MIRA INFORM
REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
CHUGAI PHARMACEUTICAL CO LTD |
|
|
|
|
Registered Office : |
2-1-1
Nihombashi-Muromachi Chuoku Tokyo 103-8324 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
March
1943 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of prescription drugs |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 11,972.9 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Japan |
a1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
CHUGAI PHARMACEUTICAL CO LTD
REGD NAME
Chugai Seiyaku KK
MAIN OFFICE
2-1-1
Nihombashi-Muromachi Chuoku Tokyo 103-8324 JAPAN
Tel: 03-3273-0554 Fax: 03-3281-6607
URL: http://chugai-pharma.co.jp/
E-Mail address: ir@chugai-pharma.co.jp
ACTIVITIES
Mfg of prescription drugs
BRANCHES
Tokyo
(2), Sapporo, Sendai, Yokohama, Nagoya, Osaka, Kobe, Fukuoka, other
OVERSEAS
UK
(3), Germany, France (2), USA (3), China (3), Taiwan, Singapore, Korea
FACTORIES
Ukima,
Fujieda, Utsunomiya, Kamakura
CHIEF EXEC
OSAMU
NAGAYAMA, PRES
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 379,509 M
PAYMENTS REGULAR CAPITAL Yen 72,966 M
TREND SLOW WORTH Yen
449,394 M
STARTED 1943 EMPLOYES 6,635
COMMENT
MFR OF PRESCRIPTION DRUGS, UNDER ROCHE GROUP OF SWITZ.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 11,972.9 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/12/2012 fiscal term
HIGHLIGHTS
This is a major mfr of prescription drugs, originally started as drug
importer. In 1929, started domestic
production of drugs and achieved firm business base with hit products of tonic
drink “Guronsan” and home insecticide “Varsan” in early 1950’s. Moved under Roche group in 2002. Excels in developing new drugs using
biotechnology. Expanding sales of remedy
for new rheumatic arthritis Actemra jointly with Roche in France, Germany and
England. Known as distributor of
antiviral Tamiful.
FINANCIAL INFORMATION
The sales volume for Dec/2010 fiscal term amounted to Yen 379,509
million, an 11.5% down from Yen 428,947 million in the previous term. Sales of anti-influenza agent Tamiflu
declined as sharply as 76.1%, as the swine flu pandemic subsided. Excluding Tamiflu sales, which vary widely
year to year, sales rose 4.2% to a record Yen 357,400 million, after absorbing
the impact of a National Health Insurance (NHI) reimbursement price
revision. By Divisions, oncology Div up
14.1% to Yen 141,200 million; Bone & Joint Diseases Div up 8.7% to Yen
62,600 million; Renal Diseases Div down 5.9% to Yen 57,400 million, due to
lower sales of Epogin (a recombinant human erythropoietin) as a result of NHI
reimbursement price revision and more-intense competition; Transplant,
immunology & Infectious Diseases Div down 1.5% to Yen 25,800 million. The recurring profit was posted at Yen 65,088
million and the net profit at Yen 41,433 million, respectively, compared with
Yen 90,395 million recurring profit and Yen 56,634 million net profit,
respectively, a year ago.
(Jan/June/2011 results): Sales
Yen 181,938 million (down 0.2 %%), operating profit Yen 35,191 million (up
27.7%), recurring profit Yen 36,182 million (up 38.3%), net profit Yen 17,087
million (up 4.3%). (% compared with the
corresponding period a year ago). Sales
of anti-influenza agent Tamiflu declined 61.7% to Yen 4,600 million. After the exclusion of sales of Tamiflu and
other operating revenues, sales amounted to Yen 170,200 million, an increase of
0.9% on the year.
For the current term ending Dec 2011 the recurring profit is projected
at Yen 73,100 million and the net profit at Yen 37,000 million, on a 4.1% rise
in turnover, to Yen 395,200 million.
Sales of anti-cancer “Avastin” will grow, backed by increased use for
the treatment of colon cancer and expanded indication for lung cancer. Sales of a rheumatoid arthritis drug will
rally in the second half after temporary suspension of exports due to the
Earthquake. New drug licensing revenues
from the parent company will also help.
