MIRA
INFORM REPORT
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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
JSR CORPORATION |
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Registered Office : |
5-6-10 Tsukiji, Tokyo, 105-8640 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
10.12.1957 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturing
and sale of elastomer and resin
products |
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No. of Employees : |
5,403 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
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Source : CIA |
Company name & address
JSR
CORPORATION
5-6-10 Tsukiji
Tokyo, 105-8640
Japan
Tel: 81-3-62183500
Fax: 81-3-62183682
Web: www.jsr.co.jp
Synthesis
Employees: 5,403
Company Type: Public Parent
Corporate Family: 42
Companies
Traded: Tokyo
Stock Exchange: 4185
Incorporation Date:
10-Dec-1957
Auditor: KPMG AZSA LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales:
4,431.9 1
Net Income:
334.4
Total Assets:
5,227.8 2
Market Value:
4,205.0 (28-Sep-2012)
Business Description
JSR Corporation is a Japan-based company mainly engaged in the manufacture and sale of elastomer and resin products. It has three business segments. The Elastomer segment manufactures and sells synthetic rubber products, such as styrene butadiene rubber (SBR) and butadiene rubber (BR), as well as emulsion products, such as thermoplastic elastomer and SBR latex. The Synthetic Resin segment is engaged in the manufacture, processing and sale of acrylonitrile butadiene styrene (ABS) resin, acrylonitrile ethylene styrene (AES) resin and other synthetic resin products. The Diversified segment is engaged in the manufacture and sale of materials for semiconductor, flat panel displays, optical instruments and functional chemicals, the sale of manufacturing technology, the provision of coating materials for optical fiber, the manufacture and sale of testing instruments and equipment for electronic parts, as well as transportation and storage businesses, among others. For the three months ended 30 June 2012, JSR CORPORATION revenues increased 10% to Y92.96B. Net income increased 25% to Y6.82B. Revenues reflect Elastomer Business segment increase of 18% to Y49.46B, Synthetic Resins Business segment increase of 13% to Y13.2B. Net income benefited from Synthetic Resins Business segment income increase from Y108M to Y485M. Basic Earnings per Share excluding Extraordinary Items increased from Y22.52
Industry
Industry Chemicals - Plastics and Rubber
ANZSIC 2006: 1821 - Synthetic
Resin and Synthetic Rubber Manufacturing
NACE 2002: 2417 - Manufacture
of synthetic rubber in primary forms
NAICS 2002: 325212 - Synthetic
Rubber Manufacturing
UK SIC 2003: 2417 - Manufacture
of synthetic rubber in primary forms
UK SIC 2007: 2017 - Manufacture
of synthetic rubber in primary forms
US SIC 1987: 2822 - Synthetic
Rubber (Vulcanizable Elastomers)
Key Executives
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Name |
Title |
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Mitsunobu Koshiba |
President, Representative Director |
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Atsushi Kumano |
Senior Executive Officer, Director of Research & Development, Director
of Tsukuba Research Institute |
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Takashi Wakabayashi |
Senior Executive Officer |
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Tsugio Haruki |
Executive Managing Director-Accounting, Finance & Logistics |
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Seiichi Hasegawa |
Managing Director-Planning, Information Technology & Purchasing |
News
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Title |
Date |
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WIPO PUBLISHES PATENT OF JSR FOR
"PHOTORESIST COMPOSITION" (JAPANESE INVENTORS) |
11-Oct-2012 |
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Studies in the Area of Photopolymers
Reported from T. Kimura and Co-Researchers |
10-Oct-2012 |
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Study Results from R. Sugi and Colleagues
Broaden Understanding of Photopolymers |
10-Oct-2012 |
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WIPO PUBLISHES PATENT OF JSR FOR
"RESIST PATTERN FORMATION METHOD, RADIATION-SENSITIVE RESIN COMPOSITION
AND RESIST FILM" (JAPANESE INVENTORS) |
10-Oct-2012 |
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WIPO PUBLISHES PATENT OF JSR FOR
"MULTILAYER RESIST PROCESS PATTERN FORMING METHOD AND INORGANIC FILM
FORMING COMPOSITION FOR MULTILAYER RESIST... |
7-Oct-2012 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
5-6-10 Tsukiji
Tokyo, 105-8640
Japan
Tel: 81-3-62183500
Fax: 81-3-62183682
Web: www.jsr.co.jp
Quote Symbol - Exchange
4185 - Tokyo Stock
Exchange
Sales JPY(mil): 349,946.0
Assets JPY(mil): 430,692.0
Employees: 5,403
Fiscal Year End: 31-Mar-2012
Industry: Chemicals
- Plastics and Rubber
Incorporation Date: 10-Dec-1957
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director: Mitsunobu
Koshiba
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
1911 - Polymer Film and Sheet Packaging Material Manufacturing
NACE 2002 Codes:
2417 - Manufacture of synthetic rubber in primary forms
2416 - Manufacture of plastics in primary forms
2521 - Manufacture of plastic plates, sheets, tubes and profiles
NAICS 2002 Codes:
325212 - Synthetic Rubber Manufacturing
325211 - Plastics Material and Resin Manufacturing
326113 - Unlaminated Plastics Film and Sheet (except Packaging)
Manufacturing
US SIC 1987:
2822 - Synthetic Rubber (Vulcanizable Elastomers)
3081 - Unsupported Plastics Film and Sheet
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
UK SIC 2003:
2417 - Manufacture of synthetic rubber in primary forms
2521 - Manufacture of plastic plates, sheets, tubes and profiles
2416 - Manufacture of plastics in primary forms
UK SIC 2007:
2017 - Manufacture of synthetic rubber in primary forms
2221 - Manufacture of plastic plates, sheets, tubes and profiles
2016 - Manufacture of plastics in primary forms
Business
Description
JSR Corporation is
a Japan-based company mainly engaged in the manufacture and sale of elastomer
and resin products. It has three business segments. The Elastomer segment
manufactures and sells synthetic rubber products, such as styrene butadiene
rubber (SBR) and butadiene rubber (BR), as well as emulsion products, such as
thermoplastic elastomer and SBR latex. The Synthetic Resin segment is engaged
in the manufacture, processing and sale of acrylonitrile butadiene styrene
(ABS) resin, acrylonitrile ethylene styrene (AES) resin and other synthetic
resin products. The Diversified segment is engaged in the manufacture and sale
of materials for semiconductor, flat panel displays, optical instruments and
functional chemicals, the sale of manufacturing technology, the provision of
coating materials for optical fiber, the manufacture and sale of testing
instruments and equipment for electronic parts, as well as transportation and
storage businesses, among others. For the three months ended 30 June 2012, JSR
CORPORATION revenues increased 10% to Y92.96B. Net income increased 25% to
Y6.82B. Revenues reflect Elastomer Business segment increase of 18% to Y49.46B,
Synthetic Resins Business segment increase of 13% to Y13.2B. Net income
benefited from Synthetic Resins Business segment income increase from Y108M to
Y485M. Basic Earnings per Share excluding Extraordinary Items increased from
Y22.52
More Business Descriptions
Manufacture of
synthetic rubber, resins and emulsions, and other fine chemicals; manufacture
of materials for liquid crystal displays and optical-fiber coatings,
semiconductor materials
Synthetic Rubber
Mfr
JSR Corporation (JSR), formerly Japan Synthetic Rubber Co., Ltd., manufactures synthetic rubbers and materials for semiconductors; flat panel displays (FPDs); and optical materials. The product portfolio of the company include synthetic rubber, electronic materials, plastics, emulsions, optical materials and other related chemical products. The company carries out its operations through three reportable business segments, namely, Fine Chemicals and Others; Elastomers; and Plastics. The company’s Elastomers and Plastics business segments fall under its Petrochemical division.The company's Fine Chemical and Others segment, undertakes the manufacture and sale of color LCD display materials, photoresist for semiconductor device fabrication, and optical fiber coating materials. The semiconductor material segment provides process materials for semiconductor manufacturing which include Lithography materials (photoresists, multilayer materials and others), CMP materials (CMP slurries and pads), Interconnect materials (spin-on low k materials) and Packaging materials (thick photoresists, photosensitive insulation materials and others). The FPD material segment offers process materials for liquid crystal display panels and materials for plasma display panels which comprise LCD materials (alignment films, protective coatings, color pigment dispersed resists, photosensitive spacer and others), PDP materials (dielectric layer of dry film, dry film for electrode formation and others) and Optical films (ARTON films) for manufacturing computers, personal digital assistants and telecommunications devices. The company provides opto-functional materials, which include anti-reflective coatings, UV curing optical fiber coatings and heat-resistant transparent resin ARTON that find applications in optical disks, optical fibers and optical lens. For the fiscal year ended 2012, the company reported revenue of JPY117,876m from Fine Chemical and Others segment, indicating a decrease of 7.56% over revenue in 2011. This segment accounted for 33.68% of the company’s total revenue in 2012.The Petrochemical business division provides synthetic rubbers, elastomers, emulsion Products and performance chemicals. The Elastomers Segment manufactures and sells rubbers, including styrene-butadiene rubber, butadiene rubber and isoprene rubber used in the production of tires for the automobile industry. The Emulsions products provides paper coating materials and special chemical products used, as a binder, for improving printing property by increasing paper surface smoothness, whiteness and brightness. For the fiscal year ended 2012, the company generated revenue of JPY180,835m from Petrochemical segment, indicating an increase of 12.42% over revenue in 2011. This segment accounted for 51.67% of the company’s total revenue in 2012.The company's Plastics segment manufactures and sells Acrylonitrile-Butadiene-Styrene (ABS) plastic, Acrylonitrile-Ethylene-Propylene-Styrene (AES) Plastics and Bioplastic used in automobile, OA equipment, and amusement machines. For the fiscal year ended 2012, the company reported revenue of JPY51,236m fromPlastics segment, indicating a decrease of 2.03% over revenue in 2011. This segment accounted for 14.64% of the company’s total revenue in 2012.The company has a research and development (R&D) facility at the Yokkaichi, known as Yokkaichi Research Center for the development of next-generation technologies for semiconductor production. The company holds a total of 5,494 patents in diversified products through its R&D activities. In 2012, the company’s expenses on its Research and Development activities stood at JPY17,373m.The company carries out its business through its subsidiaries including, JSR Microtech Inc., JSR Micro Kyushu Co., Ltd., JAPAN Coloring Co., Ltd., JSR Engineering Co., Ltd., JSR Logistics Co., Ltd., JSR Micro, Inc., JSR Micro Korea Co., Ltd., Shanghai Rainbow Color Plastics Co., Ltd., ELASTOMIX (THAILAND) CO., LTD. and JSR America, Inc. It also owns and operates manufacturing facilities, namely, Yokkaichi Plant, Chiba Plant, Kashima Plant and Kyushu Plant. Geographically the company operates its business in the two regions, namely, Japan and Others. For the fiscal year ended 2012, Japan accounted for 56.14% of the total revenue and Others accounted for 43.86%.In April 2012, the company completed the construction of headquarters of a joint venture J & W Beijing Biotech Co., Ltd., and plant for Diagnostic Product Business in Beijing, China. During the same month, the company received Intel Corporation's prestigious Supplier Continuous Quality Improvement (SCQI) award 2011. In March 2012, the company's Emulsion Technology Co., Ltd., developed a new water-based adhesive, which is used for plastic base material. In February 2012, the company's started operations at its newly completed Research and Development Facility at JSR Micro Taiwan Co., Ltd. During the same month, the company decided to establish a new company JSR Life Sciences Corporation, for the development, manufacturing and sale of biomedical materials. In January2012, the company entered into a strategic partnership with BIA Separations, to expand its Biomedical Business.
