MIRA INFORM REPORT

 

 

Report Date :

07.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NICHIMO CO., LTD.

 

 

Registered Office :

2-2-20 Tenoushuu Yusen Bldg Higashi-Shinagawa Shinagawa-ku, 140-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.08.1919

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of crude oils and fats

 

 

No. of Employees :

823

 

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 :

--

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

NICHIMO CO., LTD.

                                                                                                                                                   

 

2-2-20 Tenoushuu Yusen Bldg

Higashi-Shinagawa

 

Shinagawa-ku, 140-0002

Japan

 

Tel:

81-3-34583530

Fax:

81 (3) 3458-3088

 

www.nichimo.co.jp

 

Employees:

823

Company Type:

Public Independent

Traded:

Tokyo Stock Exchange:

8091

Incorporation Date:

17-Aug-1919

Auditor:

Hijiribashi Audit Corporation

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Mar-2011

Reporting Currency:

Japanese Yen

Annual Sales:

993.5  1

Net Income:

(4.4)

Total Assets:

574.7  2

Market Value:

66.3

 

(25-Nov-2011)

                                      

Business Description       

 

NICHIMO CO., LTD. is a Japan-based company engaged in the food, marine, machinery, material and biotics businesses. The Company operates in seven business segments. The Food segment processes and sells frozen fish, fish eggs and fish paste. The Ocean segment is engaged in the manufacture and sale of nets, ropes, the repair of fishing equipment, as well as the sale of ship equipment and materials for fishing and sea farming. The Machinery segment is engaged in the manufacture and sale of food manufacturing machines. The Materials segment sells synthetic resin, packaging materials and agricultural materials. The Biotics segment manufactures and sells fermented soybean products, as well as sells health food products. The Logistics segment is involved in the logistics and transportation services. The Others segment is involved in the operation of non-life insurance agencies, the sale of petrochemical products, manpower dispatching business and real estate business. For the three months ended 30 June 2011, NICHIMOCO., LTD.'s revenues increased 4% to Y21.17B. The Company's net loss totaled Y37M, vs. an income of Y32M. Revenues reflect higher sales mainly from food and logistics business segments. Net loss suffered from higher percentage of cost of sales, the absence of gain on reversal of allowance for doubtful accounts, as well as decreased gain on equity method.

 

Industry                                                                                                                                      

 

Industry

Food Processing

ANZSIC 2006:

1150 - Oil and Fat Manufacturing

NACE 2002:

1541 - Manufacture of crude oils and fats

NAICS 2002:

311712 - Fresh and Frozen Seafood Processing

UK SIC 2003:

1541 - Manufacture of crude oils and fats

US SIC 1987:

2077 - Animal and Marine Fats and Oils

                      

Key Executives           

   

 

Name

Title

Yukio Koike

Executive President, President, Chairman of Subsidiary, Representative Director

Yoshitomo Yageta

Executive Officer, Director of Finance, Manager of Business Planning Office, Director

Tadayoshi Koremura

Executive Officer, Manager of Fukuoka Office

Toshihiko Miyajima

Co-Auditor

Yasuhide Iguchi

Auditor

 

    Significant Developments                                                                                                            

 

Topic

#*

Most Recent Headline

Date

Other Pre-Announcement

1

Nichimo Co., Ltd. Expects Extraordinary Losses for FY 2011; Cancels Year-end Dividend for FY 2011

13-May-2011

* number of significant developments within the last 12 months

 

             

News      

 

Title

Date

Nichimo Co Lifts 1H Parent Pretax View To Profit Y171.00M
Nikkei English News (54 Words)

4-Nov-2011

Nichimo Co Ups FY Parent Pretax Profit View To Y300.00M
Nikkei English News (50 Words)

4-Nov-2011

Nichimo Co Ups 1H Group Net Profit View To Y272.00M
Nikkei English News (58 Words)

4-Nov-2011

Nichimo Co 1H Grp Net Pft Y272.00M Vs Y387.00M Pft Yr Earlier
Nikkei English News (63 Words)

4-Nov-2011

Nichimo Co 1Q Grp Net Loss Y37.00M Vs Y32.00M Pft Yr Earlier
Nikkei English News (67 Words)

5-Aug-2011

   

Financial Summary                                                                              

 

As of 30-Sep-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.18

1.53

Quick Ratio (MRQ)

0.68

0.78

Debt to Equity (MRQ)

2.44

1.14

Sales 5 Year Growth

-4.30

6.97

Net Profit Margin (TTM) %

-0.55

7.06

Return on Assets (TTM) %

-0.90

7.05

Return on Equity (TTM) %

-3.96

21.45

 

 

 

Stock Snapshot                                     

 

Traded: Tokyo Stock Exchange: 8091

 

As of 25-Nov-2011

   Financials in: JPY

Recent Price

136.00

 

EPS

8.73

52 Week High

217.00

 

Price/Sales

0.06

52 Week Low

123.00

 

Price/Book

0.38

Avg. Volume (mil)

0.05

 

Beta

1.20

Market Value (mil)

5,150.86

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-3.55%

5.29%

13 Week

0.0000%

7.00%

52 Week

-8.11%

13.11%

Year to Date

-16.56%

6.13%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 85.69144
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.88

 

 

Corporate Overview

 

Location
2-2-20 Tenoushuu Yusen Bldg
Higashi-Shinagawa
Shinagawa-ku, 140-0002
Japan

 

Tel:

81-3-34583530

Fax:

81 (3) 3458-3088

 

www.nichimo.co.jp

Quote Symbol - Exchange

8091 - Tokyo Stock Exchange

Sales JPY(mil):

85,136.0

Assets JPY(mil):

47,632.0

Employees:

823

Fiscal Year End:

31-Mar-2011

 

Industry:

Food Processing

Incorporation Date:

17-Aug-1919

Company Type:

Public Independent

Quoted Status:

Quoted

 

Executive President, President, Chairman of Subsidiary, Representative Director:

Yukio Koike

 

Company Web Links

Corporate History/Profile

Financial Information

 

Home Page

News Releases

 

Products/Services

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

2592

-

Toy, Sporting and Recreational Product Manufacturing

1199

-

Other Food Product Manufacturing Not Elsewhere Classified

1150

-

Oil and Fat Manufacturing

6711

-

Residential Property Operators

2469

-

Other Specialised Machinery and Equipment Manufacturing

1120

-

Seafood Processing

 

NACE 2002 Codes:

2953

-

Manufacture of machinery for food, beverage and tobacco processing

7020

-

Letting of own property

1520

-

Processing and preserving of fish and fish products

2416

-

Manufacture of plastics in primary forms

1589

-

Manufacture of other food products not elsewhere classified

3640

-

Manufacture of sports goods

1541

-

Manufacture of crude oils and fats

 

NAICS 2002 Codes:

339920

-

Sporting and Athletic Goods Manufacturing

311712

-

Fresh and Frozen Seafood Processing

333294

-

Food Product Machinery Manufacturing

325211

-

Plastics Material and Resin Manufacturing

311711

-

Seafood Canning

531110

-

Lessors of Residential Buildings and Dwellings

311999

-

All Other Miscellaneous Food Manufacturing

 

US SIC 1987:

2091

-

Canned and Cured Fish and Seafoods

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

6513

-

Operators or Apartment Buildings

2077

-

Animal and Marine Fats and Oils

3949

-

Sporting and Athletic Goods, Not Elsewhere Classified

2099

-

Food Preparations, Not Elsewhere Classified

3556

-

Food Products Machinery

 

UK SIC 2003:

70209

-

Other letting of own property

1520

-

Processing and preserving of fish and fish products

1589

-

Manufacture of other food products not elsewhere classified

3640

-

Manufacture of sports goods

2953

-

Manufacture of machinery for food, beverage and tobacco processing

1541

-

Manufacture of crude oils and fats

2416

-

Manufacture of plastics in primary forms

 

 

Business Description

NICHIMO CO., LTD. is a Japan-based company engaged in the food, marine, machinery, material and biotics businesses. The Company operates in seven business segments. The Food segment processes and sells frozen fish, fish eggs and fish paste. The Ocean segment is engaged in the manufacture and sale of nets, ropes, the repair of fishing equipment, as well as the sale of ship equipment and materials for fishing and sea farming. The Machinery segment is engaged in the manufacture and sale of food manufacturing machines. The Materials segment sells synthetic resin, packaging materials and agricultural materials. The Biotics segment manufactures and sells fermented soybean products, as well as sells health food products. The Logistics segment is involved in the logistics and transportation services. The Others segment is involved in the operation of non-life insurance agencies, the sale of petrochemical products, manpower dispatching business and real estate business. For the three months ended 30 June 2011, NICHIMOCO., LTD.'s revenues increased 4% to Y21.17B. The Company's net loss totaled Y37M, vs. an income of Y32M. Revenues reflect higher sales mainly from food and logistics business segments. Net loss suffered from higher percentage of cost of sales, the absence of gain on reversal of allowance for doubtful accounts, as well as decreased gain on equity method.

 

 

More Business Descriptions

Manufacture and sale of nets, ropes and other fishing equipment; ship's marine supplies, paints and rubber products; sale and maintenance of machines and tools, electronic equipment; breeding and cultivation of fish and shellfish

 

Other Industrial Machinery Manufacturing

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

JPY(mil)

 

Revenue:

85,136.0

Net Income:

-374.0

Assets:

47,632.0

Long Term Debt:

3,286.0

 

Total Liabilities:

35,532.0

 

Working Capital:

1.7

 

 

 

Date of Financial Data:

31-Mar-2011

 

1 Year Growth

-4.4%

NA

-2.5%

 

 

Market Data

Quote Symbol:

8091

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

136.0

Stock Price Date:

11-25-2011

52 Week Price Change %:

-8.1

Market Value (mil):

5,150,864.0

 

SEDOL:

6638580

ISIN:

JP3664400003

 

Equity and Dept Distribution:

FY'05-06 1Q&3Q, FY'07 1Q WAS & O/S were estimated. FY'06 Q1 o/s=WAS FY'07AR WAS was estimated to reflect reported EPS. FY'08 1Q WAS was used as o/s. FY'08 3Q WAS & O/S were estimated. FY'08 AR reported EPS=Y3.34, DEPS=Y3.33. FY'09 Q1 reported EPS=Y4.40. FY'11 Q2 DWAS was estimated. FY'11 Q3 DWAS was estimated.

 

 

 

Subsidiaries

Company

Percentage Owned

Country

Hakatakko Honpo Co Ltd

100%

JAPAN

Yamaichi Suisan Co Ltd

100%

JAPAN

Nishi Nihon Nichimo Co Ltd

99.9%

JAPAN

Hokkaido Nichimo Co Ltd

60.8%

JAPAN

Nichimo One Man Co Ltd

100%

JAPAN

Nichimo Mariculture Co Ltd

100%

JAPAN

Nichimo Foods Co Ltd

100%

JAPAN

Haneuo Shokuhin Co Ltd

80%

JAPAN

Soei Co Ltd

100%

JAPAN

Nichimo Biotics Co Ltd

100%

JAPAN

Nichimo Kosan Co Ltd

100%

JAPAN

Nor'Eastern Trawl Systems

100%

USA

Nichimo International Inc

100%

USA

Bibun Engineering Co Ltd

100%

JAPAN

Nishinippon Carytec Co Ltd

90%

JAPAN

 

 

 

 

 

Shareholders

 

 

Major Shareholders

Company's Trust Stock (10%); Asahi Life Insurance (7.9%); Nippon Suisan (6.3%)

 

 

 

 

 

Key Corporate Relationships

Auditor:

Hijiribashi Audit Corporation

 

Auditor:

Hijiribashi Audit Corporation

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

 

Tomomi Ishii

 

Senior Managing Executive Officer, President & CEO of Subsidiary, Director

Director/Board Member

 

 

Mr. Tomomi Ishii has been serving as Senior Managing Executive Officer and Director in NICHIMO CO., LTD., as well as Chief Executive Officer of a United States-based subsidiary, and President and Representative Director in another subsidiary, NICHIMO BIOTICS CO., LTD., since June 2011. He joined the Company in December 1973. His previous titles include Director of 2nd Marine Sales, Director of 3rd Marine Sales and Executive Officer.

Yukio Koike

 

Executive President, President, Chairman of Subsidiary, Representative Director

Director/Board Member

 

 

 

Mr. Yukio Koike has been serving as Executive President, President and Representative Director in NICHIMO CO., LTD., as well as Chairman of the Board and Representative Director in a subsidiary, NISHINIHON CARYTEC., since September 2010. He joined the Company in April 1973. His previous titles include Director of General Affairs, Manager of Business Planning Office, Director of Biotics Sales and Managing Executive Officer. He used to be President and Director in another company.

Kazuaki Matsumoto

 

Managing Executive Officer, Chief Director of Food Business, Director

Director/Board Member

 

 

 

Mr. Kazuaki Matsumoto has been serving as Managing Executive Officer, Chief Director of Food Business and Director of NICHIMO CO., LTD. since June 2011. He joined the Company in April 1976. His previous titles include Director of 2nd Food Business, Manager of Fukuoka Office, Manager of Biotics SBU and Director of Biotics Sales in the Company.

Shigeru Motoyama

 

Director

Director/Board Member

 

 

Noboru Tanabe

 

Managing Executive Officer, Chief Director of Material Business, Director

Director/Board Member

 

 

 

Mr. Noboru Tanabe has been serving as Managing Executive Officer, Chief Director of Material Business and Director in NICHIMO CO., LTD. since June 2011. He joined the Company in April 1974. His previous title was Director of Machinery Sales.

Yoshitomo Yageta

 

Executive Officer, Director of Finance, Manager of Business Planning Office, Director

Director/Board Member

 

 

 

Mr. Yoshimoto Yageta has been serving as Executive Officer, Director of Finance, Manager of Business Planning Office and Director in NICHIMO CO., LTD. since June 2010. He joined the Company in April 1975.

 

Executives

 

Name

Title

Function

Yukio Koike

 

Executive President, President, Chairman of Subsidiary, Representative Director

President

 

Mr. Yukio Koike has been serving as Executive President, President and Representative Director in NICHIMO CO., LTD., as well as Chairman of the Board and Representative Director in a subsidiary, NISHINIHON CARYTEC., since September 2010. He joined the Company in April 1973. His previous titles include Director of General Affairs, Manager of Business Planning Office, Director of Biotics Sales and Managing Executive Officer. He used to be President and Director in another company.

Nobuyoshi Kusunoki

 

Co-Executive Officer-Foods

Division Head Executive

 

Toshihiko Miyajima

 

Co-Auditor

Finance Executive

 

Naoya Tatsuta

 

Co-Auditor

Finance Executive

 

Yoshitomo Yageta

 

Executive Officer, Director of Finance, Manager of Business Planning Office, Director

Finance Executive

 

 

Mr. Yoshimoto Yageta has been serving as Executive Officer, Director of Finance, Manager of Business Planning Office and Director in NICHIMO CO., LTD. since June 2010. He joined the Company in April 1975.

Yasuhide Iguchi

 

Auditor

Accounting Executive

 

Tamotsu Uomori

 

Auditor

Accounting Executive

 

Osamu Yoshitake

 

Auditor

Accounting Executive

 

Tadayoshi Koremura

 

Executive Officer, Manager of Fukuoka Office

Other

 

Ryoji Mine

 

Executive Officer, Manager of Foods Quality Administration Office

Other

 

Yoshiyuki Tsuchida

 

Executive Officer, Manager of Osaka Office

Other

 

Junichi Udagawa

 

Executive Officer, Deputy Chief Director of Material Business

Other

 

Isao Uetani

 

Executive Officer, Manager of Sendai Office

Other

 

 

 

Significant Developments

 

 

 

 

Nichimo Co., Ltd. Expects Extraordinary Losses for FY 2011; Cancels Year-end Dividend for FY 2011

May 13, 2011


Nichimo Co., Ltd. announced that it expects JPY 170 million extraordinary loss on removal of fixed assets and repair expenses, JPY 507 million extraordinary loss on inventory, as well as JPY 407 million extraordinary loss on provision for allowance for bad debts for the fiscal year ended March 2011. The Company has canceled the year-end dividend of JPY 5.00 per share for the fiscal year ended March 2011.

 

 

Nichimo Co Lifts 1H Parent Pretax View To Profit Y171.00M

Nikkei English News: 04 November 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

PARENT Forecast Prior

For 1H To Sep 2011 Forecast

Revenue Y32.74 blnY31.00 bln

Pretax Profit 171.00 mln (250.00) mln

Net Profit 183.00 mln (250.00) mln

Per share

Earnings 5.38 (7.33)

Figures in parentheses are losses.

Results are based on Japanese accounting standards.



Nichimo Co Ups FY Parent Pretax Profit View To Y300.00M

Nikkei English News: 04 November 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

PARENT New Forecast Prior

For Year To Mar 2012 Forecast

Revenue Y68.00 blnY68.00 bln

Pretax Profit 300.00 mln 150.00 mln

Net Profit 300.00 mln 150.00 mln

Per share

Earnings 8.80 4.40

Results are based on Japanese accounting standards.



Nichimo Co Ups 1H Group Net Profit View To Y272.00M

Nikkei English News: 04 November 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

GROUP New Forecast Prior

For 1H To Sep 2011 Forecast

Revenue Y45.58 blnY43.00 bln

Operating Profit 377.00 mln 100.00 mln

Pretax Profit 387.00 mln 100.00 mln

Net Profit 272.00 mln 50.00 mln

Per share

Earnings 8.00 1.47

Results are based on Japanese accounting standards.



Nichimo Co 1H Grp Net Pft Y272.00M Vs Y387.00M Pft Yr Earlier

Nikkei English News: 04 November 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

Japan

1st Half Ended September 30

GROUP 2011 2010

Revenue Y45.58 blnY42.11 bln

Operating Profit 377.00 mln 453.00 mln

Pretax Profit 387.00 mln 465.00 mln

Net Profit 272.00 mln 387.00 mln

Per share

Earnings 8.00 11.41

Diluted earnings 7.92 11.33

Results are based on Japanese accounting standards.

