MIRA INFORM REPORT

 

 

Report Date :

14.09.2012

 

Given Address :

8-1 Nishikinaka Machi, kaizuka City 597-0093 Osaka, Japan

 

 

Tel. No.:

81 72 4302113

 

IDENTIFICATION DETAILS

 

Name :

YOTAI REFRACTORIES CO., LTD.

 

 

 

Registered Office :

8-1, Nishikinaka-machi Kaizuka-Shi, 597-0093

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

01.08.1936

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Engaged in the manufacture and sale of refractory products, as well as furnace installation engineering.

 

 

No. of Employees :

632

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address

 

Top of Form

Bottom of Form

YOTAI REFRACTORIES CO., LTD.

                                                                                                                                                    

 

8-1, Nishikinaka-machi

 

 

Kaizuka-Shi, 597-0093

Japan

 

Tel:

81-72-4302101

Fax:

81-72-4302113

 

www.yotai.co.jp

 

Employees:

632

Company Type:

Public Independent

Traded:

Osaka Stock Exchange:

5357

Incorporation Date:

01-Aug-1936

Auditor:

Deloitte Touche Tohmatsu

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Mar-2012

Reporting Currency:

Japanese Yen

Annual Sales:

275.0  1

Net Income:

11.3

Total Assets:

264.8  2

Market Value:

101.7

 

(24-Aug-2012)

                                      

Business Description       

 

YOTAI REFRACTORIES CO., LTD. is a Japan-based company engaged in the manufacture and sale of refractory products, as well as furnace installation engineering. The Company operates in two business segments. The Refractory Products segment is engaged in the manufacture and sale of refractory bricks and unshaped refractory products made from basic, high-alumina, argilliferous and silicate bricks, among others, for iron and steel, nonferrous metal, cements, glass, pottery and environmental equipment-related kilns use. The Engineering segment is engaged in the design and construction of various industrial kilns and environmental facilities, as well as contact maintenance work. As of March 31, 2012, the Company had one consolidated subsidiary. For the fiscal year ended 31 March 2012, YOTAI REFRACTORIES CO., LTD. revenues increased 6% to Y21.72B. Net income increased 11% to Y895.4M. Revenues reflect Refractory Products segment increase of 5% to Y18.21B, Engineering segment increase of 14% to Y3.51B. Net income benefited from Refractory Products segment income increase of 4% to Y2.4B, Engineering segment income increase of 16% to Y466.1M.

          

Industry                                                                                                                                      

 

Industry

Construction - Supplies and Fixtures

ANZSIC 2006:

2090 - Other Non-Metallic Mineral Product Manufacturing

NACE 2002:

2626 - Manufacture of refractory ceramic products

NAICS 2002:

327125 - Nonclay Refractory Manufacturing

UK SIC 2003:

2626 - Manufacture of refractory ceramic products

UK SIC 2007:

2320 - Manufacture of refractory products

US SIC 1987:

3297 - Nonclay Refractories

                        

Key Executives           

   

 

Name

Title

Kazunori Baba

President, Representative Director

Mitsuo Taguchi

Director of Engineering Business, Director

Makoto Okamura

Hinase Plant Manager, Director

Kazuo Shinomiya

Chairman of the Board, Representative Director

Jiro Enami

Managing Director

 

Significant Developments                                                                                 

 

Topic

#*

Most Recent Headline

Date

Positive Earnings Pre-Announcement

1

Yotai Refractories Co., Ltd. Raises FY 2012 Outlook

10-Nov-2011

* number of significant developments within the last 12 months

 

             

News      

 

Title

Date

Yotai 1Q Grp Net Pft Y271.00M Vs Y295.00M Pft Yr Earlier
Nikkei English News (58 Words)

9-Aug-2012

Yotai Expects This FY Group Net Profit Y770.00M
Nikkei English News (61 Words)

9-Aug-2012

Yotai FY Grp Net Pft Y895.00M Vs Y809.00M Pft Yr Earlier
Nikkei English News (57 Words)

14-May-2012

Yotai Expects This FY Group Net Profit Y770.00M
Nikkei English News (61 Words)

14-May-2012

Yotai Expects This FY Group Net Profit Y870.00M
Nikkei English News (44 Words)

9-Feb-2012

   

Financial Summary                                                                      

 

As of 30-Jun-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

3.15

2.87

Quick Ratio (MRQ)

2.31

1.37

Debt to Equity (MRQ)

0.07

0.76

Sales 5 Year Growth

2.89

1.49

Net Profit Margin (TTM) %

4.06

3.92

Return on Assets (TTM) %

4.03

2.89

Return on Equity (TTM) %

5.76

4.01

 

 

 

Stock Snapshot                                    

 

Traded: Osaka Stock Exchange: 5357

 

As of 31-Aug-2012

   Financials in: JPY

Recent Price

284.00

 

EPS

40.13

52 Week High

488.00

 

Price/Sales

0.33

52 Week Low

218.00

 

Dividend Rate

10.00

Avg. Volume (mil)

0.12

 

Price/Earnings

8.31

Market Value (mil)

7,266.83

 

Price/Book

0.41

 

 

 

Beta

1.10

 

Price % Change

Rel S&P 500%

4 Week

-2.41%

-3.43%

13 Week

23.48%

19.65%

52 Week

-38.53%

-34.61%

Year to Date

-30.05%

-30.34%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536

 

 

Corporate Overview

 

Location
8-1, Nishikinaka-machi
Kaizuka-Shi, 597-0093
Japan

 

Tel:

81-72-4302101

Fax:

81-72-4302113

 

www.yotai.co.jp

Quote Symbol - Exchange

5357 - Osaka Stock Exchange

Sales JPY(mil):

21,716.2

Assets JPY(mil):

21,819.2

Employees:

632

Fiscal Year End:

31-Mar-2012

 

Industry:

Construction - Supplies and Fixtures

Incorporation Date:

01-Aug-1936

Company Type:

Public Independent

Quoted Status:

Quoted

 

President, Representative Director:

Kazunori Baba

 

Company Web Links

Corporate History/Profile

Employment Opportunities

 

Home Page

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2090

-

Other Non-Metallic Mineral Product Manufacturing

2029

-

Other Ceramic Product Manufacturing

2021

-

Clay Brick Manufacturing

6923

-

Engineering Design and Engineering Consulting Services

 

NACE 2002 Codes:

2626

-

Manufacture of refractory ceramic products

7420

-

Architectural and engineering activities and related technical consultancy

2640

-

Manufacture of bricks, tiles and construction products, in baked clay

 

NAICS 2002 Codes:

327125

-

Nonclay Refractory Manufacturing

327124

-

Clay Refractory Manufacturing

327121

-

Brick and Structural Clay Tile Manufacturing

541330

-

Engineering Services

 

US SIC 1987:

