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MIRA INFORM REPORT
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Report No. : |
489106 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
TAIHO PHARMACEUTICAL CO LTD |
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Registered Office : |
1-27 Kanda-Nishikicho
Chiyodaku Tokyo 101-8444 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
June, 1963 |
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Com. Reg. No.: |
0100-01-021927
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Pharmaceuticals, Health Foods & Drinks. |
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No. of Employees : |
2,435 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name and address
TAIHO
PHARMACEUTICAL CO LTD
REGD
NAME: Taiho Yakuhin Kogyo KK
MAIN
OFFICE: 1-27 Kanda-Nishikicho Chiyodaku
Tokyo 101-8444 JAPAN
Tel:
03-3294-4527
E-Mail
address:
(thru the URL)
ACTIVITIES
Mfg of pharmaceuticals, health foods &
drinks
BRANCHES
22 Branches, 53 Offices
OVERSEAS
Europe, Korea, USA, Canada, China
(--subsidiaries)
FACTORIES
Osaka, Tokushima, other (Tot 5 factories)
OFFICERS
MASAYUKI KOBAYASHI, PRES Teruhiro
Utsugi, dir
Shigaru Takagi, dir Nobuyuki
Hashimoto, dir
Takeshi Tsukamoto, dir Yasunori Okada, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 150,406 M
PAYMENTS REGULAR CAPITAL Yen
200 M
TREND UP WORTH Yen 366,311 M
STARTED 1963 EMPLOYES 2,435
COMMENT
MFR OF
PHARMACEUTICALS, OWNED BY OTSUKA HOLDINGS CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
HIGHLIGHTS
The subject company is a leading mfr of
pharmaceuticals, owned by Otsuka Holdings Co Ltd (See REGISTRATION). It
specializes in mfg pharmaceuticals, anti-cancer drugs as main stay, health
foods and drinks. Has 5 overseas
subsidiaries. Clients are drug stores,
pharmaceutical mfrs, other, nationwide.
FINANCIAL
INFORMATION
The sales volume for Dec/2016 fiscal term
amounted to Yen 150,406 million, a 12% up from Yen 134,309 million in the
previous term. The recurring profit was
posted at Yen 38,387 million and the net profit at Yen 28,065 million,
respectively, compared with Yen 20,225 million recurring profit and Yen 14,387
million net profit, respectively, a year ago.
For the term that ended Dec 2017 the
recurring profit was projected at Yen 39,000 million and the net profit at Yen
29,500 million, respectively, on a 5% rise in turnover, to Yen 157,930
million. Final results are yet to be
released.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Jun 1963
Regd No.; 0100-01-021927 (Tokyo-Chiyodaku)
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1.6 million shares
Issued: 0.4 million shares
Sum: Yen 200 million
Major
shareholders (%): Otsuka Holdings Co Ltd* (100)
*.. Fifth ranked
pharmaceutical maker, Tokyo, founded 2008, capital Yen 81,690 million, listed
Tokyo E/E, sales Yen 1,295,547 million, operating profit Yen 101,145 million,
recurring profit Yen 116,680 million, net profit Yen 92,563 million, total
assets Yen 2,467,736 million, net worth Yen 1,735,451 million, employees
31,787, pres Tatsuo Higuchi
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Manufactures pharmaceuticals: anti-cancer drugs, anti-phychotic
drugs, health foods, health drinks, other (--100%)
Clients: [Mfrs, wholesalers] Alfresa Corp, Medifal Holdings Corp, Toho
Pharmaceutical Co, Suzuken Co, Tomita Pharmaceutical, other
No. of accounts: 350
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Helsinn Birex Pharmaceuticals, Toyama Chemical Co,
Otsuka Chemical Co, Daisho Glass, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Resona Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms
Ending: |
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31/12/2017 |
31/12/2016 |
31/12/2015 |
31/12/2014 |
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Annual Sales |
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157,930
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150,406
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134,309
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91,398
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Recur. Profit |
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39,000
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38,387
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20,225
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6,577 |
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Net Profit |
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29,500
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28,065
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14,834
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5,300 |
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Total Assets |
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398,603
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381,453
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363,405
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Net Worth |
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366,311
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346,176
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332,507
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Capital, Paid-Up |
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200 |
200 |
200 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical
Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.00 |
11.99 |
46.95 |
-27.36
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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91.90 |
90.75 |
91.50 |
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N.Profit/Sales |
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18.68 |
18.66 |
11.04 |
5.80 |
Notes: Forecast (or estimated) figures for the
31/03/2017 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.61 |
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1 |
INR 90.18 |
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Euro |
1 |
INR 78.95 |
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Yen |
1 |
INR 0.58 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.