MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
QUALICAPS CO LTD |
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Registered Office : |
321-5 Ikezawacho Yamatokoriyama Nara City 639-1032 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
April 1965 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacture of Capsules, Capsule Filling and Sealing Equipment |
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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Maximum Credit Limit : |
YEN 152.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
QUALICAPS CO LTD (SHIONOGI SOLD THE STOCK AND ITS NAME WITHDRAWN)
REGD NAME: Qualicaps KK
MAIN OFFICE: 321-5 Ikezawacho
Yamatokoriyama Nara City 639-1032 JAPAN
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 (Spain) (--subsidiaries)
OFFICERS
TAKAYUKI KAWAMURA, PRES
Tamotsu Adachi, dir
Takao Tomioka, dir
Takaomi Satoh, dir
Hiroshi Kawahara, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,365 M
PAYMENTS REGULAR CAPITAL Yen 1,809 M
TREND STEADY WORTH Yen 11,897 M
STARTED 1965 EMPLOYES 230
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 152.8 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, Osaka, for advancing into mfg gelatin capsules and capsule filling machines for the pharmaceutical & dietary supplement industries. In Dec 2005, Shinogi’s stocks were bought by Carlyle Group, private equity firm, USA by means of MBO and its name was deleted from the corporate title and became independent as Qualicaps Co Ltd. Specializes in mfg hard gelatin capsules, HPMC capsules, capsule filling & sealing equipment. Two overseas subsidiaries in USA and Spain are also engaged in mfg of these capsules.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 6,365 million, a 3% up from Yen 6005 in the previous term. The operations dipped into the red to post Yen 203 million net losses for the term. It is blamed to the hike in fuel oil & materials costs, according to the treasurer. The firm has not disclosed full financials for this term, only except these numbers.
For the current term ending Dec 2008 the operations are expected to come back profitability to post Yen 180 million net profit, on a 4% rise in turnover, to Yen 6,600 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 152.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1965
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 36,180 shares
Issued: 136,180 shares
Sum: Yen 1,809 million
* Increased the capital in 2007.
Major shareholders (%)
Carlyle Group*(100)
*.. Private equity firm, USA with its office in Tokyo
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 Japan, Yamamoto Seiko, other.
Payment record
Regular
Location
Business area in Yamatokoriyama City, Nara-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
JP Morgan Bank (Tokyo)
SMBC (Osaka)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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6,365 |
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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-208 |
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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10,088 |
10,296 |
9,823 |
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Capital,
Paid-Up |
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11,897 |
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 |
6.00 |
51.56 |
-32.19 |
0.74 |
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Current Ratio |
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908.08 |
616.59 |
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N.Worth Ratio |
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41.15 |
39.89 |
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R.Profit/Sales |
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.. |
2.01 |
.. |
.. |
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N.Profit/Sales |
-3.27 |
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 for the
31/12/2007 fiscal term.
Forecast (or estimated) for the 31/12/2008 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%)