MIRA
INFORM REPORT
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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MIRAIAL CO., LTD. |
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Registered Office : |
Nissei Ikebukuro Bldg., 1-24-1, Higashi-Ikebukuro, Toshima-ku, Tokyo,
170-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
08.07.1968 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the plastic molding business |
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No. of Employees : |
585 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest economy
in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source : CIA |
Company name & address
Miraial Co., Ltd.
Nissei Ikebukuro Bldg.
1-24-1, Higashi-Ikebukuro, Toshima-ku
Tokyo, 170-0013
Japan
Tel: 81-3-39863781
Fax: 81-3-39863853
Web: www.miraial.co.jp
Synthesis
Employees: 585
Company Type: Public Parent
Corporate Family: 2
Companies
Traded: Tokyo
Stock Exchange: 4238
Incorporation Date:
08-Jul-1968
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Jan-2012
Reporting Currency: Japanese
Yen
Annual Sales: 149.8
1
Net Income: 17.0
Total Assets: 265.9
2
Market Value: 180.7
(05-Oct-2012)
Business Description
Miraial Co., Ltd. is mainly engaged in the plastic molding business. The
Company operates in two business segments. The Plastic Molding segment is
engaged in the manufacture and sale of semiconductor products, including
shipping containers and in-process containers for silicon wafer, fluid system
products, electronic parts and molds. The Forming Equipment segment is engaged
in the manufacture and sale of vertical forming equipment, molds and other
related products. As of January 31, 2012, the Company has one consolidated
subsidiary and one non-consolidated subsidiary. For the six months ended 31
July 2012, Miraial Co., Ltd. revenues increased 5% to Y6.29B. Net income
increased 35% to Y869.5M. Revenues reflect Plastic Molding Business segment
increase of 7% to Y5.43B. Net income benefited from Plastic Molding Business
segment income increase of 8% to Y1.64B, Molding machine business segment
income increase of 43% to Y96.2M. Dividend per share remained flat at Y30.00.
Basic Earnings per Share excluding Extraordinary Items
Industry
Industry Semiconductors
ANZSIC 2006: 2429 - Other
Electronic Equipment Manufacturing
NACE 2002: 3210 - Manufacture
of electronic valves and tubes and other electronic components
NAICS 2002: 334413 - Semiconductor
and Related Device Manufacturing
UK SIC 2003: 3210 - Manufacture
of electronic valves and tubes and other electronic components
UK SIC 2007: 2611 - Manufacture
of electronic components
US SIC 1987: 3674 -
Semiconductors and Related Devices
Key Executives
|
Name |
Title |
|
Shinichi Waki |
Senior Managing Director |
|
Osamu Ichii |
Senior Director of Sales & Business Development Unit, Director |
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Yoshiaki Shida |
Senior Director of Tokyo Technology Unit, Director |
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Satoshi Kominami |
Senior Managing Director-Kumamoto |
|
Motohiro Morita |
Co-Auditor |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Other Earnings Pre-Announcement |
1 |
Miraial Co., Ltd. Announces Consolidated Full-year Outlook for FY 2012 |
17-Nov-2011 |
|
Dividends |
1 |
Miraial Co., Ltd. Announces Dividend Payment for FY Ended January 2012 |
23-Mar-2012 |
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Exchange Changes |
2 |
Miraial Co., Ltd. to Apply for Delisting Shares from Jasdaqu Market of
Osaka Securities ExchangeĂ¡Ă¡ |
9-Dec-2011 |
*number of significant developments within the last 12 months,
News
|
Title |
Date |
|
Miraial 1Q Grp Net Pft Y323.00M Vs
Y199.00M Pft Yr Earlier |
8-Jun-2012 |
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Miraial Expects This FY Group Net Profit Y1.24B |
8-Jun-2012 |
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Miraial Expects This FY Group Net Profit
Y1.44B |
9-Dec-2011 |
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Autoparts, Materials Makers Among Most
Undervalued |
7-Dec-2011 |
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.23328
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 76.31712
Corporate Overview
Location
Nissei Ikebukuro Bldg.
1-24-1, Higashi-Ikebukuro, Toshima-ku
Tokyo, 170-0013
Japan
Tel: 81-3-39863781
Fax: 81-3-39863853
Web: www.miraial.co.jp
Quote Symbol - Exchange
4238 - Tokyo Stock
Exchange
Sales JPY(mil): 11,867.3
Assets JPY(mil): 20,294.9
Employees: 585
Fiscal Year End: 31-Jan-2012
Industry: Semiconductors
Incorporation Date: 08-Jul-1968
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the Board,
Chairman of Subsidiary,
Representative Director: Yukihiro
Hyobu
Company Web Links
Corporate History/Profile
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Shareholders
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2429 - Other Electronic Equipment Manufacturing
2463 - Machine Tool and Parts Manufacturing
NACE 2002 Codes:
3210 - Manufacture of electronic valves and tubes and other
electronic components
2862 - Manufacture of tools
NAICS 2002 Codes:
334413 - Semiconductor and Related Device Manufacturing
334419 - Other Electronic Component Manufacturing
333514 - Special Die and Tool, Die Set, Jig, and Fixture
Manufacturing
US SIC 1987:
3674 - Semiconductors and Related Devices
3679 - Electronic Components, Not Elsewhere Classified
3544 - Special Dies and Tools, Die Sets, Jigs and Fixtures, and
Industrial Molds
UK SIC 2003:
3210 - Manufacture of electronic valves and tubes and other
electronic components
2862 - Manufacture of tools
UK SIC 2007:
2611 - Manufacture of electronic components
2573 - Manufacture of tools
Business
Description
Miraial Co., Ltd.
