|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED ARROWS LTD. |
|
|
|
|
Registered Office : |
2-31-12, Jingumae Shibuya-Ku, 150-0001 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
02.10.1989 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Retail sale of clothing in specialised stores |
|
|
|
|
No. of Employees : |
3,309 |
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 |
|
Maximum Credit Limit: |
USD 13.5 millions |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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
UNITED ARROWS LTD.
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Business
Description
|
UNITED ARROWS LTD. is a Japan-based company mainly engaged in the retail
of apparels. The Company primarily provides men's wear and lady's wear
products, under the name of UNITED ARROWS, green label relaxing, CHROME
HEARTS, Another Edition, Jewel Changes, Odette e Odile UNITED ARROWS, Lotta
Love, ARCHIPELAGO UNITED ARROWS LTD., DRAWER, District UNITED ARROWS, THE
SOVEREIGN HOUSE, THE AIRPORT STORE UNITED ARROWS LTD., among others. As of
March 31, 2012, the Company had 186 stores and two subsidiaries. Its
subsidiaries are engaged in the import and sales of bags, shoes, apparels and
accessories. For the fiscal year ended 31 March 2013, UNITED ARROWS LTD.
revenues increased 13% to Y115.04B. Net income applicable to common
stockholders increased 46% to Y7.32B. Revenues reflect an increase in demand
for the Company's products and services due to favorable market conditions.
Net income benefited from Advertising Expenses decrease of 5% to Y2.59B
(expense), Provision For Bonuses decrease of 4% to Y2.07B (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
4771 - Retail sale of clothing, footwear and leather
articles in specialized stores |
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Significant Developments
|
Financial
Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855
|
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|
UNITED ARROWS
LTD. |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shibuya-Ku |
Japan |
Clothing and Apparel Stores |
1,386.5 |
3,309 |
|
|
Subsidiary |
Tokyo |
Japan |
Clothing and Apparel Stores |
|
18 |
|
|
Subsidiary |
Tokyo |
Japan |
Clothing and Apparel Stores |
|
15 |
|
|
Subsidiary |
Tokyo |
Japan |
Food Manufacturing |
|
|
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,386.5 |
1,292.4 |
1,056.9 |
898.5 |
792.8 |
|
Revenue |
1,386.5 |
1,292.4 |
1,056.9 |
898.5 |
792.8 |
|
Total Revenue |
1,386.5 |
1,292.4 |
1,056.9 |
898.5 |
792.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
631.8 |
587.5 |
496.8 |
437.3 |
388.3 |
|
Cost of Revenue, Total |
631.8 |
587.5 |
496.8 |
437.3 |
388.3 |
|
Gross Profit |
754.7 |
704.9 |
560.2 |
461.2 |
404.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
385.5 |
361.3 |
307.9 |
275.8 |
247.6 |
|
Labor & Related Expense |
168.3 |
162.2 |
130.6 |
119.2 |
101.4 |
|
Advertising Expense |
31.2 |
34.5 |
19.7 |
- |
- |
|
Total Selling/General/Administrative Expenses |
585.0 |
557.9 |
458.1 |
395.0 |
349.0 |
|
Depreciation |
18.3 |
17.9 |
15.9 |
13.0 |
12.5 |
|
Depreciation/Amortization |
18.3 |
17.9 |
15.9 |
13.0 |
12.5 |
|
Impairment-Assets Held for Use |
10.5 |
6.0 |
5.5 |
9.8 |
12.2 |
|
Other Unusual Expense (Income) |
1.0 |
5.5 |
9.9 |
3.0 |
0.0 |
|
Unusual Expense (Income) |
11.5 |
11.5 |
15.4 |
12.8 |
12.2 |
|
Other Operating Expense |
- |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
- |
0.0 |
- |
- |
- |
|
Total Operating Expense |
1,246.6 |
1,174.8 |
986.2 |
858.0 |
762.0 |
