MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
AJINOMOTO INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
123/1, Poonamalle High Road, Chennai – 600077, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.10.2003 |
|
|
|
|
Com. Reg. No.: |
18-051710 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 160.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15495TN2003PTC051710 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA4116A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the business of Import and Repackaging of Mono Sodium Glutamate
(MSG), Ajitide (I+G) and Aspartame and also engaged Processing and Selling a
Masala Product. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 376000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of “AJINOMOTO CO (THAILAND) LIMITED”. It is an established company having a moderate track record. There
appears some accumulated losses recorded by the company. However, capital base is good. The company gets strong support from
its holding company. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with slight
caution. |
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 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-44-26801400]
LOCATIONS
|
Registered Office/ Factory : |
123/1, Poonamalle High Road, Chennai – 600077, Tamilnadu, India |
|
Tel. No.: |
91-44-26801400/ 29042001/ 29042002 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Chennai Office : |
No. 19, M.M. Tower, Kaveri Nagar, Madhiravedu, Velappanchavadi,
Chennai – 600077, Tamilnadu, India |
|
Tel. No.: |
91-44-26801400/ 26801500 |
|
Fax No.: |
91-44-26802050 |
|
Email : |
|
|
|
|
|
Sales Depots : |
Located at: Ř Guwahati Ř Delhi |
DIRECTORS
AS ON 22.08.2012
|
Name : |
Mr. Thangavelu Manoharan |
|
Designation : |
Managing director |
|
Date of Birth/Age : |
01.10.1953 |
|
Qualification : |
Graduate in Science |
|
Experience : |
37 Years |
|
Date of Appointment : |
11.11.2003 |
|
DIN No.: |
00696789 |
|
|
|
|
Name : |
Mr. Nishii Motoaki |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.08.1960 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
03573896 |
|
|
|
|
Name : |
Mr. Kurosaki Masayoshi |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.04.1960 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
03575885 |
|
|
|
|
Name : |
Mr. Ichiro Nishimura |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.06.1963 |
|
Qualification : |
Graduate |
|
Experience : |
25 Years |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
03575887 |
|
|
|
|
Name : |
Mr. Yoichiro Togashi |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.02.1954 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
03575892 |
KEY EXECUTIVES
|
Name : |
Katsuo Hamano |
|
Designation : |
General Manager Sales |
|
|
|
|
Name : |
Yoshinari Yusuke |
|
Designation : |
General Manager
Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ajinomoto Company (Thailand) Limited, Thailand |
|
14400000 |
|
Ajinomoto Company Inc. Tokyo, Japan |
|
1600000 |
|
|
|
|
|
Total |
|
16000000 |
AS ON 21.03.2013
|
Names of Allottees |
|
No. of Shares |
|
Ajinomoto Company (Thailand) Limited, Thailand |
|
36900000 |
|
Ajinomoto Company Inc. Tokyo, Japan |
|
4100000 |
|
|
|
|
|
Total |
|
41000000 |
AS ON 22.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of Import and Repackaging of Mono Sodium
Glutamate (MSG), Ajitide (I+G) and Aspartame and also engaged Processing and
Selling a Masala Product. |
|
|
|
|
Brand Name : |
Hapima |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Monosodium Glutamate |
MT |
3,027.99 |
|
Ajitide (I+G) |
MT |
159.44 |
|
Aspartame |
MT |
4 |
Note:
Licensed capacity and
Installed capacity not applicable as it is a repacking unit.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Ghatalia
and Associates Chartered Accountants |
|
Address : |
Tidel Park, A
Block, 6 & 7TH Floor, No. 4, Rajiv Gandhi Salai, Taramani,
Chennai - 600113, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFS6921Q |
|
|
|
|
Holding
Company : |
Ajinomoto Company (Thailand) Limited |
|
|
|
|
Ultimate
Holding Company : |
Ajinomoto Company, Inc. Japan |
|
|
|
|
Fellow
Subsidiaries : |
Sanghai Ajinomoto Seasoning Company
Limited |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives |
Abirami Container Carriers |
CAPITAL STRUCTURE
AS ON 22.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 570.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 570.000 Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 160.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
160.000 |
160.000 |
160.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(66.021) |
(13.733) |
(60.303) |
|
