MIRA INFORM REPORT

 

 

Report Date :

12.11.2013

 

IDENTIFICATION DETAILS

 

Name :

MIRAIAL CO., LTD.

 

 

Registered Office :

Nissei Ikebukuro Bldg., 1-24-1, Higashi-Ikebukuro, Toshima-Ku, 170-0013

 

 

Country :

Japan

 

 

Financials (as on) :

31.01.2013

 

 

Date of Incorporation :

08.07.1968

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Engaged in the plastic molding business

 

 

No. of Employees :

557

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy

Source : CIA

Company name and address

 

Miraial Co., Ltd.

 

 

 

Nissei Ikebukuro Bldg.

1-24-1, Higashi-Ikebukuro

 

Toshima-Ku, 170-0013

Japan

 

 

Tel:

81-3-39863782

Fax:

81-3-39863853

 

www.miraial.co.jp

 

Employees:

557

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

Tokyo Stock Exchange:

4238

Incorporation Date:

08-Jul-1968

Auditor:

Deloitte Touche Tohmatsu LLC

 

 

 

 

 

 

 

 

Fiscal Year End:

31-Jan-2013

Reporting Currency:

Japanese Yen

Annual Sales:

143.8  1

Net Income:

17.7

Total Assets:

225.6  2

Market Value:

156.8

 

(18-Oct-2013)

 

 

 

 

 

 

 

 

 

Business Description

 

 

Miraial Co., Ltd. is mainly engaged in the plastic molding business. The Company operates in two business segments. The Plastic Molding segment is engaged in the manufacture and sale of semiconductor products, including shipping containers and in-process containers for silicon wafer, fluid system products, electronic parts and molds. The Forming Equipment segment is engaged in the manufacture and sale of vertical forming equipment, molds and other related products. As of January 31, 2012, the Company has one consolidated subsidiary and one non-consolidated subsidiary. For the six months ended 31 July 2013, Miraial Co., Ltd. revenues decreased 35% to Y4.11B. Net income applicable to common stockholders decreased 65% to Y301.8M. Revenues reflect Plastic Molding Business segment decrease of 28% to Y1.82B, Molding machine business segment decrease of 62% to Y176.2M. Net income also reflects Plastic Molding Business segment income decrease of 54% to Y355.1M.

 

Industry

 

 

Industry

Semiconductor and Other Electronic Component Manufacturing

ANZSIC 2006:

2429 - Other Electronic Equipment Manufacturing

ISIC Rev 4:

2610 - Manufacture of electronic components and boards

NACE Rev 2:

2611 - Manufacture of electronic components

NAICS 2012:

334413 - Semiconductor and Related Device Manufacturing

UK SIC 2007:

2611 - Manufacture of electronic components

US SIC 1987:

3674 - Semiconductors and Related Devices

 

Key Executives

 

 

 

Name

Title

 

Hideo Yamawaki

President, Representative Director

 

Yasuo Igeta

Director of Sales, Director

 

Masatoshi Hyobu

Manager of Kumamoto Business Center, Manager of Future Emergence, Director

 

Shinichi Waki

General Manager-Accounting

 

Yukihiro Hyobu

Chairman of the Board, Representative Director

 

 

Significant Developments

 

 

Topic

#*

Most Recent Headline

Date

Negative Earnings Pre-Announcement

1

Miraial Co Ltd Lowers Consolidated Mid-year and Full-year Guidance for FY 2014

29-Aug-2013

Officer Changes

1

Miraial Co Ltd Announces Officer Changes

8-Mar-2013

Equity Financing / Related

3

Miraial Co Ltd Completes Off-floor Distribution of Shares

28-Jun-2013

Share Repurchases

2

Miraial Co Ltd Completes Share Repurchase

10-Sep-2013

Dividends

2

Miraial Co Ltd to Issue Year-end Dividend for FY 2013

22-Mar-2013

 

News

 

 

Title

Date

NW: Copying foreign investors may disappoint retail investors
Nikkei English News (555 Words)

15-Sep-2013

Miraial 1H Grp Net Pft Y301.00M Vs Y869.00M Pft Yr Earlier
Nikkei English News (55 Words)

