MIRA INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
RIKEN KEIKI CO., LTD. |
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Registered Office : |
2-7-6, Azusawa, Itabashi-ku Tokyo, 174-8744 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
30.07.1934 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture and sale of gas detection and alarm equipment. |
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No. of Employees : |
947 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 and address
RIKEN KEIKI CO.,
LTD.
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Business
Description
|
RIKEN KEIKI CO., LTD. is a Japan-based company mainly engaged in the
manufacture and sale of gas detection and alarm equipment. The Company's main
products consist of fixed multi-gas detection alarm devices; portable complex
gas detectors, personal gas monitors, which are used in steel and petroleum
industry, as well as other measuring equipment. The Company also provides
aftermarket services for its products. As of March 31, 2012, the Company had
seven subsidiaries and six associated companies. For the three months ended
30 June 2012, RIKEN KEIKI CO., LTD. revenues decreased 3% to Y4.6B. Net
income decreased 35% to Y286.8M. Revenues reflect a decrease in demand for
the Company's products and services due to unfavorable market conditions. Net
income also reflects Selling, general and administrative expe increase of 3%
to Y1.42B (expense), NOP Equity Earnings decrease of 30% to Y24.9M (income). |
Industry
|
Industry |
Scientific and Technical Instruments |
|
ANZSIC 2006: |
2419 - Other Professional and Scientific
Equipment Manufacturing |
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NACE 2002: |
3320 - Manufacture of instruments and
appliances for measuring, checking, testing, navigating and other purposes,
except industrial process control equipment |
|
NAICS 2002: |
334519 - Other Measuring and Controlling
Device Manufacturing |
|
UK SIC 2003: |
3320 - Manufacture of instruments and
appliances for measuring, checking, testing, navigating and other purposes,
except industrial process control equipment |
|
UK SIC 2007: |
2651 - Manufacture of instruments and
appliances for measuring, testing and navigation |
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US SIC 1987: |
3829 - Measuring and Controlling Devices,
Not Elsewhere Classified |
Key Executives
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial
Summary
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Stock Snapshot
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1 - Profit & Loss
Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
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Executives Report
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Significant Developments
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Annual Income Statement
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Financials in: USD (mil) |
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|
Except for share items (millions) and per
share items (actual units) |
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|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
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 |
Unqualified |
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Net Sales |
260.7 |
233.9 |
186.3 |
213.1 |
198.0 |
|
Revenue |
260.7 |
233.9 |
186.3 |
213.1 |
198.0 |
|
Total Revenue |
260.7 |
233.9 |
186.3 |
213.1 |
198.0 |
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Cost of Revenue |
156.3 |
133.8 |
111.3 |
129.9 |
123.4 |
|
Cost of Revenue, Total |
156.3 |
133.8 |
111.3 |
129.9 |
123.4 |
|
Gross Profit |
104.4 |
100.1 |
75.0 |
83.3 |
74.6 |
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|
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|
|
|
Selling/General/Administrative Expense |
30.6 |
27.7 |
23.6 |
24.9 |
21.9 |
|
Labor & Related Expense |
25.8 |
23.5 |
20.8 |
21.0 |
16.6 |
|
Advertising Expense |
0.9 |
0.9 |
0.9 |
1.0 |
0.8 |
|
Total Selling/General/Administrative Expenses |
57.2 |
52.1 |
45.3 |
46.8 |
39.3 |
|
Research & Development |
13.2 |
11.2 |
10.3 |
10.9 |
8.6 |
|
Depreciation |
0.8 |
0.9 |
0.9 |
0.9 |
0.8 |
|
Amortization of Acquisition Costs |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
0.0 |
|
Depreciation/Amortization |
0.7 |
0.7 |
0.7 |
0.7 |
0.8 |
|
Impairment-Assets Held for Use |
- |
0.7 |
0.5 |
0.1 |
0.2 |
|
Impairment-Assets Held for Sale |
0.1 |
0.1 |
0.0 |
1.4 |
0.2 |
|
Other Unusual Expense (Income) |
0.1 |
0.5 |
0.0 |
0.3 |
0.9 |
|
Unusual Expense (Income) |
0.2 |
