MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
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) : |
31.05.2007 |
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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 797.9 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
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.co.jp/
E-Mail address:kyoritsu@kyoritsuseiyaku.co.jp
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 16,296 M
PAYMENTS REGULAR CAPITAL Yen 55 M
TREND STEADY WORTH Yen 11,328 M
STARTED 1955 EMPLOYES 252
COMMENT
TRADING
HOUSE SPECIALIZING IN VETERINARY MEDICINES.
FINANCIAL
SITUATION CONSIDERED FAIR TO GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 797.9 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/2007 fiscal term amounted to Yen 16,296 million, a 9% up from Yen 14,929 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 2,056 million and the net profit at Yen 11,218 million, respectively, compared with Yen 2,002 million recurring profit and Yen 1,100 million net profit, respectively, a year ago.
For the term just ended May 2008 the recurring profit was projected at Yen 2,400 million and the net profit at Yen 1,400 million, respectively, on a 13% rise in turnover, to Yen 18,400 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 797.9 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: 10
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, Suntory Ltd, 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 (Kudan)
MUFG (Shin-Marunouchi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/05/2008 |
31/05/2007 |
31/05/2006 |
31/05/2005 |
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Annual
Sales |
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18,400 |
16,296 |
14,929 |
13,505 |
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Recur.
Profit |
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2,400 |
2,056 |
2,002 |
1,451 |
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Net
Profit |
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1,400 |
1,238 |
1,100 |
964 |
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Total
Assets |
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15,239 |
15,031 |
14,861 |
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Current
Assets |
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9,641 |
9,518 |
9,107 |
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Current
Liabs |
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1,684 |
2,220 |
2,508 |
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Net
Worth |
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11,328 |
10,199 |
9,253 |
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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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1000.00 |
1000.00 |
500.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
12.91 |
9.16 |
10.54 |
3.48 |
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Current Ratio |
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.. |
572.51 |
428.74 |
363.12 |
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N.Worth Ratio |
.. |
74.34 |
67.85 |
62.26 |
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R.Profit/Sales |
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13.04 |
12.62 |
13.41 |
10.74 |
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N.Profit/Sales |
7.61 |
7.60 |
7.37 |
7.14 |
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Return On Equity |
.. |
10.93 |
10.79 |
10.42 |
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Notes: Forecast (or estimated) figures for the 31/05/2008
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%)