9-Sep-2013

Miraial Expects This FY Group Net Profit Y610.00M
Nikkei English News (43 Words)

9-Sep-2013

MARKET SCRAMBLE: Copying Foreign Investors May Pose Pitfalls
Nikkei English News (569 Words)

3-Sep-2013

Miraial Co Ltd Lowers Consolidated Mid-year and Full-year Guidance for FY 2014
Reuters (155 Words)

29-Aug-2013

Miraial Cuts 1H Group Net Profit View To Y300.00M
Nikkei English News (58 Words)

29-Aug-2013

 

 

Financial Summary

 

 

As of 31-Jul-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

6.64

3.90

Quick Ratio (MRQ)

6.22

3.02

Debt to Equity (MRQ)

0.0047

0.21

Sales 5 Year Growth

-7.51

11.04

Net Profit Margin (TTM) %

9.14

19.30

Return on Assets (TTM) %

4.22

15.21

Return on Equity (TTM) %

5.09

21.72

 

Stock Snapshot

 

 

Traded: Tokyo Stock Exchange: 4238

 

As of 18-Oct-2013

   Financials in: JPY

Recent Price

1,517.00

 

EPS

145.08

52 Week High

2,400.00

 

Price/Sales

1.32

52 Week Low

1,400.00

 

Dividend Rate

60.00

Avg. Volume (mil)

0.03

 

Price/Earnings

17.71

Market Value (mil)

15,352.04

 

Price/Book

0.90

 

Price % Change

Rel S&P 500%

4 Week

-6.24%

-5.20%

13 Week

-5.95%

-5.45%

52 Week

3.27%

-35.55%

Year to Date

-6.53%

-33.34%

 

Source: Reuters

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 80.78457

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 91.06944

 

 

Corporate Overview

 

Miraial Co., Ltd.

 

Location
Nissei Ikebukuro Bldg.
1-24-1, Higashi-Ikebukuro
Toshima-Ku, 170-0013
Japan

 

Tel:

81-3-39863782

Fax:

81-3-39863853

 

www.miraial.co.jp

Quote Symbol - Exchange

4238 - Tokyo Stock Exchange

Sales JPY(mil):

11,613.5

Assets JPY(mil):

20,547.2

Employees:

557

Fiscal Year End:

31-Jan-2013

 

 

 

Industry:

Semiconductors

Incorporation Date:

08-Jul-1968

Company Type:

Public Parent

Quoted Status:

Quoted

 

President, Representative Director:

Hideo Yamawaki

 

Industry Codes

 

ANZSIC 2006 Codes:

2429

-

Other Electronic Equipment Manufacturing

2463

-

Machine Tool and Parts Manufacturing

 

ISIC Rev 4 Codes:

2610

-

Manufacture of electronic components and boards

2593

-

Manufacture of cutlery, hand tools and general hardware

 

NACE Rev 2 Codes:

2611

-

Manufacture of electronic components

2573

-

Manufacture of tools

 

NAICS 2012 Codes:

334413

-

Semiconductor and Related Device Manufacturing

334419

-

Other Electronic Component Manufacturing

333514

-

Special Die and Tool, Die Set, Jig, and Fixture Manufacturing

 

US SIC 1987:

3674

-

Semiconductors and Related Devices

3679

-

Electronic Components, Not Elsewhere Classified

3544

-

Special Dies and Tools, Die Sets, Jigs and Fixtures, and Industrial Molds

 

UK SIC 2007:

2611

-

Manufacture of electronic components

2573

-

Manufacture of tools

 

Business Description

Miraial Co., Ltd. is mainly engaged in the plastic molding business. The Company operates in two business segments. The Plastic Molding segment is engaged in the manufacture and sale of semiconductor products, including shipping containers and in-process containers for silicon wafer, fluid system products, electronic parts and molds. The Forming Equipment segment is engaged in the manufacture and sale of vertical forming equipment, molds and other related products. As of January 31, 2012, the Company has one consolidated subsidiary and one non-consolidated subsidiary. For the six months ended 31 July 2013, Miraial Co., Ltd. revenues decreased 35% to Y4.11B. Net income applicable to common stockholders decreased 65% to Y301.8M. Revenues reflect Plastic Molding Business segment decrease of 28% to Y1.82B, Molding machine business segment decrease of 62% to Y176.2M. Net income also reflects Plastic Molding Business segment income decrease of 54% to Y355.1M.

