MIRA INFORM REPORT
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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ZENRIN CO.LTD. |
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Registered Office : |
Riverwalk Kitakyushu 1-1-1, Muro-machi, Kokurakita-ku Kitakyushu-Shi, 803-8630 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
15.03.1947 |
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Legal Form : |
Public Parent |
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Line of Business : |
Engaged in the production and sale of the database of maps. The Map Database-related segment is engaged in the manufacture, printing and sale of residential maps, application maps and residential map database, as well as the investigation, character input/output, production and distribution of car navigation data, three dimensional (3D) map data and other map data. |
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No. of Employees : |
3,122 |
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 (31.03.2011) |
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.
Source : CIA
Company name and address
ZENRIN CO.LTD.
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Business
Description
|
ZENRIN CO., LTD. is a Japan-based company mainly engaged in the production
and sale of the database of maps. The Company operates in three business
segments. The Map Database-related segment is engaged in the manufacture,
printing and sale of residential maps, application maps and residential map
database, as well as the investigation, character input/output, production
and distribution of car navigation data, three dimensional (3D) map data and
other map data. The General Printing Related segment is engaged in the
manufacture, sale, emendation and character input/output of general printed
materials. The Others segment is engaged in the provision of computer-aided
design (CAD) services, the sale of purchased goods, and the affiliated
advertising business. For the three months ended 30 June 2012, ZENRIN CO.LTD.
revenues increased 15% to Y12.07B. Net income totaled Y424M vs. loss of Y95M.
Revenues reflect Map Database-Related Business segment increase of 20% to
Y10.31B. Net Income reflects Map Database-Related Business segment income
totaling Y921M vs. loss of Y376M, Other segment income totaling Y26M vs. loss
of Y2M. Basic Earnings per Share excluding Extraordinary Items increased |
Industry
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Industry |
Printing and Publishing |
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ANZSIC 2006: |
5419 - Other Publishing (except Software,
Music and Internet) |
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NACE 2002: |
2215 - Other publishing |
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NAICS 2002: |
511199 - All Other Publishers |
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UK SIC 2003: |
2215 - Other publishing |
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UK SIC 2007: |
5819 - Other publishing activities |
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US SIC 1987: |
2741 - Miscellaneous Publishing |
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months |
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News
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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
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Corporate Structure News
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ZENRIN CO.LTD. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Kitakyushu-Shi |
Japan |
Printing and Publishing |
662.6 |
3,122 |
|
|
Subsidiary |
Fukuoka |
Japan |
Printing and Publishing |
|
292 |
|
|
Subsidiary |
Tokyo |
Japan |
Engineering Consultants |
|
154 |
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Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
139 |
|
|
Subsidiary |
Fukuoka |
Japan |
Printing and Publishing |
|
57 |
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Subsidiary |
Tokyo |
Japan |
Advertising |
|
40 |
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Subsidiary |
Osaka |
Japan |
Printing and Publishing |
|
25 |
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Subsidiary |
Tokyo |
Japan |
Advertising |
|
22 |
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Subsidiary |
San Bruno, CA |
United States |
Printing and Publishing |
|
19 |
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Subsidiary |
Dusseldorf |
Germany |
Printing and Publishing |
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14 |
