MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TSUDAKOMA CORP. |
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Registered Office : |
5-18-18, No-machi, Kanazawa-Shi, 921-8650 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2012 |
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Date of Incorporation : |
30.12.1939 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturing
and sale of textile machinery and machine tool attachments |
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No. of Employees : |
1,282 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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.
|
Source : CIA |
Company name & address
TSUDAKOMA Corp.
5-18-18, No-machi
Kanazawa-Shi, 921-8650
Japan
Tel: 81-76-2421111
Fax: 81-76-2424172
Web: www.tsudakoma.co.jp
Synthesis
Employees: 1,282
Company Type: Public
Parent
Corporate Family: 4
Companies
Traded: Tokyo
Stock Exchange: 6217
Incorporation Date:
30-Dec-1939
Auditor: Meichyo Audit Firm
Financials in: USD
(Millions)
Fiscal Year End:
30-Nov-2012
Reporting Currency: Japanese
Yen
Annual Sales: 405.6
1
Net Income:
(22.1)
Total Assets: 417.4
2
Market Value: 123.8 (01-Mar-2013)
Business Description
TSUDAKOMA Corp. is a Japan-based company principally engaged in the manufacturing and sale of textile machinery and machine tool attachments. The Company has two business segments. The Textile Machinery segment is involved in the manufacturing and sale of textile machinery such as air-jet looms, water-jet looms, rapier looms, preparatory machinery and factory automation (FA) systems, among others. The Machine Tool segment is involved in the manufacturing and sale of machine tool attachments such as numeric-control (NC) milling heads, direct-drive (DD) table, among others. As of November 30, 2012, the Company had nine subsidiaries. For the fiscal year ended 30 November 2012, TSUDAKOMA Corp. revenues decreased 24% to Y32.17B. Net loss applicable to common stockholders totaled Y1.75B vs. income of Y895M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net loss reflects SP Rev-Allow Doubt Acc. decrease from Y6M (income) to Y0K, NOP Interest Income decrease from Y2M (income) to Y0K.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2469 - Other Specialised
Machinery and Equipment Manufacturing
NACE 2002: 2954 - Manufacture
of machinery for textile, apparel and leather production
NAICS 2002: 333292 - Textile
Machinery Manufacturing
UK SIC 2003: 2954 - Manufacture
of machinery for textile, apparel and leather production
UK SIC 2007: 2894 - Manufacture
of machinery for textile, apparel and leather production
US SIC 1987: 3552 - Textile
Machinery
Key Executives
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Name |
Title |
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President, Chief Director of China Production Promotion,
Representative Director |
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Director of Manufacturing, Deputy Chief Director of China Production
Promotion, Director |
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Tamio Moribe |
Executive Officer, Director of Intellectual Property and Information
Management |
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Managing Director, Director of Machine Tools Related Business |
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Senior Managing Director, Director of Fiber Machinery Business,
Director |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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3 |
11-Oct-2012 |
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1 |
TSUDAKOMA
Corp. to Form Joint Venture with Jingwei Textile Machinery Co. Ltd. |
30-Mar-2012 |
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1 |
28-Dec-2012 |
* number of significant developments within the last 12 months
News
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Financial Summary
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Stock Snapshot
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1 -
Profit & Loss Item Exchange Rate: USD 1 = JPY 79.30486
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 82.05648
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Corporate Family |
Corporate
Structure News: |
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TSUDAKOMA
Corp. |
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TSUDAKOMA Corp. |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Kanazawa-Shi |
Japan |
Miscellaneous Capital Goods |
405.6 |
1,282 |
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Subsidiary |
Shanghai |
China |
Scientific and Technical Instruments |
|
18 |
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Subsidiary |
Kanazawa, Ishikawa |
Japan |
Miscellaneous Capital Goods |
59.9 |
3 |
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Subsidiary |
Kanazawa, Ishikawa |
Japan |
Electronic Instruments and Controls |
53.1 |
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Executive report
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Board of
Directors |
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President, Chief Director of China Production Promotion,
Representative Director |
Director/Board Member |
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Director of Manufacturing, Deputy Chief Director of China Production
Promotion, Director |
Director/Board Member |
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Managing Director, Director of Machine Tools Related Business |
Director/Board Member |
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Director of Fiber Machinery Technology in Fiber Machinery Business Unit,
Deputy Chief Director of China Production Promotion, Director |
Director/Board Member |
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Senior Managing Director, Director of Fiber Machinery Business,
Director |
Director/Board Member |
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Managing Director, Director of General Affairs, Manager of Export
Management Office |
Director/Board Member |
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Executives |
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President, Chief Director of China Production Promotion,
Representative Director |
President |
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Managing Director, Director of Machine Tools Related Business |
Managing Director |
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Senior Managing Director, Director of Fiber Machinery Business,
Director |
Managing Director |
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Managing Director, Director of General Affairs, Manager of Export
Management Office |
Managing Director |
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Executive Officer, Director of Fiber Machinery Marketing in Fiber
Machinery Unit |
Marketing Executive |
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Director of Manufacturing, Deputy Chief Director of China Production
Promotion, Director |
Advertising Executive |
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Director of Fiber Machinery Technology in Fiber Machinery Business
Unit, Deputy Chief Director of China Production Promotion, Director |
Advertising Executive |
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Executive Officer, Director of Intellectual Property and Information
Management |
Other |
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Executive Officer, Director of Quality Assurance, Deputy Chief
Director of China Production Promotion |
Other |
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Significant Developments
TSUDAKOMA Corp to Increase Stake in Subsidiary Dec 28, 2012
TSUDAKOMA Corp announced that it has decided to increase the direct stake in a China-based subsidiary from 66.7% to 76.9%, effective end of February 2013.