 

More Business Descriptions

Production of silicon wafers for semiconductor related wafers

 

Semiconductor Products Mfr

 

Semiconductor and Other Electronic Component Manufacturing

 

 

 

 

 

 

Financial Data

Financials in:

JPY(mil)

 

Revenue:

11,613.5

Net Income:

1,430.5

Assets:

20,547.2

Long Term Debt:

37.5

 

Total Liabilities:

3,419.7

 

Working Capital:

9.0

 

 

 

Date of Financial Data:

31-Jan-2013

 

1 Year Growth

-2.1%

6.1%

1.2%

 

Market Data

Quote Symbol:

4238

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

1,517.0

Stock Price Date:

10-18-2013

52 Week Price Change %:

3.3

Market Value (mil):

15,352,040.0

 

SEDOL:

B0C3TN2

ISIN:

JP3910570005

 

Equity and Dept Distribution:

FY'06-'07 Q1&3 WAS and O/S were estimated. All financial info. bf. 1/07 are nonconsolidated. Consolidated financials from 1/07. FY'07 Q1 reported EPS=Y174.42, &DEPS. 07/2007, 2-for-1 stock split. FY'08 3Q WAS was estimated and used as o/s. FY'08 AR WAS was estimated to reflect reported EPS. FY'09 1Q & 3Q WAS was estimated and used as o/s.

 

 

Shareholders

 

 

Major Shareholders

YM Kanzai (17.8%); Satoshi Iominami (13.5%);Yukihiro Hyobu (9.9%); State Street Bank & Trust (9.2%); CBNY Fidelity Small Cap ValueF (7.1%); SUMCO Corp (6.7%)

 

 

 

 

Key Corporate Relationships

Auditor:

Deloitte Touche Tohmatsu LLC

 

Auditor:

Deloitte Touche Tohmatsu LLC

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Miraial Co., Ltd.

Miraial Co., Ltd.
Total Corporate Family Members: 2

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Miraial Co., Ltd.

Parent

Toshima-Ku

Japan

Semiconductor and Other Electronic Component Manufacturing

143.8

557

 

Sanjo Seiki Co.,Ltd.

Subsidiary

Toshima-Ku, Tokyo

Japan

Machinery and Equipment Manufacturing

21.2

 

 

 

 

 

 

 

Miraial Co., Ltd.

Toshima-Ku, , Japan, Tel: 81-3-39863782, URL: http://www.miraial.co.jp/

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Yukihiro Hyobu

 

Chairman of the Board, Representative Director

Chairman

 

Biography:

Mr. Yukihiro Hyobu was named Chairman of the Board and Representative Director in Miraial Co., Ltd., effective April 25, 2013. Prior to that, he served as President and Representative Director in the Company. He joined the Company in June 1970. His previous titles include Manager of Kumamoto Business Center, Senior Managing Director and President in the Company. He previously worked for DAIHO SANGYO Inc.

 

Age: 69

 

 

Executives

 

Name

Title

Function

 

Hideo Yamawaki

 

President, Representative Director

President

 

Biography:

Mr. Hideo Yamawaki was named President and Representative Director in Miraial Co., Ltd., effective April 25, 2013. Prior to that, he served as Manager of Business Planning Office and Director in the Company. He joined the Company in May 2007 and used to serve as Manager of Kumamoto Business Office in the Company. Prior to joining the Company, he worked for Sumitomo Metal Industries, Ltd., Sumitomo Metal (SMI) Electronics Devices Inc., SUMCO CORPORATION and another company. He also used to serve as President and Representative Director in a subsidiary, SANJO SEIKI CO., LTD. He graduated from Tohoku University with a bachelor's degree in law in March 1972.