 

Nichimo Co 1Q Grp Net Loss Y37.00M Vs Y32.00M Pft Yr Earlier

Nikkei English News: 05 August 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

Japan

1st Quarter Ended June 30

GROUP 2011 2010

Revenue Y21.17 blnY20.30 bln

Operating Profit (1.00) mln (6.00) mln

Pretax Profit 25.00 mln 57.00 mln

Net Profit (37.00) mln 32.00 mln

Per share

Earnings (1.09) 0.95

Diluted earnings N/A 0.94

Figures in parentheses are losses.

Results are based on Japanese accounting standards.



Nichimo Co Cuts FY Group Net View To Loss Y381.00M

Nikkei English News: 13 May 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

GROUP New Forecast Prior

For Year To Mar 2011 Forecast

Revenue Y85.14 blnY95.00 bln

Operating Profit 848.00 mln 900.00 mln

Pretax Profit 711.00 mln 800.00 mln

Net Profit (381.00) mln 700.00 mln

Per share

Earnings (11.23) 20.61

Figures in parentheses are losses.

Results are based on Japanese accounting standards.



Nichimo Co Ups FY Parent Pretax Profit View To Y258.00M

Nikkei English News: 13 May 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

PARENT New Forecast Prior

For Year To Mar 2011 Forecast

Revenue Y61.17 blnY70.00 bln

Operating Profit 334.00 mln 400.00 mln

Pretax Profit 258.00 mln 250.00 mln

Net Profit (564.00) mln 250.00 mln

Per share

Earnings (16.58) 7.34

Figures in parentheses are losses.

Results are based on Japanese accounting standards.



Nichimo Co FY Grp Net Loss Y381.00M Vs Y161.00M Pft Yr Earlier

Nikkei English News: 13 May 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

Japan

Year Ended March 31

Group 2011 2010

Revenue Y85.14 blnY89.06 bln

Operating Profit 848.00 mln 199.00 mln

Pretax Profit 711.00 mln 95.00 mln

Net Profit (381.00) mln 161.00 mln

Per share

Earnings (11.23) 4.75

Diluted earnings N/A 4.73

Figures in parentheses are losses.

Results are based on Japanese accounting standards.



Nichimo Co Expects This FY Group Net Profit Y400.00M

Nikkei English News: 13 May 2011
[What follows is the full text of the news story.]

 

Nichimo Co. also released the following forecasts:

GROUP 1st Half To Year Ending

Sep 2011Mar 2012

Revenue Y43.00 blnY93.00 bln

Operating Profit 100.00 mln 750.00 mln

Pretax Profit 100.00 mln 500.00 mln

Net Profit 50.00 mln 400.00 mln

Per share

Earnings 1.47 11.76

Results are based on Japanese accounting standards.



Nichimo Co 9Mos Grp Net Pft Y900.00M Vs Y113.00M Pft Yr Earlier

Nikkei English News: 04 February 2011
[What follows is the full text of the news story.]

 

Nichimo Co. (8091.TO)

Japan

9 Months Ended December 31

GROUP 2010 2009

Revenue Y67.69 blnY70.31 bln

Operating Profit 1.05 bln 362.00 mln

Pretax Profit 963.00 mln 219.00 mln

Net Profit 900.00 mln 113.00 mln

Per share

Earnings 26.52 3.34

Diluted earnings 26.33 3.32

Results are based on Japanese accounting standards.

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Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

993.5

958.2

987.0

854.8

858.7

Revenue

993.5

958.2

987.0

854.8

858.7

Total Revenue

993.5

958.2

987.0

854.8

858.7

 

 

 

 

 

 

    Cost of Revenue

900.6

878.1

908.6

784.2

790.0

Cost of Revenue, Total

900.6

878.1

908.6

784.2

790.0

Gross Profit

92.9

80.1

78.4

70.6

68.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

34.2

31.0

29.9

28.0

30.8

    Labor & Related Expense

46.3

42.3

38.2

33.9

33.7

Total Selling/General/Administrative Expenses

80.5

73.3

68.1

61.9

64.4

Research & Development

-

1.8

2.0

2.4

-

    Depreciation

2.2

2.1

1.8

1.6

1.3

    Amortization of Acquisition Costs

0.3

0.7

0.6

1.0

1.0

Depreciation/Amortization

2.5

2.8

2.4

2.6

2.3

    Litigation

0.0

0.6

-

-

-

    Impairment-Assets Held for Use

0.1

0.2

0.1

0.2

1.3

    Impairment-Assets Held for Sale

0.3

0.0

2.5

0.0

0.5

    Other Unusual Expense (Income)

12.6

-1.5

0.0

0.7

4.5

Unusual Expense (Income)

13.0

-0.6

2.6

0.8

6.3

Total Operating Expense

996.5

955.4

983.7

852.0

863.1

 

 

 

 

 

 

Operating Income

-3.0

2.8

3.3

2.8

-4.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-6.2

-6.0

-6.4

-5.6

-5.1

    Interest Expense, Net Non-Operating

-6.2

-6.0

-6.4

-5.6

-5.1

        Interest Income - Non-Operating

1.3

1.2

0.9

1.0

0.9

        Investment Income - Non-Operating

3.4

2.9

2.1

3.2

7.1

    Interest/Investment Income - Non-Operating

4.7

4.1

2.9

4.1

8.0

Interest Income (Expense) - Net Non-Operating Total

-1.5

-1.8

-3.5

-1.5

2.9

Gain (Loss) on Sale of Assets

0.4

1.1

0.1

0.0

3.5

    Other Non-Operating Income (Expense)

-0.2

0.7

0.0

0.6

0.2

Other, Net

-0.2

0.7

0.0

0.6

0.2

Income Before Tax

-4.3

2.9

0.0

1.9

2.2

 

 

 

 

 

 

Total Income Tax

0.1

1.0

0.7

0.9

0.6

Income After Tax

-4.4

1.8

-0.7

1.1

1.6

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-4.4

1.8

-0.7

1.0

1.6

Net Income

-4.4

1.8

-0.7

1.0

1.6

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-0.1

-0.1

-0.1

-0.1

0.0

Total Adjustments to Net Income

-0.1

-0.1

-0.1

-0.1

0.0

Income Available to Common Excl Extraord Items

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

34.0

34.0

34.0

34.0

34.0

Basic EPS Excl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Basic/Primary EPS Incl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-4.4

1.7

-0.7

1.0

1.5

Diluted Weighted Average Shares

34.0

34.2

34.0

34.0

34.0

Diluted EPS Excl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Diluted EPS Incl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Dividends per Share - Common Stock Primary Issue

0.00

0.05

0.05

0.04

0.04

Gross Dividends - Common Stock

0.0

1.8

1.7

1.5

1.5

Interest Expense, Supplemental

6.2

6.0

6.4

5.6

5.1

Depreciation, Supplemental

4.9

4.3

3.3

2.7

2.3

Total Special Items

12.3

-1.5

2.9

1.9

3.8

Normalized Income Before Tax

8.0

1.3

2.9

3.8

6.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

4.4

-0.6

0.8

0.4

0.8

Inc Tax Ex Impact of Sp Items

4.5

0.4

1.5

1.2

1.4

Normalized Income After Tax

3.5

0.9

1.4

2.6

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.5

0.9

1.3

2.5

4.5

 

 

 

 

 

 

Basic Normalized EPS

0.10

0.03

0.04

0.07

0.13

Diluted Normalized EPS

0.10

0.03

0.04

0.07

0.13

Amort of Acquisition Costs, Supplemental

-0.2

0.2

0.5

1.0

1.0

Rental Expenses

6.4

5.8

5.4

4.9

4.8

Research & Development Exp, Supplemental

1.8

1.8

2.0

2.4

1.9

Reported Operating Profit

9.9

2.1

5.8

3.8

1.9

Reported Ordinary Profit

8.3

1.0

2.8

1.7

0.4

Normalized EBIT

10.0

2.2

5.9

3.6

1.9

Normalized EBITDA

14.7

6.7

9.7

7.4

5.2

Interest Cost - Domestic

0.5

0.5

0.4

0.4

0.4

Service Cost - Domestic

1.8

1.2

1.2

1.1

1.1

Expected Return on Assets - Domestic

-0.4

-0.3

-0.7

-0.7

-0.7

Actuarial Gains and Losses - Domestic

0.8

0.8

0.4

0.2

0.2

Transition Costs - Domestic

-

0.0

0.0

0.0

0.0

Other Pension, Net - Domestic

-

-

-

0.2

0.1

Domestic Pension Plan Expense

2.8

2.2

1.3

1.2

1.1

Total Pension Expense

2.8

2.2

1.3

1.2

1.1

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.00%

2.00%

4.00%

4.00%

4.00%

Total Plan Interest Cost

0.5

0.5

0.4

0.4

0.4

Total Plan Service Cost

1.8

1.2

1.2

1.1

1.1

Total Plan Expected Return

-0.4

-0.3

-0.7

-0.7

-0.7

Total Plan Other Expense

-

-

-

0.2

0.1

 

 

 

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.88

93.44

98.77

99.535

118.075

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

70.6

46.0

38.4

32.2

35.0

Cash and Short Term Investments

70.6

46.0

38.4

32.2

35.0

        Accounts Receivable - Trade, Gross

160.7

152.5

159.9

157.5

156.0

        Provision for Doubtful Accounts

-1.6

-1.7

-2.4

-2.4

-2.0

    Trade Accounts Receivable - Net

159.1

150.8

157.5

155.1

154.1

    Other Receivables

-

-

0.1

0.2

0.0

Total Receivables, Net

159.1

150.8

157.6

155.3

154.1

    Inventories - Finished Goods

133.7

133.1

151.2

159.3

-

    Inventories - Work In Progress

6.0

6.6

4.4

5.3

-

    Inventories - Raw Materials

23.1

25.7

23.3

24.1

-

    Inventories - Other

-

-

15.5

11.5

12.3

Total Inventory

162.8

165.5

194.4

200.2

173.5

    Deferred Income Tax - Current Asset

1.1

0.2

0.3

0.2

0.1

    Other Current Assets

25.1

21.3

4.9

8.9

7.4

Other Current Assets, Total

26.2

21.5

5.2

9.2

7.6

Total Current Assets

418.7

383.7

395.7

396.9

370.2

 

 

 

 

 

 

        Buildings

78.5

72.7

67.8

60.2

50.6

        Land/Improvements

27.1

24.3

22.5

20.5

16.9

        Machinery/Equipment

56.9

48.6

44.5

36.7

31.9

        Construction in Progress

2.8

0.7

0.9

0.4

0.0

    Property/Plant/Equipment - Gross

165.3

146.3

135.7

117.9

99.4

    Accumulated Depreciation

-101.4

-90.3

-82.8

-72.5

-60.4

Property/Plant/Equipment - Net

63.9

56.0

52.9

45.4

39.0

Goodwill, Net

2.1

0.1

0.6

3.8

4.5

Intangibles, Net

1.5

0.8

0.7

0.7

0.6

    LT Investments - Other

71.0

67.2

53.7

70.6

91.9

Long Term Investments

71.0

67.2

53.7

70.6

91.9

Note Receivable - Long Term

31.2

23.0

24.9

20.6

20.8

    Deferred Charges

0.1

0.3

0.4

0.4

0.4

    Other Long Term Assets

-13.9

-8.4

-8.5

-9.4

-12.6

Other Long Term Assets, Total

-13.7

-8.1

-8.1

-9.0

-12.2

Total Assets

574.7

522.8

520.4

528.9

514.8

 

 

 

 

 

 

Accounts Payable

102.5

95.4

88.1

105.5

109.5

Accrued Expenses

4.3

3.7

3.6

3.8

3.3

Notes Payable/Short Term Debt

202.7

174.0

196.4

183.8

164.2

Current Portion - Long Term Debt/Capital Leases

52.8

15.5

24.6

4.6

3.4

    Customer Advances

-

-

6.6

2.8

4.1

    Income Taxes Payable

0.7

0.9

0.9

0.8

0.5

    Other Current Liabilities

14.4

10.6

3.6

3.9

2.9

Other Current liabilities, Total

15.1

11.5

11.0

7.5

7.5

Total Current Liabilities

377.5

300.2

323.7

305.2

287.9

 

 

 

 

 

 

    Long Term Debt

39.6

68.0

52.6

65.8

53.0

Total Long Term Debt

39.6

68.0

52.6

65.8

53.0

Total Debt

295.2

257.5

273.5

254.2

220.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.8

3.7

2.1

6.9

20.1

Deferred Income Tax

0.8

3.7

2.1

6.9

20.1

Minority Interest

0.0

0.0

0.0

0.0

0.1

    Pension Benefits - Underfunded

6.2

5.7

4.2

3.5

3.3

    Other Long Term Liabilities

4.6

3.9

4.7

2.8

2.8

Other Liabilities, Total

10.8

9.6

8.9

6.3

6.1

Total Liabilities

428.7

381.5

387.4

384.3

367.1

 

 

 

 

 

 

    Common Stock

53.2

47.2

44.7

44.3

37.4

Common Stock

53.2

47.2

44.7

44.3

37.4

Additional Paid-In Capital

0.6

0.5

0.4

0.4

0.3

Retained Earnings (Accumulated Deficit)

111.0

104.5

98.9

103.3

87.5

Treasury Stock - Common

-13.3

-11.9

-11.3

-11.3

-9.5

Unrealized Gain (Loss)

4.6

8.1

5.1

11.0

31.6

    Translation Adjustment

-10.1

-7.0

-4.7

-3.1

0.3

Other Equity, Total

-10.1

-7.0

-4.7

-3.1

0.3

Total Equity

146.0

141.3

133.1

144.6

147.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

574.7

522.8

520.4

528.9

514.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

34.0

34.0

34.0

33.9

34.0

Total Common Shares Outstanding

34.0

34.0

34.0

33.9

34.0

Treasury Shares - Common Stock Primary Issue

3.9

3.9

3.9

3.9

3.9

Employees

823

715

745

721

735

Number of Common Shareholders

3,626

3,838

4,100

4,905

4,391

Deferred Revenue - Current

-

-

6.6

2.8

4.1

Total Long Term Debt, Supplemental

92.5

83.5

77.2

70.4

56.4

Long Term Debt Maturing within 1 Year

52.8

15.5

24.6

4.6

3.4

Long Term Debt Maturing in Year 2

10.1

46.2

9.8

21.8

3.2

Long Term Debt Maturing in Year 3

19.3

8.3

38.8

6.4

17.8

Long Term Debt Maturing in Year 4

8.8

5.7

4.0

36.2

0.8

Long Term Debt Maturing in Year 5

0.7

7.1

0.0

0.7

30.2

Long Term Debt Maturing in 2-3 Years

29.5

54.5

48.6

28.2

21.0

Long Term Debt Maturing in 4-5 Years

9.5

12.9

4.0

36.9

30.9

Long Term Debt Matur. in Year 6 & Beyond

0.7

0.6

0.0

0.8

1.1

Pension Obligation - Domestic

30.2

25.9

23.3

23.4

21.6

Plan Assets - Domestic

17.5

16.2

13.7

17.1

18.5

Funded Status - Domestic

-12.7

-9.7

-9.5

-6.4

-3.1

Total Funded Status

-12.7

-9.7

-9.5

-6.4

-3.1

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.00%

2.00%

4.00%

4.00%

4.00%

Accrued Liabilities - Domestic

-5.1

-4.1

-3.0

-3.0

-2.9

Other Assets, Net - Domestic

7.6

5.6

6.6

3.4

0.2

Net Assets Recognized on Balance Sheet

2.5

1.5

3.6

0.4

-2.7

Total Plan Obligations

30.2

25.9

23.3

23.4

21.6

Total Plan Assets

17.5

16.2

13.7

17.1

18.5

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-4.3

2.8

-0.1

1.9

2.2

    Depreciation

4.9

4.3

3.3

2.7

2.3

Depreciation/Depletion

4.9

4.3

3.3

2.7

2.3

    Amortization of Acquisition Costs

-0.2

0.2

0.5

1.0

1.0

Amortization

-0.2

0.2

0.5

1.0

1.0

    Unusual Items

0.6

-1.0

2.9

-1.1

-6.4

    Equity in Net Earnings (Loss)

-3.2

-1.6

-1.2

-1.0

-1.7

    Other Non-Cash Items

9.6

3.3

5.7

-0.3

5.1

Non-Cash Items

7.0

0.7

7.3

-2.4

-3.0

    Accounts Receivable

4.4

18.0

6.9

27.7

6.7

    Inventories

22.3

23.2

14.9

1.5

-4.0

    Prepaid Expenses

-1.4

-1.8

-3.8

2.7

1.0

    Accounts Payable

-5.8

6.5

-21.3

-20.3

14.1

    Accrued Expenses

0.1

-0.1

-0.2

-0.1

0.4

    Other Liabilities

-0.2

-2.5

3.7

-1.8

-4.0

    Other Operating Cash Flow

-4.1

-3.3

-0.9

-8.7

-7.6

Changes in Working Capital

15.3

40.0

-0.8

0.9

6.7

Cash from Operating Activities

22.6

47.9

10.2

4.2

9.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-7.0

-5.8

-8.2

-3.0

-1.8

Capital Expenditures

-7.0

-5.8

-8.2

-3.0

-1.8

    Acquisition of Business

-

0.0

-10.1

0.0

-

    Sale of Fixed Assets

1.1

1.3

0.2

0.0

7.8

    Sale/Maturity of Investment

1.4

0.4

5.0

3.5

7.1

    Purchase of Investments

-20.5

-6.2

-5.6

-4.9

-4.6

    Other Investing Cash Flow

1.9

1.8

-4.1

-0.2

0.8

Other Investing Cash Flow Items, Total

-16.2

-2.6

-14.6

-1.7

11.1

Cash from Investing Activities

-23.2

-8.4

-22.8

-4.7

9.3

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

0.0

0.0

Financing Cash Flow Items

0.0

0.0

0.0

0.0

0.0

    Cash Dividends Paid - Common

-2.0

-1.8

-1.7

-1.5

-1.5

Total Cash Dividends Paid

-2.0

-1.8

-1.7

-1.5

-1.5

        Repurchase/Retirement of Common

0.0

0.0

0.0

0.0

0.0

    Common Stock, Net

0.0

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

0.0

0.0

    Short Term Debt, Net

3.9

-33.7

8.8

-9.5

-27.1

        Long Term Debt Issued

19.5

31.2

10.5

10.3

30.7

        Long Term Debt Reduction

-21.0

-29.2

-4.8

-7.1

-8.1

    Long Term Debt, Net

-1.5

2.0

5.7

3.3

22.6

Issuance (Retirement) of Debt, Net

2.4

-31.8

14.5

-6.3

-4.5

Cash from Financing Activities

0.4

-33.6

12.7

-7.7

-6.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

-0.3

-0.5

-0.8

0.0

Net Change in Cash

-0.5

5.6

-0.4

-9.0

12.6

 

 

 

 

 

 

Net Cash - Beginning Balance

40.2

30.5

28.6

34.2

20.8

Net Cash - Ending Balance

39.7

36.1

28.2

25.2

33.4

Cash Interest Paid

6.2

5.9

6.4

5.1

5.7

Cash Taxes Paid

1.2

1.1

1.2

0.8

0.8

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

993.5

958.2

987.0

854.8

858.7

Total Revenue

993.5

958.2

987.0

854.8

858.7

 

 

 

 

 

 

    Cost of sales

900.6

878.1

908.6

784.2

790.0

    Labor Cost

40.0

36.4

33.8

29.9

29.6

    Rent Expense

6.4

5.8

5.4

4.9

4.8

    Transportation Cost

8.3

7.6

7.8

6.9

6.9

    Depreciation

2.2

2.1

1.8

1.6

1.3

    Amort. of Goodwill

0.3

0.7

0.6

1.0

1.0

    Allow.for Bonuses

3.5

3.0

3.0

2.7

2.9

    Res.Dir.'s Bonuses

0.3

0.2

0.1

0.1

0.1

    Accur.Retir.Benefit

2.5

2.7

1.3

1.0

0.9

    Allow.Doubt.Acct.

