MIRA INFORM REPORT
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Report No. : |
320966 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
MEDRX CO LTD |
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Registered Office : |
431-7 Nishiyama Higashi-Kagawa City Kagawa-Pref 769-2712 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 (Consolidated) |
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Date of Incorporation : |
January 2002 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures of pharmaceuticals. |
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No. of Employee : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 0.8 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
name and address
MEDRX CO LTD
REGD NAME: KK
Medrx
MAIN OFFICE: 431-7
Nishiyama Higashi-Kagawa City Kagawa-Pref 769-2712 JAPAN
Tel: 0879-23-3071 Fax: 0879-23-3072 -
URL: http://www.medrx.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
pharmaceuticals
BRANCHES
Tokyo, Osaka
FACTORIES
(subcontracted)
CHIEF
EXEC
MASAYOSHI
MATSUMURA, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26 M
PAYMENTSSLOW BUT
CORRECT CAPITAL Yen 4,560 M
TREND UP WORTH Yen
3,514 M
STARTED 2002 EMPLOYES 26
COMMENT
MFR OF PHARMACEUTICALS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 0.8 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/12/2015 fiscal term.
HIGHLIGHTS
This is a venture company in Kagawa-Pref, engaged
in developing drugs based on transdermal absorption system “etodolac patch” for
treatment of pain and inflammation technology.
Introducing the results of studies to pharmaceutical mfrs.
FINANCIAL
INFORMATION
The sales volume for Dec/2014 fiscal term amounted to Yen 26 million, a
61.7% down from Yen 68 million in the previous term. The operations continued in the deficit to
post Yen 1,012 million recurring loss and Yen 1,016 million net losses for the
term, respectively, compared with Yen 616 million recurring loss and Yen 621
million net losses, respectively, a year ago.
For the current term ending Dec 2015 the
recurring loss is projected at Yen 1 million and the net loss at Yen 1 million,
respectively, on a 31.5% fall in turnover, to Yen 18 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 0.8 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Jan 2002
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
26,758,800 shares
Issued: 6,689,700
shares
Sum: Yen
4,560 million
Major
shareholders (%): Masayoshi Matsumura (5.6), Yonehiro Matsumura (3.4), SBI Securities
(3.3), Nomura Sec. Nomura Net & Call (2.1), Masahiro Amazutsumi (1.9), Kowa
Co (1.8), Keiji Inoue (1.7), JT Financial Service (1.7), Fumiya Shino (1.6),
Matsumura Yakkyoku (1.4); foreign owners (2.3)
No.
of shareholders: 6,523
Listed on the S/Exchange (s) of: Tokyo
Managements: Masayoshi Matsumura,
pres; Yonehiro Matsumura, s/mgn dir; Keiko Yamazaki, dir; Hiroshi Akitomo, dir;
Jun’ichi Tamura, dir; Yuji Kuwahara, dir; Hidetoshi Hamamoto, dir
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
pharmaceuticals (100%)
Clients: [Mfrs,
wholesalers] Nippon Shinyaku Co, Maruho Co, Kowa Co, AnGes MG Inc, Taisho
Farmind, Maruishi Pharmaceutical, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Japan Medic, KM
Transfarm, Nihon Bioresearch Center, Maruishi Pharmaceutical, Nippon Bulk
Yakuhin, ECI Inc, other
Payment record: Slow but Correct
Location: Business area in
Kagawa. Office premises at the caption address
are owned and maintained satisfactorily.
Bank References
Chugoku Bank
(Sambonmatsu)
Kagawa Bank
(Shiratori)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2014 |
31/12/2013 |
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INCOME STATEMENT |
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Annual Sales |
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26 |
68 |
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Cost of Sales |
10 |
9 |
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GROSS PROFIT |
16 |
59 |
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Selling & Adm Costs |
1,020 |
664 |
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OPERATING PROFIT |
1,003 |
604 |
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Non-Operating P/L |
-9 |
-12 |
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RECURRING PROFIT |
-1,012 |
-616 |
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NET PROFIT |
-1,016 |
-621 |
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BALANCE SHEET |
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Cash |
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2,780 |
3,937 |
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Receivables |
1 |
10 |
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Inventory |
19 |
25 |
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Securities, Marketable |
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Other Current Assets |
53 |
35 |
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TOTAL CURRENT ASSETS |
2,853 |
4,007 |
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Property & Equipment |
345 |
255 |
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Intangibles |
2 |
1 |
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Investments, Other Fixed Assets |
485 |
466 |
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TOTAL ASSETS |
3,685 |
4,729 |
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Payables |
1 |
3 |
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Short-Term Bank Loans |
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99 |
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Other Current Liabs |
77 |
55 |
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TOTAL CURRENT LIABS |
78 |
157 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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92 |
70 |
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TOTAL LIABILITIES |
170 |
227 |
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MINORITY INTERESTS |
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Common
stock |
4,560 |
4,560 |
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Additional
paid-in capital |
4,129 |
4,129 |
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Retained
earnings |
(5,199) |
(4,182) |
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Evaluation
p/l on investments/securities |
9 |
(1) |
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Others |
15 |
(4) |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
3,514 |
4,502 |
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TOTAL EQUITIES |
3,685 |
4,729 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2014 |
31/12/2013 |
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Cash Flows
from Operating Activities |
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-931 |
-613 |
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Cash
Flows from Investment Activities |
-119 |
-192 |
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Cash
Flows from Financing Activities |
-99 |
4,545 |
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Cash,
Bank Deposits at the Term End |
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2,780 |
3,937 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2014 |
31/12/2013 |
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Net
Worth (S/Holders' Equity) |
3,514 |
4,502 |
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Current
Ratio (%) |
3657.69 |
2552.23 |
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Net
Worth Ratio (%) |
95.36 |
95.20 |
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Recurring
Profit Ratio (%) |
-3892.31 |
-905.88 |
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Net
Profit Ratio (%) |
-3907.69 |
-913.24 |
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Return
On Equity (%) |
-28.91 |
-13.79 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.58 |
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1 |
Rs.97.99 |
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Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 sums |
Large |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.