TSUDAKOMA Corp Lowers Consolidated Full-year Forecast for FY 2012; Cancels Year-end Dividend for FY 2012 Oct 11, 2012
TSUDAKOMA Corp announced that it has lowered the consolidated full-year forecast for revenue from JPY 38,100 million to JPY 32,700 million, operating profit (loss) from JPY 450 million to JPY (1,500 million), ordinary profit (loss) from JPY 400 million to JPY (1,550 million), net profit (loss) from JPY 350 million to JPY (1,600 million) and earning (loss) per share from JPY 5.48 to JPY (25.03) for the fiscal year ending November 30, 2012. The Company lowered the consolidated full-year outlook due to the downturn in economy and the aggravated order environment. The Company has canceled the year-end dividend for the fiscal year ending November 30, 2012. The last forecast was undetermined.
TSUDAKOMA Corp. Lowers Consolidated Full-year Outlook for FY Ending November 2012 Jul 12, 2012
TSUDAKOMA Corp. announced that it has lowered its consolidated full-year outlook for revenue from JPY 39,800 million to JPY 38,100 million, operating profit from JPY 700 million to JPY 450 million, ordinary profit from JPY 600 million to JPY 400 million, net profit from JPY 550 million to JPY 350 million and earning per share from JPY 8.60 to JPY 5.48 for the fiscal year ending November 30, 2012. This is due to the decreased sale of fiber machinery in China market, as well as the working machinery related businesses.
TSUDAKOMA Corp. Lowers Consolidated Mid-year and Full-year Outlook for FY 2012 Apr 13, 2012
TSUDAKOMA Corp. announced that it has lowered its consolidated mid-year outlook for revenue from JPY 19,900 million to JPY 16,600 million, operating profit from JPY 200 million to a loss of JPY 500 million, ordinary profit from JPY 150 million to a loss of JPY 550 million, net profit from JPY 100 million to a loss of JPY 550 million and earning per share from JPY 1.56 to a loss of JPY 8.60, for the fiscal year ending November 2012. The Company has also lowered its consolidated full-year outlook for revenue from JPY 42,800 million to JPY 39,800 million, operating profit from JPY 1,200 million to JPY 700 million, ordinary profit from JPY 1,100 million to JPY 600 million, net profit from JPY 1,000 million to JPY 550 million and earning per share from JPY 15.64 to JPY 8.60, for the fiscal year ending November 2012. This is due to the decreased sales and the fierce business conditions, among others.
TSUDAKOMA Corp. to Form Joint Venture with Jingwei Textile Machinery Co. Ltd. Mar 30, 2012
TSUDAKOMA Corp. announced that it has decided to form a joint venture located in Xianyang City, China, with Jingwei Textile Machinery Co. Ltd. in May 2012. The new joint venture, capitalized at RMB 126 million, will be engaged in the manufacture and sale of ZAX-N type air-jet looms. The Company and Jingwei Textile Machinery will hold a 49% stake and a 51% stake in the joint venture, respectively.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Nov-2012 |
30-Nov-2011 |
30-Nov-2010 |
30-Nov-2009 |
30-Nov-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) |
79.304858 |
80.172145 |
88.353552 |
93.712781 |
105.208251 |
|
Auditor |
|
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
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Net Sales |
405.6 |
529.0 |
370.0 |
142.8 |
329.1 |
|
Revenue |
405.6 |
529.0 |
370.0 |
142.8 |
329.1 |
|
Total Revenue |
405.6 |
529.0 |
370.0 |
142.8 |
329.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
374.8 |
462.0 |
339.8 |
177.3 |
294.8 |
|
Cost of Revenue, Total |
374.8 |
462.0 |
339.8 |
177.3 |
294.8 |
|
Gross Profit |
30.9 |
67.0 |
30.2 |
-34.4 |
34.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
52.5 |
37.5 |
27.8 |
13.2 |
19.3 |
|
Labor & Related Expense |
- |
17.0 |
14.4 |
17.7 |
17.4 |
|
Advertising Expense |
- |
- |
- |
0.9 |
2.0 |
|
Total Selling/General/Administrative Expenses |
52.5 |
54.4 |
42.1 |
31.7 |
38.7 |
|
Depreciation |
- |
- |
- |
1.8 |
1.1 |
|
Depreciation/Amortization |
- |
- |
- |
1.8 |
1.1 |
|
Impairment-Assets Held for Use |
0.0 |
0.0 |
0.0 |
3.8 |
0.0 |
|
Impairment-Assets Held for Sale |
0.0 |
- |
- |
0.0 |
2.2 |
|
Other Unusual Expense (Income) |
0.0 |
-0.1 |
0.0 |
1.7 |
-0.1 |
|
Unusual Expense (Income) |
0.0 |
-0.1 |
0.0 |
5.5 |
2.1 |
|
Total Operating Expense |
427.3 |
516.3 |
381.9 |
216.2 |
336.8 |
|
|
|
|
|
|
|
|
Operating Income |
-21.7 |
