MIRA
INFORM REPORT
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Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ROLAND CORPORATION |
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Registered Office : |
2036-1, Nakagawa, Hosoe-cho, Kita-ku, Hamamatsu-Shi, 431-1304 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
18.04.1972 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
development,
manufacture and sale of electronic musical instruments and computer
peripheral products |
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No. of Employees : |
3163 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. 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. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 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 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further 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 in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues 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
Roland Corporation
2036-1, Nakagawa, Hosoe-cho, Kita-ku
Hamamatsu-Shi, 431-1304
Japan
Tel: 81-53-5230230
Fax: 81-535230008
Web: www.roland.com
Synthesis
Employees: 3,163
Company Type: Public Parent
Corporate Family: 36
Companies
Traded: Osaka
Stock Exchange: 7944
Incorporation Date:
18-Apr-1972
Auditor: Deloitte Touche Tohmatsu LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 947.6
1
Net Income:
(24.4)
Total Assets: 893.9
2
Market Value: 205.4
(15-Feb-2013)
Business Description
Roland Corporation is a company mainly engaged in the development, manufacture and sale of electronic musical instruments and computer peripheral products. The Company operates in two business segments. The Electronic Musical Instrument segment is engaged in the development, manufacture and sale of electronic musical instruments, guitar-related electronic instruments, household electronic musical instruments, visual and acoustic equipments and computer music- related equipments, as well as the development, manufacture and sale of electronic pianos, electronic accordions, pipe organs, electronic organs and software used for music production. The Computer Peripheral Equipment segment is involved in the development, manufacture and sale of printers, blotters and other work machines. For the six months ended 30 September 2012, Roland Corporation revenues decreased 2% to Y36.28B. Net loss applicable to common stockholders totaled Y223.8M vs. income of Y512.6M. Revenues reflect Electronic Musical Instrument Business segment decrease of 3% to Y20.22B. Dividend per share decreased from Y10.00 to Y7.50. Basic Earnings per Share excluding Extraordinary Items decreased from Y21.55 to -Y9.41.
Industry
Industry Recreational Products
ANZSIC 2006: 2599 - Other
Manufacturing Not Elsewhere Classified
NACE 2002: 3630 - Manufacture
of musical instruments
NAICS 2002: 339992 - Musical
Instrument Manufacturing
UK SIC 2003: 3630 - Manufacture
of musical instruments
UK SIC 2007: 3220 - Manufacture
of musical instruments
US SIC 1987: 3931 - Musical
Instruments
Key Executives
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Name |
Title |
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Hidekazu Tanaka |
President, President of Subsidiary, Representative Director |
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Takahiro Tomita |
Director of Domestic Sales, Director |
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Sumio Yugawa |
Director of Technology Development, Director |
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Hiroshi Kinoshita |
Director of Human Resources & General Affairs, Director |
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Toshiyuki Arakura |
Executive Officer, Director of Education Equipment Business |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
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1 |
Roland DG
Corp to Acquire Stakes in Roland DG Brasil Importatpo e Exportatpo Ltda. from
Roland Corp |
26-Feb-2013 |
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4 |
Roland Corp
Lowers Consolidated Full-year Forecast for FY 2013 |
8-Feb-2013 |
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2 |
Roland Corp
Announces Result of Early-retirement Program and Expects Extraordinary Loss
for FY 2013 |
16-Jan-2013 |
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1 |
15-Feb-2013 |
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1 |
Roland
Corporation Raises Full-year Consolidated Outlook for FY Ended March 31, 2012 |
27-Apr-2012 |
* number of
significant developments within the last 12 months
News
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Title |
Date |
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Patent
Issued for Pedal Apparatus |
20-Feb-2013 |
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Roland 9Mos
Grp Net Loss Y2.71B Vs Y268.00M Pft Yr Earlier |
8-Feb-2013 |
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Roland Expects
This FY Group Net Loss Y4.00B |
8-Feb-2013 |
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Roland Sees
Deeper FY Group Net Loss Y4.00B |
8-Feb-2013 |
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Agency
Reviews Patent Application Approval Request for "Digital Amplifier" |
6-Feb-2013 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
2036-1, Nakagawa, Hosoe-cho, Kita-ku
Hamamatsu-Shi, 431-1304
Japan
Tel: 81-53-5230230
Fax: 81-535230008
Web: www.roland.com
Quote Symbol - Exchange
7944 - Osaka Stock
Exchange
Sales JPY(mil): 74,825.4
Assets JPY(mil): 73,643.0
Employees: 3,163
Fiscal Year End: 31-Mar-2012
Industry: Recreational
Products
Incorporation Date: 18-Apr-1972
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director:
Junichi Miki
Industry
Codes
ANZSIC 2006 Codes:
2599 - Other Manufacturing Not Elsewhere Classified
2421 - Computer and Electronic Office Equipment Manufacturing
2429 - Other Electronic Equipment Manufacturing
5420 - Software Publishing
NACE 2002 Codes:
3630 - Manufacture of musical instruments
3002 - Manufacture of computers and other information processing
equipment
3230 - Manufacture of television and radio receivers, sound or
video recording or reproducing apparatus and associated goods
7221 - Publishing of software
NAICS 2002 Codes:
339992 - Musical Instrument Manufacturing
334119 - Other Computer Peripheral Equipment Manufacturing
334310 - Audio and Video Equipment Manufacturing
511210 - Software Publishers
US SIC 1987:
3931 - Musical Instruments
3577 - Computer Peripheral Equipment, Not Elsewhere Classified
3651 - Household Audio and Video Equipment
7372 - Prepackaged Software
UK SIC 2003:
3630 - Manufacture of musical instruments
3002 - Manufacture of computers and other information processing
equipment
7221 - Publishing of software
3230 - Manufacture of television and radio receivers, sound or video
recording or reproducing apparatus and associated goods
UK SIC 2007:
3220 - Manufacture of musical instruments
2640 - Manufacture of consumer electronics
5829 - Other software publishing
2620 - Manufacture of computers and peripheral equipment
Business
Description
Roland Corporation
is a company mainly engaged in the development, manufacture and sale of
electronic musical instruments and computer peripheral products. The Company
operates in two business segments. The Electronic Musical Instrument segment is
engaged in the development, manufacture and sale of electronic musical
instruments, guitar-related electronic instruments, household electronic
musical instruments, visual and acoustic equipments and computer music- related
equipments, as well as the development, manufacture and sale of electronic
pianos, electronic accordions, pipe organs, electronic organs and software used
for music production. The Computer Peripheral Equipment segment is involved in
the development, manufacture and sale of printers, blotters and other work
machines. For the six months ended 30 September 2012, Roland Corporation
revenues decreased 2% to Y36.28B. Net loss applicable to common stockholders
totaled Y223.8M vs. income of Y512.6M. Revenues reflect Electronic Musical
Instrument Business segment decrease of 3% to Y20.22B. Dividend per share
decreased from Y10.00 to Y7.50. Basic Earnings per Share excluding
Extraordinary Items decreased from Y21.55 to -Y9.41.
More Business Descriptions
Manufacture,
marketing, import and export of electronic musical instruments, electronic
equipment and software
Electronic Musical
Instruments, Audio Products & Computer Peripherals Distr & Mfr
Roland Corporation
(Roland) is a Japan based musical instruments manufacturer. The company develops,
manufactures and sells electronic musical instruments and computer peripheral
products. Its product portfolio comprises pianos, organs, accordions,
keyboards, synthesizers, sound modules, computer music, drums and percussion,
effect processors, guitar gears, bass gears, amplifiers, speaker, mixers,
recorders, DJ gears, samplers, VJ/video presenters, video equipments, pro audio
and accessories. The company offers musical instruments under brands names such
as Roland and BOSS. It also offers computer music-related software under the
brand name of Cakewalk. It also provides classical organs under the RODGERS
brand.The company conducts its business operations through two reportable
segments, namely, Electronic Instruments and Computer Peripherals. The company,
through the Electronic Musical Instruments segment, offers electronic pianos,
electronic accordions, pipe organs, electronic organs and software used for
music production. This segment is further sub-divided into five sub-segments,
namely, Electronic musical instruments, Guitar-related equipment, Home
electronic musical instruments, Video, audio and computer music equipment.
