MIRA
INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
FUJIMI INCORPORATED |
|
|
|
|
Registered Office : |
2-1-1, Chiryo, Nishibiwajima-cho Kiyosu-Shi, 452-8502 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
20.03.1953 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture and sale of abrasive materials |
|
|
|
|
No. of Employees : |
760 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World
War II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest economy
in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
Source : CIA
Company name and address
FUJIMI
INCORPORATED
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Business
Description
|
FUJIMI INCORPORATED is a Japan-based company engaged in the
manufacture and sale of abrasive materials. The Company distributes its
products within domestic market and to overseas markets, including North
America, Asia and Europe. As of March 31, 2012, the Company had four
subsidiaries. For the three months ended 30 June 2012, FUJIMI INCORPORATED
revenues increased 10% to Y8B. Net income increased from Y277M to Y560M.
Revenues reflect Japan segment increase of 14% to Y5.58B, Asia segment
increase of 14% to Y820M, Europe segment increase of 10% to Y533M. Net income
benefited from Japan segment income increase of 66% to Y1.1B, Europe segment
income increase from Y9M to Y51M, Elimination segment loss decrease of 4% to
Y304M. |
Industry
|
Industry |
Construction - Supplies and Fixtures |
|
ANZSIC 2006: |
2090 - Other Non-Metallic Mineral Product
Manufacturing |
|
NACE 2002: |
2681 - Production of abrasive products |
|
NAICS 2002: |
32791 - Abrasive Product Manufacturing |
|
UK SIC 2003: |
2681 - Production of abrasive products |
|
UK SIC 2007: |
2391 - Production of abrasive products |
|
US SIC 1987: |
3291 - Abrasive Products |
Key Executives
|
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
|
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
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Corporate Structure News
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FUJIMI
INCORPORATED |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kiyosu-Shi |
Japan |
Construction - Supplies and Fixtures |
347.3 |
760 |
|
|
Subsidiary |
Tualatin, OR |
United States |
Construction - Supplies and Fixtures |
|
80 |
|
|
Subsidiary |
Kulim, Kedah |
Malaysia |
Construction - Supplies and Fixtures |
24.2 |
70 |
|
Executives Report
|
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Significant Developments
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
347.3 |
360.2 |
303.2 |
339.6 |
373.0 |
|
Revenue |
347.3 |
360.2 |
303.2 |
339.6 |
373.0 |
|
Total Revenue |
347.3 |
360.2 |
303.2 |
339.6 |
373.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
245.7 |
249.3 |
221.4 |
250.6 |
257.5 |
|
Cost of Revenue, Total |
245.7 |
249.3 |
221.4 |
250.6 |
257.5 |
|
Gross Profit |
101.6 |
110.9 |
81.8 |
89.0 |
115.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
13.1 |
40.6 |
33.1 |
38.1 |
36.8 |
|
Labor & Related Expense |
35.8 |
30.4 |
24.3 |
24.5 |
22.2 |
|
Total Selling/General/Administrative Expenses |
48.8 |
70.9 |
57.4 |
62.6 |
59.0 |
|
Research & Development |
30.6 |
- |
- |
- |
- |
|
Depreciation |
10.1 |
7.8 |
8.4 |
11.0 |
10.8 |
|
Depreciation/Amortization |
10.1 |
7.8 |
8.4 |
11.0 |
10.8 |
|
Impairment-Assets Held for Use |
0.2 |
0.0 |
4.3 |
0.9 |
2.5 |
|
Impairment-Assets Held for Sale |
0.0 |
0.3 |
0.0 |
0.3 |
0.0 |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
-2.3 |
0.3 |
-0.4 |
|
Unusual Expense (Income) |
0.2 |
0.2 |
2.0 |
1.5 |
2.1 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
335.4 |
328.2 |
289.1 |
325.7 |
329.4 |
|
|
|
|
|
|
|
|
Operating Income |
11.9 |
32.0 |
14.1 |
13.9 |
43.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.1 |
-0.1 |
-0.2 |
-0.5 |
-0.4 |
|
Interest Expense, Net Non-Operating |
-0.1 |
-0.1 |
-0.2 |
-0.5 |
-0.4 |
|
Interest Income -
Non-Operating |
0.8 |
0.6 |
0.5 |
0.9 |
0.9 |
|
Investment Income -
Non-Operating |
-0.9 |
-0.3 |
0.5 |
-0.1 |
-0.4 |
|
Interest/Investment Income - Non-Operating |
-0.1 |
0.4 |
1.0 |
0.8 |
0.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.2 |
0.2 |
0.8 |
0.3 |
0.0 |
|
Gain (Loss) on Sale of Assets |
0.5 |
-0.3 |
-0.2 |
-0.6 |
-0.2 |
|