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Executives Report
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Significant
Developments
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Annual Income Statement
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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-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 |
|
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 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
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Net Sales |
662.6 |
617.1 |
556.8 |
497.0 |
460.6 |
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Revenue |
662.6 |
617.1 |
556.8 |
497.0 |
460.6 |
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Total Revenue |
662.6 |
617.1 |
556.8 |
497.0 |
460.6 |
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Cost of Revenue |
372.5 |
345.3 |
332.2 |
280.5 |
248.7 |
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Cost of Revenue, Total |
372.5 |
345.3 |
332.2 |
280.5 |
248.7 |
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Gross Profit |
290.1 |
271.8 |
224.5 |
216.4 |
212.0 |
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Selling/General/Administrative Expense |
88.4 |
81.0 |
67.5 |
62.9 |
53.4 |
|
Labor & Related Expense |
140.4 |
131.4 |
116.5 |
107.0 |
98.9 |
|
Total Selling/General/Administrative Expenses |
228.8 |
212.4 |
184.0 |
169.9 |
152.3 |
|
Research & Development |
4.8 |
6.8 |
4.6 |
13.7 |
7.7 |
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Depreciation |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Amortization of Acquisition Costs |
0.7 |
1.6 |
1.9 |
- |
- |
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Depreciation/Amortization |
1.0 |
1.8 |
2.2 |
0.3 |
0.2 |
|
Impairment-Assets Held for Use |
1.7 |
2.4 |
2.3 |
0.0 |
- |
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Impairment-Assets Held for Sale |
0.7 |
1.6 |
2.0 |
0.7 |
0.1 |
|
Other Unusual Expense (Income) |
0.0 |
1.3 |
0.6 |
-0.6 |
0.0 |
|
Unusual Expense (Income) |
2.4 |
5.4 |
4.9 |
0.1 |
0.1 |
|
Other, Net |
- |
- |
- |
- |
0.0 |
|
Other Operating Expenses, Total |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
609.5 |
571.6 |
528.0 |
464.6 |
408.9 |
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Operating Income |
53.1 |
45.5 |
28.8 |
32.4 |
51.7 |
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|
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Interest Expense -
Non-Operating |
-0.6 |
-0.6 |
-0.6 |
-0.7 |
-0.6 |
|
Interest Expense, Net Non-Operating |
-0.6 |
-0.6 |
-0.6 |
-0.7 |
-0.6 |
|
Interest Income -
Non-Operating |
0.2 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Investment Income -
Non-Operating |
-0.3 |
0.5 |
0.3 |
7.5 |
1.7 |
|
Interest/Investment Income - Non-Operating |
-0.1 |
0.7 |
0.5 |
7.8 |
1.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.7 |
0.1 |
-0.1 |
7.1 |
1.3 |
|
Gain (Loss) on Sale of Assets |
-0.5 |
-0.5 |
-1.5 |
-0.3 |
0.8 |
|
Other Non-Operating Income (Expense) |
5.2 |
3.2 |
3.0 |
2.7 |
2.0 |
|
Other, Net |
5.2 |
3.2 |
3.0 |
2.7 |
2.0 |
|
Income Before Tax |
57.1 |
48.3 |
30.2 |
41.9 |
55.9 |
|
|
|
|
|
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|
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Total Income Tax |
30.3 |
25.4 |
17.8 |
21.2 |
23.1 |
|
Income After Tax |
26.8 |
22.9 |
12.4 |
20.7 |
32.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.1 |
1.0 |
3.0 |
-0.3 |
-0.6 |
|
Net Income Before Extraord Items |
24.7 |
23.9 |
15.4 |
20.4 |
32.1 |
|
Net Income |
24.7 |
23.9 |
15.4 |
20.4 |
32.1 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Total Adjustments to Net Income |
- |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Income Available to Common Excl Extraord Items |
24.7 |
23.8 |
15.3 |
20.3 |
32.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
24.7 |
23.8 |
15.3 |
20.3 |
32.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
36.8 |
36.9 |
36.4 |
36.8 |
37.3 |
|
Basic EPS Excl Extraord Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Basic/Primary EPS Incl Extraord Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
24.7 |
23.8 |
15.3 |
20.3 |
32.1 |
|
Diluted Weighted Average Shares |
36.8 |
36.9 |
36.4 |
36.8 |
37.3 |
|
Diluted EPS Excl Extraord Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Diluted EPS Incl Extraord Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Dividends per Share - Common Stock Primary Issue |
0.37 |
0.33 |
0.30 |
0.30 |
0.20 |
|
Gross Dividends - Common Stock |
13.5 |
12.0 |