During 2010-11, the company's Electronic musical instruments sub-segment
generated revenue of JPY15,458m, followed by Guitar-related equipment
(JPY8,830m); Home electronic musical instruments (JPY10,645m); Video, audio and
computer music equipment (JPY5,211m) and Others (JPY2,168m). For the fiscal
year ended March 2012, the company reported revenue of JPY42,314m, from the
Electronic Musical Instruments segment, contributing 56.55% of the total
revenue.Roland, through its Computer Peripherals segment, offers printers,
plotters and modeling machines. For the fiscal year ended March 2011, the
company reported revenue of JPY32,510m, from the Computer Peripherals segment,
contributing 43.45% of the total revenue.The company's digital pianos and
organs offer the look and feel of traditional pianos with convenient modern
features. Roland also offers full range of keyboards and synthesizers. The
company’s electronic percussion instruments provide drummers with a
great-sounding, flexible alternative to traditional acoustic drums. Its
Grooveboxes and DJ Products are extensively used by DJs, remixers and dance
music producers through out the world. Roland’s hard disk audio recording is
used on hundreds of albums by famous artists. Roland is also engaged in the
manufacture of a comprehensive line of popular guitar products under the brands
Roland and BOSS. Roland operates across the UK, Belgium, Germany, Denmark,
Russia, Switzerland, Hungary, Italy, Spain, China, Taiwan, Malaysia, Australia,
Japan, the US, Canada and Brazil. The company's operations are supported by its
subsidiaries including development facilities, manufacturing facilities,
manufacturing and sales facilities, and sales facilities. The development
facility of the company is BOSS Corporation. The company’s manufacturing
facilities include Roland Europe S.p.A., Roland Taiwan Electronic Music Corp.
and Roland Electronics (Suzhou) Co., Ltd. The manufacturing and sales
facilities include Roland DG Corporation, Atelier Vision Corporation, Rodgers
Instruments Corporation and Cakewalk, Inc. The sales facilities of the company
are: Roland Corporation U.S., Roland Systems Group U.S., Roland Canada Ltd and
Roland Brasil Importacao, Exportacao, Comecio Representacao e Servicos Ltda. In
the Europe; Roland (U. K.) Ltd., Roland Elektronische Musikinstrumente HmbH.,
Roland (Switzerland) AG, Electronic Musical Instruments Roland Scandinavia A/S,
Roland Central Europe N.V., Roland Italy S.p.A., Roland Systems Group EMEA,
S.L., Roland East Europe Ltd., and Roland Music LLC. In the Asia & Oceania;
Roland Taiwan Enterprise Co., Ltd., Roland (Shanghai) Logistics Co., Ltd.,
Roland Asia Pacific Sdn. Bhd., and Roland Corporation Australia Pty Ltd.The
company operates through four reportable geographic segments, namely, Japan,
North America, Europe and Others. For the fiscal year ended March 2012, Roland
through Europe contributed 33.34% of the company's total revenue, followed by
North America with 25.8%, Others with 23.03%, and Japan with 17.76%.
Roland Corporation
(Roland) is a musical instrument manufacturing company. The company's involved
in the development, manufacture and sale of electronic musical instruments,
electronic equipment and computer peripheral products. Roland's key products
are pianos, organs, accordions, keyboards, synthesizers, sound modules,
computer music, drums and percussion, and effect processors. The company also
offers products such as guitar gears, bass gears, amplifiers, speakers, mixers,
recorders, DJ gears, samplers, VJ/ video presenters, video equipment, pro audio
and accessories. It operates through several sales partners and subsidiaries.
It markets its products under the Boss, Rodgers, Cakewalk, and Roland brand
names in Japan and others. The company operates in the UK, Belgium, Germany,
Denmark, Russia, Switzerland, Hungary, Italy, Spain, China, Taiwan, Malaysia,
Australia, Japan, the US, Canada and Brazil. Roland is headquartered in
Hamamatsu-Shizuoka, Japan.The company reported revenues of (Yen) JPY 74,825.43
million during the fiscal year ended March 2012, a decrease of 4.40% from 2011.
The operating profit of the company was JPY 570.16 million during the fiscal year
2012, a decrease of 74.11% from 2011. The net loss of the company was JPY
1,930.57 million during the fiscal year 2012, as compared to a net loss of JPY
694.94 million during 2011.
Musical
Instruments Manufacturing
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Corporate Family |
Corporate
Structure News: |
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Roland
Corporation |
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Roland Corporation |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Hamamatsu-Shi |
Japan |
Recreational Products |
947.6 |
3,163 |
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Subsidiary |
Suzhou, Jiangsu |
China |
Recreational Products |
25.4 |
200 |
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Subsidiary |
Suzhou |
China |
Recreational Products |
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200 |
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Subsidiary |
Martinsicuro, TE |
Italy |
Recreational Products |
29.6 |
150 |
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Roland
Brasil Importação, Exportação, Comércio, Representação E Serviços
Ltda. |
Subsidiary |
Cotia, Sao Paulo |
Brazil |
Personal and Household Products |
|
150 |
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Subsidiary |
Los Angeles, CA |
United States |
Retail (Specialty) |
107.2 |
125 |
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Subsidiary |
Swansea |
United Kingdom |
Miscellaneous Capital Goods |
30.9 |
82 |
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Subsidiary |
Irvine, CA |
United States |
Miscellaneous Capital Goods |
5.2 |
80 |
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Subsidiary |
Hillsboro, OR |
United States |
Furniture and Fixtures |
0.6 |
80 |
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Subsidiary |
Barcelona |
Spain |
Appliance and Tool |
13.5 |
52 |
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Subsidiary |
Vila Nova De Gaia, Vila Nova De Gaia |
Portugal |
Retail (Specialty) |
0.6 |
8 |
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Roland
Elektronische Musikinstrumente Handelsgesellschaft mbH |
Subsidiary |
Nauheim, Hessen |
Germany |
Recreational Products |
40.2 |
50 |
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Subsidiary |
Oevel |
Belgium |
Miscellaneous Capital Goods |
43.7 |
49 |
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Subsidiary |
Barcelona |
Spain |
Miscellaneous Fabricated Products |
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40 |
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Subsidiary |
Copenhagen |
Denmark |
Personal and Household Products |
|
40 |
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Subsidiary |
Copenhagen |
Denmark |
Audio and Video Equipment |
28.1 |
30 |
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Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
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30 |
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Subsidiary |
Oevel |
Belgium |
Office Equipment |
44.2 |
27 |
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Subsidiary |
Dee Why West, NSW |
Australia |
Audio and Video Equipment |
8.4 |
26 |
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Subsidiary |
Cerdanyola Del Valles, Barcelona |
Spain |
Miscellaneous Capital Goods |
16.5 |
25 |
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Subsidiary |
Budapest |
Hungary |
Audio and Video Equipment |
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25 |
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Subsidiary |
Milan |
Italy |
Recreational Products |
13.1 |
23 |
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Subsidiary |
Richmond, BC |
Canada |
Recreational Products |
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20 |
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Branch |
Mississauga, ON |
Canada |
Business Services |
3.7 |
3 |
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Roland East
Europe Hangszer Nagykereskedelmi Egyszemélyes Kft |
Subsidiary |
Törökbálint |
Hungary |
Miscellaneous Capital Goods |
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18 |
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Subsidiary |
Itingen |
Switzerland |
Retail (Specialty) |
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15 |
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Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Retail (Specialty) |
2.0 |
10 |
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Subsidiary |
Auckland |
New Zealand |
Retail (Specialty) |
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1 |
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Subsidiary |
Bellingham, WA |
United States |
Electronic Instruments and Controls |
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Subsidiary |
Sao Paulo, Guanabara |
Brazil |
Retail (Specialty) |
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Subsidiary |
Warsaw |
Poland |
Miscellaneous Capital Goods |
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Subsidiary |
Neuilly-sur-Seine |
France |
Appliance and Tool |
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Facility |
Matsumoto, Nagano |
Japan |
Recreational Products |
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Subsidiary |
Moscow |
Russian Federation |
Miscellaneous Capital Goods |
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Facility |
Hamamatsu, Shizuoka |
Japan |
Recreational Products |
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Subsidiary |
Copenhagen |
Denmark |
Electronic Instruments and Controls |
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
|
Allen Organ Company |
Macungie, Pennsylvania, United
States |
270 |
Private |
|
Casio Computer Co Ltd |
Tokyo, Japan |
11,663 |
Public |
|
Fender Musical Instruments
Corporation |
Scottsdale, Arizona, United
States |
2,790 |
Private |
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Gibson Guitar Corp. |
Nashville, Tennessee, United
States |
3,000 |
Private |
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Kawai Musical Instruments
Manufacturing |
Hamamatsu-Shi, Japan |
2,784 |
Public |
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Steinway Musical Instruments,
Inc. |
Waltham, Massachusetts, United
States |
1,677 |
Public |
|
YAMAHA CORPORATION |
Hamamatsu-Shi, Japan |
19,694 |
Public |
Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Executive Director |
Director/Board Member |
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Director of Human Resources & General Affairs, Director |
Director/Board Member |
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Managing Director, Director of Overseas Sales & Director of RSG
Company |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Senior Managing Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director of Domestic Sales, Director |
Director/Board Member |
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Executive Director |
Director/Board Member |
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Director of Technology Development, Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Managing Director, Director of Overseas Sales & Director of RSG
Company |
Managing Director |
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Senior Managing Director |
Managing Director |
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Director of Human Resources & General Affairs, Director |
Human Resources Executive |
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Director of Domestic Sales, Director |
Sales Executive |
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Director of Technology Development, Director |
Engineering/Technical Executive |
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Executive Officer, Director of Education Equipment Business |
Other |
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Executive Officer, Director of Sales Operation, Director of Logistics
System |
Other |
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Executive Officer, Director of Overseas Prodution |
Other |
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Executive Officer, Director of Video Development & Director of RSG
Company |
Other |
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Other |
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Executive Officer, Manager of Organ Marketing Office |
Other |
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Executive Officer, Director of Intellectual Asset |
Other |
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Significant Developments
Roland DG Corp to Acquire Stakes in Roland DG Brasil Importatpo e Exportatpo Ltda. from Roland Corp Feb 26, 2013
Roland DG Corp announced that it has decided to acquire stakes in Roland DG Brasil Importatpo e Exportatpo Ltda. from Roland Corp, on March 1, 2013.
