|
Report Date : |
16.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUJI OIL CO., LTD. |
|
|
|
|
Registered Office : |
1, Sumiyoshi-cho Izumisano-Shi, 598-8540 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
09.10.1950 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of cocoa, chocolate and sugar confectionery |
|
|
|
|
No. of Employees : |
3,882 |
RATING & COMMENTS
|
MIRAs 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 June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
FUJI OIL CO., LTD.
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Business Description
|
FUJI OIL CO., LTD. is a Japan-based food
company operating in four business divisions. The Oil and Fat division
provides purified oil, oil and fat for chocolate. This division is also engaged
in the import and sale of raw materials of feed, as well as the storage of
raw materials. The Confectionery and Baking division provides chocolates,
cream, margarine, shortening, cheese, processed dairy products and
confectionery. The Soy Protein division provides soy protein products,
processed soy protein food products, soymilk and soy peptides. The Others
division is involved in cargo handling and welfare business. As of March 31,
2012, the Company had 38 subsidiaries, four associated companies and one
affiliated company. On April 5, 2012, the Company acquired a Fukuoka-based
company. For the six months ended 30 September 2012, FUJI OIL CO., LTD.
revenues decreased 4% to Y111.59B. Net income applicable to common
stockholders decreased 19% to Y3.22B. Revenues reflect Oils and fats business
segment decrease of 13% to Y43.78B, Soybean Protein segment decrease of less
than 1% to Y18.24B. Net income also reflects Oils and fats business segment
income decrease of 40% to Y1.25B, Soybean Protein segment income decrease of
29% to Y784M. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
1584 - Manufacture of cocoa, chocolate and sugar
confectionery |
|
NAICS 2002: |
31132 - Chocolate and Confectionery Manufacturing
from Cacao Beans |
|
UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Significant Developments
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
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|
FUJI OIL CO., LTD. The Strategic Initiatives report is created
using technology to extract meaningful insights from analyst reports about a
company's strategic projects and investments. More about Strategic Initiatives
|
|
Partnerships |
|
|
The core of our strategy is
proposal-oriented marketing aimed at meeting untapped market needs worldwide.
In October 2010, we celebrated our 60th anniversary. To mark that milestone we
introduced a corporate message that spotlights our company's distinctive identity,
“Simply Unique, Fuji Oil.
Inspired by the innovative spirit of our company's founders, we continue to
pursue the challenge of developing promising new products by working in close
collaboration with our customers. "Simply Unique, Fuji Oil"
reflects our aspirations and commitment to serving the future needs of
customers and society through products uniquely our own. With gratitude we
look forward to your continued support.GlobalData
uses a range of research techniques to gather and verify its information and
analysis. |
|
|
Early on we realized the value of
establishing a global network linking us with raw material production areas,
and in 2010 we continued expanding our network
which now extends to 10 different countries by
establishing affiliates in Thailand, Indonesia and Brazil. We are proud of
our continuing global expansion and of the food ingredients made possible by
our innovative technologies. The core of our strategy is proposal-oriented
marketing aimed at meeting untapped market needs worldwide. In October 2010,
we celebrated our 60th anniversary. To mark that milestone we introduced a
corporate message that spotlights our company's distinctive identity, “Simply Unique, Fuji Oil.
Inspired by the innovative spirit of our company's founders, we continue to
pursue the challenge of developing promising new products by working in close
collaboration with our customers. |
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Izumisano-Shi |
Japan |
Food Processing |
2,996.3 |
3,882 |
|
|
Subsidiary |
Yantai, Shangdong |
China |
Food Processing |
|
400 |
|
|
Subsidiary |
Songyuan, Jilin |
China |
Food Processing |
48.1 |
350 |
|
|
Subsidiary |
Zhangjiagang, Jiangsu |
China |
Food Processing |
|
250 |
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Food Processing |
|
217 |
|
|
Subsidiary |
Pasir Gudang, Johor |
Malaysia |
Food Processing |
157.1 |
165 |
|
|
Subsidiary |
Singapore |
Singapore |
Food Processing |
172.4 |
132 |
|
|
Subsidiary |
Singapore |
Singapore |
Food Processing |
122.0 |
110 |
|
|
Division |
Gent |
Belgium |
Food Processing |
198.0 |
108 |
|
|
Subsidiary |
Sasayama, Hyogo |
Japan |
Food Processing |
|
104 |
|
|
Subsidiary |
Osaka |
Japan |
Food Processing |
|
54 |
|
|
Facility |
Ibaraki |
Japan |
Food Processing |
|
50 |
|
|
Subsidiary |
Tokyo |
Japan |
Food Processing |
|
41 |
|
|
Subsidiary |
Toyonaka, Osaka |
Japan |
Food Processing |
|
40 |
|
|
Subsidiary |
Tokyo |
Japan |
Food Processing |
|
30 |
|
|
Facility |
Chiba |
Japan |
Food Processing |
|
30 |
|
|
Subsidiary |
Makati |
Philippines |
Food Processing |
|
7 |
|
|
Subsidiary |
White Plains, NY |
United States |
Food Processing |
12.9 |
5 |
|
|
Facility |
Savannah, GA |
United States |
Food Processing |
12.1 |
50 |
|
|
Subsidiary |
Torrance, CA |
United States |
Food Processing |
0.8 |
4 |
