MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
NIPPON CERAMIC CO.,LTD. |
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Registered Office : |
176-17, Hirooka Tottori-Shi, 689-1193 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.06.1975 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in the development, manufacture and sale
of electronic components and related products. |
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No. of Employees : |
2,162 |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
Company name and address
NIPPON CERAMIC CO.,LTD.
176-17, Hirooka
Tottori-Shi, 689-1193
Japan
Tel: 81-857-533600
Fax: 81-857-533676
Website: www.nicera.co.jp
Employees: 2,162
Company Type: Public
Parent
Corporate Family: 4 Companies
Traded: Osaka Stock Exchange: 6929
Incorporation Date: 28-Jun-1975
Auditor: Yusei Audit
Corporation
Financials in: USD
(In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Japanese
Yen
Net Income: 29.0
Market Value: 338.8
(09-Nov-2012)
Business Description
NIPPON CERAMIC CO., LTD. is a Japan-based company engaged in the development, manufacture and sale of electronic components and related products. The products of the Company include infrared sensors, including pyrosensors and thermopile sensors; ultrasonic sensors; modules, including sensor lights, home fire alarms, motion detectors, lighting inverters and light-emitting diode (LED) modules; ferrites; current sensors; transformers, including ferrite transformers, high voltage units, amorphous and flyback transformers; gas sensors; hall elements and hall integrated circuits (ICs), as well as sensor application products. As of December 31, 2011, the Company had 11 subsidiaries and one associated company. For the six months ended 30 June 2012, NIPPON CERAMIC CO.,LTD. revenues decreased 9% to Y7.85B. Net income applicable to common stockholders decreased 17% to Y865M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects SP Rev. G. of allow. doubtful accounts increase from Y70M (income) to Y0K, Subsidy increase from Y35M (income) to Y0K.
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
2623 -
Manufacture of ceramic insulators and insulating fittings |
|
NAICS 2002: |
|
|
UK SIC 2003: |
2623 -
Manufacture of ceramic insulators and insulating fittings |
|
UK SIC 2007: |
2343 -
Manufacture of ceramic insulators and insulating fittings |
|
US SIC 1987: |
Key Executive
|
Name |
Title |
|
Chairman of the Board, President, Executive Officer, Chairman of
Subsidiaries, Representative Director |
|
|
Sawako Fujiwara |
Executive Officer, Manager of President's Office & Investor
Relations Office |
|
Kiyotoshi Kurubi |
Auditor |
|
Yu Chang Ding |
Co-Executive Officer |
|
Managing Director, Executive Officer |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
NIPPON
CERAMIC CO LTD Announces Changes of Shareholding Structure |
22-Nov-2012 |
|
|
2 |
9-Nov-2012 |
* number of significant developments within the last 12
months
News
|
Title |
Date |
|
Nippon
Ceramic Lifts FY Dividend Plan To Y30.00 |
9-Nov-2012 |
|
Nippon
Ceramic Cuts FY Group Net Profit View To Y1.50B |
9-Nov-2012 |
|
Nippon
Ceramic 9Mos Grp Net Pft Y1.19B Vs Y1.45B Pft Yr Earlier |
9-Nov-2012 |
|
Nippon Ceramic
Expects This FY Group Net Profit Y1.50B |
9-Nov-2012 |
|
Nippon
Ceramic Hits '12 Low On Demand Outlook Fears |
23-Sep-2012 |
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
9.31 |
2.32 |
|
Quick Ratio (MRQ) |
7.69 |
1.43 |
|
Debt to Equity (MRQ) |
0.0021 |
0.56 |
|
Sales 5 Year Growth |
-0.93 |
8.07 |
|
Net Profit Margin (TTM) % |
14.22 |
6.72 |
|
Return on Assets (TTM) % |
5.30 |
5.54 |
|
Return on Equity (TTM) % |
5.60 |
13.32 |
Stock Snapshot
|
Traded: Osaka Stock Exchange: 6929 |
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As of 9-Nov-2012 Financials in: JPY |
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.69823
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 76.94
Location
176-17, Hirooka
Tottori-Shi, 689-1193
Japan
Tel: 81-857-533600
Fax: 81-857-533676
Website: www.nicera.co.jp
Quote Symbol – Exchange 6929 - Osaka Stock Exchange
Sales JPY(mil): 16,462.0
Assets JPY(mil): 41,936.0
Employees: 2,162
Fiscal Year End: 31-Dec-2011
Industry: Electronic Instruments and Controls
Incorporation Date: 28-Jun-1975
Company Type: Public Parent
Quoted Status: Quoted
Chairman of the Board, President,
Executive Officer, Chairman of Subsidiaries, Representative Director:
Yoshiharu Taniguchi
Industry Code
|
ANZSIC 2006 Codes: |
||
|
2029 |
- |
Other Ceramic Product Manufacturing |
|
2419 |
- |
Other Professional and Scientific Equipment Manufacturing |
|
2439 |
- |
Other Electrical Equipment Manufacturing |
|
2422 |
- |
Communication Equipment Manufacturing |
|
2429 |
- |
Other Electronic Equipment Manufacturing |
|
NACE 2002 Codes: |
||
|
2623 |
- |
Manufacture of ceramic insulators and insulating fittings |
|
3110 |
- |
Manufacture of electric motors, generators and transformers |
|
3162 |
- |
Manufacture of other electrical equipment not elsewhere classified |
|
3320 |
- |
Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment |
|
3220 |
- |
Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy |
|
3210 |
- |
Manufacture of electronic valves and tubes and other electronic components |
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NAICS 2002 Codes: |
||
|
327113 |
- |
Porcelain Electrical Supply Manufacturing |
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334516 |
- |
Analytical Laboratory Instrument Manufacturing |
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334413 |
- |
Semiconductor and Related Device Manufacturing |
|
334290 |
- |
Other Communications Equipment Manufacturing |
|
334416 |
- |
Electronic Coil, Transformer, and Other Inductor Manufacturing |
|
335999 |
- |
All Other Miscellaneous Electrical Equipment and Component Manufacturing |
|
334512 |
- |
Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use |
|
334513 |
- |
Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable |
|
US SIC 1987: |
||
|
3264 |
- |
Porcelain Electrical Supplies |
|
3823 |
- |
Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products |
|
3629 |
- |
Electrical Industrial Apparatus, Not Elsewhere Classified |
|
3669 |
- |
Communications Equipment, Not Elsewhere Classified |
|
3826 |
- |
Laboratory Analytical Instruments |
|
3674 |
- |
Semiconductors and Related Devices |
|
3677 |
- |
Electronic Coils, Transformers, and Other Inductors |
|
3822 |
- |
Automatic Controls for Regulating Residential and Commercial Environments and Appliances |
|
UK SIC 2003: |
||
|
2623 |
- |
Manufacture of ceramic insulators and insulating fittings |
|
3110 |
- |
Manufacture of electric motors, generators and transformers |
|
3162 |
- |
Manufacture of other electrical equipment not elsewhere classified |
|
3320 |
- |
Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment |
|
3220 |
- |
Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy |
|
3210 |
- |
Manufacture of electronic valves and tubes and other electronic components |
|
UK SIC 2007: |
||
|
2343 |
- |
Manufacture of ceramic insulators and insulating fittings |
|
2711 |
- |
Manufacture of electric motors, generators and transformers |
|
2630 |
- |
Manufacture of communication equipment |
|
2611 |
- |
Manufacture of electronic components |
|
2651 |
- |
Manufacture of instruments and appliances for measuring, testing and navigation |
|
2790 |
- |
Manufacture of other electrical equipment |
Business
Description
NIPPON CERAMIC CO., LTD. is a Japan-based company engaged in the development, manufacture and sale of electronic components and related products. The products of the Company include infrared sensors, including pyrosensors and thermopile sensors; ultrasonic sensors; modules, including sensor lights, home fire alarms, motion detectors, lighting inverters and light-emitting diode (LED) modules; ferrites; current sensors; transformers, including ferrite transformers, high voltage units, amorphous and flyback transformers; gas sensors; hall elements and hall integrated circuits (ICs), as well as sensor application products. As of December 31, 2011, the Company had 11 subsidiaries and one associated company. For the six months ended 30 June 2012, NIPPON CERAMIC CO.,LTD. revenues decreased 9% to Y7.85B. Net income applicable to common stockholders decreased 17% to Y865M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects SP Rev. G. of allow. doubtful accounts increase from Y70M (income) to Y0K, Subsidy increase from Y35M (income) to Y0K.
