MIRA
INFORM REPORT
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Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ADEKA CORPORATION |
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Formerly Known as: |
Asahi Denka Kogyo KK |
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Registered Office : |
7-2-35, Higashi-Ogu, Arakawa-Ku, 116-8554 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
27.01.1917 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer
and sale of chemical and food
products |
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No. of Employees : |
2920 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic,
mastery of high technology, and a comparatively small defense allocation (1% of
GDP) helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source : CIA |
Company name & address
ADEKA CORPORATION
7-2-35, Higashi-Ogu
Arakawa-Ku, 116-8554
Japan
Tel: 81-3-44552811
Fax: 81-3-38098210
Web: www.adk.co.jp
Synthesis
Employees: 2,920
Company Type: Public Parent
Corporate Family: 23
Companies
Traded: Tokyo
Stock Exchange: 4401
Incorporation Date: 27-Jan-1917
Auditor: Ernst & Young ShinNihon LLC
Financials in: USD
(Millions)
Fiscal Year End: 31-Mar-2013
Reporting Currency: Japanese
Yen
Annual Sales: 2,228.3 1
Net Income: 91.8
Total Assets: 2,365.9 2
Market Value: 924.3 (07-Jun-2013)
Business Description
ADEKA CORPORATION is a Japan-based company engaged in the manufacture and sale of chemical and food products. The Company operates in three business segments. The Chemical Product segment offers information and electric chemical products, such as ultrapure semiconductor materials, graphical content materials, light curing resin, recording materials, electronic circuit board etching systems and chemicals; functional chemical products, such as additives, fire retardant, interfacial active agents and kitchen cleaning agents, as well as general chemicals, such as active soda products, among others. The Food Product segment offers margarine, shortening, chocolate fat, cooking oils and fats, whip cream, frozen puff pastry, mayonnaise and dressings, among others. The Others segment is involved in design, construction and management of facility plants, facility maintenance, logistics, storage, car leasing, real estate and insurance agency business. For the fiscal year ended 31 March 2013, ADEKA CORPORATION revenues increased 8% to Y184.89B. Net income applicable to common stockholders increased from Y3.8B to Y7.62B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Loss on withdrawal from a joint venture decrease of 90% to Y143M (expense), NOP Equity Gain increase from Y204M to Y883M (income).
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1812 - Basic
Organic Chemical Manufacturing
NACE 2002: 2414 - Manufacture
of other organic basic chemicals
NAICS 2002: 325199 - All Other
Basic Organic Chemical Manufacturing
UK SIC 2003: 2414 - Manufacture
of other organic basic chemicals
UK SIC 2007: 2014 - Manufacture
of other organic basic chemicals
US SIC 1987: 2869 - Industrial
Organic Chemicals, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Akio Koori |
President, Representative Director |
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Yoji Shiga |
Director of Finance & Accounting |
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Kunihiko Sakurai |
Chairman of the Board, Representative Director |
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Akira Tomiyasu |
Operating Officer |
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Ryohei Shibata |
Managing Operating Officer |
Significant Developments
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* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855
Corporate Overview
Location
7-2-35, Higashi-Ogu
Arakawa-Ku, 116-8554
Japan
Tel: 81-3-44552811
Fax: 81-3-38098210
Web www.adk.co.jp
Quote Symbol - Exchange
4401 - Tokyo Stock
Exchange
Sales JPY(mil): 184,885.0
Assets JPY(mil): 222,604.0
Employees: 2,920
Fiscal Year End: 31-Mar-2013
Industry: Chemical
Manufacturing
Incorporation Date: 27-Jan-1917
Company Type: Public
Parent
Quoted Status: Quoted
Previous Name: Asahi
Denka Kogyo KK
President,
Representative Director:
Akio Koori
Industry Codes
ANZSIC 2006 Codes:
1812 - Basic Organic Chemical Manufacturing
6322 - General Insurance
1813 - Basic Inorganic Chemical Manufacturing
1150 - Oil and Fat Manufacturing
6720 - Real Estate Services
NACE 2002 Codes:
2414 - Manufacture of other organic basic chemicals
2413 - Manufacture of other inorganic basic chemicals
6603 - Non-life insurance
1543 - Manufacture of margarine and similar edible fats
7031 - Real estate agencies
NAICS 2002 Codes:
325199 - All Other Basic Organic Chemical Manufacturing
531210 - Offices of Real Estate Agents and Brokers
325188 - All Other Basic Inorganic Chemical Manufacturing
524126 - Direct Property and Casualty Insurance Carriers
311225 - Fats and Oils Refining and Blending
US SIC 1987:
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
2079 - Shortening, Table Oils, Margarine, and Other Edible Fats
and Oils, Not Elsewhere Classified
6531 - Real Estate Agents and Managers
2819 - Industrial Inorganic Chemicals, Not Elsewhere Classified
6331 - Fire, Marine, and Casualty Insurance
UK SIC 2003:
2414 - Manufacture of other organic basic chemicals
7031 - Real estate agencies
66031 - Non-life insurance
1543 - Manufacture of margarine and similar edible fats
2413 - Manufacture of other inorganic basic chemicals
UK SIC 2007:
2014 - Manufacture of other organic basic chemicals
6512 - Non-life insurance
6831 - Real estate agencies
1042 - Manufacture of margarine and similar edible fats
2013 - Manufacture of other inorganic basic chemicals
Business
Description
ADEKA CORPORATION is
a Japan-based company engaged in the manufacture and sale of chemical and food
products. The Company operates in three business segments. The Chemical Product
segment offers information and electric chemical products, such as ultrapure
semiconductor materials, graphical content materials, light curing resin,
recording materials, electronic circuit board etching systems and chemicals;
functional chemical products, such as additives, fire retardant, interfacial
active agents and kitchen cleaning agents, as well as general chemicals, such
as active soda products, among others. The Food Product segment offers
margarine, shortening, chocolate fat, cooking oils and fats, whip cream, frozen
puff pastry, mayonnaise and dressings, among others. The Others segment is
involved in design, construction and management of facility plants, facility
maintenance, logistics, storage, car leasing, real estate and insurance agency
business. For the fiscal year ended 31 March 2013, ADEKA CORPORATION revenues
increased 8% to Y184.89B. Net income applicable to common stockholders
increased from Y3.8B to Y7.62B. Revenues reflect an increase in demand for the
Company's products and services due to favorable market conditions. Net income
benefited from Loss on withdrawal from a joint venture decrease of 90% to Y143M
(expense), NOP Equity Gain increase from Y204M to Y883M (income).
More Business
Descriptions
Manufacture of synthetic resins, surfactants, organic chemicals,
inorganic chemicals, edible oil and fat products
Resins, Surfactants, Organic Chemicals, Inorganic Chemicals & Edible
Oils
ADEKA CORPORATION
(ADEKA) is a chemical and food products manufacturing company, based in Japan.
ADEKA operates its business through chemicals and food products segments. The
company operates its business through subsidiaries and affiliates located in
Japan, China, Singapore, South Korea, Taiwan, France, Germany and the US. The
primary products of the Chemicals segment includes, Imaging/optical recording
materials, high-purity materials for semiconductors, additives for polyolefin,
PVC stabilizers, flame retardants, epoxy resins, water-borne resins,
surfactants, lubricants, caustic soda, propylene glycol, hydrogen peroxide and
others. The chemical products are sold through the brand ‘Amazing Chemicals’.
The segment also includes IT materials, semiconductor products, circuit
materials and civil engineering and construction materials. For the fiscal year
2011, the Chemical segment generated 11,633 JPY of revenue.Food Products
segment offers processed margarine featuring low trans-fatty acids, shortening
and furthermore processed food. Its products include margarine, shortenings,
oils and fats for frying, whipping cream, enriched milk products, fillings,
frozen pie crusts, mayonnaise dressing and other products. The products are
sold through the brands, Risu Brand, Olympia, Fermented Butter Rich and Royal
Cream brands. For the fiscal year ended March 31, 2011, the Food products
segment generated 2,416 JPY of revenue.The Others segment is engaged in the
design of equipment plants, construction and construction management, equipment
maintenance, logistics, vehicle leasing, warehousing, real estate and insurance
business and others. For the fiscal year ended March 31, 2011, the Others
segment generated revenue of about JPY 4,400m, a decrease of 16.98%, compared
to the fiscal year 2010. The segment accounted for 2.47% of the company's total
revenue. Geographically, the company operates in Japan, Asia including, China,
Singapore, Taiwan and South Korea; and Others including, Europe and the US.
