MIRA
INFORM REPORT
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Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
IWAI CHEMICALS COMPANY LTD |
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Registered Office : |
3-2-10 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
April 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Manufacturer of Reagents, Lab 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 439.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
IWAI CHEMICALS COMPANY LTD
REGD NAME: Iwai Kagaku Yakuhin KK
MAIN OFFICE: 3-2-10
Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN
Tel:
03-3241-2572 Fax: 03-3270-2444
URL: http://www.iwai-chem.co.jp/
E-Mail address: info@iwai-chem.co.jp
ACTIVITIES
Import, mfr of reagents, lab equipment
BRANCHES
Kanda, Tsukuba, Tama, Mishima, Yokohama, Kashima
OVERSEAS
Iwai USA Inc (USA) (subsidiary)
FACTORY(IES)
(subcontracted)
OFFICER(S)
MASAO IWAI, PRES
Takakazu Iwai, v pres
Yasuyoshi Ishihara, dir
Hiroyuki Iwai, dir
Yoshiyuki Iwai, dir
Kazuyoshi Suzuki, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,065 M
PAYMENTS REGULAR CAPITAL Yen 20 M
TREND STEADY WORTH Yen 3,647 M
STARTED 1947 EMPLOYES 156
COMMENT
MPORTER & MFR SPECIALIZING IN REAGENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 439.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by father of Masao Iwai in order to mfr high-purity re-agents. This is a trading firm with mfg division handling reagents, research tools, other related goods (See OPERATION). In 2000, invested capitals to B-Bridge International Inc, USA, a hub for information gathering activities; established Iwai USA Inc to advance into USA markets; acquired management right of Chondrex Inc, USA., mfr of arthritis-related reagents. In 2003, tied up with Bio Matrix Research Inc, Tokyo, a spin off from Tokyo University of Science, engaged in development & mfg of research tools such as DNA chips. The firm holds distribution agreements with overseas mfrs (some of which are listed in OPERATION). Domestic clients include pharmaceutical mfrs, public government offices, universities, laboratories, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 14,065 million, an 8% down from Yen 15,241 million in the previous term. This is referred to downward revision of NHI (National Health Insurance) standard prices. The recurring profit was posted at Yen96 million and the net profit at Yen 49 million, respectively, sharply down from Yen 277 million recurring profit and Yen 147 million net profit, respectively, a year ago. Fuel oil & material price hikes ate largely into profits.
For the current term ending Sept 2008 the recurring profit is projected at Yen 100 million and the net profit at Yen 50 million, respectively, on a 3% rise in turnover, to Yen 14,500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 439.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1947
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.6 million shares
Issued: 400,000 shares
Sum: Yen 20 million
Major shareholders (%)
Masao Iwai (42), Hirokichi Iwai (18)
No. of shareholders: 29
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales reagents in field of life science in such areas as molecular biology, genetic engineering, immunology, etc, research tools & equipment for DNA analysis; manufactures antibodies, large-scale culture services, peptide/DNA synthesis, others (--100%).
Distribution Agreements with: Bachem AG, Chondrex Inc, Cayman Chemical, Jackson Immuno Research Laboratories Inc, Pierce Chemical, Petro Tech EC Inc, Upstate, B-Bridge International Inc, Bio Vision Inc, deCode Genetics, Exalpha Biological Inc, Exigon A/S, Panomic Inc, System Biosciences Inc, Zen-Bio Inc, other.
Clients
[Pharmaceutical mfrs, universities, public governments, wholesalers] Mitsubishi Chemical, Tokyo University, Eisai Co, Asahi Kasei Pharma Corp, Astellas Pharma Inc, Bio-Matrix Research Inc, National Cancer Center, Riken Japan, National Infectious Disease Surveillance Center, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports from mfrs listed in OPERATION.
Domestically supplied from: Sigma-Aldrich Japan, GE Healthcare Bioscience, Invitrogen Corp, Takara Bio Inc, Roche Diagnostics KK, Merck Ltd, Astellas Pharma Inc, Toyobo Co, Daiichi Pure Chemicals Co, Kanto Chemical Co, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Nihombashi)
SMBC (Nihombashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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14,500 |
14,065 |
15,241 |
14,908 |
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Recur.
Profit |
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100 |
96 |
277 |
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Net
Profit |
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50 |
49 |
147 |
208 |
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Total
Assets |
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8,818 |
10,267 |
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Current
Assets |
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7,300 |
8,775 |
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Current
Liabs |
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4,861 |
6,363 |
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Net
Worth |
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3,647 |
3,602 |
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Capital,
Paid-Up |
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20 |
20 |
20 |
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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 |
3.09 |
-7.72 |
2.23 |
0.12 |
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Current Ratio |
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150.17 |
137.91 |
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N.Worth Ratio |
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41.36 |
35.08 |
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R.Profit/Sales |
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0.69 |
0.68 |
1.82 |
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N.Profit/Sales |
0.34 |
0.35 |
0.96 |
1.40 |
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Return On Equity |
.. |
1.34 |
4.08 |
.. |
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Notes: Forecast (or estimated) figures for the 30/09 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. |
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%)