MIRA INFORM REPORT
|
Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
NIPRO CORPORATION |
|
|
|
|
Registered Office : |
3-9-3 Honjo-Nishi Kitaku Osaka 531-8510 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
July 1954 |
|
|
|
|
Com. Reg. No.: |
(Osaka-Kitaku) 068678 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of disposable medical 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 2,627.1 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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
NIPRO CORPORATION
REGD NAME
Nipro KK
MAIN OFFICE
3-9-3 Honjo-Nishi
Kitaku Osaka 531-8510 JAPAN
Tel: 06-6372-2331 Fax: 06-2375-0669-
URL: http://www.nipro.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
disposable medical equipment
BRANCHES
Tokyo
OVERSEAS
USA (2), Canada, Brazil, Puerto Rico, Panama, Belgium,
France, UK, China (6), UAE, Thailand, Australia, Singapore
FACTORIES
Akita, Osaka, Otsu
OVERSEAS
Thailand,
China (2), India, Bangladesh
CHIEF EXEC
MINORU
SANO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 195,942 M
PAYMENTS REGULAR CAPITAL Yen 28,663 M
TREND STEADY WORTH Yen 109,037 M
STARTED 1954 EMPLOYES 12,888
COMMENT
MFR OF DISPOSABLE MEDICAL EQUIPMENT
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 2,627.1 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is a major maker of disposable medical equipment. Originally started as a maker of glass tubes
for thermos and diversified into high-tech lines including disposable injectors
and injector needles, and transfusion kits.
Strong in artificial kidney equipment.
Fostering generic drugs and commission-based drug production. Also engaged in research on regenerative
medicines. The firm acquired an
Australian glass firm for Yen 12.5 billion and aims at Yen 10 billion sales in
March 2016 term, up from Yen 8.4 billion.
It plans JV in Russia and India.
Invested over Yen 60 billion in overseas business since March 2011
term. The firm began to construct four
plants in India, Indonesia, Bangladesh and China in order to build up a global
production system.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 195,942
million, a 10.2% up from Yen 177,829 million in the previous term. Sales grew considerably in diabetic-related
products with sales expansion into world market, and dialysis-related products
also showed great sales growth. New
products started sell-in, focusing on getting contracts in oral drug sales, in
addition to injectable drug sales, since one of the biggest oral drug plants
was completed two years ago. By
Divisions, Medical up 12.1% to Yen 132,815 million, Pharmaceutical up 10.1% to
Yen 3,804 million, Glass & Materials up 1.5% to Yen 24,703 million. The recurring profit was posted at Yen 13,371
million and the net profit at Yen 2,455 million, respectively, compared with
Yen 14,908 million recurring profit and Yen 7,252 million net profit,
respectively, a year ago. Wrote off Yen
5,260 million extraordinary losses stemming from the damage by the North Japan
Earthquake in March.
(Apr/Jun/2011 results): Sales Yen 49,155 million (up 9.1%), operating
profit Yen 3,458 million (down 27.5%), recurring profit Yen 2,539 million (down
1.1%), net profit Yen 292 million (down 78.3%).
(% compared with the corresponding period a year ago).
For the current term ending Mar 2012 the recurring profit is projected
at Yen 13,400 million and the net profit at Yen 5,850 million, respectively, on
an 8.7% rise in turnover, to Yen 213,000 million. The acquisition of an Australian medical
glass business will add around Yen 5 billion to sales. Medical equipment, including artificial
kidneys, is doing well. Orders for
generic drugs will rise. But
depreciation costs are hefty. Operating
profit will fall due to the high Yen and temporary suspension of operations at
the Tohoku plant.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 2,627.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1954
Regd No.: (Osaka-Kitaku) 068678
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 200 million shares
Issued: 63,878,505 shares
Sum: Yen 28,663
million
Major shareholders
(%):
Sanri Kosan (20.2), Nippon Electric Glass (5.4), Master Trust Bank of Japan T
(5.0), Minoru Sano (3.1), Japan Trustee Services T (2.9), Resona bank (2.1),
JTSB Resona Bank (2.0), Mizuho Corporate Bank (1.2), TCSB (Mizuho Corporate
Bank) (1.2), MLPFS Custody Account (1.1); foreign owners (10.0)
No. of
shareholders: 17,627
Listed on the
S/Exchange (s) of: Tokyo, Osaka
Managements: Minoru Sano,
pres; Yoshihiko Sano, mgn dir; Makoto Sato, mgn dir; Kazuo Wakatsuki, mgn dir;
Akihiko Yamabe, dir; Kiyotaka Yoshioka, dir; Toshiaki Masuda, dir; Matsutaka
Ueda, dir; Tsuyoshi Yamazaki, dir; Yusuke Kofuku, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Nipro Pharma,
Nipro Thailand, Nipro Medical Ind, other.