More Business Descriptions
Manufacture of sensors and ferrites
Semiconductor Mfr
Electrical Equipment Manufacturing
Financial Data
|
Financials in: |
JPY(mil) |
1 Year Growth |
|
Revenue: |
16,462.0 |
-1.6% |
|
Net Income: |
2,313.0 |
40.9% |
|
Assets: |
41,936.0 |
3.1% |
|
Long Term Debt: |
0.0 |
|
|
Total Liabilities: |
5,252.0 |
|
|
Working Capital: |
25.7 |
|
|
Date of Financial Data: |
31-Dec-2011 |
|
Market Data
|
Quote Symbol: |
6929 |
|
Exchange: |
Osaka Stock Exchange |
|
Currency: |
JPY |
|
Stock Price: |
1,027.0 |
|
Stock Price Date: |
11-09-2012 |
|
52 Week Price Change %: |
-24.9 |
|
Market Value (mil): |
27,022,840.0 |
|
SEDOL: |
6646561 |
|
ISIN: |
JP3725200004 |
|
Equity and Dept Distribution: |
|
|
FY'04 Q2 reported EPS=36.21, DEPS=28.87. FY'06 1Q & 3Q WAS & O/S were estimated. FY'04 AR reproted EPS=72.54, DEPS=57.84. FY'05 Q2 EPS=47.08. FY'05 AR EPS=65.72. FY'07 Q2 reported EPS=Y37.9, &DEPS. FY'07 Q3 WAS was estimated andused as O/S. FY'07 reported EPS=Y61.96. FY'08 AR WAS & o/s were estimated. |
|
Major Shareholders
Yoshiharu Taniguchi (17.3%); Japan Trustee Services Bank
(8.3%); Taiyo Pearl Fund LP (8%); Company's Trust Stock (7%); Master Trust Bank
of Japan (6.4%)
Auditor: Yusei Audit Corporation
Auditor: Yusei Audit Corporation
Corporate
Structure News
Total Corporate Family Members: 4
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tottori-Shi |
Japan |
Electronic Instruments and Controls |
206.6 |
2,162 |
|
|
Facility |
Tottori |
Japan |
Semiconductors |
|
300 |
|
|
Facility |
Subic, Zambales |
Philippines |
Scientific and Technical Instruments |
|
135 |
|
|
Subsidiary |
Romsey |
United Kingdom |
Electronic Instruments and Controls |
1.5 |
14 |
Board of Directors
|
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Chairman of the Board, President, Executive Officer, Chairman of
Subsidiaries, Representative Director |
Chairman |
||||
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Director |
Director/Board Member |
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Managing Director, Executive Officer |
Director/Board Member |
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Executive Officer, General Manager of Subsidiary, Director |
Director/Board Member |
|
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Director |
Director/Board Member |
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Executive Officer, Director of Infrared Sensor Business, Director |
Director/Board Member |
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Executive Officer, Senior Managing Director, General Manager of
Subsidiary, Representative Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives
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Chairman of the Board, President, Executive Officer, Chairman of Subsidiaries, Representative Director |
President |
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Managing Director, Executive Officer |
Managing Director |
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Executive Officer, Senior Managing Director, General Manager of Subsidiary, Representative Director |
Managing Director |
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Co-Executive Officer |
Operations Executive |
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Co-Executive Officer |
Operations Executive |
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Co-Executive Officer |
Operations Executive |
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Auditor |
Finance Executive |
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Executive Officer |
Other |
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Executive Officer, Manager of President's Office & Investor Relations Office |
Other |
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Executive Officer |
Other |
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Executive Officer, Director of Accounting |
Other |
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Executive Officer |
Other |
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Executive Officer |
Other |
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|||
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Executive Officer |
Other |
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|||
|
Executive Officer |
Other |
|
|||
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Executive Officer, Manager of Gokuto Group in EV Sales Unit |
Other |
|
|||
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Executive Officer |
Other |
|
|||
|
Executive Officer, Director of Advanced Technology Development Research Institute |
Other |
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Executive Officer, Director of Trance Business |
Other |
|
|||
Significant Developments
NIPPON CERAMIC CO LTD
Announces Changes of Shareholding Structure
Nov 22, 2012
NIPPON CERAMIC CO LTD announced that Yoshiharu Taniguchi, who is Chairman of the Board, President and Representative Director of the Company, has lowered voting rights in the Company from 18.73% (4,571,983 shares) to 3.23% (788,983 shares), and is no longer the top shareholder. And a Japan-based company has increased the voting rights in the Company from 0% to 15.50% (3,783,000 shares), and became the top shareholder, on November 22, 2012.
NIPPON CERAMIC CO LTD
Lowers Full-year Consolidated Outlook for FY Ending December 31, 2012; Raises
Year-end Dividend Forecast for FY Ending December 31, 2012
Nov 09, 2012
NIPPON CERAMIC CO LTD announced that it has lowered its full-year consolidated
outlook for revenue from JPY 18,500 million to JPY 15,500 million, operating
profit from JPY 3,000 million to JPY 2,100 million, ordinary profit from JPY
3,100 million to JPY 2,400 million, net profit from JPY 1,900 million to JPY
1,500 million and earnings per share from JPY 77.71 to JPY 61.35 for the fiscal
year ending December 31, 2012. The Company lowered its full-year outlook mainly
due to decreased demand of sensor from automobile and household appliances
industries. According to I/B/E/S Estimates, analysts on average are expecting
the Company to report full-year revenue of JPY 16,160 million, operating profit
of JPY 2,360 million and net profit of JPY 1,660 million. The Company also
announced that it has resolved to distribute a bonus dividend in commemoration
of the launch of infrared ray thermometer. Therefore, the Company has raised
its year-end dividend from JPY 20.00 per share, which was announced on February
10, 2012, to JPY 30.00 per share (JPY 20.00 per share of a common dividend and
JPY 10.00 per share of a bonus dividend), for the fiscal year Ending December 31,
2012.
Nippon Ceramic Co.,
Ltd. Announces Year-end Dividend Payment for FY 2011
Jan 27, 2012
Nippon Ceramic Co., Ltd. announced that it has decided to distribute a bonus
dividend of JPY 10 per share in celebrating of the construction of new plant.
As a result, the Company has decided to pay a JPY 30 per share(JPY 733 million
in total) year-end dividend, above its latest dividend forecast of JPY 20 per
share announced on November 4, 2011, to all the shareholders as a record of
December 31, 2011. The dividend will be paid on March 14, 2012.
