|
Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOYO DENKI SEIZO K.K. |
|
|
|
|
Registered Office : |
4F, No.1 Nurihiko Bldg., 2-9-2, Kyobashi Chuo-Ku, 104-0031 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.05.2012 |
|
|
|
|
Date of Incorporation : |
20.06.1918 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of electric motors, generators and transformers |
|
|
|
|
No. of Employees : |
1,175 |
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 |
|
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
TOYO DENKI SEIZO
K.K.
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Business
Description
|
TOYO DENKI SEIZO K. K. is a company mainly engaged in the manufacture and
sale of electrical equipment for traffic, industrial and information
technology (IT) use. The Company operates in four business segments. The
Transportation segment provides electrical equipment for various vehicles, as
well as electrical power storage devices. The Industrial segment provides
industrial electric equipment system products, rotary electric machines,
control devices, electric distribution and electric power supply devices,
testing devices, water supply and sewerage equipment system products, as well
as electric generating system products. The IT segment provides station
service system equipment, remote monitoring system equipment and information
systems-related equipment. The Others segment is engaged the software-related
business and labor dispatch business. For the nine months ended 28 February
2013, TOYO DENKI SEIZO K.K. revenues decreased 24% to Y20.55B. Net loss
applicable to common stockholders totaled Y319M vs. income of Y232M. Revenues
reflect a decrease in demand for the Company's products and services due to
unfavorable market conditions. Net loss reflects Eliminations and Corporate
segment loss increase from Y462M to Y1.59B, Information Machine segment
income decrease of 41% to Y94M. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
3110 - Manufacture of electric motors, generators
and transformers |
|
NAICS 2002: |
|
|
UK SIC 2003: |
3110 - Manufacture of electric motors, generators and
transformers |
|
UK SIC 2007: |
2711 - Manufacture of electric motors, generators
and transformers |
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 78.69807
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 78.98128
|
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TOYO DENKI SEIZO
K.K. |
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|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chuo-Ku |
Japan |
Electronic Instruments and Controls |
490.1 |
1,175 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
140 |
|
|
Subsidiary |
Tokyo |
Japan |
Electronic Instruments and Controls |
|
80 |
|
|
Subsidiary |
Freedom, PA |
United States |
Auto and Truck Parts |
|
11 |
|
|
Subsidiary |
Hiratsuka, Kanagawa |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Moriyama, Shiga |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Tianjin |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Changzhou, Jiangsu |
China |
Electronic Instruments and Controls |
|
|
|
Executives
Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
Revenue |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
Total Revenue |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
377.8 |
348.3 |
304.4 |
255.3 |
272.0 |
|
Cost of Revenue, Total |
377.8 |
348.3 |
304.4 |
255.3 |
272.0 |
|
Gross Profit |
112.3 |
103.2 |
80.4 |
78.5 |
69.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
48.6 |
44.1 |
35.7 |
31.8 |
28.6 |
|
Labor & Related Expense |
31.9 |
30.2 |
26.3 |
24.4 |
23.0 |
|
Total Selling/General/Administrative Expenses |
80.5 |
74.4 |
62.0 |
56.2 |
51.6 |
|
Research & Development |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
|
Impairment-Assets Held for Use |