|
NETWORTH |
93.979 |
146.267 |
99.697 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.742 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3.742 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
97.721 |
146.267 |
99.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
32.841 |
26.041 |
11.571 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
103.083
|
75.226 |
44.471 |
|
|
Sundry Debtors |
14.209
|
70.065 |
61.053 |
|
|
Cash & Bank Balances |
91.005
|
99.477 |
91.045 |
|
|
Other Current Assets |
1.066
|
1.292 |
0.000 |
|
|
Loans & Advances |
57.139
|
43.678 |
31.990 |
|
Total
Current Assets |
266.502
|
289.738 |
228.559 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
125.733 |
|
|
Other Current Liabilities |
197.871
|
163.318 |
9.171 |
|
|
Provisions |
3.751
|
6.194 |
5.529 |
|
Total
Current Liabilities |
201.622
|
169.512 |
140.433 |
|
|
Net Current Assets |
64.880
|
120.226 |
88.126 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
97.721 |
146.267 |
99.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
406.700 |
483.000 |
382.995 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
453.500 |
433.000 |
339.572 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(46.800) |
50.000 |
(Including
Financial Expenses) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.100 |
0.620 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(46.900) |
49.380 |
43.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.500 |
2.040 |
1.317 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(50.400) |
47.340 |
42.106 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.900 |
0.740 |
0.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(52.300) |
46.600 |
41.679 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(13.700) |
(60.303) |
(101.982) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(66.000) |
(13.700) |
(60.303) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy charges |
9.737 |
11.455 |
11.273 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Monosodium Glutamate |
235.732 |
205.105 |
185.427 |
|
|
|
Ajitide (I+G) |
49.953 |
118.086 |
56.158 |
|
|
|
Aspartame |
2.825 |
3.384 |
1.301 |
|
|
|
TF 001 (Raw material for Masala product) |
0.217 |
0.180 |
0.000 |
|
|
TOTAL IMPORTS |
288.727 |
326.755 |
242.886 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.27) |
2.91 |
2.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(12.86)
|
9.65 |
10.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.84)
|
14.99 |
17.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.54)
|
0.32 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.71 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans repayable on demand from Banks |
3.742 |
0.000 |
|
Total |
3.742 |
0.000 |
Note:
The registered office of the company has been shifted from No. 25, Anna
Salai, Saidapet, Chennai – 600015, Tamilnadu, India to the present
w.e.f.01.12.2006
CORPORATE INFORMATION
Subject is a
subsidiary of Ajinomoto Co (Thailand) Limited. The Company was incorporated
under the Companies Act, 1956 on October 7, 2003. The Company is in the
business of import and repackaging of Mono Sodium Glutamate (MSG), Ajitide
(I+G) and Aspartame. MSG and Ajitide (I+G) is a general food seasoning widely
used in food products as a taste enhancer whereas Aspartame is a sweetener
which is used in food stuffs like drinks, desserts and sweets The Company is
also processing and selling a masala product under the brand name Hapima The
Head office of the Company is located in Chennai and it has sales depots in
Guwahati and Delhi.
PERFORMANCE
During the year
due to severe damage in the factory building, the production was affected for
two months which in turn has affected the sales. The new food regulation by the
government of India had delayed the clearance of the shipment from the Port by
a month also has added to less sales which has adversely affected the turn over
from the previous year's Rs.483.000 million to Rs.407.000 million during 2011
12. The 25% increase in the supply price of MSG from Ajinomoto Thailand due to
the increase in their cost of production along with weakening of Indian rupees
against the U.S. Dollar by 29% has reduced the gross profit of the company from
Rs.46.000 million in the year 2010 11 to a net loss of Rs.52.000 million in the
year 2011 12. The sale price of I+G which was around Rs.950/kg during 2010 11
has reduced to Rs.670/kg during 2011 12 due to steep competition from China and
Indonesia. The market share has also suffered a setback due to acute
competition by importers of Chinese material. Hence the sales turn over and the
profit has taken a dent during this year.
