120

 

  Reserve for Retirement Allw

67,064

66,882

 

  Other Debts

　

26,628

27,234

 

      TOTAL LIABILITIES

1,038,580

1,010,993

 

      MINORITY INTERESTS

 

 

 

Common stock

96,937

96,937

 

Additional paid-in capital

85,803

85,802

 

Retained earnings

332,107

353,222

 

Evaluation p/l on investments/securities

24,139

9,649

 

Others

 

(19,629)

(31,877)

 

Treasury stock, at cost

(1,141)

(1,123)

 

      TOTAL S/HOLDERS` EQUITY

518,216

512,610

　

      TOTAL EQUITIES

1,556,796

1,523,603

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

166,215

38,447

 

Cash Flows from Investment Activities

-121,723

-113,373

 

Cash Flows from Financing Activities

-43,361

89,116

　

Cash, Bank Deposits at the Term End

　

64,327

62,158

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

518,216

512,610

 

 

Current Ratio (%)

124.61

142.35

 

 

Net Worth Ratio (%)

33.29

33.64

 

 

Recurring Profit Ratio (%)

0.66

1.39

 

 

Net Profit Ratio (%)

-1.04

-1.11

 

 

Return On Equity (%)

-2.73

-3.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.