MIRA INFORM REPORT

 

 

Report Date :

04.05.2012

 

IDENTIFICATION DETAILS

 

Name :

KANAKA MEDIX CORPORATION

 

 

Registered Office :

Tennozu Parkside Bldg, 2-5-8 Higashi-Shinagawa Shinagawaku Tokyo 140-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

September 1993

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of medical devices, medical supplies

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

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 – 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 and address

 

KANAKA MEDIX CORPORATION

REGD NAME:    KK Kaneka Medix

MAIN OFFICE:  Tennozu Parkside Bldg, 2-5-8 Higashi-Shinagawa Shinagawaku Tokyo 140-0002

JAPAN

Tel: 03-5461-3080      Fax: 03-5461-3076

                                               

URL:                 http://www.kaneka-med.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of medical devices, medical supplies

 

BRANCHES

 

Sapporo, Nagoya, Osaka, Kanagawa, Fukuoka

 

FACTORIES

 

Kanagawa, Osaka

 

 

OFFICERS

 

SHIGEO FURUYOSHI, PRES     Akihiko Iguchi, dir

Tetsuro Hara, dir                        Shozo Ishizaka, dir                                                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 18,500 M

PAYMENTS      REGULAR         CAPITAL           Yen 450 M

TREND UP                    WORTH            Yen 7,766 M

STARTED         1993                 EMPLOYES      250

 

COMMENT

 

MFR OF MEDICAL DEVICES, WHOLLY OWNED BY KANEKA  CORP.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

            The subject company was established originally in 1993 on the basis of a division separated from Kaneka Corporation, as Fuji Polymer Ind Co Ltd.  In Nov 1973, transferred the whole share to Dow Corning Corporation.  In May 1993, established Kaneka Medix Corp, as wholly owned by Kaneka Corp.  This is a specialized mfr of medical devices & supplies (See OPERATION).   In Mar 2005, transferred blood purification business from Kaneka Corp.  Clients include hospital, universities, medical centers, other, nationwide.

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2011 fiscal term amounted to Yen 18,500 million, a 2% up from Yen 18,080 million in the previous term.  The net profit was posted at Yen 1,545 million, compared with Yen 1,328 million a year ago.

 

            For the term that ended Mar 2012 the net profit was projected at Yen 1,590 million, on a 3% rise in turnover, to Yen 19,000 million.  Final results are yet to be released. 

 

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

 

 

REGISTRATION

 

Date Registered:  Sept 1993

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         36,000 shares

Issued:                9,000 shares

Sum:                   Yen 450 million

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

 

*.. Leading mfr of PVC resins & soda, Osaka, founded 1949, listed Tokyo S/E, capital

Yen 33,046 million, sales Yen 453,826 million, operating profit Yen 21,235 million,

recurring profit Yen 20,983 million, net profit Yen 11,625 million, total assets Yen 455,140

million, net worth Yen 261,828 million, employees 8,400, pres Kimikazu Sugawara

Consolidated Financials are attached (See SUPPLEMNTS)

 

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

OPERATION

 

Activities: Manufactures medical devices & equipment, supplies, other (--100%)

 

(Medical Fields):

Interventional Radiology Field: Percutaneous transluminal coronary angioplasty (PTCA) balloon catheters, thrombus aspiration catheters, coils for embolization of cerebral aneurysms (ED COIL), micro catheter

Blood Purification: blood purification system, LIPOSOBER (selectively binds and removed bad cholesterol), SELESORB (adsorbed for treating patients with systemic luaus erythematosus (SLE), LEXELLE (selectively absorb and remove casual “beta 2-microbglobulin”:

SILASCON: top brand of products produced by the subject (medical devices made from medical-grade silicon of excellent biocompatibility and synonymous with silicon medical products used in neurosurgery and general surgery fields), drainage tubes, hydrocephalus shunt systems, other

 

Clients: [Mfrs, wholesalers] Yagami Co, Konishi Medical Instruments Co, Muto Mold Co, Miyano Medical Instruments Co, Makiguchi Rubber Co,

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Dow Corning Holding Japan, Kaneka Corp, Forte Grow Medical Cao, other

 

Payment record: Regular

 

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

 

Bank References:

SMBC (Hibiya)

MUFG (Shimbashi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

19,000

18,500

18,080

16,500

Recur. Profit

　

　

　

　

　

Net Profit

　

1,590

1,545

1,328

1,342

Total Assets

　

　

14,824

13,333

11,604

Current Assets

　

　

13,737

12,321

10,603

Current Liabs

　

　

6,861

6,426

5,571

Net Worth

　

　

7,766

6,761

5,949

Capital, Paid-Up

　

　

450

450

450

Div.P.Share(₯)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.70

2.32

9.58

19.57

    Current Ratio

 

..

200.22

191.74

190.32

    N.Worth Ratio

..

52.39

50.71

51.27

    R.Profit/Sales

 

..

..

..

..

    N.Profit/Sales

8.37

8.35

7.35

8.13

    Return On Equity

..

19.89

19.64

22.56

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, KANEKA CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

453,826

412,490

 

  Cost of Sales

339,381

310,250

 

      GROSS PROFIT

114,444

102,239

 

  Selling & Adm Costs

93,209

84,734

 

      OPERATING PROFIT

21,235

17,505

 

  Non-Operating P/L

-252

-1,164

 

      RECURRING PROFIT

20,983

16,341

　

      NET PROFIT

11,625

8,406

BALANCE SHEET

 

 

 

 

  Cash

　

37,685

41,465

 

  Receivables

 

103,891

93,993

 

  Inventory

 

68,152

61,993

 

  Securities, Marketable

322

422

 

  Other Current Assets

12,375

10,262

 

      TOTAL CURRENT ASSETS

222,425

208,135

 

  Property & Equipment

163,065

161,432

 

  Intangibles

 

7,199

1,859

 

  Investments, Other Fixed Assets

62,451

61,453

 

      TOTAL ASSETS

455,140

432,879

 

  Payables

 

60,771

53,493

 

  Short-Term Bank Loans

21,176

19,769

 

　

 

　

　

 

  Other Current Liabs

44,619

34,196

 

      TOTAL CURRENT LIABS

126,566

107,458

 

  Debentures

 

15,143

20,000

 

  Long-Term Bank Loans

26,095

24,204

 

  Reserve for Retirement Allw

19,228

19,232

 

  Other Debts

　

6,279

4,811

 

      TOTAL LIABILITIES

193,311

175,705

 

      MINORITY INTERESTS

 

 

 

Common stock

33,046

33,046

 

Additional paid-in capital

34,836

34,836

 

Retained earnings

197,462

191,250

 

Evaluation p/l on investments/securities

6,677

8,147

 

Others

 

(433)

(506)

 

Treasury stock, at cost

(9,760)

(9,599)

 

      TOTAL S/HOLDERS` EQUITY

261,828

257,174

　

      TOTAL EQUITIES

455,140

432,879

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

34,932

57,412

 

Cash Flows from Investment Activities

-34,933

-25,621

 

Cash Flows from Financing Activities

-4,342

-16,825

　

Cash, Bank Deposits at the Term End

　

36,978

40,513

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

261,828

257,174

 

 

Current Ratio (%)

175.74

193.69

 

 

Net Worth Ratio (%)

57.53

59.41

 

 

Recurring Profit Ratio (%)

4.62

3.96

 

 

Net Profit Ratio (%)

2.56

2.04

 

 

Return On Equity (%)

4.44

3.27

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.23

UK Pound

1

Rs.86.14

Euro

1

Rs.69.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.