Japanese segment accounted for 72.9% of the company's total revenue, while,
Asia accounted for 20.6% and Others accounted for 6.5%The subsidiaries operated
in Japan for Chemicals Segment Includes, Adeka Chemical Supply Corp, Adeka
Clean Aid Corp And Oxirane Chemical Corp; and for Food products it include,
Adeka Food Sales Corp, Yongo Co Ltd, Adeka Fine Foods Corp and Uehara Food
Industry Co Ltd; The overseas subsidiaries of Adeka for Chemical segment are
Amfine chemical corp, Chang Chiang Chemical co ltd, Adeka Korea Corp, Adeka
(Asia) Pte ltd, Adeka Europe Gmbh, Adeka Palmarole SAS, Adeka Fine Chemical
Taiwan Corp, Adeka (Shanghai) co ltd, Adeka Fine Chemical (Shangai) co ltd,
Adeka Fine Chemical (Changshu) co ltd and Adeka Fine Chemical (Thailand) co
ltd; and for the Food products segment the subsidiaries include, Adeka
(Singapore) pte ltd and Adeka Foods (Changshu) co ltd.ADEKA reported revenue of
Â¥170.8B for the fiscal year 2012 with a decline of 4.32% compared to the
previous year revenue ¥178.2B. The operating income generated during the year
2012 is 14,582 JPY with an increase of 74.80% over the previous year operating
income of 8,342 JPY.In the year 2011, the company along with AL Ghurair
Petrochemicals LLC established a joint venture, ADEKA Al Ghurair Additives in
UAE.On May 2012, Adeka announced and began to implement its Mid-term Management
Plan “STEP 3000†(FY2012-FY2014), for the realization of the company’s
goals of ‘Vision up to 2016’.ADEKA was incorporated in the year 1917 as
Asahi Denka Kogyo K.K and was changed to ADEKA CORPORATION in May 2006. The
company was listed on Tokyo Stock Exchange in 1950. ADEKA is headquartered in
Arakawa-ku, Tokyo, Japan.
ADEKA CORPORATION
(ADEKA) is a chemical and consumer material company, based in Japan. It was
formerly known as Tokyo Denka Kogyo-sho. The company manufactures and sells
chemical and food products. ADEKA’s product portfolio includes food items
such as various cakes, dough and batter , sandwich cream for biscuits, frying
oil for crunchy texture ,refined processed oils, and fats for chocolate; and
chemical products such as polymer addives, surface active agents, functional
polymers, civil engineering and construction materials, per oxygen chemicals,
commodity chemicals, margarine, shortening and other food products.Its
manufacturing facilities are located in Ibaraki, Chiba, Mie, Fukushima, Hyogo,
Fukushima and Shizuoka. The company’s R&D Laboratories are located in
Tokyo, Aichi, Saitama, and Osaka. It along with its consolidated subsidiaries
and affiliated companies, operates across Japan, South Korea, Thailand, Taiwan,
Singapore, China, the US, Germany and France. The company was established in
the year 1917.ADEKA is headquartered in Tokyo, Japan.The company reported
revenues of (Yen) JPY 170,817.00 million during the fiscal year ended March
2012, a decrease of 4.14% from 2011. The operating profit of the company was
JPY 5,823.00 million during the fiscal year 2012, a decrease of 49.10% from
2011. The net profit of the company was JPY 3,797.00 million during the fiscal
year 2012, a decrease of 45.16% from 2011.
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Corporate Family |
Corporate
Structure News: |
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ADEKA
CORPORATION |
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ADEKA CORPORATION |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Arakawa-Ku |
Japan |
Chemical Manufacturing |
2,228.3 |
2,920 |
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Subsidiary |
Shanghai, Shanghai |
China |
Chemical Manufacturing |
|
200 |
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Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
|
145 |
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Subsidiary |
Singapore |
Singapore |
Food Processing |
25.5 |
100 |
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Subsidiary |
Yeongam, Jeollabuk-do |
Korea, Republic of |
Construction - Supplies and Fixtures |
|
98 |
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Joint Venture |
Kamisu, Ibaraki |
Japan |
Chemical Manufacturing |
|
60 |
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Subsidiary |
Shanghai, Shanghai |
China |
Chemical Manufacturing |
91.9 |
50 |
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Subsidiary |
Tokyo |
Japan |
Business Services |
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50 |
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Subsidiary |
Pluak Daeng, Rayong |
Thailand |
Chemicals - Plastics and Rubber |
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49 |
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Subsidiary |
Tokyo |
Japan |
Food Processing |
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25 |
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Joint Venture |
Taipei |
Taiwan |
Chemicals - Plastics and Rubber |
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15 |
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Subsidiary |
Toyota, Aichi |
Japan |
Construction Services |
0.6 |
3 |
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Subsidiary |
Bunkyo-Ku, Tokyo |
Japan |
Chemical Manufacturing |
212.9 |
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Subsidiary |
Bunkyo-Ku, Tokyo |
Japan |
Food Processing |
175.0 |
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Subsidiary |
Chollabuk-Do |
Korea, Republic of |
Chemical Manufacturing |
161.5 |
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Subsidiary |
Arakawa-Ku, Tokyo |
Japan |
Construction Services |
137.7 |
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Subsidiary |
Arakawa-Ku, Tokyo |
Japan |
Trucking |
132.0 |
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Subsidiary |
Changshu, Jiangsu |
China |
Food Processing |
13.3 |
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Subsidiary |
Tottori |
Japan |
Food Processing |
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Subsidiary |
Nagoya, Aichi |
Japan |
Food Processing |
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Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
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Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
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Competitors
Report
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Company Name |
Location |
Employees |
Ownership |
|
Daicel Corp |
Minato-Ku, Japan |
8,149 |
Public |
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DAISO CO., LTD. |
Osaka-Shi, Japan |
755 |
Public |
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DENKI KAGAKU KOGYO KABUSHIKI KAISHA |
Chuo-Ku, Japan |
4,921 |
Public |
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NOF CORPORATION |
Shibuya-Ku, Japan |
3,799 |
Public |
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Sumitomo Chemical Co Ltd |
Chuo-Ku, Japan |
29,839 |
Public |
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Toagosei Co Ltd |
Minato-Ku, Japan |
2,509 |
Public |
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Tosoh Corporation |
Minato-Ku, Japan |
11,238 |
Public |
Executive report
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Board of
Directors |
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Executive Officer, Chief Director of Resin Additive, President of
Subsidiary, Director |
Director/Board Member |
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Managing Executive Officer, Chief Director of Production, Director |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Managing Executive Officer, Director of Business Planning, Director |
Director/Board Member |
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Managing Executive Officer, Chief Director of Research &
Development, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Managing Executive Officer, Chief Director of Chemical Product Sales,
Chairman of Subsidiaries, Director |
Director/Board Member |
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Executive Officer, Director |
Director/Board Member |
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Executive Officer, Chief Director of Food, Leader of Eastern Asia Food
Business Project Team, Chairman of Subsidiary, Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Executive Officer, Chief Director of Resin Additive, President of
Subsidiary, Director |
Division Head Executive |
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Managing Executive Officer, Chief Director of Production, Director |
Division Head Executive |
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Managing Executive Officer, Director of Business Planning, Director |
Division Head Executive |
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Managing Executive Officer, Chief Director of Research &
Development, Director |
Division Head Executive |
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Managing Executive Officer, Chief Director of Chemical Product Sales,
Chairman of Subsidiaries, Director |
Division Head Executive |
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Executive Officer, Director |
Division Head Executive |
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Executive Officer, Chief Director of Food, Leader of Eastern Asia Food
Business Project Team, Chairman of Subsidiary, Director |
Division Head Executive |
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Senior Managing Operating Officer |
Operations Executive |
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Managing Operating Officer |
Operations Executive |
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Operating Officer |
Operations Executive |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Statutory Auditor |
Accounting Executive |
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Director of Finance & Accounting |
Investor Relations Executive |
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Chairman of the Board, Representative Director |
Other |
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Significant Developments
ADEKA CORP Announces Retirement of Chairman May 09, 2013
ADEKA CORP announced that Kunihiko Sakurai will retire from the position of Chairman of the Board and Representative Director, effective June 21, 2013.