12.6 |
-11.9 |
-73.4 |
-7.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.1 |
-1.2 |
-1.5 |
-1.5 |
-0.8 |
|
Interest Expense, Net Non-Operating |
-1.1 |
-1.2 |
-1.5 |
-1.5 |
-0.8 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.1 |
0.2 |
0.4 |
|
Investment Income - Non-Operating |
0.0 |
-1.5 |
0.2 |
0.0 |
1.9 |
|
Interest/Investment Income - Non-Operating |
0.0 |
-1.5 |
0.3 |
0.2 |
2.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.1 |
-2.7 |
-1.2 |
-1.3 |
1.5 |
|
Gain (Loss) on Sale of Assets |
0.4 |
-0.3 |
-0.1 |
-0.1 |
-0.5 |
|
Other Non-Operating Income (Expense) |
0.4 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Other, Net |
0.4 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Income Before Tax |
-22.0 |
10.1 |
-12.9 |
-74.6 |
-6.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.1 |
-2.0 |
0.2 |
0.2 |
0.5 |
|
Income After Tax |
-23.2 |
12.1 |
-13.2 |
-74.7 |
-7.1 |
|
|
|
|
|
|
|
|
Minority Interest |
1.1 |
-1.0 |
0.1 |
3.9 |
0.5 |
|
Net Income Before Extraord Items |
-22.1 |
11.2 |
-13.0 |
-70.9 |
-6.7 |
|
Net Income |
-22.1 |
11.2 |
-13.0 |
-70.9 |
-6.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
-22.1 |
11.2 |
-13.0 |
-71.0 |
-6.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-22.1 |
11.2 |
-13.0 |
-71.0 |
-6.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
63.9 |
63.9 |
63.9 |
63.9 |
64.0 |
|
Basic EPS Excl Extraord Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Basic/Primary EPS Incl Extraord Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-22.1 |
11.2 |
-13.0 |
-71.0 |
-6.8 |
|
Diluted Weighted Average Shares |
63.9 |
63.9 |
63.9 |
63.9 |
64.0 |
|
Diluted EPS Excl Extraord Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Diluted EPS Incl Extraord Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.01 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.9 |
|
Interest Expense, Supplemental |
1.1 |
1.2 |
1.5 |
1.5 |
0.8 |
|
Depreciation, Supplemental |
17.9 |
15.3 |
13.0 |
14.3 |
13.2 |
|
Total Special Items |
-0.3 |
0.2 |
0.1 |
5.6 |
2.6 |
|
Normalized Income Before Tax |
-22.4 |
10.3 |
-12.8 |
-69.0 |
-4.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.1 |
0.1 |
0.0 |
1.9 |
0.9 |
|
Inc Tax Ex Impact of Sp Items |
1.0 |
-2.0 |
0.3 |
2.1 |
1.4 |
|
Normalized Income After Tax |
-23.4 |
12.3 |
-13.1 |
-71.1 |
-5.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-22.3 |
11.3 |
-13.0 |
-67.4 |
-5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.35 |
0.18 |
-0.20 |
-1.05 |
-0.08 |
|
Diluted Normalized EPS |
-0.35 |
0.18 |
-0.20 |
-1.05 |
-0.08 |
|
Rental Expenses |
- |
- |
- |
0.5 |
0.4 |
|
Advertising Expense, Supplemental |
- |
- |
- |
0.9 |
2.0 |
|
Research & Development Exp, Supplemental |
- |
19.7 |
15.6 |
14.3 |
13.6 |
|
Reported Operating Profit |
-21.7 |
12.6 |
-12.0 |
-68.0 |
-5.7 |
|
Reported Ordinary Profit |
-22.4 |
10.3 |
-12.8 |
-69.1 |
-5.9 |
|
Normalized EBIT |
-21.7 |
12.6 |
-12.0 |
-67.9 |
-5.6 |
|
Normalized EBITDA |
-3.8 |
27.9 |
1.0 |
-53.6 |
7.6 |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.8 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.8 |
- |
- |
- |
- |
|
Income Tax - Total |
1.1 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
- |
2.2 |
2.1 |
2.1 |
2.0 |
|
Service Cost - Domestic |
- |
5.2 |
4.7 |
4.5 |
3.8 |
|
Expected Return on Assets - Domestic |
- |
-0.9 |
-0.8 |
-0.7 |
-0.9 |
|
Actuarial Gains and Losses - Domestic |
- |
3.4 |
3.0 |
3.0 |
1.4 |
|
Transition Costs - Domestic |
- |
1.5 |
1.4 |
1.3 |
1.2 |
|
Domestic Pension Plan Expense |
- |
11.4 |
10.4 |
10.3 |
7.4 |
|
Total Pension Expense |
- |
11.4 |
10.4 |
10.3 |
7.4 |
|
Total Plan Interest Cost |
- |
2.2 |
2.1 |
2.1 |
2.0 |
|
Total Plan Service Cost |
- |
5.2 |
4.7 |
4.5 |
3.8 |
|
Total Plan Expected Return |
- |
-0.9 |
-0.8 |
-0.7 |
-0.9 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Nov-2012 |
30-Nov-2011 |
30-Nov-2010 |
30-Nov-2009 |
30-Nov-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.056481 |
77.63 |
83.77 |
86.145 |
95.245 |
|
Auditor |
|
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
125.5 |
146.8 |
156.2 |
180.2 |
174.4 |
|
Short Term Investments |
- |
0.0 |
2.4 |
2.3 |
3.0 |
|
Cash and Short Term Investments |
125.5 |
146.8 |
158.6 |
182.5 |
177.4 |
|
Accounts Receivable -
Trade, Gross |
86.8 |
138.1 |
122.9 |
65.1 |
68.5 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.3 |
|