JSR Corporation (JSR), formerly Japan Synthetic Rubber Co., Ltd., manufactures synthetic rubbers, emulsions and plastics. The company, along with its subsidiaries, provides general-purpose synthetic rubbers, special purpose synthetic rubbers, thermoplastic elastomer (TPE) and various other related products. The company also develops semiconductor materials, optical materials, display materials, emulsion products and performance chemicals for information and communication industries through its proprietary polymer technologies. JSR also manufactures, processes, and sells acrylonitrile ethylene styrene (AES) resin, acrylonitrile butadiene styrene (ABS) resin and other synthetic resin products. Geographically, the company operates across the US, Singapore, Thailand, China, Belgium and Hong Kong. JSR is headquartered in Tokyo, Japan. The company focuses on providing high-precision processing technologies and high-performance materials to global emerging markets, primarily in China. It also plans to expand its opportunities related to fine chemicals and petrochemical products. Further, JSR aims to spread its business across three main areas, namely, environment and energy; precision materials and processing; and biomedical materials for life sciences.The company reported revenues of (Yen) JPY 349,946.00 million during the fiscal year ended March 2012, an increase of 2.72% over 2011. The operating profit of the company was JPY 31,883.00 million during the fiscal year 2012, a decrease of 13.50% from 2011. The net profit of the company was JPY 26,408.00 million during the fiscal year 2012, a decrease of 4.23% from 2011.
Resin and Synthetic Rubber Manufacturing
Brand/Trade Names
JSR
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Strategic Initiatives
Partnerships
In June 2011, the company announced its plan to establish JSR BST Elastomer Co., Ltd. in collaboration with Bangkok Synthetics Co., Ltd., local in Thailand.
Sales and
Distribution
The new company is currently building Thailand’s first S-SBR manufacturing plant, and is expected to start its operations in June 2013, with initial capacity of 50,000 tons per year, and plans to expand further to 100,000 tons. In November 2011, JSR Shanghai established sales Base in Beijing and Shenzhen. The company under its ethylene-propylene rubber (EPR) business plans to build a new manufacture plant with the aim of increasing the production capacity of South Korean joint venture company Kumho Polychem Co.
The new company is currently building Thailand’s first S-SBR manufacturing plant, and is expected to start its operations in June 2013, with initial capacity of 50,000 tons per year, and plans to expand further to 100,000 tons. In November 2011, JSR Shanghai established sales Base in Beijing and Shenzhen. The company under its ethylene-propylene rubber (EPR) business plans to build a new manufacture plant with the aim of increasing the production capacity of South Korean joint venture company Kumho Polychem Co., Ltd. The plant is scheduled for completion in June 2013.
JSR Micro Taiwan Co., Ltd. JSR plans to expand its FPD materials business through expanding its manufacturing, sales, and R&D in Japan, South Korea, and Taiwan. All these new facilities and expansions are expected to provide significant opportunities for the organization to enhance its services and revenues.Mid-Term Business Plan “JSR20i3"The company is executing its mid-term business plan JSR20i3, covering the three-year period from April 2011 to March 2014. The plan targets top global market shares for highly competitive products manufactured from Petrochemical and Fine Chemicals segments.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities Eco-friendly Materials Offer Opportunities Increasing Demand for Automobiles |
Threats |
Overview
JSR Corporation (JSR) manufactures synthetic rubbers and materials for semiconductors; flat panel displays (FPDs); and optical materials. The company has its operations spread across wide geographic regions and continuously focuses on developing new products through its research and development activities. The company holds a wide product portfolio through which its serves diverse customers. However, the company’s mid-term business plan and increasing demand for automobile sector could provide growth opportunities for the company. The company’s operations could be affected due increasing cost of raw materials and strict environmental regulations.
Strengths
Wide Geographical
Network
The company has its operations spread across Japan and other countries such as Korea, China, Taiwan, Thailand, the US, and Belgium. In 2012, the company generated 56.1% of revenue from Japan and remaining 43.9% from other countries. JSR has its branch offices located in Switzerland, Taiwan, and Singapore. The petrochemical business has is manufacturing and sales network in Thailand, the US, Korea and China. The plastic division has its operations spread across Hong Kong, Thailand, the US and China. The fine chemicals division has its manufacturing and sales network in china, Belgium, the US, Korea and Japan. In October 2011, the company constructed flat prismatic-type capacitor manufacturing facility in Japan. A wide geographic presence decreases the business risk of the company. This also acts as an easy way for the expansion plans of the company, as wider reach in terms of geography could expand its opportunities thereby increasing its financial performance.
Strong Product
Portfolio
The company’s wide product offerings support the innovation process in launching new products and enhancing revenue stream. The company’s product portfolio covers a wide range of applications from tires to information and communication industries. JSR offers petrochemicals, fine chemicals and other products. Petrochemical products include elastomers, emulsions and plastics. Fine chemicals and other products provide information electronics materials, chiefly for semiconductors and flat panel displays. Products that JSR offers across its business segments include general purpose synthetic rubbers; specialty synthetic rubbers; thermoplastic-elastomer (TPO); paper coating latex; styrene-butadiene latex; ROADEX; acrylic emulsion; thermopalstic elastomers; electronic materials such as lithography materials, interconnect materials and CMP materials; packaging materials including thick photoresists, photo sensitive insulation materials, testing fixtures and circuit testing fixtures; display materials such as LCD materials and new FPD materials; opto-functional materials; OFC materials; optical resins (ARTON); optical films; and performance chemicals such as multi-function and high performance dispersant, functional sol-gel materials, functional particles for industrial use and bio-medical materials. The company’s products are categorized into four business segments, namely, elastomers, emulsions, plastics, and fine chemicals and other products. For the fiscal year ended 2012, the company generated 51.67% of its total revenue from Elastomers segment, 33.3% from Fine Chemicals and Other Products, and 14.6% from Plastics. Its wide product portfolio also insulates it from fall in demand for any particular product line, giving it a balanced revenue platform.
Strong R&D
Through its strong
research and development (R&D) activities, the company nurtures new growth
platforms to record sustainable growth in the future. The company’s
technological expertise in polymerization accrued from the manufacture of
synthetic rubbers and other petrochemical products. JSR conducts R&D
activities at Yokkaichi Research Center, Precision Processing Technology
Center, Tsukuba Research Laboratories, and JSR Functional Materials Research
Center. Currently, JSR holds 5,500 patents in Japan and other countries
respectively in petrochemical, fine chemical and other products, and others. It
also successfully completed the construction of new R&D facility of LCD
materials in Korea at its subsidiary, JSR Micro Korea. JSR also has plans to
enhance R&D for LCD materials in Taiwan. The company and Kinki University
expand edtheir joint research center, The Kinki University Molecular
Engineering Institute - JSR Research Center of Advanced Materials. It is an
industry-university collaborated research institute situated in Iizuka City,
Fukuoka Prefecture. Strong R&D helps JSR bring new solutions to a wide
variety of markets and maintain its competitive edge. For the fiscal year ended
2012, the company’s R&D expenses stood at JPY17,373m, as compared to
JPY16,939m in 2011.
Weaknesses
Increasing Debt
For the fiscal
year 2012, the company recorded total debt of JPY15,183m, indicating an
increase of 3.91% over that in 2011. This could impair its ability to obtain
financing for working capital, capital expenditure or general corporate
purposes, especially if the ratings assigned to its debt securities by rating
organizations were revised downward. It could restrict the flexibility of the
company in responding to changing market conditions and make it more vulnerable
during times of slowdown. Another major consequence of the debt is that the
company would need to allocate a substantial portion of the cash flow from
operations to pay the principal and interest on debt, thereby reducing funds,
which could be used for expansion through acquisitions, expansion of product
offerings and for marketing.
