|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIHON KOHDEN CORPORATION |
|
|
|
|
Registered Office : |
3-14-20, Higashi-Nakano Nakano-Ku, 164-0003 |
|
|
|
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Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
07.08.1951 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of medical and surgical equipment and orthopaedic appliances |
|
|
|
|
No. of Employees : |
4,057 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a comparatively
small defense allocation (1% of GDP) helped Japan develop a technologically
advanced economy. Two notable characteristics of the post-war economy were the
close interlocking structures of manufacturers, suppliers, and distributors,
known as keiretsu, and the guarantee of lifetime employment for a substantial
portion of the urban labor force. Both features are now eroding under the dual
pressures of global competition and domestic demographic change. Japan''s
industrial sector is heavily dependent on imported raw materials and fuels. A
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
NIHON KOHDEN
CORPORATION
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Business
Description
|
NIHON KOHDEN CORPORATION is a Japan-based company engaged in the research,
development, manufacture and sale of medical electronic equipment, as well as
the provision of maintenance and repair services. The Company offers
electrocardiographs, electroencephalographs, evoked potential inspection
equipment, electromyogram inspection equipment, vagal nerve stimulators,
polygraphs, breathing function inspection equipment, cardiac pacemakers,
bedside monitors, central monitors, ophthalmologic examination equipment,
blood gas analyzers, electrodes catheters, emergency-related equipment,
ultrasonic diagnostic equipment, artificial respirators and blood cell
counters, among others. The Company is also engaged in the sales promotion
for its products, the provision of agency support services, as well as the
general affair-related and manpower dispatching businesses. On October 17,
2012, the Company established a wholly owned subsidiary RESUSCITATION
SOLUTION, INC. in the United States. For the fiscal year ended 31 March 2013,
NIHON KOHDEN CORPORATION revenues increased 10% to Y132.54B. Net income
applicable to common stockholders increased 20% to Y9.15B. Revenues reflect
an increase in demand for the Company's products and services due to
favorable market conditions. Net income benefited from NOP Other Income
increase of 88% to Y484M (income), NOP Exchange Loss decrease from Y131M
(expense) to Y0K. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
3310 - Manufacture of medical and surgical equipment
and orthopaedic appliances |
|
NAICS 2002: |
334510 - Electromedical and Electrotherapeutic
Apparatus Manufacturing |
|
UK SIC 2003: |
3310 - Manufacture of medical and surgical equipment
and orthopaedic appliances |
|
UK SIC 2007: |
3250 - Manufacture of medical and dental instruments
and supplies |
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855
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NIHON KOHDEN
CORPORATION The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic projects
and investments. More
about Strategic Initiatives
|
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Sales and Distribution |
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Geographical concentration makes the company vulnerable to potential risks
in Japanese economy, its major market. Moreover, the company should begin
tapping other large healthcare markets such as China and US.Business
ExpansionGeographical and business expansion is expected to provide
significant growth opportunities to Nihon. With an aim to expand its
operations across Brazil, in January 2012, the company announced plans to
establish a sales subsidiary, Nihon Kohden Do Brasil Ltda in San Paulo,
Brazil. In April 2011, the company entered into an agreement with Span
Diagnostics Ltd. to acquire the hematology analyzer division of SPAN. |
|
|
These new facilities would offer tailored products to emerging markets
and expand its sales network.Regulatory GrantsApprovals and grants from
regulatory bodies provide enough opportunities for the company to improve its
market share. In April 2011, Nihon received regulatory grants for two of its
projects, namely, “development of a rapid diagnosis support system for cancer
surgery” and “enhancement of the safety function of high frequency oscillation
(HFO) ventilators”. The Ministry of Economy, Trade and Industry (METI)
designated these projects as supportive of the collaboration between
hospitals and industry for the development of medical devices and resolution
of various issues in medical practice. These projects were in consonance with
the company’s key strategy of developing new businesses and introducing
innovative medical equipment to improve medical safety and security.
Successful completion of these projects could enhance Nihon’s operational
performance and provide it with new avenues to garner higher revenues.Growing
Cardiovascular Devices MarketThe company could benefit from the rapidly
growing cardiovascular devices market. |
|
|
In April 2011, Nihon received regulatory grants for two of its
projects, namely, “development of a rapid diagnosis support system for cancer
surgery” and “enhancement of the safety function of high frequency oscillation
(HFO) ventilators”. The Ministry of Economy, Trade and Industry (METI)
designated these projects as supportive of the collaboration between
hospitals and industry for the development of medical devices and resolution
of various issues in medical practice. These projects were in consonance with
the company’s key strategy of developing new businesses and introducing
innovative medical equipment to improve medical safety and security.
Successful completion of these projects could enhance Nihon’s operational
performance and provide it with new avenues to garner higher revenues.Growing
Cardiovascular Devices MarketThe company could benefit from the rapidly
growing cardiovascular devices market. The global cardiovascular devices
market was valued at $35,054.1m in 2009 and is expected to grow more than 5%
during 2009-2016 to reach $49,185.68m by 2016, according to in-house
forecasts. |
|
|
Nihon Kohden Corporation (Nihon) is one of the largest providers of
medical electronic equipment in Japan. The company imports outstanding overseas
products into Japan. These imported products cater to the needs of cardiology,
urology, respiratory care, anesthesiology, emergency care, sports medicine and
rehabilitation fields. Nihon’s leading market position with its innovative
technological platform could strengthen its overall performance. However,
stringent government regulations and intense competition could have a negative
impact on the company’s revenue.
Strong liquidity helps the company in meeting its working capital
requirements effectively. Nihon reported an increase in all the liquidity
ratios owing to decreased current liabilities, which declined from JPY29,671m
in 2011 to JPY30,709m in 2012. During the fiscal year ended March 2012, the
company reported current ratio of 2.69 times as against 2.54 times in 2010,
followed by quick ratio of 2.23 times as against 2.05 times, and cash ratio of
0.69 times in 2012 as against 0.63 times in 2010. Growth in current ratio
indicates that the company is in a strong position to meet its short-term
obligations. Nihon also reported an increase in its cash and cash equivalents
in fiscal year 2012. The company had JPY9,342m in cash and cash equivalents as
of March 2012, as compared to cash and cash equivalents of JPY9,331m in 2011,
reflecting an increase of 0.11%. The increase in cash reserves was principally
due to strong cash flows from operating activities. Increasing cash reserves
indicate the company’s ability to obtain additional debt to finance
acquisitions, capture business opportunities and meet capital expenditure or
other capital requirements in the future.
Nihon’s strong market position in the area of medical electronic
equipment enables it to strengthen its brand image, which would help in the
easy launch of its new products. Nihon is one of the leading providers of
medical electronic equipment in Japan. The company has subsidiaries in the US,
Europe and Asia. It is one of the leading companies in the world to provide
medical electronic equipment. The company is listed among the top 100 companies
in the world that sell medical equipment, and among the top 10 companies that
specialized in medical devices. Nihon is the world’s leading producer of
electroencephalographs and electrocardiographs, evoked potential /
electromyograms, measuring systems, patient monitors, defibrillators, automatic
hematology analyzers and other medical equipment. All these products enhanced
the company’s status among the worldwide users. The company could leverage
its strong foothold in the market to gain a higher customer base and garner
higher revenue.
