MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
QUALICAPS CO LTD |
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Registered Office : |
321-5 Ikezawacho Yamatokoriyama |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Apr 1965 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of capsules,
capsule filling & sealing equipment |
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 147.6 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
QUALICAPS CO LTD (SHIONOGI SOLD THE STOCK AND ITS NAME WITHDRAWN)
REGD NAME
Qualicaps KK
MAIN OFFICE
321-5
Tel : 0473-56-0651
Fax : 0743-56-6666
URL : http://www.qualicaps.co.jp
E-Mail
address: contact@qualicaps.co.jp
ACTIVITIES
Mfg of
capsules, capsule filling & sealing equipment
BRANCHES
Nil
FACTORY(IES)
At the
caption address
OVERSEAS
Qualicaps
Inc (USA); Qualicaps Europe SA (
OFFICERS
TAKAYUKI
KAWAMURA, PRES Akio Tsubokura,
mgn dir
Seinosuke
Matsuura, dir Yusuke
Suzuki, dir
Koichiro
Minami, dir Tetsuhisa
Ishii, dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,005 M
PAYMENTS REGULAR CAPITAL Yen 526 M
TREND STEADY WORTH Yen
10,296 M
STARTED 1965 EMPLOYES 258
COMMENT
MFR OF GELATIN CAPSULES, CAPSULE FILLING MACHINED, OWNED BY CARLYLE GROUP, PRIVATE EQUITY FIRM.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 147.6 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally as JV between
Eli Lilly (USA) and Shionogi & Co Ltd, major antibiotics mfr,
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 6,005 million, a 14% up from Yen 3962 million for irregular 9 months due to the change in accounting term in the previous term. The growth rate is adjusted on a 12-month basis. The net profit was posted at Yen 229 million, compared with Yen 506 million a year ago. The previous year is said included extraordinary income, details not available.
For the current term ending Dec 2007 the net profit is projected at Yen 230 million, on a 3% rise in turnover, to Yen 6,200 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 147.6 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1965
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 4 million shares
Issued: 1,052,750 shares
Sum: Yen 526.375 million
Major shareholders (%): Carlyle Group*(100)
*.. Private equity firm,
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures hard gelatin capsules, HPMC capsules, capsule filling & sealing equipment, other related supplies (--100%).
Clients: [Pharmaceutical mfrs, dietary supplement mfrs] Eisai Co, Shionogi & Co, Tanabe Seiyaku, Takeda Pharmaceutical, Dainippon Sumitomo Pharma, Chugai Pharmaceutical, Ono Pharmaceutical, Astellas Pharma, Sato Yakuhin Kogyo, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nitta Gelatin, Shin-Etsu
Chemical Ind, Rousselot
Payment
record: Regular
Location: Business area in
Bank References
JP
Morgan Bank (
SMBC (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/03/2005 |
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Annual
Sales |
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6,200 |
6,005 |
3,962 |
5,843 |
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Recur.
Profit |
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121 |
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Net
Profit |
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230 |
229 |
506 |
601 |
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Total
Assets |
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25,018 |
24,626 |
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Current
Assets |
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10,679 |
8,509 |
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Current
Liabs |
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1,176 |
1,380 |
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Net
Worth |
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10,296 |
9,823 |
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Capital,
Paid-Up |
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526 |
526 |
526 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.25 |
13.68 |
-9.58 |
0.74 |
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Current Ratio |
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.. |
908.08 |
616.59 |
.. |
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N.Worth Ratio |
.. |
41.15 |
39.89 |
.. |
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R.Profit/Sales |
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.. |
2.01 |
.. |
.. |
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N.Profit/Sales |
3.71 |
3.81 |
12.77 |
10.29 |
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Return On Equity |
.. |
2.22 |
5.15 |
.. |
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Note:
Financials are only partially disclosed.
The 31/12/2005 fiscal term was for irregular 9 months due to change in accounting term; the growth rates are adjusted on a 12-month basis.
Forecast
(or estimated) for the 31/12/2007 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%)