MIRA
INFORM REPORT
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Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
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Name : |
JSR Corp |
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Registered Office : |
22F, Shiodome Sumitomo Bldg.1-9-2, Higashi-Shimbasgi Minato-Ku,
105-8640 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
10.12.1957 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacturer and |
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No. of Employees : |
5,659 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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
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Source
: CIA |
company Name and Address
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JSR Corp |
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Business Description
JSR Corporation is a Japan-based company mainly engaged in
the manufacture and sale of elastomer and resin products. It has three business
segments. The Elastomer segment manufactures and sells synthetic rubber products,
such as styrene butadiene rubber (SBR) and butadiene rubber (BR), as well as
emulsion products, such as thermoplastic elastomer and SBR latex. The Synthetic
Resin segment is engaged in the manufacture, processing and sale of
acrylonitrile butadiene styrene (ABS) resin, acrylonitrile ethylene styrene
(AES) resin and other synthetic resin products. The Diversified segment is
engaged in the manufacture and sale of materials for semiconductor, flat panel
displays, optical instruments and functional chemicals, the sale of
manufacturing technology, the provision of coating materials for optical fiber,
the manufacture and sale of testing instruments and equipment for electronic
parts, as well as transportation and storage businesses, among others. For the
three months ended 30 June 2013, JSR Corp revenues decreased 1% to Y91.73B. Net
income applicable to common stockholders increased 1% to Y6.88B. Revenues
reflect Elastomer Business segment decrease of 5% to Y47.08B, Synthetic Resins
Business segment decrease of 4% to Y12.7B. Net income reflects Synthetic Resins
Business segment income increase of 87% to Y907M, Elastomer Business segment
income increase of 7% to Y4.71B.
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
2013 -
Manufacture of plastics and synthetic rubber in primary forms |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Nobuo Kawahashi |
Senior Executive Officer, President of Subsidiary |
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Tsuyoshi Watanabe |
Executive Officer |
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Takashi Fujimoto |
Director of Accounting and Finance |
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Kazumasa Yamawaki |
Executive Officer, Director of Petrochemical Business Promotion |
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Katsuya Inoue |
Executive Officer, Director of Fine Business Planning |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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1 |
Medical
& Biological Laboratories Co Ltd and JSR CORP to Form Business and
Capital Alliance |
12-Mar-2013 |
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1 |
28-Jan-2013 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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US Patent
Issued to JSR on Nov. 5 for "Chemical mechanical polishing aqueous
dispersion and chemical mechanical polishing method for semiconductor... |
5-Nov-2013 |
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Transcript
Of The Press Conference By The Joint Special Representative Of The United
Nations And The League Of Arab States For Syria, Lakhdar Brahimi |
5-Nov-2013 |
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NOVEL
ALKALI-RESISTANT VARIANTS OF PROTEIN A AND THEIR USE IN AFFINITY
CHROMATOGRAPHY |
4-Nov-2013 |
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ELECTRICITY
STORAGE DEVICE, LITHIUM ION CAPACITOR, AND NEGATIVE ELECTRODE FOR LITHIUM ION
CAPACITOR |
4-Nov-2013 |
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JSR, imec
Demonstrate Microfluidic Material for Lab-on-Chip |
4-Nov-2013 |
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New
material for wafer-scale mass processing of lab-on-chips |
4-Nov-2013 |
Financial Summary
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As of 30-Jun-2013 |
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Stock Snapshot
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Traded: Tokyo Stock Exchange:
4185 |
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As of 18-Oct-2013 Financials in: JPY |
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 94.08855
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JSR Corporation is a Japan-based company mainly engaged in the manufacture and sale of elastomer and resin products. It has three business segments. The Elastomer segment manufactures and sells synthetic rubber products, such as styrene butadiene rubber (SBR) and butadiene rubber (BR), as well as emulsion products, such as thermoplastic elastomer and SBR latex. The Synthetic Resin segment is engaged in the manufacture, processing and sale of acrylonitrile butadiene styrene (ABS) resin, acrylonitrile ethylene styrene (AES) resin and other synthetic resin products. The Diversified segment is engaged in the manufacture and sale of materials for semiconductor, flat panel displays, optical instruments and functional chemicals, the sale of manufacturing technology, the provision of coating materials for optical fiber, the manufacture and sale of testing instruments and equipment for electronic parts, as well as transportation and storage businesses, among others. For the three months ended 30 June 2013, JSR Corp revenues decreased 1% to Y91.73B. Net income applicable to common stockholders increased 1% to Y6.88B. Revenues reflect Elastomer Business segment decrease of 5% to Y47.08B, Synthetic Resins Business segment decrease of 4% to Y12.7B. Net income reflects Synthetic Resins Business segment income increase of 87% to Y907M, Elastomer Business segment income increase of 7% to Y4.71B.
More Business
Descriptions
Manufacture of synthetic rubber, resins and emulsions, and
other fine chemicals; manufacture of materials for liquid crystal displays and
optical-fiber coatings, semiconductor materials
Synthetic Rubber Mfr
JSR Corporation (JSR), formerly Japan Synthetic Rubber Co.,
Ltd., manufactures a range of petrochemicals, synthetic rubbers, and emulsions.
The company’s product portfolio includes synthetic rubber, electronic
materials, plastics, emulsions, optical materials and other related chemical
products. The company carries out its operations through three reportable
business segments, namely, Elastomers, Plastics, and Fine Chemicals and Others.
The company’s Elastomers and Plastics business segments fall under its
Petrochemical division. The Petrochemical business division provides synthetic
rubbers, elastomers, emulsion Products and performance chemicals. The
Elastomers segment manufactures and sells rubbers such as styrene-butadiene
rubber, butadiene rubber and isoprene rubber that are used in the production of
tires for the automobile industry. It also offers high styrene rubber, nitrile
rubber, butyl rubber, ethylene butene-1 copolymer, silicone rubber,
fluorocarbon rubber, polymer alloy, and ethylene-propylene rubber; and
compounded products. The company also provides thermoplastics elastomers and
other products, including styrene butadiene block copolymer, styrene isoprene
block copolymer, and hydrogenated polymer. Its emulsion products such as SB
latex, paper coating latex and acrylic emulsions provide paper coating
materials and special chemical products that are used as a binder for enhancing
paper surface smoothness, whiteness and brightness. For the fiscal year ended
March 2013, the Elastomers segment accounted for 52.71% of the company’s
total revenue.The company's Plastics segment manufactures and sells
Acrylonitrile-Butadiene-Styrene (ABS) plastic,
Acrylonitrile-Ethylene-Propylene-Styrene (AES) Plastics and Bioplastic used in
automobile components, home electronic appliances, and computers. It also
offers acrylonitrile-styrene plastic, and butadiene plastic. The segment
carries out operations through Techno Polymer Co. Ltd. For the fiscal year
ended March 2013, the Plastics segment accounted for 13.93% of the company’s
total revenue. The company's Fine Chemical and Others segment, undertakes the
manufacture and sale of color LCD display materials, photoresist for
semiconductor device fabrication, and optical fiber coating materials. The
semiconductor material segment provides process materials for semiconductor
manufacturing which include Lithography materials (photoresists, multilayer
materials and others), CMP materials (CMP slurries and pads), Interconnect
materials (spin-on low k materials) and Packaging materials (thick
photoresists, photosensitive insulation materials and others). The FPD material
segment offers process materials for liquid crystal display panels and
materials for plasma display panels which comprise LCD materials (alignment
films, protective coatings, color pigment dispersed resists, photosensitive
spacer and others), PDP materials (dielectric layer of dry film, dry film for electrode
formation and others) and Optical films (ARTON films) for manufacturing
computers, personal digital assistants and telecommunications devices. The
company provides opto-functional materials, which include anti-reflective
coatings, UV curing optical fiber coatings and heat-resistant transparent resin
ARTON that find applications in optical disks, optical fibers and optical lens.
For the fiscal year ended March 2013, the Fine Chemical and Others segment
accounted for 33.36% of the company’s total revenue.The company operates
through a network of research and development centers focused on multiple
business areas. It’s major research and development (R&D) facility is
located at the Yokkaichi, known as Yokkaichi Research Center for the development
of next-generation technologies for semiconductor production. Its other
facilities include the precision processing technology center, tsukuba research
laboratories, and the JSR functional materials research center. It also has
facilities in Taiwan and South Korea. The company holds approximately 6,000
patents in diversified products through its R&D activities. In 2012, the
company’s expenses on its research and development activities stood at
JPY19,458m.The company carries out its business through its subsidiaries
including, JSR Microtech Inc., JSR Micro Kyushu Co., Ltd., JAPAN Coloring Co.,
Ltd., JSR Engineering Co., Ltd., JSR Logistics Co., Ltd., JSR Micro, Inc., JSR
Micro Korea Co., Ltd., Shanghai Rainbow Color Plastics Co., Ltd., ELASTOMIX
(THAILAND) CO., LTD. and JSR America, Inc. It also owns and operates
manufacturing facilities, namely, Yokkaichi Plant, Chiba Plant, Kashima Plant
and Kyushu Plant. Geographically the company operates its business in the two
regions, namely, Japan and Others. For the fiscal year ended 2013, Japan
accounted for 53% of the total revenue and others accounted for 47%.In April
2013, the company completed a new carbon masterbatch (CMB) plant in Tianjin,
China. It also announced establishment of additional production line of ethylene
propylene rubber (EPDM) with a production capacity of 60,000 tons per year. In
February 2013, the company expanded its carbon masterbatch business in Asia
through the establishment of a joint venture in the Republic of Indonesia with
PT. Prospect Motor (PM). It also signed a strategic partnership agreement with
ChromaCon AG, a private company providing biopharmaceutical purification
process technologies. In January, the company’s US subsidiary, JSR Micro,
Inc., became a minority owner in Capstone Metering LLC, a Texas-based
technology company. The company’s JM Energy expanded its research and
development facilities for lithium ion capacitors.