3297

-

Nonclay Refractories

3255

-

Clay Refractories

8711

-

Engineering Services

3251

-

Brick and Structural Clay Tile

 

UK SIC 2003:

2626

-

Manufacture of refractory ceramic products

74204

-

Engineering consultative and design activities

2640

-

Manufacture of bricks, tiles and construction products, in baked clay

 

UK SIC 2007:

2320

-

Manufacture of refractory products

2332

-

Manufacture of bricks, tiles and construction products, in baked clay

71129

-

Other engineering activities (not including engineering design for industrial process and production or engineering related scientific and technical consulting activities)

 

 

Business Description

YOTAI REFRACTORIES CO., LTD. is a Japan-based company engaged in the manufacture and sale of refractory products, as well as furnace installation engineering. The Company operates in two business segments. The Refractory Products segment is engaged in the manufacture and sale of refractory bricks and unshaped refractory products made from basic, high-alumina, argilliferous and silicate bricks, among others, for iron and steel, nonferrous metal, cements, glass, pottery and environmental equipment-related kilns use. The Engineering segment is engaged in the design and construction of various industrial kilns and environmental facilities, as well as contact maintenance work. As of March 31, 2012, the Company had one consolidated subsidiary. For the fiscal year ended 31 March 2012, YOTAI REFRACTORIES CO., LTD. revenues increased 6% to Y21.72B. Net income increased 11% to Y895.4M. Revenues reflect Refractory Products segment increase of 5% to Y18.21B, Engineering segment increase of 14% to Y3.51B. Net income benefited from Refractory Products segment income increase of 4% to Y2.4B, Engineering segment income increase of 16% to Y466.1M.

 

 

More Business Descriptions

Manufacture of firebricks for electric and blast furnaces

 

Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

JPY(mil)

 

Revenue:

21,716.2

Net Income:

895.4

Assets:

21,819.2

Long Term Debt:

0.0

 

Total Liabilities:

6,474.0

 

Working Capital:

8.5

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

6.4%

10.6%

1.9%

Market Data

Quote Symbol:

5357

Exchange:

Osaka Stock Exchange

Currency:

JPY

Stock Price:

312.0

Stock Price Date:

08-24-2012

52 Week Price Change %:

-31.3

Market Value (mil):

7,983,275.0

 

SEDOL:

6987873

ISIN:

JP3953600008

 

Equity and Dept Distribution:

All fncls. up to FY'06 1Q are non-consolidated. FY'99-'02 WAS were estimated. FY'06 2Q, B/S is consolidated, I/S & C/F are non-consolidated. All 1&3Q's WAS&O/S estimated. FY'08 Q1 WAS=O/S.

 

Shareholders

 

 

Major Shareholders

Sumitomo Osaka Cement (14%); Company's Trust Stock (12.3%)

 

 

 

 

Key Corporate Relationships

Auditor:

Deloitte Touche Tohmatsu

 

Auditor:

Deloitte Touche Tohmatsu

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Kamekyoshi Hara

 

Chiarman

Chairman

Kazuo Shinomiya

 

Chairman of the Board, Representative Director

Chairman

Biography:

Mr. Kazuo Shinomiya has been serving as Chairman of the Board and Representative Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1970. His previous titles include Senior Managing Director, Managing Director and President in the Company.

 

Age: 65

 

Kazunori Baba

 

President, Representative Director

Director/Board Member

 

 

Biography:

Mr. Kazunori Baba has been serving as President and Representative Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1980. His previous titles include Managing Director, President of Tokyo Office and President of Nagoya Office in the Company.

 

Age: 55

 

Jiro Enami

 

Managing Director

Director/Board Member

 

 

Biography:

Mr. Jiro Enami has been serving as Managing Director in YOTAI REFRACTORIES CO., LTD. since March 2012. He previously served as Director of Accounting in the Company. He used to work for another company.

 

Age: 61

 

Koji Imano

 

President of Tokyo Office, Director

Director/Board Member

 

 

Biography:

Mr. Koji Imano has been serving as President of Tokyo Office and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1986 and previously served as Director of Sales in Tokyo Office in the Company.

 

Age: 48

 

Raiki Nakagawa

 

Director

Director/Board Member

 

Hiroshi Nakamura

 

Director

Director/Board Member

 

Makoto Okamura

 

Hinase Plant Manager, Director

Director/Board Member

 

Biography:

Mr. Makoto Okamura has been serving as Hinase Plant Manager and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1970. His previous titles include Director of Main Office Sales and Director of New Materials Research Institute in the Company.

 

Age: 64

 

Mitsuo Taguchi

 

Director of Engineering Business, Director

Director/Board Member

 

 

Biography:

Mr. Mitsuo Taguchi has been serving as Director of Engineering Business and Director in YOTAI REFRACTORIES CO., LTD. since June 2009. He joined the Company in April 1984. His previous titles include Director of Technology in Engineering Business Unit and Director of Engineering in Engineering Business Unit in the Company.

 

Age: 51

 

Kenji Yamaguchi

 

Yoshinaga Plant Manager, Director

Director/Board Member

 

 

Biography:

Mr. Kenji Yamaguchi has been serving as Yoshinaga Plant Manager and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1982 and previously served as Director of Manufacturing in Yoshinaga Plant in the Company.

 

Age: 55

 

Tasaburo Yamamoto

 

Director of Technology Research Institute, Manager of Quality Assurance Office, Director

Director/Board Member

 

 

Biography:

Mr. Tasaburo Yamamoto has been serving as Director of Technology Research Institute, Manager of Quality Assurance Office and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He used to work for another company.

 

Age: 63

 

 

Executives

 

Name

Title

Function

 

Kazunori Baba

 

President, Representative Director

President

 

Biography:

Mr. Kazunori Baba has been serving as President and Representative Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1980. His previous titles include Managing Director, President of Tokyo Office and President of Nagoya Office in the Company.

 

Age: 55

 

Koji Imano

 

President of Tokyo Office, Director

Division Head Executive

 

 

Biography:

Mr. Koji Imano has been serving as President of Tokyo Office and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1986 and previously served as Director of Sales in Tokyo Office in the Company.

 

Age: 48

 

Jiro Enami

 

Managing Director

Managing Director

 

 

Biography:

Mr. Jiro Enami has been serving as Managing Director in YOTAI REFRACTORIES CO., LTD. since March 2012. He previously served as Director of Accounting in the Company. He used to work for another company.

 

Age: 61

 

Mitsuo Taguchi

 

Director of Engineering Business, Director

Engineering/Technical Executive

 

 

Biography:

Mr. Mitsuo Taguchi has been serving as Director of Engineering Business and Director in YOTAI REFRACTORIES CO., LTD. since June 2009. He joined the Company in April 1984. His previous titles include Director of Technology in Engineering Business Unit and Director of Engineering in Engineering Business Unit in the Company.