is mainly engaged in the plastic molding business. The Company operates in two
business segments. The Plastic Molding segment is engaged in the manufacture
and sale of semiconductor products, including shipping containers and
in-process containers for silicon wafer, fluid system products, electronic
parts and molds. The Forming Equipment segment is engaged in the manufacture
and sale of vertical forming equipment, molds and other related products. As of
January 31, 2012, the Company has one consolidated subsidiary and one non-consolidated
subsidiary. For the six months ended 31 July 2012, Miraial Co., Ltd. revenues
increased 5% to Y6.29B. Net income increased 35% to Y869.5M. Revenues reflect
Plastic Molding Business segment increase of 7% to Y5.43B. Net income benefited
from Plastic Molding Business segment income increase of 8% to Y1.64B, Molding
machine business segment income increase of 43% to Y96.2M. Dividend per share
remained flat at Y30.00. Basic Earnings per Share excluding Extraordinary Items
More Business
Descriptions
· Production of silicon wafers for semiconductor related wafers
Semiconductor
Products Mfr
Semiconductor
and Other Electronic Component Manufacturing
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Corporate Family |
Corporate
Structure News: |
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Miraial
Co., Ltd. |
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Miraial Co., Ltd. |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Miraial Co., Ltd. |
Parent |
Tokyo |
Japan |
Semiconductors |
149.8 |
585 |
|
Sanjo Seiki Co.,Ltd. |
Subsidiary |
Toshima-Ku, Tokyo |
Japan |
Miscellaneous Capital Goods |
1.0 |
170 |
Executive report
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Board of
Directors |
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Chairman of the Board, Chairman of Subsidiary, Representative Director |
Chairman |
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Manager of Kumamoto Business Center, Director |
Director/Board Member |
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Senior Director of Sales & Business Development Unit, Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Senior Director of Tokyo Technology Unit, Director |
Director/Board Member |
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Senior Managing Director |
Director/Board Member |
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Manager of Business Planning Office, President of Subsidiary, Director |
Director/Board Member |
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Executives |
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Manager of Business Planning Office, President of Subsidiary, Director |
Division Head Executive |
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Senior Managing Director-Kumamoto |
Managing Director |
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Senior Managing Director |
Managing Director |
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Co-Auditor |
Finance Executive |
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Auditor |
Accounting Executive |
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Corporate Auditor |
Accounting Executive |
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Auditor |
Accounting Executive |
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Senior Director of Sales & Business Development Unit, Director |
Sales Executive |
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Director-Sales |
Sales Executive |
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Director-Production & Technology |
Information Executive |
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Senior Director of Tokyo Technology Unit, Director |
Engineering/Technical Executive |
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Significant Developments
Miraial Co., Ltd. Announces Dividend Payment for FY Ended January 2012 Mar 23, 2012
Miraial Co., Ltd. announced that it will issue dividend of JPY 30 per share, or JPY 303 million in total, effective April 25, 2012, in line with a forecast of JPY 30 per share announced on March 11, 2011, from retained earnings to shareholders as of January 31, 2012.
Miraial Co., Ltd. to Apply for Delisting Shares from Jasdaqu Market of Osaka Securities ExchangeĂ¡Ă¡ Dec 09, 2011
Miraial Co., Ltd. announced that it has decided to apply for delisting its stock from the Jasdaq market of Osaka Securities Exchange in order to save cost. The application will be submitted on December 12, 2011.
Miraial Co., Ltd. Announces Consolidated Full-year Outlook for FY 2012 Nov 17, 2011
Miraial Co., Ltd. announced its consolidated full-year outlook for revenue of JPY 11,940 million, operating profit of JPY 2,440 million, net profit of JPY 2,640 million, net profit of JPY 1,440 million and earning per share of JPY 142.30, for the fiscal year ending January 2012.
Miraial Co., Ltd. to Begin Trading on Tokyo Stock Exchange Second Section; Announces Changes in Shareholding Structure Oct 28, 2011
Miraial Co., Ltd. announced that it will begin trading its shares on Tokyo Stock Exchange second section effective November 18, 2011. The Company also announced that there will be some changes in its shareholding structure effective November 18, 2011. Satoshi Kominami will become the sixth major shareholder of the Company, with 6.60% voting rights (6,680 voting rights) in the Company, down from 13.52% (13,680 voting rights).
