|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
OKAYA & CO., LTD. |
|
|
|
|
Registered Office : |
2-4-18, Sakae, Naka-ku Nagoya-Shi, 460-8666 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
28.02.2013 |
|
|
|
|
Date of Incorporation : |
25.04.1937 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of basic iron and steel and of ferro-alloys |
|
|
|
|
No. of Employees : |
4,663 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit: |
USD 56.05 millions |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
-- |
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
OKAYA & CO.,
LTD.
|
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Business
Description
|
OKAYA&CO., LTD. mainly offers steel products. The Company operates
in four business segments. The Steel segment provides iron scraps, steel
bars, steel piles, wide flange beams, steel plates, steel pipes and carbon
steels for machinery structure. The Information and Electric segment provides
rare earths, electronic parts, raw materials for aluminum, general-purpose
electrical products, video equipment, semiconductors and electronic-related
products, as well as develops and sells software. The Industrial Materials
segment offers machine tools, industrial tools and robots, automobile parts,
synthetic resin materials, resin molding products, environment and recycling
treatment facilities, as well as semiconductors and electronics related
facilities and equipment. The Living Industry segment is involved in the
manufacture and sale of piping, housing materials and housing equipment, the
development of real estate, the marine product, animal product and warehouse
businesses. For the fiscal year ended 28 February 2013, OKAYA & CO., LTD.
revenues increased 2% to Y692.1B. Net income applicable to common
stockholders increased 3% to Y8.73B. Revenues reflect an increase in demand
for the Company's products and services due to favorable market conditions.
Net income benefited from NOP Gain-Equity Method increase of 63% to Y940M
(income), SP L on adj. for changes of acc. asset decrease from Y288M
(expense) to Y0K. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
2710 - Manufacture of basic iron and steel and of
ferro-alloys |
|
NAICS 2002: |
|
|
UK SIC 2003: |
2710 - Manufacture of basic iron and steel and of ferro-alloys
|
|
UK SIC 2007: |
2410 - Manufacture of basic iron and steel and of
ferro-alloys |
|
US SIC 1987: |
3312 - Steel Works, Blast Furnaces (Including Coke
Ovens), and Rolling Mills |
|
|
|
Key Executives
|
Significant
Developments
|
Financial
Summary
|
Stock Snapshot
|
1 - Profit & Loss
Item Exchange Rate: USD 1 = JPY 81.91991
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 91.89503
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|
OKAYA & CO.,
LTD. 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
|
|
Sales and Distribution |
|
|
, Okaya (Canada) Co., Ltd And Okaya (Usa), Inc. For the fiscal year
ended February 2012, the company generated sales of JPY680040m, as compared to
JPY 644180m in 2011. Recently, the company disclosed its plans to establish a
subsidiary trading company in the city of Sao Paulo, Brazil.GlobalData uses a
range of research techniques to gather and verify its information and
analysis. These include primary research, in-house knowledge and expertise,
proprietary databases, and secondary sources such as company websites, annual
reports, SEC filings and press releases. Disclaimer: No part of this
publication may be reproduced, stored in a retrieval system or transmitted in
any form by any means, electronic, mechanical, photocopying, recording or
otherwise, without the prior permission of the publisher, GlobalData. |
|
OKAYA & CO., LTD.
Total Corporate Family Members: 69
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Nagoya-Shi |
Japan |
Iron and Steel |
8,448.4 |
4,663 |
|
|
Subsidiary |
Ibaraki |
Japan |
Construction - Supplies and Fixtures |
|
300 |
|
|
Subsidiary |
Kita-Ku |
Japan |
Miscellaneous Capital Goods |
439.1 |
294 |
|
|
Subsidiary |
Yatomi, Aichi |
Japan |
Miscellaneous Capital Goods |
|
112 |
|
|
Subsidiary |
Düsseldorf, Nordrhein-Westfalen |
Germany |
Business Services |
27.2 |
100 |
|
|
Subsidiary |
Yokohama, Kohoku-ku |
Japan |
Electronic Instruments and Controls |
|
100 |
|
|
Subsidiary |
Toyama |
Japan |
Auto and Truck Parts |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
75 |
|
|
Subsidiary |
Arlington Heights, IL |
United States |
Miscellaneous Capital Goods |
|
60 |
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Construction - Supplies and Fixtures |
7.8 |
50 |
|
|
Subsidiary |
Guangzhou |
China |
Business Services |
|
50 |
|
|
Subsidiary |
Aichi |
Japan |
Miscellaneous Capital Goods |
|
45 |
|
|
Subsidiary |
Nagoya |
Japan |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Florence, KY |