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Food Processing |
121.3 |
|
|
|
Subsidiary |
Onojo, Fukuoka |
Japan |
Food Processing |
105.8 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Personal and Household Products |
86.3 |
|
|
|
Subsidiary |
Omuta, Fukuoka |
Japan |
Food Processing |
65.8 |
|
|
|
Subsidiary |
Sasayama, Hyogo |
Japan |
Food Processing |
34.9 |
|
|
|
Subsidiary |
Fukuoka |
Japan |
Food Processing |
|
|
|
|
Facility |
Amagasaki, Hyogo |
Japan |
Food Processing |
|
|
|
|
Subsidiary |
Oita |
Japan |
Food Processing |
|
|
|
|
Subsidiary |
Chiba |
Japan |
Food Processing |
|
|
|
|
Subsidiary |
Karawang, West Java |
Indonesia |
Food Processing |
|
|
|
|
Facility |
Kobe, Hyogo |
Japan |
Food Processing |
|
|
|
|
Facility |
Kashima, Ishikawa |
Japan |
Food Processing |
|
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Food Processing |
|
|
|
|
Subsidiary |
Izumisano, Osaka |
Japan |
Food Processing |
|
|
|
|
Facility |
Ibaraki |
Japan |
Food Processing |
|
|
|
|
Facility |
Osaka |
Japan |
Food Processing |
|
|
|
|
Facility |
Osaka |
Japan |
Food Processing |
|
|
|
Executives Report
|
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|
|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,996.3 |
2,599.0 |
2,294.2 |
2,382.2 |
1,872.9 |
|
Revenue |
2,996.3 |
2,599.0 |
2,294.2 |
2,382.2 |
1,872.9 |
|
Total Revenue |
2,996.3 |
2,599.0 |
2,294.2 |
2,382.2 |
1,872.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,466.6 |
2,062.7 |
1,793.1 |
1,974.1 |
1,540.0 |
|
Cost of Revenue, Total |
2,466.6 |
2,062.7 |
1,793.1 |
1,974.1 |
1,540.0 |
|
Gross Profit |
529.7 |
536.3 |
501.1 |
408.1 |
332.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
222.5 |
210.3 |
191.2 |
189.9 |
173.5 |
|
Labor & Related
Expense |
82.7 |
77.8 |
68.2 |
61.1 |
51.5 |
|
Advertising Expense |
4.5 |
4.4 |
3.8 |
2.9 |
9.4 |
|
Total Selling/General/Administrative
Expenses |
309.8 |
292.5 |
263.1 |
253.9 |
234.3 |
|
Research & Development |
47.1 |
42.3 |
37.5 |
33.9 |
28.1 |
|
Depreciation |
8.4 |
7.9 |
7.2 |
5.6 |
3.5 |
|
Depreciation/Amortization |
8.4 |
7.9 |
7.2 |
5.6 |
3.5 |
|
Restructuring
Charge |
- |
0.0 |
- |
- |
- |
|
Impairment-Assets
Held for Use |
- |
0.0 |
10.7 |
2.2 |
44.4 |
|
Impairment-Assets
Held for Sale |
1.5 |
6.6 |
0.0 |
1.3 |
1.4 |
|
Other Unusual
Expense (Income) |
0.4 |
8.6 |
-5.2 |
1.4 |
1.1 |
|
Unusual Expense (Income) |
1.9 |
15.2 |
5.5 |
4.8 |
46.8 |
|
Total Operating Expense |
2,833.8 |
2,420.6 |
2,106.4 |
2,272.2 |
1,852.8 |
|
|
|
|
|
|
|
|
Operating Income |
162.5 |
178.5 |
187.8 |
109.9 |
20.2 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-7.8 |
-7.9 |
-9.7 |
-14.5 |
-12.7 |
|
Interest Expense,
Net Non-Operating |
-7.8 |
-7.9 |
-9.7 |
-14.5 |
-12.7 |
|
Interest
Income - Non-Operating |
0.5 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Investment
Income - Non-Operating |
8.4 |
5.5 |
2.4 |
2.4 |
5.6 |
|
Interest/Investment
Income - Non-Operating |
8.8 |
5.8 |
2.7 |
2.7 |
6.0 |
|
Interest Income (Expense) - Net
Non-Operating Total |
1.0 |
-2.2 |
-7.1 |
-11.8 |
-6.7 |
|
Gain (Loss) on Sale of Assets |
-1.8 |
-4.5 |
-3.7 |
-1.1 |
-2.0 |
|
Other Non-Operating
Income (Expense) |
1.3 |
-0.9 |
0.6 |
-0.3 |
0.7 |
|
Other, Net |
1.3 |
-0.9 |
0.6 |
-0.3 |
0.7 |
|
Income Before Tax |
163.0 |
171.0 |
177.6 |
96.7 |
12.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
53.4 |
50.6 |
54.4 |
21.2 |
22.2 |
|
Income After Tax |
109.6 |
120.4 |
123.2 |
75.5 |
-10.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-4.6 |
-6.2 |
-7.8 |
-1.0 |
2.8 |
|
Net Income Before Extraord
Items |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
Net Income |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
|
|
|
|
|
|
|
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 |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Basic EPS Excl Extraord
Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Basic/Primary EPS Incl
Extraord Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
Diluted Weighted Average Shares |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Diluted EPS Excl Extraord
Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Diluted EPS Incl Extraord Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Dividends per Share - Common Stock Primary
Issue |
0.30 |
0.28 |
0.26 |
0.16 |
0.13 |
|
Gross Dividends - Common Stock |
26.1 |
24.1 |
22.2 |
14.1 |
11.3 |
|
Interest Expense, Supplemental |
7.8 |
7.9 |
9.7 |
14.5 |
12.7 |
|
Depreciation, Supplemental |
112.6 |
108.0 |
104.1 |
97.3 |
94.5 |
|
Total Special Items |
3.8 |
19.6 |
9.2 |
5.9 |
48.8 |
|
Normalized Income Before Tax |
166.8 |
190.6 |
186.8 |
102.6 |
60.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.2 |
5.8 |
2.8 |
1.3 |
17.1 |
|
Inc Tax Ex Impact of Sp Items |
54.6 |
56.4 |
57.2 |
22.5 |
39.3 |
|
Normalized Income After Tax |
112.1 |
134.2 |
129.6 |
80.1 |
21.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
107.5 |
128.0 |
121.8 |
79.1 |
24.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.25 |
1.49 |
1.42 |
0.92 |
0.28 |
|
Diluted Normalized EPS |
1.25 |
1.49 |
1.42 |
0.92 |
0.28 |
|
Advertising Expense, Supplemental |
4.5 |
4.4 |
3.8 |
2.9 |
9.4 |
|
Research & Development Exp,
Supplemental |
47.1 |
42.3 |
37.5 |
33.9 |
28.1 |
|
Reported Operating Profit |
164.4 |
193.6 |
193.2 |
114.7 |
67.0 |
|
Reported Ordinary Profit |
164.9 |
189.6 |
186.8 |
102.6 |
60.6 |
|
Normalized EBIT |
164.4 |
193.6 |
193.3 |
114.7 |
67.0 |
|
Normalized EBITDA |
277.0 |
301.6 |
297.3 |
212.1 |
161.4 |
|
Current Tax - Total |
45.7 |
- |
- |
- |
- |
|
Current Tax - Total |