 

Age: 63

 

Education:

Tohoku University, B (Law)

 

Shinichi Waki

 

General Manager-Accounting

Division Head Executive

 

 

Osamu Ichii

 

Managing Director

Managing Director

 

 

Biography:

Mr. Osamu Ichii has been serving as Managing Director in Miraial Co., Ltd. since September 1, 2013. He is also serving as President and Representative Director in another company. He joined the Company in October 2007. He used to serve as Chief Director of Sales in the Company. Prior to joining the Company, he used to work for TEIJIN LIMITED, N.I. TEIJIN SHOJI CO., LTD. and another company.

 

Age: 67

 

Yoshiaki Shida

 

Managing Director

Managing Director

 

 

Biography:

Mr. Yoshiaki Shida was named Managing Director in Miraial Co., Ltd., effective April 25, 2013. Prior to that, he served as Senior Director of Tokyo Technology and Director in the Company. He joined the Company in April 2010. He used to work for SUMCO CORPORATION and Sumitomo Metal Industries, Ltd.

 

Age: 66

 

Susumu Hasegawa

 

Auditor

Accounting Executive

 

 

Soichiro Yano

 

Auditor

Accounting Executive

 

 

Yasuo Igeta

 

Director of Sales, Director

Sales Executive

 

 

Masatoshi Hyobu

 

Manager of Kumamoto Business Center, Manager of Future Emergence, Director

Other

 

 

Biography:

Mr. Masatoshi Hyobu was named Manager of Kumamoto Business Center and Director in Miraial Co., Ltd. effective November 1, 2013. He joined the Company in September 2004 and used to serve as Manager of Business Planning Office in the Company. He used to work for a bank that is under the new name Mitsubishi UFJ Trust and Banking Corporation.

 

Age: 39

 

 

Miraial Co., Ltd.

 

 

 

Significant Developments

 

 

 

Miraial Co Ltd Completes Share Repurchase

Sep 10, 2013


Miraial Co Ltd announced that it has completed the share repurchase disclosed on September 9, 2013. The Company has repurchased 980,800 shares of common stock for JPY 1,540 per share (JPY 1,510,432,000 in total), on September 10, 2013.

Miraial Co Ltd to Repurchase Shares

Sep 09, 2013


Miraial Co Ltd announced that it has decided to repurchase up to 1,000,000 shares of its common stock (a 9.88% stake), at the price of JPY 1,540 per share, which is the closing price of September 9, 2013, on September 10, 2013. The Company will repurchase the shares for up to JPY 1,700 million in total.

Miraial Co Ltd Lowers Consolidated Mid-year and Full-year Guidance for FY 2014

Aug 29, 2013


Miraial Co Ltd announced that the Company has lowered the consolidated mid-year guidance for revenue from JPY 4,900 million to JPY 4,100 million, operating profit from JPY 540 million to JPY 360 million, ordinary profit from JPY 590 million to JPY 440 million, net profit from JPY 340 million to JPY 300 million and earning per share from JPY 33.59 to JPY 29.65 for the fiscal year ending January 31, 2014. The Company has also lowered the consolidated full-year guidance for revenue from JPY 10,800 million to JPY 8,900 million, operating profit from JPY 1,610 million to JPY 830 million, ordinary profit from JPY 1,680 million to JPY 950 million, net profit from JPY 1,030 million to JPY 610 million and earning per share from JPY 101.78 to JPY 60.28 for the fiscal year ending January 31, 2014. The Company lowered the consolidated mid-year and full-year forecasts due to poor sales performance and decreased orders.

Miraial Co Ltd Completes Off-floor Distribution of Shares

Jun 28, 2013


Miraial Co Ltd announced that it has completed to offer an off-floor distribution of 300,000 shares of its stock at the price of JPY 1,528 per share, on the Tokyo Stock Exchange on June 28, 2013.

Miraial Co Ltd to Offer Off-floor Distribution of Shares

Jun 27, 2013


Miraial Co Ltd announced that it will offer an off-floor distribution of 300,000 shares of its stock at the price of JPY 1,528 per share, on the Tokyo Stock Exchange on June 28, 2013. The limitation for purchase of the distribution is up to 3,000 shares for each customer.

