|
Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
YAMAZEN CORPORATION |
|
|
|
|
Registered Office : |
2-3-16, Itachibori, Nishi-ku Osaka-Shi,
550-8660 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
30.05.1947 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Wholesale of other machinery for use in industry, trade and navigation |
|
|
|
|
No. of Employees : |
2,273 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
Yamazen Corporation
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Business Description
|
YAMAZEN CORPORATION is engaged in the sale of
capital goods, housing equipment and building materials, and household
equipment. It is active in five business divisions. The Domestic Capital
Goods division provides working machines, such as industrial robots, computer
numerical control (CNC) lathes, and laser processors; industrial systems,
including packaging equipment, automated storages, picking sorter systems,
and sound absorption systems, as well as machine tools, such as cutting
tools, hydraulic tools, welders and others. The Household Equipment and
Building Material division sells system kitchens, bathrooms and sanitary
equipment and solar electricity generation systems. The Housing Equipment
division sells home electric appliances, leisure and sports products, garden
supplies and caring supplies. The International Operation division is
involved in the export and import, and intermediate trade businesses. The
Others division involves in event planning and building management. For the
nine months ended 31 December 2012, Yamazen Corporation revenues increased 1%
to Y279.48B. Net income applicable to common stockholders decreased 9% to
Y4.59B. Revenues reflect Domestic Production of Goods segment increase from
Y40.06B to Y81.11B, International Sales segment increase from Y16.4B to
Y42.74B, Construction Material Business segment increase of 94% to Y24.87B. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
3419 - Other Specialised
Industrial Machinery and Equipment Wholesaling |
|
NACE 2002: |
5187 - Wholesale of other machinery for use in
industry, trade and navigation |
|
NAICS 2002: |
42383 - Industrial Machinery and Equipment Merchant
Wholesalers |
|
UK SIC 2003: |
5187 - Wholesale of other machinery for use in
industry, trade and navigation |
|
UK SIC 2007: |
|
|
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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Yamazen Corporation |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Osaka-Shi |
Japan |
Miscellaneous Capital Goods |
4,721.7 |
2,273 |
|
|
Subsidiary |
Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
127 |
|
|
Subsidiary |
Shanghai |
China |
Miscellaneous Capital Goods |
|
100 |
|
|
Subsidiary |
Shenzhen, Guangdong |
China |
Miscellaneous Capital Goods |
|
70 |
|
|
Subsidiary |
Osaka |
Japan |
Printing and Publishing |
|
50 |
|
|
Subsidiary |
Schaumburg, IL |
United States |
Miscellaneous Capital Goods |
130.0 |
40 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Miscellaneous Capital Goods |
|
30 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
|
30 |
|
|
Subsidiary |
New Delhi |
India |
Miscellaneous Capital Goods |
|
30 |
|
|
Subsidiary |
Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
25 |
|
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Miscellaneous Capital Goods |
8.8 |
15 |
|
|
Subsidiary |
Osaka |
Japan |
Business Services |
|
15 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
|
13 |
|
|
Subsidiary |
Kawasaki, Kanagawa |
Japan |
Personal Services |
|
10 |
|
|
Subsidiary |
Stuttgart, Baden-Wurttemberg |
Germany |
Engineering Consultants |
|
10 |
|
|
Subsidiary |
Schaumburg, IL |
United States |
Miscellaneous Capital Goods |
20.7 |
7 |
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Business Services |
81.1 |
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Miscellaneous Transportation |
41.0 |
|
|
|
Subsidiary |
Ogaki, Gifu |
Japan |
Miscellaneous Capital Goods |
38.1 |
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Real Estate Operations |
10.8 |
|
|
|
Subsidiary |
Sheung Shui, New Territories |
Hong Kong |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
|
|
Executives Report
|
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|
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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 |
Deloitte Touche Tohmatsu
LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
4,721.7 |
3,777.5 |
2,597.5 |
3,243.8 |
3,297.0 |
|
Revenue |
4,721.7 |
3,777.5 |
2,597.5 |
3,243.8 |
3,297.0 |
|
Total Revenue |
4,721.7 |
3,777.5 |
2,597.5 |
3,243.8 |
3,297.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
4,119.2 |
