MIRA INFORM REPORT
|
Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAKANISHI INC. |
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Registered Office : |
700, Shimo-Hinata Kanuma-Shi, 322-8666 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.06.1981 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject engaged in the manufacture and sale of dental instruments, as well as general industrial cutting and grinding machinery |
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No. of Employees : |
698 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (1% of GDP) helped Japan develop a
technologically advanced economy. Two notable characteristics of the post-war
economy were the close interlocking structures of manufacturers, suppliers, and
distributors, known as keiretsu, and the guarantee of lifetime employment for a
substantial portion of the urban labor force. Both features are now eroding
under the dual pressures of global competition and domestic demographic change.
Japan's industrial sector is heavily dependent on imported raw materials and
fuels. A small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
Source
: CIA
NAKANISHI INC.
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Business
Description
|
NAKANISHI INC. is a Japan-based company mainly engaged in the
manufacture and sale of dental instruments, as well as general industrial
cutting and grinding machinery. The Company is active in three business
segments. The Dental Product-related segment is involved in the manufacture
and sale of handpieces for dental treatment, mechanical micro motors and
handpieces as well as handpieces for surgeries, among others. The Industrial
Product-related segment manufactures and sells grinders for manual works and
spindles for machinery attachment. The Others segment is engaged in the
provision of inspection and repair services for its dental and medical
equipment and general industrial cutting and grinding equipment. As of
December 31, 2012, the Company had 16 subsidiaries. For the three months
ended 31 March 2013, NAKANISHI INC. revenues decreased 3% to Y5.75B. Net
income applicable to common stockholders decreased 14% to Y1.14B. Revenues
reflect Industrial Product segment decrease of 51% to Y536.3M. Net income
also reflects Industrial Product segment income decrease of 59% to Y173.4M,
Eliminations and Corporate segment loss increase of 24% to Y708.9M, Other
Businesses segment income decrease of 35% to Y36.8M. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3310 - Manufacture of medical and surgical equipment
and orthopaedic appliances |
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NAICS 2002: |
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UK SIC 2003: |
3310 - Manufacture of medical and surgical equipment
and orthopaedic appliances |
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UK SIC 2007: |
3250 - Manufacture of medical and dental instruments
and supplies |
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US SIC 1987: |
Key Executives
|
Significant Developments
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Financial Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 79.79749
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 85.87
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NAKANISHI INC. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kanuma-Shi |
Japan |
Medical Equipment and Supplies |
283.0 |
698 |
|
|
Subsidiary |
Paris |
France |
Personal and Household Products |
14.0 |
14 |
Executives Report
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
283.0 |
279.4 |
253.0 |
213.4 |
222.6 |
|
Revenue |
283.0 |
279.4 |
253.0 |
213.4 |
222.6 |
|
Total Revenue |
283.0 |
279.4 |
253.0 |
213.4 |
222.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
113.3 |
110.2 |
100.2 |
82.7 |
84.2 |
|
Cost of Revenue, Total |
113.3 |
110.2 |
100.2 |
82.7 |
84.2 |
|
Gross Profit |
169.7 |
169.1 |
152.9 |
130.8 |
138.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
37.2 |
38.4 |
32.0 |
29.5 |
28.4 |
|
Labor & Related Expense |
31.8 |
27.6 |
22.7 |
22.2 |
19.7 |
|
Advertising Expense |
14.7 |
10.4 |
9.6 |
10.2 |
