MIRA INFORM REPORT

 

 

Report Date :

25.07.2012

 

IDENTIFICATION DETAILS

 

Name :

KAWASAKI KINKAI KISEN KAISHA, LTD.

 

 

Registered Office :

1-4-2, Kasumigaseki, Chiyoda-ku, Tokyo, 100-0013

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

30.04.1966

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Sea and coastal water transport

 

 

No. of Employees :

393

 

RATING & COMMENTS

 

MIRAs 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

(31.12.2011)

Current Rating

(31.03.2012)

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 & ADDRESS

 

KAWASAKI KINKAI KISEN KAISHA, LTD.

 

1-4-2, Kasumigaseki, Chiyoda-ku

Tokyo, 100-0013

Japan

 Tel: 81-3-35925800

Fax: 81-3-35925911

 www.kawakin.co.jp

 

Employees: 393

Company Type: Public Subsidiary

Corporate Family: 112 Companies

Ultimate Parent: Kawasaki Kisen Kaisha, Ltd.

Traded: Tokyo Stock Exchange: 9179

 

Incorporation Date: 30-Apr-1966

Auditor: Ernst & Young LLP

Financials in: USD (Millions)

 

Fiscal Year End: 31-Mar-2012

Reporting Currency: Japanese Yen

Annual Sales: 526.5  1

Net Income: 7.2

Total Assets: 468.9  2

Market Value: 76.6

(29-Jun-2012)

 

Business Description  

 

KAWASAKI KINKAI KISEN KAISHA, LTD. is a Japan-based marine transportation company. The Company operates through three business divisions. The Coastal division is engaged in the operation of scheduled and non-scheduled ships to provide trilateral transportation services. The Inshore division is engaged in the operation of scheduled and non-scheduled ships to provide domestic transportation services, as well as ferry routes. The Others segment is engaged in the rental of real estate, such as condominium buildings. As of March 31, 20101, the Company had 11 subsidiaries and one associated company. On January 1, 2012, the Company merged with a wholly owned subsidiary engaged in the ship leasing businesses in Tokyo, Japan. For the six months ended 30 September 2011, KAWASAKI KINKAI KISEN KAISHA, LTD.'s revenues increased 7% to Y21.14B. The Company's net income decreased 63% to Y447.8M. Revenues reflect higher sales from near sea and inland shipping business segments. Net income was offset by higher percentage of cost of sales, and the absence of gains on sales of fixed assets, as well as the presence of impairment losses on assets.

 

 

Industry  

 

 

Industry Water Transportation

ANZSIC 2006: 4810 - Water Freight Transport

NACE 2002: 6110 - Sea and coastal water transport

NAICS 2002: 483211 - Inland Water Freight Transportation

UK SIC 2003: 61102 - Freight sea and coastal water transport

US SIC 1987: 4449 - Water Transportation of Freight, Not Elsewhere Classified

 

  Key Executives

 

 

Name

Title

Shigenori Ishii

President, Chairman of Subsidiary, Representative Director

Akihiko Tomoi

Director of Business Planning, Director

Masahiko Takada

Director of Accounting, Director

Takefumi Araki

President

Juryo Shiga

Gen Manager-Administration & Finance

 

 

 

Significant Developments

Topic

#*

Most Recent Headline

Date

General Reorganization

1

KAWASAKI KINKAI KISEN KAISHA, LTD. to Merge with Wholly Owned Subsidiary

24-Oct-2011

Positive Earnings Pre-Announcement

3

KAWASAKI KINKAI KISEN KAISHA, LTD. Raises Consolidated Full-year Outlook and Maintains Year-end Dividend Forecast for FY 2012

23-Apr-2012

* number of significant developments within the last 12 months

 

 

News  

 

Title

Date

Kawasaki Kinkai FY Grp Net Pft Y566.00M Vs Y1.50B Pft Yr Earlier
Nikkei English News (59 Words)

8-May-2012

Kawasaki Kinkai Expects This FY Group Net Profit Y1.00B
Nikkei English News (63 Words)

8-May-2012

Kawasaki Kinkai Ups FY Group Net Profit View To Y560.00M
Nikkei English News (61 Words)

23-Apr-2012

Kawasaki Kinkai Ups FY Parent Pretax Profit View To Y1.55B
Nikkei English News (61 Words)

23-Apr-2012

MARKET TALK: Japan Shippers Rise Strongly; Mitsui OSK Up 8.0%
Nikkei English News (121 Words)

27-Nov-2011

 

 

 

Financial Summary

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.12

2.01

Quick Ratio (MRQ)

1.03

1.44

Debt to Equity (MRQ)

0.53

0.96

Sales 5 Year Growth

1.15

10.10

Net Profit Margin (TTM) %

1.36

-2.59

Return on Assets (TTM) %

1.48

1.10

Return on Equity (TTM) %

2.74

-0.008

 

Stock Snapshot  

 

 

Traded: Tokyo Stock Exchange: 9179

 

As of 29-Jun-2012

   Financials in: JPY

Recent Price

206.00

 

EPS

30.98

52 Week High

269.00

 

Price/Sales

0.15

52 Week Low

175.00

 

Dividend Rate

7.00

Avg. Volume (mil)

0.0086

 

Price/Earnings

11.81

Market Value (mil)

6,082.15

 

Price/Book

0.29

 

 

 

Beta

1.07

 

Price % Change

Rel S&P 500%

4 Week

3.52%

-4.70%

13 Week

-9.65%

0.23%

52 Week

-19.53%

-11.26%

Year to Date

7.29%

1.51%

 

Key IDSM Number: 427136

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536

 

Corporate Overview

 

Location
1-4-2, Kasumigaseki, Chiyoda-ku
Tokyo, 100-0013
Japan

 

Tel: 81-3-35925800

Fax: 81-3-35925911

 

www.kawakin.co.jp

 

Quote Symbol - Exchange

9179 - Tokyo Stock Exchange

Sales JPY(mil): 41,570.1

Assets JPY(mil): 38,627.5

Employees: 393

Fiscal Year End: 31-Mar-2012

 

Industry: Water Transportation

 

Incorporation Date: 30-Apr-1966

Company Type: Public Subsidiary

Quoted Status: Quoted

 

President, Chairman of Subsidiary, Representative Director: Shigenori Ishii

 

 

Industry Codes

 

ANZSIC 2006 Codes:

6711

-

Residential Property Operators

4810

-

Water Freight Transport

 

NACE 2002 Codes:

6110

-

Sea and coastal water transport

7020

-

Letting of own property

 

NAICS 2002 Codes:

483211

-

Inland Water Freight Transportation

531110

-

Lessors of Residential Buildings and Dwellings

 

US SIC 1987:

6513

-

Operators or Apartment Buildings

4449

-

Water Transportation of Freight, Not Elsewhere Classified

 

UK SIC 2003:

70209

-

Other letting of own property

61102

-

Freight sea and coastal water transport

 

 

Business Description

 

KAWASAKI KINKAI KISEN KAISHA, LTD. is a Japan-based marine transportation company. The Company operates through three business divisions. The Coastal division is engaged in the operation of scheduled and non-scheduled ships to provide trilateral transportation services. The Inshore division is engaged in the operation of scheduled and non-scheduled ships to provide domestic transportation services, as well as ferry routes. The Others segment is engaged in the rental of real estate, such as condominium buildings. As of March 31, 20101, the Company had 11 subsidiaries and one associated company. On January 1, 2012, the Company merged with a wholly owned subsidiary engaged in the ship leasing businesses in Tokyo, Japan. For the six months ended 30 September 2011, KAWASAKI KINKAI KISEN KAISHA, LTD.'s revenues increased 7% to Y21.14B. The Company's net income decreased 63% to Y447.8M. Revenues reflect higher sales from near sea and inland shipping business segments. Net income was offset by higher percentage of cost of sales, and the absence of gains on sales of fixed assets, as well as the presence of impairment losses on assets.

 

More Business Descriptions

Transportation of freight and cargo by liner and ferry

Marine Transportation Services

Deep Sea, Coastal and Great Lakes Water Transportation

 

 

Financial Data

 

Financials in:

JPY(mil)

 

Revenue:

41,570.1

Net Income:

566.8

Assets:

38,627.5

Long Term Debt:

6,916.7

 

Total Liabilities:

17,798.4

 

Working Capital:

1.8

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

6.9%

-62.3%

2.4%

 

Market Data

 

Quote Symbol:

9179

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

206.0

Stock Price Date:

06-29-2012

52 Week Price Change %:

-19.5

Market Value (mil):

6,082,150.0

 

SEDOL:

6491802

ISIN:

JP3224000004

 

Equity and Dept Distribution:

All WAS were estimated. FY'05-'07: 1Q & 3Q's WAS & o/s are estimated. FY'04 1Q's WAS are the previous period number. FY'03Q: Non-detail. FY'08: 1Q WAS & o/s were estimated.

 

Shareholders

 

 

Major Shareholders

Kawasaki Kisen (50.7%)

 

Key Corporate Relationships

 

Auditor: Ernst & Young LLP

Auditor: Ernst & Young LLP

 

 

Total Corporate Family Members: 112

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Kawasaki Kisen Kaisha, Ltd.

Parent

Tokyo

Japan

Water Transportation

12,313.8

7,703

K Line (Thailand) Ltd.

Subsidiary

Bangkok

Thailand

Miscellaneous Transportation

12.0

500

Kawasaki Dowa

Subsidiary

Bangkok

Thailand

Insurance (Accident and Health)

 

100

Daito Corporation

Subsidiary

Tokyo

Japan

Miscellaneous Transportation

229.4

425

"K" Line Holding (Europe) Ltd.

Subsidiary

London

United Kingdom

Water Transportation

394.4

417

James Kemball Ltd.

Subsidiary

Felixstowe

United Kingdom

Trucking

27.8

134

"K" Line Lng Shipping (UK) Ltd.

Subsidiary

London

United Kingdom

Water Transportation

64.4

25

"K" Line Bulk Shipping (UK) Ltd.

Subsidiary

London

United Kingdom

Water Transportation

283.7

17

"K" Line Heavy Lift (Uk) Ltd.

Subsidiary

London

United Kingdom

Water Transportation

 

2

Ralph Morton Transport Ltd.

Subsidiary

Ipswich

United Kingdom

Trucking

 

 

KAWASAKI KINKAI KISEN KAISHA, LTD.

Subsidiary

Tokyo

Japan

Water Transportation

526.5

393

Shuntoku Kisen Kaisha Ltd.

Subsidiary

Minato-Ku, Tokyo

Japan

Miscellaneous Transportation

46.0

119

Nitto Total Logistics Ltd.

Subsidiary

Kobe

Japan

Business Services

109.2

350

Nitto Tugboat Co., Ltd.

Subsidiary

Kurashiki

Japan

Miscellaneous Transportation

 

86

International Transportation Service, Inc.

Subsidiary

Long Beach, CA

United States

Miscellaneous Transportation

75.0

350

The Rail-Bridge Terminals (New Jersey) Corporation

Subsidiary

Elizabeth, NJ

United States

Miscellaneous Transportation

7.0

40

Husky Terminal and Stevedoring, Inc.

Subsidiary

Tacoma, WA

United States

Miscellaneous Transportation

2.9

16

TransBay Container Terminal, Inc.

Subsidiary

Tacoma, WA

United States

Miscellaneous Transportation

20.0

14

K Line America, Inc.

Subsidiary

Richmond, VA

United States

Miscellaneous Transportation

62.0

250

K Line America Inc

Branch

New Providence, NJ

United States

Water Transportation

10.8

30

K Line America Inc

Branch

Houston, TX

United States

Water Transportation

5.8

16

K Line America Inc

Branch

Portland, OR

United States

Water Transportation

5.4

15

K Line America Inc

Branch

Chesapeake, VA

United States

Water Transportation

5.4

15

K Line America Inc

Branch

Tukwila, WA

United States

Water Transportation

2.9

8

K Line America Inc

Branch

Baltimore, MD

United States

Water Transportation

2.5

7

K Line America Inc

Branch

Memphis, TN

United States

Water Transportation

2.2

6

K Line America Inc

Branch

Northlake, IL

United States

Water Transportation

1.8

5

K Line America Inc

Branch

Pleasant Hill, CA

United States

Miscellaneous Fabricated Products

2.3

4

K Line America Inc

Branch

Whittier, CA

United States

Water Transportation

1.4

4

K Line America Inc

Branch

Lombard, IL

United States

Water Transportation

1.4

4

K Line America Inc

Branch

Randolph, MA

United States

Water Transportation

1.1

3

K Line America Inc

Branch

St Louis, MO

United States

Water Transportation

0.7

2

K Line America Inc

Branch

Columbus, OH

United States

Trucking

0.3

2

SEAGATE CORPORATION

Subsidiary

Hiroshima

Japan

Miscellaneous Transportation

63.0

200

PT K Line Indonesia

Subsidiary

Jakarta

Indonesia

Miscellaneous Transportation

6.1

200

K Line Container Service (Thailand) Ltd

Subsidiary

Bangplee, Samut Prakan

Thailand

Miscellaneous Transportation

2.0

200

"K" Line (Europe) Ltd.

Subsidiary

London

United Kingdom

Water Transportation

26.1

195

K Line Europe Ltd.

UK Branch/Trading address

Ipswich

United Kingdom

Personal Services

26.1

70

K Line Logistics USA Inc

Subsidiary

Valley Stream, NY

United States

Trucking

2.8

150

K Line Logistics USA Inc

Branch

El Segundo, CA

United States

Trucking

3.4

23

K Line Logistics USA Inc

Branch

Itasca, IL

United States

Trucking

3.0

20

K Line Logistics USA Inc

Branch

Atlanta, GA

United States

Trucking

1.5

10

K Line Logistics USA Inc

Branch

Burlingame, CA

United States

Trucking

1.0

7

K Line Logistics USA Inc

Branch

Hidalgo, TX

United States

Trucking

0.9

6

K Line Logistics USA Inc

Branch

Torrance, CA

United States

Trucking

0.9

6

K Line Logistics USA Inc

Branch

Grapevine, TX

United States

Trucking

0.6

4

K Line Logistics USA Inc

Branch

Pharr, TX

United States

Trucking

0.3

2

K Line Logistics USA Inc

Branch

San Diego, CA

United States

Trucking

0.3

2

Taiyo Nippon Kisen Co., Ltd.

Subsidiary

Kobe, Hyogo

Japan

Water Transportation

 

136

"K" Line Pte Ltd

Subsidiary

Singapore

Singapore

Water Transportation

425.0

134

K Line (Singapore) Pte Ltd

Subsidiary

Singapore

Singapore

Miscellaneous Transportation

9.6

110

ACW Engineering & Marine Services Pte Ltd

Subsidiary

Singapore

Singapore

Trucking

 

60

Ksp Infosystems Pte Ltd

Subsidiary

Singapore

Singapore

Computer Hardware

2.0

20

K Line (China) Ltd

Subsidiary

Shanghai, Shanghai

China

Miscellaneous Transportation

60.0

100

K Line

Subsidiary

Makati

Philippines

Miscellaneous Transportation

57.0

100

K Line (Hong Kong) Ltd.

Subsidiary

Hong Kong, HKG

Hong Kong

Miscellaneous Transportation

34.1

100

Connaught Freight Forwarders Limited

Subsidiary

Admiralty, Hong Kong

Hong Kong

Miscellaneous Transportation

 

150

K Line Maritime (Malaysia) Sdn Bhd

Subsidiary

Shah Alam, Selangor Darul Ehsan

Malaysia

Miscellaneous Transportation

4.0

100

"K" Line (Taiwan) Limited

Subsidiary

Taipei

Taiwan

Water Transportation

1.0

100

Bangkok Cold Storeage Service Ltd

Joint Venture

Samut Prakan

Thailand

Miscellaneous Transportation

 

100

K LINE (Deutschland) GmbH

Subsidiary

Hamburg, Hamburg

Germany

Personal Services

 

94

Japan Express Transportation Co., Ltd.

Subsidiary

Tokyo

Japan

Miscellaneous Transportation

 

92

K Line Australia

Subsidiary

Melbourne, VIC

Australia

Water Transportation

12.6

90

K Line (Nederland) B.V.

Subsidiary

Rotterdam, Zuid-Holland

Netherlands

Miscellaneous Transportation

 

73

K Logistics Corp.

Subsidiary

Tokyo

Japan

Miscellaneous Transportation

39.1

65

Intermodal Engineering Co., Ltd.

Subsidiary

Tokyo, Minato-ku

Japan

Business Services

 

60

Air Tiger Express Companies, Inc.

Subsidiary

Springfield Gardens, NY

United States

Miscellaneous Transportation

 

60

Shenzhen Airport ATE International Freight Co Ltd

Joint Venture

Shenzhen

China

Miscellaneous Transportation

12.0

100

CIF Freight Services (M) Sdn Bhd

Subsidiary

Penang

Malaysia

Miscellaneous Transportation

 

100

Air Tiger Express Companies Inc

Subsidiary

Zhongshan District, Dalian

China

Miscellaneous Transportation

 

100

Air Tiger Express Companies Inc

Subsidiary

Santo Domingo

Dominican Republic

Miscellaneous Transportation

 

 

K Line (China) Ltd.