Roland Corp Appoints New President Feb 15, 2013
Roland Corp announced that it has appointed Junichi Miki as the new President of the Company, to replace Hidekazu Tanaka, effective April 1, 2013.
Roland Corp Lowers Consolidated Full-year Forecast for FY 2013 Feb 08, 2013
Roland Corp announced that it has lowered the consolidated full-year forecast for revenue from JPY 74,000 million to JPY 72,000 million, operating profit (loss) from JPY 700 million to JPY (800 million), ordinary profit (loss) from JPY 200 million to JPY (1,100 million), net profit (loss) from JPY (2,200 million) to JPY (4,000 million) and earning (loss) per share from JPY (92.49) to JPY (168.16) for the fiscal year ending March 31, 2013. The Company lowered the consolidated full-year outlook due to the downturn in economy and the aggravated order environment.
Roland Corp Announces Result of Early-retirement Program and Expects Extraordinary Loss for FY 2013 Jan 16, 2013
Roland Corp announced the result of an early retirement program, which was offered during the period from December 10, 2012 to December 28, 2012. 113 of its employees took the offer and will retire on March 31, 2013. The employees will be offered retirement pay, additional benefits and outplacement support. As a result, the Company expects the extraordinary loss of approximately JPY 1,400 million caused by retirement payment, for the fiscal year ending March 2013.
Roland Corp Lowers Consolidated Full-year Outlook and Dividend Forecast
for FY 2013 Nov 07, 2012
Roland Corp announced that it has lowered its consolidated full-year outlook for revenue from JPY 80,200 million to JPY 74,000 million, operating profit from JPY 2,400 million to JPY 700 million, ordinary profit from JPY 1,900 million to JPY 200 million, net profit from JPY 100 million to a loss of JPY 2,200 million and earning per share from JPY 4.20 to loss of JPY 92.49, for the fiscal year ending March 2013. The Company lowered the outlook due to the decreased sales and the record of extraordinary loss on retirement payment, among others. The Company has also lowered its year-end dividend forecast from JPY 7.50 per share to JPY 5.00 per share, for the fiscal year ending March 2013.
Roland Corp to Offer Early-retirement Program; Announces Extraordinary Loss for FY 2013 Nov 07, 2012
Roland Corp announced that it plans to offer an early-retirement program to employees of the Company and its subsidiary, who are above 45 years old to 60 years old as of March 31, 2013 and has been working for the Company for above ten years, during the period from December 10, 2012 to December 28, 2012. The employees will retire on March 31, 2013, and will be offered retirement pay, outplacement support and additional benefits. The Company expects approximately 100 employees to take up the offer. As a result, the Company expects to record a JPY 1,200 million extraordinary loss on the retirement payment, for the fiscal year ending March 2013.
Roland Corp Amends Consolidated Mid-year Outlook for FY Ending March 2013 Oct 26, 2012
Roland Corp announced that it has lowered its consolidated mid-year outlook for revenue from JPY 38,600 million to JPY 36,280 million, operating profit from JPY 400 million to JPY 200 million, ordinary profit (loss) from JPY 200 million to JPY (30 million), and raised its consolidated mid-year outlook for net profit (loss) from JPY (400 million) to JPY (220 million) and earning per share (loss) from JPY (16.82) to JPY (9.25) for the fiscal year ending March 2013. This is due to the decreased sale of electrophone businesses, as well as the decreased selling and general administrative expenses.
Roland Corporation Raises Full-year Consolidated Outlook for FY Ended March 31, 2012 Apr 27, 2012
Roland Corporation announced that it has raised its full-year consolidated outlook for revenue from JPY 74,800 million to JPY 74,820 million, operating profit from JPY 600 million to JPY 870 million, ordinary profit (loss) from JPY (150 million) to JPY 130 million, net profit (loss) from JPY (2,200 million) to JPY (1,930 million) and earnings (loss) per share from JPY (92.48) to JPY (81.13) for the fiscal year ended March 31, 2012. The Company raised its full-year outlook mainly due to reduced costs.
Roland Corporation Lowers Consolidated Full-year Forecast for FY 2012 Mar 30, 2012
Roland Corporation announced that it has lowered the consolidated
full-year forecast for revenue from JPY 77,300 million to JPY 74,800 million,
operating profit from JPY 1,400 million to JPY 600 million, ordinary profit
(loss) from JPY 700 million to JPY (150 million), net profit (loss) from JPY
200 million to JPY (2,200 million) and earning (loss) per share from JPY 8.41
to JPY (92.48) for the fiscal year ending March 31, 2012. The Company lowered
the consolidated full-year outlook due to the downturn in economy and the
aggravated order environment.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche Tohmatsu
LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
947.6 |
913.4 |
807.3 |
1,000.2 |
949.8 |
|
Revenue |
947.6 |
913.4 |
807.3 |
1,000.2 |
949.8 |
|
Total Revenue |
947.6 |
913.4 |
807.3 |
1,000.2 |
949.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
570.3 |
546.9 |
500.0 |
574.3 |
530.3 |
|
Cost of Revenue, Total |
570.3 |
546.9 |
500.0 |
574.3 |
530.3 |
|
Gross Profit |
377.3 |
366.5 |
307.4 |
425.9 |
419.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
140.5 |
132.0 |
119.8 |
139.5 |
116.6 |
|
Labor & Related Expense |
183.1 |
169.0 |
158.3 |
160.8 |
140.2 |
|
Advertising Expense |
42.7 |
39.0 |
38.1 |
51.7 |
46.0 |
|
Total Selling/General/Administrative Expenses |
366.3 |
340.0 |
316.1 |
352.0 |
302.8 |
|
Amortization of Acquisition Costs |
- |
0.0 |
3.3 |
0.0 |
- |
|
Depreciation/Amortization |
- |
0.0 |
3.3 |
0.0 |
- |
|
Impairment-Assets Held for Use |
0.2 |
- |
- |
- |
- |
|
Impairment-Assets Held for Sale |
0.2 |
1.3 |
0.5 |
9.1 |
0.2 |
|
Other Unusual Expense (Income) |
3.5 |
-0.5 |
-0.9 |
-1.0 |
-0.3 |
|
Unusual Expense (Income) |
3.8 |
0.8 |
-0.4 |
8.2 |
-0.2 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
940.4 |
887.7 |
819.0 |
934.5 |
832.9 |
|
|
|
|
|
|
|
|