United States |
Miscellaneous Fabricated Products |
23.9 |
35 |
|
|
Subsidiary |
Nagoya |
Japan |
Business Services |
|
30 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
78.7 |
23 |
|
|
Subsidiary |
Central |
Hong Kong |
Business Services |
|
22 |
|
|
Subsidiary |
Tianjin |
China |
Business Services |
|
21 |
|
|
Subsidiary |
Hokkaido |
Japan |
Miscellaneous Capital Goods |
3.4 |
20 |
|
|
Subsidiary |
Nagoya, Nakamura-ku |
Japan |
Business Services |
|
15 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
15 |
|
|
Subsidiary |
Nagoya, Naka-ku |
Japan |
Construction Services |
|
15 |
|
|
Subsidiary |
Taipei |
Taiwan |
Business Services |
|
15 |
|
|
Subsidiary |
Beijing |
China |
Business Services |
|
10 |
|
|
Subsidiary |
Hokkaido |
Japan |
Business Services |
|
10 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Business Services |
|
8 |
|
|
Subsidiary |
New Delhi |
India |
Business Services |
|
7 |
|
|
Subsidiary |
Ho Chi Minh City |
Viet Nam |
Miscellaneous Capital Goods |
|
6 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Business Services |
|
4 |
|
|
Subsidiary |
Cambridge, ON |
Canada |
Auto and Truck Manufacturers |
|
4 |
|
|
Subsidiary |
Nagoya, Sakae Naka-ku |
Japan |
Real Estate Operations |
|
3 |
|
|
Subsidiary |
Phra Pradaeng, Samutprakarn |
Thailand |
Auto and Truck Parts |
31.7 |
|
|
|
Subsidiary |
Tanauan, Batangas |
Philippines |
Miscellaneous Capital Goods |
|
92 |
|
|
Facility |
Pluak Daeng, Rayong |
Thailand |
Miscellaneous Capital Goods |
|
|
|
|
Facility |
Phra Pradaeng, Samutprakarn |
Thailand |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Shanghai |
China |
Business Services |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Retail (Specialty) |
1.6 |
19 |
|
|
Subsidiary |
Bangkok |
Thailand |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Bangna, Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Kasukabe, Saitama |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Yokohama |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Sendai |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
Nagoya, Minato-ku |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Shizuoka |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Niigata |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Nagoya, Naka-ku |
Japan |
Office Equipment |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
Fukuoka, Tenjin Chuo-ku |
Japan |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Hokkaido |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Nagoya, Miyoshi-cho |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Scientific and Technical Instruments |
|
|
|
|
Subsidiary |
Toyokawa |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Lysomice |
Poland |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Pluak Daeng, Rayong |
Thailand |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Charlotte, NC |
United States |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Electronic Instruments and Controls |
|
|
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
28-Feb-2013 |
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-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) |
81.919916 |
78.900376 |
86.457213 |
93.524123 |
100.786079 |
|
Auditor |
|
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
8,448.4 |
8,619.0 |
7,450.9 |
5,980.1 |
8,647.4 |
|
Revenue |
8,448.4 |
8,619.0 |
7,450.9 |
5,980.1 |
8,647.4 |
|
Total Revenue |
8,448.4 |
8,619.0 |
7,450.9 |
5,980.1 |
8,647.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
7,891.3 |
8,069.7 |
6,961.1 |
5,597.3 |
8,176.4 |
|
Cost of Revenue, Total |
7,891.3 |
8,069.7 |
6,961.1 |
5,597.3 |
8,176.4 |
|
Gross Profit |
557.2 |
549.3 |
489.7 |
382.9 |
471.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
417.9 |
170.4 |
157.6 |
150.6 |
177.9 |
|
Labor & Related Expense |
- |
231.6 |
209.7 |
190.5 |
180.0 |
|
Total Selling/General/Administrative Expenses |
417.9 |
401.9 |
367.4 |
341.1 |
358.0 |
|
Depreciation |
- |
26.4 |
24.8 |
23.4 |
20.7 |
|
Depreciation/Amortization |
- |
26.4 |
24.8 |
23.4 |
20.7 |
|
Impairment-Assets Held for Use |
1.7 |
4.2 |
2.8 |
0.4 |
1.5 |
|
Impairment-Assets Held for Sale |
1.0 |
6.0 |
4.0 |
2.3 |
9.9 |
|
Other Unusual Expense (Income) |
0.0 |
-23.8 |
0.2 |
-0.8 |
2.5 |
|
Unusual Expense (Income) |
2.7 |
-13.6 |
7.0 |
1.9 |
14.0 |
|
Total Operating Expense |
8,311.9 |
8,484.4 |
7,360.3 |
5,963.6 |
8,569.1 |
|
|
|
|
|
|
|
|
Operating Income |
136.5 |
134.5 |
90.5 |
16.5 |
78.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-21.8 |
-23.5 |
-21.3 |
-22.0 |
-28.9 |
|
Interest Expense, Net Non-Operating |
-21.8 |
-23.5 |
-21.3 |
-22.0 |
-28.9 |
|
Interest Income - Non-Operating |
16.1 |
16.9 |
13.6 |
9.1 |
16.2 |
|
Investment Income -
Non-Operating |
27.3 |
24.2 |
21.6 |
15.8 |
32.7 |