Miraial Co Ltd to Offer Off-floor Distribution of Shares

Jun 21, 2013


Miraial Co Ltd announced that it will offer an off-floor distribution of 300,000 shares of its stock on the Tokyo Stock Exchange during the period from June 28, 2013 to July 3, 2013. The offering price will be determined based on the closing share price of the day before the distribution. However, the Company will possibly cease or postpone the off-floor share distribution if there is a difficulty in implementing it due to the fluctuation of the stock market.

Miraial Co Ltd to Issue Year-end Dividend for FY 2013

Mar 22, 2013


Miraial Co Ltd announced that it has decided to issue a year-end dividend payment of JPY 40 per share (JPY 404 million in total), in line with its latest dividend forecast of JPY 40 per share announced on March 8, 2013, to all its shareholders as a record of January 31, 2013. The dividend will be paid on April 26, 2013.

Miraial Co Ltd Announces Officer Changes

Mar 08, 2013


Miraial Co Ltd announced that it has appointed Hideo Yamawaki as President and Representative Director, and Yukihiro Hyobu as Chairman of the Board and Representative Director, effective April 25, 2013.

Miraial Co Ltd Raises Year-end Dividend Forecast for FY 2013

Dec 07, 2012


Miraial Co Ltd announced that it has resolved to distribute a bonus dividend of JPY 10 per share in commemoration of its listing on the Tokyo Stock Exchange. Therefore, the Company has raised its year-end dividend forecast from JPY 30 per share, which was announced on March 9, 2012, to JPY 40 per share (JPY 30 per share of a common dividend and JPY 10 per share of a bonus dividend), for the fiscal year ending January 2013.

Miraial Co Ltd Announces Upgrade of Stock Listing

Nov 12, 2012


Miraial Co Ltd announced that it will be upgraded the listing of its shares from the Tokyo Stock Exchange (TSE) Second Section to TSE First Section on November 19, 2012.

 

 

News

 

 

NW: Copying foreign investors may disappoint retail investors
Nikkei English News (555 Words)

15-Sep-2013

 

 

Miraial 1H Grp Net Pft Y301.00M Vs Y869.00M Pft Yr Earlier
Nikkei English News (55 Words)

09-Sep-2013

 

 

Miraial Expects This FY Group Net Profit Y610.00M
Nikkei English News (43 Words)

09-Sep-2013

 

 

MARKET SCRAMBLE: Copying Foreign Investors May Pose Pitfalls
Nikkei English News (569 Words)

03-Sep-2013

 

 

Miraial Co Ltd Lowers Consolidated Mid-year and Full-year Guidance for FY 2014
Reuters (155 Words)

29-Aug-2013

 

 

Miraial Cuts 1H Group Net Profit View To Y300.00M
Nikkei English News (58 Words)

29-Aug-2013

 

 

Miraial Cuts FY Group Net Profit View To Y610.00M
Nikkei English News (58 Words)

29-Aug-2013

 

 

Thin plate container and processing apparatus for thin plate container
U.S. Patents (211 Words)

15-Jul-2013

 

 

US Patent Issued to Miraial on July 9 for "Thin plate container and processing apparatus for thin plate container" (Japanese Inventors)
U.S. Fed News (264 Words)

09-Jul-2013

 

 

Substrate storage container
U.S. Patents (146 Words)

24-Jun-2013

 

 

US Patent Issued to Miraial on June 18 for "Substrate storage container" (Japanese Inventor)
U.S. Fed News (200 Words)

18-Jun-2013

 




 

Miraial Co., Ltd.