 

Age: 51

 

Tasaburo Yamamoto

 

Director of Technology Research Institute, Manager of Quality Assurance Office, Director

Engineering/Technical Executive

 

 

Biography:

Mr. Tasaburo Yamamoto has been serving as Director of Technology Research Institute, Manager of Quality Assurance Office and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He used to work for another company.

 

Age: 63

 

Makoto Okamura

 

Hinase Plant Manager, Director

Manufacturing Executive

 

 

Biography:

Mr. Makoto Okamura has been serving as Hinase Plant Manager and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1970. His previous titles include Director of Main Office Sales and Director of New Materials Research Institute in the Company.

 

Age: 64

 

Kenji Yamaguchi

 

Yoshinaga Plant Manager, Director

Manufacturing Executive

 

 

Biography:

Mr. Kenji Yamaguchi has been serving as Yoshinaga Plant Manager and Director in YOTAI REFRACTORIES CO., LTD. since June 2010. He joined the Company in April 1982 and previously served as Director of Manufacturing in Yoshinaga Plant in the Company.

 

Age: 55

 

 

 Significant Developments

 

 

 

 

Yotai Refractories Co., Ltd. Raises FY 2012 Outlook

Nov 10, 2011


Yotai Refractories Co., Ltd. announced that it has raised its consolidated full-year outlook for revenue from JPY 20,000 million to JPY 21,700 million, operating profit from JPY 1,100 million to JPY 1,400 million, ordinary profit from JPY 1,150 million to JPY 1,450 million, net profit from JPY 710 million to JPY 870 million and earning per share from JPY 31.67 to JPY 38.81 for the fiscal year ending March 31, 2012.

 

 

 



 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

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
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

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

275.0

238.2

191.4

207.6

170.2

Revenue

275.0

238.2

191.4

207.6

170.2

Total Revenue

275.0

238.2

191.4

207.6

170.2

 

 

 

 

 

 

    Cost of Revenue

228.5

197.3

165.2

174.7

144.4

Cost of Revenue, Total

228.5

197.3

165.2

174.7

144.4

Gross Profit

46.5

40.9

26.2

32.9

25.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

14.2

12.9

9.9

12.0

10.4

    Labor & Related Expense

10.4

9.0

7.6

7.2

6.3

Total Selling/General/Administrative Expenses

24.5

21.9

17.5

19.2

16.8

Research & Development

2.0

2.0

1.9

2.1

1.7

    Depreciation

0.2

0.2

0.2

0.2

0.2

Depreciation/Amortization

0.2

0.2

0.2

0.2

0.2

    Impairment-Assets Held for Use

0.2

0.2

0.0

1.6

0.0

    Impairment-Assets Held for Sale

0.0

1.6

0.3

0.4

0.4

    Other Unusual Expense (Income)

1.0

0.5

-0.6

0.0

-0.1

Unusual Expense (Income)

1.1

2.3

-0.3

2.0

0.3

    Other Operating Expense

0.0

-

-

-

-

Other Operating Expenses, Total

0.0

-

-

-

-

Total Operating Expense

256.4

223.7

184.5

198.2

163.3

 

 

 

 

 

 

Operating Income

18.6

14.6

6.9

9.4

6.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

-0.2

-0.2

-0.5

-0.3

    Interest Expense, Net Non-Operating

-0.1

-0.2

-0.2

-0.5

-0.3

        Interest Income - Non-Operating

0.1

0.1

0.1

0.1

0.1

        Investment Income - Non-Operating

0.2

0.3

0.1

0.1

0.5

    Interest/Investment Income - Non-Operating

0.3

0.4

0.2

0.3

0.6

Interest Income (Expense) - Net Non-Operating Total

0.2

0.2

-0.1

-0.2

0.3

Gain (Loss) on Sale of Assets

1.0

0.1

0.9

0.0

0.0

    Other Non-Operating Income (Expense)

0.6

0.6

0.6

0.9

0.5

Other, Net

0.6

0.6

0.6

0.9

0.5

Income Before Tax

20.4

15.5

8.3

10.1

7.6

 

 

 

 

 

 

Total Income Tax

9.0

6.1

3.2

5.5

3.6

Income After Tax

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

Net Income Before Extraord Items

11.3

9.4

5.1

4.6

4.0

Net Income

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-

0.0

0.0

0.0

0.0

Total Adjustments to Net Income

-

0.0

0.0

0.0

0.0

Income Available to Common Excl Extraord Items

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

22.4

22.4

22.4

22.6

22.6

Basic EPS Excl Extraord Items

0.51

0.42

0.23

0.20

0.18

Basic/Primary EPS Incl Extraord Items

0.51

0.42

0.23

0.20

0.18

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

11.3

9.4

5.1

4.6

4.0

Diluted Weighted Average Shares

22.4

22.4

22.4

22.6

22.6

Diluted EPS Excl Extraord Items

0.51

0.42

0.23

0.20

0.18

Diluted EPS Incl Extraord Items

0.51

0.42

0.23

0.20

0.18

Dividends per Share - Common Stock Primary Issue

0.13

0.12

0.10

0.10

0.09

Gross Dividends - Common Stock

2.8

2.6

2.2

2.2

2.0

Interest Expense, Supplemental

0.1

0.2

0.2

0.5

0.3

Depreciation, Supplemental

0.2

8.6

8.3

8.5

7.0

Total Special Items

0.1

2.2

-1.2

2.0

0.3

Normalized Income Before Tax

20.5

17.7

7.1

12.1

7.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.9

-0.5

1.1

0.1

Inc Tax Ex Impact of Sp Items

9.1

6.9

2.8

6.6

3.8

Normalized Income After Tax

11.4

10.8

4.4

5.5

4.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.4

10.8

4.4

5.5

4.1

 

 

 

 

 

 

