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Report Date : |
25.06.2013 |
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) : |
31.12.2012 |
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Date of Incorporation : |
April, 1965 |
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Com. Reg. No.: |
005846 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of capsules, capsule filling & sealing equipment |
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No. of Employees : |
304 |
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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Status : |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
QUALICAPS CO LTD
Qualicaps KK
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
Mfg of capsules, capsule filling & sealing equipment
Nil
At the caption address
Qualicaps Inc (USA); Qualicaps Europe SA (Spain), Rumania, Canada
(--subsidiaries)
TAKAYUKI KAWAMURA, PRES
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 9,460 M
PAYMENTS REGULAR CAPITAL Yen
2,833 M
TREND UP WORTH Yen 11,176 M
STARTED 1965 EMPLOYES 304
MFR OF GELATIN CAPSULES, CAPSULE FILLING MACHINED, OWNED BY CARLYLE GROUP, PRIVATE EQUITY FIRM.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
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.
The sales volume for Dec/2012 fiscal term amounted to Yen 9,460 million,
a 16% up from Yen 8,147 million in the previous term. The recurring profit was posted at 2,748
million and the net profit at Yen 1,408 million, respectively, compared with
Yen 1,286 million recurring profit and Yen 570 million net profit,
respectively, a year ago.
For the current term ending Dec 2013 the recurring profit is projected
at Yen 2,800 million and the net profit at Yen 1,500 million, respectively, on
a 5% rise in turnover, to Yen 9,950 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
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
2,833 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.
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,
DHC, 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
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual Sales |
|
9,950 |
9,460 |
8,147 |
6,317 |
|
Recur. Profit |
|
2,800 |
2,748 |
1,286 |
534 |
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Net Profit |
|
1,500 |
1,408 |
570 |
384 |
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Total Assets |
|
|
23,165 |
22,396 |
22,826 |
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Current Assets |
|
|
6,126 |
6,561 |
6,368 |
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Current Liabs |
|
|
4,667 |
3,263 |
2,782 |
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Net Worth |
|
|
11,176 |
10,503 |
9,930 |
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Capital, Paid-Up |
|
|
2,833 |
2,833 |
2,833 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.18 |
16.12 |
28.97 |
-2.58 |
|
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Current Ratio |
|
.. |
131.26 |
201.07 |
228.90 |
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N.Worth Ratio |
.. |
48.25 |
46.90 |
43.50 |
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R.Profit/Sales |
|
28.14 |
29.05 |
15.78 |
8.45 |
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N.Profit/Sales |
15.08 |
14.88 |
7.00 |
6.08 |
|
|
Return On Equity |
.. |
12.60 |
5.43 |
3.87 |
|
Note: Forecast (or estimated) for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
---- |
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.