|
|
|
|
|
|
|
|
Operating Income |
139.9 |
117.6 |
70.8 |
40.4 |
30.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.0 |
-1.7 |
-1.7 |
-1.5 |
-0.9 |
|
Interest Expense, Net Non-Operating |
-1.0 |
-1.7 |
-1.7 |
-1.5 |
-0.9 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Non-Operating |
-0.3 |
0.5 |
0.3 |
0.4 |
-0.3 |
|
Interest/Investment Income - Non-Operating |
-0.3 |
0.5 |
0.3 |
0.4 |
-0.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.3 |
-1.1 |
-1.4 |
-1.2 |
-1.2 |
|
Gain (Loss) on Sale of Assets |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
1.5 |
2.1 |
-0.2 |
2.2 |
0.8 |
|
Other, Net |
1.5 |
2.1 |
-0.2 |
2.2 |
0.8 |
|
Income Before Tax |
140.1 |
118.6 |
69.2 |
41.4 |
30.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
51.9 |
55.1 |
27.2 |
26.3 |
17.8 |
|
Income After Tax |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
Net Income |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
31.7 |
31.6 |
37.1 |
42.2 |
42.2 |
|
Basic EPS Excl Extraord Items |
2.78 |
2.01 |
1.13 |
0.36 |
0.30 |
|
Basic/Primary EPS Incl Extraord Items |
2.78 |
2.01 |
1.13 |
0.36 |
0.30 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
Diluted Weighted Average Shares |
31.9 |
31.8 |
37.2 |
42.2 |
42.2 |
|
Diluted EPS Excl Extraord Items |
2.76 |
2.00 |
1.13 |
0.36 |
0.30 |
|
Diluted EPS Incl Extraord Items |
2.76 |
2.00 |
1.13 |
0.36 |
0.30 |
|
Dividends per Share - Common Stock Primary Issue |
0.64 |
0.46 |
0.34 |
0.30 |
0.25 |
|
Gross Dividends - Common Stock |
20.3 |
14.4 |
11.9 |
12.7 |
10.5 |
|
Interest Expense, Supplemental |
1.0 |
1.7 |
1.7 |
1.5 |
0.9 |
|
Depreciation, Supplemental |
18.3 |
17.9 |
16.0 |
13.0 |
12.5 |
|
Total Special Items |
11.5 |
11.5 |
17.2 |
16.2 |
15.3 |
|
Normalized Income Before Tax |
151.6 |
130.1 |
86.3 |
57.6 |
45.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
4.3 |
5.3 |
6.0 |
4.5 |
7.1 |
|
Inc Tax Ex Impact of Sp Items |
56.2 |
60.4 |
33.2 |
30.8 |
24.8 |
|
Normalized Income After Tax |
95.4 |
69.7 |
53.1 |
26.9 |
21.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
95.4 |
69.7 |
53.1 |
26.8 |
20.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.01 |
2.20 |
1.43 |
0.64 |
0.50 |
|
Diluted Normalized EPS |
2.99 |
2.19 |
1.43 |
0.64 |
0.50 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
1.9 |
3.4 |
3.2 |
|
Amort of Intangibles, Supplemental |
2.9 |
3.8 |
3.7 |
3.2 |
2.8 |
|
Rental Expenses |
172.0 |
158.9 |
133.3 |
114.7 |
97.9 |
|
Advertising Expense, Supplemental |
31.2 |
34.5 |
19.7 |
- |
- |
|
Reported Operating Profit |
151.4 |
129.1 |
86.2 |
53.2 |
43.0 |
|
Reported Ordinary Profit |
151.6 |
130.1 |
84.5 |
54.2 |
42.6 |
|
Normalized EBIT |
151.4 |
129.1 |
86.2 |
53.2 |
43.0 |
|
Normalized EBITDA |
172.6 |
150.9 |
107.7 |
72.9 |
61.5 |
|
Current Tax - Total |
55.2 |
60.5 |
- |
- |
- |
|
Current Tax - Total |
55.2 |
60.5 |
- |
- |
- |
|
Deferred Tax - Total |
-3.2 |
-5.4 |
- |
- |
- |
|
Deferred Tax - Total |
-3.2 |
-5.4 |
- |
- |
- |
|
Income Tax - Total |
52.0 |
55.1 |
- |
- |
- |
|
Defined Contribution Expense - Domestic |
3.3 |
3.5 |
3.0 |
2.7 |
2.3 |
|
Total Pension Expense |
3.3 |
3.5 |
3.0 |
2.7 |
2.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
67.3 |
98.9 |
68.1 |
44.7 |
35.2 |
|
Cash and Short Term Investments |
67.3 |
98.9 |
68.1 |
44.7 |
35.2 |
|
Accounts Receivable -
Trade, Gross |
1.8 |
2.2 |
3.1 |
3.3 |
3.0 |
|
Provision for Doubtful
Accounts |
0.0 |
0.0 |
-0.5 |
-0.4 |
-0.3 |
|
Trade Accounts Receivable - Net |
1.7 |
2.1 |
2.6 |
2.8 |
2.7 |
|
Other Receivables |
95.0 |
86.9 |
61.6 |
62.2 |
53.6 |
|
