|
Report No. : |
347717 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
QUALICAPS CO LTD |
|
|
|
|
Registered Office : |
321-5 Ikezawacho Yamatokoriyama Nara City 639-1032 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
April, 1965 |
|
|
|
|
Com. Reg. No.: |
(Nara-Yamatokoriyama) 005846 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Capsules, Capsule Filling & Sealing Equipment. |
|
|
|
|
No. of Employees : |
332 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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.
|
Source
: CIA |
QUALICAPS CO LTD
REGD NAME: Qualicaps
KK
MAIN OFFICE: 321-5
Ikezawacho Yamatokoriyama Nara City 639-1032 JAPAN
Tel: 0473-56-0651 Fax: 0743-56-6666
URL: http://www.qualicaps.co.jp
E-Mail address: contact@qualicaps.co.jp
Mfg of capsules,
capsule filling & sealing equipment
Nil
At the caption
address
Qualicaps Inc (USA);
Qualicaps Europe SA (Spain), Rumania, Canada (--subsidiaries)
YOJI DATE, PRES Shigeru Tsuyuki, ch
Shiro Afmada, dir
(phonetic only) Seiichi Kiso,
dir
Akihiro Watanabe,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 11,275 M
PAYMENTSNO COMPLAINTS CAPITAL Yen 2,880 M
TREND STEADY WORTH Yen 10,949 M
STARTED 1965 EMPLOYES 332
MFR OF GELATIN
CAPSULES, CAPSULE FILLING MACHINED,
OWNED BY MITSUBISHI CHEMICAL HOLDINGS CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally
as JV between Eli Lilly (USA) and Shionogi & Co Ltd, major antibiotics mfr,
Osaka, for advancing into mfg gelatin capsules and capsule filling machines for
the pharmaceutical & dietary
supplement industries. In Dec 2005,
Singe’s stocks were bought by Carlyle Group’s private equity firm, USA by MBO
and its name was deleted from the corporate title and became independent as
Qualicaps Co Ltd. In Mar 2013 the
stockholder was changed from the Carlyle Group to Mitsubishi Chemical Holdings
Corp (See REGISTRATION). The firm specializes in mfg hard gelatin
capsules, HPMC capsules, capsule filling & sealing equipment. Two overseas subsidiaries in USA and Spain
are also engaged in mfg of these
capsules. They are imported, too.
The sales volume
for Mar/2015 fiscal term amounted to Yen 11,275 million, a 46% up from Yen
1,925 million (for irregular 3 months due to change in accounting term) in the
previous term. Growth rates are adjusted
on a 12-month basis. The recurring
profit was posted at 3,680 million and the net profit at Yen 2,213 million,
respectively, compared with Yen 1,891 million recurring profit and Yen 1,758
million net profit, respectively, for 3 months a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 3,750 million and
the net profit at Yen 2,300 million, respectively, on a 3% rise in turnover, to
Yen 11,600 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Apr 1965
Regd
No.: (Nara-Yamatokoriyama) 005846
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
401,425 shares
Issued:
401,425 shares
Sum:
Yen 2,880.87 million
Major shareholders (%): Life Science
Institute Inc* (100)
*.. Holding company of 4 firms under Mitsubishi Chemical Holdings Corp**,
Tokyo, founded 2014, capital Yen 30,000 million, sales Yen 129,000 million,
employees 4,429, pres Seiichi Kiso
**.. Major comprehensive chemical mfr, Tokyo, founded 2005, listed Tokyo
S/E, capital Yen 50,000 million, sales Yen 3,656,278 million, operating profit
Yen 165,581 million, recurring profit Yen 163,059 million, net profit Yen
60,859 million, total assets Yen 3,308,491 million, net worth Yen 1,015,211
million, employees 68,730, pres Hitoshi Ochi
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
hard gelatin capsules, HPMC capsules, capsule filling & sealing equipment, and pharmaceutical-related
equipment & supplies (--100%).
Clients: [Pharmaceutical mfrs,
dietary supplement mfrs] Eisai Co, Shionogi & Co, Tanabe Seiyaku, Takeda
Pharmaceutical, Dainippon
Sumitomo Pharma, Chugai Pharmaceutical, Ono Pharmaceutical, Astellas
Pharma, Sato Yakuhin Kogyo, FNCL, DHC, Astra Zeneca, JGC Corp, Sawai
Pharmaceutical, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nitta Gelatin, Shin-Etsu Chemical Ind, Rousselot Japan, Hilltop, Nippon Electro- Sensory Devices Co,
other.
Payment
record: No Complaints
Location: Business area in Yamatokoriyama City, Nara-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank
References:
MUFG
(Nara)
SMBC
(Osaka)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/12/2013 |
|
|
Annual
Sales |
|
11,600 |
11,275 |
1,925 |
9,628 |
|
Recur.
Profit |
|
3,750 |
3,680 |
1,891 |
2,778 |
|
Net
Profit |
|
2,300 |
2,213 |
1,758 |
2,110 |
|
Total
Assets |
|
|
23,497 |
25,648 |
24,027 |
|
Current
Assets |
|
|
7,661 |
10,208 |
7,686 |
|
Current
Liabs |
|
|
11,607 |
13,766 |
13,800 |
|
Net
Worth |
|
|
10,949 |
10,874 |
9,200 |
|
Capital,
Paid-Up |
|
|
2,880 |
2,880 |
2,880 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.88 |
46.44 |
-20.02 |
1.78 |
|
Current Ratio |
|
.. |
66.00 |
74.15 |
55.70 |
|
N.Worth Ratio |
|
.. |
46.60 |
42.40 |
38.29 |
|
R.Profit/Sales |
|
32.33 |
32.64 |
98.23 |
28.85 |
|
N.Profit/Sales |
|
19.83 |
19.63 |
91.32 |
21.92 |
|
Return On Equity |
|
.. |
20.21 |
16.17 |
22.93 |
Notes:
The 31/0/2014 fiscal
term is for irregular 3 months due to change in accounting term to Apr/Mar from
the previous Jan/Dec term. The growth rates are adjusted on a regular 12-month
basis Forecast (or estimated) for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.