Operating Income |
7.2 |
25.7 |
-11.6 |
65.8 |
116.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.8 |
-0.7 |
-2.5 |
-2.0 |
-1.9 |
|
Interest Expense, Net Non-Operating |
-0.8 |
-0.7 |
-2.5 |
-2.0 |
-1.9 |
|
Interest Income -
Non-Operating |
1.3 |
1.3 |
1.7 |
3.8 |
3.9 |
|
Investment Income -
Non-Operating |
-3.3 |
-9.4 |
5.3 |
-10.5 |
-2.9 |
|
Interest/Investment Income - Non-Operating |
-2.0 |
-8.1 |
7.0 |
-6.6 |
1.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-2.7 |
-8.8 |
4.4 |
-8.6 |
-1.0 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
-1.6 |
-0.2 |
-0.6 |
-0.7 |
|
Other Non-Operating Income (Expense) |
-6.6 |
-5.7 |
-1.5 |
-5.1 |
-0.8 |
|
Other, Net |
-6.6 |
-5.7 |
-1.5 |
-5.1 |
-0.8 |
|
Income Before Tax |
-2.2 |
9.6 |
-8.9 |
51.4 |
114.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
16.9 |
13.8 |
15.5 |
20.8 |
51.6 |
|
Income After Tax |
-19.1 |
-4.3 |
-24.4 |
30.6 |
62.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.3 |
-3.9 |
1.9 |
-20.2 |
-31.2 |
|
Net Income Before Extraord Items |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
Net Income |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
23.8 |
23.8 |
24.9 |
25.1 |
25.1 |
|
Basic EPS Excl Extraord Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Basic/Primary EPS Incl Extraord Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
Diluted Weighted Average Shares |
23.8 |
23.8 |
24.9 |
25.1 |
25.1 |
|
Diluted EPS Excl Extraord Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Diluted EPS Incl Extraord Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Dividends per Share - Common Stock Primary Issue |
0.25 |
0.29 |
0.22 |
0.30 |
0.31 |
|
Gross Dividends - Common Stock |
6.0 |
6.9 |
5.3 |
7.5 |
7.7 |
|
Interest Expense, Supplemental |
0.8 |
0.7 |
2.5 |
2.0 |
1.9 |
|
Depreciation, Supplemental |
29.8 |
28.0 |
30.1 |
31.9 |
26.5 |
|
Total Special Items |
5.1 |
3.1 |
5.1 |
9.9 |
1.5 |
|
Normalized Income Before Tax |
2.9 |
12.7 |
-3.8 |
61.4 |
115.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.4 |
0.8 |
-0.1 |
3.6 |
0.2 |
|
Inc Tax Ex Impact of Sp Items |
18.3 |
14.7 |
15.4 |
24.4 |
51.8 |
|
Normalized Income After Tax |
-15.4 |
-2.0 |
-19.2 |
37.0 |
64.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-20.8 |
-5.9 |
-17.3 |
16.8 |
32.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.87 |
-0.25 |
-0.69 |
0.67 |
1.31 |
|
Diluted Normalized EPS |
-0.87 |
-0.25 |
-0.69 |
0.67 |
1.31 |
|
Amort of Acquisition Costs, Supplemental |
1.1 |
0.7 |
5.3 |
1.1 |
1.0 |
|
Advertising Expense, Supplemental |
42.7 |
39.0 |
38.1 |
51.7 |
46.0 |
|
Research & Development Exp, Supplemental |
82.8 |
79.5 |
66.6 |
67.4 |
59.0 |
|
Reported Operating Profit |
11.0 |
26.5 |
-8.7 |
73.9 |
116.7 |
|
Reported Ordinary Profit |
1.7 |
10.6 |
-5.8 |
60.2 |
114.5 |
|
Normalized EBIT |
11.1 |
26.5 |
-12.0 |
73.9 |
116.7 |
|
Normalized EBITDA |
42.0 |
55.2 |
23.3 |
107.0 |
144.1 |
|
Current Tax - Total |
10.7 |
- |
- |
- |
- |
|
Current Tax - Total |
10.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
6.2 |
- |
- |
- |
- |
|
Deferred Tax - Total |
6.2 |
- |
- |
- |
- |
|
Income Tax - Total |
16.9 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
3.1 |
2.7 |
2.4 |
2.1 |
1.7 |
|
Service Cost - Domestic |
6.9 |
6.2 |
5.5 |
4.8 |
4.0 |
|
Prior Service Cost - Domestic |
-1.1 |
-1.0 |
-0.9 |
-0.9 |
-0.8 |
|
Expected Return on Assets - Domestic |
-2.8 |
-2.5 |
-2.0 |
-2.1 |
-2.0 |
|
Actuarial Gains and Losses - Domestic |
3.2 |
3.0 |
5.2 |
2.1 |
-0.6 |
|
Other Pension, Net - Domestic |
5.6 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
14.9 |
8.4 |
10.1 |
6.1 |
2.3 |
|
Defined Contribution Expense - Domestic |
- |
4.9 |
4.4 |
4.8 |
4.2 |
|
Total Pension Expense |
14.9 |
13.2 |
14.5 |
10.9 |
6.5 |
|
Discount Rate - Domestic |
1.80% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
3.1 |
2.7 |
2.4 |
2.1 |
1.7 |
|
Total Plan Service Cost |
6.9 |
6.2 |
5.5 |
4.8 |
4.0 |
|
Total Plan Expected Return |
-2.8 |
-2.5 |
-2.0 |
-2.1 |
-2.0 |
|
Total Plan Other Expense |
5.6 |
- |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
180.7 |
236.3 |
219.0 |
232.4 |
200.8 |
|
Short Term Investments |
- |
- |
0.0 |
1.4 |
6.2 |
|
Cash and Short Term Investments |
180.7 |
236.3 |
219.0 |
233.7 |
207.1 |
|
Accounts Receivable -
Trade, Gross |
119.3 |
114.6 |
107.2 |
103.8 |
139.7 |
|
Provision for Doubtful
Accounts |
-3.9 |
-4.9 |
-4.2 |
-4.7 |
-4.0 |
|
Trade Accounts Receivable - Net |
115.4 |
109.7 |
103.0 |
99.1 |
135.7 |
|
Total Receivables, Net |
115.4 |
109.7 |
103.0 |
99.1 |
135.7 |
|
Inventories - Finished Goods |
182.1 |
183.9 |
156.7 |
186.6 |
188.1 |
|
Inventories - Work In Progress |
8.5 |
6.7 |
3.4 |
4.1 |
11.9 |
|
Inventories - Raw Materials |
55.2 |
50.2 |
40.1 |
40.8 |
37.9 |
|
Total Inventory |
245.8 |
240.8 |
200.2 |
231.5 |
237.8 |
|
Deferred Income Tax - Current Asset |
15.9 |
17.5 |
13.9 |
23.7 |
29.0 |
|
Other Current Assets |
36.2 |
45.5 |
45.4 |
53.9 |
43.2 |
|
Other Current Assets, Total |
52.2 |
63.0 |
59.3 |
77.7 |
72.1 |
|
Total Current Assets |
594.1 |
649.8 |
581.6 |
642.0 |
652.8 |
|
|
|
|
|
|
|
|
Buildings |
252.4 |
262.6 |
224.0 |
209.8 |
200.7 |
|
Land/Improvements |
95.7 |
101.0 |
83.7 |
76.8 |
77.6 |
|
Machinery/Equipment |
172.8 |
170.5 |
153.6 |
142.0 |
154.6 |
|
Construction in
Progress |
1.0 |
1.2 |
0.3 |
2.4 |
5.2 |
|
Property/Plant/Equipment - Gross |
521.9 |
535.4 |
461.6 |
431.1 |
438.1 |
|
Accumulated Depreciation |
-306.9 |
-306.0 |
-269.0 |
-239.1 |
-244.1 |
|
Property/Plant/Equipment - Net |
215.0 |
229.4 |
192.6 |
192.0 |
194.0 |
|
Goodwill, Net |
5.1 |
1.1 |
1.4 |
2.1 |
3.9 |
|
Intangibles, Net |
14.4 |
14.0 |
16.2 |
19.3 |
21.7 |
|
LT Investment - Affiliate Companies |
10.5 |
8.0 |
- |
- |
- |
|
LT Investments - Other |
- |
17.1 |
30.4 |
36.4 |
48.4 |
|
Long Term Investments |
10.5 |
25.0 |
30.4 |
36.4 |
48.4 |
|
Note Receivable - Long Term |
0.4 |
0.4 |
6.5 |
11.5 |
8.7 |
|
Deferred Income Tax - Long Term Asset |
5.3 |
5.4 |
7.5 |
10.4 |
9.9 |
|
Other Long Term Assets |
49.2 |
29.5 |
37.9 |
36.8 |
52.1 |
|
Other Long Term Assets, Total |
54.5 |
34.9 |
45.4 |
47.2 |
62.1 |
|
Total Assets |
893.9 |
954.6 |
874.1 |
950.6 |
