MIRA
INFORM REPORT
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Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SHOEI FOODS CORPORATION |
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Registered Office : |
Kayabacho
1-chome Heiwa Bldg., 1-8-1, Nihombashi Kayaba-cho Chuo-Ku, 103-8203 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2012 |
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Date of Incorporation : |
04.11.1947 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the purchase, manufacture and sale
of food products, including dairy products, materials for confectionery, dried
fruits, nuts, canned products and confectionery. |
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No. of Employees : |
1045 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
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 |
Company name & address
SHOEI FOODS
CORPORATION
Kayabacho 1-chome Heiwa Bldg.
1-8-1, Nihombashi Kayaba-cho
Chuo-Ku, 103-8203
Japan
Tel: 81-3-32531211
Fax: 81-3-32530063
Synthesis
Employees: 1,045
Company Type: Public Parent
Corporate Family: 5
Companies
Traded: Tokyo
Stock Exchange: 8079
Incorporation Date:
04-Nov-1947
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Oct-2012
Reporting Currency: Japanese
Yen
Annual Sales: 1,029.2
1
Net Income: 21.7
Total Assets:
624.4 2
Market Value:
150.8(28-Jun-2013)
Business Description
SHOEI FOODS CORPORATION is a Japan-based company mainly engaged in the manufacture of food products. The Company is engaged in the purchase, manufacture and sale of food products, including dairy products, materials for confectionery, dried fruits, nuts, canned products and confectionery, among others. In addition, the Company is involved in the operation of agricultural farms. Through its subsidiaries and associated companies, the Company is also involved in the import and export of agricultural products and dairy products, as well as the nonlife insurance agency business. As of October 31, 2012, the Company had 14 subsidiaries and one associated companies. For the six months ended 30 April 2013, SHOEI FOODS CORPORATION revenues increased 6% to Y45.19B. Net income applicable to common stockholders increased 38% to Y1.68B. Revenues reflect Japan segment increase from Y19.2B to Y40.38B, United States segment increase of 83% to Y3.11B, China segment increase from Y648.1M to Y1.69B. Net income benefited from Japan segment income increase of 82% to Y2.03B.
Industry
Industry Food Processing
ANZSIC 2006: 1133 - Cheese and
Other Dairy Product Manufacturing
NACE 2002: 1551 - Operation
of dairies and cheese making
NAICS 2002: 311512 - Creamery
Butter Manufacturing
UK SIC 2003: 15512 - Butter and
cheese production
UK SIC 2007: 10512 - Butter and
cheese production
US SIC 1987: 2021 - Creamery
Butter
Key Executives
|
Name |
Title |
|
Ichiro Honda |
President, Representative Director |
|
Toyomi Nakajima |
Managing Director, Chief Director of Sales, President of Subsidiary |
|
Hirokane Fujio |
Managing Director, Chief Director of Administration, Director of
General Affairs |
|
Zhou H Fujio |
Director |
|
Hidemitsu Honda |
Senior Managing Director, Chairman of Subsidiaries |
Significant Developments
|
* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.02654
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 79.61775
Corporate Overview
Location
Kayabacho 1-chome Heiwa Bldg.
1-8-1, Nihombashi Kayaba-cho
Chuo-Ku, 103-8203
Japan
Tel: 81-3-32531211
Fax: 81-3-32530063
Quote Symbol - Exchange
8079 - Tokyo Stock
Exchange
Sales JPY(mil): 81,334.4
Assets JPY(mil): 49,712.5
Employees: 1,045
Fiscal Year End: 31-Oct-2012
Industry: Food
Processing
Incorporation Date: 04-Nov-1947
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director:
Ichiro Honda
Industry Codes
ANZSIC 2006 Codes:
1133 - Cheese and Other Dairy Product Manufacturing
1140 - Fruit and Vegetable Processing
3609 - Other Grocery Wholesaling
6420 - Auxiliary Insurance Services
1112 - Poultry Processing
NACE 2002 Codes:
1551 - Operation of dairies and cheese making
1512 - Production and preserving of poultry meat
6720 - Activities auxiliary to insurance and pension funding
1533 - Processing and preserving of fruit and vegetables not
elsewhere classified
5138 - Wholesale of other food including fish, crustaceans and
molluscs
5136 - Wholesale of sugar and chocolate and sugar confectionery
NAICS 2002 Codes:
311512 - Creamery Butter Manufacturing
424490 - Other Grocery and Related Products Merchant Wholesalers
311615 - Poultry Processing
311423 - Dried and Dehydrated Food Manufacturing
524210 - Insurance Agencies and Brokerages
424450 - Confectionery Merchant Wholesalers
US SIC 1987:
2021 - Creamery Butter
6411 - Insurance Agents, Brokers, and Service
5145 - Confectionery
5149 - Groceries and Related Products, Not Elsewhere Classified
2015 - Poultry Slaughtering and Processing
2034 - Dried and Dehydrated Fruits, Vegetables, and Soup Mixes
UK SIC 2003:
15512 - Butter and cheese production
5138 - Wholesale of other food including fish, crustaceans and
molluscs
5136 - Wholesale of sugar and chocolate and sugar confectionery
6720 - Activities auxiliary to insurance and pension funding
1533 - Processing and preserving of fruit and vegetables not
elsewhere classified
1512 - Production and preserving of poultry meat
UK SIC 2007:
10512 - Butter and cheese production
1039 - Other processing and preserving of fruit and vegetables
4636 - Wholesale of sugar and chocolate and sugar confectionery
6629 - Other activities auxiliary to insurance and pension funding
1012 - Processing and preserving of poultry meat
4638 - Wholesale of other food, including fish, crustaceans and
molluscs
Business
Description
SHOEI FOODS
CORPORATION is a Japan-based company mainly engaged in the manufacture of food
products. The Company is engaged in the purchase, manufacture and sale of food
products, including dairy products, materials for confectionery, dried fruits,
nuts, canned products and confectionery, among others. In addition, the Company
is involved in the operation of agricultural farms. Through its subsidiaries
and associated companies, the Company is also involved in the import and export
of agricultural products and dairy products, as well as the nonlife insurance
agency business. As of October 31, 2012, the Company had 14 subsidiaries and
one associated companies. For the six months ended 30 April 2013, SHOEI FOODS
CORPORATION revenues increased 6% to Y45.19B. Net income applicable to common
stockholders increased 38% to Y1.68B. Revenues reflect Japan segment increase
from Y19.2B to Y40.38B, United States segment increase of 83% to Y3.11B, China
segment increase from Y648.1M to Y1.69B. Net income benefited from Japan
segment income increase of 82% to Y2.03B.
More Business
Descriptions
Wholesale trade in foodstuffs, particularly dairy products
SHOEI FOODS
CORPORATION manufactures food products. The company purchases, manufactures and
sells food products, including dairy products, materials for confectionery,
dried fruits, nuts, canned products and confectionery, among others. In
addition, the company is involved in the operation of agricultural farms.