45.7 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
7.6 |
- |
- |
- |
- |
|
Deferred Tax - Total |
7.6 |
- |
- |
- |
- |
|
Income Tax - Total |
53.4 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
3.9 |
3.7 |
3.3 |
3.1 |
2.7 |
|
Service Cost - Domestic |
8.8 |
8.4 |
8.0 |
7.5 |
7.5 |
|
Prior Service Cost - Domestic |
- |
- |
- |
- |
-3.5 |
|
Expected Return on Assets - Domestic |
-1.5 |
-0.1 |
-0.1 |
-1.8 |
-3.4 |
|
Actuarial Gains and Losses - Domestic |
5.2 |
4.8 |
5.4 |
3.7 |
2.0 |
|
Domestic Pension Plan Expense |
16.5 |
16.8 |
16.7 |
12.6 |
5.3 |
|
Defined Contribution Expense - Domestic |
- |
1.2 |
1.1 |
- |
- |
|
Total Pension Expense |
16.5 |
18.1 |
17.8 |
12.6 |
5.3 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
0.00% |
0.00% |
0.00% |
1.50% |
3.00% |
|
Total Plan Interest Cost |
3.9 |
3.7 |
3.3 |
3.1 |
2.7 |
|
Total Plan Service Cost |
8.8 |
8.4 |
8.0 |
7.5 |
7.5 |
|
Total Plan Expected Return |
-1.5 |
-0.1 |
-0.1 |
-1.8 |
-3.4 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
150.5 |
82.8 |
84.5 |
48.1 |
28.8 |
|
Cash and Short Term Investments |
150.5 |
82.8 |
84.5 |
48.1 |
28.8 |
|
Accounts
Receivable - Trade, Gross |
562.6 |
500.9 |
425.6 |
387.1 |
400.0 |
|
Provision
for Doubtful Accounts |
-1.2 |
-1.4 |
-1.5 |
-1.7 |
-1.5 |
|
Trade Accounts Receivable
- Net |
561.4 |
499.5 |
424.2 |
385.4 |
398.5 |
|
Total Receivables, Net |
561.4 |
499.5 |
424.2 |
385.4 |
398.5 |
|
Inventories -
Finished Goods |
216.0 |
219.0 |
179.7 |
178.5 |
- |
|
Inventories - Raw
Materials |
206.8 |
198.3 |
149.5 |
151.5 |
- |
|
Total Inventory |
422.8 |
417.2 |
329.2 |
330.0 |
356.8 |
|
Deferred Income Tax
- Current Asset |
11.6 |
12.3 |
9.6 |
8.8 |
10.9 |
|
Other Current
Assets |
42.1 |
27.8 |
22.7 |
23.1 |
33.2 |
|
Other Current Assets, Total |
53.8 |
40.1 |
32.3 |
31.9 |
44.1 |
|
Total Current Assets |
1,188.5 |
1,039.6 |
870.1 |
795.3 |
828.2 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
897.3 |
918.5 |
858.2 |
838.4 |
892.4 |
|
Intangibles, Net |
18.7 |
16.0 |
17.0 |
11.6 |
12.3 |
|
LT Investment -
Affiliate Companies |
17.3 |
14.5 |
- |
- |
- |
|
LT Investments -
Other |
88.0 |
86.2 |
93.7 |
72.1 |
91.0 |
|
Long Term Investments |
105.2 |
100.7 |
93.7 |
72.1 |
91.0 |
|
Note Receivable - Long Term |
- |
- |
0.3 |
0.4 |
0.6 |
|
Deferred Charges |
0.0 |
0.0 |
0.1 |
0.2 |
0.3 |
|
Deferred Income Tax
- Long Term Asset |
0.8 |
9.0 |
2.2 |
3.5 |
0.2 |
|
Other Long Term
Assets |
21.2 |
20.8 |
23.3 |
20.9 |
17.4 |
|
Other Long Term Assets, Total |
22.0 |
29.8 |
25.6 |
24.6 |
17.9 |
|
Total Assets |
2,231.7 |
2,104.6 |
1,865.0 |
1,742.2 |
1,842.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
271.8 |
222.1 |
177.0 |
160.6 |
186.7 |
|
Accrued Expenses |
21.6 |
21.8 |
18.6 |
16.4 |
13.6 |
|
Notes Payable/Short Term Debt |
218.3 |
199.3 |
155.5 |
248.1 |
279.5 |
|
Current Portion - Long Term Debt/Capital
Leases |
0.2 |
40.0 |
135.0 |
13.6 |
130.2 |
|
Income Taxes
Payable |
25.5 |
32.6 |
35.2 |
28.6 |
16.6 |
|
Other Current
Liabilities |
82.9 |
64.8 |
70.1 |
59.9 |
65.3 |
|
Other Current liabilities, Total |
108.4 |
97.4 |
105.3 |
88.6 |
82.0 |
|
Total Current Liabilities |
620.2 |
580.6 |
591.4 |
527.4 |
692.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
239.3 |
240.0 |
186.6 |
303.6 |
221.6 |
|
Total Long Term Debt |
239.3 |
240.0 |
186.6 |
303.6 |
221.6 |
|
Total Debt |
457.8 |
479.2 |
477.0 |
565.4 |
631.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
8.8 |
10.2 |
8.8 |
6.4 |
27.0 |
|
Deferred Income Tax |
8.8 |
10.2 |
8.8 |
6.4 |
27.0 |
|
Minority Interest |
70.9 |
59.1 |
48.1 |
37.2 |
45.0 |
|
Pension Benefits - Underfunded |
29.8 |
26.0 |
20.5 |
14.6 |
13.3 |
|
Other Long Term
Liabilities |
4.9 |
2.4 |
1.9 |
1.3 |
0.8 |
|
Other Liabilities, Total |
34.6 |
28.5 |
22.3 |
15.9 |
14.1 |
|
Total Liabilities |
973.9 |
918.3 |
857.2 |
890.5 |
999.7 |
|
|
|
|
|
|
|
|
Common Stock |
160.3 |
159.4 |
141.4 |
133.7 |
132.7 |
|
Common Stock |
160.3 |
159.4 |
141.4 |
133.7 |
132.7 |
|
Additional Paid-In Capital |
222.4 |
221.1 |
196.1 |
185.5 |
184.1 |
|
Retained Earnings (Accumulated Deficit) |
1,002.9 |
921.8 |
737.8 |
605.0 |
539.1 |
|
Treasury Stock - Common |
-21.2 |
-21.1 |
-18.7 |
-17.7 |
-17.4 |
|
Unrealized Gain (Loss) |
20.0 |
14.5 |
14.6 |
8.7 |
13.7 |
|
Translation Adjustment |
-126.7 |
-109.4 |
-63.3 |
-63.6 |
-9.5 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-126.7 |
-109.4 |
-63.3 |
-63.6 |
-9.5 |
|
Total Equity |
1,257.8 |
1,186.3 |
1,007.9 |
851.8 |
842.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders
Equity |
2,231.7 |
2,104.6 |
1,865.0 |
1,742.2 |
1,842.4 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Total Common Shares Outstanding |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Treasury Shares - Common Stock Primary
Issue |
1.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Employees |
3,882 |
3,574 |
3,524 |
3,598 |
3,456 |
|
Number of Common Shareholders |
18,057 |
18,209 |
16,762 |
18,757 |
24,540 |
|
Total Long Term Debt, Supplemental |
290.6 |
316.2 |
321.5 |
317.2 |
351.8 |
|
Long Term Debt Maturing within 1 Year |
53.4 |
76.2 |
135.0 |
13.6 |
130.2 |
|
Long Term Debt Maturing in Year 2 |
93.5 |
43.7 |
35.9 |
127.6 |
10.6 |
|
Long Term Debt Maturing in Year 3 |
65.0 |
86.1 |
37.5 |
26.4 |
125.0 |
|
Long Term Debt Maturing in Year 4 |
72.0 |
43.6 |
75.1 |
42.8 |
11.7 |
|
Long Term Debt Maturing in Year 5 |
6.6 |
61.4 |
37.8 |
70.7 |
31.2 |
|
Long Term Debt Maturing in 2-3 Years |
158.5 |
129.8 |
73.4 |
154.0 |
135.6 |
|
Long Term Debt Maturing in 4-5 Years |
78.6 |
105.0 |
112.8 |
113.5 |
42.9 |
|
Long Term Debt Matur.