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.233287 |
87.039536 |
93.710233 |
102.125601 |
116.710806 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
149.8 |
137.2 |
103.9 |
137.3 |
147.0 |
|
Revenue |
149.8 |
137.2 |
103.9 |
137.3 |
147.0 |
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Total Revenue |
149.8 |
137.2 |
103.9 |
137.3 |
147.0 |
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Cost of Revenue |
96.0 |
81.4 |
67.3 |
92.9 |
83.8 |
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Cost of Revenue, Total |
96.0 |
81.4 |
67.3 |
92.9 |
83.8 |
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Gross Profit |
53.8 |
55.8 |
36.7 |
44.4 |
63.2 |
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Selling/General/Administrative Expense |
15.6 |
13.5 |
11.6 |
14.4 |
12.6 |
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Labor & Related Expense |
7.6 |
6.8 |
5.6 |
6.4 |
4.7 |
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Total Selling/General/Administrative Expenses |
23.2 |
20.3 |
17.1 |
20.9 |
17.2 |
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Research & Development |
1.1 |
1.7 |
1.5 |
2.8 |
2.7 |
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Depreciation |
1.0 |
0.8 |
0.4 |
0.2 |
0.1 |
|
Amortization of Acquisition Costs |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
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Depreciation/Amortization |
-0.4 |
-0.5 |
-0.7 |
-0.9 |
-1.2 |
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Restructuring Charge |
- |
0.0 |
0.3 |
0.0 |
- |
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Litigation |
- |
0.0 |
0.7 |
0.0 |
- |
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Impairment-Assets Held for Use |
1.3 |
1.1 |
4.0 |
2.4 |
0.4 |
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Impairment-Assets Held for Sale |
0.5 |
0.0 |
0.0 |
0.4 |
0.0 |
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Other Unusual Expense (Income) |
-0.1 |
-4.3 |
-1.3 |
0.0 |
-0.5 |
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Unusual Expense (Income) |
1.7 |
-3.2 |
3.8 |
2.8 |
-0.2 |
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Total Operating Expense |
121.6 |
99.7 |
89.0 |
118.5 |
102.3 |
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Operating Income |
28.2 |
37.5 |
14.9 |
18.8 |
44.6 |
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Interest Expense -
Non-Operating |
-0.1 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
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Interest Expense, Net Non-Operating |
-0.1 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
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Interest Income -
Non-Operating |
0.3 |
0.3 |
0.3 |
0.2 |
0.4 |
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Investment Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
-0.4 |
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Interest/Investment Income - Non-Operating |
0.3 |
0.3 |
0.3 |
0.2 |
0.0 |
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Interest Income (Expense) - Net Non-Operating Total |
0.2 |
0.1 |
0.1 |
0.0 |
-0.3 |
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Gain (Loss) on Sale of Assets |
0.5 |
0.1 |
0.1 |
0.0 |
0.0 |
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Other Non-Operating Income (Expense) |
1.1 |
2.1 |
1.9 |
1.2 |
0.7 |
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Other, Net |
1.1 |
2.1 |
1.9 |
1.2 |
0.7 |
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Income Before Tax |
30.0 |
39.8 |
17.0 |
19.9 |
45.1 |
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Total Income Tax |
13.1 |
14.7 |
8.0 |
8.2 |
17.4 |
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Income After Tax |
17.0 |
25.1 |
9.0 |
11.7 |
27.7 |
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Minority Interest |
0.1 |
0.1 |
1.2 |
1.1 |
-0.3 |
|
Net Income Before Extraord Items |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
|
Net Income |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
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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 |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
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Income Available to Common Incl Extraord Items |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
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Basic/Primary Weighted Average Shares |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
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Basic EPS Excl Extraord Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
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Basic/Primary EPS Incl Extraord Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
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Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Diluted Net Income |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
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Diluted Weighted Average Shares |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
Diluted EPS Excl Extraord Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
