MIRA INFORM REPORT

 

 

Report Date :

20.08.2012

 

IDENTIFICATION DETAILS

 

Name :

KAWASUMI LABORATORIES INC

 

 

Registered Office :

Shinagawa Intercity Towers B 9F, 2-15-2 Konan Minatoku Tokyo 108-6109

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

June 1957

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of medical equipment: blood bags, artificial kidney

 

 

No. of Employees :

3,154

 

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

 

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

KAWASUMI LABORATORIES INC

 

 

REGD NAME

 

Kawasumi Kagaku Kogyo KK

 

 

MAIN OFFICE

 

Shinagawa Intercity Towers B 9F, 2-15-2 Konan Minatoku Tokyo 108-6109, JAPAN

Tel: 03-5769-2600     Fax: 03-5769-2715     -

 

URL:                 http://www.kawasumi.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Mfg of medical equipment: blood bags, artificial kidney, other

 

 

BRANCHES

 

Sapporo, Sendai, Nagoya, Osaka, Fukuoka, other (Tot 10)

 

 

OVERSEAS

 

USA, Germany, Thailand

 

 

FACTORIES

 

Saeki, Yayoi, Mie, Nozu; Thailand

 

 

CHIEF EXEC

 

YUKIHIRO KAWANO, PRES

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 　A/SALES       Yen 30,347 M

PAYMENTS      REGULAR         　CAPITAL        Yen 6,642 M

TREND SLOW              　WORTH         Yen 32,636 M

STARTED         1957                 　EMPLOYES   3,154

 

 

COMMENT

 

MFR OF MEDICAL EQUIPMENT 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

                        Unit: In Million Yen

Forecast figures for the 31/03/2013 fiscal term.

 

 

HIGHLIGHTS

 

This is a medium-scale disposable medical equipment mfr, particularly strong in blood bags, some of the adopted by Japanese Red Cross Society.  Artificial kidney using hollow polysulphone strings known for superior filtering function.  Artificial kidneys are exported mostly to Germany.  Operates JV in Thailand.  The company plans to set up a new production base for overseas-bound blood bags within the Khort plant in Thailand.  It will start construction in July 2012 and is aiming to start operations as early as Sept 2013.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 30,347 million, a 5.5% down from Yen 32,111 million in the previous term.   The suspension of operations at the Thailand plant as a result of the floods had a major impact.  By Divisions: Blood & Blood-related Div down 6.2% to Yen 13,447 million; In-vitro Circulation-related Div down 4.9% to Yen 869 million.  The recurring profit was posted at Yen 1,570 million and the net profit at Yen 1,501 million, respectively, compared with Yen 2,447 million recurring profit and Yen 1,525 million net profit, respectively, a year ago.

 

(Apr/Jun/2012 results): Sales Yen 6,277 million (down 19.2%), operating loss Yen 49 million (previously Yen 574 million profit), recurring loss Yen 154 million (previously Yen 595 million profit), net losses Yen 575 million (previously Yen 375 million profit).  (% & figures compared with the corresponding period a year ago)

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 1,070 million and the net profit at Yen 440 million, on a 2.8% fall in turnover, to Yen 29,500 million.  Artificial kidneys sales will fare well, but the reduced supply of Japan-bound blood circuits and overseas-bound blood bags as a result of flood damage to the Thailand plant will have a negative impact.  Production is partially resumed, but will fall short of the normal level.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

           

Date Registered:　Jun 1957

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       50 million shares

Issued:                22,948,003 shares

Sum:                   Yen 6,642 million

 

Major shareholders (%): Kuraray Co (9.8), Asahi Kasei Medical (8.7), Terumo Corp (5.2), Nippon Life Ins (3.2), JTSB (Mitsui Chemicals) (3.1), SMBC (3.1), Moriroku Holdings (2.6), Iyo Bank (2.1), Oita Bank (2.1), Olympus Corp (2.1); foreign owners (15.7)

 

No. of shareholders: 2,813

 

Listed on the S/Exchange (s) of: Tokyo (Second Section)

 

Managements: Yurihiro Kawano, pres Yoshio Masatani, s/mgn dir; Kenji Yamakawa, mgn dir; Shuji Suwa, dir; Takashi Izeki, dir; Kohei Maeda, dir

 

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

 

Related companies: Kawasumi Laboratories Thailand.

 

 

OPERATION

           

Activities: Manufactures disposable medical equipment: Blood & blood vessel-related (44%), In-vitro circulation-related (56%).

 

Overseas Sales Ratio (22%).

 

(Major Products): artificial organs, extracorporeal blood tubing lines, blood/solution administration sets, various disposable medical devices & other applications, blood bags, blood anti-coagulant solutions, intravenous solutions, and other pharmaceuticals.

           

Clients: [Hospitals, mfrs, wholesalers] Asahi Kasei Kuraray Medical, Haemonetics Corp, ITI, Japanese Red Cross Tokyo Metropolitan Blood Center, Medi-Systems Solutions Co, A Nextage Co, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Kawasumi Laboratories Thailand, Asahi Kasei Kuraray  Medical, Asahi Kasei Medical Co, Daikyo Seiko Ltd, Pall Corp, other

 

Payment record: Regular

 

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

 

Bank References:

SMBC (Omori)

Mizuho Bank (Shiba)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

30,347

32,111

 

  Cost of Sales

20,966

21,437

 

      GROSS PROFIT

9,381

10,673

 

  Selling & Adm Costs

7,918

8,309

 

      OPERATING PROFIT

1,462

2,364

 

  Non-Operating P/L

108

83

 

      RECURRING PROFIT

1,570

2,447

　

      NET PROFIT

1,501

1,525

BALANCE SHEET

 

 

 

 

  Cash

　

10,018

8,059

 

  Receivables

 

8,274

8,218

 

  Inventory

 

5,264

5,853

 

  Securities, Marketable

　

　

 

  Other Current Assets

762

1,036

 

      TOTAL CURRENT ASSETS

24,318

23,166

 

  Property & Equipment

12,791

14,030

 

  Intangibles

 

582

807

 

  Investments, Other Fixed Assets

2,839

3,315

 

      TOTAL ASSETS

40,530

41,318

 

  Payables

 

3,122

3,035

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

2,438

2,873

 

      TOTAL CURRENT LIABS

5,560

5,908

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

1,741

1,889

 

  Other Debts

　

593

1,656

 

      TOTAL LIABILITIES

7,894

9,453

 

      MINORITY INTERESTS

 

 

 

Common stock

6,642

6,642

 

Additional paid-in capital

6,462

6,462

 

Retained earnings

21,969

20,811

 

Evaluation p/l on investments/securities

(261)

(102)

 

Others

 

(2,120)

(1,894)

 

Treasury stock, at cost

(56)

(55)

 

      TOTAL S/HOLDERS` EQUITY

32,636

31,864

　

      TOTAL EQUITIES

40,530

41,318

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

5,387

3,601

 

Cash Flows from Investment Activities

-3,111

-2,965

 

Cash Flows from Financing Activities

-366

-902

　

Cash, Bank Deposits at the Term End

　

10,005

8,046

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

32,636

31,864

 

 

Current Ratio (%)

437.37

392.11

 

 

Net Worth Ratio (%)

80.52

77.12

 

 

Recurring Profit Ratio (%)

5.17

7.62

 

 

Net Profit Ratio (%)

4.95

4.75

 

 

Return On Equity (%)

4.60

4.79

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.