Declining Profitability Ratios
Decreasing
profitability ratios indicates the company’s deteriorating performance and
its inability to deliver the returns expected by its shareholders. The company
reported an operating profit of JPY31,883m during the fiscal year 2012, a
decrease of 13.50% over 2011. The decrease in operating profit resulted in the
decreased net profit levels. It reported net profit of JPY26,408m during the
fiscal year 2012, a decrease of 4.23% over 2011. The decreased top, operating
and bottom line levels resulted in decreased profitability ratios. The company
reported PBT (profit before tax) margin of 11.78% in 2012, as compared to
11.94% in 2011, followed by return on equity 9.37% (10.45%), return on capital
employed 10.33% (12.99%), return on assets 6.13% (7.05%) and return on fixed
assets 22.48% (27.95%).
Opportunities
Eco-friendly Materials Offer Opportunities
The company could
focus on the use of diverse eco-friendly raw materials for manufacturing chemicals.
Increasing awareness of the necessity of energy conservation and prevention of
environmental pollution by obviating the use of toxic chemicals derived from
fossil fuels led to a different method of chemical production. This method
employs biotechnology, specifically white biotechnology, for the production of
basic, fine and specialty chemicals and functional polymers derived from
biological and agricultural sources. The growth of the eco-friendly raw
materials segment is accentuated by the search for oil substitutes, leading to
broadened opportunities for the chemical industry. White biotechnology
particularly influenced the chemical industry in large measure. These products
reduce the dependence of chemical producers on oil, which is the major source
of feedstock with its fluctuating price being the reason for uncertainty in the
pricing of most of the products in the chemical industry. This environmentally
friendly white biotechnology is set to offer opportunities of growth to the
company.
Increasing Demand for Automobiles
The demand for Automobiles especially cars in 2012 is expected to increase. China, the world's largest car market, is expected to grow by 6% to 18.5m. US car market is forecast to grow by around 6% to 13.5 million units. Japanese market is forecast to grow by 20% to 4.8 million units. Indian car market is expected to register one of the highest growth rates. Brazilian and Russian markets are estimated to grow slowly. The company’s Petrochemical Products segment, mainly distributes its products to automobile industries. This segment manufactures various types of rubber tires used in automobiles. In addition, it also manufactures automobile interior and exterior parts. The company expects increased demand from the automobile and automobile tire industries. JSR also expects high demand for value-added products, such as fuel-efficient tires, that has low environmental impact, and increased demand for general purpose products in emerging markets mainly in China.
Mid-Term Business Plan
“JSR20i3"
The company is executing its mid-term business plan JSR20i3, covering the three-year period from April 2011 to March 2014. The plan targets top global market shares for highly competitive products manufactured from Petrochemical and Fine Chemicals segments. The plan signifies the first stage of policies that will guide the company’s evolution position in fiscal 2021 based on an analysis of predicted business conditions through 2030. In addition, the company plans to transform its strategic businesses apart from its two core segments. In Future, the company’s aims that it’s operating income would reach JPY60 billion by fiscal 2014, and PY75 million and JPY100 billion by fiscal 2016 and fiscal 2021, respectively. By 2012, the company’s goal is to become a JPY1 trillion company in terms of total market value by fiscal 2021.
Strategic Expansions
Expansion of facilities enables the company to expand its operations and services. The company expanded its Green Energy/Smart Technology Practice with the signing of joint development agreement with Capstone Metering LLC. In June 2011, the company announced its plan to establish JSR BST Elastomer Co., Ltd. in collaboration with Bangkok Synthetics Co., Ltd., local in Thailand. The new company is currently building Thailand’s first S-SBR manufacturing plant, and is expected to start its operations in June 2013, with initial capacity of 50,000 tons per year, and plans to expand further to 100,000 tons. In November 2011, JSR Shanghai established sales Base in Beijing and Shenzhen. The company under its ethylene-propylene rubber (EPR) business plans to build a new manufacture plant with the aim of increasing the production capacity of South Korean joint venture company Kumho Polychem Co., Ltd. The plant is scheduled for completion in June 2013. The combined production capacity of this new plant and the Kashima Plant will be 186,000 tons per year. Further, in 2011, the company expanded its Flat Panel Display (FDP) business through the construction of new facilities along with its subsidiaries JSR Micro Korea Co., Ltd. and JSR Micro Taiwan Co., Ltd. JSR plans to expand its FPD materials business through expanding its manufacturing, sales, and R&D in Japan, South Korea, and Taiwan. All these new facilities and expansions are expected to provide significant opportunities for the organization to enhance its services and revenues.
Threats
Strict Regulations
The company could be affected by the regulations governing the global chemical industry in Japan. The company is subjected to various laws and regulations involving business and investment permits, export and import activities, trade, labor relations, intellectual property and others. The company is subjected to Japan Chemical Substances Control Law (CSCL), which regulates on manufacturing and import of various chemicals in Japan. The CSCL covers general industrial chemicals including both new and existing chemicals. These general industrial chemicals are also subjected to Industrial Safety and Health Law(ISHL), the Poisonous and Deleterious Substances Control Act, the Air Pollution Control Law, and the Water Pollution Control Act. The manufacturers and importers in Japan should also submit new chemical notification to three authorities Ministry of Economy, Trade and Industry (METI), Labor and Welfare (MHLW), and the Ministry of the Environment (MOE) to obtain approval notice from the governments prior to the manufacture or import of the new substance. Foreign manufacturers exporting new chemicals to Japan should also submit new chemical notifications. Such tough regulations are set to become more stringent in the future, affecting both the existing and new products of the company.
Intense Competition
JSR markets are characterized by intense competition, evolving industry standards and business models. The company’s various products face competition from new and innovative products of its competitors. It faces competition from both leading specialty chemical manufacturing companies. Competitors’ products may make the company’s products obsolete and non-competitive, even before the company is able to recover the costs associated with any such products’ research, development and commercialization expenses. Its key competitors include Zeon Corporation, Mitsui Chemicals, Inc., Ube Industries, Ltd., and others, which hold significant financial, technical, and marketing resources. Such stiff competition poses multiple restrictions on the operations including price rise and product development, thereby, hampering the growth prospects of the company.
Increase in Raw
Material Cost
Changes in the markets for the company’s key raw materials and higher prices for crude oil and naphtha could increase the raw materials prices. This could affect the company’s operating results, mainly in the petrochemicals sector of elastomers, emulsions and plastics. The company’s key raw materials include styrene monomer, acrylonitrile, crude oil, naptha and butadine. Over the past few years, the prices of these raw materials have been increasing, which add to the company’s operating costs. Competition also limits the option of increasing the product prices to compensate for the higher production costs. In addition, the continuous supply of the raw materials could be affected by the weather conditions, national emergencies, strikes, governmental controls, natural disasters, supply shortages or other events. Thus, price fluctuations and non-availability of these raw materials may have a material effect on the product costs and operations of the company.