|
Interest/Investment Income - Non-Operating |
43.4 |
41.1 |
35.3 |
24.9 |
48.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
21.6 |
17.6 |
14.0 |
2.9 |
20.0 |
|
Gain (Loss) on Sale of Assets |
-0.4 |
-0.9 |
-1.8 |
-1.8 |
-3.7 |
|
Other Non-Operating Income (Expense) |
3.2 |
4.8 |
7.6 |
5.5 |
2.0 |
|
Other, Net |
3.2 |
4.8 |
7.6 |
5.5 |
2.0 |
|
Income Before Tax |
160.9 |
156.0 |
110.3 |
23.1 |
96.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
49.0 |
44.8 |
21.5 |
15.9 |
50.1 |
|
Income After Tax |
111.9 |
111.2 |
88.8 |
7.2 |
46.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.3 |
-3.6 |
-4.0 |
0.8 |
-2.5 |
|
Net Income Before Extraord Items |
106.6 |
107.7 |
84.8 |
8.1 |
44.0 |
|
Net Income |
106.6 |
107.7 |
84.8 |
8.1 |
44.0 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
106.6 |
107.5 |
84.6 |
8.0 |
43.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
106.6 |
107.5 |
84.6 |
8.0 |
43.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
48.1 |
48.2 |
48.3 |
48.5 |
48.8 |
|
Basic EPS Excl Extraord Items |
2.21 |
2.23 |
1.75 |
0.16 |
0.90 |
|
Basic/Primary EPS Incl Extraord Items |
2.21 |
2.23 |
1.75 |
0.16 |
0.90 |
|
Dilution Adjustment |
0.0 |
-0.4 |
-0.8 |
0.0 |
-0.7 |
|
Diluted Net Income |
106.6 |
107.1 |
83.9 |
8.0 |
43.2 |
|
Diluted Weighted Average Shares |
48.3 |
48.3 |
48.3 |
48.5 |
48.8 |
|
Diluted EPS Excl Extraord Items |
2.21 |
2.22 |
1.74 |
0.16 |
0.89 |
|
Diluted EPS Incl Extraord Items |
2.21 |
2.22 |
1.74 |
0.16 |
0.89 |
|
Dividends per Share - Common Stock Primary Issue |
0.31 |
0.30 |
0.25 |
0.24 |
0.25 |
|
Gross Dividends - Common Stock |
14.7 |
14.7 |
12.3 |
11.4 |
12.1 |
|
Interest Expense, Supplemental |
21.8 |
23.5 |
21.3 |
22.0 |
28.9 |
|
Depreciation, Supplemental |
44.1 |
47.5 |
49.4 |
51.0 |
45.2 |
|
Total Special Items |
3.1 |
-12.6 |
8.8 |
3.7 |
17.7 |
|
Normalized Income Before Tax |
164.0 |
143.3 |
119.1 |
26.9 |
114.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.9 |
-3.6 |
1.7 |
1.3 |
9.2 |
|
Inc Tax Ex Impact of Sp Items |
49.9 |
41.1 |
23.3 |
17.2 |
59.3 |
|
Normalized Income After Tax |
114.1 |
102.2 |
95.9 |
9.6 |
55.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
108.7 |
98.5 |
91.7 |
10.4 |
52.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.26 |
2.04 |
1.90 |
0.21 |
1.07 |
|
Diluted Normalized EPS |
2.25 |
2.03 |
1.88 |
0.21 |
1.06 |
|
Rental Expenses |
- |
18.1 |
16.6 |
15.7 |
15.3 |
|
Reported Operating Profit |
139.2 |
120.8 |
97.5 |
18.3 |
92.3 |
|
Reported Ordinary Profit |
163.7 |
142.1 |
116.4 |
23.5 |
107.8 |
|
Normalized EBIT |
139.2 |
121.0 |
97.6 |
18.4 |
92.3 |
|
Normalized EBITDA |
183.3 |
168.4 |
146.9 |
69.4 |
137.6 |
|
Current Tax - Total |
54.0 |
- |
- |
- |
- |
|
Current Tax - Total |
54.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-5.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-5.0 |
- |
- |
- |
- |
|
Income Tax - Total |
49.0 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
- |
4.3 |
4.1 |
3.9 |
3.8 |
|
Service Cost - Domestic |
- |
10.7 |
9.4 |
8.6 |
10.2 |
|
Prior Service Cost - Domestic |
- |
-2.3 |
-2.1 |
-1.9 |
-1.8 |
|
Expected Return on Assets - Domestic |
- |
-5.2 |
-4.5 |
-3.9 |
-5.2 |
|
Actuarial Gains and Losses - Domestic |
- |
6.6 |
7.4 |
7.7 |
-1.2 |
|
Domestic Pension Plan Expense |
- |
14.1 |
14.4 |
14.3 |
5.8 |
|
Defined Contribution Expense - Domestic |
- |
0.4 |
0.4 |
0.3 |
- |
|
Total Pension Expense |
- |
14.5 |
14.7 |
14.7 |
5.8 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
- |
4.3 |
4.1 |
3.9 |
3.8 |
|
Total Plan Service Cost |
- |
10.7 |
9.4 |
8.6 |
10.2 |
|
Total Plan Expected Return |
- |
-5.2 |
-4.5 |
-3.9 |
-5.2 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
28-Feb-2013 |
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
91.895035 |
80.435452 |
81.93 |
88.865 |
97.845 |
|
Auditor |
|
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
115.7 |
102.8 |
85.1 |
67.0 |
78.6 |
|
Short Term Investments |
- |
- |
- |
0.0 |
0.0 |
|
Cash and Short Term Investments |
115.7 |
102.8 |
85.1 |
67.0 |
78.6 |
|
Accounts Receivable -
Trade, Gross |
1,737.1 |
2,129.2 |
1,952.6 |
1,631.4 |
1,901.6 |
|
Provision for Doubtful
Accounts |
-4.7 |
-7.1 |
-16.2 |
-14.0 |
-12.4 |
|
Trade Accounts Receivable - Net |
1,732.4 |
2,122.0 |
1,936.4 |
1,617.4 |
1,889.2 |
|
Total Receivables, Net |
1,732.4 |
2,122.0 |
1,936.4 |
1,617.4 |
1,889.2 |
|
Inventories - Finished Goods |
401.3 |
484.0 |
402.4 |
342.6 |
469.0 |
|
Inventories - Work In Progress |
6.7 |
4.3 |
4.3 |
4.4 |
6.8 |
|
Inventories - Raw Materials |
19.2 |
21.2 |
18.8 |
13.8 |
14.8 |
|
Total Inventory |
427.2 |
509.4 |
425.5 |
360.8 |
490.7 |
|
Deferred Income Tax - Current Asset |
7.5 |
5.0 |
8.8 |
5.9 |
9.4 |
|
Other Current Assets |
119.4 |
127.8 |
91.2 |
84.7 |
122.4 |
|
Other Current Assets, Total |
126.9 |
132.8 |
100.0 |