Through its subsidiaries and associated companies, the Company is also involved
in the import and export of agricultural products and dairy products, as well
as the nonlife insurance agency business. As of October 31, 2011, the Company
had 15 subsidiaries and two associated companies. The company categorizes its
product line into five segments namely, Dairy Products, Oils and Fats; Dried
Fruits & Canned Foods; Confectionery Materials; Confectionery Retail
Products. Shoei Delicy Corporation is the new name for the re-organized
Confectionery Division of Shoei Foods Corporation. This became effective in May
2007. The Dairy Products, Oils& Fats category includes cheese and processed
cheese, condensed milk, fermented milk drinks, butter cream, milk concentrate,
and milk powder. The company markets its products under the brand names
Leprino, ShoEi, Raskas, Lactos, Tsukuba and Snowbell. Shoei Foods also imports
edible lactose from the US and markets it under the brand names Hilmar and
Leprino. The company also produces fruit flavored milk and mixed powder for
custard pudding.In the Dried Fruits & Canned Foods category, the company
sells & processes almonds, walnuts, hazelnuts, macadamia nuts, pecan nuts,
pistachio nuts, cashew nuts, snack nuts, coconuts, nata de coco & tapioca
and other dried fruits. Shoei Foods also processes and sells chestnuts in
syrup, marron paste and sugar coated broken marrons, seeds of pine, pumpkin
& sunflower.In the Confectionery Materials category, the company offers
processed chocolate products, processed fruits, processed nuts, processed
chestnuts and other materials. The Chocolate products include cocoa and caramel
powder covered with pecan nuts and chocolate covered almonds and other
macadamia nuts, chocolate topping, maple syrups, powdered sugar, egg powder and
cocoa powder.The Confectionery Retail Products category offers chocolate,
biscuits and cookies, dessert products and marron glazes. The company produces
and markets pastas, olive oil, processed tomatoes, canned corn, frozen corn,
mushrooms and bamboo shoots. The company also processes and produces prunes,
dessert pack fruit sauce, canned fruits and frozen chestnuts puree among
others. The company owns and operates six production facilities in Japan, which
manufactures all of the products of the company. Additionally, the company also
owns processing plants in the US and China, through its subsidiary companies.
The company distributes its products through two distribution facilities namely
Shoei Delicy and Iwasa in Japan. The overseas subsidiary companies of Shoei
Foods include Shoei Foods (U.S.A), Inc. in the US and Shoei Foods Qingdao Co.,
Ltd., Yanji Shoei Foods Co., Ltd., Shoei International Trading Shanghai Co.,
Ltd. and Ningxia Zheng Kang Food Co., Ltd. in China.
Shoei Foods
Corporation (Shoei Foods) is a food products manufacturing company. It
processes, manufactures, distributes and imports and exports food stuff to
bakeries, restaurants and consumers. The company owns and operates six
production facilities in Japan which manufacture all the products of the
company. It also owns processing plants in the US and China. It distributes its
products through two distribution facilities namely Shoei Delicy and Iwasa in
Japan. The company also operates in the overseas market through its subsidiary
companies which include Shoei Foods Qingdao Co., Ltd., Yanji Shoei Foods Co.,
Ltd., Shoei International Trading Shanghai Co., Ltd. and Ningxia Zheng Kang
Food Co., Ltd. in China. Shoei Foods is headquartered at Tokyo in Japan.The
company reported revenues of (Yen) JPY 81,334.39 million during the fiscal year
ended October 2012, an increase of 8.21% over 2011. The operating profit of the
company was JPY 2,580.88 million during the fiscal year 2012, an increase of
35.77% over 2011. The net profit of the company was JPY 1,714.78 million during
the fiscal year 2012, an increase of 53.37% over 2011.
Other Specialty Food Stores
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Corporate Family |
Corporate Structure News: |
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SHOEI
FOODS CORPORATION |
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SHOEI FOODS CORPORATION |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
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Parent |
Chuo-Ku |
Japan |
Food Processing |
1,029.2 |
1,045 |
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Subsidiary |
Yanji, Jilin |
China |
Food Processing |
|
350 |
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Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Food Processing |
33.7 |
87 |
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Subsidiary |
Ishioka, Ibaraki |
Japan |
Food Processing |
180.2 |
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Subsidiary |
Joso, Ibaraki |
Japan |
Food Processing |
62.3 |
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
|
Ajinomoto Co., Inc. |
Chuo-Ku, Japan |
28,245 |
Public |
|
China Foods Limited |
, Hong Kong |
17,288 |
Public |
Executive report
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Board of
Directors |
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Director of 2nd Raw Material, Director |
Director/Board Member |
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Managing Director, Chief Director of Administration, Director of
General Affairs |
Director/Board Member |
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Director of Material, Director |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Senior Managing Director, Chairman of Subsidiaries |
Director/Board Member |
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Managing Director, Chief Director of Sales, President of Subsidiary |
Director/Board Member |
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Director of Business Food, Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Managing Director, Chief Director of Administration, Director of
General Affairs |
Managing Director |
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Senior Managing Director, Chairman of Subsidiaries |
Managing Director |
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Managing Director, Chief Director of Sales, President of Subsidiary |
Managing Director |
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Director |
Other |
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Director |
Other |
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Director |
Other |
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Significant Developments
SHOEI FOODS CORP Raises Consolidated Mid-year and Full-year Guidance for FY 2013 Jun 07, 2013
SHOEI FOODS CORP announced that the Company has raised the consolidated mid-year guidance for revenue from JPY 43,500 million to JPY 45,200 million, operating profit from JPY 1,800 million to JPY 2,130 million, ordinary profit from JPY 1,900 million to JPY 2,470 million, net profit from JPY 1,200 million to JPY 1,680 million and earning per share from JPY 61.69 to JPY 86.37 for the fiscal year ending October 31, 2013. The Company has also raised the consolidated full-year guidance for revenue from JPY 83,000 million to JPY 86,000 million, ordinary profit from JPY 2,850 million to JPY 2,950 million, net profit from JPY 1,750 million to JPY 1,900 million and earning per share from JPY 89.97 to JPY 97.68 and reaffirmed the forecast for operating profit of JPY 2,750 million, for the fiscal year ending October 31, 2013. The Company raised the consolidated mid-year and full-year outlook due to favorable sales performance.
