|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
NICHIBAN CO., LTD. |
|
|
|
|
Registered Office : |
2-3-3, Sekiguchi,
Bunkyo-ku Tokyo, 112-8663 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
01.12.1934 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of paper and paperboard |
|
|
|
|
No. of Employees : |
1,141 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
NICHIBAN CO., LTD.
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Business Description
|
NICHIBAN CO., LTD. is a Japan-based company
mainly engaged in the manufacture and sale of medical products, adhesive
tapes and adhesives, as well as related machinery and apparatus. The Medical
Business segment is engaged in the manufacture and sale of surgical tapes,
dressing tapes, emergency adhesive tapes, first-aid bandage, elastic tapes
and other types of tapes for medical use. The Tape Business segment is
engaged in the manufacture and sale of tapes for non-heavy duty packaging,
tapes for carton box, tapes for agricultural use and tapes for vehicles, as
well as cellulose adhesive tapes, double sides tapes, adhesive transfer tapes
and book binding tapes that are used at the office and in the home. As of
March 31, 2012, the Company had three subsidiaries, two associated companies
and one affiliated company. For the six months ended 30 September 2012,
NICHIBAN CO., LTD. revenues decreased 33% to Y18.86B. Net income applicable
to common stockholders decreased 35% to Y408M. Revenues reflect Tape Business
segment decrease of 3% to Y12.34B. Net income also reflects Tape Business
segment income decrease of 9% to Y815M, Eliminations/Corporate segment loss
increase of 2% to Y1.27B. |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Significant
Developments
|
|||||||||
|
* number of significant developments within
the last 12 months |
|||||||||
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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NICHIBAN CO., LTD. |
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tokyo |
Japan |
Containers and Packaging |
484.5 |
1,141 |
|
|
Subsidiary |
Asakura-Gun, Fukuoka |
Japan |
Biotechnology and Drugs |
68.6 |
|
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 |
Seimei Audit Corporation |
Seimei Audit Corporation |
Seimei Audit Corporation |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
484.5 |
449.5 |
403.3 |
385.3 |
354.9 |
|
Revenue |
484.5 |
449.5 |
403.3 |
385.3 |
354.9 |
|
Total Revenue |
484.5 |
449.5 |
403.3 |
385.3 |
354.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
348.7 |
320.3 |
290.5 |
281.8 |
258.5 |
|
Cost of Revenue, Total |
348.7 |
320.3 |
290.5 |
281.8 |
258.5 |
|
Gross Profit |
135.9 |
129.2 |
112.9 |
103.5 |
96.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
53.1 |
36.8 |
31.0 |
29.3 |
27.9 |
|
Labor & Related
Expense |
52.8 |
48.5 |
46.7 |
44.4 |
39.9 |
|
Advertising Expense |
6.8 |
5.5 |
4.1 |
4.5 |
3.7 |
|
Total Selling/General/Administrative
Expenses |
112.7 |
90.8 |
81.9 |
78.2 |
71.5 |
|
Research & Development |
- |
12.9 |
12.2 |
11.0 |
9.9 |
|
Depreciation |
3.0 |
2.5 |
2.1 |
1.9 |
1.7 |
|
Depreciation/Amortization |
3.0 |
2.5 |
2.1 |
1.9 |
1.7 |
|
Impairment-Assets
Held for Use |
0.0 |
4.8 |
2.6 |
0.4 |
1.1 |
|
Impairment-Assets
Held for Sale |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other Unusual
Expense (Income) |
0.0 |
0.0 |
-1.2 |
-0.3 |
0.0 |
|
Unusual Expense (Income) |
0.0 |
4.8 |
1.4 |
0.2 |
1.1 |
|
Total Operating Expense |
464.4 |
431.3 |
388.0 |
373.1 |
342.7 |
|
|
|
|
|
|
|
|
Operating Income |
20.2 |
18.2 |
15.3 |
12.2 |
12.2 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-0.7 |
-0.7 |
-0.7 |
-1.0 |
-0.9 |
|
Interest Expense,
Net Non-Operating |
-0.7 |
-0.7 |
-0.7 |
-1.0 |
-0.9 |
|
Interest
Income - Non-Operating |