11.0 |
10.9 |
7.3 |
|
Interest Expense, Supplemental |
0.6 |
0.6 |
0.6 |
0.7 |
0.6 |
|
Depreciation, Supplemental |
44.2 |
39.8 |
36.8 |
34.4 |
24.4 |
|
Total Special Items |
3.6 |
7.4 |
8.3 |
0.4 |
-0.8 |
|
Normalized Income Before Tax |
60.8 |
55.7 |
38.6 |
42.4 |
55.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.6 |
3.1 |
3.8 |
0.2 |
-0.3 |
|
Inc Tax Ex Impact of Sp Items |
31.9 |
28.4 |
21.6 |
21.5 |
22.8 |
|
Normalized Income After Tax |
28.9 |
27.2 |
17.0 |
20.9 |
32.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.8 |
28.1 |
19.9 |
20.6 |
31.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.73 |
0.76 |
0.55 |
0.56 |
0.85 |
|
Diluted Normalized EPS |
0.73 |
0.76 |
0.55 |
0.56 |
0.85 |
|
Amort of Acquisition Costs, Supplemental |
0.7 |
1.6 |
1.9 |
0.0 |
- |
|
Rental Expenses |
19.9 |
19.1 |
18.6 |
18.0 |
14.8 |
|
Research & Development Exp, Supplemental |
4.8 |
6.8 |
4.6 |
13.7 |
7.7 |
|
Reported Operating Profit |
55.8 |
51.0 |
33.9 |
32.7 |
51.9 |
|
Reported Ordinary Profit |
60.5 |
53.4 |
35.7 |
36.7 |
55.2 |
|
Normalized EBIT |
55.5 |
50.8 |
33.7 |
32.5 |
51.8 |
|
Normalized EBITDA |
100.5 |
92.2 |
72.5 |
66.9 |
76.1 |
|
Current Tax - Total |
23.0 |
- |
- |
- |
- |
|
Current Tax - Total |
23.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
7.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
7.3 |
- |
- |
- |
- |
|
Income Tax - Total |
30.3 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
1.7 |
1.5 |
1.6 |
1.5 |
1.3 |
|
Service Cost - Domestic |
5.6 |
5.1 |
3.9 |
4.1 |
3.5 |
|
Prior Service Cost - Domestic |
-1.3 |
-1.2 |
-1.1 |
-1.0 |
-0.9 |
|
Expected Return on Assets - Domestic |
-1.0 |
-0.9 |
-0.9 |
-1.0 |
-0.8 |
|
Actuarial Gains and Losses - Domestic |
1.9 |
1.6 |
1.1 |
0.4 |
-0.1 |
|
Domestic Pension Plan Expense |
7.0 |
6.1 |
4.6 |
4.0 |
3.0 |
|
Defined Contribution Expense - Domestic |
0.3 |
- |
- |
- |
- |
|
Total Pension Expense |
7.3 |
6.1 |
4.6 |
4.0 |
3.0 |
|
Discount Rate - Domestic |
1.80% |
1.80% |
1.80% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
1.80% |
1.80% |
2.50% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
1.7 |
1.5 |
1.6 |
1.5 |
1.3 |
|
Total Plan Service Cost |
5.6 |
5.1 |
3.9 |
4.1 |
3.5 |
|
Total Plan Expected Return |
-1.0 |
-0.9 |
-0.9 |
-1.0 |
-0.8 |
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
84.2 |
80.2 |
80.0 |
38.9 |
31.8 |
|
Short Term Investments |
3.0 |
24.7 |
0.6 |
20.8 |
22.6 |
|
Cash and Short Term Investments |
87.2 |
105.0 |
80.5 |
59.7 |
54.4 |
|
Accounts Receivable -
Trade, Gross |
149.6 |
130.2 |
120.4 |
102.4 |
124.9 |
|
Provision for Doubtful
Accounts |
-0.3 |
-0.9 |
-0.9 |
-0.5 |
-0.6 |
|
Trade Accounts Receivable - Net |
149.3 |
129.2 |
119.5 |
101.9 |
124.3 |
|
Total Receivables, Net |
149.3 |
129.2 |
119.5 |
101.9 |
124.3 |
|
Inventories - Finished Goods |
11.6 |
11.9 |
9.5 |
17.4 |
- |
|
Inventories - Work In Progress |
3.2 |
3.6 |
3.5 |
3.8 |
- |
|
Inventories - Raw Materials |
1.0 |
1.1 |
0.9 |
0.4 |
- |
|
Total Inventory |
15.8 |
16.6 |
13.9 |
21.6 |
24.4 |
|
Deferred Income Tax - Current Asset |
20.5 |
23.1 |
25.1 |
21.4 |
22.3 |
|
Other Current Assets |
6.7 |
6.6 |
6.1 |
6.3 |
2.6 |
|
Other Current Assets, Total |
27.2 |
29.7 |
31.2 |
27.7 |
24.9 |
|
Total Current Assets |
279.5 |
280.5 |
245.1 |
210.9 |
228.0 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
176.4 |
177.2 |
158.3 |
154.1 |
140.6 |
|
Goodwill, Net |
0.1 |
1.9 |
5.3 |
0.9 |
- |
|
Intangibles, Net |
105.6 |
89.7 |
70.8 |
68.1 |
65.4 |
|
LT Investment - Affiliate Companies |
18.6 |
2.1 |
- |
- |
- |
|
LT Investments - Other |
26.5 |
27.5 |
25.4 |
23.1 |
36.9 |
|
Long Term Investments |
45.2 |
29.6 |
25.4 |
23.1 |
36.9 |
|
Deferred Income Tax - Long Term Asset |
14.9 |
19.0 |
19.4 |
19.7 |
20.7 |
|
Other Long Term Assets |
17.7 |
15.9 |
16.6 |
14.9 |
15.4 |
|
Other Long Term Assets, Total |
32.6 |
34.9 |
36.0 |
34.5 |
36.1 |
|
Total Assets |
639.3 |
613.8 |
540.8 |
491.7 |
507.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
26.7 |
22.8 |
19.0 |
16.6 |
19.0 |
|
Accrued Expenses |
43.9 |
43.7 |
38.3 |
30.8 |
38.8 |
|
Notes Payable/Short Term Debt |
19.9 |
19.4 |
21.2 |
18.2 |
19.5 |
|
Current Portion - Long Term Debt/Capital Leases |
11.2 |
20.0 |
8.3 |
13.2 |
0.0 |
|
Income Taxes Payable |
16.8 |
10.9 |
15.7 |
9.8 |
18.7 |
|
Other Current Liabilities |
31.6 |
28.8 |
24.3 |
19.1 |
20.0 |
|
Other Current liabilities, Total |
48.4 |
39.7 |
40.0 |
29.0 |
38.7 |
|
Total Current Liabilities |
150.1 |
145.7 |
126.8 |
107.8 |
116.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
16.5 |
11.9 |
12.8 |
14.8 |
