MIRA INFORM REPORT
|
Report No. : |
308894 |
|
Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
IWAKI & CO LTD |
|
|
|
|
Registered Office : |
4-8-2 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.11.2014 |
|
|
|
|
Date of Incorporation : |
September 1941 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures: pharmaceuticals (33%), pharmaceutical materials & cosmetic materials (30%), chemicals (15%), food materials & functional foods (15%), others (7%) |
|
|
|
|
No. of Employees : |
875 |
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 : |
No Complaints |
|
|
|
|
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. 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
summary
IWAKI & CO LTD
REGD
NAME
Iwaki KK
MAIN
OFFICE
4-8-2
Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN
Tel: 03-3279-0481
Fax:
03-3271-3240 -
URL: http://www.iwaki-kk.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of pharmaceuticals, pharmaceutical raw materials
BRANCHES: Osaka,
Nagoya, Toyama, Fukuoka, other (Tot 5)
CHIEF EXEC: OSAMU
IWAKI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 54,145 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 2,572 M
TREND UP WORTH Yen
17,379 M
STARTED 1941 EMPLOYES 875
COMMENT: MFR OF PHARMACEUTICALS & RAW
MATERIALS FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,567.9 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast
figures for the 30/11/201 fiscal term.
HIGHLIGHTS
This is the leading trading house dealing in non-prescription
pharmaceuticals and pharmaceutical raw materials. Also wholesales chemical products. Subsidiaries engages in mfg of generic drugs,
plating chemicals, veterinary drugs, and management of dispensing pharmacies.
FINANCIAL
INFORMATION
The sales volume for Nov/2014 fiscal term amounted to Yen 54,145
million, a 3.2% up from Yen 54,145 million in the previous term. Main profit-earner pharmaceuticals
wholesaling was driven by sales generic drugs.
The recurring profit was posted at Yen 971 million and the net profit at
Yen 505 million, respectively, compared with Yen 1,154 million recurring profit
and Yen 754 million net profit, respectively, a year ago.
For the current term ending Nov 2015 the recurring profit is projected
at Yen 950 million and the net profit at Yen 600 million, respectively, on a
2.1% fall in turnover, to Yen 53,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,567.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1941
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
136 million shares
Issued: 34,147,737 shares
Sum: Yen 2,572 million
Major
shareholders (%): Meiji Trading (5.8), Keai Co (5.1), MUFG (3.4), Osamu Iwaki (2.8),
Employees’ S/Holding Assn (2.4), CBNYDFA Int’l Small Cap Value P (2.3), Shiro
Endo (2.0), Daiso Co (1.9), Master Trust Bank of Japan T (1.9), Nipponkoa
Insurance (1.6); foreign owners (5.3)
No.
of shareholders: 4,021
Listed on the S/Exchange (s) of: Tokyo
Managements: Osamu Iwaki,
pres; Takuo Okura, mgn dir; Tatsuo Itoh, mgn dir; Hisashi Fujita, mgn dir;
Toshio Suzuki, dir; Hiroshi Fujiwara, dir; Toshihiro Ohta, dir; Masaaki Atami,
dir; Shinji Omori, dir; Keitaro Iwaki, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Iwaki Seiyaku Co, Meltex Inc, AMI Co,
other.
OPERATION
Activities: Manufactures: pharmaceuticals (33%), pharmaceutical materials & cosmetic materials (30%), chemicals (15%), food materials & functional foods (15%), others (7%)
Clients: [Mfrs, wholesalers] Sawai Pharmaceutical, Coca Cola Fine Healthcare, Suntory Business Experts, Sensei Yakuhin Kogyo, MMI, Suzuken Co, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Iwaki Seiyaku Co, Maruzen Pharmaceuticals, Asahi Food & Healthcare, Eizai Food Chemical, DSM Nutrition Japan, other
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are owed and maintained satisfactorily.
Bank References:
MUFG (Nihombashi)
Mizuho Bank
(Nihombashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
30/11/2014 |
30/11/2013 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
|
54,145 |
52,465 |
|
|
Cost of Sales |
42,998 |
41,679 |
|
|
|
GROSS PROFIT |
11,146 |
10,786 |
|
|
|
Selling & Adm Costs |
10,255 |
9,778 |
|
|
|
OPERATING PROFIT |
890 |
1,007 |
|
|
|
Non-Operating P/L |
81 |
147 |
|
|
|
RECURRING PROFIT |
971 |
1,154 |
|
|
|
NET PROFIT |
505 |
754 |
|
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
4,341 |
3,835 |
|
|
Receivables |
15,146 |
15,113 |
|
|
|
Inventory |
4,998 |
4,563 |
|
|
|
Securities, Marketable |
209 |
|
|
|
|
Other Current Assets |
2,572 |
1,523 |
|
|
|
TOTAL CURRENT ASSETS |
27,266 |
25,034 |
|
|
|
Property & Equipment |
8,048 |
7,405 |
|
|
|
Intangibles |
311 |
351 |
|
|
|
Investments, Other Fixed Assets |
4,091 |
4,888 |
|
|
|
TOTAL ASSETS |
39,716 |
37,678 |
|
|
|
Payables |
9,645 |
9,413 |
|
|
|
Short-Term Bank Loans |
3,730 |
2,658 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
5,258 |
4,988 |
|
|
|
TOTAL CURRENT LIABS |
18,633 |
17,059 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
927 |
1,157 |
|
|
|
Reserve for Retirement Allw |
1,713 |
1,655 |
|
|
|
Other
Debts |
|
1,063 |
926 |
|
|
TOTAL LIABILITIES |
22,336 |
20,797 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common
stock |
2,572 |
2,572 |
|
|
|
Additional
paid-in capital |
4,206 |
4,206 |
|
|
|
Retained
earnings |
9,659 |
9,466 |
|
|
|
Evaluation
p/l on investments/securities |
845 |
710 |
|
|
|
Others |
182 |
9 |
|
|
|
Treasury
stock, at cost |
(85) |
(82) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
17,379 |
16,881 |
|
|
|
TOTAL EQUITIES |
39,716 |
37,678 |
|
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
30/11/2014 |
30/11/2013 |
|
|
|
Cash
Flows from Operating Activities |
|
432 |
524 |
|
|
Cash
Flows from Investment Activities |
-607 |
-962 |
|
|
|
Cash
Flows from Financing Activities |
438 |
-170 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
4,124 |
3,704 |
|
ANALYTICAL RATIOS Terms ending: |
30/11/2014 |
30/11/2013 |
||
|
|
Net
Worth (S/Holders' Equity) |
17,379 |
16,881 |
|
|
|
Current
Ratio (%) |
146.33 |
146.75 |
|
|
|
Net
Worth Ratio (%) |
43.76 |
44.80 |
|
|
|
Recurring
Profit Ratio (%) |
1.79 |
2.20 |
|
|
|
Net
Profit Ratio (%) |
0.93 |
1.44 |
|
|
|
|
Return
On Equity (%) |
2.91 |
4.47 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.