1.4 |
0.4 |
1.8 |
1.3 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
227.6 |
199.2 |
168.0 |
190.0 |
173.4 |
|
|
|
|
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|
|
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Operating Income |
33.1 |
34.7 |
18.3 |
23.2 |
24.6 |
|
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|
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|
|
Interest Expense -
Non-Operating |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
-0.4 |
|
Interest Expense, Net Non-Operating |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
-0.4 |
|
Interest Income -
Non-Operating |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Investment Income -
Non-Operating |
1.8 |
0.1 |
0.8 |
0.8 |
-0.5 |
|
Interest/Investment Income - Non-Operating |
1.9 |
0.2 |
0.9 |
1.0 |
-0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.2 |
-0.4 |
0.3 |
0.5 |
-0.7 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
-0.3 |
3.1 |
0.1 |
0.1 |
|
Other Non-Operating Income (Expense) |
0.6 |
0.7 |
2.4 |
2.3 |
0.5 |
|
Other, Net |
0.6 |
0.7 |
2.4 |
2.3 |
0.5 |
|
Income Before Tax |
34.7 |
34.8 |
24.1 |
26.1 |
24.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.7 |
12.8 |
9.3 |
11.2 |
10.1 |
|
Income After Tax |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
Net Income |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
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 |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
23.2 |
23.2 |
23.2 |
23.5 |
23.6 |
|
Basic EPS Excl Extraord Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Basic/Primary EPS Incl Extraord Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
Diluted Weighted Average Shares |
23.2 |
23.2 |
23.2 |
23.5 |
23.6 |
|
Diluted EPS Excl Extraord Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Diluted EPS Incl Extraord Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Dividends per Share - Common Stock Primary Issue |
0.22 |
0.20 |
0.18 |
0.17 |
0.15 |
|
Gross Dividends - Common Stock |
5.0 |
4.6 |
4.3 |
4.7 |
3.5 |
|
Interest Expense, Supplemental |
0.7 |
0.6 |
0.6 |
0.5 |
0.4 |
|
Depreciation, Supplemental |
0.8 |
7.2 |
6.4 |
6.1 |
4.4 |
|
Total Special Items |
0.2 |
1.5 |
-2.9 |
1.5 |
1.3 |
|
Normalized Income Before Tax |
34.9 |
36.2 |
21.2 |
27.6 |
25.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.6 |
-1.0 |
0.7 |
0.5 |
|
Inc Tax Ex Impact of Sp Items |
13.9 |
13.4 |
8.2 |
11.9 |
10.6 |
|
Normalized Income After Tax |
21.0 |
22.9 |
13.0 |
15.6 |
15.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.0 |
22.9 |
13.0 |
15.6 |
15.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.91 |
0.98 |
0.56 |
0.67 |
0.64 |
|
Diluted Normalized EPS |
0.91 |
0.98 |
0.56 |
0.67 |
0.64 |
|
Amort of Acquisition Costs, Supplemental |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
0.1 |
|
Advertising Expense, Supplemental |
0.9 |
0.9 |
0.9 |
1.0 |
0.8 |
|
Research & Development Exp, Supplemental |
13.2 |
11.2 |
10.3 |
10.9 |
8.6 |
|
Reported Operating Profit |
33.1 |
35.9 |
18.5 |
24.8 |
25.9 |
|
Reported Ordinary Profit |
35.1 |
36.4 |
21.4 |
27.7 |
25.7 |
|
Normalized EBIT |
33.3 |
36.1 |
18.7 |
24.9 |
25.9 |
|
Normalized EBITDA |
33.9 |
43.1 |
25.0 |
30.9 |
30.3 |
|
Current Tax - Total |
12.2 |
- |
- |
- |
- |
|
Current Tax - Total |
12.2 |
- |
- |
- |
- |
|
Deferred Tax - Total |
1.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
1.5 |
- |
- |
- |
- |
|
Income Tax - Total |
13.7 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Service Cost - Domestic |
2.8 |
0.9 |
2.0 |
1.7 |
1.7 |
|
Prior Service Cost - Domestic |
- |
- |
- |
- |
-1.1 |
|
Expected Return on Assets - Domestic |
-0.6 |
-0.5 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.4 |
-0.2 |
-0.6 |
2.3 |
1.7 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.2 |
-0.2 |
|
Domestic Pension Plan Expense |
2.9 |
0.5 |
1.4 |
4.0 |
2.0 |
|
Total Pension Expense |
2.9 |
0.5 |
1.4 |
4.0 |
2.0 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
2.50% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Plan Service Cost |
2.8 |
0.9 |
2.0 |
1.7 |
1.7 |
|
Total Plan Expected Return |
-0.6 |
-0.5 |
-0.3 |
-0.3 |
-0.3 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
0.2 |
-0.2 |
|
|
|
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 |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
83.0 |
98.2 |
79.9 |
52.0 |
46.2 |
|
Short Term Investments |
7.3 |
7.2 |
6.4 |
3.0 |
1.5 |
|
Cash and Short Term Investments |
90.3 |
105.5 |
86.3 |
55.0 |
47.7 |
|
Accounts Receivable -
Trade, Gross |
98.9 |
100.4 |
79.0 |
86.8 |