21.1 |
|
Capital Lease Obligations |
13.5 |
12.7 |
9.7 |
10.7 |
0.0 |
|
Total Long Term Debt |
30.0 |
24.6 |
22.6 |
25.4 |
21.1 |
|
Total Debt |
61.1 |
64.0 |
52.1 |
56.8 |
40.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
0.0 |
0.0 |
0.1 |
1.9 |
|
Deferred Income Tax |
- |
0.0 |
0.0 |
0.1 |
1.9 |
|
Minority Interest |
14.8 |
13.1 |
12.6 |
7.8 |
7.6 |
|
Pension Benefits - Underfunded |
21.7 |
22.9 |
21.2 |
21.4 |
26.6 |
|
Other Long Term Liabilities |
1.9 |
2.8 |
4.6 |
0.7 |
1.4 |
|
Other Liabilities, Total |
23.6 |
25.7 |
25.8 |
22.2 |
28.0 |
|
Total Liabilities |
218.5 |
209.0 |
187.8 |
163.2 |
174.7 |
|
|
|
|
|
|
|
|
Common Stock |
79.6 |
79.1 |
70.2 |
66.4 |
65.9 |
|
Common Stock |
79.6 |
79.1 |
70.2 |
66.4 |
65.9 |
|
Additional Paid-In Capital |
159.1 |
158.2 |
140.3 |
132.7 |
131.7 |
|
Retained Earnings (Accumulated Deficit) |
220.4 |
208.0 |
181.4 |
167.6 |
156.0 |
|
Treasury Stock - Common |
-31.6 |
-35.6 |
-36.6 |
-34.6 |
-28.3 |
|
Unrealized Gain (Loss) |
-1.3 |
-1.5 |
-0.7 |
-2.0 |
5.8 |
|
Translation Adjustment |
-5.4 |
-3.4 |
-1.6 |
-1.7 |
1.2 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-5.4 |
-3.4 |
-1.6 |
-1.7 |
1.2 |
|
Total Equity |
420.9 |
404.8 |
353.0 |
328.5 |
332.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
639.3 |
613.8 |
540.8 |
491.7 |
507.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
36.4 |
36.8 |
36.4 |
36.4 |
37.0 |
|
Total Common Shares Outstanding |
36.4 |
36.8 |
36.4 |
36.4 |
37.0 |
|
Treasury Shares - Common Stock Primary Issue |
1.4 |
1.4 |
1.8 |
1.8 |
1.2 |
|
Employees |
3,122 |
3,155 |
3,044 |
2,948 |
2,996 |
|
Number of Common Shareholders |
15,025 |
15,247 |
15,172 |
15,829 |
15,148 |
|
Total Long Term Debt, Supplemental |
20.1 |
25.1 |
15.6 |
21.3 |
28.6 |
|
Long Term Debt Maturing within 1 Year |
3.6 |
13.3 |
2.8 |
6.5 |
7.5 |
|
Long Term Debt Maturing in Year 2 |
2.4 |
1.2 |
11.8 |
2.6 |
6.4 |
|
Long Term Debt Maturing in Year 3 |
2.4 |
0.0 |
1.1 |
11.1 |
2.6 |
|
Long Term Debt Maturing in Year 4 |
10.4 |
0.0 |
- |
1.0 |
11.1 |
|
Long Term Debt Maturing in Year 5 |
1.2 |
10.7 |
- |
0.0 |
1.0 |
|
Long Term Debt Maturing in 2-3 Years |
4.8 |
1.2 |
12.8 |
13.8 |
9.0 |
|
Long Term Debt Maturing in 4-5 Years |
11.7 |
10.7 |
- |
1.0 |
12.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
21.0 |
19.5 |
15.3 |
17.3 |
- |
|
Capital Lease Payments Due in Year 1 |
7.5 |
6.8 |
5.6 |
6.7 |
- |
|
Capital Lease Payments Due in Year 2 |
6.3 |
5.4 |
4.1 |
4.3 |
- |
|
Capital Lease Payments Due in Year 3 |
3.9 |
4.1 |
2.8 |
2.9 |
- |
|
Capital Lease Payments Due in Year 4 |
2.4 |
1.8 |
1.6 |
1.7 |
- |
|
Capital Lease Payments Due in Year 5 |
0.5 |
1.2 |
0.4 |
0.8 |
- |
|
Capital Lease Payments Due in 2-3 Years |
10.2 |
9.5 |
6.9 |
7.2 |
- |
|
Capital Lease Payments Due in 4-5 Years |
2.9 |
3.0 |
2.0 |
2.5 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.4 |
0.1 |
0.8 |
1.0 |
- |
|
Pension Obligation - Domestic |
95.1 |
91.7 |
78.7 |
61.8 |
61.7 |
|
Plan Assets - Domestic |
68.1 |
62.5 |
54.0 |
42.3 |
47.0 |
|
Funded Status - Domestic |
-26.9 |
-29.2 |
-24.7 |
-19.5 |
-14.6 |
|
Total Funded Status |
-26.9 |
-29.2 |
-24.7 |
-19.5 |
-14.6 |
|
Discount Rate - Domestic |
1.80% |
1.80% |
1.80% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
1.80% |
1.80% |
2.50% |
2.50% |
2.50% |
|
Accrued Liabilities - Domestic |
-20.1 |
-20.3 |
-18.7 |
-19.0 |
-24.1 |
|
Other Assets, Net - Domestic |
-6.8 |
-8.9 |
-6.0 |
-0.5 |
9.4 |
|
Net Assets Recognized on Balance Sheet |
-26.9 |
-29.2 |
-24.7 |
-19.6 |
-14.7 |
|
Total Plan Obligations |
95.1 |
91.7 |
78.7 |
61.8 |
61.7 |
|
Total Plan Assets |
68.1 |
62.5 |
54.0 |
42.3 |
47.0 |
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
57.1 |
48.2 |
30.2 |
41.9 |
55.8 |
|
Depreciation |
44.2 |
39.8 |
36.8 |
34.4 |
24.4 |
|
Depreciation/Depletion |
44.2 |
39.8 |
36.8 |
34.4 |
24.4 |
|
Amortization of Acquisition Costs |
0.7 |
1.6 |
1.9 |
0.0 |
- |
|
Amortization |
0.7 |
1.6 |
1.9 |
0.0 |
- |
|
Unusual Items |
2.0 |
6.2 |
5.7 |
-4.7 |
-0.6 |
|
Equity in Net Earnings (Loss) |
1.4 |
- |
- |
- |
- |
|
Other Non-Cash Items |
-1.9 |
-1.8 |
-1.7 |
-5.4 |
-2.9 |
|
Non-Cash Items |
1.4 |
4.4 |
3.9 |
-10.1 |
-3.5 |
|
Accounts Receivable |
-19.5 |
5.1 |
-9.8 |
22.0 |
5.8 |
|
Inventories |
1.0 |
-1.0 |
10.8 |
2.9 |
1.6 |
|
Accounts Payable |
3.9 |
1.7 |
-1.5 |
-2.0 |
-1.9 |
|
Accrued Expenses |
- |
0.6 |
5.6 |
-7.9 |
-2.2 |
|
Taxes Payable |
1.4 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
-15.4 |
-24.4 |
-15.2 |
-28.3 |
-24.2 |
|
Changes in Working Capital |
-28.6 |
-18.0 |
-10.1 |
-13.2 |
-20.9 |
