MIRA
INFORM REPORT
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Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
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Name : |
TOKYO KIHO CO., LTD. |
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Registered Office : |
Aurum Bldg., 1-26-2, Higashi-Ueno, Taito-ku, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
07.11.1960 |
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Legal Form : |
Public Independent Company |
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LINE OF BUSINESS : |
COMPANY ENGAGED IN THE MANUFACTURE AND |
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No. of Employees : |
90 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
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Source : CIA |
Company name & address
Tokyo Kiho Co., Ltd.
Aurum Bldg.
1-26-2, Higashi-Ueno, Taito-ku
Tokyo, 110-0015
Japan
Tel: 81-3-38346262
Fax: 81-3-38312987
Synthesis
Employees: 90
Company Type: Public
Independent
Traded: Osaka
Stock Exchange: 7597
Incorporation Date:
07-Nov-1960
Auditor: Yusei Audit Corporation
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 80.8
1
Net Income: 1.1
Total Assets: 93.4
2
Market Value: 15.2
(18-Sep-2012)
Business Description
Tokyo Kiho Co., Ltd. is a company engaged in the manufacture and sale of rings, necklaces, bracelets, earrings and accessories. The Company primarily provides fashion jewelries, diamond jewelries, color stone jewelries, pearl jewelries, designer jewelries, as well as import jewelries, among others. As of March 31, 2012, the Company had one subsidiary. For the three months ended 30 June 2012, Tokyo Kiho Co., Ltd. revenues decreased 3% to Y1.28B. Net income increased from Y12.3M to Y47.1M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income reflects NOP Other expense decrease of 50% to Y7.9M (expense), NOP Real estate rental income increase of 13% to Y42.4M (income).
Industry
Industry Jewelry and Silverware
ANZSIC 2006: 2591 - Jewellery
and Silverware Manufacturing
NACE 2002: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
NAICS 2002: 339911 - Jewelry
(except Costume) Manufacturing
UK SIC 2003: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
UK SIC 2007: 3212 - Manufacture
of jewellery and related articles
US SIC 1987: 3911 - Jewelry,
Precious Metal
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months
News
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Tokyo Kiho 1Q Grp Net Pft Y47.00M Vs
Y12.00M Pft Yr Earlier |
3-Aug-2012 |
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Tokyo Kiho FY Group Net Profit Y83.00M |
15-May-2012 |
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Tokyo Kiho Expects This FY Group Net
Profit Y78.00M |
15-May-2012 |
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Tokyo Kiho Ups FY Group Net Profit View To
Y83.00M |
15-May-2012 |
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Tokyo Kiho Ups FY Parent Pretax Profit
View To Y101.00M |
15-May-2012 |
Financial Summary
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Stock Snapshot
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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
Aurum Bldg.
1-26-2, Higashi-Ueno, Taito-ku
Tokyo, 110-0015
Japan
Tel: 81-3-38346262
Fax: 81-3-38312987
Web: www.tokyokiho.com
Quote Symbol - Exchange
7597 - Osaka Stock
Exchange
Sales JPY(mil): 6,376.6
Assets JPY(mil): 7,692.8
Employees: 90
Fiscal Year End: 31-Mar-2012
Industry: Jewelry
and Silverware
Incorporation Date: 07-Nov-1960
Company Type: Public
Independent
Quoted Status: Quoted
Managing Director: Yasuhiko
Masaki
Company Web Links
Company Contact/E-mail
Home Page
Contents
Industry Codes
Business Description
Financial Data
Market Data
Shareholders
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2591 - Jewellery and Silverware Manufacturing
NACE 2002 Codes:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
NAICS 2002 Codes:
339911 - Jewelry (except Costume) Manufacturing
US SIC 1987:
3911 - Jewelry, Precious Metal
UK SIC 2003:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
UK SIC 2007:
3212 - Manufacture of jewellery and related articles
Business
Description
Tokyo Kiho Co.,
Ltd. is a company engaged in the manufacture and sale of rings, necklaces,
bracelets, earrings and accessories. The Company primarily provides fashion
jewelries, diamond jewelries, color stone jewelries, pearl jewelries, designer
jewelries, as well as import jewelries, among others. As of March 31, 2012, the
Company had one subsidiary. For the three months ended 30 June 2012, Tokyo Kiho
Co., Ltd. revenues decreased 3% to Y1.28B. Net income increased from Y12.3M to
Y47.1M. Revenues reflect a decrease in demand for the Company's products and services
due to unfavorable market conditions. Net income reflects NOP Other expense
decrease of 50% to Y7.9M (expense), NOP Real estate rental income increase of
13% to Y42.4M (income).
