MIRA
INFORM REPORT
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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
TOYO DENKI SEIZO K.K. |
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Registered Office : |
4F, No.1 Nurihiko Bldg., 2-9-2, Kyobashi,
Chuo-ku, |
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Country : |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
20.06.1918 |
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Legal Form : |
Public Parent |
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Line of Business : |
Engaged in the manufacture and sale of electrical equipment for
traffic, industrial and information technology (IT) use. |
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No. of Employees : |
1,175 |
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 and address
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TOYO DENKI SEIZO K.K. |
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Employees: |
1,175 |
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Company Type: |
Public Parent |
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Corporate Family: |
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Traded: |
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Incorporation Date: |
20-Jun-1918 |
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Auditor: |
Ernst & Young ShinNihon LLC |
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Fiscal Year End: |
31-May-2012 |
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Reporting Currency: |
Japanese Yen |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
126.9 |
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(09-Nov-2012) |
Business Description
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TOYO DENKI SEIZO K. K. is a company mainly
engaged in the manufacture and sale of electrical equipment for traffic,
industrial and information technology (IT) use. The Company operates in four business
segments. The Transportation segment provides electrical equipment for
various vehicles, as well as electrical power storage devices. The Industrial
segment provides industrial electric equipment system products, rotary
electric machines, control devices, electric distribution and electric power
supply devices, testing devices, water supply and sewerage equipment system
products, as well as electric generating system products. The IT segment
provides station service system equipment, remote monitoring system equipment
and information systems-related equipment. The Others segment is engaged the
software-related business and labor dispatch business. For the three months
ended 31 August 2012, TOYO DENKI SEIZO K.K. revenues decreased 31% to Y6.12B.
Net loss applicable to common stockholders increased from Y225M to Y631M.
Revenues reflect Transportation Business segment decrease of 38% to Y3.7B,
Industry Business segment decrease of 22% to Y2.12B, Other segment decrease
of 67% to Y1M. Higher net loss reflects Transportation Business segment
income decrease of 76% to Y138M. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3110 - Manufacture of electric motors, generators and
transformers |
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NAICS 2002: |
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UK SIC 2003: |
3110 - Manufacture of electric motors, generators and
transformers |
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UK SIC 2007: |
2711 - Manufacture of electric motors, generators and
transformers |
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US SIC 1987: |
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Significant Developments |
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News |
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Financial Summary |
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Traded: Tokyo Stock
Exchange: 6505 |
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As of 9-Nov-2012 Financials in: JPY |
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.69807
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 78.98128
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More Business
Descriptions |
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Electrical Traffic Equipments Mfr & Sales
Toyo Denki Seizo K.K. (Toyo Denki) is occupied in the manufacturing,
commercialization and construction services of electrical equipments. Toyo Denki
operates through its three reportable business segments namely, Transportation
Systems Segment, Industrial Systems Segment and Information Systems Segment.
The company’s Transportation Systems segment is in the manufacture of
electrical equipment for rail vehicles. Toyo Denki is in Manufacturing, sale
and construction of electrical equipment used in rail vehicles, high speed
surface transport (HSST) systems, magnetic levitation vehicles, light rail
vehicles (LRV), special purpose vehicles, and alternative rail vehicles as well
as electric storage systems for railway applications. The key products in
transportation segment include traction motor, propultion inverter, auxiliary
power supply, total train communication system (TTCS), railway power storage
system, driving gear unit, TD coupling, pantograph, and door operating
equipment. For the fiscal year ended 2012, the company's transportation segment
recorded net sales of yen 17,077m. for first three Quarters (June 1,
2011–February 29, 2012), which accounted for 63.4% of total sales. Toyo
Denki's Industrial Systems segment is occupied in the manufacture, sale and
provides construction services for motors, inverters, testing equipment, power
generating equipment, water supply and sanitation equipment systems,
alternative power generating systems and in-wheel motors. Key products in
Industrial systems segment include eco-drive motor, intelligent inverters,
sine-wave converter, programable controller, DC drive system, current-limiting
fuse, high-speed operation controller, distributed power source, FA system
products, and Power generating equipment system. The industrial segment
recorded net sales of Yen 8,909 m, for first three Quarters (June 1,
2011–February 29, 2012), which accounted for 33.0% of total sales. The
Information Systems segment engages in the manufacture, sale, and provides
construction services for automatic commuter ticket vending machines, smart
card vending machines, onboard ticket vending machines, remote monitoring
systems and information systems equipment. Its key Information systems products
include commuter pass vending machines, station operation equipment, handheld
ticket vending machines, automatic commuter pass vending machines, automatic
fare adjustment machines, and smart card vending machines, among others. The
information system segment recorded net sales of Yen 963m, for first three
Quarters(June 1, 2011–February 29, 2012),which accounted for 3.6% of total
sales. While the other segment amounted for Yen 6m for the same period of
time.In August 2011, the company announces to establish an overseas subsidiary
in China to expand and strengthen its transportation and industrial systems
businesses. In May 2011, the company entered into an agreement with Toyota
Industries Corporation on the establishment of the joint venture, which will be
engaged in the development, manufacturing and sale of motor inverter and
electric driving system.The consolidated statement of Income for the First
Three Quarters of Fiscal First Three Quarters, FY2011 (June 1, 2011–February
29, 2012) was reported as yen 232m compared to yen 425m for the First Three
Quarters, FY2010 (June 1, 2010–February 28, 2011).
Toyo Denki Seizo K.K. (Toyo Denki) is an electrical equipment
manufacturer, based in Japan. It was formerly known as Electric Mfg. Co., Ltd.
The company manufactures, commercializes and constructs electrical equipments.