|
Cash from Operating Activities |
74.9 |
75.9 |
62.8 |
52.9 |
55.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-51.0 |
-37.4 |
-25.7 |
-26.4 |
-23.3 |
|
Capital Expenditures |
-51.0 |
-37.4 |
-25.7 |
-26.4 |
-23.3 |
|
Acquisition of Business |
- |
0.0 |
-1.8 |
0.0 |
- |
|
Sale of Fixed Assets |
0.8 |
- |
- |
0.0 |
1.5 |
|
Sale/Maturity of Investment |
- |
0.3 |
1.4 |
6.3 |
1.4 |
|
Investment, Net |
0.3 |
-1.2 |
-1.7 |
0.0 |
0.0 |
|
Purchase of Investments |
-21.2 |
-0.6 |
-0.2 |
-1.6 |
-0.2 |
|
Other Investing Cash Flow |
0.5 |
0.1 |
0.3 |
0.2 |
-1.1 |
|
Other Investing Cash Flow Items, Total |
-19.6 |
-1.4 |
-1.9 |
5.0 |
1.6 |
|
Cash from Investing Activities |
-70.6 |
-38.8 |
-27.7 |
-21.4 |
-21.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.5 |
0.0 |
7.7 |
-0.2 |
3.4 |
|
Financing Cash Flow Items |
-0.5 |
0.0 |
7.7 |
-0.2 |
3.4 |
|
Cash Dividends Paid - Common |
-13.0 |
-12.2 |
-11.2 |
-10.1 |
-6.5 |
|
Total Cash Dividends Paid |
-13.0 |
-12.2 |
-11.2 |
-10.1 |
-6.5 |
|
Sale/Issuance of
Common |
2.7 |
15.1 |
0.0 |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
0.0 |
-19.7 |
0.0 |
-6.0 |
-12.4 |
|
Common Stock, Net |
2.7 |
-4.6 |
0.0 |
-6.0 |
-12.4 |
|
Issuance (Retirement) of Stock, Net |
2.7 |
-4.6 |
0.0 |
-6.0 |
-12.4 |
|
Short Term Debt, Net |
0.4 |
-4.3 |
1.4 |
6.1 |
-4.6 |
|
Long Term Debt Issued |
12.7 |
12.7 |
0.0 |
0.0 |
6.1 |
|
Long Term Debt
Reduction |
-26.4 |
-12.8 |
-18.0 |
-14.5 |
-16.7 |
|
Long Term Debt, Net |
-13.7 |
0.0 |
-18.0 |
-14.5 |
-10.6 |
|
Issuance (Retirement) of Debt, Net |
-13.3 |
-4.4 |
-16.6 |
-8.4 |
-15.1 |
|
Cash from Financing Activities |
-24.2 |
-21.2 |
-20.0 |
-24.7 |
-30.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.4 |
-1.7 |
0.0 |
-2.0 |
-0.3 |
|
Net Change in Cash |
-20.3 |
14.3 |
15.1 |
4.8 |
3.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
108.0 |
85.2 |
63.4 |
53.2 |
43.6 |
|
Net Cash - Ending Balance |
87.7 |
99.5 |
78.6 |
58.0 |
46.8 |
|
Cash Interest Paid |
0.6 |
0.6 |
0.6 |
0.7 |
0.6 |
|
Cash Taxes Paid |
17.3 |
23.8 |
15.0 |
24.4 |
21.9 |
|
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
662.6 |
617.1 |
556.8 |
497.0 |
460.6 |
|
Total Revenue |
662.6 |
617.1 |
556.8 |
497.0 |
460.6 |
|
|
|
|
|
|
|
|
Total cost of sales |
372.5 |
345.3 |
332.2 |
280.5 |
248.7 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Personnel |
134.7 |
126.3 |
112.5 |
104.0 |
95.5 |
|
Provision for directors' bonuses |
1.8 |
1.6 |
1.2 |
0.5 |
1.3 |
|
Prov. for retire. benefits reserve |
3.9 |
3.5 |
2.7 |
2.5 |
1.9 |
|
Res.dir.'s retire.bene. |
- |
- |
- |
- |
0.2 |
|
Rental Expense |
19.9 |
19.1 |
18.6 |
18.0 |
14.8 |
|
Research/Development |
4.8 |
6.8 |
4.6 |
13.7 |
7.7 |
|
Provision for doubtful accounts(SGA) |
0.0 |
0.2 |
1.6 |
0.3 |
0.5 |
|
Amortization of goodwill |
0.7 |
1.6 |
1.9 |
- |
- |
|
Other SGA |
68.5 |
61.8 |
47.4 |
44.6 |
38.2 |
|
SP G of trust funds for retire. |
- |
- |
0.0 |
-1.0 |
0.0 |
|
SP Reversal of reserve for returns |
- |
- |
- |
- |
0.0 |
|
SP Reversal G on allow.doubt.accounts |
- |
- |
- |
- |
0.0 |
|
SP Impair Fixed Asset |
1.7 |
2.4 |
2.3 |
0.0 |
- |
|
SP Loss Val. Invest Sec |
0.6 |
0.1 |
1.1 |
0.7 |
0.0 |
|
SP L adj. Accnt. Assts. Retire. Obliga. |
0.0 |
1.3 |
0.0 |
- |
- |
|
SP Loss Val. Membership |
0.0 |
0.5 |
0.1 |
0.0 |
0.1 |
|
SP Office relocation expenses |
- |
0.0 |
0.6 |
0.0 |
- |
|
SP Special retirement benefits |
- |
- |
0.0 |
0.4 |
0.0 |
|
NOP Leased asset depreciation |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
NOP Loss on valuation of derivatives |
- |
1.1 |
0.8 |
0.0 |
- |
|
Total Operating Expense |
609.5 |
571.6 |
528.0 |
464.6 |
408.9 |
|
|
|
|
|
|
|
|
Equity in losses of affiliates |
-1.4 |
- |
- |
- |
- |
|
SP Gain on change in equity |
- |
0.0 |
0.3 |
0.0 |
- |
|
SP Gain-Sale Fixed Asset |
0.0 |
0.0 |
0.0 |
0.0 |
1.4 |
|
SP Gain Sale Invest Sec |
- |
0.0 |
0.0 |
6.1 |
0.4 |
|
SP Loss-Sale &Write Off Fixed Assets |
-0.9 |
-0.8 |
-1.8 |
-0.7 |
-1.0 |
|
SP Loss Sale Invest Sec |
- |
- |
- |
0.0 |
0.0 |
|
NOP Interest Received |
0.2 |
0.2 |
0.2 |
0.3 |
0.2 |
|
NOP Dividend Received |
2.0 |
1.5 |
0.7 |
0.6 |
0.9 |
|
Gain on cancellation of derivative trans |
1.3 |
- |
- |
- |
- |
|
Loss On Valuation Of Derivatives |
0.0 |
- |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Reversal of allowance for doubtful accou |
1.3 |
- |
- |
- |
- |
|
NOP Lease Income |
1.8 |
1.6 |
1.6 |
1.6 |
1.5 |
|
NOP G on sale of Waste and scrap |
0.4 |
0.4 |
0.3 |
0.4 |
0.5 |
|
NOP Exchange Gain |
- |
- |
0.0 |
0.8 |
0.5 |
|
NOP Other Income |
1.4 |
1.9 |
1.8 |
1.6 |
1.1 |
|