More Business
Descriptions
Wholesale trade in jewellery, diamonds and other precious stones
Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers
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Executive report
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Board of
Directors |
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Chief Manager of 3rd Sales Unit, Director |
Director/Board Member |
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Deputy Chief Senior Director of Operation, Director |
Director/Board Member |
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Manager of Business Planning Office, Director |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Deputy Chief Senior Director of Operation, Director of Administration,
Director |
Director/Board Member |
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Reuters |
Chief Merchandiser of 2nd Product Unit, Director |
Director/Board Member |
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Reuters |
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Executives |
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Managing Director |
Chief Executive Officer |
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President, Representative Director |
President |
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Deputy Chief Senior Director of Operation, Director |
Operations Executive |
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Deputy Chief Senior Director of Operation, Director of Administration,
Director |
Operations Executive |
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Director-Administration |
Administration Executive |
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Auditor |
Finance Executive |
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Chief Manager of 3rd Sales Unit, Director |
Sales Executive |
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Manager of Business Planning Office, Director |
Planning Executive |
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Executive Officer, Chief Manager of Osaka Sales Office |
Other |
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Executive Officer, Chief Manager of 2nd Sales Unit |
Other |
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Significant Developments
Tokyo Kiho Co., Ltd. Announces Settlement of Lawsuit; Announces Extraordinary Loss for Q3 of FY 2012
Dec 07, 2011
Tokyo Kiho Co., Ltd. announced that it has reached a settlement on the lawsuit on the ownership of personal properties with KYOHO,Co. on December 6, 2011. As a result, the Company expects to record a JPY 39 million extraordinary loss on the settlement of the lawsuit, for the third quarter of the fiscal year ending March 2012.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
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Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
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Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
80.8 |
73.1 |
75.9 |
79.0 |
74.7 |
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Revenue |
80.8 |
73.1 |
75.9 |
79.0 |
74.7 |
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Total Revenue |
80.8 |
73.1 |
75.9 |
79.0 |
74.7 |
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Cost of Revenue |
62.6 |
57.8 |
67.5 |
60.0 |
57.0 |
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Cost of Revenue, Total |
62.6 |
57.8 |
67.5 |
60.0 |
57.0 |
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Gross Profit |
18.2 |
15.3 |
8.4 |
19.0 |
17.7 |
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Selling/General/Administrative Expense |
4.7 |
4.0 |
5.1 |
5.9 |
5.2 |
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Labor & Related Expense |
6.6 |
5.8 |
6.2 |
7.4 |
6.9 |
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Advertising Expense |
4.1 |
3.9 |
4.0 |
5.0 |
4.9 |
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Total Selling/General/Administrative Expenses |
15.4 |
13.7 |
15.4 |
18.3 |
17.0 |
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Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Depreciation/Amortization |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Litigation |
0.5 |
0.1 |
0.2 |
0.0 |
- |
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Impairment-Assets Held for Use |
0.0 |
0.2 |
0.0 |
0.1 |
0.0 |
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Impairment-Assets Held for Sale |
- |
0.0 |
0.0 |
0.0 |
0.2 |
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Other Unusual Expense (Income) |
0.0 |
0.0 |
-0.3 |
-0.2 |
0.4 |
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Unusual Expense (Income) |
0.5 |
0.3 |
0.0 |
-0.1 |
0.6 |
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Other, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Operating Expenses, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Operating Expense |
78.6 |
71.9 |
83.0 |
78.4 |
74.7 |
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Operating Income |
2.2 |
1.2 |
-7.1 |
0.7 |
-0.1 |
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Interest Expense -
Non-Operating |
-1.1 |
-1.1 |
-1.1 |
-1.2 |
-1.1 |