Total Receivables, Net |
96.8 |
89.0 |
64.2 |
65.0 |
56.3 |
|
Inventories - Finished Goods |
183.3 |
188.7 |
189.4 |
178.9 |
187.3 |
|
Inventories - Other |
2.4 |
2.5 |
2.0 |
2.0 |
1.8 |
|
Total Inventory |
185.8 |
191.2 |
191.4 |
180.9 |
189.1 |
|
Deferred Income Tax - Current Asset |
17.2 |
18.8 |
14.0 |
16.7 |
13.6 |
|
Other Current Assets |
4.8 |
5.2 |
4.2 |
3.8 |
4.0 |
|
Other Current Assets, Total |
22.0 |
24.0 |
18.2 |
20.5 |
17.6 |
|
Total Current Assets |
371.9 |
403.1 |
342.0 |
311.1 |
298.2 |
|
|
|
|
|
|
|
|
Buildings |
159.2 |
166.2 |
149.4 |
105.4 |
96.3 |
|
Land/Improvements |
6.0 |
6.9 |
6.9 |
6.1 |
5.8 |
|
Construction in
Progress |
3.6 |
1.7 |
0.4 |
5.8 |
0.1 |
|
Other Property/Plant/Equipment |
39.8 |
41.9 |
38.2 |
30.4 |
27.3 |
|
Property/Plant/Equipment - Gross |
208.7 |
216.7 |
194.8 |
147.7 |
129.4 |
|
Accumulated Depreciation |
-113.3 |
-111.3 |
-96.0 |
-67.4 |
-50.5 |
|
Property/Plant/Equipment - Net |
95.4 |
105.4 |
98.8 |
80.3 |
78.8 |
|
Goodwill, Net |
- |
- |
0.0 |
1.7 |
4.8 |
|
Intangibles, Net |
16.9 |
20.9 |
22.7 |
21.6 |
21.4 |
|
LT Investments - Other |
1.5 |
1.6 |
1.8 |
1.7 |
0.0 |
|
Long Term Investments |
1.5 |
1.6 |
1.8 |
1.7 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
7.1 |
6.0 |
5.3 |
5.3 |
4.8 |
|
Other Long Term Assets |
85.4 |
85.4 |
81.0 |
72.2 |
65.9 |
|
Other Long Term Assets, Total |
92.5 |
91.4 |
86.3 |
77.5 |
70.7 |
|
Total Assets |
578.1 |
622.4 |
551.6 |
494.0 |
474.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
90.3 |
96.9 |
86.8 |
82.1 |
81.7 |
|
Accrued Expenses |
23.2 |
25.4 |
15.6 |
16.0 |
8.7 |
|
Notes Payable/Short Term Debt |
42.5 |
34.0 |
154.4 |
24.0 |
61.3 |
|
Current Portion - Long Term Debt/Capital Leases |
32.9 |
43.0 |
25.3 |
23.3 |
20.1 |
|
Income Taxes Payable |
25.7 |
46.9 |
7.2 |
18.5 |
3.6 |
|
Other Payables |
48.5 |
53.2 |
35.6 |
31.6 |
20.7 |
|
Other Current Liabilities |
10.3 |
12.5 |
6.6 |
12.2 |
5.0 |
|
Other Current liabilities, Total |
84.5 |
112.6 |
49.5 |
62.3 |
29.3 |
|
Total Current Liabilities |
273.4 |
311.9 |
331.6 |
207.6 |
201.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
7.2 |
45.8 |
14.9 |
35.7 |
39.2 |
|
Total Long Term Debt |
7.2 |
45.8 |
14.9 |
35.7 |
39.2 |
|
Total Debt |
82.6 |
122.8 |
194.6 |
82.9 |
120.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
0.4 |
0.0 |
- |
- |
|
Deferred Income Tax |
- |
0.4 |
0.0 |
- |
- |
|
Reserves |
24.1 |
23.7 |
21.6 |
0.0 |
- |
|
Pension Benefits - Underfunded |
3.3 |
6.3 |
1.1 |
1.0 |
0.9 |
|
Other Long Term Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Other Liabilities, Total |
27.5 |
30.2 |
22.8 |
1.0 |
0.9 |
|
Total Liabilities |
308.1 |
388.3 |
369.3 |
244.3 |
241.1 |
|
|
|
|
|
|
|
|
Common Stock |
32.2 |
36.8 |
36.6 |
32.4 |
30.7 |
|
Common Stock |
32.2 |
36.8 |
36.6 |
32.4 |
30.7 |
|
Additional Paid-In Capital |
43.5 |
49.7 |
49.4 |
43.8 |
41.5 |
|
Retained Earnings (Accumulated Deficit) |
259.9 |
286.5 |
235.4 |
183.2 |
169.8 |
|
Treasury Stock - Common |
-65.9 |
-139.1 |
-139.2 |
-9.7 |
-9.2 |
|
Unrealized Gain (Loss) |
-0.1 |
-0.3 |
-0.1 |
0.0 |
0.0 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
0.3 |
0.6 |
0.1 |
-0.1 |
0.2 |
|
Other Equity, Total |
0.3 |
0.6 |
0.1 |
-0.1 |
0.2 |
|
Total Equity |
270.0 |
234.2 |
182.2 |
249.7 |
232.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
578.1 |
622.4 |
551.5 |
494.0 |
474.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
31.8 |
31.6 |
31.6 |
42.2 |
42.2 |
|
Total Common Shares Outstanding |
31.8 |
31.6 |
31.6 |
42.2 |
42.2 |
|
Treasury Shares - Common Stock Primary Issue |
6.0 |
11.2 |