Subsidiary

Shanghai

China

Miscellaneous Transportation

6.9

40

''''k'' Line (Belgium)

Subsidiary

Antwerpen

Belgium

Water Transportation

4.7

36

K Line(France)

Subsidiary

Le Havre

France

Miscellaneous Transportation

4.4

34

Kawaki Kosan Kaisha, Ltd.

Subsidiary

Tokyo

Japan

Real Estate Operations

 

30

KMDS Co., Ltd.

Subsidiary

Yokohama, Kanagawa

Japan

Business Services

 

30

K Line (Portugal) - Agentes De Navegação, S.A.

Subsidiary

Lisboa, Lisboa

Portugal

Miscellaneous Transportation

31.2

26

Multimodal Engineering Corporation

Subsidiary

Lakewood, CA

United States

Engineering Consultants

5.0

25

Multimodal Engineering Corp

Branch

Henderson, CO

United States

Business Services

0.5

4

Multimodal Engineering Corp

Branch

Elizabeth, NJ

United States

Business Services

0.4

3

Multimodal Engineering Corp

Branch

Tacoma, WA

United States

Business Services

0.4

3

Multimodal Engineering Corp

Branch

Council Bluffs, IA

United States

Business Services

0.2

2

Kawasaki Chile Ltda

Subsidiary

Santiago, Santiago

Chile

Water Transportation

2.0

25

"K" Line (Deutschland) GmbH

Subsidiary

Wien

Austria

Water Transportation

1.0

25

K Line European Sea Highway Services GmbH

Subsidiary

Hamburg, Hamburg

Germany

Personal Services

68.8

23

Century Distribution Systems, Inc.

Subsidiary

Iselin, NJ

United States

Business Services

2.7

20

Maizuru Kousoku Yusou Co., Ltd.

Subsidiary

Maizuru, Kyoto

Japan

Miscellaneous Transportation

 

18

Shimizu Kawasaki Transportation Co., Ltd

Subsidiary

Shizuoka

Japan

Miscellaneous Transportation

 

16

K Line (Finland) Oy

Subsidiary

Helsinki

Finland

Personal Services

7.0

10

Marine Radio Service, Ltd.

Subsidiary

Tokyo

Japan

Communications Equipment

4.4

10

K Line Logistics France Sas

Subsidiary

Tremblay En France

France

Miscellaneous Transportation

3.7

7

"K" Line (France) S.A.S.

Subsidiary

Dunkerque

France

Water Transportation

4.0

3

K Line Canada LTD

Branch

Montreal, QC

Canada

Water Transportation

0.3

1

K Line Logistics K.K.

Subsidiary

Chuo-Ku, Tokyo

Japan

Miscellaneous Transportation

226.7

 

'k'line Travel, Ltd.

Subsidiary

Chuo-Ku, Tokyo

Japan

Personal Services

104.8

 

'k' Line Logistics (Hong Kong) Limited

Subsidiary

Yau Tong, Kowloon

Hong Kong

Miscellaneous Transportation

19.4

 

'k' Line Logistics (Far East) Limited

Subsidiary

Yau Tong, Kowloon

Hong Kong

Miscellaneous Transportation

 

60

'k' Line Air Travel Limited

Subsidiary

Central District, Hong Kong

Hong Kong

Personal Services

 

10

Hokkai Transportation Co.,Ltd.

Subsidiary

Sapporo, Hokkaido

Japan

Water Transportation

135.0

 

Hokkai Transportation Co., Ltd.

Branch

Kushiro

Japan

Trucking

108.9

112

Kyoritsu Unyu K.K.

Subsidiary

Tomakomai, Hokkaido

Japan

Trucking

18.8

 

Japan Express Transportation Co.,Ltd.

Subsidiary

Shinagawa-Ku, Tokyo

Japan

Trucking

56.8

 

Shinki Corporation

Subsidiary

Kobe, Hyogo

Japan

Business Services

22.8

 

K Line Systems,Ltd.

Subsidiary

Minato-Ku, Tokyo

Japan

Computer Services

17.8

 

K Line (Korea) Ltd

Subsidiary

Seoul

Korea, Republic of

Water Transportation

6.6

 

Kawasaki del Peru SA

Subsidiary

Lima

Peru

Miscellaneous Transportation

2.0

 

"K" LINE LOGISTICS Limited

Subsidiary

Ichikawa

Japan

Airlines

1.0

 

"K" Line (Deutschland) GmbH

Subsidiary

Hamburg

Germany

Water Transportation

1.0

 

Tokyo Kokusai Koun Kaisha, Ltd.

Subsidiary

Tokyo

Japan

Miscellaneous Transportation

 

 

K Line Shipping Pty Ltd

Subsidiary

Durban

South Africa

Miscellaneous Transportation

 

 

K Line (China) Ltd

Subsidiary

Dalian

China

Miscellaneous Transportation

 

 

Kawasaki Australia Pty Ltd

Subsidiary

Brisbane, QLD

Australia

Miscellaneous Transportation

 

 

 

 

 

Board of Directors

 

 

Name

Title

Function

Akira Morihara

 

Chairman of the Board, Representative Director

Chairman

Biography:

Mr. Akira Morihara has been serving as Chairman of the Board and Representative Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in January 1994. His previous titles include Director of Irregular Voyage, Managing Director and President in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd.

 

Age: 65

 

 

Hiroshi Akanuma

 

Managing Director

Director/Board Member

 

Biography:

Mr. Hiroshi Akanuma has been serving as Managing Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in April 1975. His previous titles include Director of Domestic Irregular Liner and Director in the Company.

 

Age: 59

 

 

Shigenori Ishii

 

President, Chairman of Subsidiary, Representative Director

Director/Board Member

 

 

Biography:

Mr. Shigenori Ishii has been serving as President and Representative Director in KAWASAKI KINKAI KISEN KAISHA, LTD., as well as Chairman of a subsidiary, "K" LINE KINKAI(SINGAPORE)PTE LTD., since June 2011. His previous titles include Managing Director and Senior Managing Director in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd.

 

Age: 61

 

 

Takashi Kimura

 

Managing Director, President of Hokkaido Office

Director/Board Member

 

 

Biography:

Mr. Takashi Kimura has been serving as Managing Director and President of Hokkaido Office in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in July 2001. His previous titles include Director of Operation, Director of Accounting, Director of Business Administration and Director of General Affairs in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd.

 

Age: 60

 

Toshifumi Sugimoto

 

Director of Irregular Voyage, President of Subsidiary, Director

Director/Board Member

 

 

Biography:

Mr. Toshifumi Sugimoto has been serving as Director of Irregular Voyage and Director in KAWASAKI KINKAI KISEN KAISHA, LTD., as well as President of a subsidiary, TROPICAL LINE S.A., since June 2011. He is also serving as Representative Director on two other subsidiaries. He joined the Company in April 1980.

 

Age: 54

 

 

 

Masahiko Takada

 

Director of Accounting, Director

Director/Board Member

 

 

Biography:

Mr. Masahiko Takada has been serving as Director of Accounting and Director in KAWASAKI KINKAI KISEN KAISHA, LTD. since June 2011. He joined the Company in April 1975.

 

Age: 58

 

 

Hisahiro Takagi

 

Executive Director

Director/Board Member

 

 

Biography:

Mr. Hisahiro Takagi has been serving as Executive Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He is also in charge of Ship Unit of the Company. He joined the Company in May 1996. He previously served as Director of Ship Management in the Company. He used to work for TAIYO SANGYO TRADING & MARINE SERVICE LTD.

 

Age: 57

 

 

Shuzo Tamura

 

Vice President, Director

Director/Board Member

 

 

Biography:

Mr. Shuzo Tamura has been serving as Vice President and Director in KAWASAKI KINKAI KISEN KAISHA, LTD. since June 2010. He joined the Company in September 1973. His previous titles include Director of 3rd Domestic Voyage, Managing Director, Director of 2nd Domestic Voyage and Director of Domestic Scheduled Voyage in the Company. He used to work for another company.

Age: 64

 

 

Akihiko Tomoi

 

Director of Business Planning, Director

Director/Board Member

 

 

Biography:

Mr. Akihiko Tomoi has been serving as Director of Business Planning and Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in April 1978. He previously served as Director of Business Administration in the Company.

Age: 56

 

 

Tsuyoshi Toraya

 

Director of Ferry, Director

Director/Board Member

 

 

Biography:

Mr. Tsuyoshi Toraya has been serving as Director of Ferry and Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in April 1992. He used to work for another company.

Age: 52

 

 

Yoshito Uesugi

 

Managing Director

Director/Board Member

 

 

Biography:

Mr. Yoshito Uesugi has been serving as Managing Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in July 2006. His previous titles include Director of General Affairs, Manager of Information System Office and Director in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd. and “K Line (Japan) Ltd.

Age: 60

 

 

Toshio Yamada

 

Executive Director

Director/Board Member

 

 

Biography:

Mr. Toshio Yamada has been serving as Executive Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He is also in charge of Ship Technology of the Company. He is now serving as Representative Director in a subsidiary. He joined the Company in April 1992. He previously served as Director of Ship Management in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd. and another subsidiary.

Age: 59

 

 

Executives

 

 

Name

Title

Function

Takefumi Araki

 

President

President

Shigenori Ishii

 

President, Chairman of Subsidiary, Representative Director

President

Biography:

Mr. Shigenori Ishii has been serving as President and Representative Director in KAWASAKI KINKAI KISEN KAISHA, LTD., as well as Chairman of a subsidiary, "K" LINE KINKAI(SINGAPORE)PTE LTD., since June 2011. His previous titles include Managing Director and Senior Managing Director in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd.

Age: 61

 

 

Koushi Akiyama

 

General Manager-Hokkaido

Division Head Executive

 

Norio Kobayashi

 

General Manager-Technology

Division Head Executive

 

Toshifumi Sugimoto

 

Director of Irregular Voyage, President of Subsidiary, Director

Division Head Executive

 

Biography:

Mr. Toshifumi Sugimoto has been serving as Director of Irregular Voyage and Director in KAWASAKI KINKAI KISEN KAISHA, LTD., as well as President of a subsidiary, TROPICAL LINE S.A., since June 2011. He is also serving as Representative Director on two other subsidiaries. He joined the Company in April 1980.

Age: 54

 

 

Hirobuni Tejima

 

General Manager-General Affairs

Division Head Executive

 

Hiroshi Akanuma

 

Managing Director

Managing Director

 

Biography:

Mr. Hiroshi Akanuma has been serving as Managing Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in April 1975. His previous titles include Director of Domestic Irregular Liner and Director in the Company.

Age: 59

 

 

Takashi Kimura

 

Managing Director, President of Hokkaido Office

Managing Director

 

Biography:

Mr. Takashi Kimura has been serving as Managing Director and President of Hokkaido Office in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in July 2001. His previous titles include Director of Operation, Director of Accounting, Director of Business Administration and Director of General Affairs in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd.

Age: 60

 

 

Yoshito Uesugi

 

Managing Director

Managing Director

 

Biography:

Mr. Yoshito Uesugi has been serving as Managing Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in July 2006. His previous titles include Director of General Affairs, Manager of Information System Office and Director in the Company. He used to work for its parent company, Kawasaki Kisen Kaisha, Ltd. and Line (Japan) Ltd.

Age: 60

 

 

Juryo Shiga

 

Gen Manager-Administration & Finance

Administration Executive

 

Toshihiko Nakamura

 

Auditor

Finance Executive

 

Masahiko Takada

 

Director of Accounting, Director

Accounting Executive

 

Biography:

Mr. Masahiko Takada has been serving as Director of Accounting and Director in KAWASAKI KINKAI KISEN KAISHA, LTD. since June 2011. He joined the Company in April 1975.

Age: 58

 

Akihiko Tomoi

 

Director of Business Planning, Director

Planning Executive

 

Biography:

Mr. Akihiko Tomoi has been serving as Director of Business Planning and Director in KAWASAKI KINKAI KISEN KAISHA, LTD., since June 2011. He joined the Company in April 1978. He previously served as Director of Business Administration in the Company.

Age: 56

 

 

Significant Developments

 

 

 

KAWASAKI KINKAI KISEN KAISHA, LTD. Raises Consolidated Full-year Outlook and Maintains Year-end Dividend Forecast for FY 2012

Apr 23, 2012


KAWASAKI KINKAI KISEN KAISHA, LTD. announced that it has raised its consolidated full-year outlook for revenue from JPY 41,300 million to JPY 41,500 million, operating profit from JPY 1,550 million to JPY 1,700 million, ordinary profit from JPY 1,350 million to JPY 1,600 million, net profit from JPY 370 million to JPY 560 million and earning per share from JPY 12.60 to JPY 19.07, for the fiscal year ended March 2012. This is due to the decreased loss, among others. In addition, the Company has maintained its year-end dividend forecast of JPY 3.50 per share, for the fiscal year ended March 2012.

 

KAWASAKI KINKAI KISEN KAISHA, LTD. Expects Extraordinary Loss for Q4 of FY 2012; Amends Consolidated Full-year Forecast for FY 2012; Affirms Year-end Dividend Forecast for FY 2012

Mar 14, 2012


KAWASAKI KINKAI KISEN KAISHA, LTD. announced that it expects JPY 700 million extraordinary loss on sale of ships for the fourth quarter of the fiscal year ending March 31, 2012. The Company has raised the consolidated full-year forecast for revenue from JPY 41,100 million to JPY 41,300 million, operating profit from JPY 1,400 million to JPY 1,550 million, ordinary profit from JPY 1,200 million to JPY 1,350 million, but lowered the forecast for net profit from JPY 750 million to JPY 370 million and earning per share from JPY 25.55 to JPY 12.60 for the fiscal year ending March 31, 2012. The Company amended the consolidated full-year forecast due to the extraordinary loss mentioned before. The Company has affirmed the year-end dividend forecast of JPY 3.50 per share for the fiscal year ending March 31, 2012.

 

KAWASAKI KINKAI KISEN KAISHA, LTD. to Merge with Wholly Owned Subsidiary

Oct 24, 2011


KAWASAKI KINKAI KISEN KAISHA, LTD. announced that it will merge with its wholly owned subsidiary, which is engaged in the ship leasing businesses in Tokyo, Japan, effective January 1, 2012. As a result, the Company will be the surviving company, and the subsidiary will be dissolved.

 

KAWASAKI KINKAI KISEN KAISHA, LTD. Raises Consolidated Mid-year Outlook for FY Ending March 2012; Amends Midterm and Year-end Dividend Outlook for FY Ending March 2012

Sep 09, 2011


KAWASAKI KINKAI KISEN KAISHA, LTD. announced that it has raised its consolidated mid-year outlook for revenue from JPY 20,400 million to JPY 21,000 million, operating profit from JPY 250 million to JPY 570 million, ordinary profit from JPY 200 million to JPY 500 million, net profit from JPY 250 million to JPY 550 million and earning per share from JPY 8.52 to JPY 18.73 for the fiscal year ending March 2012. This is due to the increased sale of coastal waters businesses. The Company also amended its midterm dividend outlook from an undetermined value, to JPY 3.50 per share, and lowered its year-end dividend outlook from JPY 7.00 per share, to JPY 3.50 per share, for the same fiscal year.