Toyo Denki operates its business in the three areas which include business
transportation systems, industrial systems and information systems. The
transportation systems products include traction motor, driving gear unit,
total train communication system, and auxiliary power supply. Its industrial
systems products and information systems products which include intelligent
inverters, current-limiting fuse, power generating equipment system, commuter
pass vending machines, hand-held ticket vending machines and automatic commuter
pass vending machines. The company was established in the year 1918. Toyo Denki
is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY
38,570.00 million during the fiscal year ended May 2012, an increase of 1.78%
over 2011. The operating profit of the company was JPY 1,668.00 million during
the fiscal year 2012, an increase of 39.36% over 2011. The net profit of the
company was JPY 786.00 million during the fiscal year 2012, an increase of
15.88% over 2011.
Electrical Equipment Manufacturing
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Corporate Family |
Corporate Structure News: |
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TOYO DENKI SEIZO K.K. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Tokyo |
Japan |
Electronic Instruments and Controls |
490.1 |
1,175 |
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Subsidiary |
Tokyo |
Japan |
Business Services |
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140 |
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Subsidiary |
Tokyo |
Japan |
Electronic Instruments and Controls |
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80 |
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Subsidiary |
Freedom, PA |
United States |
Auto and Truck Parts |
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11 |
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Subsidiary |
Hiratsuka, Kanagawa |
Japan |
Electronic Instruments and Controls |
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Subsidiary |
Moriyama, Shiga |
Japan |
Business Services |
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Subsidiary |
Tianjin |
China |
Miscellaneous Capital Goods |
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Subsidiary |
Changzhou, Jiangsu |
China |
Electronic Instruments and Controls |
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TOYO DENKI SEIZO
K.K.
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Financials in: USD (mil) |
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Except for share items (millions) and per share items (actual units) |
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31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-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) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
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Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
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Net Sales |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
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Revenue |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
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Total Revenue |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
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Cost of Revenue |
377.8 |
348.3 |
304.4 |
255.3 |
272.0 |
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Cost of Revenue, Total |
377.8 |
348.3 |
304.4 |
255.3 |
272.0 |
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Gross Profit |
112.3 |
103.2 |
80.4 |
78.5 |
69.7 |
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Selling/General/Administrative Expense |
48.6 |
44.1 |
35.7 |
31.8 |
28.6 |
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Labor & Related Expense |
31.9 |
30.2 |
26.3 |
24.4 |
23.0 |
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Total Selling/General/Administrative Expenses |
80.5 |
74.4 |
62.0 |
56.2 |
51.6 |
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Research & Development |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
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Impairment-Assets Held for Use |
0.1 |
0.1 |
0.2 |
0.2 |
0.4 |
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Impairment-Assets Held for Sale |
0.3 |
1.3 |
0.1 |
3.2 |
0.3 |
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Other Unusual Expense (Income) |
0.1 |
2.3 |
-0.2 |
1.2 |
0.0 |
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Unusual Expense (Income) |
0.4 |
3.7 |
0.2 |
4.7 |
0.7 |
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Total Operating Expense |
468.9 |
437.2 |
374.4 |
324.5 |
331.5 |
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Operating Income |
21.2 |
14.3 |
10.4 |
9.3 |
10.2 |
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Interest Expense -
Non-Operating |
-2.1 |
-1.6 |
-1.5 |
-1.4 |
-1.2 |
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Interest Expense, Net Non-Operating |
-2.1 |
-1.6 |
-1.5 |
-1.4 |
-1.2 |