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Diluted EPS Incl Extraord Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
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Dividends per Share - Common Stock Primary Issue |
0.76 |
0.69 |
0.32 |
0.59 |
0.51 |
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Gross Dividends - Common Stock |
7.7 |
7.0 |
3.2 |
5.9 |
5.2 |
|
Interest Expense, Supplemental |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Depreciation, Supplemental |
6.0 |
6.9 |
9.6 |
12.5 |
10.4 |
|
Total Special Items |
-0.2 |
-4.5 |
2.6 |
1.8 |
-1.5 |
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Normalized Income Before Tax |
29.9 |
35.3 |
19.6 |
21.7 |
43.6 |
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|
|
|
|
|
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Effect of Special Items on Income Taxes |
0.5 |
-1.2 |
1.8 |
1.2 |
-0.1 |
|
Inc Tax Ex Impact of Sp Items |
13.6 |
13.5 |
9.7 |
9.4 |
17.3 |
|
Normalized Income After Tax |
16.3 |
21.7 |
9.8 |
12.3 |
26.3 |
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|
|
|
|
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Normalized Inc. Avail to Com. |
16.3 |
21.9 |
11.0 |
13.4 |
26.0 |
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Basic Normalized EPS |
1.61 |
2.16 |
1.09 |
1.32 |
2.57 |
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Diluted Normalized EPS |
1.61 |
2.16 |
1.09 |
1.32 |
2.57 |
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Amort of Acquisition Costs, Supplemental |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
|
Research & Development Exp, Supplemental |
1.1 |
1.7 |
1.5 |
2.8 |
2.7 |
|
Reported Operating Profit |
29.0 |
33.4 |
17.7 |
20.5 |
43.2 |
|
Reported Ordinary Profit |
31.2 |
36.5 |
20.7 |
22.8 |
45.7 |
|
Normalized EBIT |
30.0 |
34.3 |
18.7 |
21.6 |
44.5 |
|
Normalized EBITDA |
34.6 |
40.0 |
27.2 |
33.0 |
53.6 |
|
Interest Cost - Domestic |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
1.4 |
1.1 |
1.0 |
1.8 |
0.8 |
|
Prior Service Cost - Domestic |
-0.2 |
-0.2 |
-0.2 |
0.0 |
- |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
0.2 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Domestic Pension Plan Expense |
1.5 |
1.0 |
0.9 |
2.0 |
0.9 |
|
Total Pension Expense |
1.5 |
1.0 |
0.9 |
2.0 |
0.9 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
|
Total Plan Interest Cost |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
1.4 |
1.1 |
1.0 |
1.8 |
0.8 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
76.317126 |
81.93 |
90.655 |
89.58 |
106.325 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
137.8 |
118.0 |
95.5 |
68.5 |
51.0 |
|
Short Term Investments |
- |
- |
- |
- |
0.0 |
|
Cash and Short Term Investments |
137.8 |
118.0 |
95.5 |
68.5 |
51.0 |
|
Accounts Receivable -
Trade, Gross |
29.9 |
30.9 |
24.5 |
24.3 |
33.3 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
|
Trade Accounts Receivable - Net |
29.8 |
30.8 |
24.4 |
24.2 |
33.2 |
|
Total Receivables, Net |
29.8 |
30.8 |
24.4 |
24.2 |
33.2 |
|
Inventories - Finished Goods |
4.8 |
3.8 |
3.4 |
5.3 |
- |
|
Inventories - Work In Progress |
5.1 |
4.5 |
3.3 |
4.8 |
- |
|
Inventories - Raw Materials |
2.1 |
1.4 |
0.8 |
1.3 |
- |
|
Total Inventory |
12.0 |
9.8 |
7.6 |
11.3 |
14.7 |
|
Deferred Income Tax - Current Asset |
2.6 |
2.7 |
2.2 |
1.8 |
1.6 |
|
Other Current Assets |
2.3 |
1.3 |
1.5 |
2.1 |
1.4 |
|
Other Current Assets, Total |
4.9 |
4.1 |
3.7 |
3.9 |
2.9 |
|
Total Current Assets |
184.4 |
162.6 |
131.1 |
108.0 |
101.8 |
|
|
|
|
|
|
|
|
Buildings |
64.3 |
61.5 |
55.9 |
56.3 |
47.3 |
|
Land/Improvements |
28.2 |
28.5 |
26.6 |
27.3 |
21.6 |
|
Machinery/Equipment |
74.9 |
72.8 |
66.8 |
66.4 |
55.4 |
|
Construction in
Progress |
1.1 |
0.0 |
- |
- |
0.0 |
|
Other
Property/Plant/Equipment |
48.5 |
44.8 |
41.2 |
42.2 |
33.9 |
|
Property/Plant/Equipment - Gross |
217.0 |
207.6 |
190.5 |
192.2 |
158.2 |
|
Accumulated Depreciation |
-150.4 |
-140.0 |
-122.0 |
-110.2 |
-81.5 |
|
Property/Plant/Equipment - Net |
66.6 |
67.5 |
68.5 |
82.1 |
76.7 |
|
Intangibles, Net |
0.8 |
0.7 |
0.5 |
0.5 |
0.5 |
|
LT Investment - Affiliate Companies |
0.1 |
0.5 |
- |
- |
- |
|
LT Investments - Other |
0.2 |
0.4 |
0.6 |
0.5 |
0.8 |
|
Long Term Investments |
0.3 |
0.9 |
0.6 |
0.5 |
0.8 |
|
Deferred Income Tax - Long Term Asset |
2.4 |
2.7 |
2.5 |
0.0 |
- |
|
Other Long Term Assets |
11.4 |
12.1 |
13.1 |
23.0 |
18.6 |
|
Other Long Term Assets, Total |
13.8 |
14.8 |
15.7 |
23.0 |
18.6 |
|
Total Assets |
265.9 |
246.5 |
216.3 |
214.1 |
198.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
19.9 |
15.2 |
11.6 |
10.1 |
14.1 |
|
Accrued Expenses |
3.8 |
3.5 |
3.0 |
3.2 |
1.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
1.6 |
2.9 |
3.8 |
4.2 |
3.4 |
|
Income Taxes Payable |
5.5 |
10.8 |
7.7 |
0.0 |
9.7 |
|
Other Current Liabilities |
6.6 |
5.5 |
5.6 |
8.3 |
10.2 |
|
Other Current liabilities, Total |
12.1 |
16.3 |
13.3 |
8.3 |
19.9 |
|
Total Current Liabilities |
37.3 |
38.0 |
31.8 |
25.8 |
38.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
1.7 |
5.6 |
7.6 |
11.4 |
13.2 |
|
Total Long Term Debt |
1.7 |
5.6 |
7.6 |
11.4 |
13.2 |
|
Total Debt |
3.3 |
8.5 |
11.4 |
15.6 |
16.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
3.9 |
3.2 |
2.9 |
3.4 |
2.9 |
|
Deferred Income Tax |
3.9 |
3.2 |
2.9 |
3.4 |
2.9 |
|
Minority Interest |
0.0 |
0.9 |
10.6 |
12.0 |
11.2 |
|
Pension Benefits - Underfunded |
7.2 |
6.3 |