0.1

0.0

0.1

0.3

0.8

    R&D expense

-

1.8

2.0

2.4

-

    Other SGA

19.4

17.5

16.5

15.9

18.3

    SP Reversal-reserve for doubtful account

0.0

-0.7

0.0

-

-

    SP Rever. G cancellation of insurance

0.0

-1.0

0.0

-

-

    SP Rev of provi. for directors'' retire

-0.1

0.0

-

-

-

    SP Gain reversal allow. restruct. exp

-

-

-

-

0.0

    SP Allow.Doubt.Acct.

4.7

0.0

-

0.0

4.5

    SP Impairment loss

0.0

0.0

0.0

-

-

    SP Loss Val.Inv.Secs.

0.0

0.0

2.2

0.0

0.5

    SP Loss Retir.Fix Asset

0.1

0.2

0.1

0.2

0.0

    SP L on val. of stocks of subsidiar

0.2

0.0

-

-

-

    SP Loss Val.Golf Member

0.0

0.0

0.3

0.0

0.0

    SP Loss on litigation

0.0

0.6

-

-

-

    SP Loss on disaster

6.5

0.0

-

-

-

    SP Allowance For Disaster Loss

1.4

0.0

-

-

-

    SP Assets impairment losses

-

-

-

0.0

1.3

    SP Employees retirement pay

-

-

0.0

0.2

0.1

    SP Impropriety loss

-

-

0.0

0.7

0.0

    SP Gain on cancellation of derivatives

0.0

0.2

0.0

-

-

Total Operating Expense

996.5

955.4

983.7

852.0

863.1

 

 

 

 

 

 

    NOP Interest Income

1.3

1.2

0.9

1.0

0.9

    NOP Dividend Income

1.4

1.4

1.3

0.9

0.8

    NOP Equity Gain

3.2

1.6

1.2

1.0

1.7

    NOP Other Non-Ops Income

2.2

2.0

1.3

1.3

0.9

    NOP Interest Expense

-6.2

-6.0

-6.4

-5.6

-5.1

    NOP Exchange Loss

-1.1

-0.1

-

-

-

    NOP Prov. for doubtful accounts

-1.1

0.0

-0.7

-0.3

0.0

    NOP Other Non-Ops. Expen

-1.3

-1.3

-0.6

-0.4

-0.7

    SP Gain Sale Fixed Asset

-

-

-

0.0

7.6

    SP Gain on Sale on Land

0.9

1.3

0.1

-

-

    SP Gain Sale Inv.Sec.

0.0

0.0

0.0

1.3

4.7

    SP Loss Sale Inv.Secs.

-0.1

0.0

0.0

0.0

0.0

    SP Loss Sale Fix Asset

-0.1

0.0

0.0

0.0

0.0

    SP L on liquidation of subsid.

-0.4

0.0

-

-

-

    SP Loss Disposal Inventory

-

-

-

0.0

-4.1

    SP Loss-liquidation of affiliates

0.0

-0.2

0.0

-

-

    SP loss on equity changes

-

0.0

-0.4

0.0

-

Net Income Before Taxes

-4.3

2.9

0.0

1.9

2.2

 

 

 

 

 

 

Provision for Income Taxes

0.1

1.0

0.7

0.9

0.6

Net Income After Taxes

-4.4

1.8

-0.7

1.1

1.6

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-4.4

1.8

-0.7

1.0

1.6

Net Income

-4.4

1.8

-0.7

1.0

1.6

 

 

 

 

 

 

    Earning Adjust.

-0.1

-0.1

-0.1

-0.1

0.0

Income Available to Com Excl ExtraOrd

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Basic Weighted Average Shares

34.0

34.0

34.0

34.0

34.0

Basic EPS Excluding ExtraOrdinary Items

-0.13

0.05

-0.02

0.03

0.05

Basic EPS Including ExtraOrdinary Item

-0.13

0.05

-0.02

0.03

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-4.4

1.7

-0.7

1.0

1.5

Diluted Weighted Average Shares

34.0

34.2

34.0

34.0

34.0

Diluted EPS Excluding ExtraOrd Items

-0.13

0.05

-0.02

0.03

0.05

Diluted EPS Including ExtraOrd Items

-0.13

0.05

-0.02

0.03

0.05

DPS-Common Stock

0.00

0.05

0.05

0.04

0.04

Gross Dividends - Common Stock

0.0

1.8

1.7

1.5

1.5

Normalized Income Before Taxes

8.0

1.3

2.9

3.8

6.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

4.5

0.4

1.5

1.2

1.4

Normalized Income After Taxes

3.5

0.9

1.4

2.6

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.5

0.9

1.3

2.5

4.5

 

 

 

 

 

 

Basic Normalized EPS

0.10

0.03

0.04

0.07

0.13

Diluted Normalized EPS

0.10

0.03

0.04

0.07

0.13

Interest Expense

6.2

6.0

6.4

5.6

5.1

Rental Expense

6.4

5.8

5.4

4.9

4.8

Amort of Goodwill

0.3

0.7

0.6

1.0

1.0

Amort of Negative Goodwill

-0.5

-0.5

-0.1

0.0

-

Depreciation

4.9

4.3

3.3

2.7

2.3

Research and Development

1.8

1.8

2.0

2.4

1.9

Reported Operating Profit

9.9

2.1

5.8

3.8

1.9

Reported Ordinary Profit

8.3

1.0

2.8

1.7

0.4

Service Cost

1.8

1.2

1.2

1.1

1.1

Interest Cost

0.5

0.5

0.4

0.4

0.4

Expected Return on Plan Assets

-0.4

-0.3

-0.7

-0.7

-0.7

Pension Exp. due to Acct. Changes

-

0.0

0.0

0.0

0.0

Actuarial Gains and Losses

0.8

0.8

0.4

0.2

0.2

Additional Retire. Benefits, Nonrecurr.

-

-

-

0.2

0.1

Domestic Pension Plan Expense

2.8

2.2

1.3

1.2

1.1

Total Pension Expense

2.8

2.2

1.3

1.2

1.1

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.00%

2.00%

4.00%

4.00%

4.00%

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.88

93.44

98.77

99.535

118.075

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposit

70.6

46.0

38.4

32.2

35.0

    Note&Acct.Payabl

160.7

152.5

159.9

157.5

156.0

    Inventories

-

-

-

-

161.2

    Inventories - merchandise&finished goods

133.7

133.1

151.2

159.3

-

    Inventories - work-in-process

6.0

6.6

4.4

5.3

-

    Inventories - raw materials & supplies

23.1

25.7

23.3

24.1

-

    Advance Payment

-

-

15.5

11.5

12.3

    ST Loan

-

-

0.1

0.2

0.0

    Deferred tax assets

1.1

0.2

0.3

0.2

0.1

    Other current assets

25.1

21.3

4.9

8.9

7.4

    Allow.Doubt.Acct

-1.6

-1.7

-2.4

-2.4

-2.0

Total Current Assets

418.7

383.7

395.7

396.9

370.2

 

 

 

 

 

 

    Buildings&Struct, gross

78.5

72.7

67.8

60.2

50.6

    Accum. depr - bldg&struc

-57.6

-52.8

-48.8

-43.5

-

    Machineries, equip., & vehicle, gross

50.1

42.8

38.9

31.0

27.2

    Accum. depr - machin&vehicles

-38.2

-32.5

-29.2

-24.1

-

    Tools & Fixtures, gross

6.8

5.8

5.6

5.6

4.7

    Accum. depr - tools, furn, fixtur

-5.7

-5.0

-4.8

-4.9

-

    Land

27.1

24.3

22.5

20.5

16.9

    Constr.in Progr.

2.8

0.7

0.9

0.4

0.0

    Accum.Deprec.

-

-

-

-

-60.4

    Goodwill

2.1

0.1

0.6

3.8

4.5

    Other Intangible

1.5

0.8

0.7

0.7

0.6

    Investment Secs.

71.0

67.2

53.7

70.6

74.9

    Inv't sec. non-consolid & affiliated sec

-

-

-

-

17.0

    LT Loans

2.3

4.7

6.0

2.5

1.6

    Bankrupt Claims

29.0

18.3

18.9

18.0

19.2

    Other Asset

9.1

8.0

8.4

6.9

6.0

    Allow.Doubt.Acct

-22.9

-16.5

-16.9

-16.3

-18.6

    Bond issue expenses

0.1

0.3

0.4

0.4

0.4

Total Assets

574.7

522.8

520.4

528.9

514.8

 

 

 

 

 

 

    Note&Acct.Payabl

102.5

95.4

84.3

103.3

106.8

    ST Debt

202.7

174.0

196.4

183.8

164.2

    Current portion of bonds

43.7

1.3

1.4

0.2

0.2

    Cur.Port.LT Debt

9.1

14.1

23.2

4.4

3.2

    Accounts Payable

-

-

3.9

2.2

2.7

    Income Tax Pybl.

0.7

0.9

0.9

0.8

0.5

    Advance received

-

-

6.6

2.8

4.1

    Allowance for disaster loss

1.4

0.0

-

-

-

    Provision-Business Restructuring

1.7

1.5

1.4

1.4

1.2

    Allow.for Bonus

4.3

3.7

3.6

3.8

3.3

    Other current liabilities

11.2

9.1

2.1

2.5

1.7

Total Current Liabilities

377.5

300.2

323.7

305.2

287.9

 

 

 

 

 

 

    Corp.Bond

1.5

40.1

39.2

35.3

29.9

    LT Debt

38.1

27.9

13.4

30.6

23.1

Total Long Term Debt

39.6

68.0

52.6

65.8

53.0

 

 

 

 

 

 

    LT Accounts Payable

0.9

0.8

0.8

0.8

1.0

    Res.Retir.Bonus

1.1

1.6

1.3

0.6

0.4

    Res.Accru.Benef.

5.1

4.1

3.0

3.0

2.9

    LT Dfrd.Tax Liab

0.8

3.7

2.1

6.9

20.1

    Negative goodwill

1.4

1.7

2.1

0.0

-

    Other LT Debt

2.3

1.3

1.9

2.1

1.7

    Minority interests

0.0

0.0

0.0

0.0

0.1

    Adjustment

-

-

-

-

0.0

Total Liabilities

428.7

381.5

387.4

384.3

367.1

 

 

 

 

 

 

    Common Stock

53.2

47.2

44.7

44.3

37.4

    Capital surplus

0.3

0.2

0.2

0.2

0.2

    Retained Earning

111.0

104.5

98.9

103.3

87.5

    Treasury Stock

-13.3

-11.9

-11.3

-11.3

-9.5

    Unreal.Gain-Secs

4.6

8.3

5.6

12.8

31.4

    Deferred hedge gain/loss

0.0

-0.3

-0.5

-1.9

0.2

    Transl.Adjust.

-10.1

-7.0

-4.7

-3.1

0.3

    Subscription rights to shares

0.4

0.3

0.2

0.2

0.1

Total Equity

146.0

141.3

133.1

144.6

147.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

574.7

522.8

520.4

528.9

514.7

 

 

 

 

 

 

    S/O-Common Stock

34.0

34.0

34.0

33.9

34.0

Total Common Shares Outstanding

34.0

34.0

34.0

33.9

34.0

T/S-Common Stock

3.9

3.9

3.9

3.9

3.9

Advance received

-

-

6.6

2.8

4.1

Full-Time Employees

823

715

745

721

735

Number of Common Shareholders

3,626

3,838

4,100

4,905

4,391

Long Term Debt Within 1 Year

52.8

15.5

24.6

4.6

3.4

Long Term Debt Within 2 Years

10.1

46.2

9.8

21.8

3.2

Long Term Debt Within 3 Years

19.3

8.3

38.8

6.4

17.8

Long Term Debt Within 4 Years

8.8

5.7

4.0

36.2

0.8

Long Term Debt Within 5 Years

0.7

7.1

0.0

0.7

30.2

Long Term Debt After 5 Years

0.7

0.6

0.0

0.8

1.1

Total Long Term Debt, Supplemental

92.5

83.5

77.2

70.4

56.4

Pension Obligation

30.2

25.9

23.3

23.4

21.6

Fair Value of Plan Assets

17.5

16.2

13.7

17.1

18.5

Funded Status

-12.7

-9.7

-9.5

-6.4

-3.1

Total Funded Status

-12.7

-9.7

-9.5

-6.4

-3.1

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.00%

2.00%

4.00%

4.00%

4.00%

Expense Unrecog. for Acct. Changes

-

-

0.0

-0.1

-0.1

Unrecognized Actuarial Gains and Losses

7.6

5.6

6.6

3.5

0.3

Reserve for Accrued Retirement Benefits

-5.1

-4.1

-3.0

-3.0

-2.9

Net Assets Recognized on Balance Sheet

2.5

1.5

3.6

0.4

-2.7

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income Before Tax

-4.3

2.8

-0.1

1.9

2.2

    Depreciation

4.9

4.3

3.3

2.7

2.3

    Amortization of goodwill

0.3

0.7

0.6

1.0

1.0

    Amortization of negative goodwill

-0.5

-0.5

-0.1

0.0

-

    Amortization of Deferr. assets

0.2

0.2

0.1

0.1

0.1

    Impairment loss

0.0

0.0

0.0

0.0

1.3

    Allow.for Bonuses

0.1

-0.1

-0.2

-0.1

0.4

    Provision-Business Restructuring

-

-

-

-

0.0

    Res.Accru.Reitr.

-0.2

1.2

-0.1

-0.4

-1.9

    Allow.Doubt.Acct.

3.9

-2.1

-0.1

-4.9

2.8

    Allowance for disaster

1.4

0.0

-

-

-

    Int. & Div. Income

-2.7

-2.6

-2.1

-1.9

-1.7

    Div.from Equity

0.9

0.6

0.5

0.5

0.6

    Interest Expense

6.2

6.0

6.4

5.6

5.1

    Exchange Gain/Loss

-

-

-

-

0.0

    Equity Gain/Loss

-3.2

-1.6

-1.2

-1.0

-1.7

    G/L Sale Inv.Secs.

0.1

0.0

0.0

-1.2

-4.7

    Loss Val.Inv.Secs.

0.3

0.0

2.2

0.0

0.5

    Loss Val.Golf Member

0.0

0.0

0.3

0.0

0.0

    L.Liquid.Affil.Co.

0.0

0.2

0.0

-

0.0

    Gain Sale PPE

-0.9

-1.3

-0.1

0.0

-7.6

    Loss Retir.PPE

0.6

0.1

0.1

0.2

0.0

    L on liquidation of subsidiaries

0.4

0.0

-

-

-

    Impropriety loss

-

-

0.0

0.7

0.0

    loss on equity changes

-

0.0

0.4

0.0

-

    Loss Disposal Inventory

-

-

-

0.0

4.1

    Note&Acct.Rcvl.

4.4

18.4

6.3

28.6

6.0

    Inventories

22.3

23.2

14.9

1.5

-4.0

    (Inc) Dec in advance payments

-1.4

-1.8

-3.8

2.7

1.0

    Inc (Dec) advances received

-0.2

-2.5

3.7

-1.8

-4.0

    Note&Acct.Payable

-5.8

6.5

-21.3

-20.3

14.1

    Discount Note

0.0

-0.4

0.6

-0.9

0.8

    Other

0.6

1.0

4.6

-4.5

-2.8

    Int. & Div. Received

2.7

2.7

2.1

1.8

1.7

    Interest Paid

-6.2

-5.9

-6.4

-5.1

-5.7

    Tax Paid

-1.2

-1.1

-1.2

-0.8

-0.8

    Increase due to newly consol. subs.

