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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TAIHO PHARMACEUTICAL CO LTD |
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Registered Office : |
1-27 Kanda-Nishikicho Chiyodaku Tokyo 101-8444 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
June 1963 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures pharmaceuticals: anti-cancer drugs, anti-phychotic
drugs, health foods, health drinks, other |
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No. of Employees |
2,676 |
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 |
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Maximum Credit Limit : |
Yen 6,950.8 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
TAIHO PHARMACEUTICAL CO LTD
REGD NAME: Taiho
Yakuhin Kogyo KK
MAIN OFFICE: 1-27
Kanda-Nishikicho Chiyodaku Tokyo 101-8444 JAPAN
Tel:
03-3294-4527
*. The is one of its branch offices
URL: http://www.taiho.co.jp
E-Mail
address: (thru the URL)
Mfg of
pharmaceuticals, health foods & drinks
23
branches, 32 offices
Osaka,
other (Tot 5 factories)
MASAYUKI
KOBAYASHI, PRES Koichi Matsuda,
v pres
Naotaka
Nishiyama, s/mgn di Jun’ichi
Saruta, s/mgn dir
Teruhiro
Utsugi, dir Hiroki
Yamashita, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 125,002 M
PAYMENTS No complaints CAPITAL Yen 200 M
TREND UP WORTH Yen 330,764 M
STARTED 1963 EMPLOYES 2,676
MFR OF PHARMACEUTICALS, OWNED BY OTSUKA HOLDINGS CO LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: ESTIMATED AT YEN 6,950.8 MILLION, ON 30 DAYS
NORMAL TERMS.
The subject
company is a leading mfr of pharmaceuticals, owned by Otsuka Holdings Co Ltd
(See REGISTRATION). It specializes in mfg pharmaceuticals,
anti-cancer drugs as main stay, health foods and drinks. Clients are drug stores, pharmaceutical mfrs,
other, nationwide.
The sales
volume for Mar/2013 fiscal term amounted to Yen 125,002 million, a 1% up from
Yen 124,312 million in the previous term.
Health foods and drinks were in good demand. The recurring profit was posted at Yen 16,620
million and the net profit at Yen 11,164 million, respectively, compared with
Yen 17,848 million recurring profit and Yen 10,209 million net profit,
respectively, a year ago.
For the
term that ended Mar 2014 the recurring profit was projected at Yen 17,000
million and the net profit at Yen 12,000 million, respectively, on a 5% rise in
turnover, to Yen 131,000 million. Final
results are yet to be released.
The
financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,950.8
million, on the normal 30 days terms.
Date Registered: Jun 1963
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.6 million shares
Issued:
0.4 million shares
Sum: Yen 200 million
Major shareholders (%):
Otsuka Holdings Co Ltd* (100)
*.. Fifth ranked pharmaceutical
maker, Tokyo, founded 2008, capital Yen 81,690 million, listed Tokyo E/E, sales
Yen 1,218,055 million, operating profit Yen a69,660 million, recurring profit
Yen 184,462 million, net profit Yen 122,429 million, total assets Yen 1,884,096
million, net worth Yen 1,426,832 million, employees 28,322, pres Tatsuo Higuchi
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures pharmaceuticals:
anti-cancer drugs, anti-phychotic drugs, health foods, health drinks, other
(--100%)
Clients: [Mfrs, wholesalers] Alfresa Corp,
Medifal Holdings Corp, Toho Pharmaceutical Co, Suzuken Co, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Helsinn Birex
Pharmaceuticals, Toyama Chemical Co, Otsuka Chemical Co, Daisho Glass, other
Payment record: No
complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Resona
Bank (Tokyo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
131,000 |
125,002 |
124,312 |
123,582 |
|
Recur.
Profit |
|
17,000 |
16,620 |
17,848 |
17,220 |
|
Net
Profit |
|
12,000 |
11,164 |
10,209 |
12,128 |
|
Total
Assets |
|
|
363,641 |
359,792 |
354,882 |
|
Current
Assets |
|
|
252,579 |
250,410 |
|
|
Current
Liabs |
|
|
25,261 |
26,512 |
|
|
Net
Worth |
|
|
330,764 |
324,005 |
319,333 |
|
Capital,
Paid-Up |
|
|
200 |
200 |
200 |
|
Div.P.Share(¥) |
|
|
13,750.00 |
12,500.00 |
15,000.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.80 |
0.56 |
0.59 |
2.37 |
|
|
Current Ratio |
|
.. |
999.88 |
944.52 |
.. |
|
N.Worth Ratio |
.. |
90.96 |
90.05 |
89.98 |
|
|
R.Profit/Sales |
|
12.98 |
13.30 |
14.36 |
13.93 |
|
N.Profit/Sales |
9.16 |
8.93 |
8.21 |
9.81 |
|
|
Return On Equity |
.. |
3.38 |
3.15 |
3.80 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
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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 sum |
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.