Other Non-Operating Income (Expense) |
0.2 |
0.4 |
1.0 |
0.3 |
0.3 |
|
Other, Net |
0.2 |
0.4 |
1.0 |
0.3 |
0.3 |
|
Income Before Tax |
12.4 |
32.3 |
15.8 |
13.9 |
43.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
5.3 |
10.8 |
3.1 |
7.5 |
15.0 |
|
Income After Tax |
7.1 |
21.5 |
12.7 |
6.4 |
28.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.2 |
-0.2 |
-0.2 |
-0.4 |
-0.3 |
|
Net Income Before Extraord Items |
6.9 |
21.3 |
12.5 |
6.0 |
28.4 |
|
Net Income |
6.9 |
21.3 |
12.5 |
6.0 |
28.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
- |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
6.9 |
21.2 |
12.5 |
6.0 |
28.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
6.9 |
21.2 |
12.5 |
6.0 |
28.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
27.3 |
28.5 |
29.1 |
29.4 |
29.6 |
|
Basic EPS Excl Extraord Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Basic/Primary EPS Incl Extraord Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
6.9 |
21.2 |
12.5 |
6.0 |
28.4 |
|
Diluted Weighted Average Shares |
27.3 |
28.5 |
29.1 |
29.4 |
29.7 |
|
Diluted EPS Excl Extraord Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Diluted EPS Incl Extraord Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Dividends per Share - Common Stock Primary Issue |
0.38 |
0.41 |
0.32 |
0.30 |
0.38 |
|
Gross Dividends - Common Stock |
10.1 |
11.5 |
9.3 |
8.7 |
11.2 |
|
Interest Expense, Supplemental |
0.1 |
0.1 |
0.2 |
0.5 |
0.4 |
|
Depreciation, Supplemental |
10.1 |
23.2 |
26.3 |
31.7 |
25.4 |
|
Total Special Items |
-0.3 |
0.5 |
2.2 |
2.2 |
2.6 |
|
Normalized Income Before Tax |
12.1 |
32.8 |
17.9 |
16.0 |
46.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.1 |
0.2 |
0.4 |
1.2 |
0.8 |
|
Inc Tax Ex Impact of Sp Items |
5.2 |
11.0 |
3.6 |
8.7 |
15.8 |
|
Normalized Income After Tax |
6.9 |
21.8 |
14.4 |
7.4 |
30.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
6.7 |
21.6 |
14.2 |
7.0 |
30.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.25 |
0.76 |
0.49 |
0.24 |
1.02 |
|
Diluted Normalized EPS |
0.25 |
0.76 |
0.49 |
0.24 |
1.02 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
0.0 |
0.3 |
|
Research & Development Exp, Supplemental |
30.6 |
24.6 |
21.8 |
27.3 |
28.0 |
|
Reported Operating Profit |
12.1 |
32.4 |
16.1 |
15.4 |
45.7 |
|
Reported Ordinary Profit |
13.1 |
32.9 |
18.3 |
16.4 |
46.3 |
|
Normalized EBIT |
12.1 |
32.2 |
16.1 |
15.4 |
45.7 |
|
Normalized EBITDA |
22.2 |
55.5 |
42.4 |
47.1 |
71.4 |
|
Current Tax - Total |
2.0 |
- |
- |
- |
- |
|
Current Tax - Total |
2.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Income Tax - Total |
5.3 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Service Cost - Domestic |
1.1 |
1.0 |
0.9 |
0.8 |
0.6 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
|
Actuarial Gains and Losses - Domestic |
0.2 |
0.0 |
0.1 |
0.0 |
0.3 |
|
Other Pension, Net - Domestic |
2.9 |
2.5 |
2.1 |
2.2 |
1.8 |
|
Domestic Pension Plan Expense |
4.3 |
3.6 |
3.3 |
3.1 |
2.8 |
|
Defined Contribution Expense - Domestic |
1.3 |
1.2 |
0.9 |
1.2 |
1.2 |
|
Total Pension Expense |
5.7 |
4.9 |
4.2 |
4.3 |
4.0 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.25% |
1.25% |
1.25% |
1.25% |
1.25% |
|
Total Plan Interest Cost |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Total Plan Service Cost |
1.1 |
1.0 |
0.9 |
0.8 |
0.6 |
|
Total Plan Expected Return |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
|
Total Plan Other Expense |
2.9 |
2.5 |
2.1 |
2.2 |
1.8 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
115.2 |
150.4 |
148.1 |
102.2 |
63.4 |
|
Short Term Investments |
64.3 |
64.0 |
24.6 |
1.0 |
32.4 |
|
Cash and Short Term Investments |
179.5 |
214.4 |
172.7 |
103.3 |
95.7 |
|
Accounts Receivable -
Trade, Gross |
78.9 |
82.3 |
85.9 |
59.9 |
122.5 |
|
Provision for Doubtful
Accounts |
-0.5 |
-1.9 |
-1.2 |
-2.0 |
-0.1 |
|
Trade Accounts Receivable - Net |
78.4 |
80.4 |
84.7 |
57.9 |
122.4 |
|
Other Receivables |
4.0 |
0.2 |
0.0 |
16.7 |
3.0 |
|
Total Receivables, Net |
82.4 |
80.6 |
84.7 |
74.5 |
125.4 |
|
Inventories - Finished Goods |
35.4 |
31.9 |
27.5 |
34.0 |
38.9 |
|
Inventories - Work In Progress |
15.1 |
12.5 |
11.7 |
13.2 |
10.9 |
|
Inventories - Raw Materials |
25.2 |
16.5 |
10.8 |
26.1 |
28.0 |
|
Total Inventory |
75.7 |
60.9 |
50.0 |