PROSPECTS /
EXPANSION
Long term scene
for MSG and I+G is encouraging. The company continues its emphasis on quality and
brand image to the customers. The Company also continues to reduce the cost by
upgrading and modernizing the repacking machineries and improving the yield.
The company is also developing new variants of masala product like Chicken 65
and Sambar masala. The efforts to increase the sales by bringing new products
like noodles are going on. The company expects the product diversification and
new product introduction will result in the improvement of company's
performance during the current financial year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Disputed Excise duty demands |
3.324 |
2.538 |
|
Disputed Sales tax demands |
15.726 |
15.726 |
|
Total |
19.050 |
18.264 |
FIXED ASSETS:
Ř Plant and
machinery
Ř Computers
Ř Office equipment
Ř Furniture and
fixtures
Ř Vehicles
Ř Technology License
Fees
WEBSITE DETAILS:
PRESS RELEASE:
AJINOMOTO PHARMACEUTICALS AND YOSHINDO SIGN A JOINT VENTURE AGREEMENT UNDER A STRATEGIC ALLIANCE
TOKYO, December 25, 2012 - Yoshindo Inc. (President, Kenzo Shimomura; Headquarters, Toyama City, Toyama, Japan; hereinafter “Yoshindo”) and Ajinomoto Pharmaceuticals Company Limited (President, Tomoyasu Toyoda; Headquarters, Chuo-ku, Tokyo, Japan; hereinafter “Ajinomoto Pharmaceuticals”) a 100%-owned subsidiary of Ajinomoto Company, Inc. announce today that the two companies signed today an agreement to establish a joint venture by spin-off of the infusion and dialysis BUs of Ajinomoto Pharmaceuticals aiming for further growth in the infusion and dialysis areas and contribution to the therapies in these areas.
1. Background and purpose of the joint venture
Yoshindo has provided high quality generics under a R&D, manufacturing and marketing
system that comprehensively covers from drug substances through final products
and strengthened the strategy to widen its business scope to be an
“indispensable drug manufacturer”.
Pharmaceutical business of the Ajinomoto Group started with amino acids for
medical use. Ajinomoto Pharmaceuticals was inaugurated in 2010 and has
strengthened its business as a “specialty pharmaceutical company” focused on
gastrointestinal area.
Ajinomoto Pharmaceuticals has worked on a reform of its infusion and dialysis
business and studied on feasibility of a collaborative partnership for further
growth in these areas with Yoshindo. The two companies have come to share the
thoughts that maximum use of the assets that Ajinomoto Pharmaceuticals owns in
the infusion and dialysis sectors utilizing the streamlined business operation
system of Yoshindo will develop the infusion and dialysis business and increase
the corporate values of both companies and concluded this joint venture
agreement.
Yoshindo comments that the addition of the infusion and dialysis products to
the existing portfolio will strengthen its commitment to meet the needs in
healthcare to be an “indispensable drug manufacturer”. Ajinomoto
Pharmaceuticals will further strengthen its focus on the gastrointestinal area
to be a “specialty pharmaceutical company”. The two companies expect that the
joint venture agreement will be the starting point for pursuing a wide range of
synergies and business growth of both companies.
2. Details of the agreement
|
(1) |
Date of signature: |
December 25, 2012 |
|
(2) |
Name of the joint venture: |
AY Pharma Company Limited (tentative name) |
|
(3) |
Establishment: |
July 1, 2013 (scheduled) |
|
(4) |
Capital: |
100 million yen |
|
(5) |
Capitalization ratio: |
Yoshindo 51%, Ajinomoto Pharmaceuticals 49% |
|
(6) |
Headquarters: |
Chuo-ku, Tokyo |
|
(7) |
Representative: |
President Fumimasa Sato (current Senior Vice President of Ajinomoto Pharmaceuticals Company Limited) |
|
(8) |
Members of the board: |
4 persons (2 from Yoshindo, 2 from Ajinomoto Pharmaceuticals) |
|
(9) |
Employees: |
About 700 people |
|
(10) |
Business area: |
Manufacture and R&D of infusion and dialysis pharmaceutical products |
Sales in Japan are undertaken by Yoshindo, and sales outside Japan are
undertaken by Ajinomoto Pharmaceuticals.