13.0 |
|
Total Selling/General/Administrative Expenses |
83.6 |
76.4 |
64.3 |
61.9 |
61.1 |
|
Depreciation |
2.2 |
2.1 |
1.6 |
1.8 |
1.5 |
|
Amortization of Acquisition Costs |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Depreciation/Amortization |
2.7 |
2.5 |
2.0 |
2.2 |
1.9 |
|
Impairment-Assets Held for Use |
0.1 |
0.2 |
0.0 |
0.2 |
0.3 |
|
Impairment-Assets Held for Sale |
0.0 |
0.6 |
0.1 |
0.7 |
2.8 |
|
Other Unusual Expense (Income) |
0.0 |
-7.5 |
-3.9 |
-3.5 |
-0.1 |
|
Unusual Expense (Income) |
0.1 |
-6.7 |
-3.8 |
-2.5 |
3.1 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
199.6 |
182.4 |
162.6 |
144.3 |
150.3 |
|
|
|
|
|
|
|
|
Operating Income |
83.4 |
97.0 |
90.4 |
69.2 |
72.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.1 |
|
Interest Expense, Net Non-Operating |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.1 |
|
Interest Income -
Non-Operating |
0.8 |
0.9 |
1.3 |
1.1 |
2.3 |
|
Investment Income -
Non-Operating |
3.5 |
-3.5 |
-5.2 |
2.9 |
-15.3 |
|
Interest/Investment Income - Non-Operating |
4.3 |
-2.6 |
-3.9 |
4.1 |
-12.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
4.3 |
-2.6 |
-3.9 |
3.9 |
-13.1 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.4 |
0.7 |
0.5 |
0.8 |
0.5 |
|
Other, Net |
0.4 |
0.7 |
0.5 |
0.8 |
0.5 |
|
Income Before Tax |
88.0 |
95.0 |
87.0 |
73.9 |
59.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
33.3 |
35.5 |
33.2 |
27.1 |
22.2 |
|
Income After Tax |
54.6 |
59.5 |
53.8 |
46.8 |
37.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.6 |
-0.4 |
-0.5 |
0.0 |
|
Net Income Before Extraord Items |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
Net Income |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Adjustments to Net Income |
- |
0.0 |
0.0 |
0.0 |
- |
|
Income Available to Common Excl Extraord Items |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
6.0 |
6.0 |
6.1 |
6.2 |
6.7 |
|
Basic EPS Excl Extraord Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Basic/Primary EPS Incl Extraord Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
Diluted Weighted Average Shares |
6.0 |
6.0 |
6.1 |
6.2 |
6.7 |
|
Diluted EPS Excl Extraord Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Diluted EPS Incl Extraord Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Dividends per Share - Common Stock Primary Issue |
1.25 |
1.25 |
0.91 |
0.85 |
0.77 |
|
Gross Dividends - Common Stock |
7.4 |
7.5 |
5.5 |
5.2 |
4.8 |
|
Interest Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.2 |
0.1 |
|
Depreciation, Supplemental |
10.1 |
9.1 |
6.7 |
6.9 |
6.2 |
|
Total Special Items |
0.7 |
-6.3 |
-3.4 |
-2.1 |
3.4 |
|
Normalized Income Before Tax |
88.7 |
88.7 |
83.6 |
71.9 |
63.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
-2.5 |
-1.4 |
-0.9 |
1.1 |
|
Inc Tax Ex Impact of Sp Items |
33.4 |
33.0 |
31.7 |
26.2 |
23.3 |
|
Normalized Income After Tax |
55.3 |
55.7 |
51.9 |
45.6 |
39.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
55.0 |
55.2 |
51.5 |
45.2 |
39.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
9.21 |
9.16 |
8.41 |
7.27 |
5.92 |
|
Diluted Normalized EPS |
9.20 |
9.15 |
8.41 |
7.27 |
5.92 |
|
Amort of Acquisition Costs, Supplemental |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Advertising Expense, Supplemental |
14.7 |
10.4 |
9.6 |
10.2 |
13.0 |
|
Research & Development Exp, Supplemental |
18.5 |
19.3 |
15.9 |
15.5 |
12.2 |
|
Reported Operating Profit |
83.5 |
90.2 |
86.6 |
66.7 |
75.6 |
|
Reported Ordinary Profit |
88.2 |
89.5 |
83.2 |
73.3 |
62.8 |
|
Normalized EBIT |
83.5 |
90.2 |
86.6 |
66.7 |
75.5 |
|
Normalized EBITDA |
94.1 |
99.8 |
93.8 |
74.1 |
82.1 |
|
Current Tax - Total |
34.5 |
- |
- |
- |
- |
|
Current Tax - Total |
34.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.2 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.2 |
- |
- |
- |
- |
|
Income Tax - Total |
33.3 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
0.8 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Prior Service Cost - Domestic |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
1.1 |
-0.2 |
0.5 |
0.4 |
-0.3 |
|
Domestic Pension Plan Expense |
2.0 |
0.7 |
1.2 |
1.0 |
0.3 |