3,310.8 |
2,274.5 |
2,865.3 |
2,920.1 |
|
Cost of Revenue, Total |
4,119.2 |
3,310.8 |
2,274.5 |
2,865.3 |
2,920.1 |
|
Gross Profit |
602.5 |
466.7 |
323.0 |
378.5 |
376.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
273.5 |
220.9 |
179.1 |
171.9 |
154.1 |
|
Labor & Related
Expense |
195.7 |
159.2 |
134.9 |
131.6 |
115.8 |
|
Total Selling/General/Administrative
Expenses |
469.1 |
380.2 |
314.0 |
303.5 |
269.9 |
|
Depreciation |
- |
- |
- |
7.3 |
6.1 |
|
Depreciation/Amortization |
- |
- |
- |
7.3 |
6.1 |
|
Impairment-Assets
Held for Use |
32.4 |
0.0 |
0.0 |
0.0 |
21.3 |
|
Impairment-Assets
Held for Sale |
-3.3 |
4.3 |
0.3 |
3.3 |
6.7 |
|
Other Unusual
Expense (Income) |
0.0 |
6.5 |
0.0 |
0.0 |
-1.4 |
|
Unusual Expense (Income) |
29.1 |
10.8 |
0.3 |
3.3 |
26.6 |
|
Other Operating
Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
4,617.5 |
3,701.8 |
2,588.8 |
3,179.3 |
3,222.8 |
|
|
|
|
|
|
|
|
Operating Income |
104.2 |
75.7 |
8.7 |
64.5 |
74.2 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-18.4 |
-14.1 |
-11.6 |
-14.6 |
-13.4 |
|
Interest Expense,
Net Non-Operating |
-18.4 |
-14.1 |
-11.6 |
-14.6 |
-13.4 |
|
Interest
Income - Non-Operating |
16.7 |
14.6 |
10.7 |
13.8 |
12.8 |
|
Investment
Income - Non-Operating |
1.4 |
1.3 |
1.0 |
1.5 |
1.3 |
|
Interest/Investment
Income - Non-Operating |
18.1 |
15.9 |
11.7 |
15.3 |
14.1 |
|
Interest Income (Expense) - Net
Non-Operating Total |
-0.2 |
1.8 |
0.1 |
0.7 |
0.7 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Other Non-Operating
Income (Expense) |
4.1 |
1.7 |
1.3 |
2.8 |
4.1 |
|
Other, Net |
4.1 |
1.7 |
1.3 |
2.8 |
4.1 |
|
Income Before Tax |
108.0 |
79.1 |
10.0 |
67.8 |
78.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
45.3 |
28.1 |
5.3 |
30.1 |
30.7 |
|
Income After Tax |
62.7 |
51.0 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.2 |
0.0 |
- |
- |
- |
|
Net Income Before Extraord
Items |
62.5 |
51.0 |
4.7 |
37.7 |
48.1 |
|
Net Income |
62.5 |
51.0 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Miscellaneous
Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
62.5 |
50.9 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
62.5 |
50.9 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Basic EPS Excl Extraord
Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Basic/Primary EPS Incl
Extraord Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
62.5 |
50.9 |
4.7 |
37.7 |
48.1 |
|
Diluted Weighted Average Shares |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Diluted EPS Excl Extraord
Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Diluted EPS Incl Extraord Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Dividends per Share - Common Stock Primary
Issue |
0.19 |
0.14 |
0.11 |
0.12 |
0.11 |
|
Gross Dividends - Common Stock |
17.8 |
13.1 |
10.1 |
11.7 |
10.2 |
|
Interest Expense, Supplemental |
18.4 |
14.1 |
11.6 |
14.6 |
13.4 |
|
Depreciation, Supplemental |
11.4 |
10.2 |
8.9 |
7.3 |
6.1 |
|
Total Special Items |
29.2 |
10.9 |
0.4 |
3.4 |
26.8 |
|
Normalized Income Before Tax |
137.2 |
90.0 |
10.4 |
71.3 |
105.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
12.2 |
3.9 |
0.2 |
1.5 |
10.4 |
|
Inc Tax Ex Impact of Sp Items |
57.6 |
32.0 |
5.4 |
31.6 |
41.2 |
|
Normalized Income After Tax |
79.6 |
58.0 |
4.9 |
39.6 |
64.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
79.4 |
57.9 |
4.9 |
39.6 |
64.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.62 |
0.05 |
0.42 |
0.69 |
|
Diluted Normalized EPS |
0.85 |
0.62 |
0.05 |
0.42 |
0.69 |
|
Rental Expenses |
51.6 |
40.7 |
37.5 |
33.8 |
29.5 |
|
Reported Operating Profit |
133.3 |
86.5 |
9.0 |
67.7 |
100.8 |
|
Reported Ordinary Profit |
141.3 |
89.0 |
10.3 |
71.2 |
99.8 |
|
Normalized EBIT |
133.3 |
86.5 |
9.0 |
67.8 |
100.8 |
|
Normalized EBITDA |
144.7 |
96.7 |
17.9 |
75.0 |
107.0 |
|
Interest Cost - Domestic |
3.8 |
3.5 |
3.4 |
3.1 |
2.8 |
|
Service Cost - Domestic |
6.7 |
5.8 |
5.5 |
4.8 |
4.2 |
|
Expected Return on Assets - Domestic |
-3.7 |
-3.6 |
-3.1 |
-3.7 |
-3.8 |
|
Actuarial Gains and Losses - Domestic |
10.2 |
8.9 |
8.9 |
5.7 |
3.3 |
|
Transition Costs - Domestic |
- |
0.0 |
1.3 |
1.2 |
1.1 |
|
Domestic Pension Plan Expense |
17.0 |
14.6 |
16.0 |
11.2 |
7.5 |
|
Total Pension Expense |
17.0 |
14.6 |
16.0 |
11.2 |
7.5 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.90% |
2.90% |
2.90% |
2.90% |
2.90% |
|
Total Plan Interest Cost |
3.8 |
3.5 |
3.4 |
3.1 |
2.8 |
|
Total Plan Service Cost |
6.7 |
5.8 |
5.5 |
4.8 |
4.2 |
|
Total Plan Expected Return |
-3.7 |
-3.6 |
-3.1 |
-3.7 |
-3.8 |
|
|
|
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 |
Deloitte Touche Tohmatsu
LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
271.9 |
242.7 |