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Interest Expense, Net Non-Operating |
-1.1 |
-1.1 |
-1.1 |
-1.2 |
-1.1 |
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Interest Income -
Non-Operating |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
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Investment Income -
Non-Operating |
0.0 |
0.0 |
0.1 |
0.0 |
0.1 |
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Interest/Investment Income - Non-Operating |
0.0 |
0.1 |
0.1 |
0.1 |
0.2 |
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Interest Income (Expense) - Net Non-Operating Total |
-1.1 |
-1.1 |
-1.0 |
-1.0 |
-0.9 |
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Gain (Loss) on Sale of Assets |
- |
1.1 |
0.0 |
0.0 |
1.2 |
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Other Non-Operating Income (Expense) |
0.1 |
0.4 |
0.6 |
0.8 |
0.8 |
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Other, Net |
0.1 |
0.4 |
0.6 |
0.8 |
0.8 |
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Income Before Tax |
1.2 |
1.6 |
-7.5 |
0.4 |
1.0 |
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Total Income Tax |
0.1 |
0.1 |
1.6 |
0.0 |
0.8 |
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Income After Tax |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
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Net Income Before Extraord Items |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
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Net Income |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
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Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Income Available to Common Excl Extraord Items |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
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Income Available to Common Incl Extraord Items |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
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Basic/Primary Weighted Average Shares |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
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Basic EPS Excl Extraord Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
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Basic/Primary EPS Incl Extraord Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
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Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Diluted Net Income |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
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Diluted Weighted Average Shares |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
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Diluted EPS Excl Extraord Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
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Diluted EPS Incl Extraord Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
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Dividends per Share - Common Stock Primary Issue |
0.08 |
0.12 |
0.05 |
0.10 |
0.09 |
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Gross Dividends - Common Stock |
0.3 |
0.5 |
0.2 |
0.4 |
0.4 |
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Interest Expense, Supplemental |
1.1 |
1.1 |
1.1 |
1.2 |
1.1 |
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Depreciation, Supplemental |
0.1 |
0.5 |
0.5 |
0.5 |
0.5 |
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Total Special Items |
0.5 |
-0.8 |
0.0 |
-0.1 |
-0.6 |
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Normalized Income Before Tax |
1.7 |
0.7 |
-7.5 |
0.3 |
0.4 |
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
-0.2 |
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Inc Tax Ex Impact of Sp Items |
0.2 |
0.0 |
1.6 |
0.0 |
0.6 |
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Normalized Income After Tax |
1.5 |
0.7 |
-9.1 |
0.3 |
-0.1 |
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|
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Normalized Inc. Avail to Com. |
1.5 |
0.7 |
-9.1 |
0.3 |
-0.1 |
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Basic Normalized EPS |
0.34 |
0.16 |
-2.05 |
0.07 |
-0.03 |
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Diluted Normalized EPS |
0.34 |
0.16 |
-2.05 |
0.07 |
-0.03 |
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Advertising Expense, Supplemental |
4.1 |
3.9 |
4.0 |
5.0 |
4.9 |
|
Reported Operating Profit |
2.6 |
1.5 |
-7.1 |
0.6 |
0.5 |
|
Reported Ordinary Profit |
1.7 |
0.7 |
-7.5 |
0.3 |
0.4 |
|
Normalized EBIT |
2.7 |
1.5 |
-7.1 |
0.6 |
0.5 |
|
Normalized EBITDA |
2.8 |
2.0 |
-6.6 |
1.1 |
1.0 |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Income Tax - Total |
0.1 |
- |
- |
- |
- |
|
Service Cost - Domestic |
0.2 |
- |
- |
- |
- |
|
Transition Costs - Domestic |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Other Pension, Net - Domestic |
- |
- |
0.3 |
0.4 |
0.2 |
|
Domestic Pension Plan Expense |
0.3 |
- |
0.4 |
0.4 |
0.2 |
|
Total Pension Expense |
0.3 |
- |
0.4 |
0.4 |
0.2 |
|
Total Plan Service Cost |
0.2 |
- |
- |
- |
- |
|
Total Plan Other Expense |
- |
- |
0.3 |
0.4 |