94.1 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
0.0 |
|
Trade Accounts Receivable - Net |
98.8 |
100.3 |
78.9 |
86.7 |
94.1 |
|
Total Receivables, Net |
98.8 |
100.3 |
78.9 |
86.7 |
94.1 |
|
Inventories - Finished Goods |
23.4 |
21.8 |
13.8 |
19.3 |
20.1 |
|
Inventories - Work In Progress |
16.3 |
19.8 |
11.4 |
11.9 |
15.4 |
|
Inventories - Raw Materials |
8.6 |
7.0 |
6.0 |
7.0 |
6.7 |
|
Total Inventory |
48.3 |
48.6 |
31.2 |
38.2 |
42.2 |
|
Deferred Income Tax - Current Asset |
7.2 |
7.5 |
5.0 |
5.8 |
6.0 |
|
Other Current Assets |
3.4 |
3.3 |
3.0 |
2.1 |
2.3 |
|
Other Current Assets, Total |
10.5 |
10.9 |
8.0 |
7.9 |
8.3 |
|
Total Current Assets |
247.9 |
265.2 |
204.5 |
187.8 |
192.4 |
|
|
|
|
|
|
|
|
Buildings |
74.9 |
74.3 |
67.1 |
65.3 |
65.1 |
|
Land/Improvements |
67.3 |
48.5 |
44.1 |
42.0 |
32.8 |
|
Machinery/Equipment |
11.8 |
11.6 |
10.4 |
11.5 |
11.2 |
|
Construction in
Progress |
2.1 |
2.6 |
1.5 |
0.9 |
1.2 |
|
Other
Property/Plant/Equipment |
36.4 |
33.0 |
27.5 |
24.0 |
19.8 |
|
Property/Plant/Equipment - Gross |
192.4 |
170.1 |
150.6 |
143.7 |
130.1 |
|
Accumulated Depreciation |
-90.3 |
-84.8 |
-72.5 |
-66.4 |
-62.6 |
|
Property/Plant/Equipment - Net |
102.1 |
85.3 |
78.2 |
77.2 |
67.5 |
|
Goodwill, Net |
- |
- |
- |
- |
0.0 |
|
Intangibles, Net |
7.2 |
6.8 |
5.2 |
1.8 |
0.5 |
|
LT Investment - Affiliate Companies |
6.4 |
6.2 |
- |
- |
- |
|
LT Investments - Other |
30.4 |
22.4 |
24.7 |
18.8 |
26.2 |
|
Long Term Investments |
36.7 |
28.7 |
24.7 |
18.8 |
26.2 |
|
Deferred Income Tax - Long Term Asset |
1.8 |
2.3 |
3.1 |
4.0 |
2.7 |
|
Restricted Cash - Long Term |
- |
- |
- |
0.0 |
1.0 |
|
Other Long Term Assets |
7.0 |
5.9 |
4.8 |
5.6 |
6.7 |
|
Other Long Term Assets, Total |
8.8 |
8.3 |
7.9 |
9.6 |
10.5 |
|
Total Assets |
402.7 |
394.2 |
320.5 |
295.2 |
297.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
27.9 |
32.1 |
20.9 |
20.0 |
29.3 |
|
Accrued Expenses |
9.0 |
8.3 |
6.5 |
5.9 |
6.7 |
|
Notes Payable/Short Term Debt |
12.1 |
7.9 |
5.9 |
5.6 |
5.6 |
|
Current Portion - Long Term Debt/Capital Leases |
6.7 |
6.7 |
5.4 |
4.8 |
4.9 |
|
Income Taxes Payable |
4.7 |
10.8 |
2.7 |
4.2 |
6.2 |
|
Deferred Income Tax - Current Liability |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
11.8 |
10.7 |
10.1 |
11.0 |
10.8 |
|
Other Current liabilities, Total |
16.6 |
21.6 |
12.8 |
15.3 |
17.1 |
|
Total Current Liabilities |
72.2 |
76.6 |
51.6 |
51.6 |
63.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
11.5 |
16.2 |
14.4 |
13.4 |
13.0 |
|
Capital Lease Obligations |
4.0 |
3.5 |
2.8 |
2.2 |
0.0 |
|
Total Long Term Debt |
15.5 |
19.7 |
17.2 |
15.5 |
13.0 |
|
Total Debt |
34.3 |
34.3 |
28.5 |
25.9 |
23.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.4 |
2.0 |
1.8 |
0.0 |
1.1 |
|
Deferred Income Tax |
2.4 |
2.0 |
1.8 |
0.0 |
1.1 |
|
Minority Interest |
- |
- |
- |
0.0 |
0.1 |
|
Pension Benefits - Underfunded |
1.5 |
1.2 |
2.9 |
7.3 |
7.9 |
|
Other Long Term Liabilities |
2.9 |
4.6 |
5.4 |
3.7 |
0.6 |
|
Other Liabilities, Total |
4.5 |
5.9 |
8.3 |
11.0 |
8.5 |
|
Total Liabilities |
94.6 |
104.1 |
78.8 |
78.0 |
86.4 |
|
|
|
|
|
|
|
|
Common Stock |
31.1 |
31.0 |
27.5 |
26.0 |
25.8 |
|
Common Stock |
31.1 |
31.0 |
27.5 |
26.0 |
25.8 |
|
Additional Paid-In Capital |
34.3 |
34.1 |
30.2 |
28.6 |
28.4 |
|
Retained Earnings (Accumulated Deficit) |
241.2 |
224.6 |
183.2 |
164.1 |
151.9 |
|
Treasury Stock - Common |
-3.1 |
-3.1 |
-2.7 |
-2.6 |
-0.5 |
|
Unrealized Gain (Loss) |
6.7 |
5.4 |
4.7 |
1.9 |
5.0 |
|
Translation Adjustment |
-2.1 |
-1.8 |
-1.1 |
-0.9 |
0.1 |
|
Other Equity, Total |
-2.1 |
-1.8 |
-1.1 |
-0.9 |
0.1 |
|
Total Equity |
308.1 |
290.1 |
241.7 |
217.2 |
210.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
402.7 |
394.2 |
320.5 |
295.2 |
297.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.2 |
23.2 |
23.2 |
23.2 |
23.6 |
|
Total Common Shares Outstanding |
23.2 |
23.2 |
23.2 |
23.2 |
23.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.4 |
0.4 |
0.4 |
0.1 |
|
Employees |
947 |
927 |
927 |
905 |
825 |
|
Number of Common Shareholders |
4,459 |
4,203 |
4,378 |
4,500 |
4,763 |
|
Total Long Term Debt, Supplemental |
21.7 |
21.6 |
18.9 |
17.6 |
17.9 |
|
Long Term Debt Maturing within 1 Year |
10.2 |
5.4 |
4.5 |
4.2 |
4.9 |
|
Long Term Debt Maturing in Year 2 |
4.5 |
9.4 |
4.1 |
3.7 |
3.6 |
|
Long Term Debt Maturing in Year 3 |
3.5 |
3.3 |
7.3 |
2.9 |
2.6 |
|
Long Term Debt Maturing in Year 4 |
2.3 |
2.3 |
1.9 |
5.9 |
1.9 |
|
Long Term Debt Maturing in Year 5 |
1.1 |
1.1 |
1.0 |
0.8 |
4.9 |
|
Long Term Debt Maturing in 2-3 Years |
8.1 |
12.7 |
11.4 |
6.6 |
6.2 |
|
Long Term Debt Maturing in 4-5 Years |
3.4 |
