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Report No. : |
317237 |
|
Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIONOGI & CO LTD |
|
|
|
|
Registered Office : |
3-1-8 Doshomachi Chuoku Osaka 541-0045 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
June, 1919 |
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|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
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Line of Business : |
Manufactured of Pharmaceuticals. |
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|
|
|
No. of Employees : |
6,190 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Yen 5,250.3 Million |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
SHIONOGI & CO LTD
REGD NAME: Shionogi
Seiyaku KK
MAIN OFFICE: 3-1-8
Doshomachi Chuoku Osaka 541-0045 JAPAN
Tel: 06-6202-2161 Fax: 06-6229-9596 -
URL: http://www.shionogi.co.jp
E-Mail address: (thru the URL)
Mfg of
pharmaceuticals
Tokyo, Nagoya,
Fukuoka, Sapporo, other (Tot 11)
China, Taiwan
Osaka, Iwate
ISAO TESHIROGI,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 289,717 M
PAYMENTSREGULAR CAPITAL Yen
21,279 M
TREND UP WORTH Yen
472,412 M
STARTED 1919 EMPLOYES 6,190
MFR OF PHARMACEUTICALS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 5,250.3 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
282,350
|
45,176
|
20,026
|
(%) |
328,096
|
|
(Consolidated) |
31/03/2012 |
267,275
|
46,093
|
27,101
|
-5.34
|
347,198
|
|
|
31/03/2013 |
282,903
|
58,922
|
66,727
|
5.85 |
423,633
|
|
|
31/03/2014 |
289,717
|
63,906
|
41,831
|
2.41 |
472,412
|
|
|
31/03/2015 |
273,000
|
58,000
|
30,000
|
-5.77
|
.. |
Unit: In Million Yen
Forecast
figures for the 31/03/2015 fiscal term.
This is the major pharmaceutical
mfr with anti-hyperlipidemia as mainline in world, and highly reliant of
antibiotic drugs. Founded in 1978 as wholesaler of Japanese & Chinese
herbal medicines in Osaka. Accelerating overseas business mainly in the US and
China.
The sales volume
for Mar/2014 fiscal term amounted to Yen 289,717 million, a 2.4% up from Yen
282,903 million in the previous term. The recurring profit was posted at Yen
63,906 million and the net profit at Yen 41,831 million, respectively, compared
with Yen 58,922 million recurring profit and Yen 66,727 million net profit,
respectively, a year ago.
(Apr/Dec/2014
results): Sales Yen 200,269 million (down 8.2%), operating profit Yen 38,066
million (down 26.1%), recurring profit Yen 51,722 million (up 3.5%), net profit
Yen 26,261 million (down 27.4%). (% as
compared with the corresponding period a year ago)
For the term that
ended Mar 2015 the recurring profit was projected at Yen 58,000 million and the
net profit at Yen 30,000 million, respectively, on a 5.6% fall in turnover, to
Yen 273,500 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 5,250.3 million, on 30 days normal terms.
Date
Registered: Jun 1919
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
1,000 million shares
Issued: 351,136,165
shares
Sum: Yen
21,279 million
Major
shareholders (%): Master Trust Bank of Japan T (7.3), Sumitomo Life Ins (5.2), JP Morgan
Chase Bank 385147 (4.9), Japan Trustee Services T (4.6), Company’s Treasury
Stock (4.6), other; foreign owners (38.4)
No.
of shareholders: 24,327
Listed on the S/Exchange (s) of: Tokyo
Managements: Motozo Shiono,
ch; Isao Teshirogi, pres; Akio Nomura, dir; Teppei Mogi, dir; Katsuhiko
Machida, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Shionogi Pharma Chemical, Shionogi Inc, other.
Activities: Manufactures
pharmaceuticals and related areas (99%), others (1%
Overseas
Sales Ratio (34%)
Clients: [Mfrs,
wholesalers] Suzuken, Toho Pharma, Alfresa, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Eli Lilly Export,
Kaneka Corp, other
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Osaka)
Resona Bank (Tokyo)
Relations: Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
|
289,717 |
282,903 |
|
|
Cost of Sales |
77,993 |
78,574 |
|
|
|
GROSS PROFIT |
211,724 |
204,329 |
|
|
|
Selling & Adm Costs |
148,167 |
144,764 |
|
|
|
OPERATING PROFIT |
63,556 |
59,565 |
|
|
|
Non-Operating P/L |
350 |
-643 |
|
|
|
RECURRING PROFIT |
63,906 |
58,922 |
|
|
|
NET PROFIT |
41,831 |
66,727 |
|
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
34,238 |
21,575 |
|
|
Receivables |
64,290 |
67,908 |
|
|
|
Inventory |
48,369 |
49,326 |
|
|
|
Securities, Marketable |
80,100 |
84,432 |
|
|
|
Other Current Assets |
26,133 |
43,604 |
|
|
|
TOTAL CURRENT ASSETS |
253,130 |
266,845 |
|
|
|
Property & Equipment |
78,976 |
78,473 |
|
|
|
Intangibles |
72,824 |
70,464 |
|
|
|
Investments, Other Fixed Assets |
179,873 |
159,100 |
|
|
|
TOTAL ASSETS |
584,803 |
574,882 |
|
|
|
Payables |
9,627 |
10,734 |
|
|
|
Short-Term Bank Loans |
|
7,500 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
69,042 |
79,973 |
|
|
|
TOTAL CURRENT LIABS |
78,669 |
98,207 |
|
|
|
Debentures |
|
20,000 |
|
|
|
Long-Term Bank Loans |
10,034 |
10,027 |
|
|
|
Reserve for Retirement Allw |
9,967 |
8,995 |
|
|
|
Other Debts |
|
13,720 |
14,020 |
|
|
TOTAL LIABILITIES |
112,390 |
151,249 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common
stock |
21,279 |
21,279 |
|
|
|
Additional
paid-in capital |
20,227 |
20,227 |
|
|
|
Retained
earnings |
434,103 |
407,007 |
|
|
|
Evaluation
p/l on investments/securities |
25,289 |
16,055 |
|
|
|
Others |
(8,730) |
(21,194) |
|
|
|
Treasury
stock, at cost |
(19,756) |
(19,741) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
472,412 |
423,633 |
|
|
|
TOTAL EQUITIES |
584,803 |
574,882 |
|
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
|
Cash
Flows from Operating Activities |
|
79,498 |
59,278 |
|
|
Cash
Flows from Investment Activities |
-20,040 |
-19,959 |
|
|
|
Cash Flows
from Financing Activities |
-53,798 |
-37,887 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
108,338 |
101,543 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
Net
Worth (S/Holders' Equity) |
472,412 |
423,633 |
|
|
|
Current
Ratio (%) |
321.77 |
271.72 |
|
|
|
Net
Worth Ratio (%) |
80.78 |
73.69 |
|
|
|
Recurring
Profit Ratio (%) |
22.06 |
20.83 |
|
|
|
Net
Profit Ratio (%) |
14.44 |
23.59 |
|
|
|
|
Return
On Equity (%) |
8.85 |
15.75 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.