The company’s innovative technology provides it an edge over other
players in the market and helps ward off competition. Nihon’s monitors
incorporate a new parameter, PWTT (Pulse Wave Transit Time), which has
correlation with blood pressure. PWTT is a new noninvasive parameter that
indicates sudden change in blood pressure. It is measured by constant
monitoring of ECG and pulse wave. Nihon's innovative PWTT technology can detect
and trigger non-invasive blood pressure (NIBP) measurement to confirm it, if
any sudden blood pressure changes take place during periodic NIBP measurements.
PWTT has a correlation with blood pressure in most of the cases. In spite of
its limitation in capturing blood pressure changes in a few instances, PWTT
remains a considerable improvement in noninvasive blood pressure monitoring.
Nihon's broad portfolio of medical electronic equipment is instrumental
in creating brand value and goodwill for the company. Its product line includes
patient monitors, electroencephalographs, evoked potential and electromyograph
systems, electrocardiographs, defibrillators, and hematology analyzers. The
company markets its products under four major heads, namely, Physiological
Measuring Equipment, Patient Monitors, Treatment Equipment, and Other Medical
Equipment. Physiological Medical Equipment segment of the company offers
electroencephalographs, evoked potential and electromyograph systems,
electrocardiographs, defibrillators, and hematology analyzers. Patient Monitor
Segment of the company includes instruments, which continuously monitor patient's
condition. The company also offers defibrillators, AEDs, pacemakers,
ventilators, artificial ears, cardiac life support pump, warming systems and
other equipment through its treatment equipment segment. Nihon provides other
medical equipment including automated haematology analyzers, emergency
transmitters, hand held emergency monitors, ultrasound diagnostic equipment,
transformers and other equipment. During the fiscal year ended March 2012, the
company generated about 32.6 of its total revenue from Patient Monitors
division, followed by 25.4% from Physiological Medical Equipment division,
16.8% from Treatment Equipment division, and 25.2% from Other Medical Equipment
division. Such broad line of product offerings helps the company reduce the
impact of market volatility in any particular product category and provides
economic stability.
Nihon reported a marginal fall in its efficiency ratios in the fiscal
year ended March 2012. The decline in these ratios assumes significance as
these are used to analyze the uses of assets and liabilities by the company
internally. It reported a Current Asset Turnover ratio of 1.46 times in 2012 as
against 1.5 times in 2011, followed by Working Capital Turnover of 2.32 times
as against 2.48 times, and Capital Employed Turnover of 1.78 times in 2012 as
against 1.82 times in 2011. The decline in its efficiency ratios clearly
suggests that the company did not make effective use of its assets and
liabilities to maximize its bottom line.
Nihon's operations are highly concentrated geographically and lack scale
in other international markets. Even though the company’s operations are
spread across the world, it generates majority of its revenue from the Japanese
market. Its geographical markets are divided into two segments, namely Japan
and International. The International segment operates across the geographies of
Europe, Asia and the Americas. The company’s domestic geographical market,
Japan, contributed 82.6%, 82% and 69.7% of its total revenue in the fiscal
years ended March 2012, 2011 and 2010. Geographical concentration makes the
company vulnerable to potential risks in Japanese economy, its major market.
Moreover, the company should begin tapping other large healthcare markets such
as China and US.
Geographical and business expansion is expected to provide significant
growth opportunities to Nihon. With an aim to expand its operations across
Brazil, in January 2012, the company announced plans to establish a sales
subsidiary, Nihon Kohden Do Brasil Ltda in San Paulo, Brazil. In April 2011,
the company entered into an agreement with Span Diagnostics Ltd. to acquire the
hematology analyzer division of SPAN. Through this acquisition, Nihon
established its sales subsidiary, Nihon Kohden India Private Ltd. This facility
strengthens the company’s operational network in India; and enlarges its
sales and support activities from hematology analyzers and reagents to its core
products such as patient monitors. The new entity was established with an aim
to increase Nihon’s sales in India by five times in the next five years.
These new facilities would offer tailored products to emerging markets and
expand its sales network.
The increasing population of people aged above 65, who consume more
medical solutions than younger population and are more prone to chronic
diseases, has significant market potential for the company. The United Nations Population
Division estimated that the number of people over 60 years of age throughout
the world will triple to nearly 2 billion by 2050. Globally, the population of
older persons is growing at a rate of 2.6% annually. According to the United
Nations Population Division, people aged 60 are projected to account for 22% of
the total world population by 2050, up from 11% in 2009. In developed economies
such as the US, the UK, France, Germany and Japan, the percentage of people
aged 65 and older is in double digits and is expected to continue to grow for
the next seven years. While developed countries have managed to slow down their
overall population growth, the longevity in the elderly population will cause
problems in the future. Such a situation will increase the healthcare costs in
those countries. The pace of population aging is faster in developing countries
than in developed countries. Due to the large volume of population in countries
such as China and India, the number of people growing older is quite high. In
2009, the number of persons aged above 60 had increased three and a half times
to 737 million. There were 12 countries with more than 10 million people each
aged above 60, including China (160 million), India (89 million), the US (56
million), Japan (38 million), the Russian Federation (25 million) and Germany
(21 million). By 2050, 32 countries are expected to have over 10 million people
each aged above 60, including five countries with more than 50 million older
people: China (440 million), India (316 million), the US (111 million),
Indonesia (72 million) and Brazil (64 million). Such elderly population is
expected to exert increasing pressure on the healthcare system.
Growing Cardiovascular Devices Market
The company could benefit from the rapidly growing cardiovascular
devices market. The global cardiovascular devices market was valued at
$35,054.1m in 2009 and is expected to grow more than 5% during 2009-2016 to
reach $49,185.68m by 2016, according to in-house forecasts. External
Defibrillator was the fastest growing category in Asia-Pacific with a growth
rate of 21.8% between 2002 and 2009. The category is forecast to grow 6.5%
between 2009 and 2016. In Europe and North America, Electrophysiology is the
fastest growing category, which is forecast to grow at 10% and 11.7%
respectively between 2009 and 2016. Globally, Interventional Cardiology and
Cardiac Rhythm Management are the two key categories in terms of revenue
potential in 2016. While Interventional Cardiology could be the largest category
in Asia Pacific with $3,424.8m in 2016, Cardiac Rhythm Management is expected
to generate $1,355.8m in 2016. In Europe and North America, Cardiac Rhythm
Management is expected to be the largest category in 2016 with $4,106.2m and
$7,096.6m respectively in revenue. The category is expected to grow at a CAGR
of 5.2% and 1.5% between 2009 and 2016 in Europe and North America
respectively. Interventional Cardiology, the second largest category in Europe
and North America, is expected to generate revenues of $3,124.9m and $5,087.3m
respectively in 2016. In terms of units sold, Interventional Cardiology remains
the largest category globally with a CAGR of 8.2%, 5.6%, and 5.6% from 2009 to
2016 in Asia Pacific, Europe and North America respectively. Volumes sold in
these regions are expected to be in the order of 6,936,902; 8,794,495; and
11,604,348 units respectively.
Approvals and grants from regulatory bodies provide enough opportunities
for the company to improve its market share. In April 2011, Nihon received
regulatory grants for two of its projects, namely, “development of a rapid diagnosis
support system for cancer surgery” and “enhancement of the safety function
of high frequency oscillation (HFO) ventilators”. The Ministry of Economy,
Trade and Industry (METI) designated these projects as supportive of the
collaboration between hospitals and industry for the development of medical
devices and resolution of various issues in medical practice. These projects
were in consonance with the company’s key strategy of developing new
businesses and introducing innovative medical equipment to improve medical
safety and security. Successful completion of these projects could enhance
Nihon’s operational performance and provide it with new avenues to garner
higher revenues.