0.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash & Equivalents |
12.3 |
9.1 |
7.6 |
5.1 |
4.0 |
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Cash and Short Term Investments |
12.3 |
9.1 |
7.6 |
5.1 |
4.0 |
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Accounts Receivable -
Trade, Gross |
22.6 |
12.7 |
13.6 |
12.1 |
11.6 |
|
Provision for Doubtful
Accounts |
-1.4 |
-1.6 |
-1.4 |
-0.6 |
-0.3 |
|
Trade Accounts Receivable - Net |
21.2 |
11.1 |
12.2 |
11.6 |
11.3 |
|
Notes Receivable - Short Term |
0.0 |
9.7 |
9.9 |
9.8 |
15.0 |
|
Other Receivables |
0.4 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Receivables, Net |
21.7 |
20.9 |
22.1 |
21.3 |
26.3 |
|
Inventories - Finished Goods |
32.8 |
31.4 |
31.0 |
42.7 |
43.7 |
|
Total Inventory |
32.8 |
31.4 |
31.0 |
42.7 |
43.7 |
|
Prepaid Expenses |
0.4 |
0.3 |
0.4 |
0.4 |
0.5 |
|
Deferred Income Tax - Current Asset |
- |
- |
0.0 |
0.4 |
0.7 |
|
Other Current Assets |
0.0 |
0.7 |
0.6 |
0.4 |
0.7 |
|
Other Current Assets, Total |
0.0 |
0.7 |
0.6 |
0.8 |
1.3 |
|
Total Current Assets |
67.2 |
62.5 |
61.6 |
70.3 |
75.8 |
|
|
|
|
|
|
|
|
Buildings |
1.9 |
1.8 |
1.6 |
1.5 |
1.5 |
|
Land/Improvements |
3.2 |
3.1 |
2.8 |
2.6 |
2.6 |
|
Machinery/Equipment |
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Construction in
Progress |
0.5 |
- |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
6.1 |
5.6 |
5.0 |
4.8 |
4.7 |
|
Accumulated Depreciation |
-0.9 |
-0.8 |
-0.7 |
-0.6 |
-0.5 |
|
Property/Plant/Equipment - Net |
5.2 |
4.8 |
4.3 |
4.2 |
4.2 |
|
Intangibles, Net |
0.0 |
0.1 |
0.2 |
0.3 |
0.3 |
|
LT Investment - Affiliate Companies |
- |
0.6 |
0.8 |
0.7 |
0.2 |
|
LT Investments - Other |
21.1 |
20.6 |
19.3 |
18.4 |
18.6 |
|
Long Term Investments |
21.1 |
21.2 |
20.0 |
19.1 |
18.8 |
|
Note Receivable - Long Term |
0.5 |
1.3 |
1.8 |
1.8 |
0.7 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
0.0 |
1.0 |
0.9 |
|
Other Long Term Assets |
-0.6 |
0.1 |
-0.6 |
-0.7 |
0.6 |
|
Other Long Term Assets, Total |
-0.6 |
0.1 |
-0.6 |
0.3 |
1.5 |
|
Total Assets |
93.4 |
89.9 |
87.3 |
96.0 |
101.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
5.2 |
4.0 |
3.4 |
3.2 |
3.6 |
|
Accrued Expenses |
0.5 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Notes Payable/Short Term Debt |
27.9 |
28.2 |
30.7 |
33.7 |
36.5 |
|
Current Portion - Long Term Debt/Capital Leases |
12.2 |
7.4 |
3.4 |
2.8 |
2.6 |
|
Customer Advances |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Security Deposits |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Income Taxes Payable |
0.1 |
0.1 |
0.0 |
0.2 |
0.0 |
|
Other Payables |
0.6 |
0.8 |
0.7 |
0.5 |
0.7 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
0.7 |
|
Other Current liabilities, Total |
1.1 |
1.2 |
1.0 |
1.0 |
1.8 |
|
Total Current Liabilities |
46.9 |
41.1 |
38.9 |
41.3 |
45.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
7.4 |
11.0 |
16.1 |
13.3 |
15.2 |
|
Total Long Term Debt |
7.4 |
11.0 |
16.1 |
13.3 |
15.2 |
|
Total Debt |
47.5 |
46.6 |
50.2 |
49.8 |
54.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.2 |
- |
- |
- |
- |
|
Deferred Income Tax |
0.2 |
- |
- |
- |
- |
|
Pension Benefits - Underfunded |
0.7 |
0.7 |
0.5 |
0.6 |
0.4 |
|
Other Long Term Liabilities |
1.5 |
1.5 |
1.3 |
3.1 |
3.3 |
|
Other Liabilities, Total |
2.2 |
2.2 |
1.8 |
3.7 |
3.7 |
|
Total Liabilities |
56.8 |
54.4 |
56.9 |
58.3 |
63.9 |
|
|
|
|
|
|
|
|
Common Stock |
7.7 |
7.7 |
6.8 |
6.4 |
6.4 |
|
Common Stock |
7.7 |
7.7 |
6.8 |
6.4 |
6.4 |
|
Additional Paid-In Capital |
6.1 |
6.1 |
5.4 |
5.1 |
5.1 |
|
Retained Earnings (Accumulated Deficit) |
23.0 |
22.2 |
18.5 |
26.5 |
26.3 |
|
Treasury Stock - Common |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Unrealized Gain (Loss) |
0.3 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Translation Adjustment |
-0.2 |
- |
- |
- |
- |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-0.2 |
- |
- |
- |
- |
|
Total Equity |
36.6 |
35.6 |
30.4 |
37.7 |
37.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
93.4 |
89.9 |
87.3 |
96.0 |
101.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
Total Common Shares Outstanding |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
90 |
81 |
86 |
112 |
121 |
|
Number of Common Shareholders |
235 |
267 |
251 |
264 |
262 |
|
Deferred Revenue - Current |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Long Term Debt, Supplemental |
19.6 |
- |
19.5 |
23.8 |
17.7 |
|
Long Term Debt Maturing within 1 Year |
12.2 |
- |
3.4 |
10.1 |
2.6 |
|
Long Term Debt Maturing in Year 2 |
2.7 |
- |
6.9 |
2.3 |
2.3 |
|
Long Term Debt Maturing in Year 3 |
1.6 |
- |
7.0 |
5.4 |
1.6 |
|
Long Term Debt Maturing in Year 4 |
0.8 |
- |
0.8 |
5.8 |
1.5 |
|
Long Term Debt Maturing in Year 5 |
0.8 |
- |
0.5 |
0.0 |
9.8 |
|
Long Term Debt Maturing in 2-3 Years |
4.3 |
- |
13.9 |
7.7 |
3.9 |
|
Long Term Debt Maturing in 4-5 Years |
1.7 |
- |
1.4 |
5.8 |
11.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1.4 |
- |
0.9 |
0.2 |
0.0 |
|
Pension Obligation - Domestic |
1.5 |
- |
1.3 |
1.4 |
1.4 |
|
Plan Assets - Domestic |
0.7 |
- |
0.7 |
0.7 |
0.8 |
|
Funded Status - Domestic |
-0.8 |
- |
-0.6 |
-0.7 |
-0.5 |
|
Total Funded Status |
-0.8 |