Basic Normalized EPS

0.51

0.48

0.19

0.24

0.18

Diluted Normalized EPS

0.51

0.48

0.19

0.24

0.18

Rental Expenses

0.4

0.4

0.4

0.3

0.3

Research & Development Exp, Supplemental

2.0

2.0

1.9

2.1

1.7

Reported Operating Profit

19.7

16.9

6.6

11.4

7.1

Reported Ordinary Profit

20.6

17.6

6.8

12.6

7.5

Normalized EBIT

19.7

16.9

6.6

11.4

7.1

Normalized EBITDA

19.9

25.5

14.9

19.9

14.1

    Current Tax - Total

9.1

-

-

-

-

Current Tax - Total

9.1

-

-

-

-

    Deferred Tax - Total

-0.1

-

-

-

-

Deferred Tax - Total

-0.1

-

-

-

-

Income Tax - Total

9.0

-

-

-

-

Interest Cost - Domestic

0.4

0.4

0.4

0.4

0.4

Service Cost - Domestic

0.9

1.0

0.9

0.9

0.8

Expected Return on Assets - Domestic

0.0

-0.1

-0.2

-0.2

-0.1

Actuarial Gains and Losses - Domestic

0.2

0.6

0.5

0.3

0.2

Domestic Pension Plan Expense

1.5

1.9

1.7

1.4

1.3

Defined Contribution Expense - Domestic

0.2

-

-

-

-

Total Pension Expense

1.6

1.9

1.7

1.4

1.3

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

1.30%

1.70%

2.20%

2.10%

1.40%

Total Plan Interest Cost

0.4

0.4

0.4

0.4

0.4

Total Plan Service Cost

0.9

1.0

0.9

0.9

0.8

Total Plan Expected Return

0.0

-0.1

-0.2

-0.2

-0.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

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

13.6

18.3

19.8

13.4

11.2

    Short Term Investments

0.0

0.1

0.0

0.0

0.0

Cash and Short Term Investments

13.6

18.5

19.8

13.4

11.2

        Accounts Receivable - Trade, Gross

119.0

106.4

83.1

81.7

88.2

        Provision for Doubtful Accounts

0.0

0.0

0.0

0.0

0.0

    Trade Accounts Receivable - Net

119.0

106.3

83.1

81.6

88.2

Total Receivables, Net

119.0

106.3

83.1

81.6

88.2

    Inventories - Finished Goods

26.1

25.5

24.4

25.9

25.9

    Inventories - Work In Progress

4.3

4.7

4.0

6.0

5.5

    Inventories - Raw Materials

19.0

17.0

17.2

24.8

18.9

Total Inventory

49.4

47.2

45.6

56.8

50.3

    Deferred Income Tax - Current Asset

2.7

3.0

2.6

2.5

2.2

    Other Current Assets

0.8

1.6

0.8

1.4

0.5

Other Current Assets, Total

3.5

4.6

3.4

3.9

2.7

Total Current Assets

185.4

176.6

151.9

155.8

152.4

 

 

 

 

 

 

Property/Plant/Equipment - Net

54.1

55.2

52.8

54.0

59.3

Intangibles, Net

0.7

0.7

0.7

0.7

1.1

    LT Investments - Other

23.2

24.1

24.8

21.7

31.1

Long Term Investments

23.2

24.1

24.8

21.7

31.1

    Other Long Term Assets

1.4

1.6

1.7

1.3

2.3

Other Long Term Assets, Total

1.4

1.6

1.7

1.3

2.3

Total Assets

264.8

258.2

231.9

233.5

246.1

 

 

 

 

 

 

Accounts Payable

28.2

29.1

27.0

22.5

28.6

Accrued Expenses

13.8

13.4

11.9

10.7

11.3

Notes Payable/Short Term Debt

6.7

9.0

10.2

27.3

28.6

Current Portion - Long Term Debt/Capital Leases

3.6

0.0

-

0.0

-

    Income Taxes Payable

5.5

5.2

2.5

4.0

2.1

    Other Current Liabilities

3.1

2.6

3.2

4.9

2.2

Other Current liabilities, Total

8.6

7.8

5.7

9.0

4.3

Total Current Liabilities

60.9

59.4

54.9

69.4

72.9

 

 

 

 

 

 

    Long Term Debt

0.0

3.6

6.4

6.1

6.0

Total Long Term Debt

0.0

3.6

6.4

6.1

6.0

Total Debt

10.3

12.7

16.6

33.4

34.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

2.6

3.8

4.2

3.1

6.8

Deferred Income Tax

2.6

3.8

4.2

3.1

6.8

    Pension Benefits - Underfunded

12.8

13.0

11.7

12.3

13.2

    Other Long Term Liabilities

2.3

1.1

1.3

1.3

1.5

Other Liabilities, Total

15.1

14.1

13.0

13.6

14.7

Total Liabilities

78.6

80.9

78.4

92.2

100.5

 

 

 

 

 

 

    Common Stock

32.2

32.0

28.4

26.9

26.7

Common Stock

32.2

32.0

28.4

26.9

26.7

Additional Paid-In Capital

21.2

21.1

18.7

17.7

17.6

Retained Earnings (Accumulated Deficit)

135.2

126.3

105.8

97.3

94.2

Treasury Stock - Common

-6.8

-6.7

-5.9

-5.6

-5.2

Unrealized Gain (Loss)