R&I Affirms Rating on ADEKA CORP at "A-"; Rating Outlook Stable Jan 28, 2013
Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on ADEKA CORPORATION at "A-". The rating outlook is stable.
ADEKA CORP to Establish Joint Venture Nov 15, 2012
ADEKA CORP announced that it has decided to establish a Malaysia-based joint venture ADEKA FOODS (ASIA) SDN. BHD., which will be engaged in the manufacturing and sale of margarine and shortening, with a Malaysia-based company IOI Corporation Berhad in July 2014. The joint venture will be capitalized at approximately JPY 1,100 million, ADEKA and IOI Corporation will each hold a 60% and 40% stake in the joint venture. IOI Corporation is engaged in fats and oils business.
ADEKA CORP Lowers Consolidated Mid-year and Full-year Outlook for FY 2013 Oct 18, 2012
ADEKA CORP announced that it has lowered the consolidated mid-year outlook for revenue from JPY 90,000 million to JPY 88,000 million, operating profit from JPY 5,800 million to JPY 4,800 million, ordinary profit from JPY 5,500 million to JPY 4,400 million, net profit from JPY 3,200 million to JPY 2,200 million and earning per share from JPY 30.98 to JPY 21.30 for the fiscal year ending March 31, 2013. The Company also announced that it has lowered the consolidated full-year outlook for revenue from JPY 187,000 million to JPY 180,000 million, operating profit from JPY 12,000 million to JPY 10,000 million, ordinary profit from JPY 12,000 million to JPY 10,000 million, net profit from JPY 7,000 million to JPY 5,700 million and earning per share from JPY 67.77 to JPY 55.19 for the fiscal year ending March 31, 2013. The negative outlook is mainly due to less-than-expected sales and revenue, as well as record of extraordinary loss in securities investment.
Annual
Income Statement
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 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
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Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
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Auditor |
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Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
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Auditor Opinion |
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Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
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Net Sales |
2,228.3 |
2,163.3 |
2,079.5 |
1,721.5 |
1,753.4 |
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Revenue |
2,228.3 |
2,163.3 |
2,079.5 |
1,721.5 |
1,753.4 |
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Total Revenue |
2,228.3 |
2,163.3 |
2,079.5 |
1,721.5 |
1,753.4 |
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Cost of Revenue |
1,763.7 |
1,709.2 |
1,584.8 |
1,333.9 |
1,428.5 |
|
Cost of Revenue, Total |
1,763.7 |
1,709.2 |
1,584.8 |
1,333.9 |
1,428.5 |
|
Gross Profit |
464.7 |
454.1 |
494.8 |
387.6 |
324.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
345.9 |
206.8 |
193.0 |
164.3 |
149.5 |
|
Labor & Related Expense |
- |
87.1 |
79.8 |
73.5 |
66.8 |
|
Total Selling/General/Administrative Expenses |
345.9 |
293.9 |
272.8 |
237.8 |
216.4 |
|
Research & Development |
- |
54.6 |
51.8 |
40.0 |
39.0 |
|
Impairment-Assets Held for Use |
3.8 |
6.1 |
5.5 |
6.2 |
13.3 |
|
Impairment-Assets Held for Sale |
0.9 |
5.0 |
6.7 |
0.0 |
11.9 |
|
Other Unusual Expense (Income) |
1.7 |
20.8 |
24.4 |
-3.2 |
6.7 |
|
Unusual Expense (Income) |
6.4 |
31.9 |
36.7 |
3.1 |
31.9 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
2,116.0 |
2,089.6 |
1,946.0 |
1,614.8 |
1,715.7 |
|
|
|
|
|
|
|
|
Operating Income |
112.3 |
73.7 |
133.5 |
106.7 |
37.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.0 |
-4.8 |
-4.4 |
-5.5 |
-5.2 |
|
Interest Expense, Net Non-Operating |
-5.0 |
-4.8 |
-4.4 |
-5.5 |
-5.2 |
|
Interest Income -
Non-Operating |
1.4 |
1.4 |
1.1 |
1.5 |
1.2 |
|
Investment Income -
Non-Operating |
20.4 |
5.4 |
2.3 |
3.3 |
-1.1 |
|
Interest/Investment Income - Non-Operating |
21.8 |
6.8 |
3.4 |
4.8 |
0.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
16.8 |
2.0 |
-1.0 |
-0.7 |
-5.0 |
|
Gain (Loss) on Sale of Assets |
-1.1 |
- |
- |
- |
0.0 |
|
Other Non-Operating Income (Expense) |
2.0 |
2.7 |
-1.4 |
1.5 |
0.2 |
|
Other, Net |
2.0 |
2.7 |
-1.4 |
1.5 |
0.2 |
|
Income Before Tax |
130.0 |
78.5 |
131.1 |
107.4 |
32.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
34.9 |
27.0 |
47.7 |
31.3 |
16.7 |
|
Income After Tax |
95.1 |
51.5 |
83.4 |
76.1 |
16.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.3 |
-3.4 |
-2.6 |
-3.0 |
-3.9 |
|
Net Income Before Extraord Items |
91.8 |
48.1 |
80.8 |
73.1 |
12.2 |
|
Net Income |
91.8 |
48.1 |
80.8 |
73.1 |
12.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
0.0 |
0.0 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
- |
0.0 |
0.0 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
91.8 |
48.1 |
80.8 |
73.0 |
12.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
91.8 |
48.1 |
80.8 |
73.0 |
12.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Basic EPS Excl Extraord Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Basic/Primary EPS Incl Extraord Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
91.8 |
48.1 |
80.8 |
73.0 |
12.2 |
|
Diluted Weighted Average Shares |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Diluted EPS Excl Extraord Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Diluted EPS Incl Extraord Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Dividends per Share - Common Stock Primary Issue |
0.27 |
0.28 |
0.26 |
0.22 |
0.20 |
|
Gross Dividends - Common Stock |
27.4 |
28.8 |
26.6 |
22.3 |
20.6 |
|
Interest Expense, Supplemental |
5.0 |
4.8 |
4.4 |
5.5 |
5.2 |
|
Depreciation, Supplemental |
104.1 |
102.9 |
93.5 |
83.9 |
75.9 |
|
