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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAIKYO SEIKO LTD |
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Registered Office : |
3-38-2 Sumida Sumidaku Tokyo 131-0031 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2012 |
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Date of Incorporation : |
May 1960 |
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Com. Reg. No.: |
0106-01-012331 (Tokyo-sumidaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of rubber stoppers for glass bottles
(pharmaceuticals), resin CZ |
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No. of Employees : |
568 employees |
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 487.0 Million |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
DAIKYO SEIKO LTD
KK Daikyo Seiko
3-38-2 Sumida
Sumidaku Tokyo 131-0031 JAPAN
Tel: 03-3614-5461 Fax: 03-3610-1241
URL: http://www.daikyoseiko.jp
E-Mail address: (thru the URL)
Mfg of
rubber stoppers for glass bottles (pharmaceuticals), resin CZ, other
Osaka
At the
caption address, Haneda (2), Sakae, Oomachi
NAOMICHI
SUDO, PRES Nobuo Sudo, v pres
Hiromi Taguchi, dir Hideyuki Sudo, dir
Yasushi
Kawauchi, dir Ken’ichi
Noto, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES GOOD A/SALES Yen 15,914 M
PAYMENTSREGULAR CAPITAL Yen
100 M
TREND UP WORTH Yen 13,830 M
STARTED 1960 EMPLOYES 568
MFR OF BOTTLE CLOSURES, RESIN CZ.
FINANCIAL SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS. MAX CREDIT LIMIT: YEN 487.0 MILLION, 30 DAYS NORMAL TERMS
The subject company was established by Naomichi Sudo in order to make most of his experience in the subject line of business, originally as Kanegafuchi Gomu Kaku Co Ltd. Renamed as captioned in 1993. This is a specialized mfr of rubber stoppers for glass bottles (flurotec closures), resin CZ for use in pharmaceutical and medical industries. The rubber stoppers are applied to the drug contact side of pharmaceutical closures. Holds about 70% market share in this field. Clients include pharmaceutical mfrs, medical industries, chemical industries, other.
Financials are only partially disclosed.
The sales volume for Oct/2011 fiscal term amounted to Yen 15,914 million, a 9% up from Yen 14,525 million in the previous term. Sales of flurotec closures (rubber stoppers for glass bottles) sold well as demand rose not only from pharmaceutical makers but also from other industries, such as beverage mfrs, food makers, other. The recurring profit was posted at Yen 2,712 million and the net profit at Yen 2,318 million, respectively, compared with Yen 2,168 million recurring profit and yen 1,212 million net profit, respectively, a year ago.
For the term that ended Aug 2012 the recurring profit was projected at Yen 2,800 million and the net profit at Yen 2,400 million, respectively, on a 5% rise in turnover, to Yen 16,700 million. Business is seen expanding steadily. Final results are yet to be released.
The financial situation is considered GOOD and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 487.0 million, on 30 days normal terms.
Date Registered: May
1960
Regd No.: 0106-01-012331 (Tokyo-sumidaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.2 million shares
Issued:
303,000 shares
Sum: Yen 100 million
Major shareholders (%): Naomichi Sudo (32.7), West
Pharmaceutical Services (25.0)
No. of shareholders: 16
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures flurotec closures (rubber stoppers for glass bottles), resin CZ, all used in pharmaceutical & medical industries: rubber stoppers for medical/pharmaceuticals (48%), rubber products for medical use (26%), plastic containers (26%).
Exports (45%)
Clients: [Mfrs, wholesalers] Asahi Kasei Pharma Co, Fuso Pharmaceutical Ind, Daiichi Sankyo Co, Takeda Pharmaceutical Co, Otsuka Pharmaceutical Co, Roche Novartis, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] ExxonMobil Corp, Zeon Corp, Mitsui Chemical Inc, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Oshiage)
MUFG (Mukojima)
Relations: Satisfactory
(In Million Yen)
|
|
|
31/10/2012 |
31/10/2011 |
31/10/2010 |
31/10/2009 |
|
Annual
Sales |
|
16,700 |
15,914 |
14,625 |
13,717 |
|
Recur.
Profit |
|
2,800 |
2,712 |
2,168 |
1,870 |
|
Net
Profit |
|
2,400 |
2,318 |
1,212 |
892 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
13,830 |
12,208 |
11,360 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
100.00 |
100.00 |
100.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.94 |
8.81 |
6.62 |
9.21 |
|
|
Current Ratio |
.. |
.. |
.. |
||
|
N.Worth Ratio |
.. |
.. |
.. |
||
|
N.Profit/Sales |
14.37 |
14.57 |
8.29 |
6.50 |
|
Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/10/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.