Extraordinary loss on earthquake damage, etc, will be Yen 10
billion. Production facilities at
Utsunomiya Plant, damaged by the Earthquake, will be mostly restored in Sept
2011 for Yen 6 billion.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen
11,972.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1943
Regd No.: (Tokyo-Chuoku) ^
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
799,805,050 shares
Issued: 559,685,050 shares
Sum: Yen 72,966 million
Major shareholders
(%):
Roche Pharmholding BV (50.8), Company’s Treasury Stock (2.7), Japan Trustee
Services Bank T (2.2), Master Trust Bank of Japan T (2.1), Tokio Marine &
Nichido Fire Ins (0.8), JP Morgan Chase Bank 385078 (0.8), JP Morgan Chase Bank
385078 (0.7), JP Morgan Securities Japan (0.7), Melon Bank Melon Omnibus USP
(0.6), State Street Bank & Trust 505225 (0.6); foreign owners (75.2)
No. of
shareholders: 46,937
Listed on the
S/Exchange (s) of: Tokyo
Managements: Osamu Nagayama,
pres; Motoo Ueno, v pres; Ryuzo Kodama, v pres; Tatsumi Yamazaki, v pres;
Tatsuro Kosaka, s/mgn dir; Mitsuo Ohashi, dir; Yasuo Ikeda, dir; Abraham E
Cohenk dir; William M Burns, dir; Pascal Soriot, dir
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
prescription drugs (100%).
(Sales by
Therapeutic Area): Oncology (42.1%), Bone & Joint Diseases
(20.0%), Renal Diseases (15.3%), Tamiflu & Others (22.6%).
Clients: [Mfrs,
wholesalers] Alfresa Corp, Mediceo Paltac Holdings, Suzuken Co, KSK, Toho
Pharmaceutical Co, other.
No. of accounts:
1,000-2,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] F Hoffman La Roche Ltd, Zenyaku Kogyo, Denki Kagaku Kogyo,
Mitsubishi Tanabe Pharma Factory Ltd, Eli Lilly Japan KK, other. .
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC
(H/O)
Resona
Bank (Tokyo-Chuo)
Relations:
Satisfactory
FINANCIALS
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
379,509 |
428,947 |
||
|
|
Cost of Sales |
162,417 |
192,851 |
|||
|
|
GROSS PROFIT |
217,091 |
236,095 |
|||
|
|
Selling & Adm Costs |
150,853 |
153,482 |
|||
|
|
OPERATING PROFIT |
82,512 |
82,613 |
|||
|
|
Non-Operating P/L |
-17,424 |
7,782 |
|||
|
|
RECURRING PROFIT |
65,088 |
90,395 |
|||
|
|
NET PROFIT |
41,433 |
56,634 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
76,212 |
106,978 |
||
|
|
Receivables |
|
113,391 |
121,607 |
||
|
|
Inventory |
|
104,884 |
92,641 |
||
|
|
Securities, Marketable |
59,699 |
52,157 |
|||
|
|
Other Current Assets |
32,351 |
37,919 |
|||
|
|
TOTAL CURRENT ASSETS |
386,537 |
411,302 |
|||
|
|
Property & Equipment |
87,954 |
93,663 |
|||
|
|
Intangibles |
|
2,362 |
3,244 |
||
|
|
Investments, Other Fixed Assets |
31,163 |
32,340 |
|||
|
|
TOTAL ASSETS |
508,016 |
540,549 |
|||
|
|
Payables |
|
19,489 |
34,263 |
||
|
|
Short-Term Bank Loans |
|
|
|||
|
|
Other Current Liabs |
35,091 |
66,219 |
|||
|
|
TOTAL CURRENT LIABS |
54,580 |
100,482 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
|
|
|||
|
|
Reserve for Retirement Allw |
2,596 |
2,709 |
|||
|
|
Other Debts |
|
1,445 |
2,671 |
||
|
|
TOTAL LIABILITIES |
58,621 |
105,862 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
72,966 |
72,966 |
|||
|
|
Additional
paid-in capital |
92,815 |
92,815 |
|||
|
|
Retained
earnings |
327,642 |
307,984 |
|||
|
|
Evaluation
p/l on investments/securities |
1,341 |
1,636 |
|||
|
|
Others |
|
(9,114) |
(4,441) |
||
|
|
Treasury
stock, at cost |
(36,256) |
(36,274) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
449,394 |
434,686 |
|||
|
|
TOTAL EQUITIES |
508,016 |
540,549 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
15,572 |
66,461 |
||
|
|
Cash Flows
from Investment Activities |
-20,192 |
-20,261 |
|||
|
|
Cash
Flows from Financing Activities |
-23,053 |
-22,251 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
65,143 |
94,478 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
449,394 |
434,686 |
||
|
|
|
Current
Ratio (%) |
708.20 |
409.33 |
||
|
|
|
Net
Worth Ratio (%) |
88.46 |
80.42 |
||
|
|
|
Recurring
Profit Ratio (%) |
17.15 |
21.07 |
||
|
|
|
Net Profit
Ratio (%) |
10.92 |
13.20 |
||
|
|
|
Return
On Equity (%) |
9.22 |
13.03 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.13 |
|
UK Pound |
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.