MIRA
INFORM REPORT
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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
DISCO CORPORATION |
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Registered Office : |
2-13-11, Omori-Kita, Ota-ku, Tokyo, 143-8580 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
02.03.1940 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacture and sale
of semiconductor manufacturing devices and precision processing devices |
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No. of Employees : |
2,745 |
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.
|
Source : CIA |
Company name & address
DISCO CORPORATION
2-13-11, Omori-Kita, Ota-ku
Tokyo, 143-8580
Japan
Tel: 81-3-45901111
Fax: 81-3-45901188
Web: www.disco.co.jp
Synthesis
Employees: 2,745
Company Type: Public
Parent
Corporate Family: 21
Companies
Traded: Tokyo
Stock Exchange: 6146
Incorporation Date:
02-Mar-1940
Auditor: KPMG AZSA LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 1,130.2 1
Net Income: 91.1
Total Assets:
1,648.2 2
Market Value: 1,641.5 (28-Sep-2012)
Business Description
DISCO CORPORATION is a Japan-based company engaged in the manufacture and sale of semiconductor manufacturing devices and precision processing devices. The Company operates in three business segments. The Precision Processing System segment manufactures, sells, maintains and provides related services of semiconductor manufacturing equipment and precision processing machines, including dicing saws, laser saws, grinders, polishers, dry etchers, surface planer, dicing blades, grinding wheels and dry polishing wheels. The Precision Processing Components segment mainly manufactures and sells the components of precision processing equipment. The Industrial Grinding and Cutting Products segment manufactures and sells diamond wheels, and grindstones for grinding and cutting. On April 1, 2012, the Company acquired the grind stone manufacturing business from a wholly owned subsidiary. For the three months ended 30 June 2012, DISCO CORPORATION revenues decreased 3% to Y24.15B. Net income decreased 22% to Y1.97B. Revenues reflect Precision Processing System segment decrease of 3% to Y23.3B, Precision Machine Parts business segment decrease of 5% to Y506M, Grinding Industrial Products Business segment decrease of 1% to Y347M. Net income also reflects Precision Processing System segment income decrease of 20% to Y4.11B.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2469 - Other
Specialised Machinery and Equipment Manufacturing
NACE 2002: 2924 - Manufacture
of other general purpose machinery not elsewhere classified
NAICS 2002: 333295 -
Semiconductor Machinery Manufacturing
UK SIC 2003: 2924 - Manufacture
of other general purpose machinery not elsewhere classified
UK SIC 2007: 2829 - Manufacture
of other general-purpose machinery n.e.c.
US SIC 1987: 3559 - Special
Industry Machinery, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Kazuma Sekiya |
President, Chief Director of Technology Development, Director of Application
Development, Chairman and President of Subsidiaries, Representative Director |
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Noboru Yoshinaga |
Managing Executive Officer, Chief Director of Sales |
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Naoki Abe |
Executive Officer, Chief Director of Manufacturing |
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Susumu Tamari |
Co-Auditor |
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Yasutoshi Akiyama |
Operating Officer |
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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As of 30-Jun-2012 |
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
2-13-11, Omori-Kita, Ota-ku
Tokyo, 143-8580
Japan
Tel: 81-3-45901111
Fax: 81-3-45901188
web: www.disco.co.jp
Quote Symbol - Exchange
6146 - Tokyo Stock
Exchange
Sales JPY(mil): 89,241.0
Assets JPY(mil): 135,789.0
Employees: 2,745
Fiscal Year End: 31-Mar-2012
Industry: Miscellaneous
Capital Goods
Incorporation Date: 02-Mar-1940
Company Type: Public
Parent
Quoted Status: Quoted
President, Chief
Director of Technology Development, Director of Application Development,
Chairman and President of Subsidiaries, Representative Director:
Kazuma Sekiya
Company Web Links
Corporate History/Profile
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2469 - Other Specialised Machinery and Equipment Manufacturing
2463 - Machine Tool and Parts Manufacturing
2090 - Other Non-Metallic Mineral Product Manufacturing
2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2924 - Manufacture of other general purpose machinery not
elsewhere classified
2942 - Manufacture of other metalworking machine tools
2670 - Cutting, shaping and finishing of ornamental and building
stone
2681 - Production of abrasive products
2862 - Manufacture of tools
2941 - Manufacture of portable hand held power tools
NAICS 2002 Codes:
333295 - Semiconductor Machinery Manufacturing
332213 - Saw Blade and Handsaw Manufacturing
333515 - Cutting Tool and Machine Tool Accessory Manufacturing
327910 - Abrasive Product Manufacturing
327991 - Cut Stone and Stone Product Manufacturing
333991 - Power-Driven Hand Tool Manufacturing
333512 - Machine Tool (Metal Cutting Types) Manufacturing
US SIC 1987:
3559 - Special Industry Machinery, Not Elsewhere Classified
3546 - Power-Driven Handtools
3541 - Machine Tools, Metal Cutting Types
3281 - Cut Stone and Stone Products
3425 - Saw Blades and Handsaws
3291 - Abrasive Products
3545 - Cutting Tools, Machine Tool Accessories, and Machinists'
Precision Measuring Devices
UK SIC 2003:
2924 - Manufacture of other general purpose machinery not
elsewhere classified
2941 - Manufacture of portable hand held power tools
2681 - Production of abrasive products
2942 - Manufacture of other metalworking machine tools
2670 - Cutting, shaping and finishing of ornamental and building
stone
2862 - Manufacture of tools
UK SIC 2007:
2829 - Manufacture of other general-purpose machinery n.e.c.
2841 - Manufacture of metal forming machinery
2573 - Manufacture of tools
2824 - Manufacture of power-driven hand tools
2370 - Cutting, shaping and finishing of stone
2391 - Production of abrasive products
Business
Description
DISCO CORPORATION is a Japan-based company engaged in the manufacture and sale of semiconductor manufacturing devices and precision processing devices. The Company operates in three business segments. The Precision Processing System segment manufactures, sells, maintains and provides related services of semiconductor manufacturing equipment and precision processing machines, including dicing saws, laser saws, grinders, polishers, dry etchers, surface planer, dicing blades, grinding wheels and dry polishing wheels. The Precision Processing Components segment mainly manufactures and sells the components of precision processing equipment. The Industrial Grinding and Cutting Products segment manufactures and sells diamond wheels, and grindstones for grinding and cutting. On April 1, 2012, the Company acquired the grind stone manufacturing business from a wholly owned subsidiary. For the three months ended 30 June 2012, DISCO CORPORATION revenues decreased 3% to Y24.15B. Net income decreased 22% to Y1.97B. Revenues reflect Precision Processing System segment decrease of 3% to Y23.3B, Precision Machine Parts business segment decrease of 5% to Y506M, Grinding Industrial Products Business segment decrease of 1% to Y347M. Net income also reflects Precision Processing System segment income decrease of 20% to Y4.11B.