90.7 |
131.8 |
|
Total Current Assets |
2,402.1 |
2,867.0 |
2,547.0 |
2,135.9 |
2,590.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
438.0 |
498.4 |
502.5 |
482.1 |
431.8 |
|
Intangibles, Net |
10.6 |
10.3 |
13.9 |
18.2 |
19.8 |
|
LT Investment - Affiliate Companies |
- |
48.8 |
48.0 |
- |
- |
|
LT Investments - Other |
942.3 |
855.6 |
935.0 |
811.2 |
625.2 |
|
Long Term Investments |
942.3 |
904.4 |
983.1 |
811.2 |
625.2 |
|
Note Receivable - Long Term |
2.7 |
2.0 |
3.9 |
4.7 |
4.3 |
|
Deferred Income Tax - Long Term Asset |
3.6 |
4.5 |
5.0 |
6.7 |
7.5 |
|
Other Long Term Assets |
145.2 |
159.9 |
180.7 |
155.6 |
140.7 |
|
Other Long Term Assets, Total |
148.8 |
164.3 |
185.7 |
162.3 |
148.2 |
|
Total Assets |
3,944.5 |
4,446.4 |
4,236.0 |
3,614.4 |
3,819.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,017.8 |
1,292.7 |
1,226.0 |
1,105.8 |
1,383.2 |
|
Accrued Expenses |
8.5 |
10.4 |
8.5 |
7.3 |
8.4 |
|
Notes Payable/Short Term Debt |
1,113.7 |
1,343.2 |
1,011.4 |
887.5 |
1,048.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
138.0 |
- |
0.0 |
|
Income Taxes Payable |
26.0 |
32.8 |
8.8 |
3.4 |
21.5 |
|
Deferred Income Tax - Current Liability |
0.0 |
0.3 |
0.4 |
0.2 |
0.1 |
|
Other Current Liabilities |
116.9 |
115.6 |
72.6 |
64.5 |
49.6 |
|
Other Current liabilities, Total |
142.9 |
148.6 |
81.8 |
68.1 |
71.1 |
|
Total Current Liabilities |
2,282.9 |
2,795.0 |
2,465.7 |
2,068.6 |
2,510.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
185.2 |
244.0 |
351.2 |
403.5 |
363.1 |
|
Total Long Term Debt |
185.2 |
244.0 |
351.2 |
403.5 |
363.1 |
|
Total Debt |
1,298.9 |
1,587.2 |
1,500.6 |
1,291.0 |
1,411.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
213.5 |
192.6 |
253.4 |
194.1 |
137.8 |
|
Deferred Income Tax |
213.5 |
192.6 |
253.4 |
194.1 |
137.8 |
|
Minority Interest |
78.7 |
84.1 |
98.5 |
85.0 |
79.0 |
|
Pension Benefits - Underfunded |
28.3 |
33.3 |
34.2 |
30.0 |
28.4 |
|
Other Long Term Liabilities |
34.9 |
35.4 |
28.8 |
22.4 |
20.9 |
|
Other Liabilities, Total |
63.3 |
68.7 |
63.0 |
52.4 |
49.3 |
|
Total Liabilities |
2,823.5 |
3,384.3 |
3,231.8 |
2,803.7 |
3,140.0 |
|
|
|
|
|
|
|
|
Common Stock |
99.3 |
113.5 |
111.4 |
102.7 |
93.3 |
|
Common Stock |
99.3 |
113.5 |
111.4 |
102.7 |
93.3 |
|
Additional Paid-In Capital |
84.9 |
96.9 |
95.2 |
87.8 |
79.7 |
|
Retained Earnings (Accumulated Deficit) |
653.3 |
652.2 |
550.4 |
436.4 |
401.2 |
|
Treasury Stock - Common |
-4.9 |
-5.5 |
-4.5 |
-6.4 |
-3.6 |
|
Unrealized Gain (Loss) |
323.8 |
271.8 |
304.0 |
228.7 |
149.9 |
|
Translation Adjustment |
-35.5 |
-66.9 |
-52.0 |
-38.4 |
-41.1 |
|
Other Comprehensive Income |
0.0 |
0.2 |
-0.3 |
0.0 |
0.2 |
|
Other Equity, Total |
-35.5 |
-66.7 |
-52.3 |
-38.4 |
-40.9 |
|
Total Equity |
1,121.0 |
1,062.2 |
1,004.1 |
810.7 |
679.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,944.5 |
4,446.5 |
4,236.0 |
3,614.4 |
3,819.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
48.1 |
48.1 |
48.2 |
48.4 |
48.7 |
|
Total Common Shares Outstanding |
48.1 |
48.1 |
48.2 |
48.4 |
48.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.5 |
0.5 |
0.4 |
0.5 |
0.3 |
|
Employees |
- |
4,663 |
4,571 |
4,340 |
4,572 |
|
Number of Common Shareholders |
- |
3,206 |
3,205 |
3,218 |
3,246 |
|
Total Long Term Debt, Supplemental |
- |
385.5 |
489.4 |
491.1 |
451.9 |
|
Long Term Debt Maturing within 1 Year |
- |
140.6 |
138.0 |
87.6 |
88.8 |
|
Long Term Debt Maturing in Year 2 |
- |
104.8 |
153.2 |
107.4 |
76.6 |
|
Long Term Debt Maturing in Year 3 |
- |
89.3 |
83.0 |
133.1 |
94.9 |
|
Long Term Debt Maturing in Year 4 |
- |
42.6 |
85.9 |
73.1 |
108.3 |
|
Long Term Debt Maturing in Year 5 |
- |
8.2 |
21.9 |
76.7 |
27.6 |
|
Long Term Debt Maturing in 2-3 Years |
- |
194.1 |
236.2 |
240.4 |
171.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
50.8 |
107.8 |
149.8 |
135.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
7.3 |
13.3 |
55.6 |
|
Total Capital Leases, Supplemental |
- |
3.0 |
3.3 |
2.0 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
1.1 |
1.1 |
0.9 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.8 |
0.9 |
0.6 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.7 |
0.5 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.4 |
0.5 |
0.1 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.2 |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
1.5 |
1.5 |
1.0 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.4 |
0.7 |
0.1 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
- |
- |
- |
0.0 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
0.0 |
- |
|
Pension Obligation - Domestic |
- |
237.8 |
237.3 |
224.1 |
211.7 |
|
Plan Assets - Domestic |
- |
254.9 |
263.6 |
226.1 |
195.5 |
|
Funded Status - Domestic |
- |
17.1 |
26.3 |
2.0 |
-16.1 |
|
Total Funded Status |
- |
17.1 |
26.3 |
2.0 |
-16.1 |
|