News
|
Nippon
Ceramic Lifts FY Dividend Plan To Y30.00 |
09-Nov-2012 |
|
|
|
|
|
|
Nippon
Ceramic Cuts FY Group Net Profit View To Y1.50B |
09-Nov-2012 |
|
|
Nippon
Ceramic 9Mos Grp Net Pft Y1.19B Vs Y1.45B Pft Yr Earlier |
09-Nov-2012 |
|
|
Nippon
Ceramic Expects This FY Group Net Profit Y1.50B |
09-Nov-2012 |
|
|
Nippon
Ceramic Hits '12 Low On Demand Outlook Fears |
23-Sep-2012 |
|
|
Nippon
Ceramic 1Q Grp Net Pft Y458.00M Vs Y513.00M Pft Yr Earlier |
11-May-2012 |
|
|
Nippon
Ceramic Expects This FY Group Net Profit Y1.90B |
11-May-2012 |
|
|
Nippon
Ceramic FY Grp Net Pft Y2.31B Vs Y1.64B Pft Yr Earlier |
10-Feb-2012 |
|
|
Nippon
Ceramic Expects This FY Group Net Profit Y1.90B |
10-Feb-2012 |
|
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
117.767199 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
206.6 |
190.7 |
139.9 |
157.2 |
155.0 |
|
Revenue |
206.6 |
190.7 |
139.9 |
157.2 |
155.0 |
|
Total Revenue |
206.6 |
190.7 |
139.9 |
157.2 |
155.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
141.1 |
135.5 |
107.1 |
119.1 |
113.6 |
|
Cost of Revenue, Total |
141.1 |
135.5 |
107.1 |
119.1 |
113.6 |
|
Gross Profit |
65.5 |
55.1 |
32.8 |
38.1 |
41.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
13.7 |
11.8 |
8.9 |
10.1 |
9.6 |
|
Labor & Related Expense |
7.0 |
6.5 |
5.7 |
5.3 |
6.0 |
|
Total Selling/General/Administrative Expenses |
20.7 |
18.2 |
14.6 |
15.4 |
15.5 |
|
Research & Development |
6.7 |
7.5 |
5.2 |
3.1 |
2.4 |
|
Depreciation |
2.2 |
2.6 |
2.5 |
2.5 |
0.6 |
|
Amortization of Acquisition Costs |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation/Amortization |
2.2 |
2.6 |
2.5 |
2.4 |
0.6 |
|
Impairment-Assets Held for Use |
0.0 |
0.1 |
0.0 |
9.9 |
0.4 |
|
Impairment-Assets Held for Sale |
- |
- |
0.0 |
0.1 |
0.0 |
|
Other Unusual Expense (Income) |
-10.3 |
1.4 |
-0.8 |
-2.9 |
0.7 |
|
Unusual Expense (Income) |
-10.3 |
1.5 |
-0.7 |
7.1 |
1.1 |
|
Total Operating Expense |
160.3 |
165.4 |
128.7 |
147.1 |
133.2 |
|
|
|
|
|
|
|
|
Operating Income |
46.2 |
25.3 |
11.3 |
10.1 |
21.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
- |
- |
- |
0.0 |
|
Interest Expense, Net Non-Operating |
- |
- |
- |
- |
0.0 |
|
Interest Income -
Non-Operating |
2.4 |
1.8 |
2.3 |
2.6 |
1.9 |
|
Investment Income -
Non-Operating |
-2.8 |
-1.2 |
0.4 |
-2.5 |
-1.5 |
|
Interest/Investment Income - Non-Operating |
-0.4 |
0.6 |
2.7 |
0.1 |
0.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.4 |
0.6 |
2.7 |
0.1 |
0.5 |
|
Gain (Loss) on Sale of Assets |
0.0 |
-0.4 |
0.0 |
0.4 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.2 |
0.5 |
0.4 |
-0.2 |
0.1 |
|
Other, Net |
0.2 |
0.5 |
0.4 |
-0.2 |
0.1 |
|
Income Before Tax |
46.0 |
26.1 |
14.4 |
10.5 |
22.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
15.0 |
5.4 |
3.0 |
5.8 |
5.3 |
|
Income After Tax |
31.0 |
20.6 |
11.4 |
4.7 |
17.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.0 |
-2.0 |
-1.6 |
-2.1 |
-3.5 |
|
Net Income Before Extraord Items |
29.0 |
18.7 |
9.9 |
2.6 |
13.5 |
|
Net Income |
29.0 |
18.7 |
9.9 |
2.6 |
13.5 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
-0.1 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
-0.1 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
28.9 |
18.6 |
9.8 |
2.5 |
13.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
28.9 |
18.6 |
9.8 |
2.5 |
13.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
24.4 |
25.4 |
25.4 |
25.5 |
25.5 |
|
Basic EPS Excl Extraord Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Basic/Primary EPS Incl Extraord Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
28.9 |
18.6 |
9.8 |
2.5 |
13.4 |
|
Diluted Weighted Average Shares |
24.4 |
25.4 |
25.4 |
25.5 |
25.5 |
|
Diluted EPS Excl Extraord Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Diluted EPS Incl Extraord Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Dividends per Share - Common Stock Primary Issue |
0.38 |
0.23 |
0.16 |
0.19 |
0.21 |
|
Gross Dividends - Common Stock |
9.2 |
5.6 |
4.1 |
4.9 |
5.4 |
|
Interest Expense, Supplemental |
- |
- |
- |
- |
0.0 |
|
Depreciation, Supplemental |
12.4 |
13.6 |
11.1 |
9.3 |
7.7 |
|
Total Special Items |
-10.3 |
1.9 |
-0.8 |
6.6 |
1.1 |
|
Normalized Income Before Tax |
35.7 |
28.0 |
13.7 |
17.1 |
23.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-3.3 |
0.4 |
-0.2 |
3.7 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
11.6 |
5.8 |
2.8 |
9.5 |
5.6 |
|
Normalized Income After Tax |
24.1 |
22.1 |
10.8 |
7.6 |
17.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
22.0 |
20.1 |
9.2 |
5.5 |
14.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.90 |
0.79 |
0.36 |
0.22 |
0.56 |
|
Diluted Normalized EPS |
0.90 |
0.79 |
0.36 |
0.22 |
0.56 |
|
Amort of Acquisition Costs, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Research & Development Exp, Supplemental |
6.7 |
7.5 |
5.2 |
3.1 |
2.4 |
|
Reported Operating Profit |
35.9 |
27.2 |
10.9 |
18.0 |
22.8 |
|
Reported Ordinary Profit |
36.9 |
27.9 |
13.7 |
17.1 |
23.6 |
|