3. Basic strategies of the joint venture
Increase profitability and stable growth of the business and contribute to the
therapies in the infusion and dialysis areas under the following basic
strategies:
(1) Implement the management to make maximum use of the business assets of
Ajinomoto Pharmaceuticals utilizing the streamlined operation system of
Yoshindo
(2) Strengthen the marketing ability by reinforcing Yoshindo’s sales and
marketing functions
(3) Launch new products and increase market share through aggressive
investments on facilities and R&D.
Yoshindo and Ajinomoto Pharmaceuticals will strive to increase corporate values
of both companies through the above activities.
Reference data
Outline of Yoshindo Inc.
|
Representative: |
President Kenzo Shimomura |
|
Place of business: |
3697－8 Haginoshima, Fuchu-machi, Toyama City, Toyama |
|
Established: |
1962 (founded in 1929) |
|
Sales: |
15.3 billion yen (FY 2011) |
|
Employees: |
About 500 people |
|
Business area: |
R&D, manufacture and marketing of drug substances and prescription medicines |
Outline of Ajinomoto Pharmaceuticals Company Limited
|
Representative: |
President Tomoyasu Toyoda |
|
Place of business: |
2-1-1 Irifune, Chuo-ku, Tokyo |
|
Established: |
April 1, 2010 |
|
Sales: |
77.9 billion yen (FY 2011, consolidated pharmaceutical segment’s sales of Ajinomoto Company, Inc.) |
|
Employees: |
About 2000 people |
|
Business area: |
R&D, manufacture and marketing of prescription medicines, marketing of medical foods |
AJINOMOTO TO EXPAND AND STRENGTHEN CONSUMER FOODS BUSINESS IN NORTH AMERICA WITH INTEGRATED OPERATION OF SHELF STABLE AND FROZEN FOODS BUSINESSES NET SALES TARGET OF APPROXIMATELY JPY 26 BILLION IN FISCAL 2020
TOKYO, January 10, 2013 - Ajinomoto Company, Inc. (Ajinomoto Company; President: Masatoshi Ito; Head Office: Tokyo, Japan) will integrate the development, marketing and sales operations of Ajinomoto Frozen Foods U.S.A., Inc. (AFU; Oregon) into the Consumer Foods Division of U.S. subsidiary Ajinomoto North America, Inc. (AJINA; New Jersey). At the beginning of April 2013, seasonings, processed foods, and frozen foods businesses will operate under one structure. Ajinomoto Co. will strengthen the consumer foods business in North America, targeting expansion of retail sales channels, adopting AFU’s successful business model in which local staff has led development and sales of products tailored to American tastes.
With this reorganization, AJINA’s Consumer Foods Division will be relocated from Los Angeles to Portland, Oregon. AFU will become a manufacturer of frozen foods mainly for the North American market.
North America is the world’s largest market for consumer foods, with annual
sales of JPY 63 trillion (2011, Ajinomoto Company estimate). The market has
grown at a steady rate of 1% annually over the last five years. Ajinomoto
Company intends to expand this business by applying the successful model used
in the frozen foods business to expedite development and sale of products that
closely match the tastes of local consumers. Its target is to increase net
sales in the consumer foods business in North America to approximately $300
million (approximately JPY 26 billion) by fiscal 2020.
Strengthening and growing the overseas consumer foods business is one of the
key principles of the 2011-2013 Medium-Term Management Plan aimed at making
Ajinomoto a genuine global company. This integration has been positioned as an
initial measure to display synergy that makes the most of both parties’
strengths. It will further advance business coordination between seasonings,
processed foods, and the frozen foods businesses.