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Corporate Family |
Corporate Structure News: |
|
|
JSR
CORPORATION |
|
JSR CORPORATION |
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tokyo |
Japan |
Chemicals - Plastics and Rubber |
4,431.9 |
5,403 |
|
|
Subsidiary |
Tokyo |
Japan |
Chemicals - Plastics and Rubber |
|
300 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Chemical Manufacturing |
1.0 |
80 |
|
|
Affiliates |
Bangkok |
Thailand |
Chemical Manufacturing |
|
20 |
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
1.0 |
8 |
|
|
Affiliates |
Shanghai |
China |
Fabricated Plastic and Rubber |
1.0 |
|
|
|
Subsidiary |
Milford, OH |
United States |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Miscellaneous Fabricated Products |
22.5 |
230 |
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Fabricated Plastic and Rubber |
231.5 |
200 |
|
|
Subsidiary |
Rayong |
Thailand |
Fabricated Plastic and Rubber |
|
200 |
|
|
Subsidiary |
Foshan, Guangdong |
China |
Fabricated Plastic and Rubber |
1.0 |
90 |
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Engineering Consultants |
|
200 |
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Construction - Supplies and Fixtures |
121.5 |
189 |
|
|
Subsidiary |
Saga |
Japan |
Semiconductors |
56.3 |
167 |
|
|
Affiliates |
Kawasaki, Kanagawa |
Japan |
Fabricated Plastic and Rubber |
|
150 |
|
|
Subsidiary |
Tokyo |
Japan |
Computer Hardware |
28.7 |
129 |
|
|
Subsidiary |
Saitama |
Japan |
Electronic Instruments and Controls |
|
100 |
|
|
Subsidiary |
Cheongwon, Choongcheongbuk |
Korea, Republic of |
Chemical Manufacturing |
1.0 |
118 |
|
|
Subsidiary |
Sunnyvale, CA |
United States |
Semiconductors |
40.0 |
100 |
|
|
Subsidiary |
Heverlee |
Belgium |
Semiconductors |
62.1 |
84 |
|
|
Subsidiary |
Huwei, Yunlin |
Taiwan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
11.8 |
67 |
|
|
Subsidiary |
Ibaraki |
Japan |
Fabricated Plastic and Rubber |
|
50 |
|
|
Affiliates |
Tokyo |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Miscellaneous Transportation |
|
33 |
|
|
Subsidiary |
Milford, OH |
United States |
Chemicals - Plastics and Rubber |
3.7 |
5 |
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Affiliates |
Ibaraki |
Japan |
Construction Services |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemicals - Plastics and Rubber |
|
|
|
|
Affiliates |
Seoul |
Korea, Republic of |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
|
|
|
|
Facility |
Yokkaichi, Mie |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Shanghai |
China |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Saga |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Guangzhou |
China |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Hokuto, Yamanashi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Division |
Hokuto, Yamanashi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Division |
Hokuto, Yamanashi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Facility |
Ichihara, Chiba |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Facility |
Kamisu, Ibaraki |
Japan |
Chemicals - Plastics and Rubber |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Asahi Kasei Corporation |
Tokyo, Japan |
25,085 |
Public |
|
Bando Chemical Industries, Ltd. |
Kobe-Shi, Japan |
3,545 |
Public |
|
Bayer AG |
Leverkusen, Germany |
111,400 |
Public |
|
Mitsubishi Chemical Corporation |
Tokyo, Japan |
27,828 |
Private |
|
Mitsui Chemicals, Inc. |
Tokyo, Japan |
12,868 |
Public |
|
Okura Industrial Co., Ltd. |
Marugame-Shi, Japan |
1,967 |
Public |
|
UBE Industries, Ltd. |
Ube, Yamaguchi, Japan |
11,081 |
Public |
|
Ube Industries, Ltd. |
Tokyo, Japan |
11,081 |
Public |
|
ZEON CORPORATION |
Tokyo, Japan |
2,857 |
Public |
Executive report
|
Board of
Directors |
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Independent Director |
Director/Board Member |
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||||||||||||
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Executive Officer, Director |
Director/Board Member |
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Senior Managing Executive Officer, Representative Director |
Director/Board Member |
|
|
||||||||
|
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Officer Committee , President - US operations, JSR Micro, Inc |
Director/Board Member |
|
|
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|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President, Representative Director |
Director/Board Member |
|
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||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
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|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Representative Director |
President |
|
|||||||||
|
||||||||||||
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Senior Officer and General Manager Research and Development |
Division Head Executive |
|
|
||||||||
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Officer Committee , President - US operations, JSR Micro, Inc |
Division Head Executive |
|
|
||||||||
|
Senior Executive Officer, President of Subsidiary |
Division Head Executive |
|
|
||||||||
|
Executive Officer-Elastomer |
Division Head Executive |
|
|
||||||||
|
Executive Managing Director-Accounting, Finance & Logistics |
Managing Director |
|
|
||||||||
|
Managing Director-Planning, Information Technology & Purchasing |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Co-Senior Officer |
Operations Executive |
|
|
||||||||
|
Co-Senior Officer |
Operations Executive |
|
|
||||||||
|
Co-Senior Officer |
Operations Executive |
|
|
||||||||
|
Co-Senior Officer |
Operations Executive |
|
|
||||||||
|
Co-Auditor |
Finance Executive |
|
|
||||||||
|
Co-Auditor |
Finance Executive |
|
|
||||||||
|
Co-Auditor |
Finance Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Senior Executive Officer, Director of Research & Development,
Director of Tsukuba Research Institute |
Research & Development Executive |
|
|
||||||||
|
Executive Officer-Materials-Optical |
Product Management Executive |
IUSA |
|
||||||||
|
Senior Officer-Purchasing |
Purchasing Executive |
IUSA |
|
||||||||
|
Executive Officer, Director of Legal Affairs |
Other |
|
|
||||||||
|
Managing Executive Officer, Manager of Production Technology Group,
President of Subsidiary |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Director of Fine Business Planning |
Other |
|
|
||||||||
|
Managing Executive Officer, Director of Petrochemical Business, President
of Subsidiaries |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Dir of Precise Material and Process Business |
Other |
|
|
||||||||
|
Managing Executive Officer, Yokkaichi Plant Manager |
Other |
|
|
||||||||
|
Executive Officer, , Leader of Rung Tawan Project, President of Sub |
Other |
|
|
||||||||
|
Managing Executive Officer |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Director of Business Planning |
Other |
|
|
||||||||
|
Executive Officer, Manager of Yokkaichi Center, Dir of Precise
Electronics Research Institute |
Other |
|
|
||||||||
|
Executive Officer, Director of Electric Material Business |
Other |
|
|
||||||||
|
Director of Accounting and Finance |
Other |
|
|
||||||||
|
Executive Officer, Director of Functional Chemical Product Business |
Other |
|
|
||||||||
|
Senior Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Dir of Strategy Business Planning |
Other |
|
|
||||||||
|
Executive Officer, Director of Petrochemical Business Promotion |
Other |
|
|
||||||||
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 |
|
|
|
|
|
|
|
|
Net Sales |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