Normalized EBIT |
35.9 |
26.8 |
10.5 |
17.2 |
22.9 |
|
Normalized EBITDA |
48.3 |
40.4 |
21.6 |
26.5 |
30.5 |
|
Service Cost - Domestic |
0.4 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Prior Service Cost - Domestic |
0.0 |
-0.1 |
0.0 |
0.0 |
0.5 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.4 |
0.2 |
0.2 |
0.2 |
0.7 |
|
Total Pension Expense |
0.4 |
0.2 |
0.2 |
0.2 |
0.7 |
|
Total Plan Service Cost |
0.4 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
76.94 |
81.105 |
93.095 |
90.65 |
111.715 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
240.1 |
215.9 |
173.6 |
152.7 |
150.0 |
|
Short Term Investments |
23.9 |
22.6 |
24.1 |
45.8 |
25.2 |
|
Cash and Short Term Investments |
264.0 |
238.5 |
197.7 |
198.6 |
175.1 |
|
Accounts Receivable -
Trade, Gross |
47.5 |
53.1 |
46.0 |
49.2 |
44.1 |
|
Provision for Doubtful
Accounts |
-0.6 |
-0.6 |
-0.1 |
-0.1 |
-0.3 |
|
Trade Accounts Receivable - Net |
46.8 |
52.5 |
46.0 |
49.2 |
43.8 |
|
Total Receivables, Net |
46.8 |
52.5 |
46.0 |
49.2 |
43.8 |
|
Inventories - Finished Goods |
18.7 |
12.7 |
11.1 |
- |
- |
|
Inventories - Work In Progress |
21.2 |
16.0 |
12.7 |
- |
- |
|
Inventories - Raw Materials |
23.3 |
16.2 |
11.1 |
- |
- |
|
Total Inventory |
63.2 |
45.0 |
34.9 |
48.5 |
37.6 |
|
Deferred Income Tax - Current Asset |
2.6 |
2.6 |
1.1 |
0.6 |
0.1 |
|
Other Current Assets |
3.5 |
4.6 |
2.7 |
3.5 |
3.6 |
|
Other Current Assets, Total |
6.1 |
7.1 |
3.8 |
4.1 |
3.7 |
|
Total Current Assets |
380.1 |
343.1 |
282.3 |
300.3 |
260.2 |
|
|
|
|
|
|
|
|
Buildings |
99.2 |
89.3 |
79.6 |
60.3 |
50.6 |
|
Land/Improvements |
39.0 |
32.5 |
28.3 |
28.3 |
19.9 |
|
Machinery/Equipment |
145.6 |
128.0 |
119.1 |
110.0 |
109.1 |
|
Construction in
Progress |
1.0 |
5.7 |
0.8 |
6.4 |
1.6 |
|
Other
Property/Plant/Equipment |
23.9 |
22.6 |
21.4 |
21.3 |
18.9 |
|
Property/Plant/Equipment - Gross |
308.8 |
278.2 |
249.1 |
226.3 |
200.1 |
|
Accumulated Depreciation |
-179.3 |
-160.7 |
-139.4 |
-129.2 |
-109.7 |
|
Property/Plant/Equipment - Net |
129.5 |
117.5 |
109.7 |
97.1 |
90.5 |
|
Intangibles, Net |
6.7 |
6.7 |
6.5 |
4.6 |
4.5 |
|
LT Investment - Affiliate Companies |
1.0 |
1.0 |
- |
- |
- |
|
LT Investments - Other |
27.5 |
27.7 |
20.8 |
20.8 |
20.0 |
|
Long Term Investments |
28.5 |
28.8 |
20.8 |
20.8 |
20.0 |
|
Note Receivable - Long Term |
2.6 |
2.8 |
2.7 |
3.0 |
2.6 |
|
Deferred Income Tax - Long Term Asset |
0.0 |
5.1 |
3.1 |
3.4 |
4.0 |
|
Restricted Cash - Long Term |
- |
- |
- |
0.0 |
4.5 |
|
Other Long Term Assets |
-2.3 |
-2.6 |
-2.5 |
-2.8 |
-2.3 |
|
Other Long Term Assets, Total |
-2.3 |
2.5 |
0.6 |
0.6 |
6.1 |
|
Total Assets |
545.0 |
501.3 |
422.6 |
426.4 |
383.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
29.5 |
30.4 |
9.5 |
9.8 |
10.3 |
|
Accrued Expenses |
0.6 |
0.5 |
0.3 |
0.3 |
0.3 |
|
Notes Payable/Short Term Debt |
0.2 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
5.7 |
5.9 |
0.6 |
1.5 |
2.5 |
|
Other Payables |
4.3 |
4.7 |
3.9 |
3.0 |
9.2 |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
4.9 |
7.0 |
3.3 |
2.6 |
2.3 |
|
Other Current liabilities, Total |
14.9 |
17.6 |
7.7 |
7.1 |
14.0 |
|
Total Current Liabilities |
45.2 |
50.1 |
17.5 |
17.2 |
24.7 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.2 |
1.6 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.7 |
0.0 |
- |
- |
- |
|
Deferred Income Tax |
0.7 |
0.0 |
- |
- |
- |
|
Minority Interest |
20.6 |
19.6 |
18.0 |
18.2 |
18.1 |
|
Pension Benefits - Underfunded |
1.4 |
1.4 |
1.1 |
1.0 |
0.7 |
|
Other Long Term Liabilities |
0.3 |
0.0 |
0.5 |
0.0 |
0.0 |
|
Other Liabilities, Total |
1.7 |
1.4 |
1.6 |
1.0 |
0.8 |
|
Total Liabilities |
68.3 |
71.0 |
37.1 |
36.5 |
43.6 |
|
|
|
|
|
|
|
|
Common Stock |
133.1 |
126.3 |
110.0 |
113.0 |
91.7 |
|
Common Stock |
133.1 |
126.3 |
110.0 |
113.0 |
91.7 |
|
Additional Paid-In Capital |
156.4 |
148.4 |
129.3 |
132.7 |
107.7 |
|
Retained Earnings (Accumulated Deficit) |
241.6 |
206.9 |
167.0 |
167.2 |
139.6 |
|
Treasury Stock - Common |
-31.2 |
-29.6 |
-12.3 |
-12.6 |
-9.5 |
|
Unrealized Gain (Loss) |
-0.8 |
-1.3 |
-0.1 |
0.3 |
0.7 |
|
Translation Adjustment |
-22.3 |
-20.4 |
-8.4 |
-10.7 |
10.1 |
|
Other Equity, Total |
-22.3 |
-20.4 |
-8.4 |
-10.7 |
10.1 |
|
Total Equity |
476.8 |
430.3 |
385.5 |
389.9 |
340.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
545.0 |
501.3 |
422.6 |
426.4 |
383.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
24.4 |
24.4 |
25.4 |
25.5 |
25.5 |
|
Total Common Shares Outstanding |
24.4 |
24.4 |
25.4 |
25.5 |
25.5 |
|
Treasury Shares - Common Stock Primary Issue |
1.9 |
1.9 |
0.9 |
0.9 |
0.8 |
|
Employees |
2,162 |
2,265 |
2,234 |
2,106 |
2,243 |
|
Number of Common Shareholders |
4,228 |
4,514 |
4,947 |
5,564 |
5,502 |
|
Total Capital Leases, Supplemental |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
- |
- |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
- |
- |
- |
- |
|
Pension Obligation - Domestic |
2.6 |
2.3 |
2.0 |
1.8 |
1.4 |
|
Plan Assets - Domestic |