 

 

Annual Income Statement

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

526.5

454.0

394.3

478.3

400.9

Revenue

526.5

454.0

394.3

478.3

400.9

Total Revenue

526.5

454.0

394.3

478.3

400.9

 

 

 

 

 

 

    Cost of Revenue

459.0

380.9

337.5

387.7

335.9

Cost of Revenue, Total

459.0

380.9

337.5

387.7

335.9

Gross Profit

67.5

73.1

56.8

90.6

65.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

45.8

16.4

14.5

14.6

12.6

    Labor & Related Expense

-

25.4

23.6

22.1

18.6

Total Selling/General/Administrative Expenses

45.8

41.7

38.1

36.7

31.3

    Impairment-Assets Held for Use

11.2

0.5

0.0

-

-

    Impairment-Assets Held for Sale

0.8

0.2

0.0

0.3

0.2

    Other Unusual Expense (Income)

-4.5

0.2

0.0

3.4

-0.5

Unusual Expense (Income)

7.6

0.9

0.0

3.7

-0.2

Total Operating Expense

512.4

423.5

375.6

428.1

366.9

 

 

 

 

 

 

Operating Income

14.1

30.5

18.8

50.2

34.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.9

-2.0

-2.4

-2.7

-2.7

    Interest Expense, Net Non-Operating

-1.9

-2.0

-2.4

-2.7

-2.7

        Interest Income - Non-Operating

0.2

0.4

0.4

0.5

0.2

        Investment Income - Non-Operating

0.1

-0.8

0.2

-1.0

-0.6

    Interest/Investment Income - Non-Operating

0.2

-0.4

0.6

-0.5

-0.4

Interest Income (Expense) - Net Non-Operating Total

-1.7

-2.4

-1.9

-3.2

-3.2

Gain (Loss) on Sale of Assets

0.0

1.8

4.0

0.0

3.4

    Other Non-Operating Income (Expense)

0.1

0.5

0.7

0.1

0.1

Other, Net

0.1

0.5

0.7

0.1

0.1

Income Before Tax

12.5

30.3

21.6

47.0

34.3

 

 

 

 

 

 

Total Income Tax

5.3

12.8

9.5

18.8

14.6

Income After Tax

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

Net Income Before Extraord Items

7.2

17.5

12.1

28.2

19.7

Net Income

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

-

0.0

0.0

Total Adjustments to Net Income

0.0

0.0

-

0.0

0.0

Income Available to Common Excl Extraord Items

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Basic EPS Excl Extraord Items

0.24

0.60

0.41

0.96

0.67

Basic/Primary EPS Incl Extraord Items

0.24

0.60

0.41

0.96

0.67

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.2

17.5

12.1

28.2

19.7

Diluted Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Diluted EPS Excl Extraord Items

0.24

0.60

0.41

0.96

0.67

Diluted EPS Incl Extraord Items

0.24

0.60

0.41

0.96

0.67

Dividends per Share - Common Stock Primary Issue

0.09

0.12

0.07

0.18

0.12

Gross Dividends - Common Stock

2.6

3.4

2.0

5.3

3.6

Interest Expense, Supplemental

1.9

2.0

2.4

2.7

2.7

Depreciation, Supplemental

39.0

34.8

34.7

33.1

28.7

Total Special Items

7.6

-0.9

-4.0

3.7

-3.6

Normalized Income Before Tax

20.1

29.4

17.6

50.7

30.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.2

-0.4

-1.8

1.5

-1.5

Inc Tax Ex Impact of Sp Items

8.6

12.4

7.7

20.3

13.1

Normalized Income After Tax

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

Basic Normalized EPS

0.39

0.58

0.34

1.04

0.60

Diluted Normalized EPS

0.39

0.58

0.34

1.04

0.60

Reported Operating Profit

21.6

31.4

18.8

53.9

33.7

Reported Ordinary Profit

20.1

29.4

17.6

50.7

30.7

Normalized EBIT

21.6

31.4

18.8

53.9

33.7

Normalized EBITDA

60.6

66.1

53.4

87.0

62.4

Interest Cost - Domestic

-

0.4

0.4

0.4

0.3

Service Cost - Domestic

-

1.4

1.3

1.1

1.0

Prior Service Cost - Domestic

-

0.0

0.0

-

-

Expected Return on Assets - Domestic

-

-0.3

-0.2

-0.2

-0.2

Actuarial Gains and Losses - Domestic

-

0.2

0.3

0.2

0.1

Domestic Pension Plan Expense

-

1.8

1.8

1.4

1.2

Total Pension Expense

-

1.8

1.8

1.4

1.2

Discount Rate - Domestic

-

-

-

-

2.00%

Expected Rate of Return - Domestic

-

-

-

-

1.50%

Total Plan Interest Cost

-

0.4

0.4

0.4

0.3

Total Plan Service Cost

-

1.4

1.3

1.1

1.0

Total Plan Expected Return

-

-0.3

-0.2

-0.2

-0.2

 

 

Annual Balance Sheet

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

82.88

93.44

98.77

99.535

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

12.2

9.4

7.8

7.1

10.3

Cash and Short Term Investments

12.2

9.4

7.8

7.1

10.3

        Accounts Receivable - Trade, Gross

63.4

43.5

44.7

42.4

56.5

        Provision for Doubtful Accounts

-0.1

-0.1

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

63.3

43.3

44.6

42.3

56.4

    Other Receivables

30.0

68.2

48.1

42.6

17.2

Total Receivables, Net

93.3

111.5

92.7

84.9

73.6

    Inventories - Raw Materials

11.1

10.6

8.0

5.0

9.6

    Inventories - Other

-

-

-

-

0.1

Total Inventory

11.1

10.6

8.0

5.0

9.8

    Deferred Income Tax - Current Asset

0.6

1.8

0.9

1.8

1.7

    Other Current Assets

11.2

11.9

10.3

9.5

10.3

Other Current Assets, Total

11.9

13.7

11.1

11.3

12.0

Total Current Assets

128.5

145.3

119.6

108.2

105.6

 

 

 

 

 

 

Property/Plant/Equipment - Net

324.1

296.9

271.8

290.0

288.8

Intangibles, Net

1.2

1.6

1.8

1.0

1.0

    LT Investment - Affiliate Companies

-

0.1

-

-

-

    LT Investments - Other

7.2

8.2

8.1

6.2

9.4

Long Term Investments

7.2

8.3

8.1

6.2

9.4

Note Receivable - Long Term

1.9

2.3

2.2

2.4

2.6

    Deferred Income Tax - Long Term Asset

0.7

0.5

0.3

0.4

0.3

    Other Long Term Assets

5.4

0.3

0.7

0.9

4.7

Other Long Term Assets, Total

6.0

0.7

1.0

1.3

5.0

Total Assets

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

Accounts Payable

38.7

36.3

31.8

26.4

39.3

Accrued Expenses

2.7

2.7

2.4

2.6

2.4

Notes Payable/Short Term Debt

50.1

0.9

0.5

0.5

30.3

Current Portion - Long Term Debt/Capital Leases

-

30.8

33.2

28.3

-

    Income Taxes Payable

0.2

9.6

1.9

12.9

11.2

    Deferred Income Tax - Current Liability

-

-

-

-

0.0

    Other Current Liabilities

22.8

12.9

11.2

10.0

11.6

Other Current liabilities, Total

23.0

22.5

13.1

22.9

22.9

Total Current Liabilities

114.4

93.2

81.1

80.7

94.9

 

 

 

 

 

 

    Long Term Debt

84.0

96.3

98.6

124.4

136.0

Total Long Term Debt

84.0

96.3

98.6

124.4

136.0

Total Debt

134.0

128.0

132.4

153.2

166.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

5.1

4.5

4.7

5.6

6.2

Deferred Income Tax

5.1

4.5

4.7

5.6

6.2

Minority Interest

-

-

-

-

0.0

    Pension Benefits - Underfunded

6.7

8.5

8.2

8.0

8.4

    Other Long Term Liabilities

5.8

5.0

5.0

3.5

3.0

Other Liabilities, Total

12.5

13.5

13.2

11.5

11.4

Total Liabilities

216.0

207.5

197.6

222.2

248.6

 

 

 

 

 

 

    Common Stock

28.8

28.6

25.3

24.0

23.8

Common Stock

28.8

28.6

25.3

24.0

23.8

Additional Paid-In Capital

15.2

15.1

13.4

12.6

12.5

Retained Earnings (Accumulated Deficit)

215.9

210.8

174.4

157.0

132.3

Treasury Stock - Common

-0.3

-0.3

-0.3

-0.3

-0.3

Unrealized Gain (Loss)

-6.5

-6.4

-6.0

-6.5

-4.5

    Translation Adjustment

-0.1

-0.1

-0.1

-0.1

0.1

Other Equity, Total

-0.1

-0.1

-0.1

-0.1

0.1

Total Equity

252.8

247.6

206.8

186.8

163.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

29.4

29.4

29.4

29.4

29.4

Total Common Shares Outstanding

29.4

29.4

29.4

29.4

29.4

Treasury Shares - Common Stock Primary Issue

0.2

0.2

0.2

0.2

0.2

Employees

-

393

392

392

352

Number of Common Shareholders

-

2,197

2,192

2,084

1,867

Total Long Term Debt, Supplemental

-

127.1

131.8

152.7

165.9

Long Term Debt Maturing within 1 Year

-

30.8

33.2

28.3

29.8

Long Term Debt Maturing in Year 2

-

28.9

24.1

29.3

25.8

Long Term Debt Maturing in Year 3

-

27.9

22.4

23.6

26.8

Long Term Debt Maturing in Year 4

-

18.6

21.5

22.6

21.1

Long Term Debt Maturing in Year 5

-

12.6

16.8

20.4

20.1

Long Term Debt Maturing in 2-3 Years

-

56.9

46.5

52.9

52.6

Long Term Debt Maturing in 4-5 Years

-

31.2

38.3

43.0

41.3

Long Term Debt Matur. in Year 6 & Beyond

-

8.2

13.8

28.6

42.1

Pension Obligation - Domestic

-

21.6

19.0

18.2

18.8

Plan Assets - Domestic

-

18.9

16.3

14.1

15.5

Funded Status - Domestic

-

-2.8

-2.7

-4.1

-3.3

Total Funded Status

-

-2.8

-2.7

-4.1

-3.3

Discount Rate - Domestic

-

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

-

1.50%

1.50%

1.50%

1.50%

Prepaid Benefits - Domestic

-

0.0

0.3

0.3

0.0

Accrued Liabilities - Domestic

-

-1.2

-1.6

-1.7

-2.3

Other Assets, Net - Domestic

-

1.6

1.4

2.7

1.1

Net Assets Recognized on Balance Sheet

-

0.4

0.1

1.4

-1.2

Total Plan Obligations

-

21.6

19.0

18.2

18.8

Total Plan Assets

-

18.9

16.3

14.1

15.5

 

Annual Cash Flows

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

12.5

30.3

21.6

47.0

34.3

    Depreciation

39.0

34.8

34.7

33.1

28.7

Depreciation/Depletion

39.0

34.8

34.7

33.1

28.7

    Unusual Items

12.0

-1.1

-4.0

0.3

-3.2

    Other Non-Cash Items

-4.8

1.2

3.3

5.1

1.2

Non-Cash Items

7.2

0.1

-0.8

5.4

-1.9

    Accounts Receivable

-20.6

7.9

-0.6

14.8

-6.3

    Inventories

-0.4

-1.6

-2.8

4.7

-1.7

    Prepaid Expenses

-0.1

-0.5

-0.6

1.5

-0.5

    Other Assets

-

-

-

0.0

2.8

    Accounts Payable

2.7

1.3

3.7

-14.3

-0.2

    Accrued Expenses

-0.1

0.0

-0.3

0.1

0.0

    Taxes Payable

0.4

-0.7

-0.5

0.5

0.8

    Other Liabilities

0.5

-0.9

1.2

-1.0

0.3

    Other Operating Cash Flow

-16.2

-6.6

-24.9

-20.1

-8.7

Changes in Working Capital

-33.8

-1.0

-24.7

-13.8

-13.4

Cash from Operating Activities

24.9

64.2

30.8

71.8

47.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-97.4

-29.4

-1.3

-31.2

-27.3

    Purchase/Acquisition of Intangibles

-0.1

-0.5

-1.1

-0.1

-0.6

Capital Expenditures

-97.5

-29.9

-2.4

-31.3

-27.9

    Sale of Fixed Assets

31.1

5.7

5.4

0.1

4.7

    Sale/Maturity of Investment

-

-

-

0.0

0.0

    Purchase of Investments

0.0

0.0

0.0

0.0

0.0

    Other Investing Cash Flow

0.3

0.2

0.7

0.4

0.7

Other Investing Cash Flow Items, Total

31.4

5.9

6.1

0.5

5.4

Cash from Investing Activities

-66.1

-24.0

3.7

-30.9

-22.5

 

 

 

 

 

 

    Cash Dividends Paid - Common

-3.2

-3.1

-3.6

-5.0

-2.8

Total Cash Dividends Paid

-3.2

-3.1

-3.6

-5.0

-2.8

        Sale/Issuance of Common

-

-

0.0

0.0

0.0

        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

19.3

0.3

0.0

-

0.0

        Long Term Debt Issued

34.6

16.3

0.0

15.6

6.6

        Long Term Debt Reduction

-49.2

-37.2

-29.8

-29.8

-22.4

    Long Term Debt, Net

-14.6

-20.8

-29.8

-14.2

-15.8

Issuance (Retirement) of Debt, Net

4.7

-20.5

-29.8

-14.2

-15.8

Cash from Financing Activities

1.5

-23.6

-33.4

-19.1

-18.6

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

-0.9

-0.1

-0.2

-1.0

Net Change in Cash

-39.9

15.7

1.0

21.5

5.6

 

 

 

 

 

 

Net Cash - Beginning Balance

80.3

58.3

52.7

27.2

18.3

Net Cash - Ending Balance

40.4

74.0

53.7

48.8

23.9

Cash Interest Paid

1.9

2.0

2.5

2.8

2.8

Cash Taxes Paid

15.5

5.5

23.5

17.3

7.3

 

 

Annual Income Statement

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net sales

526.5

454.0

394.3

478.3

400.9

Total Revenue

526.5

454.0

394.3

478.3

400.9

 

 

 

 

 

 

    Cost of Revenues

459.0

380.9

337.5

387.7

335.9

    Directors' Bonuses

-

3.8

3.8

3.5

3.1

    Salaries

-

17.4

15.8

14.7

12.3

    Director Retirement Benefits

-

1.5

1.5

1.4

1.2

    Accrued Retirement Expenses

-

0.8

0.8

0.7

0.6

    Allowance for Bonuses

-

1.4

1.3

1.2

1.1

    Provision for directors' bonuses

-

0.5

0.5

0.6

0.5

    Other SGA

-

16.4

14.5

14.6

12.6

    Selling,Gen.&Admin.

45.8

-

-

-

-

    SP G. Liquid. of Rev. for Special Repair

-

-

-

0.0

-0.3

    SP L. Reserve for Special Repair

-

-

-

-

0.0

    SP Loss Val. Inv. Sec

0.6

0.0

0.0

0.3

0.2

    SP Impairment loss

11.2

0.5

0.0

-

-

    SP Loss Val. Membership

0.2

0.2

0.0

-

-

    SP Loss on disaster

0.0

0.2

0.0

-

-

    SP Reversal G on allow.doubt.accounts

-4.5

0.0

0.0

-0.1

-0.2

    SP, Allow.Doubt.Acct.

-

-

0.0

3.5

0.0

Total Operating Expense

512.4

423.5

375.6

428.1

366.9

 

 

 

 

 

 

    NOP Interest Income

0.2

0.4

0.4

0.5

0.2

    NOP Divid. Income

0.2

0.2

0.2

0.3

0.3

    NOP Exchange Gain

-

0.0

0.0

0.0

0.0

    NOP Gain Sale Fix. Asset

-

-

-

-

0.0

    NOP Insurance benefits

0.1

0.2

0.7

0.0

0.0

    NOP Subsidy income

-

0.2

0.0

-

-

    NOP Other Income

0.2

0.2

0.1

0.2

0.2

    NOP Interest Expenses

-1.9

-2.0

-2.4

-2.7

-2.7

    NOP Exchange Loss

-0.2

-1.0

0.0

-1.3

-0.9

    NOP Other Expenses

-0.1

-0.1

0.0

-0.2

0.0

    SP G on Sale of Inv't Secs.

-

-

-

-

0.0

    SP Gain Sale Ship

-

-

-

-

0.0

    SP Loss Sale Fixed Assets

0.0

-0.4

0.0

0.0

-0.1

    SP Gain Sale Fixed Assets

0.0

2.2

4.0

0.0

3.5

Net Income Before Taxes

12.5

30.3

21.6

47.0

34.3

 

 

 

 

 

 

Provision for Income Taxes

5.3

12.8

9.5

18.8

14.6

Net Income After Taxes

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

Net Income Before Extra. Items

7.2

17.5

12.1

28.2

19.7

Net Income

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

    Adjustment

0.0

0.0

-

0.0

0.0

Income Available to Com Excl ExtraOrd

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

Basic Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Basic EPS Excluding ExtraOrdinary Items

0.24

0.60

0.41

0.96

0.67

Basic EPS Including ExtraOrdinary Item

0.24

0.60

0.41

0.96

0.67

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.2

17.5

12.1

28.2

19.7

Diluted Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Diluted EPS Excluding ExtraOrd Items

0.24

0.60

0.41

0.96

0.67

Diluted EPS Including ExtraOrd Items

0.24

0.60

0.41

0.96

0.67

DPS-Common Stock

0.09

0.12

0.07

0.18

0.12

Gross Dividends - Common Stock

2.6

3.4

2.0

5.3

3.6

Normalized Income Before Taxes

20.1

29.4

17.6

50.7

30.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

8.6

12.4

7.7

20.3

13.1

Normalized Income After Taxes

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

Basic Normalized EPS

0.39

0.58

0.34

1.04

0.60

Diluted Normalized EPS

0.39

0.58

0.34

1.04

0.60

Interest Expense

1.9

2.0

2.4

2.7

2.7

Depreciation

39.0

34.8

34.7

33.1

28.7

Reported Operating Profit

21.6

31.4

18.8

53.9

33.7

Reported Ordinary Profit

20.1

29.4

17.6

50.7

30.7

Service Cost

-

1.4

1.3

1.1

1.0

Interest Cost

-

0.4

0.4

0.4

0.3

Expected Return on Plan Assets

-

-0.3

-0.2

-0.2

-0.2

Actuarial Gains and Losses

-

0.2

0.3

0.2

0.1

Prior Service Cost - Domestic

-

0.0

0.0

-

-

Domestic Pension Plan Expense

-

1.8

1.8

1.4

1.2

Total Pension Expense

-

1.8

1.8

1.4

1.2

Discount Rate

-

-

-

-

2.00%

Expected Rate of Return

-

-

-

-

1.50%

 

 

Annual Balance Sheet

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

82.88

93.44

98.77

99.535

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposits

12.2

9.4

7.8

7.1

10.3

    Note&Acct. Rcvbl

63.4

43.5

44.7

42.4

56.5

    Inventories - raw materials & supplies

11.1

10.6

8.0

5.0

9.6

    Inventories - Other

-

-

-

-

0.1

    Dfrd Tax Assets

0.6

1.8

0.9

1.8

1.7

    ST Loan

26.6

67.1

45.6

42.6

17.2

    Income taxes receivable

3.4

1.1

2.4

0.0

-

    Other Assets

11.2

11.9

10.3

9.5

10.3

    Doubtful Account

-0.1

-0.1

-0.1

-0.1

-0.1

Total Current Assets

128.5

145.3

119.6

108.2

105.6

 

 

 

 

 

 

    Ship

241.6

265.7

243.3

262.5

259.8

    Building&Struct.