0.1 |
0.1 |
0.2 |
0.2 |
0.4 |
|
Impairment-Assets Held for Sale |
0.3 |
1.3 |
0.1 |
3.2 |
0.3 |
|
Other Unusual Expense (Income) |
0.1 |
2.3 |
-0.2 |
1.2 |
0.0 |
|
Unusual Expense (Income) |
0.4 |
3.7 |
0.2 |
4.7 |
0.7 |
|
Total Operating Expense |
468.9 |
437.2 |
374.4 |
324.5 |
331.5 |
|
|
|
|
|
|
|
|
Operating Income |
21.2 |
14.3 |
10.4 |
9.3 |
10.2 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-2.1 |
-1.6 |
-1.5 |
-1.4 |
-1.2 |
|
Interest Expense, Net Non-Operating |
-2.1 |
-1.6 |
-1.5 |
-1.4 |
-1.2 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Non-Operating |
3.2 |
1.5 |
0.8 |
0.1 |
1.0 |
|
Interest/Investment Income - Non-Operating |
3.2 |
1.5 |
0.8 |
0.1 |
1.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.1 |
-0.1 |
-0.7 |
-1.3 |
-0.2 |
|
Gain (Loss) on Sale of Assets |
- |
- |
- |
- |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
1.1 |
1.0 |
0.2 |
0.3 |
|
Other, Net |
0.0 |
1.1 |
1.0 |
0.2 |
0.3 |
|
Income Before Tax |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
12.4 |
7.2 |
5.1 |
7.2 |
5.5 |
|
Income After Tax |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
|
Basic EPS Excl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
Diluted Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
|
Diluted EPS Excl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Diluted EPS Incl Extraord Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.08 |
0.07 |
0.07 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
3.7 |
3.4 |
2.9 |
2.7 |
2.4 |
|
Interest Expense, Supplemental |
2.1 |
1.6 |
1.5 |
1.4 |
1.2 |
|
Depreciation, Supplemental |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Total Special Items |
0.4 |
3.7 |
0.2 |
4.7 |
0.7 |
|
Normalized Income Before Tax |
22.8 |
18.9 |
10.9 |
13.0 |
11.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
1.7 |
0.1 |
1.7 |
0.4 |
|
Inc Tax Ex Impact of Sp Items |
12.6 |
8.9 |
5.2 |
8.9 |
5.9 |
|
Normalized Income After Tax |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
|
Diluted Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
|
Research & Development Exp, Supplemental |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
|
Reported Operating Profit |
21.6 |
17.9 |
10.6 |
14.0 |
12.5 |
|
Reported Ordinary Profit |
22.7 |
18.8 |
10.7 |
12.7 |
10.7 |
|
Normalized EBIT |
21.6 |
17.9 |
10.6 |
14.0 |
10.9 |
|
Normalized EBITDA |
36.2 |
31.8 |
20.9 |
23.7 |
17.5 |
|
Current Tax - Total |
9.3 |
- |
- |
- |
- |
|
Current Tax - Total |
9.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Other Tax |
-0.2 |
- |
- |
- |
- |
|
Income Tax - Total |
12.4 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
0.9 |
1.2 |
1.1 |
1.1 |
1.0 |
|
Service Cost - Domestic |
2.7 |
2.6 |
2.2 |
2.1 |
1.9 |
|
Prior Service Cost - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Actuarial Gains and Losses - Domestic |
0.9 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Other Pension, Net - Domestic |
4.7 |
3.2 |
3.0 |
2.7 |
2.4 |
|
Domestic Pension Plan Expense |
9.1 |
7.8 |
7.1 |
6.6 |
5.9 |
|
Defined Contribution Expense - Domestic |
- |
1.1 |
1.0 |
0.8 |
0.8 |
|
Total Pension Expense |
9.1 |
9.0 |
8.1 |
7.4 |
6.7 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
2.30% |
2.30% |
2.30% |
|
Total Plan Interest Cost |
0.9 |
1.2 |
1.1 |
1.1 |
1.0 |
|
Total Plan Service Cost |
2.7 |
2.6 |
2.2 |
2.1 |
1.9 |
|
Total Plan Other Expense |
4.7 |
3.2 |
3.0 |
2.7 |
2.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.981276 |
81.24 |
91.035 |
95.455 |
105.565 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
18.9 |
29.7 |
27.0 |
31.1 |
21.1 |
|
Cash and Short Term Investments |
18.9 |
29.7 |
27.0 |
31.1 |
21.1 |
|
Accounts Receivable -
Trade, Gross |
173.8 |
127.2 |
105.7 |
87.9 |
113.4 |
|
Provision for Doubtful
Accounts |