JSR Corporation (JSR), formerly Japan Synthetic Rubber Co., Ltd., is a chemical manufacturing company. It produces a range of synthetic rubbers, emulsions and plastics. The company, along with its subsidiaries, provides general-purpose synthetic rubbers, special purpose synthetic rubbers, thermoplastic elastomer (TPE) and various other related products. The company also develops semiconductor materials, optical materials, display materials, emulsion products and performance chemicals for information and communication industries through its proprietary polymer technologies. JSR also manufactures water soluble polymer for dispersant and waste water treatment system; and latex for clinical diagnosis, reagent for nucleic acids research. Geographically, the company operates across the US, Singapore, Thailand, China, Belgium and Hong Kong. JSR is headquartered in Tokyo, Japan.As part of business strategy, the company focuses on providing high-precision processing technologies and high-performance materials to global emerging markets, primarily in China. It also plans to expand its opportunities related to fine chemicals and petrochemical products.The company reported revenues of (Yen) JPY 371,487.00 million during the fiscal year ended March 2013, an increase of 6.16% over 2012. The operating profit of the company was JPY 34,962.00 million during the fiscal year 2013, an increase of 9.66% over 2012. The net profit of the company was JPY 30,279.00 million during the fiscal year 2013, an increase of 14.66% over 2012.
Resin and Synthetic Rubber Manufacturing
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JSR Corp
The Strategic Initiatives report is created using technology to extract
meaningful insights from analyst reports about a company's strategic projects
and investments. More about Strategic
Initiatives
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In June 2011, the company announced its plan to establish JSR BST
Elastomer Co., Ltd. in collaboration with
Bangkok Synthetics Co., Ltd. in Thailand. |
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
JSR Corporation (JSR) manufactures synthetic rubbers and materials for
semiconductors; flat panel displays (FPDs); and optical materials. The company
has its operations spread across wide geographic regions and continuously
focuses on developing new products through its research and development
activities. The company holds a wide product portfolio through which its serves
diverse customers. Nevertheless, the company’s mid-term business plan and
business expansion could provide growth opportunities for the company. However,
the company’s operations could be affected due increasing cost of raw
materials and strict environmental regulations.
Strengths
The company has its operations spread across Japan and other countries
such as Korea, China, Taiwan, Thailand, the US, and Belgium. In 2013, the
company generated 53% of revenue from Japan and remaining 47% from other
countries. JSR has its branch offices located in Switzerland, Taiwan, and
Singapore. The petrochemical business has is manufacturing and sales network in
Thailand, the US, Korea and China. The plastic division has its operations
spread across Hong Kong, Thailand, the US and China. The fine chemicals
division has its manufacturing and sales network in china, Belgium, the US,
Korea and Japan. In February 2012, the company constructed new carbon
masterbatch plant in Tianjin, China. A wide geographic presence decreases the
business risk of the company. This also acts as an easy way for the expansion
plans of the company, as wider reach in terms of geography could expand its
opportunities thereby increasing its financial performance.
The company’s wide product offerings support the innovation process in
launching new products and enhancing revenue stream. The company’s product
portfolio covers a wide range of applications from tires to information and
communication industries. JSR offers petrochemicals, fine chemicals and other
products. Petrochemical products include elastomers, emulsions and plastics.
Fine chemicals and other products provide information electronics materials,
chiefly for semiconductors and flat panel displays. Products that JSR offers
across its business segments include general purpose synthetic rubbers;
specialty synthetic rubbers; thermoplastic-elastomer (TPO); paper coating
latex; styrene-butadiene latex; ROADEX; acrylic emulsion; thermopalstic
elastomers; electronic materials such as lithography materials, interconnect
materials and CMP materials; packaging materials including thick photoresists,
photo sensitive insulation materials, testing fixtures and circuit testing
fixtures; display materials such as LCD materials and new FPD materials;
opto-functional materials; OFC materials; optical resins (ARTON); optical
films; and performance chemicals such as multi-function and high performance
dispersant, functional sol-gel materials, functional particles for industrial
use and bio-medical materials. The company’s products are categorized into
four business segments, namely, elastomers, emulsions, plastics, and fine
chemicals and other products. For the fiscal year ended 2013, the company
generated 52.71% of its total revenue from Elastomers segment, 33.36% from Fine
Chemicals and Other Products, and 13.93% from Plastics. Its wide product
portfolio also insulates it from fall in demand for any particular product
line, giving it a balanced revenue platform.
Through its strong research and development (R&D) activities, the
company nurtures new growth platforms to record sustainable growth in the
future. The company’s technological expertise in polymerization accrued from
the manufacture of synthetic rubbers and other petrochemical products. JSR conducts
R&D activities at Yokkaichi Research Center, Precision Processing
Technology Center, Tsukuba Research Laboratories, and JSR Functional Materials
Research Center. Currently, JSR holds nearly 6,000 patents in Japan and other
countries respectively in petrochemical, fine chemical and other products, and
others. It also successfully completed the construction of new R&D facility
of LCD materials in Korea at its subsidiary, JSR Micro Korea. JSR also has
plans to enhance R&D for LCD materials in Taiwan. The company and Kinki
University expanded their joint research center, The Kinki University Molecular
Engineering Institute - JSR Research Center of Advanced Materials. It is an
industry-university collaborated research institute situated in Iizuka City, Fukuoka
Prefecture. Strong R&D helps JSR bring new solutions to a wide variety of
markets and maintain its competitive edge. For the fiscal year ended 2013, the
company’s R&D expenses stood at JPY19,458m, as compared to JPY17,373m in
2012.
Weaknesses
For the fiscal year 2013, the company recorded total debt of JPY20,835m,
indicating an increase of 37% over that in 2012. This could impair its ability
to obtain financing for working capital, capital expenditure or general
corporate purposes, especially if the ratings assigned to its debt securities
by rating organizations were revised downward. It could restrict the
flexibility of the company in responding to changing market conditions and make
it more vulnerable during times of slowdown. Another major consequence of the
debt is that the company would need to allocate a substantial portion of the
cash flow from operations to pay the principal and interest on debt, thereby
reducing funds, which could be used for expansion through acquisitions, expansion
of product offerings and for marketing.
Opportunities
Eco-friendly
Materials Offer Opportunities
The company could focus on the use of diverse eco-friendly raw materials
for manufacturing chemicals. Increasing awareness of the necessity of energy
conservation and prevention of environmental pollution by obviating the use of
toxic chemicals derived from fossil fuels led to a different method of chemical
production. This method employs biotechnology, specifically white
biotechnology, for the production of basic, fine and specialty chemicals and
functional polymers derived from biological and agricultural sources. The
growth of the eco-friendly raw materials segment is accentuated by the search
for oil substitutes, leading to broadened opportunities for the chemical
industry. White biotechnology particularly influenced the chemical industry in
large measure. These products reduce the dependence of chemical producers on
oil, which is the major source of feedstock with its fluctuating price being
the reason for uncertainty in the pricing of most of the products in the
chemical industry. This environmentally friendly white biotechnology is set to
offer opportunities of growth to the company.
Expansion of facilities enables the company to expand its operations and
services. The company expanded its Green Energy/Smart Technology Practice with
the signing of joint development agreement with Capstone Metering LLC. In April
2013, the company’s Kumho Polychem Co., Ltd. announced its plans to establish
an additional production line with a 60,000 tons capacity per year for
enhancing the supply system of ethylene propylene rubber (EPDM) business. The
company along with ELASTOMIX Co., Ltd. (Emix), a Group subsidiary company,
completed the new carbon masterbatch (CMB) plant in Tianjin, China. The
commercial production at the new plant is scheduled to commence in May 2013. In
February 2012, the company established a new company, JSR Life Sciences
Corporation, for the development, manufacturing and sale of biomedical
materials. In June 2011, the company announced its plan to establish JSR BST
Elastomer Co., Ltd. in collaboration with Bangkok Synthetics Co., Ltd. in
Thailand. The new company is currently building Thailand’s first S-SBR
manufacturing plant, and is expected to start its operations in June 2013, with
initial capacity of 50,000 tons per year, and plans to expand further to
100,000 tons. All these new facilities and expansions are expected to provide
significant opportunities for the organization to enhance its services and
revenues.
Mid-Term
Business Plan “JSR20i3"
The company is executing its mid-term business plan JSR20i3, covering
the three-year period from April 2011 to March 2014. The plan targets top
global market shares for highly competitive products manufactured from
Petrochemical and Fine Chemicals segments. The plan signifies the first stage
of policies that will guide the company’s evolution position in fiscal 2021
based on an analysis of predicted business conditions through 2030. In
addition, the company plans to transform its strategic businesses apart from
its two core segments. In Future, the company’s aims that it’s operating
income would reach JPY60 billion by fiscal 2014, and PY75 million and JPY100
billion by fiscal 2016 and fiscal 2021, respectively. By 2012, the company’s
goal is to become a JPY1 trillion company in terms of total market value by
fiscal 2021.