SHOEI FOODS CORP Raises Consolidated Full-year Outlook for FY 2012;
Raises Year-end Dividend Forecast for FY 2012 Sep 10, 2012
SHOEI FOODS CORP announced that it has raised the consolidated full-year outlook for revenue from JPY 78,500 million to JPY 82,000 million, operating profit from JPY 2,500 million to JPY 2,600 million, ordinary profit from JPY 2,500 million to JPY 2,750 million, net profit from JPY 1,400 million to JPY 1,700 million and earning per share from JPY 71.97 to JPY 87.40 for the fiscal year ending October 31, 2012. The positive outlook is mainly due to steady growth of sales of manufacturing milk and confectionery raw material. The Company has also raised the year-end dividend forecast from JPY 6 per share, disclosed on December 12, 2011 to JPY 9 per share, for the fiscal year ending October 31, 2012.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Oct-2012 |
31-Oct-2011 |
31-Oct-2010 |
31-Oct-2009 |
31-Oct-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) |
79.026545 |
80.585055 |
88.894536 |
94.356055 |
106.378402 |
|
Auditor |
|
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
1,029.2 |
932.7 |
803.4 |
757.5 |
693.6 |
|
Revenue |
1,029.2 |
932.7 |
803.4 |
757.5 |
693.6 |
|
Total Revenue |
1,029.2 |
932.7 |
803.4 |
757.5 |
693.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
884.2 |
803.0 |
683.6 |
650.3 |
602.6 |
|
Cost of Revenue, Total |
884.2 |
803.0 |
683.6 |
650.3 |
602.6 |
|
Gross Profit |
145.0 |
129.7 |
119.8 |
107.2 |
91.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
75.7 |
67.5 |
60.3 |
55.5 |
50.1 |
|
Labor & Related Expense |
36.1 |
33.2 |
30.7 |
27.6 |
24.3 |
|
Total Selling/General/Administrative Expenses |
111.9 |
100.7 |
91.0 |
83.1 |
74.4 |
|
Impairment-Assets Held for Use |
2.3 |
0.3 |
2.6 |
1.9 |
0.3 |
|
Impairment-Assets Held for Sale |
0.7 |
0.4 |
1.3 |
0.2 |
0.6 |
|
Other Unusual Expense (Income) |
-2.6 |
4.7 |
-0.9 |
0.1 |
3.0 |
|
Unusual Expense (Income) |
0.5 |
5.4 |
3.0 |
2.2 |
3.9 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
996.5 |
909.1 |
777.6 |
735.6 |
680.8 |
|
|
|
|
|
|
|
|
Operating Income |
32.7 |
23.6 |
25.8 |
21.9 |
12.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.5 |
-1.1 |
-1.1 |
-1.6 |
-1.8 |
|
Interest Expense, Net Non-Operating |
-1.5 |
-1.1 |
-1.1 |
-1.6 |
-1.8 |
|
Interest Income -
Non-Operating |
0.1 |
0.1 |
0.1 |
0.2 |
0.0 |
|
Investment Income -
Non-Operating |
2.0 |
0.2 |
-0.5 |
-1.0 |
0.0 |
|
Interest/Investment Income - Non-Operating |
2.1 |
0.4 |
-0.4 |
-0.8 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.6 |
-0.7 |
-1.4 |
-2.4 |
-1.7 |
|
Gain (Loss) on Sale of Assets |
0.1 |
0.0 |
0.5 |
0.2 |
0.0 |
|
Other Non-Operating Income (Expense) |
2.1 |
0.9 |
1.2 |
0.8 |
0.7 |
|
Other, Net |
2.1 |
0.9 |
1.2 |
0.8 |
0.7 |
|
Income Before Tax |
35.6 |
23.8 |
26.1 |
20.6 |
11.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.7 |
10.1 |
9.9 |
8.9 |
6.7 |
|
Income After Tax |
21.8 |
13.7 |
16.2 |
11.7 |
5.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.2 |
-0.3 |
-0.9 |
0.1 |
|
Net Income Before Extraord Items |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
Net Income |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
|
|
|
|
|
|
|
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 |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Basic EPS Excl Extraord Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Basic/Primary EPS Incl Extraord Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
Diluted Weighted Average Shares |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Diluted EPS Excl Extraord Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Diluted EPS Incl Extraord Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Dividends per Share - Common Stock Primary Issue |
0.19 |
0.15 |
0.13 |
0.13 |
0.11 |
|
Gross Dividends - Common Stock |
- |
2.9 |
2.6 |
2.5 |
2.2 |
|
Interest Expense, Supplemental |
1.5 |
1.1 |
1.1 |
1.6 |
1.8 |
|
Depreciation, Supplemental |
18.8 |
18.1 |
16.0 |
14.6 |
14.8 |
|
Total Special Items |
0.3 |
5.4 |
2.5 |
2.0 |
3.9 |
|
Normalized Income Before Tax |
35.9 |
29.2 |
28.6 |
22.6 |
15.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
2.3 |
0.9 |
0.8 |
2.3 |
|
Inc Tax Ex Impact of Sp Items |
13.9 |
12.5 |
10.8 |
9.7 |
9.0 |
|
Normalized Income After Tax |
22.0 |
16.8 |
17.8 |
12.8 |
6.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.9 |
17.0 |
17.4 |
12.0 |
6.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.13 |
0.87 |
0.90 |
0.62 |
0.34 |
|
Diluted Normalized EPS |
1.13 |
0.87 |
0.90 |
0.62 |
0.34 |
|
Rental Expenses |
5.0 |
3.8 |
2.7 |
2.5 |
2.2 |
|
Reported Operating Profit |
33.1 |
29.0 |
28.8 |
24.1 |
16.6 |
|
Reported Ordinary Profit |
35.4 |
29.2 |
28.6 |
22.6 |
15.2 |
|
Normalized EBIT |
33.1 |
29.0 |
28.8 |
24.1 |
16.6 |
|
Normalized EBITDA |
51.9 |
47.1 |
44.7 |
38.7 |
31.4 |
|
Current Tax - Total |
12.8 |
- |
- |
- |
- |
|
Current Tax - Total |