11.2 |
0.6 |
0.6 |
|
Employees |
3,309 |
3,033 |
2,792 |
2,783 |
2,781 |
|
Number of Common Shareholders |
12,020 |
13,878 |
14,234 |
14,938 |
17,262 |
|
Total Long Term Debt, Supplemental |
40.1 |
88.8 |
40.2 |
58.9 |
59.2 |
|
Long Term Debt Maturing within 1 Year |
32.9 |
43.0 |
25.3 |
23.3 |
20.1 |
|
Long Term Debt Maturing in Year 2 |
7.2 |
37.5 |
10.7 |
22.4 |
16.5 |
|
Long Term Debt Maturing in Year 3 |
- |
8.3 |
4.2 |
9.5 |
16.6 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
0.0 |
3.7 |
3.0 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
0.0 |
0.0 |
3.0 |
|
Long Term Debt Maturing in 2-3 Years |
7.2 |
45.8 |
14.9 |
31.9 |
33.1 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
0.0 |
3.7 |
6.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Deloitte Touche Tohmatsu
LLC |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
140.1 |
118.6 |
69.2 |
41.4 |
30.4 |
|
Depreciation |
18.3 |
17.9 |
16.0 |
13.0 |
12.5 |
|
Depreciation/Depletion |
18.3 |
17.9 |
16.0 |
13.0 |
12.5 |
|
Amortization of Intangibles |
2.9 |
3.8 |
3.7 |
3.2 |
2.8 |
|
Amortization of Acquisition Costs |
- |
0.0 |
1.9 |
3.4 |
3.2 |
|
Amortization |
2.9 |
3.8 |
5.5 |
6.6 |
5.9 |
|
Unusual Items |
10.5 |
5.7 |
15.6 |
8.3 |
10.4 |
|
Other Non-Cash Items |
-0.2 |
8.1 |
-2.3 |
7.0 |
1.4 |
|
Non-Cash Items |
10.3 |
13.8 |
13.3 |
15.3 |
11.8 |
|
Accounts Receivable |
-21.0 |
-24.7 |
9.0 |
-5.7 |
-1.4 |
|
Inventories |
-20.8 |
1.4 |
12.1 |
19.1 |
-16.3 |
|
Other Assets |
-1.0 |
-0.7 |
0.0 |
-0.2 |
-0.6 |
|
Accounts Payable |
6.2 |
10.0 |
-5.6 |
-4.3 |
7.6 |
|
Accrued Expenses |
1.1 |
10.1 |
-2.4 |
6.9 |
0.0 |
|
Other Liabilities |
0.0 |
23.9 |
1.8 |
10.0 |
0.0 |
|
Other Operating Cash Flow |
-73.0 |
-21.2 |
-38.2 |
-16.8 |
-37.3 |
|
Changes in Working Capital |
-108.5 |
-1.2 |
-23.3 |
8.9 |
-47.9 |
|
Cash from Operating Activities |
63.1 |
153.0 |
80.8 |
85.3 |
12.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-26.4 |
-25.5 |
-21.1 |
-13.9 |
-34.6 |
|
Purchase/Acquisition of Intangibles |
-2.0 |
-2.0 |
-1.7 |
-2.3 |
-3.1 |
|
Capital Expenditures |
-28.4 |
-27.5 |
-22.8 |
-16.2 |
-37.8 |
|
Sale of Fixed Assets |
- |
0.0 |
0.7 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.4 |
0.0 |
|
Purchase of Investments |
-0.1 |
-0.2 |
-0.7 |
-1.8 |
-0.1 |
|
Sale of Intangible Assets |
- |
0.0 |
0.1 |
0.0 |
- |
|
Other Investing Cash Flow |
-14.0 |
-6.7 |
-1.4 |
-3.8 |
-5.6 |
|
Other Investing Cash Flow Items, Total |
-14.2 |
-6.9 |
-1.3 |
-5.2 |
-5.7 |
|
Cash from Investing Activities |
-42.5 |
-34.3 |
-24.1 |
-21.4 |
-43.5 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-15.6 |
-11.6 |
-13.8 |
-11.3 |
-10.4 |
|
Total Cash Dividends Paid |
-15.6 |
-11.6 |
-13.8 |
-11.3 |
-10.4 |
|
Sale/Issuance of
Common |
1.2 |
0.7 |
0.6 |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
- |
0.0 |
-124.9 |
0.0 |
0.0 |
|
Common Stock, Net |
1.2 |
0.7 |
-124.3 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
1.2 |
0.7 |
-124.3 |
0.0 |
0.0 |
|
Short Term Debt, Net |
14.5 |
-126.6 |
123.2 |
-41.0 |
22.4 |
|
Long Term Debt Issued |
- |
101.3 |
0.0 |
17.6 |
54.7 |
|
Long Term Debt
Reduction |
-42.7 |
-50.9 |
-25.4 |
-21.3 |
-32.5 |
|
Long Term Debt, Net |
-42.7 |
50.4 |
-25.4 |
-3.7 |
22.2 |
|
Issuance (Retirement) of Debt, Net |
-28.2 |
-76.2 |
97.8 |
-44.7 |
44.6 |
|
Cash from Financing Activities |
-42.6 |
-87.1 |
-40.2 |
-56.0 |
34.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-22.0 |
31.6 |
16.5 |
8.0 |
3.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
96.0 |
69.3 |
47.4 |
35.7 |
29.6 |
|
Net Cash - Ending Balance |