More Business
Descriptions
Manufacture of semiconductor process equipment
Machine Tool Mfr
Disco Corp. (Disco) is a Japan-based company, which deals with the manufacture, sale, maintenance, and lease of precision cutting, grinding, and polishing machines. The company is also engaged in manufacture and sale of precision diamond abrasive tools. The products manufactured by the company are of six categories namely, precision processing equipment, precision blades and wheels (consumables), maintenance parts, precision parts, industrial grinding products, and other items.The company undertakes its operations through reportable segments, namely, Precision Processing Systems, Precision Processing Parts and Industrial Grinding Products. .Through the Precision Processing Systems segment, the company provides precision processing equipment, precision blades and wheels. The products target manufacturers of semiconductor, electronic parts and other items in Japan and overseas. Some of the products include dicing saws for IC production and package singulation, laser saws for LED production, and girding wheels. For the fiscal year ended March 2011, the Precision Processing Systems segment’s revenue increased 63.9% from JPY85,198m in 2009-2010 to JPY95,405m. The segment accounted for 95.69% of the total revenues in 2010-2011.The Precision Processing Parts segment offers processing parts. These parts are made from metals, glass, silicon and other materials. The targect industries include electronic, optical and medical products. Some of the major products include glass products for projector-related products for the imaging equipment industry, heat sink products for optical communication products and industrial laser equipment. For the fiscal year ended March 2011, the Precision Processing Parts segment’s revenue increased 20.4% from JPY2,069m in 2009-2010 to JPY2,492m. The segment accounted for 2.5% of the total revenues in 2010-2011.Disco primarily offers industrial diamond tools as part of its activities in the Industrial grinding Products segment. It also manufactures general-purpose grinding wheels. The industries targeted include civil engineering, construction and manufacturing of motor vehicles and electronic parts. For the fiscal year ended March 2011, the Industrial grinding Products segment’s revenue increased 23.4% from JPY1,462m in 2009-2010 to JPY1,804m. The segment accounted for 1.8% of the total revenues in 2010-2011.Disco’s Industrial Grinding Product segment is engaged in manufacturing and selling industrial diamond tools and grinding wheels. These products find their application in civil engineering and construction sector and other manufacturing industries while general purpose grinding wheels are used in the manufacturing process of motor vehicles, electronic parts, and other related products. During the fiscal year 2009, the revenue generated from Industrial Grinding Product segment totaled JPY 1,951 million, reflecting a decline of 27.3% compared to the previous year.Further, the company offers accessory equipment including water temperature control units, resistively management unit, and automatic cleaning systems are principally used to maintain and improve precision and accuracy of grinders, dicers, and polishers. The company is affiliated with various top companies including Tecnisco, Ltd., Dsd, Ltd., Disco Abrasive Systems K.K., DSD Kyushu, ltd., Daiichi Components, Ltd, Jetsis International Pte Ltd, DD Diamond Corporation, Tecnisco (Suzhou) Co., Ltd, and DHK Solution Corporation. Disco operates through its 10 worldwide subsidiaries, namely, Disco Hi-Tec America, Inc., Disco Hi-Tec Europe Gmbh, Disco Hi-Tec France SARL, Disco Hi-Tec U.K. Ltd., Disco Hi-Tec Morocco SARL, Disco Hi-Tec (Singapore) Pte Ltd, Disco Hi-Tec (Malaysia) Sdn. Bhd., Disco Hi-Tec (Thailand) Co., Ltd., Disco Technology (Shanghai) Co., Ltd. and Disco Hi-Tec Taiwan Co., Ltd. The company’s research and development (R&D) activities are focused on gaining new scientific and technical knowledge. Therefore, the company has a flexible budget for its research and development activities. In fiscal year ended March 2011, the R&D costs incurred by the company totaled JPY9,771m.Geographically, the company operates and generates revenues from four regions, namely, Japan, North America, Asia, and Europe. In fiscal 2010-2011 the revenue generated from Asia (excluding Japan) represented 57.6% of the total revenue, followed by Japan with 27.2%. North America and Europe represented 4.5% and 8.7% of the revenues respectively. In April 2011, the company was awarded the Prestigious Supplier Continuous Quality Improvement Award by Intel. Earlier in the year in January, the company extended the BS25999-2:2007 compliance to all of its precision processing tools.
Disco Corp.
(Disco) manufactures, sells, and maintains of precision cutting, grinding and
polishing machines. It is also engaged in the development and sale of computer
system software and hardware. Disco serves its customers around the world by
providing services such as blade dicing, laser dicing, grinding, stress relief,
and DBG. The product portfolio of the company includes dicing and cutting saws,
laser saws, grinders, polishers and dry etchers, surface planer, dicing blades,
grinding wheels, dry polishing wheels, accessory equipment, and related
products. Geographically, the company operates in Japan, Europe, Asia, and the
Americas. The company is headquartered at Tokyo, Japan.In April 2011, the
company was awarded the Prestigious Supplier Continuous Quality Improvement
Award by Intel.The company reported revenues of (Yen) JPY 89,241.00 million
during the fiscal year ended March 2012, a decrease of 10.49% from 2011. The
operating profit of the company was JPY 10,492.00 million during the fiscal
year 2012, a decrease of 32.01% from 2011. The net profit of the company was
JPY 7,195.00 million during the fiscal year 2012, a decrease of 34.27% from
2011.
Machine Shops
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Corporate Family |
Corporate
Structure News: |
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DISCO
CORPORATION |
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DISCO CORPORATION |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Tokyo |
Japan |
Miscellaneous Capital Goods |
1,130.2 |
2,745 |
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Affiliates |
Tokyo |
Japan |
Electronic Instruments and Controls |
1.0 |
120 |
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Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
86.7 |
79 |
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Subsidiary |
Bangkok |
Thailand |
Semiconductors |
5.0 |
18 |
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Subsidiary |
Subang Jaya, Selangor Darul Ehsan |
Malaysia |
Semiconductors |
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Subsidiary |
Kirchheim B. MĂ¼nchen, Bayern |
Germany |
Miscellaneous Capital Goods |
113.1 |
50 |
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Subsidiary |
Aix-en-Provence |
France |
Miscellaneous Capital Goods |
1.1 |
4 |
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Subsidiary |
East Grinstead |
United Kingdom |
Business Services |
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4 |
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Subsidiary |
Shanghai |
China |
Semiconductors |
1.0 |
50 |
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Subsidiary |
Santa Clara, CA |
United States |
Miscellaneous Capital Goods |
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40 |
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Subsidiary |
Poryong, Chungchongnam-Do |
Korea, Republic of |
Appliance and Tool |
5.6 |
35 |
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Affiliates |
Tokyo |
Japan |
Electronic Instruments and Controls |
1.0 |
10 |
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Subsidiary |
Ho Chi Minh City |
Viet Nam |
Business Services |
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3 |
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Subsidiary |
Ota-Ku, Tokyo |
Japan |
Electronic Instruments and Controls |
30.9 |
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Affiliates |
Ch'onan, Choongnam |
Korea, Republic of |
Appliance and Tool |
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Affiliates |
Reggio nell'Emilia |
Italy |
Miscellaneous Capital Goods |
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Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
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Facility |
Kure, Hiroshima |
Japan |
Miscellaneous Capital Goods |
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Facility |
Kure, Hiroshima |
Japan |
Miscellaneous Capital Goods |
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Facility |
Chino, Nagano |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Shanghai |
China |
Miscellaneous Capital Goods |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
|
AMADA CO., LTD. |
Isehara-Shi, Japan |
6,467 |
Public |
|
ASM International NV (Amsterdam) |
Almere, Netherlands |
18,147 |
Public |
|
Intel Corporation |
Santa Clara, California, United States |
100,800 |
Public |
|
KANEMATSU CORPORATION |
Tokyo, Japan |
4,770 |
Public |
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Kulicke and Soffa Industries Inc. |
Fort Washington, Pennsylvania, United
States |
3,208 |
Public |
|
Nokia Oyj |
Espoo, Finland |
129,355 |
Public |
|
ON Semiconductor Corp. |
Phoenix, Arizona, United States |
19,442 |
Public |
Executive report
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Board of
Directors |
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Chairman of the Board, Representative Director |
Chairman |
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President, Chief Director of Technology Development, Director of
Application Development, Chairman and President of Subsidiaries,
Representative Director |
Director/Board Member |
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President and Chairman of Subsidiaries, Director |
Director/Board Member |
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Managing Director, Manager of Hiroshima Business Center, Director of
Hiroshima General Affairs, Manager of Environment Management Office |
Director/Board Member |
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Managing Director, Chief Director of Support, Director of Human
Resources |
Director/Board Member |
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Executives |
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President, Chief Director of Technology Development, Director of
Application Development, Chairman and President of Subsidiaries,
Representative Director |
President |
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President and Chairman of Subsidiaries, Director |
Division Head Executive |
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Managing Director, Manager of Hiroshima Business Center, Director of Hiroshima
General Affairs, Manager of Environment Management Office |
Managing Director |
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Managing Director, Chief Director of Support, Director of Human Resources |
Managing Director |
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Operating Officer |
Operations Executive |
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Co-Auditor |
Finance Executive |
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Corporate Auditor |
Accounting Executive |
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Corporate Auditor |
Accounting Executive |
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Corporate Auditor |
Accounting Executive |
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Corporate Auditor |
Accounting Executive |
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Co-Manager-Human Resources |
Human Resources Executive |
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Co-Manager-Human Resources |
Human Resources Executive |
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Managing Executive Officer, Chief Director of Sales |
Sales Executive |
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Director |
Research & Development Executive |
GW |
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Executive Officer, Chief Director of Manufacturing |
Other |
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Managing Executive Officer, Chief Director of Sales Technology |
Other |
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Executive Officer, Chief Director of Purchasing |
Other |
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Significant Developments
Disco Corporation to Establish New Plant Aug 08, 2012
Disco Corporation announced that it has decided to invest JPY 11,000 million establish a Hiroshima-located plant, where will manufacture precise processing equipments and tools. The construction of the plant will start in July 2013 and the construction will be completed in October 2014.