|
Total Pension Expense |
2.0 |
0.7 |
1.2 |
1.0 |
0.3 |
|
Discount Rate - Domestic |
1.35% |
1.84% |
1.60% |
1.84% |
2.00% |
|
Expected Rate of Return - Domestic |
1.25% |
1.25% |
1.25% |
1.25% |
1.00% |
|
Total Plan Interest Cost |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
0.8 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Total Plan Expected Return |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
85.870003 |
76.94 |
81.105 |
93.095 |
90.65 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
174.4 |
158.1 |
147.1 |
111.7 |
82.8 |
|
Short Term Investments |
49.8 |
59.2 |
19.6 |
16.0 |
11.9 |
|
Cash and Short Term Investments |
224.2 |
217.3 |
166.8 |
127.6 |
94.7 |
|
Accounts Receivable -
Trade, Gross |
37.2 |
44.7 |
39.2 |
31.3 |
34.6 |
|
Provision for Doubtful
Accounts |
-0.6 |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
36.6 |
44.4 |
39.0 |
31.2 |
34.5 |
|
Total Receivables, Net |
36.6 |
44.4 |
39.0 |
31.2 |
34.5 |
|
Inventories - Finished Goods |
30.8 |
27.6 |
23.3 |
20.9 |
20.6 |
|
Inventories - Work In Progress |
22.6 |
24.0 |
25.6 |
20.2 |
21.4 |
|
Inventories - Raw Materials |
19.8 |
22.2 |
19.6 |
16.6 |
19.1 |
|
Total Inventory |
73.2 |
73.8 |
68.6 |
57.7 |
61.1 |
|
Deferred Income Tax - Current Asset |
7.0 |
7.6 |
5.8 |
5.6 |
4.3 |
|
Other Current Assets |
7.7 |
7.7 |
4.9 |
4.0 |
3.7 |
|
Other Current Assets, Total |
14.6 |
15.4 |
10.7 |
9.6 |
7.9 |
|
Total Current Assets |
348.7 |
350.9 |
285.0 |
226.1 |
198.2 |
|
|
|
|
|
|
|
|
Buildings |
52.0 |
56.4 |
48.1 |
41.4 |
41.6 |
|
Land/Improvements |
14.8 |
15.8 |
12.5 |
11.5 |
9.4 |
|
Machinery/Equipment |
57.2 |
57.6 |
46.5 |
37.1 |
36.9 |
|
Construction in
Progress |
0.8 |
1.2 |
5.6 |
0.7 |
0.9 |
|
Other
Property/Plant/Equipment |
- |
- |
- |
- |
0.0 |
|
Property/Plant/Equipment - Gross |
124.9 |
131.0 |
112.7 |
90.7 |
88.8 |
|
Accumulated Depreciation |
-71.3 |
-71.1 |
-60.8 |
-48.7 |
-45.3 |
|
Property/Plant/Equipment - Net |
53.6 |
59.9 |
51.9 |
42.0 |
43.5 |
|
Goodwill, Net |
0.3 |
0.8 |
1.2 |
1.0 |
1.4 |
|
Intangibles, Net |
3.6 |
4.7 |
5.4 |
4.9 |
4.3 |
|
LT Investment - Affiliate Companies |
4.7 |
4.9 |
4.7 |
1.5 |
1.8 |
|
LT Investments - Other |
56.4 |
48.0 |
43.2 |
44.1 |
49.1 |
|
Long Term Investments |
61.1 |
52.9 |
47.9 |
45.6 |
50.8 |
|
Deferred Income Tax - Long Term Asset |
3.6 |
5.3 |
4.1 |
4.9 |
5.8 |
|
Restricted Cash - Long Term |
- |
6.5 |
12.3 |
10.7 |
5.5 |
|
Other Long Term Assets |
28.4 |
18.5 |
23.1 |
19.5 |
22.7 |
|
Other Long Term Assets, Total |
32.0 |
30.3 |
39.5 |
35.2 |
34.0 |
|
Total Assets |
499.2 |
499.4 |
430.9 |
354.8 |
332.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
4.2 |
7.3 |
6.0 |
6.0 |
4.3 |
|
Accrued Expenses |
- |
- |
- |
- |
0.0 |
|
Notes Payable/Short Term Debt |
1.2 |
1.4 |
1.2 |
1.1 |
11.9 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
0.1 |
0.2 |
- |
|
Income Taxes Payable |
14.5 |
19.4 |
13.7 |
15.4 |
5.9 |
|
Other Current Liabilities |
22.2 |
13.6 |
14.0 |
15.5 |
11.5 |
|
Other Current liabilities, Total |
36.7 |
33.0 |
27.7 |
30.9 |
17.4 |
|
Total Current Liabilities |
42.2 |
41.7 |
35.0 |
38.2 |
33.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
0.0 |
0.2 |
0.3 |
12.6 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.2 |
0.3 |
12.6 |
|
Total Debt |
1.2 |
1.5 |
1.5 |
1.5 |
24.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.5 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax |
0.5 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Minority Interest |
1.8 |
1.5 |
0.9 |
1.4 |
0.2 |
|
Pension Benefits - Underfunded |
2.7 |
2.7 |
3.5 |
6.5 |
6.3 |
|
Other Long Term Liabilities |
1.6 |
1.8 |
1.7 |
0.0 |
0.0 |
|
Other Liabilities, Total |
4.3 |
4.5 |
5.2 |
6.5 |
6.3 |
|
Total Liabilities |
48.8 |
48.3 |
41.3 |
46.4 |
52.8 |
|
|
|
|
|
|
|
|
Common Stock |
10.1 |
11.3 |
10.7 |
9.3 |
9.6 |
|
Common Stock |
10.1 |
11.3 |
10.7 |
9.3 |
9.6 |
|
Additional Paid-In Capital |
13.9 |
15.4 |
14.5 |
12.5 |
12.8 |
|
Retained Earnings (Accumulated Deficit) |
468.3 |
474.1 |
397.8 |
301.5 |
343.1 |
|
Treasury Stock - Common |
-38.4 |
-31.9 |
-23.3 |
-12.9 |
-81.9 |
|
Unrealized Gain (Loss) |
1.8 |
-2.5 |
0.6 |
0.7 |
-0.4 |