Total Special Items |
7.6 |
31.9 |
36.7 |
3.1 |
31.9 |
|
Normalized Income Before Tax |
137.6 |
110.4 |
167.7 |
110.5 |
64.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.0 |
11.0 |
13.3 |
0.9 |
16.2 |
|
Inc Tax Ex Impact of Sp Items |
36.9 |
38.0 |
61.1 |
32.2 |
33.0 |
|
Normalized Income After Tax |
100.7 |
72.4 |
106.7 |
78.3 |
31.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
97.3 |
69.0 |
104.1 |
75.2 |
27.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.94 |
0.67 |
1.01 |
0.73 |
0.27 |
|
Diluted Normalized EPS |
0.94 |
0.67 |
1.01 |
0.73 |
0.27 |
|
Research & Development Exp, Supplemental |
- |
89.9 |
85.6 |
78.0 |
74.7 |
|
Reported Operating Profit |
118.8 |
105.6 |
170.2 |
109.8 |
69.6 |
|
Reported Ordinary Profit |
136.5 |
109.3 |
167.7 |
110.5 |
60.8 |
|
Normalized EBIT |
118.8 |
105.6 |
170.2 |
109.8 |
69.6 |
|
Normalized EBITDA |
222.9 |
208.5 |
263.6 |
193.7 |
145.5 |
|
Current Tax - Total |
35.2 |
26.6 |
- |
- |
- |
|
Current Tax - Total |
35.2 |
26.6 |
- |
- |
- |
|
Deferred Tax - Total |
-0.3 |
0.4 |
- |
- |
- |
|
Deferred Tax - Total |
-0.3 |
0.4 |
- |
- |
- |
|
Income Tax - Total |
34.9 |
27.0 |
- |
- |
- |
|
Interest Cost - Domestic |
- |
2.5 |
2.4 |
2.2 |
2.0 |
|
Service Cost - Domestic |
- |
9.3 |
8.0 |
7.3 |
6.1 |
|
Prior Service Cost - Domestic |
- |
1.7 |
1.5 |
1.4 |
1.3 |
|
Expected Return on Assets - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
- |
1.3 |
1.2 |
1.1 |
0.8 |
|
Domestic Pension Plan Expense |
- |
14.8 |
13.1 |
12.0 |
10.2 |
|
Defined Contribution Expense - Domestic |
- |
1.7 |
1.6 |
1.4 |
1.3 |
|
Total Pension Expense |
- |
16.5 |
14.7 |
13.4 |
11.5 |
|
Discount Rate - Domestic |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Expected Rate of Return - Domestic |
- |
0.00% |
0.00% |
0.00% |
0.00% |
|
Total Plan Interest Cost |
- |
2.5 |
2.4 |
2.2 |
2.0 |
|
Total Plan Service Cost |
- |
9.3 |
8.0 |
7.3 |
6.1 |
|
Total Plan Expected Return |
- |
- |
0.0 |
0.0 |
0.0 |
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 |
|
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
300.9 |
302.3 |
303.6 |
265.6 |
193.7 |
|
Short Term Investments |
76.8 |
86.5 |
116.2 |
71.1 |
2.3 |
|
Cash and Short Term Investments |
377.7 |
388.8 |
419.8 |
336.8 |
196.1 |
|
Accounts Receivable -
Trade, Gross |
423.4 |
489.2 |
465.5 |
387.4 |
327.2 |
|
Provision for Doubtful
Accounts |
-3.3 |
-2.6 |
-2.6 |
-3.1 |
-3.9 |
|
Trade Accounts Receivable - Net |
420.2 |
486.6 |
462.9 |
384.3 |
323.3 |
|
Total Receivables, Net |
420.2 |
486.6 |
462.9 |
384.3 |
323.3 |
|
Inventories - Finished Goods |
181.7 |
176.2 |
146.8 |
125.4 |
153.3 |
|
Inventories - Work In Progress |
45.5 |
47.8 |
39.3 |
36.7 |
47.0 |
|
Inventories - Raw Materials |
143.2 |
160.4 |
157.2 |
130.0 |
131.1 |
|
Total Inventory |
370.4 |
384.4 |
343.3 |
292.2 |
331.4 |
|
Deferred Income Tax - Current Asset |
19.2 |
24.0 |
22.6 |
19.2 |
18.2 |
|
Other Current Assets |
48.5 |
51.5 |
40.5 |
33.1 |
31.5 |
|
Other Current Assets, Total |
67.7 |
75.5 |
63.2 |
52.3 |
49.6 |
|
Total Current Assets |
1,236.0 |
1,335.3 |
1,289.1 |
1,065.6 |
900.4 |
|
|
|
|
|
|
|
|
Buildings |
569.3 |
614.5 |
601.9 |
528.8 |
496.8 |
|
Land/Improvements |
221.1 |
247.9 |
248.1 |
221.7 |
207.5 |
|
Machinery/Equipment |
1,151.2 |
1,242.8 |
1,189.0 |
1,041.8 |
961.5 |
|
Construction in
Progress |
26.8 |
34.2 |
30.7 |
13.6 |
18.9 |
|
Other
Property/Plant/Equipment |
259.4 |
280.0 |
267.7 |
232.9 |
211.2 |
|
Property/Plant/Equipment - Gross |
2,227.6 |
2,419.3 |
2,337.3 |
2,038.9 |
1,896.0 |
|
Accumulated Depreciation |
-1,462.6 |
-1,586.9 |
-1,516.3 |
-1,290.8 |
-1,168.6 |
|
Property/Plant/Equipment - Net |
765.1 |
832.5 |
821.0 |
748.1 |
727.3 |
|
Goodwill, Net |
2.6 |
- |
- |
- |
- |
|
Intangibles, Net |
34.3 |
39.3 |
42.6 |
39.6 |
31.5 |
|
LT Investment - Affiliate Companies |
- |
137.2 |
135.8 |
- |
- |
|
LT Investments - Other |
259.6 |
142.9 |
143.6 |
257.1 |
215.4 |
|
Long Term Investments |
259.6 |
280.1 |
279.4 |
257.1 |
215.4 |
|
Note Receivable - Long Term |
7.5 |
5.8 |
4.2 |
3.6 |
15.2 |
|
Deferred Income Tax - Long Term Asset |
29.3 |
36.1 |
36.5 |
30.6 |
38.9 |
|
Other Long Term Assets |
31.6 |
29.3 |
34.0 |
30.0 |
20.3 |
|
Other Long Term Assets, Total |
60.9 |
65.3 |
70.5 |
60.7 |
59.2 |
|
Total Assets |
2,365.9 |
2,558.3 |
2,506.9 |
2,174.6 |
1,949.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
345.8 |
402.6 |
378.1 |
304.9 |
280.3 |
|
Accrued Expenses |
21.2 |
23.8 |
24.7 |
21.6 |
19.1 |
|
Notes Payable/Short Term Debt |
143.2 |
158.5 |
138.4 |
149.7 |
146.9 |
|
Current Portion - Long Term Debt/Capital Leases |
3.3 |
2.9 |
8.0 |
7.5 |
30.1 |
|
Income Taxes Payable |
18.1 |
17.6 |
29.2 |
22.7 |
2.9 |
|
Other Current Liabilities |
54.0 |
132.7 |
71.6 |
52.8 |
55.6 |
|
Other Current liabilities, Total |
72.1 |
150.3 |
100.8 |
75.5 |
58.5 |
|
Total Current Liabilities |
585.6 |
738.2 |
650.0 |
559.2 |
534.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
142.2 |
59.9 |
127.0 |
117.2 |
69.1 |
|
Capital Lease Obligations |
9.8 |
11.3 |
9.4 |
11.4 |
5.9 |
|
Total Long Term Debt |
152.0 |
71.3 |
136.4 |
128.6 |
74.9 |
|
Total Debt |
298.5 |
232.7 |
282.9 |
285.8 |
251.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
48.5 |
55.1 |
62.3 |
55.7 |
52.2 |
|
Deferred Income Tax |
48.5 |
55.1 |
62.3 |
55.7 |
52.2 |
|
Minority Interest |
44.1 |
40.7 |
38.9 |
34.6 |
32.5 |
|
Pension Benefits - Underfunded |
101.0 |
109.2 |
104.9 |
92.9 |
88.1 |
|
Other Long Term Liabilities |
20.2 |
23.6 |
23.6 |
20.2 |
20.8 |
|
Other Liabilities, Total |
121.2 |
132.7 |
128.5 |
113.1 |
109.0 |
|
Total Liabilities |
951.5 |
1,038.0 |
1,016.1 |
891.2 |
803.4 |
|
|
|
|
|
|
|
|
Common Stock |
243.4 |
277.9 |
276.3 |
245.1 |
231.8 |
|
Common Stock |
243.4 |
277.9 |
276.3 |
245.1 |
231.8 |
|
Additional Paid-In Capital |
211.8 |
241.9 |
240.4 |