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 |
- |
97.2 |
92.0 |
78.4 |
69.0 |
|
Accrued Liabilities - Domestic |
- |
-24.7 |
-25.2 |
-22.2 |
-21.6 |
|
Other Assets, Net - Domestic |
- |
55.5 |
40.5 |
54.2 |
63.5 |
|
Net Assets Recognized on Balance Sheet |
- |
128.0 |
107.4 |
110.4 |
110.8 |
|
Total Plan Obligations |
- |
237.8 |
237.3 |
224.1 |
211.7 |
|
Total Plan Assets |
- |
254.9 |
263.6 |
226.1 |
195.5 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
28-Feb-2013 |
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-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) |
81.919916 |
78.900376 |
86.457213 |
93.524123 |
100.786079 |
|
Auditor |
|
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
160.9 |
155.9 |
110.2 |
23.0 |
96.5 |
|
Depreciation |
44.1 |
47.5 |
49.4 |
51.0 |
45.2 |
|
Depreciation/Depletion |
44.1 |
47.5 |
49.4 |
51.0 |
45.2 |
|
Unusual Items |
2.4 |
13.6 |
5.9 |
1.3 |
8.7 |
|
Equity in Net Earnings (Loss) |
-11.5 |
-7.3 |
-4.8 |
-1.3 |
-6.8 |
|
Other Non-Cash Items |
-10.4 |
-9.8 |
-7.4 |
0.4 |
-9.9 |
|
Non-Cash Items |
-19.4 |
-3.5 |
-6.3 |
0.3 |
-7.9 |
|
Accounts Receivable |
169.1 |
-151.6 |
-155.6 |
449.6 |
67.3 |
|
Inventories |
36.2 |
-84.4 |
-31.3 |
161.0 |
-70.2 |
|
Prepaid Expenses |
-12.9 |
-39.8 |
-14.2 |
8.1 |
30.8 |
|
Accounts Payable |
-163.8 |
55.6 |
18.5 |
-410.7 |
51.6 |
|
Other Operating Cash Flow |
-17.6 |
42.3 |
2.3 |
4.2 |
-80.2 |
|
Changes in Working Capital |
11.0 |
-177.9 |
-180.3 |
212.3 |
-0.7 |
|
Cash from Operating Activities |
196.6 |
22.0 |
-27.0 |
286.6 |
133.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-28.7 |
-33.0 |
-24.2 |
-31.5 |
-64.9 |
|
Capital Expenditures |
-28.7 |
-33.0 |
-24.2 |
-31.5 |
-64.9 |
|
Sale of Fixed Assets |
5.0 |
1.3 |
1.7 |
0.4 |
1.8 |
|
Sale/Maturity of Investment |
1.0 |
0.6 |
3.9 |
2.7 |
9.2 |
|
Investment, Net |
- |
- |
0.0 |
1.3 |
0.0 |
|
Purchase of Investments |
-9.4 |
-6.7 |
-8.0 |
-12.2 |
-42.2 |
|
Other Investing Cash Flow |
-8.7 |
-9.8 |
7.0 |
2.0 |
-1.1 |
|
Other Investing Cash Flow Items, Total |
-12.1 |
-14.6 |
4.5 |
-5.7 |
-32.3 |
|
Cash from Investing Activities |
-40.8 |
-47.6 |
-19.7 |
-37.2 |
-97.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.9 |
-1.3 |
-1.0 |
-1.5 |
-1.3 |
|
Financing Cash Flow Items |
-1.9 |
-1.3 |
-1.0 |
-1.5 |
-1.3 |
|
Cash Dividends Paid - Common |
-14.1 |
-14.0 |
-11.8 |
-13.0 |
-11.6 |
|
Total Cash Dividends Paid |
-14.1 |
-14.0 |
-11.8 |
-13.0 |
-11.6 |
|
Repurchase/Retirement
of Common |
0.0 |
-21.9 |
-1.9 |
-2.2 |
-2.9 |
|
Common Stock, Net |
0.0 |
-21.9 |
-1.9 |
-2.2 |
-2.9 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-21.9 |
-1.9 |
-2.2 |
-2.9 |
|
Short Term Debt, Net |
-59.8 |
182.8 |
144.5 |
-242.9 |
-30.7 |
|
Long Term Debt Issued |
66.1 |
30.2 |
23.8 |
80.9 |
86.9 |
|
Long Term Debt
Reduction |
-140.0 |
-142.4 |
-91.1 |
-90.1 |
-76.1 |
|
Long Term Debt, Net |
-73.9 |
-112.2 |
-67.3 |
-9.2 |
10.8 |
|
Issuance (Retirement) of Debt, Net |
-133.7 |
70.6 |
77.2 |
-252.1 |
-19.9 |
|
Cash from Financing Activities |
-149.7 |
33.4 |
62.6 |
-268.7 |
-35.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
10.1 |
-5.1 |
-5.2 |
1.5 |
-13.2 |
|
Net Change in Cash |
16.1 |
2.7 |
10.7 |
-17.8 |
-13.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
85.3 |
85.9 |
67.7 |
80.4 |
87.7 |
|
Net Cash - Ending Balance |
101.4 |
88.5 |
78.4 |
62.6 |
74.6 |
|
Cash Interest Paid |
22.0 |
23.8 |
21.6 |
21.7 |
28.9 |
|
Cash Taxes Paid |
57.8 |
16.2 |
4.1 |
40.4 |
59.2 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|
|
|
28-Feb-2013 |
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-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) |
81.919916 |
78.900376 |
86.457213 |
93.524123 |
100.786079 |
|
Auditor |
|
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
8,448.4 |
8,619.0 |
7,450.9 |
5,980.1 |
8,647.4 |
|
Total Revenue |
8,448.4 |
8,619.0 |
7,450.9 |
5,980.1 |
8,647.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
7,891.3 |
8,069.7 |
6,961.1 |
5,597.3 |
8,176.4 |
|
Selling, general and administrative expe |
417.9 |
- |
- |
- |
- |
|
Delivering and storage costs |
- |
53.8 |
51.9 |
48.3 |
55.8 |
|
Provision for doubtful accounts(SGA) |
- |
0.0 |
0.7 |
1.6 |
18.0 |
|
Payrolls |
- |
151.4 |
139.8 |
127.6 |
121.8 |
|
Bonuses |
- |
25.2 |
20.3 |
17.7 |
20.5 |
|
Provision for bonuses |
- |
8.8 |
6.3 |
4.8 |
6.3 |
|
Periodic retirement benefit costs |
- |
13.4 |
14.7 |
14.5 |
6.0 |
|
Reserve for directors retire. benefits |
- |
1.5 |
1.3 |
1.2 |
1.2 |
|
Benefit |
- |
31.3 |
27.2 |
24.5 |
24.2 |
|
Depreciation |
- |
26.4 |
24.8 |
23.4 |
20.7 |
|
Rent |
- |
18.1 |
16.6 |
15.7 |
15.3 |
|
Ofiice equipment |
- |
7.6 |
7.8 |
7.0 |
6.7 |
|
Traveling & communication exp. |
- |
26.5 |
23.9 |
20.3 |
24.6 |
|
Other SG&A |
- |
64.4 |
56.8 |
57.8 |
