MIRA INFORM REPORT
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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MIKUNI CORPORATION |
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Registered Office : |
Mikuni Bldg.,
6-13-11, Soto-Kanda, Chiyoda-Ku, 101-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
01.10.1948 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
Subject is engaged in Automobile-related Products, Aircraft Component Import & Sales, Living Device Products segment |
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No. of Employees : |
5,685 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A 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.
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Source : CIA |
Company name & address
MIKUNI CORPORATION
Mikuni Bldg.
6-13-11,
Soto-Kanda
Chiyoda-Ku,
101-0021
Japan
Tel: 81-3-38330392
Fax: 81-338364210
Web: www.mikuni.co.jp
Synthesis
Employees: 5,685
Company Type: Public Parent
Corporate Family: 11 Companies
Traded: Tokyo Stock Exchange: 7247
Incorporation
Date: 01-Oct-1948
Auditor: Nihombashi
Corporation
Financials in: USD (Millions)
Fiscal Year End: 31-Mar-2013
Reporting
Currency: Japanese Yen
Annual Sales: 987.6 1
Net Income: 17.0
Total Assets: 844.3 2
Market Value: 104.7
(16-Aug-2013)
Business Description
MIKUNI
CORPORATION is a Japan-based manufacturing company that is active in four
business segments. The Automobile-related Products segment offers fuel
injection-related products, including throttle bodies, discharge pumps and
sensors; carburetors, including two wheels carburetors, general-purpose
carburetors and carburetor components; accessories, including variable valve
timing systems and active pedals; pumps, including oil, water, fuel and
electrical vacuum pumps. The Living Device Products segment offers gas burner
safety devices and gas proportional control valves. The Aircraft Component
Import and Sales segment imports and sells aircraft components, aerospace
equipment, components and accessories. The Others segment manufactures and
sells heaters, humidifiers, hydraulic lifts, ion oxide water generators, medical
and welfare equipment, substrates, lawn mowers and maintenance equipment; sells
golf carts, child seats and others; as well as provides real estate management
services. For the three months ended 30 June 2013, MIKUNI CORPORATION revenues
increased 14% to Y23.03B. Net income applicable to common stockholders
increased from Y106M to Y576M. Revenues reflect an increase in demand for the
Company's products and services due to favorable market conditions. Net income
benefited from NOP Exchange Loss decrease from Y75M (expense) to Y0K, SP
Gain-Fixed Asset Sale increase from Y0K to Y57M (income), NOP Other Non-op.
Industry
Industry
Motor Vehicle Parts Manufacturing
ANZSIC 2006: 231 - Motor Vehicle and Motor Vehicle Part
Manufacturing
ISIC Rev 4: 293 - Manufacture of parts and
accessories for motor vehicles
NACE Rev 2: 293 - Manufacture of parts and accessories
for motor vehicles
NAICS 2012: 336310 - Motor Vehicle Gasoline Engine and
Engine Parts Manufacturing
UK SIC 2007: 293 - Manufacture of parts and accessories
for motor vehicles
US SIC 1987: 3714 - Motor Vehicle Parts and Accessories
Key Executives
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Significant
Developments
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Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet
Item Exchange Rate: USD 1 = JPY 94.08855
Corporate Overview
Location
Mikuni Bldg.
6-13-11, Soto-Kanda
Chiyoda-Ku,
101-0021
Japan
Tel: 81-3-38330392
Fax: 81-338364210
Web: www.mikuni.co.jp
Quote Symbol -
Exchange
7247 - Tokyo Stock Exchange
Sales JPY(mil): 81,942.0
Assets JPY(mil): 79,436.0
Employees: 5,685
Fiscal Year End: 31-Mar-2013
Industry: Auto and Truck Parts
Incorporation
Date: 01-Oct-1948
Company Type: Public Parent
Quoted Status: Quoted
President, Representative
Director:
Hisataka Ikuta
Industry Codes
ANZSIC 2006
Codes:
231 - Motor
Vehicle and Motor Vehicle Part Manufacturing
3734 - Toy
and Sporting Goods Wholesaling
2449 - Other
Domestic Appliance Manufacturing
2451 - Pump
and Compressor Manufacturing
2469 - Other
Specialised Machinery and Equipment Manufacturing
2394 - Aircraft
Manufacturing and Repair Services
6720 - Real
Estate Services
3411 - Agricultural
and Construction Machinery Wholesaling
ISIC Rev 4 Codes:
293 - Manufacture
of parts and accessories for motor vehicles
4649 - Wholesale
of other household goods
3030 - Manufacture
of air and spacecraft and related machinery
2512 - Manufacture
of tanks, reservoirs and containers of metal
4653 - Wholesale
of agricultural machinery, equipment and supplies
2819 - Manufacture
of other general-purpose machinery
2750 - Manufacture
of domestic appliances
6820 - Real
estate activities on a fee or contract basis
2813 - Manufacture
of other pumps, compressors, taps and valves
NACE Rev 2 Codes:
293 - Manufacture
of parts and accessories for motor vehicles
2751 - Manufacture
of electric domestic appliances
6831 - Real
estate agencies
2521 - Manufacture
of central heating radiators and boilers
4661 - Wholesale
of agricultural machinery, equipment and supplies
2829 - Manufacture
of other general-purpose machinery n.e.c.