Trade Accounts Receivable - Net |
86.6 |
138.0 |
122.8 |
64.9 |
68.2 |
|
Total Receivables, Net |
86.6 |
138.0 |
122.8 |
64.9 |
68.2 |
|
Inventories - Finished Goods |
13.9 |
13.8 |
15.8 |
18.5 |
17.5 |
|
Inventories - Work In Progress |
23.4 |
31.3 |
25.2 |
12.1 |
18.0 |
|
Inventories - Raw Materials |
7.7 |
6.7 |
5.4 |
4.1 |
5.9 |
|
Total Inventory |
45.0 |
51.8 |
46.4 |
34.7 |
41.4 |
|
Deferred Income Tax - Current Asset |
1.8 |
2.8 |
0.0 |
0.0 |
0.0 |
|
Other Current Assets |
1.8 |
2.6 |
1.8 |
3.8 |
4.8 |
|
Other Current Assets, Total |
3.6 |
5.4 |
1.8 |
3.8 |
4.8 |
|
Total Current Assets |
260.8 |
342.0 |
329.6 |
285.9 |
291.9 |
|
|
|
|
|
|
|
|
Buildings |
214.5 |
224.3 |
191.2 |
186.6 |
170.2 |
|
Land/Improvements |
45.9 |
47.4 |
43.3 |
42.1 |
40.9 |
|
Machinery/Equipment |
231.5 |
241.2 |
215.9 |
209.4 |
188.3 |
|
Construction in
Progress |
- |
0.0 |
10.1 |
6.9 |
6.3 |
|
Other
Property/Plant/Equipment |
80.2 |
83.4 |
75.4 |
72.9 |
65.7 |
|
Property/Plant/Equipment - Gross |
572.1 |
596.2 |
535.9 |
518.0 |
471.4 |
|
Accumulated Depreciation |
-440.3 |
-454.8 |
-411.9 |
-391.7 |
-344.3 |
|
Property/Plant/Equipment - Net |
131.8 |
141.4 |
124.0 |
126.3 |
127.1 |
|
Intangibles, Net |
0.8 |
0.9 |
1.0 |
1.1 |
0.7 |
|
LT Investment - Affiliate Companies |
- |
2.6 |
2.1 |
- |
- |
|
LT Investments - Other |
22.0 |
17.2 |
16.6 |
18.2 |
16.5 |
|
Long Term Investments |
22.0 |
19.8 |
18.7 |
18.2 |
16.5 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
2.1 |
1.6 |
1.7 |
1.6 |
0.8 |
|
Other Long Term Assets, Total |
2.1 |
1.6 |
1.7 |
1.6 |
0.8 |
|
Total Assets |
417.4 |
505.7 |
475.0 |
433.2 |
436.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.3 |
46.2 |
50.1 |
16.4 |
18.6 |
|
Notes Payable/Short Term Debt |
75.5 |
28.3 |
26.3 |
48.8 |
33.6 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
26.7 |
13.5 |
9.0 |
3.6 |
|
Income Taxes Payable |
0.4 |
1.1 |
0.7 |
0.5 |
0.3 |
|
Other Payables |
47.1 |
76.3 |
68.3 |
30.7 |
43.4 |
|
Deferred Income Tax - Current Liability |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
17.1 |
22.5 |
19.8 |
12.2 |
14.8 |
|
Other Current liabilities, Total |
64.6 |
99.9 |
88.8 |
43.4 |
58.6 |
|
Total Current Liabilities |
164.3 |
201.1 |
178.6 |
117.5 |
114.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
5.8 |
17.7 |
41.1 |
53.1 |
10.0 |
|
Total Long Term Debt |
5.8 |
17.7 |
41.1 |
53.1 |
10.0 |
|
Total Debt |
81.2 |
72.7 |
80.9 |
110.8 |
47.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax |
- |
- |
0.0 |
0.0 |
0.0 |
|
Minority Interest |
11.7 |
13.6 |
11.7 |
11.6 |
14.3 |
|
Reserves |
0.5 |
0.5 |
1.5 |
1.8 |
0.0 |
|
Pension Benefits - Underfunded |
51.7 |
55.5 |
50.7 |
48.0 |
45.4 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Other Liabilities, Total |
52.2 |
56.0 |
52.1 |
49.8 |
45.4 |
|
Total Liabilities |
234.0 |
288.4 |
283.6 |
232.0 |
183.9 |
|
|
|
|
|
|
|
|
Common Stock |
150.1 |
158.7 |
147.0 |
143.0 |
129.3 |
|
Common Stock |
150.1 |
158.7 |
147.0 |
143.0 |
129.3 |
|
Additional Paid-In Capital |
66.6 |
133.4 |
123.6 |
120.2 |
108.7 |
|
Retained Earnings (Accumulated Deficit) |
-13.6 |
-54.7 |
-61.4 |
-46.4 |
28.9 |
|
Treasury Stock - Common |
-15.1 |
-15.9 |
-14.8 |
-14.3 |
-13.0 |
|
Unrealized Gain (Loss) |
-4.6 |
-4.1 |
-3.1 |
-1.3 |
-1.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Comprehensive Income |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
0.0 |
- |
- |
- |
- |
|
Total Equity |
183.4 |
217.2 |
191.4 |
201.2 |
253.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
417.4 |
505.7 |
475.0 |
433.2 |
436.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
63.9 |
63.9 |
63.9 |
63.9 |
63.9 |
|
Total Common Shares Outstanding |
63.9 |
63.9 |
63.9 |
63.9 |
63.9 |
|
Treasury Shares - Common Stock Primary Issue |
4.2 |
4.2 |
4.1 |
4.1 |
4.1 |
|
Employees |
- |
1,282 |
1,291 |
1,225 |
1,252 |
|
Number of Common Shareholders |
- |
6,531 |
6,304 |
6,192 |
6,020 |
|
Total Long Term Debt, Supplemental |
- |
44.4 |
54.6 |
62.1 |
13.5 |
|
Long Term Debt Maturing within 1 Year |
- |
26.7 |
13.5 |
9.0 |
3.6 |
|
Long Term Debt Maturing in Year 2 |
- |
12.3 |
24.7 |
13.1 |
3.6 |
|
Long Term Debt Maturing in Year 3 |
- |
5.4 |
11.4 |
24.0 |
2.9 |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
5.0 |
11.1 |
2.3 |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
0.0 |
4.9 |
1.2 |
|
Long Term Debt Maturing in 2-3 Years |
- |