3.5 |
3.0 |
6.8 |
6.8 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
5.8 |
4.8 |
3.7 |
2.7 |
- |
|
Capital Lease Payments Due in Year 1 |
1.8 |
1.3 |
0.9 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
1.7 |
1.3 |
0.9 |
0.6 |
- |
|
Capital Lease Payments Due in Year 3 |
1.1 |
1.1 |
0.8 |
0.5 |
- |
|
Capital Lease Payments Due in Year 4 |
0.9 |
0.6 |
0.7 |
0.5 |
- |
|
Capital Lease Payments Due in Year 5 |
0.3 |
0.4 |
0.2 |
0.3 |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.8 |
2.4 |
1.7 |
1.1 |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.2 |
1.0 |
0.9 |
0.8 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.1 |
0.2 |
0.2 |
- |
|
Pension Obligation - Domestic |
35.4 |
33.1 |
29.1 |
26.7 |
25.7 |
|
Plan Assets - Domestic |
33.9 |
31.8 |
26.2 |
22.8 |
23.4 |
|
Funded Status - Domestic |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-2.3 |
|
Total Funded Status |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-2.3 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
2.50% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.7 |
|
Accrued Liabilities - Domestic |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-3.0 |
|
Net Assets Recognized on Balance Sheet |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-2.3 |
|
Total Plan Obligations |
35.4 |
33.1 |
29.1 |
26.7 |
25.7 |
|
Total Plan Assets |
33.9 |
31.8 |
26.2 |
22.8 |
23.4 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
34.7 |
34.8 |
24.1 |
26.1 |
24.4 |
|
Depreciation |
9.1 |
7.2 |
6.4 |
6.1 |
4.4 |
|
Depreciation/Depletion |
9.1 |
7.2 |
6.4 |
6.1 |
4.4 |
|
Amortization of Acquisition Costs |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
0.1 |
|
Amortization |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
0.1 |
|
Unusual Items |
0.4 |
1.5 |
-2.7 |
1.4 |
0.4 |
|
Equity in Net Earnings (Loss) |
-1.2 |
-1.0 |
-0.6 |
-0.2 |
-0.7 |
|
Other Non-Cash Items |
2.1 |
0.1 |
-5.9 |
-3.4 |
1.2 |
|
Non-Cash Items |
1.3 |
0.7 |
-9.1 |
-2.2 |
1.0 |
|
Accounts Receivable |
2.1 |
-10.9 |
12.8 |
7.4 |
-4.8 |
|
Inventories |
0.6 |
-13.0 |
9.2 |
4.3 |
-4.2 |
|
Accounts Payable |
-4.5 |
8.4 |
-0.3 |
-8.5 |
-2.9 |
|
Accrued Expenses |
0.2 |
0.9 |
0.0 |
-0.7 |
0.6 |
|
Taxes Payable |
1.1 |
-0.1 |
-0.5 |
0.8 |
-0.4 |
|
Other Operating Cash Flow |
-19.5 |
-9.5 |
-5.2 |
-8.4 |
-10.1 |
|
Changes in Working Capital |
-20.0 |
-24.3 |
16.0 |
-5.1 |
-21.9 |
|
Cash from Operating Activities |
24.9 |
18.2 |
37.2 |
24.7 |
7.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-23.6 |
-2.2 |
-3.6 |
-12.1 |
-4.4 |
|
Purchase/Acquisition of Intangibles |
-1.8 |
-1.6 |
-3.5 |
-1.4 |
0.0 |
|
Capital Expenditures |
-25.3 |
-3.8 |
-7.1 |
-13.5 |
-4.4 |
|
Acquisition of Business |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale of Business |
- |
- |
- |
0.0 |
0.1 |
|
Sale of Fixed Assets |
0.4 |
0.3 |
5.0 |
0.5 |
0.7 |
|
Sale/Maturity of Investment |
8.2 |
6.2 |
3.7 |
3.5 |
1.0 |
|
Purchase of Investments |
-15.6 |
-7.3 |
-6.2 |
-2.3 |
-3.4 |
|
Sale of Intangible Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-7.1 |
-0.7 |
2.5 |
1.7 |
-1.5 |
|
Cash from Investing Activities |
-32.4 |
-4.5 |
-4.6 |
-11.8 |
-5.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
- |
- |
- |
- |
|
Financing Cash Flow Items |
0.0 |
- |
- |
- |
- |
|
Cash Dividends Paid - Common |
-5.0 |
-4.6 |
-5.0 |
-4.0 |
-3.5 |
|
Total Cash Dividends Paid |
-5.0 |
-4.6 |
-5.0 |
-4.0 |
-3.5 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
-2.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
-2.0 |
0.0 |
|
Short Term Debt, Net |
-1.3 |
1.2 |
0.0 |
0.0 |
1.7 |
|
Long Term Debt Issued |
5.7 |
5.3 |
4.8 |
4.5 |
6.9 |
|
Long Term Debt
Reduction |
-7.5 |
-6.1 |
-5.3 |
-5.1 |
-11.4 |
|
Long Term Debt, Net |
-1.8 |
-0.8 |
-0.4 |
-0.6 |
-4.4 |
|
Issuance (Retirement) of Debt, Net |
-3.0 |
0.3 |
-0.4 |
-0.6 |
-2.7 |
|
Cash from Financing Activities |
-8.0 |
-4.3 |
-5.4 |
-6.6 |
-6.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.0 |
-2.7 |
-1.2 |
-2.3 |
-0.8 |
|
Net Change in Cash |
-17.5 |
6.7 |
26.0 |
4.1 |
-4.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
102.3 |
87.5 |
54.5 |
46.3 |
45.6 |
|
Net Cash - Ending Balance |
84.8 |
94.3 |
80.5 |
50.4 |
40.7 |
|
Cash Interest Paid |
0.7 |
0.6 |
0.6 |
0.5 |
0.4 |
|
Cash Taxes Paid |
18.3 |
5.7 |
9.4 |
12.7 |
11.1 |
|
|
|
|
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 |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
260.7 |
233.9 |
186.3 |
213.1 |
198.0 |
|
Total Revenue |
260.7 |
233.9 |
186.3 |
213.1 |
198.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
156.3 |
133.8 |
111.3 |
129.9 |