1.2 |
1.1 |
1.0 |
1.0 |
0.8 |
|
Funded Status - Domestic |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Total Funded Status |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Accrued Liabilities - Domestic |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Net Assets Recognized on Balance Sheet |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Total Plan Obligations |
2.6 |
2.3 |
2.0 |
1.8 |
1.4 |
|
Total Plan Assets |
1.2 |
1.1 |
1.0 |
1.0 |
0.8 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
117.767199 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
45.9 |
26.1 |
14.4 |
10.4 |
22.2 |
|
Depreciation |
12.4 |
13.6 |
11.1 |
9.3 |
7.7 |
|
Depreciation/Depletion |
12.4 |
13.6 |
11.1 |
9.3 |
7.7 |
|
Amortization of Acquisition Costs |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unusual Items |
-8.6 |
0.5 |
0.0 |
9.6 |
0.6 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
-6.9 |
0.4 |
-2.4 |
-3.3 |
-1.2 |
|
Non-Cash Items |
-15.5 |
0.9 |
-2.4 |
6.3 |
-0.6 |
|
Accounts Receivable |
8.0 |
-1.3 |
2.1 |
2.2 |
-0.2 |
|
Inventories |
-15.5 |
-5.7 |
12.6 |
-4.6 |
-3.4 |
|
Accounts Payable |
-2.2 |
17.2 |
0.1 |
-4.1 |
5.8 |
|
Accrued Expenses |
0.1 |
0.2 |
0.0 |
-0.1 |
0.1 |
|
Other Operating Cash Flow |
5.4 |
0.7 |
-0.7 |
-1.8 |
-12.2 |
|
Changes in Working Capital |
-4.1 |
11.1 |
14.1 |
-8.4 |
-9.9 |
|
Cash from Operating Activities |
38.6 |
51.6 |
37.1 |
17.5 |
19.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-19.8 |
-7.3 |
-25.3 |
-20.7 |
-20.3 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-1.3 |
-0.9 |
-0.1 |
-0.1 |
|
Capital Expenditures |
-19.9 |
-8.6 |
-26.2 |
-20.7 |
-20.4 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.8 |
0.0 |
|
Sale/Maturity of Investment |
58.5 |
239.7 |
159.6 |
149.3 |
21.3 |
|
Purchase of Investments |
-35.0 |
-230.4 |
-173.3 |
-148.4 |
-60.7 |
|
Other Investing Cash Flow |
0.4 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Other Investing Cash Flow Items, Total |
23.8 |
9.5 |
-13.5 |
1.8 |
-39.2 |
|
Cash from Investing Activities |
3.9 |
0.9 |
-39.7 |
-18.9 |
-59.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.9 |
-1.2 |
-1.4 |
-2.8 |
-2.4 |
|
Financing Cash Flow Items |
-1.9 |
-1.2 |
-1.4 |
-2.8 |
-2.4 |
|
Cash Dividends Paid - Common |
-6.1 |
-4.4 |
-5.4 |
-6.2 |
-4.3 |
|
Total Cash Dividends Paid |
-6.1 |
-4.4 |
-5.4 |
-6.2 |
-4.3 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
0.0 |
-14.3 |
0.0 |
-0.8 |
0.0 |
|
Common Stock, Net |
0.0 |
-14.3 |
0.0 |
-0.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-14.3 |
0.0 |
-0.8 |
0.0 |
|
Cash from Financing Activities |
-8.1 |
-19.9 |
-6.8 |
-9.8 |
-6.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-5.6 |
0.6 |
-7.8 |
0.8 |
|
Net Change in Cash |
34.4 |
27.0 |
-8.9 |
-19.0 |
-46.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
113.1 |
75.6 |
79.7 |
91.2 |
126.3 |
|
Net Cash - Ending Balance |
147.4 |
102.6 |
70.9 |
72.2 |
80.1 |
|
Cash Interest Paid |
- |
- |
- |
- |
0.0 |
|
Cash Taxes Paid |
10.0 |
2.3 |
4.2 |
6.3 |
7.3 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
117.767199 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
206.6 |
190.7 |
139.9 |
157.2 |
155.0 |
|
Total Revenue |
206.6 |
190.7 |
139.9 |
157.2 |
155.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
141.1 |
135.5 |
107.1 |
119.1 |
113.6 |
|
Shipping Expenses |
4.0 |
3.7 |
2.2 |
2.7 |
2.5 |
|
Sales Commission |
1.0 |
0.9 |
0.8 |
0.5 |
0.5 |
|
Provision for
doubtful accounts(SGA) |
0.0 |
0.5 |
0.0 |
0.1 |
0.1 |
|
Director's
remuneration |
0.9 |
0.7 |
0.6 |
0.6 |
0.5 |
|
Salaries &
Bonuses |
6.0 |
5.7 |
5.1 |
4.7 |
5.4 |
|
Travel Expenses |
0.6 |
0.6 |
0.5 |
0.8 |
0.8 |
|
Depreciation |
2.2 |
2.2 |
2.1 |
1.6 |
0.6 |
|
Commission
Expenses |
1.0 |
0.9 |
0.9 |
0.9 |
0.8 |
|
R&D Expenses |
6.7 |
7.5 |
5.2 |
3.1 |
2.4 |
|
Other SG&A |
7.0 |
5.2 |
4.5 |
5.2 |
4.9 |
|
SP G on prior
period adjustments |
- |
- |
- |
0.0 |
-0.5 |
|
SP Rev. G. of
allow. doubtful accounts |
-1.1 |
-0.3 |
-0.2 |
-0.5 |
-0.1 |
|
SP Subsidy income |
-9.9 |
-0.5 |
-0.5 |
-2.4 |
0.0 |
|
SP Other special
gains |
0.0 |
-0.1 |
0.0 |
- |
- |
|
SP Loss on
retirement of fixed assets |
0.0 |
0.1 |
0.0 |
0.3 |
0.1 |
|
SP Provision for
Doubtful Account |
0.0 |
2.2 |
0.0 |
- |
- |
|
SP L on val. of inv't
in related company |
- |
- |
0.0 |
0.1 |
0.0 |
|
SP Special
retirement |
- |
- |
- |
0.0 |
0.8 |
|
SP Prior yr
retire. Bene. |
- |
- |
- |
0.0 |
0.5 |
|
SP Reserve prior
directors' retir.bene. |
- |
- |
- |
0.0 |
0.1 |
|
SP Spec. loss on bad
debts |
0.7 |
0.0 |
- |
- |
- |
|
SP Assets
imparimet losses |
- |
- |
0.0 |
9.7 |
0.3 |
|
SP Other special
lossed |
0.0 |
0.0 |
- |
- |
- |
|
NOP Amortization
of negative goodwill |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Depreciation On
Idle Assets |
0.0 |
0.4 |
0.4 |
0.8 |
0.0 |
|
Total Operating
Expense |
160.3 |
165.4 |
128.7 |
147.1 |
133.2 |
|
|
|
|
|
|
|
|
SP Gain on sale of
fixed assets |
- |
- |
0.0 |
0.4 |
0.0 |
|
SP Gain Sale Inv.
