MIRA INFORM REPORT
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Report No. : |
345864 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ROHTO PHARMACEUTICAL CO LTD |
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Registered Office : |
1-8-1 Tatsumi-Nishi Ikunoku Osaka 544-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
September, 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Manufactures pharmaceuticals: eye care (19%), skin-care cosmetics
(67%), Oral medicines & foods (11%), others (3%) Overseas Sales Ratio
(40%) |
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No. of Employee : |
6,565 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 3,173.9 million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 an
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. Scarce in many
natural resources, Japan has long been dependent on imported raw materials.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
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Source
: CIA |
Company
name and address
ROHTO PHARMACEUTICAL CO LTD
REGD NAME: Rohto Seiyaku KK
MAIN OFFICE: 1-8-1 Tatsumi-Nishi
Ikunoku Osaka 544-0012 JAPAN
Tel:
06-6758-1231 Fax: 06-6757-5155 -
URL: http://www.rohto.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfr of OTC ophthalmic medicines
BRANCHES
Tokyo, Nagoya, Fukuoka, Sapporo, Sendai, Hiroshima, other (Tot 11)
OVERSEAS
USA, Europe, China, S/E Asia, Oceania (--subsidiaries/offices)
FACTORIES
At the caption address, Mie
CHIEF
EXEC
TOSHIAKI YOSHINO, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 151,774 M
PAYMENTS REGULAR CAPITAL Yen
6,411 M
TREND UP WORTH Yen 110,516 M
STARTED 1949 EMPLOYES 6,565
COMMENT
MFR OF PHAMACEUTICALS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,173.9 MILLION, 30 DAYS NORMAL TERM
Unit: In Million Yen
Forecast figures
for the 31/10/2016 fiscal term.
HIGHLIGHTS
This is the largest mfr of OTC ophthalmic medicines led by “v-Rohto”
brand eye lotions. Founded in Osaka in
1899 as gastrointestinal drug maker, holds 3rd position in this
line. Also engaged in cold medicines,
denture cleanser, pregnancy diagnosis kits, etc. Expanding presence in the US and China. Actively advancing overseas, enhancing
cosmetic sales in China and S/E Asia. .
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term amounted to Yen 151,774
million, a 5.5% up from Yen 143,822 million in the previous term. Orders did well in overseas markets. The recurring profit was posted at Yen 2,150
million and the net profit at Yen 1,328 million, respectively, compared with
Yen 1,103 million recurring profit and Yen 648 million net profit,
respectively, a year ago.
(Apr/Jun/2015 results): Sales Yen 35,428 million (up 18.0%), operating
profit Yen 1,857 million (up 166.1%), recurring profit Yen 2,150 million (up
94.9%), net profit Yen 1,326 million (up 104.7%). (% as compared with the corresponding period
a year ago).
For the current term ending Mar 2016 the recurring profit is projected
at Yen 14,100 million and the net profit at Yen 8,800 million, respectively, on
an 8.1% rise in turnover, to Yen 164,000 million. Sales will grow in Japan, thanks to
fading-out of the negative impact of the consumption tax hike, and will continue
increasing in Asia.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 3,173.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1949
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized: 399,396,000 shares
Issued: 117,929,250
shares
Sum: Yen
6,411 million
Major shareholders
(%): Japan Trustee Services T
(7.6), Master Trust Bank of Japan T (5.3), Company’s Treasury Stock (3.4), MUFG
(3.2), Kiyoko Yamada (2.5), Japan Trustee Services T9 (2.4), Sansho Kosan
(2.2), Nippon Life Ins (1.7), Yamada Kosan (1.7), State Street Bank & Trust
505019 (1.6); foreign owners (25.9)
No. of shareholders: 13,446
Listed on the S/Exchange (s) of: Tokyo
Managements: Kunio Yamada, ch;
Toshiaki Yoshino, pres; Akiyoshi Yoshida, v pres; Lekh Juneja, v pres; Yoichi
Kambara, mgn dir; Masanori Kimura, dir; Shin’ichi Kunisaki, dir; Takeshi
Masumoto, dir; Masaya Saito, dir; Yasuhiro Yamada, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Mentholatum (USA), Meguro Chemical
Ind, other.
OPERATION
Activities: Manufactures
pharmaceuticals: eye care (19%), skin-care cosmetics (67%), Oral medicines
& foods (11%), others (3%) Overseas Sales Ratio (40%)
Clients: [Mfrs, wholesalers]
Alfresa Corp, Paltac, Ohki Healthcare, Tokyodo, Lead Healthcare, Pana Healthcare, other
No. of accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Dainippon Printing, Yoshino Ind, other
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Ueroku)
Resona Bank
(Ikuno)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2015 |
31/03/2014 |
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INCOME
STATEMENT |
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Annual Sales |
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151,774 |
143,822 |
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Cost of Sales |
61,175 |
57,665 |
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GROSS PROFIT |
90,599 |
86,157 |
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Selling & Adm Costs |
77,440 |
69,336 |
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OPERATING PROFIT |
13,159 |
16,821 |
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Non-Operating P/L |
939 |
279 |
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RECURRING PROFIT |
14,098 |
17,100 |
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NET PROFIT |
8,631 |
8,947 |
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BALANCE
SHEET |
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Cash |
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25,733 |
23,028 |
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Receivables |
32,424 |
28,361 |
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Inventory |
22,568 |
21,381 |
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Securities, Marketable |
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Other Current Assets |
12,967 |
10,211 |
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TOTAL CURRENT ASSETS |
93,692 |
82,981 |
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Property & Equipment |
50,370 |
49,563 |
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Intangibles |
4,376 |
2,828 |
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Investments, Other Fixed Assets |
29,071 |
26,877 |
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TOTAL ASSETS |
177,509 |
162,249 |
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Payables |
10,201 |
11,753 |
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Short-Term Bank Loans |
8,349 |
8,216 |
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Other Current Liabs |
39,057 |
36,674 |
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TOTAL CURRENT LIABS |
57,607 |
56,643 |
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Debentures |
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Long-Term Bank Loans |
1,074 |
1,666 |
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Reserve for Retirement Allw |
4,557 |
2,702 |
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Other Debts |
|
3,755 |
2,611 |
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TOTAL LIABILITIES |
66,993 |
63,622 |
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MINORITY INTERESTS |
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Common stock |
6,411 |
6,411 |
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Additional paid-in capital |
5,738 |
5,738 |
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Retained earnings |
92,315 |
86,505 |
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Evaluation p/l on
investments/securities |
6,646 |
5,033 |
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Others |
4,857 |
725 |
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Treasury stock, at cost |
(5,451) |
(5,785) |
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TOTAL S/HOLDERS` EQUITY |
110,516 |
98,627 |
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TOTAL EQUITIES |
177,509 |
162,249 |
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CONSOLIDATED
CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash Flows from Operating Activities |
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11,292 |
18,661 |
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Cash Flows from Investment
Activities |
-9,024 |
-12,620 |
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Cash Flows from Financing Activities |
-3,375 |
-5,211 |
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Cash, Bank Deposits at the Term End |
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25,093 |
23,026 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net Worth (S/Holders' Equity) |
110,516 |
98,627 |
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Current Ratio (%) |
162.64 |
146.50 |
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Net Worth Ratio (%) |
62.26 |
60.79 |
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Recurring Profit Ratio (%) |
9.29 |
11.89 |
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Net Profit Ratio (%) |
5.69 |
6.22 |
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Return On Equity (%) |
7.81 |
9.07 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
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|
1 |
Rs.100.12 |
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Euro |
1 |
Rs.73.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
SDA |
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.