123.4 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Commission Fees |
6.3 |
5.6 |
4.1 |
5.2 |
5.1 |
|
Advertising Expenses |
0.9 |
0.9 |
0.9 |
1.0 |
0.8 |
|
Salary Expense |
22.1 |
20.6 |
18.5 |
17.3 |
14.1 |
|
Bonuses Allowance |
2.4 |
2.2 |
1.7 |
1.4 |
1.3 |
|
Accrd. Retire. |
1.2 |
0.7 |
0.7 |
1.9 |
0.7 |
|
Retire. Director |
- |
- |
0.0 |
0.4 |
0.4 |
|
Research & Devel. |
13.2 |
11.2 |
10.3 |
10.9 |
8.6 |
|
Depreciation |
0.8 |
0.9 |
0.9 |
0.9 |
0.8 |
|
Other SGA |
24.3 |
22.1 |
19.5 |
19.7 |
16.8 |
|
Provision of allowance for doubtful acco |
0.0 |
- |
- |
- |
- |
|
SP Reversal Gain on Allow.Doubt.Account |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP G on Return of Pension Plan |
- |
- |
- |
- |
0.0 |
|
SP Compensation for Relocation |
- |
- |
- |
0.0 |
0.0 |
|
SP Rev. on res. for dir' retire. B't |
- |
0.0 |
0.0 |
0.0 |
- |
|
SP Loss on Retire. of Fixed Assets |
- |
0.0 |
0.5 |
0.1 |
0.1 |
|
SP Assets impairment losses |
- |
0.7 |
0.0 |
0.0 |
0.1 |
|
SP Loss on Val. of LT Inv't. Secs. |
0.1 |
0.1 |
0.0 |
1.3 |
0.2 |
|
SP Officer's Retirement Benefits |
- |
- |
- |
0.0 |
0.9 |
|
SP Val. Loss/Membership |
- |
0.0 |
0.0 |
0.1 |
0.0 |
|
SP Prov. for doubtful acts Mebmerships |
- |
- |
0.0 |
0.3 |
0.0 |
|
SP Provision for Doubtful Accounts |
- |
0.0 |
- |
- |
- |
|
SP Loss on disaster |
0.1 |
0.5 |
0.0 |
- |
- |
|
SP L adjust. for changes of acct. asset |
- |
0.0 |
0.0 |
- |
- |
|
NOP Amort. of Negative Goodwill |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
0.0 |
|
Total Operating Expense |
227.6 |
199.2 |
168.0 |
190.0 |
173.4 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Foreign Exchange Gains |
0.0 |
- |
- |
- |
- |
|
Gain on sales of investment securities |
0.0 |
- |
- |
- |
- |
|
NOP Dividends Received |
0.6 |
0.5 |
0.4 |
0.5 |
0.3 |
|
NOP Foreign Exchange Gains |
- |
0.0 |
0.0 |
0.1 |
0.0 |
|
NOP Equity Gains |
1.2 |
1.0 |
0.6 |
0.2 |
0.7 |
|
NOP Insurance Dividends |
0.2 |
0.3 |
1.9 |
2.1 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Rental Income |
- |
- |
0.0 |
0.0 |
0.2 |
|
NOP Other Non-Operating Income |
0.5 |
0.5 |
0.5 |
0.3 |
0.4 |
|
NOP Interest Expenses |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
-0.4 |
|
NOP Bond Issue Cost |
- |
- |
- |
0.0 |
-0.1 |
|
NOP Company Funeral Expense |
- |
- |
- |
- |
0.0 |
|
NOP Foreign Exchange Losses |
- |
-1.4 |
-0.2 |
0.0 |
-1.4 |
|
NOP Other Non-Operating Expenses |
-0.1 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
SP G.Sale Fix Asset |
- |
0.0 |
3.2 |
0.2 |
0.1 |
|
SP Sale Inv. Sec. Gain |
- |
0.0 |
- |
- |
0.0 |
|
SP G.Sale Membership |
- |
- |
- |
- |
0.0 |
|
SP Liquidation of affil. Companies |
- |
- |
- |
0.0 |
0.0 |
|
SP Sales of Fixed-Loss |
-0.2 |
-0.3 |
0.0 |
0.0 |
-0.1 |
|
SP L.Sale Membership |
- |
- |
- |
- |
0.0 |
|
SP L on sale of affiliated securities |
- |
- |
- |
0.0 |
-0.1 |
|
SP Sale Inv. Sec. Loss |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
34.7 |
34.8 |
24.1 |
26.1 |
24.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.7 |
12.8 |
9.3 |
11.2 |
10.1 |
|
Net Income After Taxes |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
Net Income |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
23.2 |
23.2 |
23.2 |
23.5 |
23.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Basic EPS Including ExtraOrdinary Item |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
21.0 |
22.0 |
14.8 |
14.9 |
14.4 |
|
Diluted Weighted Average Shares |
23.2 |
23.2 |
23.2 |
23.5 |
23.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
Diluted EPS Including ExtraOrd Items |
0.90 |
0.95 |
0.64 |
0.63 |
0.61 |
|
DPS-Common Stock |
0.22 |
0.20 |
0.18 |
0.17 |
0.15 |
|
Gross Dividends - Common Stock |
5.0 |
4.6 |
4.3 |
4.7 |
3.5 |
|
Normalized Income Before Taxes |
34.9 |
36.2 |
21.2 |
27.6 |
25.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
13.9 |
13.4 |
8.2 |
11.9 |
10.6 |
|
Normalized Income After Taxes |
21.0 |
22.9 |
13.0 |
15.6 |
15.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.0 |
22.9 |
13.0 |
15.6 |
15.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.91 |
0.98 |
0.56 |
0.67 |
0.64 |
|
Diluted Normalized EPS |
0.91 |
0.98 |
0.56 |
0.67 |
0.64 |
|
Advertising Expense |
0.9 |
0.9 |
0.9 |
1.0 |
0.8 |
|
Research & Development Exp |
13.2 |
11.2 |
10.3 |
10.9 |
8.6 |
|
Interest Expense |
0.7 |
0.6 |
0.6 |
0.5 |
0.4 |
|
Depreciation |
0.8 |
- |
- |
- |
- |
|
Depreciation |
- |
7.2 |
6.4 |
6.1 |
4.4 |
|
Amort of Neg Goodwill-Supplemental FTN |
-0.2 |
- |
- |
- |
- |
|
Amort. Goodwill |
- |
- |
- |
0.0 |
0.1 |
|
Amort. of Negative Goodwill |
- |
-0.2 |
-0.2 |
-0.2 |
0.0 |
|
Income taxes-current |