131.9 |
151.7 |
293.6 |
|
Short Term
Investments |
24.3 |
48.3 |
43.0 |
32.7 |
86.2 |
|
Cash and Short Term Investments |
296.1 |
291.0 |
174.9 |
184.3 |
379.8 |
|
Accounts
Receivable - Trade, Gross |
1,127.2 |
1,003.7 |
720.8 |
706.6 |
972.0 |
|
Provision
for Doubtful Accounts |
-14.0 |
-9.5 |
-9.1 |
-7.0 |
-7.8 |
|
Trade Accounts
Receivable - Net |
1,113.1 |
994.2 |
711.7 |
699.6 |
964.2 |
|
Total Receivables, Net |
1,113.1 |
994.2 |
711.7 |
699.6 |
964.2 |
|
Inventories -
Finished Goods |
193.4 |
152.4 |
116.1 |
134.8 |
- |
|
Total Inventory |
193.4 |
152.4 |
116.1 |
134.8 |
114.5 |
|
Deferred Income Tax
- Current Asset |
29.7 |
16.2 |
8.0 |
8.7 |
9.4 |
|
Other Current
Assets |
36.6 |
38.1 |
16.0 |
18.6 |
22.4 |
|
Other Current Assets, Total |
66.2 |
54.3 |
24.0 |
27.3 |
31.8 |
|
Total Current Assets |
1,668.9 |
1,491.9 |
1,026.7 |
1,046.1 |
1,490.3 |
|
|
|
|
|
|
|
|
Buildings |
116.0 |
124.1 |
111.0 |
103.3 |
101.3 |
|
Land/Improvements |
85.2 |
94.8 |
84.5 |
79.9 |
76.7 |
|
Machinery/Equipment |
22.5 |
20.0 |
17.9 |
17.2 |
16.9 |
|
Other
Property/Plant/Equipment |
1.9 |
2.0 |
1.2 |
0.2 |
- |
|
Property/Plant/Equipment
- Gross |
225.7 |
241.0 |
214.6 |
200.6 |
195.0 |
|
Accumulated
Depreciation |
-100.3 |
-96.1 |
-82.8 |
-75.2 |
-72.3 |
|
Property/Plant/Equipment - Net |
125.4 |
144.9 |
131.9 |
125.4 |
122.7 |
|
Intangibles, Net |
15.6 |
13.9 |
17.5 |
15.6 |
14.6 |
|
LT Investment - Affiliate
Companies |
4.6 |
7.4 |
- |
- |
- |
|
LT Investments -
Other |
67.2 |
67.0 |
76.5 |
53.3 |
80.9 |
|
Long Term Investments |
71.8 |
74.4 |
76.5 |
53.3 |
80.9 |
|
Note Receivable - Long Term |
3.2 |
3.8 |
5.4 |
5.8 |
5.5 |
|
Pension Benefits - Overfunded |
9.9 |
15.2 |
17.8 |
22.3 |
24.3 |
|
Deferred Income Tax
- Long Term Asset |
0.4 |
0.3 |
0.2 |
0.1 |
0.2 |
|
Other Long Term
Assets |
17.3 |
14.2 |
10.7 |
10.5 |
11.5 |
|
Other Long Term Assets, Total |
27.5 |
29.7 |
28.7 |
32.9 |
36.1 |
|
Total Assets |
1,912.5 |
1,758.6 |
1,286.7 |
1,279.0 |
1,750.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,147.1 |
1,025.2 |
731.6 |
737.8 |
1,139.0 |
|
Accrued Expenses |
27.9 |
23.7 |
13.9 |
14.1 |
17.8 |
|
Notes Payable/Short Term Debt |
62.8 |
86.4 |
70.1 |
52.6 |
114.4 |
|
Current Portion - Long Term Debt/Capital
Leases |
0.2 |
6.1 |
0.6 |
26.1 |
0.0 |
|
Income Taxes
Payable |
40.0 |
29.4 |
9.7 |
14.7 |
10.2 |
|
Other Current
Liabilities |
85.3 |
87.5 |
34.4 |
38.2 |
40.6 |
|
Other Current liabilities, Total |
125.3 |
116.9 |
44.2 |
52.9 |
50.9 |
|
Total Current Liabilities |
1,363.2 |
1,258.3 |
860.3 |
883.6 |
1,322.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
3.9 |
0.0 |
5.4 |
5.2 |
31.1 |
|
Capital Lease
Obligations |
- |
- |
1.4 |
- |
- |
|
Total Long Term Debt |
3.9 |
0.0 |
6.8 |
5.2 |
31.1 |
|
Total Debt |
66.9 |
92.5 |
77.6 |
84.0 |
145.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
3.2 |
5.4 |
6.8 |
3.7 |
15.3 |
|
Deferred Income Tax |
3.2 |
5.4 |
6.8 |
3.7 |
15.3 |
|
Minority Interest |
0.6 |
0.0 |
- |
- |
- |
|
Pension Benefits - Underfunded |
1.2 |
0.3 |
0.4 |
0.5 |
0.7 |
|
Other Long Term
Liabilities |
12.7 |
15.3 |
14.8 |
12.8 |
14.7 |
|
Other Liabilities, Total |
14.0 |
15.6 |
15.2 |
13.3 |
15.4 |
|
Total Liabilities |
1,384.9 |
1,279.4 |
889.2 |
905.9 |
1,383.9 |
|
|
|
|
|
|
|
|
Common Stock |
96.0 |
95.4 |
84.6 |
80.1 |
79.5 |
|
Common Stock |
96.0 |
95.4 |
84.6 |
80.1 |
79.5 |
|
Additional Paid-In Capital |
73.8 |
73.4 |
65.1 |
61.6 |
61.1 |
|
Retained Earnings (Accumulated Deficit) |
377.6 |
330.4 |
256.4 |
250.0 |
221.8 |
|
Treasury Stock - Common |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Unrealized Gain (Loss) |
9.6 |
9.2 |
12.6 |
1.6 |
17.1 |
|
Translation
Adjustment |
-29.3 |
-29.0 |
-21.1 |
-19.9 |
-13.2 |
|
Other Equity, Total |
-29.3 |
-29.0 |
-21.1 |
-19.9 |
-13.2 |
|
Total Equity |
527.6 |
479.2 |
397.5 |
373.1 |
366.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
1,912.5 |
1,758.6 |
1,286.7 |
1,279.0 |
1,750.0 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Total Common Shares Outstanding |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
2,273 |
2,114 |
2,070 |
2,060 |
1,955 |
|
Number of Common Shareholders |
5,599 |
6,055 |
6,240 |
6,445 |
6,525 |
|
Total Long Term Debt, Supplemental |
4.1 |
6.1 |
5.5 |
31.3 |
45.5 |
|
Long Term Debt Maturing within 1 Year |
0.2 |
6.1 |
0.1 |
26.1 |
14.4 |
|
Long Term Debt Maturing in Year 2 |
0.1 |
- |
5.4 |
0.1 |
25.9 |
|
Long Term Debt Maturing in Year 3 |
3.7 |
- |
0.0 |
5.1 |
0.1 |
|
Long Term Debt Maturing in Year 4 |
0.1 |
- |
0.0 |
0.0 |
5.1 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
3.8 |
- |
5.4 |
5.2 |
26.0 |
|
Long Term Debt Maturing in 4-5 Years |
0.1 |
- |
0.0 |
0.0 |
5.1 |
|
Long Term Debt Matur.