OPERATION
Activities: Manufactures
disposable medical equipment: Medical lines (68%), Pharmaceuticals (19%),
Appliances (13%).
(Mfg Items): Artificial kidney
equipment, dialysis-related products (dialyzers, auto-adjusting dialysis
machines, blood tube & indwelling needle), glass products (glass tubes,
electric lamp, powdered glass molded products), other
Clients: [Mfrs,
wholesalers] Nipro Europe, Nipro Medical Corp, Novo Nordisk Pharma Co, Becton
Dickinson & Co, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Nipro Pharma, Nipro Thailand, Nipro Medical Corp, Toyobo
Co, Shibuya Kogyo Co, other
Payment record:
Regular
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Osaka)
Resona
Bank (Osaka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
195,942 |
177,829 |
||
|
|
Cost of Sales |
137,768 |
126,144 |
|||
|
|
GROSS PROFIT |
58,174 |
51,685 |
|||
|
|
Selling & Adm Costs |
40,949 |
33,591 |
|||
|
|
OPERATING PROFIT |
17,225 |
18,094 |
|||
|
|
Non-Operating P/L |
-3,854 |
-3,186 |
|||
|
|
RECURRING PROFIT |
13,371 |
14,908 |
|||
|
|
NET PROFIT |
2,455 |
7,252 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
81,115 |
59,266 |
||
|
|
Receivables |
|
61,237 |
56,303 |
||
|
|
Inventory |
|
60,941 |
54,703 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
13,728 |
9,656 |
|||
|
|
TOTAL CURRENT ASSETS |
217,021 |
179,928 |
|||
|
|
Property & Equipment |
128,505 |
124,208 |
|||
|
|
Intangibles |
|
13,568 |
2,376 |
||
|
|
Investments, Other Fixed Assets |
117,416 |
76,884 |
|||
|
|
TOTAL ASSETS |
476,510 |
383,396 |
|||
|
|
Payables |
|
33,581 |
29,203 |
||
|
|
Short-Term Bank Loans |
96,659 |
64,442 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
146,161 |
44,559 |
|||
|
|
TOTAL CURRENT LIABS |
276,401 |
138,204 |
|||
|
|
Debentures |
|
43,000 |
28,000 |
||
|
|
Long-Term Bank Loans |
120,549 |
72,839 |
|||
|
|
Reserve for Retirement Allw |
1,615 |
1,972 |
|||
|
|
Other Debts |
|
(74,093) |
26,310 |
||
|
|
TOTAL LIABILITIES |
367,472 |
267,325 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
28,663 |
28,663 |
|||
|
|
Additional
paid-in capital |
29,972 |
29,972 |
|||
|
|
Retained
earnings |
46,631 |
47,319 |
|||
|
|
Evaluation
p/l on investments/securities |
11,387 |
15,024 |
|||
|
|
Others |
|
(6,752) |
(4,046) |
||
|
|
Treasury
stock, at cost |
(864) |
(862) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
109,037 |
116,070 |
|||
|
|
TOTAL EQUITIES |
476,510 |
383,396 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
21,799 |
26,240 |
||
|
|
Cash Flows
from Investment Activities |
-84,658 |
-44,994 |
|||
|
|
Cash
Flows from Financing Activities |
86,265 |
30,135 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
78,921 |
56,188 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
109,037 |
116,070 |
||
|
|
|
Current
Ratio (%) |
78.52 |
130.19 |
||
|
|
|
Net
Worth Ratio (%) |
22.88 |
30.27 |
||
|
|
|
Recurring
Profit Ratio (%) |
6.82 |
8.38 |
||
|
|
|
Net Profit
Ratio (%) |
1.25 |
4.08 |
||
|
|
|
Return
On Equity (%) |
2.25 |
6.25 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.76 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.