12.2 |
- |
- |
- |
- |
|
Current Tax - Total |
12.2 |
- |
- |
- |
- |
|
Income taxes-deferred |
1.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
1.5 |
- |
- |
- |
- |
|
Income Tax - Total |
13.7 |
- |
- |
- |
- |
|
Reported Operating Profit |
33.1 |
35.9 |
18.5 |
24.8 |
25.9 |
|
Reported Ordinary Profit |
35.1 |
36.4 |
21.4 |
27.7 |
25.7 |
|
Service Cost |
2.8 |
0.9 |
2.0 |
1.7 |
1.7 |
|
Interest Cost |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Expected Return on Plan Assets |
-0.6 |
-0.5 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses |
0.4 |
-0.2 |
-0.6 |
2.3 |
1.7 |
|
Prior Service Cost |
- |
- |
- |
- |
-1.1 |
|
Additional Retire. Benefits, Nonrecurr. |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Reversal of liquid. mutual-aid pension |
- |
- |
- |
0.1 |
-0.2 |
|
Domestic Pension Plan Expense |
2.9 |
0.5 |
1.4 |
4.0 |
2.0 |
|
Total Pension Expense |
2.9 |
0.5 |
1.4 |
4.0 |
2.0 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
- |
- |
- |
- |
|
Dicount Rate |
- |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected return on assets(MIN)-Retiremen |
3.00% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
3.00% |
2.50% |
2.50% |
2.50% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
83.0 |
98.2 |
79.9 |
52.0 |
46.2 |
|
Notes and accounts receivable-trade |
98.9 |
100.4 |
79.0 |
86.8 |
94.1 |
|
Short-term investment securities |
7.3 |
7.2 |
6.4 |
3.0 |
1.5 |
|
Inventories - merchandise&finished goods |
23.4 |
21.8 |
13.8 |
19.3 |
20.1 |
|
Inventories - work-in-process |
16.3 |
19.8 |
11.4 |
11.9 |
15.4 |
|
Inventories - raw materials & supplies |
8.6 |
7.0 |
6.0 |
7.0 |
6.7 |
|
Dfrd Tax Assets |
7.2 |
7.5 |
5.0 |
5.8 |
6.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
3.4 |
3.3 |
3.0 |
2.1 |
2.3 |
|
Doubtful Account |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
0.0 |
|
Total Current Assets |
247.9 |
265.2 |
204.5 |
187.8 |
192.4 |
|
|
|
|
|
|
|
|
Building&Struct. |
74.9 |
74.3 |
67.1 |
65.3 |
65.1 |
|
Accum Dep & Impairment Loss of Buildings |
-50.5 |
-48.3 |
-41.9 |
-38.7 |
-37.8 |
|
Machinery, equipment and vehicles |
11.8 |
11.6 |
10.4 |
11.5 |
11.2 |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-10.4 |
-9.9 |
-8.4 |
-8.5 |
-7.7 |
|
Land |
67.3 |
48.5 |
44.1 |
42.0 |
32.8 |
|
Lease assets, gross |
9.2 |
6.7 |
4.4 |
2.8 |
0.0 |
|
Accum Dep & Impair Loss of Lease Assets |
-4.0 |
-2.4 |
-1.1 |
-0.3 |
0.0 |
|
Construction IP |
2.1 |
2.6 |
1.5 |
0.9 |
1.2 |
|
Other PPE |
27.2 |
26.4 |
23.1 |
21.3 |
19.8 |
|
Acc. Depre&Impair Loss-OTH Tangible AST |
-25.3 |
-24.2 |
-21.0 |
-18.9 |
-17.1 |
|
Goodwill |
- |
- |
- |
- |
0.0 |
|
Software |
6.7 |
6.5 |
0.9 |
0.8 |
0.3 |
|
Software accounts rights |
0.3 |
0.0 |
4.2 |
0.9 |
0.0 |
|
Other Intanglbles |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Long-term time deposits |
6.1 |
- |
- |
- |
- |
|
Other Investment&Asset-NonC,Asc,Affd Cos |
0.3 |
- |
- |
- |
- |
|
Other LT Investments |
24.0 |
- |
- |
- |
- |
|
Investment Secs. |
- |
22.4 |
24.7 |
18.8 |
26.2 |
|
Invt Secs Noncons, Asc, Affd Cos |
6.4 |
- |
- |
- |
- |
|
Investment Secs.-stock |
- |
6.0 |
- |
- |
- |
|
Inv't partnership-nonconsol.affil. |
- |
0.3 |
- |
- |
- |
|
Deferred tax assets |
1.8 |
2.3 |
3.1 |
4.0 |
2.7 |
|
LT Deposit |
- |
- |
- |
0.0 |
1.0 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
7.4 |
- |
- |
- |
- |
|
Other Assets |
- |
6.4 |
5.3 |
5.9 |
6.8 |
|
Doubtful Account |
-0.4 |
-0.5 |
-0.5 |
-0.4 |
0.0 |
|
Other Buildings, Net |
0.0 |
- |
- |
- |
- |
|
Other Plant/machinery, Net |
0.0 |
- |
- |
- |
- |
|
Other Other Tangible Fixed Assets, Net |
0.0 |
- |
- |
- |
- |
|
Other Total PPE,Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
402.7 |
394.2 |
320.5 |
295.2 |
297.0 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
27.9 |
32.1 |
20.9 |
20.0 |
29.3 |
|
Short-term loans payable |
12.0 |
7.8 |
5.9 |
5.6 |
5.5 |
|
Current portion of bonds |
4.9 |
- |
- |
- |
- |
|
LT Debts (Current) |
- |
5.4 |
4.5 |
4.2 |
4.9 |
|
Cur.Port.Bond |
- |
0.0 |
- |
- |
0.0 |
|
Lease Debt |
1.8 |
1.3 |
0.9 |
0.5 |
0.0 |
|
Accrd. Expenses |
3.3 |
2.8 |
2.5 |
2.1 |
2.4 |
|
Income Taxes Pay |
4.7 |
10.8 |
2.7 |
4.2 |
6.2 |
|
Deferred Tax |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Allowance Bonus |
5.7 |
5.5 |
4.0 |
3.8 |
4.4 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Products Guarantee Reserves |
1.4 |
1.1 |
1.0 |
1.6 |
1.7 |
|
Product Order Loss Reserves |
0.2 |
0.2 |
0.2 |
0.2 |
1.1 |
|
Reserve for disaster loss |
- |
0.1 |
0.0 |
- |
- |
|
Notes payable-facilities |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Other Liability |