73.4 |
77.8 |
|
Prepaid Expenses |
- |
- |
0.0 |
0.9 |
1.2 |
|
Deferred Income Tax - Current Asset |
5.3 |
7.6 |
8.0 |
2.4 |
6.4 |
|
Other Current Assets |
3.0 |
3.1 |
1.4 |
1.3 |
2.4 |
|
Other Current Assets, Total |
8.3 |
10.8 |
9.5 |
3.7 |
8.8 |
|
Total Current Assets |
346.0 |
366.7 |
316.9 |
255.8 |
308.9 |
|
|
|
|
|
|
|
|
Buildings |
188.0 |
183.4 |
165.0 |
157.9 |
160.1 |
|
Land/Improvements |
41.2 |
40.9 |
36.4 |
34.7 |
34.6 |
|
Machinery/Equipment |
234.6 |
230.4 |
207.1 |
198.6 |
207.8 |
|
Construction in
Progress |
9.9 |
0.7 |
1.0 |
0.3 |
6.8 |
|
Other
Property/Plant/Equipment |
99.7 |
95.5 |
79.7 |
75.1 |
73.6 |
|
Property/Plant/Equipment - Gross |
573.4 |
550.9 |
489.1 |
466.6 |
482.9 |
|
Accumulated Depreciation |
-403.8 |
-383.0 |
-326.0 |
-287.5 |
-277.4 |
|
Property/Plant/Equipment - Net |
169.6 |
167.9 |
163.1 |
179.1 |
205.5 |
|
Goodwill, Net |
- |
- |
- |
- |
0.0 |
|
Intangibles, Net |
5.6 |
3.7 |
3.5 |
3.7 |
4.3 |
|
LT Investments - Other |
1.2 |
1.2 |
2.7 |
1.9 |
3.2 |
|
Long Term Investments |
1.2 |
1.2 |
2.7 |
1.9 |
3.2 |
|
Note Receivable - Long Term |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
0.6 |
1.1 |
0.9 |
3.6 |
3.9 |
|
Other Long Term Assets |
15.7 |
23.2 |
20.7 |
21.4 |
29.2 |
|
Other Long Term Assets, Total |
16.3 |
24.3 |
21.6 |
25.0 |
33.0 |
|
Total Assets |
538.7 |
563.8 |
507.9 |
465.4 |
554.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
37.4 |
35.1 |
35.7 |
24.4 |
52.1 |
|
Accrued Expenses |
7.4 |
7.2 |
8.5 |
6.8 |
11.1 |
|
Notes Payable/Short Term Debt |
0.5 |
1.0 |
1.0 |
1.7 |
11.4 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
1.0 |
- |
1.2 |
|
Income Taxes Payable |
0.2 |
5.7 |
5.1 |
0.8 |
8.0 |
|
Other Current Liabilities |
21.5 |
20.0 |
10.3 |
8.4 |
18.2 |
|
Other Current liabilities, Total |
21.7 |
25.7 |
15.4 |
9.2 |
26.2 |
|
Total Current Liabilities |
67.0 |
68.9 |
61.7 |
42.2 |
102.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
0.7 |
1.7 |
2.5 |
4.3 |
|
Capital Lease Obligations |
- |
- |
0.1 |
- |
- |
|
Total Long Term Debt |
0.0 |
0.7 |
1.8 |
2.5 |
4.3 |
|
Total Debt |
0.5 |
1.7 |
3.8 |
4.3 |
16.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Income Tax |
0.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Minority Interest |
2.8 |
2.5 |
2.0 |
1.7 |
1.8 |
|
Pension Benefits - Underfunded |
1.8 |
1.4 |
1.0 |
0.9 |
0.9 |
|
Other Long Term Liabilities |
0.4 |
0.3 |
0.0 |
0.1 |
0.1 |
|
Other Liabilities, Total |
2.2 |
1.8 |
1.0 |
1.0 |
1.0 |
|
Total Liabilities |
72.4 |
74.0 |
66.6 |
47.5 |
109.3 |
|
|
|
|
|
|
|
|
Common Stock |
57.7 |
57.3 |
50.9 |
48.1 |
47.8 |
|
Common Stock |
57.7 |
57.3 |
50.9 |
48.1 |
47.8 |
|
Additional Paid-In Capital |
62.2 |
61.9 |
54.9 |
51.8 |
51.0 |
|
Retained Earnings (Accumulated Deficit) |
433.5 |
435.2 |
375.8 |
351.1 |
355.1 |
|
Treasury Stock - Common |
-69.3 |
-45.8 |
-29.6 |
-21.3 |
-13.6 |
|
Unrealized Gain (Loss) |
0.4 |
0.4 |
0.8 |
0.3 |
0.8 |
|
Translation Adjustment |
-18.3 |
-19.3 |
-11.5 |
-12.1 |
4.4 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-18.3 |
-19.3 |
-11.5 |
-12.1 |
4.4 |
|
Total Equity |
466.2 |
489.8 |
441.3 |
417.9 |
445.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
538.7 |
563.8 |
507.9 |
465.4 |
554.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
25.9 |
27.9 |
28.7 |
29.2 |
29.7 |
|
Total Common Shares Outstanding |
25.9 |
27.9 |
28.7 |
29.2 |
29.7 |
|
Treasury Shares - Common Stock Primary Issue |
4.8 |
2.8 |
2.0 |
1.5 |
1.0 |
|
Employees |
760 |
742 |
736 |
775 |
776 |
|
Number of Common Shareholders |
6,846 |
6,975 |
6,284 |
6,839 |
7,080 |
|
Total Long Term Debt, Supplemental |
0.5 |
1.7 |
2.7 |
3.5 |
5.5 |
|
Long Term Debt Maturing within 1 Year |
0.5 |
1.0 |
1.0 |
0.9 |
1.2 |
|
Long Term Debt Maturing in Year 2 |
- |
0.7 |
1.0 |
0.9 |
1.2 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
0.7 |
0.9 |
1.2 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
0.0 |
0.7 |
1.1 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
0.0 |
0.0 |
0.9 |
|
Long Term Debt Maturing in 2-3 Years |
- |
0.7 |
1.7 |
1.8 |
2.3 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
0.0 |
0.7 |
2.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.2 |
0.3 |
0.1 |
0.2 |
- |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.0 |
0.1 |
0.0 |