0.2 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Investment
Income - Non-Operating |
0.6 |
1.1 |
1.4 |
0.7 |
1.4 |
|
Interest/Investment
Income - Non-Operating |
0.8 |
1.2 |
1.6 |
1.0 |
1.7 |
|
Interest Income (Expense) - Net
Non-Operating Total |
0.1 |
0.5 |
0.9 |
0.0 |
0.7 |
|
Gain (Loss) on Sale of Assets |
-0.8 |
-1.0 |
-0.9 |
-0.4 |
-0.5 |
|
Other Non-Operating
Income (Expense) |
-0.3 |
-0.1 |
0.0 |
0.5 |
0.4 |
|
Other, Net |
-0.3 |
-0.1 |
0.0 |
0.5 |
0.4 |
|
Income Before Tax |
19.1 |
17.7 |
15.3 |
12.4 |
12.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.4 |
6.6 |
5.4 |
4.7 |
4.7 |
|
Income After Tax |
8.8 |
11.1 |
9.9 |
7.6 |
8.0 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
8.8 |
11.1 |
9.9 |
7.6 |
8.0 |
|
Net Income |
8.8 |
11.1 |
9.9 |
7.6 |
8.0 |
|
|
|
|
|
|
|
|
Miscellaneous
Earnings Adjustment |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord
Items |
8.8 |
11.0 |
9.8 |
7.5 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
8.8 |
11.0 |
9.8 |
7.5 |
8.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Basic EPS Excl Extraord Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Basic/Primary EPS Incl Extraord Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
8.8 |
11.0 |
9.8 |
7.5 |
8.0 |
|
Diluted Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Diluted EPS Excl Extraord Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Diluted EPS Incl Extraord Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Dividends per Share - Common Stock Primary
Issue |
0.08 |
0.07 |
0.06 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
3.1 |
2.9 |
2.7 |
2.5 |
2.2 |
|
Interest Expense, Supplemental |
0.7 |
0.7 |
0.7 |
1.0 |
0.9 |
|
Depreciation, Supplemental |
23.5 |
20.3 |
18.0 |
15.6 |
14.5 |
|
Total Special Items |
0.8 |
5.8 |
2.3 |
0.6 |
1.6 |
|
Normalized Income Before Tax |
19.9 |
23.5 |
17.6 |
13.0 |
14.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.4 |
2.1 |
0.8 |
0.2 |
0.6 |
|
Inc Tax Ex Impact of Sp Items |
10.8 |
8.7 |
6.3 |
5.0 |
5.3 |
|
Normalized Income After Tax |
9.1 |
14.7 |
11.4 |
8.0 |
9.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.1 |
14.6 |
11.3 |
7.9 |
9.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.22 |
0.35 |
0.27 |
0.19 |
0.22 |
|
Diluted Normalized EPS |
0.22 |
0.35 |
0.27 |
0.19 |
0.22 |
|
Rental Expenses |
5.6 |
5.1 |
5.2 |
5.0 |
4.4 |
|
Advertising Expense, Supplemental |
6.8 |
5.5 |
4.1 |
4.5 |
3.7 |
|
Research & Development Exp,
Supplemental |
12.9 |
12.9 |
12.2 |
11.0 |
9.9 |
|
Reported Operating Profit |
20.1 |
22.9 |
16.6 |
13.4 |
13.2 |
|
Reported Ordinary Profit |
19.9 |
23.4 |
17.6 |
14.0 |
14.1 |
|
Normalized EBIT |
20.2 |
23.0 |
16.7 |
12.4 |
13.3 |
|
Normalized EBITDA |
43.7 |
43.3 |
34.7 |
28.0 |
27.8 |
|
Current Tax - Total |
4.9 |
- |
- |
- |
- |
|
Current Tax - Total |
4.9 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
5.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
5.4 |
- |
- |
- |
- |
|
Income Tax - Total |
10.4 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
2.2 |
2.1 |
2.2 |
2.2 |
2.1 |
|
Service Cost - Domestic |
4.6 |
4.4 |
4.0 |
4.1 |
3.8 |
|
Prior Service Cost - Domestic |
-0.2 |
-0.2 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
-1.0 |
-1.0 |
-0.8 |
-1.0 |
-1.0 |
|
Actuarial Gains and Losses - Domestic |
2.0 |
1.7 |
1.8 |
1.2 |
0.7 |
|
Transition Costs - Domestic |
- |
0.0 |
6.0 |
5.5 |
4.8 |
|
Domestic Pension Plan Expense |
7.6 |
7.1 |
13.1 |
12.0 |
10.4 |
|
Defined Contribution Expense - Domestic |
1.0 |
1.0 |
0.9 |
0.9 |
0.9 |
|
Total Pension Expense |
8.6 |
8.1 |
14.1 |
12.9 |
11.3 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
0.50% |
0.50% |
|
Total Plan Interest Cost |
2.2 |
2.1 |
2.2 |
2.2 |
2.1 |
|
Total Plan Service Cost |
4.6 |
4.4 |