12.8 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.9 |
- |
- |
- |
- |
|
Income Tax - Total |
13.7 |
- |
- |
- |
- |
|
Service Cost - Domestic |
- |
-1.0 |
2.2 |
1.9 |
2.2 |
|
Domestic Pension Plan Expense |
- |
-1.0 |
2.2 |
1.9 |
2.2 |
|
Defined Contribution Expense - Domestic |
- |
0.7 |
0.4 |
0.3 |
0.3 |
|
Total Pension Expense |
- |
-0.3 |
2.5 |
2.3 |
2.5 |
|
Total Plan Service Cost |
- |
-1.0 |
2.2 |
1.9 |
2.2 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Oct-2012 |
31-Oct-2011 |
31-Oct-2010 |
31-Oct-2009 |
31-Oct-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
79.617752 |
77.975 |
80.55 |
90.52 |
98.35 |
|
Auditor |
|
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
81.2 |
65.0 |
59.7 |
58.7 |
34.9 |
|
Cash and Short Term Investments |
81.2 |
65.0 |
59.7 |
58.7 |
34.9 |
|
Accounts Receivable -
Trade, Gross |
194.0 |
186.3 |
185.3 |
167.1 |
154.3 |
|
Provision for Doubtful
Accounts |
-0.2 |
-0.2 |
-0.2 |
-0.3 |
-0.2 |
|
Trade Accounts Receivable - Net |
193.7 |
186.1 |
185.1 |
166.7 |
154.1 |
|
Total Receivables, Net |
193.7 |
186.1 |
185.1 |
166.7 |
154.1 |
|
Inventories - Finished Goods |
118.1 |
108.3 |
94.1 |
81.1 |
91.1 |
|
Inventories - Work In Progress |
6.7 |
5.6 |
5.5 |
4.0 |
4.6 |
|
Inventories - Raw Materials |
30.7 |
15.1 |
13.3 |
12.7 |
16.7 |
|
Total Inventory |
155.5 |
129.1 |
112.9 |
97.9 |
112.4 |
|
Prepaid Expenses |
7.0 |
- |
- |
- |
- |
|
Deferred Income Tax - Current Asset |
5.0 |
6.1 |
6.2 |
3.8 |
4.6 |
|
Other Current Assets |
7.7 |
9.1 |
12.8 |
5.9 |
6.3 |
|
Other Current Assets, Total |
12.7 |
15.2 |
18.9 |
9.7 |
11.0 |
|
Total Current Assets |
450.1 |
395.5 |
376.6 |
332.9 |
312.4 |
|
|
|
|
|
|
|
|
Buildings |
149.2 |
146.6 |
150.7 |
133.1 |
124.0 |
|
Land/Improvements |
28.1 |
28.9 |
21.8 |
19.9 |
18.6 |
|
Machinery/Equipment |
221.9 |
227.7 |
215.6 |
188.1 |
178.3 |
|
Construction in
Progress |
15.7 |
4.4 |
3.3 |
5.6 |
2.2 |
|
Other
Property/Plant/Equipment |
5.0 |
4.1 |
4.0 |
2.5 |
2.1 |
|
Property/Plant/Equipment - Gross |
419.9 |
411.7 |
395.4 |
349.2 |
325.2 |
|
Accumulated Depreciation |
-275.4 |
-276.4 |
-265.3 |
-232.2 |
-213.1 |
|
Property/Plant/Equipment - Net |
144.5 |
135.3 |
130.1 |
117.0 |
112.2 |
|
Intangibles, Net |
1.9 |
2.1 |
2.2 |
2.3 |
1.7 |
|
LT Investment - Affiliate Companies |
2.9 |
4.1 |
4.1 |
3.7 |
2.0 |
|
LT Investments - Other |
16.1 |
19.2 |
18.2 |
17.6 |
16.8 |
|
Long Term Investments |
19.0 |
23.4 |
22.3 |
21.3 |
18.9 |
|
Deferred Income Tax - Long Term Asset |
0.6 |
1.4 |
1.9 |
0.8 |
0.7 |
|
Other Long Term Assets |
8.2 |
8.2 |
7.4 |
7.7 |
7.1 |
|
Other Long Term Assets, Total |
8.9 |
9.5 |
9.3 |
8.5 |
7.7 |
|
Total Assets |
624.4 |
565.7 |
540.5 |
482.0 |
452.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
113.2 |
102.8 |
102.6 |
95.5 |
82.2 |
|
Accrued Expenses |
8.5 |
8.7 |
9.2 |
6.4 |
6.1 |
|
Notes Payable/Short Term Debt |
136.6 |
115.0 |
105.4 |
105.1 |
114.4 |
|
Current Portion - Long Term Debt/Capital Leases |
2.8 |
1.3 |
0.1 |
0.4 |
0.4 |
|
Income Taxes Payable |
7.9 |
4.2 |
10.5 |
4.1 |
7.4 |
|
Other Payables |
15.7 |
16.8 |
13.3 |
12.8 |
9.1 |
|
Other Current Liabilities |
9.9 |
12.7 |
12.3 |
13.1 |
12.7 |
|
Other Current liabilities, Total |
33.5 |
33.7 |
36.1 |
30.1 |
29.2 |
|
Total Current Liabilities |
294.6 |
261.5 |
253.5 |
237.4 |
232.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
16.0 |
4.5 |
0.0 |
0.1 |
0.4 |
|
Total Long Term Debt |
16.0 |
4.5 |
0.0 |
0.1 |
0.4 |
|
Total Debt |
155.4 |
120.7 |
105.5 |
105.5 |
115.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.3 |
0.2 |
0.0 |
0.6 |
0.6 |
|
Deferred Income Tax |
0.3 |
0.2 |
0.0 |
0.6 |
0.6 |
|
Minority Interest |
8.0 |
8.9 |
9.2 |
8.0 |
7.9 |
|
Pension Benefits - Underfunded |
5.9 |
5.6 |
10.2 |
8.8 |
7.5 |
|
Other Long Term Liabilities |
2.6 |
2.6 |
3.2 |
2.6 |
0.3 |
|
Other Liabilities, Total |
8.5 |
8.2 |
13.4 |
11.3 |
7.9 |
|
Total Liabilities |
327.4 |
283.2 |
276.1 |
257.4 |
249.2 |
|
|
|
|
|
|
|
|
Common Stock |
42.4 |
43.3 |
42.0 |
37.3 |
34.4 |
|
Common Stock |
42.4 |
43.3 |
42.0 |
37.3 |
34.4 |
|
Additional Paid-In Capital |
38.2 |
39.0 |
37.8 |
33.6 |
30.9 |
|
Retained Earnings (Accumulated Deficit) |
242.3 |
229.2 |
210.9 |
174.6 |
152.7 |
|
Treasury Stock - Common |
-16.3 |
-16.7 |
-16.1 |
-14.4 |
-13.2 |
|
Unrealized Gain (Loss) |
2.3 |
1.2 |
1.4 |
1.5 |
1.5 |
|
Translation Adjustment |
-11.8 |
-12.7 |
-9.9 |
-6.9 |
-0.5 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Comprehensive Income |
-0.1 |
-0.9 |
-1.6 |
-1.4 |
-2.1 |
|
Other Equity, Total |
-12.0 |
-13.6 |
-11.5 |
-8.2 |
-2.7 |
|
Total Equity |
297.0 |
282.5 |
264.4 |
224.5 |
203.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
624.4 |
565.7 |
540.5 |
482.0 |
452.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Total Common Shares Outstanding |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Treasury Shares - Common Stock Primary Issue |
1.7 |
1.7 |