-

-

0.9

0.0

0.1

Cash from Operating Activities

22.6

47.9

10.2

4.2

9.2

 

 

 

 

 

 

    Time Deposit Made

-19.1

-0.3

-4.2

-2.6

-0.1

    Time Deposit Matured

1.2

0.3

0.0

1.6

1.7

    Purch of PPE&intangible

-7.0

-5.8

-8.2

-3.0

-1.8

    Proc.Sale PPE/intangible

1.1

1.3

0.2

0.0

7.8

    Pay.Purch.Inv.Secs.

-1.2

-5.9

-1.4

-2.3

-4.4

    Purchase of investments in subsidiaries

-0.2

0.0

-

-

-

    Proc.Sale Inv.Secs.

0.1

0.2

5.0

1.9

5.4

    Purchase of subs.' securities

-

0.0

-10.1

0.0

-

    ST Loans Made

-38.2

-25.2

-27.5

-10.7

-5.4

    ST Loans Collected

38.2

25.2

27.6

10.5

5.6

    LT Loans Made

-3.9

-0.8

-4.6

-3.0

-0.5

    LT Loans Collected

6.8

2.4

1.2

2.3

0.9

    Other

-1.0

0.3

-0.9

0.7

0.2

Cash from Investing Activities

-23.2

-8.4

-22.8

-4.7

9.3

 

 

 

 

 

 

    ST Debt, Net

3.9

-33.7

8.8

-9.5

-27.1

    Proc. LT Debt

19.5

31.2

5.7

10.3

1.3

    Repayment LT Debt

-19.5

-27.7

-4.6

-6.9

-8.0

    Issue Bond

-

0.0

4.8

0.0

29.4

    Repaid-Bond

-1.5

-1.5

-0.2

-0.2

-0.2

    Purchase of treasury stock

0.0

0.0

0.0

0.0

0.0

    Dividend Paid

-2.0

-1.8

-1.7

-1.5

-1.5

    Other, net

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

0.4

-33.6

12.7

-7.7

-6.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

-0.3

-0.5

-0.8

0.0

Net Change in Cash

-0.5

5.6

-0.4

-9.0

12.6

 

 

 

 

 

 

Net Cash - Beginning Balance

40.2

30.5

28.6

34.2

20.8

Net Cash - Ending Balance

39.7

36.1

28.2

25.2

33.4

    Cash Interest Paid

6.2

5.9

6.4

5.1

5.7

    Cash Taxes Paid

1.2

1.1

1.2

0.8

0.8

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

313.9

11.89%

993.5

-4.40%

-4.49%

-4.30%

Operating Income1

4.8

-16.81%

-3.0

-

-

-

Income Available to Common Excl Extraord Items1

4.0

-12.96%

-4.4

-

-

-

Basic EPS Excl Extraord Items1

0.12

-12.98%

-0.13

-

-

-

Capital Expenditures2

2.8

-

7.0

12.71%

21.16%

-8.28%

Cash from Operating Activities2

-70.9

-

22.6

-56.49%

59.54%

-

Free Cash Flow

-76.2

-

16.1

-65.94%

113.02%

-

Total Assets3

733.3

8.03%

574.7

-2.49%

-3.28%

-4.85%

Total Liabilities3

574.7

12.19%

428.7

-0.32%

-2.43%

-3.75%

Total Long Term Debt3

83.7

160.37%

39.6

-48.29%

-20.56%

2.04%

Employees3

-

-

823

15.10%

4.51%

3.95%

Total Common Shares Outstanding3

34.0

-0.01%

34.0

0.11%

0.04%

0.01%

1-ExchangeRate: JPY to USD Average for Period

77.752043

 

85.691434

 

 

 

2-ExchangeRate: JPY to USD Average for Period

79.672811

 

85.691434

 

 

 

3-ExchangeRate: JPY to USD Period End Date

77.080000

 

82.880000

 

 

 

 

 

Utility Industry Specific USD (mil)

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

 

Deferred Charges3

0.1

0.3

0.4

0.4

0.4

 

3-ExchangeRate: JPY to USD Period End Date

82.880000

93.440000

98.770000

99.535000

118.075000

 

 

Key Ratios

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Profitability

Gross Margin

9.35%

8.36%

7.94%

8.26%

7.99%

Operating Margin

-0.30%

0.29%

0.34%

0.33%

-0.51%

Pretax Margin

-0.43%

0.30%

0.00%

0.22%

0.26%

Net Profit Margin

-0.45%

0.18%

-0.07%

0.12%

0.18%

Financial Strength

Current Ratio

1.11

1.28

1.22

1.30

1.29

Long Term Debt/Equity

0.27

0.48

0.40

0.46

0.36

Total Debt/Equity

2.02

1.82

2.06

1.76

1.49

Management Effectiveness

Return on Assets

-0.78%

0.34%

-0.13%

0.21%

0.30%

Return on Equity

-3.01%

1.22%

-0.53%

0.71%

1.02%

Efficiency

Receivables Turnover

6.24

6.01

6.39

5.81

5.35

Inventory Turnover

5.33

4.71

4.67

4.44

4.51

Asset Turnover

1.76

1.78

1.91

1.72

1.65

 

Market Valuation USD (mil)

Enterprise Value2

388.7

.

Price/Sales (TTM)

0.06

Enterprise Value/Revenue (TTM)

0.34

.

Price/Book (MRQ)

0.38

Enterprise Value/EBITDA (TTM)

274.86

.

Market Cap1

66.3

1-ExchangeRate: JPY to USD on 25-Nov-2011

77.680000

 

 

 

2-ExchangeRate: JPY to USD on 30-Sep-2011

77.080000

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Financial Strength

Current Ratio

1.11

1.28

1.22

1.30

1.29

Quick/Acid Test Ratio

0.61

0.66

0.61

0.61

0.66

Working Capital1

41.2

83.6

72.0

91.7

82.2

Long Term Debt/Equity

0.27

0.48

0.40

0.46

0.36

Total Debt/Equity

2.02

1.82

2.06

1.76

1.49

Long Term Debt/Total Capital

0.09

0.17

0.13

0.17

0.14

Total Debt/Total Capital

0.67

0.65

0.67

0.64

0.60

Payout Ratio

0.00%

105.45%

-232.55%

150.24%

93.83%

Effective Tax Rate

-

36.23%

-

44.75%

28.79%

Total Capital1

441.2

398.8

406.6

398.8

368.2

 

 

 

 

 

 

Efficiency

Asset Turnover

1.76

1.78

1.91

1.72

1.65

Inventory Turnover

5.33

4.71

4.67

4.44

4.51

Days In Inventory

68.49

77.53

78.22

82.29

80.92

Receivables Turnover

6.24

6.01

6.39

5.81

5.35

Days Receivables Outstanding

58.47

60.77

57.09

62.85

68.25

Revenue/Employee2

1,248,141

1,332,982

1,347,867

1,361,476

1,157,076

Operating Income/Employee2

-3,768

3,922

4,553

4,459

-5,934

EBITDA/Employee2

2,419

9,834

9,037

8,820

-2,812

 

 

 

 

 

 

Profitability

Gross Margin

9.35%

8.36%

7.94%

8.26%

7.99%

Operating Margin

-0.30%

0.29%

0.34%

0.33%

-0.51%

EBITDA Margin

0.19%

0.74%

0.67%

0.65%

-0.24%

EBIT Margin

-0.30%

0.29%

0.34%

0.33%

-0.51%

Pretax Margin

-0.43%

0.30%

0.00%

0.22%

0.26%

Net Profit Margin

-0.45%

0.18%

-0.07%

0.12%

0.18%

R&D Expense/Revenue

-

0.19%

0.20%

0.28%

-

COGS/Revenue

90.65%

91.64%

92.06%

91.74%

92.01%

SG&A Expense/Revenue

8.10%

7.65%

6.90%

7.24%

7.51%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-0.78%

0.34%

-0.13%

0.21%

0.30%

Return on Equity

-3.01%

1.22%

-0.53%

0.71%

1.02%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.47

1.23

0.06

0.04

0.22

Operating Cash Flow/Share 2

0.69

1.40

0.31

0.14

0.27

1-ExchangeRate: JPY to USD Period End Date

82.88

93.44

98.77

99.535

118.075

2-ExchangeRate: JPY to USD Average for Period

82.88

93.44

98.77

99.535

118.075

 

Current Market Multiples

Market Cap/Earnings (TTM)

-10.18

Market Cap/Equity (MRQ)

0.42

Market Cap/Revenue (TTM)

0.06

Market Cap/EBIT (TTM)

-14.63

Market Cap/EBITDA (TTM)

47.26

Enterprise Value/Earnings (TTM)

-59.19

Enterprise Value/Equity (MRQ)

2.45

Enterprise Value/Revenue (TTM)

0.34

Enterprise Value/EBIT (TTM)

-85.11

Enterprise Value/EBITDA (TTM)

274.86

 

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

993.5

958.2

987.0

854.8

858.7

Revenue

993.5

958.2

987.0

854.8

858.7

Total Revenue

993.5

958.2

987.0

854.8

858.7

 

 

 

 

 

 

    Cost of Revenue

900.6

878.1

908.6

784.2

790.0

Cost of Revenue, Total

900.6

878.1

908.6

784.2

790.0

Gross Profit

92.9

80.1

78.4

70.6

68.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

34.2

31.0

29.9

28.0

30.8

    Labor & Related Expense

46.3

42.3

38.2

33.9

33.7

Total Selling/General/Administrative Expenses

80.5

73.3

68.1

61.9

64.4

Research & Development

-

1.8

2.0

2.4

-

    Depreciation

2.2

2.1

1.8

1.6

1.3

    Amortization of Acquisition Costs

0.3

0.7

0.6

1.0

1.0

Depreciation/Amortization

2.5

2.8

2.4

2.6

2.3

    Litigation

0.0

0.6

-

-

-

    Impairment-Assets Held for Use

0.1

0.2

0.1

0.2

1.3

    Impairment-Assets Held for Sale

0.3

0.0

2.5

0.0

0.5

    Other Unusual Expense (Income)

12.6

-1.5

0.0

0.7

4.5

Unusual Expense (Income)

13.0

-0.6

2.6

0.8

6.3

Total Operating Expense

996.5

955.4

983.7

852.0

863.1

 

 

 

 

 

 

Operating Income

-3.0

2.8

3.3

2.8

-4.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-6.2

-6.0

-6.4

-5.6

-5.1

    Interest Expense, Net Non-Operating

-6.2

-6.0

-6.4

-5.6

-5.1

        Interest Income - Non-Operating

1.3

1.2

0.9

1.0

0.9

        Investment Income - Non-Operating

3.4

2.9

2.1

3.2

7.1

    Interest/Investment Income - Non-Operating

4.7

4.1

2.9

4.1

8.0

Interest Income (Expense) - Net Non-Operating Total

-1.5

-1.8

-3.5

-1.5

2.9

Gain (Loss) on Sale of Assets

0.4

1.1

0.1

0.0

3.5

    Other Non-Operating Income (Expense)

-0.2

0.7

0.0

0.6

0.2

Other, Net

-0.2

0.7

0.0

0.6

0.2

Income Before Tax

-4.3

2.9

0.0

1.9

2.2

 

 

 

 

 

 

Total Income Tax

0.1

1.0

0.7

0.9

0.6

Income After Tax

-4.4

1.8

-0.7

1.1

1.6

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-4.4

1.8

-0.7

1.0

1.6

Net Income

-4.4

1.8

-0.7

1.0

1.6

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-0.1

-0.1

-0.1

-0.1

0.0

Total Adjustments to Net Income

-0.1

-0.1

-0.1

-0.1

0.0

Income Available to Common Excl Extraord Items

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

34.0

34.0

34.0

34.0

34.0

Basic EPS Excl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Basic/Primary EPS Incl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-4.4

1.7

-0.7

1.0

1.5

Diluted Weighted Average Shares

34.0

34.2

34.0

34.0

34.0

Diluted EPS Excl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Diluted EPS Incl Extraord Items

-0.13

0.05

-0.02

0.03

0.05

Dividends per Share - Common Stock Primary Issue

0.00

0.05

0.05

0.04

0.04

Gross Dividends - Common Stock

0.0

1.8

1.7

1.5

1.5

Interest Expense, Supplemental

6.2

6.0

6.4

5.6

5.1

Depreciation, Supplemental

4.9

4.3

3.3

2.7

2.3

Total Special Items

12.3

-1.5

2.9

1.9

3.8

Normalized Income Before Tax

8.0

1.3

2.9

3.8

6.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

4.4

-0.6

0.8

0.4

0.8

Inc Tax Ex Impact of Sp Items

4.5

0.4

1.5

1.2

1.4

Normalized Income After Tax

3.5

0.9

1.4

2.6

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.5

0.9

1.3

2.5

4.5

 

 

 

 

 

 

Basic Normalized EPS

0.10

0.03

0.04

0.07

0.13

Diluted Normalized EPS

0.10

0.03

0.04

0.07

0.13

Amort of Acquisition Costs, Supplemental

-0.2

0.2

0.5

1.0

1.0

Rental Expenses

6.4

5.8

5.4

4.9

4.8

Research & Development Exp, Supplemental

1.8

1.8

2.0

2.4

1.9

Reported Operating Profit

9.9

2.1

5.8

3.8

1.9

Reported Ordinary Profit

8.3

1.0

2.8

1.7

0.4

Normalized EBIT

10.0

2.2

5.9

3.6

1.9

Normalized EBITDA

14.7

6.7

9.7

7.4

5.2

Interest Cost - Domestic

0.5

0.5

0.4

0.4

0.4

Service Cost - Domestic

1.8

1.2

1.2

1.1

1.1

Expected Return on Assets - Domestic

-0.4

-0.3

-0.7

-0.7

-0.7

Actuarial Gains and Losses - Domestic

0.8

0.8

0.4

0.2

0.2

Transition Costs - Domestic

-

0.0

0.0

0.0

0.0

Other Pension, Net - Domestic

-

-

-

0.2

0.1

Domestic Pension Plan Expense

2.8

2.2

1.3

1.2

1.1

Total Pension Expense

2.8

2.2

1.3

1.2

1.1

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.00%

2.00%

4.00%

4.00%

4.00%

Total Plan Interest Cost

0.5

0.5

0.4

0.4

0.4

Total Plan Service Cost

1.8

1.2

1.2

1.1

1.1

Total Plan Expected Return

-0.4

-0.3

-0.7

-0.7

-0.7

Total Plan Other Expense

-

-

-

0.2

0.1

 

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

77.752043

81.605269

82.241044

82.567473

85.838925

 

 

 

 

 

 

    Net Sales

313.9

259.4

212.1

309.8

254.1

Revenue

313.9

259.4

212.1

309.8

254.1

Total Revenue

313.9

259.4

212.1

309.8

254.1

 

 

 

 

 

 

    Cost of Revenue

284.6

238.6

193.4

280.8

228.0

Cost of Revenue, Total

284.6

238.6

193.4

280.8

228.0

Gross Profit

29.2

20.8

18.7

29.0

26.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

24.4

20.9

7.7

9.7

9.4

    Labor & Related Expense

-

-

13.4

12.2

11.4

Total Selling/General/Administrative Expenses

24.4

20.9

21.1

21.8

20.8

    Litigation

-

-

0.0

0.0

-

    Impairment-Assets Held for Use

-

-

0.0

0.1

0.0

    Impairment-Assets Held for Sale

-

-

0.0

0.6

-

    Other Unusual Expense (Income)

0.0

0.0

12.9

0.0

0.1

Unusual Expense (Income)

0.0

0.0

13.0

0.7

0.1

Total Operating Expense

309.1

259.4

227.5

303.3

248.8

 

 

 

 

 

 

Operating Income

4.8

0.0

-15.4

6.5

5.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.9

-1.6

-1.5

-1.6

-1.6

    Interest Expense, Net Non-Operating

-1.9

-1.6

-1.5

-1.6

-1.6

        Interest Income - Non-Operating

0.3

0.0

0.5

0.2

0.5

        Investment Income - Non-Operating

1.0

1.5

0.4

1.0

1.1

    Interest/Investment Income - Non-Operating

1.3

1.6

0.9

1.3

1.6

Interest Income (Expense) - Net Non-Operating Total

-0.6

-0.1

-0.6

-0.4

0.0

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

1.0

0.0

    Other Non-Operating Income (Expense)

0.4

0.4

-0.1

-0.8

-0.6

Other, Net

0.4

0.4

-0.1

-0.8

-0.6

Income Before Tax

4.6

0.3

-16.0

6.3

4.6

 

 

 

 

 

 

Total Income Tax

0.6

0.8

-0.5

0.1

0.5

Income After Tax

4.0

-0.5

-15.5

6.2

4.2

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

4.0

-0.5

-15.5

6.2

4.2

Net Income

4.0

-0.5

-15.5

6.2

4.2

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

0.0

0.0

Total Adjustments to Net Income

0.0

0.0

0.0

0.0

0.0

Income Available to Common Excl Extraord Items

4.0

-0.5

-15.6

6.2

4.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

4.0

-0.5

-15.6

6.2

4.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

34.0

34.0

34.0

34.0

34.0

Basic EPS Excl Extraord Items

0.12

-0.01

-0.46

0.18

0.12

Basic/Primary EPS Incl Extraord Items

0.12

-0.01

-0.46

0.18

0.12

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

4.0

-0.5

-15.6

6.2

4.1

Diluted Weighted Average Shares

34.7

34.0

34.0

34.2

34.2

Diluted EPS Excl Extraord Items

0.11

-0.01

-0.46

0.18

0.12

Diluted EPS Incl Extraord Items

0.11

-0.01

-0.46

0.18

0.12

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

1.9

1.6

1.5

1.6

1.6

Depreciation, Supplemental

1.6

1.3

1.4

1.4

1.2

Total Special Items

0.0

0.0

13.0

-0.3

0.0

Normalized Income Before Tax

4.7

0.3

-3.0

6.0

4.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

4.5

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.6

0.8

4.1

0.1

0.5

Normalized Income After Tax

4.0

-0.5

-7.1

6.0

4.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.0

-0.5

-7.1

5.9

4.1

 