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Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investment Income -
Non-Operating |
3.2 |
1.5 |
0.8 |
0.1 |
1.0 |
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Interest/Investment Income - Non-Operating |
3.2 |
1.5 |
0.8 |
0.1 |
1.0 |
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Interest Income (Expense) - Net Non-Operating Total |
1.1 |
-0.1 |
-0.7 |
-1.3 |
-0.2 |
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Gain (Loss) on Sale of Assets |
- |
- |
- |
- |
0.0 |
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Other Non-Operating Income (Expense) |
0.0 |
1.1 |
1.0 |
0.2 |
0.3 |
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Other, Net |
0.0 |
1.1 |
1.0 |
0.2 |
0.3 |
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Income Before Tax |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
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Total Income Tax |
12.4 |
7.2 |
5.1 |
7.2 |
5.5 |
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Income After Tax |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
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Net Income Before Extraord Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
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Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
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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 |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
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Income Available to Common Incl Extraord Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
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Basic/Primary Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
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Basic EPS Excl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
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Basic/Primary EPS Incl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
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Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
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Diluted Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
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Diluted Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
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Diluted EPS Excl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
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Diluted EPS Incl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
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Dividends per Share - Common Stock Primary Issue |
0.08 |
0.07 |
0.07 |
0.06 |
0.05 |
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Gross Dividends - Common Stock |
3.7 |
3.4 |
2.9 |
2.7 |
2.4 |
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Interest Expense, Supplemental |
2.1 |
1.6 |
1.5 |
1.4 |
1.2 |
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Depreciation, Supplemental |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
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Total Special Items |
0.4 |
3.7 |
0.2 |
4.7 |
0.7 |
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Normalized Income Before Tax |
22.8 |
18.9 |
10.9 |
13.0 |
11.0 |
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Effect of Special Items on Income Taxes |
0.2 |
1.7 |
0.1 |
1.7 |
0.4 |
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Inc Tax Ex Impact of Sp Items |
12.6 |
8.9 |
5.2 |
8.9 |
5.9 |
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Normalized Income After Tax |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
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Normalized Inc. Avail to Com. |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
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Basic Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
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Diluted Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
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Research & Development Exp, Supplemental |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
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Reported Operating Profit |
21.6 |
17.9 |
10.6 |
14.0 |
12.5 |
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Reported Ordinary Profit |
22.7 |
18.8 |
10.7 |
12.7 |
10.7 |
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Normalized EBIT |
21.6 |
17.9 |
10.6 |
14.0 |
10.9 |
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Normalized EBITDA |
36.2 |
31.8 |
20.9 |
23.7 |
17.5 |
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Current Tax - Total |
9.3 |
- |
- |
- |
- |
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Current Tax - Total |
9.3 |
- |
- |
- |
- |
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Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
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Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