3,560.4 |
|
Revenue |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
3,560.4 |
|
Total Revenue |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
3,560.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,298.9 |
2,909.1 |
2,552.2 |
2,634.3 |
2,504.1 |
|
Cost of Revenue, Total |
3,298.9 |
2,909.1 |
2,552.2 |
2,634.3 |
2,504.1 |
|
Gross Profit |
1,133.0 |
1,066.4 |
785.2 |
873.8 |
1,056.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
416.0 |
377.9 |
346.0 |
352.2 |
357.1 |
|
Labor & Related Expense |
147.9 |
122.8 |
123.6 |
117.3 |
100.9 |
|
Total Selling/General/Administrative Expenses |
563.9 |
500.8 |
469.6 |
469.5 |
458.0 |
|
Research & Development |
113.6 |
109.4 |
116.5 |
119.0 |
89.0 |
|
Depreciation |
- |
3.6 |
8.1 |
10.9 |
0.0 |
|
Depreciation/Amortization |
- |
3.6 |
8.1 |
10.9 |
0.0 |
|
Restructuring Charge |
0.0 |
4.9 |
12.8 |
0.0 |
- |
|
Impairment-Assets Held for Use |
39.3 |
0.0 |
0.0 |
60.1 |
13.8 |
|
Impairment-Assets Held for Sale |
0.0 |
12.4 |
0.0 |
18.8 |
0.0 |
|
Other Unusual Expense (Income) |
12.4 |
5.2 |
0.0 |
10.9 |
0.0 |
|
Unusual Expense (Income) |
51.7 |
22.5 |
12.8 |
89.8 |
13.8 |
|
Total Operating Expense |
4,028.1 |
3,545.3 |
3,159.2 |
3,323.4 |
3,064.9 |
|
|
|
|
|
|
|
|
Operating Income |
403.8 |
430.1 |
178.2 |
184.6 |
495.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
-2.2 |
|
Interest Expense, Net Non-Operating |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
-2.2 |
|
Interest Income -
Non-Operating |
3.1 |
3.2 |
3.0 |
7.0 |
5.7 |
|
Investment Income -
Non-Operating |
64.8 |
41.5 |
32.5 |
6.8 |
2.1 |
|
Interest/Investment Income - Non-Operating |
67.9 |
44.7 |
35.4 |
13.8 |
7.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
66.1 |
43.0 |
33.6 |
11.1 |
5.6 |
|
Gain (Loss) on Sale of Assets |
47.5 |
0.0 |
0.0 |
4.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
5.0 |
1.5 |
-2.4 |
7.3 |
-21.1 |
|
Other, Net |
5.0 |
1.5 |
-2.4 |
7.3 |
-21.1 |
|
Income Before Tax |
522.3 |
474.7 |
209.4 |
207.0 |
480.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
187.3 |
151.6 |
62.0 |
61.1 |
151.7 |
|
Income After Tax |
335.1 |
323.0 |
147.4 |
145.9 |
328.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.6 |
-1.2 |
-0.6 |
-6.8 |
-4.7 |
|
Net Income Before Extraord Items |
334.4 |
321.8 |
146.8 |
139.1 |
323.7 |
|
Net Income |
334.4 |
321.8 |
146.8 |
139.1 |
323.7 |
|
|
|
|
|
|
|
|
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 |
334.4 |
321.7 |
146.8 |
139.1 |
323.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
334.4 |
321.7 |
146.8 |
139.1 |
323.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
241.2 |
243.8 |
244.2 |
248.1 |
251.2 |
|
Basic EPS Excl Extraord Items |
1.39 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Basic/Primary EPS Incl Extraord Items |
1.39 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
334.4 |
321.7 |
146.8 |
139.1 |
323.7 |
|
Diluted Weighted Average Shares |
241.7 |
244.2 |
244.5 |
248.3 |
251.3 |
|
Diluted EPS Excl Extraord Items |
1.38 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Diluted EPS Incl Extraord Items |
1.38 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Dividends per Share - Common Stock Primary Issue |
0.41 |
0.37 |
0.28 |
0.32 |
0.28 |
|
Gross Dividends - Common Stock |
97.7 |
90.6 |
68.3 |
78.2 |
70.2 |
|
Interest Expense, Supplemental |
1.8 |
1.7 |
1.9 |
2.7 |
2.2 |
|
Depreciation, Supplemental |
225.2 |
224.6 |
240.8 |
247.1 |
185.3 |
|
Total Special Items |
4.1 |
22.5 |
12.8 |
85.8 |
13.8 |
|
Normalized Income Before Tax |
526.5 |
497.2 |
222.2 |
292.8 |
493.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.5 |
7.2 |
3.8 |
25.3 |
4.3 |
|
Inc Tax Ex Impact of Sp Items |
188.7 |
158.8 |
65.8 |
86.4 |
156.0 |
|
Normalized Income After Tax |
337.7 |
338.3 |
156.4 |
206.4 |
337.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
337.1 |
337.1 |
155.8 |
199.6 |
333.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.40 |
1.38 |
0.64 |
0.80 |
1.33 |
|
Diluted Normalized EPS |
1.39 |
1.38 |
0.64 |
0.80 |
1.33 |
|
Research & Development Exp, Supplemental |
220.0 |
197.7 |
194.2 |
209.6 |
167.2 |
|
Reported Operating Profit |
455.5 |
456.2 |
217.7 |
302.0 |
525.0 |
|
Reported Ordinary Profit |
526.5 |
497.2 |
240.8 |
309.6 |
490.5 |
|
Normalized EBIT |
455.5 |
452.6 |
191.0 |
274.4 |
509.3 |
|
Normalized EBITDA |
680.7 |
677.2 |
431.8 |
521.5 |
694.6 |
|
Interest Cost - Domestic |
11.9 |
11.3 |
10.2 |
8.7 |
7.8 |
|
Service Cost - Domestic |
25.1 |
22.8 |
18.9 |
22.8 |
15.7 |
|
Prior Service Cost - Domestic |
- |
- |
0.0 |
-0.6 |
-0.5 |
|
Expected Return on Assets - Domestic |
-3.5 |
-3.2 |
-3.5 |
-3.7 |
-3.9 |
|
Actuarial Gains and Losses - Domestic |
-1.6 |
-14.2 |
18.1 |
4.1 |
-0.4 |
|
Domestic Pension Plan Expense |
31.9 |
16.6 |
43.7 |
31.4 |
18.6 |
|
Total Pension Expense |
31.9 |
16.6 |
43.7 |
31.4 |
18.6 |
|
Discount Rate - Domestic |
1.80% |
2.13% |
2.16% |
2.11% |
1.96% |
|
Expected Rate of Return - Domestic |
0.86% |
0.85% |
1.03% |
1.11% |
1.28% |
|
Total Plan Interest Cost |
11.9 |
11.3 |
10.2 |
8.7 |
7.8 |
|
Total Plan Service Cost |
25.1 |
22.8 |
18.9 |
22.8 |
15.7 |
|
Total Plan Expected Return |
-3.5 |
-3.2 |
-3.5 |
-3.7 |
-3.9 |
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 |
248.7 |
533.7 |
392.5 |
171.2 |
166.1 |
|
Short Term Investments |
843.5 |
675.6 |
363.9 |
217.6 |
470.5 |
|
Cash and Short Term Investments |
1,092.3 |
1,209.4 |
756.4 |
388.8 |
636.7 |
|
Accounts Receivable -
Trade, Gross |
- |
- |
- |
- |
874.7 |
|
Provision for Doubtful
Accounts |
- |
- |
- |
0.0 |
-1.1 |
|
Trade Accounts Receivable - Net |
1,082.6 |
884.7 |
782.7 |
534.4 |
873.6 |
|
Other Receivables |
302.9 |
213.3 |
- |
0.0 |
251.8 |
|
Total Receivables, Net |
1,385.5 |
1,098.0 |
782.7 |
534.4 |
1,125.4 |
|
Inventories - Finished Goods |
530.5 |
470.1 |
422.9 |
584.0 |
- |
|
Inventories - Work In Progress |
31.9 |
26.6 |
25.1 |
22.5 |
- |
|
Inventories - Raw Materials |
225.9 |
201.3 |
174.1 |
172.6 |
- |
|
Inventories - Other |
0.0 |
- |
- |
- |
- |
|
Total Inventory |
788.3 |
698.0 |
622.1 |
779.1 |
726.5 |
|
Deferred Income Tax - Current Asset |
44.5 |
54.6 |
45.9 |
0.0 |
50.0 |
|
Other Current Assets |
238.8 |
61.6 |
249.8 |
226.0 |
60.0 |
|
Other Current Assets, Total |
283.4 |
116.2 |
295.7 |
226.0 |
109.9 |
|
Total Current Assets |
3,549.5 |
3,121.5 |
2,456.8 |
1,928.3 |
2,598.5 |
|
|
|
|
|
|
|
|
Buildings |
- |
- |
- |
- |
903.0 |
|
Land/Improvements |
- |
- |
- |
- |
168.6 |
|
Machinery/Equipment |
- |
- |
- |
- |
2,194.6 |
|
Construction in
Progress |
- |
- |
- |
- |
81.8 |
|
Other
Property/Plant/Equipment |
- |
- |
- |
- |
422.1 |
|
Property/Plant/Equipment - Gross |
- |
- |
- |
- |
3,770.0 |
|
Accumulated Depreciation |
- |
- |
- |
- |
-2,709.8 |
|
Property/Plant/Equipment - Net |
977.2 |
963.4 |
945.2 |
926.1 |
1,060.2 |
|
Intangibles, Net |
62.7 |
63.9 |
63.0 |
68.1 |
65.0 |
|
LT Investment - Affiliate Companies |
211.0 |
118.8 |
89.3 |
- |
- |
|
LT Investments - Other |
239.6 |
240.0 |
225.1 |
244.6 |
358.2 |
|
Long Term Investments |
450.7 |
358.8 |
314.4 |
244.6 |
358.2 |
|
Note Receivable - Long Term |
- |
- |
0.0 |
49.9 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
46.6 |
62.1 |
67.4 |
88.1 |
0.0 |
|
Other Long Term Assets |
141.2 |
143.0 |
151.0 |
132.1 |
107.0 |
|
Other Long Term Assets, Total |
187.8 |
205.1 |
218.4 |
220.2 |
107.0 |
|
Total Assets |
5,227.8 |
4,712.7 |
3,997.8 |
3,437.2 |
4,188.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,008.4 |
788.9 |
638.4 |
401.3 |
838.3 |
|
Accrued Expenses |
- |
- |
- |
- |
0.0 |
|
Notes Payable/Short Term Debt |
172.1 |
176.3 |
151.6 |
145.2 |
156.6 |
|
Current Portion - Long Term Debt/Capital Leases |