in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
1.2 |
2.1 |
1.9 |
0.3 |
- |
|
Capital Lease Payments Due in Year 1 |
0.5 |
0.7 |
0.5 |
0.1 |
- |
|
Capital Lease Payments Due in Year 2 |
0.4 |
0.7 |
0.5 |
0.1 |
- |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.5 |
0.5 |
0.1 |
- |
|
Capital Lease Payments Due in Year 4 |
0.1 |
0.1 |
0.4 |
0.1 |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.5 |
1.2 |
1.0 |
0.1 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.2 |
0.4 |
0.1 |
- |
|
Cap. Lease Pymts.
Due in Year 6 & Beyond |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Pension Obligation - Domestic |
179.8 |
181.9 |
164.7 |
158.8 |
157.7 |
|
Plan Assets - Domestic |
120.2 |
123.7 |
115.8 |
100.3 |
127.4 |
|
Funded Status - Domestic |
-59.6 |
-58.2 |
-48.9 |
-58.5 |
-30.2 |
|
Total Funded Status |
-59.6 |
-58.2 |
-48.9 |
-58.5 |
-30.2 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.90% |
2.90% |
2.90% |
2.90% |
2.90% |
|
Prepaid Benefits - Domestic |
9.9 |
15.2 |
17.8 |
22.3 |
24.3 |
|
Accrued Liabilities - Domestic |
-1.2 |
-0.3 |
-0.4 |
-0.5 |
-0.7 |
|
Other Assets, Net - Domestic |
68.2 |
73.1 |
66.3 |
80.2 |
53.8 |
|
Net Assets Recognized on Balance Sheet |
76.9 |
88.0 |
83.6 |
102.0 |
77.5 |
|
Total Plan Obligations |
179.8 |
181.9 |
164.7 |
158.8 |
157.7 |
|
Total Plan Assets |
120.2 |
123.7 |
115.8 |
100.3 |
127.4 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
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 |
Deloitte Touche Tohmatsu
LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
108.0 |
79.1 |
10.0 |
67.8 |
78.8 |
|
Depreciation |
11.4 |
10.2 |
8.9 |
7.3 |
6.1 |
|
Depreciation/Depletion |
11.4 |
10.2 |
8.9 |
7.3 |
6.1 |
|
Unusual Items |
33.2 |
4.0 |
0.3 |
3.3 |
22.4 |
|
Other Non-Cash
Items |
2.2 |
9.4 |
0.5 |
-4.1 |
-4.5 |
|
Non-Cash Items |
35.5 |
13.4 |
0.8 |
-0.8 |
17.9 |
|
Accounts Receivable |
-108.3 |
-187.8 |
26.6 |
264.5 |
70.7 |
|
Inventories |
-38.3 |
-22.3 |
26.2 |
-20.6 |
10.1 |
|
Prepaid Expenses |
5.6 |
4.7 |
5.8 |
2.2 |
-0.4 |
|
Accounts Payable |
99.7 |
196.3 |
-48.6 |
-400.3 |
-83.2 |
|
Other Operating
Cash Flow |
-42.1 |
5.7 |
-14.9 |
-24.5 |
-42.9 |
|
Changes in Working Capital |
-83.3 |
-3.5 |
-4.9 |
-178.7 |
-45.7 |
|
Cash from Operating Activities |
71.6 |
99.1 |
14.8 |
-104.4 |
57.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-15.5 |
-2.3 |
-8.0 |
-10.8 |
-7.4 |
|
Capital Expenditures |
-15.5 |
-2.3 |
-8.0 |
-10.8 |
-7.4 |
|
Sale of Fixed
Assets |
0.3 |
0.0 |
0.0 |
0.1 |
13.8 |
|
Sale/Maturity of
Investment |
4.5 |
1.6 |
0.3 |
8.6 |
2.8 |
|
Purchase of
Investments |
-3.0 |
-2.8 |
-2.8 |
-3.1 |
-9.9 |
|
Other Investing
Cash Flow |
17.4 |
15.5 |
12.9 |
14.8 |
13.8 |
|
Other Investing Cash Flow Items, Total |
19.1 |
14.3 |
10.5 |
20.4 |
20.4 |
|
Cash from Investing Activities |
3.6 |
12.0 |
2.5 |
9.6 |
13.0 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
-18.3 |
-14.1 |
-11.6 |
-14.4 |
-14.1 |
|
Financing Cash Flow Items |
-18.3 |
-14.1 |
-11.6 |
-14.4 |
-14.1 |
|
Cash Dividends Paid
- Common |
-16.6 |
-10.9 |
-12.6 |
-11.7 |
-14.4 |
|
Total Cash Dividends Paid |
-16.6 |
-10.9 |
-12.6 |
-11.7 |
-14.4 |
|
Short Term Debt,
Net |
-25.5 |
7.5 |
14.5 |
-47.3 |
33.2 |
|
Long
Term Debt Issued |
3.8 |
0.0 |
- |
0.0 |
21.9 |
|
Long
Term Debt Reduction |
-11.2 |
-0.1 |
-27.7 |
-14.2 |
-95.6 |
|
Long Term Debt, Net |
-7.4 |
-0.1 |
-27.7 |
-14.2 |
-73.7 |
|
Issuance (Retirement) of Debt, Net |
-32.9 |
7.4 |
-13.2 |
-61.6 |
-40.5 |
|
Cash from Financing Activities |
-67.8 |
-17.7 |
-37.4 |
-87.6 |
-68.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
-3.4 |
-0.4 |
-3.6 |
-2.6 |
|
Net Change in Cash |
7.4 |
90.0 |
-20.5 |
-186.1 |
-1.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
301.1 |
187.4 |
193.4 |
364.9 |
322.1 |
|
Net Cash - Ending Balance |
308.5 |
277.4 |
172.8 |
178.8 |
320.8 |
|
Cash Interest Paid |