- |
-0.6 |
-0.7 |
-0.5 |
|
Accrued Liabilities - Domestic |
-0.7 |
- |
-0.5 |
-0.6 |
-0.4 |
|
Other Assets, Net - Domestic |
0.1 |
- |
0.1 |
0.1 |
0.1 |
|
Net Assets Recognized on Balance Sheet |
-0.7 |
- |
-0.4 |
-0.4 |
-0.2 |
|
Total Plan Obligations |
1.5 |
- |
1.3 |
1.4 |
1.4 |
|
Total Plan Assets |
0.7 |
- |
0.7 |
0.7 |
0.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1.2 |
1.6 |
-7.5 |
0.4 |
1.0 |
|
Depreciation |
0.4 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Depreciation/Depletion |
0.4 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Unusual Items |
0.5 |
-1.1 |
0.0 |
0.0 |
-1.0 |
|
Other Non-Cash Items |
1.6 |
0.3 |
1.6 |
2.2 |
-1.5 |
|
Non-Cash Items |
2.1 |
-0.8 |
1.6 |
2.3 |
-2.5 |
|
Accounts Receivable |
-1.4 |
3.9 |
-0.7 |
3.2 |
4.4 |
|
Inventories |
-1.4 |
3.4 |
14.2 |
1.4 |
3.9 |
|
Accounts Payable |
2.1 |
0.2 |
-1.7 |
-0.7 |
0.9 |
|
Accrued Expenses |
- |
0.0 |
-0.1 |
-0.2 |
-0.3 |
|
Taxes Payable |
- |
-0.1 |
-0.2 |
0.2 |
-0.4 |
|
Other Liabilities |
- |
0.0 |
0.0 |
0.0 |
-0.2 |
|
Other Operating Cash Flow |
-0.2 |
-0.1 |
-1.2 |
-1.3 |
-0.5 |
|
Changes in Working Capital |
-0.9 |
7.3 |
10.4 |
2.5 |
7.9 |
|
Cash from Operating Activities |
2.7 |
8.6 |
5.0 |
5.7 |
6.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.1 |
-0.3 |
0.0 |
-0.2 |
-17.5 |
|
Purchase/Acquisition of Intangibles |
- |
- |
0.0 |
0.0 |
0.0 |
|
Capital Expenditures |
-0.1 |
-0.3 |
0.0 |
-0.2 |
-17.5 |
|
Sale of Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
2.3 |
|
Sale/Maturity of Investment |
0.7 |
2.6 |
0.8 |
0.7 |
1.7 |
|
Purchase of Investments |
-0.6 |
-0.8 |
-0.8 |
-1.1 |
-0.4 |
|
Other Investing Cash Flow |
0.5 |
0.2 |
0.3 |
1.3 |
-0.8 |
|
Other Investing Cash Flow Items, Total |
0.6 |
1.9 |
0.3 |
0.9 |
2.7 |
|
Cash from Investing Activities |
0.5 |
1.6 |
0.3 |
0.7 |
-14.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Financing Cash Flow Items |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Cash Dividends Paid - Common |
-0.5 |
-0.3 |
-0.5 |
-0.4 |
-0.4 |
|
Total Cash Dividends Paid |
-0.5 |
-0.3 |
-0.5 |
-0.4 |
-0.4 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
0.0 |
-0.2 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
-0.2 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
-0.2 |
|
Short Term Debt Issued |
29.1 |
27.5 |
31.3 |
33.2 |
31.8 |
|
Short Term Debt
Reduction |
-29.6 |
-33.7 |
-36.3 |
-36.1 |
-41.0 |
|
Short Term Debt, Net |
-0.4 |
-6.2 |
-5.0 |
-3.0 |
-9.3 |
|
Long Term Debt Issued |
5.6 |
3.5 |
5.9 |
1.0 |
15.4 |
|
Long Term Debt
Reduction |
-4.4 |
-7.0 |
-3.5 |
-2.8 |
-2.4 |
|
Long Term Debt, Net |
1.1 |
-3.5 |
2.5 |
-1.8 |
13.0 |
|
Issuance (Retirement) of Debt, Net |
0.7 |
-9.7 |
-2.5 |
-4.7 |
3.7 |
|
Cash from Financing Activities |
0.3 |
-10.0 |
-3.0 |
-5.2 |
3.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
3.2 |
0.2 |
2.3 |
1.3 |
-4.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
8.4 |
7.5 |
4.6 |
3.0 |
7.4 |
|
Net Cash - Ending Balance |
11.6 |
7.7 |
6.9 |
4.3 |
2.7 |
|
Cash Interest Paid |
1.1 |
1.1 |
1.1 |
1.2 |
1.1 |
|
Cash Taxes Paid |
0.1 |
0.0 |
0.2 |
-0.3 |
0.2 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
80.8 |
73.1 |
75.9 |
79.0 |
74.7 |
|
Total Revenue |
80.8 |
73.1 |
75.9 |
79.0 |
74.7 |
|
|
|
|
|
|
|
|
Total |
62.6 |
- |
- |
- |
- |
|
Cost of Sales |
- |
57.8 |
67.5 |
60.0 |
57.0 |
|
Selling Expenses |
4.1 |
3.9 |
4.0 |
5.0 |
4.9 |
|
Reversal of provision for sales returns |
0.0 |
- |
- |
- |
- |
|
Provision for sales returns |
0.0 |
- |
- |
- |
- |
|
Reversal of reserve for returns |
- |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Provision for reserve for returns |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Traveling expense |
1.7 |
1.6 |
1.7 |
2.0 |
2.2 |
|
Directors'' compensations |
0.8 |
0.6 |
0.5 |
0.7 |
0.7 |
|
Employees'' salaries |
4.3 |
4.0 |
4.3 |
5.0 |
4.6 |
|
Employees'' bonuses |
0.5 |
0.4 |
0.3 |
0.5 |
0.7 |
|
Welfare expenses |
0.8 |
0.6 |
0.7 |
0.8 |
0.7 |
|
Periodic retirement benefit costs |
0.3 |
0.2 |
0.4 |
0.4 |
0.2 |
|
Reserve for officers retirement |
- |
- |
- |
- |
0.0 |
|
Taxes, other than income taxes |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Provision for doubtful accounts(SGA) |
0.3 |
0.0 |
0.9 |
1.0 |
0.0 |
|
Other SGA expense |
2.6 |
2.3 |
2.5 |
2.9 |
3.0 |
|
SP Insuance income |
- |
- |
0.0 |
-0.3 |
0.0 |
|
SP Rev. of guarantee deposit |
- |
- |
- |
- |
0.0 |
|
Surrender value of insurance |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP Reversal G LT payable |
- |
0.0 |
-0.3 |
0.0 |
- |
|
SP L. on retire. of fixed assets |
0.0 |
0.2 |
0.0 |
0.1 |
0.0 |
|
SP L on val. of LT inv't. secs. |
- |
0.0 |
0.0 |
0.0 |
0.2 |
|
SP Allowance for doubtful accounts |
- |
- |
- |
0.0 |
0.2 |
|
SP Stolen goods losses |
- |
- |
- |
0.0 |
0.3 |
|
SP L on cancellation of insurance |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP Litigation settlement |
0.5 |
0.1 |
0.1 |
0.0 |
- |
|
SP Prov. of reserve for loss on litigat |
- |
0.0 |
0.1 |
0.0 |
- |
|
Total Operating Expense |
78.6 |
71.9 |
83.0 |
78.4 |
74.7 |
|
|
|
|
|
|
|
|
SP G on sale of fixed assets |
- |
- |
- |
0.0 |
1.6 |
|
SP G on sale of real estate |
- |
1.1 |
0.0 |
- |