Business Development in North America
Ajinomoto has a long history in North America, as it was the first overseas region entered after the company’s founding in 1909. The New York Representative Office opened in 1917 and Ajinomoto U.S.A., Inc. was established in 1956. In addition to manufacture and sales of consumer foods, Ajinomoto’s operations in North America include manufacturing, import, export and sales of amino acids for applications in processed foods, animal feed, pharmaceuticals and chemicals. Of the JPY 192.6 billion in net sales generated by the Ajinomoto Group’s overseas consumer foods business (the shelf stable and frozen foods businesses) in fiscal 2011, North America accounted for approximately 4%, of which frozen foods comprised roughly 80 percent and shelf stable foods at 20 percent.
AJINOMOTO COMPANY ESTABLISHES JOINT VENTURE FOR
MANUFACTURING AND SALES OF SERUM FREE MEDIUM FOR BIOPHARMACEUTICALS
Located in the
Incheon Free Economic Zone in South Korea, Asia’s largest biotech cluster
Tokyo, November 15, 2012 - Ajinomoto Company, Inc (Ajinomoto Company ; President: Masatoshi Ito, Head Office: Tokyo, Japan) announced today that it concluded a joint venture agreement on Nov 15th 2012 with Genexine Company Limited, (Genexine Company KOSDAQ listed company, South Korea), to establish a new joint venture company in the Incheon Free Economic Zone in Incheon Metropolitan City in South Korea. This new company, which will be established by the end of November, will commence manufacturing of cell culture media used for the production of biopharmaceuticals in the 1st half of our fiscal year 2014.
Ajinomoto Company launched the first serum free medium as Ajinomoto Serum Free
(ASF) medium in 1987 utilizing the proprietary fermentation and amino acids
technology. ASF medium is a high quality, high specification and unique culture
medium suitable for various types of cells.
In line with the growth of demand for biopharmaceutical products, the market
for cell culture media is also expanding rapidly, especially in the Asian
market. By establishing a new GMP manufacturing facility for cell culture media
in South Korea, which is the largest target market in Asia, to supplement the
existing supply of cell culture medium, Ajinomoto Company will be able to
ensure the stable supply of serum free medium for the future, and satisfy the
growing demand of cell culture media.
Genexine Company is a biotechnology company specialized in long acting antibody
fusion protein therapeutics utilizing their cutting edge platform technology.
Ajinomoto Co has been developing new formulations of cell culture medium for
biopharmaceutical manufacturing together with Genexine Company since March
2011.
Ajinomoto Company will continue to expand the business field of amino acids by
adding value to amino acids products as the No.1 leading amino acids supplier.
Overview of the New Company
|
(1) |
Name: |
Ajinomoto Genexine Company Limited |
|
(2) |
Capital: |
35,700 million Korean Won (approx. JPY 2,500 million) |
|
(3) |
Equity ownership: |
Ajinomoto Company, Inc.: 75 % Genexine Company Limited: 25% |
|
(4) |
Location: |
Incheon Free Economic Zone, Incheon metropolitan city, Korea |
|
(5) |
Establishment: |
November 2012 (scheduled) |
|
(6) |
Representative: |
Kiyohiko Nishi, President |
|
(7) |
Employees: |
20 person (estimated) |
|
(8) |
Business: |
Manufacturing and sales of cell culture media |
About Ajinomoto Company
Ajinomoto Company is a global manufacturer of high-quality seasonings,
processed foods, beverages, amino acids, pharmaceuticals and specialty
chemicals. For many decades Ajinomoto Company has contributed to food culture
and human health through wide-ranging application of amino acid technologies.
Today, the company is becoming increasingly involved with solutions for
improved food resources, human health and global sustainability. Founded in
1909 and now operating in 26 countries, Ajinomoto Company had net sales of JPY
1,197.3 billion (USD 15.1 billion) in fiscal 2011.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.78 |
|
|
1 |
Rs. 83.38 |
|
Euro |
1 |
Rs. 70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.