MIRA
INFORM REPORT
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Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
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Name : |
IMI CO LTD |
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Registered Office : |
3-3-12 Ryutsudanchi Koshigaya Saitama-Pref 343-0824 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
May 1974 |
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Com. Reg. No.: |
0300-01-063447 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of medical
equipment |
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No. of Employees : |
198 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company name and address
IMI CO LTD
REGD NAME: IMI
KK
MAIN OFFICE: 3-3-12
Ryutsudanchi Koshigaya Saitama-Pref 343-0824 JAPAN
Tel:
048-988-4411 Fax: 048-961-1350 -
URL: http://www.imimed.co.jp
E-Mail
address: support@imimed.co.jp
ACTIVITIES
Import,
wholesale of medical equipment
BRANCHES
Tokyo,
Sapporo, Sendai, Yokohama, Kobe, other (Tot 14)
OVERSEAS
USA,
Europe, other (--partners)
FACTORIES
At the
caption address
CHIEF EXEC
KAZUMASA
TSUMUGA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,937 M
PAYMENTS REGULAR CAPITAL Yen 1,111 M
TREND UP WORTH Yen 11,564 M
STARTED 1974 EMPLOYES 198
COMMENT
TRADING FIRM SPECIALIZING IN MIDICAL EQUIPMENT
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 321/12/2013 fiscal term.
HIGHLIGHTS
This is
an importer and distributor of medical equipment, including artificial
aspirators and anesthesia equipment.
Also engaged in production of such equipment, and leasing &
maintenance services. Sells to
universities and hospitals. Goods are
imported from Europe, USA, other.
FINANCIAL INFORMATION
The sales
volume for Dec/2012 fiscal term amounted to Yen 7,937 million, a 1% up from Yen
7,862 million in the previous term. The
recurring profit was posted at Yen 1,798 million and the net profit at Yen 1,003
million, respectively, compared with Yen 1,701 million recurring profit and Yen
934 million net profit, respectively, a year ago.
For the
current term ending Dec 2013 the recurring profit is projected at Yen 1,720
million and the net profit at Yen 965 million, on a 20% rise in turnover, to
Yen 9,500 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
REGISTRATION
Date Registered: May
1974
Regd No.: 0300-01-063447 (Saitama-Koshigaya)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 20 million shares
Issued:
5.71 million
Sum: Yen 1,111
million
Major shareholders (%): Tsumuga Management (25.9),
Company’s Treasury Stock (8.5), MUFG (2.6), Employees’ S/Holding Assn (1.9),
Tokio Marine & Nichido Fire Ins (1.7), Akihiro Matsubara (1.2), Yasumitsu
Shigeta (1.1), Skandinaviska Enskilda B Clients (1.0), Mutsuaki Imura (1.0);
foreign owners (3.0)
No. of shareholders: 1,749
Listed on the S/Exchange (s) of:
JASDAQ
Managements: Kazumasa Tsumuga, ch & pres; Moro
Akio, mgn dir; Koji Kojima, dir; Yuji Suga, dir,
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales medical equipment:
Life support systems (18%), life data measuring & monitoring systems (6%),
purchased products (24%), rental (28%), maintenance (17%)
(Handling Items): lung ventilators & accessories,
anesthesia machines & accessories, surgical equipment, infusion/syringe
pumps, other.
Clients: [Universities, hospitals] Yagami Co,
Ino Mediccs, Konishi Medical Instruments, Kyowa Medical Corp, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Products are
imported from: ResMed Ltd (Austria),Southmedic Inc (Canada), Ambu A/S, Dameca
s/s (Denmark), Airox, Mallinkrodt Developmetn France, Taema (France),
MedutekHandelsgeselschaft FurMedizintechnik GmbH, Salvia Lifetec GmbH
(Germany), Flaem Houva spa (Italy), Fisher & Paykel Healthcare Ltd (New
Zealand), Anmedic AB (Sweden), Acutronic Medical Systems AG, IMT Mieical ag,
Radiometer Basel AG (Switz), nSpire Health Ltd, Integra Nurse Science Ltd,
Medivent Ltd, Panlon Ltd, SMS (UK), Arisep Corp, Allied Healthcare Products Inc,
Cardinal Health Inc, Clynical Dynamic Corp, Life-Tec Ins, other (--USA)
Payment record:
Regular
Location:
Business area in Saitama-Pref. Office
premises at the caption address are owned maintained satisfactorily.
Bank References:
MUFG
(Kasukabe & Ueno)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2012 |
31/12/2011 |
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INCOME STATEMENT |
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Annual Sales |
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7,937 |
7,862 |
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Cost of Sales |
3,945 |
3,937 |
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GROSS PROFIT |
3,991 |
3,925 |
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Selling & Adm Costs |
2,215 |
2,270 |
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OPERATING PROFIT |
1,776 |
1,655 |
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Non-Operating P/L |
22 |
46 |
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RECURRING PROFIT |
1,798 |
1,701 |
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NET PROFIT |
1,003 |
934 |
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BALANCE SHEET |
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Cash |
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7,401 |
6,350 |
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Receivables |
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1,177 |
1,219 |
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Inventory |
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601 |
717 |
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Securities, Marketable |
599 |
296 |
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Other Current Assets |
549 |
526 |
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TOTAL CURRENT ASSETS |
10,327 |
9,108 |
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Property & Equipment |
1,463 |
1,541 |
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Intangibles |
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79 |
109 |
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Investments, Other Fixed Assets |
1,971 |
2,109 |
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TOTAL ASSETS |
13,840 |
12,867 |
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Payables |
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535 |
354 |
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Short-Term Bank Loans |
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Other Current Liabs |
1,139 |
1,155 |
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TOTAL CURRENT LIABS |
1,674 |
1,509 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
474 |
475 |
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Other Debts |
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128 |
123 |
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TOTAL LIABILITIES |
2,276 |
2,107 |
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MINORITY INTERESTS |
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Common
stock |
164 |
164 |
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Additional
paid-in capital |
1,233 |
1,233 |
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Retained
earnings |
9,927 |
9,237 |
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Evaluation
p/l on investments/securities |
(63) |
(174) |
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Others |
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949 |
946 |
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Treasury
stock, at cost |
(646) |
(646) |
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TOTAL S/HOLDERS` EQUITY |
11,564 |
10,760 |
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TOTAL EQUITIES |
13,840 |
12,867 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2012 |
31/12/2011 |
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Cash Flows
from Operating Activities |
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1,695 |
1,679 |
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Cash
Flows from Investment Activities |
168 |
-329 |
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Cash
Flows from Financing Activities |
-312 |
-312 |
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Cash,
Bank Deposits at the Term End |
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7,901 |
6,350 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2012 |
31/12/2011 |
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Net
Worth (S/Holders' Equity) |
11,564 |
10,760 |
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Current
Ratio (%) |
616.91 |
603.58 |
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Net
Worth Ratio (%) |
83.55 |
83.62 |
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Recurring
Profit Ratio (%) |
22.65 |
21.64 |
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Net
Profit Ratio (%) |
12.64 |
11.88 |
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Return
On Equity (%) |
8.67 |
8.68 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.38 |
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1 |
Rs.82.32 |
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Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.