10.2 |
9.4 |
8.8 |
9.2 |
8.1 |
|
Total Current Liabilities |
72.2 |
76.6 |
51.6 |
51.6 |
63.6 |
|
|
|
|
|
|
|
|
Corporate Bond |
0.0 |
4.8 |
4.3 |
4.0 |
4.0 |
|
Long-term loans payable |
11.5 |
11.4 |
10.1 |
9.3 |
9.0 |
|
Lease Debt |
4.0 |
3.5 |
2.8 |
2.2 |
0.0 |
|
Total Long Term Debt |
15.5 |
19.7 |
17.2 |
15.5 |
13.0 |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities (Non-Current) |
2.4 |
2.0 |
1.8 |
0.0 |
1.1 |
|
Accrd. Retire. |
1.5 |
1.2 |
2.9 |
3.9 |
3.0 |
|
Retire. Director |
- |
- |
0.0 |
3.3 |
5.0 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Long-term accounts payable-other |
2.7 |
4.2 |
4.9 |
3.0 |
0.5 |
|
Negative Goodwill |
0.2 |
0.4 |
0.5 |
0.6 |
0.0 |
|
Other Liability |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minirity Int. |
- |
- |
- |
0.0 |
0.1 |
|
Total Liabilities |
94.6 |
104.1 |
78.8 |
78.0 |
86.4 |
|
|
|
|
|
|
|
|
Common Stock |
31.1 |
31.0 |
27.5 |
26.0 |
25.8 |
|
Total capital surpluses |
34.3 |
34.1 |
30.2 |
28.6 |
28.4 |
|
Total retained earnings |
241.2 |
224.6 |
183.2 |
164.1 |
151.9 |
|
Valuation difference on available-for-sa |
6.7 |
5.4 |
4.7 |
1.9 |
5.0 |
|
Translate Adjust |
-2.1 |
-1.8 |
-1.1 |
-0.9 |
0.1 |
|
Treasury Stock |
-3.1 |
-3.1 |
-2.7 |
-2.6 |
-0.5 |
|
Total Equity |
308.1 |
290.1 |
241.7 |
217.2 |
210.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
402.7 |
394.2 |
320.5 |
295.2 |
297.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
23.2 |
23.2 |
23.2 |
23.2 |
23.6 |
|
Total Common Shares Outstanding |
23.2 |
23.2 |
23.2 |
23.2 |
23.6 |
|
T/S-Common Stock |
0.4 |
0.4 |
0.4 |
0.4 |
0.1 |
|
Full-Time Employees |
947 |
927 |
927 |
905 |
825 |
|
Total Number of Shareholders |
4,459 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
4,203 |
4,378 |
4,500 |
4,763 |
|
Bond Redemption Amounts within A Year |
4.9 |
- |
- |
- |
- |
|
LTD Maturing within 1 Year |
5.4 |
5.4 |
4.5 |
4.2 |
4.9 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
4.5 |
- |
- |
- |
- |
|
LTD Maturing within 2 Years |
- |
9.4 |
4.1 |
3.7 |
3.6 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
3.5 |
- |
- |
- |
- |
|
LTD Maturing within 3 Years |
- |
3.3 |
7.3 |
2.9 |
2.6 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
2.3 |
- |
- |
- |
- |
|
LTD Maturing within 4 Years |
- |
2.3 |
1.9 |
5.9 |
1.9 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
1.1 |
- |
- |
- |
- |
|
LTD Maturing within 5 Years |
- |
1.1 |
1.0 |
0.8 |
4.9 |
|
Remaining |
- |
- |
- |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
21.7 |
21.6 |
18.9 |
17.6 |
17.9 |
|
Capital Lease Due Within 1 Year |
1.8 |
1.3 |
0.9 |
0.5 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
1.7 |
- |
- |
- |
- |
|
Capital Lease Due Within 2 Year |
- |
1.3 |
0.9 |
0.6 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
1.1 |
- |
- |
- |
- |
|
Capital Lease Due Within 3 Year |
- |
1.1 |
0.8 |
0.5 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.9 |
- |
- |
- |
- |
|
Capital Lease Due Within 4 Year |
- |
0.6 |
0.7 |
0.5 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.3 |
- |
- |
- |
- |
|
Capital Lease Due Within 5 Year |
- |
0.4 |
0.2 |
0.3 |
- |
|
Capital Lease Remaining |
0.0 |
- |
- |
- |
- |
|
Capital Lease Remaining Maturities |
- |
0.1 |
0.2 |
0.2 |
- |
|
Total Capital Leases |
5.8 |
4.8 |
3.7 |
2.7 |
- |
|
Pension Obligation |
35.4 |
33.1 |
29.1 |
26.7 |
25.7 |
|
Fair Value of Plan Asset |
33.9 |
31.8 |
26.2 |
22.8 |
23.4 |
|
Funded Status |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-2.3 |
|
Total Funded Status |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-2.3 |
|
Discount Rate |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected Rate of Return |
3.00% |
3.00% |
2.50% |
2.50% |
2.50% |
|
Prepaid Pension Benefits |
0.0 |
0.0 |
0.0 |
0.0 |
0.7 |
|
Reserve for Accrued Retirement Benefits |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-3.0 |
|
Net Assets Recognized on Balance Sheet |
-1.5 |
-1.2 |
-2.9 |
-3.9 |
-2.3 |
|
|
|
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 |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bef. Tax |
34.7 |
34.8 |
24.1 |
26.1 |
24.4 |
|
Depreciation |
9.1 |
7.2 |
6.4 |
6.1 |
4.4 |
|
Loss (gain) on sales of investment secur |
0.0 |
- |
- |
- |
- |
|
Impairment loss |
0.0 |
0.7 |
0.0 |
0.0 |
0.1 |
|
Amort. Goodwill |
- |
- |
- |
0.0 |
0.1 |
|
Loss on disaster |
0.1 |
0.4 |
0.0 |
- |
- |
|
Amort. of Negative Goodwill |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
0.0 |
|
Loss (gain) on sales of noncurrent asset |
0.2 |
- |
-3.1 |
-0.1 |
-0.1 |
|
Fixed Asset Retirem. |
0.1 |
0.0 |
0.5 |
0.1 |
0.1 |
