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MIRA INFORM REPORT
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Report No. : |
493545 |
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Report Date : |
21.02.2018 |
IDENTIFICATION DETAILS
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Name : |
QUALICAPS CO LTD |
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Registered Office : |
321-5 Ikezawacho Yamatokoriyama Nara City 639-1032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
April 1965 |
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Com. Reg. No.: |
1500-01-005846 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures hard gelatin capsules, HPMC capsules, capsule filling & sealing equipment, and pharmaceutical-related equipment & supplies (--100%). |
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No. of Employees : |
389 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate 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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 2016 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
summery
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
ACTIVITIES: Mfg
of capsules, capsule filling & sealing equipment
BRANCHES: Nil
FACTORY: At the caption address
OVERSEAS: USA, Romania,
Spain, Canada, Brazil (--subsidiaries)
OFFICERS: CIRO AHUMADA, PRES Ichiro Nobuhara, v pres
Seiichi Kiso, dir Akihiro Watanabe, dir
Donna Costa, dir
Yen Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,856 M
PAYMENTS REGULAR CAPITAL Yen 2,880 M
TREND SLOW WORTH Yen
9,914 M
STARTED 1965 EMPLOYES 389
COMMENT
MFR OF GELATIN CAPSULES, CAPSULE FILLING MACHINED, OTHER. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
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. It 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. Clients include pharmaceutical mfrs, wholesalers, other
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term amounted to Yen 11,856 million, a 3% fall from Yen 12,274 million in the previous term. The recurring profit was posted at 3,066 million and the net profit at Yen 2,204 million, respectively, compared with Yen 3,850 million recurring profit and Yen 2,665 million net profit, respectively, for 3 months a year ago.
For the current term ending Mar 2018 the recurring profit is projected at Yen 3,100 million and the net profit at Yen 3,100 million, respectively, on a 4% rise in turnover, to Yen 12,300 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Apr 1965
Regd No.:
1500-01-005846
(Nara-Yamatokoriyama)
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 (87.5), Mitsubishi Tanabe Pharmaceutical (12.5)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
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: Regular
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
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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12,300 |
11,856 |
12,274 |
11,275 |
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Recur.
Profit |
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3,100 |
3,066 |
3,850 |
3,690 |
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Net
Profit |
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2,300 |
2,204 |
2,665 |
2,213 |
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Total
Assets |
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29,257 |
29,977 |
23,497 |
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Net
Worth |
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9,914 |
10,401 |
10,874 |
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Capital,
Paid-Up |
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2,880 |
2,880 |
2,880 |
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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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3.74 |
-3.41 |
8.86 |
46.44 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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33.89 |
34.70 |
46.28 |
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N.Profit/Sales |
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18.70 |
18.59 |
21.71 |
19.63 |
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 31/03/2018 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 64.53 |
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1 |
INR 90.13 |
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Euro |
1 |
INR 70.86 |
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YEN |
1 |
INR 0.60 |
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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NIS |
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Report Prepared
by : |
TRU |
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
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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.