Threats
Changes in the markets for the company’s key raw materials and higher
prices for crude oil and naphtha could increase the raw materials prices. This
could affect the company’s operating results, mainly in the petrochemicals
sector of elastomers, emulsions and plastics. The company’s key raw materials
include styrene monomer, acrylonitrile, crude oil, naptha and butadine. Over
the past few years, the prices of these raw materials have been increasing,
which add to the company’s operating costs. Competition also limits the
option of increasing the product prices to compensate for the higher production
costs. In addition, the continuous supply of the raw materials could be
affected by the weather conditions, national emergencies, strikes, governmental
controls, natural disasters, supply shortages or other events. Thus, price
fluctuations and non-availability of these raw materials may have a material
effect on the product costs and operations of the company.
The company could be affected by the regulations governing the global
chemical industry in Japan. The company is subjected to various laws and
regulations involving business and investment permits, export and import
activities, trade, labor relations, intellectual property and others. The
company is subjected to Japan Chemical Substances Control Law (CSCL), which
regulates on manufacturing and import of various chemicals in Japan. The CSCL
covers general industrial chemicals including both new and existing chemicals.
These general industrial chemicals are also subjected to Industrial Safety and
Health Law(ISHL), the Poisonous and Deleterious Substances Control Act, the Air
Pollution Control Law, and the Water Pollution Control Act. The manufacturers
and importers in Japan should also submit new chemical notification to three
authorities Ministry of Economy, Trade and Industry (METI), Labor and Welfare
(MHLW), and the Ministry of the Environment (MOE) to obtain approval notice
from the governments prior to the manufacture or import of the new substance.
Foreign manufacturers exporting new chemicals to Japan should also submit new
chemical notifications. Such tough regulations are set to become more stringent
in the future, affecting both the existing and new products of the company.
JSR markets are characterized by intense competition, evolving industry
standards and business models. The company’s various products face
competition from new and innovative products of its competitors. It faces
competition from both leading specialty chemical manufacturing companies.
Competitors’ products may make the company’s products obsolete and
non-competitive, even before the company is able to recover the costs
associated with any such products’ research, development and
commercialization expenses. Its key competitors include Zeon Corporation,
Mitsui Chemical Corporation, Ube Industries, Ltd., and others, which hold
significant financial, technical, and marketing resources. Such stiff
competition poses multiple restrictions on the operations including price rise
and product development, thereby, hampering the growth prospects of the
company.
Corporate Structure News
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Minato-Ku |
Japan |
Synthetic
Chemical Manufacturing |
4,477.3 |
5,659 |
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|
Subsidiary |
Yokkaichi, Mie |
Japan |
Rubber and
Plastic Product Manufacturing |
|
200 |
|
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Subsidiary |
Rayong |
Thailand |
Rubber and Plastic
Product Manufacturing |
|
200 |
|
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|
Subsidiary |
Foshan,
Guangdong |
China |
Rubber and
Plastic Product Manufacturing |
|
90 |
|
|
|
Affiliates |
Kawasaki,
Kanagawa |
Japan |
Rubber and
Plastic Product Manufacturing |
|
150 |
|
|
|
Affiliates |
Seoul |
Korea, Republic
of |
Synthetic
Chemical Manufacturing |
267.9 |
120 |
|
|
|
Subsidiary |
Saitama |
Japan |
Semiconductor
and Other Electronic Component Manufacturing |
|
100 |
|
|
|
Subsidiary |
Cheongwon,
Choongcheongbuk |
Korea, Republic
of |
Chemical
Wholesale |
|
118 |
|
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|
Subsidiary |
Sunnyvale, CA |
United States |
Semiconductor
and Other Electronic Component Manufacturing |
40.0 |
100 |
|
|
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Subsidiary |
Heverlee |
Belgium |
Semiconductor
and Other Electronic Component Manufacturing |
69.2 |
95 |
|
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Subsidiary |
Huwei, Yunlin |
Taiwan |
Rubber and
Plastic Product Manufacturing |
|
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Subsidiary |
Ibaraki |
Japan |
Rubber and
Plastic Product Manufacturing |
|
50 |
|
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Affiliates |
Tokyo |
Japan |
Chemical
Wholesale |
|
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Subsidiary |
Yokkaichi, Mie |
Japan |
Road
Transportation Services |
|
33 |
|
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Subsidiary |
Milford, OH |
United States |
Synthetic
Chemical Manufacturing |
18.1 |
5 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Computer System
Design Services |
26.2 |
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Subsidiary |
Yokkaichi, Mie |
Japan |
Metal Products
Manufacturing |
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Subsidiary |
Tokyo |
Japan |
Synthetic
Chemical Manufacturing |
|
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Subsidiary |
Kowloon |
Hong Kong |
Chemical Wholesale |
|
80 |
|
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Affiliates |
Bangkok |
Thailand |
Chemical
Wholesale |
|
20 |
|
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Subsidiary |
Shanghai |
China |
Chemical
Wholesale |
|
8 |
|
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Affiliates |
Shanghai |
China |
Chemical
Wholesale |
|
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Subsidiary |
Milford, OH |
United States |
Chemical
Wholesale |
|
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Subsidiary |
Shanghai |
China |
Semiconductor
and Other Electronic Component Manufacturing |
|
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Subsidiary |
Tokyo |
Japan |
Chemical
Wholesale |
|
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Subsidiary |
Yokkaichi, Mie |
Japan |
Rubber and
Plastic Product Manufacturing |
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Subsidiary |
Saga |
Japan |
Synthetic
Chemical Manufacturing |
|
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Chemical
Wholesale |
|
|
|
|
|
Subsidiary |
Saga |
Japan |
Semiconductor
and Other Electronic Component Manufacturing |
|
|
|
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Architecture and
Engineering |
|
|
|
|
|
Affiliates |
Ibaraki |
Japan |
Specialty
Construction Trade Contractors |
|
|
|
|
|
Subsidiary |
Shanghai |
China |
Synthetic
Chemical Manufacturing |
|
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous
Professional Services |
|
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical
Wholesale |
|
|
|
|
|
Subsidiary |
Guangzhou |
China |
Synthetic Chemical
Manufacturing |
|
|
|
|
|
Subsidiary |
Hokuto,
Yamanashi |
Japan |
Semiconductor
and Other Electronic Component Manufacturing |
|
|
|
|
|
Division |
Hokuto,
Yamanashi |
Japan |
Semiconductor
and Other Electronic Component Manufacturing |
|
|
|
|
|
Division |
Hokuto,
Yamanashi |
Japan |
Semiconductor
and Other Electronic Component Manufacturing |
|
|
|
|
|
Facility |
Ichihara, Chiba |
Japan |
Rubber and
Plastic Product Manufacturing |
|
|
|
|
|
Facility |
Kamisu, Ibaraki |
Japan |
Synthetic
Chemical Manufacturing |
|
|
|
|
|
Facility |
Yokkaichi, Mie |
Japan |
Synthetic
Chemical Manufacturing |
|
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Asahi Kasei Corporation |
Tokyo, Japan |
25,085 |
Public |
|
Bando Chemical Industries, Ltd. |
Kobe-Shi, Japan |
3,592 |
Public |
|
Mitsubishi Chemical Corporation |
Tokyo, Japan |
27,689 |
Private |
|
Mitsui Chemicals, Inc. |
Minato-Ku, Japan |
12,846 |
Public |
|
Okura Industrial Co., Ltd. |
Marugame-Shi, Japan |
1,981 |
Public |
|
Ube Industries, Ltd. |
Minato-Ku, Japan |
11,090 |
Public |
|
ZEON CORPORATION |
Chiyoda-Ku, Japan |
3,163 |
Public |
Executive Report
|
|
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|
|
|
News
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
4,477.3 |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
|
Revenue |
4,477.3 |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
|
Total Revenue |
4,477.3 |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,364.6 |
3,298.9 |
2,909.1 |
2,552.2 |
2,634.3 |
|
Cost of Revenue, Total |
3,364.6 |
3,298.9 |
2,909.1 |
2,552.2 |
2,634.3 |
|
Gross Profit |
1,112.8 |
1,133.0 |
1,066.4 |
785.2 |
873.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
402.0 |
416.0 |
377.9 |
346.0 |
352.2 |
|
Labor & Related Expense |
165.3 |
147.9 |
122.8 |
123.6 |
117.3 |
|
Total Selling/General/Administrative Expenses |
567.3 |
563.9 |
500.8 |
469.6 |
469.5 |
|
Research & Development |
121.1 |
113.6 |
109.4 |
116.5 |
119.0 |
|
Depreciation |
1.7 |
- |
3.6 |
8.1 |
10.9 |
|
Depreciation/Amortization |
1.7 |
- |
3.6 |
8.1 |
10.9 |
|
Restructuring Charge |
- |
0.0 |
4.9 |
12.8 |
0.0 |
|
Impairment-Assets Held for Use |
0.0 |
39.3 |
0.0 |
0.0 |
60.1 |
|
Impairment-Assets Held for Sale |
- |
0.0 |
12.4 |
0.0 |
18.8 |
|
Other Unusual Expense (Income) |
1.2 |
12.4 |
5.2 |
0.0 |
10.9 |
|
Unusual Expense (Income) |
1.2 |
51.7 |
22.5 |
12.8 |
89.8 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
4,056.0 |
4,028.1 |
3,545.3 |
3,159.2 |
3,323.4 |
|
|
|
|
|
|
|
|
Operating Income |
421.4 |
403.8 |
430.1 |
178.2 |
184.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.5 |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
|
Interest Expense, Net Non-Operating |
-1.5 |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
|
Interest Income -
Non-Operating |
4.5 |
3.1 |
3.2 |
3.0 |
7.0 |
|
Investment Income - Non-Operating |
100.7 |
64.8 |
41.5 |
32.5 |
6.8 |
|
Interest/Investment Income - Non-Operating |
105.2 |
67.9 |
44.7 |
35.4 |
13.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
103.7 |
66.1 |
43.0 |
33.6 |
11.1 |
|
Gain (Loss) on Sale of Assets |
-8.9 |
47.5 |
0.0 |
0.0 |
4.0 |
|
Other Non-Operating Income (Expense) |
0.3 |
5.0 |
1.5 |
-2.4 |
7.3 |
|
Other, Net |
0.3 |
5.0 |
1.5 |
-2.4 |
7.3 |
|
Income Before Tax |
516.4 |
522.3 |
474.7 |
209.4 |
207.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
151.3 |
187.3 |
151.6 |
62.0 |
61.1 |
|
Income After Tax |
365.1 |
335.1 |
323.0 |
147.4 |
145.9 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
-0.6 |
-1.2 |
-0.6 |
-6.8 |
|
Net Income Before Extraord Items |
364.9 |
334.4 |
321.8 |
146.8 |
139.1 |
|
Net Income |
364.9 |
334.4 |
321.8 |
146.8 |
139.1 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
364.9 |
334.4 |
321.7 |
146.8 |
139.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
364.9 |
334.4 |
321.7 |
146.8 |
139.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
240.1 |
241.2 |
243.8 |
244.2 |
248.1 |
|
Basic EPS Excl Extraord Items |
1.52 |
1.39 |
1.32 |
0.60 |
0.56 |
|
Basic/Primary EPS Incl Extraord Items |
1.52 |
1.39 |
1.32 |
0.60 |
0.56 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
364.9 |
334.4 |
321.7 |
146.8 |
139.1 |
|
Diluted Weighted Average Shares |
240.6 |
241.7 |
244.2 |
244.5 |
248.3 |
|
Diluted EPS Excl Extraord Items |
1.52 |
1.38 |
1.32 |
0.60 |
0.56 |
|
Diluted EPS Incl Extraord Items |
1.52 |
1.38 |
1.32 |
0.60 |
0.56 |
|
Dividends per Share - Common Stock Primary Issue |
0.41 |
0.41 |
0.37 |
0.28 |
0.32 |
|
Gross Dividends - Common Stock |
98.1 |
97.7 |
90.6 |
68.3 |
78.2 |
|
Interest Expense, Supplemental |
1.5 |
1.8 |
1.7 |
1.9 |
2.7 |
|
Depreciation, Supplemental |
231.8 |
225.2 |
224.6 |
240.8 |
247.1 |
|
Total Special Items |
10.2 |
4.1 |
22.5 |
12.8 |
85.8 |
|
Normalized Income Before Tax |
526.6 |
526.5 |
497.2 |
222.2 |
292.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
3.0 |
1.5 |
7.2 |
3.8 |
25.3 |
|
Inc Tax Ex Impact of Sp Items |
154.3 |
188.7 |
158.8 |
65.8 |
86.4 |
|
Normalized Income After Tax |
372.3 |
337.7 |
338.3 |
156.4 |
206.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
372.1 |
337.1 |
337.1 |
155.8 |
199.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.55 |
1.40 |
1.38 |
0.64 |
0.80 |
|
Diluted Normalized EPS |
1.55 |
1.39 |
1.38 |
0.64 |
0.80 |
|
Research & Development Exp, Supplemental |
234.5 |
220.0 |
197.7 |
194.2 |
209.6 |
|
Reported Operating Profit |
424.3 |
455.5 |
456.2 |
217.7 |
302.0 |
|
Reported Ordinary Profit |
524.0 |
526.5 |
497.2 |
240.8 |
309.6 |
|
Normalized EBIT |
422.6 |
455.5 |
452.6 |
191.0 |
274.4 |
|
Normalized EBITDA |
654.4 |
680.7 |
677.2 |
431.8 |
521.5 |
|
Current Tax - Total |
156.1 |
- |
- |
- |
- |
|
Current Tax - Total |
156.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-4.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-4.7 |
- |
- |
- |
- |
|
Income Tax - Total |
151.3 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
9.8 |
11.9 |
11.3 |
10.2 |
8.7 |
|
Service Cost - Domestic |
22.3 |
25.1 |
22.8 |
18.9 |
22.8 |
|
Prior Service Cost - Domestic |
- |
- |
- |
0.0 |
-0.6 |
|
Expected Return on Assets - Domestic |
-2.8 |
-3.5 |
-3.2 |
-3.5 |
-3.7 |
|
Actuarial Gains and Losses - Domestic |
15.2 |
-1.6 |
-14.2 |
18.1 |
4.1 |
|
Domestic Pension Plan Expense |
44.4 |
31.9 |
16.6 |
43.7 |
31.4 |
|
Total Pension Expense |
44.4 |
31.9 |
16.6 |
43.7 |
31.4 |
|
Discount Rate - Domestic |
1.62% |
1.80% |
2.13% |
2.16% |
2.11% |
|
Expected Rate of Return - Domestic |
0.73% |
0.86% |
0.85% |
1.03% |
1.11% |
|
Total Plan Interest Cost |
9.8 |
11.9 |
11.3 |
10.2 |
8.7 |
|
Total Plan Service Cost |
22.3 |
25.1 |
22.8 |
18.9 |
22.8 |
|
Total Plan Expected Return |
-2.8 |
-3.5 |
-3.2 |
-3.5 |
-3.7 |
Annual
Balance Sheet
|
|
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
342.1 |
248.7 |
533.7 |
392.5 |
171.2 |
|
Short Term Investments |
844.0 |
843.5 |
675.6 |
363.9 |
217.6 |
|
Cash and Short Term Investments |
1,186.1 |
1,092.3 |
1,209.4 |
756.4 |
388.8 |
|
Accounts Receivable -
