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MIRA INFORM REPORT
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Report No. : |
490904 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NIPRO CORPORATION |
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Registered Office : |
3-9-3 Honjo-Nishi Kitaku Osaka 531-8510 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
July 1954 |
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Com. Reg. No.: |
1200-01-068678 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures disposable
medical equipment: Medical lines, Pharmaceuticals, Appliances. |
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No. of Employees : |
3,518 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC
OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
summery
NIPRO CORPORATION
REGD NAME: Nipro KK
MAIN OFFICE: 3-9-3 Honjo-Nishi Kitaku Osaka 531-8510 JAPAN
Tel:
06-6372-2331 Fax: 06-2375-0669-
URL: http://www.nipro.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES: Mfg of disposable medical equipment,
pharmaceuticals, other
BRANCHES: Tokyo, Sapporo, Sendai, other (Tot 48)
OVERSEAS: USA (2), Canada, Brazil, Puerto Rico, Panama,
Belgium, France, UK, China (6),
UAE,
Thailand, Australia, Singapore
FACTORIES: Akita, Osaka, Otsu
OVERSEAS: Thailand, China, India, & Bangladesh
CHIEF EXEC: YOSHIHIKO SANO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 359,699 M
PAYMENTS REGULAR CAPITAL Yen
84,397 M
TREND STEADY WORTH Yen
166,083 M
STARTED 1954 EMPLOYES 3,518
COMMENT
MFR OF DISPOSABLE MEDICAL EQUIPMENT
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
This
is an independent mfr of medical equipment & pharmaceuticals. In the medical equipment business, has
strengths in disposable medical instruments such as syringes. In recent years, dialyzers have become a major
profit-earner. Active in extensive sales
activities overseas, including the US.
Advancing with R&D in artificial hearts & artificial skin. Undertakes contract mfg of pharmaceuticals,
mainly in generic drugs. Started the
food supermarket business in the Kansai area as a means of diversification, but
sold it to Hankyu Department Store (current H2O Retailing Corporation). Acquired a subsidiary in Australia engaged in
the glass business, including for pharmaceutical containers.
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term amounted to Yen
359,699 million, a 1.90% fall from Yen 366.650 million in the previous
term. The recurring profit was posted at
Yen 23,166 million and the net profit at Yen 11,346 million, respectively,
compared with Yen 14,623 million recurring profit and Yen 19,718 million net
profit, respectively, a year ago.
For the current term ending Mar 2018 the recurring profit is
projected at Yen 30,100 million and the net profit at Yen 19,000 million,
respectively, on an 11.34% rise in turnover, to Yen 400,500 million. The acquisition of an Australian medical
glass business will add around Yen 5 billion to sales.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Jul
1954
Regd No.: 1200-01-068678
(Osaka-Kitaku)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 400
million shares
Issued:
171,459,479 shares
Sum: Yen 84,397 million
Major shareholders (%): Nippon Electric Glass (12.8),
Master Trust Bank of Japan T (4.7), Japan Trustee Services T (3.1), Resona Bank
(3.1), Company’s Treasury Stock (2.8), Japan Trustee Services T9 (2.0), JP
Morgan Chase Bank 380634 (1.8), Japan Trustee Services T5 (1.5), Japan Trustee
Services T1 (1.1), Kazumi Sano (1.1); foreign owners (15.9)
No. of shareholders:
54.534
Listed on the S/Exchange (s) of:
Tokyo
Managements: Yoshihiko Sano, pres; Makoto Sato,
mgn dir; Toshiaki Sano, mgn dir; Kyoetsu Kobayashi, mgn dir; Tetsuhiko Yamabe,
dir; Hideo Okamoto, dir; Masayuki Ito, dir; Akio Shirasu, dir; Hiroshi Yoshida,
dir; Hiroshi Sudo, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Nipro Pharma, Nipro Thailand, Nipro Medical Ind, other.
OPERATION
Activities: Manufactures disposable medical
equipment: Medical lines (73%), Pharmaceuticals (19%), Appliances (8%).
Overseas Sales Ratio (38%)
(Mfg Items): Artificial kidney equipment,
dialysis-related products (dialyzers, auto-adjusting dialysis machines, blood
tube & indwelling needle), glass products (glass tubes, electric lamp,
powdered glass molded products), other
Clients: [Mfrs, wholesalers] Nipro Europe,
Nipro Medical Corp, Novo Nordisk Pharma Co, Becton Dickinson & Co, Nipro
India Corp, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nipro Pharma,
Nipro Thailand, Nipro Medical Corp, Toyobo Co, Shibuya Kogyo Co, Plastic Honda,
other
Payment record:
Regular
Location:
Business area in Osaka. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Osaka)
Resona Bank (Osaka)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual Sales |
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400,500 |
359,699 |
366,650 |
325,084 |
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Recur. Profit |
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30,100 |
23,166 |
14,623 |
19,661 |
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Net Profit |
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19,000 |
11,346 |
19,718 |
12,470 |
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Total Assets |
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752,852 |
708,982 |
695,487 |
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Current Assets |
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386,775 |
368,117 |
350,346 |
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Current Liabs |
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251,792 |
252,147 |
278,401 |
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Net Worth |
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166,083 |
165,998 |
167,660 |
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Capital, Paid-Up |
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84,397 |
84,397 |
84,397 |
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Div.Ttl in Million (¥) |
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4,073 |
5,371 |
4,992 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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11.34 |
-1.90 |
12.79 |
8.09 |
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Current Ratio |
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.. |
153.61 |
145.99 |
125.84 |
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N.Worth Ratio |
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.. |
22.06 |
23.41 |
24.11 |
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R.Profit/Sales |
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7.52 |
6.44 |
3.99 |
6.05 |
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N.Profit/Sales |
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4.74 |
3.15 |
5.38 |
3.84 |
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Return On Equity |
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.. |
6.83 |
11.88 |
7.44 |
Notes:
Forecast (or estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.27 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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YEN |
1 |
INR 0.59 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.