-0.4 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Trade Accounts Receivable - Net |
173.5 |
126.7 |
105.2 |
87.3 |
112.9 |
|
Other Receivables |
0.8 |
0.4 |
0.6 |
0.6 |
0.8 |
|
Total Receivables, Net |
174.3 |
127.1 |
105.8 |
87.9 |
113.7 |
|
Inventories - Finished Goods |
20.2 |
31.6 |
26.3 |
24.4 |
16.5 |
|
Inventories - Work In Progress |
28.4 |
41.7 |
33.3 |
37.5 |
26.9 |
|
Inventories - Raw Materials |
21.4 |
27.4 |
24.3 |
21.1 |
18.5 |
|
Total Inventory |
70.0 |
100.7 |
84.0 |
83.0 |
61.9 |
|
Prepaid Expenses |
0.5 |
0.2 |
2.7 |
2.1 |
1.7 |
|
Deferred Income Tax - Current Asset |
6.5 |
7.5 |
6.6 |
6.9 |
6.5 |
|
Other Current Assets |
1.0 |
1.0 |
1.3 |
0.7 |
0.8 |
|
Other Current Assets, Total |
7.5 |
8.5 |
7.9 |
7.6 |
7.3 |
|
Total Current Assets |
271.1 |
266.1 |
227.4 |
211.7 |
205.6 |
|
|
|
|
|
|
|
|
Buildings |
79.5 |
77.5 |
66.8 |
48.3 |
43.0 |
|
Land/Improvements |
3.7 |
3.6 |
3.2 |
3.0 |
2.7 |
|
Machinery/Equipment |
81.1 |
77.4 |
63.7 |
58.6 |
52.3 |
|
Construction in
Progress |
6.3 |
0.6 |
3.0 |
4.1 |
1.2 |
|
Other
Property/Plant/Equipment |
34.4 |
29.9 |
25.3 |
22.6 |
19.8 |
|
Property/Plant/Equipment - Gross |
204.9 |
189.0 |
162.0 |
136.5 |
119.0 |
|
Accumulated Depreciation |
-143.3 |
-131.4 |
-108.8 |
-97.9 |
-83.8 |
|
Property/Plant/Equipment - Net |
61.5 |
57.6 |
53.2 |
38.7 |
35.2 |
|
Intangibles, Net |
4.4 |
4.8 |
2.9 |
2.6 |
1.6 |
|
LT Investment - Affiliate Companies |
11.2 |
8.2 |
- |
- |
- |
|
LT Investments - Other |
101.9 |
91.6 |
70.0 |
66.5 |
73.5 |
|
Long Term Investments |
113.1 |
99.8 |
70.0 |
66.5 |
73.5 |
|
Deferred Income Tax - Long Term Asset |
12.2 |
16.0 |
10.4 |
10.0 |
- |
|
Other Long Term Assets |
19.9 |
9.9 |
13.8 |
14.1 |
19.2 |
|
Other Long Term Assets, Total |
32.1 |
25.9 |
24.2 |
24.0 |
19.2 |
|
Total Assets |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
57.5 |
70.0 |
56.1 |
55.7 |
60.5 |
|
Accrued Expenses |
51.0 |
61.0 |
44.2 |
39.4 |
45.3 |
|
Notes Payable/Short Term Debt |
80.7 |
54.4 |
41.1 |
38.7 |
28.4 |
|
Current Portion - Long Term Debt/Capital Leases |
2.0 |
2.5 |
9.7 |
7.0 |
15.1 |
|
Customer Advances |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Security Deposits |
2.7 |
2.6 |
2.4 |
2.7 |
2.0 |
|
Income Taxes Payable |
6.0 |
5.7 |
2.5 |
2.5 |
2.3 |
|
Other Current Liabilities |
9.4 |
6.3 |
8.6 |
7.6 |
6.1 |
|
Other Current liabilities, Total |
20.4 |
22.9 |
23.9 |
18.3 |
13.7 |
|
Total Current Liabilities |
211.7 |
210.7 |
175.0 |
159.1 |
162.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
36.1 |
23.6 |
28.1 |
21.0 |
8.7 |
|
Total Long Term Debt |
36.1 |
23.6 |
28.1 |
21.0 |
8.7 |
|
Total Debt |
118.8 |
80.4 |
78.8 |
66.6 |
52.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
- |
0.0 |
|
Deferred Income Tax |
- |
- |
- |
- |
0.0 |
|
Reserves |
0.5 |
0.5 |
0.0 |
- |
- |
|
Pension Benefits - Underfunded |
39.7 |
39.5 |
34.5 |
31.2 |
29.0 |
|
Other Long Term Liabilities |
3.7 |
4.2 |
1.9 |
1.5 |
4.4 |
|
Other Liabilities, Total |
43.9 |
44.2 |
36.4 |
32.8 |
33.4 |
|
Total Liabilities |
291.7 |
278.5 |
239.5 |
212.8 |
205.0 |
|
|
|
|
|
|
|
|
Common Stock |
63.3 |
61.5 |
49.2 |
47.0 |
42.5 |
|
Common Stock |
63.3 |
61.5 |
49.2 |
47.0 |
42.5 |
|
Additional Paid-In Capital |
40.2 |
39.1 |
29.2 |
27.9 |
25.2 |
|
Retained Earnings (Accumulated Deficit) |
85.1 |
76.6 |
64.9 |
59.3 |
56.0 |
|
Treasury Stock - Common |
-2.1 |
-2.0 |
-9.9 |
-8.6 |
-6.5 |
|
Unrealized Gain (Loss) |
5.3 |
1.5 |
5.2 |
5.3 |
12.9 |
|
Translation Adjustment |
-1.3 |
-1.2 |
-0.4 |
-0.3 |
0.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-1.3 |
-1.2 |
-0.4 |
-0.3 |
0.0 |
|
Total Equity |
190.5 |
175.6 |
138.3 |
130.6 |
130.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
Total Common Shares Outstanding |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.5 |
0.5 |
2.5 |
2.4 |
2.1 |
|
Employees |
1,175 |
1,177 |
1,073 |
1,047 |