in Year 6 & Beyond |
0.1 |
5.2 |
0.3 |
36.1 |
43.1 |
|
Total Capital Leases, Supplemental |
5.9 |
2.7 |
2.3 |
1.1 |
- |
|
Capital Lease Payments Due in Year 1 |
1.5 |
0.8 |
0.6 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
1.4 |
0.7 |
0.6 |
0.3 |
- |
|
Capital Lease Payments Due in Year 3 |
1.2 |
0.6 |
0.4 |
0.2 |
- |
|
Capital Lease Payments Due in Year 4 |
0.6 |
0.5 |
0.3 |
0.1 |
- |
|
Capital Lease Payments Due in Year 5 |
0.4 |
0.2 |
0.3 |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.6 |
1.2 |
1.0 |
0.4 |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.0 |
0.6 |
0.6 |
0.1 |
- |
|
Cap. Lease Pymts.
Due in Year 6 & Beyond |
0.8 |
0.1 |
0.1 |
0.0 |
- |
|
Pension Obligation - Domestic |
195.8 |
190.2 |
171.3 |
160.3 |
161.8 |
|
Plan Assets - Domestic |
140.6 |
132.9 |
118.7 |
95.9 |
116.0 |
|
Funded Status - Domestic |
-55.1 |
-57.3 |
-52.6 |
-64.4 |
-45.8 |
|
Total Funded Status |
-55.1 |
-57.3 |
-52.6 |
-64.4 |
-45.8 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
0.00% |
0.00% |
0.00% |
1.50% |
3.00% |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accrued Liabilities - Domestic |
-24.1 |
-21.2 |
-16.0 |
-10.9 |
-9.7 |
|
Other Assets, Net - Domestic |
31.0 |
36.1 |
36.5 |
53.6 |
36.1 |
|
Net Assets Recognized on Balance Sheet |
7.0 |
14.9 |
20.5 |
42.7 |
26.5 |
|
Total Plan Obligations |
195.8 |
190.2 |
171.3 |
160.3 |
161.8 |
|
Total Plan Assets |
140.6 |
132.9 |
118.7 |
95.9 |
116.0 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
163.0 |
170.9 |
177.6 |
96.7 |
12.1 |
|
Depreciation |
112.6 |
108.0 |
104.1 |
97.3 |
94.5 |
|
Depreciation/Depletion |
112.6 |
108.0 |
104.1 |
97.3 |
94.5 |
|
Unusual Items |
2.1 |
7.9 |
13.2 |
3.5 |
46.1 |
|
Equity in Net
Earnings (Loss) |
0.1 |
-0.1 |
-0.2 |
0.4 |
0.0 |
|
Other Non-Cash
Items |
5.1 |
9.1 |
12.4 |
13.2 |
8.5 |
|
Non-Cash Items |
7.4 |
16.9 |
25.4 |
17.1 |
54.6 |
|
Accounts Receivable |
-53.2 |
-33.5 |
-13.5 |
-14.2 |
-52.7 |
|
Inventories |
-11.3 |
-64.2 |
22.7 |
-6.4 |
-79.0 |
|
Accounts Payable |
45.9 |
31.9 |
5.4 |
-6.7 |
4.1 |
|
Other Operating
Cash Flow |
-51.0 |
-72.0 |
-63.6 |
-28.9 |
-26.7 |
|
Changes in Working Capital |
-69.6 |
-137.8 |
-49.1 |
-56.2 |
-154.4 |
|
Cash from Operating Activities |
213.4 |
158.0 |
258.0 |
155.0 |
6.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-75.9 |
-96.5 |
-68.6 |
-91.4 |
-73.8 |
|
Capital Expenditures |
-75.9 |
-96.5 |
-68.6 |
-91.4 |
-73.8 |
|
Sale of Business |
3.1 |
- |
- |
- |
- |
|
Sale/Maturity of
Investment |
2.4 |
2.2 |
0.0 |
7.6 |
0.0 |
|
Investment, Net |
- |
0.0 |
- |
- |
- |
|
Purchase of
Investments |
-0.2 |
-10.1 |
-9.3 |
-3.9 |
-0.1 |
|
Other Investing
Cash Flow |
-6.4 |
-3.1 |
-3.3 |
-4.5 |
-1.5 |
|
Other Investing Cash Flow Items, Total |
-1.1 |
-11.0 |
-12.5 |
-0.8 |
-1.5 |
|
Cash from Investing Activities |
-77.0 |
-107.5 |
-81.2 |
-92.2 |
-75.4 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
-1.0 |
2.0 |
-1.1 |
-1.2 |
-0.8 |
|
Financing Cash Flow Items |
-1.0 |
2.0 |
-1.1 |
-1.2 |
-0.8 |
|
Cash Dividends Paid
- Common |
-26.1 |
-27.1 |
-16.6 |
-12.8 |
-11.3 |
|
Total Cash Dividends Paid |
-26.1 |
-27.1 |
-16.6 |
-12.8 |
-11.3 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Short Term Debt,
Net |
-47.1 |
35.6 |
-111.3 |
2.5 |
12.6 |
|
Long
Term Debt Issued |