5.6 |
8.0 |
6.0 |
|
Other Long Term Liabilities |
2.2 |
2.5 |
3.5 |
4.8 |
4.5 |
|
Other Liabilities, Total |
9.4 |
8.8 |
9.1 |
12.7 |
10.5 |
|
Total Liabilities |
52.4 |
56.5 |
62.1 |
65.2 |
76.8 |
|
|
|
|
|
|
|
|
Common Stock |
14.6 |
13.6 |
12.3 |
12.4 |
10.4 |
|
Common Stock |
14.6 |
13.6 |
12.3 |
12.4 |
10.4 |
|
Additional Paid-In Capital |
17.2 |
16.0 |
14.5 |
14.6 |
12.3 |
|
Retained Earnings (Accumulated Deficit) |
182.1 |
160.6 |
127.7 |
121.9 |
99.0 |
|
Treasury Stock - Common |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Unrealized Gain (Loss) |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Equity |
213.6 |
190.0 |
154.3 |
148.8 |
121.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
265.9 |
246.5 |
216.3 |
214.1 |
198.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
Total Common Shares Outstanding |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
585 |
612 |
611 |
678 |
641 |
|
Number of Common Shareholders |
3,707 |
2,184 |
2,121 |
2,439 |
2,326 |
|
Total Long Term Debt, Supplemental |
3.3 |
8.6 |
11.6 |
15.6 |
16.6 |
|
Long Term Debt Maturing within 1 Year |
1.3 |
2.8 |
3.8 |
4.2 |
3.4 |
|
Long Term Debt Maturing in Year 2 |
1.2 |
2.6 |
2.6 |
3.9 |
3.6 |
|
Long Term Debt Maturing in Year 3 |
0.5 |
2.1 |
2.4 |
2.6 |
3.3 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
0.7 |
1.9 |
2.3 |
2.2 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
0.2 |
0.6 |
1.8 |
2.0 |
|
Long Term Debt Maturing in 2-3 Years |
1.7 |
4.8 |
4.9 |
6.4 |
6.8 |
|
Long Term Debt Maturing in 4-5 Years |
0.0 |
0.8 |
2.5 |
4.2 |
4.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.3 |
0.2 |
0.3 |
0.8 |
2.2 |
|
Total Capital Leases, Supplemental |
1.0 |
0.7 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.3 |
0.2 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.3 |
0.2 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.2 |
0.2 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.5 |
0.3 |
0.1 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.2 |
0.2 |
0.0 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
- |
- |
- |
|
Pension Obligation - Domestic |
15.3 |
13.2 |
10.6 |
11.0 |
9.5 |
|
Plan Assets - Domestic |
10.1 |
8.9 |
7.6 |
7.7 |
7.0 |
|
Funded Status - Domestic |
-5.2 |
-4.3 |
-3.0 |
-3.2 |
-2.5 |
|
Total Funded Status |
-5.2 |
-4.3 |
-3.0 |
-3.2 |
-2.5 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
|
Accrued Liabilities - Domestic |
-5.3 |
-4.5 |
-4.0 |
-4.1 |
-2.3 |
|
Other Assets, Net - Domestic |
-0.1 |
-0.3 |
-1.0 |
-0.9 |
0.2 |
|
Net Assets Recognized on Balance Sheet |
-5.4 |
-4.8 |
-5.0 |
-5.1 |
-2.1 |
|
Total Plan Obligations |
15.3 |
13.2 |
10.6 |
11.0 |
9.5 |
|
Total Plan Assets |
10.1 |
8.9 |
7.6 |
7.7 |
7.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-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) |
79.233287 |
87.039536 |
93.710233 |
102.125601 |
116.710806 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
30.0 |
39.8 |
17.0 |
19.9 |
45.1 |
|
Depreciation |
6.0 |
6.9 |
9.6 |
12.5 |
10.4 |
|
Depreciation/Depletion |
6.0 |
6.9 |
9.6 |
12.5 |
10.4 |
|
Amortization of Acquisition Costs |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
|
Amortization |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
|
Unusual Items |
0.3 |
-2.7 |
3.0 |
1.9 |
0.3 |
|
Other Non-Cash Items |
-0.1 |
0.2 |
-1.3 |
1.3 |
-0.1 |
|
Non-Cash Items |
0.2 |
-2.5 |
1.6 |
3.3 |
0.1 |
|
Accounts Receivable |
3.2 |
-3.6 |
-0.4 |
13.3 |
2.3 |
|
Inventories |
-1.4 |
-1.3 |
3.5 |
5.3 |
-3.0 |
|
Other Assets |
-1.1 |
-0.2 |
-0.1 |
0.2 |
-0.6 |
|
Accounts Payable |
3.5 |
2.2 |
1.6 |
-5.9 |
-0.6 |
|
Accrued Expenses |
0.0 |
0.2 |
-0.1 |
1.2 |
0.3 |
|
Taxes Payable |
-1.0 |
0.2 |
-1.3 |
1.6 |
0.0 |
|
Other Liabilities |
0.7 |
-1.0 |
-0.3 |
-1.7 |
0.6 |
|
Other Operating Cash Flow |
-17.5 |
-12.8 |
-1.4 |
-18.8 |
-21.1 |
|
Changes in Working Capital |
-13.6 |
-16.2 |
1.5 |
-4.8 |
-22.1 |
|
Cash from Operating Activities |
21.3 |
26.7 |
28.5 |
29.8 |
32.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.4 |
-0.8 |
-1.8 |
-10.4 |
-25.7 |
|
Capital Expenditures |
-1.4 |
-0.8 |
-1.8 |
-10.4 |
-25.7 |
|
Acquisition of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
2.4 |
1.2 |
0.1 |
0.2 |
0.0 |
|
Sale/Maturity of Investment |
0.4 |
8.4 |
11.2 |
0.0 |
9.7 |
|
Investment, Net |
- |
- |
0.0 |
0.0 |
3.7 |
|
Purchase of Investments |
-36.1 |
-14.3 |
-27.8 |
0.0 |
-3.6 |
|
Other Investing Cash Flow |
0.2 |
1.8 |
0.8 |
0.1 |
-0.5 |
|
Other Investing Cash Flow Items, Total |
-33.1 |
-2.9 |
-15.7 |
0.2 |
9.4 |
|
Cash from Investing Activities |
-34.5 |
-3.8 |
-17.6 |
-10.2 |
-16.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
- |
- |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-7.7 |
-7.0 |
-3.2 |
-8.9 |
-3.9 |
|
Total Cash Dividends Paid |
-7.7 |
-7.0 |
-3.2 |
-8.9 |
-3.9 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Issued |
- |
0.0 |
2.7 |
0.0 |
- |
|
Long Term Debt
Reduction |
-5.9 |
-4.1 |
-6.5 |
-3.6 |
-4.1 |
|
Long Term Debt, Net |
-5.9 |
-4.1 |
-3.8 |
-3.6 |
-4.1 |
|
Issuance (Retirement) of Debt, Net |
-5.9 |
-4.1 |
-3.8 |
-3.6 |
-4.1 |
|
Cash from Financing Activities |
-13.6 |
-11.1 |
-7.1 |
-12.6 |
-8.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-26.7 |
11.8 |
3.9 |
7.0 |
7.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
93.8 |
73.6 |
64.4 |
52.1 |
37.6 |
|
Net Cash - Ending Balance |