1,087 |
|
Number of Common Shareholders |
6,556 |
6,842 |
5,751 |
4,604 |
6,631 |
|
Deferred Revenue - Current |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Total Long Term Debt, Supplemental |
53.2 |
35.1 |
37.7 |
27.9 |
23.7 |
|
Long Term Debt Maturing within 1 Year |
17.2 |
11.6 |
9.7 |
7.0 |
15.1 |
|
Long Term Debt Maturing in Year 2 |
15.6 |
10.1 |
9.7 |
6.2 |
3.0 |
|
Long Term Debt Maturing in Year 3 |
11.0 |
8.6 |
8.3 |
6.2 |
2.3 |
|
Long Term Debt Maturing in Year 4 |
7.5 |
4.1 |
7.0 |
4.9 |
2.3 |
|
Long Term Debt Maturing in Year 5 |
1.9 |
0.7 |
3.0 |
3.7 |
1.1 |
|
Long Term Debt Maturing in 2-3 Years |
26.7 |
18.7 |
18.0 |
12.4 |
5.3 |
|
Long Term Debt Maturing in 4-5 Years |
9.4 |
4.9 |
10.1 |
8.6 |
3.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
53.2 |
56.8 |
48.7 |
48.3 |
47.2 |
|
Plan Assets - Domestic |
- |
- |
- |
0.0 |
0.1 |
|
Funded Status - Domestic |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Total Funded Status |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
2.30% |
2.30% |
2.30% |
|
Accrued Liabilities - Domestic |
-39.7 |
-39.5 |
-32.8 |
-29.7 |
-27.3 |
|
Other Assets, Net - Domestic |
13.4 |
17.3 |
15.9 |
18.5 |
19.8 |
|
Net Assets Recognized on Balance Sheet |
-26.3 |
-22.2 |
-16.8 |
-11.2 |
-7.6 |
|
Total Plan Obligations |
53.2 |
56.8 |
48.7 |
48.3 |
47.2 |
|
Total Plan Assets |
- |
- |
- |
0.0 |
0.1 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
Depreciation |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Depreciation/Depletion |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Unusual Items |
0.3 |
1.2 |
0.1 |
2.8 |
-0.6 |
|
Other Non-Cash Items |
-1.0 |
0.2 |
1.8 |
2.7 |
5.0 |
|
Non-Cash Items |
-0.7 |
1.4 |
1.9 |
5.5 |
4.4 |
|
Accounts Receivable |
-43.2 |
-8.9 |
-13.4 |
35.8 |
-19.1 |
|
Inventories |
33.6 |
-6.3 |
3.0 |
-14.0 |
7.1 |
|
Accounts Payable |
-14.4 |
7.5 |
-2.2 |
-10.7 |
-3.0 |
|
Accrued Expenses |
-12.6 |
10.3 |
0.0 |
-0.5 |
-0.5 |
|
Payable/Accrued |
0.0 |
-0.2 |
-2.7 |
-3.5 |
-3.5 |
|
Other Liabilities |
-6.3 |
-3.2 |
4.6 |
1.9 |
- |
|
Other Operating Cash Flow |
-10.2 |
0.0 |
-5.0 |
-13.8 |
-2.3 |
|
Changes in Working Capital |
-53.0 |
-0.8 |
-15.6 |
-4.8 |
-21.3 |
|
Cash from Operating Activities |
-16.9 |
29.7 |
7.3 |
18.6 |
-0.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-11.7 |
-13.8 |
-18.4 |
-10.1 |
-7.1 |
|
Capital Expenditures |
-11.7 |
-13.8 |
-18.4 |
-10.1 |
-7.1 |
|
Sale of Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Sale/Maturity of Investment |
- |
- |
- |
0.0 |
1.5 |
|
Purchase of Investments |
-11.7 |
-23.1 |
-0.1 |
-4.0 |
-0.1 |
|
Other Investing Cash Flow |
-4.0 |
-3.0 |
0.7 |
-1.5 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-15.6 |
-26.1 |
0.6 |
-5.5 |
1.5 |
|
Cash from Investing Activities |
-27.3 |
-39.9 |
-17.9 |
-15.6 |
-5.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
- |
- |
- |
- |
|
Financing Cash Flow Items |
0.0 |
- |
- |
- |
- |
|
Cash Dividends Paid - Common |
-3.6 |
-3.2 |
-2.9 |
-2.7 |
-2.4 |
|
Total Cash Dividends Paid |
-3.6 |
-3.2 |
-2.9 |
-2.7 |
-2.4 |
|
Sale/Issuance of
Common |
0.0 |
20.8 |
0.0 |
- |
- |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
-0.9 |
-1.3 |
-2.8 |
|
Common Stock, Net |
0.0 |
20.8 |
-0.9 |
-1.3 |
-2.8 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
20.8 |
-0.9 |
-1.3 |
-2.8 |
|
Short Term Debt, Net |
19.1 |
-0.7 |
0.5 |
7.0 |
0.0 |
|
Long Term Debt Issued |
29.2 |
3.6 |
15.7 |
17.5 |
10.7 |
|
Long Term Debt Reduction |
-12.1 |
-10.5 |
-7.4 |
-16.0 |
-5.0 |
|
Long Term Debt, Net |
17.2 |
-6.9 |
8.4 |
1.5 |
5.7 |
|
Issuance (Retirement) of Debt, Net |
36.2 |
-7.6 |
8.9 |
8.5 |
5.7 |
|
Cash from Financing Activities |
32.6 |
10.0 |
5.1 |
4.5 |
0.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
-0.4 |
-0.1 |
0.0 |
0.0 |
|
Net Change in Cash |
-11.7 |
-0.6 |
