MIRA
INFORM REPORT
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Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KYORITSU SEIYAKU CORPORATION |
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Registered Office : |
1-5-10 Kudanminami Chiyodaku Tokyo 102-0074 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2006 |
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Date of Incorporation : |
May 1955 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
veterinary medicines |
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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Maximum Credit Limit : |
Yen 672.9 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
KYORITSU SEIYAKU CORPORATION
REGD NAME
Kyoritsu Seiyaku KK (Seiyaku means Pharmaceuticals)
MAIN OFFICE
1-5-10 Kudanminami Chiyodaku Tokyo 102-0074 JAPAN
Tel : 03-3263-2931
URL : http://www.kyoritsuseiyaku.com/
E-Mail address: kyoritsu@kyoritsuseiyaku.com
ACTIVITIES
Import, export, wholesale of veterinary medicines
BRANCHES
Sapporo, Sendai, Saitama, Osaka, Nagoya, Okayama, Fukuoka,
Kagoshima
FACTORY(IES)
Daiba (Tokyo), Samukawa (--warehousing)
OFFICER(S)
Yuriko Takai, ch YUHEI
OKAMOTO, PRES
Takaaki Takai, v pres Seiichi
Hirano, mgn dir
Kazuhiro Fujita, dir Masataka
Terakado, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,929 M
PAYMENTS REGULAR CAPITAL Yen 55 M
TREND STEADY WORTH Yen 10,199 M
STARTED 1955 EMPLOYES 235
COMMENT
TRADING HOUSE SPECIALIZING IN VETERINARY MEDICINES. FINANCIAL SITUATION CONSIDERED FAIR TO GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 672.9 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company is a leading trading house specializing in animal medicines, established by Yuriko Takei’s husband. Specializes in import and wholesale of veterinary drugs, all for prescription by veterinary surgeons, such as vaccine, vitamins, etc. Also handles pulicide, antibacterial agents, anthelmintic agents, pet foods, supplement foods, all for animals. Animal feeds are also handled. Nation’s top-ranked wholesaler of animal drugs. Have wide business tie-ups with overseas mfrs, such as Fort Dodge Animal Health, Master Foods, Inter-bet International, Abbot Laboratories, Animal Health Options, Addison Biological Laboratory, other. Domestic clients include pharmaceuticals mfrs, wholesalers, other.
FINANCIAL INFORMATION
The sales volume for May/2006 fiscal term amounted to Yen 14,929 million, an 11% up from Yen 13,505 million in the previous term. Demand for animal drugs grew rapidly amid pet booms nationwide, particularly by retired elderly population. The recurring profit was posted at Yen 2,002 million and the net profit at Yen 1,100 million, respectively, compared with Yen 11,451 million recurring profit and Yen 964 million net profit, respectively, a year ago.
For the current term ending May 2007 the recurring profit is
projected at Yen 2,300 million and the net profit at Yen 1,250 million, respectively,
on a 14% rise in turnover, to Yen 17,000 million. Business continues on the upswing.
The financial situation is considered FAIR to GOOD and
responsible for ORDINARY business engagements.
Max credit limit is estimated at Yen 672.9 million, on 30 days normal
terms.
REGISTRATION
Date Registered: May
1955
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 280,000
shares
Issued: 110,000
shares
Sum: Yen
55 million
Major shareholders (%): Yuriko Takai (54), Takaaki Takai
(25), Yuhei Okamoto (10)
No. of shareholders: 17
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales veterinary prescription
animal drugs: vaccine, vitamin, antibacterial agents, anthelmintic agents,
animal feeds, pet foods, supplement, other (--100%).
Clients: [Pharmaceutical firms, traders] Aesop Yakuhin, Morikubo Yakuhin, Asuko, Atol Co, Sun Daiko, Maruzen Yakuhin, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Master Foods, Toray Ind, Kyowa Hakko Kogyo, Idemitsu Kosan Co, other.
Goods are also imported.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (Jimbocho)
MUFG (Shin-Marunouchi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/05/2007 |
31/05/2006 |
31/05/2005 |
31/05/2004 |
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Annual
Sales |
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17,000 |
14,929 |
13,505 |
13,051 |
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Recur.
Profit |
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2,300 |
2,002 |
1,451 |
1,282 |
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Net
Profit |
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1,250 |
1,100 |
964 |
945 |
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Total
Assets |
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15,031 |
14,861 |
15,603 |
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Current
Assets |
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9,518 |
9,107 |
9,713 |
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Current
Liabs |
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2,220 |
2,508 |
3,404 |
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Net
Worth |
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10,199 |
9,253 |
8,416 |
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Capital,
Paid-Up |
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55 |
55 |
55 |
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Div.P.Share(¥) |
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250.00 |
500.00 |
250.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
13.87 |
10.54 |
3.48 |
-8.86 |
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Current Ratio |
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.. |
428.74 |
363.12 |
285.34 |
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N.Worth Ratio |
.. |
67.85 |
62.26 |
53.94 |
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R.Profit/Sales |
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13.53 |
13.41 |
10.74 |
9.82 |
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N.Profit/Sales |
7.35 |
7.37 |
7.14 |
7.24 |
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Return On Equity |
.. |
10.79 |
10.42 |
11.23 |
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Notes: Forecast (or estimated) figures for the 31/05/2007
fiscal term.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)