56.0 |
71.2 |
0.0 |
102.4 |
70.9 |
|
Long
Term Debt Reduction |
-47.9 |
-145.8 |
-14.7 |
-128.4 |
-21.5 |
|
Long Term Debt, Net |
8.1 |
-74.6 |
-14.7 |
-26.0 |
49.4 |
|
Issuance (Retirement) of Debt, Net |
-39.0 |
-39.1 |
-126.0 |
-23.5 |
62.0 |
|
Cash from Financing Activities |
-66.2 |
-64.2 |
-143.8 |
-37.6 |
49.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.0 |
-4.7 |
0.9 |
-6.3 |
0.4 |
|
Net Change in Cash |
68.2 |
-18.5 |
33.9 |
18.8 |
-18.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
86.7 |
98.3 |
50.8 |
28.2 |
43.1 |
|
Net Cash - Ending Balance |
154.9 |
79.8 |
84.7 |
47.0 |
24.8 |
|
Cash Interest Paid |
7.8 |
8.2 |
9.8 |
14.4 |
12.4 |
|
Cash Taxes Paid |
53.3 |
61.8 |
50.6 |
24.6 |
21.8 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,996.3 |
2,599.0 |
2,294.2 |
2,382.2 |
1,872.9 |
|
Total Revenue |
2,996.3 |
2,599.0 |
2,294.2 |
2,382.2 |
1,872.9 |
|
|
|
|
|
|
|
|
Total cost of sales |
2,466.6 |
2,062.7 |
1,793.1 |
1,974.1 |
1,540.0 |
|
Other
Selling/General/Admin. Expense |
74.2 |
- |
- |
- |
- |
|
Delivery expenses |
124.7 |
112.2 |
103.3 |
103.2 |
93.9 |
|
Provision for
doubtful accounts(SGA) |
0.1 |
- |
0.3 |
1.3 |
- |
|
Payrolls |
67.6 |
62.4 |
53.2 |
49.4 |
44.6 |
|
Provision for
bonuses |
7.0 |
6.0 |
6.2 |
5.2 |
4.5 |
|
Periodic retirement
benefit costs |
6.0 |
6.4 |
6.2 |
4.6 |
1.4 |
|
Provision for dir's bonuses |
1.1 |
1.8 |
1.7 |
1.0 |
- |
|
Reserve for
officers retirement |
1.1 |
1.2 |
0.9 |
0.9 |
0.9 |
|
Depreciation |
8.4 |
7.9 |
7.2 |
5.6 |
3.5 |
|
Advertising
expenses |
4.5 |
4.4 |
3.8 |
2.9 |
9.4 |
|
Commission expenses |
23.5 |
23.6 |
18.8 |
19.8 |
17.3 |
|
R&D expenses |
47.1 |
42.3 |
37.5 |
33.9 |
28.1 |
|
Other general
expenses |
- |
74.6 |
68.8 |
65.5 |
62.3 |
|
Rounding adjustment
Income Statement |
0.0 |
- |
- |
- |
- |
|
SP Factory
relocation subsidy |
- |
0.0 |
-7.8 |
0.0 |
- |
|
Restructuring
Expenses Of Subsidiaries A |
0.8 |
- |
- |
- |
- |
|
SP Spec. prov. for doubtful acts |
- |
- |
- |
0.0 |
0.6 |
|
SP L on val. of LT inv't. secs. |
0.7 |
6.6 |
0.0 |
1.3 |
1.4 |
|
SP L adjust. for
changes of acct. asets |
- |
0.4 |
0.0 |
- |
- |
|
SP Restructuring
loss on aff. |
- |
0.0 |
- |
- |
- |
|
SP Loss on disaster |
0.4 |
3.8 |
0.0 |
- |
- |
|
SP Lump-sum payment
to withdrawal pensio |
- |
4.3 |
0.0 |
- |
- |
|
SP Reserve prior
directors' retir.bene. |
- |
- |
- |
0.0 |
0.4 |
|
SP Retire. L on
products |
- |
- |
- |
- |
0.0 |
|
SP Soybeans
value-added tax in pr yr |
- |
- |
- |
- |
0.0 |
|
SP Impairment
losses |
- |
0.0 |
10.7 |
2.2 |
44.4 |
|
SP Factory
relocation expense |
- |
0.0 |
0.8 |
1.2 |
0.0 |
|
SP Corporate
funeral expense |
- |
- |
- |
- |
0.0 |
|
SP Other Special
Losses |
- |
0.0 |
1.8 |
0.2 |
0.1 |
|
Total Operating Expense |
2,833.8 |
2,420.6 |
2,106.4 |
2,272.2 |
1,852.8 |
|
|
|
|
|
|
|
|
Equity In Losses Of
Affiliates |
-0.1 |
- |
- |
- |
- |
|
Gain on sales of
investments in capital |
1.9 |
- |
- |
- |
- |
|
SP G on sales of inve. in capital of aff |
- |
0.0 |
- |
- |
- |
|
SP Gain-Inv't Sec. Sold |
- |
1.0 |
0.0 |
- |
0.0 |
|
SP G on Sale of
Subs.' |
- |
- |
- |
0.0 |
0.3 |
|
SP Fixed Asset
Disposal |
-1.8 |
-4.5 |
-3.7 |
-1.1 |
-2.0 |
|
NOP Interest Income |
0.5 |
0.3 |
0.3 |
0.3 |
0.3 |
|
NOP Dividend Income |
4.0 |
1.8 |
1.5 |
1.5 |
1.4 |
|
NOP Gain-Inv. Sec.