- |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.0 |
- |
0.0 |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
- |
0.0 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
- |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
- |
0.0 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
- |
0.0 |
- |
|
Pension Obligation - Domestic |
16.5 |
16.4 |
15.2 |
14.8 |
14.3 |
|
Plan Assets - Domestic |
14.8 |
15.6 |
14.7 |
13.9 |
13.5 |
|
Funded Status - Domestic |
-1.7 |
-0.9 |
-0.5 |
-0.9 |
-0.8 |
|
Total Funded Status |
-1.7 |
-0.9 |
-0.5 |
-0.9 |
-0.8 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.25% |
1.25% |
1.25% |
1.25% |
1.25% |
|
Prepaid Benefits - Domestic |
0.0 |
0.2 |
0.2 |
0.3 |
0.0 |
|
Accrued Liabilities - Domestic |
-1.8 |
-1.4 |
-1.0 |
-0.9 |
-0.9 |
|
Other Assets, Net - Domestic |
0.0 |
-0.4 |
-0.3 |
0.3 |
-0.1 |
|
Net Assets Recognized on Balance Sheet |
-1.8 |
-1.6 |
-1.1 |
-0.2 |
-1.0 |
|
Total Plan Obligations |
16.5 |
16.4 |
15.2 |
14.8 |
14.3 |
|
Total Plan Assets |
14.8 |
15.6 |
14.7 |
13.9 |
13.5 |
|
|
|
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 |
Deloitte Touche
Tohmatsu |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
12.4 |
32.3 |
15.8 |
13.9 |
43.7 |
|
Depreciation |
24.3 |
23.2 |
26.3 |
31.7 |
25.4 |
|
Depreciation/Depletion |
24.3 |
23.2 |
26.3 |
31.7 |
25.4 |
|
Amortization of Acquisition Costs |
- |
- |
- |
0.0 |
0.3 |
|
Amortization |
- |
- |
- |
0.0 |
0.3 |
|
Unusual Items |
0.8 |
0.6 |
3.8 |
3.2 |
2.9 |
|
Other Non-Cash Items |
0.9 |
0.7 |
-0.7 |
1.8 |
-0.6 |
|
Non-Cash Items |
1.6 |
1.3 |
3.1 |
5.0 |
2.3 |
|
Accounts Receivable |
1.6 |
12.1 |
-22.4 |
57.5 |
4.7 |
|
Inventories |
-14.7 |
-6.5 |
28.6 |
-3.6 |
-14.7 |
|
Accounts Payable |
-0.1 |
-2.3 |
10.1 |
-24.9 |
-2.4 |
|
Accrued Expenses |
-0.1 |
1.6 |
0.9 |
-2.0 |
0.3 |
|
Taxes Payable |
- |
0.0 |
0.2 |
-0.2 |
-0.3 |
|
Other Assets & Liabilities, Net |
- |
- |
- |
- |
0.6 |
|
Other Operating Cash Flow |
-8.5 |
-11.1 |
10.2 |
-17.7 |
-19.6 |
|
Changes in Working Capital |
-21.7 |
-6.2 |
27.6 |
9.1 |
-31.3 |
|
Cash from Operating Activities |
16.7 |
50.6 |
72.8 |
59.6 |
40.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-21.6 |
-5.9 |
-2.8 |
-23.7 |
-52.9 |
|
Purchase/Acquisition of Intangibles |
-3.4 |
-0.7 |
-1.0 |
-0.6 |
-2.1 |
|
Capital Expenditures |
-25.0 |
-6.7 |
-3.7 |
-24.3 |
-55.0 |
|
Sale of Fixed Assets |
- |
- |
0.0 |
0.7 |
0.0 |
|
Sale/Maturity of Investment |
31.8 |
18.8 |
2.7 |
8.0 |
4.4 |
|
Purchase of Investments |
-43.2 |
-17.6 |
-16.1 |
0.0 |
-5.3 |
|
Other Investing Cash Flow |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Investing Cash Flow Items, Total |
-11.4 |
1.2 |
-13.4 |
8.6 |
-0.8 |
|
Cash from Investing Activities |
-36.4 |
-5.5 |
-17.2 |
-15.7 |
-55.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.2 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
-0.2 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-12.3 |
-10.1 |
-7.8 |
-12.6 |
-11.1 |
|
Total Cash Dividends Paid |
-12.3 |
-10.1 |
-7.8 |
-12.6 |
-11.1 |
|
Repurchase/Retirement
of Common |
-24.3 |
-12.0 |
-7.3 |
-7.5 |
- |
|
Common Stock, Net |
-24.3 |
-12.0 |
-7.3 |
-7.5 |
0.9 |
|
Options Exercised |
- |
0.0 |
0.2 |
0.0 |
- |
|
Issuance (Retirement) of Stock, Net |
-24.3 |
-12.0 |
-7.1 |
-7.5 |
0.9 |
|
Short Term Debt, Net |
0.0 |
-1.0 |
0.4 |
-4.8 |
2.5 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
4.9 |
|
Long Term Debt
Reduction |
-1.0 |
-1.0 |
-1.0 |
-1.1 |
0.0 |
|
Long Term Debt, Net |
-1.0 |
-1.0 |
-1.0 |
-1.1 |
4.9 |
|
Issuance (Retirement) of Debt, Net |
-1.0 |
-2.0 |
-0.6 |
-5.9 |
7.4 |
|
Cash from Financing Activities |
-37.7 |
-24.2 |
-15.6 |
-26.1 |
-2.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.8 |
-2.0 |
0.2 |
-6.2 |
0.2 |
|
Net Change in Cash |
-59.3 |
19.0 |
40.2 |
11.6 |
-18.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
206.0 |
170.8 |
117.3 |
96.8 |
103.1 |
|
Net Cash - Ending Balance |
146.6 |
189.8 |
157.5 |
108.5 |
85.1 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.5 |
0.4 |
|
Cash Taxes Paid |
11.3 |
9.7 |
-7.1 |
18.1 |
20.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
347.3 |
360.2 |
303.2 |
339.6 |
373.0 |
|
Total Revenue |
347.3 |
360.2 |
303.2 |
339.6 |
373.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Research and development expenses |