17.7 |
36.1 |
37.1 |
6.5 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
5.0 |
16.0 |
3.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
- |
118.8 |
111.8 |
110.4 |
108.5 |
|
Plan Assets - Domestic |
- |
45.6 |
44.7 |
43.0 |
38.9 |
|
Funded Status - Domestic |
- |
-73.2 |
-67.1 |
-67.4 |
-69.6 |
|
Total Funded Status |
- |
-73.2 |
-67.1 |
-67.4 |
-69.6 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Liabilities - Domestic |
- |
-55.1 |
-50.3 |
-47.6 |
-45.1 |
|
Other Assets, Net - Domestic |
- |
18.0 |
16.8 |
19.8 |
24.6 |
|
Net Assets Recognized on Balance Sheet |
- |
-37.1 |
-33.5 |
-27.8 |
-20.5 |
|
Total Plan Obligations |
- |
118.8 |
111.8 |
110.4 |
108.5 |
|
Total Plan Assets |
- |
45.6 |
44.7 |
43.0 |
38.9 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Nov-2012 |
30-Nov-2011 |
30-Nov-2010 |
30-Nov-2009 |
30-Nov-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) |
79.304858 |
80.172145 |
88.353552 |
93.712781 |
105.208251 |
|
Auditor |
|
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-22.0 |
10.1 |
-12.9 |
-74.7 |
-6.7 |
|
Depreciation |
17.9 |
15.3 |
13.0 |
14.3 |
13.2 |
|
Depreciation/Depletion |
17.9 |
15.3 |
13.0 |
14.3 |
13.2 |
|
Unusual Items |
0.0 |
0.0 |
0.0 |
3.8 |
-1.8 |
|
Other Non-Cash Items |
0.1 |
1.5 |
2.3 |
-1.0 |
-1.4 |
|
Non-Cash Items |
0.1 |
1.5 |
2.3 |
2.7 |
-3.1 |
|
Accounts Receivable |
44.4 |
-6.4 |
-50.8 |
9.1 |
99.9 |
|
Inventories |
4.2 |
-1.4 |
-9.9 |
10.2 |
1.9 |
|
Accounts Payable |
-46.0 |
-6.8 |
67.4 |
-13.3 |
-64.5 |
|
Other Operating Cash Flow |
-3.8 |
-2.8 |
2.8 |
1.5 |
-11.4 |
|
Changes in Working Capital |
-1.2 |
-17.4 |
9.5 |
7.5 |
25.9 |
|
Cash from Operating Activities |
-5.2 |
9.4 |
11.9 |
-50.1 |
29.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-17.8 |
-18.5 |
-6.5 |
-13.6 |
-18.5 |
|
Capital Expenditures |
-17.8 |
-18.5 |
-6.5 |
-13.6 |
-18.5 |
|
Sale of Fixed Assets |
0.9 |
- |
0.0 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.3 |
7.2 |
|
Investment, Net |
2.6 |
0.6 |
4.1 |
0.5 |
0.0 |
|
Purchase of Investments |
-4.1 |
-0.4 |
-1.6 |
-0.5 |
-0.1 |
|
Other Investing Cash Flow |
-0.7 |
0.1 |
-0.2 |
-1.3 |
-0.3 |
|
Other Investing Cash Flow Items, Total |
-1.3 |
0.3 |
2.3 |
-0.9 |
6.8 |
|
Cash from Investing Activities |
-19.1 |
-18.3 |
-4.2 |
-14.5 |
-11.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Financing Cash Flow Items |
-0.1 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Cash Dividends Paid - Common |
0.0 |
0.0 |
0.0 |
-1.0 |
-1.8 |
|
Total Cash Dividends Paid |
0.0 |
0.0 |
0.0 |
-1.0 |
-1.8 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
37.8 |
0.0 |
-22.6 |
10.7 |
-9.5 |
|
Long Term Debt Issued |
- |
- |
0.0 |
47.0 |
10.5 |
|
Long Term Debt
Reduction |
-24.9 |
-14.1 |
-8.7 |
-3.6 |
-2.2 |
|
Long Term Debt, Net |
-24.9 |
-14.1 |
-8.7 |
43.3 |
8.3 |
|
Issuance (Retirement) of Debt, Net |
12.9 |
-14.1 |
-31.4 |
54.0 |
-1.2 |
|
Cash from Financing Activities |
12.8 |
-14.1 |
-31.4 |
52.9 |
-2.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
0.0 |
0.3 |
0.0 |
0.0 |
|
Net Change in Cash |
-11.2 |
-23.0 |
-23.5 |
-11.7 |
14.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
139.4 |
160.9 |
169.5 |
171.5 |
137.8 |
|
Net Cash - Ending Balance |
128.2 |
137.9 |
146.0 |
159.8 |
152.7 |
|
Cash Interest Paid |
1.1 |
1.2 |
1.4 |
1.5 |
0.7 |
|
Cash Taxes Paid |
0.6 |
0.3 |
0.2 |
0.1 |
6.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Nov-2012 |
30-Nov-2011 |
30-Nov-2010 |
30-Nov-2009 |
30-Nov-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) |
79.304858 |
80.172145 |
88.353552 |
93.712781 |
105.208251 |
|
Auditor |
|
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
405.6 |
529.0 |
370.0 |
142.8 |
329.1 |
|
Total Revenue |
405.6 |
529.0 |
370.0 |
142.8 |
329.1 |
|
|
|
|
|
|
|
|
Cost of sales |
374.8 |
462.0 |
339.8 |
177.3 |
294.8 |
|
Selling, general and administrative expe |
52.5 |
- |
- |
- |
- |
|
Sales Commission |
- |
- |
- |
1.1 |
1.5 |
|
Shipping Expenses |
- |
10.2 |
6.9 |
2.7 |
5.9 |
|
Salary Expense |
- |
11.5 |
10.0 |
9.4 |
9.4 |
|
Bonuses |
- |
3.3 |
2.3 |
2.2 |
2.8 |
|
Accrd. Retire. Exp. |
- |
2.2 |
2.0 |
2.1 |
1.3 |
|
Transportation Exp. |
- |
4.9 |
3.7 |
3.2 |
4.7 |
|
Advertising Expenses |
- |
- |
- |
0.9 |
2.0 |
|
Allow Doubt Acc. |
- |
- |
- |
0.0 |
0.1 |
|
Director Bonuses |
- |
- |
- |
1.9 |
1.8 |
|
Reserve for Director Retirement Bonus |
- |
- |
- |