NOP Interest Expense |
-0.6 |
-0.6 |
-0.6 |
-0.7 |
-0.6 |
|
NOP Exchange loss |
-0.9 |
-1.0 |
-0.7 |
0.0 |
0.0 |
|
NOP L on cancel contract |
- |
0.0 |
-0.2 |
-0.2 |
-0.4 |
|
NOP Other Expense |
-0.5 |
-0.4 |
-0.2 |
-0.2 |
-0.2 |
|
Net Income Before Taxes |
57.1 |
48.3 |
30.2 |
41.9 |
55.9 |
|
|
|
|
|
|
|
|
Total income taxes |
30.3 |
25.4 |
17.8 |
21.2 |
23.1 |
|
Net Income After Taxes |
26.8 |
22.9 |
12.4 |
20.7 |
32.8 |
|
|
|
|
|
|
|
|
Minority interests in income (loss) |
-2.1 |
1.0 |
3.0 |
-0.3 |
-0.6 |
|
Net Income Before Extra. Items |
24.7 |
23.9 |
15.4 |
20.4 |
32.1 |
|
Net Income |
24.7 |
23.9 |
15.4 |
20.4 |
32.1 |
|
|
|
|
|
|
|
|
Rounding Adjustment |
- |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
24.7 |
23.8 |
15.3 |
20.3 |
32.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
24.7 |
23.8 |
15.3 |
20.3 |
32.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
36.8 |
36.9 |
36.4 |
36.8 |
37.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Basic EPS Including ExtraOrdinary Item |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
24.7 |
23.8 |
15.3 |
20.3 |
32.1 |
|
Diluted Weighted Average Shares |
36.8 |
36.9 |
36.4 |
36.8 |
37.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
Diluted EPS Including ExtraOrd Items |
0.67 |
0.65 |
0.42 |
0.55 |
0.86 |
|
DPS-Common Stock |
0.37 |
0.33 |
0.30 |
0.30 |
0.20 |
|
Gross Dividends - Common Stock |
13.5 |
12.0 |
11.0 |
10.9 |
7.3 |
|
Normalized Income Before Taxes |
60.8 |
55.7 |
38.6 |
42.4 |
55.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
31.9 |
28.4 |
21.6 |
21.5 |
22.8 |
|
Normalized Income After Taxes |
28.9 |
27.2 |
17.0 |
20.9 |
32.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.8 |
28.1 |
19.9 |
20.6 |
31.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.73 |
0.76 |
0.55 |
0.56 |
0.85 |
|
Diluted Normalized EPS |
0.73 |
0.76 |
0.55 |
0.56 |
0.85 |
|
Rental Expenses |
19.9 |
19.1 |
18.6 |
18.0 |
14.8 |
|
Total Research And Development Expense |
4.8 |
6.8 |
4.6 |
13.7 |
7.7 |
|
Interest Expense |
0.6 |
0.6 |
0.6 |
0.7 |
0.6 |
|
Amort of Goodwill |
0.7 |
1.6 |
1.9 |
0.0 |
- |
|
Depr. of Tangible Assets |
44.2 |
- |
- |
- |
- |
|
Depreciation |
- |
39.8 |
36.8 |
34.4 |
24.4 |
|
Income taxes-current |
23.0 |
- |
- |
- |
- |
|
Current Tax - Total |
23.0 |
- |
- |
- |
- |
|
Income taxes-deferred |
7.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
7.3 |
- |
- |
- |
- |
|
Income Tax - Total |
30.3 |
- |
- |
- |
- |
|
Reported Operating Profit |
55.8 |
51.0 |
33.9 |
32.7 |
51.9 |
|
Reported Ordinary Profit |
60.5 |
53.4 |
35.7 |
36.7 |
55.2 |
|
Service Cost |
5.6 |
5.1 |
3.9 |
4.1 |
3.5 |
|
Interest Cost |
1.7 |
1.5 |
1.6 |
1.5 |
1.3 |
|
Expected return on plan assets |
-1.0 |
-0.9 |
-0.9 |
-1.0 |
-0.8 |
|
Actuarial G&L |
1.9 |
1.6 |
1.1 |
0.4 |
-0.1 |
|
Prior service cost |
-1.3 |
-1.2 |
-1.1 |
-1.0 |
-0.9 |
|
Domestic Pension Plan Expense |
7.0 |
6.1 |
4.6 |
4.0 |
3.0 |
|
Defined Contribution Expense |
0.3 |
- |
- |
- |
- |
|
Total Pension Expense |
7.3 |
6.1 |
4.6 |
4.0 |
3.0 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.80% |
- |
- |
- |
- |
|
Discount Rate |
- |
1.80% |
1.80% |
2.50% |
2.50% |
|
Expected return on assets(MIN)-Retiremen |
1.80% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
1.80% |
2.50% |
2.50% |
2.50% |
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash/Deposits |
84.2 |
80.2 |
80.0 |
38.9 |
31.8 |
|
Notes and accounts receivable-trade |
149.6 |
130.2 |
120.4 |
102.4 |
124.9 |
|
Short-term investment securities |
3.0 |
24.7 |
0.6 |
20.8 |
22.6 |
|
Inventories |
- |
- |
- |
- |
24.4 |
|
Merchandise and finished goods |
11.6 |
- |
- |
- |
- |
|
Inventories - merch. & fini. Goods |
- |
11.9 |
9.5 |
17.4 |
- |
|
Work in process |
3.2 |
- |
- |
- |
- |
|
Inventories - work-in-process |
- |
3.6 |
3.5 |
3.8 |
- |
|
Raw materials and supplies |
1.0 |
- |
- |
- |
- |
|
Inventories - raw mate. & supp. |
- |
1.1 |
0.9 |
0.4 |
- |
|
Deferred Tax |
20.5 |
23.1 |
25.1 |
21.4 |
22.3 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other |
6.7 |
6.6 |
6.1 |
6.3 |
2.6 |
|
Allow.doubt.accounts (current) |
-0.3 |
-0.9 |
-0.9 |
-0.5 |
-0.6 |
|
Total Current Assets |
279.5 |
280.5 |
245.1 |
210.9 |
228.0 |
|
|
|
|
|
|
|
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
49.6 |
52.6 |
48.7 |
47.3 |
49.0 |
|
Machinery, equipment and vehicles, net |
1.8 |
2.0 |
1.2 |
1.1 |
1.0 |
|
Land |
101.1 |
100.7 |
89.3 |
84.3 |
83.7 |
|
Lease assets, net |
19.7 |
18.0 |
14.1 |
16.1 |
0.0 |
|
Other, net |
4.2 |
3.9 |
4.9 |
5.3 |
6.8 |
|
Goodwill |
0.1 |
1.9 |
5.3 |
0.9 |
- |
|
Other |