Industry Consolidation Challenges
The company could be forced to decrease its prices due to industry
consolidation in the healthcare market. Consolidation in the medical device
industry is leading to intense competition in providing goods and services to
patients and individuals. In 2011, a total of 2,672 deals worth $188.37 billion
were accomplished in the medical devices market. Such consolidation poses a
potential threat as the resultant players, larger in size, could use their
influence to negotiate price concessions. This may result in decreasing revenue
for the company.
The medical device industry is subject to significant technological
advances and product innovation and development. The company must continuously
design new products, and update existing products and develop new technologies
to meet its customers’ demands. The launch of new products and technologies
involves a significant commitment to research and development. Upon investing
in these new technologies, the company’s profits may suffer if they are not
accepted in the marketplace as anticipated. Its competitors may develop
innovative technologies and products, which could render its technology and
products under development obsolete or uncompetitive.
The company’s products, research and development activities and
manufacturing processes have to comply with various local, state, federal,
foreign and transnational laws and regulations. In the US, the FDA regulates
the introduction of new medical products, manufacturing and labeling and record
keeping procedures for such products. Obtainment of marketing approval for new
medical devices from the US FDA is time consuming and expensive. Products
marketed outside the US are also subject to government regulations, which vary
from country to country. The company has to comply with different regulations
governing product standards, packaging and labeling requirements, import
restrictions, tariff regulations and tax requirements. Non-compliance by the
company with applicable laws and regulations or failure to maintain, renew or
obtain necessary permits and licenses could have an adverse effect on the
company's results of operations and financial performance.
In Japan, Medical institutions are able to attain business efficiency,
which resulted in intense competition among the suppliers of medical equipment.
The inclination to increase capital investment for functional enhancement of
large-scale hospitals and also private practice startups increases competition.
Competition intensified outside Japan as M&A activities hastened among
large-scale Western companies. Competition increased with the entry of the
newcomers from Asia and other developing regions with their attractive products
in the markets of developed countries. The company might lose its market
position if it fails to be in pace with its competitors.
NIHON KOHDEN CORPORATION
Total Corporate Family Members: 24
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Nakano-Ku |
Japan |
Medical Equipment and Supplies |
1,597.4 |
4,057 |
|
|
Subsidiary |
Kunshan, Jiangsu |
China |
Appliance and Tool |
35.9 |
1,600 |
|
|
Division |
Tokyo |
Japan |
Medical Equipment and Supplies |
|
800 |
|
|
Subsidiary |
Tomioka, Gunma |
Japan |
Medical Equipment and Supplies |
|
500 |
|
|
Shanghai Photo-Electric Medical Electronic
Instrument Co., Ltd. |
Subsidiary |
Shanghai, Shanghai |
China |
Medical Equipment and Supplies |
9.3 |
160 |
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Business Services |
15.2 |
145 |
|
|
Subsidiary |
Rosbach, Hessen |
Germany |
Medical Equipment and Supplies |
59.2 |
100 |
|
|
Subsidiary |
Bergamo, Bergamo |
Italy |
Business Services |
5.6 |
14 |
|
|
Subsidiary |
Cachan |
France |
Medical Equipment and Supplies |
10.6 |
7 |
|
|
Subsidiary |
Chiba |
Japan |
Medical Equipment and Supplies |
|
80 |
|
|
Subsidiary |
Foothill Ranch, CA |
United States |
Healthcare Facilities |
6.8 |
60 |
|
|
Subsidiary |
Shanghai |
China |
Medical Equipment and Supplies |
|
50 |
|
|
Subsidiary |
Madrid |
Spain |
Medical Equipment and Supplies |
4.5 |
12 |
|
|
Subsidiary |
Singapore |
Singapore |
Medical Equipment and Supplies |
|
8 |
|
|
Subsidiary |
Gainesville, FL |
United States |
Medical Equipment and Supplies |
1.3 |
7 |
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Medical Equipment and Supplies |
197.1 |
|
|
|
Subsidiary |
Fukuoka |
Japan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Sendai, Miyagi |
Japan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Hiroshima |
Japan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Aerospace and Defense |
|
|
|
|
Subsidiary |
Shanghai |
China |
Medical Equipment and Supplies |
|
|
|
Executives Report
|
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,597.4 |
1,528.8 |
1,323.1 |
1,151.4 |
1,086.0 |
|
Revenue |
1,597.4 |
1,528.8 |
1,323.1 |
1,151.4 |
1,086.0 |
|
Total Revenue |
1,597.4 |
1,528.8 |
1,323.1 |
1,151.4 |
1,086.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
798.1 |
760.3 |
655.8 |
563.6 |
548.9 |
|
Cost of Revenue, Total |
798.1 |
760.3 |
655.8 |
563.6 |
548.9 |
|
Gross Profit |
799.3 |
768.5 |
667.4 |
587.9 |
537.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
215.6 |
196.5 |
172.6 |
153.0 |
143.8 |
|
Labor & Related Expense |
317.9 |
322.7 |
288.0 |
274.4 |
253.6 |
|
Total Selling/General/Administrative Expenses |
533.5 |
519.2 |
460.6 |
427.4 |