- |
|
Dividends Income |
0.0 |
- |
- |
- |
- |
|
SP G on sale of LT inv't. secs.(SP) |
- |
0.0 |
0.0 |
0.0 |
- |
|
SP L on sale of memberships |
- |
0.0 |
0.0 |
0.0 |
- |
|
SP L on sale of fixed assets |
- |
- |
0.0 |
0.0 |
-0.4 |
|
NOP Interest income |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
NOP Dividends received |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Bad debts expenses |
-0.4 |
- |
- |
- |
- |
|
NOP Rental income |
2.0 |
1.7 |
1.8 |
1.8 |
1.6 |
|
NOP Foreign exchange gains |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
NOP Commission income |
- |
- |
- |
- |
0.0 |
|
NOP Employee lease income |
- |
- |
- |
0.0 |
0.0 |
|
NOP Other non-operating income |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Expenses |
-1.1 |
- |
- |
- |
- |
|
NOP Interest expenses |
- |
-1.1 |
-1.1 |
-1.2 |
-1.1 |
|
NOP Interests on bonds |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Bond issue expenses |
- |
0.0 |
-0.1 |
0.0 |
- |
|
NOP Commission paid |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
NOP Sales discount expenses |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Rent cost of real estate |
-1.1 |
-0.9 |
-0.8 |
-0.8 |
-0.6 |
|
NOP L on sale of trade notes rcvbl. |
- |
- |
0.0 |
0.0 |
0.0 |
|
NOP Provision for doubtful accounts |
- |
- |
- |
- |
0.0 |
|
NOP Other non-operating expenses |
-0.2 |
-0.3 |
-0.2 |
0.0 |
0.0 |
|
Net Income Before Taxes |
1.2 |
1.6 |
-7.5 |
0.4 |
1.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.1 |
0.1 |
1.6 |
0.0 |
0.8 |
|
Net Income After Taxes |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
|
Net Income |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment to math with reported net inc |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1.1 |
1.5 |
-9.1 |
0.4 |
0.2 |
|
Diluted Weighted Average Shares |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
0.24 |
0.35 |
-2.05 |
0.10 |
0.05 |
|
DPS-Common Stock |
0.08 |
0.12 |
0.05 |
0.10 |
0.09 |
|
Gross Dividends - Common Stock |
0.3 |
0.5 |
0.2 |
0.4 |
0.4 |
|
Normalized Income Before Taxes |
1.7 |
0.7 |
-7.5 |
0.3 |
0.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.2 |
0.0 |
1.6 |
0.0 |
0.6 |
|
Normalized Income After Taxes |
1.5 |
0.7 |
-9.1 |
0.3 |
-0.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.5 |
0.7 |
-9.1 |
0.3 |
-0.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
0.16 |
-2.05 |
0.07 |
-0.03 |
|
Diluted Normalized EPS |
0.34 |
0.16 |
-2.05 |
0.07 |
-0.03 |
|
Sales promotion |
4.1 |
3.9 |
4.0 |
5.0 |
4.9 |
|
Interest Expenses |
1.1 |
- |
- |
- |
- |
|
Interest expenses |
- |
1.1 |
1.1 |
1.2 |
1.1 |
|
Interests on bonds |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation |
0.1 |
- |
- |
- |
- |
|
Depreciation expense |
- |
0.5 |
0.5 |
0.5 |
0.5 |
|
Income taxes-current |
0.1 |
- |
- |
- |
- |
|
Current Tax - Total |
0.1 |
- |
- |
- |
- |
|
Income Tax - Total |
0.1 |
- |
- |
- |
- |
|
Reported Operating Profit |
2.6 |
1.5 |
-7.1 |
0.6 |
0.5 |
|
Reported Ordinary Profit |
1.7 |
0.7 |
-7.5 |
0.3 |
0.4 |
|
Service Cost |
0.2 |
- |
- |
- |
- |
|
Recognized Pension Plan Cost |
- |
- |
0.3 |
0.4 |
0.2 |
|
Pension exp. due to acct. changes |
0.0 |
- |
- |
- |
- |
|
Pension Exp. due to Acct. Changes |
- |
- |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.3 |
- |
0.4 |
0.4 |
0.2 |
|
Total Pension Expense |
0.3 |
- |
0.4 |
0.4 |
0.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & deposits |
12.3 |
9.1 |
7.6 |
5.1 |
4.0 |
|
Notes receivable, gross |
- |
9.7 |
9.9 |
9.1 |
13.2 |
|
Notes and accounts receivable-trade |
22.6 |
- |
- |
- |
- |
|
Accounts receivable, gross |
- |
12.7 |
13.6 |
12.1 |
11.6 |
|
Inventories - merchandise |
32.8 |
31.4 |
31.0 |
42.7 |
43.7 |
|
Advance payments-trade |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Prepaid expenses |
0.4 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Other |
0.4 |
- |
- |
- |
- |
|
Income tax receivable |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Deferred income taxes |
- |
- |
0.0 |
0.4 |
0.7 |
|
Short-term loans receivable |
0.0 |
0.1 |
0.0 |
0.6 |
1.7 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Current assets other |
- |
0.7 |
0.6 |
0.4 |
0.7 |
|
Allow.doubt.accounts (current) |
-1.4 |
-1.6 |
-1.4 |
-0.6 |
-0.3 |
|
Total Current Assets |
67.2 |
62.5 |
61.6 |
70.3 |
75.8 |
|
|
|
|
|
|
|
|
Buildings gross |
1.9 |
1.8 |
1.6 |
1.5 |
1.5 |
|
Accumulated depreciation |
-0.4 |
- |
- |
- |
- |
|
Accumulated depreciation |
-0.5 |
- |
- |
- |
- |
|
Accumulated depreciation |
-0.1 |
- |
- |
- |
- |
|
Depreciation-Buildings |
- |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
|
Vehicles, gross |
0.5 |
0.6 |
0.5 |
0.5 |
0.5 |
|
Depreciation-Vehicles |
- |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
|
Tools, furniture and fixtures |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Depreciation-Tools, furniture, & fixture |
- |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Land |
3.2 |
3.1 |
2.8 |
2.6 |
2.6 |
|
Software accounts rights |
- |
0.0 |
0.1 |
0.2 |
0.3 |
|
Telephone subscription rights |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Trademarks |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated depreciation |
