MIRA INFORM REPORT
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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
KAWASUMI LABORATORIES INC |
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Registered Office : |
Shinagawa Intercity Towers B 9F, 2-15-2 Konan Minatoku Tokyo 108-6109 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
June, 1957 |
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Com. Reg. No.: |
3200-01-009417 (Oita-Saeki) |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of medical equipment: blood bags,
artificial kidney, other |
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No. of Employees : |
3,066 |
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 : |
No Complaints |
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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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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
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 -
*.. Registered at:
1077 Yayoi-Oda Saeki Oita-Pref
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 27,830 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 6,642 M
TREND SLOW WORTH Yen 35,002 M
STARTED 1957 EMPLOYES 3,066
COMMENT
MFR OF DISPOSABLE MEDICAL EQUIPMENT
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2014 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 give priority in management
resources to the areas of endovascular treatments, blood purification
treatments and surgery. It is also
considering OEM production on consignment to manufacturers in emerging markets
with the aim of reducing costs.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 27,830
million, an 8.3% down from Yen 30,347 32,111 million in the previous term. Dialyzer sales fared well. But priority on securing supply volume of
Japan-bound blood circuits following flood damage at the Thailand Plant
resulted in a contraction of product specifications, which weighed
heavily. The recurring profit was posted
at Yen 828 million and the net profit at Yen 819 million, respectively, compared
with Yen 1,570 million recurring profit and Yen 1,501 million net profit,
respectively, a year ago.
(Apr/Jun/2013 results): Sales Yen 66,633 million (up 4.1%), operating
loss Yen 147 million (previously Yen49 million loss), recurring loss Yen 104
million (previously Yen 154 million loss), net losses Yen 321 million
(previously Yen 575 million loss). (%
& figures compared with the corresponding period a year ago)
For the current term ending Mar 2014 the recurring profit is projected
at Yen 700 million and the net profit at Yen 500 million, on a 7.8% rise in
turnover, to Yen 28,800 million.
Overseas-bound blood bag sales not are anticipated to fully benefit from
the startup of the new plant in Thailand in Oct 2013 until the March 2015 term. But domestic sales of blood circuits will
recover. Newly launched stent grafts for thoracic
aorta treatments will also contribute to earnings, offsetting higher
depreciation costs.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jun 1957
Regd No.:
3200-01-009417
(Oita-Saeki)
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
(16.6)
No.
of shareholders: 2,677
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 (45%), In-vitro
circulation-related (55%).
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: No Complaints
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)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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27,830 |
30,347 |
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Cost of Sales |
12,889 |
20,966 |
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GROSS PROFIT |
14,940 |
9,381 |
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Selling & Adm Costs |
8,121 |
7,918 |
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OPERATING PROFIT |
6,819 |
1,463 |
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Non-Operating P/L |
-5,991 |
107 |
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RECURRING PROFIT |
828 |
1,570 |
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NET PROFIT |
819 |
1,501 |
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BALANCE SHEET |
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Cash |
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9,149 |
10,018 |
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Receivables |
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7,799 |
8,274 |
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Inventory |
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6,408 |
5,264 |
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Securities, Marketable |
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Other Current Assets |
769 |
762 |
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TOTAL CURRENT ASSETS |
24,125 |
24,318 |
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Property & Equipment |
15,642 |
12,791 |
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Intangibles |
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411 |
582 |
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Investments, Other Fixed Assets |
2,914 |
2,839 |
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TOTAL ASSETS |
43,092 |
40,530 |
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Payables |
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2,374 |
3,122 |
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Short-Term Bank Loans |
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Other Current Liabs |
3,287 |
2,438 |
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TOTAL CURRENT LIABS |
5,661 |
5,560 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
1,881 |
1,741 |
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Other Debts |
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548 |
593 |
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TOTAL LIABILITIES |
8,090 |
7,894 |
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MINORITY INTERESTS |
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Common
stock |
6,642 |
6,642 |
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Additional
paid-in capital |
6,462 |
6,462 |
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Retained
earnings |
22,445 |
21,969 |
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Evaluation
p/l on investments/securities |
(71) |
(21) |
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Others |
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(420) |
(2,360) |
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Treasury
stock, at cost |
(56) |
(56) |
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TOTAL S/HOLDERS` EQUITY |
35,002 |
32,636 |
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TOTAL EQUITIES |
43,092 |
40,530 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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3,312 |
5,387 |
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Cash
Flows from Investment Activities |
-4,217 |
-3,111 |
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Cash Flows
from Financing Activities |
-368 |
-366 |
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Cash,
Bank Deposits at the Term End |
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9,135 |
10,005 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
35,002 |
32,636 |
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Current
Ratio (%) |
426.16 |
437.37 |
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Net
Worth Ratio (%) |
81.23 |
80.52 |
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Recurring
Profit Ratio (%) |
2.98 |
5.17 |
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Net
Profit Ratio (%) |
2.94 |
4.95 |
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Return
On Equity (%) |
2.34 |
4.60 |
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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.62.14 |
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1 |
Rs.99.02 |
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Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.