MIRA
INFORM REPOR
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAKEDA PHARMACEUTICAL CO LTD |
|
|
|
|
Registered Office : |
4-1-1 Doshomachi Chuoku Osaka 540-8645 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
January, 1925 |
|
|
|
|
Com. Reg. No.: |
1200-01-077461 (Osaka-Chuoku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of pharmaceuticals
(Ethical Drugs) & Health-Care Foods products
|
|
|
|
|
No. of Employees : |
30,481 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Regular |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 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. Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has overturned his predecessor's plan to permanently close nuclear power plants
and is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government
revenue and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by the year 2015. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy.
|
Source
: CIA |
Company name & address
TAKEDA
PHARMACEUTICAL CO LTD
REGD NAME: Takeda Yakuhin Kogyo
KK
MAIN OFFICE: 4-1-1 Doshomachi
Chuoku Osaka 540-8645 JAPAN
Tel:
06-6204-2111
Fax: 06-6204-2880
E-Mail address: (thru the URL)
ACTIVITIES
Manufacturer of pharmaceuticals
(Ethical Drugs) & Health-Care Foods products
BRANCHES
Tokyo, Sapporo, Sendai, Yokohama, Nagoya, Kobe, Kyoto, Takamatsu,
Fukuoka, Hiroshima, Fukuoka, other (Tot 165)
OVERSEAS
USA (7), Canada, France, Italy, Germany, Austria, Switz, Spain,
Portugal, Ireland, Netherlands, Sweden, Turkey, China, Taiwan, Thailand,
Philippines, Indonesia, Singapore, Mexico (--subsidiaries), other (Tot 144
subsidiaries, and 18 equity-method affiliates, a total of 161 companies.
Company has operations in approx 70 countries & territories)
R&D CENTERS
Osaka, Fujisawa, USA (3), UK (2), Singapore
FACTORIES
Osaka, Hikari; Italy, Ireland, China, Indonesia, USA
CHIEF EXEC
YASUCHIKA HASEGAWA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,557,267 M
PAYMENTS REGULAR CAPITAL Yen 63,541 M
TREND STEADY WORTH Yen 2,223,359 M
STARTED 1925 EMPLOYES 30,481
COMMENT
PHARMACEUTICAL MFR.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Unit: Million Yen
Forecast (or
estimated) figures for 31/03/2014 fiscal term
HIGHLIGHTS
This is a top-ranked time-honored pharmaceutical mfr, dating back to
1781 when Chobei Takeda set up a small firm, on his own, for selling Japanese
& Chinese herbal medicine. In 1871,
formed a cooperative union for purchasing and importing Western medicines. In 1985, started import of Western
medicines. In 1895, began direct imports
from England, US, Germany, Spain, other.
In 1896, launched pharmaceutical mfg business. In 1907, obtained exclusive sales rights in
Japan for products from German company Bayer.
And in 1925 incorporated as Chobei Takeda & Co Ltd. The name changed as captioned in 1943. The subject steadily expanded its pharmaceutical
business and even began exports to US, Russia and China. Has strength in drugs for lifestyle-related
illness such as high blood pressure and diabetes. Leads others in genome research. In untapped markets, such as emerging
countries, expanding own sales network, while planning marketing of generic
products. Reportedly the firm will
launch four new overseas sales units in Mexico, Sweden, Belgium and Turkey by
the end of Oct 2009 and sell a range of products that includes its diabetes
medicine Actos. The company aims for a
turnaround from the March 2014 term through M&A of an anti-gout maker of
the US and marketing in emerging countries.
It will set up a private power generator at Osaka plant to cope with
power shortage. It will introduce a
system of sending young employees to up-and-coming countries. The company is shifting to IFRS from the
fourth quarter of the current term; as a result, some Yen 40 billion goodwill
amortization will not be posted, but other expenses will increase, with roughly
Yen 155 billion operating profit projected by the company. It will start drastic cost-cuts during the
term just like worldwide competitors.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 1,557,267
million, a 3.2% up from Yen 1,508,932 million in the previous term. A newly acquired Switzerland company helped
for the full term, but mounting goodwill amortization posted a burden. Diabetes drug sales in the US were being hit
by competition with generics. The
recurring profit was posted at Yen 113,168 million and the net profit at Yen
131,244 million, respectively, compared with Yen 270,330 million recurring
profit and Yen 124,162 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 125,000 million and the net profit at Yen 95,000 million, on a 2.1% rise
in turnover, to Yen 1,590,000 million.