Disco Corporation to Issue Year-end Dividend for FY 2012 May 10, 2012
Disco Corporation announced that it has decided to issue a year-end dividend of JPY 19 per share, above the year-end dividend forecast of JPY 10 per share, disclosed on November 8, 2011, to all the shareholders of record as of March 31, 2012, effective June 27, 2012.
Disco Corporation Lowers Consolidated Full-year Outlook for FY 2012 Feb 08, 2012
Disco Corporation announced that it has lowered the consolidated full-year outlook for revenue from JPY 89,300 million to JPY 87,500 million, operating profit from JPY 10,100 million to JPY 9,200 million, ordinary profit from JPY 10,300 million to JPY 9,600 million, net profit from JPY 6,300 million to JPY 6,100 million and earning per share from JPY 186.97 to JPY 181.03 for the fiscal year ending March 31, 2012. The negative outlook is mainly due to slow down of facility investment pace in semiconductor and electronic components business. According to I/B/E/S Estimates, analysts on average were expecting the Company to report full-year revenue of JPY 89.36 billion, operating profit of JPY 10.44 billion and net income of JPY 6.73 billion.
Disco Corporation to Acquire Grind Stone Manufacturing Business from Subsidiary Jan 20, 2012
Disco Corporation announced that it has decided to acquire the grind stone manufacturing business from a wholly owned subsidiary, effective April 1, 2012.
Disco Corporation Lowers FY 2012 Outlook; Announces Midterm Dividend Payment and Lowers Year-end Dividend Outlook for FY Ending March 2012 Nov 08, 2011
Disco Corporation announced that it has lowered its consolidated full-year outlook for revenue from JPY 97,100 million to JPY 89,300 million, operating profit from JPY 14,200 million to JPY 10,100 million, ordinary profit from JPY 14,300 million to JPY 10,300 million, net profit from JPY 9,100 million to JPY 6,300 million and earning per share from JPY 270.16 to JPY 186.97 for the fiscal year ending March 31, 2012. The Company also will issue the midterm dividend of JPY 29 per share, or JPY 977 million in total, effective December 9, 2011, up from a forecast of JPY 27 per share announced on August 8, 2011, from retained earnings to shareholders as of September 30, 2011. The Company also lowered its year-end dividend outlook from JPY 28 per share to JPY 10 per share, for the same fiscal year. The annual dividend outlook is JPY 39 per share, down from the outlook of JPY 55 per share, for the same fiscal year.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
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Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
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Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
1,130.2 |
1,163.5 |
664.2 |
528.5 |
801.5 |
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Revenue |
1,130.2 |
1,163.5 |
664.2 |
528.5 |
801.5 |
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Total Revenue |
1,130.2 |
1,163.5 |
664.2 |
528.5 |
801.5 |
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Cost of Revenue |
603.3 |
615.9 |
355.5 |
279.0 |
392.3 |
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Cost of Revenue, Total |
603.3 |
615.9 |
355.5 |
279.0 |
392.3 |
|
Gross Profit |
526.9 |
547.6 |
308.7 |
249.5 |
409.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
159.7 |
140.9 |
94.6 |
88.7 |
95.1 |
|
Labor & Related Expense |
96.3 |
90.2 |
65.2 |
65.7 |
65.4 |
|
Total Selling/General/Administrative Expenses |
256.1 |
231.1 |
159.8 |
154.3 |
160.5 |
|
Research & Development |
118.1 |
113.9 |
83.5 |
84.8 |
72.7 |
|
Depreciation |
17.8 |
18.1 |
15.2 |
9.7 |
7.5 |
|
Amortization of Acquisition Costs |
-0.4 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
Depreciation/Amortization |
17.4 |
17.1 |
14.3 |
8.4 |
6.8 |
|
Impairment-Assets Held for Use |
0.0 |
3.1 |
0.0 |
- |
- |
|
Impairment-Assets Held for Sale |
0.2 |
0.5 |
3.7 |
0.2 |
0.0 |
|
Other Unusual Expense (Income) |
1.4 |
1.9 |
1.1 |
2.1 |
0.2 |
|
Unusual Expense (Income) |
1.5 |
5.4 |
4.8 |
2.3 |
0.2 |
|
Total Operating Expense |
996.3 |
983.4 |
617.8 |
528.8 |
632.6 |
|
|
|
|
|
|
|
|
Operating Income |
133.9 |
180.1 |
46.4 |
-0.3 |
168.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.3 |
-0.4 |
-3.7 |
-0.5 |
-0.2 |
|
Interest Expense, Net Non-Operating |
-0.3 |
-0.4 |
-3.7 |
-0.5 |
-0.2 |
|
Interest Income -
Non-Operating |
0.6 |
0.6 |
0.6 |
1.3 |
2.1 |
|
Investment Income -
Non-Operating |
4.3 |
-0.5 |
-0.8 |
3.9 |
-10.1 |
|
Interest/Investment Income - Non-Operating |
5.0 |
0.1 |
-0.2 |
5.2 |
-8.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
4.6 |
-0.3 |
-3.9 |
4.7 |
-8.2 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
-1.8 |
-0.7 |
-4.6 |
-0.2 |
|
Other Non-Operating Income (Expense) |
2.3 |
15.4 |
1.8 |
7.9 |
0.8 |
|
Other, Net |
2.3 |
15.4 |
1.8 |
7.9 |
0.8 |
|
Income Before Tax |
140.6 |
193.4 |
43.5 |
7.7 |
161.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
49.8 |
66.1 |
16.9 |
5.4 |
63.5 |
|
Income After Tax |
90.8 |
127.2 |
26.6 |
2.3 |
98.0 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.5 |
0.0 |
0.2 |
-0.7 |
|
Net Income Before Extraord Items |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
Net Income |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
33.7 |
33.6 |
33.6 |
33.9 |
34.0 |
|
Basic EPS Excl Extraord Items |
2.70 |
3.80 |
0.79 |
0.07 |
2.86 |
|
Basic/Primary EPS Incl Extraord Items |
2.70 |
3.80 |
0.79 |
0.07 |
2.86 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
Diluted Weighted Average Shares |
35.4 |
35.4 |
34.2 |
34.0 |
34.1 |
|
Diluted EPS Excl Extraord Items |
2.57 |
3.61 |
0.78 |
0.07 |
2.85 |