|
Translation Adjustment |
-5.3 |
-15.3 |
-10.6 |
-2.7 |
-3.9 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-5.3 |
-15.3 |
-10.6 |
-2.7 |
-3.9 |
|
Total Equity |
450.4 |
451.1 |
389.6 |
308.4 |
279.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
499.2 |
499.4 |
430.9 |
354.8 |
332.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
5.9 |
6.0 |
6.1 |
6.1 |
6.2 |
|
Total Common Shares Outstanding |
5.9 |
6.0 |
6.1 |
6.1 |
6.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.3 |
0.2 |
0.1 |
0.7 |
|
Employees |
698 |
660 |
606 |
561 |
554 |
|
Number of Common Shareholders |
902 |
943 |
908 |
883 |
882 |
|
Total Long Term Debt, Supplemental |
0.1 |
0.2 |
0.3 |
0.5 |
22.8 |
|
Long Term Debt Maturing within 1 Year |
0.1 |
0.1 |
0.1 |
0.2 |
10.2 |
|
Long Term Debt Maturing in Year 2 |
- |
0.0 |
0.1 |
0.1 |
12.3 |
|
Long Term Debt Maturing in Year 3 |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Long Term Debt Maturing in 2-3 Years |
- |
0.0 |
0.2 |
0.2 |
12.4 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
0.0 |
0.1 |
0.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
11.0 |
10.8 |
10.3 |
8.0 |
7.3 |
|
Plan Assets - Domestic |
8.3 |
8.1 |
6.8 |
4.8 |
4.3 |
|
Funded Status - Domestic |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Total Funded Status |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Discount Rate - Domestic |
1.35% |
1.84% |
1.60% |
1.84% |
2.00% |
|
Expected Rate of Return - Domestic |
1.25% |
1.25% |
1.25% |
1.25% |
1.00% |
|
Accrued Liabilities - Domestic |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Net Assets Recognized on Balance Sheet |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Total Plan Obligations |
11.0 |
10.8 |
10.3 |
8.0 |
7.3 |
|
Total Plan Assets |
8.3 |
8.1 |
6.8 |
4.8 |
4.3 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
88.0 |
95.0 |
87.0 |
73.9 |
59.8 |
|
Depreciation |
10.1 |
9.1 |
6.7 |
6.9 |
6.2 |
|
Depreciation/Depletion |
10.1 |
9.1 |
6.7 |
6.9 |
6.2 |
|
Amortization of Acquisition Costs |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Amortization |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Unusual Items |
-2.0 |
-5.5 |
-1.9 |
-1.1 |
2.7 |
|
Other Non-Cash Items |
-8.2 |
-0.4 |
-0.6 |
-4.0 |
11.5 |
|
Non-Cash Items |
-10.2 |
-5.9 |
-2.5 |
-5.1 |
14.2 |
|
Accounts Receivable |
5.5 |
-4.5 |
-6.2 |
4.5 |
-3.6 |
|
Inventories |
-5.5 |
-2.2 |
-4.1 |
3.1 |
-2.8 |
|
Accounts Payable |
-5.4 |
2.1 |
2.1 |
-0.3 |
0.8 |
|
Accrued Expenses |
- |
- |
- |
0.0 |
-3.1 |
|
Other Operating Cash Flow |
-27.4 |
-30.0 |
-33.0 |
-17.6 |
-30.5 |
|
Changes in Working Capital |
-32.8 |
-34.6 |
-41.1 |
-10.4 |
-39.1 |
|
Cash from Operating Activities |
55.6 |
64.0 |
50.5 |
65.8 |
41.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-6.9 |
-14.8 |
-12.7 |
-2.1 |
-5.5 |
|
Purchase/Acquisition of Intangibles |
-0.8 |
-0.9 |
-1.4 |
-1.8 |
-2.5 |
|
Capital Expenditures |
-7.7 |
-15.7 |
-14.1 |
-3.9 |
-8.0 |
|
Acquisition of Business |
- |
0.0 |
-0.4 |
0.0 |
-2.5 |
|
Sale of Fixed Assets |
0.2 |
0.1 |
0.7 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
164.1 |
191.1 |
123.4 |
143.3 |
183.3 |
|
Purchase of Investments |
-166.2 |
-227.2 |
-118.3 |
-176.3 |
-127.6 |
|
Other Investing Cash Flow |
-12.1 |
11.7 |
1.2 |
6.4 |
-2.1 |
|
Other Investing Cash Flow Items, Total |
-14.0 |
-24.4 |
6.6 |
-26.5 |
51.0 |
|
Cash from Investing Activities |
-21.8 |
-40.1 |
-7.5 |
-30.4 |
43.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.0 |
-0.8 |
0.0 |
-0.3 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
-0.8 |
0.0 |
-0.3 |
|
Cash Dividends Paid - Common |
-7.5 |
-6.1 |
-5.6 |
-5.3 |
-5.4 |
|
Total Cash Dividends Paid |
-7.5 |
-6.1 |
-5.6 |
-5.3 |
-5.4 |
|
Repurchase/Retirement of
Common |
-10.6 |
-7.1 |
-7.8 |
-8.0 |
-71.7 |
|
Common Stock, Net |
-10.6 |
-7.1 |
-7.8 |
-8.0 |
-71.7 |
|
Issuance (Retirement) of Stock, Net |
-10.6 |
-7.1 |
-7.8 |
-8.0 |
-71.7 |
|
Short Term Debt, Net |
- |
- |
0.0 |
-0.5 |
-0.5 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
19.6 |
|
Long Term Debt
Reduction |
-0.1 |
-0.1 |
-0.2 |
-21.6 |
-0.5 |
|
Long Term Debt, Net |
-0.1 |
-0.1 |
-0.2 |
-21.6 |
19.1 |