1.7 |
1.7 |
1.7 |
|
Employees |
- |
1,045 |
1,042 |
1,028 |
1,034 |
|
Number of Common Shareholders |
- |
- |
4,930 |
3,385 |
3,404 |
|
Total Long Term Debt, Supplemental |
- |
5.8 |
0.1 |
0.5 |
0.9 |
|
Long Term Debt Maturing within 1 Year |
- |
1.3 |
0.1 |
0.4 |
0.4 |
|
Long Term Debt Maturing in Year 2 |
- |
1.3 |
0.0 |
0.1 |
0.3 |
|
Long Term Debt Maturing in Year 3 |
- |
1.3 |
0.0 |
0.0 |
0.1 |
|
Long Term Debt Maturing in Year 4 |
- |
1.3 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
0.6 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
2.6 |
0.0 |
0.1 |
0.4 |
|
Long Term Debt Maturing in 4-5 Years |
- |
1.9 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
2.2 |
2.7 |
1.6 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
0.6 |
0.6 |
0.3 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.6 |
0.6 |
0.3 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.6 |
0.6 |
0.3 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.3 |
0.6 |
0.3 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.3 |
0.3 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
1.2 |
1.2 |
0.6 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.3 |
0.9 |
0.6 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
0.1 |
- |
|
Pension Obligation - Domestic |
- |
19.8 |
27.8 |
23.8 |
22.4 |
|
Plan Assets - Domestic |
- |
16.7 |
21.6 |
19.0 |
18.3 |
|
Funded Status - Domestic |
- |
-3.1 |
-6.2 |
-4.9 |
-4.1 |
|
Total Funded Status |
- |
-3.1 |
-6.2 |
-4.9 |
-4.1 |
|
Prepaid Benefits - Domestic |
- |
0.1 |
- |
0.1 |
0.2 |
|
Accrued Liabilities - Domestic |
- |
-3.2 |
-6.2 |
-4.9 |
-4.3 |
|
Net Assets Recognized on Balance Sheet |
- |
-3.1 |
-6.2 |
-4.9 |
-4.1 |
|
Total Plan Obligations |
- |
19.8 |
27.8 |
23.8 |
22.4 |
|
Total Plan Assets |
- |
16.7 |
21.6 |
19.0 |
18.3 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Oct-2012 |
31-Oct-2011 |
31-Oct-2010 |
31-Oct-2009 |
31-Oct-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) |
79.026545 |
80.585055 |
88.894536 |
94.356055 |
106.378402 |
|
Auditor |
|
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
35.6 |
23.8 |
26.1 |
20.6 |
11.7 |
|
Depreciation |
18.8 |
18.1 |
16.0 |
14.6 |
14.8 |
|
Depreciation/Depletion |
18.8 |
18.1 |
16.0 |
14.6 |
14.8 |
|
Unusual Items |
1.1 |
2.5 |
0.5 |
0.8 |
0.0 |
|
Other Non-Cash Items |
0.9 |
-4.1 |
1.4 |
2.9 |
6.4 |
|
Non-Cash Items |
2.0 |
-1.5 |
1.9 |
3.7 |
6.4 |
|
Accounts Receivable |
-7.8 |
4.3 |
1.6 |
-1.4 |
4.7 |
|
Inventories |
-23.0 |
-12.7 |
-3.2 |
21.7 |
-0.8 |
|
Accounts Payable |
7.9 |
-2.9 |
-3.7 |
6.7 |
-5.2 |
|
Other Operating Cash Flow |
-16.3 |
-11.9 |
-10.0 |
-8.5 |
3.8 |
|
Changes in Working Capital |
-39.2 |
-23.3 |
-15.4 |
18.6 |
2.6 |
|
Cash from Operating Activities |
17.1 |
17.0 |
28.6 |
57.4 |
35.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.5 |
-20.5 |
-19.2 |
-13.3 |
-8.9 |
|
Capital Expenditures |
-31.5 |
-20.5 |
-19.2 |
-13.3 |
-8.9 |
|
Sale of Fixed Assets |
0.1 |
0.0 |
0.9 |
0.5 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.4 |
0.6 |
|
Purchase of Investments |
-0.5 |
-1.0 |
-0.1 |
-1.8 |
-0.3 |
|
Other Investing Cash Flow |
1.2 |
-0.4 |
-0.5 |
-0.7 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.8 |
-1.4 |
0.2 |
-1.7 |
0.4 |
|
Cash from Investing Activities |
-30.7 |
-21.9 |
-19.0 |
-14.9 |
-8.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Financing Cash Flow Items |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Cash Dividends Paid - Common |
-3.7 |
-2.9 |
-2.6 |
-2.5 |
-2.5 |
|
Total Cash Dividends Paid |
-3.7 |
-2.9 |
-2.6 |
-2.5 |
-2.5 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Short Term Debt, Net |
22.5 |
7.1 |
-11.1 |
-18.2 |
-9.0 |
|
Long Term Debt Issued |
15.2 |
6.2 |
- |
0.0 |
0.9 |
|
Long Term Debt
Reduction |
-2.6 |
-1.4 |
-0.7 |
-0.6 |
-0.9 |
|
Long Term Debt, Net |
12.5 |
4.9 |
-0.7 |
-0.6 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
35.0 |
11.9 |
-11.8 |
-18.8 |
-9.0 |
|
Cash from Financing Activities |
31.2 |
8.9 |
-14.6 |
-21.4 |
-11.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.8 |
-0.8 |
-1.2 |
-0.5 |
|
Net Change in Cash |
17.6 |
3.2 |
-5.7 |
19.9 |
14.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
64.1 |
59.7 |
59.8 |
36.4 |
17.4 |
|
Net Cash - Ending Balance |
81.8 |
62.9 |
54.1 |
56.3 |
32.3 |
|
Cash Interest Paid |
1.5 |
1.1 |
1.1 |
1.6 |
1.8 |
|
Cash Taxes Paid |
9.4 |
15.8 |
7.5 |
12.1 |
-1.3 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Oct-2012 |
31-Oct-2011 |
31-Oct-2010 |
31-Oct-2009 |
31-Oct-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) |
79.026545 |
80.585055 |
88.894536 |
94.356055 |
106.378402 |
|
Auditor |
|
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
1,029.2 |
932.7 |
803.4 |
757.5 |
693.6 |
|
Total Revenue |
1,029.2 |
932.7 |
803.4 |
757.5 |
693.6 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of sales |
884.2 |
803.0 |
683.6 |
650.3 |