57.5 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Other |
0.0 |
- |
- |
- |
- |
|
SP Reversal Gain on Allow.Doubt.Account |
0.0 |
-26.9 |
0.0 |
- |
- |
|
SP Gain on abolishment of retire.benefi |
- |
- |
0.0 |
-1.1 |
0.0 |
|
Other Special Gain |
- |
-0.8 |
0.0 |
- |
- |
|
SP Impairment Loss |
1.7 |
4.2 |
2.8 |
0.4 |
1.5 |
|
SP Val. Loss - LT Inv. Sec |
1.0 |
2.4 |
3.8 |
1.8 |
5.1 |
|
SP L on valuation of affiliated sec. |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP L on val. of inv't in closely-held |
0.0 |
3.6 |
0.2 |
0.6 |
4.8 |
|
SP L on adj. for changes of acc. asset |
0.0 |
3.7 |
0.0 |
- |
- |
|
SP Allw-Doubt.Acct. |
- |
- |
- |
- |
0.0 |
|
SP Res-Doubt.Acct.Affli |
- |
- |
- |
0.0 |
2.5 |
|
SP Special Retirement Benefits |
- |
- |
- |
- |
0.0 |
|
SP Other Special Loss |
0.0 |
0.3 |
0.2 |
0.2 |
0.0 |
|
Total Operating Expense |
8,311.9 |
8,484.4 |
7,360.3 |
5,963.6 |
8,569.1 |
|
|
|
|
|
|
|
|
SP Sale Gain-Fixed Asst |
0.4 |
0.4 |
0.2 |
0.1 |
0.2 |
|
SP Loss on change in equity |
-0.4 |
- |
- |
- |
- |
|
SP Sale Gain LT Invest.Sec |
0.1 |
0.5 |
1.8 |
2.0 |
3.2 |
|
SP Sale Gain-Affil. co.'s Secs. |
- |
- |
- |
0.0 |
0.1 |
|
SP Disposal-Fixed Asset |
-0.3 |
-0.6 |
-1.1 |
-0.6 |
-0.8 |
|
NOP Interest Income |
16.1 |
16.9 |
13.6 |
9.1 |
16.2 |
|
NOP Dividend Income |
16.1 |
16.4 |
15.0 |
12.5 |
22.6 |
|
NOP Gain-Equity Method |
11.5 |
7.3 |
4.8 |
1.3 |
6.8 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Other Income |
8.5 |
11.7 |
11.6 |
11.5 |
9.3 |
|
NOP Interest Expenses |
-21.8 |
-23.5 |
-21.3 |
-22.0 |
-28.9 |
|
NOP Loss-Notes Sold |
-0.6 |
-0.7 |
-0.8 |
-1.3 |
-3.1 |
|
NOP Other Expenses |
-5.3 |
-6.8 |
-4.0 |
-6.0 |
-7.3 |
|
Net Income Before Taxes |
160.9 |
156.0 |
110.3 |
23.1 |
96.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
49.0 |
44.8 |
21.5 |
15.9 |
50.1 |
|
Net Income After Taxes |
111.9 |
111.2 |
88.8 |
7.2 |
46.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.3 |
-3.6 |
-4.0 |
0.8 |
-2.5 |
|
Net Income Before Extra. Items |
106.6 |
107.7 |
84.8 |
8.1 |
44.0 |
|
Net Income |
106.6 |
107.7 |
84.8 |
8.1 |
44.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Miscell. Adjust |
- |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
106.6 |
107.5 |
84.6 |
8.0 |
43.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
106.6 |
107.5 |
84.6 |
8.0 |
43.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
48.1 |
48.2 |
48.3 |
48.5 |
48.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.21 |
2.23 |
1.75 |
0.16 |
0.90 |
|
Basic EPS Including ExtraOrdinary Item |
2.21 |
2.23 |
1.75 |
0.16 |
0.90 |
|
Dilution Adjustment |
0.0 |
-0.4 |
-0.8 |
0.0 |
-0.7 |
|
Diluted Net Income |
106.6 |
107.1 |
83.9 |
8.0 |
43.2 |
|
Diluted Weighted Average Shares |
48.3 |
48.3 |
48.3 |
48.5 |
48.8 |
|
Diluted EPS Excluding ExtraOrd Items |
2.21 |
2.22 |
1.74 |
0.16 |
0.89 |
|
Diluted EPS Including ExtraOrd Items |
2.21 |
2.22 |
1.74 |
0.16 |
0.89 |
|
DPS-Common Stock |
0.31 |
0.30 |
0.25 |
0.24 |
0.25 |
|
Gross Dividends - Common Stock |
14.7 |
14.7 |
12.3 |
11.4 |
12.1 |
|
Normalized Income Before Taxes |
164.0 |
143.3 |
119.1 |
26.9 |
114.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
49.9 |
41.1 |
23.3 |
17.2 |
59.3 |
|
Normalized Income After Taxes |
114.1 |
102.2 |
95.9 |
9.6 |
55.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
108.7 |
98.5 |
91.7 |
10.4 |
52.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.26 |
2.04 |
1.90 |
0.21 |
1.07 |
|
Diluted Normalized EPS |
2.25 |
2.03 |
1.88 |
0.21 |
1.06 |
|
Rental Expense |
- |
18.1 |
16.6 |
15.7 |
15.3 |
|
Interest Expense |
21.8 |
23.5 |
21.3 |
22.0 |
28.9 |
|
Depreciation |
44.1 |
47.5 |
49.4 |
51.0 |
45.2 |
|
Current Tax - Total |
54.0 |
- |
- |
- |
- |
|
Current Tax - Total |
54.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-5.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-5.0 |
- |
- |
- |
- |
|
Income Tax - Total |
49.0 |
- |
- |
- |
- |
|
Reported operating profit |
139.2 |
120.8 |
97.5 |
18.3 |
92.3 |
|
Reported ordinary profit |
163.7 |
142.1 |
116.4 |
23.5 |
107.8 |
|
Service Cost |
- |
10.7 |
9.4 |
8.6 |
10.2 |
|
Interest Cost |
- |
4.3 |
4.1 |
3.9 |
3.8 |
|
Expected Return on Plan Assets |
- |
-5.2 |
-4.5 |
-3.9 |
-5.2 |
|
Actuarial Gains and Losses |
- |
6.6 |
7.4 |
7.7 |
-1.2 |
|
Prior Service Cost |
- |
-2.3 |
-2.1 |
-1.9 |
-1.8 |
|
Domestic Pension Plan Expense |
- |
14.1 |
14.4 |
14.3 |
5.8 |
|
Defined Contribution Expense - Domestic |
- |
0.4 |
0.4 |
0.3 |
- |
|
Total Pension Expense |
- |
14.5 |
14.7 |
14.7 |
5.8 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
28-Feb-2013 |
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
91.895035 |
80.435452 |
81.93 |
88.865 |
97.845 |
|
Auditor |
|
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
115.7 |
102.8 |
85.1 |
67.0 |
78.6 |
|
Note&Acct. Rcvbl |
1,737.1 |
2,129.2 |