30.6 |
- |
- |
- |
- |
|
Total cost of sales |
245.7 |
249.3 |
221.4 |
250.6 |
257.5 |
|
Other Selling/General/Admin. Expense |
2.4 |
- |
- |
- |
- |
|
Delivery expenses |
9.7 |
10.3 |
8.5 |
9.0 |
10.1 |
|
Payroll & bonus |
30.3 |
25.8 |
21.3 |
22.1 |
19.6 |
|
Provision for bonus |
4.1 |
3.8 |
2.2 |
1.8 |
2.1 |
|
Periodic retirement benefit costs |
1.4 |
0.8 |
0.8 |
0.6 |
0.5 |
|
Depreciation expenses |
10.1 |
7.6 |
8.3 |
11.0 |
10.8 |
|
Allow.Doubt.Acct. |
1.0 |
0.6 |
- |
1.9 |
- |
|
Other SGA |
- |
29.7 |
24.6 |
27.2 |
26.7 |
|
Gain On Reversal Of Subscription Rights |
0.0 |
- |
- |
- |
- |
|
SP Gain Prior Adj. |
0.0 |
-0.1 |
-1.3 |
-0.2 |
-0.2 |
|
SP Rev.Allow.Doubt. |
- |
0.0 |
-0.9 |
0.0 |
-0.3 |
|
SP Subsidies for new industry |
- |
- |
- |
- |
0.0 |
|
SP Subsidy income |
- |
- |
0.0 |
-0.4 |
-0.3 |
|
SP Rev G on prior years' sales taxes |
- |
- |
- |
0.0 |
-0.1 |
|
SP Other special gains |
0.0 |
0.0 |
-0.2 |
0.0 |
0.0 |
|
SP Loss Prior Adj. |
- |
- |
0.0 |
0.7 |
0.5 |
|
Loss on retirement of noncurrent assets |
0.2 |
- |
- |
- |
- |
|
SP Assets impairment losses |
- |
0.0 |
4.3 |
0.9 |
2.5 |
|
SP Overseas sub.'s prior yr tax arrears |
- |
- |
- |
- |
0.0 |
|
SP Loss Revalue Inv Sec |
0.0 |
0.3 |
0.0 |
0.3 |
0.0 |
|
SP Special Retirement |
- |
- |
0.0 |
0.2 |
0.0 |
|
SP L on acct. change on assets retire. |
0.0 |
0.1 |
0.0 |
- |
- |
|
SP Other SP Loss |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Depreciation expenses |
- |
0.2 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
335.4 |
328.2 |
289.1 |
325.7 |
329.4 |
|
|
|
|
|
|
|
|
NOP Interest income |
0.8 |
0.6 |
0.5 |
0.9 |
0.9 |
|
Loss on liquidation of subsidiaries |
-0.6 |
- |
- |
- |
- |
|
NOP Dividends received |
- |
- |
0.0 |
0.0 |
0.0 |
|
NOP Gain on scraps disposal |
- |
0.4 |
0.3 |
0.3 |
0.2 |
|
Depreciation - Non-Operating Expense |
-0.1 |
- |
- |
- |
- |
|
Waste disposal profit |
0.5 |
- |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Commission for purchase of treasury stoc |
-0.1 |
- |
- |
- |
- |
|
NOP Interest in refund |
- |
- |
- |
- |
0.0 |
|
NOP Foreign exchange gains |
- |
0.0 |
0.5 |
0.0 |
0.0 |
|
NOP Received Subsidy |
- |
0.0 |
0.5 |
0.0 |
- |
|
NOP Other non-operating income |
0.5 |
0.4 |
0.5 |
0.5 |
0.4 |
|
NOP Purchase of treasury stock |
- |
0.0 |
- |
- |
- |
|
NOP Interest expenses |
-0.1 |
-0.1 |
-0.2 |
-0.5 |
-0.4 |
|
NOP Foreign exchange losses |
-0.3 |
-0.6 |
0.0 |
-0.2 |
-0.5 |
|
NOP IPO related cost |
- |
- |
- |
- |
0.0 |
|
NOP Other non-operating expenses |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.1 |
|
SP G.Sale Fix Asset |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP G.Sale Inv.Secs. |
0.0 |
0.4 |
0.0 |
- |
- |
|
SP L on sale of LT inv't. secs. |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Loss on retirement of noncurrent assets |
- |
-0.8 |
-0.5 |
-0.5 |
-0.4 |
|
SP Business withdrawal |
- |
- |
0.0 |
-0.5 |
0.0 |
|
SP L on liquidation of subs. |
- |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
12.4 |
32.3 |
15.8 |
13.9 |
43.7 |
|
|
|
|
|
|
|
|
Total income taxes |
5.3 |
10.8 |
3.1 |
7.5 |
15.0 |
|
Net Income After Taxes |
7.1 |
21.5 |
12.7 |
6.4 |
28.8 |
|
|
|
|
|
|
|
|
Minority interests in income |
-0.2 |
-0.2 |
-0.2 |
-0.4 |
-0.3 |
|
Net Income Before Extra. Items |
6.9 |
21.3 |
12.5 |
6.0 |
28.4 |
|
Net Income |
6.9 |
21.3 |
12.5 |
6.0 |
28.4 |
|
|
|
|
|
|
|
|
Adjustment |
- |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
6.9 |
21.2 |
12.5 |
6.0 |
28.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
6.9 |
21.2 |
12.5 |
6.0 |
28.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
27.3 |
28.5 |
29.1 |
29.4 |
29.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Basic EPS Including ExtraOrdinary Item |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
6.9 |
21.2 |
12.5 |
6.0 |
28.4 |
|
Diluted Weighted Average Shares |
27.3 |
28.5 |
29.1 |
29.4 |
29.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
Diluted EPS Including ExtraOrd Items |
0.25 |
0.74 |
0.43 |
0.20 |
0.96 |
|
DPS-Common Stock |
0.38 |
0.41 |
0.32 |
0.30 |
0.38 |
|
Gross Dividends - Common Stock |
10.1 |
11.5 |
9.3 |
8.7 |
11.2 |
|
Normalized Income Before Taxes |
12.1 |
32.8 |
17.9 |
16.0 |
46.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