-5.6 |
7.4 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.6 |
29.3 |
32.2 |
22.4 |
25.2 |
|
Net Cash - Ending Balance |
18.9 |
28.7 |
26.7 |
29.8 |
20.0 |
|
Cash Interest Paid |
2.1 |
1.6 |
1.4 |
1.4 |
1.2 |
|
Cash Taxes Paid |
9.2 |
5.5 |
5.5 |
5.1 |
4.9 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
Total Revenue |
490.1 |
451.5 |
384.8 |
333.8 |
341.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
377.8 |
348.3 |
304.4 |
255.3 |
271.6 |
|
Other Selling/General/Admin. Expense |
48.6 |
- |
- |
- |
- |
|
Payrolls |
22.7 |
21.5 |
18.5 |
15.6 |
14.1 |
|
Provision for officers bonuses |
0.6 |
0.5 |
0.2 |
0.2 |
0.1 |
|
Provision for bonuses |
4.5 |
4.3 |
3.6 |
4.9 |
4.3 |
|
Periodic retirement benefit costs |
4.1 |
3.9 |
3.6 |
3.2 |
2.9 |
|
Reserve for officers retirement |
- |
- |
0.5 |
0.5 |
0.4 |
|
R & D expenses |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
|
Other general expenses |
- |
44.1 |
35.7 |
31.8 |
28.6 |
|
SP Adj G on estimated original costs |
- |
- |
- |
- |
0.0 |
|
SP Rev.Allow.Doubt.Acct |
0.0 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
SP Pension plan change expenses |
- |
- |
- |
- |
0.0 |
|
SP Reserve for officers retirement |
- |
- |
- |
0.0 |
1.1 |
|
SP Dir. Retir. Bonus |
- |
- |
- |
- |
0.0 |
|
SP Surcharge |
- |
- |
0.0 |
1.2 |
0.0 |
|
SP L on val. of inv't in related company |
- |
- |
0.0 |
0.4 |
0.0 |
|
SP Environmental expenses |
0.0 |
1.6 |
0.0 |
- |
- |
|
SP Loss Val. Inv. Sec. |
0.3 |
1.2 |
0.1 |
2.8 |
0.3 |
|
SP L on adju. for chan. of acct. assets |
0.0 |
0.5 |
0.0 |
- |
- |
|
SP L on Disaster |
0.1 |
0.3 |
0.0 |
- |
- |
|
SP Loss Val. Golf Memb. |
0.0 |
0.1 |
0.0 |
- |
0.0 |
|
NOP L-Retir. Inventories |
- |
- |
- |
0.0 |
0.2 |
|
NOP Loss Retirement Fixed Asset |
0.1 |
0.1 |
0.2 |
0.2 |
0.4 |
|
NOP L- Val. Inventories |
- |
- |
- |
0.0 |
0.3 |
|
Total Operating Expense |
468.9 |
437.2 |
374.4 |
324.5 |
331.5 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Divid. Income |
1.5 |
1.4 |
1.1 |
1.0 |
0.9 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Subsidy income |
- |
0.0 |
0.4 |
0.0 |
- |
|
NOP Inv.Income-Equity |
1.4 |
1.3 |
0.0 |
- |
- |
|
NOP Insurance Income |
0.6 |
1.1 |
0.0 |
0.0 |
0.1 |
|
NOP Technical support fee |
0.0 |
1.1 |
0.0 |
- |
- |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Op. Income |
0.7 |
0.4 |
0.9 |
0.6 |
0.5 |
|
NOP Interest Expense |
-2.1 |
-1.6 |
-1.5 |
-1.4 |
-1.2 |
|
NOP Exchange Loss |
-0.3 |
-2.4 |
-0.3 |
-0.9 |
-0.9 |
|
Other |
-0.6 |
-0.4 |
-0.2 |
-0.4 |
-0.3 |
|
SP Gain Sale Fix.Asset |
- |
- |
- |
- |
0.0 |
|
SP Gain Sale Invest.Sec |
- |
- |
- |
0.0 |
0.9 |
|
Gain Sale Golf Membership |
- |
- |
- |
0.0 |
0.1 |
|
SP L on sale of fixed assets. |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
|
|
|
|
|
|
|
Total income taxes |
12.4 |
7.2 |
5.1 |
7.2 |
5.5 |
|
Net Income After Taxes |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Basic EPS Including ExtraOrdinary Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
10.0 |
8.1 |
5.6 |
1.0 |
4.8 |
|
Diluted Weighted Average Shares |
48.2 |
45.6 |
44.1 |
44.4 |
45.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
Diluted EPS Including ExtraOrd Items |
0.21 |
0.18 |
0.13 |
0.02 |
0.11 |
|
DPS-Common Stock |
0.08 |
0.07 |
0.07 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
3.7 |
3.4 |
2.9 |
2.7 |
2.4 |
|
Normalized Income Before Taxes |
22.8 |
18.9 |
10.9 |
13.0 |
11.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
12.6 |
8.9 |
5.2 |
8.9 |
5.9 |
|
Normalized Income After Taxes |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.2 |
10.0 |
5.7 |
4.1 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
|
Diluted Normalized EPS |
0.21 |
0.22 |
0.13 |
0.09 |
0.11 |
|
Interest Expense |
2.1 |
1.6 |
1.5 |
1.4 |
1.2 |
|
Dep. of Tangible Assets-Current Portion |
14.5 |
- |