|
Issuance (Retirement) of Debt, Net |
-0.1 |
-0.1 |
-0.2 |
-22.2 |
18.6 |
|
Cash from Financing Activities |
-18.2 |
-13.3 |
-14.3 |
-35.5 |
-58.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
12.5 |
-3.6 |
-7.7 |
1.8 |
-6.7 |
|
Net Change in Cash |
28.2 |
7.0 |
20.9 |
1.6 |
18.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
102.6 |
95.8 |
66.0 |
60.3 |
34.1 |
|
Net Cash - Ending Balance |
130.8 |
102.8 |
86.9 |
61.9 |
53.0 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Cash Taxes Paid |
37.6 |
30.9 |
34.3 |
19.5 |
31.1 |
ANNUAL
INCOME STATEMENT
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
283.0 |
279.4 |
253.0 |
213.4 |
222.6 |
|
Total Revenue |
283.0 |
279.4 |
253.0 |
213.4 |
222.6 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Revenues |
113.3 |
110.2 |
100.2 |
82.7 |
84.0 |
|
Advertising Expenses |
14.7 |
10.4 |
9.6 |
10.2 |
13.0 |
|
Director's remuneration |
2.7 |
2.6 |
2.7 |
3.5 |
3.3 |
|
Payrolls |
28.2 |
24.7 |
19.5 |
18.1 |
16.0 |
|
Director Retirement Benefits |
- |
- |
- |
0.1 |
0.3 |
|
Accrued Retirement Expenses |
1.0 |
0.3 |
0.5 |
0.5 |
0.1 |
|
Other SGA |
28.2 |
- |
- |
- |
- |
|
Commission expenses |
8.9 |
10.0 |
7.6 |
6.5 |
7.1 |
|
Depreciation |
2.2 |
2.1 |
1.6 |
1.8 |
1.5 |
|
Amort. of Goodwill |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Other SGA |
- |
28.4 |
24.4 |
23.0 |
21.3 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
SP Rev.Allowance for Doubtful Account |
- |
- |
0.0 |
-0.1 |
0.0 |
|
SP Rev. Allowance Director Retire.B'fit |
- |
0.0 |
-2.0 |
0.0 |
- |
|
Lifnsurance Surrender Benefits |
0.0 |
-7.5 |
-1.9 |
-3.4 |
-0.1 |
|
SP other gain |
0.0 |
0.0 |
0.0 |
- |
- |
|
SP L on Retirement Fixed Assets |
0.1 |
0.2 |
0.0 |
0.2 |
0.3 |
|
SP L on adjustment for changes of accoun |
0.0 |
0.1 |
0.0 |
- |
- |
|
SP Valuation of Loss-Investment Secs. |
0.0 |
0.6 |
0.1 |
0.5 |
2.8 |
|
SP L on val. of affiliates |
- |
- |
0.0 |
0.3 |
0.0 |
|
SP Valuation of Loss-Membership |
- |
- |
- |
0.0 |
0.0 |
|
NOP Loss Valuation of Inventories |
- |
- |
- |
0.0 |
0.2 |
|
Total Operating Expense |
199.6 |
182.4 |
162.6 |
144.3 |
150.3 |
|
|
|
|
|
|
|
|
SP Gain Sale Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gain on investments in money held in tru |
2.1 |
- |
- |
- |
- |
|
Foreign Exchange Gains |
1.1 |
- |
- |
- |
- |
|
Gain On Sales Of Securities |
0.1 |
- |
- |
- |
- |
|
SP Gain Sale Investment Securities |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
SP Loss Sale Fixed Assets |
-0.2 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
SP Loss Sale Investment Securities |
0.0 |
-1.3 |
0.0 |
-1.8 |
0.0 |
|
NOP Interest Income |
0.8 |
0.9 |
1.3 |
1.1 |
2.3 |
|
NOP Dividend Income |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
NOP Sale Gain-Investment Securities |
- |
- |
- |
0.0 |
0.1 |
|
Commission fee |
-0.2 |
- |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Rev-Insurance Cancellation |
0.0 |
0.0 |
0.1 |
0.5 |
0.3 |
|
NOP Exchange Gain |
- |
- |
0.0 |
4.7 |
0.0 |
|
NOP Miscellaneous income |
0.7 |
0.9 |
0.7 |
0.5 |
0.4 |
|
NOP Interest Expense |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.1 |
|
NOP Loss Sale Marketable Securities |
- |
- |
0.0 |
0.0 |
0.0 |
|
NOP Exchange Loss |
0.0 |
-1.9 |
-5.4 |
0.0 |
-15.5 |
|
NOP L on inv. in money held in trust |
0.0 |
-0.5 |
0.0 |
- |
- |
|
NOP Miscellaneous losses |
-0.1 |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
|
Net Income Before Taxes |
88.0 |
95.0 |
87.0 |
73.9 |
59.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
33.3 |
35.5 |
33.2 |
27.1 |
22.2 |
|
Net Income After Taxes |
54.6 |
59.5 |
53.8 |
46.8 |
37.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.6 |
-0.4 |
-0.5 |
0.0 |
|
Net Income Before Extra. Items |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
Net Income |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
|
|
|
|
|
|
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Income Available to Com Excl ExtraOrd |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
6.0 |
6.0 |
6.1 |
6.2 |
6.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Basic EPS Including ExtraOrdinary Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