991.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
39.6 |
47.9 |
37.5 |
34.6 |
62.9 |
|
Accrued Expenses |
15.1 |
15.0 |
12.3 |
12.0 |
16.2 |
|
Notes Payable/Short Term Debt |
9.7 |
9.3 |
4.5 |
96.3 |
3.8 |
|
Current Portion - Long Term Debt/Capital Leases |
3.1 |
0.0 |
0.5 |
0.7 |
1.4 |
|
Income Taxes Payable |
2.3 |
10.3 |
2.0 |
3.0 |
21.4 |
|
Deferred Income Tax - Current Liability |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Other Current Liabilities |
57.1 |
65.0 |
55.7 |
51.0 |
64.1 |
|
Other Current liabilities, Total |
59.5 |
75.4 |
57.8 |
54.0 |
85.5 |
|
Total Current Liabilities |
127.0 |
147.7 |
112.5 |
197.6 |
169.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.1 |
3.2 |
2.8 |
0.0 |
0.3 |
|
Total Long Term Debt |
0.1 |
3.2 |
2.8 |
0.0 |
0.3 |
|
Total Debt |
12.9 |
12.5 |
7.7 |
97.1 |
5.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
6.2 |
2.5 |
3.6 |
7.3 |
11.9 |
|
Deferred Income Tax |
6.2 |
2.5 |
3.6 |
7.3 |
11.9 |
|
Minority Interest |
195.7 |
199.2 |
181.4 |
175.2 |
188.4 |
|
Pension Benefits - Underfunded |
5.7 |
4.0 |
1.7 |
0.0 |
- |
|
Other Long Term Liabilities |
23.3 |
23.5 |
22.8 |
21.7 |
18.8 |
|
Other Liabilities, Total |
29.1 |
27.5 |
24.5 |
21.7 |
18.8 |
|
Total Liabilities |
358.2 |
380.1 |
324.8 |
401.9 |
389.4 |
|
|
|
|
|
|
|
|
Common Stock |
112.6 |
111.9 |
99.3 |
93.9 |
93.2 |
|
Common Stock |
112.6 |
111.9 |
99.3 |
93.9 |
93.2 |
|
Additional Paid-In Capital |
131.1 |
130.3 |
115.6 |
109.4 |
108.5 |
|
Retained Earnings (Accumulated Deficit) |
410.2 |
436.9 |
399.8 |
407.6 |
402.2 |
|
Treasury Stock - Common |
-21.5 |
-21.3 |
-18.9 |
-7.0 |
-6.9 |
|
Unrealized Gain (Loss) |
-17.8 |
-18.6 |
-14.3 |
-14.7 |
-14.5 |
|
Translation Adjustment |
-78.9 |
-64.6 |
-32.1 |
-40.5 |
19.6 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-78.9 |
-64.6 |
-32.1 |
-40.5 |
19.6 |
|
Total Equity |
535.7 |
574.6 |
549.3 |
548.7 |
602.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
893.9 |
954.6 |
874.1 |
950.6 |
991.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.8 |
23.8 |
23.8 |
25.1 |
25.1 |
|
Total Common Shares Outstanding |
23.8 |
23.8 |
23.8 |
25.1 |
25.1 |
|
Treasury Shares - Common Stock Primary Issue |
1.8 |
1.8 |
1.8 |
0.5 |
0.5 |
|
Employees |
3,163 |
3,115 |
2,699 |
2,708 |
2,528 |
|
Number of Common Shareholders |
4,945 |
4,854 |
5,169 |
5,039 |
4,402 |
|
Total Long Term Debt, Supplemental |
3.2 |
3.2 |
3.2 |
0.7 |
1.7 |
|
Long Term Debt Maturing within 1 Year |
3.1 |
0.0 |
0.5 |
0.7 |
1.4 |
|
Long Term Debt Maturing in Year 2 |
0.1 |
3.1 |
0.0 |
0.0 |
0.1 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
0.1 |
2.7 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
0.1 |
3.1 |
2.7 |
0.0 |
0.2 |
|
Long Term Debt Maturing in 4-5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Total Capital Leases, Supplemental |
1.5 |
1.2 |
1.5 |
1.3 |
- |
|
Capital Lease Payments Due in Year 1 |
0.3 |
0.3 |
0.3 |
0.2 |
- |
|
Capital Lease Payments Due in Year 2 |
0.2 |
0.2 |
0.3 |
0.2 |
- |
|
Capital Lease Payments Due in Year 3 |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in Year 5 |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.5 |
0.3 |
0.4 |
0.3 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.3 |
0.2 |
0.2 |
0.2 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.4 |
0.5 |
0.6 |
0.7 |
- |
|
Total Operating Leases, Supplemental |
- |
27.9 |
30.8 |
24.1 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
6.1 |
5.8 |
4.1 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
21.8 |
24.9 |
20.0 |
- |
|
Pension Obligation - Domestic |
135.2 |
118.3 |
99.6 |
89.8 |
83.8 |
|
Plan Assets - Domestic |
107.9 |
105.0 |
90.5 |
75.1 |
84.0 |
|
Funded Status - Domestic |
-27.3 |
-13.3 |
-9.1 |
-14.7 |
0.1 |
|
Total Funded Status |
-27.3 |
-13.3 |
-9.1 |
-14.7 |
0.1 |
|
Discount Rate - Domestic |
1.80% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
2.5 |
3.4 |
|
Accrued Liabilities - Domestic |
-5.7 |
-4.0 |
-1.7 |
- |
- |
|
Other Assets, Net - Domestic |
21.5 |
9.3 |
7.4 |
17.2 |
3.3 |
|
Net Assets Recognized on Balance Sheet |
15.8 |
5.3 |
5.7 |
19.7 |
6.7 |
|
Total Plan Obligations |
135.2 |
118.3 |
99.6 |
89.8 |
83.8 |
|
Total Plan Assets |
107.9 |
105.0 |
90.5 |
75.1 |
84.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-2.2 |
9.6 |
-8.9 |
51.4 |
114.4 |
|
Depreciation |
29.8 |
28.0 |
30.1 |
31.9 |
26.5 |
|
Depreciation/Depletion |
29.8 |
28.0 |
30.1 |
31.9 |
26.5 |
|
Amortization of Acquisition Costs |
1.1 |
0.7 |
5.3 |
1.1 |
1.0 |
|
Amortization |
1.1 |
0.7 |
5.3 |
1.1 |
1.0 |
|
Unusual Items |
0.5 |
0.4 |
0.7 |
9.7 |
0.3 |
|
Equity in Net Earnings (Loss) |
- |
0.0 |
0.1 |
-0.2 |
-1.6 |
|
Other Non-Cash Items |
-2.7 |
4.3 |
-3.7 |
1.7 |
1.9 |
|
Non-Cash Items |
-2.2 |
4.8 |
-2.9 |
11.3 |
0.5 |
|
Accounts Receivable |
-0.3 |
-7.5 |
2.0 |
1.6 |
-6.8 |
|
Inventories |
-9.5 |
-26.2 |
57.7 |
-35.1 |
-20.9 |
|
Accounts Payable |
-6.6 |
16.1 |
0.5 |
8.8 |
5.3 |
|
Other Operating Cash Flow |
-12.9 |
5.7 |
8.3 |
-54.1 |
-49.8 |
|
Changes in Working Capital |
-29.2 |
-12.0 |
68.5 |
-78.8 |
-72.2 |
|
Cash from Operating Activities |
-2.7 |
31.1 |
92.1 |
17.0 |
70.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-16.6 |
-13.6 |
-10.6 |
-30.3 |
-34.9 |
|
Purchase/Acquisition of Intangibles |
-5.4 |
-3.4 |
-3.4 |
-6.0 |
-11.4 |
|
Capital Expenditures |
-21.9 |
-17.0 |
-14.0 |
-36.3 |
-46.3 |
|
Sale of Fixed Assets |
6.6 |
0.4 |
0.5 |
0.9 |
1.0 |
|
Sale/Maturity of Investment |
8.7 |
4.6 |
11.3 |
13.3 |
4.4 |
|
Purchase of Investments |
-31.0 |
-9.9 |
-13.1 |
-7.3 |
-22.3 |
|
Other Investing Cash Flow |
-5.1 |
1.5 |
11.9 |
0.4 |
-0.4 |
|
Other Investing Cash Flow Items, Total |
-20.8 |
-3.4 |
10.7 |
7.2 |
-17.3 |
|
Cash from Investing Activities |
-42.7 |
-20.4 |
-3.3 |
-29.0 |
-63.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-5.1 |
-4.3 |
-7.0 |
-10.3 |
-7.1 |
|
Financing Cash Flow Items |
-5.1 |
-4.3 |
-7.0 |
-10.3 |
-7.1 |
|
Cash Dividends Paid - Common |
-6.8 |
-6.2 |
-6.8 |
-8.1 |
-8.2 |
|
Total Cash Dividends Paid |
-6.8 |
-6.2 |
-6.8 |
-8.1 |
-8.2 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
-11.6 |
0.0 |
-0.1 |
|
Common Stock, Net |
0.0 |
0.0 |
-11.6 |
0.0 |