|
Diluted EPS Incl Extraord Items |
2.57 |
3.61 |
0.78 |
0.07 |
2.85 |
|
Dividends per Share - Common Stock Primary Issue |
0.61 |
0.76 |
0.22 |
0.20 |
0.69 |
|
Gross Dividends - Common Stock |
20.5 |
25.5 |
7.2 |
6.7 |
23.5 |
|
Interest Expense, Supplemental |
0.3 |
0.4 |
3.7 |
0.5 |
0.2 |
|
Depreciation, Supplemental |
17.8 |
70.8 |
57.7 |
46.3 |
31.9 |
|
Total Special Items |
1.0 |
6.2 |
4.6 |
5.6 |
-0.4 |
|
Normalized Income Before Tax |
141.6 |
199.6 |
48.1 |
13.3 |
161.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.6 |
2.5 |
2.1 |
2.4 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
50.4 |
68.6 |
19.1 |
7.8 |
63.6 |
|
Normalized Income After Tax |
91.2 |
131.0 |
29.0 |
5.5 |
97.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
91.5 |
131.4 |
29.0 |
5.7 |
96.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.72 |
3.91 |
0.86 |
0.17 |
2.85 |
|
Diluted Normalized EPS |
2.58 |
3.71 |
0.85 |
0.17 |
2.84 |
|
Amort of Acquisition Costs, Supplemental |
-0.7 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
Research & Development Exp, Supplemental |
118.2 |
114.0 |
83.6 |
84.9 |
72.9 |
|
Reported Operating Profit |
135.0 |
185.7 |
50.2 |
0.8 |
169.1 |
|
Reported Ordinary Profit |
142.3 |
200.6 |
49.1 |
14.5 |
162.4 |
|
Normalized EBIT |
135.4 |
185.5 |
51.2 |
2.0 |
169.2 |
|
Normalized EBITDA |
152.4 |
255.2 |
107.9 |
47.1 |
200.3 |
|
Current Tax - Total |
40.9 |
- |
- |
- |
- |
|
Current Tax - Total |
40.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
8.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
8.9 |
- |
- |
- |
- |
|
Income Tax - Total |
49.8 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
1.6 |
1.4 |
1.1 |
0.9 |
0.9 |
|
Service Cost - Domestic |
5.7 |
5.3 |
4.3 |
3.7 |
3.8 |
|
Prior Service Cost - Domestic |
0.0 |
-4.9 |
-4.5 |
-4.2 |
0.0 |
|
Expected Return on Assets - Domestic |
-0.9 |
-0.8 |
-0.7 |
-0.9 |
-0.8 |
|
Actuarial Gains and Losses - Domestic |
4.7 |
7.3 |
5.9 |
-1.2 |
-2.6 |
|
Domestic Pension Plan Expense |
11.0 |
8.3 |
6.1 |
-1.6 |
1.3 |
|
Defined Contribution Expense - Domestic |
- |
2.9 |
2.5 |
2.3 |
0.8 |
|
Total Pension Expense |
11.0 |
11.2 |
8.6 |
0.7 |
2.1 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.50% |
1.50% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
1.6 |
1.4 |
1.1 |
0.9 |
0.9 |
|
Total Plan Service Cost |
5.7 |
5.3 |
4.3 |
3.7 |
3.8 |
|
Total Plan Expected Return |
-0.9 |
-0.8 |
-0.7 |
-0.9 |
-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 |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
184.1 |
245.1 |
195.3 |
338.3 |
191.5 |
|
Cash and Short Term Investments |
184.1 |
245.1 |
195.3 |
338.3 |
191.5 |
|
Accounts Receivable -
Trade, Gross |
328.6 |
341.7 |
247.1 |
111.0 |
272.2 |
|
Provision for Doubtful
Accounts |
-0.3 |
-0.4 |
-0.7 |
-0.7 |
-0.4 |
|
Trade Accounts Receivable - Net |
328.3 |
341.3 |
246.4 |
110.3 |
271.9 |
|
Total Receivables, Net |
328.3 |
341.3 |
246.4 |
110.3 |
271.9 |
|
Inventories - Finished Goods |
84.4 |
75.5 |
53.6 |
56.0 |
- |
|
Inventories - Work In Progress |
102.3 |
102.4 |
63.4 |
52.0 |
- |
|
Inventories - Raw Materials |
126.0 |
109.0 |
81.5 |
82.1 |
- |
|
Total Inventory |
312.7 |
286.9 |
198.4 |
190.1 |
200.2 |
|
Deferred Income Tax - Current Asset |
17.4 |
27.3 |
13.5 |
9.9 |
22.2 |
|
Other Current Assets |
29.4 |
37.8 |
19.8 |
22.6 |
16.3 |
|
Other Current Assets, Total |
46.7 |
65.1 |
33.3 |
32.6 |
38.4 |
|
Total Current Assets |
871.9 |
938.4 |
673.4 |
671.3 |
702.1 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
669.9 |
645.6 |
574.4 |
491.4 |
414.3 |
|
Intangibles, Net |
8.4 |
9.3 |
8.1 |
7.9 |
8.8 |
|
LT Investment - Affiliate Companies |
12.2 |
3.6 |
- |
- |
- |
|
LT Investments - Other |
67.1 |
66.3 |
61.9 |
61.8 |
57.6 |
|
Long Term Investments |
79.3 |
69.9 |
61.9 |
61.8 |
57.6 |
|
Deferred Charges |
0.2 |
0.2 |
0.2 |
0.2 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
3.9 |
2.7 |
5.0 |
15.4 |
3.2 |
|
Other Long Term Assets |
14.7 |
13.8 |
7.3 |
6.6 |
5.6 |
|
Other Long Term Assets, Total |
18.8 |
16.7 |
12.5 |
22.2 |
8.8 |
|
Total Assets |
1,648.2 |
1,679.9 |
1,330.3 |
1,254.6 |
1,191.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
130.8 |
164.2 |
134.4 |
36.5 |
130.2 |
|
Accrued Expenses |
25.2 |
32.5 |
20.5 |
13.7 |
33.7 |
|
Notes Payable/Short Term Debt |
2.2 |
0.0 |
10.7 |
10.9 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
3.0 |
3.0 |
0.0 |
22.3 |
0.0 |
|
Income Taxes Payable |
6.3 |
63.8 |
4.3 |
2.2 |
17.4 |
|
Other Payables |
- |
- |
- |
0.0 |
70.8 |
|
Other Current Liabilities |
84.8 |
90.7 |
74.0 |
34.6 |
12.7 |
|
Other Current liabilities, Total |
91.1 |
154.5 |
78.3 |
36.8 |
100.9 |
|
Total Current Liabilities |
252.4 |
354.2 |
243.8 |
120.1 |
264.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
124.9 |
127.1 |
128.4 |
247.5 |
6.0 |
|
Total Long Term Debt |
124.9 |
127.1 |
128.4 |
247.5 |
6.0 |
|
Total Debt |
130.1 |
130.1 |
139.1 |
280.7 |
6.0 |
|
|
|
|
|
|
|
|
Minority Interest |
3.9 |
2.7 |
1.4 |
1.3 |
5.3 |
|
Reserves |
0.4 |
0.4 |
0.0 |
- |
- |
|
Pension Benefits - Underfunded |
19.6 |
13.8 |
8.7 |
5.4 |
14.6 |
|
Other Long Term Liabilities |
6.3 |
6.5 |
6.6 |
7.5 |
5.2 |
|
Other Liabilities, Total |
26.4 |
20.7 |
15.3 |
12.9 |
19.8 |
|
Total Liabilities |
407.6 |
504.7 |
389.0 |
381.9 |
295.9 |
|
|
|
|
|
|
|
|
Common Stock |
176.2 |
175.2 |
155.4 |
147.0 |
145.8 |
|
Common Stock |
176.2 |
175.2 |
155.4 |
147.0 |
145.8 |
|
Additional Paid-In Capital |
201.9 |
198.0 |
173.3 |
162.2 |
158.8 |
|
Retained Earnings (Accumulated Deficit) |
896.5 |
832.4 |
632.9 |
580.6 |
592.0 |
|
Treasury Stock - Common |
-10.0 |
-10.4 |
-11.4 |
-10.8 |
-2.7 |
|
Unrealized Gain (Loss) |