-1.6 |
- |
- |
- |
- |
|
Other Investment Property, Net |
0.0 |
- |
- |
- |
- |
|
Long-term investment in securities |
1.5 |
1.0 |
0.8 |
0.7 |
0.7 |
|
Equity secs.-nonconsolidated affil. |
- |
0.6 |
0.8 |
0.7 |
0.2 |
|
Investment in closely-held capital |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Long-term loans |
- |
0.0 |
0.9 |
0.5 |
0.0 |
|
Long-term loans receivable from employee |
0.3 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Claims provable in bankruptcy, claims pr |
0.2 |
1.1 |
0.7 |
1.3 |
0.6 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
LT prepaid expenses |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred inc. taxes (non-current) |
- |
- |
0.0 |
1.0 |
0.9 |
|
Real estate for investment |
21.0 |
20.8 |
19.7 |
18.6 |
18.5 |
|
Accumulated depreciation |
- |
-1.3 |
-1.3 |
-1.0 |
-0.7 |
|
Other assets |
- |
0.5 |
0.4 |
0.5 |
1.1 |
|
Allowance for doubtful accounts |
-0.6 |
-0.4 |
-1.0 |
-1.2 |
-0.5 |
|
Adjustment |
- |
0.0 |
- |
- |
0.0 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Other |
0.5 |
- |
- |
- |
- |
|
Total Assets |
93.4 |
89.9 |
87.3 |
96.0 |
101.3 |
|
|
|
|
|
|
|
|
Accounts payable-trade |
5.2 |
4.0 |
3.4 |
3.2 |
3.6 |
|
Straight bonds (current) |
0.7 |
0.7 |
0.7 |
0.8 |
0.7 |
|
Short-term loans payable |
27.9 |
28.2 |
30.7 |
33.7 |
36.5 |
|
Current portion of long-term loans payab |
11.5 |
6.6 |
2.6 |
2.0 |
1.9 |
|
Accounts payable-other |
0.6 |
0.8 |
0.7 |
0.5 |
0.7 |
|
Accrued expenses |
0.5 |
0.4 |
0.3 |
0.4 |
0.6 |
|
Income taxes payable |
0.1 |
0.1 |
0.0 |
0.2 |
0.0 |
|
Consumption taxes payable |
- |
0.0 |
0.1 |
0.2 |
0.1 |
|
Advanced received on construction |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deposits received |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred revenue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Reserve for sales return |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Reserve for loss on litigation |
- |
0.0 |
0.1 |
0.0 |
- |
|
Other |
0.0 |
0.1 |
0.0 |
0.0 |
0.7 |
|
Total Current Liabilities |
46.9 |
41.1 |
38.9 |
41.3 |
45.1 |
|
|
|
|
|
|
|
|
Straight bonds |
1.1 |
1.8 |
2.2 |
0.1 |
0.9 |
|
Long-term loans payable |
6.3 |
9.2 |
13.7 |
13.0 |
14.1 |
|
LT Borrowings Affiliate Company |
- |
0.0 |
0.2 |
0.2 |
0.2 |
|
Total Long Term Debt |
7.4 |
11.0 |
16.1 |
13.3 |
15.2 |
|
|
|
|
|
|
|
|
Reserve for accrued retirement benefit |
0.7 |
0.7 |
0.5 |
0.6 |
0.4 |
|
Reserve for Officers' Retirement |
- |
- |
- |
- |
0.0 |
|
Long-term guarantee deposited |
0.5 |
0.5 |
0.4 |
0.5 |
0.6 |
|
Long-term accounts payable-other |
1.0 |
1.0 |
0.9 |
2.7 |
2.7 |
|
Deferred tax liabilities |
0.2 |
- |
- |
- |
- |
|
Total Liabilities |
56.8 |
54.4 |
56.9 |
58.3 |
63.9 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common stock |
7.7 |
7.7 |
6.8 |
6.4 |
6.4 |
|
Capital Surplus |
6.1 |
- |
- |
- |
- |
|
Additional paid-in-capital |
- |
6.1 |
5.4 |
5.1 |
5.1 |
|
Total retained earnings |
23.0 |
- |
- |
- |
- |
|
Legal reserve |
- |
1.0 |
0.9 |
0.8 |
0.8 |
|
General reserve |
- |
18.1 |
25.7 |
24.3 |
24.1 |
|
Unappropriated retained earnings |
- |
3.1 |
-8.1 |
1.3 |
1.3 |
|
Valuation difference on available-for-sa |
0.3 |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Foreign Currency Translation Adjustment |
-0.2 |
- |
- |
- |
- |
|
Deferred hedge gain/loss |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury stocks |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Total Equity |
36.6 |
35.6 |
30.4 |
37.7 |
37.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
93.4 |
89.9 |
87.3 |
96.0 |
101.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
Total Common Shares Outstanding |
4.4 |
4.4 |
4.4 |
4.4 |
4.4 |
|
T/S-Common Stock |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advanced received on construction |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred revenue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Number of Employee |
90 |
- |
- |
- |
- |
|
Full-Time Employees |
- |
81 |
86 |
112 |
121 |
|
Total Number of Shareholders |
235 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
267 |
251 |
264 |
262 |
|
Loans Payable Maturing within a Year |
11.5 |
- |
- |
- |
- |
|
Bond Redemption Amounts within A Year |
0.7 |
- |
- |
- |
- |
|
LT debt due within 1 year |
- |
- |
3.4 |
10.1 |
2.6 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
2.0 |
- |
- |
- |
- |
|
Bond Redemp Amts over a Yr within 2 Yrs |
0.7 |
- |
- |
- |
- |
|
LT debt due from 1 to 2 year |
- |
- |
6.9 |
2.3 |
2.3 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
1.3 |
- |
- |
- |
- |
|
Bond Redemp Amts over 2 Yrs within 3 Yrs |
0.4 |
- |
- |
- |
- |
|
LT debt due from 2 to 3 year |
- |
- |
7.0 |
5.4 |
1.6 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
0.8 |
- |
- |
- |
- |
|
LT debt due from 3 to 4 year |
- |
- |
0.8 |
5.8 |
1.5 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
0.8 |
- |
- |
- |
- |
|
LT debt due from 4 to 5 year |
- |
- |
0.5 |
0.0 |
9.8 |
|
Other L T debt |
1.4 |
- |
- |
- |
- |
|
LT debt over 5 year |
- |
- |
0.9 |
0.2 |
0.0 |
|
Total Long Term Debt, Supplemental |
19.6 |
- |
19.5 |
23.8 |
17.7 |
|
Projected Retirement Benefit Obligation |