Growing sales of diabetes and hyperlipidemia drugs in Japan and
increased exports to emerging countries will offset the impact of competition
with overseas generics. Material and
other costs will be slashed through concentration of material supplies, etc,
but suspension of marketing of a renal anemia treatment drugs will apply
pressure. Operating profit will edge up
at best. Net profit will drop without
temporary gain on tax refund.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jan 1925
Regd No.: 1200-01-077461 (Osaka-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3,500
million shares
Issued: 789,666,095
shares
Sum: Yen
63,541 million
Major shareholders (%): Nippon Life Ins (7.1), Japan Trustee Services T
(4.3), Master Trust Bank of Japan T (4.2), Takeda Science Foundation (2.2),
SSBT OD05 Omnibus Acct Treaty (2.1),
Barclays Securities Japan (1.5), State Street Bank & Trust 505225 (1.3),
Japan Trustee Services T9 (1.0), Chase London SL Omnibus Acct (1.0), SMBC
(0.9); foreign owners (28.0)
No. of shareholders: 269,303
Listed on the S/Exchange (s) of: Tokyo, Nagoya, Fukuoka, Sapporo
Managements: Yasuchika Hasegawa,
pres; Yasuhiko Yamanaka, mgn dir; Frank Morich, dir; Tadataka Yamada, dir;
Masato Iwasaki, dir; Shinji Honda, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies:
Takeda America Holdings
Inc, Takeda Europe Holdings Inc, Nihon Pharmaceutical Co, other
OPERATION
Activities: Manufactures
pharmaceuticals (Ethical Drugs) (90%), Health-care foods (4%), others (6%).
Overseas Sales Ratio (53%)
(Products by therapeutic category): For:
allergy, cardiovascular, central nervous system, diabetes,
gastrointestinal, gout, infection,
inflammation, interleukin, osteoporosis, urology & gynecology, vaccine,
vitamin, other.
Clients: [Pharmaceutical mfrs, wholesalers] Mediceo
Corp, Alfresa Corp, Astem Co, Vital Net Inc, Nakakita Co, other
No.
of accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Pfizer Japan Inc, Asuka Pharmaceutical Co, Senju Pharmaceutical
Co, Biofermin Pharmaceutical Co, Nihon Pharmaceutical Co, other.
Payment record: Regular
Location: Business
area in Osaka. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(Osaka)
MUFG
(Osaka-Chuo)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
||
|
INCOME
STATEMENT |
|
|
||||
|
|
Annual Sales |
|
1,557,267 |
1,508,932 |
||
|
|
Cost of Sales |
447,628 |
433,194 |
|||
|
|
GROSS PROFIT |
1,109,639 |
1,075,738 |
|||
|
|
Selling & Adm Costs |
987,134 |
810,711 |
|||
|
|
OPERATING PROFIT |
122,505 |
265,027 |
|||
|
|
Non-Operating P/L |
-9,337 |
5,303 |
|||
|
|
RECURRING PROFIT |
113,168 |
270,330 |
|||
|
|
NET PROFIT |
131,244 |
124,162 |
|||
|
BALANCE
SHEET |
|
|
|
|||
|
|
Cash |
|
289,613 |
214,885 |
||
|
|
Receivables |
|
345,532 |
344,679 |
||
|
|
Inventory |
|
229,531 |
195,014 |
||
|
|
Securities, Marketable |
258,092 |
240,740 |
|||
|
|
Other Current Assets |
332,313 |
283,678 |
|||
|
|
TOTAL CURRENT ASSETS |
1,455,081 |
1,278,996 |
|||
|
|
Property & Equipment |
511,101 |
488,702 |
|||
|
|
Intangibles |
|
1,689,735 |
1,516,247 |
||
|
|
Investments, Other Fixed Assets |
299,682 |
293,085 |
|||
|
|
TOTAL ASSETS |
3,955,599 |
3,577,030 |
|||
|
|
Payables |
|
118,692 |
101,950 |
||
|
|
Short-Term Bank Loans |
1,795 |
241,411 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
493,145 |
408,370 |
|||
|
|
TOTAL CURRENT LIABS |
613,632 |
751,731 |
|||
|
|
Debentures |
|
428,830 |
190,000 |
||
|
|
Long-Term Bank Loans |
111,329 |
111,393 |
|||
|
|
Reserve for Retirement Allw |
60,153 |
54,430 |
|||
|
|
Other Debts |
|
518,296 |
397,611 |
||
|
|
TOTAL LIABILITIES |
1,732,240 |
1,505,165 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common stock |
63,541 |
63,541 |
|||
|
|
Additional paid-in capital |
39,381 |
49,638 |
|||
|
|
Retained earnings |
2,243,113 |
2,254,075 |
|||
|
|
Evaluation p/l on
investments/securities |
77,960 |
87,046 |
|||
|
|
Others |
|
(200,049) |
(382,462) |
||
|
|
Treasury stock, at cost |
(587) |
(808) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
2,223,359 |
2,071,030 |
|||
|
|
TOTAL EQUITIES |
3,955,599 |
3,576,195 |
|||
|
CONSOLIDATED
CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
Cash Flows from Operating Activities |
|
307,709 |
336,570 |
||
|
|
Cash Flows from Investment
Activities |
-111,376 |
-1,093,964 |
|||
|
|
Cash Flows from Financing Activities |
-150,559 |
393,789 |
|||
|
|
Cash, Bank Deposits at the Term End |
|
545,580 |
454,247 |
||
|
ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||||
|
|
|
Net Worth (S/Holders' Equity) |
2,223,359 |
2,071,030 |
||
|
|
|
Current Ratio (%) |
237.13 |
170.14 |
||
|
|
|
Net Worth Ratio (%) |
56.21 |
57.91 |
||
|
|
|
Recurring Profit Ratio (%) |
7.27 |
17.92 |
||
|
|
|
Net Profit Ratio (%) |
8.43 |
8.23 |
||
|
|
|
Return On Equity (%) |
5.90 |
6.00 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
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.