-0.1 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
-11.6 |
0.0 |
-0.1 |
|
Short Term Debt, Net |
1.2 |
3.0 |
-96.3 |
88.5 |
-10.8 |
|
Long Term Debt Issued |
- |
0.1 |
2.7 |
0.0 |
- |
|
Long Term Debt
Reduction |
-0.1 |
-0.5 |
-0.5 |
-0.6 |
-1.8 |
|
Long Term Debt, Net |
-0.1 |
-0.3 |
2.3 |
-0.6 |
-1.8 |
|
Issuance (Retirement) of Debt, Net |
1.1 |
2.7 |
-94.0 |
87.9 |
-12.6 |
|
Cash from Financing Activities |
-10.8 |
-7.9 |
-119.3 |
69.5 |
-28.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-6.9 |
-20.6 |
0.4 |
-22.3 |
-3.6 |
|
Net Change in Cash |
-63.1 |
-17.8 |
-30.2 |
35.1 |
-25.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
241.2 |
240.1 |
249.8 |
194.6 |
196.1 |
|
Net Cash - Ending Balance |
178.1 |
222.3 |
219.5 |
229.7 |
171.1 |
|
Cash Interest Paid |
0.8 |
0.9 |
2.4 |
2.5 |
1.7 |
|
Cash Taxes Paid |
18.2 |
3.3 |
-2.3 |
48.9 |
56.8 |
Annual Income Statement
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
947.6 |
913.4 |
807.3 |
1,000.2 |
949.8 |
|
Total Revenue |
947.6 |
913.4 |
807.3 |
1,000.2 |
949.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Total cost of sales |
570.3 |
546.9 |
500.0 |
574.3 |
530.3 |
|
Advertising&Sales Promotion Expenses |
42.7 |
39.0 |
38.1 |
51.7 |
46.0 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Provision for Doubtful Accounts(SGA) |
0.1 |
2.0 |
0.5 |
2.6 |
0.5 |
|
Payrolls & Bonuses |
176.0 |
162.5 |
152.7 |
155.1 |
133.2 |
|
Provision for Bonuses |
7.1 |
6.5 |
5.6 |
5.0 |
5.8 |
|
Provision for directors' bonuses |
- |
- |
0.0 |
0.7 |
1.2 |
|
Reserve for product warranty |
2.7 |
2.7 |
1.4 |
1.9 |
1.6 |
|
Other Selling & General Expenses |
137.7 |
127.3 |
117.9 |
135.0 |
114.5 |
|
Workers'' compensation |
0.9 |
- |
- |
- |
- |
|
Special Retirement Expenses |
2.6 |
- |
- |
- |
- |
|
SP Reversal G on allow.doubt.accounts |
0.0 |
-0.4 |
-0.5 |
-0.2 |
-0.3 |
|
SP G on reserve for product warranty |
0.0 |
-0.1 |
-0.4 |
-0.9 |
0.0 |
|
National Subsidy |
- |
- |
- |
- |
0.0 |
|
SP Prov. for Doubt. Account- Affiliates |
- |
- |
- |
- |
0.0 |
|
SP Loss on Val. of LT Inv't in Secs. |
0.2 |
1.3 |
0.5 |
8.9 |
0.2 |
|
SP L on Val. of Contribut. Inv. Affil. |
- |
0.0 |
0.0 |
0.3 |
0.0 |
|
SP L on Extinguishment of Tie-in stock |
- |
- |
0.0 |
0.2 |
0.0 |
|
Impairment loss |
0.2 |
- |
- |
- |
- |
|
Amort. Goodwill - nonrecuring |
- |
0.0 |
3.3 |
0.0 |
- |
|
Total Operating Expense |
940.4 |
887.7 |
819.0 |
934.5 |
832.9 |
|
|
|
|
|
|
|
|
SP Gain Sale Fixed Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
SP Gain on Liquid. of Affiliates |
0.0 |
0.1 |
0.0 |
- |
0.0 |
|
SP Gain on Sale of LT Inv't Secs. |
0.0 |
1.4 |
0.0 |
0.0 |
0.1 |
|
SP G on sale of inv't in closely-held |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
SP Gain Equity in Affiliate |
- |
- |
- |
0.0 |
0.2 |
|
SP Gain on Transfer of Business |
- |
- |
- |
- |
0.0 |
|
SP Loss on Sale / Retire. of Fix. Asset |
-0.3 |
-0.8 |
-0.4 |
-0.8 |
-0.7 |
|
SP Loss Affiliate Liquidated |
- |
- |
0.0 |
0.0 |
-0.2 |
|
SP Loss on Affiliates Equity Change |
- |
- |
- |
- |
0.0 |
|
SP Loss Sale Inv. Secs. |
- |
-0.1 |
0.0 |
0.0 |
0.0 |
|
NOP Interest Income |
1.3 |
1.3 |
1.7 |
3.8 |
3.9 |
|
NOP Dividends Income |
0.9 |
1.0 |
0.8 |
1.6 |
1.7 |
|
NOP Foreign Exchange Gains |
- |
0.0 |
4.5 |
0.0 |
0.0 |
|
NOP Equity Earnings |
- |
- |
0.0 |
0.2 |
1.6 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Other Non-Operating Income |
2.8 |
4.1 |
3.8 |
3.7 |
3.6 |
|
NOP Interest Expenses |
-0.8 |
-0.7 |
-2.5 |
-2.0 |
-1.9 |
|
NOP Sales Discounts |
-7.8 |
-7.7 |
-4.2 |
-6.6 |
-3.9 |
|
NOP Foreign Exchange Losses |
-4.2 |
-11.8 |
0.0 |
-12.2 |
-6.6 |
|
NOP Equity in losses of affiliates |
- |
0.0 |
-0.1 |
0.0 |
- |
|
NOP Other Non-Operating Expenses |
-1.6 |
-2.1 |
-1.1 |
-2.1 |
-0.5 |
|
SP Loss on transfer of business |
- |
-1.1 |
0.0 |
- |
- |
|
Net Income Before Taxes |
-2.2 |
9.6 |
-8.9 |
51.4 |
114.4 |
|
|
|
|
|
|
|
|
Total income taxes |
16.9 |
13.8 |
15.5 |
20.8 |
51.6 |
|
Net Income After Taxes |
-19.1 |
-4.3 |
-24.4 |
30.6 |
62.8 |
|
|
|
|
|
|
|
|
Minority interests in income |
-5.3 |
-3.9 |
1.9 |
-20.2 |
-31.2 |
|
Net Income Before Extra. Items |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
Net Income |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding Adjustment |
- |
0.0 |
- |
0.0 |
0.0 |
|
Directors Bonus |
- |
- |
- |
- |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
23.8 |
23.8 |
24.9 |
25.1 |
25.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Basic EPS Including ExtraOrdinary Item |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-24.4 |
-8.1 |
-22.5 |
10.4 |
31.7 |
|
Diluted Weighted Average Shares |
23.8 |
23.8 |
24.9 |
25.1 |
25.1 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
Diluted EPS Including ExtraOrd Items |
-1.03 |
-0.34 |
-0.90 |
0.42 |
1.26 |
|
DPS-Common Stock |
0.25 |
0.29 |
0.22 |
0.30 |
0.31 |
|
Gross Dividends - Common Stock |
6.0 |
6.9 |
5.3 |
7.5 |
7.7 |
|
Normalized Income Before Taxes |
2.9 |
12.7 |
-3.8 |
61.4 |
115.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
18.3 |
14.7 |
15.4 |
24.4 |
51.8 |
|
Normalized Income After Taxes |
-15.4 |
-2.0 |
-19.2 |
37.0 |
64.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-20.8 |
-5.9 |
-17.3 |
16.8 |
32.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.87 |
-0.25 |
-0.69 |
0.67 |
1.31 |
|
Diluted Normalized EPS |
-0.87 |
-0.25 |
-0.69 |
0.67 |
1.31 |
|
Interest Expense |
0.8 |
0.7 |
2.5 |
2.0 |
1.9 |
|
Amortization of Goodwill - footnote |
1.1 |
- |
- |
- |
- |
|
Amort.Goodwill |
- |
0.7 |
5.3 |
1.1 |
1.0 |
|
Amort of Tangible Assets-Current Portion |
29.8 |
- |
- |
- |
- |
|
Depreciation |
- |
28.0 |
30.1 |
31.9 |
26.5 |
|
Advertising Expense, Supplemental |
42.7 |
39.0 |
38.1 |
51.7 |
46.0 |
|
Total Research And Development Expense |
82.8 |
79.5 |
66.6 |
67.4 |
59.0 |
|
Income taxes-current |
10.7 |
- |
- |
- |
- |
|
Current Tax - Total |
10.7 |
- |
- |
- |
- |
|
Income taxes-deferred |
6.2 |
- |
- |
- |
- |
|
Deferred Tax - Total |
6.2 |
- |
- |
- |
- |
|
Income Tax - Total |
16.9 |
- |
- |
- |
- |
|
Reported Operating Profit |
11.0 |
26.5 |
-8.7 |
73.9 |
116.7 |
|
Reported Ordinary Profit |
1.7 |
10.6 |
-5.8 |
60.2 |
114.5 |
|