Trade, Gross |
977.5 |
- |
- |
- |
- |
|
Provision for Doubtful
Accounts |
-4.9 |
- |
- |
- |
0.0 |
|
Trade Accounts Receivable - Net |
972.6 |
1,082.6 |
884.7 |
782.7 |
534.4 |
|
Other Receivables |
307.0 |
302.9 |
213.3 |
- |
0.0 |
|
Total Receivables, Net |
1,279.6 |
1,385.5 |
1,098.0 |
782.7 |
534.4 |
|
Inventories - Finished Goods |
543.8 |
530.5 |
470.1 |
422.9 |
584.0 |
|
Inventories - Work In Progress |
28.3 |
31.9 |
26.6 |
25.1 |
22.5 |
|
Inventories - Raw Materials |
221.7 |
225.9 |
201.3 |
174.1 |
172.6 |
|
Inventories - Other |
0.0 |
0.0 |
- |
- |
- |
|
Total Inventory |
793.8 |
788.3 |
698.0 |
622.1 |
779.1 |
|
Deferred Income Tax - Current Asset |
44.5 |
44.5 |
54.6 |
45.9 |
0.0 |
|
Other Current Assets |
101.5 |
238.8 |
61.6 |
249.8 |
226.0 |
|
Other Current Assets, Total |
146.0 |
283.4 |
116.2 |
295.7 |
226.0 |
|
Total Current Assets |
3,405.5 |
3,549.5 |
3,121.5 |
2,456.8 |
1,928.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
990.6 |
977.2 |
963.4 |
945.2 |
926.1 |
|
Intangibles, Net |
67.1 |
62.7 |
63.9 |
63.0 |
68.1 |
|
LT Investment - Affiliate Companies |
242.7 |
211.0 |
118.8 |
89.3 |
- |
|
LT Investments - Other |
311.2 |
239.6 |
240.0 |
225.1 |
244.6 |
|
Long Term Investments |
553.9 |
450.7 |
358.8 |
314.4 |
244.6 |
|
Note Receivable - Long Term |
- |
- |
- |
0.0 |
49.9 |
|
Deferred Income Tax - Long Term Asset |
19.2 |
46.6 |
62.1 |
67.4 |
88.1 |
|
Other Long Term Assets |
96.5 |
141.2 |
143.0 |
151.0 |
132.1 |
|
Other Long Term Assets, Total |
115.7 |
187.8 |
205.1 |
218.4 |
220.2 |
|
Total Assets |
5,132.8 |
5,227.8 |
4,712.7 |
3,997.8 |
3,437.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,033.3 |
1,008.4 |
788.9 |
638.4 |
401.3 |
|
Notes Payable/Short Term Debt |
151.0 |
172.1 |
176.3 |
151.6 |
145.2 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
12.2 |
- |
- |
- |
|
Income Taxes Payable |
73.2 |
76.8 |
105.9 |
62.5 |
0.0 |
|
Other Current Liabilities |
250.0 |
306.9 |
217.9 |
225.8 |
224.7 |
|
Other Current liabilities, Total |
323.2 |
383.8 |
323.8 |
288.3 |
224.7 |
|
Total Current Liabilities |
1,507.6 |
1,576.5 |
1,289.0 |
1,078.2 |
771.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
70.4 |
- |
- |
- |
0.0 |
|
Total Long Term Debt |
70.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
221.4 |
184.3 |
176.3 |
151.6 |
145.2 |
|
|
|
|
|
|
|
|
Minority Interest |
67.6 |
9.1 |
10.8 |
8.9 |
7.9 |
|
Reserves |
22.3 |
32.8 |
35.7 |
34.1 |
32.4 |
|
Pension Benefits - Underfunded |
161.7 |
169.5 |
171.0 |
170.2 |
150.0 |
|
Other Long Term Liabilities |
15.1 |
21.7 |
30.2 |
32.4 |
33.6 |
|
Other Liabilities, Total |
199.1 |
224.0 |
237.0 |
236.6 |
216.1 |
|
Total Liabilities |
1,844.7 |
1,809.5 |
1,536.7 |
1,323.8 |
995.1 |
|
|
|
|
|
|
|
|
Common Stock |
247.9 |
283.1 |
281.4 |
249.6 |
236.1 |
|
Common Stock |
247.9 |
283.1 |
281.4 |
249.6 |
236.1 |
|
Additional Paid-In Capital |
275.3 |
313.6 |
310.4 |
274.0 |
258.1 |
|
Retained Earnings (Accumulated Deficit) |
2,689.1 |
3,193.5 |
2,949.0 |
2,396.1 |
2,212.4 |
|
Treasury Stock - Common |
-9.9 |
-331.6 |
-329.6 |
-237.8 |
-224.9 |
|
Unrealized Gain (Loss) |
90.0 |
51.2 |
43.5 |
38.6 |
6.5 |
|
Translation Adjustment |
-4.3 |
-91.5 |
-78.7 |
-46.4 |
-46.0 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-4.3 |
-91.5 |
-78.7 |
-46.4 |
-46.0 |
|
Total Equity |
3,288.1 |
3,418.2 |
3,176.0 |
2,674.1 |
2,442.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
5,132.8 |
5,227.7 |
4,712.7 |
3,997.9 |
3,437.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
237.5 |
241.2 |
241.2 |
244.2 |
244.2 |
|
Total Common Shares Outstanding |
237.5 |
241.2 |
241.2 |
244.2 |
244.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.5 |
14.6 |
14.6 |
11.7 |
11.6 |
|
Employees |
5,659 |
5,403 |
5,259 |
5,212 |
5,256 |
|
Number of Common Shareholders |
18,521 |
19,771 |
- |
20,380 |
24,070 |
|
Total Long Term Debt, Supplemental |
70.4 |
18.3 |
19.0 |
16.1 |
15.2 |
|
Long Term Debt Maturing within 1 Year |
3.8 |
12.2 |
6.6 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
3.8 |
0.0 |
12.4 |
5.4 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
13.0 |
0.0 |
0.0 |
10.7 |
5.1 |
|
Long Term Debt Maturing in Year 4 |
18.3 |
0.0 |
0.0 |
0.0 |
10.1 |
|
Long Term Debt Maturing in Year 5 |
13.0 |
6.1 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
16.8 |
0.0 |
12.4 |
16.1 |
5.1 |
|
Long Term Debt Maturing in 4-5 Years |
31.4 |
6.1 |
0.0 |
0.0 |
10.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
18.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
0.4 |
0.5 |
0.3 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.1 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.0 |
0.1 |
0.0 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
0.0 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.2 |
0.2 |
0.1 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.0 |
0.1 |
0.1 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
- |
|
Pension Obligation - Domestic |
532.3 |
606.8 |
588.0 |
524.9 |
501.1 |
|
Plan Assets - Domestic |
375.3 |
422.0 |
418.5 |
367.7 |
336.8 |
|
Funded Status - Domestic |
-157.0 |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
|
Total Funded Status |
-157.0 |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
|
Discount Rate - Domestic |
1.62% |
1.80% |
2.13% |
2.16% |
2.11% |
|
Expected Rate of Return - Domestic |
0.73% |
0.86% |
0.85% |
1.03% |
1.11% |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
2.9 |
|
Accrued Liabilities - Domestic |
-161.7 |
-169.5 |
-171.0 |
-170.2 |
-150.0 |
|
Other Assets, Net - Domestic |
-4.7 |
15.3 |
-1.5 |
-13.1 |
17.1 |
|
Net Assets Recognized on Balance Sheet |
-166.4 |
-154.3 |
-172.5 |
-183.3 |
-130.0 |
|
Total Plan Obligations |
532.3 |
606.8 |
588.0 |
524.9 |
501.1 |
|
Total Plan Assets |
375.3 |
422.0 |
418.5 |
367.7 |
336.8 |
Annual
Cash Flows
|
|
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
516.4 |
522.3 |
474.7 |
209.3 |
207.0 |
|
Depreciation |
231.8 |
225.2 |
224.6 |
240.8 |
247.1 |
|
Depreciation/Depletion |
231.8 |
225.2 |
224.6 |
240.8 |
247.1 |
|
Unusual Items |
0.0 |
-4.7 |
17.6 |
0.0 |
74.9 |
|
Equity in Net Earnings (Loss) |
-57.0 |
-59.9 |
-37.4 |
-19.0 |
-11.4 |
|
Other Non-Cash Items |
-8.2 |
-6.2 |
-5.7 |
-4.3 |
-9.6 |
|
Non-Cash Items |
-65.3 |
-70.7 |
-25.5 |
-23.2 |
53.9 |
|
Accounts Receivable |
2.4 |
-205.8 |
-10.7 |
-220.1 |
300.9 |
|
Inventories |
-95.8 |
-96.6 |
-6.3 |
209.6 |
-70.7 |
|
Accounts Payable |
140.9 |
234.4 |
80.6 |
203.2 |
-378.3 |
|
Other Operating Cash Flow |
-83.2 |
-241.8 |
-104.2 |
11.4 |
-22.4 |
|
Changes in Working Capital |
-35.7 |
-309.8 |
-40.6 |
204.2 |
-170.5 |
|
Cash from Operating Activities |
647.2 |
367.0 |
633.2 |
631.1 |
337.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-335.9 |
-209.8 |
-155.3 |
-204.2 |
-226.3 |
|
Capital Expenditures |
-335.9 |
-209.8 |
-155.3 |
-204.2 |
-226.3 |
|
Sale of Fixed Assets |
0.0 |
55.7 |
7.1 |
0.0 |
4.1 |
|
Sale/Maturity of Investment |
- |
- |
2.6 |
2.0 |
20.0 |
|
Investment, Net |
12.1 |
107.5 |
-175.0 |
0.0 |
- |
|
Purchase of Investments |
-417.0 |
-249.6 |
-122.1 |
-102.7 |
-127.6 |