4.0 |
4.1 |
3.8 |
|
Total Plan Expected Return |
-1.0 |
-1.0 |
-0.8 |
-1.0 |
-1.0 |
|
|
|
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 |
Seimei Audit Corporation |
Seimei Audit Corporation |
Seimei Audit Corporation |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
122.0 |
125.5 |
98.0 |
75.6 |
55.4 |
|
Short Term
Investments |
6.1 |
6.1 |
5.4 |
5.1 |
35.2 |
|
Cash and Short Term Investments |
128.2 |
131.6 |
103.4 |
80.7 |
90.5 |
|
Accounts
Receivable - Trade, Gross |
151.1 |
143.2 |
126.4 |
117.9 |
129.7 |
|
Provision
for Doubtful Accounts |
0.0 |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
|
Trade Accounts Receivable
- Net |
151.1 |
143.0 |
126.2 |
117.7 |
129.5 |
|
Total Receivables, Net |
151.1 |
143.0 |
126.2 |
117.7 |
129.5 |
|
Inventories -
Finished Goods |
36.4 |
29.9 |
30.0 |
33.5 |
35.3 |
|
Inventories - Work
In Progress |
16.9 |
16.0 |
13.8 |
13.5 |
12.7 |
|
Inventories - Raw
Materials |
13.8 |
13.8 |
10.8 |
10.9 |
10.3 |
|
Total Inventory |
67.2 |
59.7 |
54.6 |
58.0 |
58.4 |
|
Deferred Income Tax
- Current Asset |
7.0 |
7.7 |
7.1 |
6.6 |
6.8 |
|
Other Current
Assets |
2.5 |
2.2 |
1.6 |
2.2 |
3.7 |
|
Other Current Assets, Total |
9.6 |
9.8 |
8.7 |
8.7 |
10.4 |
|
Total Current Assets |
356.0 |
344.3 |
292.9 |
265.2 |
288.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
140.3 |
137.0 |
126.1 |
121.7 |
115.4 |
|
Intangibles, Net |
1.0 |
0.8 |
0.5 |
0.7 |
1.0 |
|
LT Investment -
Affiliate Companies |
- |
7.8 |
- |
- |
- |
|
LT Investments -
Other |
22.2 |
10.3 |
16.6 |
14.6 |
14.4 |
|
Long Term Investments |
22.2 |
18.1 |
16.6 |
14.6 |
14.4 |
|
Note Receivable - Long Term |
0.0 |
0.6 |
0.1 |
0.1 |
0.2 |
|
Deferred Income Tax
- Long Term Asset |
26.6 |
31.0 |
27.4 |
24.7 |
24.3 |
|
Other Long Term
Assets |
5.7 |
5.9 |
4.4 |
6.3 |
6.5 |
|
Other Long Term Assets, Total |
32.4 |
36.8 |
31.8 |
31.0 |
30.8 |
|
Total Assets |
551.8 |
537.7 |
468.0 |
433.2 |
450.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
92.7 |
83.5 |
70.2 |
68.3 |
79.3 |
|
Accrued Expenses |
35.4 |
35.6 |
29.1 |
26.3 |
29.5 |
|
Notes Payable/Short Term Debt |
2.2 |
2.4 |
1.6 |
4.5 |
2.2 |
|
Current Portion - Long Term Debt/Capital
Leases |
26.4 |
1.9 |
1.2 |
3.8 |
21.6 |
|
Income Taxes
Payable |
2.0 |
2.4 |
4.5 |
2.5 |
2.3 |
|
Other Current
Liabilities |
15.7 |
11.7 |
10.5 |
8.0 |
6.2 |
|
Other Current liabilities, Total |
17.6 |
14.1 |
15.0 |
10.5 |
8.4 |
|
Total Current Liabilities |
174.4 |
137.5 |
117.1 |
113.3 |
141.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
24.1 |
21.4 |
20.2 |
23.1 |
|
Capital Lease
Obligations |
5.1 |
5.8 |
3.9 |
3.1 |
0.0 |
|
Total Long Term Debt |
5.1 |
29.9 |
25.3 |
23.4 |
23.1 |
|
Total Debt |
33.8 |
34.3 |
28.1 |
31.7 |
46.9 |
|
|
|
|
|
|
|
|
Reserves |
1.1 |
1.1 |
- |
- |
- |
|
Pension Benefits -
Underfunded |
44.2 |
49.8 |
50.2 |
44.5 |
38.4 |
|
Other Long Term
Liabilities |
36.2 |
35.4 |
30.5 |
27.9 |
27.6 |
|
Other Liabilities, Total |
81.5 |
86.4 |
80.8 |
72.3 |
65.9 |
|
Total Liabilities |
261.1 |
253.8 |
223.2 |
209.0 |
230.1 |
|
|
|
|
|
|
|
|
Common Stock |
66.2 |
65.8 |
58.3 |
55.2 |
54.8 |
|
Common Stock |
66.2 |
65.8 |
58.3 |
55.2 |
54.8 |
|
Additional Paid-In Capital |
50.8 |
50.5 |
44.8 |
42.4 |
42.1 |
|
Retained Earnings (Accumulated Deficit) |
175.6 |
169.1 |
142.6 |
128.2 |
122.1 |
|
Treasury Stock - Common |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Unrealized Gain (Loss) |
0.6 |
0.5 |
0.8 |
0.4 |
1.4 |
|
Translation
Adjustment |
-2.4 |
-2.0 |
-1.7 |
-1.9 |
0.1 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-2.4 |
-2.0 |
-1.7 |
-1.9 |
0.1 |
|
Total Equity |
290.7 |
283.9 |
244.8 |
224.2 |
220.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
551.8 |
537.7 |
468.0 |
433.2 |