1,952.6 |
1,631.4 |
1,901.6 |
|
Marketable Secs. |
- |
- |
- |
0.0 |
0.0 |
|
Merchandise and finished goods |
401.3 |
484.0 |
402.4 |
342.6 |
469.0 |
|
Work in process |
6.7 |
4.3 |
4.3 |
4.4 |
6.8 |
|
Raw materials and supplies |
19.2 |
21.2 |
18.8 |
13.8 |
14.8 |
|
Dfrd Tax Assets |
7.5 |
5.0 |
8.8 |
5.9 |
9.4 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
119.4 |
127.8 |
91.2 |
84.7 |
122.4 |
|
Doubtful Account |
-4.7 |
-7.1 |
-16.2 |
-14.0 |
-12.4 |
|
Total Current Assets |
2,402.1 |
2,867.0 |
2,547.0 |
2,135.9 |
2,590.3 |
|
|
|
|
|
|
|
|
Other Property, plant and equipment |
0.0 |
- |
- |
- |
- |
|
Other,Net |
14.1 |
- |
- |
- |
- |
|
Buildings and structures, net |
205.7 |
244.2 |
236.7 |
218.9 |
199.0 |
|
Machinery, equipment and vehicles, net |
33.2 |
40.3 |
53.0 |
57.1 |
58.5 |
|
Land |
173.4 |
195.3 |
193.0 |
175.6 |
145.8 |
|
Construction-In-Progress |
11.5 |
3.6 |
2.5 |
12.3 |
6.4 |
|
Other, Prop., Plants, & Equip., Net |
- |
15.1 |
17.3 |
18.3 |
22.2 |
|
Intangible Assets,Net |
10.6 |
10.3 |
13.9 |
18.2 |
19.8 |
|
Long-Term Investment Secs. |
942.3 |
855.6 |
935.0 |
811.2 |
625.2 |
|
LT Investment - Affiliate Companies |
- |
37.5 |
38.5 |
- |
- |
|
Inv't partnership-nonconsol.affil. |
- |
11.4 |
9.6 |
- |
- |
|
Long-term loans receivable |
2.7 |
2.0 |
3.9 |
4.7 |
4.3 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Deferred tax assets |
3.6 |
4.5 |
5.0 |
6.7 |
7.5 |
|
Other Assets |
149.7 |
166.5 |
213.0 |
184.9 |
192.5 |
|
Allow.Doubt.Accounts (Non-Current) |
-4.5 |
-6.6 |
-32.4 |
-29.3 |
-51.8 |
|
Translat. Adjust |
- |
- |
0.0 |
- |
- |
|
Total Assets |
3,944.5 |
4,446.4 |
4,236.0 |
3,614.4 |
3,819.6 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,017.8 |
- |
- |
- |
- |
|
Trade Accounts & Notes Payable |
- |
1,292.7 |
1,226.0 |
1,105.8 |
1,383.2 |
|
Straight Bonds (Current) |
- |
- |
0.5 |
- |
0.0 |
|
Short-Term Borrowings |
1,113.7 |
1,343.2 |
1,011.4 |
887.5 |
1,048.0 |
|
Long-Term Borrowings (Current) |
- |
- |
137.6 |
- |
- |
|
Income Taxes Payable |
26.0 |
32.8 |
8.8 |
3.4 |
21.5 |
|
Deferred Tax Liabilities (Current) |
0.0 |
0.3 |
0.4 |
0.2 |
0.1 |
|
Reserve for Bonuses |
8.5 |
10.4 |
8.5 |
7.3 |
8.4 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Current Liabilities |
116.8 |
115.6 |
72.6 |
64.5 |
49.6 |
|
Total Current Liabilities |
2,282.9 |
2,795.0 |
2,465.7 |
2,068.6 |
2,510.8 |
|
|
|
|
|
|
|
|
Straight Bonds |
- |
- |
1.5 |
- |
- |
|
Long-Term Borrowings |
185.2 |
244.0 |
349.8 |
403.5 |
363.1 |
|
Total Long Term Debt |
185.2 |
244.0 |
351.2 |
403.5 |
363.1 |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities (Non-Current) |
213.5 |
192.6 |
253.4 |
194.1 |
137.8 |
|
Provision For Retirement Benefits |
21.3 |
24.7 |
25.2 |
22.2 |
21.6 |
|
Reserve for Officers' Retirement |
7.0 |
8.6 |
9.0 |
7.8 |
6.8 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Long-Term Liabilities |
34.9 |
35.4 |
28.8 |
22.4 |
20.9 |
|
Minority Interests |
78.7 |
84.1 |
98.5 |
85.0 |
79.0 |
|
Total Liabilities |
2,823.5 |
3,384.3 |
3,231.8 |
2,803.7 |
3,140.0 |
|
|
|
|
|
|
|
|
Common Stock |
99.3 |
113.5 |
111.4 |
102.7 |
93.3 |
|
Paid in Capital |
84.9 |
96.9 |
95.2 |
87.8 |
79.7 |
|
Retained Earning |
653.3 |
652.2 |
550.4 |
436.4 |
401.2 |
|
Treasury Stock |
-4.9 |
-5.5 |
-4.5 |
-6.4 |
-3.6 |
|
Unrealized Gain |
323.8 |
271.8 |
304.0 |
228.7 |
149.9 |
|
Deferred hedge gain/loss |
0.0 |
0.2 |
-0.3 |
0.0 |
0.2 |
|
Translat. Adjust |
-35.5 |
-66.9 |
-52.0 |
-38.4 |
-41.1 |
|
Total Equity |
1,121.0 |
1,062.2 |
1,004.1 |
810.7 |
679.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,944.5 |
4,446.5 |
4,236.0 |
3,614.4 |
3,819.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
48.1 |
48.1 |
48.2 |
48.4 |
48.7 |
|
Total Common Shares Outstanding |
48.1 |
48.1 |
48.2 |
48.4 |
48.7 |
|
T/S-Common Stock |
0.5 |
0.5 |
0.4 |
0.5 |
0.3 |
|
Full-Time Employees |
- |
4,663 |
4,571 |
4,340 |
4,572 |
|
Number of Common Shareholders |
- |
3,206 |
3,205 |
3,218 |
3,246 |
|
LTD within 1 Year |
- |
140.6 |
138.0 |
87.6 |
88.8 |
|
LTD from 1 to 2 |
- |
104.8 |
153.2 |
107.4 |
76.6 |
|
LTD from 2 to 3 |
- |
89.3 |
83.0 |
133.1 |
94.9 |
|
LTD from 3 to 4 |
- |
42.6 |
85.9 |
73.1 |
108.3 |
|
LTD from 4 to 5 |
- |
8.2 |
21.9 |
76.7 |
27.6 |
|
Thereafter |
- |
0.0 |
7.3 |
13.3 |
55.6 |
|
Total Long Term Debt, Supplemental |
- |
385.5 |
489.4 |
491.1 |
451.9 |
|
Capital Lease Payments Due within 1 Year |
- |
1.1 |
1.1 |
0.9 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.8 |
0.9 |
0.6 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.7 |
0.5 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.4 |
0.5 |
0.1 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.2 |
0.0 |
- |
|
Capital Leases - Remaining Maturities |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Capital Leases |
- |
3.0 |
3.3 |
2.0 |
- |