602.6 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Packing & freight-out costs |
28.3 |
26.0 |
23.1 |
21.5 |
19.7 |
|
Storage Charges |
9.8 |
8.9 |
7.6 |
7.4 |
6.4 |
|
Employees salaries |
29.5 |
- |
- |
- |
- |
|
Payrolls |
- |
27.0 |
24.3 |
22.3 |
19.8 |
|
Provision for bonuses |
4.3 |
4.5 |
4.2 |
3.4 |
3.3 |
|
Provision for directors bonuses |
0.4 |
0.5 |
0.5 |
0.4 |
0.3 |
|
Periodic retirement benefit costs |
1.5 |
0.8 |
1.4 |
1.1 |
0.9 |
|
Provision for Retirement Benefits - SGA |
0.4 |
0.4 |
0.4 |
0.4 |
- |
|
Traveling expenses |
4.4 |
3.8 |
3.4 |
3.1 |
2.9 |
|
Rent expenses |
5.0 |
3.8 |
2.7 |
2.5 |
2.2 |
|
Taxes, other than income taxes |
0.9 |
0.7 |
0.5 |
0.4 |
0.4 |
|
Other general expenses |
27.4 |
24.2 |
23.0 |
20.5 |
18.5 |
|
Gain on negative goodwill |
-0.4 |
- |
- |
- |
- |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Compensation for loss on business liqui |
-2.2 |
- |
- |
- |
- |
|
Subsidy |
- |
0.0 |
-0.8 |
0.0 |
- |
|
SP G on reversal of directors' retire. |
- |
- |
- |
0.0 |
-0.1 |
|
SP Rev-Allow Doubt Acc. |
0.0 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
SP Loss Val Inv.Secs. |
0.7 |
0.4 |
1.3 |
0.2 |
0.5 |
|
SP Loss Retire Fix Asset |
1.1 |
0.3 |
1.6 |
0.9 |
0.2 |
|
SP Director Retire Bnft |
- |
- |
- |
- |
0.0 |
|
SP Reserve directors' retir.bene. |
- |
- |
- |
0.0 |
3.0 |
|
SP Retirement Benefit |
- |
- |
- |
- |
0.0 |
|
SP Allow Doubt Acc. |
- |
- |
- |
0.0 |
0.0 |
|
SP Impairment loss |
1.2 |
0.0 |
1.0 |
1.0 |
0.0 |
|
SP L on val. of inv't in related company |
- |
- |
- |
0.0 |
0.1 |
|
Loss on disaster |
0.0 |
2.0 |
- |
- |
- |
|
Head office disjoint cost |
0.0 |
2.5 |
- |
- |
- |
|
SP Other Special Loss |
0.0 |
0.3 |
0.0 |
0.1 |
0.0 |
|
Total Operating Expense |
996.5 |
909.1 |
777.6 |
735.6 |
680.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Gains |
0.6 |
- |
- |
- |
- |
|
Gain On Sales Of Investment Securities |
0.5 |
- |
- |
- |
- |
|
SP Gain Sale Inv.Secs. |
- |
- |
0.0 |
0.0 |
0.1 |
|
SP Gain Sale Fix.Assets |
0.1 |
0.0 |
0.5 |
0.3 |
0.0 |
|
SP G on sale of affiliated securities |
- |
- |
- |
0.0 |
0.3 |
|
SP Loss Sale Inv.Secs. |
- |
- |
0.0 |
-0.1 |
0.0 |
|
SP Loss Sale Fix.Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Interest Income |
0.1 |
0.1 |
0.1 |
0.2 |
0.0 |
|
NOP Dividend Income |
0.4 |
0.4 |
0.3 |
0.3 |
0.4 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Commission for syndicate loan |
-0.3 |
- |
- |
- |
- |
|
Compensation expenses |
-0.9 |
- |
- |
- |
- |
|
Share allocation |
- |
0.0 |
0.3 |
0.0 |
- |
|
NOP Insurance Dividend |
0.2 |
0.2 |
0.1 |
0.1 |
0.0 |
|
NOP Insurance Matured |
0.8 |
0.2 |
0.4 |
0.7 |
0.3 |
|
NOP Sales Commission Inc |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Equity Gain |
0.2 |
0.4 |
0.3 |
0.3 |
0.3 |
|
NOP Compensation Income |
1.4 |
0.0 |
0.1 |
0.3 |
0.0 |
|
NOP Other Income |
1.4 |
0.8 |
0.6 |
0.4 |
0.7 |
|
NOP Interest Expense |
-1.5 |
-1.1 |
-1.1 |
-1.6 |
-1.8 |
|
NOP Exchange Loss |
0.0 |
-0.8 |
-1.2 |
-1.7 |
-1.1 |
|
NOP Damage Compensation |
- |
- |
-0.1 |
-0.6 |
0.0 |
|
NOP Equity loss |
- |
- |
- |
- |
0.0 |
|
NOP L on product recall |
- |
- |
- |
- |
0.0 |
|
NOP Other Expense |
-0.3 |
-0.2 |
0.0 |
0.0 |
-0.2 |
|
Net Income Before Taxes |
35.6 |
23.8 |
26.1 |
20.6 |
11.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.7 |
10.1 |
9.9 |
8.9 |
6.7 |
|
Net Income After Taxes |
21.8 |
13.7 |
16.2 |
11.7 |
5.0 |
|
|
|
|
|
|
|
|
Minority interests in loss |
-0.1 |
0.2 |
-0.3 |
-0.9 |
0.1 |
|
Net Income Before Extra. Items |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
Net Income |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
|
|
|
|
|
|
|
Balancing Item - Net Income After Extrao |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Basic EPS Including ExtraOrdinary Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
21.7 |
13.9 |
15.9 |
10.9 |
5.1 |
|
Diluted Weighted Average Shares |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Diluted EPS Excluding ExtraOrd Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
Diluted EPS Including ExtraOrd Items |
1.12 |
0.71 |
0.82 |
0.56 |
0.26 |
|
DPS-Common Stock |
0.19 |
0.15 |
0.13 |
0.13 |
0.11 |
|
Gross Dividends - Common Stock |
- |
2.9 |
2.6 |
2.5 |
2.2 |
|
Normalized Income Before Taxes |
35.9 |
29.2 |
28.6 |
22.6 |
15.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
13.9 |
12.5 |
10.8 |
9.7 |
9.0 |
|
Normalized Income After Taxes |
22.0 |
16.8 |
17.8 |
12.8 |
6.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.9 |
17.0 |
17.4 |
12.0 |
6.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.13 |
0.87 |
0.90 |
0.62 |
0.34 |
|
Diluted Normalized EPS |
1.13 |
0.87 |
0.90 |
0.62 |
0.34 |
|
Interest Expense |
1.5 |
1.1 |
1.1 |
1.6 |
1.8 |
|
Rental Expense |
5.0 |
3.8 |
2.7 |
2.5 |
2.2 |
|
Depreciation |
18.8 |
18.1 |
16.0 |
14.6 |
14.8 |
|
Current Tax - Total |
12.8 |
- |
- |
- |
- |
|
Current Tax - Total |
12.8 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.9 |
