MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITSUBISHI TANABE PHARMA CORPORATION |
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Registered Office : |
3-2-10 Doshomachi Chuoku Osaka 541-8505 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
December 1933 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Ethical Pharmaceuticals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
MITSUBISHI TANABE PHARMA CORPORATION
REGD NAME: Tanabe Mitsubishi
Seiyaku KK
MAIN OFFICE: 3-2-10 Doshomachi
Chuoku Osaka 541-8505 JAPAN
Tel:
06-6227-4960 Fax: 06-6233-2775
URL: http://www.mt-pharma.co.jp/
E-Mail address: info@mt-pharma.co.jp
ACTIVITIES
Mfg of ethical pharmaceuticals
BRANCH(ES)
Tokyo, Osaka, Sapporo, Sendai, Saitama, Chiba, Kyoto, Kobe,
Hiroshima,
Takamatsu, Fukuoka
FACTORY(IES)
Osaka (2), Saitama,
Chiba, Hiroshima, Yokohama
CHIEF EXEC
NATSUKI HAYAMA, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 177531 M
PAYMENTS REGULAR CAPITAL Yen 50,000 M
TREND STEADY WORTH Yen 233595 M
STARTED 2007 EMPLOYES 3088
COMMENT
MFR OF
ETHICAL PHARMACEUTICALS.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established by the merger of Tanabe Seiyaku Co Ltd and Mitsubishi Pharma Corporation in Oct 2007. The surviving entity is Tanabe Seiyaku which dates back to 1678 in Edo period. Has internationally known cardiac remedy drug “Harbesser” developed in-house in 1974. Specializes in mfg ethical drugs. Stressing drugs related to immune system and brain disorder. Active in licensing-out of new drugs.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 177,531 million, a 3.5% up from Yen 171,552 million
in the previous term. Ethical drugs
expanded up 3.4% to Yen 164,147 million, led by mainstay drugs including
treatment for rheumatic arthritis and antialleric agents. The recurring profit was posted at Yen
32,346 million and the net profit at Yen 20,174 million, respectively, compared
with Yen 27,107 million recurring profit and Yen 15,466 million net profit,
respectively, a year ago.
(Apr/Dec/2007 results): Sales Yen 229,688 million, operating profit Yen 51,079 million, recurring profit Yen 51,650 million, net profit Yen 27,642 million. The results are the sum of former Mitsubishi Pharma Corp in the six-month period ended Sept 2007 and Mitsubishi Tanabe Pharma Corporation for three-months ended Dec 2007.
For the current term ending Mar 2008 the recurring profit is projected at Yen 52,000 million and the net profit at Yen 26,000 million, on a 79.1% rise in turnover, to Yen 318,000 million.
This is the merger effects.
The financial situation is considered FAIR to GOOD and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 4,518.2 million, on 30 days normal terms. Credit limit could be revised upward after
the 31/03/2008 financials results have been released.
REGISTRATION
Date Registered: Dec 1933
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 600
million shares
Issued: 267,597,847
shares
Sum: Yen
50,000 million
Major shareholders (%)
Company’s Treasury Stock (8.4), Master Trust Bank of Japan T (5.9), Nippon Life Ins (5.9), other.
No. of shareholders: 10,888
Listed on the S/Exchange (s) of
Tokyo, Osaka
Managements
Natsuki Hayama, pres & CEO; Takeshi Komine, v pres; Michihiro Tsuchiya, dir; Kunihiko Shimojuku, dir; Toshinobu Kawata, dir; Ken’ichi Yanagisawa, dir; Junji Hamaoka, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Tanabe Europe, Yamaguchi Tanabe Seiyaku, other.
OPERATION
Activities: Manufactures cardiovascular drugs, biological products, CNS drugs, gastroenterology drugs, allergy/respiratory drugs, digestive medicine, OTC drugs (--93%), others (3%)..
Clients
[Drug stores, wholesalers] Suzuken, Mediceo Paltac Holdings, Toho Yakuhin, KSK, Alfresa Corp, other.
No. of accounts
3,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Yamaguchi Tanabe Seiyaku, Termo, Ube Ind, Sun Chemical, Alfresa Corp, other.
Payment record
Regular
Location
Business
area in Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References
MUFG (Osaka)
Mizuho Corporate Bank (Osaka)
Relations: Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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177,531 |
171,552 |
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Cost of Sales |
68,955 |
61,927 |
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GROSS PROFIT |
108,576 |
109,625 |
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Selling & Adm Costs |
78,120 |
82,057 |
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OPERATING PROFIT |
30,456 |
27,568 |
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Non-Operating P/L |
1,890 |
-461 |
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RECURRING PROFIT |
32,346 |
27,107 |
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NET PROFIT |
20,174 |
15,466 |
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BALANCE SHEET |
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Cash |
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38,197 |
35,797 |
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Receivables |
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60,127 |
54,102 |
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Inventory |
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20,790 |
20,768 |
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Securities, Marketable |
19,372 |
11,139 |
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Other Current Assets |
6,563 |
5,446 |
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TOTAL CURRENT ASSETS |
145,049 |
127,252 |
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Property & Equipment |
45,434 |
46,657 |
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Intangibles |
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2,210 |
3,311 |
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Investments, Other Fixed Assets |
104,394 |
103,593 |
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TOTAL ASSETS |
297,087 |
280,813 |
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Payables |
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13,970 |
14,886 |
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Short-Term Bank Loans |
11 |
541 |
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Other Current Liabs |
23,992 |
18,543 |
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TOTAL CURRENT LIABS |
37,973 |
33,970 |
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Debentures |
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Long-Term Bank Loans |
90 |
121 |
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Reserve for Retirement Allw |
12,085 |
12,012 |
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Other Debts |
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13,343 |
15,351 |
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TOTAL LIABILITIES |
63,491 |
61,454 |
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MINORITY INTERESTS |
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1,229 |
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Common
stock |
44,261 |
44,261 |
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Additional
paid-in capital |
48,137 |
48,134 |
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Retained
earnings |
143,612 |
128,844 |
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Evaluation
p/l on investments/securities |
18,811 |
19,861 |
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Others |
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1,044 |
(779) |
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Treasury
stock, at cost |
(22,270) |
(22,193) |
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TOTAL S/HOLDERS` EQUITY |
233,595 |
218,128 |
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TOTAL EQUITIES |
297,087 |
280,813 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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21,419 |
22,688 |
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Cash
Flows from Investment Activities |
-8,525 |
-16,826 |
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Cash
Flows from Financing Activities |
-6,059 |
-8,486 |
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Cash,
Bank Deposits at the Term End |
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46,121 |
39,249 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
233,595 |
218,128 |
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Current
Ratio (%) |
381.98 |
374.60 |
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Net
Worth Ratio (%) |
78.63 |
77.68 |
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Recurring
Profit Ratio (%) |
18.22 |
15.80 |
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Net Profit
Ratio (%) |
11.36 |
9.02 |
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Return
On Equity (%) |
8.64 |
7.09 |
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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%)