4649 - Wholesale
of other household goods
3030 - Manufacture
of air and spacecraft and related machinery
2813 - Manufacture
of other pumps and compressors
NAICS 2012 Codes:
336310 - Motor
Vehicle Gasoline Engine and Engine Parts Manufacturing
423820 - Farm
and Garden Machinery and Equipment Merchant Wholesalers
333318 - Other
Commercial and Service Industry Machinery Manufacturing
423910 - Sporting
and Recreational Goods and Supplies Merchant Wholesalers
336412 - Aircraft
Engine and Engine Parts Manufacturing
335210 - Small
Electrical Appliance Manufacturing
333414 - Heating
Equipment (except Warm Air Furnaces) Manufacturing
531210 - Offices
of Real Estate Agents and Brokers
336413 - Other
Aircraft Parts and Auxiliary Equipment Manufacturing
333911 - Pump
and Pumping Equipment Manufacturing
US SIC 1987:
3714 - Motor
Vehicle Parts and Accessories
3433 - Heating
Equipment, Except Electric and Warm Air Furnaces
5091 - Sporting
and Recreational Goods and Supplies
3634 - Electric
Housewares and Fans
3724 - Aircraft
Engines and Engine Parts
3561 - Pumps
and Pumping Equipment
6531 - Real
Estate Agents and Managers
3728 - Aircraft
Parts and Auxiliary Equipment, Not Elsewhere Classified
5083 - Farm
and Garden Machinery and Equipment
3589 - Service
Industry Machinery, Not Elsewhere Classified
UK SIC 2007:
293 - Manufacture
of parts and accessories for motor vehicles
2751 - Manufacture
of electric domestic appliances
6831 - Real
estate agencies
2521 - Manufacture
of central heating radiators and boilers
4661 - Wholesale
of agricultural machinery, equipment and supplies
2829 - Manufacture
of other general-purpose machinery n.e.c.
46499 - Wholesale
of household goods (other than musical instruments) n.e.c.
3030 - Manufacture
of air and spacecraft and related machinery
28131 - Manufacture
of pumps
Business Description
MIKUNI
CORPORATION is a Japan-based manufacturing company that is active in four
business segments. The Automobile-related Products segment offers fuel
injection-related products, including throttle bodies, discharge pumps and
sensors; carburetors, including two wheels carburetors, general-purpose
carburetors and carburetor components; accessories, including variable valve
timing systems and active pedals; pumps, including oil, water, fuel and
electrical vacuum pumps. The Living Device Products segment offers gas burner
safety devices and gas proportional control valves. The Aircraft Component
Import and Sales segment imports and sells aircraft components, aerospace
equipment, components and accessories. The Others segment manufactures and
sells heaters, humidifiers, hydraulic lifts, ion oxide water generators,
medical and welfare equipment, substrates, lawn mowers and maintenance
equipment; sells golf carts, child seats and others; as well as provides real
estate management services. For the three months ended 30 June 2013, MIKUNI
CORPORATION revenues increased 14% to Y23.03B. Net income applicable to common
stockholders increased from Y106M to Y576M. Revenues reflect an increase in
demand for the Company's products and services due to favorable market
conditions. Net income benefited from NOP Exchange Loss decrease from Y75M
(expense) to Y0K, SP Gain-Fixed Asset Sale increase from Y0K to Y57M (income),
NOP Other Non-op.