- |
- |
- |
|
Depreciation |
- |
13.9 |
10.3 |
9.6 |
6.5 |
|
R&D Expense |
10.1 |
10.9 |
7.8 |
8.3 |
7.2 |
|
Income taxes-current |
9.3 |
- |
- |
- |
- |
|
Current Tax - Total |
9.3 |
- |
- |
- |
- |
|
Income taxes-deferred |
3.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
- |
- |
- |
- |
|
Income taxes for prior periods |
-0.2 |
- |
- |
- |
- |
|
Income Tax - Total |
12.4 |
- |
- |
- |
- |
|
Reported Operating Profit |
21.6 |
17.9 |
10.6 |
14.0 |
12.5 |
|
Reported Ordinary Profit |
22.7 |
18.8 |
10.7 |
12.7 |
10.7 |
|
Retirement Benefit Expenses Other |
1.3 |
- |
- |
- |
- |
|
Service cost |
2.7 |
2.6 |
2.2 |
2.1 |
1.9 |
|
Interest cost |
0.9 |
1.2 |
1.1 |
1.1 |
1.0 |
|
Pension exp. Due to acct. changes |
3.4 |
3.2 |
3.0 |
2.7 |
2.4 |
|
Actuarial gains and losses |
0.9 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Prior service cost |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Domestic Pension Plan Expense |
9.1 |
7.8 |
7.1 |
6.6 |
5.9 |
|
Defined contribution expenses |
- |
1.1 |
1.0 |
0.8 |
0.8 |
|
Total Pension Expense |
9.1 |
9.0 |
8.1 |
7.4 |
6.7 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
- |
- |
- |
- |
|
Discount rate |
- |
1.50% |
2.30% |
2.30% |
2.30% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.981276 |
81.24 |
91.035 |
95.455 |
105.565 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposit |
18.9 |
29.7 |
27.0 |
31.1 |
21.1 |
|
Notes and accounts receivable-trade |
173.8 |
127.2 |
105.7 |
87.9 |
113.4 |
|
Inventories - merchandise/finished goods |
20.2 |
31.6 |
26.3 |
24.4 |
16.5 |
|
Inventories - work-in-process |
28.4 |
41.7 |
33.3 |
37.5 |
26.9 |
|
Inventories - raw materials/supplies |
21.4 |
27.4 |
24.3 |
21.1 |
18.5 |
|
Advance payments-trade |
0.5 |
0.2 |
2.7 |
2.1 |
1.7 |
|
Accounts receivable-other |
0.8 |
0.4 |
0.6 |
0.6 |
0.8 |
|
Deferred Tax |
6.5 |
7.5 |
6.6 |
6.9 |
6.5 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
0.9 |
1.0 |
1.3 |
0.7 |
0.8 |
|
Allow.Doubt.Acct |
-0.4 |
-0.5 |
-0.5 |
-0.5 |
-0.5 |
|
Total current assets |
271.1 |
266.1 |
227.4 |
211.7 |
205.6 |
|
|
|
|
|
|
|
|
Bldg.&Structures |
79.5 |
77.5 |
66.8 |
48.3 |
43.0 |
|
Accum Dep & Impairment Loss of Buildings |
-49.4 |
- |
- |
- |
- |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-65.5 |
- |
- |
- |
- |
|
Accumulated depreciation-other |
-28.4 |
- |
- |
- |
- |
|
Depreciation of Bldg.&Structures |
- |
-45.7 |
-38.4 |
-35.1 |
-30.6 |
|
Machinery, equipment and vehicles |
81.1 |
77.4 |
63.7 |
58.6 |
52.3 |
|
Depreciation of Mach.&Vehicles |
- |
-60.7 |
-49.6 |
-44.2 |
-37.8 |
|
Land |
3.7 |
3.6 |
3.2 |
3.0 |
2.7 |
|
Contr.-in-Prog. |
6.3 |
0.6 |
3.0 |
4.1 |
1.2 |
|
Other |
34.4 |
- |
- |
- |
- |
|
Other PP&E |
- |
29.9 |
25.3 |
22.6 |
19.8 |
|
Depreciation of Other PP&E |
- |
-25.0 |
-20.8 |
-18.5 |
-15.5 |
|
Other |
0.8 |
- |
- |
- |
- |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Software |
3.5 |
2.6 |
2.2 |
2.2 |
1.2 |
|
Other Intangibles |
- |
2.2 |
0.7 |
0.4 |
0.3 |
|
Other LT investment- held for sale |
101.9 |
- |
- |
- |
- |
|
Inv. Securities |
- |
91.6 |
70.0 |
66.5 |
73.5 |
|
Invt Secs Noncons, Asc, Affd Cos |
1.6 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
9.6 |
- |
- |
- |
- |
|
LT Investment - Affiliate Companies |
- |
2.2 |
- |
- |
- |
|
Deferred tax assets |
12.2 |
16.0 |
10.4 |
10.0 |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other |
20.1 |
- |
- |
- |
- |
|
Other Assets |
- |
10.1 |
14.0 |
14.7 |
19.5 |
|
LT Investment - Capital |
- |
6.0 |
- |
- |
- |
|
Allow.Doubt.Acct |
-0.2 |
-0.2 |
-0.2 |
-0.6 |
-0.3 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
57.5 |
70.0 |
56.1 |
55.7 |
60.5 |
|
Short-term loans payable |
80.7 |
54.4 |
41.1 |
38.7 |
28.4 |
|
LT borrowings (current) |
- |
- |
7.5 |
4.9 |
13.8 |
|
Curr. Corp.Bond |
2.0 |
2.5 |
2.2 |
2.1 |
1.2 |
|