74.0 |
100.9 |
63.8 |
43.7 |
33.1 |
|
Cash Interest Paid |
1.0 |
1.7 |
1.7 |
1.5 |
1.0 |
|
Cash Taxes Paid |
72.3 |
19.6 |
36.6 |
15.4 |
36.4 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,386.5 |
1,292.4 |
1,056.9 |
898.5 |
792.8 |
|
Total Revenue |
1,386.5 |
1,292.4 |
1,056.9 |
898.5 |
792.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Cost of Sales |
631.8 |
587.5 |
496.8 |
437.3 |
388.3 |
|
Other Selling/General/Admin. Expense |
119.1 |
116.4 |
- |
- |
- |
|
Rent Expenses |
172.0 |
158.9 |
133.3 |
114.7 |
97.9 |
|
Salaries And Allowances |
139.7 |
131.5 |
112.7 |
99.9 |
90.8 |
|
Business Consignment Expenses |
43.2 |
39.5 |
36.5 |
31.5 |
28.8 |
|
Packing And Transportation Expenses |
25.7 |
23.2 |
20.8 |
18.8 |
17.8 |
|
Advertising Expenses |
31.2 |
34.5 |
19.7 |
- |
- |
|
Commission Fee |
25.4 |
23.3 |
18.6 |
16.1 |
14.7 |
|
Depreciation |
18.3 |
17.9 |
15.9 |
13.0 |
12.5 |
|
Provision For Bonuses |
24.9 |
27.2 |
14.9 |
16.6 |
8.4 |
|
Retirement Benefit Expenses |
3.6 |
3.5 |
3.0 |
2.7 |
2.3 |
|
Other SGA |
- |
- |
98.6 |
94.7 |
88.4 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Provision for directors'' retirement ben |
- |
5.4 |
- |
- |
- |
|
Reversal of provision for loss on store |
- |
0.0 |
-0.9 |
0.0 |
- |
|
SP Return of profit gained through ST |
- |
- |
0.0 |
-1.5 |
0.0 |
|
Compensation for transfer |
- |
0.0 |
-0.2 |
0.0 |
- |
|
SP Other Special Gains |
- |
- |
- |
- |
0.0 |
|
SP Fixed Asset Retired |
- |
0.5 |
0.8 |
1.6 |
2.0 |
|
SP Impairment loss |
10.5 |
5.5 |
4.8 |
8.2 |
10.2 |
|
SP Reserve for officers retiremen |
- |
- |
0.0 |
- |
- |
|
SP Store closure allowance |
- |
- |
0.0 |
4.5 |
0.0 |
|
Loss on adjustment for changes of accoun |
- |
0.0 |
10.7 |
0.0 |
- |
|
SP Other Special Losses |
1.0 |
0.1 |
0.2 |
0.0 |
0.0 |
|
Total Operating Expense |
1,246.6 |
1,174.8 |
986.2 |
858.0 |
762.0 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Foreign Exchange Losses |
-0.4 |
- |
- |
- |
- |
|
NOP Dividend Income |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Store Rental Income |
0.7 |
0.2 |
0.2 |
0.1 |
0.1 |
|
NOP Currency Gain |
- |
0.5 |
0.2 |
0.4 |
0.0 |
|
NOP Cash purchase discounts rcvd |
0.6 |
0.5 |
0.4 |
0.4 |
0.3 |
|
Other non-operating income |
1.1 |
2.1 |
1.0 |
1.9 |
1.1 |
|
NOP Interest Expenses |
-1.0 |
-1.7 |
-1.7 |
-1.5 |
-0.9 |
|
NOP Currency Losses |
- |
- |
- |
0.0 |
-0.3 |
|
NOP Cost of Store Rental |
-0.4 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
NOP Commission paid |
0.0 |
0.0 |
-1.4 |
0.0 |
-0.3 |
|
NOP Donation Expenses |
- |
- |
- |
- |
0.0 |
|
Other non-operating expenses |
-0.4 |
-0.5 |
-0.3 |
-0.2 |
-0.3 |
|
SP G on sale of fixed assets |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Net Income Before Taxes |
140.1 |
118.6 |
69.2 |
41.4 |
30.5 |
|
|
|
|
|
|
|
|
Total income taxes |
51.9 |
55.1 |
27.2 |
26.3 |
17.8 |
|
Net Income After Taxes |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
Net Income |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Rounding Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
31.7 |
31.6 |
37.1 |
42.2 |
42.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.78 |
2.01 |
1.13 |
0.36 |
0.30 |
|
Basic EPS Including ExtraOrdinary Items |
2.78 |
2.01 |
1.13 |
0.36 |
0.30 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
88.2 |
63.5 |
42.0 |
15.1 |
12.7 |
|
Diluted Weighted Average Shares |
31.9 |
31.8 |
37.2 |
42.2 |
42.2 |
|
Diluted EPS Excluding ExtraOrd Items |
2.76 |
2.00 |
1.13 |
0.36 |
0.30 |
|
Diluted EPS Including ExtraOrd Items |
2.76 |
2.00 |
1.13 |
0.36 |
0.30 |