213.2 |
201.7 |
|
Retained Earnings (Accumulated Deficit) |
910.4 |
973.8 |
948.9 |
791.3 |
699.0 |
|
Treasury Stock - Common |
-2.4 |
-2.7 |
-2.7 |
-2.4 |
-2.2 |
|
Unrealized Gain (Loss) |
59.1 |
58.0 |
51.5 |
49.3 |
31.2 |
|
Translation Adjustment |
-7.9 |
-28.6 |
-23.7 |
-13.1 |
-15.8 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-7.9 |
-28.5 |
-23.7 |
-13.1 |
-15.8 |
|
Total Equity |
1,414.4 |
1,520.3 |
1,490.8 |
1,283.5 |
1,145.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,365.9 |
2,558.3 |
2,506.9 |
2,174.6 |
1,949.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Total Common Shares Outstanding |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Employees |
- |
2,920 |
2,853 |
2,774 |
2,697 |
|
Number of Common Shareholders |
- |
6,999 |
7,628 |
7,513 |
7,604 |
|
Total Long Term Debt, Supplemental |
- |
130.6 |
132.6 |
122.4 |
98.0 |
|
Long Term Debt Maturing within 1 Year |
- |
70.6 |
5.6 |
5.2 |
28.9 |
|
Long Term Debt Maturing in Year 2 |
- |
3.1 |
70.0 |
5.6 |
55.0 |
|
Long Term Debt Maturing in Year 3 |
- |
26.5 |
2.8 |
62.3 |
4.7 |
|
Long Term Debt Maturing in Year 4 |
- |
1.9 |
26.7 |
1.9 |
1.8 |
|
Long Term Debt Maturing in Year 5 |
- |
25.0 |
0.6 |
22.3 |
5.5 |
|
Long Term Debt Maturing in 2-3 Years |
- |
29.6 |
72.8 |
68.0 |
59.7 |
|
Long Term Debt Maturing in 4-5 Years |
- |
27.0 |
27.3 |
24.2 |
7.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
3.4 |
26.9 |
25.0 |
2.1 |
|
Total Capital Leases, Supplemental |
- |
14.2 |
11.8 |
13.7 |
7.0 |
|
Capital Lease Payments Due in Year 1 |
- |
2.9 |
2.4 |
2.4 |
1.2 |
|
Capital Lease Payments Due in Year 2 |
- |
2.8 |
2.2 |
2.0 |
1.3 |
|
Capital Lease Payments Due in Year 3 |
- |
1.7 |
2.0 |
1.8 |
1.1 |
|
Capital Lease Payments Due in Year 4 |
- |
1.4 |
0.9 |
1.6 |
0.9 |
|
Capital Lease Payments Due in Year 5 |
- |
1.2 |
0.7 |
0.6 |
0.9 |
|
Capital Lease Payments Due in 2-3 Years |
- |
4.4 |
4.2 |
3.8 |
2.4 |
|
Capital Lease Payments Due in 4-5 Years |
- |
2.6 |
1.6 |
2.2 |
1.9 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
4.3 |
3.6 |
5.4 |
1.6 |
|
Pension Obligation - Domestic |
- |
133.8 |
131.3 |
119.9 |
115.3 |
|
Plan Assets - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Funded Status - Domestic |
- |
-133.8 |
-131.3 |
-119.9 |
-115.3 |
|
Total Funded Status |
- |
-133.8 |
-131.3 |
-119.9 |
-115.3 |
|
Discount Rate - Domestic |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Expected Rate of Return - Domestic |
- |
0.00% |
0.00% |
0.00% |
0.00% |
|
Prepaid Benefits - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accrued Liabilities - Domestic |
- |
-107.7 |
-102.9 |
-91.0 |
-86.4 |
|
Other Assets, Net - Domestic |
- |
26.2 |
28.5 |
28.9 |
28.9 |
|
Net Assets Recognized on Balance Sheet |
- |
-81.5 |
-74.4 |
-62.0 |
-57.5 |
|
Total Plan Obligations |
- |
133.8 |
131.3 |
119.9 |
115.3 |
|
Total Plan Assets |
- |
- |
0.0 |
0.0 |
0.0 |
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 |
|
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
130.0 |
78.5 |
131.1 |
107.4 |
32.8 |
|
Depreciation |
104.1 |
102.9 |
93.5 |
83.9 |
75.9 |
|
Depreciation/Depletion |
104.1 |
102.9 |
93.5 |
83.9 |
75.9 |
|
Unusual Items |
4.7 |
9.9 |
11.0 |
6.2 |
20.9 |
|
Equity in Net Earnings (Loss) |
-10.6 |
-2.6 |
-5.1 |
-1.5 |
0.9 |
|
Other Non-Cash Items |
1.5 |
-0.8 |
17.3 |
0.9 |
10.6 |
|
Non-Cash Items |
-4.4 |
6.6 |
23.2 |
5.7 |
32.3 |
|
Accounts Receivable |
20.1 |
-26.7 |
-34.8 |
-39.0 |
106.1 |
|
Inventories |
-17.6 |
-44.4 |
-20.0 |
59.6 |
-18.4 |
|
Accounts Payable |
-21.3 |
28.2 |
40.2 |
5.8 |
-91.0 |
|
Other Operating Cash Flow |
-36.7 |
-46.8 |
-44.2 |
-14.1 |
-50.8 |
|
Changes in Working Capital |
-55.6 |
-89.8 |
-58.7 |
12.2 |
-54.2 |
|
Cash from Operating Activities |
174.1 |
98.1 |
189.1 |
209.2 |
86.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-122.3 |
-99.2 |
-75.6 |
-53.1 |
-84.3 |
|
Purchase/Acquisition of Intangibles |
-6.6 |
-6.2 |
-7.4 |
-11.1 |
-18.4 |
|
Capital Expenditures |
-128.9 |
-105.4 |
-83.0 |
-64.2 |
-102.7 |
|
Acquisition of Business |
-14.7 |
- |
- |
- |
- |
|
Sale/Maturity of Investment |
277.2 |
304.0 |
210.2 |
54.8 |
77.6 |
|
Purchase of Investments |
-282.9 |
-277.5 |
-244.9 |
-107.5 |
-12.0 |
|
Other Investing Cash Flow |
5.8 |
22.8 |
-6.4 |
-12.4 |
-3.0 |
|
Other Investing Cash Flow Items, Total |
-14.6 |
49.3 |
-41.2 |
-65.1 |
62.5 |
|
Cash from Investing Activities |
-143.5 |
-56.0 |
-124.2 |
-129.3 |
-40.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.4 |
-3.3 |
-3.3 |
-2.2 |
3.0 |
|
Financing Cash Flow Items |
-1.4 |
-3.3 |
-3.3 |
-2.2 |
3.0 |
|
Cash Dividends Paid - Common |
-27.4 |
-28.8 |
-26.6 |
-20.0 |
-22.6 |
|
Total Cash Dividends Paid |
-27.4 |
-28.8 |
-26.6 |
-20.0 |
-22.6 |
|
Sale/Issuance of
Common |
- |
- |
- |
- |
0.0 |
|
Common Stock, Net |
- |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
0.0 |
|
Short Term Debt, Net |
-4.7 |
22.3 |
-25.1 |
-17.5 |
2.3 |
|
Long Term Debt Issued |
107.0 |
3.1 |
2.5 |
105.3 |
6.2 |
|
Long Term Debt
Reduction |
-71.3 |
-5.6 |
-6.4 |
-87.4 |
-7.5 |
|
Long Term Debt, Net |
35.7 |
-2.4 |
-3.9 |
17.8 |
-1.3 |
|
Issuance (Retirement) of Debt, Net |
30.9 |
19.9 |
-29.0 |
0.4 |
1.0 |
|
Cash from Financing Activities |
2.1 |
-12.2 |
-58.9 |
-21.9 |
-18.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.9 |
-2.1 |
-5.4 |
0.7 |
-10.2 |
|
Net Change in Cash |
41.6 |
27.8 |
0.6 |
58.7 |
17.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
310.4 |
298.3 |
274.3 |
194.2 |
159.9 |
|
Net Cash - Ending Balance |
352.1 |
326.2 |
274.9 |
252.9 |
177.8 |
|
Cash Interest Paid |
5.0 |
4.7 |
4.4 |
5.4 |
5.2 |
|
Cash Taxes Paid |
33.1 |
39.0 |
44.4 |
10.5 |
48.8 |
Annual Income Statement
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 |
|
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,228.3 |
2,163.3 |
2,079.5 |