4.7

4.8

5.9

4.6

10.5

    Translation Adjustment

-0.4

-0.2

0.6

0.4

1.8

    Other Equity

0.0

-

-

-

-

Other Equity, Total

-0.4

-0.2

0.6

0.4

1.8

Total Equity

186.3

177.3

153.5

141.3

145.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

264.8

258.2

231.9

233.5

246.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

22.4

22.4

22.4

22.4

22.6

Total Common Shares Outstanding

22.4

22.4

22.4

22.4

22.6

Treasury Shares - Common Stock Primary Issue

3.2

3.2

3.2

3.2

3.0

Employees

632

629

645

671

715

Number of Common Shareholders

2,289

2,603

2,714

2,897

3,006

Total Long Term Debt, Supplemental

4.0

3.6

6.4

6.1

6.0

Long Term Debt Maturing within 1 Year

4.0

0.0

0.0

0.0

1.2

Long Term Debt Maturing in Year 2

-

3.6

3.2

2.0

1.2

Long Term Debt Maturing in Year 3

-

0.0

3.2

2.0

1.2

Long Term Debt Maturing in Year 4

-

0.0

-

2.0

1.2

Long Term Debt Maturing in Year 5

-

0.0

-

-

1.2

Long Term Debt Maturing in 2-3 Years

-

3.6

6.4

4.0

2.4

Long Term Debt Maturing in 4-5 Years

-

0.0

-

2.0

2.4

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

1.1

-

-

-

-

Capital Lease Payments Due in Year 1

0.3

-

-

-

-

Capital Lease Payments Due in Year 2

0.3

-

-

-

-

Capital Lease Payments Due in Year 3

0.3

-

-

-

-

Capital Lease Payments Due in Year 4

0.3

-

-

-

-

Capital Lease Payments Due in Year 5

0.1

-

-

-

-

Capital Lease Payments Due in 2-3 Years

0.5

-

-

-

-

Capital Lease Payments Due in 4-5 Years

0.4

-

-

-

-

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

-

-

-

-

Pension Obligation - Domestic

14.0

20.9

19.9

20.8

22.1

Plan Assets - Domestic

0.0

6.8

6.3

6.6

8.1

Funded Status - Domestic

-14.0

-14.1

-13.6

-14.2

-14.0

Total Funded Status

-14.0

-14.1

-13.6

-14.2

-14.0

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

1.30%

1.70%

2.20%

2.10%

1.40%

Accrued Liabilities - Domestic

-12.8

-13.0

-11.7

-12.3

-13.2

Other Assets, Net - Domestic

1.1

1.2

1.9

1.8

0.8

Net Assets Recognized on Balance Sheet

-11.7

-11.8

-9.7

-10.5

-12.4

Total Plan Obligations

14.0

20.9

19.9

20.8

22.1

Total Plan Assets

0.0

6.8

6.3

6.6

8.1

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

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

20.4

15.5

8.3

10.1

7.6

    Depreciation

9.0

8.6

8.3

8.5

7.0

Depreciation/Depletion

9.0

8.6

8.3

8.5

7.0

    Unusual Items

-0.8

1.6

-0.9

2.5

0.0

    Other Non-Cash Items

-0.9

-0.7

-2.0

-0.5

-0.6

Non-Cash Items

-1.6

0.9

-2.9

2.0

-0.6

    Accounts Receivable

-12.5

-12.4

3.2

6.9

-3.5

    Inventories

-2.0

3.7

14.6

-6.5

-5.8

    Accounts Payable

-1.0

-1.0

3.4

-6.6

6.1

    Accrued Expenses

0.0

0.0

0.0

0.0

0.0

    Other Operating Cash Flow

-6.2

-5.5

-5.0

-2.1

-4.7

Changes in Working Capital

-21.8

-15.2

16.1

-8.3

-7.8

Cash from Operating Activities

5.9

9.8

29.8

12.3

6.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-6.8

-5.1

-4.0

-4.8

-3.5

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

0.0

-0.1

Capital Expenditures

-6.9

-5.2

-4.0

-4.8

-3.5

    Sale of Fixed Assets

1.4

0.2

0.9

0.0

0.0

    Sale/Maturity of Investment

0.2

0.0

0.0

0.0

0.9

    Purchase of Investments

-0.1

-0.1

-0.1

-1.1

-1.8

    Other Investing Cash Flow

0.0

-

-

-

-

Other Investing Cash Flow Items, Total

1.5

0.1

0.8

-1.1

-1.0

Cash from Investing Activities

-5.4

-5.1

-3.2

-5.8

-4.5

 

 

 

 

 

 

    Other Financing Cash Flow

-0.1

0.0

-

-

-

Financing Cash Flow Items

-0.1

0.0

-

-

-

    Cash Dividends Paid - Common

-2.8

-2.6

-2.2

-2.2

-2.2

Total Cash Dividends Paid

-2.8

-2.6

-2.2

-2.2

-2.2

        Sale/Issuance of Common

-

-

-

-

0.0

        Repurchase/Retirement of Common

0.0

0.0

0.0

-0.4

0.0

    Common Stock, Net

0.0

0.0

0.0

-0.4

0.0

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

-0.4

0.0

    Short Term Debt, Net

-2.5

-2.3

-18.8

-1.5

-7.9

        Long Term Debt Issued

-

-

-

0.0

5.2

        Long Term Debt Reduction

0.0

-3.5

0.0

-

-

    Long Term Debt, Net

0.0

-3.5

0.0

0.0

5.2

Issuance (Retirement) of Debt, Net

-2.5

-5.8

-18.8

-1.5

-2.6

Cash from Financing Activities

-5.5

-8.5

-21.0

-4.1

-4.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

-0.2

0.1

-0.3

0.0

Net Change in Cash

-5.1

-3.9

5.7

2.1

-3.1

 

 

 

 

 

 

Net Cash - Beginning Balance

19.3

21.6

14.3

11.1

12.9

Net Cash - Ending Balance

14.2

17.7

19.9

13.2

9.7

Cash Interest Paid

0.1

0.2

0.2

0.5

0.3

Cash Taxes Paid

8.9

4.2

4.8

3.8

4.0

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

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

275.0

238.2

191.4

207.6

170.2

Total Revenue

275.0

238.2

191.4

207.6

170.2

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Cost of sales

228.5

197.3

165.2

174.7

144.4

    Other Selling/General/Admin. Expense

0.0

-

-

-

-

    Shipping Costs

9.3

8.6

6.3

7.3

6.8

    Allowance-Doubt.

0.1

0.0

0.0

0.7

0.2

    Directors'' compensations

2.1

1.8

1.5

1.5

1.2

    Employees'' salaries and allowances

6.2

5.4

4.5

4.3

4.0

    Legal Welfare

1.6

1.2

1.1

1.0

0.8

    Accr. Retire. Exp.

0.2

0.3

0.2

0.2

0.2

    Provision for directors'' bonuses

0.3

0.3

0.2

0.2

0.2

    Transportation

1.1

1.1

0.9

1.1

1.0

    Rental Expense

0.4

0.4

0.4

0.3

0.3

    Depreciation

0.2

0.2

0.2

0.2

0.2

    Research&Develop.

2.0

2.0

1.9

2.1

1.7

    Other SGA Expenses

3.3

2.9

2.3

2.6

2.1

    Loss On Abolishment Of Retirement Benefi

1.0

-

-

-

-

    SP Reversal-reserve for doubtful account

0.0

0.0

-0.3

0.0

0.0

    Gain on cancellation of derivative trans

-

0.0

-0.3

0.0

-

    SP Spec. prov. for doubtful acts

-

0.0

0.0

0.0

-

    SP Write-off Fix. Asset

0.2

0.2

0.0

0.0

0.0

    Gain On Valuation Of Derivatives

-0.1

-

-

-

-

    SP Revalue.-Membership

-

0.0

0.0

0.0

0.0

    SP Revalue.-Invest. Sec

0.1

1.5

0.0

0.9

0.0

    SP L on abolishment of retir. benefit

-

0.0

-

-

-

    SP Assets impairment losses

-

-

0.0

1.5

0.0

    SP G on rev. of st. subscrip. rights

-

-

-

0.0

-0.1

    SP Directors' add. retirement benefit

-

-

-

-

0.0

    SP Environmental expenses

0.0

0.5

0.0

-

-

    Penalty for cancellation

0.0

0.1

0.0

-

-

    NOP L on valuation of derivatives

0.0

0.1

0.3

0.0

0.3

    NOP G on valuation of derivatives

-

0.0

0.0

-0.6

0.0

Total Operating Expense

256.4

223.7

184.5

198.2

163.3

 

 

 

 

 

 

    NOP Interest Income

0.1

0.1

0.1

0.1

0.1

    Gain on sales of investment securities

0.0

-

-

-

-

    NOP Dividend Income

0.5

0.5

0.4

0.5

0.5

    Other Non-Operating Income (Expense)

0.0

-

-

-

-

    NOP R.E. Rent Income

0.3

0.3

0.3

0.3

0.3

    NOP Subsidy Income

-

0.0

0.1

0.3

0.0

    NOP Other Income

0.3

0.3

0.1

0.3

0.2

    NOP Interest Expense

-0.1

-0.2

-0.2

-0.5

-0.3

    Exchange Loss

-0.3

-0.2

-0.2

-0.4

0.0

    NOP Other Expenses

0.0

-0.1

0.0

0.0

0.0

    SP Gain on sales of golf memberships

0.0

0.0

0.0

-

-

    SP G/L on sale of fixed assets

1.0

0.1

0.9

0.0

0.0

    SP G on sale of inv't. secs.