397.4 |
|
Research & Development |
77.4 |
70.7 |
59.6 |
45.1 |
44.1 |
|
Depreciation |
25.9 |
26.2 |
23.5 |
15.1 |
14.9 |
|
Depreciation/Amortization |
25.9 |
26.2 |
23.5 |
15.1 |
14.9 |
|
Impairment-Assets Held for Use |
1.3 |
0.2 |
0.3 |
0.0 |
- |
|
Impairment-Assets Held for Sale |
0.4 |
0.0 |
0.0 |
0.5 |
0.3 |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
3.1 |
2.3 |
-1.1 |
|
Unusual Expense (Income) |
1.7 |
0.2 |
3.4 |
2.8 |
-0.8 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
1,436.6 |
1,376.6 |
1,202.8 |
1,053.9 |
1,004.5 |
|
|
|
|
|
|
|
|
Operating Income |
160.8 |
152.2 |
120.4 |
97.5 |
81.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
-0.6 |
|
Interest Expense, Net Non-Operating |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
-0.6 |
|
Interest Income -
Non-Operating |
0.6 |
0.4 |
0.2 |
0.3 |
0.4 |
|
Investment Income - Non-Operating |
8.7 |
-0.6 |
-2.7 |
1.0 |
-4.1 |
|
Interest/Investment Income - Non-Operating |
9.3 |
-0.2 |
-2.4 |
1.3 |
-3.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
9.0 |
-0.4 |
-2.6 |
1.0 |
-4.3 |
|
Gain (Loss) on Sale of Assets |
0.1 |
0.0 |
0.1 |
-1.4 |
-0.3 |
|
Other Non-Operating Income (Expense) |
5.2 |
2.5 |
2.3 |
1.4 |
-0.3 |
|
Other, Net |
5.2 |
2.5 |
2.3 |
1.4 |
-0.3 |
|
Income Before Tax |
175.1 |
154.3 |
120.2 |
98.4 |
76.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
64.7 |
57.6 |
43.3 |
34.6 |
30.4 |
|
Income After Tax |
110.4 |
96.7 |
76.9 |
63.8 |
46.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
-0.3 |
|
Net Income Before Extraord Items |
110.3 |
96.6 |
76.8 |
63.7 |
45.9 |
|
Net Income |
110.3 |
96.6 |
76.8 |
63.7 |
45.9 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
110.3 |
96.5 |
76.7 |
63.7 |
45.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
110.3 |
96.5 |
76.7 |
63.7 |
45.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Basic EPS Excl Extraord Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Basic/Primary EPS Incl Extraord Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
110.3 |
96.5 |
76.7 |
63.7 |
45.9 |
|
Diluted Weighted Average Shares |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Diluted EPS Excl Extraord Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Diluted EPS Incl Extraord Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.63 |
0.56 |
0.51 |
0.40 |
0.37 |
|
Gross Dividends - Common Stock |
27.5 |
24.5 |
22.5 |
17.5 |
16.2 |
|
Interest Expense, Supplemental |
0.3 |
0.2 |
0.2 |
0.4 |
0.6 |
|
Depreciation, Supplemental |
34.4 |
36.1 |
31.4 |
27.0 |
27.1 |
|
Total Special Items |
2.3 |
0.8 |
3.9 |
4.8 |
-0.7 |
|
Normalized Income Before Tax |
177.3 |
155.1 |
124.0 |
103.2 |
75.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.6 |
0.1 |
1.2 |
1.5 |
-0.2 |
|
Inc Tax Ex Impact of Sp Items |
65.3 |
57.6 |
44.5 |
36.1 |
30.1 |
|
Normalized Income After Tax |
112.1 |
97.5 |
79.6 |
67.1 |
45.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
112.0 |
97.3 |
79.4 |
67.0 |
45.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.55 |
2.21 |
1.81 |
1.52 |
1.03 |
|
Diluted Normalized EPS |
2.55 |
2.21 |
1.81 |
1.52 |
1.03 |
|
Amort of Acquisition Costs, Supplemental |
0.7 |
0.6 |
0.6 |
0.6 |
-0.1 |
|
Research & Development Exp, Supplemental |
77.4 |
70.7 |
59.6 |
47.5 |
46.3 |
|
Reported Operating Profit |
162.5 |
152.3 |
123.7 |
100.3 |
80.7 |
|
Reported Ordinary Profit |
176.7 |
154.4 |
123.3 |
100.5 |
76.0 |
|
Normalized EBIT |
162.5 |
152.4 |
123.7 |
100.3 |
80.7 |
|
Normalized EBITDA |
197.6 |
189.1 |
155.8 |
127.8 |
107.7 |
|
Current Tax - Total |
73.0 |
- |
- |
- |
- |
|
Current Tax - Total |
73.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.3 |
- |
- |
- |
- |
|
Income Tax - Total |
64.7 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
- |
- |
3.1 |
3.0 |
2.7 |
|
Service Cost - Domestic |
- |
- |
10.0 |
9.5 |
8.3 |
|
Prior Service Cost - Domestic |
- |
- |
0.0 |
-2.0 |
0.0 |
|
Expected Return on Assets - Domestic |
- |
- |
-3.1 |
-2.5 |
-2.7 |
|
Actuarial Gains and Losses - Domestic |
- |
- |
1.3 |
11.9 |
3.4 |
|
Domestic Pension Plan Expense |
- |
- |
11.4 |
19.8 |
11.6 |
|
Total Pension Expense |
- |
- |
11.4 |
19.8 |
11.6 |
|
Discount Rate - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
- |
- |
3.1 |
3.0 |
2.7 |
|
Total Plan Service Cost |
- |
- |
10.0 |
9.5 |
8.3 |
|
Total Plan Expected Return |
- |
- |
-3.1 |
-2.5 |
-2.7 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
|
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
124.8 |
113.4 |
112.6 |
94.5 |
88.1 |
|
Short Term Investments |
159.4 |
145.7 |
114.6 |
80.3 |
25.3 |
|
Cash and Short Term Investments |
284.2 |
259.1 |
227.2 |
174.8 |
113.4 |
|
Accounts Receivable -
Trade, Gross |
489.4 |
512.8 |
450.8 |
376.4 |
326.7 |
|
Provision for Doubtful
Accounts |
-3.3 |
-4.4 |
-4.2 |
-2.5 |
-1.8 |
|
Trade Accounts Receivable - Net |
486.0 |
508.4 |
446.6 |
373.9 |
324.9 |
|
Total Receivables, Net |
486.0 |
508.4 |
446.6 |
373.9 |
324.9 |
|
Inventories - Finished Goods |
136.4 |
126.9 |
130.3 |
120.7 |
113.0 |
|
Inventories - Work In Progress |
12.4 |
15.8 |
14.5 |
0.8 |
5.9 |
|
Inventories - Raw Materials |
32.9 |
29.1 |
27.5 |
23.0 |
24.2 |
|
Total Inventory |
181.7 |
171.8 |
172.3 |
144.5 |
143.2 |
|
Deferred Income Tax - Current Asset |
46.1 |
46.6 |
50.4 |
40.4 |
32.2 |
|
Other Current Assets |
13.5 |
18.5 |
12.8 |
12.1 |
8.7 |
|
Other Current Assets, Total |
59.6 |