67.1 |
85.4 |
68.3 |
59.1 |
45.6 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Cash Taxes Paid |
17.6 |
12.8 |
1.4 |
18.8 |
20.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-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) |
79.233287 |
87.039536 |
93.710233 |
102.125601 |
116.710806 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
149.8 |
137.2 |
103.9 |
137.3 |
147.0 |
|
Total Revenue |
149.8 |
137.2 |
103.9 |
137.3 |
147.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
96.0 |
81.4 |
67.3 |
92.9 |
83.8 |
|
Sales Commission cost |
2.0 |
1.5 |
1.7 |
2.2 |
2.0 |
|
Freight-out costs |
4.2 |
3.3 |
2.2 |
2.6 |
3.0 |
|
Director's remuneration |
1.9 |
1.6 |
1.3 |
1.7 |
1.4 |
|
Salaries |
4.8 |
4.4 |
3.6 |
3.8 |
2.9 |
|
Allowance for Bonuses |
0.6 |
0.6 |
0.5 |
0.5 |
0.3 |
|
Accrued Retirement Expenses |
0.3 |
0.2 |
0.1 |
0.4 |
0.2 |
|
Depreciation |
0.6 |
0.4 |
0.3 |
0.2 |
0.1 |
|
Commission expenses |
1.8 |
1.8 |
1.8 |
2.8 |
1.8 |
|
Research & Development Expenses |
1.1 |
1.7 |
1.5 |
2.8 |
2.7 |
|
Other Selling, General & Administrative |
7.5 |
6.9 |
5.8 |
6.9 |
5.7 |
|
SP Reversal-Doubtful Account Allowance |
-0.1 |
- |
-0.1 |
0.0 |
- |
|
SP Reversal G on bonus reserve |
-0.5 |
0.0 |
-0.1 |
0.0 |
- |
|
SP Reserve for Product Warranty |
0.0 |
0.0 |
-0.1 |
0.0 |
- |
|
SP Promotion subsidy for corp. location |
0.0 |
-2.3 |
0.0 |
- |
- |
|
SP Gain on negative goodwill |
-0.3 |
-2.0 |
0.0 |
- |
- |
|
SP Reserve for dir.'s retire. payables |
- |
0.0 |
-1.0 |
0.0 |
- |
|
SP Subsidies received |
- |
- |
0.0 |
0.0 |
-0.5 |
|
SP Insurance income |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP Other Special Gains |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP Retirement Loss-Fixed Assets |
0.7 |
0.9 |
0.1 |
1.0 |
0.3 |
|
SP Assets impairment losses |
0.6 |
0.2 |
4.0 |
1.4 |
0.0 |
|
SP L on val. of LT inv't. secs. |
0.5 |
0.0 |
0.0 |
0.4 |
0.0 |
|
SP Business restructuring losses |
- |
0.0 |
0.3 |
0.0 |
- |
|
SP Loss on litigation |
- |
0.0 |
0.7 |
0.0 |
- |
|
SP L on val. of memberships |
- |
- |
- |
- |
0.0 |
|
SP L on acct. change on assets retire. |
0.8 |
0.0 |
- |
- |
- |
|
SP Other Special losses |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
NOP Amort. of negative goodwill |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
|
NOP Depreciation |
0.4 |
0.4 |
0.1 |
0.0 |
- |
|
Total Operating Expense |
121.6 |
99.7 |
89.0 |
118.5 |
102.3 |
|
|
|
|
|
|
|
|
SP G on sale of fixed assets |
0.7 |
0.2 |
0.1 |
0.1 |
0.0 |
|
SP L on sale of fixed assets. |
-0.1 |
-0.1 |
0.0 |
-0.2 |
0.0 |
|
SP L on sale of affiliated securities |
- |
- |
- |
0.0 |
-0.8 |
|
NOP Interest Income |
0.3 |
0.3 |
0.3 |
0.2 |
0.1 |
|
NOP Interest on marketable securities |
- |
- |
- |
0.0 |
0.3 |
|
NOP Dividend Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Income-Insurance Cancelled |
1.5 |
1.8 |
1.0 |
0.9 |
0.4 |
|
NOP Rental Income |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
NOP Subsidies Income |
- |
0.0 |
0.7 |
0.0 |
- |
|
NOP G on sale LT inv't.secs. |
0.0 |
0.0 |
0.0 |
0.0 |
0.7 |
|
NOP Other Non-operating Income |
0.2 |
0.2 |
0.1 |
0.1 |
0.2 |
|
NOP Interest Expense |
-0.1 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
NOP L on sale of mkbl.. secs. |
- |
- |
- |
0.0 |
-0.3 |
|
NOP L on sale LT inv't.secs. |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
NOP PO expenses |
-0.6 |
0.0 |
- |
- |
- |
|
NOP Other Non-operating expense |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
30.0 |
39.8 |
17.0 |
19.9 |
45.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.1 |
14.7 |
8.0 |
8.2 |
17.4 |
|
Net Income After Taxes |
17.0 |
25.1 |
9.0 |
11.7 |
27.7 |
|
|
|
|
|
|
|
|
Minority interest |
0.1 |
0.1 |
1.2 |
1.1 |
-0.3 |
|
Net Income Before Extra. Items |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
|
Net Income |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
|
|
|
|
|
|
|
|
Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
|
Basic EPS Including ExtraOrdinary Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
17.0 |
25.2 |
10.2 |
12.8 |
27.4 |
|
Diluted Weighted Average Shares |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
Diluted EPS Excluding ExtraOrd Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
|
Diluted EPS Including ExtraOrd Items |
1.68 |
2.49 |
1.01 |
1.26 |
2.71 |
|
DPS-Common Stock |
0.76 |
0.69 |
0.32 |
0.59 |
0.51 |
|
Gross Dividends - Common Stock |
7.7 |
7.0 |
3.2 |
5.9 |
5.2 |
|
Normalized Income Before Taxes |
29.9 |
35.3 |
19.6 |
21.7 |
43.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
13.6 |
13.5 |
9.7 |
9.4 |
17.3 |
|
Normalized Income After Taxes |
16.3 |
21.7 |
9.8 |
12.3 |
26.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.3 |
21.9 |
11.0 |
13.4 |
26.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.61 |
2.16 |
1.09 |
1.32 |
2.57 |
|
Diluted Normalized EPS |
1.61 |
2.16 |
1.09 |
1.32 |
2.57 |
|
Research and Development |
1.1 |
1.7 |
1.5 |
2.8 |
2.7 |
|
Interest Expense |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Depreciation |
6.0 |
6.9 |
9.6 |
12.5 |
10.4 |
|
Amort. of negative goodwill |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
|
Reported Operating Profit |
29.0 |
33.4 |
17.7 |
20.5 |
43.2 |
|
Reported Ordinary Profit |
31.2 |
36.5 |
20.7 |
22.8 |
45.7 |
|
Service Cost |
1.4 |
1.1 |
1.0 |
1.8 |
0.8 |
|