1.5 |
- |
- |
- |
- |
|
Pension Obligation |
- |
- |
1.3 |
1.4 |
1.4 |
|
Plan Assets at Fair Value |
0.7 |
- |
- |
- |
- |
|
Fair Value of Plan Asset |
- |
- |
0.7 |
0.7 |
0.8 |
|
Unfunded Retirement Benefit Obligation |
-0.8 |
- |
- |
- |
- |
|
Funded Status |
- |
- |
-0.6 |
-0.7 |
-0.5 |
|
Total Funded Status |
-0.8 |
- |
-0.6 |
-0.7 |
-0.5 |
|
Unrecog Difference by Accounting change |
0.1 |
- |
- |
- |
- |
|
Expense Unrecog. for Acct. Changes |
- |
- |
0.1 |
0.1 |
0.1 |
|
Accrued Retirement Benefits |
-0.7 |
- |
- |
- |
- |
|
Accrued Pension Benefit |
- |
- |
-0.5 |
-0.6 |
-0.4 |
|
Net Assets Recognized on Balance Sheet |
-0.7 |
- |
-0.4 |
-0.4 |
-0.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
Yusei Audit
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net income before taxes |
1.2 |
1.6 |
-7.5 |
0.4 |
1.0 |
|
Depreciation expenses |
0.4 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Litigation settlement |
0.5 |
- |
- |
- |
- |
|
G/L on val. LT inv't in secs. |
- |
0.0 |
0.0 |
0.0 |
0.2 |
|
G on sale of real estate inv. |
- |
-1.1 |
0.0 |
- |
- |
|
Gain sale of fixed assets |
- |
- |
- |
0.0 |
-1.6 |
|
Loss sale of fixed assets |
- |
- |
0.0 |
0.0 |
0.4 |
|
Foreign exchange losses (gains) |
0.1 |
- |
- |
- |
- |
|
Bad debts expenses |
0.4 |
- |
- |
- |
- |
|
Increase (decrease) in allowance for dou |
0.0 |
-0.7 |
0.5 |
1.0 |
-0.1 |
|
Increase (decrease) in provision for ret |
0.0 |
0.1 |
-0.1 |
0.2 |
-0.1 |
|
Reserve for dir.'s retirement benefits |
- |
- |
- |
0.0 |
-2.3 |
|
Reserve for settlement loss |
- |
-0.1 |
0.1 |
0.0 |
- |
|
Reversal of int.& dividends rcvd. |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Reversal of interest expenses |
1.1 |
1.1 |
1.1 |
1.2 |
1.1 |
|
Decrease (increase) in notes and account |
-1.4 |
3.9 |
-0.7 |
3.0 |
4.6 |
|
Decrease (increase) in inventories |
-1.4 |
3.4 |
14.2 |
1.4 |
3.9 |
|
Inc (Dec) sales tax receivable |
- |
- |
0.0 |
0.3 |
-0.2 |
|
Increase (decrease) in notes and account |
2.1 |
0.1 |
0.1 |
-0.5 |
-1.4 |
|
Inc (Dec) other operating payables |
- |
0.0 |
0.1 |
-0.2 |
0.0 |
|
Inc (Dec) sales tax payables |
- |
-0.1 |
-0.2 |
0.2 |
-0.4 |
|
Inc (Dec) accrued expenses |
- |
0.0 |
-0.1 |
-0.2 |
-0.3 |
|
Inc (Dec) security deposits rcv'd |
- |
0.0 |
0.0 |
0.0 |
-0.2 |
|
Inc(Dec) in LT payable |
- |
0.0 |
-1.9 |
0.0 |
2.3 |
|
Increase In Cash And Cash Equivalents Fr |
0.7 |
- |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
0.3 |
1.0 |
0.1 |
-0.6 |
0.7 |
|
Int & div.received(cash basis) |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest paid (cash basis) |
-1.1 |
-1.1 |
-1.1 |
-1.2 |
-1.1 |
|
Income taxes paid |
-0.1 |
0.0 |
-0.2 |
0.0 |
-0.2 |
|
Income taxes refund |
- |
0.1 |
0.0 |
0.3 |
0.0 |
|
Cash from Operating Activities |
2.7 |
8.6 |
5.0 |
5.7 |
6.9 |
|
|
|
|
|
|
|
|
Time deposit made |
-0.5 |
-0.7 |
-0.7 |
-0.5 |
-0.4 |
|
Time deposit matured |
0.5 |
0.4 |
0.8 |
0.7 |
0.2 |
|
Purchase of property, plant and equipmen |
0.0 |
0.0 |
0.0 |
-0.1 |
-3.5 |
|
Sale of PPE |
- |
0.0 |
0.0 |
0.0 |
2.3 |
|
Purchase of intangible assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Purch. of real estate investments |
-0.1 |
-0.3 |
0.0 |
-0.1 |
-13.9 |
|
Sale of real estate investments |
- |
2.1 |
0.0 |
0.0 |
1.5 |
|
Purchase of LT inv't in sec. |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Proceeds from sales of investment securi |
0.2 |
0.0 |
0.1 |
0.0 |
- |
|
Purch. of subs. secs. |
- |
- |
0.0 |
-0.5 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans made |
-0.6 |
-0.1 |
0.0 |
-1.5 |
-2.0 |
|
Loans collected |
1.1 |
0.1 |
0.2 |
2.2 |
1.1 |
|
Other, net |
0.0 |
0.1 |
0.1 |
0.6 |
0.1 |
|
Cash from Investing Activities |
0.5 |
1.6 |
0.3 |
0.7 |
-14.7 |
|
|
|
|
|
|
|
|
Increase in short-term loans payable |
29.1 |
27.5 |
31.3 |
33.2 |
31.8 |
|
Decrease in short-term loans payable |
-29.6 |
-33.7 |
-36.3 |
-36.1 |
-41.0 |
|
Proceeds from long-term loans payable |
5.6 |
3.5 |
2.8 |
1.0 |
15.4 |
|
Repayment of long-term loans payable |
-3.7 |
-6.2 |
-2.3 |
-2.1 |
-1.7 |
|
Bond issued |
- |
0.0 |
3.1 |
0.0 |
- |
|
Bond redemption |
-0.8 |
-0.8 |
-1.2 |
-0.7 |
-0.8 |
|
Treasury stock purchased |
- |
- |
- |
0.0 |
-0.2 |
|
Cash dividends paid |
-0.5 |
-0.3 |
-0.5 |
-0.4 |
-0.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other |
- |
0.0 |
0.0 |
0.0 |
- |
|
Cash from Financing Activities |
0.3 |
-10.0 |
-3.0 |
-5.2 |
3.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
3.2 |
0.2 |
2.3 |
1.3 |
-4.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
8.4 |
7.5 |
4.6 |
3.0 |
7.4 |
|
Net Cash - Ending Balance |
11.6 |
7.7 |
6.9 |
4.3 |
2.7 |
|
Cash Interest Paid |
1.1 |
1.1 |
1.1 |
1.2 |
1.1 |
|
Cash Taxes Paid |
0.1 |
0.0 |
0.2 |
-0.3 |
0.2 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This
could be the biggest credibility crisis the Indian diamond industry has ever
faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen
diamond firms in Surat. Until about two months ago, they had not repaid
these dues. Bankers believe many diamantaires borrowed money during the
economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
UK Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.