Sold |
- |
- |
- |
0.0 |
0.0 |
|
Other Non-Operating
Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Exchange Gains |
2.6 |
2.5 |
0.8 |
1.2 |
4.0 |
|
NOP Equity in
Affiliate |
- |
0.1 |
0.2 |
0.0 |
0.0 |
|
NOP Subsidy income |
- |
0.0 |
0.6 |
0.2 |
- |
|
NOP Other Income |
3.9 |
3.1 |
2.3 |
2.7 |
2.9 |
|
NOP Interest
Expenses |
-7.8 |
-7.9 |
-9.7 |
-14.5 |
-12.7 |
|
NOP Contribution |
- |
-1.3 |
0.0 |
- |
- |
|
NOP Equity loss |
- |
0.0 |
0.0 |
-0.4 |
0.0 |
|
NOP Other Expenses |
-2.6 |
-2.6 |
-2.3 |
-3.3 |
-2.2 |
|
Net Income Before Taxes |
163.0 |
171.0 |
177.6 |
96.7 |
12.1 |
|
|
|
|
|
|
|
|
Total income taxes |
53.4 |
50.6 |
54.4 |
21.2 |
22.2 |
|
Net Income After Taxes |
109.6 |
120.4 |
123.2 |
75.5 |
-10.1 |
|
|
|
|
|
|
|
|
Minority interests
in income |
-4.6 |
-6.2 |
-7.8 |
-1.0 |
2.8 |
|
Net Income Before Extra. Items |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
Net Income |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
|
|
|
|
|
|
|
Rounding adjustment
Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding Adjustment |
- |
0.0 |
- |
0.0 |
- |
|
Directors' Bonus |
- |
- |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl
ExtraOrd |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Basic EPS Excluding ExtraOrdinary
Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Basic EPS Including ExtraOrdinary
Item |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
105.0 |
114.2 |
115.4 |
74.5 |
-7.4 |
|
Diluted Weighted Average Shares |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Diluted EPS Excluding ExtraOrd
Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
Diluted EPS Including ExtraOrd
Items |
1.22 |
1.33 |
1.34 |
0.87 |
-0.09 |
|
DPS-Common Stock |
0.30 |
0.28 |
0.26 |
0.16 |
0.13 |
|
Gross Dividends - Common Stock |
26.1 |
24.1 |
22.2 |
14.1 |
11.3 |
|
Normalized Income Before Taxes |
166.8 |
190.6 |
186.8 |
102.6 |
60.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
54.6 |
56.4 |
57.2 |
22.5 |
39.3 |
|
Normalized Income After Taxes |
112.1 |
134.2 |
129.6 |
80.1 |
21.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
107.5 |
128.0 |
121.8 |
79.1 |
24.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.25 |
1.49 |
1.42 |
0.92 |
0.28 |
|
Diluted Normalized EPS |
1.25 |
1.49 |
1.42 |
0.92 |
0.28 |
|
Interest Expense |
7.8 |
7.9 |
9.7 |
14.5 |
12.7 |
|
Amort of Tangible Assets-Current Portion |
112.6 |
- |
- |
- |
- |
|
Depreciation |
- |
108.0 |
104.1 |
97.3 |
94.5 |
|
Advertising expenses |
4.5 |
4.4 |
3.8 |
2.9 |
9.4 |
|
Total Research And Development Expense |
47.1 |
42.3 |
37.5 |
33.9 |
28.1 |
|
Income
taxes-current |
45.7 |
- |
- |
- |
- |
|
Current Tax - Total |
45.7 |
- |
- |
- |
- |
|
Income
taxes-deferred |
7.6 |
- |
- |
- |
- |
|
Deferred Tax - Total |
7.6 |
- |
- |
- |
- |
|
Income Tax - Total |
53.4 |
- |
- |
- |
- |
|
Reported operating profit |
164.4 |
193.6 |
193.2 |
114.7 |
67.0 |
|
Reported ordinary profit |
164.9 |
189.6 |
186.8 |
102.6 |
60.6 |
|
Service cost |
8.8 |
8.4 |
8.0 |
7.5 |
7.5 |
|
Interest cost |
3.9 |
3.7 |
3.3 |
3.1 |
2.7 |
|
Expected return on plan assets |
-1.5 |
-0.1 |
-0.1 |
-1.8 |
-3.4 |
|
Actuarial gains and losses |
5.2 |
4.8 |
5.4 |
3.7 |
2.0 |
|
Prior service cost |
- |
- |
- |
- |
-3.5 |
|
Domestic Pension Plan Expense |
16.5 |
16.8 |
16.7 |
12.6 |
5.3 |
|
Defined Contribution Expense |
- |
1.2 |
1.1 |
- |
- |
|
Total Pension Expense |
16.5 |
18.1 |
17.8 |
12.6 |
5.3 |
|
Discount Rate - Domestic |
2.00% |
- |
- |
- |
- |
|
Discount rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
0.00% |
- |
- |
- |
- |
|
Expected rate of return |
- |
0.00% |
0.00% |
1.50% |
3.00% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
150.5 |
82.8 |
84.5 |
48.1 |
28.8 |
|
Notes and accounts
receivable-trade |
562.6 |
500.9 |
425.6 |
387.1 |
400.0 |
|
Inventory |
- |
- |
- |
- |
356.8 |
|
Merchandise &
Finished goods |
216.0 |
219.0 |
179.7 |
178.5 |
- |
|
Raw materials &
Supplies |
206.8 |
198.3 |
149.5 |
151.5 |
- |
|
Defer Tax Asset |
11.6 |
12.3 |
9.6 |
8.8 |
10.9 |
|
Rounding adjustment
Assets |
0.0 |
- |
- |
- |
- |
|
Current assets
other |
42.1 |
27.8 |
22.7 |
23.1 |
33.2 |
|
Doubt Debt Allow |
-1.2 |
-1.4 |
-1.5 |
-1.7 |
-1.5 |
|
Total Current Assets |
1,188.5 |
1,039.6 |
870.1 |
795.3 |
828.2 |
|
|
|
|
|
|
|
|
Other PPE, net |
0.0 |
- |
- |
- |
- |
|
Buildings and
structures, net |
359.1 |
352.3 |
328.9 |
319.4 |
343.4 |
|
Machinery,
equipment and vehicles, net |
317.8 |
335.8 |
337.7 |
299.5 |
364.5 |
|
Land |
193.4 |
187.9 |
166.0 |
157.0 |
156.8 |
|
Constr.