0.0 |
- |
- |
- |
- |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Software |
77.2 |
69.0 |
58.7 |
53.6 |
52.2 |
|
Temporary software accounts rights |
28.2 |
20.2 |
11.5 |
13.7 |
12.0 |
|
Lease |
0.2 |
0.4 |
0.5 |
0.8 |
0.0 |
|
Other Intangible |
- |
0.0 |
0.0 |
0.0 |
1.2 |
|
Other Inv. Asset |
26.5 |
- |
- |
- |
- |
|
Investment Sec. |
- |
27.5 |
25.4 |
23.1 |
36.9 |
|
Invt Secs Noncons, Asc, Affd Cos |
18.6 |
- |
- |
- |
- |
|
Equity secs.-nonconsol. affil.-stk |
- |
2.0 |
- |
- |
- |
|
Deferred tax assets |
14.9 |
19.0 |
19.4 |
19.7 |
20.7 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other |
19.4 |
18.9 |
19.7 |
16.8 |
17.1 |
|
Inv't partnership-nonconsol.affil. |
- |
0.1 |
- |
- |
- |
|
Debt Provision |
-1.8 |
-3.1 |
-3.1 |
-2.0 |
-1.7 |
|
Adjustment |
- |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
639.3 |
613.8 |
540.8 |
491.7 |
507.0 |
|
|
|
|
|
|
|
|
Accounts payable-trade |
26.7 |
22.8 |
19.0 |
16.6 |
19.0 |
|
Short-term loans payable |
19.9 |
19.4 |
21.2 |
18.2 |
19.5 |
|
LT borrowings (current) |
3.6 |
13.3 |
2.8 |
6.5 |
- |
|
Lease Obligation |
7.5 |
6.8 |
5.6 |
6.7 |
0.0 |
|
Accrued Expenses |
42.3 |
42.0 |
37.1 |
30.3 |
37.3 |
|
Accrued Taxes |
16.8 |
10.9 |
15.7 |
9.8 |
18.7 |
|
Provision for directors'' bonuses |
1.7 |
1.7 |
1.2 |
0.6 |
1.5 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other |
31.6 |
28.8 |
24.3 |
19.1 |
20.0 |
|
Total Current Liabilities |
150.1 |
145.7 |
126.8 |
107.8 |
116.1 |
|
|
|
|
|
|
|
|
Long-term loans payable |
16.5 |
11.9 |
12.8 |
14.8 |
21.1 |
|
Lease Obligation |
13.5 |
12.7 |
9.7 |
10.7 |
0.0 |
|
Total Long Term Debt |
30.0 |
24.6 |
22.6 |
25.4 |
21.1 |
|
|
|
|
|
|
|
|
Deferred Tax |
- |
0.0 |
0.0 |
0.1 |
1.9 |
|
Pension Payment |
20.1 |
20.3 |
18.7 |
19.0 |
24.1 |
|
Provision for directors'' retirement ben |
1.6 |
2.6 |
2.5 |
2.4 |
2.5 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other |
1.8 |
2.8 |
4.6 |
0.7 |
1.4 |
|
Minority Int. |
14.8 |
13.1 |
12.6 |
7.8 |
7.6 |
|
Total Liabilities |
218.5 |
209.0 |
187.8 |
163.2 |
174.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Share Capital |
79.6 |
79.1 |
70.2 |
66.4 |
65.9 |
|
Total capital surpluses |
159.1 |
158.2 |
140.3 |
132.7 |
131.7 |
|
Total retained earnings |
220.4 |
208.0 |
181.4 |
167.6 |
156.0 |
|
Treasury Share |
-31.6 |
-35.6 |
-36.6 |
-34.6 |
-28.3 |
|
Valuation difference on available-for-sa |
-1.3 |
-1.5 |
-0.7 |
-2.0 |
5.8 |
|
Forex. Adjust. |
-5.4 |
-3.4 |
-1.6 |
-1.7 |
1.2 |
|
Total Equity |
420.9 |
404.8 |
353.0 |
328.5 |
332.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
639.3 |
613.8 |
540.8 |
491.7 |
507.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
36.4 |
36.8 |
36.4 |
36.4 |
37.0 |
|
Total Common Shares Outstanding |
36.4 |
36.8 |
36.4 |
36.4 |
37.0 |
|
T/S-Common Stock |
1.4 |
1.4 |
1.8 |
1.8 |
1.2 |
|
Full-Time Employees |
3,122 |
3,155 |
3,044 |
2,948 |
2,996 |
|
Total Number of Shareholders |
15,025 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
15,247 |
15,172 |
15,829 |
15,148 |
|
LT Debt Maturing within 1 Year |
3.6 |
13.3 |
2.8 |
6.5 |
7.5 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
2.4 |
- |
- |
- |
- |
|
LT Debt Maturing within 1-2 Year |
- |
1.2 |
11.8 |
2.6 |
6.4 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
2.4 |
- |
- |
- |
- |
|
LT Debt Maturing within 2-3 Year |
- |
0.0 |
1.1 |
11.1 |
2.6 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
10.4 |
- |
- |
- |
- |
|
LT Debt Maturing within 3-4 Year |
- |
0.0 |
- |
1.0 |
11.1 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
1.2 |
- |
- |
- |
- |
|
LT Debt Maturing within 4-5 Year |
- |
10.7 |
- |
0.0 |
1.0 |
|
Loans Payable Remaining |
0.0 |
- |
- |
- |
- |
|
LT debt remaining |
- |
0.0 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
20.1 |
25.1 |
15.6 |
21.3 |
28.6 |
|
Capital Lease Payments Due within 1 Year |
7.5 |
6.8 |
5.6 |
6.7 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
6.3 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
5.4 |
4.1 |
4.3 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
3.9 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
4.1 |
2.8 |
2.9 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
2.4 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
1.8 |
1.6 |
1.7 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.5 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
1.2 |
0.4 |
0.8 |
- |
|
Capital Lease Remaining |
0.4 |
- |
- |
- |
- |
|
Capital Leases-Remaining |
- |
0.1 |
0.8 |
1.0 |
- |
|
Total Capital Leases |
21.0 |
19.5 |
15.3 |
17.3 |
- |
|
Pension Obligation |