 

 

 

 

 

Basic Normalized EPS

0.12

-0.01

-0.21

0.17

0.12

Diluted Normalized EPS

0.12

-0.01

-0.21

0.17

0.12

Amort of Acquisition Costs, Supplemental

0.0

0.0

0.0

0.0

-0.1

Rental Expenses

-

-

-

1.7

1.6

Reported Operating Profit

4.9

0.0

-2.4

7.2

5.3

Reported Ordinary Profit

4.7

0.3

-3.1

6.0

4.8

Normalized EBIT

4.9

0.0

-2.4

7.2

5.4

Normalized EBITDA

6.5

1.3

-1.0

8.6

6.4

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.88

93.44

98.77

99.535

118.075

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

70.6

46.0

38.4

32.2

35.0

Cash and Short Term Investments

70.6

46.0

38.4

32.2

35.0

        Accounts Receivable - Trade, Gross

160.7

152.5

159.9

157.5

156.0

        Provision for Doubtful Accounts

-1.6

-1.7

-2.4

-2.4

-2.0

    Trade Accounts Receivable - Net

159.1

150.8

157.5

155.1

154.1

    Other Receivables

-

-

0.1

0.2

0.0

Total Receivables, Net

159.1

150.8

157.6

155.3

154.1

    Inventories - Finished Goods

133.7

133.1

151.2

159.3

-

    Inventories - Work In Progress

6.0

6.6

4.4

5.3

-

    Inventories - Raw Materials

23.1

25.7

23.3

24.1

-

    Inventories - Other

-

-

15.5

11.5

12.3

Total Inventory

162.8

165.5

194.4

200.2

173.5

    Deferred Income Tax - Current Asset

1.1

0.2

0.3

0.2

0.1

    Other Current Assets

25.1

21.3

4.9

8.9

7.4

Other Current Assets, Total

26.2

21.5

5.2

9.2

7.6

Total Current Assets

418.7

383.7

395.7

396.9

370.2

 

 

 

 

 

 

        Buildings

78.5

72.7

67.8

60.2

50.6

        Land/Improvements

27.1

24.3

22.5

20.5

16.9

        Machinery/Equipment

56.9

48.6

44.5

36.7

31.9

        Construction in Progress

2.8

0.7

0.9

0.4

0.0

    Property/Plant/Equipment - Gross

165.3

146.3

135.7

117.9

99.4

    Accumulated Depreciation

-101.4

-90.3

-82.8

-72.5

-60.4

Property/Plant/Equipment - Net

63.9

56.0

52.9

45.4

39.0

Goodwill, Net

2.1

0.1

0.6

3.8

4.5

Intangibles, Net

1.5

0.8

0.7

0.7

0.6

    LT Investments - Other

71.0

67.2

53.7

70.6

91.9

Long Term Investments

71.0

67.2

53.7

70.6

91.9

Note Receivable - Long Term

31.2

23.0

24.9

20.6

20.8

    Deferred Charges

0.1

0.3

0.4

0.4

0.4

    Other Long Term Assets

-13.9

-8.4

-8.5

-9.4

-12.6

Other Long Term Assets, Total

-13.7

-8.1

-8.1

-9.0

-12.2

Total Assets

574.7

522.8

520.4

528.9

514.8

 

 

 

 

 

 

Accounts Payable

102.5

95.4

88.1

105.5

109.5

Accrued Expenses

4.3

3.7

3.6

3.8

3.3

Notes Payable/Short Term Debt

202.7

174.0

196.4

183.8

164.2

Current Portion - Long Term Debt/Capital Leases

52.8

15.5

24.6

4.6

3.4

    Customer Advances

-

-

6.6

2.8

4.1

    Income Taxes Payable

0.7

0.9

0.9

0.8

0.5

    Other Current Liabilities

14.4

10.6

3.6

3.9

2.9

Other Current liabilities, Total

15.1

11.5

11.0

7.5

7.5

Total Current Liabilities

377.5

300.2

323.7

305.2

287.9

 

 

 

 

 

 

    Long Term Debt

39.6

68.0

52.6

65.8

53.0

Total Long Term Debt

39.6

68.0

52.6

65.8

53.0

Total Debt

295.2

257.5

273.5

254.2

220.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.8

3.7

2.1

6.9

20.1

Deferred Income Tax

0.8

3.7

2.1

6.9

20.1

Minority Interest

0.0

0.0

0.0

0.0

0.1

    Pension Benefits - Underfunded

6.2

5.7

4.2

3.5

3.3

    Other Long Term Liabilities

4.6

3.9

4.7

2.8

2.8

Other Liabilities, Total

10.8

9.6

8.9

6.3

6.1

Total Liabilities

428.7

381.5

387.4

384.3

367.1

 

 

 

 

 

 

    Common Stock

53.2

47.2

44.7

44.3

37.4

Common Stock

53.2

47.2

44.7

44.3

37.4

Additional Paid-In Capital

0.6

0.5

0.4

0.4

0.3

Retained Earnings (Accumulated Deficit)

111.0

104.5

98.9

103.3

87.5

Treasury Stock - Common

-13.3

-11.9

-11.3

-11.3

-9.5

Unrealized Gain (Loss)

4.6

8.1

5.1

11.0

31.6

    Translation Adjustment

-10.1

-7.0

-4.7

-3.1

0.3

Other Equity, Total

-10.1

-7.0

-4.7

-3.1

0.3

Total Equity

146.0

141.3

133.1

144.6

147.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

574.7

522.8

520.4

528.9

514.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

34.0

34.0

34.0

33.9

34.0

Total Common Shares Outstanding

34.0

34.0

34.0

33.9

34.0

Treasury Shares - Common Stock Primary Issue

3.9

3.9

3.9

3.9

3.9

Employees

823

715

745

721

735

Number of Common Shareholders

3,626

3,838

4,100

4,905

4,391

Deferred Revenue - Current

-

-

6.6

2.8

4.1

Total Long Term Debt, Supplemental

92.5

83.5

77.2

70.4

56.4

Long Term Debt Maturing within 1 Year

52.8

15.5

24.6

4.6

3.4

Long Term Debt Maturing in Year 2

10.1

46.2

9.8

21.8

3.2

Long Term Debt Maturing in Year 3

19.3

8.3

38.8

6.4

17.8

Long Term Debt Maturing in Year 4

8.8

5.7

4.0

36.2

0.8

Long Term Debt Maturing in Year 5

0.7

7.1

0.0

0.7

30.2

Long Term Debt Maturing in 2-3 Years

29.5

54.5

48.6

28.2

21.0

Long Term Debt Maturing in 4-5 Years

9.5

12.9

4.0

36.9

30.9

Long Term Debt Matur. in Year 6 & Beyond

0.7

0.6

0.0

0.8

1.1

Pension Obligation - Domestic

30.2

25.9

23.3

23.4

21.6

Plan Assets - Domestic

17.5

16.2

13.7

17.1

18.5

Funded Status - Domestic

-12.7

-9.7

-9.5

-6.4

-3.1

Total Funded Status

-12.7

-9.7

-9.5

-6.4

-3.1

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.00%

2.00%

4.00%

4.00%

4.00%

Accrued Liabilities - Domestic

-5.1

-4.1

-3.0

-3.0

-2.9

Other Assets, Net - Domestic

7.6

5.6

6.6

3.4

0.2

Net Assets Recognized on Balance Sheet

2.5

1.5

3.6

0.4

-2.7

Total Plan Obligations

30.2

25.9

23.3

23.4

21.6

Total Plan Assets

17.5

16.2

13.7

17.1

18.5

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
30-Sep-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

77.08

80.76

82.88

81.105

83.54

 

 

 

 

 

 

    Cash & Equivalents

65.4

72.8

66.9

68.2

55.5

Cash and Short Term Investments

65.4

72.8

66.9

68.2

55.5

        Accounts Receivable - Trade, Gross

223.4

181.4

160.7

242.2

194.7

        Provision for Doubtful Accounts

-1.6

-1.5

-1.6

-2.1

-1.7

    Trade Accounts Receivable - Net

221.8

179.9

159.1

240.1

193.0

Total Receivables, Net

221.8

179.9

159.1

240.1

193.0

    Inventories - Finished Goods

207.7

199.2

133.7

151.7

164.6

    Inventories - Work In Progress

6.4

9.1

6.0

9.4

8.4

    Inventories - Raw Materials

22.8

26.0

23.1

21.9

23.5

Total Inventory

236.9

234.3

162.8

183.0

196.5

    Deferred Income Tax - Current Asset

0.6

0.5

1.1

0.5

0.5

    Other Current Assets

38.0

30.1

25.1

27.7

28.9

Other Current Assets, Total

38.6

30.6

26.2

28.2

29.4

Total Current Assets

562.8

517.6

415.1

519.5

474.4

 

 

 

 

 

 

        Buildings

84.5

80.7

78.5

83.2

81.7

        Land/Improvements

29.0

27.8

27.1

27.8

27.0

        Machinery/Equipment

65.0

58.7

56.9

57.9

55.7

        Construction in Progress

3.9

3.4

2.8

2.7

1.2

    Property/Plant/Equipment - Gross

182.4

170.7

165.3

171.5

165.7

    Accumulated Depreciation

-110.8

-105.3

-101.4

-105.8

-102.3

Property/Plant/Equipment - Net

71.6

65.3

63.9

65.7

63.4

Goodwill, Net

2.0

2.1

2.1

2.6

2.6

Intangibles, Net

1.6

1.5

1.5

1.6

1.6

    LT Investments - Other

76.8

73.2

71.0

75.1

70.1

Long Term Investments

76.8

73.2

71.0

75.1

70.1

Note Receivable - Long Term

27.6

29.8

31.2

24.2

23.4

    Deferred Charges

0.8

0.1

0.1

0.2

0.2

    Restricted Cash - Long Term

3.9

-

3.6

-

-

    Other Long Term Assets

-13.8

-13.6

-13.9

-10.1

-9.4

Other Long Term Assets, Total

-9.1

-13.5

-10.1

-9.9

-9.1

Total Assets

733.3

676.1

574.7

678.8

626.3

 

 

 

 

 

 

Accounts Payable

152.2

115.2

102.5

143.3

115.6

Accrued Expenses

4.7

2.3

4.3

1.8

4.3

Notes Payable/Short Term Debt

292.1

288.5

202.7

245.7

239.6

Current Portion - Long Term Debt/Capital Leases

11.5

54.0

52.8

59.9

58.2

    Income Taxes Payable

1.2

0.3

0.7

1.0

1.2

    Other Current Liabilities

15.4

15.9

14.4

18.5

12.8

Other Current liabilities, Total

16.6

16.2

15.1

19.6

14.1

Total Current Liabilities

477.2

476.2

377.5

470.2

431.8

 

 

 

 

 

 

    Long Term Debt

83.7

38.5

39.6

29.3

29.7

Total Long Term Debt

83.7

38.5

39.6

29.3

29.7

Total Debt

387.3

381.0

295.2

334.9

327.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.1

1.2

0.8

1.9

0.7

Deferred Income Tax

1.1

1.2

0.8

1.9

0.7

Minority Interest

0.0

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

7.1

6.6

6.2

6.3

5.8

    Other Long Term Liabilities

5.6

4.5

4.6

4.7

4.7

Other Liabilities, Total

12.7

11.1

10.8

10.9

10.5

Total Liabilities

574.7

527.0

428.7

512.3

472.7

 

 

 

 

 

 

    Common Stock

57.2

54.6

53.2

54.4

52.8

Common Stock

57.2

54.6

53.2

54.4

52.8

Additional Paid-In Capital

0.9

0.6

0.6

0.6

0.6

Retained Earnings (Accumulated Deficit)

122.4

113.0

111.0

129.3

119.4

Treasury Stock - Common

-14.3

-13.7

-13.3

-13.6

-13.2

Unrealized Gain (Loss)

5.1

5.2

4.6

6.1

4.3

    Translation Adjustment

-12.4

-10.6

-10.1

-9.6

-9.2

    Other Comprehensive Income

-0.3

-0.1

0.0

-0.7

-1.1

Other Equity, Total

-12.7

-10.7

-10.1

-10.3

-10.3

Total Equity

158.6

149.0

146.0

166.5

153.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

733.3

676.1

574.7

678.8

626.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

34.0

34.0

34.0

34.0

34.0

Total Common Shares Outstanding

34.0

34.0

34.0

34.0

34.0

Treasury Shares - Common Stock Primary Issue

3.9

3.9

3.9

3.9

3.9

Employees

-

-

823

829

834

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-4.3

2.8

-0.1

1.9

2.2

    Depreciation

4.9

4.3

3.3

2.7

2.3

Depreciation/Depletion

4.9

4.3

3.3

2.7

2.3

    Amortization of Acquisition Costs

-0.2

0.2

0.5

1.0

1.0

Amortization

-0.2

0.2

0.5

1.0

1.0

    Unusual Items

0.6

-1.0

2.9

-1.1

-6.4

    Equity in Net Earnings (Loss)

-3.2

-1.6

-1.2

-1.0

-1.7

    Other Non-Cash Items

9.6

3.3

5.7

-0.3

5.1

Non-Cash Items

7.0

0.7

7.3

-2.4

-3.0

    Accounts Receivable

4.4

18.0

6.9

27.7

6.7

    Inventories

22.3

23.2

14.9

1.5

-4.0

    Prepaid Expenses

-1.4

-1.8

-3.8

2.7

1.0

    Accounts Payable

-5.8

6.5

-21.3

-20.3

14.1

    Accrued Expenses

0.1

-0.1

-0.2

-0.1

0.4

    Other Liabilities

-0.2

-2.5

3.7

-1.8

-4.0

    Other Operating Cash Flow

-4.1

-3.3

-0.9

-8.7

-7.6

Changes in Working Capital

15.3

40.0

-0.8

0.9

6.7

Cash from Operating Activities

22.6

47.9

10.2

4.2

9.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-7.0

-5.8

-8.2

-3.0

-1.8

Capital Expenditures

-7.0

-5.8

-8.2

-3.0

-1.8

    Acquisition of Business

-

0.0

-10.1

0.0

-

    Sale of Fixed Assets

1.1

1.3

0.2

0.0

7.8

    Sale/Maturity of Investment

1.4

0.4

5.0

3.5

7.1

    Purchase of Investments

-20.5

-6.2

-5.6

-4.9

-4.6

    Other Investing Cash Flow

1.9

1.8

-4.1

-0.2

0.8

Other Investing Cash Flow Items, Total

-16.2

-2.6

-14.6

-1.7

11.1

Cash from Investing Activities

-23.2

-8.4

-22.8

-4.7

9.3

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

0.0

0.0

Financing Cash Flow Items

0.0

0.0

0.0

0.0

0.0

    Cash Dividends Paid - Common

-2.0

-1.8

-1.7

-1.5

-1.5

Total Cash Dividends Paid

-2.0

-1.8

-1.7

-1.5

-1.5

        Repurchase/Retirement of Common

0.0

0.0

0.0

0.0

0.0

    Common Stock, Net

0.0

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

0.0

0.0

    Short Term Debt, Net

3.9

-33.7

8.8

-9.5

-27.1

        Long Term Debt Issued

19.5

31.2

10.5

10.3

30.7

        Long Term Debt Reduction

-21.0

-29.2

-4.8

-7.1

-8.1

    Long Term Debt, Net

-1.5

2.0

5.7

3.3

22.6

Issuance (Retirement) of Debt, Net

2.4

-31.8

14.5

-6.3

-4.5

Cash from Financing Activities

0.4

-33.6

12.7

-7.7

-6.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

-0.3

-0.5

-0.8

0.0

Net Change in Cash

-0.5

5.6

-0.4

-9.0

12.6

 

 

 

 

 

 

Net Cash - Beginning Balance

40.2

30.5

28.6

34.2

20.8

Net Cash - Ending Balance

39.7

36.1

28.2

25.2

33.4

Cash Interest Paid

6.2

5.9

6.4

5.1

5.7

Cash Taxes Paid

1.2

1.1

1.2

0.8

0.8

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.672811

85.691434

86.812446

88.962162

92.080323

 

 

 

 

 

 

Net Income/Starting Line

4.8

-4.3

10.9

4.8

0.4

    Depreciation

2.9

4.9

3.5

2.2

1.0

Depreciation/Depletion

2.9

4.9

3.5

2.2

1.0

    Amortization of Acquisition Costs

0.0

-0.2

-0.2

-0.2

-0.1

Amortization

0.0

-0.2

-0.2

-0.2

-0.1

    Unusual Items

0.0

0.6

0.2

0.5

0.0

    Equity in Net Earnings (Loss)