in Progr |
10.6 |
26.6 |
11.3 |
48.9 |
11.7 |
|
Other, net |
16.3 |
15.9 |
14.4 |
13.7 |
16.0 |
|
Total intangible
assets |
18.7 |
16.0 |
17.0 |
11.6 |
12.3 |
|
Other LT Investments
(Held for Sale / He |
88.0 |
- |
- |
- |
- |
|
Investm
Security |
- |
86.2 |
93.7 |
72.1 |
91.0 |
|
Invt
Secs Noncons, Asc, Affd Cos |
14.6 |
- |
- |
- |
- |
|
Invts
in Capital Noncons, Ascd,
Affd Cos |
2.7 |
- |
- |
- |
- |
|
Equity secs.-nonconsolidated affil. |
- |
11.8 |
- |
- |
- |
|
Long Term Loans |
- |
- |
0.3 |
0.4 |
0.6 |
|
Deferred tax assets |
0.8 |
9.0 |
2.2 |
3.5 |
0.2 |
|
Inv't
partnership-nonconsol.affil. |
- |
2.7 |
- |
- |
- |
|
Rounding adjustment
Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other |
24.0 |
23.9 |
26.1 |
23.5 |
19.5 |
|
Doubt Debt Allow |
-2.8 |
-3.1 |
-2.8 |
-2.6 |
-2.1 |
|
Deferred Assets |
0.0 |
0.0 |
0.1 |
0.2 |
0.3 |
|
Total Assets |
2,231.7 |
2,104.6 |
1,865.0 |
1,742.2 |
1,842.4 |
|
|
|
|
|
|
|
|
Notes and accounts
payable-trade |
271.8 |
222.1 |
177.0 |
160.6 |
186.7 |
|
Short-term loans
payable |
218.3 |
163.1 |
155.5 |
238.0 |
249.4 |
|
Current Portion of
LT Debt |
- |
39.7 |
27.7 |
13.4 |
130.0 |
|
Commercial papers |
0.0 |
36.2 |
0.0 |
10.1 |
30.1 |
|
Straight bonds
(current) |
0.2 |
0.2 |
107.2 |
0.2 |
0.2 |
|
Income Tax Pybl. |
25.5 |
32.6 |
35.2 |
28.6 |
16.6 |
|
Bonus Allowance |
20.5 |
19.9 |
16.9 |
15.4 |
13.6 |
|
Rounding adjustment
Liability |
0.0 |
- |
- |
- |
- |
|
Provision for loss
on disaster |
- |
2.1 |
0.0 |
- |
- |
|
Provision for
directors'' bonuses |
1.0 |
1.8 |
1.7 |
1.0 |
0.0 |
|
Other current
liabilities |
82.8 |
62.8 |
70.1 |
59.9 |
65.3 |
|
Total Current Liabilities |
620.2 |
580.6 |
591.4 |
527.4 |
692.0 |
|
|
|
|
|
|
|
|
Bond |
61.2 |
61.1 |
0.9 |
102.3 |
101.7 |
|
Long-term loans
payable |
178.2 |
178.9 |
185.7 |
201.3 |
119.9 |
|
Total Long Term Debt |
239.3 |
240.0 |
186.6 |
303.6 |
221.6 |
|
|
|
|
|
|
|
|
Defer Tax Liab. |
8.8 |
10.2 |
8.8 |
6.4 |
27.0 |
|
Accrued Retirem. |
24.1 |
21.2 |
16.0 |
10.9 |
9.7 |
|
Provision for directors''
retirement ben |
5.7 |
4.8 |
4.5 |
3.7 |
3.7 |
|
Rounding adjustment
Liability |
0.0 |
- |
- |
- |
- |
|
Other LT
liabilities |
4.8 |
2.4 |
1.9 |
1.3 |
0.8 |
|
Min. Interest |
70.9 |
59.1 |
48.1 |
37.2 |
45.0 |
|
Total Liabilities |
973.9 |
918.3 |
857.2 |
890.5 |
999.7 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
160.3 |
159.4 |
141.4 |
133.7 |
132.7 |
|
Total capital
surpluses |
222.4 |
221.1 |
196.1 |
185.5 |
184.1 |
|
Total retained
earnings |
1,002.9 |
921.8 |
737.8 |
605.0 |
539.1 |
|
Treasury Stock |
-21.2 |
-21.1 |
-18.7 |
-17.7 |
-17.4 |
|
Valuation
difference on available-for-sa |
16.5 |
12.5 |
12.8 |
7.2 |
17.6 |
|
Deferred hedge |
3.5 |
1.9 |
1.8 |
1.5 |
-3.9 |
|
Currency Adjustm |
-126.7 |
-109.4 |
-63.3 |
-63.6 |
-9.5 |
|
Total Equity |
1,257.8 |
1,186.3 |
1,007.9 |
851.8 |
842.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
2,231.7 |
2,104.6 |
1,865.0 |
1,742.2 |
1,842.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
Total Common Shares Outstanding |
86.0 |
86.0 |
86.0 |
86.0 |
86.0 |
|
T/S-Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Number Of Employees |
3,882 |
- |
- |
- |
- |
|
Full-Time Employees |
- |
3,574 |
3,524 |
3,598 |
3,456 |
|
Total Number of Shareholders |
18,057 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
18,209 |
16,762 |
18,757 |
24,540 |
|
Within One Year |
0.2 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
53.2 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1 Yr |
- |
76.2 |
135.0 |
13.6 |
130.2 |
|
Over One Year And Within Two Years |
0.2 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
93.3 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
43.7 |
35.9 |
127.6 |
10.6 |
|
Over Two Years And Within Three Years |
0.2 |
- |
- |
- |
- |
|
Lns Pble Maturg over
2 Yrs within 3 Yrs |
64.7 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
86.1 |
37.5 |
26.4 |
125.0 |
|
Over Three Years And Within Four Years |
60.7 |
- |
- |
- |
- |
|
Over Four Years And Within Five Years |
0.0 |
- |
- |
- |
- |
|
Lns Pble Maturg over
3 Yrs within 4 Yrs |
11.3 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
43.6 |
75.1 |
42.8 |
11.7 |
|
Lns Pble Maturg over
4 Yrs within 5 Yrs |
6.6 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 5 Yr |
- |
61.4 |
37.8 |
70.7 |
31.2 |
|
Loans Payable Remaining |
0.1 |
- |
- |
- |
- |
|
Long Term Debt Remaining Maturity |
- |
5.2 |
0.3 |
36.1 |
43.1 |
|
Total Long Term Debt, Supplemental |
290.6 |
316.2 |
321.5 |
317.2 |
351.8 |
|
Capital Lease Maturing Within 1 Yr |
1.5 |
0.8 |
0.6 |
0.5 |
- |
|
Cap Lease Maturg
over a Yr within 2 Yrs |
1.4 |
- |
- |
- |
- |
|
Capital Lease Maturing Within 2 Yr |
- |
0.7 |
0.6 |
0.3 |
- |
|
Cap Lease Maturg
over 2 Yr within 3 Yrs |
1.2 |
- |
- |
- |
- |
|
Capital Lease Maturing Within 3 Yr |
- |
0.6 |
0.4 |
0.2 |
- |
|
Cap Lease Maturg
over 3 Yr within 4 Yrs |
0.6 |
- |
- |
- |
- |
|
Capital Lease Maturing Within 4 Yr |
- |
0.5 |