12.2 |
- |
- |
- |
12.2 |
|
Income Taxes Payable |
76.8 |
105.9 |
62.5 |
0.0 |
84.1 |
|
Other Payables |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
306.9 |
217.9 |
225.8 |
224.7 |
292.3 |
|
Other Current liabilities, Total |
383.8 |
323.8 |
288.3 |
224.7 |
376.4 |
|
Total Current Liabilities |
1,576.5 |
1,289.0 |
1,078.2 |
771.2 |
1,383.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
- |
- |
0.0 |
15.3 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
15.3 |
|
Total Debt |
184.3 |
176.3 |
151.6 |
145.2 |
184.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
- |
0.0 |
|
Deferred Income Tax |
- |
- |
- |
- |
0.0 |
|
Minority Interest |
9.1 |
10.8 |
8.9 |
7.9 |
49.5 |
|
Reserves |
32.8 |
35.7 |
34.1 |
32.4 |
33.1 |
|
Pension Benefits - Underfunded |
169.5 |
171.0 |
170.2 |
150.0 |
147.5 |
|
Other Long Term Liabilities |
21.7 |
30.2 |
32.4 |
33.6 |
20.8 |
|
Other Liabilities, Total |
224.0 |
237.0 |
236.6 |
216.1 |
201.4 |
|
Total Liabilities |
1,809.5 |
1,536.7 |
1,323.8 |
995.1 |
1,649.8 |
|
|
|
|
|
|
|
|
Common Stock |
283.1 |
281.4 |
249.6 |
236.1 |
234.3 |
|
Common Stock |
283.1 |
281.4 |
249.6 |
236.1 |
234.3 |
|
Additional Paid-In Capital |
313.6 |
310.4 |
274.0 |
258.1 |
254.9 |
|
Retained Earnings (Accumulated Deficit) |
3,193.5 |
2,949.0 |
2,396.1 |
2,212.4 |
2,135.0 |
|
Treasury Stock - Common |
-331.6 |
-329.6 |
-237.8 |
-224.9 |
-136.9 |
|
Unrealized Gain (Loss) |
51.2 |
43.5 |
38.6 |
6.5 |
48.3 |
|
Translation Adjustment |
-91.5 |
-78.7 |
-46.4 |
-46.0 |
3.5 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-91.5 |
-78.7 |
-46.4 |
-46.0 |
3.5 |
|
Total Equity |
3,418.2 |
3,176.0 |
2,674.1 |
2,442.1 |
2,539.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
5,227.7 |
4,712.7 |
3,997.9 |
3,437.2 |
4,188.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
241.2 |
241.2 |
244.2 |
244.2 |
250.2 |
|
Total Common Shares Outstanding |
241.2 |
241.2 |
244.2 |
244.2 |
250.2 |
|
Treasury Shares - Common Stock Primary Issue |
14.6 |
14.6 |
11.7 |
11.6 |
5.7 |
|
Employees |
5,403 |
5,259 |
5,212 |
5,256 |
5,122 |
|
Number of Common Shareholders |
19,771 |
- |
20,380 |
24,070 |
18,915 |
|
Total Long Term Debt, Supplemental |
18.3 |
19.0 |
16.1 |
15.2 |
27.5 |
|
Long Term Debt Maturing within 1 Year |
12.2 |
6.6 |
0.0 |
0.0 |
12.2 |
|
Long Term Debt Maturing in Year 2 |
0.0 |
12.4 |
5.4 |
0.0 |
0.3 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
0.0 |
10.7 |
5.1 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
0.0 |
0.0 |
10.1 |
5.0 |
|
Long Term Debt Maturing in Year 5 |
6.1 |
0.0 |
0.0 |
0.0 |
10.0 |
|
Long Term Debt Maturing in 2-3 Years |
0.0 |
12.4 |
16.1 |
5.1 |
0.3 |
|
Long Term Debt Maturing in 4-5 Years |
6.1 |
0.0 |
0.0 |
10.1 |
15.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.4 |
0.5 |
0.3 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.1 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.2 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.1 |
0.1 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
- |
|
Pension Obligation - Domestic |
606.8 |
588.0 |
524.9 |
501.1 |
493.0 |
|
Plan Assets - Domestic |
422.0 |
418.5 |
367.7 |
336.8 |
352.0 |
|
Funded Status - Domestic |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
-140.9 |
|
Total Funded Status |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
-140.9 |
|
Discount Rate - Domestic |
1.80% |
2.13% |
2.16% |
2.11% |
1.96% |
|
Expected Rate of Return - Domestic |
0.86% |
0.85% |
1.03% |
1.11% |
1.28% |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
0.0 |
2.9 |
11.3 |
|
Accrued Liabilities - Domestic |
-169.5 |
-171.0 |
-170.2 |
-150.0 |
-147.5 |
|
Other Assets, Net - Domestic |
15.3 |
-1.5 |
-13.1 |
17.1 |
4.8 |
|
Net Assets Recognized on Balance Sheet |
-154.3 |
-172.5 |
-183.3 |
-130.0 |
-131.4 |
|
Total Plan Obligations |
606.8 |
588.0 |
524.9 |
501.1 |
493.0 |
|
Total Plan Assets |
422.0 |
418.5 |
367.7 |
336.8 |
352.0 |
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 |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
522.3 |
474.7 |
209.3 |
207.0 |
480.0 |
|
Depreciation |
225.2 |
224.6 |
240.8 |
247.1 |
185.3 |
|
Depreciation/Depletion |
225.2 |
224.6 |
240.8 |
247.1 |
185.3 |
|
Unusual Items |
-4.7 |
17.6 |
0.0 |
74.9 |
10.5 |
|
Equity in Net Earnings (Loss) |
-59.9 |
-37.4 |
-19.0 |
-11.4 |
-10.9 |
|
Other Non-Cash Items |
-6.2 |
-5.7 |
-4.3 |
-9.6 |
-3.6 |
|
Non-Cash Items |
-70.7 |
-25.5 |
-23.2 |
53.9 |
-4.1 |
|
Accounts Receivable |
-205.8 |
-10.7 |
-220.1 |
300.9 |
47.1 |
|
Inventories |
-96.6 |
-6.3 |
209.6 |
-70.7 |
-49.8 |
|
Accounts Payable |
234.4 |
80.6 |
203.2 |
-378.3 |
-20.6 |
|
Other Operating Cash Flow |
-241.8 |
-104.2 |
11.4 |
-22.4 |
-160.8 |
|
Changes in Working Capital |
-309.8 |
-40.6 |
204.2 |
-170.5 |
-184.2 |
|
Cash from Operating Activities |
367.0 |
633.2 |
631.1 |
337.6 |
477.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-209.8 |
-155.3 |
-204.2 |
-226.3 |
-237.3 |
|
Capital Expenditures |
-209.8 |
-155.3 |
-204.2 |
-226.3 |
-237.3 |
|
Sale of Fixed Assets |
55.7 |
7.1 |
0.0 |
4.1 |
0.0 |
|
Sale/Maturity of Investment |
- |
2.6 |
2.0 |
20.0 |
9.6 |
|
Investment, Net |
107.5 |
-175.0 |
0.0 |
- |
- |
|
Purchase of Investments |
-213.4 |
-99.4 |
-64.6 |
-69.9 |
-18.7 |
|
Other Investing Cash Flow |
-7.7 |
10.2 |
-27.4 |
-90.8 |
-35.6 |
|
Other Investing Cash Flow Items, Total |
-57.8 |
-254.5 |
-90.0 |
-136.6 |
-44.8 |
|
Cash from Investing Activities |
-267.6 |
-409.8 |
-294.2 |
-362.9 |
-282.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.3 |
0.7 |
-0.2 |
-1.7 |
-3.0 |
|
Financing Cash Flow Items |
-0.3 |
0.7 |
-0.2 |
-1.7 |
-3.0 |
|
Cash Dividends Paid - Common |
-97.8 |
-82.7 |
-76.2 |
-79.4 |
-61.5 |
|
Total Cash Dividends Paid |
-97.8 |
-82.7 |
-76.2 |
-79.4 |
-61.5 |
|
Repurchase/Retirement
of Common |
0.0 |
-59.7 |
0.0 |
-85.7 |
-46.6 |
|
Common Stock, Net |
0.0 |
-59.7 |
0.0 |
-85.7 |
-46.6 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-59.7 |
0.0 |
-85.7 |
-46.6 |
|
Short Term Debt, Net |
1.4 |
-1.8 |
-2.4 |
-11.6 |
-1.9 |
|
Long Term Debt Issued |
- |
- |
- |
- |
0.0 |
|
Long Term Debt
Reduction |
-0.7 |
-0.3 |
0.0 |
-12.3 |
-4.2 |
|
Long Term Debt, Net |
-0.7 |
-0.3 |
0.0 |
-12.3 |
-4.2 |
|
Issuance (Retirement) of Debt, Net |
0.7 |
-2.1 |
-2.4 |
-23.8 |
-6.1 |
|
Cash from Financing Activities |
-97.4 |
-143.7 |
-78.8 |
-190.6 |
-117.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.3 |
-10.4 |
0.4 |
-28.9 |
-7.2 |
|
Net Change in Cash |
-3.3 |
69.2 |
258.5 |
-244.8 |
70.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
854.4 |
718.0 |
402.2 |
614.3 |
469.4 |
|
Net Cash - Ending Balance |
851.0 |
787.3 |
660.7 |
369.5 |
540.0 |
|
Cash Interest Paid |
1.8 |
1.7 |
1.9 |
2.7 |
2.2 |
|
Cash Taxes Paid |
188.6 |
105.2 |
-5.0 |
157.1 |
180.1 |
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 |
|
|
|
|
|
|
|
|
Net sales |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
3,560.4 |
|
Total Revenue |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
3,560.4 |
|
|
|
|
|
|
|
|
Cost Of Sales |
3,298.9 |
2,909.1 |
2,533.6 |
2,617.5 |
2,488.4 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Bad Debt Exp&Prov of Allow.-Dbt Acct-SGA |
3.2 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
90.5 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
222.2 |
- |
- |
- |
- |
|
Freight-out & storage cost-S |
100.2 |
92.9 |
77.9 |
92.8 |
86.3 |
|
Other selling expenses |
- |
91.4 |
83.0 |
71.9 |
88.9 |
|
Payroll & Wages |
138.1 |
119.4 |
108.5 |
104.4 |
95.3 |
|
Periodic retirement benefit costs |
9.8 |
3.5 |
15.1 |
12.9 |
5.6 |
|
R&D expenses |
113.6 |
109.4 |
116.5 |
119.0 |
89.0 |
|
Other general expenses |
- |