Interest Cost |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Actuaial Gains and Losses |
0.2 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Prior service cost |
-0.2 |
-0.2 |
-0.2 |
0.0 |
- |
|
Domestic Pension Plan Expense |
1.5 |
1.0 |
0.9 |
2.0 |
0.9 |
|
Total Pension Expense |
1.5 |
1.0 |
0.9 |
2.0 |
0.9 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
76.317126 |
81.93 |
90.655 |
89.58 |
106.325 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Deposit |
137.8 |
118.0 |
95.5 |
68.5 |
51.0 |
|
Accounts & notes receivable, gross |
29.9 |
30.9 |
24.5 |
24.3 |
33.3 |
|
Marketable securities |
- |
- |
- |
- |
0.0 |
|
Inventory |
- |
- |
- |
- |
14.7 |
|
Merchandise & Finished Goods |
4.8 |
3.8 |
3.4 |
5.3 |
- |
|
Work in Progress |
5.1 |
4.5 |
3.3 |
4.8 |
- |
|
Raw Materials & Supplies |
2.1 |
1.4 |
0.8 |
1.3 |
- |
|
Deferred Tax Assets |
2.6 |
2.7 |
2.2 |
1.8 |
1.6 |
|
Other Current Assets |
2.3 |
1.3 |
1.5 |
2.1 |
1.4 |
|
Doubtful Account Allowance |
-0.1 |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
|
Total Current Assets |
184.4 |
162.6 |
131.1 |
108.0 |
101.8 |
|
|
|
|
|
|
|
|
Building and structure, gross |
64.3 |
61.5 |
55.9 |
56.3 |
47.3 |
|
Accum. depr - bldg&struc |
-38.1 |
-35.6 |
-30.5 |
-26.2 |
-20.1 |
|
Machinery and Equipment |
- |
- |
- |
66.4 |
55.4 |
|
Accum. depr - machin&equip. |
- |
- |
- |
-50.0 |
-37.3 |
|
Machineries, Equipment, &Vehicles,gross |
74.9 |
72.8 |
66.8 |
- |
- |
|
Accum. depr & amort. - Machin&Vehicles |
-67.4 |
-63.4 |
-55.8 |
- |
- |
|
Other PPE, gross |
48.5 |
44.8 |
41.2 |
42.2 |
33.9 |
|
Accum. depr - other PPE |
-44.8 |
-41.0 |
-35.7 |
-34.0 |
-24.1 |
|
Land |
28.2 |
28.5 |
26.6 |
27.3 |
21.6 |
|
Construction in Progress |
1.1 |
0.0 |
- |
- |
0.0 |
|
Intangibles |
- |
0.7 |
0.5 |
0.5 |
0.5 |
|
Other Intangibles |
0.8 |
- |
- |
- |
- |
|
Long-term investment in securities |
0.2 |
0.4 |
0.6 |
0.5 |
0.8 |
|
Equity of Affiliated Companies |
0.1 |
0.2 |
- |
- |
- |
|
Bonds-nonconsolidated affiliates |
- |
0.4 |
- |
- |
- |
|
Deferred tax assets |
2.4 |
2.7 |
2.5 |
0.0 |
- |
|
Insurance Reserves |
10.2 |
9.1 |
8.3 |
9.2 |
7.0 |
|
Long-term time deposits |
0.0 |
2.4 |
4.4 |
11.2 |
9.4 |
|
Other Assets |
1.2 |
0.5 |
0.5 |
2.6 |
2.2 |
|
Total Assets |
265.9 |
246.5 |
216.3 |
214.1 |
198.4 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
19.9 |
15.2 |
11.6 |
10.1 |
14.1 |
|
Current portion of long-term loans payab |
1.3 |
2.8 |
3.8 |
4.2 |
3.4 |
|
Current lease obligations |
0.3 |
0.2 |
- |
- |
- |
|
Income Tax Payable |
5.5 |
10.8 |
7.7 |
0.0 |
9.7 |
|
Accrued Bonus |
3.8 |
3.5 |
3.0 |
3.2 |
1.5 |
|
Reserve for order losses |
0.0 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Reserve for product warranties |
0.1 |
0.1 |
0.0 |
0.2 |
0.1 |
|
Other Current Liabilities |
6.5 |
5.2 |
5.6 |
8.1 |
10.0 |
|
Total Current Liabilities |
37.3 |
38.0 |
31.8 |
25.8 |
38.9 |
|
|
|
|
|
|
|
|
Long-term loans payable |
1.7 |
5.6 |
7.6 |
11.4 |
13.2 |
|
Total Long Term Debt |
1.7 |
5.6 |
7.6 |
11.4 |
13.2 |
|
|
|
|
|
|
|
|
Reserve for Accrued Retirement Benefit |
5.3 |
4.5 |
4.0 |
4.1 |
2.3 |
|
Provision for directors'' retirement ben |
1.9 |
1.8 |
1.6 |
3.9 |
3.7 |
|
Deferred tax liabilities (non-current) |
3.9 |
3.2 |
2.9 |
3.4 |
2.9 |
|
Negative goodwill |
0.2 |
1.5 |
2.6 |
3.8 |
4.3 |
|
Other Liabilities |
2.0 |
1.0 |
0.9 |
0.9 |
0.2 |
|
Minority interest |
0.0 |
0.9 |
10.6 |
12.0 |
11.2 |
|
Total Liabilities |
52.4 |
56.5 |
62.1 |
65.2 |
76.8 |
|
|
|
|
|
|
|
|
Common Stock |
14.6 |
13.6 |
12.3 |
12.4 |
10.4 |
|
Paid-in Capital |
17.2 |
16.0 |
14.5 |
14.6 |
12.3 |
|
Retained Earning |
182.1 |
160.6 |
127.7 |
121.9 |
99.0 |
|
Treasury stocks |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Valuation difference on available-for-sa |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Equity |
213.6 |
190.0 |
154.3 |
148.8 |
121.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
265.9 |
246.5 |
216.3 |
214.1 |
198.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
Total Common Shares Outstanding |
10.1 |
10.1 |
10.1 |
10.1 |
10.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
585 |
612 |
611 |
678 |
641 |
|
Shareholders |
3,707 |
2,184 |
2,121 |
2,439 |
2,326 |
|
Long Term Debt Maturing Within 1 Year |
1.3 |
2.8 |
3.8 |
4.2 |
3.4 |
|
Long Term Debt Maturing Within 2 Year |
1.2 |
2.6 |
2.6 |
3.9 |
3.6 |
|
Long Term Debt Maturing Within 3 Year |
0.5 |
2.1 |
2.4 |
2.6 |
3.3 |
|
Long Term Debt Maturing Within 4 Year |
0.0 |
0.7 |
1.9 |
2.3 |
2.2 |
|
Long Term Debt Maturing Within 5 Year |
0.0 |
0.2 |
0.6 |
1.8 |
2.0 |
|
Long Term Debt Remaining Maturities |
0.3 |
0.2 |
0.3 |
0.8 |
2.2 |
|
Total Long Term Debt, Supplemental |
3.3 |
8.6 |
11.6 |
15.6 |
16.6 |
|
Capital Lease Maturing within 1 Year |
0.3 |
0.2 |
0.0 |
- |
- |
|
Capital Lease Maturing within 2 Year |
0.3 |
0.2 |
0.0 |
- |
- |
|
Capital Lease Maturing within 3 Year |
0.2 |
0.2 |
0.0 |
- |
- |
|
Capital Lease Maturing within 4 Year |
0.2 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Maturing within 5 Year |
0.0 |
0.1 |
0.0 |
- |
- |
|
Capital Leases - Remaining Maturities |
0.0 |
0.0 |
- |
- |
- |
|
Total Capital Leases |
1.0 |
0.7 |
0.1 |
- |
- |
|
Pension Obligation |
15.3 |
13.2 |
10.6 |
11.0 |
9.5 |
|
Fair Value of Plan Assets |
10.1 |
8.9 |
7.6 |
7.7 |
7.0 |
|
Funded Status |
-5.2 |
-4.3 |
-3.0 |
-3.2 |
-2.5 |
|
Total Funded Status |