0.1 |
0.1 |
0.1 |
0.0 |
0.2 |
|
Translation Adjustment |
-24.0 |
-20.0 |
-9.0 |
-6.2 |
1.4 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-24.0 |
-20.0 |
-9.0 |
-6.2 |
1.4 |
|
Total Equity |
1,240.6 |
1,175.3 |
941.3 |
872.7 |
895.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,648.2 |
1,679.9 |
1,330.3 |
1,254.6 |
1,191.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
33.7 |
33.7 |
33.6 |
33.6 |
33.9 |
|
Total Common Shares Outstanding |
33.7 |
33.7 |
33.6 |
33.6 |
33.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.3 |
0.3 |
0.4 |
0.4 |
0.1 |
|
Employees |
2,745 |
2,565 |
2,465 |
2,438 |
2,260 |
|
Number of Common Shareholders |
13,393 |
12,843 |
14,456 |
13,661 |
13,480 |
|
Total Long Term Debt, Supplemental |
127.9 |
130.1 |
128.4 |
269.8 |
7.2 |
|
Long Term Debt Maturing within 1 Year |
3.0 |
3.0 |
0.0 |
22.3 |
1.2 |
|
Long Term Debt Maturing in Year 2 |
0.6 |
3.0 |
0.0 |
22.7 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
124.3 |
0.6 |
0.0 |
22.3 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
- |
123.5 |
0.0 |
162.0 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
107.0 |
40.5 |
6.0 |
|
Long Term Debt Maturing in 2-3 Years |
124.9 |
3.6 |
0.0 |
45.0 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
123.5 |
107.0 |
202.5 |
6.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
21.4 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
81.3 |
76.5 |
63.7 |
53.5 |
48.4 |
|
Plan Assets - Domestic |
58.7 |
57.3 |
49.1 |
42.6 |
46.8 |
|
Funded Status - Domestic |
-22.6 |
-19.1 |
-14.6 |
-10.8 |
-1.5 |
|
Total Funded Status |
-22.6 |
-19.1 |
-14.6 |
-10.8 |
-1.5 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.50% |
1.50% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accrued Liabilities - Domestic |
-18.9 |
-13.2 |
-8.3 |
-5.1 |
-9.8 |
|
Other Assets, Net - Domestic |
0.0 |
-5.9 |
-6.3 |
-5.7 |
8.2 |
|
Net Assets Recognized on Balance Sheet |
-18.9 |
-19.1 |
-14.6 |
-10.8 |
-1.5 |
|
Total Plan Obligations |
81.3 |
76.5 |
63.7 |
53.5 |
48.4 |
|
Total Plan Assets |
58.7 |
57.3 |
49.1 |
42.6 |
46.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
140.6 |
193.4 |
43.5 |
7.7 |
161.4 |
|
Depreciation |
75.3 |
70.8 |
57.7 |
46.3 |
31.9 |
|
Depreciation/Depletion |
75.3 |
70.8 |
57.7 |
46.3 |
31.9 |
|
Amortization of Acquisition Costs |
-0.4 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
Amortization |
-0.4 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
Unusual Items |
0.3 |
4.9 |
4.3 |
4.3 |
0.8 |
|
Equity in Net Earnings (Loss) |
-1.7 |
-1.4 |
-0.3 |
-0.3 |
-0.6 |
|
Other Non-Cash Items |
6.5 |
-8.1 |
6.8 |
-5.3 |
-10.7 |
|
Non-Cash Items |
5.2 |
-4.6 |
10.8 |
-1.3 |
-10.5 |
|
Accounts Receivable |
12.6 |
-67.2 |
-132.1 |
157.9 |
0.4 |
|
Inventories |
-21.4 |
-58.7 |
5.9 |
10.2 |
-37.3 |
|
Prepaid Expenses |
- |
- |
- |
- |
0.0 |
|
Accounts Payable |
-35.3 |
20.1 |
98.1 |
-94.1 |
6.2 |
|
Accrued Expenses |
-7.8 |
9.2 |
6.0 |
-9.7 |
3.2 |
|
Payable/Accrued |
-6.8 |
8.8 |
26.7 |
-37.8 |
8.0 |
|
Other Operating Cash Flow |
-83.8 |
-1.6 |
2.8 |
-32.1 |
-81.2 |
|
Changes in Working Capital |
-142.5 |
-89.3 |
7.4 |
-5.7 |
-100.7 |
|
Cash from Operating Activities |
78.1 |
169.2 |
118.5 |
45.8 |
81.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-100.0 |
-88.8 |
-114.5 |
-136.1 |
-82.7 |
|
Purchase/Acquisition of Intangibles |
-1.1 |
-2.2 |
-1.3 |
-0.7 |
-0.9 |
|
Capital Expenditures |
-101.2 |
-91.0 |
-115.8 |
-136.8 |
-83.6 |
|
Acquisition of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Business |
0.0 |
-0.4 |
0.0 |
- |
- |
|
Sale of Fixed Assets |
1.4 |
0.2 |
0.4 |
0.4 |
0.5 |
|
Sale/Maturity of Investment |
4.3 |
36.1 |
68.9 |
15.0 |
17.8 |
|
Purchase of Investments |
-48.2 |
-6.9 |
-101.1 |
-12.7 |
-36.0 |
|
Other Investing Cash Flow |
0.3 |
-2.9 |
-2.4 |
-1.0 |
-2.1 |
|
Other Investing Cash Flow Items, Total |
-42.2 |
26.2 |
-34.2 |
1.7 |
-19.9 |
|
Cash from Investing Activities |
-143.4 |
-64.8 |
-150.1 |
-135.2 |
-103.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
1.8 |
1.7 |
0.1 |
0.0 |
0.2 |
|
Financing Cash Flow Items |
1.8 |
1.7 |
0.1 |
0.0 |
0.2 |
|
Cash Dividends Paid - Common |
-29.4 |
-13.7 |
-7.2 |
-18.2 |
-23.8 |
|
Total Cash Dividends Paid |
-29.4 |
-13.7 |
-7.2 |
-18.2 |
-23.8 |
|
Sale/Issuance of
Common |
0.3 |
2.3 |
0.0 |
0.0 |
0.6 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
-8.0 |
-1.9 |
|
Common Stock, Net |
0.3 |
2.3 |
0.0 |
-8.0 |
-1.3 |
|
Issuance (Retirement) of Stock, Net |
0.3 |
2.3 |
0.0 |
-8.0 |
-1.3 |
|
Short Term Debt, Net |
2.3 |
-11.7 |
-0.8 |
10.4 |
-2.1 |
|
Long Term Debt Issued |
0.0 |
10.5 |
107.3 |
259.2 |
5.2 |
|
Long Term Debt
Reduction |
-3.2 |
-24.6 |
-265.2 |
-0.9 |
-6.1 |
|
Long Term Debt, Net |
-3.2 |
-14.1 |
-157.9 |
258.2 |
-0.9 |
|
Issuance (Retirement) of Debt, Net |
-0.8 |
-25.8 |
-158.7 |
268.7 |
-2.9 |
|
Cash from Financing Activities |
-28.1 |
-35.5 |
-165.8 |
242.5 |
-27.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.3 |
-15.5 |
1.9 |
-0.3 |
-2.4 |
|
Net Change in Cash |
-98.7 |
53.5 |
-195.5 |
152.8 |
-52.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
251.1 |
177.9 |
359.6 |
179.7 |
210.4 |
|
Net Cash - Ending Balance |
152.5 |
231.4 |
164.1 |
332.6 |
158.0 |
|
Cash Interest Paid |
0.1 |
0.4 |
2.9 |
0.7 |
0.2 |
|
Cash Taxes Paid |
105.9 |
15.1 |
0.1 |
29.0 |
77.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
1,130.2 |
1,163.5 |
664.2 |
528.5 |
801.5 |
|
Total Revenue |
1,130.2 |
1,163.5 |
664.2 |
528.5 |
801.5 |
|
|
|
|
|
|
|
|
Total cost of sales |
603.3 |
615.9 |
355.5 |
279.0 |
391.6 |
|
Other Selling/General/Admin. Expense |
94.8 |
- |
- |
- |
- |
|
Packing & freight - out costs |
18.9 |