0.0 |
0.0 |
|
Wellfare |
- |
- |
- |
2.2 |
2.1 |
|
Entertainment Exp. |
- |
- |
- |
0.2 |
0.3 |
|
Public & Tax Charge |
- |
- |
- |
1.0 |
1.0 |
|
Depreciation |
- |
- |
- |
1.8 |
1.1 |
|
Rental Expenses |
- |
- |
- |
0.5 |
0.4 |
|
Othe SGA |
- |
22.4 |
17.1 |
4.5 |
5.3 |
|
Provision of allowance for doubtful acco |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
SP Prior Adjustment Gain |
- |
- |
- |
0.0 |
-0.1 |
|
SP Rev-Allow Doubt Acc. |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Loss on valuation of golf club membershi |
0.0 |
- |
- |
- |
- |
|
SP L on val. of LT inv't. secs. |
- |
- |
- |
0.0 |
2.2 |
|
Impairment Loss |
0.0 |
- |
- |
- |
- |
|
SP Impairment Loss |
- |
0.0 |
0.0 |
3.8 |
0.0 |
|
SP Allow Doubt Acc. |
- |
0.0 |
0.0 |
0.1 |
0.0 |
|
SP Industrial land research exp. |
- |
- |
- |
- |
0.0 |
|
SP Environment Provision |
- |
- |
0.0 |
1.7 |
0.0 |
|
Total Operating Expense |
427.3 |
516.3 |
381.9 |
216.2 |
336.8 |
|
|
|
|
|
|
|
|
SP Gain Sale Fix.Asset |
0.7 |
0.0 |
- |
0.0 |
0.0 |
|
SP Gain Sale Inv.Secs. |
- |
- |
- |
0.0 |
1.8 |
|
Loss Disp Fix Asset |
-0.3 |
-0.3 |
-0.1 |
-0.1 |
-0.5 |
|
Loss Sale Inv. Sec. |
- |
- |
- |
0.0 |
0.0 |
|
NOP Interest Income |
0.0 |
0.0 |
0.1 |
0.2 |
0.4 |
|
NOP Dividend Income |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Miscellaneous loss |
-0.1 |
- |
- |
- |
- |
|
NOP Insurance Income |
- |
0.1 |
- |
- |
- |
|
NOP Gain Sale of Marketable Securities |
- |
- |
- |
0.0 |
0.0 |
|
NOP Interest on Refund |
- |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other |
0.5 |
0.4 |
0.4 |
0.3 |
0.3 |
|
NOP Interest Expenses |
-1.1 |
-1.2 |
-1.5 |
-1.5 |
-0.8 |
|
NOP Loss Sale Mark.Secs. |
- |
- |
- |
0.0 |
0.0 |
|
NOP Exchange Loss |
-0.4 |
-1.9 |
-0.1 |
-0.3 |
-0.2 |
|
NOP Other Expenses |
- |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Net Income Before Taxes |
-22.0 |
10.1 |
-12.9 |
-74.6 |
-6.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.1 |
-2.0 |
0.2 |
0.2 |
0.5 |
|
Net Income After Taxes |
-23.2 |
12.1 |
-13.2 |
-74.7 |
-7.1 |
|
|
|
|
|
|
|
|
Minority interests in income (loss) |
1.1 |
-1.0 |
0.1 |
3.9 |
0.5 |
|
Net Income Before Extra. Items |
-22.1 |
11.2 |
-13.0 |
-70.9 |
-6.7 |
|
Net Income |
-22.1 |
11.2 |
-13.0 |
-70.9 |
-6.7 |
|
|
|
|
|
|
|
|
Balancing Item - Net Income Including Af |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
-22.1 |
11.2 |
-13.0 |
-71.0 |
-6.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-22.1 |
11.2 |
-13.0 |
-71.0 |
-6.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
63.9 |
63.9 |
63.9 |
63.9 |
64.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Basic EPS Including ExtraOrdinary Item |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-22.1 |
11.2 |
-13.0 |
-71.0 |
-6.8 |
|
Diluted Weighted Average Shares |
63.9 |
63.9 |
63.9 |
63.9 |
64.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
Diluted EPS Including ExtraOrd Items |
-0.35 |
0.17 |
-0.20 |
-1.11 |
-0.11 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.01 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.9 |
|
Normalized Income Before Taxes |
-22.4 |
10.3 |
-12.8 |
-69.0 |
-4.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.0 |
-2.0 |
0.3 |
2.1 |
1.4 |
|
Normalized Income After Taxes |
-23.4 |
12.3 |
-13.1 |
-71.1 |
-5.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-22.3 |
11.3 |
-13.0 |
-67.4 |
-5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.35 |
0.18 |
-0.20 |
-1.05 |
-0.08 |
|
Diluted Normalized EPS |
-0.35 |
0.18 |
-0.20 |
-1.05 |
-0.08 |
|
Advertising Expense |
- |
- |
- |
0.9 |
2.0 |
|
Interest Expense |
1.1 |
1.2 |
1.5 |
1.5 |
0.8 |
|
Rental Expense |
- |
- |
- |
0.5 |
0.4 |
|
R&D Expenses(SG&A & Cost of Manuf.) |
- |
19.7 |
15.6 |
14.3 |
13.6 |
|
Depreciation |
17.9 |
15.3 |
13.0 |
14.3 |
13.2 |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Current Tax - Total |
0.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.8 |
- |
- |
- |
- |
|
Deferred Tax - Total |
0.8 |
- |
- |
- |
- |
|
Income Tax - Total |
1.1 |
- |
- |
- |
- |
|
Reported Operating Profit |
-21.7 |
12.6 |
-12.0 |
-68.0 |
-5.7 |
|
Reported Ordinary Profit |
-22.4 |
10.3 |
-12.8 |
-69.1 |
-5.9 |
|
Service Cost |
- |
5.2 |
4.7 |
4.5 |
3.8 |
|
Interest Cost |
- |
2.2 |
2.1 |
2.1 |
2.0 |
|
Expected Return on Plan Assets |
- |
-0.9 |
-0.8 |
-0.7 |
-0.9 |
|
Expense due to Acct. Change |
- |
1.5 |