1,721.5 |
1,753.4 |
|
Total Revenue |
2,228.3 |
2,163.3 |
2,079.5 |
1,721.5 |
1,753.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Total |
1,763.7 |
1,709.2 |
1,584.8 |
1,333.9 |
1,428.5 |
|
Selling, general and administrative expe |
345.9 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
- |
127.2 |
- |
- |
- |
|
Shiping |
- |
78.9 |
78.4 |
68.1 |
63.9 |
|
Salary/Bonus |
- |
72.5 |
66.3 |
61.0 |
54.9 |
|
Research&Development |
- |
54.6 |
51.8 |
40.0 |
39.0 |
|
Allowance Bonus |
- |
9.0 |
8.5 |
7.6 |
7.6 |
|
Reserve Accrued Retire |
- |
4.6 |
4.0 |
3.8 |
3.4 |
|
Allowance Director's Retire |
- |
0.6 |
0.5 |
0.5 |
0.7 |
|
Allowance Dir's Bonus |
- |
0.5 |
0.5 |
0.5 |
0.2 |
|
Provision for doubtful accounts(SGA) |
- |
0.7 |
0.9 |
0.1 |
0.8 |
|
Other SGA |
- |
- |
113.6 |
96.2 |
84.9 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Loss on withdrawal from a joint venture |
1.7 |
18.8 |
- |
- |
- |
|
Reversal of provision for loss on disast |
- |
-1.9 |
- |
- |
- |
|
SP G on insurance |
- |
0.0 |
-1.3 |
0.0 |
0.0 |
|
SP Reversal of allow. for doubtful acco. |
- |
- |
0.0 |
-3.2 |
0.0 |
|
Loss on abandonment of inventories |
- |
1.2 |
- |
- |
- |
|
SP Retire. Fixed Assets |
3.8 |
4.9 |
4.3 |
6.2 |
5.4 |
|
SP Loss-Valu. Inv. Secs |
0.9 |
5.0 |
6.7 |
0.0 |
6.2 |
|
SP L on val. of inv't in related company |
- |
- |
- |
0.0 |
5.6 |
|
SP Loss-Valu. Other Inv |
- |
- |
- |
0.0 |
0.1 |
|
SP Compens. for accidents |
- |
- |
- |
- |
0.0 |
|
SP Impairment Loss |
- |
0.0 |
1.2 |
0.0 |
7.9 |
|
SP L on adjt for chges of acc. assets |
- |
0.0 |
1.2 |
0.0 |
- |
|
SP Loss on disaster |
- |
3.9 |
22.4 |
0.0 |
- |
|
Loss on fire accident |
- |
0.0 |
2.1 |
0.0 |
- |
|
SP Allowance for affiliate doubt.account |
- |
- |
- |
0.0 |
2.4 |
|
SP Allow. for debt warranty loss |
- |
- |
- |
0.0 |
3.5 |
|
SP L on debt warranty |
- |
- |
- |
0.0 |
0.8 |
|
NOP Retire. Inventories |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
2,116.0 |
2,089.6 |
1,946.0 |
1,614.8 |
1,715.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Gains |
5.9 |
- |
- |
- |
- |
|
SP Gain-Sale Inv. Secs. |
- |
- |
- |
0.0 |
4.2 |
|
SP G on Sale of Affil. Secs. |
- |
- |
- |
- |
0.0 |
|
Loss on abandonment of inventories |
-1.1 |
- |
- |
- |
- |
|
SP L on Sale of Affil. Secs. |
- |
- |
- |
0.0 |
-0.3 |
|
SP Loss on transfer of business |
- |
- |
- |
- |
0.0 |
|
NOP Interest Income |
1.4 |
1.4 |
1.1 |
1.5 |
1.2 |
|
NOP Dividend Income |
3.8 |
4.1 |
3.4 |
3.1 |
4.3 |
|
NOP Equity Gain |
10.6 |
2.6 |
5.1 |
1.5 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Subsidy income |
- |
- |
0.0 |
1.7 |
0.0 |
|
NOP Other Income |
7.0 |
5.9 |
3.7 |
4.1 |
5.1 |
|
NOP Interest Expense |
-5.0 |
-4.8 |
-4.4 |
-5.5 |
-5.2 |
|
NOP Exchange Loss |
- |
-1.2 |
-6.3 |
-1.2 |
-8.4 |
|
NOP Equity Loss |
- |
- |
- |
0.0 |
-0.9 |
|
NOP Other Expenses |
-5.0 |
-3.2 |
-5.1 |
-4.3 |
-4.9 |
|
Net Income Before Taxes |
130.0 |
78.5 |
131.1 |
107.4 |
32.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
34.9 |
27.0 |
47.7 |
31.3 |
16.7 |
|
Net Income After Taxes |
95.1 |
51.5 |
83.4 |
76.1 |
16.1 |
|
|
|
|
|
|
|
|
Minority interests in income |
-3.3 |
-3.4 |
-2.6 |
-3.0 |
-3.9 |
|
Net Income Before Extra. Items |
91.8 |
48.1 |
80.8 |
73.1 |
12.2 |
|
Net Income |
91.8 |
48.1 |
80.8 |
73.1 |
12.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
91.8 |
48.1 |
80.8 |
73.0 |
12.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
91.8 |
48.1 |
80.8 |
73.0 |
12.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Basic EPS Including ExtraOrdinary Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
91.8 |
48.1 |
80.8 |
73.0 |
12.2 |
|
Diluted Weighted Average Shares |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
Diluted EPS Including ExtraOrd Items |
0.89 |
0.47 |
0.78 |
0.71 |
0.12 |
|
DPS-Common Stock |
0.27 |
0.28 |
0.26 |
0.22 |
0.20 |
|
Gross Dividends - Common Stock |
27.4 |
28.8 |
26.6 |
22.3 |
20.6 |
|
Normalized Income Before Taxes |
137.6 |
110.4 |
167.7 |
110.5 |
64.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
36.9 |
38.0 |
61.1 |
32.2 |
33.0 |
|
Normalized Income After Taxes |
100.7 |
72.4 |
106.7 |
78.3 |
31.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
97.3 |
69.0 |
104.1 |
75.2 |
27.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.94 |
0.67 |
1.01 |
0.73 |
0.27 |
|
Diluted Normalized EPS |
0.94 |
0.67 |
1.01 |
0.73 |
0.27 |
|
Total Research And Development Expense |
- |
89.9 |
- |
- |
- |
|
Research & Development Expenses(SGA) |
- |
- |
51.8 |
40.0 |
39.0 |
|
R & D Expenses(COGS) |
- |
- |
33.8 |
38.0 |
35.7 |
|
Interest Expense |
5.0 |
4.8 |
4.4 |
5.5 |
5.2 |
|
BC - Depreciation of Fixed Assets |
104.1 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
102.9 |
- |
- |
- |
|
Depreciation |
- |
- |
93.5 |
83.9 |
75.9 |
|
Income taxes-current |
35.2 |
26.6 |
- |
- |
- |
|
Current Tax - Total |
35.2 |
26.6 |
- |
- |
- |
|
Income taxes-deferred |
-0.3 |
0.4 |
- |
- |
- |
|
Deferred Tax - Total |
-0.3 |
0.4 |
- |
- |
- |
|
Income Tax - Total |
34.9 |
27.0 |
- |
- |
- |
|
Reported Operating Profit |
118.8 |
105.6 |
170.2 |
109.8 |
69.6 |
|
Reported Ordinary Profit |
136.5 |
109.3 |
167.7 |
110.5 |
60.8 |
|
Service cost |
- |
9.3 |
8.0 |
7.3 |
6.1 |
|
Interest cost |
- |
2.5 |
2.4 |
2.2 |
2.0 |
|
Expected return on plan assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Prior service cost |
- |
1.7 |
1.5 |
1.4 |
1.3 |
|
Actuarial gains and losses |
- |
1.3 |
1.2 |
1.1 |
0.8 |
|
Domestic Pension Plan Expense |
- |
14.8 |
13.1 |
12.0 |
10.2 |
|
Defined Contribution Expense |
- |
1.7 |
- |
- |
- |
|
Defined contribution expense |
- |
- |
1.6 |
1.4 |
1.3 |
|
Total Pension Expense |
- |
16.5 |
14.7 |
13.4 |
11.5 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
- |
2.10% |
- |
- |
- |
|
Discount rate |
- |
- |
2.10% |
2.10% |