193.6 |
185.0 |
187.6 |
182.0 |
|
Other |
2.1 |
- |
- |
- |
- |
|
SP Reserve environmental control |
- |
- |
- |
- |
0.0 |
|
SP Loss Treatment of Asbestos |
- |
- |
- |
- |
0.0 |
|
SP Loss-retirement of inventories |
- |
0.0 |
18.6 |
0.0 |
- |
|
SP Business restructuring loss |
0.0 |
4.9 |
12.8 |
0.0 |
- |
|
SP Loss-Valu. Inv. Secs |
0.0 |
12.4 |
0.0 |
18.8 |
0.0 |
|
SP Casualty losses |
10.3 |
5.2 |
0.0 |
- |
- |
|
Impairment Loss |
24.3 |
- |
- |
- |
- |
|
Loss on abandonment of noncurrent assets |
15.0 |
- |
- |
- |
- |
|
SP Impairment loss |
- |
0.0 |
0.0 |
60.1 |
0.0 |
|
SP Write Off Fixed |
- |
- |
- |
0.0 |
13.8 |
|
SP L-Valuation Inventory |
- |
- |
0.0 |
16.8 |
0.0 |
|
SP Loss-Retire. Fixed |
- |
0.0 |
- |
- |
- |
|
SP Other Special loss |
- |
0.0 |
0.0 |
10.9 |
0.0 |
|
NOP L-Retire. Inventory |
- |
- |
- |
0.0 |
15.7 |
|
NOP L-Valu. Inventories |
- |
- |
- |
- |
0.0 |
|
NOP Depreciation |
- |
3.6 |
8.1 |
10.9 |
0.0 |
|
Total Operating Expense |
4,028.1 |
3,545.3 |
3,159.2 |
3,323.4 |
3,064.9 |
|
|
|
|
|
|
|
|
Gain On Sales Of Noncurrent Assets |
54.3 |
- |
- |
- |
- |
|
Loss On Abandonment Of Inventories |
-6.8 |
- |
- |
- |
- |
|
SP Gain-Sale Fixed Assets |
- |
0.0 |
0.0 |
4.0 |
0.0 |
|
SP G on sale of inv't secs |
- |
- |
- |
0.0 |
3.3 |
|
NOP Interest Income |
3.1 |
3.2 |
3.0 |
7.0 |
5.7 |
|
NOP Dividend Income |
4.9 |
4.1 |
3.1 |
5.3 |
5.7 |
|
Depreciation |
-3.3 |
- |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Rent Income |
- |
- |
- |
- |
0.0 |
|
NOP Exchange Gain |
- |
0.0 |
10.4 |
0.0 |
0.0 |
|
NOP Equity Gain |
59.9 |
37.4 |
19.0 |
11.4 |
10.9 |
|
NOP Subsidy income |
- |
0.0 |
8.9 |
9.6 |
0.0 |
|
Miscellaneous income |
19.2 |
15.5 |
14.5 |
16.3 |
14.7 |
|
NOP Interest Expense |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
-2.2 |
|
NOP Exchange Loss |
- |
- |
0.0 |
-9.9 |
-17.8 |
|
Miscellaneous expenses |
-11.0 |
-14.0 |
-25.8 |
-18.5 |
-35.8 |
|
Net Income Before Taxes |
522.3 |
474.7 |
209.4 |
207.0 |
480.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
187.3 |
151.6 |
62.0 |
61.1 |
151.7 |
|
Net Income After Taxes |
335.1 |
323.0 |
147.4 |
145.9 |
328.3 |
|
|
|
|
|
|
|
|
Minority interests in income |
-0.6 |
-1.2 |
-0.6 |
-6.8 |
-4.7 |
|
Net Income Before Extra. Items |
334.4 |
321.8 |
146.8 |
139.1 |
323.7 |
|
Net Income |
334.4 |
321.8 |
146.8 |
139.1 |
323.7 |
|
|
|
|
|
|
|
|
Directors' Bonus |
- |
- |
- |
0.0 |
- |
|
Adjustment |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Income Available to Com Excl ExtraOrd |
334.4 |
321.7 |
146.8 |
139.1 |
323.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
334.4 |
321.7 |
146.8 |
139.1 |
323.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
241.2 |
243.8 |
244.2 |
248.1 |
251.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.39 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Basic EPS Including ExtraOrdinary Item |
1.39 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
334.4 |
321.7 |
146.8 |
139.1 |
323.7 |
|
Diluted Weighted Average Shares |
241.7 |
244.2 |
244.5 |
248.3 |
251.3 |
|
Diluted EPS Excluding ExtraOrd Items |
1.38 |
1.32 |
0.60 |
0.56 |
1.29 |
|
Diluted EPS Including ExtraOrd Items |
1.38 |
1.32 |
0.60 |
0.56 |
1.29 |
|
DPS-Common Stock |
0.41 |
0.37 |
0.28 |
0.32 |
0.28 |
|
Gross Dividends - Common Stock |
97.7 |
90.6 |
68.3 |
78.2 |
70.2 |
|
Normalized Income Before Taxes |
526.5 |
497.2 |
222.2 |
292.8 |
493.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
188.7 |
158.8 |
65.8 |
86.4 |
156.0 |
|
Normalized Income After Taxes |
337.7 |
338.3 |
156.4 |
206.4 |
337.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
337.1 |
337.1 |
155.8 |
199.6 |
333.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.40 |
1.38 |
0.64 |
0.80 |
1.33 |
|
Diluted Normalized EPS |
1.39 |
1.38 |
0.64 |
0.80 |
1.33 |
|
Total Research And Development Expense |
113.6 |
- |
- |
- |
- |
|
Research and Development Expenses(COGS) |
106.4 |
- |
- |
- |
- |
|
R&D Expenses(General&Admin) |
- |
109.4 |
116.5 |
119.0 |
89.0 |
|
R&D Expenses(COGS) |
- |
88.2 |
77.8 |
90.6 |
78.2 |
|
Interest expense, supplemental |
1.8 |
1.7 |
1.9 |
2.7 |
2.2 |
|
Depreciation, supplemental |
225.2 |
- |
- |
- |
- |
|
Depreciation, supplemental |
- |
224.6 |
240.8 |
247.1 |
185.3 |
|
Reported operating profit |
455.5 |
456.2 |
217.7 |
302.0 |
525.0 |
|
Reported ordinary profit |
526.5 |
497.2 |
240.8 |
309.6 |
490.5 |
|
Service cost |
25.1 |
22.8 |
18.9 |
22.8 |
15.7 |
|
Interest cost |
11.9 |
11.3 |
10.2 |
8.7 |
7.8 |
|
Expected return on plan assets |
-3.5 |
-3.2 |
-3.5 |
-3.7 |
-3.9 |
|
Actuarial G&L |
-1.6 |
-14.2 |
18.1 |
4.1 |
-0.4 |
|
Prior Service Cost |
- |
- |
0.0 |
-0.6 |
-0.5 |
|
Domestic Pension Plan Expense |
31.9 |
16.6 |
43.7 |
31.4 |
18.6 |
|
Total Pension Expense |
31.9 |
16.6 |
43.7 |
31.4 |
18.6 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.80% |
- |
- |
- |
- |
|
Discount Rate |
- |
2.13% |
2.16% |
2.11% |
1.96% |
|
Expected return on assets(MIN)-Retiremen |
0.86% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
0.85% |
1.03% |
1.11% |
1.28% |
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 & Deposit |
248.7 |
533.7 |
392.5 |
171.2 |
166.1 |
|
Notes and accounts receivable-trade, net |
1,082.6 |
884.7 |
782.7 |
534.4 |
- |
|
Note&Acct.Rcvbl. |
- |
- |
- |
- |
874.7 |
|
Short-term investment securities |
843.5 |
675.6 |
363.9 |
217.6 |
470.5 |
|
Inventories |
- |
- |
- |
- |
726.5 |
|
Merchandise & finished goods |
530.5 |
470.1 |
422.9 |
584.0 |
- |
|
Raw material & supplies |
225.9 |
201.3 |
174.1 |
172.6 |
- |
|
Other Total Inventory |
0.0 |
- |
- |
- |
- |
|
Work - in - progress |
31.9 |
26.6 |
25.1 |
22.5 |
- |
|
Deferred tax assets, current |
44.5 |
54.6 |
45.9 |
0.0 |
50.0 |
|
Accounts receivable-other |
302.9 |
- |
- |
- |
- |
|
Accounts receivable-other |
- |
213.3 |
- |
0.0 |
251.8 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
238.8 |
61.6 |
249.8 |
226.0 |
60.0 |
|
Doubtful Account |
- |
- |
- |
0.0 |
-1.1 |
|
Total Current Assets |
3,549.5 |
3,121.5 |
2,456.8 |
1,928.3 |
2,598.5 |
|
|
|
|
|
|
|
|
Build.&Structure |
- |
- |
- |
- |
903.0 |
|
Accum. depr - bldg&struc |
- |
- |
- |
- |
-587.5 |
|
Machine.&Vehicle |
- |
- |
- |
- |
2,194.6 |
|
Accum. depr - machin&vehicles |
- |
- |
- |
- |
-1,779.7 |
|
Other Total Property/Plant/Equipment, Ne |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
334.0 |
348.2 |
328.1 |
296.5 |
- |
|
Machinery, equipment and vehicles, net |
332.6 |
299.6 |
312.5 |
330.0 |
- |
|
Land |
- |
- |
- |
- |
168.6 |
|
Land, net |
224.0 |
231.0 |
208.0 |
170.8 |
- |
|
Const. Progress |
- |
- |
- |
- |
81.8 |
|
Const. Progress, net |
49.5 |
37.4 |
41.2 |
41.5 |
- |
|
Other, net |
37.2 |
47.2 |
55.4 |
87.4 |
- |
|
Other PP & E |
- |
- |
- |
- |
422.1 |
|
Accum. depr - other PPE |
- |
- |
- |
- |
-342.6 |
|
Total intangible assets |
62.7 |
63.9 |
63.0 |
68.1 |
65.0 |
|
other LT inv. |
239.6 |
- |
- |
- |
- |
|
Investment Secs. |
- |
240.0 |
225.1 |
244.6 |
358.2 |
|
Invt Secs Noncons, Asc, Affd Cos |
199.4 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
11.7 |
- |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
110.7 |
82.4 |
- |
- |
|
Inv't partnership-nonconsol.affil.&subs. |
- |
8.1 |
6.9 |
- |
- |
|
LT Loan |
- |
- |
0.0 |
49.9 |
0.0 |
|
Deferred tax assets |
46.6 |
62.1 |
67.4 |
88.1 |
0.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
141.1 |
143.0 |
151.0 |
132.1 |
109.4 |
|
Doubtful Account |
- |
- |
- |
0.0 |
-2.4 |
|
Trans. Adjust. |
- |
0.0 |
- |
0.0 |
- |
|
Total Assets |
5,227.8 |
4,712.7 |
3,997.8 |
3,437.2 |
4,188.9 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,008.4 |
788.9 |
638.4 |
401.3 |
838.3 |
|
Short-term loans payable |
172.1 |