18.3 |
14.1 |
11.6 |
14.4 |
14.1 |
|
Cash Taxes Paid |
51.9 |
16.4 |
15.3 |
27.8 |
53.9 |
Annual Income Statement
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
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 |
Deloitte Touche Tohmatsu
LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
4,721.7 |
3,777.5 |
2,597.5 |
3,243.8 |
3,297.0 |
|
Total Revenue |
4,721.7 |
3,777.5 |
2,597.5 |
3,243.8 |
3,297.0 |
|
|
|
|
|
|
|
|
Rounding adjustment
Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
4,119.2 |
3,310.8 |
2,274.5 |
2,865.3 |
2,920.1 |
|
Provision of
Collection of Products |
-3.8 |
- |
- |
- |
- |
|
Other
Selling/General/Admin. Expense |
151.5 |
- |
- |
- |
- |
|
Commission Expenses |
- |
- |
- |
24.9 |
23.8 |
|
Lease & Storage |
51.6 |
40.7 |
37.5 |
33.8 |
29.5 |
|
Shipping |
69.9 |
55.0 |
42.9 |
40.7 |
34.8 |
|
Salary &Bonus |
149.6 |
121.7 |
104.9 |
106.5 |
92.6 |
|
Bonus Allowance |
29.0 |
23.0 |
13.9 |
13.9 |
15.7 |
|
Doubtful Debt
Allow. |
4.2 |
0.0 |
2.6 |
1.0 |
0.0 |
|
Periodic retirement
benefit costs |
17.0 |
14.6 |
16.0 |
11.2 |
7.5 |
|
Directors'
Allowance |
- |
- |
- |
- |
0.0 |
|
Depreciation |
- |
- |
- |
7.3 |
6.1 |
|
Prov.
for Collection of Products |
- |
0.0 |
- |
- |
- |
|
Other Selling &
Gen. |
- |
125.2 |
96.2 |
71.5 |
66.1 |
|
SP Reversal G on allow.doubt.accounts |
0.0 |
-0.8 |
0.0 |
0.0 |
-1.4 |
|
SP L. on retire. of
fixed assets |
0.5 |
0.0 |
0.0 |
0.0 |
- |
|
Gain On Valuation
Of Derivatives |
-4.2 |
- |
- |
- |
- |
|
Loss On Valuation
Of Derivatives |
0.0 |
- |
- |
- |
- |
|
Impairment Loss |
31.9 |
- |
- |
0.0 |
21.3 |
|
SP L on val.affil.secs. |
- |
- |
- |
- |
0.0 |
|
SP L on val. of LT inv't. secs. |
1.0 |
1.8 |
0.0 |
3.3 |
1.2 |
|
SP L on val. of
stocks of affiliate. |
0.0 |
1.9 |
0.3 |
0.0 |
- |
|
Provision for voluntary
recall of goods |
- |
5.6 |
0.0 |
- |
- |
|
SP Other Special
Losses |
0.0 |
1.6 |
0.0 |
0.0 |
0.0 |
|
NOP G on valuation
of derivatives |
- |
0.0 |
- |
- |
- |
|
NOP L on valuation
of derivatives |
- |
0.6 |
- |
0.0 |
5.6 |
|
Total Operating Expense |
4,617.5 |
3,701.8 |
2,588.8 |
3,179.3 |
3,222.8 |
|
|
|
|
|
|
|
|
SP Gain-Fix. Asset
Sold |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP Gain-Inv. Sec.
Sold |
0.1 |
0.4 |
- |
0.0 |
0.1 |
|
SP L on sale of
fixed assets |
0.0 |
-0.1 |
0.0 |
0.0 |
- |
|
SP L on
sale/retire. of fixed assets |
- |
- |
- |
0.0 |
0.0 |
|
NOP Interest Income |
16.7 |
14.6 |
10.7 |
13.8 |
12.8 |
|
NOP Dividend Income |
1.3 |
0.9 |
1.0 |
1.5 |
1.3 |
|
NOP Other Income |
5.3 |
3.2 |
2.8 |
4.1 |
4.5 |
|
NOP Interest
Expenses |
-18.4 |
-14.1 |
-11.6 |
-14.6 |
-13.4 |
|
NOP Loss Note Sold |
-0.1 |
0.0 |
-0.1 |
-0.1 |
-0.2 |
|
NOP Other Expenses |
-1.2 |
-1.4 |
-1.5 |
-1.3 |
-0.4 |
|
Net Income Before Taxes |
108.0 |
79.1 |
10.0 |
67.8 |
78.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
45.3 |
28.1 |
5.3 |
30.1 |
30.7 |
|
Net Income After Taxes |
62.7 |
51.0 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Minority interests
in income |
-0.2 |
- |
- |
- |
- |
|
Minority Interest |
- |
0.0 |
- |
- |
- |
|
Net Income Before Extra. Items |
62.5 |
51.0 |
4.7 |
37.7 |
48.1 |
|
Net Income |
62.5 |
51.0 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Rounding adjustment
Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
62.5 |
50.9 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl
ExtraOrd |
62.5 |
50.9 |
4.7 |
37.7 |
48.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Basic EPS Excluding ExtraOrdinary
Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Basic EPS Including ExtraOrdinary
Item |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
62.5 |
50.9 |
4.7 |
37.7 |
48.1 |
|
Diluted Weighted Average Shares |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Diluted EPS Excluding ExtraOrd
Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
Diluted EPS Including ExtraOrd
Items |