Retirement Benefit Expenses Other |
5.6 |
- |
- |
- |
- |
|
Service Cost |
6.9 |
6.2 |
5.5 |
4.8 |
4.0 |
|
Interest Cost |
3.1 |
2.7 |
2.4 |
2.1 |
1.7 |
|
Expected Return on Plan Assets |
-2.8 |
-2.5 |
-2.0 |
-2.1 |
-2.0 |
|
Actuarial Gains and Losses |
3.2 |
3.0 |
5.2 |
2.1 |
-0.6 |
|
Prior Service Cost |
-1.1 |
-1.0 |
-0.9 |
-0.9 |
-0.8 |
|
Domestic Pension Plan Expense |
14.9 |
8.4 |
10.1 |
6.1 |
2.3 |
|
Other Pension Cost |
- |
4.9 |
4.4 |
4.8 |
4.2 |
|
Total Pension Expense |
14.9 |
13.2 |
14.5 |
10.9 |
6.5 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.80% |
- |
- |
- |
- |
|
Discount Rate |
- |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected return on assets(MIN)-Retiremen |
2.50% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
2.50% |
2.50% |
2.50% |
2.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
180.7 |
236.3 |
219.0 |
232.4 |
200.8 |
|
Notes and accounts receivable-trade |
119.3 |
114.6 |
107.2 |
103.8 |
139.7 |
|
Marketable Sec. |
- |
- |
0.0 |
1.4 |
6.2 |
|
Inventories - merchandise&finished goods |
182.1 |
183.9 |
156.7 |
186.6 |
188.1 |
|
Inventories - work-in-process |
8.5 |
6.7 |
3.4 |
4.1 |
11.9 |
|
Inventories - raw materials & supplies |
55.2 |
50.2 |
40.1 |
40.8 |
37.9 |
|
Deferred Income Taxes (Current) |
15.9 |
17.5 |
13.9 |
23.7 |
29.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Current Assets |
36.2 |
45.5 |
45.4 |
53.9 |
43.2 |
|
Doubtful Account |
-3.9 |
-4.9 |
-4.2 |
-4.7 |
-4.0 |
|
Total Current Assets |
594.1 |
649.8 |
581.6 |
642.0 |
652.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Buildings & Structures, Gross |
252.4 |
262.6 |
224.0 |
209.8 |
200.7 |
|
Accum Dep Loss of builings & structures |
-158.0 |
-161.4 |
-139.0 |
-123.9 |
-121.4 |
|
Machinery, equipment and vehicles |
41.2 |
40.9 |
36.8 |
34.0 |
51.1 |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-32.6 |
-31.3 |
-28.5 |
-24.4 |
-38.6 |
|
Tools, furniture and fixtures |
131.6 |
129.6 |
116.8 |
108.0 |
103.5 |
|
Acc. Depre&Impair-Tool,Furniture&Fixture |
-116.3 |
-113.3 |
-101.5 |
-90.8 |
-84.1 |
|
Land |
95.7 |
101.0 |
83.7 |
76.8 |
77.6 |
|
Construction-In-Progress |
1.0 |
1.2 |
0.3 |
2.4 |
5.2 |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Software |
9.1 |
12.1 |
14.7 |
17.6 |
13.3 |
|
Software accounts rights |
3.2 |
0.9 |
0.6 |
0.9 |
7.9 |
|
Telephone Access |
- |
- |
- |
- |
0.5 |
|
Goodwill |
5.1 |
1.1 |
1.4 |
2.1 |
3.9 |
|
Other Intangibles |
2.1 |
1.0 |
0.9 |
0.8 |
- |
|
Other LT Investments (Held for Sale / He |
17.5 |
- |
- |
- |
- |
|
LT Investment |
- |
17.1 |
30.4 |
36.4 |
48.4 |
|
Invt Secs Noncons, Asc, Affd Cos |
8.1 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
2.4 |
- |
- |
- |
- |
|
LT Investment-stock |
- |
4.8 |
- |
- |
- |
|
Investment in closely-held capital |
- |
3.2 |
- |
- |
- |
|
Long-term loans receivable |
0.4 |
0.4 |
6.5 |
11.5 |
8.7 |
|
Deferred tax assets |
5.3 |
5.4 |
7.5 |
10.4 |
9.9 |
|
Other investment & other assets |
32.7 |
- |
- |
- |
- |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
- |
30.4 |
39.0 |
38.1 |
53.0 |
|
Allow.Doubt.Accounts (Non-Current) |
-1.0 |
-1.0 |
-1.1 |
-1.3 |
-0.9 |
|
Total Assets |
893.9 |
954.6 |
874.1 |
950.6 |
991.5 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
39.6 |
47.9 |
37.5 |
34.6 |
62.9 |
|
Short-term loans payable |
9.7 |
9.3 |
4.5 |
96.3 |
3.8 |
|
Current portion of long-term loans payab |
3.1 |
0.0 |
0.5 |
0.7 |
1.4 |
|
Income Tax Payable |
2.3 |
10.3 |
2.0 |
3.0 |
21.4 |
|
Dfd. Tax Liabs. |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Allowance Bonus |
15.1 |
15.0 |
12.3 |
11.3 |
14.9 |
|
Allowance Dir's Bonus |
- |
- |
0.0 |
0.7 |
1.4 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Reserve for product warranties |
5.1 |
5.6 |
4.6 |
5.1 |
7.3 |
|
Other Current Liabilities |
52.0 |
59.5 |
51.1 |
45.9 |
56.8 |
|
Total Current Liabilities |
127.0 |
147.7 |
112.5 |
197.6 |
169.9 |
|
|
|
|
|
|
|
|
Long-term loans payable |
0.1 |
3.2 |
2.8 |
0.0 |
0.3 |
|
Total Long Term Debt |
0.1 |
3.2 |
2.8 |
0.0 |
0.3 |
|
|
|
|
|
|
|
|
Dfd. Tax Liabs. |
4.2 |
0.3 |
1.6 |
5.4 |
10.0 |
|
Deferred Tax-Reval |
2.0 |
2.3 |
2.0 |
1.9 |
1.9 |
|
Reserve for Retirement Benefit(accrued) |
5.7 |
4.0 |
1.7 |
0.0 |
- |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Long-Term Liabilities |
23.3 |
23.5 |
22.8 |
21.7 |
18.8 |
|
Minority Interests |
195.7 |
199.2 |
181.4 |
175.2 |
188.4 |
|
Total Liabilities |
358.2 |
380.1 |
324.8 |
401.9 |
389.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
112.6 |
111.9 |
99.3 |
93.9 |
93.2 |
|
Total capital surpluses |
131.1 |
130.3 |
115.6 |
109.4 |
108.5 |
|
Total retained earnings |
410.2 |
436.9 |
399.8 |
407.6 |
402.2 |
|
Treasury Stock |
-21.5 |
-21.3 |
-18.9 |
-7.0 |
-6.9 |
|
Valuation difference on available-for-sa |
0.1 |
-0.5 |
1.7 |
0.4 |
0.6 |
|
Reserve by Valuation of Land |
-17.9 |
-18.1 |
-16.0 |
-15.2 |
-15.1 |
|
Translation Adj. |
-78.9 |
-64.6 |
-32.1 |
-40.5 |
19.6 |
|
Total Equity |
535.7 |
574.6 |
549.3 |
548.7 |
602.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
893.9 |
954.6 |
874.1 |
950.6 |
991.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
23.8 |
23.8 |
23.8 |
25.1 |
25.1 |
|
Total Common Shares Outstanding |
23.8 |
23.8 |
23.8 |
25.1 |
25.1 |
|
T/S-Common Stock |
1.8 |
1.8 |
1.8 |
0.5 |
0.5 |
|
Full-Time Employees |
3,163 |
3,115 |
2,699 |
2,708 |
2,528 |
|
Total Number of Shareholders |
4,945 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
4,854 |
5,169 |
5,039 |
4,402 |
|
Long Term Debt Matured within 1 Year |
3.1 |
0.0 |
0.5 |
0.7 |
1.4 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
0.1 |
- |
- |
- |
- |
|
Long Term Debt Matured within 2 Years |
- |
3.1 |
0.0 |
0.0 |
0.1 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
0.0 |
- |
- |
- |
- |
|
Long Term Debt Matured within 3 Years |
- |
0.1 |
2.7 |
0.0 |
0.0 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
0.0 |
- |
- |
- |
- |
|
Long Term Debt Matured within 4 Years |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
0.0 |
- |
- |
- |
- |
|
Long Term Debt Matured within 5 Years |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loans Payable Remaining |
0.0 |
- |
- |
- |
- |
|