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Other Tax |
-0.2 |
- |
- |
- |
- |
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Income Tax - Total |
12.4 |
- |
- |
- |
- |
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Interest Cost - Domestic |
0.9 |
1.2 |
1.1 |
1.1 |
1.0 |
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Service Cost - Domestic |
2.7 |
2.6 |
2.2 |
2.1 |
1.9 |
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Prior Service Cost - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
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Actuarial Gains and Losses - Domestic |
0.9 |
1.0 |
0.9 |
0.8 |
0.7 |
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Other Pension, Net - Domestic |
4.7 |
3.2 |
3.0 |
2.7 |
2.4 |
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Domestic Pension Plan Expense |
9.1 |
7.8 |
7.1 |
6.6 |
5.9 |
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Defined Contribution Expense - Domestic |
- |
1.1 |
1.0 |
0.8 |
0.8 |
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Total Pension Expense |
9.1 |
9.0 |
8.1 |
7.4 |
6.7 |
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Discount Rate - Domestic |
1.50% |
1.50% |
2.30% |
2.30% |
2.30% |
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Total Plan Interest Cost |
0.9 |
1.2 |
1.1 |
1.1 |
1.0 |
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Total Plan Service Cost |
2.7 |
2.6 |
2.2 |
2.1 |
1.9 |
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Total Plan Other Expense |
4.7 |
3.2 |
3.0 |
2.7 |
2.4 |
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Annual Balance Sheet |
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Financials in: USD
(mil) |
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31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
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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 |
78.981276 |
81.24 |
91.035 |
95.455 |
105.565 |
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Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
18.9 |
29.7 |
27.0 |
31.1 |
21.1 |
|
Cash and Short Term Investments |
18.9 |
29.7 |
27.0 |
31.1 |
21.1 |
|
Accounts Receivable -
Trade, Gross |
173.8 |
127.2 |
105.7 |
87.9 |
113.4 |
|
Provision for Doubtful
Accounts |
-0.4 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Trade Accounts Receivable - Net |
173.5 |
126.7 |
105.2 |
87.3 |
112.9 |
|
Other Receivables |
0.8 |
0.4 |
0.6 |
0.6 |
0.8 |
|
Total Receivables, Net |
174.3 |
127.1 |
105.8 |
87.9 |
113.7 |
|
Inventories - Finished Goods |
20.2 |
31.6 |
26.3 |
24.4 |
16.5 |
|
Inventories - Work In Progress |
28.4 |
41.7 |
33.3 |
37.5 |
26.9 |
|
Inventories - Raw Materials |
21.4 |
27.4 |
24.3 |
21.1 |
18.5 |
|
Total Inventory |
70.0 |
100.7 |
84.0 |
83.0 |
61.9 |
|
Prepaid Expenses |
0.5 |
0.2 |
2.7 |
2.1 |
1.7 |
|
Deferred Income Tax - Current Asset |
6.5 |
7.5 |
6.6 |
6.9 |
6.5 |
|
Other Current Assets |
1.0 |
1.0 |
1.3 |
0.7 |
0.8 |
|
Other Current Assets, Total |
7.5 |
8.5 |
7.9 |
7.6 |
7.3 |
|
Total Current Assets |
271.1 |
266.1 |
227.4 |
211.7 |
205.6 |
|
|
|
|
|
|
|
|
Buildings |
79.5 |
77.5 |
66.8 |
48.3 |
43.0 |
|
Land/Improvements |
3.7 |
3.6 |
3.2 |
3.0 |
2.7 |
|
Machinery/Equipment |
81.1 |
77.4 |
63.7 |
58.6 |
52.3 |
|
Construction in
Progress |
6.3 |
0.6 |
3.0 |
4.1 |
1.2 |
|
Other
Property/Plant/Equipment |
34.4 |
29.9 |
25.3 |
22.6 |
19.8 |
|
Property/Plant/Equipment - Gross |
204.9 |
189.0 |
162.0 |
136.5 |
119.0 |
|
Accumulated Depreciation |
-143.3 |
-131.4 |
-108.8 |
-97.9 |
-83.8 |
|
Property/Plant/Equipment - Net |
61.5 |
57.6 |
53.2 |
38.7 |
35.2 |
|
Intangibles, Net |
4.4 |
4.8 |
2.9 |
2.6 |
1.6 |
|
LT Investment - Affiliate Companies |
11.2 |
8.2 |
- |
- |
- |
|
LT Investments - Other |
101.9 |
91.6 |
70.0 |
66.5 |
73.5 |
|
Long Term Investments |
113.1 |
99.8 |
70.0 |
66.5 |
73.5 |
|
Deferred Income Tax - Long Term Asset |
12.2 |
16.0 |
10.4 |
10.0 |
- |
|
Other Long Term Assets |
19.9 |
9.9 |
13.8 |
14.1 |
19.2 |
|
Other Long Term Assets, Total |
32.1 |
25.9 |
24.2 |
24.0 |
19.2 |
|
Total Assets |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
57.5 |
70.0 |
56.1 |
55.7 |
60.5 |
|
Accrued Expenses |
51.0 |
61.0 |
44.2 |
39.4 |
45.3 |
|
Notes Payable/Short Term Debt |
80.7 |
54.4 |
41.1 |
38.7 |
28.4 |
|
Current Portion - Long Term Debt/Capital Leases |
2.0 |
2.5 |
9.7 |
7.0 |
15.1 |
|
Customer Advances |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Security Deposits |
2.7 |
2.6 |
2.4 |
2.7 |
2.0 |
|
Income Taxes Payable |
6.0 |
5.7 |
2.5 |
2.5 |
2.3 |
|
Other Current Liabilities |
9.4 |
6.3 |
8.6 |
7.6 |
6.1 |
|
Other Current liabilities, Total |
20.4 |
22.9 |
23.9 |
18.3 |
13.7 |
|
Total Current Liabilities |
211.7 |
210.7 |
175.0 |
159.1 |
162.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
36.1 |
23.6 |
28.1 |
21.0 |
8.7 |
|
Total Long Term Debt |
36.1 |
23.6 |
28.1 |
21.0 |
8.7 |
|
Total Debt |
118.8 |
80.4 |
78.8 |
66.6 |
52.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
- |
0.0 |
|
Deferred Income Tax |
- |