Corp. Tax Pybles |
6.0 |
5.7 |
2.5 |
2.5 |
2.3 |
|
Sales Tax Pybl. |
2.3 |
1.4 |
0.8 |
1.7 |
2.3 |
|
Accrued Expense |
36.8 |
47.5 |
33.9 |
28.8 |
34.5 |
|
Advance Payment |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Deposits received |
2.7 |
2.6 |
2.4 |
2.7 |
2.0 |
|
Provision for directors'' bonuses |
0.6 |
0.5 |
0.2 |
0.2 |
0.1 |
|
Allow. Bonus |
11.3 |
11.5 |
9.2 |
8.8 |
8.4 |
|
Rounding adjustment Liability |
0.1 |
- |
- |
- |
- |
|
Reserve for L on orders received |
2.5 |
1.8 |
3.7 |
3.4 |
1.2 |
|
Provision for environmental measures |
0.0 |
1.1 |
0.0 |
- |
- |
|
Other Curr. Liab |
6.8 |
3.4 |
4.9 |
4.1 |
4.9 |
|
Total Current Liabilities |
211.7 |
210.7 |
175.0 |
159.1 |
162.9 |
|
|
|
|
|
|
|
|
Corp.Bond |
1.5 |
3.4 |
5.3 |
7.1 |
2.7 |
|
Long-term loans payable |
34.6 |
20.1 |
22.8 |
13.8 |
6.0 |
|
Total Long Term Debt |
36.1 |
23.6 |
28.1 |
21.0 |
8.7 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Defined contr. plan trans. acc.payable |
- |
- |
- |
0.0 |
3.0 |
|
Long-term accounts payable-other |
3.2 |
3.7 |
1.9 |
1.5 |
1.4 |
|
Res.Accrd.Retir. |
39.7 |
39.5 |
32.8 |
29.7 |
27.3 |
|
Allow.Dir.Retir. |
- |
0.0 |
1.8 |
1.5 |
1.7 |
|
Provision for environmental measures |
0.5 |
0.5 |
0.0 |
- |
- |
|
Deferred Tax |
- |
- |
- |
- |
0.0 |
|
Other LT Liab. |
0.4 |
0.4 |
0.0 |
- |
- |
|
Total Liabilities |
291.7 |
278.5 |
239.5 |
212.8 |
205.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
63.3 |
61.5 |
49.2 |
47.0 |
42.5 |
|
Total capital surpluses |
40.2 |
39.1 |
29.2 |
27.9 |
25.2 |
|
Total retained earnings |
85.1 |
76.6 |
64.9 |
59.3 |
56.0 |
|
Treasury Stock |
-2.1 |
-2.0 |
-9.9 |
-8.6 |
-6.5 |
|
Valuation difference on available-for-sa |
5.3 |
1.5 |
5.2 |
5.3 |
12.9 |
|
Deferred hedge gain/loss |
- |
- |
- |
0.0 |
0.0 |
|
Cumulative translation adjustments |
-1.3 |
-1.2 |
-0.4 |
-0.3 |
0.0 |
|
Total Equity |
190.5 |
175.6 |
138.3 |
130.6 |
130.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
482.2 |
454.1 |
377.7 |
343.4 |
335.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
Total Common Shares Outstanding |
48.2 |
48.2 |
44.0 |
44.1 |
44.5 |
|
T/S-Common Stock |
0.5 |
0.5 |
2.5 |
2.4 |
2.1 |
|
Deferred Revenue - Current |
2.3 |
8.3 |
10.4 |
5.5 |
3.2 |
|
Full-Time Employees |
1,175 |
1,177 |
1,073 |
1,047 |
1,087 |
|
Total Number of Shareholders |
6,556 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
6,842 |
5,751 |
4,604 |
6,631 |
|
Within One Year |
2.0 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
15.1 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 1 yr. |
- |
11.6 |
9.7 |
7.0 |
15.1 |
|
Over One Year And Within Two Years |
1.5 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
14.1 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 2 yr. |
- |
10.1 |
9.7 |
6.2 |
3.0 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
11.0 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 3 yr. |
- |
8.6 |
8.3 |
6.2 |
2.3 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
7.5 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 4 yr. |
- |
4.1 |
7.0 |
4.9 |
2.3 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
1.9 |
- |
- |
- |
- |
|
LT Debt & Bond matured within 5 years |
- |
0.7 |
3.0 |
3.7 |
1.1 |
|
Total Long Term Debt, Supplemental |
53.2 |
35.1 |
37.7 |
27.9 |
23.7 |
|
Pension obligation |
53.2 |
56.8 |
48.7 |
48.3 |
47.2 |
|
Fair value of plan asset |
- |
- |
- |
0.0 |
0.1 |
|
Funded status |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Total Funded Status |
-53.2 |
-56.8 |
-48.7 |
-48.3 |
-47.1 |
|
Discount rate |
1.50% |
1.50% |
2.30% |
2.30% |
2.30% |
|
Expense unrecog. for acc. Changes |
10.2 |
13.3 |
14.8 |
16.9 |
17.9 |
|
Unrecognized actuarial gains and losses |
4.0 |
4.9 |
2.0 |
2.5 |
2.8 |
|
Unrecognized prior service cost |
-0.7 |
-0.9 |
-0.9 |
-0.9 |
-0.9 |
|
Provision for pension |