0.67 |
0.54 |
0.05 |
0.40 |
0.51 |
|
DPS-Common Stock |
0.19 |
0.14 |
0.11 |
0.12 |
0.11 |
|
Gross Dividends - Common Stock |
17.8 |
13.1 |
10.1 |
11.7 |
10.2 |
|
Normalized Income Before Taxes |
137.2 |
90.0 |
10.4 |
71.3 |
105.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
57.6 |
32.0 |
5.4 |
31.6 |
41.2 |
|
Normalized Income After Taxes |
79.6 |
58.0 |
4.9 |
39.6 |
64.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
79.4 |
57.9 |
4.9 |
39.6 |
64.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.62 |
0.05 |
0.42 |
0.69 |
|
Diluted Normalized EPS |
0.85 |
0.62 |
0.05 |
0.42 |
0.69 |
|
Interest Expense |
18.4 |
14.1 |
11.6 |
14.6 |
13.4 |
|
Rental Expense |
51.6 |
40.7 |
37.5 |
33.8 |
29.5 |
|
Depreciation |
11.4 |
- |
- |
- |
- |
|
Depreciation |
- |
10.2 |
8.9 |
7.3 |
6.1 |
|
Reported Operating Profit |
133.3 |
86.5 |
9.0 |
67.7 |
100.8 |
|
Reported Ordinary Profit |
141.3 |
89.0 |
10.3 |
71.2 |
99.8 |
|
Service Cost |
6.7 |
5.8 |
5.5 |
4.8 |
4.2 |
|
Interest Cost |
3.8 |
3.5 |
3.4 |
3.1 |
2.8 |
|
Expected return on plan assets |
-3.7 |
-3.6 |
-3.1 |
-3.7 |
-3.8 |
|
Pension exp.due
to acct,changes |
- |
0.0 |
1.3 |
1.2 |
1.1 |
|
Actuarial G&L |
10.2 |
8.9 |
8.9 |
5.7 |
3.3 |
|
Domestic Pension Plan Expense |
17.0 |
14.6 |
16.0 |
11.2 |
7.5 |
|
Total Pension Expense |
17.0 |
14.6 |
16.0 |
11.2 |
7.5 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.00% |
- |
- |
- |
- |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
2.90% |
- |
- |
- |
- |
|
Expected rate of return |
- |
2.90% |
2.90% |
2.90% |
2.90% |
|
|
|
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 |
Deloitte Touche Tohmatsu
LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
271.9 |
242.7 |
131.9 |
151.7 |
293.6 |
|
Notes and accounts
receivable-trade |
1,127.2 |
1,003.7 |
720.8 |
706.6 |
972.0 |
|
Short-term
investment securities |
24.3 |
48.3 |
43.0 |
32.7 |
86.2 |
|
Inventories |
- |
- |
- |
- |
114.5 |
|
Finished Goods&Merchandise |
193.4 |
152.4 |
116.1 |
134.8 |
- |
|
Defer. Tax Asset |
29.7 |
16.2 |
8.0 |
8.7 |
9.4 |
|
Rounding adjustment
Assets |
0.0 |
- |
- |
- |
- |
|
Others |
36.5 |
38.1 |
16.0 |
18.6 |
22.4 |
|
Doubt Debt Allow |
-14.0 |
-9.5 |
-9.1 |
-7.0 |
-7.8 |
|
Total Current Assets |
1,668.9 |
1,491.9 |
1,026.7 |
1,046.1 |
1,490.3 |
|
|
|
|
|
|
|
|
Bldg &
Structure |
116.0 |
124.1 |
111.0 |
103.3 |
101.3 |
|
Accumulated
depreciation |
-81.0 |
-78.1 |
-67.4 |
-61.3 |
-58.3 |
|
Machinery,
equipment and vehicles |
10.0 |
9.3 |
8.2 |
8.0 |
7.7 |
|
Accumulated
depreciation |
-8.8 |
-8.1 |
-6.9 |
-6.5 |
-6.3 |
|
Tools, furniture
and fixtures |
12.5 |
10.8 |
9.7 |
9.2 |
9.3 |
|
Accumulated
depreciation |
-9.5 |
-9.3 |
-8.3 |
-7.5 |
-7.8 |
|
Land |
85.2 |
94.8 |
84.5 |
79.9 |
76.7 |
|
Other PPE |
1.9 |
2.0 |
1.2 |
0.2 |
- |
|
Accumulated
depreciation |
-0.9 |
-0.6 |
-0.2 |
0.0 |
- |
|
Total intangible
assets |
15.6 |
13.9 |
17.5 |
- |
- |
|
Software |
- |
- |
- |
10.3 |
11.6 |
|
Other Intangible |
- |
- |
- |
5.3 |
3.0 |
|
Inv. Securities |
67.2 |
67.0 |
76.5 |
53.3 |
80.9 |
|
Invt
Secs Noncons, Asc, Affd Cos |
4.6 |
- |
- |
- |
- |
|
Affiliate Stock |
- |
7.4 |
- |
- |
- |
|
Long Term Loans |
- |
0.1 |
0.3 |
0.5 |
0.9 |
|
Claims provable in bankruptcy,
claims pr |
3.2 |
3.8 |
5.1 |
5.3 |
4.6 |
|
Prepaid pension
plan |
9.9 |
15.2 |
17.8 |
22.3 |
24.3 |
|
Deferred tax assets |
0.4 |
0.3 |
0.2 |
0.1 |
0.2 |
|
Other Long Term
Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Others |
22.0 |
20.0 |
17.6 |
17.0 |
17.5 |
|
Doubt Debt Allow |
-4.8 |
-5.8 |
-6.9 |
-6.6 |
-6.0 |
|
Rounding Adjustm |
- |
- |
- |
0.0 |
- |
|
Total Assets |
1,912.5 |
1,758.6 |
1,286.7 |
1,279.0 |
1,750.0 |
|
|
|
|
|
|
|
|
Notes and accounts
payable-trade |
1,147.1 |
1,025.2 |
731.6 |
737.8 |
1,139.0 |
|
Short-term loans
payable |
62.8 |
86.4 |
70.1 |
52.6 |
114.4 |
|
LT borrowings
(current) |
0.2 |
6.1 |
0.1 |
26.1 |
- |
|
Curr.