- |
- |
- |
0.0 |
|
Reserves |
0.5 |
0.5 |
0.0 |
- |
- |
|
Pension Benefits - Underfunded |
39.7 |
39.5 |
34.5 |
31.2 |
29.0 |
|
Other Long Term Liabilities |
3.7 |
4.2 |
1.9 |
1.5 |
4.4 |
|
Other Liabilities, Total |
43.9 |
44.2 |
36.4 |
32.8 |
33.4 |
|
Total Liabilities |
291.7 |
278.5 |
239.5 |
212.8 |
205.0 |
|
|
|
|
|
|
|
|
Common Stock |
63.3 |
61.5 |
49.2 |
47.0 |
42.5 |
|
Common Stock |
63.3 |
61.5 |
49.2 |
47.0 |
42.5 |
|
Additional Paid-In Capital |
40.2 |
39.1 |
29.2 |
27.9 |
25.2 |
|
Retained Earnings (Accumulated Deficit) |
85.1 |
76.6 |
64.9 |
59.3 |
56.0 |
|
Treasury Stock - Common |
-2.1 |
-2.0 |
-9.9 |
-8.6 |
-6.5 |
|
Unrealized Gain (Loss) |
5.3 |
1.5 |
5.2 |
5.3 |
12.9 |
|
Translation Adjustment |
-1.3 |
-1.2 |
-0.4 |
-0.3 |
0.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-1.3 |
-1.2 |
-0.4 |
-0.3 |
0.0 |
|
Total Equity |
190.5 |
175.6 |
138.3 |
130.6 |
130.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
Total Common Shares Outstanding |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.5 |
0.5 |
2.5 |
2.4 |
2.1 |
|
Employees |
1,175 |
1,177 |
1,073 |
1,047 |
1,087 |
|
Number of Common Shareholders |
6,556 |
6,842 |
5,751 |
4,604 |
6,631 |
|
Deferred Revenue - Current |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Total Long Term Debt, Supplemental |
53.2 |
35.1 |
37.7 |
27.9 |
23.7 |
|
Long Term Debt Maturing within 1 Year |
17.2 |
11.6 |
9.7 |
7.0 |
15.1 |
|
Long Term Debt Maturing in Year 2 |
15.6 |
10.1 |
9.7 |
6.2 |
3.0 |
|
Long Term Debt Maturing in Year 3 |
11.0 |
8.6 |
8.3 |
6.2 |
2.3 |
|
Long Term Debt Maturing in Year 4 |
7.5 |
4.1 |
7.0 |
4.9 |
2.3 |
|
Long Term Debt Maturing in Year 5 |
1.9 |
0.7 |
3.0 |
3.7 |
1.1 |
|
Long Term Debt Maturing in 2-3 Years |
26.7 |
18.7 |
18.0 |
12.4 |
5.3 |
|
Long Term Debt Maturing in 4-5 Years |
9.4 |
4.9 |
10.1 |
8.6 |
3.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
53.2 |
56.8 |
48.7 |
48.3 |
47.2 |
|
Plan Assets - Domestic |
- |
- |
- |
0.0 |
0.1 |
|
Funded Status - Domestic |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Total Funded Status |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
2.30% |
2.30% |
2.30% |
|
Accrued Liabilities - Domestic |
-39.7 |
-39.5 |
-32.8 |
-29.7 |
-27.3 |
|
Other Assets, Net - Domestic |
13.4 |
17.3 |
15.9 |
18.5 |
19.8 |
|
Net Assets Recognized on Balance Sheet |
-26.3 |
-22.2 |
-16.8 |
-11.2 |
-7.6 |
|
Total Plan Obligations |
53.2 |
56.8 |
48.7 |
48.3 |
47.2 |
|
Total Plan Assets |
- |
- |
- |
0.0 |
0.1 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-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) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
Depreciation |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Depreciation/Depletion |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Unusual Items |
0.3 |
1.2 |
0.1 |
2.8 |
-0.6 |
|
Other Non-Cash Items |
-1.0 |
0.2 |
1.8 |
2.7 |
5.0 |
|
Non-Cash Items |
-0.7 |
1.4 |
1.9 |
5.5 |
4.4 |
|
Accounts Receivable |
-43.2 |
-8.9 |
-13.4 |
35.8 |
-19.1 |
|
Inventories |
33.6 |
-6.3 |
3.0 |
-14.0 |
7.1 |
|
Accounts Payable |
-14.4 |
7.5 |
-2.2 |
-10.7 |
-3.0 |
|
Accrued Expenses |
-12.6 |
10.3 |
0.0 |
-0.5 |
-0.5 |
|
Payable/Accrued |
0.0 |
-0.2 |
-2.7 |
-3.5 |
-3.5 |
|
Other Liabilities |
-6.3 |
-3.2 |
4.6 |
1.9 |
- |
|
Other Operating Cash Flow |
-10.2 |
0.0 |
-5.0 |
-13.8 |
-2.3 |
|
Changes in Working Capital |
-53.0 |
-0.8 |
-15.6 |
-4.8 |
-21.3 |
|
Cash from Operating Activities |
-16.9 |
29.7 |
7.3 |
18.6 |
-0.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-11.7 |
-13.8 |
-18.4 |
-10.1 |
-7.1 |
|
Capital Expenditures |
-11.7 |
-13.8 |
-18.4 |
-10.1 |
-7.1 |
|
Sale of Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Sale/Maturity of Investment |
- |
- |
- |
0.0 |
1.5 |
|
Purchase of Investments |
-11.7 |
-23.1 |
-0.1 |
-4.0 |
-0.1 |
|
Other Investing Cash Flow |
-4.0 |
-3.0 |
0.7 |
-1.5 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-15.6 |
-26.1 |
0.6 |
-5.5 |
1.5 |
|
Cash from Investing Activities |
-27.3 |
-39.9 |
-17.9 |
-15.6 |
-5.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
- |
- |
- |
- |
|
Financing Cash Flow Items |
0.0 |
- |
- |
- |
- |
|
Cash Dividends Paid - Common |
-3.6 |
-3.2 |
-2.9 |
-2.7 |
-2.4 |
|
Total Cash Dividends Paid |
-3.6 |
-3.2 |
-2.9 |
-2.7 |
-2.4 |
|
Sale/Issuance of
Common |
0.0 |
20.8 |
0.0 |
- |
- |
|
Repurchase/Retirement of
Common |
0.0 |
0.0 |
-0.9 |
-1.3 |
-2.8 |
|
Common Stock, Net |
0.0 |
20.8 |
-0.9 |
-1.3 |
-2.8 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
20.8 |
-0.9 |
-1.3 |
-2.8 |
|
Short Term Debt, Net |
19.1 |
-0.7 |
0.5 |
7.0 |
0.0 |
|
Long Term Debt Issued |
29.2 |
3.6 |
15.7 |
17.5 |
10.7 |
|
Long Term Debt
Reduction |
-12.1 |
-10.5 |
-7.4 |
-16.0 |
-5.0 |
|
Long Term Debt, Net |
17.2 |
-6.9 |
8.4 |
1.5 |
5.7 |
|
Issuance (Retirement) of Debt, Net |
36.2 |
-7.6 |
8.9 |
8.5 |
5.7 |
|
Cash from Financing Activities |
32.6 |
10.0 |
5.1 |
4.5 |
0.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
-0.4 |
-0.1 |
0.0 |
0.0 |
|
Net Change in Cash |
-11.7 |
-0.6 |
-5.6 |
7.4 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.6 |