450.5 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Total Common Shares Outstanding |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
1,141 |
1,149 |
1,143 |
1,107 |
1,091 |
|
Number of Common Shareholders |
5,103 |
4,893 |
4,979 |
4,800 |
4,866 |
|
Total Long Term Debt, Supplemental |
59.4 |
58.5 |
21.4 |
23.3 |
44.7 |
|
Long Term Debt Maturing within 1 Year |
24.3 |
24.1 |
0.0 |
3.0 |
24.6 |
|
Long Term Debt Maturing in Year 2 |
- |
0.0 |
10.7 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
- |
0.0 |
10.7 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
0.0 |
20.2 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
0.0 |
0.0 |
20.1 |
|
Long Term Debt Maturing in 2-3 Years |
- |
0.0 |
21.4 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
0.0 |
20.2 |
20.1 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
35.1 |
34.3 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
7.3 |
7.7 |
5.1 |
3.9 |
- |
|
Capital Lease Payments Due in Year 1 |
2.1 |
1.9 |
1.2 |
0.7 |
- |
|
Capital Lease Payments Due in Year 2 |
1.8 |
1.8 |
1.2 |
0.7 |
- |
|
Capital Lease Payments Due in Year 3 |
1.3 |
1.4 |
1.1 |
0.7 |
- |
|
Capital Lease Payments Due in Year 4 |
1.0 |
0.9 |
0.7 |
0.7 |
- |
|
Capital Lease Payments Due in Year 5 |
0.5 |
0.6 |
0.4 |
0.4 |
- |
|
Capital Lease Payments Due in 2-3 Years |
3.0 |
3.3 |
2.3 |
1.5 |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.5 |
1.6 |
1.1 |
1.0 |
- |
|
Cap. Lease Pymts. Due in Year 6 &
Beyond |
0.6 |
1.0 |
0.5 |
0.7 |
- |
|
Pension Obligation - Domestic |
104.5 |
109.6 |
102.8 |
106.8 |
113.4 |
|
Plan Assets - Domestic |
49.2 |
49.2 |
44.4 |
41.3 |
55.1 |
|
Funded Status - Domestic |
-55.3 |
-60.3 |
-58.4 |
-65.5 |
-58.3 |
|
Total Funded Status |
-55.3 |
-60.3 |
-58.4 |
-65.5 |
-58.3 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
0.50% |
0.50% |
|
Accrued Liabilities - Domestic |
-43.1 |
-46.9 |
-47.8 |
-41.7 |
-35.4 |
|
Other Assets, Net - Domestic |
12.2 |
13.4 |
10.7 |
23.7 |
22.9 |
|
Net Assets Recognized on Balance Sheet |
-31.0 |
-33.5 |
-37.1 |
-18.0 |
-12.6 |
|
Total Plan Obligations |
104.5 |
109.6 |
102.8 |
106.8 |
113.4 |
|
Total Plan Assets |
49.2 |
49.2 |
44.4 |
41.3 |
55.1 |
|
|
|
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 |
Seimei Audit Corporation |
Seimei Audit Corporation |
Seimei Audit Corporation |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
19.1 |
17.6 |
15.2 |
12.3 |
12.7 |
|
Depreciation |
23.5 |
20.3 |
18.0 |
15.6 |
14.5 |
|
Depreciation/Depletion |
23.5 |
20.3 |
18.0 |
15.6 |
14.5 |
|
Unusual Items |
0.7 |
5.1 |
3.3 |
0.8 |
1.6 |
|
Other Non-Cash
Items |
-5.9 |
-6.3 |
3.3 |
6.1 |
5.0 |
|
Non-Cash Items |
-5.2 |
-1.2 |
6.7 |
6.9 |
6.6 |
|
Accounts Receivable |
-7.4 |
-0.6 |
-1.9 |
12.6 |
7.0 |
|
Inventories |
-7.4 |
1.8 |
6.8 |
0.8 |
-4.6 |
|
Accounts Payable |
9.1 |
4.2 |
-2.0 |
-11.4 |
2.6 |
|
Other Operating
Cash Flow |
-4.8 |
-6.2 |
-1.0 |
-5.9 |
-8.4 |
|
Changes in Working Capital |
-10.4 |
-0.9 |
2.0 |
-4.0 |
-3.4 |
|
Cash from Operating Activities |
27.1 |
35.8 |
41.9 |
30.8 |
30.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-21.4 |
-15.8 |
-18.6 |
-12.9 |
-18.2 |
|
Capital Expenditures |
-21.4 |
-15.8 |
-18.6 |
-12.9 |
-18.2 |
|
Sale/Maturity of
Investment |
5.3 |
4.8 |
3.4 |
2.2 |
6.7 |
|
Purchase of
Investments |
-9.1 |
-4.9 |
-4.5 |
-7.4 |
-2.0 |
|
Other Investing
Cash Flow |
0.2 |
-1.0 |
3.7 |
-0.8 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
-3.6 |
-1.1 |
2.7 |
-5.9 |
4.6 |
|
Cash from Investing Activities |
-25.0 |
-16.9 |
-15.9 |
-18.8 |
-13.6 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid
- Common |
-3.1 |
-2.9 |
-2.7 |
-2.5 |
-2.2 |
|
Total Cash Dividends Paid |
-3.1 |
-2.9 |
-2.7 |
-2.5 |
-2.2 |
|
Long
Term Debt Issued |
- |
- |
- |
0.0 |
17.5 |
|
Long
Term Debt Reduction |
-2.2 |
-1.5 |
-4.2 |