1.4 |
1.3 |
1.2 |
|
Actuarial Gains & Losses |
- |
3.4 |
3.0 |
3.0 |
1.4 |
|
Domestic Pension Plan Expense |
- |
11.4 |
10.4 |
10.3 |
7.4 |
|
Total Pension Expense |
- |
11.4 |
10.4 |
10.3 |
7.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Nov-2012 |
30-Nov-2011 |
30-Nov-2010 |
30-Nov-2009 |
30-Nov-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.056481 |
77.63 |
83.77 |
86.145 |
95.245 |
|
Auditor |
|
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
125.5 |
146.8 |
156.2 |
180.2 |
174.4 |
|
Notes and accounts receivable-trade |
86.8 |
138.1 |
122.9 |
65.1 |
68.5 |
|
Marketable Secs. |
- |
0.0 |
2.4 |
2.3 |
3.0 |
|
Inventories-Finished goods |
13.9 |
13.8 |
15.8 |
18.5 |
17.5 |
|
Inventories-Work-in-Progress |
23.4 |
31.3 |
25.2 |
12.1 |
18.0 |
|
Inventories-Raw Materials&Supplies |
7.7 |
6.7 |
5.4 |
4.1 |
5.9 |
|
Dfrd Tax Assets |
1.8 |
2.8 |
0.0 |
0.0 |
0.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Cur. Asset |
1.7 |
2.6 |
1.8 |
3.8 |
4.8 |
|
Doubtful Account |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.3 |
|
Total Current Assets |
260.8 |
342.0 |
329.6 |
285.9 |
291.9 |
|
|
|
|
|
|
|
|
Building&Struct. |
214.5 |
224.3 |
191.2 |
186.6 |
170.2 |
|
Depreciation-Building & Structures |
-161.7 |
-166.4 |
-151.1 |
-144.4 |
-128.1 |
|
Machinery, equipment and vehicles |
231.5 |
241.2 |
215.9 |
209.4 |
188.3 |
|
Depreciation- Machine Equip. & vehicles |
-201.6 |
-209.3 |
-190.1 |
-178.9 |
-156.1 |
|
Land |
45.9 |
47.4 |
43.3 |
42.1 |
40.9 |
|
Construction IP |
- |
0.0 |
10.1 |
6.9 |
6.3 |
|
Other PPE |
80.2 |
83.4 |
75.4 |
72.9 |
65.7 |
|
Depreciation-Other PPE |
-77.0 |
-79.1 |
-70.7 |
-68.3 |
-60.2 |
|
Intangible assets |
0.8 |
0.9 |
1.0 |
1.1 |
0.7 |
|
Investment Secs. |
22.0 |
17.2 |
16.6 |
18.2 |
16.5 |
|
Investment Secs.-Nonconsol. subs. |
- |
2.6 |
2.1 |
- |
- |
|
Dfrd Tax Assets |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
7.5 |
7.0 |
6.8 |
6.6 |
5.5 |
|
Doubtful Account |
-5.3 |
-5.3 |
-5.1 |
-5.0 |
-4.7 |
|
Adjustment |
- |
-0.1 |
- |
- |
0.0 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
417.4 |
505.7 |
475.0 |
433.2 |
436.9 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
24.3 |
46.2 |
50.1 |
16.4 |
18.6 |
|
Short-term loans payable |
75.5 |
28.3 |
26.3 |
48.8 |
33.6 |
|
LT Debt (Current) |
- |
26.7 |
13.5 |
9.0 |
3.6 |
|
Income Taxes Pay |
0.4 |
1.1 |
0.7 |
0.5 |
0.3 |
|
Dfrd Tax Liabs. |
- |
- |
0.0 |
0.0 |
0.0 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Provision for loss on order received |
0.2 |
0.1 |
0.5 |
0.0 |
- |
|
Accounts payable-other |
47.1 |
76.3 |
68.3 |
30.7 |
43.4 |
|
Other Cur. Liabs |
16.8 |
22.4 |
19.3 |
12.2 |
14.8 |
|
Total Current Liabilities |
164.3 |
201.1 |
178.6 |
117.5 |
114.3 |
|
|
|
|
|
|
|
|
Long-term loans payable |
5.8 |
17.7 |
41.1 |
53.1 |
10.0 |
|
Total Long Term Debt |
5.8 |
17.7 |
41.1 |
53.1 |
10.0 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accrd. Retire. |
51.3 |
55.1 |
50.3 |
47.6 |
45.1 |
|
Provision for directors'' retirement ben |
0.3 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Reserve for Environmental Improvement |
0.5 |
0.5 |
1.5 |
1.8 |
0.0 |
|
Minority Int. |
11.7 |
13.6 |
11.7 |
11.6 |
14.3 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Total Liabilities |
234.0 |
288.4 |
283.6 |
232.0 |
183.9 |
|
|
|
|
|
|
|
|
Deferred Gains Or Losses On Hedges |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
150.1 |
158.7 |
147.0 |
143.0 |
129.3 |
|
Capital surplus |
66.6 |
133.4 |
123.6 |
120.2 |
108.7 |
|
Retained earnings |
-13.6 |
-54.7 |
-61.4 |
-46.4 |
28.9 |
|
Valuation difference on available-for-sa |
-4.6 |
-4.1 |
-3.1 |
-1.3 |
-0.7 |
|
Unrealized Gain/Loss on Hedge |
- |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Treasury Stock |
-15.1 |
-15.9 |
-14.8 |
-14.3 |
-13.0 |
|
Total Equity |
183.4 |
217.2 |
191.4 |
201.2 |
253.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
417.4 |
505.7 |
475.0 |
433.2 |
436.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
63.9 |
63.9 |
63.9 |
63.9 |
63.9 |
|
Total Common Shares Outstanding |
63.9 |
63.9 |
63.9 |
63.9 |
63.9 |
|
T/S-Ordinary Shares |
4.2 |
4.2 |
4.1 |
4.1 |
4.1 |
|
Full-Time Employees |
- |
1,282 |
1,291 |
1,225 |
1,252 |
|
Number of Common Shareholders |
- |
6,531 |
6,304 |
6,192 |
6,020 |
|
LTD within 1 year |
- |
26.7 |
13.5 |
9.0 |
3.6 |
|
LT Debt due within 2 Yr. |
- |
12.3 |
24.7 |
13.1 |