54.4 |
58.9 |
53.4 |
46.3 |
37.6 |
|
Diluted Weighted Average Shares |
6.0 |
6.0 |
6.1 |
6.2 |
6.7 |
|
Diluted EPS Excluding ExtraOrd Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
Diluted EPS Including ExtraOrd Items |
9.10 |
9.78 |
8.72 |
7.45 |
5.58 |
|
DPS-Common Stock |
1.25 |
1.25 |
0.91 |
0.85 |
0.77 |
|
Gross Dividends - Common Stock |
7.4 |
7.5 |
5.5 |
5.2 |
4.8 |
|
Normalized Income Before Taxes |
88.7 |
88.7 |
83.6 |
71.9 |
63.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
33.4 |
33.0 |
31.7 |
26.2 |
23.3 |
|
Normalized Income After Taxes |
55.3 |
55.7 |
51.9 |
45.6 |
39.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
55.0 |
55.2 |
51.5 |
45.2 |
39.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
9.21 |
9.16 |
8.41 |
7.27 |
5.92 |
|
Diluted Normalized EPS |
9.20 |
9.15 |
8.41 |
7.27 |
5.92 |
|
Interest Expense |
0.0 |
0.0 |
0.0 |
0.2 |
0.1 |
|
BC - Depreciation of Fixed Assets |
10.1 |
- |
- |
- |
- |
|
Depreciation |
- |
9.1 |
6.7 |
6.9 |
6.2 |
|
BC - Depreciation of Goodwill |
0.5 |
- |
- |
- |
- |
|
Amortization of Goodwill |
- |
0.5 |
0.4 |
0.4 |
0.4 |
|
Advertising Expenses |
14.7 |
10.4 |
9.6 |
10.2 |
13.0 |
|
Research & Development ExpensesSGA.COGS |
18.5 |
19.3 |
15.9 |
15.5 |
12.2 |
|
Current Tax - Total |
34.5 |
- |
- |
- |
- |
|
Current Tax - Total |
34.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.2 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.2 |
- |
- |
- |
- |
|
Income Tax - Total |
33.3 |
- |
- |
- |
- |
|
Reported operating profit |
83.5 |
90.2 |
86.6 |
66.7 |
75.6 |
|
Reported ordinary profit |
88.2 |
89.5 |
83.2 |
73.3 |
62.8 |
|
Service Cost |
0.8 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Interest Cost |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Plan Assets |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Actuarial Gains and Losses |
1.1 |
-0.2 |
0.5 |
0.4 |
-0.3 |
|
Prior Service Cost |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
2.0 |
0.7 |
1.2 |
1.0 |
0.3 |
|
Total Pension Expense |
2.0 |
0.7 |
1.2 |
1.0 |
0.3 |
|
Discount Rate(MIN)-Domestic |
1.35% |
- |
- |
- |
- |
|
Discount rate |
- |
1.84% |
1.60% |
1.84% |
2.00% |
|
Expected return on assets(MIN)-Domestic |
1.25% |
- |
- |
- |
- |
|
Plan asset expected rate of return |
- |
1.25% |
1.25% |
1.25% |
1.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
85.870003 |
76.94 |
81.105 |
93.095 |
90.65 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Deposit |
174.4 |
158.1 |
147.1 |
111.7 |
82.8 |
|
Note & Account Receivable |
37.2 |
44.7 |
39.2 |
31.3 |
34.6 |
|
Marketable Securities |
19.4 |
27.3 |
19.6 |
16.0 |
11.9 |
|
Money held in trust |
30.4 |
31.9 |
0.0 |
- |
- |
|
Inventories - merchandise&finished goods |
30.8 |
27.6 |
23.3 |
20.9 |
20.6 |
|
Inventories - work-in-process |
22.6 |
24.0 |
25.6 |
20.2 |
21.4 |
|
Inventories - raw materials&supplies |
19.8 |
22.2 |
19.6 |
16.6 |
19.1 |
|
Deferred Tax Assets |
7.0 |
7.6 |
5.8 |
5.6 |
4.3 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Current Assets |
7.7 |
7.7 |
4.9 |
4.0 |
3.7 |
|
Allowance for Doubtful Accounts |
-0.6 |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
|
Total Current Assets |
348.7 |
350.9 |
285.0 |
226.1 |
198.2 |
|
|
|
|
|
|
|
|
Building & Structures |
52.0 |
56.4 |
48.1 |
41.4 |
41.6 |
|
Machinery & Equipment |
30.6 |
30.4 |
23.5 |
17.8 |
19.1 |
|
Tools, furniture, & fixtures, |
26.6 |
27.2 |
23.1 |
19.3 |
17.8 |
|
Land |
14.8 |
15.8 |
12.5 |
11.5 |
9.4 |
|
Construction in Progress |
0.8 |
1.2 |
5.6 |
0.7 |
0.9 |
|
Other PPE |
- |
- |
- |
- |
0.0 |
|
Depreciation |
-71.3 |
-71.1 |
-60.8 |
-48.7 |
-45.3 |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Software |
3.1 |
4.6 |
5.0 |
4.4 |
2.0 |
|
Software-in-Process |
0.4 |
0.0 |
0.3 |
0.3 |
2.0 |
|
Goodwill |
0.3 |
0.8 |
1.2 |
1.0 |
1.4 |
|
Other Intangible Assets |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Investment Securities |
56.4 |
48.0 |
43.2 |
44.1 |
49.1 |
|
Affiliate Securities |
4.7 |
4.9 |
4.7 |
1.4 |
1.7 |
|
Affiliate Contribution Investment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Insurance Reserve |
23.7 |
14.4 |
20.8 |