29.3 |
32.2 |
22.4 |
25.2 |
|
Net Cash - Ending Balance |
18.9 |
28.7 |
26.7 |
29.8 |
20.0 |
|
Cash Interest Paid |
2.1 |
1.6 |
1.4 |
1.4 |
1.2 |
|
Cash Taxes Paid |
9.2 |
5.5 |
5.5 |
5.1 |
4.9 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-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) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
Total Revenue |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
377.8 |
348.3 |
304.4 |
255.3 |
271.6 |
|
Other Selling/General/Admin. Expense |
48.6 |
- |
- |
- |
- |
|
Payrolls |
22.7 |
21.5 |
18.5 |
15.6 |
14.1 |
|
Provision for officers bonuses |
0.6 |
0.5 |
0.2 |
0.2 |
0.1 |
|
Provision for bonuses |
4.5 |
4.3 |
3.6 |
4.9 |
4.3 |
|
Periodic retirement benefit costs |
4.1 |
3.9 |
3.6 |
3.2 |
2.9 |
|
Reserve for officers retirement |
- |
- |
0.5 |
0.5 |
0.4 |
|
R & D expenses |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
|
Other general expenses |
- |
44.1 |
35.7 |
31.8 |
28.6 |
|
SP Adj G on estimated original costs |
- |
- |
- |
- |
0.0 |
|
SP Rev.Allow.Doubt.Acct |
0.0 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
SP Pension plan change expenses |
- |
- |
- |
- |
0.0 |
|
SP Reserve for officers retirement |
- |
- |
- |
0.0 |
1.1 |
|
SP Dir. Retir. Bonus |
- |
- |
- |
- |
0.0 |
|
SP Surcharge |
- |
- |
0.0 |
1.2 |
0.0 |
|
SP L on val. of inv't in related company |
- |
- |
0.0 |
0.4 |
0.0 |
|
SP Environmental expenses |
0.0 |
1.6 |
0.0 |
- |
- |
|
SP Loss Val. Inv. Sec. |
0.3 |
1.2 |
0.1 |
2.8 |
0.3 |
|
SP L on adju. for chan. of acct. assets |
0.0 |
0.5 |
0.0 |
- |
- |
|
SP L on Disaster |
0.1 |
0.3 |
0.0 |
- |
- |
|
SP Loss Val. Golf Memb. |
0.0 |
0.1 |
0.0 |
- |
0.0 |
|
NOP L-Retir. Inventories |
- |
- |
- |
0.0 |
0.2 |
|
NOP Loss Retirement Fixed Asset |
0.1 |
0.1 |
0.2 |
0.2 |
0.4 |
|
NOP L- Val. Inventories |
- |
- |
- |
0.0 |
0.3 |
|
Total Operating Expense |
468.9 |
437.2 |
374.4 |
324.5 |
331.5 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Divid. Income |
1.5 |
1.4 |
1.1 |
1.0 |
0.9 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Subsidy income |
- |
0.0 |
0.4 |
0.0 |
- |
|
NOP Inv.Income-Equity |
1.4 |
1.3 |
0.0 |
- |
- |
|
NOP Insurance Income |
0.6 |
1.1 |
0.0 |
0.0 |
0.1 |
|
NOP Technical support fee |
0.0 |
1.1 |
0.0 |
- |
- |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Op. Income |
0.7 |
0.4 |
0.9 |
0.6 |
0.5 |
|
NOP Interest Expense |
-2.1 |
-1.6 |
-1.5 |
-1.4 |
-1.2 |
|
NOP Exchange Loss |
-0.3 |
-2.4 |
-0.3 |
-0.9 |
-0.9 |
|
Other |
-0.6 |
-0.4 |
-0.2 |
-0.4 |
-0.3 |
|
SP Gain Sale Fix.Asset |
- |
- |
- |
- |
0.0 |
|
SP Gain Sale Invest.Sec |
- |
- |
- |
0.0 |
0.9 |
|
Gain Sale Golf Membership |
- |
- |
- |
0.0 |
0.1 |
|
SP L on sale of fixed assets. |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
|
|
|
|
|
|
|
Total income taxes |
12.4 |
7.2 |
5.1 |
7.2 |
5.5 |
|
Income before minority interests |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Basic EPS Including ExtraOrdinary Item |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
Diluted Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Diluted EPS Including ExtraOrd Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
DPS-Common Stock |
0.08 |
0.07 |
0.07 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
3.7 |
3.4 |
2.9 |
2.7 |
2.4 |
|
Normalized Income Before Taxes |
22.8 |
18.9 |
10.9 |
13.0 |
11.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
12.6 |
8.9 |
5.2 |
8.9 |
5.9 |
|
Normalized Income After Taxes |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
|
Diluted Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
|
Interest Expense |
2.1 |
1.6 |
1.5 |
1.4 |
1.2 |
|
Dep. of Tangible Assets-Current Portion |
14.5 |
- |
- |
- |
- |
|
Depreciation |
- |
13.9 |
10.3 |
9.6 |
6.5 |
|
R&D Expense |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
|
Income taxes-current |
9.3 |
- |
- |
- |
- |
|
Current Tax - Total |
9.3 |
- |
- |
- |
- |
|
Income taxes-deferred |
3.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Income taxes for prior periods |
-0.2 |
- |
- |
- |
- |
|
Income Tax - Total |
12.4 |
- |
- |
- |
- |
|
Reported Operating Profit |
21.6 |
17.9 |
10.6 |
14.0 |
12.5 |
|
Reported Ordinary Profit |
22.7 |
18.8 |
10.7 |
12.7 |
10.7 |
|
Retirement Benefit Expenses Other |
1.3 |
- |
- |
- |
- |
|
Service cost |
2.7 |
2.6 |
2.2 |
2.1 |
1.9 |
|
Interest cost |
0.9 |
1.2 |
1.1 |
1.1 |
1.0 |
|
Pension exp. Due to acct. changes |
3.4 |
3.2 |
3.0 |
2.7 |
2.4 |
|
Actuarial gains and losses |
0.9 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Prior service cost |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Domestic Pension Plan Expense |
9.1 |
7.8 |
7.1 |
6.6 |
5.9 |
|
Defined contribution expenses |
- |
1.1 |
1.0 |
0.8 |
0.8 |
|
Total Pension Expense |
9.1 |
9.0 |
8.1 |
7.4 |
6.7 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
- |
- |
- |
- |
|
Discount rate |
- |
1.50% |
2.30% |
2.30% |
2.30% |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.981276 |
81.24 |
91.035 |
95.455 |
105.565 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposit |
18.9 |
29.7 |
27.0 |
31.1 |
21.1 |
|
Notes and accounts receivable-trade |
173.8 |
127.2 |
105.7 |
87.9 |
113.4 |
|
Inventories - merchandise/finished goods |
20.2 |
31.6 |
26.3 |
24.4 |
16.5 |
|
Inventories - work-in-process |
28.4 |
41.7 |
33.3 |
37.5 |
26.9 |
|
Inventories - raw materials/supplies |
21.4 |
27.4 |
24.3 |
21.1 |
18.5 |
|
Advance payments-trade |
0.5 |
0.2 |
2.7 |
2.1 |
1.7 |
|
Accounts receivable-other |
0.8 |
0.4 |
0.6 |
0.6 |
0.8 |
|
Deferred Tax |
6.5 |
7.5 |
6.6 |
6.9 |
6.5 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
0.9 |
1.0 |
1.3 |
0.7 |
0.8 |
|
Allow.Doubt.Acct |
-0.4 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Total current assets |
271.1 |
266.1 |
227.4 |
211.7 |
205.6 |
|
|
|
|
|
|
|
|
Bldg.&Structures |
79.5 |
77.5 |
66.8 |
48.3 |
43.0 |
|
Accum Dep & Impairment Loss of Buildings |
-49.4 |
- |
- |
- |
- |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-65.5 |
- |
- |
- |
- |
|
Accumulated depreciation-other |
-28.4 |
- |
- |
- |
- |
|
Depreciation of Bldg.&Structures |
- |
-45.7 |
-38.4 |
-35.1 |
-30.6 |
|
Machinery, equipment and vehicles |
81.1 |
77.4 |
63.7 |
58.6 |
52.3 |
|
Depreciation of Mach.&Vehicles |
- |
-60.7 |
-49.6 |
-44.2 |
-37.8 |
|
Land |
3.7 |
3.6 |
3.2 |
3.0 |
2.7 |
|
Contr.-in-Prog. |
6.3 |
0.6 |
3.0 |
4.1 |
1.2 |
|
Other |
34.4 |
- |
- |
- |
- |
|
Other PP&E |
- |
29.9 |
25.3 |
22.6 |
19.8 |
|
Depreciation of Other PP&E |
- |
-25.0 |
-20.8 |
-18.5 |
-15.5 |
|
Other |
0.8 |
- |
- |
- |
- |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Software |
3.5 |
2.6 |
2.2 |
2.2 |
1.2 |
|
Other Intangibles |
- |
2.2 |
0.7 |
0.4 |
0.3 |
|
Other LT investment- held for sale |
101.9 |
- |
- |
- |
- |
|
Inv. Securities |
- |
91.6 |
70.0 |
66.5 |
73.5 |
|
Invt Secs Noncons, Asc, Affd Cos |
1.6 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
9.6 |
- |
- |
- |
- |
|
LT Investment - Affiliate Companies |
- |
2.2 |
- |
- |
- |
|
Deferred tax assets |
12.2 |
16.0 |
10.4 |
10.0 |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other |
20.1 |
- |
- |
- |
- |
|
Other Assets |
- |
10.1 |
14.0 |
14.7 |
19.5 |
|
LT Investment - Capital |
- |
6.0 |
- |
- |
- |
|
Allow.Doubt.Acct |
-0.2 |
-0.2 |
-0.2 |
-0.6 |
-0.3 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
57.5 |
70.0 |
56.1 |
55.7 |
60.5 |
|
Short-term loans payable |
80.7 |
54.4 |
41.1 |
38.7 |
28.4 |
|
LT borrowings (current) |
- |
- |
7.5 |
4.9 |
13.8 |
|
Curr. Corp.Bond |
2.0 |
2.5 |
2.2 |
2.1 |
1.2 |
|
Corp. Tax Pybles |
6.0 |
5.7 |
2.5 |
2.5 |
2.3 |
|
Sales Tax Pybl. |
2.3 |
1.4 |
0.8 |
1.7 |
2.3 |
|
Accrued Expense |
36.8 |
47.5 |
33.9 |
28.8 |
34.5 |
|
Advance Payment |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Deposits received |
2.7 |
2.6 |
2.4 |
2.7 |
2.0 |
|
Provision for directors'' bonuses |
0.6 |
0.5 |
0.2 |
0.2 |
0.1 |
|
Allow. Bonus |
11.3 |
11.5 |
9.2 |
8.8 |
8.4 |
|
Rounding adjustment Liability |
0.1 |
- |
- |
- |
- |
|
Reserve for L on orders received |
2.5 |
1.8 |
3.7 |
3.4 |
1.2 |
|
Provision for environmental measures |
0.0 |
1.1 |
0.0 |
- |
- |
|
Other Curr. Liab |
6.8 |
3.4 |
4.9 |
4.1 |
4.9 |
|
Total Current Liabilities |
211.7 |
210.7 |
175.0 |
159.1 |
162.9 |
|
|
|
|
|
|
|
|
Corp.Bond |
1.5 |
3.4 |
5.3 |
7.1 |
2.7 |
|
Long-term loans payable |
34.6 |
20.1 |
22.8 |
13.8 |
6.0 |
|
Total Long Term Debt |
36.1 |
23.6 |
28.1 |
21.0 |
8.7 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Defined contr. plan trans. acc.payable |
- |
- |
- |
0.0 |
3.0 |
|
Long-term accounts payable-other |
3.2 |
3.7 |
1.9 |
1.5 |
1.4 |
|
Res.Accrd.Retir. |
39.7 |
39.5 |
32.8 |
29.7 |
27.3 |
|
Allow.Dir.Retir. |
- |
0.0 |
1.8 |
1.5 |
1.7 |
|
Provision for environmental measures |
0.5 |
0.5 |
0.0 |
- |
- |
|
Deferred Tax |
- |
- |
- |
- |
0.0 |
|
Other LT Liab. |
0.4 |
0.4 |
0.0 |
- |
- |
|
Total Liabilities |
291.7 |
278.5 |
239.5 |
212.8 |
205.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
63.3 |
61.5 |
49.2 |
47.0 |
42.5 |
|
Total capital surpluses |
40.2 |
39.1 |
29.2 |
27.9 |
25.2 |
|
Total retained earnings |
85.1 |
76.6 |
64.9 |
59.3 |
56.0 |
|
Treasury Stock |
-2.1 |
-2.0 |
-9.9 |
-8.6 |
-6.5 |
|
Valuation difference on available-for-sa |
5.3 |
1.5 |
5.2 |
5.3 |
12.9 |
|
Deferred hedge gain/loss |
- |
- |
- |
0.0 |
0.0 |
|
Cumulative translation adjustments |
-1.3 |
-1.2 |
-0.4 |
-0.3 |
0.0 |
|
Total net assets |
190.5 |
175.6 |
138.3 |
130.6 |
130.1 |
|
|
|
|
|
|
|
|
Total liabilities and net assets |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
Total Common Shares Outstanding |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
T/S-Common Stock |
0.5 |
0.5 |
2.5 |
2.4 |
2.1 |
|
Deferred Revenue - Current |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Full-Time Employees |
1,175 |
1,177 |
1,073 |
1,047 |
1,087 |
|
Total Number of Shareholders |
6,556 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
6,842 |
5,751 |
4,604 |
6,631 |
|
Within One Year |
2.0 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
15.1 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 1 yr. |
- |
11.6 |
9.7 |
7.0 |
15.1 |