-21.6 |
-26.2 |
|
Long Term Debt, Net |
-2.2 |
-1.5 |
-4.2 |
-21.6 |
-8.7 |
|
Issuance (Retirement) of Debt, Net |
-2.2 |
-1.5 |
-4.2 |
-21.6 |
-8.7 |
|
Cash from Financing Activities |
-5.3 |
-4.4 |
-6.8 |
-24.1 |
-10.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-3.2 |
14.5 |
19.2 |
-12.1 |
5.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
132.9 |
108.0 |
80.4 |
86.5 |
70.2 |
|
Net Cash - Ending Balance |
129.7 |
122.5 |
99.5 |
74.3 |
76.0 |
|
Cash Interest Paid |
0.7 |
0.7 |
0.7 |
1.1 |
1.0 |
|
Cash Taxes Paid |
5.4 |
8.7 |
4.8 |
4.3 |
5.6 |
|
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 |
Seimei Audit Corporation |
Seimei Audit Corporation |
Seimei Audit Corporation |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
484.5 |
449.5 |
403.3 |
385.3 |
354.9 |
|
Total Revenue |
484.5 |
449.5 |
403.3 |
385.3 |
354.9 |
|
|
|
|
|
|
|
|
Total cost of sales |
348.7 |
320.3 |
290.5 |
280.7 |
258.5 |
|
Other Expenses |
17.5 |
- |
- |
- |
- |
|
Other
Selling/General/Admin. Expense |
0.1 |
- |
- |
- |
- |
|
Transportation_warehousing_and_packing_e |
17.6 |
16.8 |
15.2 |
14.7 |
13.5 |
|
Advertising Exp. |
6.8 |
5.5 |
4.1 |
4.5 |
3.7 |
|
Special Sales |
7.3 |
6.4 |
4.9 |
4.6 |
4.5 |
|
Provision for
doubtful accounts(SGA) |
0.0 |
0.0 |
0.0 |
0.0 |
0.5 |
|
Salaries |
28.9 |
25.7 |
23.7 |
22.3 |
20.5 |
|
Employees'' bonuses |
9.6 |
9.6 |
8.3 |
8.2 |
7.3 |
|
Provision for
directors'' bonuses |
0.8 |
0.7 |
0.6 |
0.4 |
0.4 |
|
Wellfare |
9.3 |
8.4 |
7.2 |
6.5 |
5.8 |
|
Accrd. Retire. |
4.0 |
3.9 |
6.7 |
6.0 |
5.3 |
|
Provision for
directors'' retirement ben |
0.2 |
0.2 |
0.2 |
1.0 |
0.5 |
|
Depreciation |
3.0 |
2.5 |
2.1 |
1.9 |
1.7 |
|
Rental Expenses |
5.6 |
5.1 |
5.2 |
5.0 |
4.4 |
|
Transportion |
5.1 |
4.4 |
3.8 |
3.5 |
3.3 |
|
R&D expenses |
- |
12.9 |
12.2 |
11.0 |
9.9 |
|
Other SGA |
- |
4.2 |
1.9 |
1.6 |
1.6 |
|
SP Compensation
received |
0.0 |
-0.4 |
-1.7 |
-0.3 |
0.0 |
|
SP G on donation of
LT inv't. secs |
- |
-0.5 |
0.0 |
- |
- |
|
SP Val. Loss Inv.
Sec. |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
SP L on val. of
inventories |
- |
- |
0.0 |
1.1 |
0.0 |
|
SP Impairment loss |
0.0 |
4.8 |
2.6 |
0.4 |
1.1 |
|
SP Expense on
recall |
- |
- |
- |
- |
0.0 |
|
SP L on acct. change
on assets retire. |
0.0 |
0.8 |
- |
- |
- |
|
SP PCB disposal
expenses |
- |
0.0 |
0.5 |
0.0 |
0.0 |
|
SP Other Special
loss |
- |
- |
0.0 |
0.0 |
- |
|
Total Operating Expense |
464.4 |
431.3 |
388.0 |
373.1 |
342.7 |
|
|
|
|
|
|
|
|
Gain On Donation Of
Investment Securitie |
0.0 |
- |
- |
- |
- |
|
SP G on Sale Inv.
Sec. |
0.1 |
0.0 |
0.0 |
0.0 |
0.2 |
|
SP G on sale of
patent |
- |
- |
- |
0.0 |
0.1 |
|
SP Sales of
Fixed-Gain |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss on retirement
of noncurrent assets |
-0.8 |
-1.0 |
-1.0 |
-0.4 |
-0.6 |
|
NOP Interest Income |
0.2 |
0.1 |
0.2 |
0.3 |
0.2 |
|
NOP Dividend Income |
0.1 |
0.1 |
0.1 |
0.2 |
0.1 |
|
NOP Equity in
Earnings |
0.5 |
1.1 |
1.3 |
0.8 |
1.2 |
|
Other Non-Operating
Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Other Income |
0.7 |
0.6 |
0.6 |
0.7 |
0.4 |
|
NOP Interest
Expenses |
-0.7 |
-0.7 |
-0.7 |
-1.0 |
-0.9 |
|
NOP Commission fee |
-0.4 |
-0.4 |
-0.3 |
0.0 |
- |
|
NOP Exchange Loss |
-0.1 |
-0.2 |
0.0 |
-0.3 |
-0.1 |
|
NOP Other Expenses |
-0.5 |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
|
Net Income Before Taxes |
19.1 |
17.7 |
15.3 |
12.4 |
12.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.4 |
6.6 |
5.4 |
4.7 |
4.7 |
|
Net Income After Taxes |
8.8 |
11.1 |
9.9 |
7.6 |
8.0 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
8.8 |
11.1 |
9.9 |
7.6 |
8.0 |
|
Net Income |
8.8 |
11.1 |
9.9 |
7.6 |
8.0 |
|
|
|
|
|
|
|
|
Rounding adjustment
Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
8.8 |
11.0 |