5.8

6.1

5.7

5.8

6.0

    Land

12.8

13.0

12.6

11.9

11.8

    Construction IP

63.0

11.0

9.0

8.4

9.4

    Other, prop., plants, & equip., net

0.9

1.1

1.1

1.4

1.9

    Intangible

1.2

1.6

1.8

1.0

1.0

    Investment Secs.

7.2

8.2

8.1

6.2

9.4

    LT Investment sec.-affilicated company

-

0.1

-

-

-

    LT Loans

1.9

2.3

2.2

2.4

2.6

    Dfrd Tax Assets

0.7

0.5

0.3

0.4

0.3

    Security Deposit

2.3

2.2

2.0

2.3

2.3

    Other Assets

3.4

2.6

2.9

2.5

2.9

    Doubtful Account

-0.3

-4.5

-4.2

-3.9

-0.5

    Adjustment

-

0.0

-

0.0

-

Total Assets

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

    Acct.& Notes Pay

38.7

36.3

31.8

26.4

39.3

    ST Borrowings

50.1

0.9

0.5

0.5

30.3

    Current LT Debt

-

30.8

33.2

28.3

-

    Income Taxes Pay

0.2

9.6

1.9

12.9

11.2

    Accrued Expenses

-

-

0.0

-

-

    Deferred Tax

-

-

-

-

0.0

    Allowance-Bonus

2.1

2.1

1.9

1.9

1.9

    Allowance-Dir's Bonus

0.5

0.5

0.5

0.6

0.5

    Provision for loss on disaster

0.0

0.1

0.0

-

-

    Other Curr.Liab.

22.8

12.9

11.2

10.0

11.6

Total Current Liabilities

114.4

93.2

81.1

80.7

94.9

 

 

 

 

 

 

    LT Borrowings

84.0

96.3

98.6

124.4

136.0

Total Long Term Debt

84.0

96.3

98.6

124.4

136.0

 

 

 

 

 

 

    Dfrd. Tax Liabs.

4.2

3.4

3.8

4.7

5.3

    Revaluation of Deferred Taxes

0.9

1.1

1.0

0.9

0.9

    Accrd. Retire.

1.5

1.2

1.6

1.7

2.3

    Retire./Director

5.2

7.2

6.6

6.3

6.1

    SP Maint. Allow.

5.8

4.9

4.9

3.3

2.9

    Other LT liabilities

0.0

0.1

0.1

0.1

0.1

    Minority Int.

-

-

-

-

0.0

Total Liabilities

216.0

207.5

197.6

222.2

248.6

 

 

 

 

 

 

    Common Stock

28.8

28.6

25.3

24.0

23.8

    Paid in Capital

15.2

15.1

13.4

12.6

12.5

    Retained Earning

215.9

210.8

174.4

157.0

132.3

    Reval. Excess

-7.1

-7.2

-7.1

-6.7

-6.7

    Unrealized Gain

0.7

1.0

1.3

0.4

2.2

    Dfrd. Hedge G/L

0.0

-0.1

-0.2

-0.1

0.0

    Translat. Adjust

-0.1

-0.1

-0.1

-0.1

0.1

    TreasuryStock

-0.3

-0.3

-0.3

-0.3

-0.3

Total Equity

252.8

247.6

206.8

186.8

163.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

    S/O-Common Stock

29.4

29.4

29.4

29.4

29.4

Total Common Shares Outstanding

29.4

29.4

29.4

29.4

29.4

T/S-Common Stock

0.2

0.2

0.2

0.2

0.2

Full-Time Employees

-

393

392

392

352

Number of Common Shareholders

-

2,197

2,192

2,084

1,867

LT Debt, mat. by 1 yr.

-

30.8

33.2

28.3

29.8

LT Debt, mat. by 2 yr.

-

28.9

24.1

29.3

25.8

LT Debt, mat. by 3 yr.

-

27.9

22.4

23.6

26.8

LT Debt, mat. by 4 yr.

-

18.6

21.5

22.6

21.1

LT Debt, mat. by 5 yr.

-

12.6

16.8

20.4

20.1

LT Debt, mat. over 5 yr.

-

8.2

13.8

28.6

42.1

Total Long Term Debt, Supplemental

-

127.1

131.8

152.7

165.9

Pension Obligation

-

21.6

19.0

18.2

18.8

Fair Value of Plan Assets

-

18.9

16.3

14.1

15.5

Funded Status

-

-2.8

-2.7

-4.1

-3.3

Total Funded Status

-

-2.8

-2.7

-4.1

-3.3

Discount Rate

-

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

-

1.50%

1.50%

1.50%

1.50%

Unrecognized Actuarial Gains and Losses

-

1.6

1.4

2.7

1.1

Unrecognized Prior Service Cost

-

0.0

0.0

-

-

Reserve for Accrued Retirement Benefits

-

-1.2

-1.6

-1.7

-2.3

Prepaid Pension Benefits

-

0.0

0.3

0.3

0.0

Net Assets Recognized on Balance Sheet

-

0.4

0.1

1.4

-1.2

 

 

Annual Cash Flows

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income Bef. Tax

12.5

30.3

21.6

47.0

34.3

    Depreciation

39.0

34.8

34.7

33.1

28.7

    Impairment loss

11.2

0.5

0.0

-

-

    Sale Gain Inv. Secs.

-

-

-

-

0.0

    Val. Loss Inv. Secs.

0.6

0.0

0.0

0.3

0.2

    Val. Loss/Membership

0.2

0.2

0.0

-

-

    Loss Sale Fixed Assets

-

-

-

0.0

0.1

    Doubtful Account

-4.5

0.0

0.1

3.4

-0.2

    Allowance-Bonus

0.0

0.0

-0.1

0.0

-0.1

    Provision for Loss on disaster

0.0

0.1

0.0

-

-

    Allowance-Dir's Bonus

-

0.0

-0.2

0.1

0.1

    Accrued Retirement

-0.9

-0.3

-0.1

-0.9

-1.0

    Directors' Benefit

-2.1

-0.2

-0.1

0.1

0.2

    SP Maint. Allow.

0.9

-0.6

1.3

0.4

-0.8

    Interest & Dividend

-0.4

-0.6

-0.6

-0.7

-0.4

    Interest Expense

1.9

2.0

2.4

2.7

2.7

    Exchange Gain

0.2

0.8

0.1

0.1

0.6

    Sales of Fixed/Gain

0.0

-1.8

-4.0

0.0

-3.5

    Accounts Receivable

-20.6

7.9

-0.6

14.8

-6.3

    Inventories

-0.4

-1.6

-2.8

4.7

-1.7

    Deferred & Prepaid Expenses

-0.1

-0.5

-0.6

1.5

-0.5

    Sales Tax Rcvbl.

-

-

-

0.0

2.8

    Accounts Payable

2.7

1.3

3.7

-13.8

0.2

    Customer Advances

0.5

-0.9

1.2

-1.0

0.3

    Other Payables

-

-

0.0

-0.5

-0.4

    Sales Tax Payable

0.4

-0.7

-0.5

0.5

0.8

    Dir. Bonus Paid

-

-

-

-

0.0

    Other

0.8

0.4

0.5

-0.7

0.9

    Int & Divd. Received

0.5

0.6

0.6

0.7

0.4

    Interest Paid

-1.9

-2.0

-2.5

-2.8

-2.8

    Income Tax Paid

-17.1

-7.9

-23.5

-18.8

-7.3

    Income Tax Refund

1.6

2.5

0.0

1.5

0.0

    Adjustment

-

0.0

-

-

-

Cash from Operating Activities

24.9

64.2

30.8

71.8

47.7

 

 

 

 

 

 

    Capital Expenditures

-97.4

-29.4

-1.3

-31.2

-27.3

    Sale of Fixed Assets

31.1

5.7

5.4

0.1

4.7

    Intangibles Bought

-0.1

-0.5

-1.1

-0.1

-0.6

    Purch.Invest.in Secs

0.0

0.0

0.0

0.0

0.0

    Sales of Inv. Secs.

-

-

-

0.0

0.0

    Deposit Returned

-

-

0.0

0.1

0.2

    Loans Extended

-

-

-

-

0.0

    Loans Collected

0.3

0.2

0.3

0.3

0.3

    Gurant.Deposit Made

-

0.0

-0.1

-0.1

0.0

    Guran.Deposit Collected

-

0.0

0.6

0.1

0.0

    Other

0.0

0.0

-0.2

0.0

0.2

Cash from Investing Activities

-66.1

-24.0

3.7

-30.9

-22.5

 

 

 

 

 

 

    ST Debt, Net

19.3

0.3

0.0

-

0.0

    Proc. LT Debt

34.6

16.3

0.0

15.6

6.6

    Repay. LT Debt

-49.2

-37.2

-29.8

-29.8

-22.4

    Divid. Paid

-3.2

-3.1

-3.6

-5.0

-2.8

    Disposal of Treasury Stock

-

-

0.0

0.0

0.0

    Purch. TreasuryStock

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

1.5

-23.6

-33.4

-19.1

-18.6

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

-0.9

-0.1

-0.2

-1.0

Net Change in Cash

-39.9

15.7

1.0

21.5

5.6

 

 

 

 

 

 

Net Cash - Beginning Balance

80.3

58.3

52.7

27.2

18.3

Net Cash - Ending Balance

40.4

74.0

53.7

48.8

23.9

    Cash Interest Paid

1.9

2.0

2.5

2.8

2.8

    Cash Taxes Paid

15.5

5.5

23.5

17.3

7.3

 

 

Financial Health

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

126.8

12.11%

526.5

6.85%

-4.72%

1.15%

Operating Income1

-4.4

-

14.1

-57.46%

-39.62%

-17.76%

Income Available to Common Excl Extraord Items1

-2.7

-

7.2

-62.27%

-41.55%

-15.48%

Basic EPS Excl Extraord Items1

-0.09

-

0.24

-62.27%

-41.55%

-15.49%

Capital Expenditures2

97.5

-

97.5

200.34%

34.76%

-4.55%

Cash from Operating Activities2

24.9

-

24.9

-64.27%

-35.16%

-14.62%

Free Cash Flow

-69.6

-

-69.6

-

-

-

Total Assets3

468.9

2.41%

468.9

2.41%

-1.48%

-1.03%

Total Liabilities3

216.0

3.51%

216.0

3.51%

-6.74%

-7.26%

Total Long Term Debt3

84.0

-13.31%

84.0

-13.31%

-17.43%

-15.23%

Total Common Shares Outstanding3

29.4

0.00%

29.4

0.00%

0.00%

0.01%

1-ExchangeRate: JPY to USD Average for Period

79.208816

 

78.961215

 

 

 

2-ExchangeRate: JPY to USD Average for Period

78.961215

 

78.961215

 

 

 

82.385362

 

82.385362

 

 

 

 

 

Key Ratios

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Profitability

Gross Margin

12.81%

16.10%

14.41%

18.95%

16.22%

Operating Margin

2.67%

6.71%

4.76%

10.50%

8.47%

Pretax Margin

2.38%

6.68%

5.48%

9.84%

8.56%

Net Profit Margin

1.36%

3.86%

3.08%

5.90%

4.91%

Financial Strength

Current Ratio

1.12

1.56

1.47

1.34

1.11

Long Term Debt/Equity

0.33

0.39

0.48

0.67

0.83

Total Debt/Equity

0.53

0.52

0.64

0.82

1.01

Management Effectiveness

Return on Assets

1.48%

3.98%

2.89%

6.97%

5.51%

Return on Equity

2.74%

7.54%

5.97%

16.33%

14.49%

Efficiency

Receivables Turnover

4.91

4.35

4.30

6.12

6.96

Inventory Turnover

40.29

40.14

50.82

53.25

43.84

Asset Turnover

1.09

1.03

0.94

1.18

1.12

 

Market Valuation USD (mil)

P/E (TTM)

10.67

.

Enterprise Value2

195.7

Price/Sales (TTM)

0.15

.

Enterprise Value/Revenue (TTM)

0.39

Price/Book (MRQ)

0.29

.

Enterprise Value/EBITDA (TTM)

3.85

Market Cap as of 29-Jun-20121

76.6

.

 

 

1-ExchangeRate: JPY to USD on 29-Jun-2012

79.390941

 

 

 

2-ExchangeRate: JPY to USD on 31-Mar-2012

82.385362

 

 

 

 

 

Annual Ratios

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Financial Strength

Current Ratio

1.12

1.56

1.47

1.34

1.11

Quick/Acid Test Ratio

0.92

1.30

1.24

1.14

0.88

Working Capital1

14.1

52.1

38.5

27.5

10.7

Long Term Debt/Equity

0.33

0.39

0.48

0.67

0.83

Total Debt/Equity

0.53

0.52

0.64

0.82

1.01

Long Term Debt/Total Capital

0.22

0.26

0.29

0.37

0.41

Total Debt/Total Capital

0.35

0.34

0.39

0.45

0.50

Payout Ratio

36.26%

19.55%

16.92%

18.62%

18.26%

Effective Tax Rate

42.66%

42.19%

43.88%

39.96%

42.64%

Total Capital1

386.8

375.6

339.1

340.0

330.3

 

 

 

 

 

 

Efficiency

Asset Turnover

1.09

1.03

0.94

1.18

1.12

Inventory Turnover

40.29

40.14

50.82

53.25

43.84

Days In Inventory

9.06

9.09

7.18

6.85

8.32

Receivables Turnover

4.91

4.35

4.30

6.12

6.96

Days Receivables Outstanding

74.34

83.99

84.89

59.66

52.45

Revenue/Employee2

-

1,194,432

1,000,544

1,241,371

1,307,918

Operating Income/Employee2

-

80,156

47,616

130,309

110,801

EBITDA/Employee2

-

171,621

135,568

216,305

204,324

 

 

 

 

 

 

Profitability

Gross Margin

12.81%

16.10%

14.41%

18.95%

16.22%

Operating Margin

2.67%

6.71%

4.76%

10.50%

8.47%

EBITDA Margin

10.08%

14.37%

13.55%

17.42%

15.62%

EBIT Margin

2.67%

6.71%

4.76%

10.50%

8.47%

Pretax Margin

2.38%

6.68%

5.48%

9.84%

8.56%

Net Profit Margin

1.36%

3.86%

3.08%

5.90%

4.91%

COGS/Revenue

87.19%

83.90%

85.59%

81.06%

83.78%

SG&A Expense/Revenue

8.70%

9.19%

9.65%

7.68%

7.80%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

1.48%

3.98%

2.89%

6.97%

5.51%

Return on Equity

2.74%

7.54%

5.97%

16.33%

14.49%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-2.37

1.21

0.96

1.40

0.78

Operating Cash Flow/Share 2

0.81

2.26

1.04

2.49

1.87

1-ExchangeRate: JPY to USD Period End Date

82.385362

82.88

93.44

98.77

99.535

2-ExchangeRate: JPY to USD Average for Period

82.385362

82.88

93.44

98.77

99.535

 

Current Market Multiples

Market Cap/Earnings (TTM)

10.73

Market Cap/Equity (MRQ)

0.29

Market Cap/Revenue (TTM)

0.15

Market Cap/EBIT (TTM)

5.48

Market Cap/EBITDA (TTM)

1.45

Enterprise Value/Earnings (TTM)

28.44

Enterprise Value/Equity (MRQ)

0.77

Enterprise Value/Revenue (TTM)

0.39

Enterprise Value/EBIT (TTM)

14.51

Enterprise Value/EBITDA (TTM)

3.85

 

 

Annual Income Statement Standardized

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

526.5

454.0

394.3

478.3

400.9

Revenue

526.5

454.0

394.3

478.3

400.9

Total Revenue

526.5

454.0

394.3

478.3

400.9

 

 

 

 

 

 

    Cost of Revenue

459.0

380.9

337.5

387.7

335.9

Cost of Revenue, Total

459.0

380.9

337.5

387.7

335.9

Gross Profit

67.5

73.1

56.8

90.6

65.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

45.8

16.4

14.5

14.6

12.6

    Labor & Related Expense

-

25.4

23.6

22.1

18.6

Total Selling/General/Administrative Expenses

45.8

41.7

38.1

36.7

31.3

    Impairment-Assets Held for Use

11.2

0.5

0.0

-

-

    Impairment-Assets Held for Sale

0.8

0.2

0.0

0.3

0.2

    Other Unusual Expense (Income)

-4.5

0.2

0.0

3.4

-0.5

Unusual Expense (Income)

