MIRA INFORM REPORT

 

 

Report Date :

09.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

TOSHIBA MEDICAL SYSTEMS CORPORATION

 

 

Registered Office :

1385 Shimoishigami Otawara City Tochigi-Pref 324-8555

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

September 1948

 

 

Com. Reg. No.:

(Tochigi-Otawara) 013525

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing of medical equipment

 

 

No. of Employees :

3,682

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy

Source : CIA

Company name and address

 

TOSHIBA MEDICAL SYSTEMS CORPORATION

REGD NAME:    Toshiba Medical Systems KK

MAIN OFFICE:  1385 Shimoishigami Otawara City Tochigi-Pref 324-8555 JAPAN

Tel: 0287-26-5100     Fax: 0287-26-6050

 

URL:                 http//:www.toshiba-medical.co.jp  

E-mail:             info@toshiba-medicalco.jp           

 

 

ACTIVITIES  

 

Mfg of medical equipment

 

 

BRANCHES   

 

Tokyo, Sapporo, Sendai, Osaka, Nagoya, Kobe, Brazil, other (Tot142)

 

 

OVERSEAS   

 

USA, Europe, China, India, Africa, other

 

 

FACTORIES  

 

At the caption address

 

 

OFFICER(S)  

 

TOSHIO TAKIGUCHI, PRES       Nobuhiro Washio, mgn dir          

Hiroyuki Uchikura, mgn dir          Yasuo Nobuta, mgn dir

Yoshiyuki Sakamitsu, mgn dir     Satoshi Tsunakawa, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 287,126 M

PAYMENTSREGULAR   CAPITAL           Yen 20,700 M

TREND UP                    WORTH            Yen 56,388 M

STARTED         1948                 EMPLOYES      3,682

 

 

COMMENT    

 

MFR OF MEDICAL EQUIPMENT, OWNED BY TOSHIBA CORP. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

                       

 

HIGHLIGHTS

           

            The subject company was established on the basis of a medical equipment mfg division separated from Toshiba Corp (See REGISTRATION).  This is a specialized mfr of medical equipment & instruments (See OPERATION).  Strong in magnetic resonance imaging systems and tops in this field.  Third ranked in X-ray CT systems in the world.  In Apr 2012 the firm acquired Vital Images Inc (USA).  Clients include government agencies, national hospitals, public hospitals, universities, other, nationwide.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2013 fiscal term amounted to Yen 287,126 million, a 3% up from Yen 277,450 million in the previous term.  Exports to Russia, China and other S/E Asian countries were robust.  Domestic demand increased.  The recurring profit was posted at Yen 31,953 million and the net profit at Yen 22,924 million, respectively, compared with Yen 22,889 million recurring profit and Yen 15,867 million net profit, respectively, a year ago.  .

 

For the current term ending Mar 2015 the recurring profit is projected at Yen33,000 million and the net profit at Yen 24,000 million, respectively, on a 5% rise in turnover, to Yen 301,000 million.  Business is seen expanding steadily.

 

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

 

 

REGISTRATION

 

Date Registered:       Sept 1948

Regd No.:                 (Tochigi-Otawara) 013525

Legal Status:     Limited Company (Kabushiki Kaisha)

Authorized:        500 million shares

Issued:               134,979,000 shares

Sum:                  Yen 20,700 million

Major shareholders (%): Toshiba Corp* (99.4), Toshiba Insurance Service (0.6)

No. of shareholders: 2

 

*..  One of largest comprehensive electrical machinery mfrs, Tokyo, founded 1904, listed Tokyo S/E, capital Yen 439,901 million, sales Yen 6,502,543 million, operating profit Yen 290,764 million, recurring profit Yen 180,938 million, net profit Yen 50,826 million, total assets Yen 6,241,623 million, net worth Yen 1,229,056 million, employees 200,260, pres Hisao Tanaka

 

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

 

 

OPERATION

 

Activities: Manufactures medical equipment: diagnostic X-ray systems, medical X-ray CT systems, magnetic resonance imaging systems, diagnostic ultrasound systems, radiation therapy systems, diagnostic nuclear medicine systems, medical sample testing equipment, and information for medical equipment (--100%). 

 

Clients: Government agencies, public hospitals, national hospitals, universities, laboratories, other

No. of accounts: 800

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toshiba Medical Mfg Co, Panasonic Corp, Toshiba Electron Tubes & Devices Co, Varian Siemens Magnetic Technology, other

 

Payment record: No Complaints

 

Location: Business area in Otawara City, Tochigi-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Tokyo)

Resona Bank (Tokyo)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/03/2015

31/03/2014

31/03/2013

31/03/2012

Annual Sales

　

301,000

287,126

277,450

254,959

Recur. Profit

　

33,000

31,953

22,889

11,965

Net Profit

　

24,000

22,924

15,867

7,394

Total Assets

　

　

190,110

168,556

157,613

Current Assets

　

　

131,340

113,076

105,430

Current Liabs

　

　

102,013

87,285

90,213

Net Worth

　

　

56,388

50,608

39,475

Capital, Paid-Up

　

　

20,700

20,700

20,700

Div.P.Share(¥)

　

　

0.00

68.40

30.15

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

4.83

3.49

8.82

2.73

    Current Ratio

　

..

128.75

129.55

116.87

    N.Worth Ratio

　

..

29.66

30.02

25.05

    R.Profit/Sales

　

10.96

11.13

8.25

4.69

    N.Profit/Sales

　

7.97

7.98

5.72

2.90

    Return On Equity

　

..

40.65

31.35

18.73

 

Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term. 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.103.50

Euro

1

Rs.82.41

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.