-39.7 |
-39.5 |
-32.8 |
-29.7 |
-27.3 |
|
Net Assets Recognized on Balance Sheet |
-26.3 |
-22.2 |
-16.8 |
-11.2 |
-7.6 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income bf. Tax |
22.3 |
15.3 |
10.7 |
8.3 |
10.3 |
|
Depreciation |
14.5 |
13.9 |
10.3 |
9.6 |
6.5 |
|
Increase (decrease) in allowance for dou |
-0.2 |
0.0 |
-0.6 |
0.4 |
0.2 |
|
Increase (decrease) in provision for bon |
-0.5 |
1.1 |
0.0 |
-0.5 |
-0.5 |
|
Increase (decrease) in provision for ret |
-0.9 |
2.7 |
1.6 |
-0.5 |
1.8 |
|
Increase (decrease) in provision for dir |
0.0 |
-1.9 |
0.2 |
-0.4 |
1.5 |
|
Int.&Div.Income |
-1.5 |
-1.4 |
-1.1 |
-1.0 |
-0.9 |
|
Interest Expense |
2.1 |
1.6 |
1.5 |
1.4 |
1.2 |
|
Gain Sale Inv.Sec. |
- |
- |
- |
0.0 |
-0.9 |
|
Loss (gain) on valuation of investment s |
0.3 |
1.2 |
0.1 |
2.8 |
0.3 |
|
Gain Sale PP&E |
- |
- |
- |
- |
0.0 |
|
Loss Sale PP&E |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in notes and account |
-43.2 |
-8.9 |
-13.4 |
35.8 |
-19.1 |
|
Decrease (increase) in inventories |
33.6 |
-6.3 |
3.0 |
-14.0 |
7.1 |
|
Increase (decrease) in notes and account |
-14.4 |
7.5 |
-2.2 |
-10.7 |
-3.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in accured liabiliti |
0.0 |
-0.2 |
-2.7 |
-3.5 |
-3.5 |
|
Increase (decrease) in provision for los |
0.6 |
-2.3 |
0.1 |
2.0 |
1.1 |
|
Increase (decrease) in advances received |
-6.3 |
-3.2 |
4.6 |
1.9 |
- |
|
Increase (decrease) in accrued expenses |
-12.1 |
9.2 |
0.0 |
- |
- |
|
Increase (decrease) in provision for env |
-1.1 |
1.6 |
0.0 |
- |
- |
|
Other, net |
-0.6 |
5.7 |
0.9 |
-8.3 |
2.8 |
|
Int.&Div. Received |
1.7 |
1.4 |
1.1 |
1.0 |
0.9 |
|
Interest Paid |
-2.1 |
-1.6 |
-1.4 |
-1.4 |
-1.2 |
|
Income taxes (paid) refund |
-9.2 |
-5.5 |
-5.5 |
-5.1 |
-4.6 |
|
Prior Year Tax Paid |
- |
- |
- |
0.0 |
-0.3 |
|
Cash to change in consol. scope |
- |
- |
- |
0.8 |
0.0 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
-16.9 |
29.7 |
7.3 |
18.6 |
-0.1 |
|
|
|
|
|
|
|
|
Purch. of Inv. Secs. |
-11.7 |
-23.1 |
-0.1 |
-4.0 |
-0.1 |
|
Sale Inv. Securities |
- |
- |
- |
0.0 |
1.5 |
|
Purchase of property, plant and equipmen |
-11.7 |
-13.8 |
-18.4 |
-10.1 |
-7.1 |
|
Sale PP&E |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other Expense |
-0.9 |
-1.7 |
-0.7 |
-0.2 |
-0.5 |
|
Other Income |
0.4 |
1.0 |
2.3 |
0.1 |
1.2 |
|
Other, net |
-3.4 |
-2.3 |
-0.9 |
-1.4 |
-0.6 |
|
Cash from Investing Activities |
-27.3 |
-39.9 |
-17.9 |
-15.6 |
-5.6 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
19.1 |
-0.7 |
0.5 |
7.0 |
0.0 |
|
Proceeds from long-term loans payable |
29.2 |
3.6 |
15.7 |
11.6 |
7.2 |
|
Repayment of long-term loans payable |
-9.5 |
-8.1 |
-5.2 |
-14.7 |
-3.4 |
|
Bond Issued |
- |
- |
0.0 |
5.9 |
3.5 |
|
Bond Redeemed |
-2.5 |
-2.4 |
-2.2 |
-1.3 |
-1.6 |
|
Proceeds from issuance of common stock |
0.0 |
12.3 |
0.0 |
- |
- |
|
Proceeds from disposal of treasury stock |
- |
8.5 |
0.0 |
- |
- |
|
Purch. Treas. Stock |
0.0 |
0.0 |
-0.9 |
-1.3 |
-2.8 |
|
Dividend Paid |
-3.6 |
-3.2 |
-2.9 |
-2.7 |
-2.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Cash from Financing Activities |
32.6 |
10.0 |
5.1 |
4.5 |
0.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
-0.4 |
-0.1 |
0.0 |
0.0 |
|
Net increase (decrease) in cash and cash |
-11.7 |
-0.6 |
-5.6 |
7.4 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.6 |
29.3 |
32.2 |
22.4 |
25.2 |
|
Net Cash - Ending Balance |
18.9 |
28.7 |
26.7 |
29.8 |
20.0 |
|
Cash Interest Paid |
2.1 |
1.6 |
1.4 |
1.4 |
1.2 |
|
Income taxes (paid) refund |
9.2 |
5.5 |
5.5 |
5.1 |
4.9 |
|
Financials in: USD (mil) |
|
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Except for share items (millions) and per
share items (actual units) |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
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.