-5.2 |
-4.3 |
-3.0 |
-3.2 |
-2.5 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
|
Unrecognized Actuarial G/L |
0.4 |
0.5 |
-0.1 |
0.2 |
0.2 |
|
Unrecognized Prior Service Cost |
-0.5 |
-0.7 |
-0.9 |
-1.1 |
0.0 |
|
Reserve for Accrued Retirement Benefits |
-5.3 |
-4.5 |
-4.0 |
-4.1 |
-2.3 |
|
Net Assets Recognized on Balance Sheet |
-5.4 |
-4.8 |
-5.0 |
-5.1 |
-2.1 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-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) |
79.233287 |
87.039536 |
93.710233 |
102.125601 |
116.710806 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
30.0 |
39.8 |
17.0 |
19.9 |
45.1 |
|
Depreciation |
6.0 |
6.9 |
9.6 |
12.5 |
10.4 |
|
Impairment losses on assets |
0.6 |
0.2 |
4.0 |
1.4 |
0.0 |
|
Reserve for dir.'s retire. payables |
- |
0.0 |
-1.0 |
0.0 |
- |
|
Gain on negative goodwill |
-0.3 |
-2.0 |
0.0 |
- |
- |
|
Amortization of Negative Goodwill |
-1.4 |
-1.3 |
-1.2 |
-1.1 |
-1.3 |
|
Doubtful Account Allowance |
-0.1 |
0.0 |
-0.1 |
0.1 |
-0.2 |
|
Accrued Bonus |
0.0 |
0.2 |
-0.1 |
1.2 |
0.3 |
|
Reserve for Accrued Retirement Benefit |
0.4 |
0.1 |
-0.1 |
1.2 |
0.1 |
|
Reserve for Director Retirement Benefit |
- |
- |
- |
- |
0.0 |
|
Reserve for products guarantees |
0.0 |
0.0 |
-0.1 |
0.1 |
0.0 |
|
Reserve for order losses |
-0.2 |
0.2 |
0.0 |
-0.1 |
0.1 |
|
Interest and Dividend Income |
-0.3 |
-0.3 |
-0.3 |
-0.2 |
-0.1 |
|
Interest on marketable secs. |
- |
- |
- |
0.0 |
-0.3 |
|
Interest Expense & Interest Exp. on Bond |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Exchange Gain/ Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income-Insurance Cancelled |
-1.5 |
-1.8 |
-1.0 |
-0.9 |
-0.4 |
|
L on sale of affiliated securities |
- |
- |
- |
0.0 |
0.8 |
|
Losses on sale of marketable securities |
- |
- |
- |
0.0 |
0.3 |
|
Gain on sale of LT inv't in securities |
- |
- |
0.0 |
0.0 |
-0.7 |
|
Loss on sale of LT inv't in securities |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
L on val. LT inv't in secs. |
0.5 |
0.0 |
0.0 |
0.4 |
0.0 |
|
Retirement Loss-Fixed Assets |
0.7 |
0.9 |
0.1 |
1.0 |
0.3 |
|
G on the sale of fixed assets |
-0.5 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Loss on adjustment for changes of accoun |
0.8 |
0.0 |
- |
- |
- |
|
L on the sale of fixed assets |
- |
- |
- |
0.2 |
0.0 |
|
Account Receivable |
3.2 |
-3.6 |
-0.4 |
13.3 |
2.3 |
|
Inventory |
-1.4 |
-1.3 |
3.5 |
5.3 |
-3.0 |
|
Other Current Assets |
-0.8 |
0.3 |
0.0 |
0.3 |
-0.6 |
|
Account Payable |
3.5 |
2.2 |
1.6 |
-5.9 |
-0.6 |
|
Sales Tax Payable |
-1.0 |
0.2 |
-1.3 |
1.6 |
0.0 |
|
Other Current Liabilities |
0.7 |
-1.0 |
-0.3 |
-1.7 |
0.6 |
|
Bonus to Directors Paid |
- |
- |
- |
- |
0.0 |
|
(Inc) Dec in other fixed assets |
-0.2 |
-0.4 |
-0.1 |
-0.1 |
0.0 |
|
Insurance income |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Operating Activities |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.6 |
|
Interest and Dividend Received |
0.2 |
0.3 |
0.3 |
0.3 |
0.1 |
|
Interest on marketable secs. received |
- |
- |
- |
0.0 |
0.2 |
|
Interest Paid |
-0.1 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
Taxes Paid |
-17.6 |
-13.3 |
-3.0 |
-19.3 |
-20.6 |
|
Taxes Refunded |
0.0 |
0.5 |
1.6 |
0.5 |
0.0 |
|
Insurance income |
- |
- |
0.0 |
0.0 |
0.0 |
|
Adjustment |
- |
- |
0.0 |
- |
- |
|
Cash from Operating Activities |
21.3 |
26.7 |
28.5 |
29.8 |
32.2 |
|
|
|
|
|
|
|
|
Time deposit made |
-35.4 |
-5.7 |
-27.7 |
0.0 |
-0.2 |
|
Time deposit matured |
0.4 |
8.3 |
11.2 |
0.0 |
2.2 |
|
Marketable securities, net |
- |
- |
0.0 |
0.0 |
3.7 |
|
Purch.newly consolid.subsid. |
- |
- |
- |
- |
0.0 |
|
Purchase of affiliates' addit'l shares |
- |
- |
- |
0.0 |
-3.3 |
|
Sale of consol.subsidiaries' sec. |
- |
- |
- |
0.0 |
5.2 |
|
Amon. of tangible assets |
-0.3 |
- |
- |
- |
- |
|
Asset retire accounting changes |
-0.1 |
- |
- |
- |
- |
|
Purch. non-consolid.subsid.' sec. |
-0.7 |
-8.1 |
0.0 |
0.0 |
0.0 |
|
Purchase of Investment Securities |
0.0 |
-0.5 |
0.0 |
0.0 |
0.0 |
|
Sale of Investment Securities |
0.0 |
0.1 |
0.0 |
0.0 |
2.3 |
|
Inc in fixed assets |
-1.4 |
-0.8 |
-1.8 |
-10.4 |
-25.7 |
|
Dec in fixed assets |
2.4 |
1.2 |
0.1 |
0.2 |
0.0 |
|
Expense-Insurance Reserves |
-1.9 |
-1.8 |
-1.9 |
-1.8 |
-1.4 |
|
Income-Insurance Reserves |
3.0 |
3.6 |
2.6 |
1.9 |
1.1 |
|
Other Investing Activities |
-0.6 |
0.0 |
0.1 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-34.5 |
-3.8 |
-17.6 |
-10.2 |
-16.3 |
|
|
|
|
|
|
|
|
Issued-Long Term Debt |
- |
0.0 |
2.7 |
0.0 |
- |
|
Repaid-Long Term Debt |
-5.7 |
-4.1 |
-6.5 |
-3.6 |
-4.1 |
|
Repayment of lease |
-0.2 |
-0.1 |
0.0 |
0.0 |
- |
|
Redemption-Corporate Bond |
- |
- |
- |
0.0 |
- |
|
Dividend Paid |
-7.7 |
-7.0 |
-3.2 |
-8.9 |
-3.9 |
|
Dividends paid to minority shareholders |
- |
- |
0.0 |
0.0 |
0.0 |
|
Treasury Stock Purchased |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-13.6 |
-11.1 |
-7.1 |
-12.6 |
-8.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-26.7 |
11.8 |
3.9 |
7.0 |
7.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
93.8 |
73.6 |
64.4 |
52.1 |
37.6 |
|
Net Cash - Ending Balance |
67.1 |
85.4 |
68.3 |
59.1 |
45.6 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Cash Taxes Paid |
17.6 |
12.8 |
1.4 |
18.8 |
20.6 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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.