9.8 |
7.5 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
8.8 |
11.0 |
9.8 |
7.5 |
8.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Basic EPS Including ExtraOrdinary Item |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
8.8 |
11.0 |
9.8 |
7.5 |
8.0 |
|
Diluted Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
Diluted EPS Including ExtraOrd Items |
0.21 |
0.27 |
0.24 |
0.18 |
0.19 |
|
DPS-Common Stock |
0.08 |
0.07 |
0.06 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
3.1 |
2.9 |
2.7 |
2.5 |
2.2 |
|
Normalized Income Before Taxes |
19.9 |
23.5 |
17.6 |
13.0 |
14.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.8 |
8.7 |
6.3 |
5.0 |
5.3 |
|
Normalized Income After Taxes |
9.1 |
14.7 |
11.4 |
8.0 |
9.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.1 |
14.6 |
11.3 |
7.9 |
9.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.22 |
0.35 |
0.27 |
0.19 |
0.22 |
|
Diluted Normalized EPS |
0.22 |
0.35 |
0.27 |
0.19 |
0.22 |
|
Advertising expense |
6.8 |
- |
- |
- |
- |
|
Advertising Expense |
- |
5.5 |
4.1 |
4.5 |
3.7 |
|
Interest Expense |
0.7 |
0.7 |
0.7 |
1.0 |
0.9 |
|
Total Research And Development Expense |
12.9 |
12.9 |
12.2 |
11.0 |
9.9 |
|
Rental Expense |
5.6 |
5.1 |
5.2 |
5.0 |
4.4 |
|
Amort of Tangible Assets-Current Portion |
23.5 |
- |
- |
- |
- |
|
Depreciation |
- |
20.3 |
18.0 |
15.6 |
14.5 |
|
Income
taxes-current |
4.9 |
- |
- |
- |
- |
|
Current Tax - Total |
4.9 |
- |
- |
- |
- |
|
Income
taxes-deferred |
5.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
5.4 |
- |
- |
- |
- |
|
Income Tax - Total |
10.4 |
- |
- |
- |
- |
|
Reported Operating Profit |
20.1 |
22.9 |
16.6 |
13.4 |
13.2 |
|
Reported Ordinary Profit |
19.9 |
23.4 |
17.6 |
14.0 |
14.1 |
|
Service cost |
4.6 |
4.4 |
4.0 |
4.1 |
3.8 |
|
Interest cost |
2.2 |
2.1 |
2.2 |
2.2 |
2.1 |
|
Expected return on plan assets |
-1.0 |
-1.0 |
-0.8 |
-1.0 |
-1.0 |
|
Pension exp. Due to acct. changes |
- |
0.0 |
6.0 |
5.5 |
4.8 |
|
Actuarial gains and losses |
2.0 |
1.7 |
1.8 |
1.2 |
0.7 |
|
Prior service cost |
-0.2 |
-0.2 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
7.6 |
7.1 |
13.1 |
12.0 |
10.4 |
|
Defined contribution expense |
1.0 |
1.0 |
0.9 |
0.9 |
0.9 |
|
Total Pension Expense |
8.6 |
8.1 |
14.1 |
12.9 |
11.3 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Plan asset expected rate of return |
2.00% |
2.00% |
2.00% |
0.50% |
0.50% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Seimei Audit Corporation |
Seimei Audit Corporation |
Seimei Audit Corporation |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
122.0 |
125.5 |
98.0 |
75.6 |
55.4 |
|
Notes and accounts
receivable-trade |
151.1 |
143.2 |
126.4 |
117.9 |
129.7 |
|
Short-term
investment securities |
6.1 |
6.1 |
5.4 |
5.1 |
35.2 |
|
Inventories -
merchandise&finished goods |
36.4 |
29.9 |
30.0 |
33.5 |
35.3 |
|
Inventories -
work-in-process |
16.9 |
16.0 |
13.8 |
13.5 |
12.7 |
|
Inventories - raw
materials & supplies |
13.8 |
13.8 |
10.8 |
10.9 |
10.3 |
|
Dfrd Tax Assets |
7.0 |
7.7 |
7.1 |
6.6 |
6.8 |
|
Rounding adjustment
Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
2.5 |
2.2 |
1.6 |
2.2 |
3.7 |
|
Doubtful Account |
0.0 |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
|
Total Current Assets |
356.0 |
344.3 |
292.9 |
265.2 |
288.8 |
|
|
|
|
|
|
|
|
Other Total PPE,Net |
0.0 |
- |
- |
- |
- |
|
Buildings and
structures, net |
54.9 |
51.2 |
44.4 |
43.5 |
39.5 |
|
Machinery,
equipment and vehicles, net |
44.2 |
44.2 |
40.5 |
39.5 |
39.9 |
|
Land |
30.4 |
30.2 |
31.2 |
31.0 |
30.8 |
|
Lease assets, net |
6.9 |
7.3 |
4.9 |
3.7 |
0.0 |
|
Construction IP |
0.6 |
0.8 |
1.8 |
0.7 |
1.3 |
|
Other, net |
3.2 |
3.3 |
3.2 |
3.2 |
3.9 |
|
Total intangible
assets |
1.0 |
0.8 |
0.5 |
0.7 |
1.0 |
|
Investment Secs. |
