MIRA INFORM REPORT
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Report Date : |
23.08.2011 |
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) : |
31.12.2010 |
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Date of Incorporation : |
April 1965 |
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Com. Reg. No.: |
(Nara-Yamatokoriyama) 005846 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of capsules,
capsule filling & 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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 113.7 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
--- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company name
QUALICAPS CO LTD
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
At the
caption address
OVERSEAS
Qualicaps
Inc (USA); Qualicaps Europe SA (Spain) (--subsidiaries)
OFFICERS
TAKAYUKI
KAWAMURA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,317 M
PAYMENTS REGULAR CAPITAL Yen 2,830 M
TREND SLOW WORTH Yen
7,566 M
STARTED 1965 EMPLOYES 293
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 113.7
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, Singe’s stocks were bought by Carlyle Group’s private equity firm, USA by means of MBO and its name was deleted from the corporate title and became independent as Qualicaps Co Ltd. The firm 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. They are imported, too.
FINANCIAL INFORMATION
The firm stopped releasing full financials as from the 31/12/2007 fiscal term and only partial figures are disclosed.
The sales volume for Dec/2010 fiscal term amounted to Yen 6,317 million, a 3% down from Yen 6,484 million in the previous term. The operations came back to profitability to post Yen 334 million net profit, compared with Yen 223 million net losses a year ago.
For the current term ending Dec 2011 the net profit is projected at Yen 390 million, on a 3% rise in turnover, to Yen 6,500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 113.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1965
Regd No (Nara-Yamatokoriyama) 005846
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
56,600 shares
Issued:
56,600 shares
Sum: Yen 2,830 million
*
Increased the capital in 2008.
Major shareholders (%): Carlyle Group*(100)
*.. Private equity finance 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, FNCL, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Eisai Co, Takeda Pharmaceutical, Nitta Gelatin, Shin-Etsu Chemical Ind, Rousselot Japan, Yamamoto Seiko, Eisai Machinery, Ono Pharmaceuticals, 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: |
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31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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6,500 |
6,317 |
6,484 |
6,983 |
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Recur.
Profit |
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Net
Profit |
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390 |
384 |
-223 |
-208 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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7,566 |
7,298 |
7,521 |
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Capital,
Paid-Up |
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2,830 |
2,830 |
2,830 |
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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 |
2.90 |
-2.58 |
-7.15 |
9.71 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
6.00 |
6.08 |
-3.44 |
-2.98 |
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Note:
Financials are only partially disclosed as from the 31/12/2007 fiscal term.
Forecast
(or estimated) for the 31/12/2011 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.95 |
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UK Pound |
1 |
Rs.75.76 |
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Euro |
1 |
Rs.66.01 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.