- |
- |
- |
- |
|
Income Tax - Total |
13.7 |
- |
- |
- |
- |
|
Reported Operating Profit |
33.1 |
29.0 |
28.8 |
24.1 |
16.6 |
|
Reported Ordinary Profit |
35.4 |
29.2 |
28.6 |
22.6 |
15.2 |
|
Service Cost |
- |
-1.0 |
2.2 |
1.9 |
2.2 |
|
Domestic Pension Plan Expense |
- |
-1.0 |
2.2 |
1.9 |
2.2 |
|
Defined Contribution Expense |
- |
0.7 |
0.4 |
0.3 |
0.3 |
|
Total Pension Expense |
- |
-0.3 |
2.5 |
2.3 |
2.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Oct-2012 |
31-Oct-2011 |
31-Oct-2010 |
31-Oct-2009 |
31-Oct-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
79.617752 |
77.975 |
80.55 |
90.52 |
98.35 |
|
Auditor |
|
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & deposits |
81.2 |
65.0 |
59.7 |
58.7 |
34.9 |
|
Notes and accounts receivable-trade |
194.0 |
186.3 |
185.3 |
167.1 |
154.3 |
|
Inventories - merchandise&finished goods |
118.1 |
108.3 |
94.1 |
81.1 |
91.1 |
|
Work in process |
6.7 |
5.6 |
5.5 |
4.0 |
4.6 |
|
Inventories - raw materials&supplies |
30.7 |
15.1 |
13.3 |
12.7 |
16.7 |
|
Deferred income taxes (current) |
5.0 |
6.1 |
6.2 |
3.8 |
4.6 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Current assets other |
7.7 |
9.1 |
12.8 |
5.9 |
6.3 |
|
Allow.doubt.accounts (current) |
-0.2 |
-0.2 |
-0.2 |
-0.3 |
-0.2 |
|
Advance payments-trade |
7.0 |
- |
- |
- |
- |
|
Total current assets |
450.1 |
395.5 |
376.6 |
332.9 |
312.4 |
|
|
|
|
|
|
|
|
Buildings & structures, gross |
149.2 |
146.6 |
150.7 |
133.1 |
124.0 |
|
Accumulated depreciation |
-94.4 |
-92.9 |
-95.7 |
-82.9 |
-73.9 |
|
Machinery, equipment and vehicles |
211.9 |
217.5 |
205.5 |
178.4 |
168.8 |
|
Accumulated depreciation(1) |
-170.3 |
-173.4 |
-159.8 |
-140.6 |
-129.8 |
|
Tools, furniture and fixtures |
10.0 |
10.2 |
10.1 |
9.7 |
9.5 |
|
Accumulated depreciation(2) |
-8.6 |
-8.4 |
-8.7 |
-8.0 |
-7.7 |
|
Land |
28.1 |
28.9 |
21.8 |
19.9 |
18.6 |
|
Lease |
3.9 |
3.3 |
3.2 |
1.7 |
0.0 |
|
Accumulated depreciation(3) |
-1.8 |
-1.2 |
-0.6 |
-0.2 |
0.0 |
|
Construction-in-progress |
15.7 |
4.4 |
3.3 |
5.6 |
2.2 |
|
Other, prop., plants, & equip., gross |
1.1 |
0.8 |
0.8 |
0.8 |
2.1 |
|
Accum. depr - other PPE |
-0.3 |
-0.5 |
-0.5 |
-0.4 |
-1.6 |
|
Software rights |
0.4 |
0.6 |
0.7 |
0.8 |
0.2 |
|
Other intangible assets |
1.5 |
1.5 |
1.5 |
1.4 |
1.5 |
|
Other Investment Securities |
16.1 |
- |
- |
- |
- |
|
Long-term investment in securities |
- |
19.2 |
18.2 |
17.6 |
16.8 |
|
Invt Secs Noncons, Asc, Affd Cos |
2.6 |
- |
- |
- |
- |
|
Inv't partnership-nonconsol.affil. |
0.3 |
4.1 |
4.1 |
3.7 |
2.0 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
insurance funds |
4.8 |
4.8 |
4.6 |
4.7 |
4.4 |
|
Deferred tax assets |
0.6 |
1.4 |
1.9 |
0.8 |
0.7 |
|
Other assets |
4.2 |
4.3 |
3.9 |
3.9 |
3.5 |
|
Allow.doubt.accounts (non-current) |
-0.7 |
-0.9 |
-1.0 |
-0.9 |
-0.8 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
624.4 |
565.7 |
540.5 |
482.0 |
452.9 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
113.2 |
102.8 |
102.6 |
95.5 |
82.2 |
|
Short-term loans payable |
136.6 |
115.0 |
105.4 |
105.1 |
114.4 |
|
Current portion of long-term loans payab |
2.8 |
1.3 |
0.1 |
0.4 |
0.4 |
|
Accounts payable-other |
15.7 |
16.8 |
13.3 |
12.8 |
9.1 |
|
Income taxes payable |
7.9 |
4.2 |
10.5 |
4.1 |
7.4 |
|
Reserve for bonuses |
8.1 |
8.2 |
8.7 |
6.0 |
5.7 |
|
Provision for directors'' bonuses |
0.4 |
0.6 |
0.5 |
0.4 |
0.3 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other current liabilities |
9.9 |
12.7 |
12.3 |
13.1 |
12.7 |
|
Total Current Liabilities |
294.6 |
261.5 |
253.5 |
237.4 |
232.3 |
|
|
|
|
|
|
|
|
Long-term loans payable |
16.0 |
4.5 |
0.0 |
0.1 |
0.4 |
|
Total Long Term Debt |
16.0 |
4.5 |
0.0 |
0.1 |
0.4 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Provision for retirement benefits |
3.6 |
3.2 |
6.2 |
4.9 |
4.3 |
|
Provision for directors'' retirement ben |
2.3 |
2.5 |
4.0 |
3.8 |
3.2 |
|
Deferred tax liabilities (non-current) |
0.3 |
0.2 |
0.0 |
0.6 |
0.6 |
|
Other LT liabilities |
2.6 |
2.6 |
3.2 |
2.6 |
0.3 |
|
Minority interests |
8.0 |
8.9 |
9.2 |
8.0 |
7.9 |
|
Total Liabilities |
327.4 |
283.2 |
276.1 |
257.4 |
249.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
42.4 |
43.3 |
42.0 |
37.3 |
34.4 |
|
Capital surplus |
38.2 |
39.0 |
37.8 |
33.6 |
30.9 |
|
Retained earnings |
242.3 |
229.2 |
210.9 |
174.6 |
152.7 |
|
Valuation difference on available-for-sa |
2.3 |
1.2 |
1.4 |
1.5 |
1.5 |
|
Cumulative translation adjustments |
-11.8 |
-12.7 |
-9.9 |
-6.9 |
-0.5 |
|
Deferred hedge gain/loss |
-0.1 |
-0.9 |
-1.6 |
-1.4 |
-2.1 |
|
Treasury Stock |
-16.3 |
-16.7 |
-16.1 |
-14.4 |
-13.2 |
|
Total Equity |
297.0 |
282.5 |
264.4 |
224.5 |
203.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
624.4 |
565.7 |
540.5 |
482.0 |
452.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
Total Common Shares Outstanding |
19.5 |
19.5 |
19.5 |
19.5 |
19.5 |
|
T/S-Common Stock |
1.7 |
1.7 |
1.7 |
1.7 |