5.2 |
11.0 |
3.6 |
8.7 |
15.8 |
|
Normalized Income After Taxes |
6.9 |
21.8 |
14.4 |
7.4 |
30.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
6.7 |
21.6 |
14.2 |
7.0 |
30.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.25 |
0.76 |
0.49 |
0.24 |
1.02 |
|
Diluted Normalized EPS |
0.25 |
0.76 |
0.49 |
0.24 |
1.02 |
|
Interest Expense |
0.1 |
0.1 |
0.2 |
0.5 |
0.4 |
|
Amortiz. of goodwill |
- |
- |
- |
0.0 |
0.3 |
|
Selling General And Administrative Expen |
10.1 |
- |
- |
- |
- |
|
Depreciation |
- |
23.2 |
26.3 |
31.7 |
25.4 |
|
Research and development expenses |
30.6 |
- |
- |
- |
- |
|
R & D (SGA & COGS) |
- |
24.6 |
21.8 |
27.3 |
28.0 |
|
Income taxes-current |
2.0 |
- |
- |
- |
- |
|
Current Tax - Total |
2.0 |
- |
- |
- |
- |
|
Income taxes-deferred |
3.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Income Tax - Total |
5.3 |
- |
- |
- |
- |
|
Reported Operating Profit |
12.1 |
32.4 |
16.1 |
15.4 |
45.7 |
|
Reported Ordinary Profit |
13.1 |
32.9 |
18.3 |
16.4 |
46.3 |
|
Service cost |
1.1 |
1.0 |
0.9 |
0.8 |
0.6 |
|
Interest cost |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Expected return on plan assets |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
|
Legal retirement benefits costs |
2.9 |
2.5 |
2.1 |
2.2 |
1.8 |
|
Actuarial gains and losses |
0.2 |
0.0 |
0.1 |
0.0 |
0.3 |
|
Domestic Pension Plan Expense |
4.3 |
3.6 |
3.3 |
3.1 |
2.8 |
|
Defined contribution expense |
1.3 |
1.2 |
0.9 |
1.2 |
1.2 |
|
Total Pension Expense |
5.7 |
4.9 |
4.2 |
4.3 |
4.0 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.00% |
- |
- |
- |
- |
|
Discount rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
1.25% |
- |
- |
- |
- |
|
Expected rate of return |
- |
1.25% |
1.25% |
1.25% |
1.25% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
115.2 |
150.4 |
148.1 |
102.2 |
63.4 |
|
Notes and accounts receivable-trade |
78.9 |
82.3 |
85.9 |
59.9 |
122.5 |
|
Short-term investment securities |
64.3 |
64.0 |
24.6 |
1.0 |
32.4 |
|
Inventories - Merch. & finished goods |
35.4 |
31.9 |
27.5 |
34.0 |
38.9 |
|
Inventories - work-in-process |
15.1 |
12.5 |
11.7 |
13.2 |
10.9 |
|
Inventories - raw materials & supplies |
25.2 |
16.5 |
10.8 |
26.1 |
28.0 |
|
Prepaid Expenses |
- |
- |
0.0 |
0.9 |
1.2 |
|
Deferred income taxes (current) |
5.3 |
7.6 |
8.0 |
2.4 |
6.4 |
|
Income Taxes Receivable |
4.0 |
- |
- |
- |
- |
|
ST Loans |
- |
- |
0.0 |
8.1 |
3.0 |
|
Income Tax Receivable |
- |
0.2 |
0.0 |
8.5 |
0.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other current assets |
3.0 |
3.1 |
1.4 |
1.3 |
2.4 |
|
Allowance for doubtful accounts(current) |
-0.5 |
-1.9 |
-1.2 |
-2.0 |
-0.1 |
|
Total Current Assets |
346.0 |
366.7 |
316.9 |
255.8 |
308.9 |
|
|
|
|
|
|
|
|
Buildings & structures, gross |
188.0 |
183.4 |
165.0 |
157.9 |
160.1 |
|
Accum Dep & Impair Loss of Mchy &
Equipt |
-105.7 |
-99.4 |
-84.0 |
-73.9 |
-69.5 |
|
Machinery, equipment and vehicles |
234.6 |
230.4 |
207.1 |
198.6 |
207.8 |
|
Acc. Depre&Impair-Machine,Equip&Vehicle |
-209.5 |
-202.1 |
-173.0 |
-153.1 |
-156.1 |
|
Other net PPE |
0.0 |
- |
- |
- |
- |
|
Other Buildings, Net |
0.0 |
- |
- |
- |
- |
|
Other Plant/machinery, Net |
0.0 |
- |
- |
- |
- |
|
Land |
41.2 |
40.9 |
36.4 |
34.7 |
34.6 |
|
Construction-in-progress |
9.9 |
0.7 |
1.0 |
0.3 |
6.8 |
|
Other PPE |
99.7 |
95.5 |
79.7 |
75.1 |
73.6 |
|
Accumulated depreciation |
-88.6 |
-81.5 |
-69.0 |
-60.6 |
-51.8 |
|
Software In Progress |
2.5 |
- |
- |
- |
- |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Software |
2.7 |
2.8 |
2.5 |
3.3 |
2.3 |
|
Goodwill |
- |
- |
- |
- |
0.0 |
|
Temporary software accounts rights |
- |
0.4 |
- |
- |
- |
|
Other intangible assets |
0.4 |
0.4 |
1.0 |
0.4 |
2.0 |
|
Long-term investment in securities |
1.2 |
1.2 |
2.7 |
1.9 |
3.2 |
|
Long-term loans, gross |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deferred tax assets |
0.6 |
1.1 |
0.9 |
3.6 |
3.9 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Asset |
18.1 |
23.3 |
20.9 |
21.5 |
29.2 |
|
Allowance doubt.accounts (non-current) |
-2.4 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Total Assets |
538.7 |
563.8 |
507.9 |
465.4 |
554.9 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
37.4 |
35.1 |
35.7 |
24.4 |
52.1 |
|