-1.5

-3.2

-2.8

-2.1

-1.0

    Other Non-Cash Items

2.2

9.6

2.9

0.9

0.2

Non-Cash Items

0.7

7.0

0.3

-0.7

-0.7

    Accounts Receivable

-44.3

4.4

-61.2

-23.5

-17.8

    Inventories

-60.2

22.3

6.7

-11.0

-16.1

    Prepaid Expenses

-8.0

-1.4

1.1

-4.0

-6.6

    Accounts Payable

38.5

-5.8

30.2

8.4

1.3

    Accrued Expenses

0.1

0.1

-2.3

0.1

-1.8

    Other Liabilities

1.2

-0.2

1.3

-0.9

-2.2

    Other Operating Cash Flow

-6.6

-4.1

-2.2

-3.1

-1.9

Changes in Working Capital

-79.3

15.3

-26.4

-33.9

-45.1

Cash from Operating Activities

-70.9

22.6

-11.8

-27.9

-44.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.8

-7.0

-5.3

-3.6

-1.1

Capital Expenditures

-2.8

-7.0

-5.3

-3.6

-1.1

    Acquisition of Business

0.0

-0.2

-0.2

-0.2

-

    Sale of Fixed Assets

0.0

1.1

1.0

0.1

-

    Sale/Maturity of Investment

0.3

1.4

1.3

1.1

1.1

    Purchase of Investments

-0.4

-20.3

-13.0

-1.4

-1.3

    Other Investing Cash Flow

0.5

1.9

-0.5

1.7

-2.5

Other Investing Cash Flow Items, Total

0.4

-16.2

-11.4

1.2

-2.7

Cash from Investing Activities

-2.4

-23.2

-16.7

-2.4

-3.8

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.1

0.1

-

Financing Cash Flow Items

0.0

0.0

0.1

0.1

-

    Cash Dividends Paid - Common

0.0

-2.0

-2.0

-1.9

-1.8

Total Cash Dividends Paid

0.0

-2.0

-2.0

-1.9

-1.8

        Repurchase/Retirement of Common

0.0

0.0

0.0

0.0

0.0

    Common Stock, Net

0.0

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

0.0

0.0

    Short Term Debt, Net

71.7

3.9

39.9

42.2

46.4

        Long Term Debt Issued

45.9

19.5

1.6

2.7

1.9

        Long Term Debt Reduction

-50.6

-21.0

-8.1

-7.9

-3.8

    Long Term Debt, Net

-4.7

-1.5

-6.5

-5.2

-1.9

Issuance (Retirement) of Debt, Net

67.0

2.4

33.4

37.0

44.5

Cash from Financing Activities

67.0

0.4

31.6

35.2

42.6

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

-0.3

-0.2

-0.2

0.1

Net Change in Cash

-6.6

-0.5

2.9

4.7

-5.6

 

 

 

 

 

 

Net Cash - Beginning Balance

43.2

40.2

39.7

37.7

36.5

Net Cash - Ending Balance

36.5

39.7

42.6

42.5

30.8

Cash Interest Paid

2.7

6.2

4.4

3.1

1.2

Cash Taxes Paid

0.5

1.2

0.8

0.5

0.6

 

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

993.5

958.2

987.0

854.8

858.7

Total Revenue

993.5

958.2

987.0

854.8

858.7

 

 

 

 

 

 

    Cost of sales

900.6

878.1

908.6

784.2

790.0

    Labor Cost

40.0

36.4

33.8

29.9

29.6

    Rent Expense

6.4

5.8

5.4

4.9

4.8

    Transportation Cost

8.3

7.6

7.8

6.9

6.9

    Depreciation

2.2

2.1

1.8

1.6

1.3

    Amort. of Goodwill

0.3

0.7

0.6

1.0

1.0

    Allow.for Bonuses

3.5

3.0

3.0

2.7

2.9

    Res.Dir.'s Bonuses

0.3

0.2

0.1

0.1

0.1

    Accur.Retir.Benefit

2.5

2.7

1.3

1.0

0.9

    Allow.Doubt.Acct.

0.1

0.0

0.1

0.3

0.8

    R&D expense

-

1.8

2.0

2.4

-

    Other SGA

19.4

17.5

16.5

15.9

18.3

    SP Reversal-reserve for doubtful account

0.0

-0.7

0.0

-

-

    SP Rever. G cancellation of insurance

0.0

-1.0

0.0

-

-

    SP Rev of provi. for directors'' retire

-0.1

0.0

-

-

-

    SP Gain reversal allow. restruct. exp

-

-

-

-

0.0

    SP Allow.Doubt.Acct.

4.7

0.0

-

0.0

4.5

    SP Impairment loss

0.0

0.0

0.0

-

-

    SP Loss Val.Inv.Secs.

0.0

0.0

2.2

0.0

0.5

    SP Loss Retir.Fix Asset

0.1

0.2

0.1

0.2

0.0

    SP L on val. of stocks of subsidiar

0.2

0.0

-

-

-

    SP Loss Val.Golf Member

0.0

0.0

0.3

0.0

0.0

    SP Loss on litigation

0.0

0.6

-

-

-

    SP Loss on disaster

6.5

0.0

-

-

-

    SP Allowance For Disaster Loss

1.4

0.0

-

-

-

    SP Assets impairment losses

-

-

-

0.0

1.3

    SP Employees retirement pay

-

-

0.0

0.2

0.1

    SP Impropriety loss

-

-

0.0

0.7

0.0

    SP Gain on cancellation of derivatives

0.0

0.2

0.0

-

-

Total Operating Expense

996.5

955.4

983.7

852.0

863.1

 

 

 

 

 

 

    NOP Interest Income

1.3

1.2

0.9

1.0

0.9

    NOP Dividend Income

1.4

1.4

1.3

0.9

0.8

    NOP Equity Gain

3.2

1.6

1.2

1.0

1.7

    NOP Other Non-Ops Income

2.2

2.0

1.3

1.3

0.9

    NOP Interest Expense

-6.2

-6.0

-6.4

-5.6

-5.1

    NOP Exchange Loss

-1.1

-0.1

-

-

-

    NOP Prov. for doubtful accounts

-1.1

0.0

-0.7

-0.3

0.0

    NOP Other Non-Ops. Expen

-1.3

-1.3

-0.6

-0.4

-0.7

    SP Gain Sale Fixed Asset

-

-

-

0.0

7.6

    SP Gain on Sale on Land

0.9

1.3

0.1

-

-

    SP Gain Sale Inv.Sec.

0.0

0.0

0.0

1.3

4.7

    SP Loss Sale Inv.Secs.

-0.1

0.0

0.0

0.0

0.0

    SP Loss Sale Fix Asset

-0.1

0.0

0.0

0.0

0.0

    SP L on liquidation of subsid.

-0.4

0.0

-

-

-

    SP Loss Disposal Inventory

-

-

-

0.0

-4.1

    SP Loss-liquidation of affiliates

0.0

-0.2

0.0

-

-

    SP loss on equity changes

-

0.0

-0.4

0.0

-

Net Income Before Taxes

-4.3

2.9

0.0

1.9

2.2

 

 

 

 

 

 

Provision for Income Taxes

0.1

1.0

0.7

0.9

0.6

Net Income After Taxes

-4.4

1.8

-0.7

1.1

1.6

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-4.4

1.8

-0.7

1.0

1.6

Net Income

-4.4

1.8

-0.7

1.0

1.6

 

 

 

 

 

 

    Earning Adjust.

-0.1

-0.1

-0.1

-0.1

0.0

Income Available to Com Excl ExtraOrd

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-4.4

1.7

-0.7

1.0

1.5

 

 

 

 

 

 

Basic Weighted Average Shares

34.0

34.0

34.0

34.0

34.0

Basic EPS Excluding ExtraOrdinary Items

-0.13

0.05

-0.02

0.03

0.05

Basic EPS Including ExtraOrdinary Item

-0.13

0.05

-0.02

0.03

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-4.4

1.7

-0.7

1.0

1.5

Diluted Weighted Average Shares

34.0

34.2

34.0

34.0

34.0

Diluted EPS Excluding ExtraOrd Items

-0.13

0.05

-0.02

0.03

0.05

Diluted EPS Including ExtraOrd Items

-0.13

0.05

-0.02

0.03

0.05

DPS-Common Stock

0.00

0.05

0.05

0.04

0.04

Gross Dividends - Common Stock

0.0

1.8

1.7

1.5

1.5

Normalized Income Before Taxes

8.0

1.3

2.9

3.8

6.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

4.5

0.4

1.5

1.2

1.4

Normalized Income After Taxes

3.5

0.9

1.4

2.6

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.5

0.9

1.3

2.5

4.5

 

 

 

 

 

 

Basic Normalized EPS

0.10

0.03

0.04

0.07

0.13

Diluted Normalized EPS

0.10

0.03

0.04

0.07

0.13

Interest Expense

6.2

6.0

6.4

5.6

5.1

Rental Expense

6.4

5.8

5.4

4.9

4.8

Amort of Goodwill

0.3

0.7

0.6

1.0

1.0

Amort of Negative Goodwill

-0.5

-0.5

-0.1

0.0

-

Depreciation

4.9

4.3

3.3

2.7

2.3

Research and Development

1.8

1.8

2.0

2.4

1.9

Reported Operating Profit

9.9

2.1

5.8

3.8

1.9

Reported Ordinary Profit

8.3

1.0

2.8

1.7

0.4

Service Cost

1.8

1.2

1.2

1.1

1.1

Interest Cost

0.5

0.5

0.4

0.4

0.4

Expected Return on Plan Assets

-0.4

-0.3

-0.7

-0.7

-0.7

Pension Exp. due to Acct. Changes

-

0.0

0.0

0.0

0.0

Actuarial Gains and Losses

0.8

0.8

0.4

0.2

0.2

Additional Retire. Benefits, Nonrecurr.

-

-

-

0.2

0.1

Domestic Pension Plan Expense

2.8

2.2

1.3

1.2

1.1

Total Pension Expense

2.8

2.2

1.3

1.2

1.1

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.00%

2.00%

4.00%

4.00%

4.00%

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

81.605269

82.241044

82.567473

85.838925

92.080323

 

 

 

 

 

 

    Net sales

259.4

212.1

309.8

254.1

220.4

Total Revenue

259.4

212.1

309.8

254.1

220.4

 

 

 

 

 

 

    Cost of Revenue

238.6

193.4

280.8

228.0

201.0

    Selling, general and administrative expe

20.9

-

-

-

-

    Labor Cost

-

12.7

9.9

9.1

8.6

    Allow.for Bonuses

-

-

1.5

1.6

1.5

    Periodic retirement benefit costs

-

0.6

0.6

0.6

0.6

    Res.Dir.'s retirement benefit

-

0.1

0.1

0.1

0.1

    Traveling & communication exp.

-

-

2.3

2.1

2.0

    Rent Expense

-

1.7

1.7

1.6

1.5

    Allow.Doubt.Acct.

-

-

0.1

0.1

-

    Other SGA

-

6.0

5.6

5.7

5.3

    SP Surrender value of insurance

-

0.0

0.0

-

-

    SP Rev.Allow.Doubt.Acct

0.0

0.0

-

0.1

-0.1

    SP Reve. rese. directors' retir. bene.

0.0

0.0

-

-

-0.1

    SP Loss Val.Inv.Secs.

-

-

0.4

-

-

    SP Loss Retir.Fix Asset

-

0.0

0.1

0.0

-

    SP L on valuation of affiliated sec.

-

0.0

0.2

-

-

    SP Loss Val.Golf Member

-

0.0

-

-

0.0

    SP Loss on litigation

-

0.0

0.0

-

-

    SP Other Special Loss

-

12.9

-

-

-

Total Operating Expense

259.4

227.5

303.3

248.8

220.3

 

 

 

 

 

 

    NOP Interest Income

0.0

0.5

0.2

0.5

0.1

    NOP Dividend Income

0.9

0.0

0.4

0.0

1.0

    NOP Equity Gain

0.7

0.4

0.7

1.1

1.0

    NOP Other Non-Ops Income

0.6

0.7

0.4

0.8

0.3

    NOP Interest Expense

-1.6

-1.5

-1.6

-1.6

-1.4

    NOP Provision for doubtful accounts

0.0

-0.2

-0.6

-0.3

0.0

    NOP Other operating expense

-0.2

-0.6

-0.5

-1.1

-0.3

    SP Gain Sale Fix Asset

-

-

0.0

-

-

    SP G sale of land

-

0.0

1.0

-

-

    SP G on sales of investment securities

-

0.0

0.0

-

-

    SP L. Sale Fix Asset

-

0.0

-

-0.1

-

    SP L on liquidation of subsid.

0.0

0.0

-

0.0

-0.4

    SP L on liquidation of affiliates

-

0.0

0.0

0.0

-

Net Income Before Taxes

0.3

-16.0

6.3

4.6

0.3

 

 

 

 

 

 

Provision for Income Taxes

0.8

-0.5

0.1

0.5

0.0

Net Income After Taxes

-0.5

-15.5

6.2

4.2

0.3

 

 

 

 

 

 

    Minority interests in income (loss)

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-0.5

-15.5

6.2

4.2

0.3

Net Income

-0.5

-15.5

6.2

4.2

0.3

 

 

 

 

 

 

    Earning Adjust.

0.0

0.0

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

-0.5

-15.6

6.2

4.1

0.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.5

-15.6

6.2

4.1

0.3

 

 

 

 

 

 

Basic Weighted Average Shares

34.0

34.0

34.0

34.0

34.0

Basic EPS Excluding ExtraOrdinary Items

-0.01

-0.46

0.18

0.12

0.01

Basic EPS Including ExtraOrdinary Item

-0.01

-0.46

0.18

0.12

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-0.5

-15.6

6.2

4.1

0.3

Diluted Weighted Average Shares

34.0

34.0

34.2

34.2

34.2

Diluted EPS Excluding ExtraOrd Items

-0.01

-0.46

0.18

0.12

0.01

Diluted EPS Including ExtraOrd Items

-0.01

-0.46

0.18

0.12

0.01

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

0.3

-3.0

6.0

4.6

0.5

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.8

4.1

0.1

0.5

0.0

Normalized Income After Taxes

-0.5

-7.1

6.0

4.2

0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.5

-7.1

5.9

4.1

0.5

 

 

 

 

 

 

Basic Normalized EPS

-0.01

-0.21

0.17

0.12

0.01

Diluted Normalized EPS

-0.01

-0.21

0.17

0.12

0.01

Interest Expense

1.6

1.5

1.6

1.6

1.4

Rental Expense

-

-

1.7

1.6

1.5

Depreciation

1.3

1.4

1.4

1.2

1.0

Amortization of goodwill

0.1

0.1

0.1

0.0

0.0

Amortization of negative goodwill

-0.1

-0.1

-0.1

-0.1

-0.1

R&D expense

-

-

-

-

0.4

Reported Operating Profit

0.0

-2.4

7.2

5.3

-0.1

Reported Ordinary Profit

0.3

-3.1

6.0

4.8

0.6

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.88

93.44

98.77

99.535

118.075

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposit

70.6

46.0

38.4

32.2

35.0

    Note&Acct.Payabl

160.7

152.5

159.9

157.5

156.0

    Inventories

-

-

-

-

161.2

    Inventories - merchandise&finished goods

133.7

133.1

151.2

159.3

-

    Inventories - work-in-process

6.0

6.6

4.4

5.3

-

    Inventories - raw materials & supplies

23.1

25.7

23.3

24.1

-

    Advance Payment

-

-

15.5

11.5

12.3

    ST Loan

-

-

0.1

0.2

0.0

    Deferred tax assets

1.1

0.2

0.3

0.2

0.1

    Other current assets

25.1

21.3

4.9

8.9

7.4

    Allow.Doubt.Acct

-1.6

-1.7

-2.4

-2.4

-2.0

Total Current Assets

418.7

383.7

395.7

396.9

370.2

 

 

 

 

 

 

    Buildings&Struct, gross

78.5

72.7

67.8

60.2

50.6

    Accum. depr - bldg&struc

-57.6

-52.8

-48.8

-43.5

-

    Machineries, equip., & vehicle, gross

50.1

42.8

38.9

31.0

27.2

    Accum. depr - machin&vehicles

-38.2

-32.5

-29.2

-24.1

-

    Tools & Fixtures, gross

6.8

5.8

5.6

5.6

4.7

    Accum. depr - tools, furn, fixtur

-5.7

-5.0

-4.8

-4.9

-

    Land

27.1

24.3

22.5

20.5

16.9

    Constr.in Progr.

2.8

0.7

0.9

0.4

0.0

    Accum.Deprec.

-

-

-

-

-60.4

    Goodwill

2.1

0.1

0.6

3.8

4.5

    Other Intangible

1.5

0.8

0.7

0.7

0.6

    Investment Secs.

71.0

67.2

53.7

70.6

74.9

    Inv't sec. non-consolid & affiliated sec

-

-

-

-

17.0

    LT Loans

2.3

4.7

6.0

2.5

1.6

    Bankrupt Claims

29.0

18.3

18.9

18.0

19.2

    Other Asset

9.1

8.0

8.4

6.9

6.0

    Allow.Doubt.Acct

-22.9

-16.5

-16.9

-16.3

-18.6

    Bond issue expenses

0.1

0.3

0.4

0.4

0.4

Total Assets

574.7

522.8

520.4

528.9

514.8

 

 

 

 

 

 

    Note&Acct.Payabl

102.5

95.4

84.3

103.3

106.8

    ST Debt

202.7

174.0

196.4

183.8

164.2

    Current portion of bonds

43.7

1.3

1.4

0.2

0.2

    Cur.Port.LT Debt

9.1

14.1

23.2

4.4

3.2

    Accounts Payable

-

-

3.9

2.2

2.7

    Income Tax Pybl.

0.7

0.9

0.9

0.8

0.5

    Advance received

-

-

6.6

2.8

4.1

    Allowance for disaster loss

1.4

0.0

-

-

-

    Provision-Business Restructuring

1.7

1.5

1.4

1.4

1.2

    Allow.for Bonus

4.3

3.7

3.6

3.8

3.3

    Other current liabilities

11.2

9.1

2.1

2.5

1.7

Total Current Liabilities

377.5

300.2

323.7

305.2

287.9

 

 

 

 

 

 

    Corp.Bond

1.5

40.1

39.2

35.3

29.9

    LT Debt

38.1

27.9

13.4

30.6

23.1

Total Long Term Debt

39.6

68.0

52.6

65.8

53.0

 

 

 

 

 

 

    LT Accounts Payable

0.9

0.8

0.8

0.8

1.0

    Res.Retir.Bonus

1.1

1.6

1.3

0.6

0.4

    Res.Accru.Benef.