3.6 |
|
LT Debt due within 3 Yr. |
- |
5.4 |
11.4 |
24.0 |
2.9 |
|
LT Debt due within 4 Yr. |
- |
0.0 |
5.0 |
11.1 |
2.3 |
|
LT Debt due within 5 Yr. |
- |
0.0 |
0.0 |
4.9 |
1.2 |
|
LT Debt Remaining |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
- |
44.4 |
54.6 |
62.1 |
13.5 |
|
Pension Obligation |
- |
118.8 |
111.8 |
110.4 |
108.5 |
|
Fair Value of Plan Asset |
- |
45.6 |
44.7 |
43.0 |
38.9 |
|
Funded Status |
- |
-73.2 |
-67.1 |
-67.4 |
-69.6 |
|
Total Funded Status |
- |
-73.2 |
-67.1 |
-67.4 |
-69.6 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Return on Plan Assets |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accounting Change |
- |
6.2 |
7.2 |
8.5 |
9.0 |
|
Unrecognized Actuarial Gains & Losses |
- |
11.8 |
9.6 |
11.3 |
15.5 |
|
Accrued Pension Benefit |
- |
-55.1 |
-50.3 |
-47.6 |
-45.1 |
|
Net Assets Recognized on Balance Sheet |
- |
-37.1 |
-33.5 |
-27.8 |
-20.5 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Nov-2012 |
30-Nov-2011 |
30-Nov-2010 |
30-Nov-2009 |
30-Nov-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) |
79.304858 |
80.172145 |
88.353552 |
93.712781 |
105.208251 |
|
Auditor |
|
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
Meichyo Audit
Firm |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bef. Tax |
-22.0 |
10.1 |
-12.9 |
-74.7 |
-6.7 |
|
Depreciation |
17.9 |
15.3 |
13.0 |
14.3 |
13.2 |
|
Impairment Loss |
0.0 |
- |
- |
- |
- |
|
Impairment Loss |
- |
0.0 |
0.0 |
3.8 |
0.0 |
|
Interest & Dividend |
-0.4 |
-0.4 |
-0.4 |
-0.5 |
-0.7 |
|
Interest Expense |
1.1 |
1.2 |
1.5 |
1.5 |
0.8 |
|
Decrease (increase) in notes and account |
44.4 |
-6.4 |
-50.8 |
9.1 |
99.9 |
|
Decrease (increase) in inventories |
4.2 |
-1.4 |
-9.9 |
10.2 |
1.9 |
|
Increase (decrease) in notes and account |
-46.0 |
-6.8 |
67.4 |
-13.3 |
-64.5 |
|
Increase (decrease) in allowance for dou |
0.3 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Increase (decrease) in provision for ret |
-0.9 |
0.8 |
1.2 |
-2.0 |
-1.4 |
|
G/L on sale of mkbl. secs. |
- |
- |
- |
0.0 |
0.0 |
|
Gain/Loss Sale Investment Secs. |
- |
- |
- |
0.0 |
-1.8 |
|
Reserve for Director Retirement Bonus |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Other, net |
-2.5 |
-1.7 |
4.0 |
2.6 |
-4.8 |
|
Interest & Dividend (cash basis) |
0.4 |
0.4 |
0.4 |
0.5 |
0.7 |
|
Interest Paid |
-1.1 |
-1.2 |
-1.4 |
-1.5 |
-0.7 |
|
Income Tax Paid |
-0.6 |
-0.3 |
-0.2 |
-0.1 |
-6.6 |
|
Adjustment |
- |
0.0 |
- |
0.0 |
- |
|
Cash from Operating Activities |
-5.2 |
9.4 |
11.9 |
-50.1 |
29.3 |
|
|
|
|
|
|
|
|
Decrease (increase) in time deposits |
2.6 |
0.6 |
4.1 |
0.5 |
0.0 |
|
Purch.Mrktbl. Secs. |
- |
- |
- |
- |
0.0 |
|
Sale.Mrktbl. Secs. |
- |
- |
0.0 |
0.3 |
2.1 |
|
Purchase of property, plant and equipmen |
-17.8 |
-18.5 |
-6.5 |
-13.6 |
-18.5 |
|
Proceeds from sales of property, plant a |
0.9 |
- |
- |
- |
- |
|
Sales of Fixed Asset |
- |
- |
0.0 |
0.1 |
0.0 |
|
Purch.Invest.in Secs |
-0.1 |
-0.1 |
0.0 |
-0.5 |
-0.1 |
|
Sales of Inv. Secs. |
- |
- |
- |
0.0 |
5.1 |
|
Purch. of investments in subsidiaries |
-4.0 |
-0.3 |
-1.6 |
0.0 |
- |
|
Other, net |
-0.7 |
0.1 |
-0.2 |
-1.3 |
-0.3 |
|
Cash from Investing Activities |
-19.1 |
-18.3 |
-4.2 |
-14.5 |
-11.7 |
|
|
|
|
|
|
|
|
Increase (decrease) in short-term loans |
37.8 |
0.0 |
-22.6 |
10.7 |
-9.5 |
|
Proc. LT Debt |
- |
- |
0.0 |
47.0 |
10.5 |
|
Repayment of long-term loans payable |
-24.9 |
-14.1 |
-8.7 |
-3.6 |
-2.2 |
|
Purchase Of Treasury Stock |
0.0 |
- |
- |
- |
- |
|
Purchase of Treasury |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividend Paid |
0.0 |
0.0 |
0.0 |
-1.0 |
-1.8 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Divid. Paid-Minority |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Proceed from minorities' payment |
- |
- |
- |
0.0 |
0.5 |
|
Cash from Financing Activities |
12.8 |
-14.1 |
-31.4 |
52.9 |
-2.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
0.0 |
0.3 |
0.0 |
0.0 |
|
Net Change in Cash |
-11.2 |
-23.0 |
-23.5 |
-11.7 |
14.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
139.4 |
160.9 |
169.5 |
171.5 |
137.8 |
|
Net Cash - Ending Balance |
128.2 |
137.9 |
146.0 |
159.8 |
152.7 |
|
Cash Interest Paid |
1.1 |
1.2 |
1.4 |
1.5 |
0.7 |
|
Cash Taxes Paid |
0.6 |
0.3 |
0.2 |
0.1 |
6.6 |
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.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.