-

0.0

0.0

0.0

0.0

    SP L on sale of inv't. secs.

0.0

0.0

0.0

0.0

0.0

    Loss on sales of membership

0.0

0.0

0.0

-

-

    SP Loss-sale of fixed assets.

-

0.0

0.0

0.0

-

Net Income Before Taxes

20.4

15.5

8.3

10.1

7.6

 

 

 

 

 

 

Provision for Income Taxes

9.0

6.1

3.2

5.5

3.6

Net Income After Taxes

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

Net Income Before Extra. Items

11.3

9.4

5.1

4.6

4.0

Net Income

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

    Adjustment

-

0.0

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

11.3

9.4

5.1

4.6

4.0

 

 

 

 

 

 

Basic Weighted Average Shares

22.4

22.4

22.4

22.6

22.6

Basic EPS Excluding ExtraOrdinary Items

0.51

0.42

0.23

0.20

0.18

Basic EPS Including ExtraOrdinary Item

0.51

0.42

0.23

0.20

0.18

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

11.3

9.4

5.1

4.6

4.0

Diluted Weighted Average Shares

22.4

22.4

22.4

22.6

22.6

Diluted EPS Excluding ExtraOrd Items

0.51

0.42

0.23

0.20

0.18

Diluted EPS Including ExtraOrd Items

0.51

0.42

0.23

0.20

0.18

DPS-Common Stock

0.13

0.12

0.10

0.10

0.09

Gross Dividends - Common Stock

2.8

2.6

2.2

2.2

2.0

Normalized Income Before Taxes

20.5

17.7

7.1

12.1

7.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

9.1

6.9

2.8

6.6

3.8

Normalized Income After Taxes

11.4

10.8

4.4

5.5

4.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.4

10.8

4.4

5.5

4.1

 

 

 

 

 

 

Basic Normalized EPS

0.51

0.48

0.19

0.24

0.18

Diluted Normalized EPS

0.51

0.48

0.19

0.24

0.18

Research & Development Exp

2.0

2.0

1.9

2.1

1.7

Interest Expense

0.1

0.2

0.2

0.5

0.3

Rental Expense

0.4

0.4

0.4

0.3

0.3

Depreciation

0.2

-

-

-

-

Depreciation

-

8.6

8.3

8.5

7.0

    Income taxes-current

9.1

-

-

-

-

Current Tax - Total

9.1

-

-

-

-

    Income taxes-deferred

-0.1

-

-

-

-

Deferred Tax - Total

-0.1

-

-

-

-

Income Tax - Total

9.0

-

-

-

-

Reported Operating Profit

19.7

16.9

6.6

11.4

7.1

Reported Ordinary Profit

20.6

17.6

6.8

12.6

7.5

Service Cost

0.9

1.0

0.9

0.9

0.8

Interest Cost

0.4

0.4

0.4

0.4

0.4

Expected return on plan assets

0.0

-0.1

-0.2

-0.2

-0.1

Actuarial G&L

0.2

0.6

0.5

0.3

0.2

Domestic Pension Plan Expense

1.5

1.9

1.7

1.4

1.3

Defined Contribution Expense - Domestic

0.2

-

-

-

-

Total Pension Expense

1.6

1.9

1.7

1.4

1.3

Discount Rate(MIN)-Retirement Cost(Domes

2.00%

-

-

-

-

Discount Rate

-

2.00%

2.00%

2.00%

2.00%

Expected return on assets(MIN)-Retiremen

1.30%

-

-

-

-

Expected rate of return

-

1.70%

2.20%

2.10%

1.40%

 

 

 

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
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

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&Equivalent

13.6

18.3

19.8

13.4

11.2

    Notes and accounts receivable-trade

119.0

106.4

83.1

81.7

88.2

    Short-term investment securities

0.0

0.1

0.0

0.0

0.0

    Inventories - finished goods

26.1

25.5

24.4

25.9

25.9

    Inventories - work-in-process

4.3

4.7

4.0

6.0

5.5

    Inventories - raw materials&supplies

19.0

17.0

17.2

24.8

18.9

    Deferred Tax

2.7

3.0

2.6

2.5

2.2

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Current

0.8

1.6

0.8

1.4

0.5

    Allowance-Doubt.

0.0

0.0

0.0

0.0

0.0

Total Current Assets

185.4

176.6

151.9

155.8

152.4

 

 

 

 

 

 

    Other Total PPE

0.0

-

-

-

-

    Buildings and structures, net

21.9

23.2

22.0

22.3

24.2

    Machinery, equipment and vehicles, net

11.5

12.7

13.6

14.8

18.1

    Land net

16.8

16.7

14.6

13.8

13.7

    Other, net

3.8

2.5

2.6

3.1

3.3

    Total intangible assets

0.7

0.7

0.7

0.7

1.1

    Invest. Security

23.2

24.1

24.8

21.7

31.1

    Rounding adjustment Assets

0.0

-

-

-

-

    Other

2.1

2.5

2.6

2.6

3.2

    Allowance-Doubt.

-0.7

-0.8

-1.0

-1.3

-0.9

    Adjustment

-

-

0.0

0.0

0.0

Total Assets

264.8

258.2

231.9

233.5

246.1

 

 

 

 

 

 

    Notes and accounts payable-trade

28.2

29.1

27.0

22.5

28.6

    Short-term loans payable

6.7

9.0

10.2

27.3

28.6

    Current portion of long-term loans payab

3.6

-

-

-

-

    Curr. Port. LTD

-

0.0

-

0.0

-

    Accrued Expenses

13.6

13.1

11.7

10.4

11.1

    Tax Payable

5.5

5.2

2.5

4.0

2.1

    Provision for directors'' bonuses

0.3

0.3

0.2

0.2

0.2

    Rounding adjustment Liability

0.0

-

-

-

-

    Other Current

3.1

2.6

3.2

4.9

2.2

Total Current Liabilities

60.9

59.4

54.9

69.4

72.9

 

 

 

 

 

 

    Long-term loans payable

0.0

3.6

6.4

6.1

6.0

Total Long Term Debt

0.0

3.6

6.4

6.1

6.0

 

 

 

 

 

 

    Deferred Tax

2.6

3.8

4.2

3.1

6.8

    Accr. Retirement

12.8

13.0

11.7

12.3

13.2

    Other Long Term Liabilities

0.0

-

-

-

-

    Other Liabilities

2.3

1.1

1.3

1.3

1.5

Total Liabilities

78.6

80.9

78.4

92.2

100.5

 

 

 

 

 

 