7.6

0.9

0.0

3.7

-0.2

Total Operating Expense

512.4

423.5

375.6

428.1

366.9

 

 

 

 

 

 

Operating Income

14.1

30.5

18.8

50.2

34.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.9

-2.0

-2.4

-2.7

-2.7

    Interest Expense, Net Non-Operating

-1.9

-2.0

-2.4

-2.7

-2.7

        Interest Income - Non-Operating

0.2

0.4

0.4

0.5

0.2

        Investment Income - Non-Operating

0.1

-0.8

0.2

-1.0

-0.6

    Interest/Investment Income - Non-Operating

0.2

-0.4

0.6

-0.5

-0.4

Interest Income (Expense) - Net Non-Operating Total

-1.7

-2.4

-1.9

-3.2

-3.2

Gain (Loss) on Sale of Assets

0.0

1.8

4.0

0.0

3.4

    Other Non-Operating Income (Expense)

0.1

0.5

0.7

0.1

0.1

Other, Net

0.1

0.5

0.7

0.1

0.1

Income Before Tax

12.5

30.3

21.6

47.0

34.3

 

 

 

 

 

 

Total Income Tax

5.3

12.8

9.5

18.8

14.6

Income After Tax

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

Net Income Before Extraord Items

7.2

17.5

12.1

28.2

19.7

Net Income

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

-

0.0

0.0

Total Adjustments to Net Income

0.0

0.0

-

0.0

0.0

Income Available to Common Excl Extraord Items

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Basic EPS Excl Extraord Items

0.24

0.60

0.41

0.96

0.67

Basic/Primary EPS Incl Extraord Items

0.24

0.60

0.41

0.96

0.67

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.2

17.5

12.1

28.2

19.7

Diluted Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Diluted EPS Excl Extraord Items

0.24

0.60

0.41

0.96

0.67

Diluted EPS Incl Extraord Items

0.24

0.60

0.41

0.96

0.67

Dividends per Share - Common Stock Primary Issue

0.09

0.12

0.07

0.18

0.12

Gross Dividends - Common Stock

2.6

3.4

2.0

5.3

3.6

Interest Expense, Supplemental

1.9

2.0

2.4

2.7

2.7

Depreciation, Supplemental

39.0

34.8

34.7

33.1

28.7

Total Special Items

7.6

-0.9

-4.0

3.7

-3.6

Normalized Income Before Tax

20.1

29.4

17.6

50.7

30.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.2

-0.4

-1.8

1.5

-1.5

Inc Tax Ex Impact of Sp Items

8.6

12.4

7.7

20.3

13.1

Normalized Income After Tax

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

Basic Normalized EPS

0.39

0.58

0.34

1.04

0.60

Diluted Normalized EPS

0.39

0.58

0.34

1.04

0.60

Reported Operating Profit

21.6

31.4

18.8

53.9

33.7

Reported Ordinary Profit

20.1

29.4

17.6

50.7

30.7

Normalized EBIT

21.6

31.4

18.8

53.9

33.7

Normalized EBITDA

60.6

66.1

53.4

87.0

62.4

Interest Cost - Domestic

-

0.4

0.4

0.4

0.3

Service Cost - Domestic

-

1.4

1.3

1.1

1.0

Prior Service Cost - Domestic

-

0.0

0.0

-

-

Expected Return on Assets - Domestic

-

-0.3

-0.2

-0.2

-0.2

Actuarial Gains and Losses - Domestic

-

0.2

0.3

0.2

0.1

Domestic Pension Plan Expense

-

1.8

1.8

1.4

1.2

Total Pension Expense

-

1.8

1.8

1.4

1.2

Discount Rate - Domestic

-

-

-

-

2.00%

Expected Rate of Return - Domestic

-

-

-

-

1.50%

Total Plan Interest Cost

-

0.4

0.4

0.4

0.3

Total Plan Service Cost

-

1.4

1.3

1.1

1.0

Total Plan Expected Return

-

-0.3

-0.2

-0.2

-0.2

 

 

Interim Income Statement Standardized

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.208816

77.302742

77.752043

81.605269

82.241044

 

 

 

 

 

 

    Net Sales

126.8

134.4

139.9

125.8

108.9

Revenue

126.8

134.4

139.9

125.8

108.9

Total Revenue

126.8

134.4

139.9

125.8

108.9

 

 

 

 

 

 

    Cost of Revenue

111.4

113.7

120.5

113.5

99.3

Cost of Revenue, Total

111.4

113.7

120.5

113.5

99.3

Gross Profit

15.4

20.6

19.4

12.3

9.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

11.8

11.5

11.8

10.8

5.4

    Labor & Related Expense

-

-

-

-

5.7

Total Selling/General/Administrative Expenses

11.8

11.5

11.8

10.8

11.1

    Other Unusual Expense (Income)

8.1

1.0

3.0

-4.3

1.3

Unusual Expense (Income)

8.1

1.0

3.0

-4.3

1.3

Total Operating Expense

131.2

126.2

135.3

120.0

111.7

 

 

 

 

 

 

Operating Income

-4.4

8.2

4.6

5.8

-2.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.5

-0.5

-0.4

-0.5

-0.5

    Interest Expense, Net Non-Operating

-0.5

-0.5

-0.4

-0.5

-0.5

        Interest Income - Non-Operating

0.0

0.0

0.0

0.1

0.1

        Investment Income - Non-Operating

0.5

0.1

-0.4

-0.1

0.0

    Interest/Investment Income - Non-Operating

0.5

0.1

-0.4

0.0

0.1

Interest Income (Expense) - Net Non-Operating Total

0.0

-0.4

-0.8

-0.5

-0.3

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.1

0.1

0.0

-0.1

0.3

Other, Net

0.1

0.1

0.0

-0.1

0.3

Income Before Tax

-4.3

7.9

3.7

5.2

-2.8

 

 

 

 

 

 

Total Income Tax

-1.7

3.7

2.1

1.4

-0.9

Income After Tax

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

Net Income Before Extraord Items

-2.7

4.3

1.7

3.9

-1.9

Net Income

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

    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

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Basic EPS Excl Extraord Items

-0.09

0.15

0.06

0.13

-0.07

Basic/Primary EPS Incl Extraord Items

-0.09

0.15

0.06

0.13

-0.07

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2.7

4.3

1.7

3.9

-1.9

Diluted Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

Diluted EPS Excl Extraord Items

-0.09

0.15

0.06

0.13

-0.07

Diluted EPS Incl Extraord Items

-0.09

0.15

0.06

0.13

-0.07

Dividends per Share - Common Stock Primary Issue

0.04

0.00

0.05

0.00

0.06

Gross Dividends - Common Stock

1.3

0.0

1.3

0.0

1.8

Interest Expense, Supplemental

0.5

0.5

0.4

0.5

0.5

Depreciation, Supplemental

9.8

9.8

9.9

9.4

9.4

Total Special Items

8.1

1.0

3.0

-4.3

1.4

Normalized Income Before Tax

3.7

8.9

6.8

0.9

-1.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.8

0.5

1.7

-1.1

0.5

Inc Tax Ex Impact of Sp Items

1.2

4.1

3.7

0.2

-0.4

Normalized Income After Tax

2.6

4.8

3.1

0.7

-1.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.6

4.8

3.1

0.7

-1.1

 

 

 

 

 

 

Basic Normalized EPS

0.09

0.16

0.10

0.02

-0.04

Diluted Normalized EPS

0.09

0.16

0.10

0.02

-0.04

Reported Operating Profit

3.6

9.2

7.6

1.4

-1.5

Reported Ordinary Profit

3.7

8.9

6.8

0.9

-1.5

Normalized EBIT

3.6

9.2

7.6

1.5

-1.5

Normalized EBITDA

13.4

19.0

17.6

10.9

7.9

 

 

Annual Balance Sheet Standardized

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

82.88

93.44

98.77

99.535

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

12.2

9.4

7.8

7.1

10.3

Cash and Short Term Investments

12.2

9.4

7.8

7.1

10.3

        Accounts Receivable - Trade, Gross

63.4

43.5

44.7

42.4

56.5

        Provision for Doubtful Accounts

-0.1

-0.1

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

63.3

43.3

44.6

42.3

56.4

    Other Receivables

30.0

68.2

48.1

42.6

17.2

Total Receivables, Net

93.3

111.5

92.7

84.9

73.6

    Inventories - Raw Materials

11.1

10.6

8.0

5.0

9.6

    Inventories - Other

-

-

-

-

0.1

Total Inventory

11.1

10.6

8.0

5.0

9.8

    Deferred Income Tax - Current Asset

0.6

1.8

0.9

1.8

1.7

    Other Current Assets

11.2

11.9

10.3

9.5

10.3

Other Current Assets, Total

11.9

13.7

11.1

11.3

12.0

Total Current Assets

128.5

145.3

119.6

108.2

105.6

 

 

 

 

 

 

Property/Plant/Equipment - Net

324.1

296.9

271.8

290.0

288.8

Intangibles, Net

1.2

1.6

1.8

1.0

1.0

    LT Investment - Affiliate Companies

-

0.1

-

-

-

    LT Investments - Other

7.2

8.2

8.1

6.2

9.4

Long Term Investments

7.2

8.3

8.1

6.2

9.4

Note Receivable - Long Term

1.9

2.3

2.2

2.4

2.6

    Deferred Income Tax - Long Term Asset

0.7

0.5

0.3

0.4

0.3

    Other Long Term Assets

5.4

0.3

0.7

0.9

4.7

Other Long Term Assets, Total

6.0

0.7

1.0

1.3

5.0

Total Assets

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

Accounts Payable

38.7

36.3

31.8

26.4

39.3

Accrued Expenses

2.7

2.7

2.4

2.6

2.4

Notes Payable/Short Term Debt

50.1

0.9

0.5

0.5

30.3

Current Portion - Long Term Debt/Capital Leases

-

30.8

33.2

28.3

-

    Income Taxes Payable

0.2

9.6

1.9

12.9

11.2

    Deferred Income Tax - Current Liability

-

-

-

-

0.0

    Other Current Liabilities

22.8

12.9

11.2

10.0

11.6

Other Current liabilities, Total

23.0

22.5

13.1

22.9

22.9

Total Current Liabilities

114.4

93.2

81.1

80.7

94.9

 

 

 

 

 

 

    Long Term Debt

84.0

96.3

98.6

124.4

136.0

Total Long Term Debt

84.0

96.3

98.6

124.4

136.0

Total Debt

134.0

128.0

132.4

153.2

166.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

5.1

4.5

4.7

5.6

6.2

Deferred Income Tax

5.1

4.5

4.7

5.6

6.2

Minority Interest

-

-

-

-

0.0

    Pension Benefits - Underfunded

6.7

8.5

8.2

8.0

8.4

    Other Long Term Liabilities

5.8

5.0

5.0

3.5

3.0

Other Liabilities, Total

12.5

13.5

13.2

11.5

11.4

Total Liabilities

216.0

207.5

197.6

222.2

248.6

 

 

 

 

 

 

    Common Stock

28.8

28.6

25.3

24.0

23.8

Common Stock

28.8

28.6

25.3

24.0

23.8

Additional Paid-In Capital

15.2

15.1

13.4

12.6

12.5

Retained Earnings (Accumulated Deficit)

215.9

210.8

174.4

157.0

132.3

Treasury Stock - Common

-0.3

-0.3

-0.3

-0.3

-0.3

Unrealized Gain (Loss)

-6.5

-6.4

-6.0

-6.5

-4.5

    Translation Adjustment

-0.1

-0.1

-0.1

-0.1

0.1

Other Equity, Total

-0.1

-0.1

-0.1

-0.1

0.1

Total Equity

252.8

247.6

206.8

186.8

163.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

29.4

29.4

29.4

29.4

29.4

Total Common Shares Outstanding

29.4

29.4

29.4

29.4

29.4

Treasury Shares - Common Stock Primary Issue

0.2

0.2

0.2

0.2

0.2

Employees

-

393

392

392

352

Number of Common Shareholders

-

2,197

2,192

2,084

1,867

Total Long Term Debt, Supplemental

-

127.1

131.8

152.7

165.9

Long Term Debt Maturing within 1 Year

-

30.8

33.2

28.3

29.8

Long Term Debt Maturing in Year 2

-

28.9

24.1

29.3

25.8

Long Term Debt Maturing in Year 3

-

27.9

22.4

23.6

26.8

Long Term Debt Maturing in Year 4

-

18.6

21.5

22.6

21.1

Long Term Debt Maturing in Year 5

-

12.6

16.8

20.4

20.1

Long Term Debt Maturing in 2-3 Years

-

56.9

46.5

52.9

52.6

Long Term Debt Maturing in 4-5 Years

-

31.2

38.3

43.0

41.3

Long Term Debt Matur. in Year 6 & Beyond

-

8.2

13.8

28.6

42.1

Pension Obligation - Domestic

-

21.6

19.0

18.2

18.8

Plan Assets - Domestic

-

18.9

16.3

14.1

15.5

Funded Status - Domestic

-

-2.8

-2.7

-4.1

-3.3

Total Funded Status

-

-2.8

-2.7

-4.1

-3.3

Discount Rate - Domestic

-

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

-

1.50%

1.50%

1.50%

1.50%

Prepaid Benefits - Domestic

-

0.0

0.3

0.3

0.0

Accrued Liabilities - Domestic

-

-1.2

-1.6

-1.7

-2.3

Other Assets, Net - Domestic

-

1.6

1.4

2.7

1.1

Net Assets Recognized on Balance Sheet

-

0.4

0.1

1.4

-1.2

Total Plan Obligations

-

21.6

19.0

18.2

18.8

Total Plan Assets

-

18.9

16.3

14.1

15.5

 

 

Interim Balance Sheet Standardized

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

76.94

77.08

80.76

82.88

 

 

 

 

 

 

    Cash & Equivalents

12.2

14.3

13.4

12.3

9.4

Cash and Short Term Investments

12.2

14.3

13.4

12.3

9.4

        Accounts Receivable - Trade, Gross

63.4

68.2

67.3

61.1

43.5

        Provision for Doubtful Accounts

-0.1

-0.2

-0.2

-0.1

-0.1

    Trade Accounts Receivable - Net

63.3

68.0

67.2

61.0

43.3

    Other Receivables

26.6

17.9

35.2

34.5

67.1

Total Receivables, Net

89.9

85.9

102.4

95.4

110.4

    Inventories - Raw Materials

11.1

9.7

9.5

10.5

10.6

Total Inventory

11.1

9.7

9.5

10.5

10.6

    Other Current Assets

15.3

16.5

16.3

17.2

14.8

Other Current Assets, Total

15.3

16.5

16.3

17.2

14.8

Total Current Assets

128.5

126.5

141.6

135.3

145.3

 

 

 

 

 

 

Property/Plant/Equipment - Net

324.1

365.1

335.4

325.7

296.9

Intangibles, Net

1.2

1.4

1.5

1.5

1.6

    Other Long Term Assets

15.1

14.9

15.4

15.1

11.3

Other Long Term Assets, Total

15.1

14.9

15.4

15.1

11.3

Total Assets

468.9

507.9

493.9

477.7

455.1

 

 

 

 

 

 

Accounts Payable

38.7

43.5

46.7

44.1

36.3

Accrued Expenses

2.7

1.8

2.5

1.3

2.7

Notes Payable/Short Term Debt

50.1

42.8

34.3

33.4

0.9

Current Portion - Long Term Debt/Capital Leases

-

-

-

-

30.8

    Income Taxes Payable

0.2

0.2

2.4

0.2

9.6

    Other Current Liabilities

22.8

17.4

17.0

19.2

12.9

Other Current liabilities, Total

23.0

17.6

19.5

19.5

22.6

Total Current Liabilities

114.4

105.7

103.0

98.3

93.2

 

 

 

 

 

 

    Long Term Debt

84.0

111.2

103.9

106.7

96.3

Total Long Term Debt

84.0

111.2

103.9

106.7

96.3

Total Debt

134.0

154.0

138.2

140.1

128.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

-

-

-

4.5

Deferred Income Tax

-

-

-

-

4.5

    Reserves

5.8

5.7

5.4

4.8

4.9

    Pension Benefits - Underfunded

6.7

6.7

6.3

5.8

8.5

    Other Long Term Liabilities

5.1

5.6

5.6

6.5

0.1

Other Liabilities, Total

17.6

18.0

17.3

17.1

13.5

Total Liabilities

216.0

234.9

224.3

222.0

207.5

 

 

 

 

 

 

    Common Stock

28.8

30.8

30.7

29.3

28.6

Common Stock

28.8

30.8

30.7

29.3

28.6

Additional Paid-In Capital

15.2

16.2

16.2

15.5

15.1

Retained Earnings (Accumulated Deficit)

215.9

233.9

230.5

218.4

210.8

Treasury Stock - Common

-0.3

-0.4

-0.4

-0.3

-0.3

Unrealized Gain (Loss)