|
DPS-Ordinary Shares |
0.64 |
0.46 |
0.34 |
0.30 |
0.25 |
|
Gross Dividends - Common Stock |
20.3 |
14.4 |
11.9 |
12.7 |
10.5 |
|
Normalized Income Before Taxes |
151.6 |
130.1 |
86.3 |
57.6 |
45.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
56.2 |
60.4 |
33.2 |
30.8 |
24.8 |
|
Normalized Income After Taxes |
95.4 |
69.7 |
53.1 |
26.9 |
21.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
95.4 |
69.7 |
53.1 |
26.8 |
20.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.01 |
2.20 |
1.43 |
0.64 |
0.50 |
|
Diluted Normalized EPS |
2.99 |
2.19 |
1.43 |
0.64 |
0.50 |
|
Advertising Expenses |
31.2 |
34.5 |
19.7 |
- |
- |
|
Interest Expense |
1.0 |
1.7 |
1.7 |
1.5 |
0.9 |
|
Rent Expenses |
172.0 |
158.9 |
133.3 |
114.7 |
97.9 |
|
BC - Depreciation of Intangible Assets |
2.9 |
- |
- |
- |
- |
|
Amortization of Intangible Assets |
- |
3.8 |
- |
- |
- |
|
Amort of Intangibles |
- |
- |
3.7 |
3.2 |
2.8 |
|
BC - Depreciation of Fixed Assets |
18.3 |
- |
- |
- |
- |
|
Depreciation |
- |
17.9 |
- |
- |
- |
|
Depreciation |
- |
- |
16.0 |
13.0 |
12.5 |
|
Amort. of goodwill |
- |
- |
1.9 |
3.4 |
3.2 |
|
Income taxes-current |
55.2 |
60.5 |
- |
- |
- |
|
Current Tax - Total |
55.2 |
60.5 |
- |
- |
- |
|
Income taxes-deferred |
-3.2 |
-5.4 |
- |
- |
- |
|
Deferred Tax - Total |
-3.2 |
-5.4 |
- |
- |
- |
|
Income Tax - Total |
52.0 |
55.1 |
- |
- |
- |
|
Reported Operating Profit |
151.4 |
129.1 |
86.2 |
53.2 |
43.0 |
|
Reported Ordinary Profit |
151.6 |
130.1 |
84.5 |
54.2 |
42.6 |
|
Defined Contribution Expense |
3.3 |
3.5 |
- |
- |
- |
|
Defined Contribution Expenses |
- |
- |
3.0 |
2.7 |
2.3 |
|
Total Pension Expense |
3.3 |
3.5 |
3.0 |
2.7 |
2.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte Touche Tohmatsu
LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
67.3 |
98.9 |
68.1 |
44.7 |
35.2 |
|
Accounts Rcvbl |
- |
- |
- |
0.0 |
3.0 |
|
Notes and accounts receivable-trade |
1.8 |
2.2 |
3.1 |
3.3 |
0.0 |
|
Inventories - merchandise |
183.3 |
188.7 |
189.4 |
178.9 |
187.3 |
|
Inventories - supplies |
2.4 |
2.5 |
2.0 |
2.0 |
1.8 |
|
Accounts receivable-other |
95.0 |
86.9 |
61.6 |
62.2 |
53.6 |
|
Defer. Tax Asset |
17.2 |
18.8 |
14.0 |
16.7 |
13.6 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Current |
4.8 |
5.1 |
4.2 |
3.8 |
4.0 |
|
Doubt Debt Allow |
0.0 |
0.0 |
-0.5 |
-0.4 |
-0.3 |
|
Total Current Assets |
371.9 |
403.1 |
342.0 |
311.1 |
298.2 |
|
|
|
|
|
|
|
|
Buildings |
159.2 |
166.2 |
149.4 |
105.4 |
96.3 |
|
Accumulated depreciation and impairment |
-84.6 |
-81.7 |
-69.8 |
-47.0 |
-34.7 |
|
Land |
6.0 |
6.9 |
6.9 |
6.1 |
5.8 |
|
Costr in Progr |
3.6 |
1.7 |
0.4 |
5.8 |
0.1 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Assets |
- |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
- |
0.0 |
- |
- |
- |
|
Other PPE |
39.8 |
41.9 |
38.2 |
30.4 |
27.3 |
|
Accumulated depreciation and impairment |
-28.7 |
-29.6 |
-26.2 |
-20.4 |
-15.8 |
|
Goodwill |
- |
- |
0.0 |
1.7 |
4.8 |
|
Other intangible |
16.9 |
20.9 |
22.7 |
21.6 |
21.4 |
|
Inv. Securities |
1.5 |
1.6 |
1.8 |
1.7 |
0.0 |
|
Guarantee deposits |
74.4 |
78.6 |
75.1 |
67.3 |
61.0 |
|
Deferred tax assets |
7.1 |
6.0 |
5.3 |
5.3 |
4.8 |
|
Other LT Asset |
11.3 |
7.1 |
5.9 |
5.0 |
4.9 |
|
Doubt Debt Allow |
-0.3 |
-0.3 |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Other Total Property/Plant/Equipment, Ne |
- |
0.0 |
- |
- |
- |
|
Total Assets |
578.1 |
622.4 |
551.6 |
494.0 |
474.0 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
90.3 |
96.9 |
86.8 |
82.1 |
81.7 |
|
Accounts Payable |
- |
- |
- |
0.0 |
- |
|