2.10% |
|
Expected rate of return |
- |
0.00% |
0.00% |
0.00% |
0.00% |
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 |
|
Ernst &
Young ShinNihon LLC |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
300.9 |
302.3 |
303.6 |
265.6 |
193.7 |
|
Notes and accounts receivable-trade |
423.4 |
489.2 |
465.5 |
387.4 |
327.2 |
|
Short-term investment securities |
76.8 |
86.5 |
116.2 |
71.1 |
2.3 |
|
Merchandise&finished goods |
181.7 |
176.2 |
146.8 |
125.4 |
153.3 |
|
Work-in-progress |
45.5 |
47.8 |
39.3 |
36.7 |
47.0 |
|
Raw material & supplies |
143.2 |
160.4 |
157.2 |
130.0 |
131.1 |
|
Deferred Tax |
19.2 |
24.0 |
22.6 |
19.2 |
18.2 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
48.5 |
51.4 |
40.5 |
33.1 |
31.5 |
|
Doubtful Account |
-3.3 |
-2.6 |
-2.6 |
-3.1 |
-3.9 |
|
Total Current Assets |
1,236.0 |
1,335.3 |
1,289.1 |
1,065.6 |
900.4 |
|
|
|
|
|
|
|
|
Build.&Structure |
569.3 |
614.5 |
601.9 |
528.8 |
496.8 |
|
Accumulated depreciation |
-349.5 |
-389.0 |
-378.3 |
-324.3 |
-298.3 |
|
Machinery, equipment and vehicles |
1,151.2 |
1,242.8 |
1,189.0 |
1,041.8 |
961.5 |
|
Accumulated depreciation |
-909.3 |
-979.2 |
-932.7 |
-794.6 |
-714.3 |
|
Land |
221.1 |
247.9 |
248.1 |
221.7 |
207.5 |
|
Lease,gross |
20.8 |
21.4 |
17.7 |
17.1 |
8.6 |
|
Accumulated depreciation |
-8.5 |
-7.0 |
-5.0 |
-3.2 |
-1.4 |
|
Construction |
26.8 |
34.2 |
30.7 |
13.6 |
18.9 |
|
Other PP & E |
238.6 |
258.6 |
249.9 |
215.8 |
202.6 |
|
Other PP & E, Dep. |
-195.3 |
-211.7 |
-200.4 |
-168.6 |
-154.6 |
|
Goodwill |
2.6 |
- |
- |
- |
- |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Software |
18.3 |
24.6 |
30.9 |
6.4 |
5.5 |
|
Software in progress |
- |
1.9 |
0.7 |
23.9 |
18.3 |
|
Lease |
1.2 |
1.3 |
0.6 |
0.5 |
0.3 |
|
Other Intangible |
14.8 |
11.5 |
10.4 |
8.9 |
7.4 |
|
other Lt secu |
- |
142.9 |
- |
- |
- |
|
Investment Secs. |
259.6 |
- |
143.6 |
257.1 |
215.4 |
|
Invt Secs Noncons, Asc, Affd Cos |
- |
136.6 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
- |
0.7 |
- |
- |
- |
|
Equity secs.-unconsolid. subsid.&affil. |
- |
- |
135.1 |
- |
- |
|
Long-term loans receivable |
7.5 |
5.8 |
4.2 |
3.6 |
15.2 |
|
Deferred tax assets |
29.3 |
36.1 |
36.5 |
30.6 |
38.9 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets(1) |
- |
33.5 |
- |
- |
- |
|
Other Other Long Term Assets |
- |
0.0 |
- |
- |
- |
|
Other Assets |
35.1 |
- |
39.0 |
34.5 |
33.4 |
|
Equity secs.-unconsolid. subsid.&affil. |
- |
- |
0.7 |
- |
- |
|
Doubtful Account |
-3.5 |
-4.3 |
-5.0 |
-4.4 |
-13.1 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Other PPE under Capital Lease, Net |
- |
0.0 |
- |
- |
- |
|
Other Other Tangible Fixed Assets, Net |
- |
0.0 |
- |
- |
- |
|
other ppe |
- |
0.0 |
- |
- |
- |
|
Total Assets |
2,365.9 |
2,558.3 |
2,506.9 |
2,174.6 |
1,949.1 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
345.8 |
402.6 |
378.1 |
304.9 |
280.3 |
|
Short-term loans payable |
143.2 |
158.5 |
138.4 |
149.7 |
146.9 |
|
Current LT Debt |
- |
- |
5.6 |
5.2 |
28.9 |
|
Lease |
3.3 |
2.9 |
2.4 |
2.4 |
1.2 |
|
Tax Payable |
18.1 |
17.6 |
29.2 |
22.7 |
2.9 |
|
Bonus Allowance |
20.7 |
23.4 |
24.2 |
21.1 |
18.9 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Provision for loss on disaster |
- |
0.0 |
18.1 |
0.0 |
- |
|
Provision for directors'' bonuses |
0.5 |
0.5 |
0.5 |
0.5 |
0.2 |
|
Reserve for debt loss |
- |
- |
- |
0.0 |
3.5 |
|
Other Curr. Liab |
54.0 |
132.7 |
53.5 |
52.8 |
52.0 |
|
Total Current Liabilities |
585.6 |
738.2 |
650.0 |
559.2 |
534.9 |
|
|
|
|
|
|
|
|
Long-term loans payable |
142.2 |
59.9 |
127.0 |
117.2 |
69.1 |
|
Lease |
9.8 |
11.3 |
9.4 |
11.4 |
5.9 |
|
Total Long Term Debt |
152.0 |
71.3 |
136.4 |
128.6 |
74.9 |
|
|
|
|
|
|
|
|
Allow.Accr.Retir |
99.9 |
107.7 |
102.9 |
91.0 |
86.4 |
|
Provision for directors'' retirement ben |
1.1 |
1.5 |
2.0 |
1.9 |
1.8 |
|
Deferred Tax |
5.8 |
5.7 |
5.7 |
5.1 |
4.3 |
|
Dfrd Tax-Valu. |
42.7 |
49.4 |
56.6 |
50.6 |
47.9 |
|
Other Long Term Liabilities |
0.1 |
0.0 |
- |
- |
- |
|
Other Liability |
20.2 |
23.5 |
23.6 |
20.2 |
20.8 |
|
Minor. Interest |
44.1 |
40.7 |
38.9 |
34.6 |
32.5 |
|
Total Liabilities |
951.5 |
1,038.0 |
1,016.1 |
891.2 |
803.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
243.4 |
277.9 |
276.3 |
245.1 |
231.8 |
|
Total capital surpluses |
211.8 |
241.9 |
240.4 |
213.2 |
201.7 |
|
Total retained earnings |
910.4 |
973.8 |
948.9 |
791.3 |
699.0 |
|
Treasury Stock |
-2.4 |
-2.7 |
-2.7 |
-2.4 |
-2.2 |
|
Valuation difference on available-for-sa |
19.9 |
11.9 |
12.1 |
13.7 |
-2.6 |
|
Reserve by valuation of land |
39.3 |
46.0 |
39.5 |
35.7 |
33.7 |
|
Trans. Adj. |
-7.9 |
-28.6 |
-23.7 |
-13.1 |
-15.8 |
|
Total Equity |
1,414.4 |
1,520.3 |
1,490.8 |
1,283.5 |
1,145.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,365.9 |
2,558.3 |
2,506.9 |
2,174.6 |
1,949.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
Total Common Shares Outstanding |
103.3 |
103.3 |
103.3 |
103.3 |
103.3 |
|
T/S-Common Stock |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Full-Time Employees |
- |
2,920 |
2,853 |
2,774 |
2,697 |
|
Total Number of Shareholders |
- |
6,999 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
7,628 |
7,513 |
7,604 |
|
LT Debt Maturing within 1 Year |
- |
70.6 |
5.6 |
5.2 |
28.9 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
- |
3.1 |
- |
- |
- |
|
LT Debt Maturing within 1-2 Year |
- |
- |
70.0 |
5.6 |
55.0 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
- |
26.5 |
- |
- |
- |
|
LT Debt Maturing within 2-3 Year |
- |
- |
2.8 |
62.3 |
4.7 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
- |
1.9 |
- |
- |
- |
|
LT Debt Maturing within 3-4 Year |
- |
- |
26.7 |
1.9 |
1.8 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
- |
25.0 |
- |
- |
- |
|
LT Debt Maturing within 4-5 Year |
- |
- |
0.6 |
22.3 |
5.5 |
|