17.7 |
20.8 |
|
LT Deposit |
- |
6.5 |
12.3 |
10.7 |
5.5 |
|
Deferred Tax Assets |
3.6 |
5.3 |
4.1 |
4.9 |
5.8 |
|
Other Assets |
4.7 |
4.1 |
2.3 |
1.8 |
1.9 |
|
Allowance for Doubtful Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Total Assets |
499.2 |
499.4 |
430.9 |
354.8 |
332.2 |
|
|
|
|
|
|
|
|
Accout Payable |
4.2 |
7.3 |
6.0 |
6.0 |
4.3 |
|
ST Borrowings |
1.2 |
1.4 |
1.2 |
1.1 |
11.9 |
|
LT borrowings (current) |
- |
- |
0.1 |
0.2 |
- |
|
Tax Payable |
14.5 |
19.4 |
13.7 |
15.4 |
5.9 |
|
Allowance for Bonuses |
- |
- |
- |
- |
0.0 |
|
Director Allowance for Bonuses |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Current Liabilities |
22.2 |
13.6 |
14.0 |
15.5 |
11.5 |
|
Total Current Liabilities |
42.2 |
41.7 |
35.0 |
38.2 |
33.6 |
|
|
|
|
|
|
|
|
LT Borrowings |
- |
0.0 |
0.2 |
0.3 |
12.6 |
|
Total Long Term Debt |
- |
0.0 |
0.2 |
0.3 |
12.6 |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities |
0.5 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Res-Accrued Retirement Benefits |
2.7 |
2.7 |
3.5 |
3.1 |
3.0 |
|
Res-Director Retirement Benefits |
- |
- |
0.0 |
3.4 |
3.4 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Liability |
1.6 |
1.8 |
1.7 |
0.0 |
0.0 |
|
Minority Interest |
1.8 |
1.5 |
0.9 |
1.4 |
0.2 |
|
Total Liabilities |
48.8 |
48.3 |
41.3 |
46.4 |
52.8 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
10.1 |
11.3 |
10.7 |
9.3 |
9.6 |
|
Paid In Capital |
13.6 |
15.1 |
14.3 |
12.5 |
12.8 |
|
Retained Earning |
468.3 |
474.1 |
397.8 |
301.5 |
343.1 |
|
Treasury Stock |
-38.4 |
-31.9 |
-23.3 |
-12.9 |
-81.9 |
|
Reserve by val. of investment sec. |
1.8 |
-2.5 |
0.6 |
0.7 |
-0.4 |
|
Translate Adjustment |
-5.3 |
-15.3 |
-10.6 |
-2.7 |
-3.9 |
|
New Stock Subscription Right |
0.3 |
0.3 |
0.1 |
0.0 |
- |
|
Total Equity |
450.4 |
451.1 |
389.6 |
308.4 |
279.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
499.2 |
499.4 |
430.9 |
354.8 |
332.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
5.9 |
6.0 |
6.1 |
6.1 |
6.2 |
|
Total Common Shares Outstanding |
5.9 |
6.0 |
6.1 |
6.1 |
6.2 |
|
T/S-Common Stock |
0.4 |
0.3 |
0.2 |
0.1 |
0.7 |
|
Full-Time Employees |
698 |
660 |
606 |
561 |
554 |
|
Total Number of Shareholders |
902 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
943 |
908 |
883 |
882 |
|
Long Term Debts Maturing within 1 Year |
0.1 |
0.1 |
0.1 |
0.2 |
10.2 |
|
Long Term Debts Maturing within 2 Year |
- |
0.0 |
0.1 |
0.1 |
12.3 |
|
Long Term Debts Maturing within 3 Year |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Long Term Debts Maturing within 4 Year |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Long Term Debts Maturing within 5 Year |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Remaining |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
0.1 |
0.2 |
0.3 |
0.5 |
22.8 |
|
Pension Obligation |
11.0 |
10.8 |
10.3 |
8.0 |
7.3 |
|
Fair Value of Plan Assets |
8.3 |
8.1 |
6.8 |
4.8 |
4.3 |
|
Funded Status |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Total Funded Status |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Discount Rate |
1.35% |
1.84% |
1.60% |
1.84% |
2.00% |
|
Expected Rate of Return |
1.25% |
1.25% |
1.25% |
1.25% |
1.00% |
|
Reserve for accrued retirement benefits |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
Net Assets Recognized on Balance Sheet |
-2.7 |
-2.7 |
-3.5 |
-3.1 |
-3.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
88.0 |
95.0 |
87.0 |
73.9 |
59.8 |
|
Depreciation |
10.1 |
9.1 |
6.7 |
6.9 |
6.2 |
|
Amortization of Goodwill |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Allowance for Doubtful Accounts |
0.3 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Allowance for Bonuses |
- |
- |
- |
0.0 |
-1.4 |
|
Director Allowance for Bonuses |
- |
- |
- |
0.0 |
-1.7 |
|
Inc in res for retir ben |
0.3 |
-0.9 |
-0.1 |
0.2 |
-0.1 |
|
Reserve Director Retirement Benefits |
- |
0.0 |
-3.6 |
0.1 |
0.0 |
|
Interest and Dividend Income |
-1.0 |
-1.1 |
-1.5 |
-1.3 |
-2.5 |
|
Interest Expense |
0.0 |
0.0 |
0.0 |
0.2 |
0.1 |
|
Loss Gain on sale of Inv sec |
-0.1 |
- |
- |
- |
- |
|
Gain on investments in Money held in tru |
-2.1 |
- |
- |
- |
- |