65.1 |
63.2 |
52.5 |
40.9 |
|
Total Current Assets |
1,011.6 |
1,004.3 |
909.3 |
745.7 |
622.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
94.4 |
103.3 |
106.6 |
100.2 |
104.3 |
|
Goodwill, Net |
23.9 |
9.2 |
9.2 |
8.7 |
8.8 |
|
Intangibles, Net |
44.9 |
33.5 |
39.9 |
37.8 |
21.9 |
|
LT Investments - Other |
36.8 |
31.0 |
28.5 |
29.5 |
29.1 |
|
Long Term Investments |
36.8 |
31.0 |
28.5 |
29.5 |
29.1 |
|
Pension Benefits - Overfunded |
- |
- |
0.0 |
0.3 |
10.1 |
|
Deferred Income Tax - Long Term Asset |
18.0 |
12.1 |
9.3 |
8.0 |
6.3 |
|
Other Long Term Assets |
11.8 |
13.0 |
13.1 |
11.4 |
12.0 |
|
Other Long Term Assets, Total |
29.7 |
25.1 |
22.4 |
19.7 |
28.3 |
|
Total Assets |
1,241.4 |
1,206.5 |
1,115.9 |
941.7 |
814.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
259.6 |
243.6 |
227.7 |
194.8 |
162.3 |
|
Accrued Expenses |
59.7 |
59.6 |
41.7 |
42.0 |
41.0 |
|
Notes Payable/Short Term Debt |
16.9 |
7.5 |
16.1 |
12.1 |
24.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.2 |
0.3 |
0.5 |
0.4 |
0.5 |
|
Income Taxes Payable |
40.9 |
26.6 |
28.1 |
29.0 |
12.0 |
|
Other Payables |
21.3 |
19.6 |
20.5 |
16.9 |
13.7 |
|
Other Current Liabilities |
16.3 |
15.6 |
23.4 |
22.8 |
12.5 |
|
Other Current liabilities, Total |
78.4 |
61.7 |
72.0 |
68.8 |
38.3 |
|
Total Current Liabilities |
414.8 |
372.7 |
358.0 |
318.0 |
266.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Capital Lease Obligations |
0.3 |
0.2 |
0.5 |
0.6 |
0.9 |
|
Total Long Term Debt |
0.3 |
0.3 |
0.6 |
0.7 |
1.1 |
|
Total Debt |
17.4 |
8.0 |
17.2 |
13.2 |
25.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.3 |
0.2 |
0.3 |
0.2 |
2.8 |
|
Deferred Income Tax |
0.3 |
0.2 |
0.3 |
0.2 |
2.8 |
|
Minority Interest |
0.5 |
0.5 |
0.4 |
0.2 |
0.1 |
|
Pension Benefits - Underfunded |
11.9 |
4.9 |
1.4 |
0.0 |
- |
|
Other Long Term Liabilities |
3.6 |
4.1 |
4.1 |
2.6 |
2.5 |
|
Other Liabilities, Total |
15.6 |
9.0 |
5.5 |
2.6 |
2.5 |
|
Total Liabilities |
431.4 |
382.7 |
364.8 |
321.8 |
272.5 |
|
|
|
|
|
|
|
|
Common Stock |
80.2 |
91.6 |
91.0 |
80.7 |
76.4 |
|
Common Stock |
80.2 |
91.6 |
91.0 |
80.7 |
76.4 |
|
Additional Paid-In Capital |
111.5 |
127.3 |
126.5 |
112.2 |
106.2 |
|
Retained Earnings (Accumulated Deficit) |
637.1 |
640.5 |
569.1 |
452.8 |
384.4 |
|
Treasury Stock - Common |
-21.5 |
-24.5 |
-24.4 |
-21.6 |
-20.4 |
|
Unrealized Gain (Loss) |
4.9 |
0.5 |
-0.9 |
1.6 |
0.7 |
|
Translation Adjustment |
-2.1 |
-11.6 |
-10.2 |
-5.8 |
-5.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-2.1 |
-11.6 |
-10.2 |
-5.8 |
-5.0 |
|
Total Equity |
810.0 |
823.8 |
751.2 |
619.9 |
542.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,241.4 |
1,206.5 |
1,116.0 |
941.7 |
814.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Total Common Shares Outstanding |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Treasury Shares - Common Stock Primary Issue |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
|
Employees |
- |
4,057 |
3,776 |
3,588 |
3,552 |
|
Number of Common Shareholders |
- |
6,177 |
7,218 |
7,775 |
8,083 |
|
Total Long Term Debt, Supplemental |
- |
0.1 |
0.1 |
0.2 |
0.2 |
|
Long Term Debt Maturing within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
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 |
0.0 |
0.1 |
0.1 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
0.5 |
1.0 |
0.9 |
1.4 |
|
Capital Lease Payments Due in Year 1 |
- |
0.3 |
0.5 |
0.4 |
0.5 |
|
Capital Lease Payments Due in Year 2 |
- |
0.2 |
0.3 |
0.3 |
0.5 |
|
Capital Lease Payments Due in Year 3 |
- |
0.0 |
0.2 |
0.1 |
0.2 |
|
Capital Lease Payments Due in Year 4 |
- |
- |
0.0 |
0.1 |
0.2 |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.0 |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.2 |
0.4 |
0.5 |
0.7 |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
0.0 |
0.1 |
0.2 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
- |
184.9 |
166.6 |
144.3 |
140.1 |
|
Plan Assets - Domestic |
- |
160.6 |
156.9 |
141.5 |
119.8 |
|
Funded Status - Domestic |
- |
-24.3 |
-9.6 |
-2.8 |
-20.3 |
|
Total Funded Status |
- |
-24.3 |
-9.6 |
-2.8 |
-20.3 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
- |
- |
0.0 |
0.3 |
10.1 |
|
Accrued Liabilities - Domestic |
- |
-4.9 |
-1.4 |
0.0 |
0.0 |
|
Other Assets, Net - Domestic |
- |
19.4 |
8.2 |
3.1 |
30.4 |
|
Net Assets Recognized on Balance Sheet |
- |
14.5 |
6.8 |
3.5 |
40.5 |
|
Total Plan Obligations |
- |
184.9 |
166.6 |
144.3 |
140.1 |
|
Total Plan Assets |
- |
160.6 |
156.9 |
141.5 |
119.8 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
175.1 |
154.3 |
120.1 |
98.4 |
76.6 |
|
Depreciation |
34.4 |
36.1 |
31.4 |
27.0 |
27.1 |
|
Depreciation/Depletion |
34.4 |
36.1 |
31.4 |
27.0 |
27.1 |
|
Amortization of Acquisition Costs |
0.7 |
0.6 |
0.6 |
0.6 |
-0.1 |
|
Amortization |
0.7 |
0.6 |
0.6 |
0.6 |
-0.1 |
|
Unusual Items |
1.8 |
0.3 |
0.2 |
0.3 |
1.0 |
|
Equity in Net Earnings (Loss) |
- |
- |
0.0 |
0.1 |
0.4 |
|
Other Non-Cash Items |
2.1 |
0.5 |
4.5 |
1.7 |
-1.2 |
|
Non-Cash Items |
3.9 |
0.8 |
4.7 |
2.1 |
0.2 |
|
Accounts Receivable |
-39.4 |
-64.6 |
-29.1 |
-28.8 |
-12.8 |
|
Inventories |
-34.4 |
1.7 |
-9.1 |
6.8 |
3.9 |
|
Prepaid Expenses |
- |
0.0 |
0.4 |
10.4 |
1.9 |
|
Accounts Payable |
50.5 |
15.2 |
7.8 |
23.4 |
-20.1 |
|
Accrued Expenses |
4.4 |
12.7 |
-6.2 |
-2.4 |
1.4 |
|
Taxes Payable |
0.9 |
1.5 |
-1.8 |
1.9 |
-0.5 |
|
Other Operating Cash Flow |
-37.1 |