18.4 |
10.0 |
8.9 |
10.8 |
|
Selling commision expenses |
27.5 |
28.9 |
15.6 |
7.7 |
15.3 |
|
Exp. for product warranty |
16.8 |
12.0 |
9.0 |
8.2 |
4.6 |
|
Provision for doubtful accounts(SGA) |
1.7 |
0.3 |
0.2 |
0.3 |
- |
|
Payrolls & bonuses |
80.6 |
71.6 |
56.0 |
59.1 |
55.9 |
|
Provision for bonuses |
14.0 |
16.9 |
8.6 |
6.6 |
7.8 |
|
Prov. for directors' bonuses |
1.8 |
1.7 |
0.7 |
- |
1.7 |
|
Depreciation |
17.8 |
16.8 |
15.2 |
9.7 |
7.5 |
|
Amort. of goodwill |
- |
- |
- |
- |
0.0 |
|
Research&Development |
118.1 |
113.9 |
83.5 |
84.8 |
72.7 |
|
Other SGA |
- |
81.3 |
59.7 |
63.5 |
64.4 |
|
Factory transfer expenses |
0.9 |
- |
- |
- |
- |
|
Gain on reversal of subscription rights |
-0.1 |
- |
- |
- |
- |
|
Difference of in charge of retirement |
-0.2 |
- |
- |
- |
- |
|
SP G on Prior Year Adjustment |
0.0 |
-0.3 |
0.0 |
-0.5 |
0.0 |
|
SP Rev-Doubt.Acct.Allow |
0.0 |
-0.3 |
-0.2 |
- |
-0.4 |
|
SP Subsidy income for temp. furlough |
- |
0.0 |
-2.7 |
0.0 |
- |
|
SP Technique donation |
- |
- |
- |
0.0 |
-0.2 |
|
SP Other Special Gains |
0.0 |
0.0 |
-0.2 |
-0.1 |
-0.3 |
|
SP L on Prior Year Adjustment |
0.0 |
0.3 |
0.0 |
- |
- |
|
Impairment Loss |
0.0 |
3.1 |
0.0 |
- |
- |
|
SP Val.Loss-Invest.Sec |
0.2 |
0.5 |
3.7 |
0.2 |
0.0 |
|
SP Allowance doubtful account |
- |
- |
- |
- |
0.0 |
|
SP L on bad debt |
- |
- |
- |
0.0 |
0.3 |
|
SP Director's Sp. Severance |
- |
- |
- |
- |
0.0 |
|
SP Special Retirement bene. |
0.7 |
0.9 |
1.2 |
0.4 |
0.6 |
|
SP Valuation Inventory |
- |
- |
- |
- |
0.0 |
|
SP Writeoff Inventory |
- |
- |
- |
0.0 |
0.8 |
|
SP Temporary laid-off exp. |
- |
0.0 |
1.9 |
1.6 |
0.0 |
|
SP Loss on adjust for changes of account |
0.0 |
0.5 |
0.0 |
- |
- |
|
SP Other Special Losses |
0.0 |
0.7 |
1.0 |
0.7 |
0.3 |
|
NOP Amort. negative goodwill |
-0.4 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
NOP Depreciation |
- |
1.3 |
0.0 |
- |
- |
|
Total Operating Expense |
996.3 |
983.4 |
617.8 |
528.8 |
632.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Gains |
2.6 |
- |
- |
- |
- |
|
SP Sale Gain-Fixed Asst |
0.2 |
0.1 |
0.0 |
0.1 |
0.4 |
|
SP Gain Sale Investment Securities |
- |
- |
- |
0.0 |
0.2 |
|
SP Asset Retired & Sold |
-0.4 |
-1.9 |
-0.8 |
-4.7 |
-0.5 |
|
NOP Interest Income |
0.6 |
0.6 |
0.6 |
1.3 |
2.1 |
|
NOP Dividend Income |
- |
- |
- |
0.0 |
0.1 |
|
Depreciation |
-1.0 |
- |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Commission Income |
- |
- |
- |
0.0 |
0.1 |
|
NOP Damage Compensation Insuran. Inc. |
- |
- |
- |
- |
0.0 |
|
NOP Equity Gain |
1.7 |
1.4 |
0.3 |
0.3 |
0.6 |
|
NOP Exchange Gain |
- |
- |
0.0 |
3.6 |
0.0 |
|
NOP Subsidy income |
0.8 |
14.1 |
0.4 |
6.0 |
0.0 |
|
NOP Subsidy-Employment |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-op. Income |
3.0 |
1.8 |
2.2 |
2.5 |
1.8 |
|
NOP Interest Expense |
-0.3 |
-0.4 |
-3.7 |
-0.5 |
-0.2 |
|
NOP Sales Discount |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
|
NOP Exchange Loss |
0.0 |
-1.9 |
-1.1 |
0.0 |
-11.0 |
|
NOP Loss-Equity Method |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-op.Expense |
-0.3 |
-0.2 |
-0.6 |
-0.3 |
-0.6 |
|
Net Income Before Taxes |
140.6 |
193.4 |
43.5 |
7.7 |
161.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
49.8 |
66.1 |
16.9 |
5.4 |
63.5 |
|
Net Income After Taxes |
90.8 |
127.2 |
26.6 |
2.3 |
98.0 |
|
|
|
|
|
|
|
|
Minority interests in loss |
0.3 |
0.5 |
0.0 |
0.2 |
-0.7 |
|
Net Income Before Extra. Items |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
Net Income |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
- |
- |
- |
|
Director'sBonus |
- |
- |
0.0 |
0.0 |
0.0 |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
33.7 |
33.6 |
33.6 |
33.9 |
34.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.70 |
3.80 |
0.79 |
0.07 |
2.86 |
|
Basic EPS Including ExtraOrdinary Item |
2.70 |
3.80 |
0.79 |
0.07 |
2.86 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
91.1 |
127.7 |
26.6 |
2.5 |
97.2 |
|
Diluted Weighted Average Shares |
35.4 |
35.4 |
34.2 |
34.0 |
34.1 |
|
Diluted EPS Excluding ExtraOrd Items |
2.57 |
3.61 |
0.78 |
0.07 |
2.85 |
|
Diluted EPS Including ExtraOrd Items |
2.57 |
3.61 |
0.78 |
0.07 |
2.85 |
|
DPS-Common Stock |
0.61 |
0.76 |
0.22 |
0.20 |
0.69 |
|
Gross Dividends - Common Stock |
20.5 |
25.5 |
7.2 |
6.7 |
23.5 |
|
Normalized Income Before Taxes |
141.6 |
199.6 |
48.1 |
13.3 |
161.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
50.4 |
68.6 |
19.1 |
7.8 |
63.6 |
|
Normalized Income After Taxes |
91.2 |
131.0 |
29.0 |
5.5 |
97.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
91.5 |
131.4 |
29.0 |
5.7 |
96.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.72 |
3.91 |
0.86 |
0.17 |
2.85 |
|
Diluted Normalized EPS |
2.58 |
3.71 |
0.85 |
0.17 |
2.84 |
|
Total Search And Development Expense |
118.2 |
- |
- |
- |
- |
|
Research costs(COGS) |
- |
0.1 |
0.1 |
0.1 |
0.2 |
|
Research & Development Exp(SGA) |
- |
113.9 |
83.5 |
84.8 |
72.7 |
|
Interest Expense |
0.3 |
0.4 |
3.7 |
0.5 |
0.2 |
|
Selling General And Administrative Expen |
17.8 |
- |
- |
- |
- |
|
Depreciation |
- |
70.8 |
57.7 |
46.3 |
31.9 |
|
Amort of Goodwill-Supplemental FTN |
-0.4 |
- |
- |
- |
- |
|
Amortization negative goodwill |
-0.4 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
Amort of goodwill |
- |
- |
0.0 |
0.0 |
0.0 |
|
Income taxes-current |
40.9 |
- |
- |
- |
- |
|
Current Tax - Total |
40.9 |
- |
- |
- |
- |
|
Income taxes-deferred |
8.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
8.9 |
- |
- |
- |
- |
|
Income Tax - Total |
49.8 |
- |
- |
- |
- |
|
Reported operating profit |
135.0 |
185.7 |
50.2 |
0.8 |
169.1 |
|
Reported ordinary profit |
142.3 |
200.6 |
49.1 |