    Other Equity

0.0

-

-

-

-

    Common Stock

32.2

32.0

28.4

26.9

26.7

    Total capital surpluses

21.2

21.1

18.7

17.7

17.6

    Total retained earnings

135.2

126.3

105.8

97.3

94.2

    Treasury Stock

-6.8

-6.7

-5.9

-5.6

-5.2

    Valuation difference on available-for-sa

4.7

4.8

5.9

4.7

10.5

    Tranlsation adjustment

-0.4

-0.2

0.6

0.4

1.8

    Deferred hedge gain/loss

-

-

0.0

0.0

0.0

    New Stock Subscription Right

-

-

-

-

0.0

Total Equity

186.3

177.3

153.5

141.3

145.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

264.8

258.2

231.9

233.5

246.1

 

 

 

 

 

 

    S/O-Common Stock

22.4

22.4

22.4

22.4

22.6

Total Common Shares Outstanding

22.4

22.4

22.4

22.4

22.6

T/S-Common Stock

3.2

3.2

3.2

3.2

3.0

Number Of Employees

632

-

-

-

-

Full-Time Employees

-

629

645

671

715

Total Number of Shareholders

2,289

-

-

-

-

Number of Common Shareholders

-

2,603

2,714

2,897

3,006

Division And End Of Current Period Remai

0.3

-

-

-

-

Loans Payable Maturing within a Year

3.6

-

-

-

-

LT Debt matured within 1 yr.

-

0.0

0.0

0.0

-

Long Term Debt Maturing in Year 2

-

3.6

-

-

-

Long Term Debt Maturing in Year 3

-

0.0

6.4

-

-

LT Debt Maturing within 4 Years

-

0.0

-

6.1

-

LT Debt matured within 5 yr.

-

0.0

-

-

6.0

Total Long Term Debt, Supplemental

4.0

3.6

6.4

6.1

6.0

Capital Lease Maturing within a Year

0.3

-

-

-

-

Cap Lease Maturg over a Yr within 2 Yrs

0.3

-

-

-

-

Cap Lease Maturg over 2 Yr within 3 Yrs

0.3

-

-

-

-

Cap Lease Maturg over 3 Yr within 4 Yrs

0.3

-

-

-

-

Cap Lease Maturg over 4 Yr within 5 Yrs

0.1

-

-

-

-

Other Capital Lease

0.0

-

-

-

-

Total Capital Leases

1.1

-

-

-

-

Pension Obligation

14.0

20.9

19.9

20.8

22.1

Fair value of plan assets

0.0

6.8

6.3

6.6

8.1

Funded Status

-14.0

-14.1

-13.6

-14.2

-14.0

Total Funded Status

-14.0

-14.1

-13.6

-14.2

-14.0

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected rate of return

1.30%

1.70%

2.20%

2.10%

1.40%

Unrecog.actuarial G&L

1.1

1.2

1.9

1.8

0.8

Reserve for Accrued Retirement Benefits

-12.8

-13.0

-11.7

-12.3

-13.2

Net Assets Recognized on Balance Sheet

-11.7

-11.8

-9.7

-10.5

-12.4

 

 

 

 

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
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Updated Normal
31-Mar-2008

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

 

 

 

 

 

 

Income Before Tax

20.4

15.5

8.3

10.1

7.6

    Depreciation

9.0

8.6

8.3

8.5

7.0

    Impairment losses on assets

-

-

0.0

1.5

0.0

    Increase (decrease) in allowance for dou

-0.1

-0.2

-0.4

0.6

0.2

    Allowance-Directors

-

-

-

-

0.0

    Increase (decrease) in provision for ret

-0.2

-0.2

-1.4

-0.9

-0.4

    Increase (decrease) in provision for dir

0.0

0.0

0.0

0.0

0.0

    Int.&Div. Income

-0.6

-0.6

-0.4

-0.7

-0.6

    Interest Expense

0.1

0.2

0.2

0.5

0.3

    Stock sunscription right

-

-

-

0.0

-0.1

    Loss (gain) on sales of noncurrent asset

-1.0

-0.1

-0.9

0.0

0.0

    Write-off Fix. Asset

0.2

0.2

0.0

0.0

0.0

    Loss (gain) on sales of investment secur

0.0

0.0

0.0

0.0

0.0

    Loss (gain) on valuation of investment s

0.1

1.5

0.0

0.9

0.0

    Decrease (increase) in notes and account

-12.5

-12.4

3.2

6.9

-3.5

    Decrease (increase) in inventories

-2.0

3.7

14.6

-6.5

-5.8

    Increase (decrease) in notes and account

-1.0

-1.0

3.4

-6.6

6.1

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other, net

2.1

-1.7

-0.4

1.5

-1.0

    Int.&Div. Received

0.6

0.6

0.4

0.7

0.6

    Interest Paid

-0.1

-0.2

-0.2

-0.5

-0.3

    Tax Paid

-8.9

-4.2

-4.8

-3.8

-4.0

    Adjustment

-

0.0

-

-

-

Cash from Operating Activities

5.9

9.8

29.8

12.3

6.2

 

 

 

 

 

 

    Proceeds From Sales Of Membership

0.1

-

-

-

-

    Proceeds from redemption of securities

0.1

-

-

-

-

    Sale&Redempt Mkt Sec

-

0.0

-

0.0

0.9

    Proceeds from sales of property, plant a

1.4

0.2

0.9

0.0

0.0

    Purchase of property, plant and equipmen

-6.8

-5.1

-4.0

-4.8

-3.5

    Purch.-Intangibles

0.0

0.0

0.0

0.0

-0.1

    Sale-Invest. Sec.

0.0

0.0

0.0

0.0

0.0

    Purch.-Invest. Sec.

-0.1

-0.1

-0.1

-1.1

-1.8

    Sale/Redemption of memberships

-

0.0

0.0

0.0

0.0

    Purchase of memberships

-

0.0

-

-

-

    Purchase of memberships

0.0

-

-

-

-

Cash from Investing Activities

-5.4

-5.1

-3.2

-5.8

-4.5

 

 

 

 

 

 

    Net increase (decrease) in short-term lo

-2.5

-2.3

-18.8

-1.5

-7.9

    Repayment of long-term loans payable

0.0

-3.5

0.0

-

-

    Excerise of stock subscription rights

-

-

-

-

0.0

    Procced from LT Debt

-

-

-

0.0

5.2

    Purch.-Treas. Stock

0.0

0.0

0.0

-0.4

0.0

    Dividend Paid

-2.8

-2.6

-2.2

-2.2

-2.2

    Other, net

-0.1

-

-

-

-

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other

-

0.0

-

-

-

Cash from Financing Activities

-5.5

-8.5

-21.0

-4.1

-4.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

-0.2

0.1

-0.3

0.0

Net Change in Cash

-5.1

-3.9

5.7

2.1

-3.1

 

 

 

 

 

 