-62.5 |
-50.1 |
-24.4 |
-36.5 |
|
Changes in Working Capital |
-55.1 |
-96.1 |
-88.1 |
-13.2 |
-62.8 |
|
Cash from Operating Activities |
158.9 |
95.7 |
68.7 |
114.9 |
41.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-25.7 |
-23.9 |
-16.1 |
-12.8 |
-35.1 |
|
Purchase/Acquisition of Intangibles |
-6.5 |
-5.4 |
-6.4 |
-21.4 |
-12.0 |
|
Capital Expenditures |
-32.2 |
-29.3 |
-22.5 |
-34.2 |
-47.1 |
|
Acquisition of Business |
-48.0 |
- |
- |
0.0 |
-4.8 |
|
Sale of Fixed Assets |
0.2 |
0.0 |
0.9 |
0.1 |
0.6 |
|
Sale/Maturity of Investment |
1.6 |
0.5 |
0.4 |
4.3 |
0.0 |
|
Purchase of Investments |
-5.4 |
-0.5 |
-0.4 |
-0.5 |
-8.2 |
|
Other Investing Cash Flow |
-0.1 |
-0.3 |
-0.2 |
0.0 |
0.1 |
|
Other Investing Cash Flow Items, Total |
-51.7 |
-0.3 |
0.7 |
3.9 |
-12.3 |
|
Cash from Investing Activities |
-83.9 |
-29.6 |
-21.9 |
-30.2 |
-59.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
- |
- |
0.0 |
-0.3 |
|
Financing Cash Flow Items |
-0.1 |
- |
- |
0.0 |
-0.3 |
|
Cash Dividends Paid - Common |
-23.8 |
-25.6 |
-20.1 |
-16.9 |
-16.6 |
|
Total Cash Dividends Paid |
-23.8 |
-25.6 |
-20.1 |
-16.9 |
-16.6 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
10.1 |
-8.3 |
2.7 |
-13.0 |
11.7 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
0.0 |
|
Long Term Debt
Reduction |
-0.4 |
-0.6 |
-0.5 |
-0.7 |
-0.7 |
|
Long Term Debt, Net |
-0.4 |
-0.6 |
-0.5 |
-0.7 |
-0.7 |
|
Issuance (Retirement) of Debt, Net |
9.8 |
-8.9 |
2.2 |
-13.7 |
11.0 |
|
Cash from Financing Activities |
-14.1 |
-34.5 |
-17.9 |
-30.6 |
-6.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.9 |
0.0 |
0.0 |
1.2 |
-1.5 |
|
Net Change in Cash |
64.8 |
31.6 |
28.9 |
55.2 |
-25.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
256.8 |
238.2 |
190.6 |
120.5 |
137.3 |
|
Net Cash - Ending Balance |
321.6 |
269.8 |
219.5 |
175.7 |
111.4 |
|
Cash Interest Paid |
0.2 |
0.2 |
0.4 |
0.1 |
0.7 |
|
Cash Taxes Paid |
52.6 |
59.2 |
51.3 |
30.2 |
38.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,597.4 |
1,528.8 |
1,323.1 |
1,151.4 |
1,086.0 |
|
Total Revenue |
1,597.4 |
1,528.8 |
1,323.1 |
1,151.4 |
1,086.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
798.1 |
760.3 |
655.8 |
563.6 |
548.9 |
|
Other SGA |
0.0 |
- |
- |
- |
- |
|
Payrolls |
224.6 |
237.4 |
223.9 |
205.3 |
192.4 |
|
Provision for Bonuses |
30.3 |
28.3 |
15.0 |
17.5 |
19.7 |
|
Periodic retirement benefit costs |
25.9 |
21.3 |
10.6 |
19.1 |
11.2 |
|
Depreciation |
25.9 |
26.2 |
23.5 |
15.1 |
14.9 |
|
Legal Welfare Expenses |
37.0 |
35.7 |
38.5 |
32.5 |
30.3 |
|
Traveling Expense |
30.2 |
28.1 |
24.8 |
21.6 |
22.4 |
|
R&D Expenses |
77.4 |
70.7 |
59.6 |
45.1 |
44.1 |
|
Business tax |
- |
- |
- |
- |
1.6 |
|
Other SGA |
185.4 |
168.4 |
147.7 |
131.5 |
119.8 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
SP Rev. for doubt. accou |
- |
0.0 |
-0.4 |
-1.2 |
-1.2 |
|
Impairment loss |
0.7 |
- |
- |
- |
- |
|
SP Loss on retirement of non-current ass |
0.5 |
0.2 |
0.3 |
0.0 |
- |
|
SP Loss on valu. of invest secus |
0.4 |
0.0 |
0.0 |
0.5 |
0.3 |
|
SP Adj. L Accnt. Assts. Retirel Obliga. |
- |
0.0 |
0.1 |
0.0 |
- |
|
SP Fix of Products |
- |
0.0 |
2.8 |
0.0 |
- |
|
SP Prov. for product warranties for pri |
- |
- |
0.0 |
3.4 |
0.0 |
|
SP Loss on disaster |
- |
0.0 |
0.5 |
0.0 |
- |
|
SP Other Loss |
- |
- |
- |
0.0 |
0.0 |
|
Total Operating Expense |
1,436.6 |
1,376.6 |
1,202.8 |
1,053.9 |
1,004.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Gains |
7.6 |
- |
- |
- |
- |
|
SP G on sales of inve. secus |
0.0 |
0.0 |
0.1 |
2.1 |
0.0 |
|
SP G on sale of PPE |
0.1 |
0.0 |
0.1 |
0.0 |
- |
|
SP L on sale of PPE |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
SP L on sales and retire. of ppe |
- |
- |
0.0 |
-1.4 |
-0.3 |
|
SP Loss Sale Inv. Secs. |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
NOP Interest Income |
0.6 |
0.4 |
0.2 |
0.3 |
0.4 |
|
NOP Dividend Income |
1.1 |
1.0 |
0.9 |
0.8 |
0.9 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Subsidy income |
1.1 |
- |
- |
- |
- |
|
NOP Subsidy income |
- |
1.2 |
0.0 |
- |
- |
|
NOP Other Income |
5.8 |
3.3 |
4.2 |
3.3 |
2.7 |
|
NOP Interest Expenses |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
-0.6 |
|
NOP L on sale/retire. fixed assets |
- |
- |
- |
- |
0.0 |
|
NOP Equity Loss |
- |
- |
0.0 |
-0.1 |
-0.4 |
|
NOP Exchange Loss |
0.0 |
-1.7 |
-3.6 |
-1.9 |
-4.6 |
|
NOP Contribution |
- |
0.0 |
-0.7 |
0.0 |
- |
|
NOP Other Expense |
-1.7 |
-1.9 |
-1.2 |
-1.9 |
-3.0 |
|
Net Income Before Taxes |
175.1 |
154.3 |
120.2 |
98.4 |
76.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
64.7 |
57.6 |
43.3 |
34.6 |
30.4 |
|
Net Income After Taxes |
110.4 |
96.7 |
76.9 |
63.8 |
46.2 |
|
|
|
|
|
|
|
|
Minority Int. |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
-0.3 |
|
Net Income Before Extra. Items |
110.3 |
96.6 |
76.8 |
63.7 |
45.9 |
|
Net Income |
110.3 |
96.6 |
76.8 |
63.7 |
45.9 |
|
|
|
|
|
|
|
|
BI- Net Income Inc. after Tax adjust. |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
110.3 |
96.5 |
76.7 |
63.7 |
45.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
110.3 |
96.5 |
76.7 |
63.7 |
45.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Basic EPS Including ExtraOrdinary Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
110.3 |
96.5 |
76.7 |
63.7 |
45.9 |
|
Diluted Weighted Average Shares |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Diluted EPS Excluding ExtraOrd Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