Long Term Debt Matured after 5 Years |
- |
0.0 |
0.0 |
0.0 |
0.2 |
|
Total Long Term Debt, Supplemental |
3.2 |
3.2 |
3.2 |
0.7 |
1.7 |
|
Capital Lease payments due in 1 year |
0.3 |
0.3 |
0.3 |
0.2 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.2 |
- |
- |
- |
- |
|
Capital Lease payments due in 2 years |
- |
0.2 |
0.3 |
0.2 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.2 |
- |
- |
- |
- |
|
Capital Lease payments due in 3 years |
- |
0.1 |
0.1 |
0.1 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.2 |
- |
- |
- |
- |
|
Capital Lease payments due in 4 years |
- |
0.1 |
0.1 |
0.1 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease payments due in 5 years |
- |
0.1 |
0.1 |
0.1 |
- |
|
capital lease remaining |
0.4 |
- |
- |
- |
- |
|
Capital Lease Remaining Maturities |
- |
0.5 |
0.6 |
0.7 |
- |
|
Total Capital Leases |
1.5 |
1.2 |
1.5 |
1.3 |
- |
|
Operating Lease Pymts. Due within 1Year |
- |
6.1 |
5.8 |
4.1 |
- |
|
Operating Leases - Remaining Payments |
- |
21.8 |
24.9 |
20.0 |
- |
|
Total Operating Leases |
- |
27.9 |
30.8 |
24.1 |
- |
|
Pension Obligation |
135.2 |
118.3 |
99.6 |
89.8 |
83.8 |
|
Fair Value of Plan Assets |
107.9 |
105.0 |
90.5 |
75.1 |
84.0 |
|
Unfunded Retirement Benefit Obligation |
-27.3 |
- |
- |
- |
- |
|
Funded Status |
- |
-13.3 |
-9.1 |
-14.7 |
0.1 |
|
Total Funded Status |
-27.3 |
-13.3 |
-9.1 |
-14.7 |
0.1 |
|
Discount Rate |
1.80% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Unrecognized Actuarial Gains and Losses |
26.0 |
14.8 |
13.2 |
23.5 |
10.5 |
|
Unrecognized Prior Service Cost |
-4.4 |
-5.5 |
-5.8 |
-6.4 |
-7.2 |
|
Prepaid Pension Benefits |
- |
- |
- |
2.5 |
3.4 |
|
Accrued Retirement Benefits |
-5.7 |
- |
- |
- |
- |
|
Reserve for Accrued Retirement Benefits |
- |
-4.0 |
-1.7 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
15.8 |
5.3 |
5.7 |
19.7 |
6.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
-2.2 |
9.6 |
-8.9 |
51.4 |
114.4 |
|
Depreciation |
29.8 |
28.0 |
30.1 |
31.9 |
26.5 |
|
Amort.Goodwill |
1.1 |
0.7 |
5.3 |
1.1 |
1.0 |
|
Interest&Div. Income |
-2.2 |
-2.3 |
-2.5 |
-5.4 |
-5.6 |
|
Interest Expense |
0.8 |
0.7 |
2.5 |
2.0 |
1.9 |
|
Foreign exchange losses (gains) |
-1.2 |
6.0 |
-3.7 |
3.5 |
5.5 |
|
Equity Earnings |
- |
0.0 |
0.1 |
-0.2 |
-1.6 |
|
Gain-Fix. Asset Sold |
- |
- |
0.0 |
-0.2 |
-0.2 |
|
Loss (gain) on sales and retirement of n |
0.2 |
0.6 |
0.2 |
0.8 |
0.7 |
|
Gain/Loss on equity changes |
- |
- |
- |
0.0 |
-0.2 |
|
Impairment loss |
0.2 |
- |
- |
- |
- |
|
Gain on Transfer of Business |
- |
- |
- |
- |
0.0 |
|
L/G Affiliate Liquidated |
- |
-0.1 |
0.0 |
- |
- |
|
Loss (gain) on sales of investment secur |
0.0 |
-1.4 |
0.0 |
0.0 |
-0.1 |
|
Loss (gain) on valuation of investment s |
0.2 |
1.3 |
0.1 |
8.9 |
0.2 |
|
Loss Val. Affil.Stk. |
- |
0.0 |
0.4 |
0.0 |
- |
|
L-Val.Contrib.C.Affi |
- |
- |
0.0 |
0.3 |
0.0 |
|
Decrease (increase) in notes and account |
-0.3 |
-7.5 |
2.0 |
1.6 |
-6.8 |
|
Decrease (increase) in inventories |
-9.5 |
-26.2 |
57.7 |
-35.1 |
-20.9 |
|
Increase (decrease) in notes and account |
-6.6 |
16.1 |
0.5 |
8.8 |
5.3 |
|
Increase In Cash And Cash Equivalents Fr |
1.5 |
- |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Director Bnft. Paid |
- |
- |
- |
- |
0.0 |
|
Other, net |
2.5 |
7.7 |
5.7 |
-8.3 |
3.3 |
|
Int.&Divid Received |
2.1 |
2.2 |
2.7 |
5.6 |
5.5 |
|
Interest Paid |
-0.8 |
-0.9 |
-2.4 |
-2.5 |
-1.7 |
|
Income tax (paid) refund |
-18.2 |
-3.3 |
2.3 |
-48.9 |
-56.8 |
|
Newly Consolidate |
- |
- |
- |
1.2 |
0.0 |
|
Increase due to mergers |
- |
- |
- |
0.4 |
0.0 |
|
Contribut. Inv. MadeO |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Loss on valuation of investments in capi |
- |
0.0 |
0.0 |
- |
- |
|
Cash from Operating Activities |
-2.7 |
31.1 |
92.1 |
17.0 |
70.2 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-12.1 |
-6.5 |
-10.9 |
0.0 |
-5.0 |
|
Time Deposit Matured |
8.5 |
0.7 |
11.2 |
4.1 |
1.3 |
|
Sale of Marketable Securities |
- |
1.3 |
0.1 |
6.0 |
1.7 |
|
Purchase of Marketable Securities |
- |
-1.4 |
0.0 |
-0.1 |
-2.4 |
|
Purchase of property, plant and equipmen |
-16.6 |
-13.6 |
-10.6 |
-30.3 |
-34.9 |
|
Proceeds from sales of property, plant a |
6.6 |
0.4 |
0.5 |
0.9 |
1.0 |
|
Purch. Intangible |
-5.4 |
-3.4 |
-3.4 |
-6.0 |
-11.4 |
|
Purchase of Long-Term Inv't in Sec. |
-0.1 |
-0.1 |
-0.1 |
-2.1 |
-11.1 |
|
Sale of Long-Term Investment in Sec. |
0.2 |
2.6 |
0.0 |
3.1 |
1.0 |
|
Purchase additional Affiliate Stocks |
-18.5 |
-1.8 |
-0.5 |
-5.1 |
-3.8 |
|
Sale Affiliate Stocks |
- |
- |
- |
- |
0.0 |
|
Contribut. Inv. Made |
-0.3 |
0.0 |
-1.5 |
0.0 |
0.0 |
|
Contribut. Inv. Collect |
- |
0.0 |
0.0 |
0.0 |
0.4 |
|
Payments of long-term loans receivable |
0.0 |
0.0 |
-0.1 |
-5.0 |
-0.5 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Collection of long-term loans receivable |
0.1 |
0.2 |
5.3 |
0.7 |
1.5 |
|
Other, net |
-5.2 |
1.3 |
6.7 |
4.8 |
-1.5 |
|
Cash from Investing Activities |
-42.7 |
-20.4 |
-3.3 |
-29.0 |
-63.6 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
1.2 |
3.0 |
-96.3 |
88.5 |
-10.8 |
|
LT Debt Proceed |
- |
0.1 |
2.7 |
0.0 |
- |
|
Repayment of long-term loans payable |
-0.1 |
-0.5 |
-0.5 |
-0.6 |
-1.8 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Proceed From Minorities' Payment |
- |
- |
0.0 |
0.5 |
1.1 |
|
Cash Dividends Paid |
-6.8 |
-6.2 |
-6.8 |
-8.1 |
-8.2 |
|
Minority Dividends |
-4.6 |
-4.0 |
-6.6 |
-10.5 |
-7.9 |
|
Treasury Stock Purchased |
0.0 |
0.0 |
-11.6 |
0.0 |
-0.1 |
|
Other, net |
-0.5 |
-0.3 |
-0.4 |
-0.4 |
-0.3 |
|
Cash from Financing Activities |
-10.8 |
-7.9 |
-119.3 |
69.5 |
-28.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-6.9 |
-20.6 |
0.4 |
-22.3 |
-3.6 |
|
Net Change in Cash |
-63.1 |
-17.8 |
-30.2 |
35.1 |
-25.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
241.2 |
240.1 |
249.8 |
194.6 |
196.1 |
|
Net Cash - Ending Balance |
178.1 |
222.3 |
219.5 |
229.7 |
171.1 |
|
Cash Interest Paid |
0.8 |
0.9 |
2.4 |
2.5 |
1.7 |
|
Cash Taxes Paid |
18.2 |
3.3 |
-2.3 |
48.9 |
56.8 |
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.54.40 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
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.