|
Over One Year And Within Two Years |
1.5 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
14.1 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 2 yr. |
- |
10.1 |
9.7 |
6.2 |
3.0 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
11.0 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 3 yr. |
- |
8.6 |
8.3 |
6.2 |
2.3 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
7.5 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 4 yr. |
- |
4.1 |
7.0 |
4.9 |
2.3 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
1.9 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 5 years |
- |
0.7 |
3.0 |
3.7 |
1.1 |
|
Total Long Term Debt, Supplemental |
53.2 |
35.1 |
37.7 |
27.9 |
23.7 |
|
Pension obligation |
53.2 |
56.8 |
48.7 |
48.3 |
47.2 |
|
Fair value of plan asset |
- |
- |
- |
0.0 |
0.1 |
|
Funded status |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Total Funded Status |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Discount rate |
1.50% |
1.50% |
2.30% |
2.30% |
2.30% |
|
Expense unrecog. for acc. Changes |
10.2 |
13.3 |
14.8 |
16.9 |
17.9 |
|
Unrecognized actuarial gains and losses |
4.0 |
4.9 |
2.0 |
2.5 |
2.8 |
|
Unrecognized prior service cost |
-0.7 |
-0.9 |
-0.9 |
-0.9 |
-0.9 |
|
Provision for pension |
-39.7 |
-39.5 |
-32.8 |
-29.7 |
-27.3 |
|
Net Assets Recognized on Balance Sheet |
-26.3 |
-22.2 |
-16.8 |
-11.2 |
-7.6 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-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) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income bf. Tax |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
Depreciation |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Increase (decrease) in allowance for dou |
-0.2 |
0.0 |
-0.6 |
0.4 |
0.2 |
|
Increase (decrease) in provision for bon |
-0.5 |
1.1 |
0.0 |
-0.5 |
-0.5 |
|
Increase (decrease) in provision for ret |
-0.9 |
2.7 |
1.6 |
-0.5 |
1.8 |
|
Increase (decrease) in provision for dir |
0.0 |
-1.9 |
0.2 |
-0.4 |
1.5 |
|
Int.&Div.Income |
-1.5 |
-1.4 |
-1.1 |
-1.0 |
-0.9 |
|
Interest Expense |
2.1 |
1.6 |
1.5 |
1.4 |
1.2 |
|
Gain Sale Inv.Sec. |
- |
- |
- |
0.0 |
-0.9 |
|
Loss (gain) on valuation of investment s |
0.3 |
1.2 |
0.1 |
2.8 |
0.3 |
|
Gain Sale PP&E |
- |
- |
- |
- |
0.0 |
|
Loss Sale PP&E |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in notes and account |
-43.2 |
-8.9 |
-13.4 |
35.8 |
-19.1 |
|
Decrease (increase) in inventories |
33.6 |
-6.3 |
3.0 |
-14.0 |
7.1 |
|
Increase (decrease) in notes and account |
-14.4 |
7.5 |
-2.2 |
-10.7 |
-3.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in accured liabiliti |
0.0 |
-0.2 |
-2.7 |
-3.5 |
-3.5 |
|
Increase (decrease) in provision for los |
0.6 |
-2.3 |
0.1 |
2.0 |
1.1 |
|
Increase (decrease) in advances received |
-6.3 |
-3.2 |
4.6 |
1.9 |
- |
|
Increase (decrease) in accrued expenses |
-12.1 |
9.2 |
0.0 |
- |
- |
|
Increase (decrease) in provision for env |
-1.1 |
1.6 |
0.0 |
- |
- |
|
Other, net |
-0.6 |
5.7 |
0.9 |
-8.3 |
2.8 |
|
Int.&Div. Received |
1.7 |
1.4 |
1.1 |
1.0 |
0.9 |
|
Interest Paid |
-2.1 |
-1.6 |
-1.4 |
-1.4 |
-1.2 |
|
Income taxes (paid) refund |
-9.2 |
-5.5 |
-5.5 |
-5.1 |
-4.6 |
|
Prior Year Tax Paid |
- |
- |
- |
0.0 |
-0.3 |
|
Cash to change in consol. scope |
- |
- |
- |
0.8 |
0.0 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Net cash provided by (used in) operating |
-16.9 |
29.7 |
7.3 |
18.6 |
-0.1 |
|
|
|
|
|
|
|
|
Purch. of Inv. Secs. |
-11.7 |
-23.1 |
-0.1 |
-4.0 |
-0.1 |
|
Sale Inv. Securities |
- |
- |
- |
0.0 |
1.5 |
|
Purchase of property, plant and equipmen |
-11.7 |
-13.8 |
-18.4 |
-10.1 |
-7.1 |
|
Sale PP&E |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other Expense |
-0.9 |
-1.7 |
-0.7 |
-0.2 |
-0.5 |
|
Other Income |
0.4 |
1.0 |
2.3 |
0.1 |
1.2 |
|
Other, net |
-3.4 |
-2.3 |
-0.9 |
-1.4 |
-0.6 |
|
Net cash provided by (used in) investing |
-27.3 |
-39.9 |
-17.9 |
-15.6 |
-5.6 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
19.1 |
-0.7 |
0.5 |
7.0 |
0.0 |
|
Proceeds from long-term loans payable |
29.2 |
3.6 |
15.7 |
11.6 |
7.2 |
|
Repayment of long-term loans payable |
-9.5 |
-8.1 |
-5.2 |
-14.7 |
-3.4 |
|
Bond Issued |
- |
- |
0.0 |
5.9 |
3.5 |
|
Bond Redeemed |
-2.5 |
-2.4 |
-2.2 |
-1.3 |
-1.6 |
|
Proceeds from issuance of common stock |
0.0 |
12.3 |
0.0 |
- |
- |
|
Proceeds from disposal of treasury stock |
- |
8.5 |
0.0 |
- |
- |
|
Purch. Treas. Stock |
0.0 |
0.0 |
-0.9 |
-1.3 |
-2.8 |
|
Dividend Paid |
-3.6 |
-3.2 |
-2.9 |
-2.7 |
-2.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Net cash provided by (used in) financing |
32.6 |
10.0 |
5.1 |
4.5 |
0.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
-0.4 |
-0.1 |
0.0 |
0.0 |
|
Net increase (decrease) in cash and cash |
-11.7 |
-0.6 |
-5.6 |
7.4 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.6 |
29.3 |
32.2 |
22.4 |
25.2 |
|
Net Cash - Ending Balance |
18.9 |
28.7 |
26.7 |
29.8 |
20.0 |
|
Cash Interest Paid |
2.1 |
1.6 |
1.4 |
1.4 |
1.2 |
|
Income taxes (paid) refund |
9.2 |
5.5 |
5.5 |
5.1 |
4.9 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.