Diluted EPS Including ExtraOrd Items |
2.51 |
2.20 |
1.75 |
1.45 |
1.04 |
|
DPS-Common Stock |
0.63 |
0.56 |
0.51 |
0.40 |
0.37 |
|
Gross Dividends - Common Stock |
27.5 |
24.5 |
22.5 |
17.5 |
16.2 |
|
Normalized Income Before Taxes |
177.3 |
155.1 |
124.0 |
103.2 |
75.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
65.3 |
57.6 |
44.5 |
36.1 |
30.1 |
|
Normalized Income After Taxes |
112.1 |
97.5 |
79.6 |
67.1 |
45.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
112.0 |
97.3 |
79.4 |
67.0 |
45.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.55 |
2.21 |
1.81 |
1.52 |
1.03 |
|
Diluted Normalized EPS |
2.55 |
2.21 |
1.81 |
1.52 |
1.03 |
|
Interest Expense |
0.3 |
0.2 |
0.2 |
0.4 |
0.6 |
|
BC - Depreciation of Goodwill |
0.7 |
- |
- |
- |
- |
|
Amort. of Goodwill |
- |
0.6 |
0.6 |
0.6 |
0.2 |
|
Amort. of Negative Goodwill |
- |
- |
- |
0.0 |
-0.4 |
|
Depreciation |
34.4 |
36.1 |
31.4 |
27.0 |
27.1 |
|
R&D Expenses (SGA) |
77.4 |
70.7 |
59.6 |
45.1 |
44.1 |
|
R&D Expenses (COGS) |
- |
- |
0.0 |
2.4 |
2.2 |
|
Current Tax - Total |
73.0 |
- |
- |
- |
- |
|
Current Tax - Total |
73.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.3 |
- |
- |
- |
- |
|
Income Tax - Total |
64.7 |
- |
- |
- |
- |
|
Reported Operating Profit |
162.5 |
152.3 |
123.7 |
100.3 |
80.7 |
|
Reported Ordinary Profit |
176.7 |
154.4 |
123.3 |
100.5 |
76.0 |
|
Service Cost |
- |
- |
10.0 |
9.5 |
8.3 |
|
Interest Cost |
- |
- |
3.1 |
3.0 |
2.7 |
|
Expected Return on Plan Assets |
- |
- |
-3.1 |
-2.5 |
-2.7 |
|
Prior Service Cost |
- |
- |
0.0 |
-2.0 |
0.0 |
|
Actuarial Gains and Losses |
- |
- |
1.3 |
11.9 |
3.4 |
|
Domestic Pension Plan Expense |
- |
- |
11.4 |
19.8 |
11.6 |
|
Total Pension Expense |
- |
- |
11.4 |
19.8 |
11.6 |
|
Discount Rate |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
- |
2.00% |
2.00% |
2.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
|
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
124.8 |
113.4 |
112.6 |
94.5 |
88.1 |
|
Note Acct. Rcvbl |
489.4 |
512.8 |
450.8 |
376.4 |
326.7 |
|
Mrktbl. Secs. |
159.4 |
145.7 |
114.6 |
80.3 |
25.3 |
|
Inventories - merchandise & finished goo |
136.4 |
126.9 |
130.3 |
120.7 |
113.0 |
|
Inventories - work-in-process |
12.4 |
15.8 |
14.5 |
0.8 |
5.9 |
|
Inventories - raw materials & supplies |
32.9 |
29.1 |
27.5 |
23.0 |
24.2 |
|
Dfrd. Tax Asset |
46.1 |
46.6 |
50.4 |
40.4 |
32.2 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Cur. Asset |
13.4 |
18.5 |
12.8 |
12.1 |
8.7 |
|
Doubtful Acct. |
-3.3 |
-4.4 |
-4.2 |
-2.5 |
-1.8 |
|
Total Current Assets |
1,011.6 |
1,004.3 |
909.3 |
745.7 |
622.3 |
|
|
|
|
|
|
|
|
other PPE net |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
31.8 |
37.8 |
39.9 |
37.1 |
37.8 |
|
Machinery, equipment and vehicles, net |
6.7 |
6.3 |
8.1 |
8.4 |
10.3 |
|
Tools, furniture and fixtures, net |
24.0 |
24.8 |
21.8 |
21.6 |
25.7 |
|
Land |
27.3 |
31.9 |
31.7 |
28.7 |
27.1 |
|
Lease assets, net |
0.6 |
0.6 |
1.1 |
1.0 |
1.4 |
|
Constr. in Prog. |
3.9 |
2.0 |
4.1 |
3.4 |
2.0 |
|
Goodwill |
23.9 |
9.2 |
9.2 |
8.7 |
8.8 |
|
Other Intangible Asset |
44.9 |
33.5 |
39.9 |
37.8 |
21.9 |
|
Investment Secs. |
36.8 |
31.0 |
28.5 |
29.5 |
29.1 |
|
Deferred tax assets |
18.0 |
12.1 |
9.3 |
8.0 |
6.3 |
|
Prepaid pension benefits |
- |
- |
0.0 |
0.3 |
10.1 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other |
12.3 |
13.7 |
13.7 |
11.9 |
14.4 |
|
Doubtful Acct. |
-0.5 |
-0.7 |
-0.6 |
-0.6 |
-2.4 |
|
Total Assets |
1,241.4 |
1,206.5 |
1,115.9 |
941.7 |
814.7 |
|
|
|
|
|
|
|
|
Note Acct. Pybl. |
259.6 |
243.6 |
227.7 |
194.8 |
162.3 |
|
Short-term loans payable |
16.9 |
7.5 |
16.1 |
12.1 |
24.0 |
|
Current LT Debt |
- |
- |
0.0 |
- |
0.0 |
|
Accounts payable-other |
21.3 |
19.6 |
20.5 |
16.9 |
13.7 |
|
Current lease obligations |
0.2 |
0.3 |
0.5 |
0.4 |
0.5 |
|
Tax Payable |
40.9 |
26.6 |
28.1 |
29.0 |
12.0 |
|
Accrd. Expenses |
29.7 |
29.8 |
24.1 |
20.7 |
18.6 |
|
Allow. Bonuses |
30.0 |
29.9 |
17.6 |
21.3 |
22.4 |
|
Rounding adjustment Liability |
0.1 |
- |
- |
- |
- |
|
Reserve for products warranties |
4.7 |
5.2 |
7.5 |
4.3 |
0.0 |
|
Others |
11.5 |
10.4 |
15.9 |
18.5 |
12.5 |
|
Total Current Liabilities |
414.8 |
372.7 |
358.0 |
318.0 |
266.0 |
|
|
|
|
|
|
|
|
LT Borrowings |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Lease obligations |
0.3 |
0.2 |
0.5 |
0.6 |
0.9 |
|
Total Long Term Debt |
0.3 |
0.3 |
0.6 |
0.7 |
1.1 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
LT accounts payable |
1.8 |
2.3 |
2.3 |
2.1 |
2.0 |
|
Dfrd. Tax Liab. |
0.3 |
0.2 |
0.3 |
0.2 |
2.8 |
|
Reserve for retirement benefits |
11.9 |
4.9 |
1.4 |
0.0 |
- |
|
Other |
1.8 |
1.7 |
1.7 |
0.6 |
0.4 |
|
Minority Int. |
0.5 |
0.5 |
0.4 |
0.2 |
0.1 |
|
Total Liabilities |
431.4 |
382.7 |
364.8 |
321.8 |
272.5 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
80.2 |
91.6 |
91.0 |
80.7 |
76.4 |
|
Paid in Capital |
111.5 |
127.3 |
126.5 |
112.2 |
106.2 |
|
Retained Earning |
637.1 |
640.5 |
569.1 |
452.8 |
384.4 |
|
Treas. Stock |
-21.5 |
-24.5 |
-24.4 |
-21.6 |
-20.4 |
|
Unreal. Gain Sec |
4.9 |
0.5 |
-0.9 |
1.6 |
0.7 |
|
Trans. Adjust. |
-2.1 |
-11.6 |
-10.2 |
-5.8 |
-5.0 |
|
Total Equity |
810.0 |
823.8 |
751.2 |
619.9 |
542.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,241.4 |
1,206.5 |
1,116.0 |
941.7 |
814.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