22.2 |
10.3 |
16.6 |
14.6 |
14.4 |
|
Investment
Secs.-stock |
- |
7.8 |
- |
- |
- |
|
Long-term loans
receivable |
0.0 |
0.6 |
0.1 |
0.1 |
0.2 |
|
Deferred tax assets |
26.6 |
31.0 |
27.4 |
24.7 |
24.3 |
|
Other Long Term
Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
6.2 |
6.3 |
4.9 |
7.1 |
7.4 |
|
Doubtful Account |
-0.5 |
-0.5 |
-0.5 |
-0.8 |
-0.9 |
|
Total Assets |
551.8 |
537.7 |
468.0 |
433.2 |
450.5 |
|
|
|
|
|
|
|
|
Notes and accounts
payable-trade |
92.7 |
83.5 |
70.2 |
68.3 |
79.3 |
|
Current portion of
long-term loans payab |
24.3 |
- |
- |
- |
- |
|
Curr. Port. LTD |
- |
0.0 |
0.0 |
3.0 |
21.6 |
|
Lease Liability |
2.1 |
1.9 |
1.2 |
0.7 |
0.0 |
|
Curr. Port.Bond |
- |
- |
- |
- |
0.0 |
|
Income Taxes Pay |
2.0 |
2.4 |
4.5 |
2.5 |
2.3 |
|
Accrued Expenses |
34.7 |
34.9 |
28.5 |
25.8 |
29.1 |
|
Provision for
directors'' bonuses |
0.7 |
0.7 |
0.6 |
0.4 |
0.5 |
|
Notes
payable-facilities |
2.2 |
2.4 |
1.6 |
4.5 |
2.2 |
|
Rounding adjustment
Liability |
0.0 |
- |
- |
- |
- |
|
Other Liability |
15.6 |
11.7 |
10.5 |
8.0 |
6.2 |
|
Total Current Liabilities |
174.4 |
137.5 |
117.1 |
113.3 |
141.1 |
|
|
|
|
|
|
|
|
Long-term loans
payable |
0.0 |
24.1 |
21.4 |
20.2 |
23.1 |
|
Lease Liability |
5.1 |
5.8 |
3.9 |
3.1 |
0.0 |
|
Total Long Term Debt |
5.1 |
29.9 |
25.3 |
23.4 |
23.1 |
|
|
|
|
|
|
|
|
Allow.Accr.Retir |
43.1 |
46.9 |
47.8 |
41.7 |
35.4 |
|
Provision for
directors'' retirement ben |
1.1 |
2.9 |
2.5 |
2.7 |
2.9 |
|
Other Long Term
Liabilities |
0.0 |
- |
- |
- |
- |
|
Long-term guarantee
deposited |
35.1 |
34.3 |
29.5 |
27.2 |
26.9 |
|
assets retirement
obligations |
1.1 |
1.1 |
- |
- |
- |
|
Other LT Liability |
1.1 |
1.1 |
1.1 |
0.7 |
0.7 |
|
Total Liabilities |
261.1 |
253.8 |
223.2 |
209.0 |
230.1 |
|
|
|
|
|
|
|
|
Rounding adjustment
Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
66.2 |
65.8 |
58.3 |
55.2 |
54.8 |
|
Total capital
surpluses |
50.8 |
50.5 |
44.8 |
42.4 |
42.1 |
|
Total retained
earnings |
175.6 |
169.1 |
142.6 |
128.2 |
122.1 |
|
Treasury Stock |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Valuation
difference on available-for-sa |
0.6 |
0.5 |
0.8 |
0.4 |
1.4 |
|
Translate Adjust |
-2.4 |
-2.0 |
-1.7 |
-1.9 |
0.1 |
|
Total Equity |
290.7 |
283.9 |
244.8 |
224.2 |
220.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
551.8 |
537.7 |
468.0 |
433.2 |
450.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
Total Common Shares Outstanding |
41.5 |
41.5 |
41.5 |
41.5 |
41.5 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Number Of Employees |
1,141 |
- |
- |
- |
- |
|
Full-Time Employees |
- |
1,149 |
1,143 |
1,107 |
1,091 |
|
Total Number of Shareholders |
5,103 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
4,893 |
4,979 |
4,800 |
4,866 |
|
Division And End Of Current Period Remai |
24.3 |
- |
- |
- |
- |
|
LT bond mat. within 1 yr |
- |
0.0 |
0.0 |
3.0 |
21.6 |
|
LT Debt mat. by 2 yr. |
0.0 |
24.1 |
0.0 |
0.0 |
3.0 |
|
LT Debt mat. by 3 yr. |
- |
0.0 |
21.4 |
0.0 |
0.0 |
|
LT Debt mat. by 4 yr. |
- |
0.0 |
0.0 |
20.2 |
0.0 |
|
LT Debt, mat. by 5 yr. |
- |
0.0 |
0.0 |
0.0 |
20.1 |
|
Long Term Debt - Remaining Maturities |
35.1 |
34.3 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
59.4 |
58.5 |
21.4 |
23.3 |
44.7 |
|
Capital lease maturing within 1 yr. |
2.1 |
1.9 |
1.2 |
0.7 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
1.8 |
- |
- |
- |
- |
|
Capital lease maturing within 2 yr. |
- |
1.8 |
1.2 |
0.7 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
1.3 |
- |
- |
- |
- |
|
Capital lease maturing within 3 yr. |
- |
1.4 |
1.1 |
0.7 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
1.0 |
- |
- |
- |
- |
|
Capital lease maturing within 4 yr. |
- |
0.9 |
0.7 |
0.7 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.5 |