-6.5

-7.4

-7.3

-7.0

-6.3

    Translation Adjustment

-0.1

-0.1

-0.1

-0.1

-0.1

    Other Comprehensive Income

0.0

0.0

-0.1

-0.1

-0.1

Other Equity, Total

-0.1

-0.2

-0.1

-0.2

-0.2

Total Equity

252.8

272.9

269.7

255.7

247.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

468.9

507.9

493.9

477.7

455.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

29.4

29.4

29.4

29.4

29.4

Total Common Shares Outstanding

29.4

29.4

29.4

29.4

29.4

Treasury Shares - Common Stock Primary Issue

0.2

0.2

0.2

0.2

0.2

Employees

-

-

-

-

393

 

 

Annual Cash Flows Standardized

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

 

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

 

Filed Currency

JPY

JPY

JPY

JPY

JPY

 

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

 

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

 

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

 

 

Net Income/Starting Line

12.5

30.3

21.6

47.0

34.3

 

    Depreciation

39.0

34.8

34.7

33.1

28.7

 

Depreciation/Depletion

39.0

34.8

34.7

33.1

28.7

 

    Unusual Items

12.0

-1.1

-4.0

0.3

-3.2

 

    Other Non-Cash Items

-4.8

1.2

3.3

5.1

1.2

 

Non-Cash Items

7.2

0.1

-0.8

5.4

-1.9

 

    Accounts Receivable

-20.6

7.9

-0.6

14.8

-6.3

 

    Inventories

-0.4

-1.6

-2.8

4.7

-1.7

 

    Prepaid Expenses

-0.1

-0.5

-0.6

1.5

-0.5

 

    Other Assets

-

-

-

0.0

2.8

 

    Accounts Payable

2.7

1.3

3.7

-14.3

-0.2

 

    Accrued Expenses

-0.1

0.0

-0.3

0.1

0.0

 

    Taxes Payable

0.4

-0.7

-0.5

0.5

0.8

 

    Other Liabilities

0.5

-0.9

1.2

-1.0

0.3

 

    Other Operating Cash Flow

-16.2

-6.6

-24.9

-20.1

-8.7

 

Changes in Working Capital

-33.8

-1.0

-24.7

-13.8

-13.4

 

Cash from Operating Activities

24.9

64.2

30.8

71.8

47.7

 

 

 

 

 

 

 

 

    Purchase of Fixed Assets

-97.4

-29.4

-1.3

-31.2

-27.3

 

    Purchase/Acquisition of Intangibles

-0.1

-0.5

-1.1

-0.1

-0.6

 

Capital Expenditures

-97.5

-29.9

-2.4

-31.3

-27.9

 

    Sale of Fixed Assets

31.1

5.7

5.4

0.1

4.7

 

    Sale/Maturity of Investment

-

-

-

0.0

0.0

 

    Purchase of Investments

0.0

0.0

0.0

0.0

0.0

 

    Other Investing Cash Flow

0.3

0.2

0.7

0.4

0.7

 

Other Investing Cash Flow Items, Total

31.4

5.9

6.1

0.5

5.4

 

Cash from Investing Activities

-66.1

-24.0

3.7

-30.9

-22.5

 

 

 

 

 

 

 

 

    Cash Dividends Paid - Common

-3.2

-3.1

-3.6

-5.0

-2.8

 

Total Cash Dividends Paid

-3.2

-3.1

-3.6

-5.0

-2.8

 

        Sale/Issuance of Common

-

-

0.0

0.0

0.0

 

        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

19.3

0.3

0.0

-

0.0

 

        Long Term Debt Issued

34.6

16.3

0.0

15.6

6.6

 

        Long Term Debt Reduction

-49.2

-37.2

-29.8

-29.8

-22.4

 

    Long Term Debt, Net

-14.6

-20.8

-29.8

-14.2

-15.8

 

Issuance (Retirement) of Debt, Net

4.7

-20.5

-29.8

-14.2

-15.8

 

Cash from Financing Activities

1.5

-23.6

-33.4

-19.1

-18.6

 

 

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

-0.9

-0.1

-0.2

-1.0

 

Net Change in Cash

-39.9

15.7

1.0

21.5

5.6

 

 

 

 

 

 

 

 

Net Cash - Beginning Balance

80.3

58.3

52.7

27.2

18.3

 

Net Cash - Ending Balance

40.4

74.0

53.7

48.8

23.9

 

Cash Interest Paid

1.9

2.0

2.5

2.8

2.8

 

Cash Taxes Paid

15.5

5.5

23.5

17.3

7.3

 

 

 

Interim Cash Flows Standardized

 

 

31-Mar-2012

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Sep-2010

Period Length

12 Months

6 Months

12 Months

9 Months

6 Months

 

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
30-Sep-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)

78.961215

79.672811

85.691434

86.812446

88.962162

 

 

 

 

 

 

 

 

Net Income/Starting Line

12.5

9.0

30.3

32.6

22.8

 

    Depreciation

39.0

19.4

34.8

25.4

16.4

 

Depreciation/Depletion

39.0

19.4

34.8

25.4

16.4

 

    Unusual Items

12.0

2.9

-1.1

-2.1

-2.1

 

    Other Non-Cash Items

-4.8

-6.6

1.2

1.7

0.4

 

Non-Cash Items

7.2

-3.6

0.1

-0.5

-1.7

 

    Accounts Receivable

-20.6

-20.0

7.9

-3.9

-1.5

 

    Inventories

-0.4

2.0

-1.6

0.1

0.8

 

    Prepaid Expenses

-0.1

-

-0.5

-

-

 

    Accounts Payable

2.7

7.2

1.3

2.5

3.7

 

    Accrued Expenses

-0.1

-0.4

0.0

-1.1

-0.3

 

    Taxes Payable

0.4

-

-0.7

-

-

 

    Other Liabilities

0.5

-

-0.9

-

-

 

    Other Operating Cash Flow

-16.2

-7.6

-6.6

-5.3

0.0

 

Changes in Working Capital

-33.8

-18.8

-1.0

-7.7

2.7

 

Cash from Operating Activities

24.9

6.0

64.2

49.9

40.2

 

 

 

 

 

 

 

 

    Purchase of Fixed Assets

-97.4

-37.4

-29.4

-28.9

-11.9

 

    Purchase/Acquisition of Intangibles

-0.1

-

-0.5

-

-

 

Capital Expenditures

-97.5

-37.4

-29.9

-28.9

-11.9

 

    Sale of Fixed Assets

31.1

0.4

5.7

5.4

5.3

 

    Purchase of Investments

0.0

-

0.0

-

-

 

    Other Investing Cash Flow

0.3

0.2

0.2

-0.3

-0.3

 

Other Investing Cash Flow Items, Total

31.4

0.5

5.9

5.0

5.0

 

Cash from Investing Activities

-66.1

-36.9

-24.0

-23.9

-7.0

 

 

 

 

 

 

 

 

    Cash Dividends Paid - Common

-3.2

-1.8

-3.1

-3.1

-1.3

 

Total Cash Dividends Paid

-3.2

-1.8

-3.1

-3.1

-1.3

 

        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

19.3

-0.3

0.3

0.3

0.3

 

        Long Term Debt Issued

34.6

17.6

16.3

16.1

0.0

 

        Long Term Debt Reduction

-49.2

-16.7

-37.2

-29.1

-18.4

 

    Long Term Debt, Net

-14.6

0.9

-20.8

-13.0

-18.4

 

Issuance (Retirement) of Debt, Net

4.7

0.5

-20.5

-12.7

-18.1

 

Cash from Financing Activities

1.5

-1.3

-23.6

-15.7

-19.5

 

 

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

-0.3

-0.9

-0.9

-0.7

 

Net Change in Cash

-39.9

-32.5

15.7

9.4

13.0

 

 

 

 

 

 

 

 

Net Cash - Beginning Balance

80.3

79.6

58.3

57.5

56.1

 

Net Cash - Ending Balance

40.4

47.0

74.0

66.9

69.1

 

Cash Interest Paid

1.9

0.9

2.0

1.6

1.1

 

Cash Taxes Paid

15.5

8.2

5.5

5.3

-0.2

 

 

 

Annual Income Statement As Reported

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

 

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

 

Filed Currency

JPY

JPY

JPY

JPY

JPY

 

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

 

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

 

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

 

 

    Net sales

526.5

454.0

394.3

478.3

400.9

 

Total Revenue

526.5

454.0

394.3

478.3

400.9

 

 

 

 

 

 

 

 

    Cost of Revenues

459.0

380.9

337.5

387.7

335.9

 

    Directors' Bonuses

-

3.8

3.8

3.5

3.1

 

    Salaries

-

17.4

15.8

14.7

12.3

 

    Director Retirement Benefits

-

1.5

1.5

1.4

1.2

 

    Accrued Retirement Expenses

-

0.8

0.8

0.7

0.6

 

    Allowance for Bonuses

-

1.4

1.3

1.2

1.1

 

    Provision for directors' bonuses

-

0.5

0.5

0.6

0.5

 

    Other SGA

-

16.4

14.5

14.6

12.6

 

    Selling,Gen.&Admin.

45.8

-

-

-

-

 

    SP G. Liquid. of Rev. for Special Repair

-

-

-

0.0

-0.3

 

    SP L. Reserve for Special Repair

-

-

-

-

0.0

 

    SP Loss Val. Inv. Sec

0.6

0.0

0.0

0.3

0.2

 

    SP Impairment loss

11.2

0.5

0.0

-

-

 

    SP Loss Val. Membership

0.2

0.2

0.0

-

-

 

    SP Loss on disaster

0.0

0.2

0.0

-

-

 

    SP Reversal G on allow.doubt.accounts

-4.5

0.0

0.0

-0.1

-0.2

 

    SP, Allow.Doubt.Acct.

-

-

0.0

3.5

0.0

 

Total Operating Expense

512.4

423.5

375.6

428.1

366.9

 

 

 

 

 

 

 

 

    NOP Interest Income

0.2

0.4

0.4

0.5

0.2

 

    NOP Divid. Income

0.2

0.2

0.2

0.3

0.3

 

    NOP Exchange Gain

-

0.0

0.0

0.0

0.0

 

    NOP Gain Sale Fix. Asset

-

-

-

-

0.0

 

    NOP Insurance benefits

0.1

0.2

0.7

0.0

0.0

 

    NOP Subsidy income

-

0.2

0.0

-

-

 

    NOP Other Income

0.2

0.2

0.1

0.2

0.2

 

    NOP Interest Expenses

-1.9

-2.0

-2.4

-2.7

-2.7

 

    NOP Exchange Loss

-0.2

-1.0

0.0

-1.3

-0.9

 

    NOP Other Expenses

-0.1

-0.1

0.0

-0.2

0.0

 

    SP G on Sale of Inv't Secs.

-

-

-

-

0.0

 

    SP Gain Sale Ship

-

-

-

-

0.0

 

    SP Loss Sale Fixed Assets

0.0

-0.4

0.0

0.0

-0.1

 

    SP Gain Sale Fixed Assets

0.0

2.2

4.0

0.0

3.5

 

Net Income Before Taxes

12.5

30.3

21.6

47.0

34.3

 

 

 

 

 

 

 

 

Provision for Income Taxes

5.3

12.8

9.5

18.8

14.6

 

Net Income After Taxes

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

 

Net Income Before Extra. Items

7.2

17.5

12.1

28.2

19.7

 

Net Income

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

 

 

    Adjustment

0.0

0.0

-

0.0

0.0

 

Income Available to Com Excl ExtraOrd

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

7.2

17.5

12.1

28.2

19.7

 

 

 

 

 

 

 

 

Basic Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

 

Basic EPS Excluding ExtraOrdinary Items

0.24

0.60

0.41

0.96

0.67

 

Basic EPS Including ExtraOrdinary Item

0.24

0.60

0.41

0.96

0.67

 

Dilution Adjustment

0.0

0.0

0.0

0.0

-

 

Diluted Net Income

7.2

17.5

12.1

28.2

19.7

 

Diluted Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

 

Diluted EPS Excluding ExtraOrd Items

0.24

0.60

0.41

0.96

0.67

 

Diluted EPS Including ExtraOrd Items

0.24

0.60

0.41

0.96

0.67

 

DPS-Common Stock

0.09

0.12

0.07

0.18

0.12

 

Gross Dividends - Common Stock

2.6

3.4

2.0

5.3

3.6

 

Normalized Income Before Taxes

20.1

29.4

17.6

50.7

30.7

 

 

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

8.6

12.4

7.7

20.3

13.1

 

Normalized Income After Taxes

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.5

17.0

9.9

30.5

17.6

 

 

 

 

 

 

 

 

Basic Normalized EPS

0.39

0.58

0.34

1.04

0.60

 

Diluted Normalized EPS

0.39

0.58

0.34

1.04

0.60

 

Interest Expense

1.9

2.0

2.4

2.7

2.7

 

Depreciation

39.0

34.8

34.7

33.1

28.7

 

Reported Operating Profit

21.6

31.4

18.8

53.9

33.7

 

Reported Ordinary Profit

20.1

29.4

17.6

50.7

30.7

 

Service Cost

-

1.4

1.3

1.1

1.0

 

Interest Cost

-

0.4

0.4

0.4

0.3

 

Expected Return on Plan Assets

-

-0.3

-0.2

-0.2

-0.2

 

Actuarial Gains and Losses

-

0.2

0.3

0.2

0.1

 

Prior Service Cost - Domestic

-

0.0

0.0

-

-

 

Domestic Pension Plan Expense

-

1.8

1.8

1.4

1.2

 

Total Pension Expense

-

1.8

1.8

1.4

1.2

 

Discount Rate

-

-

-

-

2.00%

 

Expected Rate of Return

-

-

-

-

1.50%

 

 

 

Interim Income Statement As Reported

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

 

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

 

Filed Currency

JPY

JPY

JPY

JPY

JPY

 

Exchange Rate (Period Average)

79.208816

77.302742

77.752043

81.605269

82.241044

 

 

 

 

 

 

 

 

    Net Sales

126.8

134.4

139.9

125.8

108.9

 

Total Revenue

126.8

134.4

139.9

125.8

108.9

 

 

 

 

 

 

 

 

    Cost of Revenues

111.4

113.7

120.5

113.5

99.3

 

    Selling, general and administrative exp.

11.8

11.5

11.8

10.8

-

 

    Director Compensation

-

-

-

-

0.9

 

    Salaries

-

-

-

-

4.1

 

    Reserve Director Retirement Bonus

-

-

-

-

0.4

 

    Periodic Retirement Benefit

-

-

-

-

0.2

 

    Directors' Provision for Bonus

-

-

-

-

0.1

 

    Other SG&A Expenses

-

-

-

-

5.4

 

    SP Reversal G on allow.doubt.accounts

0.0

0.0

0.0

-4.3

-

 

    SP, Other Special Loss

8.1

1.0

3.0

-

1.3

 

Total Operating Expense

131.2

126.2

135.3

120.0

111.7

 

 

 

 

 

 

 

 

    NOP, Interest Income

0.0

0.0

0.0

0.1

0.1

 

    NOP, Dividend Income

0.0

0.1

0.1

0.1

0.0

 

    NOP, Exchange Gain

0.5

-

-

-

0.0

 

    NOP Insurance income

-

-

-

-

0.2

 

    NOP, Other Income

0.1

0.1

0.1

0.0

0.2

 

    NOP, Interest Expenses

-0.5

-0.5

-0.4

-0.5

-0.5

 

    NOP, Exchange Loss

-

-

-0.5

-0.2

-

 

    NOP, Other Expenses

-

-

-0.1

-0.1

-

 

    SP G on sale of fixed assets

0.0

0.0

0.0

0.0

-

 

    SP Loss Sale Fixed Assets

-

-

-

-

0.0

 

Net Income Before Taxes

-4.3

7.9

3.7

5.2

-2.8

 

 

 

 

 

 

 

 

Provision for Income Taxes

-1.7

3.7

2.1

1.4

-0.9

 

Net Income After Taxes

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

 

Net Income Before Extra. Items

-2.7

4.3

1.7

3.9

-1.9

 

Net Income

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

 

 

    Adjustment

0.0

0.0

0.0

0.0

0.0

 

Income Available to Com Excl ExtraOrd

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-2.7

4.3

1.7

3.9

-1.9

 

 

 

 

 

 

 

 

Basic Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

 

Basic EPS Excluding ExtraOrdinary Items

-0.09

0.15

0.06

0.13

-0.07

 

Basic EPS Including ExtraOrdinary Item

-0.09

0.15

0.06

0.13

-0.07

 

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

 

Diluted Net Income

-2.7

4.3

1.7

3.9

-1.9

 

Diluted Weighted Average Shares

29.4

29.4

29.4

29.4

29.4

 

Diluted EPS Excluding ExtraOrd Items

-0.09

0.15

0.06

0.13

-0.07

 

Diluted EPS Including ExtraOrd Items

-0.09

0.15

0.06

0.13

-0.07

 

DPS-Common Stock

0.04

0.00

0.05

0.00

0.06

 

Gross Dividends - Common Stock

1.3

0.0

1.3

0.0

1.8

 

Normalized Income Before Taxes

3.7

8.9

6.8

0.9

-1.5

 

 

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.2

4.1

3.7

0.2

-0.4

 

Normalized Income After Taxes

2.6

4.8

3.1

0.7

-1.1

 

 

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.6

4.8

3.1

0.7

-1.1

 

 

 

 

 

 

 

 

Basic Normalized EPS

0.09

0.16

0.10

0.02

-0.04

 

Diluted Normalized EPS

0.09

0.16

0.10

0.02

-0.04

 

Interest Expense

0.5

0.5

0.4

0.5

0.5

 

Depreciation

9.8

9.8

9.9

9.4

9.4

 

Reported Operating Profit

3.6

9.2

7.6

1.4

-1.5

 

Reported Ordinary Profit

3.7

8.9

6.8

0.9

-1.5

 

 

 

Annual Balance Sheet As Reported

 

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

82.88

93.44

98.77

99.535

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposits

12.2

9.4

7.8

7.1

10.3

    Note&Acct. Rcvbl

63.4

43.5

44.7

42.4

56.5

    Inventories - raw materials & supplies

11.1

10.6

8.0

5.0

9.6

    Inventories - Other

-

-

-

-

0.1

    Dfrd Tax Assets

0.6

1.8

0.9

1.8

1.7

    ST Loan

26.6

67.1

45.6

42.6

17.2

    Income taxes receivable

3.4

1.1

2.4

0.0

-

    Other Assets

11.2

11.9

10.3

9.5

10.3

    Doubtful Account

-0.1

-0.1

-0.1

-0.1

-0.1

Total Current Assets

128.5

145.3

119.6

108.2

105.6

 

 

 

 

 

 

    Ship

241.6

265.7

243.3

262.5

259.8

    Building&Struct.