|
Other Investing Cash Flow |
33.4 |
28.5 |
33.0 |
10.7 |
-33.1 |
|
Other Investing Cash Flow Items, Total |
-371.5 |
-57.8 |
-254.5 |
-90.0 |
-136.6 |
|
Cash from Investing Activities |
-707.4 |
-267.6 |
-409.8 |
-294.2 |
-362.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
6.0 |
-0.3 |
0.7 |
-0.2 |
-1.7 |
|
Financing Cash Flow Items |
6.0 |
-0.3 |
0.7 |
-0.2 |
-1.7 |
|
Cash Dividends Paid - Common |
-95.9 |
-97.8 |
-82.7 |
-76.2 |
-79.4 |
|
Total Cash Dividends Paid |
-95.9 |
-97.8 |
-82.7 |
-76.2 |
-79.4 |
|
Repurchase/Retirement of
Common |
-72.3 |
0.0 |
-59.7 |
0.0 |
-85.7 |
|
Common Stock, Net |
-72.3 |
0.0 |
-59.7 |
0.0 |
-85.7 |
|
Issuance (Retirement) of Stock, Net |
-72.3 |
0.0 |
-59.7 |
0.0 |
-85.7 |
|
Short Term Debt, Net |
-13.4 |
1.4 |
-1.8 |
-2.4 |
-11.6 |
|
Long Term Debt Issued |
65.3 |
0.0 |
- |
- |
- |
|
Long Term Debt
Reduction |
-12.1 |
-0.7 |
-0.3 |
0.0 |
-12.3 |
|
Long Term Debt, Net |
53.2 |
-0.7 |
-0.3 |
0.0 |
-12.3 |
|
Issuance (Retirement) of Debt, Net |
39.8 |
0.7 |
-2.1 |
-2.4 |
-23.8 |
|
Cash from Financing Activities |
-122.4 |
-97.4 |
-143.7 |
-78.8 |
-190.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
21.4 |
-5.3 |
-10.4 |
0.4 |
-28.9 |
|
Net Change in Cash |
-161.3 |
-3.3 |
69.2 |
258.5 |
-244.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
809.9 |
854.4 |
718.0 |
402.2 |
614.3 |
|
Net Cash - Ending Balance |
648.6 |
851.0 |
787.3 |
660.7 |
369.5 |
|
Cash Interest Paid |
1.5 |
1.8 |
1.7 |
1.9 |
2.7 |
|
Cash Taxes Paid |
149.9 |
188.6 |
105.2 |
-5.0 |
157.1 |
ANNUAL
INCOME STATEMENT
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
4,477.3 |
- |
- |
- |
- |
|
Net sales |
- |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
|
Total Revenue |
4,477.3 |
4,431.9 |
3,975.5 |
3,337.4 |
3,508.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
3,364.6 |
- |
- |
- |
- |
|
Cost Of Sales |
- |
3,298.9 |
2,909.1 |
2,533.6 |
2,617.5 |
|
Other Selling/General/Admin. Expense(2) |
0.0 |
0.0 |
- |
- |
- |
|
Prov of Allow.-Dbt Acct-SGA |
-3.5 |
3.2 |
- |
- |
- |
|
Other Selling/General/Admin. Expense(1) |
94.9 |
90.5 |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
208.3 |
222.2 |
- |
- |
- |
|
Freight-out & storage cost-S |
102.3 |
100.2 |
92.9 |
77.9 |
92.8 |
|
Other selling expenses |
- |
- |
91.4 |
83.0 |
71.9 |
|
Payroll & Wages |
149.3 |
138.1 |
119.4 |
108.5 |
104.4 |
|
Periodic retirement benefit costs |
15.9 |
9.8 |
3.5 |
15.1 |
12.9 |
|
R&D expenses |
121.1 |
113.6 |
109.4 |
116.5 |
119.0 |
|
Depreciation |
1.7 |
- |
- |
- |
- |
|
Other general expenses |
- |
- |
193.6 |
185.0 |
187.6 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Other |
1.2 |
2.1 |
- |
- |
- |
|
SP Loss-retirement of inventories |
- |
- |
0.0 |
18.6 |
0.0 |
|
SP Business restructuring loss |
- |
0.0 |
4.9 |
12.8 |
0.0 |
|
SP Loss-Valu. Inv. Secs |
- |
0.0 |
12.4 |
0.0 |
18.8 |
|
SP Casualty losses |
0.0 |
10.3 |
5.2 |
0.0 |
- |
|
Loss on abandonment of noncurrent assets |
0.0 |
15.0 |
- |
- |
- |
|
SP Impairment loss |
0.0 |
24.3 |
0.0 |
0.0 |
60.1 |
|
SP Write Off Fixed |
- |
- |
- |
- |
0.0 |
|
SP L-Valuation Inventory |
- |
- |
- |
0.0 |
16.8 |
|
SP Loss-Retire. Fixed |
- |
- |
0.0 |
- |
- |
|
SP Other Special loss |
- |
- |
0.0 |
0.0 |
10.9 |
|
NOP L-Retire. Inventory |
- |
- |
- |
- |
0.0 |
|
NOP Depreciation |
- |
- |
3.6 |
8.1 |
10.9 |
|
Total Operating Expense |
4,056.0 |
4,028.1 |
3,545.3 |
3,159.2 |
3,323.4 |
|
|
|
|
|
|
|
|
Gain On Sales Of Noncurrent Assets |
0.0 |
54.3 |
- |
- |
- |
|
Loss On Abandonment Of Inventories |
-8.9 |
-6.8 |
- |
- |
- |
|
SP Gain-Sale Fixed Assets |
- |
- |
0.0 |
0.0 |
4.0 |
|
Gain On Sales Of Investment Securities |
2.6 |
- |
- |
- |
- |
|
SP G on sale of inv't secs |
- |
- |
- |
- |
0.0 |
|
NOP Interest Income |
4.5 |
3.1 |
3.2 |
3.0 |
7.0 |
|
NOP Dividend Income |
5.3 |
4.9 |
4.1 |
3.1 |
5.3 |
|
Depreciation |
- |
-3.3 |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Exchange Gain |
35.9 |
- |
0.0 |
10.4 |
0.0 |
|
NOP Equity Gain |
57.0 |
59.9 |
37.4 |
19.0 |
11.4 |
|
NOP Subsidy income |
- |
- |
0.0 |
8.9 |
9.6 |
|
Miscellaneous income |
10.8 |
19.2 |
15.5 |
14.5 |
16.3 |
|
NOP Interest Expense |
-1.5 |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
|
NOP Exchange Loss |
- |
- |
- |
0.0 |
-9.9 |
|
Miscellaneous expenses |
-10.5 |
-11.0 |
-14.0 |
-25.8 |
-18.5 |
|
Net Income Before Taxes |
516.4 |
522.3 |
474.7 |
209.4 |
207.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
151.3 |
187.3 |
151.6 |
62.0 |
61.1 |
|
Net Income After Taxes |
365.1 |
335.1 |
323.0 |
147.4 |
145.9 |
|
|
|
|
|
|
|
|
Minority interests in income |
-0.1 |
-0.6 |
-1.2 |
-0.6 |
-6.8 |
|
Net Income Before Extra. Items |
364.9 |
334.4 |
321.8 |
146.8 |
139.1 |
|
Net Income |
364.9 |
334.4 |
321.8 |
146.8 |
139.1 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Directors' Bonus |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Income Available to Com Excl ExtraOrd |
364.9 |
334.4 |
321.7 |
146.8 |
139.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
364.9 |
334.4 |
321.7 |
146.8 |
139.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
240.1 |
241.2 |
243.8 |
244.2 |
248.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.52 |
1.39 |
1.32 |
0.60 |
0.56 |
|
Basic EPS Including ExtraOrdinary Items |
1.52 |
1.39 |
1.32 |
0.60 |
0.56 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
364.9 |
334.4 |
321.7 |
146.8 |
139.1 |
|
Diluted Weighted Average Shares |
240.6 |
241.7 |
244.2 |
244.5 |
248.3 |
|
Diluted EPS Excluding ExtraOrd Items |
1.52 |
1.38 |
1.32 |
0.60 |
0.56 |
|
Diluted EPS Including ExtraOrd Items |
1.52 |
1.38 |
1.32 |
0.60 |
0.56 |
|
DPS-Ordinary Shares |
0.41 |
0.41 |
0.37 |
0.28 |
0.32 |
|
Gross Dividends - Common Stock |
98.1 |
97.7 |
90.6 |
68.3 |
78.2 |
|
Normalized Income Before Taxes |
526.6 |
526.5 |
497.2 |
222.2 |
292.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
154.3 |
188.7 |
158.8 |
65.8 |
86.4 |
|
Normalized Income After Taxes |
372.3 |
337.7 |
338.3 |
156.4 |
206.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
372.1 |
337.1 |
337.1 |
155.8 |
199.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.55 |
1.40 |
1.38 |
0.64 |
0.80 |
|
Diluted Normalized EPS |
1.55 |
1.39 |
1.38 |
0.64 |
0.80 |
|
Research and Development Expenses |
121.1 |
- |
- |
- |
- |
|
Total Research And Development Expense |
- |
113.6 |
- |
- |
- |
|
Research and Development Expenses(COGS) |
113.4 |
106.4 |
- |
- |
- |
|
R&D Expenses(General&Admin) |
- |
- |
109.4 |
116.5 |
119.0 |
|
R&D Expenses(COGS) |
- |
- |
88.2 |
77.8 |
90.6 |
|
Interest expense, supplemental |
1.5 |
1.8 |
1.7 |
1.9 |
2.7 |
|
BC - Depreciation of Fixed Assets |
231.8 |
- |
- |
- |
- |
|
Depreciation, supplemental |
- |
225.2 |
- |
- |
- |
|
Depreciation, supplemental |
- |
- |
224.6 |
240.8 |
247.1 |
|
Current Tax - Total |
156.1 |
- |
- |
- |
- |
|
Current Tax - Total |
156.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-4.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-4.7 |
- |
- |
- |
- |
|
Income Tax - Total |
151.3 |
- |
- |
- |
- |
|
Reported operating profit |
424.3 |
455.5 |