Corp. Debt |
- |
- |
- |
- |
0.0 |
|
Lease |
- |
- |
0.5 |
- |
- |
|
Income Tax Pybl. |
40.0 |
29.4 |
9.7 |
14.7 |
10.2 |
|
Bonus Allowance |
27.9 |
23.7 |
13.9 |
14.1 |
17.8 |
|
Rounding adjustment
Liability |
0.0 |
- |
- |
- |
- |
|
Provision for
voluntary recall of goods |
- |
5.8 |
0.0 |
- |
- |
|
Other |
85.2 |
81.6 |
34.4 |
38.2 |
40.6 |
|
Total Current Liabilities |
1,363.2 |
1,258.3 |
860.3 |
883.6 |
1,322.1 |
|
|
|
|
|
|
|
|
Long-term loans
payable |
3.9 |
0.0 |
5.4 |
5.2 |
31.1 |
|
Lease |
- |
- |
1.4 |
- |
- |
|
Total Long Term Debt |
3.9 |
0.0 |
6.8 |
5.2 |
31.1 |
|
|
|
|
|
|
|
|
Dfrd.
tax liab. |
3.2 |
5.4 |
6.8 |
3.7 |
15.3 |
|
Accrued Retirem. |
1.2 |
0.3 |
0.4 |
0.5 |
0.7 |
|
Directors' Allow |
- |
- |
- |
- |
0.0 |
|
Other Long Term
Liabilities |
0.0 |
- |
- |
- |
- |
|
Other |
12.7 |
15.3 |
14.8 |
12.8 |
14.7 |
|
Minority interests |
0.6 |
- |
- |
- |
- |
|
Min. Interest |
- |
0.0 |
- |
- |
- |
|
Total Liabilities |
1,384.9 |
1,279.4 |
889.2 |
905.9 |
1,383.9 |
|
|
|
|
|
|
|
|
Common Stock |
96.0 |
95.4 |
84.6 |
80.1 |
79.5 |
|
Total capital
surpluses |
73.8 |
73.4 |
65.1 |
61.6 |
61.1 |
|
Total retained
earnings |
377.6 |
330.4 |
256.4 |
250.0 |
221.8 |
|
Treasury Stock |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Valuation
difference on available-for-sa |
9.3 |
9.0 |
12.6 |
1.6 |
17.8 |
|
Deferred hedge |
0.3 |
0.2 |
0.0 |
-0.1 |
-0.7 |
|
Currency Adjustm |
-29.3 |
-29.0 |
-21.1 |
-19.9 |
-13.2 |
|
Total Equity |
527.6 |
479.2 |
397.5 |
373.1 |
366.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
1,912.5 |
1,758.6 |
1,286.7 |
1,279.0 |
1,750.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
Total Common Shares Outstanding |
93.8 |
93.8 |
93.8 |
93.8 |
93.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
2,273 |
2,114 |
2,070 |
2,060 |
1,955 |
|
Total Number of Shareholders |
5,599 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
6,055 |
6,240 |
6,445 |
6,525 |
|
Long Term Debt Maturing within 1 Yr |
0.2 |
6.1 |
0.1 |
26.1 |
14.4 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
0.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
- |
5.4 |
0.1 |
25.9 |
|
Lns Pble Maturg over
2 Yrs within 3 Yrs |
3.7 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
- |
0.0 |
5.1 |
0.1 |
|
Lns Pble Maturg over
3 Yrs within 4 Yrs |
0.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
- |
0.0 |
0.0 |
5.1 |
|
Long Term Debt Maturing within 5 Yr |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Remaining Maturity |
- |
- |
- |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
4.1 |
6.1 |
5.5 |
31.3 |
45.5 |
|
Capital Lease Payments Due within 1 Year |
0.5 |
0.7 |
0.5 |
0.1 |
- |
|
Cap Lease Maturg
over a Yr within 2 Yrs |
0.4 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.7 |
0.5 |
0.1 |
- |
|
Cap Lease Maturg
over 2 Yr within 3 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.5 |
0.5 |
0.1 |
- |
|
Cap Lease Maturg
over 3 Yr within 4 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.1 |
0.4 |
0.1 |
- |
|
Cap Lease Maturg
over 4 Yr within 5 Yrs |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.1 |
0.0 |
0.0 |
- |
|
lease remainings |
0.0 |
- |
- |
- |
- |
|
Captial Lease-Remaining Maturities |
- |
0.1 |
0.0 |
0.0 |
- |
|
Total Capital Leases |
1.2 |
2.1 |
1.9 |
0.3 |
- |
|
Pension Obligation |
179.8 |
181.9 |
164.7 |
158.8 |
157.7 |
|
Fair value of plan assets |
120.2 |
123.7 |
115.8 |
100.3 |
127.4 |
|
Funded Status |
-59.6 |
-58.2 |
-48.9 |
-58.5 |
-30.2 |
|
Total Funded Status |
-59.6 |
-58.2 |
-48.9 |
-58.5 |
-30.2 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.90% |
2.90% |
2.90% |
2.90% |
2.90% |
|
Expense unrecog.for
acct.changes |
- |
- |
0.0 |
1.3 |
2.5 |
|
Unrecog.actuarial G&L |
68.2 |
73.1 |
66.3 |
79.0 |
51.3 |
|
Prepaid pension Benefits |
9.9 |
15.2 |
17.8 |
22.3 |
24.3 |
|
Accrued Pension Liabilities |
-1.2 |
-0.3 |
-0.4 |
-0.5 |
-0.7 |