More Business Descriptions
Manufacture of
carburetors and fuel injection products
Carburetors,
Pumps, Heaters, Lawnmowers & General Industrial Machinery Mfr
Automobile and
Light Duty Motor Vehicle Manufacturing
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Corporate
Family |
Corporate
Structure News: |
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MIKUNI
CORPORATION |
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MIKUNI CORPORATION |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Chiyoda-Ku |
Japan |
Motor Vehicle Parts Manufacturing |
987.6 |
5,685 |
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Subsidiary |
Cixi, Zhejiang |
China |
Metal Products Manufacturing |
34.3 |
1,100 |
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Subsidiary |
Shanghai, Shanghai |
China |
Motor Vehicle Parts Manufacturing |
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950 |
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Subsidiary |
Chengdu, Sichuan |
China |
Miscellaneous Transportation Equipment Manufacturing |
29.4 |
600 |
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Subsidiary |
Bekasi, West Java |
Indonesia |
Motor Vehicle Parts Manufacturing |
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550 |
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Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Machinery and Equipment Manufacturing |
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45 |
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Subsidiary |
Northridge, CA |
United States |
Motor Vehicle Wholesale |
38.0 |
30 |
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Subsidiary |
Reynosa, Tamaulipas |
Mexico |
Motor Vehicle Wholesale |
4.1 |
147 |
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Subsidiary |
Eschborn, Hessen |
Germany |
Miscellaneous Wholesale |
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10 |
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Subsidiary |
Makinohara, Shizuoka |
Japan |
Machinery and Equipment Manufacturing |
69.0 |
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Subsidiary |
Odawara, Kanagawa |
Japan |
Commercial Real Estate Leasing |
19.2 |
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Executive report
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Board of
Directors |
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Chairman of the Board, Representative
Director |
Chairman |
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Managing Director, Managing Executive
Officer, Chief Director of Production |
Director/Board Member |
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Managing Executive Officer, Chief Director
of Development & Purchasing, Director |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Executive Officer, Chief Director of
Business Planning and Administration, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Managing Director, Managing Executive
Officer, Chief Director of Marketing |
Director/Board Member |
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Board Member |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Managing Director, Managing Executive
Officer, Chief Director of Production |
Division Head Executive |
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Executive Officer, President of Subsidiary |
Division Head Executive |
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Managing Executive Officer, Chief Director
of Development & Purchasing, Director |
Division Head Executive |
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Executive Officer, Chief Director of
Business Planning and Administration, Director |
Division Head Executive |
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Executive Officer, Director of Internal
Control |
Division Head Executive |
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Executive Officer, Deputy Chief Director
of Development and Purchasing |
Division Head Executive |
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Managing Executive Officer, General
Manager of Subsidiary |
Division Head Executive |
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Managing Director, Managing Executive
Officer, Chief Director of Marketing |
Division Head Executive |
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Executive Officer, Deputy Chief Director
of Marketing |
Division Head Executive |
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Executive Officer, Chief Director of Quality
Assurance |
Division Head Executive |
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Executive Officer, Deputy Chief Director
of Production |
Division Head Executive |
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Executive Officer, President of Subsidiary |
Division Head Executive |
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Executive Officer |
Division Head Executive |
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Executive Officer, Chief Director of
Supervision Production Technology |
Division Head Executive |
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Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Manager of Accounting Office |
Investor Relations Executive |
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Significant Developments
MIKUNI CORP to
Establish Joint Venture with Eberspacher Climate Control Systems International
Beteiligungs-GmbH Feb 13, 2013
MIKUNI CORP
announced that MIKUNI CORP and Eberspacher Climate Control Systems
International Beteiligungs-GmbH have decided to establish a joint venture,
which will be engaged in sales of vehicle air conditioner system and related
products, based in Kanagawa, effective April 2013. MIKUNI CORP and Eberspacher
Climate Control Systems International Beteiligungs-GmbH will hold a 50% stake
in the joint venture respectively.
MIKUNI CORP
Raises Consolidated Full-year Outlook for FY 2013 Feb 13, 2013
MIKUNI CORP
announced that it has raised the consolidated full-year outlook for revenue
from JPY 81,000 million to JPY 81,300 million, operating profit from JPY 1,800
million to JPY 2,100 million, ordinary profit from JPY 1,000 million to JPY
1,600 million, net profit from JPY 800 million to JPY 1,300 million and earning
per share from JPY 23.60 to JPY 38.35 for the fiscal year ending March 31,
2013. The positive outlook is mainly due to reduction of costs and improvement
of business performance.
MIKUNI CORP Amends Consolidated Mid-year and
Full-year Outlook for FY 2013 Nov 08, 2012
MIKUNI CORP announced that it has raised its
consolidated mid-year outlook for revenue from JPY 40,000 million to JPY 40,100
million, operating profit from JPY 700 million to JPY 790 million and ordinary
profit from JPY 400 million to JPY 420 million, but lowered the outlook for net
profit from JPY 200 million to JPY 10 million and earning per share from JPY
5.90 to JPY 0.30, for the fiscal year ending March 2013. In addition, the
Company has also lowered its consolidated full-year outlook for revenue from
JPY 84,000 million to JPY 81,000 million, operating profit from JPY 2,600
million to JPY 1,800 million, ordinary profit from JPY 2,100 million to JPY
1,000 million, net profit from JPY 1,700 million to JPY 800 million and earning
per share from JPY 50.15 to JPY 23.60, for the fiscal year ending March 2013.
The Company lowered the outlook due to the decreased sales, the record of loss
on revaluation of investment securities, the increased tax cost as well as the
impact of the higher yen and the sluggish global economic conditions.