5.1

4.1

3.0

3.0

2.9

    LT Dfrd.Tax Liab

0.8

3.7

2.1

6.9

20.1

    Negative goodwill

1.4

1.7

2.1

0.0

-

    Other LT Debt

2.3

1.3

1.9

2.1

1.7

    Minority interests

0.0

0.0

0.0

0.0

0.1

    Adjustment

-

-

-

-

0.0

Total Liabilities

428.7

381.5

387.4

384.3

367.1

 

 

 

 

 

 

    Common Stock

53.2

47.2

44.7

44.3

37.4

    Capital surplus

0.3

0.2

0.2

0.2

0.2

    Retained Earning

111.0

104.5

98.9

103.3

87.5

    Treasury Stock

-13.3

-11.9

-11.3

-11.3

-9.5

    Unreal.Gain-Secs

4.6

8.3

5.6

12.8

31.4

    Deferred hedge gain/loss

0.0

-0.3

-0.5

-1.9

0.2

    Transl.Adjust.

-10.1

-7.0

-4.7

-3.1

0.3

    Subscription rights to shares

0.4

0.3

0.2

0.2

0.1

Total Equity

146.0

141.3

133.1

144.6

147.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

574.7

522.8

520.4

528.9

514.7

 

 

 

 

 

 

    S/O-Common Stock

34.0

34.0

34.0

33.9

34.0

Total Common Shares Outstanding

34.0

34.0

34.0

33.9

34.0

T/S-Common Stock

3.9

3.9

3.9

3.9

3.9

Advance received

-

-

6.6

2.8

4.1

Full-Time Employees

823

715

745

721

735

Number of Common Shareholders

3,626

3,838

4,100

4,905

4,391

Long Term Debt Within 1 Year

52.8

15.5

24.6

4.6

3.4

Long Term Debt Within 2 Years

10.1

46.2

9.8

21.8

3.2

Long Term Debt Within 3 Years

19.3

8.3

38.8

6.4

17.8

Long Term Debt Within 4 Years

8.8

5.7

4.0

36.2

0.8

Long Term Debt Within 5 Years

0.7

7.1

0.0

0.7

30.2

Long Term Debt After 5 Years

0.7

0.6

0.0

0.8

1.1

Total Long Term Debt, Supplemental

92.5

83.5

77.2

70.4

56.4

Pension Obligation

30.2

25.9

23.3

23.4

21.6

Fair Value of Plan Assets

17.5

16.2

13.7

17.1

18.5

Funded Status

-12.7

-9.7

-9.5

-6.4

-3.1

Total Funded Status

-12.7

-9.7

-9.5

-6.4

-3.1

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.00%

2.00%

4.00%

4.00%

4.00%

Expense Unrecog. for Acct. Changes

-

-

0.0

-0.1

-0.1

Unrecognized Actuarial Gains and Losses

7.6

5.6

6.6

3.5

0.3

Reserve for Accrued Retirement Benefits

-5.1

-4.1

-3.0

-3.0

-2.9

Net Assets Recognized on Balance Sheet

2.5

1.5

3.6

0.4

-2.7

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

80.76

82.88

81.105

83.54

88.49

 

 

 

 

 

 

    Cash & Deposit

72.8

70.6

68.2

55.5

41.8

    Note&Acct.Payabl

181.4

160.7

242.2

194.7

179.5

    Merchandise & finished goods

199.2

133.7

151.7

164.6

158.9

    Inventories - work-in-process

9.1

6.0

9.4

8.4

7.5

    Raw materials & supplies

26.0

23.1

21.9

23.5

25.2

    Dfrd. Income Tax

0.5

1.1

0.5

0.5

0.3

    Other current assets

30.1

25.1

27.7

28.9

34.6

    Allowance for doubtful accounts

-1.5

-1.6

-2.1

-1.7

-1.7

Total Current Assets

517.6

418.7

519.5

474.4

446.2

 

 

 

 

 

 

    Buildings&Struct

80.7

78.5

83.2

81.7

76.9

    Depreciation & impairment-Budg.&Struct.

-59.5

-57.6

-60.9

-59.5

-56.2

    Machinery&Equip.

51.7

50.1

50.7

48.9

45.2

    Depreciation & impairment-M&E

-39.9

-38.2

-39.0

-37.1

-34.5

    Tools & Fixtures

7.1

6.8

7.1

6.8

6.2

    Depreciation & impairment-Tools

-6.0

-5.7

-6.0

-5.7

-5.4

    Land

27.8

27.1

27.8

27.0

25.7

    Constr.in Progr.

3.4

2.8

2.7

1.2

0.9

    Goodwill

2.1

2.1

2.6

2.6

0.1

    Other

1.5

1.5

1.6

1.6

1.4

    Investment Secs.

73.2

71.0

75.1

70.1

68.2

    LT Loans

2.3

2.3

2.3

2.3

3.9

    Bankrupt Claim

27.5

29.0

21.9

21.0

19.5

    Other

9.7

9.1

9.3

9.0

8.4

    Allowance for doubtful accounts

-23.3

-22.9

-19.4

-18.4

-18.0

    Bond issue expenses

0.1

0.1

0.2

0.2

0.3

Total Assets

676.1

574.7

678.8

626.3

589.0

 

 

 

 

 

 

    Note&Acct.Payabl

115.2

102.5

143.3

115.6

102.1

    ST Debt

288.5

202.7

245.7

239.6

232.0

    Cur.Port.-Corporate Bond

44.9

43.7

44.7

43.4

1.4

    Cur.Port.LT Debt

9.2

9.1

15.2

14.8

14.1

    Income Tax Pybl.

0.3

0.7

1.0

1.2

0.4

    Allow.for Bonus

2.3

4.3

1.8

4.3

2.1

    Provision for loss on disaster

1.6

-

-

-

-

    Provision-Business Restructuring

1.8

1.7

1.8

1.7

1.6

    Other Current Liabilities

12.5

12.7

16.8

11.1

8.3

Total Current Liabilities

476.2

377.5

470.2

431.8

362.0

 

 

 

 

 

 

    Corp.Bond

1.5

1.5

2.3

2.2

42.4

    LT Debt

37.0

38.1

27.0

27.4

28.4

Total Long Term Debt

38.5

39.6

29.3

29.7

70.7

 

 

 

 

 

 

    LT Accounts Payable

0.9

0.9

0.9

0.9

0.9

    LT Dfrd.Tax Liab.

1.2

0.8

1.9

0.7

2.0

    Res.Accru.Benef.

5.3

5.1

5.2

4.9

4.5

    Res. Dir.'s Accru.Benef.

1.3

1.1

1.0

0.9

0.8

    Negative Goodwill

1.3

1.4

1.6

1.7

1.7

    Other

2.3

2.3

2.1

2.1

1.4

    Minority interests

0.0

0.0

0.0

0.0

0.0

Total Liabilities

527.0

428.7

512.3

472.7

444.1

 

 

 

 

 

 

    Common Stock

54.6

53.2

54.4

52.8

49.8

    Paid in Capital

0.3

0.3

0.3

0.3

0.2

    Retained Earning

113.0

111.0

129.3

119.4

108.7

    Treasury Stock

-13.7

-13.3

-13.6

-13.2

-12.6

    Unreal.Gain-Secs

5.2

4.6

6.1

4.3

6.0

    Deferred hedge gain/loss

-0.1

0.0

-0.7

-1.1

-0.6

    Transl.Adjust.

-10.6

-10.1

-9.6

-9.2

-6.9

    Subscription rights to shares

0.4

0.4

0.4

0.4

0.3

Total Equity

149.0

146.0

166.5

153.6

144.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

676.1

574.7

678.8

626.2

589.0

 

 

 

 

 

 

    S/O-Common Stock

34.0

34.0

34.0

34.0

34.0

Total Common Shares Outstanding

34.0

34.0

34.0

34.0

34.0

T/S-Common Stock

3.9

3.9

3.9

3.9

3.9

Full-Time Employees

-

823

829

834

730

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Updated Normal
31-Mar-2007

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

92.941082

100.484331

114.302336

116.944303

Auditor

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Hijiribashi Audit Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income Before Tax

-4.3

2.8

-0.1

1.9

2.2

    Depreciation

4.9

4.3

3.3

2.7

2.3

    Amortization of goodwill

0.3

0.7

0.6

1.0

1.0

    Amortization of negative goodwill

-0.5

-0.5

-0.1

0.0

-

    Amortization of Deferr. assets

0.2

0.2

0.1

0.1

0.1

    Impairment loss

0.0

0.0

0.0

0.0

1.3

    Allow.for Bonuses

0.1

-0.1

-0.2

-0.1

0.4

    Provision-Business Restructuring

-

-

-

-

0.0

    Res.Accru.Reitr.

-0.2

1.2

-0.1

-0.4

-1.9

    Allow.Doubt.Acct.

3.9

-2.1

-0.1

-4.9

2.8

    Allowance for disaster

1.4

0.0

-

-

-

    Int. & Div. Income

-2.7

-2.6

-2.1

-1.9

-1.7

    Div.from Equity

0.9

0.6

0.5

0.5

0.6

    Interest Expense

6.2

6.0

6.4

5.6

5.1

    Exchange Gain/Loss

-

-

-

-

0.0

    Equity Gain/Loss

-3.2

-1.6

-1.2

-1.0

-1.7

    G/L Sale Inv.Secs.

0.1

0.0

0.0

-1.2

-4.7

    Loss Val.Inv.Secs.

0.3

0.0

2.2

0.0

0.5

    Loss Val.Golf Member

0.0

0.0

0.3

0.0

0.0

    L.Liquid.Affil.Co.

0.0

0.2

0.0

-

0.0

    Gain Sale PPE

-0.9

-1.3

-0.1

0.0

-7.6

    Loss Retir.PPE

0.6

0.1

0.1

0.2

0.0

    L on liquidation of subsidiaries

0.4

0.0

-

-

-

    Impropriety loss

-

-

0.0

0.7

0.0

    loss on equity changes

-

0.0

0.4

0.0

-

    Loss Disposal Inventory

-

-

-

0.0

4.1

    Note&Acct.Rcvl.

4.4

18.4

6.3

28.6

6.0

    Inventories

22.3

23.2

14.9

1.5

-4.0

    (Inc) Dec in advance payments

-1.4

-1.8

-3.8

2.7

1.0

    Inc (Dec) advances received

-0.2

-2.5

3.7

-1.8

-4.0

    Note&Acct.Payable

-5.8

6.5

-21.3

-20.3

14.1

    Discount Note

0.0

-0.4

0.6

-0.9

0.8

    Other

0.6

1.0

4.6

-4.5

-2.8

    Int. & Div. Received

2.7

2.7

2.1

1.8

1.7

    Interest Paid

-6.2

-5.9

-6.4

-5.1

-5.7

    Tax Paid

-1.2

-1.1

-1.2

-0.8

-0.8

    Increase due to newly consol. subs.

-

-

0.9

0.0

0.1

Cash from Operating Activities

22.6

47.9

10.2

4.2

9.2

 

 

 

 

 

 

    Time Deposit Made

-19.1

-0.3

-4.2

-2.6

-0.1

    Time Deposit Matured

1.2

0.3

0.0

1.6

1.7

    Purch of PPE&intangible

-7.0

-5.8

-8.2

-3.0

-1.8

    Proc.Sale PPE/intangible

1.1

1.3

0.2

0.0

7.8

    Pay.Purch.Inv.Secs.

-1.2

-5.9

-1.4

-2.3

-4.4

    Purchase of investments in subsidiaries

-0.2

0.0

-

-

-

    Proc.Sale Inv.Secs.

0.1

0.2

5.0

1.9

5.4

    Purchase of subs.' securities

-

0.0

-10.1

0.0

-

    ST Loans Made

-38.2

-25.2

-27.5

-10.7

-5.4

    ST Loans Collected

38.2

25.2

27.6

10.5

5.6

    LT Loans Made

-3.9

-0.8

-4.6

-3.0

-0.5

    LT Loans Collected

6.8

2.4

1.2

2.3

0.9

    Other

-1.0

0.3

-0.9

0.7

0.2

Cash from Investing Activities

-23.2

-8.4

-22.8

-4.7

9.3

 

 

 

 

 

 

    ST Debt, Net

3.9

-33.7

8.8

-9.5

-27.1

    Proc. LT Debt

19.5

31.2

5.7

10.3

1.3

    Repayment LT Debt

-19.5

-27.7

-4.6

-6.9

-8.0

    Issue Bond

-

0.0

4.8

0.0

29.4

    Repaid-Bond

-1.5

-1.5

-0.2

-0.2

-0.2

    Purchase of treasury stock

0.0

0.0

0.0

0.0

0.0

    Dividend Paid

-2.0

-1.8

-1.7

-1.5

-1.5

    Other, net

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

0.4

-33.6

12.7

-7.7

-6.0

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

-0.3

-0.5

-0.8

0.0

Net Change in Cash

-0.5

5.6

-0.4

-9.0

12.6

 

 

 

 

 

 

Net Cash - Beginning Balance

40.2

30.5

28.6

34.2

20.8

Net Cash - Ending Balance

39.7

36.1

28.2

25.2

33.4

    Cash Interest Paid

6.2

5.9

6.4

5.1

5.7

    Cash Taxes Paid

1.2

1.1

1.2

0.8

0.8

 

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Updated Normal
31-Mar-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

85.691434

86.812446

88.962162

92.080323

92.941082

 

 

 

 

 

 

Income Before Tax

-4.3

10.9

4.8

0.4

2.8

    Depreciation

4.9

3.5

2.2

1.0

4.3

    Amortization of goodwill

0.3

0.1

0.0

0.0

0.7

    Amortization of negative goodwill

-0.5

-0.4

-0.2

-0.1

-0.5

    Amortization of Deferr. assets

0.2

0.1

0.1

0.0

0.2

    Impairment loss

0.0

-

-

-

0.0

    Allow.for Bonuses

0.1

-2.3

0.1

-1.8

-0.1

    Res.Accru.Reitr.

-0.2

-0.3

-0.5

-0.7

1.2

    Allowance for disaster

1.4

-

-

-

0.0

    Allow.Doubt.Acct.

3.9

0.5

-0.2

0.4

-2.1

    Int. & Div. Income

-2.7

-2.1

-1.5

-1.0

-2.6

    Div.from Equity

0.9

-

-

-

0.6

    Interest Expense

6.2

4.7

3.0

1.4

6.0

    Equity Gain/Loss

-3.2

-2.8

-2.1

-1.0

-1.6

    G/L Sale Inv.Secs.

0.1

0.0

-

-

0.0

    Loss Val.Inv.Secs.

0.3

0.6

-

-

0.0

    loss on equity changes

-

-

-

-

0.0

    Loss on retirement of PPE.

0.6

0.0

0.0

0.0

0.1

    G/L Sale PPE

-0.9

-0.9

0.1

-

-1.3

    Loss on liquidation of affiliate

0.0

0.0

0.0

-

0.2

    Loss on liquidation of subsidiaries

0.4

0.4

0.4

-

-

    Loss on valuation of golf club membershi

0.0

0.0

0.0

0.0

0.0

    Note&Acct.Rcvl.

4.4

-62.0

-23.5

-17.8

18.4

    Inventories

22.3

6.7

-11.0

-16.1

23.2

    Decrease (increase) in advance payments

-1.4

1.1

-4.0

-6.6

-1.8

    Increase (decrease) in advances received

-0.2

1.3

-0.9

-2.2

-2.5

    Note&Acct.Payable

-5.8

30.2

8.4

1.3

6.5

    Discount Note

0.0

0.8

0.1

0.0

-0.4

    Other

0.6

0.8

-1.1

-1.2

1.0

    Int. & Div. Received

2.7

2.2

1.6

1.1

2.7

    Interest Paid

-6.2

-4.4

-3.1

-1.2

-5.9

    Tax Paid

-1.2

-0.8

-0.5

-0.6

-1.1

    Adjustment

-

-

-0.1

-

-

Cash from Operating Activities

22.6

-11.8

-27.9

-44.5

47.9

 

 

 

 

 

 

    Time Deposit Made

-19.1

-11.9

-0.3

-0.3

-0.3

    Proceeds from withdrawal of time deposit

1.2

1.3

1.1

1.1

0.3

    Purch of PPE&intangible

-7.0

-5.3

-3.6

-1.1

-5.8

    Proc.Sale PPE/intangiblef

1.1

1.0

0.1

-

1.3

    Pay.Purch.Inv.Secs.

-1.2

-1.1

-1.1

-1.0

-5.9

    Proc.Sale Inv.Secs.