0.3 |
0.1 |
- |
|
Cap Lease Maturg
over 4 Yr within 5 Yrs |
0.4 |
- |
- |
- |
- |
|
Capital Lease Maturing Within 5 Yr |
- |
0.2 |
0.3 |
0.0 |
- |
|
Capital Lease Remaining |
0.8 |
- |
- |
- |
- |
|
Capital Lease-Remainings |
- |
0.1 |
0.1 |
0.0 |
- |
|
Total Capital Leases |
5.9 |
2.7 |
2.3 |
1.1 |
- |
|
Pesion obligation |
195.8 |
190.2 |
171.3 |
160.3 |
161.8 |
|
FV of plan assets |
140.6 |
132.9 |
118.7 |
95.9 |
116.0 |
|
Funded status |
-55.1 |
-57.3 |
-52.6 |
-64.4 |
-45.8 |
|
Total Funded Status |
-55.1 |
-57.3 |
-52.6 |
-64.4 |
-45.8 |
|
Discout rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
0.00% |
- |
- |
- |
- |
|
Expected rate of return |
- |
0.00% |
0.00% |
1.50% |
3.00% |
|
Unrecognized actuarial gains and losses |
31.0 |
36.1 |
36.5 |
53.6 |
36.1 |
|
Retirement Benefit Expenses Prepaid Pens |
0.0 |
- |
- |
- |
- |
|
Prepaid pension benefits |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve for accrued retirement benefits |
-24.1 |
-21.2 |
-16.0 |
-10.9 |
-9.7 |
|
Net Assets Recognized on Balance Sheet |
7.0 |
14.9 |
20.5 |
42.7 |
26.5 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net income before tax |
163.0 |
170.9 |
177.6 |
96.7 |
12.1 |
|
Depreciation |
112.6 |
108.0 |
104.1 |
97.3 |
94.5 |
|
Increase (decrease)
in provision for ret |
1.8 |
3.3 |
4.5 |
0.6 |
-5.6 |
|
Interest &
Dividend |
-4.5 |
-2.1 |
-1.8 |
-1.9 |
-1.7 |
|
Interest Expenses |
7.8 |
7.9 |
9.7 |
14.5 |
12.7 |
|
Equity in
(earnings) losses of affiliate |
0.1 |
-0.1 |
-0.2 |
0.4 |
0.0 |
|
Loss (gain) on
sales of investment secur |
-0.1 |
-1.3 |
0.0 |
0.0 |
0.0 |
|
Loss (gain) on valuation
of investment s |
0.7 |
6.6 |
0.0 |
- |
- |
|
Loss Fixed Asset
Disposal |
1.5 |
2.5 |
2.5 |
1.3 |
1.8 |
|
Impairment loss |
- |
0.0 |
10.7 |
2.2 |
44.4 |
|
Decrease (increase)
in notes and account |
-53.2 |
-33.5 |
-13.5 |
-14.2 |
-52.7 |
|
Decrease (increase)
in inventories |
-11.3 |
-64.2 |
22.7 |
-6.4 |
-79.0 |
|
Increase (decrease)
in notes and account |
45.9 |
31.9 |
5.4 |
-6.7 |
4.1 |
|
Decrease in cash
and cash equivalents re |
-0.1 |
- |
- |
- |
- |
|
Other Operating
Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
5.6 |
-4.2 |
-5.0 |
8.3 |
5.8 |
|
Interest &
Dividend |
4.5 |
2.1 |
1.8 |
1.9 |
1.7 |
|
Interest Paid |
-7.8 |
-8.2 |
-9.8 |
-14.4 |
-12.4 |
|
Taxes Paid |
-53.3 |
-61.8 |
-50.6 |
-24.6 |
-21.8 |
|
Consolidated Cash |
- |
- |
- |
0.0 |
3.1 |
|
Loss (gain) on
sales of investment secur |
- |
- |
0.0 |
- |
- |
|
Cash from Operating Activities |
213.4 |
158.0 |
258.0 |
155.0 |
6.8 |
|
|
|
|
|
|
|
|
Proceeds from purchase
of investments in |
3.1 |
- |
- |
- |
- |
|
Proceeds from sales
of investments in su |
2.3 |
- |
- |
- |
- |
|
Purchase of
property, plant and equipmen |
-75.9 |
-96.5 |
-68.6 |
-91.4 |
-73.8 |
|
Investm.
Sec. Bought |
-0.1 |
-9.8 |
-9.3 |
-3.9 |
-0.1 |
|
Investm
Sec. Sold |
0.1 |
2.2 |
0.0 |
0.0 |
0.0 |
|
Sale of consol.subsidiaries' sec. |
- |
0.0 |
- |
- |
- |
|
Purch.Consoli.Sub.Stock |
-0.1 |
-0.4 |
0.0 |
- |
- |
|
Income-Purch.Consoli.Sub. Stock |
- |
0.0 |
- |
- |
- |
|
Sale of consol.
sub.'s contrib. equity |
- |
- |
0.0 |
7.5 |
0.0 |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Payments of
long-term loans receivable |
-0.1 |
-0.2 |
-0.1 |
0.0 |
-0.2 |
|
Collection of
long-term loans receivable |
0.1 |
0.2 |
0.1 |
0.2 |
0.2 |
|
Other, net |
-6.4 |
-3.1 |
-3.4 |
-4.6 |
-1.5 |
|
Cash from Investing Activities |
-77.0 |
-107.5 |
-81.2 |
-92.2 |
-75.4 |
|
|
|
|
|
|
|
|
Net increase
(decrease) in short-term lo |
-9.1 |
0.6 |
-100.5 |
22.4 |
12.6 |
|
Net increase
(decrease) in commercial pa |
-38.0 |
35.0 |
-10.8 |
-19.9 |
0.0 |
|
Proceeds from
long-term loans payable |
56.0 |
12.8 |
0.0 |
102.4 |
70.9 |
|
Repayment of
long-term loans payable |
-47.7 |
-28.9 |
-14.5 |
-128.2 |
-21.3 |
|
Proceeds from
issuance of bonds |
- |
58.3 |
0.0 |
- |
- |
|
Redemption of Corp.
Bond |
-0.3 |
-116.9 |
-0.2 |
-0.2 |
-0.2 |
|
Purchase of
treasury stock |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Dividend Paid |
-26.1 |
-27.1 |
-16.6 |
-12.8 |
-11.3 |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Minority Dividend |
-0.2 |
-2.1 |
-0.7 |
-1.1 |
-0.8 |
|
Other, net |
-0.8 |
4.1 |
-0.5 |
-0.1 |
0.0 |
|
Cash from Financing Activities |
-66.2 |
-64.2 |
-143.8 |
-37.6 |
49.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.0 |
-4.7 |
0.9 |
-6.3 |
0.4 |
|
Net Change in Cash |
68.2 |
-18.5 |
33.9 |
18.8 |
-18.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
86.7 |
98.3 |
50.8 |
28.2 |
43.1 |
|
Net Cash - Ending Balance |
154.9 |
79.8 |
84.7 |
47.0 |
24.8 |
|
Cash Interest Paid |
7.8 |
8.2 |
9.8 |
14.4 |
12.4 |
|
Cash Taxes Paid |
53.3 |
61.8 |
50.6 |
24.6 |
21.8 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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Annual Ratios
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
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 SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.