14.5 |
162.4 |
|
Service cost |
5.7 |
5.3 |
4.3 |
3.7 |
3.8 |
|
Interest cost |
1.6 |
1.4 |
1.1 |
0.9 |
0.9 |
|
Expected return on plan asset |
-0.9 |
-0.8 |
-0.7 |
-0.9 |
-0.8 |
|
Actuarial G/L |
4.7 |
7.3 |
5.9 |
-1.2 |
-2.6 |
|
Amort. of prior service cost |
0.0 |
-4.9 |
-4.5 |
-4.2 |
0.0 |
|
Domestic Pension Plan Expense |
11.0 |
8.3 |
6.1 |
-1.6 |
1.3 |
|
Defined contribution expense |
- |
2.9 |
2.5 |
2.3 |
0.8 |
|
Total Pension Expense |
11.0 |
11.2 |
8.6 |
0.7 |
2.1 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.00% |
- |
- |
- |
- |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
1.50% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
1.50% |
2.00% |
2.00% |
2.00% |
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 |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Deposit |
184.1 |
245.1 |
195.3 |
338.3 |
191.5 |
|
Notes and accounts receivable-trade |
328.6 |
341.7 |
247.1 |
111.0 |
272.2 |
|
Inventories |
- |
- |
- |
- |
200.2 |
|
Merchandise & Finished goods |
84.4 |
75.5 |
53.6 |
56.0 |
- |
|
Work-in-progress |
102.3 |
102.4 |
63.4 |
52.0 |
- |
|
Raw materials & Supplies |
126.0 |
109.0 |
81.5 |
82.1 |
- |
|
Dfrd. Tax Asset |
17.4 |
27.3 |
13.5 |
9.9 |
22.2 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
29.4 |
37.8 |
19.8 |
22.6 |
16.3 |
|
Doubtful Account |
-0.3 |
-0.4 |
-0.7 |
-0.7 |
-0.4 |
|
Total Current Assets |
871.9 |
938.4 |
673.4 |
671.3 |
702.1 |
|
|
|
|
|
|
|
|
Other total PPE net |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
358.8 |
354.2 |
309.6 |
205.8 |
139.3 |
|
Machinery, equipment and vehicles, net |
101.3 |
109.3 |
83.0 |
77.3 |
64.2 |
|
Tools, furniture and fixtures, net |
8.6 |
7.9 |
7.6 |
9.5 |
7.7 |
|
Land |
157.4 |
155.1 |
136.9 |
129.5 |
128.6 |
|
Const in Prog. |
43.8 |
19.1 |
37.3 |
69.4 |
74.5 |
|
Total intangible assets |
8.4 |
- |
- |
- |
- |
|
Intangible Asset |
- |
9.3 |
8.1 |
7.9 |
8.8 |
|
Invt Secs Noncons, Asc, Affd Cos |
12.2 |
- |
- |
- |
- |
|
LT Investment - Affiliate Companies |
- |
3.6 |
- |
- |
- |
|
Other LT Invest (held fro sale/to matur) |
4.0 |
- |
- |
- |
- |
|
Investment Secs. |
- |
3.6 |
6.2 |
9.1 |
7.3 |
|
Deferred tax assets |
3.9 |
2.7 |
5.0 |
15.4 |
3.2 |
|
Long-term time deposits |
63.1 |
62.7 |
55.7 |
52.6 |
50.2 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
17.1 |
14.5 |
7.7 |
7.0 |
6.2 |
|
Doubtful Account |
-2.5 |
-0.7 |
-0.4 |
-0.4 |
-0.7 |
|
Deferred Assets |
0.2 |
- |
- |
- |
- |
|
Bond issue expenses |
- |
0.2 |
0.2 |
0.2 |
0.0 |
|
Translation Adj. |
- |
- |
- |
- |
0.0 |
|
Total Assets |
1,648.2 |
1,679.9 |
1,330.3 |
1,254.6 |
1,191.5 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
130.8 |
164.2 |
134.4 |
36.5 |
130.2 |
|
Short-term loans payable |
2.2 |
0.0 |
10.7 |
10.9 |
0.0 |
|
Current portion of long-term loans payab |
3.0 |
3.0 |
0.0 |
19.3 |
0.0 |
|
Other accounts payable |
- |
- |
- |
0.0 |
70.8 |
|
Curr.-Corp.Bond |
- |
- |
0.0 |
3.0 |
0.0 |
|
Accrued Expenses |
- |
- |
- |
0.0 |
10.2 |
|
Income Tax Payable |
6.3 |
63.8 |
4.3 |
2.2 |
17.4 |
|
Provision for directors'' bonuses |
1.8 |
1.7 |
0.7 |
0.0 |
2.0 |
|
Bonus Allowance |
23.3 |
30.7 |
19.8 |
13.7 |
21.5 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Res-Product Wrrt |
2.9 |
3.7 |
2.1 |
1.2 |
1.2 |
|
Other Curr. Liab |
81.9 |
87.0 |
71.8 |
33.4 |
11.5 |
|
Total Current Liabilities |
252.4 |
354.2 |
243.8 |
120.1 |
264.8 |
|
|
|
|
|
|
|
|
Corporate Bond |
- |
- |
0.0 |
27.3 |
0.0 |
|
Convertible bond-type bonds with subscri |
121.4 |
120.7 |
107.0 |
0.0 |
- |
|
Long-term loans payable |
3.5 |
6.5 |
21.4 |
220.2 |
6.0 |
|
Total Long Term Debt |
124.9 |
127.1 |
128.4 |
247.5 |
6.0 |
|
|
|
|
|
|
|
|
Res-Accr.Retire |
18.9 |
13.2 |
8.3 |
5.1 |
9.8 |
|
Other Payable |
- |
- |
- |
0.0 |
4.5 |
|
Provision for directors'' retirement ben |
0.7 |
0.6 |
0.4 |
0.3 |
0.2 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Negative goodwill |
0.0 |
0.3 |
1.3 |
2.1 |
0.0 |
|
Asset retirement obligations |
0.4 |
0.4 |
0.0 |
- |
- |
|
Other Liability |
6.3 |
6.1 |
5.4 |
5.4 |
5.2 |
|
Minor. Interest |
3.9 |
2.7 |
1.4 |
1.3 |
5.3 |
|
Total Liabilities |
407.6 |
504.7 |
389.0 |
381.9 |
295.9 |
|
|
|
|
|
|
|
|
Common Stock |
176.2 |
175.2 |
155.4 |
147.0 |
145.8 |
|
Total capital surpluses |
190.0 |
188.8 |
167.0 |
157.9 |
156.7 |
|
Total retained earnings |
896.5 |
832.4 |
632.9 |
580.6 |
592.0 |
|
Valuation difference on available-for-sa |
0.1 |
0.1 |
0.1 |
0.0 |
0.2 |
|
Translation Adj. |
-24.0 |
-20.0 |
-9.0 |
-6.2 |
1.4 |
|
Stock subscription right |
11.9 |
9.3 |
6.3 |
4.3 |
2.1 |
|
Treasury Stock |
-10.0 |
-10.4 |
-11.4 |
-10.8 |
-2.7 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Total Equity |
1,240.6 |
1,175.3 |
941.3 |
872.7 |
895.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,648.2 |
1,679.9 |
1,330.3 |
1,254.6 |
1,191.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
33.7 |
33.7 |
33.6 |
33.6 |
33.9 |
|
Total Common Shares Outstanding |
33.7 |
33.7 |
33.6 |
33.6 |
33.9 |
|
T/S-Common Stock |
0.3 |
0.3 |
0.4 |
0.4 |
0.1 |
|
Full-Time Employees |
2,745 |
2,565 |
2,465 |
2,438 |
2,260 |
|
Total Number of Shareholders |
13,393 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
12,843 |
14,456 |
13,661 |
13,480 |
|
Loans Payable Maturing within a Year |
3.0 |
3.0 |
0.0 |
22.3 |
1.2 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
0.6 |
- |
- |
- |
- |
|
Loans Payable Maturing within a Year |
- |
3.0 |
0.0 |
22.7 |
0.0 |
|
Bond Redemp Amts over 2 Yrs within 3 Yrs |
121.4 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
2.9 |
- |
- |
- |
- |
|
Long Term Debt &bond Maturin within 3 Yr |
- |
0.6 |
0.0 |
22.3 |
0.0 |
|
Long Term Debt &bond Maturin within 4 Yr |