|
Net Assets Recognized on Balance Sheet |
76.9 |
88.0 |
83.6 |
102.0 |
77.5 |
|
|
|
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 |
Deloitte Touche Tohmatsu
LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
108.0 |
79.1 |
10.0 |
67.8 |
78.8 |
|
Depreciation |
11.4 |
10.2 |
8.9 |
7.3 |
6.1 |
|
Impairment Loss |
31.9 |
- |
- |
- |
- |
|
Impairment losses
on assets |
- |
0.6 |
- |
0.0 |
21.3 |
|
Increase (decrease)
in allowance for dou |
3.6 |
-2.5 |
1.6 |
-0.4 |
-4.0 |
|
Increase (decrease)
in other provision |
-1.7 |
13.4 |
-1.3 |
-3.8 |
-3.9 |
|
Decrease (increase)
in prepaid pension c |
5.6 |
4.7 |
5.8 |
2.2 |
-0.4 |
|
Interest &
Dividend |
-18.0 |
-15.5 |
-11.7 |
-14.7 |
-14.1 |
|
Interest Expenses |
18.4 |
14.1 |
11.6 |
14.6 |
13.4 |
|
Foreign exchange
losses (gains) |
-0.1 |
-0.1 |
0.2 |
0.1 |
-0.1 |
|
Loss (gain) on
sales of investment secur |
-0.1 |
-0.4 |
0.0 |
0.0 |
-0.1 |
|
Loss (gain) on
valuation of investment s |
1.0 |
1.8 |
0.0 |
3.3 |
1.2 |
|
L on val.stocks. affil.secs. |
0.0 |
1.9 |
0.3 |
0.0 |
0.0 |
|
Loss on retirement of
property, plant an |
0.5 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss (gain) on
sales of property, plant |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Decrease (increase)
in notes and account |
-108.3 |
-187.8 |
26.6 |
264.5 |
70.7 |
|
Decrease (increase)
in inventories |
-38.3 |
-22.3 |
26.2 |
-20.6 |
10.1 |
|
Increase (decrease)
in notes and account |
99.7 |
196.3 |
-48.6 |
-400.3 |
-83.2 |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Cash and cash
equivalents from newly con |
8.2 |
- |
- |
- |
- |
|
Other, net |
1.6 |
22.1 |
0.4 |
3.3 |
11.0 |
|
Taxes Paid |
-51.9 |
-16.4 |
-15.3 |
-27.8 |
-53.9 |
|
Newly Consol. Cash |
- |
- |
- |
0.0 |
4.1 |
|
Cash from Operating Activities |
71.6 |
99.1 |
14.8 |
-104.4 |
57.2 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.6 |
-1.6 |
-0.5 |
-0.5 |
-5.0 |
|
Time Deposit
Matured |
4.2 |
0.6 |
0.3 |
3.6 |
2.6 |
|
Proceeds from sales
of short-term invest |
0.0 |
0.2 |
0.0 |
5.0 |
0.0 |
|
Inv. Sec. Bought |
-2.4 |
-1.3 |
-2.2 |
-2.6 |
-5.0 |
|
Inv. Security Sold |
0.2 |
0.9 |
0.0 |
0.0 |
0.2 |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans Made |
-0.6 |
-0.2 |
-0.2 |
-1.9 |
-1.0 |
|
Loans Returned |
0.3 |
0.5 |
1.3 |
2.1 |
1.0 |
|
Other Inv. Made |
-1.7 |
-0.8 |
-0.4 |
-0.5 |
-0.6 |
|
Other Inv. Sold |
1.3 |
0.5 |
0.5 |
0.5 |
0.4 |
|
Purchase of
property, plant and equipmen |
-15.5 |
-2.3 |
-8.0 |
-10.8 |
-7.4 |
|
Proceeds from sales
of property, plant a |
0.3 |
0.0 |
0.0 |
0.1 |
13.8 |
|
Interest &
Dividend |
18.0 |
15.5 |
11.7 |
14.6 |
14.1 |
|
Cash from Investing Activities |
3.6 |
12.0 |
2.5 |
9.6 |
13.0 |
|
|
|
|
|
|
|
|
Net increase
(decrease) in short-term lo |
-25.5 |
7.5 |
14.5 |
-47.3 |
33.2 |
|
Proceeds from long-term
loans payable |
3.8 |
- |
- |
- |
- |
|
LT Debt Proceed |
- |
0.0 |
- |
0.0 |
21.9 |
|
Repayment of
long-term loans payable |
-11.2 |
-0.1 |
-27.7 |
-14.2 |
-86.0 |
|
Redempt
Corp. Bond |
- |
- |
- |
0.0 |
-9.6 |
|
Other, net |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Dividend Paid |
-16.6 |
-10.9 |
-12.6 |
-11.7 |
-14.4 |
|
Interest Paid |
-18.3 |
-14.1 |
-11.6 |
-14.4 |
-14.1 |
|
Other financing
activities |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-67.8 |
-17.7 |
-37.4 |
-87.6 |
-68.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
-3.4 |
-0.4 |
-3.6 |
-2.6 |
|
Net Change in Cash |
7.4 |
90.0 |
-20.5 |
-186.1 |
-1.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
301.1 |
187.4 |
193.4 |
364.9 |
322.1 |
|
Net Cash - Ending Balance |
308.5 |
277.4 |
172.8 |
178.8 |
320.8 |
|
Cash Interest Paid |
18.3 |
14.1 |
11.6 |
14.4 |
14.1 |
|
Cash Taxes Paid |
51.9 |
16.4 |
15.3 |
27.8 |
53.9 |
|
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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
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.