456.2 |
217.7 |
302.0 |
|
Reported ordinary profit |
524.0 |
526.5 |
497.2 |
240.8 |
309.6 |
|
Service cost |
22.3 |
25.1 |
22.8 |
18.9 |
22.8 |
|
Interest cost |
9.8 |
11.9 |
11.3 |
10.2 |
8.7 |
|
Expected return on plan assets |
-2.8 |
-3.5 |
-3.2 |
-3.5 |
-3.7 |
|
Actuarial G&L |
15.2 |
-1.6 |
-14.2 |
18.1 |
4.1 |
|
Prior Service Cost |
- |
- |
- |
0.0 |
-0.6 |
|
Domestic Pension Plan Expense |
44.4 |
31.9 |
16.6 |
43.7 |
31.4 |
|
Total Pension Expense |
44.4 |
31.9 |
16.6 |
43.7 |
31.4 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.62% |
1.80% |
- |
- |
- |
|
Discount Rate |
- |
- |
2.13% |
2.16% |
2.11% |
|
Expected return on assets(MIN)-Retiremen |
0.73% |
0.86% |
- |
- |
- |
|
Expected Rate of Return |
- |
- |
0.85% |
1.03% |
1.11% |
ANNUAL BALANCE SHEET
|
|
|
|
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
342.1 |
248.7 |
533.7 |
392.5 |
171.2 |
|
Notes and accounts receivable-trade, net |
- |
1,082.6 |
884.7 |
782.7 |
534.4 |
|
Notes And Accounts Receivable Trade |
977.5 |
- |
- |
- |
- |
|
Short-term investment securities |
844.0 |
843.5 |
675.6 |
363.9 |
217.6 |
|
Merchandise & finished goods |
543.8 |
530.5 |
470.1 |
422.9 |
584.0 |
|
Raw material & supplies |
221.7 |
225.9 |
201.3 |
174.1 |
172.6 |
|
Other Inventories |
0.0 |
- |
- |
- |
- |
|
Other Total Inventory |
- |
0.0 |
- |
- |
- |
|
Work - in - progress |
28.3 |
31.9 |
26.6 |
25.1 |
22.5 |
|
Deferred tax assets, current |
44.5 |
44.5 |
54.6 |
45.9 |
0.0 |
|
Accounts receivable-other(1) |
307.0 |
302.9 |
- |
- |
- |
|
Accounts receivable-other |
- |
- |
213.3 |
- |
0.0 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
101.4 |
238.8 |
61.6 |
249.8 |
226.0 |
|
Allow.-Doubtful Acct-Note&Account Rcvbl |
-4.9 |
- |
- |
- |
- |
|
Doubtful Account |
- |
- |
- |
- |
0.0 |
|
Total Current Assets |
3,405.5 |
3,549.5 |
3,121.5 |
2,456.8 |
1,928.3 |
|
|
|
|
|
|
|
|
Other Total Property/Plant/Equipment, Ne |
0.0 |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
295.7 |
334.0 |
348.2 |
328.1 |
296.5 |
|
Machinery, equipment and vehicles, net |
274.2 |
332.6 |
299.6 |
312.5 |
330.0 |
|
Land, net |
198.6 |
224.0 |
231.0 |
208.0 |
170.8 |
|
Const. Progress, net |
165.2 |
49.5 |
37.4 |
41.2 |
41.5 |
|
Other |
56.9 |
37.2 |
47.2 |
55.4 |
87.4 |
|
Total intangible assets |
67.1 |
62.7 |
63.9 |
63.0 |
68.1 |
|
other LT inv. |
311.2 |
239.6 |
- |
- |
- |
|
Investment Secs. |
- |
- |
240.0 |
225.1 |
244.6 |
|
Invt Secs Noncons, Asc, Affd Cos |
225.9 |
199.4 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
16.9 |
11.7 |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
- |
110.7 |
82.4 |
- |
|
Inv't partnership-nonconsol.affil.&subs. |
- |
- |
8.1 |
6.9 |
- |
|
LT Loan |
- |
- |
- |
0.0 |
49.9 |
|
Deferred tax assets |
19.2 |
46.6 |
62.1 |
67.4 |
88.1 |
|
Allowance For Doubtful Accounts |
-3.8 |
- |
- |
- |
- |
|
Other Other |
100.2 |
- |
- |
- |
- |
|
Other Investments And Other Assets Total |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
- |
141.1 |
143.0 |
151.0 |
132.1 |
|
Doubtful Account |
- |
- |
- |
- |
0.0 |
|
Trans. Adjust. |
- |
- |
0.0 |
- |
0.0 |
|
Total Assets |
5,132.8 |
5,227.8 |
4,712.7 |
3,997.8 |
3,437.2 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,033.3 |
1,008.4 |
788.9 |
638.4 |
401.3 |
|
Short-term loans payable |
151.0 |
172.1 |
176.3 |
151.6 |
145.2 |
|
Cur. Port. LT Debt |
- |
12.2 |
- |
- |
- |
|
IncomeTax Payable |
73.2 |
76.8 |
105.9 |
62.5 |
0.0 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Other Liability |
250.0 |
306.9 |
217.9 |
225.8 |
224.7 |
|
Total Current Liabilities |
1,507.6 |
1,576.5 |
1,289.0 |
1,078.2 |
771.2 |
|
|
|
|
|
|
|
|
Long-term loans payable |
70.4 |
- |
- |
- |
- |
|
LT Borrowings |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt |
70.4 |
- |
- |
- |
0.0 |
|
|
|
|
|
|
|
|
Allow.Accr.Retir |
161.7 |
169.5 |
171.0 |
170.2 |
150.0 |
|
Reserve environmental control |
22.3 |
32.8 |
35.7 |
34.1 |
32.4 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Other Liability |
15.1 |
21.7 |
30.2 |
32.4 |
33.6 |
|
Minor. Interest |
67.6 |
9.1 |
10.8 |
8.9 |
7.9 |
|
Total Liabilities |
1,844.7 |
1,809.5 |
1,536.7 |
1,323.8 |
995.1 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
247.9 |
283.1 |
281.4 |
249.6 |
236.1 |
|
Total capital surpluses |
267.6 |
305.6 |
303.8 |
269.5 |
254.9 |
|
Total retained earnings |
2,689.1 |
3,193.5 |
2,949.0 |
2,396.1 |
2,212.4 |
|
Treasury Stock |
-9.9 |
-331.6 |
-329.6 |
-237.8 |
-224.9 |
|
Valuation difference on available-for-sa |
90.0 |
51.2 |
43.5 |
38.6 |
6.5 |
|
Trans. Adjust. |
-4.3 |
-91.5 |
-78.7 |
-46.4 |
-46.0 |
|
New Stock Subscription Right |
7.7 |
8.0 |
6.6 |
4.6 |
3.1 |
|
Total Equity |
3,288.1 |
3,418.2 |
3,176.0 |
2,674.1 |
2,442.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
5,132.8 |
5,227.7 |
4,712.7 |
3,997.9 |
3,437.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
237.5 |
241.2 |
241.2 |
244.2 |
244.2 |
|
Total Common Shares Outstanding |
237.5 |
241.2 |
241.2 |
244.2 |
244.2 |
|
T/S-Ordinary Shares |
0.5 |
14.6 |
14.6 |
11.7 |
11.6 |
|
Full-Time Employees |
5,659 |
5,403 |
5,259 |
5,212 |
5,256 |
|
Total Number of Shareholders |
18,521 |
19,771 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
- |
20,380 |
24,070 |
|
Loans Payable Maturing within a Year |
- |
12.2 |
- |
- |
- |
|
LT Debts <1Yr. |
- |
- |
6.6 |
0.0 |
0.0 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
7.6 |
- |
- |
- |
- |
|
LT Debts <2Yr. |
- |
0.0 |
12.4 |
5.4 |
0.0 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
13.0 |
- |
- |
- |
- |
|
LT Debts <3Yr. |
- |
0.0 |
0.0 |
10.7 |
5.1 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
18.3 |
- |
- |
- |
- |
|
LT Debts <4Yr. |
- |
0.0 |
0.0 |
0.0 |
10.1 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
13.0 |
6.1 |
- |
- |
- |
|
LT Debts <5Yr. |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other LT debt |
18.4 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
70.4 |
18.3 |
19.0 |
16.1 |
15.2 |
|
Capital Lease Maturing within a Year |
- |
0.1 |
- |
- |
- |
|
Capital Lease Payments Due within 1 Year |
- |
- |
0.1 |
0.1 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
- |
0.1 |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
- |
0.1 |
0.1 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
- |
0.1 |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
- |
0.1 |
0.1 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
- |
0.0 |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
- |
0.1 |
0.0 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.0 |
0.0 |
0.0 |
- |
|
Capital Lease Remaining |
- |
0.0 |
- |
- |
- |
|
Capital Leases - Remaining Maturities |
- |
- |
0.0 |
0.0 |
- |
|
Total Capital Leases, Supplemental |
- |
0.4 |
0.5 |
0.3 |
- |
|
Pension obligation |
532.3 |
606.8 |
588.0 |
524.9 |
501.1 |
|
Fair value of plan assets |
375.3 |
422.0 |
418.5 |
367.7 |
336.8 |
|
Funded Status |
-157.0 |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
|
Total Funded Status |
-157.0 |
-184.8 |
-169.5 |
-157.1 |
-164.3 |
|
Discount rate |
1.62% |
1.80% |
2.13% |
2.16% |
2.11% |
|