- |
- |
- |
- |
|
Capital lease maturing within 5 yr. |
- |
0.6 |
0.4 |
0.4 |
- |
|
Other Capital Leases-Remaining |
0.6 |
- |
- |
- |
- |
|
Capital lease maturing in remaining yr. |
- |
1.0 |
0.5 |
0.7 |
- |
|
Total Capital Leases |
7.3 |
7.7 |
5.1 |
3.9 |
- |
|
Pension obligation |
104.5 |
109.6 |
102.8 |
106.8 |
113.4 |
|
Fair value of plan asset |
49.2 |
49.2 |
44.4 |
41.3 |
55.1 |
|
Funded status |
-55.3 |
-60.3 |
-58.4 |
-65.5 |
-58.3 |
|
Total Funded Status |
-55.3 |
-60.3 |
-58.4 |
-65.5 |
-58.3 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
0.50% |
0.50% |
|
Expense unrecog. for acc. Changes |
- |
- |
- |
5.6 |
11.1 |
|
Unrecognized actuarial gains and losses |
14.9 |
16.3 |
13.5 |
18.0 |
11.6 |
|
Unrecognized prior service cost |
-2.8 |
-2.9 |
-2.8 |
0.2 |
0.2 |
|
Reserve for accrued retirement benefits |
-43.1 |
-46.9 |
-47.8 |
-41.7 |
-35.4 |
|
Net Assets Recognized on Balance Sheet |
-31.0 |
-33.5 |
-37.1 |
-18.0 |
-12.6 |
|
|
|
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 |
Seimei Audit Corporation |
Seimei Audit Corporation |
Seimei Audit Corporation |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bef. Tax |
19.1 |
17.6 |
15.2 |
12.3 |
12.7 |
|
Depreciation |
23.5 |
20.3 |
18.0 |
15.6 |
14.5 |
|
Impairment loss |
0.0 |
4.8 |
2.6 |
0.4 |
1.1 |
|
Increase (decrease)
in provision for ret |
-4.2 |
-6.7 |
3.6 |
5.9 |
4.7 |
|
Increase (decrease)
in provision for dir |
-1.9 |
0.2 |
-0.4 |
-0.2 |
-0.5 |
|
Increase (decrease)
in allowance for dou |
-0.1 |
-0.2 |
-0.3 |
-0.1 |
0.1 |
|
Loss (gain) on
sales and retirement of p |
0.7 |
0.3 |
0.7 |
0.4 |
0.5 |
|
Interest &
Dividend |
-0.3 |
-0.3 |
-0.3 |
-0.5 |
-0.3 |
|
Interest Expense |
0.7 |
0.7 |
0.7 |
1.0 |
0.9 |
|
Decrease (increase)
in notes and account |
-7.4 |
-0.6 |
-1.9 |
12.6 |
7.0 |
|
Decrease (increase)
in inventories |
-7.4 |
1.8 |
6.8 |
0.8 |
-4.6 |
|
Increase (decrease)
in notes and account |
9.1 |
4.2 |
-2.0 |
-11.4 |
2.6 |
|
Other Operating
Cash Flow |
0.0 |
- |
- |
- |
- |
|
Director's bonuses
paid |
- |
- |
- |
- |
0.0 |
|
Other, net |
1.1 |
2.9 |
4.3 |
-1.1 |
-2.1 |
|
Int & Divd.
Received |
0.3 |
0.3 |
0.3 |
0.5 |
0.3 |
|
Interest Paid |
-0.7 |
-0.7 |
-0.7 |
-1.1 |
-1.0 |
|
Income Tax Paid |
-5.4 |
-8.7 |
-4.8 |
-4.3 |
-5.6 |
|
Cash from Operating Activities |
27.1 |
35.8 |
41.9 |
30.8 |
30.4 |
|
|
|
|
|
|
|
|
Purchase Of
Investment Securities |
-5.1 |
- |
- |
- |
- |
|
Time Deposit Made |
-4.0 |
-4.8 |
-4.4 |
-3.0 |
-1.9 |
|
Proceeds from sales
of investment securi |
0.1 |
- |
- |
- |
- |
|
Time Deposit
Matured |
5.3 |
4.8 |
3.3 |
2.2 |
1.9 |
|
Purch. Mrktbl.
Secs. |
- |
0.0 |
0.0 |
-4.4 |
-0.1 |
|
Sale.Mrktbl. Secs. |
- |
0.0 |
0.2 |
0.1 |
4.8 |
|
Purchase of property,
plant and equipmen |
-21.4 |
-15.8 |
-18.6 |
-12.9 |
-18.2 |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
0.2 |
-1.0 |
3.7 |
-0.8 |
-0.1 |
|
Cash from Investing Activities |
-25.0 |
-16.9 |
-15.9 |
-18.8 |
-13.6 |
|
|
|
|
|
|
|
|
Proc. LT Debt |
- |
- |
- |
0.0 |
17.5 |
|
Repay. LT Debt |
- |
0.0 |
-3.2 |
-21.4 |
0.0 |
|
Redemp. Bond |
- |
- |
- |
0.0 |
-26.2 |
|
Repayment of
finance lease |
-2.2 |
-1.5 |
-0.9 |
-0.2 |
0.0 |
|
Dividends Paid |
-3.1 |
-2.9 |
-2.7 |
-2.5 |
-2.2 |
|
Other, net |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Other |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-5.3 |
-4.4 |
-6.8 |
-24.1 |
-10.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-3.2 |
14.5 |
19.2 |
-12.1 |
5.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
132.9 |
108.0 |
80.4 |
86.5 |
70.2 |
|
Net Cash - Ending Balance |
129.7 |
122.5 |
99.5 |
74.3 |
76.0 |
|
Cash Interest Paid |
0.7 |
0.7 |
0.7 |
1.1 |
1.0 |
|
Cash Taxes Paid |
5.4 |
8.7 |
4.8 |
4.3 |
5.6 |
|
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.