|
Operating Leases - Remaining Payments |
- |
- |
- |
0.0 |
- |
|
Total Operating Leases |
- |
- |
- |
0.0 |
- |
|
Pension Obligation |
- |
237.8 |
237.3 |
224.1 |
211.7 |
|
Fair Value of Plan Assets |
- |
254.9 |
263.6 |
226.1 |
195.5 |
|
Funded Status |
- |
17.1 |
26.3 |
2.0 |
-16.1 |
|
Total Funded Status |
- |
17.1 |
26.3 |
2.0 |
-16.1 |
|
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 |
- |
60.2 |
47.3 |
62.5 |
73.3 |
|
Unrecognized Prior Service Cost |
- |
-4.7 |
-6.8 |
-8.3 |
-9.8 |
|
Prepaid Pension Benefits |
- |
97.2 |
92.0 |
78.4 |
69.0 |
|
Reserve for Accrued Retirement Benefits |
- |
-24.7 |
-25.2 |
-22.2 |
-21.6 |
|
Net Assets Recognized on Balance Sheet |
- |
128.0 |
107.4 |
110.4 |
110.8 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
28-Feb-2013 |
29-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-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) |
81.919916 |
78.900376 |
86.457213 |
93.524123 |
100.786079 |
|
Auditor |
|
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income before Taxes |
160.9 |
155.9 |
110.2 |
23.0 |
96.5 |
|
Depreciation |
44.1 |
47.5 |
49.4 |
51.0 |
45.2 |
|
Loss On Adjustment For Changes Of Accoun |
0.0 |
- |
- |
- |
- |
|
Impairment Loss |
1.7 |
4.2 |
2.8 |
0.4 |
1.5 |
|
Loss on adj. for changes of acc. asset |
- |
3.7 |
0.0 |
- |
- |
|
Loss (gain) on sales of investment secur |
-0.1 |
-0.5 |
-1.8 |
-2.0 |
-3.3 |
|
Loss (gain) on valuation of investment s |
1.0 |
2.4 |
3.8 |
1.8 |
5.1 |
|
L on val. of inv't in closely-held |
0.0 |
3.6 |
0.2 |
0.6 |
4.8 |
|
Loss (gain) on sales and retirement of p |
-0.2 |
0.3 |
0.9 |
0.5 |
0.5 |
|
Interest and dividends income |
-32.2 |
-33.3 |
-28.7 |
-21.6 |
-38.8 |
|
Reversal of interest expenses |
21.8 |
23.5 |
21.3 |
22.0 |
28.9 |
|
Equity in (earnings) losses of affiliate |
-11.5 |
-7.3 |
-4.8 |
-1.3 |
-6.8 |
|
Decrease (increase) in notes and account |
169.1 |
-151.6 |
-155.6 |
449.6 |
67.3 |
|
Decrease (increase) in inventories |
36.2 |
-84.4 |
-31.3 |
161.0 |
-70.2 |
|
Increase (decrease) in notes and account |
-163.8 |
55.6 |
18.5 |
-410.7 |
51.6 |
|
Warranty Loss |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in advance payments |
-12.9 |
-39.8 |
-14.2 |
8.1 |
30.8 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
26.3 |
44.7 |
-2.7 |
42.3 |
-33.5 |
|
Int & Divid.Received |
35.9 |
37.6 |
30.7 |
24.0 |
41.5 |
|
Interest expenses paid |
-22.0 |
-23.8 |
-21.6 |
-21.7 |
-28.9 |
|
Income Tax Paid |
-57.8 |
-16.2 |
-4.1 |
-40.4 |
-59.2 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
196.6 |
22.0 |
-27.0 |
286.6 |
133.1 |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipmen |
-28.7 |
-33.0 |
-24.2 |
-31.5 |
-64.9 |
|
Proceeds from sales of property, plant a |
5.0 |
1.3 |
1.7 |
0.4 |
1.8 |
|
Purch.LT Invest.in Secs |
-7.6 |
-6.6 |
-5.2 |
-12.2 |
-39.2 |
|
Sales of LT Inv. Secs. |
1.0 |
0.6 |
3.9 |
2.7 |
7.3 |
|
Purchase of Subsidiaries' Sec. |
0.0 |
-0.1 |
-0.1 |
0.0 |
-1.6 |
|
Sale of Consol.Subsidiaries' Sec. |
- |
- |
- |
0.0 |
1.9 |
|
Purchase of Newly Consoli.Subsid. Stock |
- |
0.0 |
-2.8 |
0.0 |
- |
|
Inflow due to purch. new consolid.subsid |
- |
- |
0.0 |
1.3 |
0.0 |
|
Loans Extended |
-1.8 |
0.0 |
0.0 |
0.0 |
-1.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
LT Loan Collected |
0.7 |
1.6 |
5.4 |
1.1 |
3.4 |
|
Other, net |
-9.3 |
-11.4 |
1.5 |
0.9 |
-4.5 |
|
Cash from Investing Activities |
-40.8 |
-47.6 |
-19.7 |
-37.2 |
-97.2 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-59.8 |
182.8 |
144.5 |
-242.9 |
-30.7 |
|
Proceeds from long-term loans payable |
66.1 |
30.2 |
23.8 |
80.9 |
86.9 |
|
Repayment of long-term loans payable |
-140.0 |
-142.4 |
-91.1 |
-90.1 |
-75.0 |
|
Bond redemption |
- |
- |
- |
0.0 |
-1.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Proceed From Minorities' Payment |
- |
- |
- |
- |
0.0 |
|
Purchase of treasury stock of subsidiari |
0.0 |
- |
- |
- |
- |
|
Purchase of treasury stock of subsidiari |
- |
-20.9 |
0.0 |
- |
- |
|
Treasury Stock Purchased |
0.0 |
-1.0 |
-1.9 |
-2.2 |
-2.9 |
|
Dividends Paid |
-14.1 |
-14.0 |
-11.8 |
-13.0 |
-11.6 |
|
Dividends Paid to Minority Shareholders |
-1.5 |
-0.8 |
-0.5 |
-1.5 |
-1.5 |
|
Other, net |
-0.3 |
-0.5 |
-0.4 |
0.0 |
0.2 |
|
Cash from Financing Activities |
-149.7 |
33.4 |
62.6 |
-268.7 |
-35.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
10.1 |
-5.1 |
-5.2 |
1.5 |
-13.2 |
|
Net Change in Cash |
16.1 |
2.7 |
10.7 |
-17.8 |
-13.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
85.3 |
85.9 |
67.7 |
80.4 |
87.7 |
|
Net Cash - Ending Balance |
101.4 |
88.5 |
78.4 |
62.6 |
74.6 |
|
Cash Interest Paid |
22.0 |
23.8 |
21.6 |
21.7 |
28.9 |
|
Cash Taxes Paid |
57.8 |
16.2 |
4.1 |
40.4 |
59.2 |
|
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
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.