Sec. |
- |
- |
- |
- |
0.0 |
|
SP Loss Sale of
fixed assets |
0.0 |
-0.4 |
0.0 |
0.0 |
0.0 |
|
SP Loss on sale of
long-term inv't sec. |
-1.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP L. sale of
inv't in closely-held-aff. |
- |
- |
0.0 |
0.0 |
-0.3 |
|
NOP Interest
Income |
2.4 |
1.8 |
2.3 |
2.6 |
1.9 |
|
NOP Dividend
Income |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
NOP Equity Gain |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Exchange Gain |
- |
0.0 |
0.3 |
0.0 |
- |
|
NOP Tax Refund |
- |
- |
- |
- |
0.0 |
|
NOP Other Income |
0.5 |
0.6 |
0.4 |
0.4 |
0.3 |
|
NOP Interest
Expense |
- |
- |
- |
- |
0.0 |
|
NOP Equity Loss |
- |
- |
- |
- |
0.0 |
|
NOP Exchange Loss |
-1.8 |
-1.4 |
0.0 |
-2.6 |
-1.4 |
|
NOP Other Expenses |
-0.3 |
-0.1 |
0.0 |
-0.6 |
-0.2 |
|
Net Income Before
Taxes |
46.0 |
26.1 |
14.4 |
10.5 |
22.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
15.0 |
5.4 |
3.0 |
5.8 |
5.3 |
|
Net Income After
Taxes |
31.0 |
20.6 |
11.4 |
4.7 |
17.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.0 |
-2.0 |
-1.6 |
-2.1 |
-3.5 |
|
Net Income
Before Extra. Items |
29.0 |
18.7 |
9.9 |
2.6 |
13.5 |
|
Net Income |
29.0 |
18.7 |
9.9 |
2.6 |
13.5 |
|
|
|
|
|
|
|
|
EPS Adjustment |
-0.1 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Income Available
to Com Excl ExtraOrd |
28.9 |
18.6 |
9.8 |
2.5 |
13.4 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
28.9 |
18.6 |
9.8 |
2.5 |
13.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
24.4 |
25.4 |
25.4 |
25.5 |
25.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Basic EPS Including ExtraOrdinary Item |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
28.9 |
18.6 |
9.8 |
2.5 |
13.4 |
|
Diluted Weighted Average Shares |
24.4 |
25.4 |
25.4 |
25.5 |
25.5 |
|
Diluted EPS Excluding ExtraOrd Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
Diluted EPS Including ExtraOrd Items |
1.18 |
0.73 |
0.39 |
0.10 |
0.53 |
|
DPS-Common Stock |
0.38 |
0.23 |
0.16 |
0.19 |
0.21 |
|
Gross Dividends - Common Stock |
9.2 |
5.6 |
4.1 |
4.9 |
5.4 |
|
Normalized
Income Before Taxes |
35.7 |
28.0 |
13.7 |
17.1 |
23.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.6 |
5.8 |
2.8 |
9.5 |
5.6 |
|
Normalized
Income After Taxes |
24.1 |
22.1 |
10.8 |
7.6 |
17.8 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
22.0 |
20.1 |
9.2 |
5.5 |
14.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.90 |
0.79 |
0.36 |
0.22 |
0.56 |
|
Diluted Normalized EPS |
0.90 |
0.79 |
0.36 |
0.22 |
0.56 |
|
Research & Development Expenses |
6.7 |
7.5 |
5.2 |
3.1 |
2.4 |
|
Interest Expense |
- |
- |
- |
- |
0.0 |
|
Depreciation |
12.4 |
13.6 |
11.1 |
9.3 |
7.7 |
|
Amortization of negative goodwill |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reported Operating Profit |
35.9 |
27.2 |
10.9 |
18.0 |
22.8 |
|
Reported Ordinary Profit |
36.9 |
27.9 |
13.7 |
17.1 |
23.6 |
|
Service Cost |
0.4 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Expected return on plan assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Prior Service Cost |
0.0 |
-0.1 |
0.0 |
0.0 |
0.5 |
|
Domestic Pension Plan Expense |
0.4 |
0.2 |
0.2 |
0.2 |
0.7 |
|
Total Pension Expense |
0.4 |
0.2 |
0.2 |
0.2 |
0.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
76.94 |
81.105 |
93.095 |
90.65 |
111.715 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Deposits |
240.1 |
215.9 |
173.6 |
152.7 |
150.0 |
|
Accounts and notes
receivable, gross |
47.5 |
53.1 |
46.0 |
49.2 |
44.1 |
|
Marketable
securities |
23.9 |
22.6 |
24.1 |
45.8 |
25.2 |
|
Inventories |
- |
- |
- |
48.5 |
37.6 |
|
Inventories -
merchandise&finished goods |
18.7 |
12.7 |
11.1 |
- |
- |
|
Inventories -
work-in-process |
21.2 |
16.0 |
12.7 |
- |
- |
|
Inventories - raw
materials&supplies |
23.3 |
16.2 |
11.1 |
- |
- |
|
Deferred income
taxes (current portion) |
2.6 |
2.6 |
1.1 |
0.6 |
0.1 |
|
Current assets
other |
3.5 |
4.6 |
2.7 |
3.5 |
3.6 |
|
Allowance for
doubtful accounts(current) |
-0.6 |
-0.6 |
-0.1 |
-0.1 |
-0.3 |
|
Total Current
Assets |
380.1 |
343.1 |
282.3 |
300.3 |
260.2 |
|
|
|
|
|
|
|
|
Buildings & structures,
gross |
99.2 |
89.3 |
79.6 |
60.3 |
50.6 |
|
Accum. depr -
bldg&struc |
-37.6 |
-31.4 |
-23.9 |
-20.4 |
-15.9 |
|
Machineries,
equipment&vehicle, gross |
145.6 |
128.0 |
119.1 |
110.0 |
109.1 |
|
Machineries,
equipment&vehicle, depr. |
-119.8 |
-109.0 |
-96.7 |
-90.6 |
-78.4 |
|
Land |
39.0 |
32.5 |
28.3 |
28.3 |
19.9 |
|
Construction-in-progress |
1.0 |
5.7 |
0.8 |
6.4 |
1.6 |
|
Other
properties,plants&equipment,gross |
23.9 |
22.6 |
21.4 |
21.3 |
18.9 |
|
Depreciation |
-21.9 |
-20.3 |
-18.8 |
-18.2 |
-15.4 |
|
Land
Use Right |
6.6 |
6.5 |
6.3 |
4.4 |
4.3 |
|
Other
Intangible |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Long-term
investment in securities |
27.4 |
27.7 |
19.8 |
19.7 |
17.9 |
|
Investment in closely-held
company |
0.1 |
0.1 |
1.0 |
1.0 |
2.1 |
|
Inv't
partnership-nonconsol.affil. |
1.0 |
1.0 |
- |
- |
- |
|
Long-term Loan |
2.6 |
2.8 |
2.7 |
3.0 |
2.6 |
|
LT deposit |
- |
- |
- |
0.0 |
4.5 |
|
Deferred income
taxes (non-current) |
0.0 |
5.1 |
3.1 |
3.4 |
4.0 |
|
Other Asset |
1.1 |
4.7 |
2.1 |
2.2 |
2.1 |
|
Allowance doubtful
accounts(non-current) |
-3.4 |
-7.3 |
-4.6 |
-5.0 |
-4.4 |
|
Adjustment |
- |
0.0 |
0.0 |
- |
- |
|
Total Assets |
545.0 |
501.3 |
422.6 |
426.4 |
383.8 |
|
|
|
|
|
|
|
|
Trade accounts and
notes payable |
29.5 |
30.4 |
9.5 |
9.8 |
10.3 |
|
Construction notes
payable |
0.2 |
1.6 |
0.0 |
- |
- |
|
Other Payable |
4.3 |
4.7 |
3.9 |
3.0 |
9.2 |
|
Tax Payable |
5.7 |
5.9 |
0.6 |
1.5 |
2.5 |
|
Deferred Taxes |
- |
- |
- |
- |
0.0 |
|
Reserve for
bonuses |
0.3 |
0.3 |
0.2 |
0.1 |
0.2 |
|
Reserve for
directors' bonuses |
0.3 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Other current
liabilities |
4.9 |
7.0 |
3.3 |
2.6 |
2.3 |
|
Total Current Liabilities |
45.2 |
50.1 |
17.5 |
17.2 |
24.7 |
|
|
|
|
|
|
|
|
Deferred tax
liabilities (non-current) |
0.7 |
0.0 |
- |
- |
- |
|
Reserve for
retirement benefits |
1.4 |
1.2 |
1.0 |
0.8 |
0.6 |
|
Reserve for
officers' retirement |
0.0 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Negative goodwill |
- |
- |
0.0 |
0.0 |
0.0 |
|
LT accounts
payable |
- |
0.0 |
0.5 |
0.0 |
- |
|
Other LT
Liabilities |
0.3 |
0.0 |
- |
- |
- |
|
Minority Interest |
20.6 |
19.6 |
18.0 |
18.2 |
18.1 |
|
Total Liabilities |
68.3 |
71.0 |
37.1 |
36.5 |
43.6 |
|
|
|
|
|
|
|
|
Common Stock |
133.1 |
126.3 |
110.0 |
113.0 |
91.7 |
|
Paid in Capital |
156.4 |
148.4 |
129.3 |
132.7 |
107.7 |
|
Retained Earning |
241.6 |
206.9 |
167.0 |
167.2 |
139.6 |
|
Treasury Stock |
-31.2 |
-29.6 |
-12.3 |
-12.6 |
-9.5 |
|
Reserve by
valuation of investment sec. |
-0.8 |
-1.3 |
-0.1 |
0.3 |
0.7 |
|
Translation
Adjustment |
-22.3 |
-20.4 |
-8.4 |
-10.7 |
10.1 |
|
Total Equity |
476.8 |
430.3 |
385.5 |
389.9 |
340.2 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
545.0 |
501.3 |
422.6 |
426.4 |
383.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
24.4 |
24.4 |
25.4 |
25.5 |
25.5 |
|
Total Common
Shares Outstanding |
24.4 |
24.4 |
25.4 |
25.5 |
25.5 |
|
T/S-Common Stock |
1.9 |
1.9 |
0.9 |
0.9 |
0.8 |
|
Full-Time Employees |
2,162 |
2,265 |
2,234 |
2,106 |
2,243 |
|
Number of Common Shareholders |
4,228 |
4,514 |
4,947 |
5,564 |
5,502 |
|
Capital Lease Payments Due within 1 Year |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
- |
- |
- |
- |
|
Capital Leases - Remaining Maturities |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases |
0.1 |
- |
- |
- |
- |
|
Pension obligation |
2.6 |
2.3 |
2.0 |
1.8 |
1.4 |
|
Fair value of plan asset |
1.2 |
1.1 |
1.0 |
1.0 |
0.8 |
|
Funded status |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Total Funded Status |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Reserve for accrued retirement benefits |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
|
Net Assets Recognized on Balance Sheet |
-1.4 |
-1.2 |
-1.0 |
-0.8 |
-0.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period
Average) |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
117.767199 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
45.9 |
26.1 |
14.4 |
10.4 |
22.2 |
|
Depreciation |
12.4 |
13.6 |
11.1 |
9.3 |
7.7 |
|
Assets impariment
losses |
- |
- |
0.0 |
9.7 |
0.3 |
|
Amortization
negative goodwill |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Equity Gain/Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve for
doubtful accounts |
-4.2 |
2.3 |
-0.2 |
-0.7 |
-0.1 |
|
Bonuses Allowance |
0.0 |
0.1 |
0.0 |
-0.1 |
0.1 |
|
Reserve for
directors' bonuses |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Reserve for
accrued retirement benefit |
0.2 |
0.0 |
0.1 |
0.1 |
0.6 |
|
Reserve for
directors retire. benefits |
-0.2 |
0.0 |
0.0 |
0.0 |
0.1 |
|
G/L on sales of invt.