95.1 |
91.7 |
78.7 |
61.8 |
61.7 |
|
Fair value of plan assets |
68.1 |
62.5 |
54.0 |
42.3 |
47.0 |
|
Funded Status |
-26.9 |
-29.2 |
-24.7 |
-19.5 |
-14.6 |
|
Total Funded Status |
-26.9 |
-29.2 |
-24.7 |
-19.5 |
-14.6 |
|
Discount Rate |
1.80% |
1.80% |
1.80% |
2.50% |
2.50% |
|
Expected rate of return |
1.80% |
1.80% |
2.50% |
2.50% |
2.50% |
|
Unrecog.actuarial G&L |
-17.1 |
-20.4 |
-17.3 |
-12.3 |
-3.3 |
|
Unrecog.Prior service Cost |
10.2 |
11.5 |
11.3 |
11.7 |
12.7 |
|
Reserve for Accrued Retirement Benefits |
-20.1 |
-20.3 |
-18.7 |
-19.0 |
-24.1 |
|
Net Assets Recognized on Balance Sheet |
-26.9 |
-29.2 |
-24.7 |
-19.6 |
-14.7 |
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
57.1 |
48.2 |
30.2 |
41.9 |
55.8 |
|
Depreciation |
44.2 |
39.8 |
36.8 |
34.4 |
24.4 |
|
Gain on cancellation of derivative trans |
-1.3 |
- |
- |
- |
- |
|
Impairment loss |
1.7 |
2.4 |
2.3 |
0.0 |
- |
|
Amort of Goodwill |
0.7 |
1.6 |
1.9 |
0.0 |
- |
|
Reserve for directors' bonuses |
- |
0.3 |
0.6 |
-1.0 |
0.0 |
|
Increase (decrease) in provision for ret |
-0.3 |
-0.8 |
-1.4 |
-5.2 |
-2.4 |
|
Loss (gain) on valuation of investment s |
0.6 |
0.1 |
1.1 |
0.7 |
0.1 |
|
Loss on valuation of golf club membershi |
0.0 |
0.5 |
0.0 |
- |
- |
|
Loss (gain) on valuation of derivatives |
- |
1.1 |
0.8 |
0.0 |
- |
|
Reversal of int.& dividends rcvd. |
-2.2 |
-1.7 |
-0.9 |
-0.9 |
-1.1 |
|
Interest Expense |
0.6 |
0.6 |
0.6 |
0.7 |
0.6 |
|
Equity in (earnings) losses of affiliate |
1.4 |
- |
- |
- |
- |
|
Loss (gain) on sales and retirement of n |
0.9 |
0.8 |
1.8 |
0.7 |
-0.4 |
|
G on sale of LT inv't secs. |
- |
0.0 |
0.0 |
-6.1 |
-0.4 |
|
Gains on equity changes |
- |
0.0 |
-0.3 |
0.0 |
- |
|
L adj. Accnt. Assts. Retire. Obliga. |
0.0 |
1.3 |
0.0 |
- |
- |
|
Decrease (increase) in notes and account |
-19.5 |
5.1 |
-9.8 |
22.0 |
5.8 |
|
Decrease (increase) in inventories |
1.0 |
-1.0 |
10.8 |
2.9 |
1.6 |
|
Increase (decrease) in notes and account |
3.9 |
1.7 |
-1.5 |
-2.0 |
-1.9 |
|
Increase (decrease) in accrued consumpti |
1.4 |
- |
- |
- |
- |
|
Accrued Expenses |
- |
0.3 |
5.0 |
-6.9 |
-2.2 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Bonuses to directors |
- |
- |
- |
- |
0.0 |
|
Other, net |
0.3 |
-1.5 |
-0.5 |
-4.1 |
-2.8 |
|
Int & div.received(cash basis) |
2.1 |
1.6 |
0.9 |
0.9 |
1.1 |
|
Interest Paid |
-0.6 |
-0.6 |
-0.6 |
-0.7 |
-0.6 |
|
Income Tax Paid |
-17.3 |
-23.8 |
-15.0 |
-24.4 |
-21.9 |
|
Merger Cash |
- |
- |
- |
0.0 |
0.0 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
74.9 |
75.9 |
62.8 |
52.9 |
55.8 |
|
|
|
|
|
|
|
|
Time deposit,net |
0.3 |
-1.2 |
-1.7 |
0.0 |
0.0 |
|
Purchase of property, plant and equipmen |
-51.0 |
-37.4 |
-25.7 |
-26.4 |
-23.3 |
|
Proceeds from sales of property, plant a |
0.8 |
- |
- |
- |
- |
|
Sale PPE & intangible assets |
- |
- |
- |
0.0 |
1.5 |
|
Purch. Invest. Secs. |
-21.2 |
-0.6 |
-0.2 |
-1.6 |
-0.2 |
|
Sale Invest Secs. |
- |
0.3 |
1.4 |
6.3 |
1.4 |
|
Purchase of subs.' securities |
- |
0.0 |
-1.8 |
0.0 |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Puch. Subsid. Minori. shareholders |
- |
- |
- |
0.0 |
-1.3 |
|
Loans Net. |
- |
0.0 |
0.3 |
0.2 |
0.2 |
|
Other, net |
0.4 |
0.1 |
0.0 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-70.6 |
-38.8 |
-27.7 |
-21.4 |
-21.7 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
0.4 |
-4.3 |
1.4 |
6.1 |
-4.6 |
|
Proceeds from long-term loans payable |
12.7 |
12.7 |
0.0 |
0.0 |
6.1 |
|
Repayment of long-term loans payable |
-18.0 |
-5.4 |
-10.5 |
-7.5 |
-16.7 |
|
Repayment of lease |
-8.4 |
-7.3 |
-7.5 |
-7.0 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Issue Minority |
- |
0.0 |
7.8 |
0.0 |
3.6 |
|
Purch. Treasury |
0.0 |
-19.7 |
0.0 |
-6.0 |
-12.4 |
|
Sale of Treasury |
2.7 |
15.1 |
0.0 |
0.0 |
0.0 |
|
Dividend Paid |
-13.0 |
-12.2 |
-11.2 |
-10.1 |
-6.5 |
|
Minority Div. |
-0.5 |
0.0 |
-0.1 |
-0.2 |
-0.1 |
|
Other |
- |
0.0 |
0.0 |
0.0 |
- |
|
Cash from Financing Activities |
-24.2 |
-21.2 |
-20.0 |
-24.7 |
-30.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.4 |
-1.7 |
0.0 |
-2.0 |
-0.3 |
|
Net Change in Cash |
-20.3 |
14.3 |
15.1 |
4.8 |
3.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
108.0 |
85.2 |
63.4 |
53.2 |
43.6 |
|
Net Cash - Ending Balance |
87.7 |
99.5 |
78.6 |
58.0 |
46.8 |
|
Cash Interest Paid |
0.6 |
0.6 |
0.6 |
0.7 |
0.6 |
|
Cash Taxes Paid |
17.3 |
23.8 |
15.0 |
24.4 |
21.9 |
|
|
|
|
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.51.62 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
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.