Short-term loans payable |
0.5 |
1.0 |
1.0 |
1.5 |
6.1 |
|
Current LT borrowings |
- |
- |
1.0 |
- |
1.2 |
|
Lease |
- |
- |
0.1 |
- |
- |
|
Accrued Expense |
- |
- |
3.6 |
3.0 |
5.4 |
|
Income taxes payable |
0.2 |
5.7 |
5.1 |
0.8 |
8.0 |
|
Accrued Bonus |
7.4 |
7.2 |
4.9 |
3.7 |
5.7 |
|
Equip.Note Pybl. |
- |
- |
0.0 |
0.3 |
5.3 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other current liabilities |
21.5 |
20.0 |
10.3 |
8.4 |
18.2 |
|
Total Current Liabilities |
67.0 |
68.9 |
61.7 |
42.2 |
102.0 |
|
|
|
|
|
|
|
|
Lease |
- |
- |
0.1 |
- |
- |
|
Long-term loans payable |
0.0 |
0.7 |
1.7 |
2.5 |
4.3 |
|
Total Long Term Debt |
0.0 |
0.7 |
1.8 |
2.5 |
4.3 |
|
|
|
|
|
|
|
|
Deferred Taxes |
0.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Reserve for accrued retirement benefits |
1.8 |
1.4 |
1.0 |
0.9 |
0.9 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other long-term liabilities |
0.4 |
0.3 |
0.0 |
0.1 |
0.1 |
|
Minority Int. |
2.8 |
2.5 |
2.0 |
1.7 |
1.8 |
|
Total Liabilities |
72.4 |
74.0 |
66.6 |
47.5 |
109.3 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
57.7 |
57.3 |
50.9 |
48.1 |
47.8 |
|
Total capital surpluses |
61.5 |
61.2 |
54.2 |
51.3 |
50.9 |
|
Total retained earnings |
433.5 |
435.2 |
375.8 |
351.1 |
355.1 |
|
Treasury Stock |
-69.3 |
-45.8 |
-29.6 |
-21.3 |
-13.6 |
|
Valuation difference on available-for-sa |
0.4 |
0.4 |
0.8 |
0.3 |
0.8 |
|
Cumulative translation adjustments |
-18.3 |
-19.3 |
-11.5 |
-12.1 |
4.4 |
|
New stock subscription rights |
0.7 |
0.7 |
0.7 |
0.4 |
0.1 |
|
Total Equity |
466.2 |
489.8 |
441.3 |
417.9 |
445.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
538.7 |
563.8 |
507.9 |
465.4 |
554.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
25.9 |
27.9 |
28.7 |
29.2 |
29.7 |
|
Total Common Shares Outstanding |
25.9 |
27.9 |
28.7 |
29.2 |
29.7 |
|
T/S-Common Stock |
4.8 |
2.8 |
2.0 |
1.5 |
1.0 |
|
Full-Time Employees |
760 |
742 |
736 |
775 |
776 |
|
Total Number of Shareholders |
6,846 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
6,975 |
6,284 |
6,839 |
7,080 |
|
LT debt maturing within 1 yr |
0.5 |
1.0 |
1.0 |
0.9 |
1.2 |
|
LT debt maturing within 2 yrs |
- |
0.7 |
1.0 |
0.9 |
1.2 |
|
LT debt maturing within 3 yrs |
- |
- |
0.7 |
0.9 |
1.2 |
|
LT debt maturing within 4 yrs |
- |
- |
0.0 |
0.7 |
1.1 |
|
LT debt maturing within 5 yrs |
- |
- |
0.0 |
0.0 |
0.9 |
|
Total Long Term Debt, Supplemental |
0.5 |
1.7 |
2.7 |
3.5 |
5.5 |
|
Division And End Of Current Period Remai |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.1 |
0.0 |
0.1 |
0.0 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.1 |
0.0 |
- |
0.0 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.0 |
0.0 |
- |
0.0 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
- |
0.0 |
- |
|
Lease remaining |
0.0 |
0.0 |
- |
0.0 |
- |
|
Total Capital Leases |
0.2 |
0.3 |
0.1 |
0.2 |
- |
|
Pension obligation |
16.5 |
16.4 |
15.2 |
14.8 |
14.3 |
|
Fair value of plan asset |
14.8 |
15.6 |
14.7 |
13.9 |
13.5 |
|
Funded status |
-1.7 |
-0.9 |
-0.5 |
-0.9 |
-0.8 |
|
Total Funded Status |
-1.7 |
-0.9 |
-0.5 |
-0.9 |
-0.8 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
1.25% |
1.25% |
1.25% |
1.25% |
1.25% |
|
Unrecognized actuarial gains and losses |
0.0 |
-0.4 |
-0.3 |
0.3 |
-0.1 |
|
Prepaid pension benefits |
0.0 |
0.2 |
0.2 |
0.3 |
0.0 |
|
Reserve for accrued retirement benefits |
-1.8 |
-1.4 |
-1.0 |
-0.9 |
-0.9 |
|
Net Assets Recognized on Balance Sheet |
-1.8 |
-1.6 |
-1.1 |
-0.2 |
-1.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Before Income Taxes |
12.4 |
32.3 |
15.8 |
13.9 |
43.7 |
|
Depreciation |
24.3 |
23.2 |
26.3 |
31.7 |
25.4 |
|
Amortization of long-term prepaid expens |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Loss (gain) on liquidation of subsidiari |
0.6 |
- |
- |
- |
- |
|
Impairment losses |
- |
0.0 |
4.3 |
0.9 |
2.5 |
|
Amortiz. of goodwill |
- |
- |
- |
0.0 |
0.3 |
|
Withdrawal of business |
- |
- |
0.0 |
0.5 |
0.0 |
|
Stock remuneration expenses |
- |
0.0 |
0.2 |
0.3 |
0.1 |
|
Special retirement |
- |
- |
0.0 |
0.2 |
0.0 |
|
Loss (gain) from prior period adjustment |
0.0 |
-0.1 |
-1.2 |
0.5 |
0.0 |
|
L-Adjust. for Changes of Accts Assets |
0.0 |
0.1 |
0.0 |
- |
- |
|
Increase (decrease) in allowance for dou |
0.9 |
0.5 |
-0.9 |
1.9 |