Short-term loans payable |
42.5 |
34.0 |
154.4 |
24.0 |
61.3 |
|
Current portion of long-term loans payab |
32.9 |
43.0 |
25.3 |
23.3 |
20.1 |
|
Accounts payable-other |
48.5 |
53.2 |
35.6 |
31.6 |
20.7 |
|
Income Tax Pybl |
25.7 |
46.9 |
7.2 |
18.5 |
3.6 |
|
Bonus Allowance |
22.0 |
24.2 |
14.9 |
16.0 |
8.7 |
|
Provision for directors'' bonuses |
1.2 |
1.2 |
0.7 |
0.0 |
- |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Res, store closure |
- |
- |
0.0 |
4.5 |
0.0 |
|
Asset retirement obligations |
0.3 |
1.1 |
0.9 |
0.0 |
- |
|
Other Current |
9.9 |
11.4 |
5.7 |
7.7 |
5.0 |
|
Total Current Liabilities |
273.4 |
311.9 |
331.6 |
207.6 |
201.0 |
|
|
|
|
|
|
|
|
Long-term loans payable |
7.2 |
45.8 |
14.9 |
35.7 |
39.2 |
|
Total Long Term Debt |
7.2 |
45.8 |
14.9 |
35.7 |
39.2 |
|
|
|
|
|
|
|
|
Provision for directors'' retirement ben |
3.3 |
6.3 |
1.1 |
1.0 |
0.9 |
|
Asset retirement obligations |
24.1 |
23.7 |
21.6 |
0.0 |
- |
|
Other Long Term Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Deferred tax liabilities(1) |
- |
0.4 |
- |
- |
- |
|
Deferred tax liabilities |
- |
- |
0.0 |
- |
- |
|
Other liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Total Liabilities |
308.1 |
388.3 |
369.3 |
244.3 |
241.1 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
32.2 |
36.8 |
36.6 |
32.4 |
30.7 |
|
Total capital surpluses |
43.5 |
49.7 |
49.4 |
43.8 |
41.5 |
|
Total retained earnings |
259.9 |
286.5 |
235.4 |
183.2 |
169.8 |
|
Treasury Stock |
-65.9 |
-139.1 |
-139.2 |
-9.7 |
-9.2 |
|
Valuation difference on available-for-sa |
-0.1 |
-0.3 |
-0.1 |
0.0 |
0.0 |
|
Deferred hedge gain/loss |
0.3 |
0.6 |
0.1 |
-0.1 |
0.2 |
|
Total Equity |
270.0 |
234.2 |
182.2 |
249.7 |
232.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
578.1 |
622.4 |
551.5 |
494.0 |
474.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
31.8 |
31.6 |
31.6 |
42.2 |
42.2 |
|
Total Common Shares Outstanding |
31.8 |
31.6 |
31.6 |
42.2 |
42.2 |
|
T/S-Ordinary Shares |
6.0 |
11.2 |
11.2 |
0.6 |
0.6 |
|
Number Of Employees |
3,309 |
3,033 |
- |
- |
- |
|
Full-Time Employees |
- |
- |
2,792 |
2,783 |
2,781 |
|
Total Number of Shareholders |
12,020 |
13,878 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
14,234 |
14,938 |
17,262 |
|
Other Loans Payable Remaining |
- |
0.0 |
- |
- |
- |
|
Loans Payable Maturing within a Year |
32.9 |
43.0 |
25.3 |
23.3 |
20.1 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
7.2 |
37.5 |
- |
- |
- |
|
LT Debt due within 2 Yr. |
- |
- |
10.7 |
22.4 |
16.5 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
- |
8.3 |
- |
- |
- |
|
LT Debt due within 3 Yr. |
- |
- |
4.2 |
9.5 |
16.6 |
|
LT Debt due within 4 Yr |
- |
- |
0.0 |
3.7 |
3.0 |
|
LT Debt due within 5 Yr |
- |
- |
0.0 |
0.0 |
3.0 |
|
Total Long Term Debt, Supplemental |
40.1 |
88.8 |
40.2 |
58.9 |
59.2 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
140.1 |
118.6 |
69.2 |
41.4 |
30.4 |
|
Depreciation |
18.3 |
17.9 |
16.0 |
13.0 |
12.5 |
|
Amort.-Intangibles |
2.9 |
3.8 |
3.7 |
3.2 |
2.8 |
|
Increase (decrease) in provision for dir |
-2.5 |
5.4 |
- |
- |
- |
|
Amortization of long-term prepaid expens |
1.3 |
1.2 |
0.9 |
0.9 |
0.9 |
|
Loss (gain) on sales of property, plant |
- |
0.0 |
- |
- |
- |
|
Impairment loss |
10.5 |
5.5 |
4.8 |
8.2 |
10.2 |
|
Amort. of goodwill |
- |
0.0 |
1.9 |
3.4 |
3.2 |
|
Increase (decrease) in provision for bon |
0.9 |
9.6 |
-3.1 |
6.9 |
0.0 |
|
Increase (decrease) in provision for dir |
0.2 |
0.5 |
0.7 |
0.0 |
- |
|
Reserve for dir.'s retire. bonuse |
- |
- |
0.0 |
- |
- |
|
Increase (decrease) in provision for los |