5.8

6.1

5.7

5.8

6.0

    Land

12.8

13.0

12.6

11.9

11.8

    Construction IP

63.0

11.0

9.0

8.4

9.4

    Other, prop., plants, & equip., net

0.9

1.1

1.1

1.4

1.9

    Intangible

1.2

1.6

1.8

1.0

1.0

    Investment Secs.

7.2

8.2

8.1

6.2

9.4

    LT Investment sec.-affilicated company

-

0.1

-

-

-

    LT Loans

1.9

2.3

2.2

2.4

2.6

    Dfrd Tax Assets

0.7

0.5

0.3

0.4

0.3

    Security Deposit

2.3

2.2

2.0

2.3

2.3

    Other Assets

3.4

2.6

2.9

2.5

2.9

    Doubtful Account

-0.3

-4.5

-4.2

-3.9

-0.5

    Adjustment

-

0.0

-

0.0

-

Total Assets

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

    Acct.& Notes Pay

38.7

36.3

31.8

26.4

39.3

    ST Borrowings

50.1

0.9

0.5

0.5

30.3

    Current LT Debt

-

30.8

33.2

28.3

-

    Income Taxes Pay

0.2

9.6

1.9

12.9

11.2

    Accrued Expenses

-

-

0.0

-

-

    Deferred Tax

-

-

-

-

0.0

    Allowance-Bonus

2.1

2.1

1.9

1.9

1.9

    Allowance-Dir's Bonus

0.5

0.5

0.5

0.6

0.5

    Provision for loss on disaster

0.0

0.1

0.0

-

-

    Other Curr.Liab.

22.8

12.9

11.2

10.0

11.6

Total Current Liabilities

114.4

93.2

81.1

80.7

94.9

 

 

 

 

 

 

    LT Borrowings

84.0

96.3

98.6

124.4

136.0

Total Long Term Debt

84.0

96.3

98.6

124.4

136.0

 

 

 

 

 

 

    Dfrd. Tax Liabs.

4.2

3.4

3.8

4.7

5.3

    Revaluation of Deferred Taxes

0.9

1.1

1.0

0.9

0.9

    Accrd. Retire.

1.5

1.2

1.6

1.7

2.3

    Retire./Director

5.2

7.2

6.6

6.3

6.1

    SP Maint. Allow.

5.8

4.9

4.9

3.3

2.9

    Other LT liabilities

0.0

0.1

0.1

0.1

0.1

    Minority Int.

-

-

-

-

0.0

Total Liabilities

216.0

207.5

197.6

222.2

248.6

 

 

 

 

 

 

    Common Stock

28.8

28.6

25.3

24.0

23.8

    Paid in Capital

15.2

15.1

13.4

12.6

12.5

    Retained Earning

215.9

210.8

174.4

157.0

132.3

    Reval. Excess

-7.1

-7.2

-7.1

-6.7

-6.7

    Unrealized Gain

0.7

1.0

1.3

0.4

2.2

    Dfrd. Hedge G/L

0.0

-0.1

-0.2

-0.1

0.0

    Translat. Adjust

-0.1

-0.1

-0.1

-0.1

0.1

    TreasuryStock

-0.3

-0.3

-0.3

-0.3

-0.3

Total Equity

252.8

247.6

206.8

186.8

163.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

468.9

455.1

404.4

409.0

412.5

 

 

 

 

 

 

    S/O-Common Stock

29.4

29.4

29.4

29.4

29.4

Total Common Shares Outstanding

29.4

29.4

29.4

29.4

29.4

T/S-Common Stock

0.2

0.2

0.2

0.2

0.2

Full-Time Employees

-

393

392

392

352

Number of Common Shareholders

-

2,197

2,192

2,084

1,867

LT Debt, mat. by 1 yr.

-

30.8

33.2

28.3

29.8

LT Debt, mat. by 2 yr.

-

28.9

24.1

29.3

25.8

LT Debt, mat. by 3 yr.

-

27.9

22.4

23.6

26.8

LT Debt, mat. by 4 yr.

-

18.6

21.5

22.6

21.1

LT Debt, mat. by 5 yr.

-

12.6

16.8

20.4

20.1

LT Debt, mat. over 5 yr.

-

8.2

13.8

28.6

42.1

Total Long Term Debt, Supplemental

-

127.1

131.8

152.7

165.9

Pension Obligation

-

21.6

19.0

18.2

18.8

Fair Value of Plan Assets

-

18.9

16.3

14.1

15.5

Funded Status

-

-2.8

-2.7

-4.1

-3.3

Total Funded Status

-

-2.8

-2.7

-4.1

-3.3

Discount Rate

-

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

-

1.50%

1.50%

1.50%

1.50%

Unrecognized Actuarial Gains and Losses

-

1.6

1.4

2.7

1.1

Unrecognized Prior Service Cost

-

0.0

0.0

-

-

Reserve for Accrued Retirement Benefits

-

-1.2

-1.6

-1.7

-2.3

Prepaid Pension Benefits

-

0.0

0.3

0.3

0.0

Net Assets Recognized on Balance Sheet

-

0.4

0.1

1.4

-1.2

 

 

Interim Balance Sheet As Reported

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

76.94

77.08

80.76

82.88

 

 

 

 

 

 

    Cash & Deposits

12.2

14.3

13.4

12.3

9.4

    Note&Acct. Rcvbl

63.4

68.2

67.3

61.1

43.5

    ST Loans

26.6

17.9

35.2

34.5

67.1

    Raw materials and supplies

11.1

9.7

9.5

10.5

10.6

    Other current assets

15.3

16.5

16.3

17.2

14.8

    Allowance for doubtful accounts

-0.1

-0.2

-0.2

-0.1

-0.1

Total Current Assets

128.5

126.5

141.6

135.3

145.3

 

 

 

 

 

 

    Ship

241.6

294.5

290.1

288.3

265.7

    Land

12.8

13.7

13.6

13.0

13.0

    Constr.-In-Progr.

63.0

49.5

24.1

17.0

11.0

    Other, prop., plants, & equip., net

6.7

7.4

7.6

7.4

7.2

    Intangible assets

1.2

1.4

1.5

1.5

1.6

    Investment & Other Assets

15.4

15.2

15.7

15.1

15.8

    Doubtful Account

-0.3

-0.3

-0.3

-

-4.5

    Adjustment

-

-

-

-

0.0

Total Assets

468.9

507.9

493.9

477.7

455.1

 

 

 

 

 

 

    Acct.& Notes Pay

38.7

43.5

46.7

44.1

36.3

    ST Borrowings

50.1

42.8

34.3

33.4

0.9

    Current LT Debt

-

-

-

-

30.8

    Income Taxes Pay

0.2

0.2

2.4

0.2

9.6

    Allowance-Bonus

2.1

1.4

2.3

1.2

2.1

    Directors' Allowance for Bonuses

0.5

0.4

0.3

0.1

0.5

    Provision for loss on disaster

0.0

0.0

0.0

0.1

-

    Other Liab.

22.8

17.4

17.0

19.2

12.9

Total Current Liabilities

114.4

105.7

103.0

98.3

93.2

 

 

 

 

 

 

    LT Borrowings

84.0

111.2

103.9

106.7

96.3

Total Long Term Debt

84.0

111.2

103.9

106.7

96.3

 

 

 

 

 

 

    Allow-Retire.Bnf

1.5

1.5

1.5

1.3

1.2

    Deferred Tax Liabilities

-

-

-

-

4.5

    Retire./Director

5.2

5.2

4.8

4.5

7.2

    Reserve for special repair

5.8

5.7

5.4

4.8

4.9

    Other Liab.

5.1

5.6

5.6

6.5

0.1

Total Liabilities

216.0

234.9

224.3

222.0

207.5

 

 

 

 

 

 

    Common Stock

28.8

30.8

30.7

29.3

28.6

    Paid in Capital

15.2

16.2

16.2

15.5

15.1

    Retained earnings

215.9

233.9

230.5

218.4

210.8

    Treasury Stock

-0.3

-0.4

-0.4

-0.3

-0.3

    Unrealized Gain

0.7

0.2

0.5

0.4

1.0

    Dfrd. Hedge G/L

0.0

0.0

-0.1

-0.1

-0.1

    Reserve by valuation of land

-7.1

-7.7

-7.8

-7.4

-7.2

    Translat. Adjust

-0.1

-0.1

-0.1

-0.1

-0.1

Total Equity

252.8

272.9

269.7

255.7

247.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

468.9

507.9

493.9

477.7

455.1

 

 

 

 

 

 

    S/O-Common Stock

29.4

29.4

29.4

29.4

29.4

Total Common Shares Outstanding

29.4

29.4

29.4

29.4

29.4

T/S-Common Stock

0.2

0.2

0.2

0.2

0.2

Full-Time Employees

-

-

-

-

393

 

 

Annual Cash Flows As Reported

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

78.961215

85.691434

92.941082

100.484331

114.302336

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income Bef. Tax

12.5

30.3

21.6

47.0

34.3

    Depreciation

39.0

34.8

34.7

33.1

28.7

    Impairment loss

11.2

0.5

0.0

-

-

    Sale Gain Inv. Secs.

-

-

-

-

0.0

    Val. Loss Inv. Secs.

0.6

0.0

0.0

0.3

0.2

    Val. Loss/Membership

0.2

0.2

0.0

-

-

    Loss Sale Fixed Assets

-

-

-

0.0

0.1

    Doubtful Account

-4.5

0.0

0.1

3.4

-0.2

    Allowance-Bonus

0.0

0.0

-0.1

0.0

-0.1

    Provision for Loss on disaster

0.0

0.1

0.0

-

-

    Allowance-Dir's Bonus

-

0.0

-0.2

0.1

0.1

    Accrued Retirement

-0.9

-0.3

-0.1

-0.9

-1.0

    Directors' Benefit

-2.1

-0.2

-0.1

0.1

0.2

    SP Maint. Allow.

0.9

-0.6

1.3

0.4

-0.8

    Interest & Dividend

-0.4

-0.6

-0.6

-0.7

-0.4

    Interest Expense

1.9

2.0

2.4

2.7

2.7

    Exchange Gain

0.2

0.8

0.1

0.1

0.6

    Sales of Fixed/Gain

0.0

-1.8

-4.0

0.0

-3.5

    Accounts Receivable

-20.6

7.9

-0.6

14.8

-6.3

    Inventories

-0.4

-1.6

-2.8

4.7

-1.7

    Deferred & Prepaid Expenses

-0.1

-0.5

-0.6

1.5

-0.5

    Sales Tax Rcvbl.

-

-

-

0.0

2.8

    Accounts Payable

2.7

1.3

3.7

-13.8

0.2

    Customer Advances

0.5

-0.9

1.2

-1.0

0.3

    Other Payables

-

-

0.0

-0.5

-0.4

    Sales Tax Payable

0.4

-0.7

-0.5

0.5

0.8

    Dir. Bonus Paid

-

-

-

-

0.0

    Other

0.8

0.4

0.5

-0.7

0.9

    Int & Divd. Received

0.5

0.6

0.6

0.7

0.4

    Interest Paid

-1.9

-2.0

-2.5

-2.8

-2.8

    Income Tax Paid

-17.1

-7.9

-23.5

-18.8

-7.3

    Income Tax Refund

1.6

2.5

0.0

1.5

0.0

    Adjustment

-

0.0

-

-

-

Cash from Operating Activities

24.9

64.2

30.8

71.8

47.7

 

 

 

 

 

 

    Capital Expenditures

-97.4

-29.4

-1.3

-31.2

-27.3

    Sale of Fixed Assets

31.1

5.7

5.4

0.1

4.7

    Intangibles Bought

-0.1

-0.5

-1.1

-0.1

-0.6

    Purch.Invest.in Secs

0.0

0.0

0.0

0.0

0.0

    Sales of Inv. Secs.

-

-

-

0.0

0.0

    Deposit Returned

-

-

0.0

0.1

0.2

    Loans Extended

-

-

-

-

0.0

    Loans Collected

0.3

0.2

0.3

0.3

0.3

    Gurant.Deposit Made

-

0.0

-0.1

-0.1

0.0

    Guran.Deposit Collected

-

0.0

0.6

0.1

0.0

    Other

0.0

0.0

-0.2

0.0

0.2

Cash from Investing Activities

-66.1

-24.0

3.7

-30.9

-22.5

 

 

 

 

 

 

    ST Debt, Net

19.3

0.3

0.0

-

0.0

    Proc. LT Debt

34.6

16.3

0.0

15.6

6.6

    Repay. LT Debt

-49.2

-37.2

-29.8

-29.8

-22.4

    Divid. Paid

-3.2

-3.1

-3.6

-5.0

-2.8

    Disposal of Treasury Stock

-

-

0.0

0.0

0.0

    Purch. TreasuryStock

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

1.5

-23.6

-33.4

-19.1

-18.6

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

-0.9

-0.1

-0.2

-1.0

Net Change in Cash

-39.9

15.7

1.0

21.5

5.6

 

 

 

 

 

 

Net Cash - Beginning Balance

80.3

58.3

52.7

27.2

18.3

Net Cash - Ending Balance

40.4

74.0

53.7

48.8

23.9

    Cash Interest Paid

1.9

2.0

2.5

2.8

2.8

    Cash Taxes Paid

15.5

5.5

23.5

17.3

7.3

 

 

 

Interim Cash Flows As Reported

 

 

31-Mar-2012

30-Sep-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

12 Months

6 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
30-Sep-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)

78.961215

79.672811

85.691434

86.812446

88.962162

 

 

 

 

 

 

Net Income Bef. Tax

12.5

9.0

30.3

32.6

22.8

    Depreciation

39.0

19.4

34.8

25.4

16.4

    Impairment loss

11.2

2.3

0.5

-

0.0

    Val. Loss Inv. Secs.

0.6

-

0.0

-

-

    L/G on val. of LT inv't & mkbl. secs.

-

0.6

-

-

0.0

    Val. Loss/Membership

0.2

-

0.2

-

-

    Doubtful Account

-4.5

-4.4

0.0

0.0

0.0

    Allowance-Bonus

0.0

0.0

0.0

-0.9

0.0

    Provision for Loss on disaster

0.0

0.0

0.1

-

0.0

    Directors' Allowance for Bonuses

-

-0.3

0.0

-0.1

-0.2

    Accrued Retirement

-0.9

-0.4

-0.3

0.0

-0.1

    Directors' Benefit

-2.1

-2.8

-0.2

-0.5

-0.9

    SP Maint. Allow.