-0.3 |
|
Increase (decrease) in provision for ret |
0.3 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Increase (decrease) in provision for bon |
-0.1 |
1.6 |
0.9 |
-2.0 |
0.3 |
|
Int. & Div. Income |
-0.8 |
-0.7 |
-0.6 |
-1.0 |
-0.9 |
|
Interest Expense |
0.1 |
0.1 |
0.2 |
0.5 |
0.4 |
|
Foreign exchange losses (gains) |
0.3 |
0.4 |
0.2 |
0.6 |
0.3 |
|
G.Sale Valu.Inv.Secs. |
- |
-0.1 |
0.0 |
- |
- |
|
L on val. LT inv't in secs. |
- |
- |
0.0 |
0.3 |
0.0 |
|
G on the sale of fixed assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Loss on retire. of fixed asset |
- |
- |
- |
0.5 |
0.4 |
|
Loss (gain) on sales and retirement of n |
0.2 |
0.7 |
0.5 |
- |
- |
|
Susidies for new industry |
- |
- |
- |
- |
0.0 |
|
G/L on liquidation of subs. |
- |
0.0 |
- |
- |
- |
|
Received Subsidy |
- |
- |
0.0 |
-0.4 |
-0.3 |
|
Rev G on prior years' sales taxes |
- |
- |
- |
0.0 |
-0.1 |
|
Prior period's tax arrears-overseas sub. |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in notes and account |
1.6 |
12.1 |
-22.4 |
57.5 |
4.7 |
|
Increase (decrease) in notes and account |
0.3 |
-3.4 |
9.2 |
-21.3 |
-1.3 |
|
Decrease (increase) in inventories |
-14.7 |
-6.5 |
28.6 |
-3.6 |
-14.7 |
|
Increase (decrease) in accounts payable- |
-0.4 |
1.1 |
0.9 |
-3.6 |
-0.3 |
|
Other Pybl.Pension Related |
- |
- |
- |
0.0 |
-0.9 |
|
Business Tax Pybl. |
- |
0.0 |
0.2 |
-0.2 |
0.0 |
|
Sale Tax Pybl. |
- |
- |
- |
0.0 |
-0.3 |
|
Other Asset&Liab. |
- |
- |
- |
- |
0.6 |
|
Increase (decrease) in cash and cash equ |
2.0 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
0.0 |
-2.1 |
1.3 |
-0.2 |
- |
|
Bonus to Directors |
- |
- |
- |
- |
0.0 |
|
Int. & Div. Received |
0.8 |
0.8 |
0.5 |
0.9 |
0.9 |
|
Subsidy Rcvd. |
- |
0.0 |
1.1 |
0.3 |
0.2 |
|
Withdrawal of business expenses |
- |
- |
0.0 |
-0.2 |
0.0 |
|
Interest Paid |
-0.1 |
-0.2 |
-0.2 |
-0.5 |
-0.4 |
|
Withdrawal of business received |
- |
0.0 |
0.3 |
0.0 |
- |
|
Taxes Paid |
-11.3 |
-9.8 |
-1.5 |
-18.1 |
-20.3 |
|
Taxes Refund |
- |
0.1 |
8.5 |
0.0 |
- |
|
Newly Consoli. |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
- |
0.1 |
- |
- |
|
Cash from Operating Activities |
16.7 |
50.6 |
72.8 |
59.6 |
40.4 |
|
|
|
|
|
|
|
|
Purchase of short-term investment securi |
-10.1 |
- |
- |
- |
- |
|
Time Depo.Made |
-33.1 |
-17.6 |
-16.1 |
0.0 |
-4.4 |
|
Time Depo.Matured |
31.8 |
17.5 |
1.6 |
8.0 |
4.4 |
|
Purchase of marketable sec. |
- |
0.0 |
- |
0.0 |
-0.9 |
|
Sale/Redemption of marketable sec. |
- |
0.0 |
1.1 |
0.0 |
0.0 |
|
Sale/redempt.LT investment in securities |
0.0 |
1.3 |
0.0 |
- |
- |
|
Purchase of property, plant and equipmen |
-21.6 |
-5.9 |
-2.8 |
-23.7 |
-52.9 |
|
Sale of Assets |
- |
- |
0.0 |
0.7 |
0.0 |
|
Purchase of LT investment in securities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans Made |
- |
- |
0.0 |
0.0 |
-0.2 |
|
Collection on Loans |
- |
- |
0.0 |
0.0 |
0.3 |
|
Purchase of intangible assets |
-3.4 |
-0.7 |
-1.0 |
-0.6 |
-2.1 |
|
Long-term prepaid expenses made |
- |
- |
- |
- |
0.0 |
|
Other investments made |
- |
- |
- |
- |
0.0 |
|
Other investments collected |
- |
- |
- |
- |
0.0 |
|
Other, net |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Cash from Investing Activities |
-36.4 |
-5.5 |
-17.2 |
-15.7 |
-55.7 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
0.0 |
-1.0 |
0.4 |
-4.8 |
2.5 |
|
Long-term debts, issued |
- |
- |
- |
0.0 |
4.9 |
|
Repayment of long-term loans payable |
-1.0 |
-1.0 |
-1.0 |
-1.1 |
0.0 |
|
Treasury Stock,net |
- |
- |
- |
- |
0.9 |
|
Proceeds from exercise of stock option |
- |
0.0 |
0.2 |
0.0 |
- |
|
Purch. of treasury stock |
-24.3 |
-12.0 |
-7.3 |
-7.5 |
- |
|
Cash Dividends |
-12.3 |
-10.1 |
-7.8 |
-12.6 |
-11.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-37.7 |
-24.2 |
-15.6 |
-26.1 |
-2.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.8 |
-2.0 |
0.2 |
-6.2 |
0.2 |
|
Net increase (decrease) in cash and cash |
-59.3 |
19.0 |
40.2 |
11.6 |
-18.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
206.0 |
170.8 |
117.3 |
96.8 |
103.1 |
|
Net Cash - Ending Balance |
146.6 |
189.8 |
157.5 |
108.5 |
85.1 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.5 |
0.4 |
|
Cash Taxes Paid |
11.3 |
9.7 |
-7.1 |
18.1 |
20.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.