1.7 |
|
Full-Time Employees |
- |
1,045 |
1,042 |
1,028 |
1,034 |
|
Number of Common Shareholders |
- |
- |
4,930 |
3,385 |
3,404 |
|
LT Debt due within 1 Yr. |
- |
1.3 |
0.1 |
0.4 |
0.4 |
|
LT Debt due within 2 Yr. |
- |
1.3 |
0.0 |
0.1 |
0.3 |
|
LT Debt due within 3 Yr. |
- |
1.3 |
0.0 |
0.0 |
0.1 |
|
Long Term Debt Maturing in Year 4 |
- |
1.3 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
0.6 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
5.8 |
0.1 |
0.5 |
0.9 |
|
Lease due within 1 Yr. |
- |
0.6 |
0.6 |
0.3 |
- |
|
Lease due within 2 Yr. |
- |
0.6 |
0.6 |
0.3 |
- |
|
Lease due within 3 Yr. |
- |
0.6 |
0.6 |
0.3 |
- |
|
Lease due within 4 Yr. |
- |
0.3 |
0.6 |
0.3 |
- |
|
Lease due within 5 Yr. |
- |
0.0 |
0.3 |
0.3 |
- |
|
Lease due remaining maturities |
- |
- |
0.0 |
0.1 |
- |
|
Total Capital Leases, Supplemental |
- |
2.2 |
2.7 |
1.6 |
- |
|
Pension Obligation |
- |
19.8 |
27.8 |
23.8 |
22.4 |
|
Fair Value of Plan Asset |
- |
16.7 |
21.6 |
19.0 |
18.3 |
|
Funded Status |
- |
-3.1 |
-6.2 |
-4.9 |
-4.1 |
|
Total Funded Status |
- |
-3.1 |
-6.2 |
-4.9 |
-4.1 |
|
Reserve for Accrued Retirement Benefits |
- |
-3.2 |
-6.2 |
-4.9 |
-4.3 |
|
Prepaid Benefits |
- |
0.1 |
- |
0.1 |
0.2 |
|
Net Assets Recognized on Balance Sheet |
- |
-3.1 |
-6.2 |
-4.9 |
-4.1 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Oct-2012 |
31-Oct-2011 |
31-Oct-2010 |
31-Oct-2009 |
31-Oct-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) |
79.026545 |
80.585055 |
88.894536 |
94.356055 |
106.378402 |
|
Auditor |
|
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net income before taxes |
35.6 |
23.8 |
26.1 |
20.6 |
11.7 |
|
Depreciation |
18.8 |
18.1 |
16.0 |
14.6 |
14.8 |
|
Head office disjoint cost |
0.0 |
2.5 |
- |
- |
- |
|
Impairment loss |
1.2 |
0.0 |
1.0 |
1.0 |
0.0 |
|
Increase (decrease) in allowance for dou |
-0.1 |
-0.1 |
-0.1 |
0.2 |
0.1 |
|
Increase (decrease) in provision for ret |
0.5 |
-3.1 |
0.7 |
0.4 |
0.9 |
|
Increase (decrease) in provision for dir |
-0.1 |
-1.6 |
-0.3 |
0.3 |
3.0 |
|
Reversal of int.& dividends rcvd. |
-0.6 |
-0.5 |
-0.4 |
-0.5 |
-0.4 |
|
Reversal of interest expenses |
1.5 |
1.1 |
1.1 |
1.6 |
1.8 |
|
Loss (gain) on sales of noncurrent asset |
-0.1 |
0.0 |
-0.5 |
-0.3 |
0.0 |
|
Foreign exchange losses (gains) |
-0.3 |
0.2 |
0.6 |
0.8 |
1.1 |
|
Decrease (increase) in notes and account |
-7.8 |
4.3 |
1.6 |
-1.4 |
4.7 |
|
Decrease (increase) in inventories |
-23.0 |
-12.7 |
-3.2 |
21.7 |
-0.8 |
|
Increase (decrease) in notes and account |
7.9 |
-2.9 |
-3.7 |
6.7 |
-5.2 |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Increase in cash and cash equivalents fr |
1.5 |
- |
- |
- |
- |
|
Other, net |
-7.8 |
4.2 |
-2.0 |
4.6 |
3.7 |
|
Int & div.received (cash basis) |
0.9 |
0.7 |
0.6 |
0.6 |
0.7 |
|
Interest paid (cash basis) |
-1.5 |
-1.1 |
-1.1 |
-1.6 |
-1.8 |
|
Income taxes paid |
-9.4 |
-15.8 |
-7.5 |
-12.1 |
-0.7 |
|
Income tax refund |
- |
- |
- |
0.0 |
2.0 |
|
Cash from Operating Activities |
17.1 |
17.0 |
28.6 |
57.4 |
35.5 |
|
|
|
|
|
|
|
|
Time deposit matured |
- |
- |
- |
0.0 |
0.1 |
|
Purchase of property, plant and equipmen |
-31.5 |
-20.5 |
-19.2 |
-13.3 |
-8.9 |
|
Proceeds from sales of property, plant a |
0.1 |
0.0 |
0.9 |
0.5 |
0.0 |
|
Purchase of LT inv't in sec. |
-0.5 |
-1.0 |
-0.1 |
-0.2 |
-0.1 |
|
Sale/redempt.LT inv't in sec. |
- |
- |
0.0 |
0.4 |
0.5 |
|
Affiliate inv'ts made |
- |
- |
0.0 |
-1.6 |
-0.1 |
|
Other, net |
1.2 |
-0.4 |
-0.5 |
-0.7 |
0.0 |
|
Cash from Investing Activities |
-30.7 |
-21.9 |
-19.0 |
-14.9 |
-8.5 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
22.5 |
7.1 |
-11.1 |
-18.2 |
-9.0 |
|
Repayment of long-term loans payable |
-2.0 |
-0.8 |
-0.4 |
-0.4 |
-0.9 |
|
Proceeds from long-term loans payable |
15.2 |
6.2 |
- |
0.0 |
0.9 |
|
Treasury stock purchased |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Treasury stock sold |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repayment of finance lease |
-0.6 |
-0.6 |
-0.4 |
-0.2 |
0.0 |
|
Cash dividends paid |
-3.7 |
-2.9 |
-2.6 |
-2.5 |
-2.5 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Cash dividends paid to minority sharehol |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Cash from Financing Activities |
31.2 |
8.9 |
-14.6 |
-21.4 |
-11.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.8 |
-0.8 |
-1.2 |
-0.5 |
|
Net Change in Cash |
17.6 |
3.2 |
-5.7 |
19.9 |
14.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
64.1 |
59.7 |
59.8 |
36.4 |
17.4 |
|
Net Cash - Ending Balance |
81.8 |
62.9 |
54.1 |
56.3 |
32.3 |
|
Cash Interest Paid |
1.5 |
1.1 |
1.1 |
1.6 |
1.8 |
|
Cash Taxes Paid |
9.4 |
15.8 |
7.5 |
12.1 |
-1.3 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
|
Financials in:
USD (mil) Except for share
items (millions) and per share items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
UK Pound |
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.