176.3 |
151.6 |
145.2 |
156.6 |
|
Cur. Port. LT Debt |
12.2 |
- |
- |
- |
12.2 |
|
Redemp. Bond |
- |
- |
- |
- |
0.0 |
|
Other Payable |
- |
- |
- |
- |
0.0 |
|
IncomeTax Payable |
76.8 |
105.9 |
62.5 |
0.0 |
84.1 |
|
Accrued Expenses |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Liability |
306.9 |
217.9 |
225.8 |
224.7 |
292.3 |
|
Total Current Liabilities |
1,576.5 |
1,289.0 |
1,078.2 |
771.2 |
1,383.6 |
|
|
|
|
|
|
|
|
LT Borrowings |
- |
- |
- |
0.0 |
15.3 |
|
Total Long Term Debt |
- |
- |
- |
0.0 |
15.3 |
|
|
|
|
|
|
|
|
Deferred Tax |
- |
- |
- |
- |
0.0 |
|
Allow.Accr.Retir |
169.5 |
171.0 |
170.2 |
150.0 |
147.5 |
|
Reserve environmental control |
32.8 |
35.7 |
34.1 |
32.4 |
33.1 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Liability |
21.7 |
30.2 |
32.4 |
33.6 |
20.8 |
|
Minor. Interest |
9.1 |
10.8 |
8.9 |
7.9 |
49.5 |
|
Total Liabilities |
1,809.5 |
1,536.7 |
1,323.8 |
995.1 |
1,649.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
283.1 |
281.4 |
249.6 |
236.1 |
234.3 |
|
Total capital surpluses |
305.6 |
303.8 |
269.5 |
254.9 |
253.0 |
|
Total retained earnings |
3,193.5 |
2,949.0 |
2,396.1 |
2,212.4 |
2,135.0 |
|
Treasury Stock |
-331.6 |
-329.6 |
-237.8 |
-224.9 |
-136.9 |
|
Valuation difference on available-for-sa |
51.2 |
43.5 |
38.6 |
6.5 |
48.3 |
|
Trans. Adjust. |
-91.5 |
-78.7 |
-46.4 |
-46.0 |
3.5 |
|
New Stock Subscription Right |
8.0 |
6.6 |
4.6 |
3.1 |
1.9 |
|
Total Equity |
3,418.2 |
3,176.0 |
2,674.1 |
2,442.1 |
2,539.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
5,227.7 |
4,712.7 |
3,997.9 |
3,437.2 |
4,188.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
241.2 |
241.2 |
244.2 |
244.2 |
250.2 |
|
Total Common Shares Outstanding |
241.2 |
241.2 |
244.2 |
244.2 |
250.2 |
|
T/S-Common Stock |
14.6 |
14.6 |
11.7 |
11.6 |
5.7 |
|
Full-Time Employees |
5,403 |
5,259 |
5,212 |
5,256 |
5,122 |
|
Total Number of Shareholders |
19,771 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
20,380 |
24,070 |
18,915 |
|
Loans Payable Maturing within a Year |
12.2 |
- |
- |
- |
- |
|
LT Debts <1Yr. |
- |
6.6 |
0.0 |
0.0 |
12.2 |
|
LT Debts <2Yr. |
0.0 |
12.4 |
5.4 |
0.0 |
0.3 |
|
LT Debts <3Yr. |
0.0 |
0.0 |
10.7 |
5.1 |
0.0 |
|
LT Debts <4Yr. |
0.0 |
0.0 |
0.0 |
10.1 |
5.0 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
6.1 |
- |
- |
- |
- |
|
LT Debts <5Yr. |
- |
0.0 |
0.0 |
0.0 |
10.0 |
|
LT Debts Remaining |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt, Supplemental |
18.3 |
19.0 |
16.1 |
15.2 |
27.5 |
|
Capital Lease Maturing within a Year |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due within 1 Year |
- |
0.1 |
0.1 |
- |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.1 |
0.1 |
- |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.1 |
0.1 |
- |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Remaining |
0.0 |
- |
- |
- |
- |
|
Capital Leases - Remaining Maturities |
- |
0.0 |
0.0 |
- |
- |
|
Total Capital Leases |
0.4 |
0.5 |
0.3 |
- |
- |
|
Pension obligation |
606.8 |
588.0 |
524.9 |
501.1 |
493.0 |
|
Fair value of plan assets |
422.0 |
418.5 |
367.7 |
336.8 |
352.0 |
|
Funded Status |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
-140.9 |
|
Total Funded Status |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
-140.9 |
|
Discount rate |
1.80% |
2.13% |
2.16% |
2.11% |
1.96% |
|
Expected rate of return |
0.86% |
0.85% |
1.03% |
1.11% |
1.28% |
|
Unrecognized Prior Service Cost |
- |
- |
- |
0.0 |
-0.6 |
|
Unrecognized Actuarial Gains and Losses |
15.3 |
-1.5 |
-13.1 |
17.1 |
5.4 |
|
Retirement Benefit Expenses Prepaid Pens |
0.0 |
- |
- |
- |
- |
|
Prepaid Pension Benefits |
- |
0.0 |
0.0 |
2.9 |
11.3 |
|
Reserve for Accrued Retirement Benefits |
-169.5 |
-171.0 |
-170.2 |
-150.0 |
-147.5 |
|
Net Assets Recognized on Balance Sheet |
-154.3 |
-172.5 |
-183.3 |
-130.0 |
-131.4 |
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 Bf. Tax |
522.3 |
474.7 |
209.3 |
207.0 |
480.0 |
|
Depreciation |
225.2 |
224.6 |
240.8 |
247.1 |
185.3 |
|
Interest & Dividend |
-8.0 |
-7.3 |
-6.1 |
-12.2 |
-11.5 |
|
Interest Expense |
1.8 |
1.7 |
1.9 |
2.7 |
2.2 |
|
Equity in (earnings) losses of affiliate |
-59.9 |
-37.4 |
-19.0 |
-11.4 |
-10.9 |
|
Gain-Sale Fixed |
- |
0.0 |
0.0 |
-4.0 |
0.0 |
|
Loss (gain) on sales of noncurrent asset |
-54.3 |
- |
- |
- |
- |
|
Impairment Loss |
24.3 |
- |
- |
- |
- |
|
Loss on abandonment of noncurrent assets |
15.0 |
- |
- |
- |
- |
|
Loss-Retire. Fixed |
- |
0.0 |
- |
0.0 |
13.8 |
|
Gain-Sale Inv. Secs. |
- |
- |
- |
0.0 |
-3.3 |
|
Impairment loss |
- |
0.0 |
0.0 |
60.1 |
0.0 |
|
Loss (gain) on valuation of investment s |
0.0 |
12.4 |
0.0 |
18.8 |
0.0 |
|
Disaster loss |
10.3 |
5.2 |
0.0 |
- |
- |
|
Allow.Doubtful Acct. |
- |
- |
- |
- |
0.0 |
|
Allow. Accr. Retire. |
- |
- |
- |
- |
0.0 |
|
Allow. Director Ben. |
- |
- |
- |
- |
0.0 |
|
Reserve environmental control |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in notes and account |
-205.8 |
-10.7 |
-220.1 |
300.9 |
47.1 |
|
Decrease (increase) in inventories |
-96.6 |
-6.3 |
209.6 |
-70.7 |
-49.8 |
|
Increase (decrease) in notes and account |
234.4 |
80.6 |
203.2 |
-378.3 |
-20.6 |
|
Increase (decrease) in cash and cash equ |
0.0 |
- |
- |
- |
- |
|
Other, net |
-79.5 |
-18.9 |
-14.3 |
111.6 |
-0.7 |
|
Int.&Divid.Received |
28.1 |
21.7 |
22.5 |
25.8 |
22.1 |
|
Interest Paid |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
-2.2 |
|
Tax Paid/refund |
-188.6 |
-105.2 |
5.0 |
-157.1 |
-180.1 |
|
Cash From Change in Consolidated |
- |
- |
- |
0.0 |
5.6 |
|
Adjustment |
- |
0.0 |
- |
0.0 |
0.0 |
|
Cash from Operating Activities |
367.0 |
633.2 |
631.1 |
337.6 |
477.0 |
|
|
|
|
|
|
|
|
Decrease (increase) in time deposits |
107.5 |
-175.0 |
0.0 |
- |
- |
|
Purchase Of Stocks Of Subsidiaries And A |
-61.4 |
- |
- |
- |
- |
|
Purchase of short-term investment securi |
-152.0 |
-99.2 |
-64.6 |
0.0 |
- |
|
Capital Expenditure |
-209.8 |
-155.3 |
-204.2 |
-226.3 |
-237.3 |
|
Proceeds From Sales Of Noncurrent Assets |
55.7 |
- |
- |
- |
- |
|
Sale Fixed Assets |
- |
7.1 |
0.0 |
4.1 |
0.0 |
|
Purch. Inv. Secs. |
- |
- |
0.0 |
-6.3 |
-14.5 |
|
Sale Inv. Secs. |
- |
2.6 |
2.0 |
0.1 |
5.2 |
|
Redemp. Inv. Secs. |
- |
- |
0.0 |
19.9 |
4.4 |
|
Purchase of affiliates' stock |
- |
-0.2 |
0.0 |
-63.5 |
0.0 |
|
Loan |
- |
- |
- |
- |
-9.7 |
|
Loans made |
-32.1 |
-22.7 |
-38.2 |
-57.7 |
- |
|
Loans collected |
28.8 |
29.5 |
28.2 |
28.7 |
- |
|
Inv't partnership-nonconsol.affil. made |
- |
- |
- |
0.0 |
-4.3 |
|
Other, net |
-4.4 |
3.4 |
-17.4 |
-61.7 |
-26.0 |
|
Cash from Investing Activities |
-267.6 |
-409.8 |
-294.2 |
-362.9 |
-282.0 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
1.4 |
-1.8 |
-2.4 |
-11.6 |
-1.9 |
|
Redemp. Bond |
- |
- |
- |
- |
0.0 |
|
Repayment of long-term loans payable |
-0.7 |
-0.3 |
0.0 |
-12.3 |
-4.2 |
|
Proc. LT Debt |
- |
- |
- |
- |
0.0 |
|
Purch.Treas. Stock |
0.0 |
-59.7 |
0.0 |
-85.7 |
-46.6 |
|
Dividend Paid |
-97.8 |
-82.7 |
-76.2 |
-79.4 |
-61.5 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Divid.Paid to Minor. |
-0.1 |
-0.2 |
-0.1 |
-1.7 |
-3.0 |
|
Other, net |
-0.2 |
0.9 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-97.4 |
-143.7 |
-78.8 |
-190.6 |
-117.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.3 |
-10.4 |
0.4 |
-28.9 |
-7.2 |
|
Net Change in Cash |
-3.3 |
69.2 |
258.5 |
-244.8 |
70.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
854.4 |
718.0 |
402.2 |
614.3 |
469.4 |
|
Net Cash - Ending Balance |
851.0 |
787.3 |
660.7 |
369.5 |
540.0 |
|
Cash Interest Paid |
1.8 |
1.7 |
1.9 |
2.7 |
2.2 |
|
Cash Taxes Paid |
188.6 |
105.2 |
-5.0 |
157.1 |
180.1 |
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.