MIRA INFORM REPORT

 

 

Report Date :

17.11.2012

 

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) :

31.03.2012

 

 

Date of Incorporation :

January 1980

 

 

Com. Reg. No.:

Chiba-Urayasu) 032901

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Mfg, wholesale of medical devices & supplies

 

 

No. of Employees :

458

 

 

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 :

No complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

japan - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

Source : CIA

 

 

 

Company name

 

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 devices & supplies

 

 

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          Masanobu Nakata, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 38,114 M

PAYMENTS      No complaints   CAPITAL           Yen 1,333 M

TREND             STEADY           WORTH            Yen 2,983 M

STARTED                     1980                 EMPLOYES      458

 

 

 

COMMENT    

 

MFR OF MEDICAL DEVICES & SUPPLIES, WHOLLY OWNED BY

TORAY INDUSTRIES INC 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FORORDINARY BUSINESS ENGAGEMENTS

 

                       

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 devices & supplies (See OPERATION).  Clients include hospitals and dealerships nationwide.

 

 

FINANCIAL INFORMATION

 

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

 

            The sales volume for Mar/2012 fiscal term amounted to Yen 38,119 million, a 2% up from Yen 37,300 million in the previous term.  Artificial kidney was much in demand, contributing to sales growth.  Feron, natural-type interferon-B preparation, increased thanks to the approval obtained for additional indication.  The net profit is estimated posted at Yen 410 million, compared with Yen 110 million a year ago.  .

 

For the current term ending Mar 2013 the net profit is projected at Yen 450 million, on a 5% rise in turnover, to Yen 40,000 million.  The ballooning elderly population will need medical treatment.  Demand will increase.

           

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

 

 

REGISTRATION

 

Date Registered:  Jan 1980

Regd No.:        (Chiba-Urayasu) 032901

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　106,640 shares

Issued:             　26,660 shares

Sum:                　Yen 1,333 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 1,588,604 million, operating profit Yen 107,721 million, recurring profit Yen 109,849 million, net profit Yen 64,218 million, total assets Yen 1,616,119 million, net worth Yen 638,566 million, employees 40,227, pres Akihiro Nikkaku

           

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: No complaints

 

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)

　

　

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

40,000

38,119

37,300

37,100

Recur. Profit

　

　

　

　

　

Net Profit

　

450

400

110

100

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

2,983

1,945

1,835

Capital, Paid-Up

　

　

1,333

575

575

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.93

2.20

0.54

136.31

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

1.13

1.05

0.29

0.27

 Notes: Financials are only partially disclosed. 

Forecast (or estimated) figures for the 31/03/2013 fiscal term. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.