Total Common Shares Outstanding |
43.9 |
43.9 |
43.9 |
43.9 |
43.9 |
|
T/S-Common Stock |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
|
Full-Time Employees |
- |
4,057 |
3,776 |
3,588 |
3,552 |
|
Number of Common Shareholders |
- |
6,177 |
7,218 |
7,775 |
8,083 |
|
LT Debts Maturing within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Debt, mat. b/w 1 & 2 yr. |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Debt, mat. b/w 2 & 3 yr. |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Debt, mat. b/w 3 & 4 yr. |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Debt, mat. b/w 4 & 5 yr. |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Other LT Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
0.1 |
0.1 |
0.2 |
0.2 |
|
Lease payment due within year 1 |
- |
0.3 |
0.5 |
0.4 |
0.5 |
|
Lease payment due within year 2 |
- |
0.2 |
0.3 |
0.3 |
0.5 |
|
Lease payment due within year 3 |
- |
0.0 |
0.2 |
0.1 |
0.2 |
|
Lease payment due within year 4 |
- |
- |
0.0 |
0.1 |
0.2 |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.0 |
0.0 |
- |
|
Lease payment remaining maturity |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
0.5 |
1.0 |
0.9 |
1.4 |
|
Pension Obligation |
- |
184.9 |
166.6 |
144.3 |
140.1 |
|
Fair Value of Plan Assets |
- |
160.6 |
156.9 |
141.5 |
119.8 |
|
Funded Status |
- |
-24.3 |
-9.6 |
-2.8 |
-20.3 |
|
Total Funded Status |
- |
-24.3 |
-9.6 |
-2.8 |
-20.3 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Unrecognized Actuarial Gains and Losses |
- |
19.4 |
8.2 |
3.1 |
30.4 |
|
Prepaid Pension Benefits |
- |
- |
0.0 |
0.3 |
10.1 |
|
Reserve for Accrued Retirement Benefits |
- |
-4.9 |
-1.4 |
0.0 |
0.0 |
|
Net Assets Recognized on Balance Sheet |
- |
14.5 |
6.8 |
3.5 |
40.5 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
175.1 |
154.3 |
120.1 |
98.4 |
76.6 |
|
Depreciation |
34.4 |
36.1 |
31.4 |
27.0 |
27.1 |
|
Amot. of Goodwill |
0.7 |
0.6 |
0.6 |
0.6 |
0.2 |
|
Amort of negative goodwill |
- |
- |
- |
0.0 |
-0.4 |
|
L on sale/retire. of PPE |
0.5 |
0.2 |
0.1 |
0.3 |
0.3 |
|
Impairment loss |
0.7 |
- |
- |
- |
- |
|
Loss (gain) on sales and retirement of i |
0.0 |
0.0 |
0.0 |
1.0 |
0.0 |
|
Increase (decrease) in allowance for dou |
-0.8 |
0.3 |
1.4 |
-1.5 |
-0.8 |
|
Increase (decrease) in provision for pro |
-0.3 |
-2.5 |
2.6 |
4.3 |
0.0 |
|
Bonuses Allowance |
4.4 |
12.7 |
-6.2 |
-2.4 |
1.4 |
|
Reserve for Directors' Bonuses |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in provision for ret |
8.6 |
3.7 |
1.4 |
0.0 |
- |
|
Prepaid Pension Expense |
- |
0.0 |
0.4 |
10.4 |
1.9 |
|
Dir.'s Benefit Allow |
- |
- |
- |
- |
0.0 |
|
Int. & Div. Income |
-1.6 |
-1.5 |
-1.2 |
-1.2 |
-1.3 |
|
Interest Expenses |
0.3 |
0.2 |
0.2 |
0.4 |
0.6 |
|
Exchange Gain/loss |
-4.1 |
0.2 |
0.1 |
-0.3 |
0.3 |
|
Loss (gain) on valuation of investment s |
0.6 |
0.2 |
0.1 |
1.0 |
0.7 |
|
Loss (gain) on sales of investment secur |
0.0 |
0.0 |
0.0 |
-2.1 |
0.0 |
|
Acct. Rcvbl. |
-39.4 |
-64.6 |
-29.1 |
-28.8 |
-12.8 |
|
Inventories |
-34.4 |
1.7 |
-9.1 |
6.8 |
3.9 |
|
Acct. Payable |
50.5 |
15.2 |
7.8 |
23.4 |
-20.1 |
|
Increase (decrease) in accrued consumpti |
0.9 |
1.5 |
-1.8 |
1.9 |
-0.5 |
|
Equity Losses |
- |
- |
0.0 |
0.1 |
0.4 |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Others |
14.1 |
-4.5 |
0.4 |
4.7 |
0.9 |
|
Int. & Div. Rcv'd |
1.6 |
1.5 |
1.2 |
1.2 |
1.3 |
|
Interest Paid |
-0.2 |
-0.2 |
-0.4 |
-0.1 |
-0.7 |
|
Tax Paid |
-52.6 |
-59.2 |
-51.3 |
-30.2 |
-38.1 |
|
Cash from Operating Activities |
158.9 |
95.7 |
68.7 |
114.9 |
41.0 |
|
|
|
|
|
|
|
|
Inv. Secs. Sold |
1.6 |
0.5 |
0.4 |
4.3 |
0.0 |
|
Inv. Sec. Bought |
-5.4 |
-0.5 |
-0.4 |
-0.5 |
-0.5 |
|
PPE Sold |
0.2 |
0.0 |
0.9 |
0.1 |
0.6 |
|
Capital Expenditure |
-25.7 |
-23.9 |
-16.1 |
-12.8 |
-35.1 |
|
Intangible Bought |
-6.5 |
-5.4 |
-6.4 |
-21.4 |
-12.0 |
|
Purchase Of Investments In Subsidiaries |
-48.0 |
- |
- |
- |
- |
|
Purchase of subs.' securities, income |
- |
- |
- |
0.0 |
0.2 |
|
Purchase of Newly consolid. Subs' Secs |
- |
- |
- |
0.0 |
-5.0 |
|
Purchase of subs. |
- |
- |
- |
0.0 |
-7.7 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Others |
-0.1 |
-0.3 |
-0.2 |
0.0 |
0.1 |
|
Cash from Investing Activities |
-83.9 |
-29.6 |
-21.9 |
-30.2 |
-59.4 |
|
|
|
|
|
|
|
|
ST Debt Net |
10.1 |
-8.3 |
2.7 |
-13.0 |
11.7 |
|
Proc. LT Debt |
- |
- |
- |
0.0 |
0.0 |
|
LT Debt Repaid |
-0.1 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Dividend Paid |
-23.8 |
-25.6 |
-20.1 |
-16.9 |
-16.6 |
|
Net decrease (increase) in treasury stoc |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Cash Dividends Paid To Minority Sharehol |
-0.1 |
- |
- |
- |
- |
|
Dividends paid to minority shareholders |
- |
- |
- |
0.0 |
-0.3 |
|
Repayment of lease |
-0.3 |
-0.5 |
-0.5 |
-0.6 |
-0.6 |
|
Others |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
-14.1 |
-34.5 |
-17.9 |
-30.6 |
-6.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.9 |
0.0 |
0.0 |
1.2 |
-1.5 |
|
Net Change in Cash |
64.8 |
31.6 |
28.9 |
55.2 |
-25.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
256.8 |
238.2 |
190.6 |
120.5 |
137.3 |
|
Net Cash - Ending Balance |
321.6 |
269.8 |
219.5 |
175.7 |
111.4 |
|
Cash Interest Paid |
0.2 |
0.2 |
0.4 |
0.1 |
0.7 |
|
Cash Taxes Paid |
52.6 |
59.2 |
51.3 |
30.2 |
38.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SCs credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.