securities |
1.2 |
0.0 |
- |
- |
- |
|
Loss Val Inv.Secs. |
0.0 |
0.0 |
- |
- |
- |
|
Reversal of
interests÷nds received |
-2.7 |
-2.0 |
-2.4 |
-2.7 |
-2.0 |
|
Interest Expense |
- |
- |
- |
- |
0.0 |
|
G on prior period
adjustments |
- |
- |
0.0 |
0.0 |
-0.5 |
|
Gain on sale of
fixed assets |
- |
- |
0.0 |
-0.4 |
0.0 |
|
Loss on sale of
fixed assets |
0.0 |
0.4 |
0.0 |
0.0 |
0.0 |
|
Loss on retirement
of fixed assets |
0.0 |
0.1 |
0.0 |
0.3 |
0.1 |
|
L. sale of inv't in
closely-held-aff. |
- |
- |
0.0 |
0.0 |
0.3 |
|
L on val. of inv't
in related company |
- |
- |
0.0 |
0.1 |
0.0 |
|
Special retirement
benefit |
- |
- |
- |
0.0 |
0.8 |
|
Increase/decrease
in accounts receivable |
8.0 |
-1.3 |
2.1 |
2.2 |
-0.2 |
|
Inventories |
-15.5 |
-5.7 |
12.6 |
-4.6 |
-3.4 |
|
Increase/decrease
accounts¬es payable |
-2.2 |
17.2 |
0.1 |
-3.7 |
0.0 |
|
Other accounts
payable |
- |
- |
0.0 |
-0.4 |
5.8 |
|
Bonuses to
directors |
- |
- |
- |
- |
0.0 |
|
Subsidy income |
-9.9 |
0.0 |
- |
- |
- |
|
Other operating
activities |
3.2 |
1.0 |
0.4 |
2.0 |
-5.6 |
|
Interest÷nds
received(cash basis) |
2.4 |
2.0 |
3.1 |
2.5 |
1.6 |
|
Interest Paid |
- |
- |
- |
- |
0.0 |
|
Special retirement
benefits |
- |
- |
- |
0.0 |
-0.8 |
|
Subsidy
income(cash basis) |
9.9 |
0.0 |
- |
- |
- |
|
Tax Paid |
-10.0 |
-2.3 |
-4.2 |
-6.3 |
-7.3 |
|
Adjustment |
- |
- |
0.1 |
- |
- |
|
Cash from
Operating Activities |
38.6 |
51.6 |
37.1 |
17.5 |
19.4 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-35.0 |
-223.4 |
-166.9 |
-125.8 |
-60.5 |
|
Time Deposit
Matured |
57.2 |
235.1 |
133.6 |
149.3 |
21.2 |
|
Purchase of
marketable securities |
- |
0.0 |
-4.3 |
-22.4 |
0.0 |
|
Sale of marketable
securities |
- |
0.0 |
24.8 |
0.0 |
- |
|
Redemption of
marketable sec. |
0.0 |
4.6 |
0.0 |
- |
- |
|
Capital
Expenditure |
-19.8 |
-7.3 |
-25.3 |
-20.7 |
-20.3 |
|
Sale of PPE |
0.0 |
0.0 |
0.0 |
0.8 |
0.0 |
|
Purchase of
intangible assets |
0.0 |
-1.3 |
-0.9 |
-0.1 |
-0.1 |
|
Purchase of
long-term inv't securities |
0.0 |
-7.0 |
-2.0 |
-0.1 |
-0.2 |
|
Sale of long-term
inv't securities |
1.2 |
0.0 |
1.1 |
0.0 |
0.1 |
|
Others |
0.4 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Cash from
Investing Activities |
3.9 |
0.9 |
-39.7 |
-18.9 |
-59.6 |
|
|
|
|
|
|
|
|
Sale of Treasury
Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Purchase of
Treasury Stock |
0.0 |
-14.3 |
0.0 |
-0.8 |
0.0 |
|
Dividends paid |
-6.1 |
-4.4 |
-5.4 |
-6.2 |
-4.3 |
|
Dividends Paid to
Minority Shareholders |
-1.9 |
-1.2 |
-1.6 |
-3.1 |
-2.5 |
|
Proc.minorities'
accep.captial inc. |
- |
0.0 |
0.2 |
0.3 |
0.1 |
|
Others |
0.0 |
0.0 |
- |
- |
- |
|
Cash from
Financing Activities |
-8.1 |
-19.9 |
-6.8 |
-9.8 |
-6.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-5.6 |
0.6 |
-7.8 |
0.8 |
|
Net Change in
Cash |
34.4 |
27.0 |
-8.9 |
-19.0 |
-46.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
113.1 |
75.6 |
79.7 |
91.2 |
126.3 |
|
Net Cash - Ending Balance |
147.4 |
102.6 |
70.9 |
72.2 |
80.1 |
|
Cash Interest Paid |
- |
- |
- |
- |
0.0 |
|
Cash Taxes Paid |
10.0 |
2.3 |
4.2 |
6.3 |
7.3 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 (?) |
47.5 |
-5.65% |
206.6 |
-1.65% |
0.42% |
-0.93% |
|
Research & Development1 (?) |
- |
- |
6.7 |
-19.42% |
18.51% |
26.33% |
|
Operating Income1 (?) |
6.2 |
-35.98% |
46.2 |
65.83% |
52.04% |
7.75% |
|
Income Available to Common Excl Extraord Items1 (?) |
4.1 |
-22.41% |
28.9 |
40.89% |
106.18% |
12.03% |
|
Basic EPS Excl Extraord Items1 (?) |
0.17 |
-22.41% |
1.18 |
46.21% |
109.10% |
13.00% |
|
Capital Expenditures2 (?) |
3.2 |
-82.93% |
19.9 |
109.67% |
-9.62% |
18.98% |
|
Cash from Operating Activities2 (?) |
18.2 |
-19.06% |
38.6 |
-32.01% |
19.32% |
11.40% |
|
Free Cash Flow
(?) |
15.3 |
279.94% |
19.5 |
-60.34% |
- |
5.77% |
|
Total Assets3 (?) |
542.2 |
3.53% |
545.0 |
3.15% |
2.76% |
0.41% |
|
Total Liabilities3 (?) |
64.1 |
-3.16% |
68.3 |
-8.82% |
16.68% |
4.28% |
|
Total Long Term Debt3 (?) |
- |
- |
0.0 |
- |
- |
- |
|
Employees3 (?) |
- |
- |
2162 |
-4.55% |
0.88% |
-7.16% |
|
Total Common Shares Outstanding3 (?) |
24.4 |
0.00% |
24.4 |
0.00% |
-1.33% |
-0.86% |
|
1-ExchangeRate: JPY to USD Average for Period |
78.747210 |
 |
79.698224 |
 |
 |
 |
|
2-ExchangeRate: JPY to USD Average for Period |
79.330769 |
 |
79.698224 |
 |
 |
 |
|
3-ExchangeRate: JPY to USD Period End Date |
77.891271 |
 |