- |
0.0 |
-4.9 |
4.5 |
0.0 |
|
Directors' Allowance |
- |
- |
- |
0.0 |
-0.6 |
|
Increase (decrease) in allowance for dou |
0.0 |
-0.2 |
0.0 |
0.2 |
0.3 |
|
Interest & Dividend |
-0.1 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Loss on adjustment for changes of accoun |
- |
0.0 |
10.7 |
0.0 |
- |
|
Interest Expenses |
1.0 |
1.7 |
1.7 |
1.5 |
0.9 |
|
Loss on retirement of property, plant an |
- |
0.2 |
0.1 |
0.1 |
0.2 |
|
Gain-Fix Asset Sold |
- |
- |
0.0 |
0.0 |
0.0 |
|
Intangibles WriteOff |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss (gain) on sales of intangible asset |
- |
0.0 |
0.0 |
0.0 |
- |
|
Decrease (increase) in notes and account |
-21.0 |
-24.7 |
9.0 |
-5.7 |
-1.4 |
|
Decrease (increase) in inventories |
-20.8 |
1.4 |
12.1 |
19.1 |
-16.3 |
|
Decrease (increase) in other current ass |
-1.0 |
-0.7 |
0.0 |
-0.2 |
-0.6 |
|
Increase (decrease) in notes and account |
6.2 |
10.0 |
-5.6 |
-4.3 |
7.6 |
|
Increase (decrease) in other current lia |
0.0 |
23.8 |
1.5 |
10.0 |
0.0 |
|
Increase (decrease) in other noncurrent |
0.0 |
0.0 |
0.3 |
0.0 |
0.0 |
|
Other, net |
0.3 |
0.0 |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
0.0 |
- |
- |
- |
|
Other |
- |
- |
0.0 |
0.0 |
0.1 |
|
Interest & Dividend |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Interest Paid |
-1.0 |
-1.7 |
-1.7 |
-1.5 |
-1.0 |
|
Taxes Paid |
-72.3 |
-19.6 |
-36.6 |
-15.4 |
-36.4 |
|
Cash from Operating Activities |
63.1 |
153.0 |
80.8 |
85.3 |
12.8 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.1 |
-0.2 |
-0.7 |
0.0 |
-0.1 |
|
Time Deposit Matured |
- |
- |
0.0 |
0.4 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Payments for asset retirement obligation |
-1.0 |
-1.2 |
- |
- |
- |
|
Inv. Sec. Bought |
- |
- |
0.0 |
-1.8 |
0.0 |
|
Purchase of property, plant and equipmen |
-26.4 |
-25.5 |
-21.1 |
-13.9 |
-34.6 |
|
Payments for retirement of property, pla |
- |
0.0 |
-0.4 |
0.0 |
- |
|
Assets retirement obligation |
- |
- |
0.0 |
- |
- |
|
Proceeds from sales of property, plant a |
- |
0.0 |
0.7 |
0.0 |
0.0 |
|
Intangibles Bought |
-2.0 |
-2.0 |
-1.7 |
-2.3 |
-3.1 |
|
Sales of intangible assets |
- |
0.0 |
0.1 |
0.0 |
- |
|
Purchase of long-term prepaid expenses |
-6.7 |
-2.3 |
-1.8 |
-1.0 |
-1.3 |
|
Outgoing guaranteed deposits made |
-9.1 |
-7.9 |
-5.5 |
-2.8 |
-4.3 |
|
Outgoing guaranteed deposits returned |
2.8 |
4.7 |
6.2 |
0.0 |
- |
|
Other, net |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-42.5 |
-34.3 |
-24.1 |
-21.4 |
-43.5 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
14.5 |
-126.6 |
123.2 |
-41.0 |
22.4 |
|
Proceeds from long-term loans payable |
- |
101.3 |
0.0 |
17.6 |
54.7 |
|
Repayment of long-term loans payable |
-42.7 |
-50.9 |
-25.4 |
-21.3 |
-32.5 |
|
Repayment of corp. bond |
- |
- |
- |
- |
0.0 |
|
Treasury Repurchased |
- |
0.0 |
-124.9 |
0.0 |
0.0 |
|
Disposal of treasury stock |
1.2 |
0.7 |
0.6 |
0.0 |
0.0 |
|
Dividend Paid |
-15.6 |
-11.6 |
-13.8 |
-11.3 |
-10.4 |
|
Cash from Financing Activities |
-42.6 |
-87.1 |
-40.2 |
-56.0 |
34.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-22.0 |
31.6 |
16.5 |
8.0 |
3.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
96.0 |
69.3 |
47.4 |
35.7 |
29.6 |
|
Net Cash - Ending Balance |
74.0 |
100.9 |
63.8 |
43.7 |
33.1 |
|
Cash Interest Paid |
1.0 |
1.7 |
1.7 |
1.5 |
1.0 |
|
Cash Taxes Paid |
72.3 |
19.6 |
36.6 |
15.4 |
36.4 |
|
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.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
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%)