0.9

0.1

-0.6

0.4

-0.1

    Interest & Dividend

-0.4

-0.3

-0.6

-0.5

-0.3

    Interest Expense

1.9

0.9

2.0

1.5

1.0

    Exchange Gain/Loss

0.2

0.3

0.8

0.8

0.7

    Sales of Fixed/Gain

0.0

0.0

-1.8

-2.1

-2.1

    Accounts Receivable

-20.6

-20.0

7.9

-3.9

-1.5

    Inventories

-0.4

2.0

-1.6

0.1

0.8

    Deferred & Prepaid Expenses

-0.1

-

-0.5

-

-

    Accounts Payable

2.7

7.2

1.3

2.5

3.7

    Customer Advance

0.5

-

-0.9

-

-

    Sale Tax Payable

0.4

-

-0.7

-

-

    Other

0.8

1.3

0.4

1.2

0.5

    Int & Divd. Received

0.5

0.3

0.6

0.5

0.3

    Interest Paid

-1.9

-0.9

-2.0

-1.6

-1.1

    Income Tax Paid

-17.1

-9.8

-7.9

-7.8

-2.2

    Income Tax Refund

1.6

1.6

2.5

2.4

2.4

    Adjustment

-

-

0.0

-

-

Cash from Operating Activities

24.9

6.0

64.2

49.9

40.2

 

 

 

 

 

 

    Capital Expenditures

-97.4

-37.4

-29.4

-28.9

-11.9

    Sale of Fixed Assets

31.1

0.4

5.7

5.4

5.3

    Intangibles Bought

-0.1

-

-0.5

-

-

    Purch.Invest.in Secs

0.0

-

0.0

-

-

    Loans Collected

0.3

-

0.2

-

-

    Gurant.Deposit Made

-

-

0.0

-

-

    Guran.Deposit Collected

-

-

0.0

-

-

    Other

0.0

0.2

0.0

-0.3

-0.3

Cash from Investing Activities

-66.1

-36.9

-24.0

-23.9

-7.0

 

 

 

 

 

 

    ST Borrowings

19.3

-0.3

0.3

0.3

0.3

    Proc. LT Debt

34.6

17.6

16.3

16.1

0.0

    Repay. LT Debt

-49.2

-16.7

-37.2

-29.1

-18.4

    Divid. Paid

-3.2

-1.8

-3.1

-3.1

-1.3

    Purch.Treas.Stock

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

1.5

-1.3

-23.6

-15.7

-19.5

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

-0.3

-0.9

-0.9

-0.7

Net Change in Cash

-39.9

-32.5

15.7

9.4

13.0

 

 

 

 

 

 

Net Cash - Beginning Balance

80.3

79.6

58.3

57.5

56.1

Net Cash - Ending Balance

40.4

47.0

74.0

66.9

69.1

    Cash Interest Paid

1.9

0.9

2.0

1.6

1.1

    Cash Taxes Paid

15.5

8.2

5.5

5.3

-0.2

 

 

Geographic Segments

 

External Revenue   USD (mil)

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

394.2

100 %

478.2

100 %

400.9

100 %

335.6

100 %

Central America

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Southeast Asia

0.1

0 %

0.1

0 %

0.1

0 %

0.1

0 %

Segment Total

394.3

100 %

478.3

100 %

400.9

100 %

335.7

100 %

Eliminations/Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

394.3

100 %

478.3

100 %

400.9

100 %

335.7

100 %

Exchange Rate: JPY to USD

92.941082

 

100.484331

 

114.302336

 

116.944303

 

Intersegment Revenue   USD (mil)

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

13.7

36 %

10.2

32.9 %

8.9

33.8 %

6.6

31.3 %

Central America

24.3

63.7 %

20.9

66.9 %

17.3

65.8 %

14.5

68.2 %

Southeast Asia

0.1

0.2 %

0.1

0.3 %

0.1

0.4 %

0.1

0.5 %

Segment Total

38.1

100 %

31.2

100 %

26.3

100 %

21.2

100 %

Eliminations/Corporate

-38.1

-100 %

-31.2

-100 %

-26.3

-100 %

-21.2

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: JPY to USD

92.941082

 

100.484331

 

114.302336

 

116.944303

 

 

Total Revenue   USD (mil)

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

408.0

94.4 %

488.5

95.9 %

409.7

95.9 %

342.2

95.9 %

Central America

24.3

5.6 %

20.9

4.1 %

17.3

4 %

14.5

4.1 %

Southeast Asia

0.2

0 %

0.2

0 %

0.2

0 %

0.2

0 %

Segment Total

432.4

100 %

509.5

100 %

427.2

100 %

356.9

100 %

Eliminations/Corporate

-38.1

-8.8 %

-31.2

-6.1 %

-26.3

-6.1 %

-21.2

-5.9 %

Consolidated Total

394.3

91.2 %

478.3

93.9 %

400.9

93.9 %

335.7

94.1 %

Exchange Rate: JPY to USD

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

Japan

389.6

94.2 %

435.6

95.6 %

377.0

95.8 %

317.6

95.9 %

Central America

23.9

5.8 %

19.9

4.4 %

16.2

4.1 %

13.6

4.1 %

Southeast Asia

0.2

0 %

0.2

0 %

0.1

0 %

0.1

0 %

Segment Total

413.6

100 %

455.6

100 %

393.4

100 %

331.3

100 %

Eliminations/Corporate

-38.1

-9.2 %

-31.2

-6.8 %

-26.3

-6.7 %

-21.2

-6.4 %

Consolidated Total

375.6

90.8 %

424.4

93.2 %

367.2

93.3 %

310.1

93.6 %

Exchange Rate: JPY to USD

92.941082

 

100.484331

 

114.302336

 

116.944303

 

 

Operating Income/Loss   USD (mil)

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

18.4

98.1 %

52.9

98.2 %

32.7

96.9 %

24.6

96.3 %

Central America

0.3

1.9 %

1.0

1.8 %

1.0

3 %

0.9

3.6 %

Southeast Asia

0.0

0 %

0.0

0 %

0.0

0.1 %

0.0

0.1 %

Segment Total

18.8

100 %

53.9

100 %

33.7

100 %

25.5

100 %

Eliminations/Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

18.8

100 %

53.9

100 %

33.7

100 %

25.5

100 %

Exchange Rate: JPY to USD

92.941082

 

100.484331

 

114.302336

 

116.944303

 

Operating Margin (%)  

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

4.5

-

10.8

-

8.0

-

7.2

-

Central America

1.4

-

4.7

-

5.9

-

6.3

-

Southeast Asia

3.8

-

4.8

-

20.4

-

21.1

-

Segment Total

4.3

-

10.6

-

7.9

-

7.2

-

Eliminations/Corporate

0.0

-

0.0

-

0.0

-

0.0

-

Consolidated Total

4.8

-

11.3

-

8.4

-

7.6

-

 

Total Assets   USD (mil)

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

317.6

77.2 %

313.2

75.6 %

336.6

80 %

276.0

78.3 %

Central America

93.1

22.6 %

100.5

24.3 %

83.6

19.9 %

76.1

21.6 %

Southeast Asia

0.6

0.1 %

0.5

0.1 %

0.7

0.2 %

0.6

0.2 %

Segment Total

411.3

100 %

414.2

100 %

420.9

100 %

352.6

100 %

Eliminations/Corporate

-6.9

-1.7 %

-5.3

-1.3 %

-8.4

-2 %

-8.0

-2.3 %

Consolidated Total

404.4

98.3 %

409.0

98.7 %

412.5

98 %

344.6

97.7 %

Exchange Rate: JPY to USD

93.440000

 

98.770000

 

99.535000

 

118.075000

 

Operating Return on Assets (%)  

 

31-Mar-10

31-Mar-09

31-Mar-08

31-Mar-07

Japan

5.8

-

17.2

-

11.2

-

8.8

-

Central America

0.4

-

1.0

-

1.4

-

1.2

-

Southeast Asia

1.1

-

1.5

-

6.5

-

6.0

-

Segment Total

4.5

-

13.2

-

9.2

-

7.2

-

Eliminations/Corporate

0.0

-

0.0

-

0.0

-

0.0

-

Consolidated Total

4.6

-

13.4

-

9.4

-

7.3

-

 

 

Geographic Segments

 

External Revenue   USD (mil)

 

31-Mar-10

31-Dec-09

30-Sep-09

30-Jun-09

31-Mar-09

Japan

207.4

100 %

297.5

100 %

187.4

100 %

84.2

100 %

224.0

100 %

Central&South America

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Southeast Asia

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

207.5

100 %

297.5

100 %

187.4

100 %

84.3

100 %

224.0

100 %

Eliminations/Other

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

207.5

100 %

297.5

100 %

187.4

100 %

84.3

100 %

224.0

100 %

Exchange Rate: JPY to USD

90.324863

 

93.645436

 

95.546168

 

97.475000

 

94.889044

 

Intersegment Revenue   USD (mil)

 

31-Mar-10

31-Dec-09

30-Sep-09

30-Jun-09

31-Mar-09

Japan

7.1

35.7 %

10.3

36.3 %

6.6

36.4 %

3.5

39 %

5.7

32.3 %

Central&South America

12.8

64 %

18.1

63.5 %

11.5

63.4 %

5.5

60.8 %

11.9

67.5 %

Southeast Asia

0.1

0.3 %

0.1

0.2 %

0.0

0.2 %

0.0

0.2 %

0.0

0.2 %

Segment Total

20.0

100 %

28.5

100 %

18.1

100 %

9.1

100 %

17.7

100 %

Eliminations/Other

-20.0

-100 %

-28.5

-100 %

-18.1

-100 %

-9.1

-100 %

-17.7

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: JPY to USD

90.324863

 

93.645436

 

95.546168

 

97.475000

 

94.889044

 

 

Total Revenue   USD (mil)

 

31-Mar-10

31-Dec-09

30-Sep-09

30-Jun-09

31-Mar-09

Japan

214.6

94.3 %

307.8

94.4 %

194.0

94.4 %

87.8

94 %

229.7

95 %

Central&South America

12.8

5.6 %

18.1

5.6 %

11.5

5.6 %

5.5

5.9 %

11.9

4.9 %

Southeast Asia

0.1

0 %

0.1

0 %

0.1

0 %

0.0

0 %

0.1

0 %

Segment Total

227.5

100 %

326.0

100 %

205.6

100 %

93.4

100 %

241.7

100 %

Eliminations/Other

-20.0

-8.8 %

-28.5

-8.7 %

-18.1

-8.8 %

-9.1

-9.7 %

-17.7

-7.3 %

Consolidated Total

207.5

91.2 %

297.5

91.3 %

187.4

91.2 %

84.3

90.3 %

224.0

92.7 %

Exchange Rate: JPY to USD

90.324863

 

93.645436

 

95.546168

 

97.475000

 

94.889044

 

Operating Income/Loss   USD (mil)

 

31-Mar-10

31-Dec-09

30-Sep-09

30-Jun-09

31-Mar-09

Japan

10.3

98.1 %

17.0

97.8 %

8.2

98.1 %

-0.6

156.4 %

21.6

97.5 %

Central&South America

0.2

1.8 %

0.4

2.2 %

0.2

1.9 %

0.2

-55.3 %

0.5

2.5 %

Southeast Asia

0.0

0.1 %

0.0

0 %

0.0

0 %

0.0

-1.1 %

0.0

0 %

Segment Total

10.5

100 %

17.4

100 %

8.3

100 %

-0.4

100 %

22.1

100 %

Eliminations/Other

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

10.5

100 %

17.4

100 %

8.3

100 %

-0.4

100 %

22.1

100 %

Exchange Rate: JPY to USD

90.324863

 

93.645436

 

95.546168

 

97.475000

 

94.889044

 

 

Operating Margin (%)  

 

31-Mar-10

31-Dec-09

30-Sep-09

30-Jun-09

31-Mar-09

Japan

4.8

-

5.5

-

4.2

-

-0.7

-

9.4

-

Central&South America

1.5

-

2.1

-

1.4

-

4.1

-

4.5

-

Southeast Asia

7.7

-

4.6

-

-0.9

-

11.7

-

13.7

-

Segment Total

4.6

-

5.3

-

4.0

-

-0.4

-

9.2

-

Eliminations/Other

0.0

-

0.0

-

0.0

-

0.0

-

0.0

-

Consolidated Total

5.1

-

5.9

-

4.4

-

-0.5

-

9.9

-

 

 

Business Segments

 

External Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

Near Sea

168.2

37 %

135.0

34.2 %

Inland Shipping

284.9

62.7 %

258.4

65.5 %

Other

0.9

0.2 %

0.9

0.2 %

Segment Total

454.0

100 %

394.3

100 %

Eliminations

0.0

0 %

0.0

0 %

Consolidated Total

454.0

100 %

394.3

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

Near Sea

168.2

37 %

135.0

34.2 %

Inland Shipping

284.9

62.7 %

258.4

65.5 %

Other

0.9

0.2 %

0.9

0.2 %

Segment Total

454.0

100 %

394.3

100 %

Eliminations

0.0

0 %

0.0

0 %

Consolidated Total

454.0

100 %

394.3

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

 

Depreciation   USD (mil)

 

31-Mar-11

31-Mar-10

Near Sea

10.2

29.4 %

9.8

28.4 %

Inland Shipping

24.3

69.9 %

24.6

70.9 %

Other

0.3

0.7 %

0.2

0.7 %

Segment Total

34.8

100 %

34.7

100 %

Eliminations

0.0

0 %

0.0

0 %

Consolidated Total

34.8

100 %

34.7

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

Operating Income/Loss   USD (mil)

 

31-Mar-11

31-Mar-10

Near Sea

8.5

27.1 %

0.0

-0.1 %

Inland Shipping

22.3

71.2 %

18.3

97.5 %

Other

0.5

1.8 %

0.5

2.7 %

Segment Total

31.4

100 %

18.8

100 %

Eliminations

0.0

0 %

0.0

0 %

Consolidated Total

31.4

100 %

18.8

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

 

Operating Margin (%)  

 

31-Mar-11

31-Mar-10

Near Sea

5.1

-

0.0

-

Inland Shipping

7.8

-

7.1

-

Other

57.9

-

55.9

-

Segment Total

6.9

-

4.8

-

Consolidated Total

6.9

-

4.8

-

Total Assets   USD (mil)

 

31-Mar-11

31-Mar-10

Near Sea

132.8

34.4 %

108.2

30.1 %

Inland Shipping

243.3

63.1 %

242.5

67.5 %

Other

9.5

2.5 %

8.7

2.4 %

Segment Total

385.7

100 %

359.4

100 %

Eliminations

69.4

18 %

45.0

12.5 %

Consolidated Total

455.1

118 %

404.4

112.5 %

Exchange Rate: JPY to USD

82.880000

 

93.440000

 

 

Operating Return on Assets (%)  

 

31-Mar-11

31-Mar-10

Near Sea

6.6

-

0.0

-

Inland Shipping

9.5

-

7.5

-

Other

5.9

-

5.7

-

Segment Total

8.4

-

5.2

-

Eliminations

0.0

-

0.0

-

Consolidated Total

7.1

-

4.6

-

Purchase of Fixed Assets   USD (mil)

 

31-Mar-11

31-Mar-10

Near Sea

22.2

74.6 %

0.2

12.3 %

Inland Shipping

7.5

25.4 %

1.7

87.7 %

Other

0.0

0 %

0.0

0 %

Segment Total

29.7

100 %

1.9

100 %

Eliminations

0.0

0 %

0.0

0 %

Consolidated Total

29.7

100 %

1.9

100 %

Exchange Rate: JPY to USD

85.691434

 

92.941082

 

 

 

Business Segments

 

External Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Near sea

44.6

33.2 %

52.9

37.8 %

49.0

38.9 %

44.4

40.7 %

44.6

36.3 %

Inland Shipping

89.6

66.7 %

86.7

62 %

76.6

60.9 %

64.3

59 %

78.1

63.5 %

Other

0.2

0.2 %

0.3

0.2 %

0.2

0.2 %

0.2

0.2 %

0.2

0.2 %

Segment Total

134.4

100 %

139.9

100 %

125.8

100 %

108.9

100 %

122.9

100 %

Consolidated Total

134.4

100 %

139.9

100 %

125.8

100 %

108.9

100 %

122.9

100 %

Exchange Rate: JPY to USD

77.302742

 

77.752043

 

81.605269

 

82.241044

 

82.567473

 

Total Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Near sea

44.6

33.2 %

52.9

37.8 %

49.0

38.9 %

44.4

40.7 %

44.6

36.3 %

Inland Shipping

89.6

66.7 %

86.7

62 %

76.6

60.9 %

64.3

59 %

78.1

63.5 %

Other

0.2

0.2 %

0.3

0.2 %

0.2

0.2 %

0.2

0.2 %

0.2

0.2 %

Segment Total

134.4

100 %

139.9

100 %

125.8

100 %

108.9

100 %

122.9

100 %

Consolidated Total

134.4

100 %

139.9

100 %

125.8

100 %

108.9

100 %

122.9

100 %

Exchange Rate: JPY to USD

77.302742

 

77.752043

 

81.605269

 

82.241044

 

82.567473

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Near sea

-3.1

-33.7 %

-0.7

-8.6 %

0.3

21.2 %

-0.5

35.5 %

1.2

12.1 %

Inland Shipping

12.1

131.8 %

8.1

106.8 %

1.0

69 %

-1.0

65.5 %

8.8

85.9 %

Other

0.2

1.9 %

0.1

1.8 %

0.1

9.8 %

0.0

-1 %

0.2

1.9 %

Segment Total

9.2

100 %

7.6

100 %

1.5

100 %

-1.5

100 %

10.3

100 %

Consolidated Total

9.2

100 %

7.6

100 %

1.5

100 %

-1.5

100 %

10.3

100 %

Exchange Rate: JPY to USD

77.302742

 

77.752043

 

81.605269

 

82.241044

 

82.567473

 

Operating Margin (%)  

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Near sea

-6.9

-

-1.2

-

0.6

-

-1.2

-

2.8

-

Inland Shipping

13.5

-

9.4

-

1.3

-

-1.5

-

11.3

-

Other

69.0

-

53.7

-

59.0

-

6.3

-

82.7

-

Segment Total

6.8

-

5.4

-

1.2

-

-1.4

-

8.3

-

Consolidated Total

6.8

-

5.4

-

1.2

-

-1.4

-

8.3

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.02

UK Pound

1

Rs.86.89

Euro

1

Rs.67.84

 

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 SCs 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.