76.940000 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Profitability |
|||||
|
Gross Margin
(?) |
31.70% |
28.92% |
23.46% |
24.26% |
26.74% |
|
Operating Margin
(?) |
22.37% |
13.27% |
8.06% |
6.45% |
14.07% |
|
Pretax Margin
(?) |
22.26% |
13.68% |
10.31% |
6.66% |
14.39% |
|
Net Profit Margin
(?) |
14.00% |
9.77% |
7.01% |
1.62% |
8.66% |
|
Financial Strength |
|||||
|
Current Ratio
(?) |
8.41 |
6.85 |
16.09 |
17.42 |
10.53 |
|
Long Term Debt/Equity (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity
(?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Management Effectiveness |
|||||
|
Return on Assets
(?) |
5.98% |
4.53% |
2.74% |
1.18% |
4.77% |
|
Return on Equity
(?) |
6.44% |
4.62% |
2.58% |
0.72% |
4.23% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
4.19 |
3.92 |
3.00 |
3.48 |
3.75 |
|
Inventory Turnover (?) |
2.64 |
3.45 |
2.62 |
2.87 |
3.36 |
|
Asset Turnover
(?) |
0.40 |
0.42 |
0.34 |
0.40 |
0.43 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) (?) |
12.31 |
. |
Enterprise Value2 (?) |
98.0 |
|
Price/Sales (TTM) (?) |
1.75 |
. |
Enterprise Value/Revenue (TTM) (?) |
0.49 |
|
Price/Book (MRQ) (?) |
0.67 |
. |
Enterprise Value/EBITDA (TTM) (?) |
1.94 |
|
Market Cap as of 09-Nov-20121 (?) |
338.8 |
. |
|
|
|
1-ExchangeRate: JPY to USD on 9-Nov-2012 |
79.757106 |
|
|
|
|
2-ExchangeRate: JPY to USD on 30-Sep-2012 |
77.891271 |
|
|
|
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Financial Strength |
|||||
|
Current Ratio (?) |
8.41 |
6.85 |
16.09 |
17.42 |
10.53 |
|
Quick/Acid Test Ratio (?) |
6.87 |
5.81 |
13.89 |
14.37 |
8.86 |
|
Working Capital1 (?) |
334.8 |
293.1 |
264.8 |
283.0 |
235.5 |
|
Long Term Debt/Equity (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Long Term Debt/Total Capital (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Total Capital (?) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Payout Ratio (?) |
31.82% |
31.02% |
41.54% |
193.93% |
40.36% |
|
Effective Tax Rate (?) |
32.61% |
20.87% |
20.80% |
55.45% |
23.74% |
|
Total Capital1 (?) |
477.0 |
431.9 |
385.5 |
389.9 |
340.2 |
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
Asset Turnover (?) |
0.40 |
0.42 |
0.34 |
0.40 |
0.43 |
|
Inventory Turnover (?) |
2.64 |
3.45 |
2.62 |
2.87 |
3.36 |
|
Days In Inventory (?) |
138.07 |
105.76 |
139.05 |
127.39 |
108.67 |
|
Receivables Turnover (?) |
4.19 |
3.92 |
3.00 |
3.48 |
3.75 |
|
Days Receivables Outstanding (?) |
87.17 |
93.10 |
121.69 |
104.95 |
97.23 |
|
Revenue/Employee2 (?) |
98,963 |
91,115 |
62,993 |
85,151 |
72,864 |
|
Operating Income/Employee2 (?) |
22,141 |
12,090 |
5,078 |
5,490 |
10,248 |
|
EBITDA/Employee2 (?) |
28,074 |
18,568 |
10,083 |
10,518 |
13,848 |
|
|
|
|
|
|
|
|
Profitability |
|||||
|
Gross Margin (?) |
31.70% |
28.92% |
23.46% |
24.26% |
26.74% |
|
Operating Margin (?) |
22.37% |
13.27% |
8.06% |
6.45% |
14.07% |
|
EBITDA Margin (?) |
28.37% |
20.38% |
16.01% |
12.35% |
19.01% |
|
EBIT Margin (?) |
22.37% |
13.27% |
8.06% |
6.45% |
14.07% |
|
Pretax Margin (?) |
22.26% |
13.68% |
10.31% |
6.66% |
14.39% |
|
Net Profit Margin (?) |
14.00% |
9.77% |
7.01% |
1.62% |
8.66% |
|
R&D Expense/Revenue (?) |
3.23% |
3.94% |
3.70% |
1.96% |
1.57% |
|
COGS/Revenue (?) |
68.30% |
71.08% |
76.54% |
75.74% |
73.26% |
|
SG&A Expense/Revenue (?) |
10.00% |
9.57% |
10.44% |
9.79% |
10.03% |
|
|
|
|
|
|
|
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
5.98% |
4.53% |
2.74% |
1.18% |
4.77% |
|
Return on Equity (?) |
6.44% |
4.62% |
2.58% |
0.72% |
4.23% |
|
|
|
|
|
|
|
|
Valuation |
|||||
|
Free Cash Flow/Share2 (?) |
0.80 |
1.90 |
0.43 |
-0.14 |
-0.04 |
|
Operating Cash Flow/Share 2 (?) |
1.64 |
2.28 |
1.47 |
0.79 |
0.80 |
|
1-ExchangeRate: JPY to USD Period End Date |
76.94 |
81.105 |
93.095 |
90.65 |
111.715 |
|
2-ExchangeRate: JPY to USD Average for Period |
76.94 |
81.105 |
93.095 |
90.65 |
111.715 |
|
Current Market
Multiples |
|
|
Market
Cap/Earnings (TTM) (?) |
13.25 |
|
Market Cap/Equity
(MRQ) (?) |
0.73 |
|
Market Cap/Revenue
(TTM) (?) |
1.75 |
|
Market Cap/EBIT
(TTM) (?) |
9.12 |
|
Market Cap/EBITDA
(TTM) (?) |
6.86 |
|
Enterprise
Value/Earnings (TTM) (?) |
3.74 |
|
Enterprise
Value/Equity (MRQ) (?) |
0.21 |
|
Enterprise
Value/Revenue (TTM) (?) |
0.49 |
|
Enterprise
Value/EBIT (TTM) (?) |
2.58 |
|
Enterprise
Value/EBITDA (TTM) (?) |
1.94 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.56 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.