|
Loss (gain) on sales of noncurrent asset |
- |
0.3 |
- |
- |
0.1 |
|
G.Sale Inv.Secs. |
- |
0.0 |
- |
- |
0.0 |
|
L on sale of affiliates' secs. |
- |
- |
- |
0.0 |
0.1 |
|
Loss (gain) on valuation of investment s |
0.1 |
0.1 |
0.0 |
1.3 |
0.2 |
|
Val. Loss/Membership |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
G.Sale Membership |
- |
- |
- |
- |
0.0 |
|
L.Sale Membership |
- |
- |
- |
- |
0.0 |
|
Liquidation of affil. Companies |
- |
- |
- |
0.0 |
0.0 |
|
Increase (decrease) in allowance for dou |
0.0 |
-0.1 |
0.1 |
0.4 |
0.0 |
|
Increase (decrease) in provision for bon |
0.2 |
0.9 |
0.0 |
-0.7 |
0.6 |
|
Increase (decrease) in provision for pro |
0.4 |
-0.1 |
-0.6 |
-0.1 |
0.5 |
|
Increase (decrease) in provision for los |
0.0 |
-0.1 |
0.0 |
-0.8 |
0.6 |
|
Increase (decrease) in provision for los |
-0.1 |
0.1 |
0.0 |
- |
- |
|
Increase (decrease) in provision for ret |
0.3 |
-2.0 |
-1.3 |
0.4 |
-0.7 |
|
Directors' Retirement Benefit |
- |
0.0 |
-3.5 |
-2.7 |
0.1 |
|
Interest & Dividend Income |
-0.7 |
-0.6 |
-0.5 |
-0.6 |
-0.5 |
|
Insurance Income |
-0.2 |
-0.3 |
-1.9 |
-2.1 |
0.0 |
|
Interest Expense |
0.7 |
0.6 |
0.6 |
0.5 |
0.4 |
|
Bond Issue Cost |
- |
- |
- |
0.0 |
0.1 |
|
Foreign exchange losses (gains) |
1.8 |
2.5 |
1.3 |
1.7 |
0.7 |
|
Equity in (earnings) losses of affiliate |
-1.2 |
-1.0 |
-0.6 |
-0.2 |
-0.7 |
|
Decrease (increase) in notes and account |
2.1 |
-10.9 |
12.8 |
7.4 |
-4.8 |
|
Decrease (increase) in inventories |
0.6 |
-13.0 |
9.2 |
4.3 |
-4.2 |
|
Increase (decrease) in notes and account |
-4.5 |
8.4 |
-0.3 |
-8.5 |
-2.9 |
|
Increase (decrease) in accrued consumpti |
1.1 |
-0.1 |
-0.5 |
0.8 |
-0.4 |
|
Increase (decrease) in cash and cash equ |
0.0 |
- |
- |
- |
- |
|
Retire. Benef. Paid |
- |
- |
- |
- |
0.0 |
|
Other, net |
-2.5 |
-4.5 |
0.6 |
-0.1 |
0.8 |
|
Int & Divd. Received |
1.6 |
0.6 |
0.5 |
0.6 |
0.5 |
|
Interest Paid |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
-0.4 |
|
Income Tax Paid |
-18.3 |
-5.7 |
-9.4 |
-12.7 |
-11.1 |
|
Insurance Income |
0.3 |
0.6 |
3.8 |
4.3 |
0.0 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Cash from Operating Activities |
24.9 |
18.2 |
37.2 |
24.7 |
7.9 |
|
|
|
|
|
|
|
|
Time deposit made |
-15.5 |
-7.2 |
-6.0 |
-1.3 |
0.0 |
|
Proceeds from sales of investment securi |
0.0 |
- |
- |
- |
- |
|
Time deposit matured |
8.2 |
6.2 |
3.7 |
2.5 |
0.0 |
|
Purchase of property, plant and equipmen |
-23.6 |
-2.2 |
-3.6 |
-12.1 |
-4.4 |
|
Proceeds from sales of property, plant a |
0.4 |
0.3 |
5.0 |
0.5 |
0.7 |
|
Sale/Rede. Mkbl.Secs. |
- |
- |
0.0 |
1.0 |
0.0 |
|
Purch.Mrktbl. Secs. |
- |
- |
- |
0.0 |
-0.9 |
|
Purchase of intangible assets |
-1.8 |
-1.6 |
-3.5 |
-1.4 |
0.0 |
|
Sale of intangible assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Purch.Invest.in Secs |
-0.1 |
-0.1 |
0.0 |
-0.5 |
-2.4 |
|
Sales of Inv. Secs. |
- |
0.0 |
- |
0.0 |
1.0 |
|
Sale Memberships |
- |
- |
- |
- |
0.0 |
|
Liquidation of Subs.' company |
- |
- |
- |
0.0 |
0.1 |
|
Purchase Memberships |
- |
- |
- |
0.0 |
-0.1 |
|
Sale of affiliated securities |
- |
0.0 |
0.0 |
- |
- |
|
Purchase of affiliated securities |
- |
- |
- |
-0.3 |
0.0 |
|
Purch. of subs.' secs. |
- |
0.0 |
-0.2 |
-0.1 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Incoming sec. deposits received |
- |
- |
- |
0.0 |
0.0 |
|
Purcha. of subs.' secs-consol. change |
- |
- |
0.0 |
0.0 |
0.0 |
|
Loans Extended |
- |
- |
- |
- |
0.0 |
|
Loans Collected |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-32.4 |
-4.5 |
-4.6 |
-11.8 |
-5.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Net increase (decrease) in short-term lo |
-1.3 |
1.2 |
0.0 |
0.0 |
1.7 |
|
Proceeds from long-term loans payable |
5.7 |
5.3 |
4.8 |
4.5 |
3.5 |
|
Repayment of long-term loans payable |
-5.7 |
-5.0 |
-4.5 |
-4.9 |
-6.1 |
|
Issuance of Bonds |
- |
- |
- |
0.0 |
3.4 |
|
Redempt.Bond |
- |
- |
- |
0.0 |
-5.2 |
|
Finance Lease Repaid |
-1.7 |
-1.1 |
-0.8 |
-0.2 |
0.0 |
|
Net decrease (increase) in treasury stoc |
0.0 |
0.0 |
0.0 |
-2.0 |
0.0 |
|
Dividends Paid |
-5.0 |
-4.6 |
-5.0 |
-4.0 |
-3.5 |
|
Cash from Financing Activities |
-8.0 |
-4.3 |
-5.4 |
-6.6 |
-6.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.0 |
-2.7 |
-1.2 |
-2.3 |
-0.8 |
|
Net Change in Cash |
-17.5 |
6.7 |
26.0 |
4.1 |
-4.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
102.3 |
87.5 |
54.5 |
46.3 |
45.6 |
|
Net Cash - Ending Balance |
84.8 |
94.3 |
80.5 |
50.4 |
40.7 |
|
Cash Interest Paid |
0.7 |
0.6 |
0.6 |
0.5 |
0.4 |
|
Cash Taxes Paid |
18.3 |
5.7 |
9.4 |
12.7 |
11.1 |
|
|
|
|
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.