Expected rate of return |
0.73% |
0.86% |
0.85% |
1.03% |
1.11% |
|
Unrecognized Prior Service Cost |
- |
- |
- |
- |
0.0 |
|
Unrecognized Actuarial Gains and Losses |
-4.7 |
15.3 |
-1.5 |
-13.1 |
17.1 |
|
Retirement Benefit Expenses Prepaid Pens |
0.0 |
0.0 |
- |
- |
- |
|
Prepaid Pension Benefits |
- |
- |
0.0 |
0.0 |
2.9 |
|
Reserve for Accrued Retirement Benefits |
-161.7 |
-169.5 |
-171.0 |
-170.2 |
-150.0 |
|
Net Assets Recognized on Balance Sheet |
-166.4 |
-154.3 |
-172.5 |
-183.3 |
-130.0 |
ANNUAL CASH FLOWS
|
|
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
516.4 |
522.3 |
474.7 |
209.3 |
207.0 |
|
Depreciation |
231.8 |
225.2 |
224.6 |
240.8 |
247.1 |
|
Interest & Dividend |
-9.7 |
-8.0 |
-7.3 |
-6.1 |
-12.2 |
|
Interest Expense |
1.5 |
1.8 |
1.7 |
1.9 |
2.7 |
|
Equity in (earnings) losses of affiliate |
-57.0 |
-59.9 |
-37.4 |
-19.0 |
-11.4 |
|
Gain-Sale Fixed |
- |
- |
0.0 |
0.0 |
-4.0 |
|
Loss (gain) on sales of noncurrent asset |
0.0 |
-54.3 |
- |
- |
- |
|
Loss on abandonment of noncurrent assets |
0.0 |
15.0 |
- |
- |
- |
|
Loss-Retire. Fixed |
- |
- |
0.0 |
- |
0.0 |
|
Gain-Sale Inv. Secs. |
- |
- |
- |
- |
0.0 |
|
Impairment loss |
0.0 |
24.3 |
0.0 |
0.0 |
60.1 |
|
Loss (gain) on valuation of investment s |
- |
- |
12.4 |
0.0 |
18.8 |
|
Disaster loss |
0.0 |
10.3 |
5.2 |
0.0 |
- |
|
Decrease (increase) in notes and account |
2.4 |
-205.8 |
-10.7 |
-220.1 |
300.9 |
|
Decrease (increase) in inventories |
-95.8 |
-96.6 |
-6.3 |
209.6 |
-70.7 |
|
Increase (decrease) in notes and account |
140.9 |
234.4 |
80.6 |
203.2 |
-378.3 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in cash and cash equ |
72.1 |
0.0 |
- |
- |
- |
|
Other, net |
-34.8 |
-79.5 |
-18.9 |
-14.3 |
111.6 |
|
Int.&Divid.Received |
30.9 |
28.1 |
21.7 |
22.5 |
25.8 |
|
Interest Paid |
-1.5 |
-1.8 |
-1.7 |
-1.9 |
-2.7 |
|
Tax Paid/refund |
-149.9 |
-188.6 |
-105.2 |
5.0 |
-157.1 |
|
Cash From Change in Consolidated |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Cash from Operating Activities |
647.2 |
367.0 |
633.2 |
631.1 |
337.6 |
|
|
|
|
|
|
|
|
Decrease (increase) in time deposits |
12.1 |
107.5 |
-175.0 |
0.0 |
- |
|
Purchase Of Investment Securities |
-25.2 |
-4.0 |
- |
- |
- |
|
Purchase of short-term investment securi |
-313.4 |
-152.0 |
-99.2 |
-64.6 |
0.0 |
|
Capital Expenditure |
-335.9 |
-209.8 |
-155.3 |
-204.2 |
-226.3 |
|
Proceeds From Sales Of Noncurrent Assets |
0.0 |
55.7 |
- |
- |
- |
|
Sale Fixed Assets |
- |
- |
7.1 |
0.0 |
4.1 |
|
Purch. Inv. Secs. |
- |
- |
- |
0.0 |
-6.3 |
|
Sale Inv. Secs. |
- |
- |
2.6 |
2.0 |
0.1 |
|
Redemp. Inv. Secs. |
- |
- |
- |
0.0 |
19.9 |
|
Purchase of affiliates' stock |
-54.2 |
-61.4 |
-0.2 |
0.0 |
-63.5 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Loans made |
-24.2 |
-32.1 |
-22.7 |
-38.2 |
-57.7 |
|
Loans collected |
35.1 |
28.8 |
29.5 |
28.2 |
28.7 |
|
Inv't partnership-nonconsol.affil. made |
- |
- |
- |
- |
0.0 |
|
Other, net |
-1.7 |
-0.3 |
3.4 |
-17.4 |
-61.7 |
|
Cash from Investing Activities |
-707.4 |
-267.6 |
-409.8 |
-294.2 |
-362.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-13.4 |
1.4 |
-1.8 |
-2.4 |
-11.6 |
|
Proceeds From Long Term Loan Payable |
65.3 |
0.0 |
- |
- |
- |
|
Repayment of long-term loans payable |
-12.1 |
-0.7 |
-0.3 |
0.0 |
-12.3 |
|
Purch.Treas. Stock |
-72.3 |
0.0 |
-59.7 |
0.0 |
-85.7 |
|
Dividend Paid |
-95.9 |
-97.8 |
-82.7 |
-76.2 |
-79.4 |
|
Proceeds from stock issuance to minority |
6.5 |
0.0 |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Divid.Paid to Minor. |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
-1.7 |
|
Other, net |
-0.3 |
-0.2 |
0.9 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-122.4 |
-97.4 |
-143.7 |
-78.8 |
-190.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
21.4 |
-5.3 |
-10.4 |
0.4 |
-28.9 |
|
Net Change in Cash |
-161.3 |
-3.3 |
69.2 |
258.5 |
-244.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
809.9 |
854.4 |
718.0 |
402.2 |
614.3 |
|
Net Cash - Ending Balance |
648.6 |
851.0 |
787.3 |
660.7 |
369.5 |
|
Cash Interest Paid |
1.5 |
1.8 |
1.7 |
1.9 |
2.7 |
|
Cash Taxes Paid |
149.9 |
188.6 |
105.2 |
-5.0 |
157.1 |
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) |
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Financial Strength |
|||||
|
Current Ratio (?) |
2.26 |
2.25 |
2.42 |
2.28 |
2.50 |
|
Quick/Acid Test Ratio (?) |
1.64 |
1.57 |
1.79 |
1.43 |
1.20 |
|
Working Capital1 (?) |
1,897.9 |
1,973.0 |
1,832.6 |
1,378.6 |
1,157.2 |
|
Long Term Debt/Equity (?) |
0.02 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity (?) |
0.07 |
0.05 |
0.06 |
0.06 |
0.06 |
|
Long Term Debt/Total Capital (?) |
0.02 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Total Capital (?) |
0.06 |
0.05 |
0.05 |
0.05 |
0.06 |
|
Payout Ratio (?) |
26.96% |
29.23% |
28.30% |
46.54% |
56.78% |
|
Effective Tax Rate (?) |
29.30% |
35.85% |
31.95% |
29.60% |
29.52% |
|
Total Capital1 (?) |
3,509.5 |
3,602.5 |
3,352.3 |
2,825.6 |
2,587.3 |
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
Asset Turnover (?) |
0.81 |
0.85 |
0.89 |
0.87 |
0.93 |
|
Inventory Turnover (?) |
4.00 |
4.24 |
4.30 |
3.51 |
3.55 |
|
Days In Inventory (?) |
91.28 |
86.03 |
84.91 |
103.93 |
102.92 |
|
Receivables Turnover (?) |
3.17 |
3.41 |
4.15 |
4.93 |
4.28 |
|
Days Receivables Outstanding (?) |
115.22 |
106.99 |
87.93 |
74.08 |
85.32 |
|
Revenue/Employee2 (?) |
697,697 |
786,169 |
781,582 |
636,914 |
679,018 |
|
Operating Income/Employee2 (?) |
65,663 |
71,627 |
84,565 |
34,012 |
35,736 |
|
EBITDA/Employee2 (?) |
101,783 |
111,577 |
128,718 |
79,964 |
83,572 |
|
|
|
|
|
|
|
|
Profitability |
|||||
|
Gross Margin (?) |
24.85% |
25.56% |
26.83% |
23.53% |
24.91% |
|
Operating Margin (?) |
9.41% |
9.11% |
10.82% |
5.34% |
5.26% |
|
EBITDA Margin (?) |
14.59% |
14.19% |
16.47% |
12.55% |
12.31% |
|
EBIT Margin (?) |
9.41% |
9.11% |
10.82% |
5.34% |
5.26% |
|
Pretax Margin (?) |
11.53% |
11.79% |
11.94% |
6.27% |
5.90% |
|
Net Profit Margin (?) |
8.15% |
7.55% |
8.09% |
4.40% |
3.97% |
|
R&D Expense/Revenue (?) |
2.71% |
2.56% |
2.75% |
3.49% |
3.39% |
|
COGS/Revenue (?) |
75.15% |
74.44% |
73.17% |
76.47% |
75.09% |
|
SG&A Expense/Revenue (?) |
12.67% |
12.72% |
12.60% |
14.07% |
13.38% |
|
|
|
|
|
|
|
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
6.63% |
6.44% |
7.24% |
3.84% |
3.88% |
|
Return on Equity (?) |
10.25% |
9.69% |
10.75% |
5.56% |
5.66% |
|
|
|
|
|
|
|
|
Valuation |
|||||
|
Free Cash Flow/Share2 (?) |
1.16 |
0.62 |
2.05 |
1.74 |
0.46 |
|
Operating Cash Flow/Share 2 (?) |
2.40 |
1.46 |
2.71 |
2.57 |
1.41 |
|
1-ExchangeRate: JPY to USD Period End Date |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
2-ExchangeRate: JPY to USD Average for Period |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Current Market Multiples |
|
|
Market Cap/Earnings (TTM) (?) |
13.88 |
|
Market Cap/Equity (MRQ) (?) |
1.32 |
|
Market Cap/Revenue (TTM) (?) |
1.13 |
|
Market Cap/EBIT (TTM) (?) |
11.66 |
|
Market Cap/EBITDA (TTM) (?) |
7.54 |
|
|
11.33 |
|
|
1.08 |
|
|
0.92 |
|
|
9.52 |
|
|
6.16 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.