Loans Payable Remaining |
- |
3.4 |
- |
- |
- |
|
LT Debt Remaining Maturities |
- |
- |
26.9 |
25.0 |
2.1 |
|
Total Long Term Debt, Supplemental |
- |
130.6 |
132.6 |
122.4 |
98.0 |
|
Capital lease due within 1 year |
- |
2.9 |
2.4 |
2.4 |
1.2 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
- |
2.8 |
- |
- |
- |
|
Capital lease due within 2 year |
- |
- |
2.2 |
2.0 |
1.3 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
- |
1.7 |
- |
- |
- |
|
Capital lease due within 3 year |
- |
- |
2.0 |
1.8 |
1.1 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
- |
1.4 |
- |
- |
- |
|
Capital lease due within 4 year |
- |
- |
0.9 |
1.6 |
0.9 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
- |
1.2 |
- |
- |
- |
|
Capital lease due within 5 year |
- |
- |
0.7 |
0.6 |
0.9 |
|
Capital Lease Remaining |
- |
4.3 |
- |
- |
- |
|
Capital lease - remaining |
- |
- |
3.6 |
5.4 |
1.6 |
|
Total Capital Leases, Supplemental |
- |
14.2 |
11.8 |
13.7 |
7.0 |
|
Pension obligation |
- |
133.8 |
131.3 |
119.9 |
115.3 |
|
FV of plan assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Funded status |
- |
-133.8 |
-131.3 |
-119.9 |
-115.3 |
|
Total Funded Status |
- |
-133.8 |
-131.3 |
-119.9 |
-115.3 |
|
Discount rate |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Expected rate of return |
- |
0.00% |
0.00% |
0.00% |
0.00% |
|
Unrecognized prior service cost |
- |
17.4 |
18.8 |
18.1 |
18.5 |
|
Unrecognized actuarial gains and losses |
- |
8.8 |
9.6 |
10.8 |
10.4 |
|
Prepaid pension benefits |
- |
- |
0.0 |
0.0 |
0.0 |
|
Reserve for accrued retirement benefits |
- |
-107.7 |
-102.9 |
-91.0 |
-86.4 |
|
Net Assets Recognized on Balance Sheet |
- |
-81.5 |
-74.4 |
-62.0 |
-57.5 |
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 |
|
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
130.0 |
78.5 |
131.1 |
107.4 |
32.8 |
|
Depreciation |
104.1 |
102.9 |
93.5 |
83.9 |
75.9 |
|
Impairment Loss |
- |
- |
- |
0.0 |
7.9 |
|
L on val. of inv't in related company |
- |
- |
- |
0.0 |
5.6 |
|
Loss (gain) on valuation of investment s |
0.9 |
5.0 |
6.7 |
0.0 |
6.2 |
|
Sale Inv. Secs. |
- |
- |
- |
0.0 |
-4.2 |
|
G on Sale of Affil. Secs. |
- |
- |
- |
- |
0.0 |
|
Compens. for accidents |
- |
- |
- |
- |
0.0 |
|
Loss on withdrawal from a joint venture |
1.7 |
18.8 |
- |
- |
- |
|
Allow. Doubtful Acct |
- |
- |
- |
0.0 |
2.3 |
|
Allow. Accr. Retire. |
- |
- |
- |
0.0 |
-0.6 |
|
Reseve for debt warranty loss |
- |
- |
- |
0.0 |
3.5 |
|
Retire.Fixed Assets |
3.8 |
4.9 |
4.3 |
6.2 |
5.4 |
|
Loss/Gain Sale Fixed Assets |
- |
- |
- |
- |
0.0 |
|
Interest & Dividend |
-5.2 |
-5.4 |
-4.6 |
-4.6 |
-5.5 |
|
Interest Expense |
5.0 |
4.8 |
4.4 |
5.5 |
5.2 |
|
Exchange G/L |
- |
- |
- |
0.0 |
4.2 |
|
Increase (decrease) in provision for los |
- |
-19.0 |
17.5 |
0.0 |
- |
|
Equity in (earnings) losses of affiliate |
-10.6 |
-2.6 |
-5.1 |
-1.5 |
0.9 |
|
Decrease (increase) in notes and account |
20.1 |
-26.7 |
-34.8 |
-39.0 |
106.1 |
|
Decrease (increase) in inventories |
-17.6 |
-44.4 |
-20.0 |
59.6 |
-18.4 |
|
Increase (decrease) in notes and account |
-21.3 |
28.2 |
40.2 |
5.8 |
-91.0 |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Payment on withdrawal from a joint ventu |
-13.9 |
- |
- |
- |
- |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Other, net |
7.0 |
-11.9 |
-5.4 |
-3.7 |
-3.1 |
|
Int.&Divid. Received |
7.1 |
7.5 |
8.8 |
5.5 |
7.0 |
|
Insurance proceeds from trouble and disa |
1.2 |
1.3 |
1.3 |
0.0 |
- |
|
Inerest Paid |
-5.0 |
-4.7 |
-4.4 |
-5.4 |
-5.2 |
|
Compens. for accidents |
- |
- |
- |
- |
0.0 |
|
Expense on debt warranty |
- |
- |
- |
0.0 |
-0.8 |
|
Tax Paid |
-33.1 |
-39.0 |
-44.4 |
-15.1 |
-48.8 |
|
Income taxes refund, cash basis |
- |
- |
0.0 |
4.6 |
0.0 |
|
Newly Consolidated |
- |
- |
- |
- |
1.4 |
|
Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Operating Activities |
174.1 |
98.1 |
189.1 |
209.2 |
86.8 |
|
|
|
|
|
|
|
|
Payments for transfer of business |
-14.7 |
- |
- |
- |
- |
|
Purchase Of Stocks Of Subsidiaries And A |
-4.5 |
-5.2 |
- |
- |
- |
|
Purchase of short-term investment securi |
-278.4 |
-272.2 |
-244.9 |
-107.5 |
0.0 |
|
Sale & redemption of marketable secs. |
277.2 |
304.0 |
210.2 |
54.8 |
22.2 |
|
Purchase of property, plant and equipmen |
-122.3 |
-99.2 |
-75.6 |
-53.1 |
-84.3 |
|
Purch. Intangibles |
-6.6 |
-6.2 |
-7.4 |
-11.1 |
-18.4 |
|
Purch. Invest. Secs. |
- |
- |
- |
0.0 |
-6.6 |
|
Sale Invest. Secs. |
- |
- |
- |
0.0 |
54.2 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Purchase Affiliate Stock |
- |
- |
- |
- |
0.0 |
|
Sale of affiliated securities |
- |
- |
- |
0.0 |
1.2 |
|
Purch. Other Invest. |
- |
- |
- |
0.0 |
-5.4 |
|
Other, net |
5.8 |
22.8 |
-6.4 |
-12.4 |
-3.0 |
|
Cash from Investing Activities |
-143.5 |
-56.0 |
-124.2 |
-129.3 |
-40.2 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-4.7 |
22.3 |
-25.1 |
-17.5 |
2.3 |
|
Proceeds from long-term loans payable |
107.0 |
3.1 |
2.5 |
105.3 |
6.2 |
|
Repayment of long-term loans payable |
-71.3 |
-5.6 |
-6.4 |
-87.4 |
-7.5 |
|
Issue Stock |
- |
- |
- |
- |
0.0 |
|
Dividends Paid |
-27.4 |
-28.8 |
-26.6 |
-20.0 |
-22.6 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Dividends to Minor. |
-1.3 |
-0.7 |
-0.5 |
-0.8 |
-0.7 |
|
Other, net |
-0.1 |
-2.5 |
-2.8 |
-1.4 |
3.7 |
|
Cash from Financing Activities |
2.1 |
-12.2 |
-58.9 |
-21.9 |
-18.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.9 |
-2.1 |
-5.4 |
0.7 |
-10.2 |
|
Net Change in Cash |
41.6 |
27.8 |
0.6 |
58.7 |
17.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
310.4 |
298.3 |
274.3 |
194.2 |
159.9 |
|
Net Cash - Ending Balance |
352.1 |
326.2 |
274.9 |
252.9 |
177.8 |
|
Cash Interest Paid |
5.0 |
4.7 |
4.4 |
5.4 |
5.2 |
|
Cash Taxes Paid |
33.1 |
39.0 |
44.4 |
10.5 |
48.8 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.