0.1

0.0

0.0

0.0

0.2

    Purchase of subs.' securities

-0.2

-0.2

-0.2

-

0.0

    ST Loans Made

-38.2

-27.7

-14.4

-9.7

-25.2

    ST Loans Collected

38.2

25.3

14.3

6.1

25.2

    LT Loans Made

-3.9

-0.5

-0.3

-0.1

-0.8

    LT Loans Collected

6.8

3.3

3.0

1.1

2.4

    Other

-1.0

-0.9

-0.9

0.1

0.3

Cash from Investing Activities

-23.2

-16.7

-2.4

-3.8

-8.4

 

 

 

 

 

 

    ST Debt, Net

3.9

39.9

42.2

46.4

-33.7

    Proc. LT Debt

19.5

1.6

2.7

1.9

31.2

    Repayment LT Debt

-19.5

-7.4

-7.2

-3.8

-27.7

    Issue Bond

-

-

-

-

0.0

    Repaid/Redempt. Bond

-1.5

-0.7

-0.7

0.0

-1.5

    Treasury Stock Purchased

0.0

0.0

0.0

0.0

0.0

    Dividend Paid

-2.0

-2.0

-1.9

-1.8

-1.8

    Other Financing Activities

0.0

0.1

0.1

-

0.0

Cash from Financing Activities

0.4

31.6

35.2

42.6

-33.6

 

 

 

 

 

 

Foreign Exchange Effects

-0.3

-0.2

-0.2

0.1

-0.3

Net Change in Cash

-0.5

2.9

4.7

-5.6

5.6

 

 

 

 

 

 

Net Cash - Beginning Balance

40.2

39.7

37.7

36.5

30.5

Net Cash - Ending Balance

39.7

42.6

42.5

30.8

36.1

    Cash Interest Paid

6.2

4.4

3.1

1.2

5.9

    Cash Taxes Paid

1.2

0.8

0.5

0.6

1.1

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

624.1

62.8 %

609.8

63.6 %

691.2

70 %

568.5

66.5 %

579.9

67.5 %

Marine

166.1

16.7 %

171.9

17.9 %

145.9

14.8 %

132.7

15.5 %

131.2

15.3 %

Machinery

71.9

7.2 %

70.0

7.3 %

52.2

5.3 %

62.4

7.3 %

54.6

6.4 %

Material

114.3

11.5 %

102.1

10.7 %

93.1

9.4 %

86.9

10.2 %

88.6

10.3 %

Biotex

3.0

0.3 %

3.1

0.3 %

3.4

0.3 %

3.1

0.4 %

3.3

0.4 %

Logistics

12.3

1.2 %

-

-

-

-

-

-

-

-

Other

1.7

0.2 %

1.3

0.1 %

1.2

0.1 %

1.1

0.1 %

1.1

0.1 %

Segment Total

993.5

100 %

958.2

100 %

987.0

100 %

854.8

100 %

858.7

100 %

Eliminations/Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

993.5

100 %

958.2

100 %

987.0

100 %

854.8

100 %

858.7

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

100.484331

 

114.302336

 

116.944303

 

Intersegment Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

Food

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Marine

2.7

100 %

2.4

95.6 %

2.0

100 %

1.4

100 %

Machinery

0.0

0 %

0.1

4.4 %

0.0

0 %

0.0

0 %

Material

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Biotex

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Logistics

0.0

0 %

-

-

-

-

-

-

Other

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

2.7

100 %

2.5

100 %

2.0

100 %

1.4

100 %

Eliminations/Corporate

-2.7

-100 %

-2.5

-100 %

-2.0

-100 %

-1.4

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

100.484331

 

114.302336

 

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

624.1

62.7 %

609.8

63.5 %

691.2

69.9 %

568.5

66.4 %

579.9

67.5 %

Marine

168.8

16.9 %

174.3

18.1 %

147.9

15 %

134.1

15.7 %

131.2

15.3 %

Machinery

71.9

7.2 %

70.1

7.3 %

52.2

5.3 %

62.4

7.3 %

54.6

6.4 %

Material

114.3

11.5 %

102.1

10.6 %

93.1

9.4 %

86.9

10.1 %

88.6

10.3 %

Biotex

3.0

0.3 %

3.1

0.3 %

3.4

0.3 %

3.1

0.4 %

3.3

0.4 %

Logistics

12.3

1.2 %

-

-

-

-

-

-

-

-

Other

1.7

0.2 %

1.3

0.1 %

1.2

0.1 %

1.1

0.1 %

1.1

0.1 %

Segment Total

996.2

100 %

960.7

100 %

989.0

100 %

856.2

100 %

858.7

100 %

Eliminations/Corporate

-2.7

-0.3 %

-2.5

-0.3 %

-2.0

-0.2 %

-1.4

-0.2 %

0.0

0 %

Consolidated Total

993.5

99.7 %

958.2

99.7 %

987.0

99.8 %

854.8

99.8 %

858.7

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

100.484331

 

114.302336

 

116.944303

 

Depreciation   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

1.3

30 %

1.3

29.1 %

1.0

28.1 %

1.3

37 %

1.2

39.3 %

Marine

2.2

52 %

2.3

49.5 %

1.7

45.8 %

1.3

38 %

1.0

33.4 %

Machinery

0.2

4.6 %

0.8

17.9 %

0.8

21.5 %

0.7

20.5 %

0.6

20.9 %

Material

0.0

1.1 %

0.0

0.7 %

0.0

0.8 %

0.0

0.8 %

0.0

0.8 %

Biotex

0.0

0.3 %

0.0

0.2 %

0.0

0.3 %

0.0

0.5 %

0.1

1.9 %

Logistics

0.4

9.3 %

-

-

-

-

-

-

-

-

Other

0.1

2.7 %

0.1

2.6 %

0.1

3.5 %

0.1

3.3 %

0.1

3.6 %

Segment Total

4.3

100 %

4.6

100 %

3.7

100 %

3.5

100 %

3.1

100 %

Eliminations/Corporate

0.4

8.7 %

0.3

6.5 %

0.2

6.3 %

0.3

8.6 %

0.3

8.6 %

Consolidated Total

4.7

108.7 %

4.9

106.5 %

3.9

106.3 %

3.8

108.6 %

3.3

108.6 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

100.484331

 

114.302336

 

116.944303

 

 

Total Operating Expense   USD (mil)

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

603.5

63.7 %

679.7

69.9 %

559.8

66.4 %

570.3

67.5 %

Marine

170.5

18 %

144.6

14.9 %

130.2

15.4 %

127.5

15.1 %

Machinery

68.7

7.3 %

51.9

5.3 %

61.5

7.3 %

53.7

6.4 %

Material

100.3

10.6 %

92.0

9.5 %

85.8

10.2 %

87.6

10.4 %

Biotex

2.9

0.3 %

4.3

0.4 %

5.1

0.6 %

5.2

0.6 %

Other

0.8

0.1 %

0.6

0.1 %

0.5

0.1 %

0.5

0.1 %

Segment Total

946.7

100 %

973.0

100 %

842.9

100 %

844.8

100 %

Eliminations/Corporate

9.3

1 %

8.1

0.8 %

8.0

1 %

11.9

1.4 %

Consolidated Total

956.0

101 %

981.1

100.8 %

851.0

101 %

856.7

101.4 %

Exchange Rate: JPY to USD

92.941082

 

100.484331

 

114.302336

 

116.944303

 

Operating Income/Loss   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

11.3

52.2 %

6.2

44.8 %

11.4

71.8 %

8.7

65.5 %

9.6

69.1 %

Marine

5.8

26.9 %

3.8

27.1 %

3.4

21.1 %

3.9

29.6 %

3.7

26.6 %

Machinery

2.4

11.2 %

1.4

10.3 %

0.4

2.3 %

0.9

6.7 %

0.9

6.5 %

Material

2.4

11.2 %

1.8

12.6 %

1.1

6.8 %

1.1

8.1 %

1.0

7.2 %

Biotex

-0.2

-0.8 %

0.2

1.5 %

-0.9

-5.8 %

-1.9

-14.5 %

-1.9

-13.6 %

Logistics

-0.7

-3.3 %

-

-

-

-

-

-

-

-

Other

0.6

2.6 %

0.5

3.6 %

0.6

3.8 %

0.6

4.7 %

0.6

4.3 %

Segment Total

21.7

100 %

13.9

100 %

15.9

100 %

13.2

100 %

13.9

100 %

Eliminations/Corporate

-11.8

-54.5 %

-11.8

-84.7 %

-10.1

-63.4 %

-9.5

-71.4 %

-11.9

-86 %

Consolidated Total

9.9

45.5 %

2.1

15.3 %

5.8

36.6 %

3.8

28.6 %

1.9

14 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

100.484331

 

114.302336

 

116.944303

 

 

Operating Margin (%)  

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

1.8

-

1.0

-

1.7

-

1.5

-

1.7

-

Marine

3.5

-

2.2

-

2.3

-

2.9

-

2.8

-

Machinery

3.4

-

2.0

-

0.7

-

1.4

-

1.6

-

Material

2.1

-

1.7

-

1.2

-

1.2

-

1.1

-

Biotex

-5.5

-

6.6

-

-27.2

-

-61.1

-

-57.6

-

Logistics

-5.9

-

-

-

-

-

-

-

-

-

Other

32.7

-

38.2

-

51.3

-

56.8

-

55.1

-

Segment Total

2.2

-

1.4

-

1.6

-

1.5

-

1.6

-

Eliminations/Corporate

445.2

-

477.3

-

509.5

-

675.6

-

-

-

Consolidated Total

1.0

-

0.2

-

0.6

-

0.4

-

0.2

-

Total Assets   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

234.1

49.4 %

228.2

51.6 %

249.2

55.2 %

236.7

53.2 %

221.4

53.9 %

Marine

141.6

29.9 %

143.1

32.3 %

138.1

30.6 %

129.8

29.2 %

117.6

28.6 %

Machinery

30.1

6.4 %

25.2

5.7 %

22.0

4.9 %

30.0

6.7 %

24.2

5.9 %

Material

48.7

10.3 %

35.1

7.9 %

31.0

6.9 %

34.9

7.8 %

35.8

8.7 %

Biotex

2.5

0.5 %

2.5

0.6 %

2.3

0.5 %

4.5

1 %

4.3

1.1 %

Logistics

7.1

1.5 %

-

-

-

-

-

-

-

-

Other

9.5

2 %

8.5

1.9 %

8.7

1.9 %

8.8

2 %

7.9

1.9 %

Segment Total

473.6

100 %

442.6

100 %

451.3

100 %

444.6

100 %

411.1

100 %

Eliminations/Corporate

101.2

21.4 %

80.2

18.1 %

69.1

15.3 %

84.3

19 %

103.6

25.2 %

Consolidated Total

574.8

121.4 %

522.8

118.1 %

520.4

115.3 %

528.9

119 %

514.8

125.2 %

Exchange Rate: JPY to USD

82.880000

 

93.440000

 

98.770000

 

99.535000

 

118.075000

 

 

Operating Return on Assets (%)  

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

5.0

-

2.7

-

4.7

-

4.2

-

4.3

-

Marine

4.3

-

2.6

-

2.5

-

3.5

-

3.1

-

Machinery

8.4

-

5.7

-

1.7

-

3.4

-

3.7

-

Material

5.2

-

5.0

-

3.5

-

3.5

-

2.7

-

Biotex

-6.9

-

8.1

-

-40.4

-

-49.4

-

-43.2

-

Logistics

-10.5

-

-

-

-

-

-

-

-

-

Other

6.1

-

5.9

-

7.1

-

8.1

-

7.5

-

Segment Total

4.7

-

3.1

-

3.6

-

3.4

-

3.3

-

Eliminations/Corporate

-12.1

-

-14.6

-

-14.9

-

-12.9

-

-11.4

-

Consolidated Total

1.8

-

0.4

-

1.1

-

0.8

-

0.4

-

Purchase of Fixed Assets   USD (mil)

 

31-Mar-11

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Food

1.1

24 %

2.8

60.8 %

1.2

14.3 %

0.9

30 %

0.5

32.2 %

Marine

1.6

34.9 %

1.7

37.1 %

6.8

84 %

1.9

66.7 %

0.9

57.5 %

Machinery

0.5

10.7 %

0.1

1.7 %

0.1

1.1 %

0.1

1.8 %

0.1

9.2 %

Material

0.0

0 %

0.0

0.2 %

0.0

0.6 %

0.0

0 %

0.0

0 %

Biotex

0.0

0 %

0.0

0.2 %

0.0

0 %

0.0

0 %

0.0

1.1 %

Logistics

0.5

11.2 %

-

-

-

-

-

-

-

-

Other

0.9

19.1 %

0.0

0 %

0.0

0 %

0.0

1.5 %

0.0

0 %

Segment Total

4.6

100 %

4.6

100 %

8.1

100 %

2.9

100 %

1.5

100 %

Eliminations/Corporate

2.4

53.3 %

0.9

20.8 %

0.0

0 %

0.1

2.8 %

0.3

20.7 %

Consolidated Total

7.0

153.3 %

5.5

120.8 %

8.1

100 %

2.9

102.8 %

1.8

120.7 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

100.484331

 

114.302336

 

116.944303

 

 

 

 

Business Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

Food

166.1

64 %

120.4

56.7 %

208.9

67.4 %

157.6

62 %

139.1

63.1 %

Marine

38.7

14.9 %

33.8

15.9 %

42.8

13.8 %

50.0

19.7 %

39.4

17.9 %

Machinery

17.2

6.6 %

18.1

8.5 %

19.6

6.3 %

17.9

7 %

16.5

7.5 %

Material

29.4

11.4 %

32.0

15.1 %

31.3

10.1 %

27.3

10.7 %

24.3

11 %

Biotex

0.7

0.3 %

0.7

0.3 %

0.8

0.3 %

0.9

0.3 %

0.6

0.3 %

Logistics

6.7

2.6 %

6.8

3.2 %

6.1

2 %

-

-

-

-

Other

0.4

0.2 %

0.4

0.2 %

0.4

0.1 %

0.4

0.2 %

0.4

0.2 %

Segment Total

259.4

100 %

212.2

100 %

309.8

100 %

254.1

100 %

220.4

100 %

Eliminations/Corporate

0.0

0 %

0.0

0 %

-

-

0.0

0 %

0.0

0 %

Consolidated Total

259.4

100 %

212.2

100 %

309.8

100 %

254.1

100 %

220.4

100 %

Exchange Rate: JPY to USD

81.605269

 

82.241044

 

82.567473

 

85.838925

 

92.080323

 

Intersegment Revenue   USD (mil)

 

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

Food

0.2

100 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Marine

0.0

0 %

0.0

100 %

0.0

100 %

1.1

100 %

1.4

100 %

Machinery

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Material

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Biotex

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Logistics

0.0

0 %

0.0

0 %

0.0

0 %

-

-

-

-

Other

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

0.2

100 %

0.0

100 %

0.0

100 %

1.1

100 %

1.4

100 %

Eliminations/Corporate

-0.2

-100 %

2.8

22,700 %

0.0

-100 %

-1.1

-100 %

-1.4

-100 %

Consolidated Total

0.0

0 %

2.8

22,800 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: JPY to USD

81.605269

 

82.241044

 

82.567473

 

85.838925

 

92.080323

 

 

Total Revenue   USD (mil)

 

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

Food

166.3

64.1 %

120.4

56.7 %

208.9

67.4 %

157.6

61.8 %

139.1

62.7 %

Marine

38.7

14.9 %

33.8

15.9 %

42.8

13.8 %

51.1

20 %

40.8

18.4 %

Machinery

17.2

6.6 %

18.1

8.5 %

19.6

6.3 %

17.9

7 %

16.5

7.4 %

Material

29.4

11.3 %

32.0

15.1 %

31.3

10.1 %

27.3

10.7 %

24.3

11 %

Biotex

0.7

0.3 %

0.7

0.3 %

0.8

0.3 %

0.9

0.3 %

0.6

0.3 %

Logistics

6.7

2.6 %

6.8

3.2 %

6.1

2 %

-

-

-

-

Other

0.4

0.2 %

0.4

0.2 %

0.4

0.1 %

0.4

0.2 %

0.4

0.2 %

Segment Total

259.6

100 %

212.2

100 %

309.9

100 %

255.1

100 %

221.8

100 %

Eliminations/Corporate

-0.2

-0.1 %

2.8

1.3 %

0.0

0 %

-1.1

-0.4 %

-1.4

-0.7 %

Consolidated Total

259.4

99.9 %

215.0

101.3 %

309.8

100 %

254.1

99.6 %

220.4

99.3 %

Exchange Rate: JPY to USD

81.605269

 

82.241044

 

82.567473

 

85.838925

 

92.080323

 

Operating Income/Loss   USD (mil)

 

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

Food

2.5

78 %

-0.6

-240 %

8.0

77.3 %

3.9

47.7 %

0.2

8.1 %

Marine

0.5

14.4 %

0.1

55 %

1.2

11.1 %

3.3

39.7 %

1.2

40.5 %

Machinery

0.3

8.7 %

0.3

125 %

0.7

6.5 %

0.3

4.3 %

1.1

34.5 %

Material

0.5

15.9 %

0.9

385 %

0.7

6.3 %

0.5

6.1 %

0.4

12.3 %

Biotex

0.0

-1.1 %

-0.1

-45 %

0.0

0 %

0.0

0 %

-0.1

-1.8 %

Logistics

-0.7

-22.3 %

-0.5

-205 %

-0.3

-2.5 %

-

-

-

-

Other

0.2

6.4 %

0.1

25 %

0.1

1.2 %

0.2

2.1 %

0.2

6.3 %

Segment Total

3.2

100 %

0.2

100 %

10.4

100 %

8.2

100 %

3.1

100 %

Eliminations/Corporate

-3.3

-100.8 %

-2.6

-1,085 %

-3.2

-30.6 %

-2.8

-34.8 %

-3.2

-102.8 %

Consolidated Total

0.0

-0.8 %

-2.4

-985 %

7.2

69.4 %

5.3

65.2 %

-0.1

-2.8 %

Exchange Rate: JPY to USD

81.605269

 

82.241044

 

82.567473

 

85.838925

 

92.080323

 

 

Operating Margin (%)  

 

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

30-Jun-10

Food

1.5

-

-0.5

-

3.8

-

2.5

-

0.2

-

Marine

1.2

-

0.4

-

2.7

-

6.4

-

3.1

-

Machinery

1.6

-

1.7

-

3.5

-

2.0

-

6.4

-

Material

1.7

-

2.9

-

2.1

-

1.8

-

1.6

-

Biotex

-4.9

-

-15.5

-

0.0

-

0.0

-

-8.8

-

Logistics

-10.7

-

-7.4

-

-4.2

-

-

-

-

-

Other

51.5

-

13.5

-

27.8

-

42.9

-

46.2

-

Segment Total

1.2

-

0.1

-

3.3

-

3.2

-

1.4

-

Eliminations/Corporate

1,330.0

-

-95.6

-

8,733.3

-

268.1

-

219.5

-

Consolidated Total

0.0

-

-1.1

-

2.3

-

2.1

-

0.0

-

 

 

Bottom of Form

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.