Net Cash - Beginning Balance

19.3

21.6

14.3

11.1

12.9

Net Cash - Ending Balance

14.2

17.7

19.9

13.2

9.7

    Cash Interest Paid

0.1

0.2

0.2

0.5

0.3

    Cash Taxes Paid

8.9

4.2

4.8

3.8

4.0

 

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

65.9

-4.08%

275.0

6.38%

1.35%

2.89%

Research & Development1

-

-

2.0

-7.83%

-8.62%

-1.50%

Operating Income1

4.6

-13.82%

18.6

17.60%

15.82%

16.56%

Income Available to Common Excl Extraord Items1

3.4

-8.02%

11.3

10.64%

24.73%

18.85%

Basic EPS Excl Extraord Items1

0.15

-8.00%

0.51

10.65%

25.09%

18.85%

Capital Expenditures2

6.9

-

6.9

22.58%

4.23%

11.49%

Cash from Operating Activities2

5.9

-

5.9

-44.64%

-27.82%

-9.20%

Free Cash Flow

-0.9

-

-0.9

-

-

-

Total Assets3

273.4

0.62%

264.8

1.95%

-1.84%

-3.36%

Total Liabilities3

79.1

-6.31%

78.6

-3.46%

-10.76%

-9.39%

Total Long Term Debt3

0.0

-

0.0

-

-

-

Employees3

-

-

632

0.48%

-1.98%

-1.57%

Total Common Shares Outstanding3

22.4

-0.02%

22.4

-0.02%

-0.02%

-0.19%

1-ExchangeRate: JPY to USD Average for Period

80.197711

 

78.961215

 

 

 

2-ExchangeRate: JPY to USD Average for Period

78.961215

 

78.961215

 

 

 

3-ExchangeRate: JPY to USD Period End Date

79.390941

 

82.385362

 

 

 

Key Ratios

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Profitability

Gross Margin

16.90%

17.18%

13.68%

15.84%

15.16%

Operating Margin

6.76%

6.11%

3.60%

4.53%

4.02%

Pretax Margin

7.41%

6.51%

4.33%

4.86%

4.48%

Net Profit Margin

4.12%

3.96%

2.66%

2.21%

2.35%

Financial Strength

Current Ratio

3.05

2.97

2.77

2.24

2.09

Long Term Debt/Equity

0.00

0.02

0.04

0.04

0.04

Total Debt/Equity

0.06

0.07

0.11

0.24

0.24

Management Effectiveness

Return on Assets

4.14%

3.76%

2.11%

1.94%

1.81%

Return on Equity

5.96%

5.57%

3.34%

3.24%

3.07%

Efficiency

Receivables Turnover

2.33

2.46

2.25

2.48

2.27

Inventory Turnover

4.52

4.14

3.11

3.31

3.53

Asset Turnover

1.00

0.95

0.80

0.88

0.77

Market Valuation USD (mil)

P/E (TTM)

7.30

.

Enterprise Value2

88.5

Price/Sales (TTM)

0.34

.

Enterprise Value/Revenue (TTM)

0.33

Price/Book (MRQ)

0.41

.

Enterprise Value/EBITDA (TTM)

3.36

Market Cap as of 31-Aug-20121

92.5

.

 

 

1-ExchangeRate: JPY to USD on 31-Aug-2012

78.557111

 

 

 

2-ExchangeRate: JPY to USD on 30-Jun-2012

79.390941

 

 

 

 

 

 

Annual Ratios

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

Financial Strength

Current Ratio

3.05

2.97

2.77

2.24

2.09

Quick/Acid Test Ratio

2.18

2.10

1.88

1.37

1.36

Working Capital1

124.5

117.2

97.0

86.3

79.4

Long Term Debt/Equity

0.00

0.02

0.04

0.04

0.04

Total Debt/Equity

0.06

0.07

0.11

0.24

0.24

Long Term Debt/Total Capital

0.00

0.02

0.04

0.03

0.03

Total Debt/Total Capital

0.05

0.07

0.10

0.19

0.19

Payout Ratio

25.04%

27.71%

42.71%

49.00%

49.57%

Effective Tax Rate

44.34%

39.12%

38.64%

54.45%

47.60%

Total Capital1

196.6

190.0

170.1

174.7

180.2

 

 

 

 

 

 

Efficiency

Asset Turnover

1.00

0.95

0.80

0.88

0.77

Inventory Turnover

4.52

4.14

3.11

3.31

3.53

Days In Inventory

80.77

88.24

117.25

110.27

103.53

Receivables Turnover

2.33

2.46

2.25

2.48

2.27

Days Receivables Outstanding

156.42

148.22

162.42

147.36

161.00

Revenue/Employee2

417,078

391,598

295,134

314,784

273,291

Operating Income/Employee2

28,180

23,933

10,637

14,250

10,994

EBITDA/Employee2

28,512

38,092

23,449

27,178

22,247

 

 

 

 

 

 

Profitability

Gross Margin

16.90%

17.18%

13.68%

15.84%

15.16%

Operating Margin

6.76%

6.11%

3.60%

4.53%

4.02%

EBITDA Margin

6.84%

9.73%

7.95%

8.63%

8.14%

EBIT Margin

6.76%

6.11%

3.60%

4.53%

4.02%

Pretax Margin

7.41%

6.51%

4.33%

4.86%

4.48%

Net Profit Margin

4.12%

3.96%

2.66%

2.21%

2.35%

R&D Expense/Revenue

0.73%

0.84%

0.97%

1.00%

1.00%

COGS/Revenue

83.10%

82.82%

86.32%

84.16%

84.84%

SG&A Expense/Revenue

8.93%

9.17%

9.15%

9.25%

9.86%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

4.14%

3.76%

2.11%

1.94%

1.81%

Return on Equity

5.96%

5.57%

3.34%

3.24%

3.07%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.04

0.21

1.14

0.34

0.14

Operating Cash Flow/Share 2

0.25

0.45

1.32

0.56

0.31

1-ExchangeRate: JPY to USD Period End Date

82.385362

82.88

93.44

98.77

99.535

2-ExchangeRate: JPY to USD Average for Period

82.385362

82.88

93.44

98.77

99.535

 

Current Market Multiples

Market Cap/Earnings (TTM)

8.34

Market Cap/Equity (MRQ)

0.47

Market Cap/Revenue (TTM)

0.34

Market Cap/EBIT (TTM)

5.21

Market Cap/EBITDA (TTM)

3.47

Enterprise Value/Earnings (TTM)

8.06

Enterprise Value/Equity (MRQ)

0.46

Enterprise Value/Revenue (TTM)

0.33

Enterprise Value/EBIT (TTM)

5.03

Enterprise Value/EBITDA (TTM)

3.36

 

 

 

Bottom of Form

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.44

UK Pound

1

Rs.89.31

Euro

1

Rs.71.61

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.