- |
123.5 |
0.0 |
162.0 |
0.0 |
|
Long Term Debt &bond Maturin within 5 Yr |
- |
0.0 |
107.0 |
40.5 |
6.0 |
|
Loans Payable Remaining |
0.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing after 5 Yr |
- |
0.0 |
21.4 |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
127.9 |
130.1 |
128.4 |
269.8 |
7.2 |
|
Pension obligation |
81.3 |
76.5 |
63.7 |
53.5 |
48.4 |
|
Fair value of plan asset |
58.7 |
57.3 |
49.1 |
42.6 |
46.8 |
|
Funded status |
-22.6 |
-19.1 |
-14.6 |
-10.8 |
-1.5 |
|
Total Funded Status |
-22.6 |
-19.1 |
-14.6 |
-10.8 |
-1.5 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
1.50% |
1.50% |
2.00% |
2.00% |
2.00% |
|
Accrued pension benefit |
-18.9 |
-13.2 |
-8.3 |
-5.1 |
-9.8 |
|
Prepaid pension |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrecog. actuarial G/L |
- |
-5.9 |
-10.8 |
-14.2 |
-4.4 |
|
Unrecognized prior service cost |
0.0 |
0.0 |
4.5 |
8.5 |
12.6 |
|
Net Assets Recognized on Balance Sheet |
-18.9 |
-19.1 |
-14.6 |
-10.8 |
-1.5 |
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 |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
140.6 |
193.4 |
43.5 |
7.7 |
161.4 |
|
Depreciation |
75.3 |
70.8 |
57.7 |
46.3 |
31.9 |
|
Amortization goodwill |
- |
- |
0.0 |
0.0 |
0.0 |
|
Impairment Loss |
0.0 |
3.1 |
0.0 |
- |
- |
|
Amortization negative goodwill |
-0.4 |
-1.0 |
-1.0 |
-1.2 |
-0.8 |
|
Loss (gain) on valuation of investment s |
0.2 |
0.5 |
3.7 |
0.2 |
0.0 |
|
Increase (decrease) in allowance for dou |
1.7 |
0.0 |
0.0 |
0.1 |
-3.2 |
|
Equity in (earnings) losses of affiliate |
-1.7 |
-1.4 |
-0.3 |
-0.3 |
-0.6 |
|
Increase (decrease) in provision for bon |
-7.8 |
7.5 |
5.3 |
-7.7 |
2.3 |
|
Increase (decrease) in provision for dir |
0.1 |
1.7 |
0.7 |
-2.0 |
0.9 |
|
Increase (decrease) in provision for pro |
-0.7 |
1.3 |
0.9 |
0.1 |
-2.0 |
|
Increase (decrease) in provision for ret |
5.9 |
3.7 |
2.9 |
-4.6 |
-3.5 |
|
Loss (gain) on sales of investment secur |
0.0 |
0.1 |
0.3 |
0.0 |
-0.2 |
|
Loss (gain) on sales and retirement of p |
0.2 |
1.3 |
0.3 |
4.1 |
0.2 |
|
Subsidy income |
-0.8 |
-14.1 |
-0.4 |
-6.0 |
0.0 |
|
Int. and Div. Income |
-0.7 |
-0.7 |
-0.7 |
-1.4 |
-2.2 |
|
Interest Expense |
0.3 |
0.4 |
3.7 |
0.5 |
0.2 |
|
Loss Valuation of Inventories |
- |
- |
- |
- |
0.0 |
|
Retire inventory |
- |
- |
- |
0.0 |
0.8 |
|
Decrease (increase) in notes and account |
12.6 |
-67.2 |
-132.1 |
157.9 |
0.4 |
|
Decrease (increase) in inventories |
-21.4 |
-58.7 |
5.9 |
10.2 |
-37.3 |
|
Increase (decrease) in notes and account |
-35.3 |
20.1 |
98.1 |
-94.1 |
6.2 |
|
Sales Tax Receivable |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Director Bonus Paid |
- |
- |
- |
- |
0.0 |
|
Prepayment |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in accounts payable- |
-6.8 |
8.8 |
26.7 |
-37.8 |
8.0 |
|
Other, net |
20.9 |
13.1 |
5.1 |
-4.0 |
-5.5 |
|
Int. and Div. Rcvd. |
1.4 |
0.8 |
0.6 |
1.6 |
2.1 |
|
Interest Paid |
-0.1 |
-0.4 |
-2.9 |
-0.7 |
-0.2 |
|
Taxes Paid/refund |
-105.9 |
-15.1 |
-0.1 |
-29.0 |
-77.6 |
|
Subsidy income |
0.8 |
1.3 |
0.4 |
6.0 |
0.0 |
|
Cash from Operating Activities |
78.1 |
169.2 |
118.5 |
45.8 |
81.3 |
|
|
|
|
|
|
|
|
Purchase Of Investment Securities |
-10.2 |
- |
- |
- |
- |
|
Purchase of mktbl. secs. |
- |
- |
0.0 |
-5.0 |
0.0 |
|
Redempt. of mktbl. secs. |
- |
- |
0.0 |
5.0 |
0.0 |
|
Purchase of property, plant and equipmen |
-100.0 |
-88.8 |
-114.5 |
-136.1 |
-82.7 |
|
Proceeds from sales of property, plant a |
1.4 |
0.2 |
0.4 |
0.4 |
0.5 |
|
Purch-Invest.Sec |
- |
0.0 |
0.0 |
-5.8 |
-1.0 |
|
Sale subsidiaries' securities |
0.0 |
-0.4 |
0.0 |
- |
- |
|
Net decrease (increase) in short-term lo |
0.0 |
-0.2 |
0.0 |
- |
0.0 |
|
Payments of long-term loans receivable |
0.0 |
-2.7 |
0.0 |
- |
- |
|
Collection of long-term loans receivable |
0.1 |
0.0 |
0.0 |
- |
- |
|
Sale Invest Secs. |
- |
- |
0.0 |
0.0 |
0.3 |
|
Purchase Consol. Stock |
- |
- |
- |
- |
0.0 |
|
Business transfer |
- |
- |
- |
- |
0.0 |
|
Purch-Intang.Asset |
-1.1 |
-2.2 |
-1.3 |
-0.7 |
-0.9 |
|
Time Deposit Made |
-38.0 |
-6.9 |
-101.1 |
-2.0 |
-35.0 |
|
Time Deposit Matured |
4.3 |
36.1 |
68.9 |
10.0 |
17.5 |
|
Paid-Security Depo. |
- |
- |
- |
- |
0.0 |
|
Pro-Security Deposit |
- |
- |
- |
- |
0.0 |
|
Other, net |
0.1 |
0.0 |
-2.4 |
-1.0 |
-2.1 |
|
Cash from Investing Activities |
-143.4 |
-64.8 |
-150.1 |
-135.2 |
-103.5 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
2.3 |
-11.7 |
-0.8 |
10.4 |
-2.1 |
|
Proceeds from long-term loans payable |
0.0 |
10.5 |
0.0 |
229.5 |
5.2 |
|
Repayment of long-term loans payable |
-3.2 |
-24.6 |
-233.0 |
-0.9 |
-6.1 |
|
Issued-Stocks |
- |
- |
0.0 |
0.0 |
0.6 |
|
Bond issued |
- |
0.0 |
107.3 |
29.6 |
0.0 |
|
Redemp-Corp.Bond |
- |
0.0 |
-32.3 |
0.0 |
0.0 |
|
Purchase Of Treasury Stock |
0.0 |
- |
- |
- |
- |
|
Treasury stock purchased |
- |
0.0 |
0.0 |
-8.0 |
-1.9 |
|
Proceeds from sales of treasury stock |
0.3 |
2.3 |
0.0 |
- |
- |
|
Div.Paid |
-29.4 |
-13.7 |
-7.2 |
-18.2 |
-23.8 |
|
Div.Paid to Minority |
- |
- |
- |
- |
0.0 |
|
Proceed from minorities' payment |
1.8 |
1.7 |
0.0 |
- |
- |
|
Others |
- |
0.0 |
0.1 |
0.0 |
0.2 |
|
Cash from Financing Activities |
-28.1 |
-35.5 |
-165.8 |
242.5 |
-27.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.3 |
-15.5 |
1.9 |
-0.3 |
-2.4 |
|
Net Change in Cash |
-98.7 |
53.5 |
-195.5 |
152.8 |
-52.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
251.1 |
177.9 |
359.6 |
179.7 |
210.4 |
|
Net Cash - Ending Balance |
152.5 |
231.4 |
164.1 |
332.6 |
158.0 |
|
Cash Interest Paid |
0.1 |
0.4 |
2.9 |
0.7 |
0.2 |
|
Cash Taxes Paid |
105.9 |
15.1 |
0.1 |
29.0 |
77.6 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.