|
Reversal of Insurance Cancellation |
0.0 |
-7.5 |
-2.1 |
-3.9 |
-0.4 |
|
Sale G/L Marketable Securities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale Gain Investment Securities |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Sale Loss Investment Securities |
0.0 |
1.3 |
0.0 |
1.8 |
0.0 |
|
Valuation of Loss Investment Securities |
0.0 |
0.6 |
0.1 |
0.5 |
2.8 |
|
Loss on valuation of affiliates |
- |
- |
0.0 |
0.3 |
0.0 |
|
Valuation of Loss of Membership |
- |
- |
- |
0.0 |
0.0 |
|
Sale Gain PPE |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale Loss PPE |
0.2 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Retirement of PPE |
0.1 |
0.2 |
0.0 |
0.1 |
0.3 |
|
Retirement of intangble |
- |
- |
0.0 |
0.1 |
0.0 |
|
Reversal G on allow.doubt.accounts |
- |
- |
- |
- |
0.0 |
|
Loss on adjustment for changes of accoun |
0.0 |
0.1 |
0.0 |
- |
- |
|
Account Receivable |
5.5 |
-4.5 |
-6.2 |
4.5 |
-3.6 |
|
Inventories |
-5.5 |
-2.2 |
-4.1 |
3.1 |
-2.8 |
|
Account Payable |
-5.4 |
2.1 |
2.1 |
-0.3 |
0.8 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Exchange Gain & Loss |
-7.8 |
1.4 |
4.5 |
-3.3 |
13.6 |
|
Other operating activities |
9.5 |
-0.2 |
-0.3 |
0.9 |
-1.7 |
|
Interest and Dividend Received |
0.7 |
1.1 |
1.6 |
1.2 |
2.4 |
|
Interest Paid |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.2 |
|
Taxes Paid |
-37.6 |
-30.9 |
-34.3 |
-19.5 |
-31.1 |
|
New consolid |
- |
- |
- |
- |
0.3 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
55.6 |
64.0 |
50.5 |
65.8 |
41.4 |
|
|
|
|
|
|
|
|
Purchase of Marketable Securities |
-14.5 |
-12.5 |
0.0 |
-2.1 |
-5.8 |
|
Proceeds from sales and redemption of se |
19.0 |
- |
- |
- |
- |
|
Proceeds from sales and redemption of in |
6.9 |
- |
- |
- |
- |
|
Sale of Marketable Securities |
- |
4.5 |
4.3 |
1.0 |
12.6 |
|
Purchase of money held in trust |
- |
-31.4 |
0.0 |
- |
- |
|
Capital Expenditure |
-6.9 |
-14.8 |
-12.7 |
-2.1 |
-5.5 |
|
Sale of PPE |
0.2 |
0.1 |
0.7 |
0.0 |
0.0 |
|
Purchase of Intangibles |
-0.8 |
-0.9 |
-1.4 |
-1.8 |
-2.5 |
|
Purchase of Investment Securities |
-20.1 |
-19.8 |
-4.4 |
-10.5 |
-4.9 |
|
Sale of Investment Securities |
- |
7.0 |
6.3 |
14.1 |
16.9 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans made |
- |
- |
0.0 |
-0.1 |
-1.1 |
|
Purch of Subsidiary Stock-Consol. Change |
- |
0.0 |
-0.4 |
0.0 |
-2.5 |
|
Purch of Subsidiary Stock-Non Consol. |
-0.1 |
0.0 |
-3.1 |
-1.3 |
-0.5 |
|
Purch of Subsidiary Contribution Invest. |
- |
- |
- |
- |
0.0 |
|
Time deposit made |
-131.5 |
-163.5 |
-110.8 |
-162.4 |
-116.4 |
|
Time deposit matured |
138.1 |
179.5 |
112.8 |
128.2 |
153.7 |
|
Paid-Insurance Reserve |
-11.6 |
-0.2 |
-2.5 |
-0.9 |
-1.7 |
|
Cancel-Insurance Reserve |
1.0 |
14.1 |
4.2 |
7.4 |
0.7 |
|
Others |
-1.4 |
-2.1 |
-0.5 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-21.8 |
-40.1 |
-7.5 |
-30.4 |
43.0 |
|
|
|
|
|
|
|
|
ST Debt, Net |
- |
- |
0.0 |
-0.5 |
-0.5 |
|
Proceed from LT Debts |
- |
- |
- |
0.0 |
19.6 |
|
Repaid-LT Debt |
-0.1 |
-0.1 |
-0.2 |
-21.6 |
-0.5 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Purchase of Treasury Stock |
-10.6 |
-7.1 |
-7.8 |
-8.0 |
-71.7 |
|
Dividend Paid |
-7.5 |
-6.1 |
-5.6 |
-5.3 |
-5.4 |
|
Repayments to minority shareholders |
- |
0.0 |
-0.2 |
0.0 |
- |
|
Minority Dividend Paid |
- |
0.0 |
-0.6 |
0.0 |
-0.3 |
|
Cash from Financing Activities |
-18.2 |
-13.3 |
-14.3 |
-35.5 |
-58.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
12.5 |
-3.6 |
-7.7 |
1.8 |
-6.7 |
|
Net Change in Cash |
28.2 |
7.0 |
20.9 |
1.6 |
18.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
102.6 |
95.8 |
66.0 |
60.3 |
34.1 |
|
Net Cash - Ending Balance |
130.8 |
102.8 |
86.9 |
61.9 |
53.0 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Cash Taxes Paid |
37.6 |
30.9 |
34.3 |
19.5 |
31.1 |
|
Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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Financials in: USD (mil) |
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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.59.14 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
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.