 

Toshima-Ku, Japan, Tel: 81-3-39863782, URL: http://www.miraial.co.jp/

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

  Financial Glossary

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Jan-2013

Updated Normal
31-Jan-2012

Updated Normal
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

80.784571

79.233287

87.039536

93.710233

102.125601

Auditor

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

143.8

149.8

137.2

103.9

137.3

Revenue

143.8

149.8

137.2

103.9

137.3

Total Revenue

143.8

149.8

137.2

103.9

137.3

 

 

 

 

 

 

    Cost of Revenue

91.1

96.0

81.4

67.3

92.9

Cost of Revenue, Total

91.1

96.0

81.4

67.3

92.9

Gross Profit

52.7

53.8

55.8

36.7

44.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

16.2

15.6

13.5

11.6

14.4

    Labor & Related Expense

6.7

7.6

6.8

5.6

6.4

Total Selling/General/Administrative Expenses

23.0

23.2

20.3

17.1

20.9

Research & Development

1.9

1.1

1.7

1.5

2.8

    Depreciation

0.7

1.0

0.8

0.4

0.2

    Amortization of Acquisition Costs

-0.2

-1.4

-1.3

-1.2

-1.1

Depreciation/Amortization

0.5

-0.4

-0.5

-0.7

-0.9

    Restructuring Charge

-

-

0.0

0.3

0.0

    Litigation

-

-

0.0

0.7

0.0

    Impairment-Assets Held for Use

1.0

1.3

1.1

4.0

2.4

    Impairment-Assets Held for Sale

0.0

0.5

0.0

0.0

0.4

    Other Unusual Expense (Income)

0.0

-0.1

-4.3

-1.3

0.0

Unusual Expense (Income)

1.0

1.7

-3.2

3.8

2.8

Total Operating Expense

117.5

121.6

99.7

89.0

118.5

 

 

 

 

 

 

Operating Income

26.3

28.2

37.5

14.9

18.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

-0.1

-0.2

-0.2

-0.3

    Interest Expense, Net Non-Operating

0.0

-0.1

-0.2

-0.2

-0.3

        Interest Income - Non-Operating

0.3

0.3

0.3

0.3

0.2

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest/Investment Income - Non-Operating

0.3

0.3

0.3

0.3

0.2

Interest Income (Expense) - Net Non-Operating Total

0.2

0.2

0.1

0.1

0.0

Gain (Loss) on Sale of Assets

0.0

0.5

0.1

0.1

0.0

    Other Non-Operating Income (Expense)

0.7

1.1

2.1

1.9

1.2

Other, Net

0.7

1.1

2.1

1.9

1.2

Income Before Tax

27.2

30.0

39.8

17.0

19.9

 

 

 

 

 

 

Total Income Tax

9.5

13.1

14.7

8.0

8.2

Income After Tax

17.7

17.0

25.1

9.0

11.7

 

 

 

 

 

 

    Minority Interest

0.0

0.1

0.1

1.2

1.1

Net Income Before Extraord Items

17.7

17.0

25.2

10.2

12.8

Net Income

17.7

17.0

25.2

10.2

12.8

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-

0.0

0.0

0.0

0.0

Total Adjustments to Net Income

-

0.0

0.0

0.0

0.0

Income Available to Common Excl Extraord Items

17.7

17.0

25.2

10.2

12.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

17.7

17.0

25.2

10.2

12.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

10.1

10.1

10.1

10.1

10.1

Basic EPS Excl Extraord Items

1.75

1.68

2.49

1.01

1.26

Basic/Primary EPS Incl Extraord Items

1.75

1.68

2.49

1.01

1.26

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

17.7

17.0

25.2

10.2

12.8

Diluted Weighted Average Shares

10.1

10.1

10.1

10.1

10.1

Diluted EPS Excl Extraord Items

1.75

1.68

2.49

1.01

1.26

Diluted EPS Incl Extraord Items

1.75

1.68

2.49

1.01

1.26

Dividends per Share - Common Stock Primary Issue

0.74

0.76

0.69

0.32

0.59

Gross Dividends - Common Stock

8.8

7.7

7.0

3.2

5.9

Interest Expense, Supplemental

0.0

0.1

0.2

0.2

0.3

Depreciation, Supplemental

6.6

6.0

6.9

9.6

12.5

Total Special Items

0.8

-0.2

-4.5

2.6

1.8

Normalized Income Before Tax

28.0

29.9

35.3

19.6

21.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.3

0.5

-1.2

1.8

1.2

Inc Tax Ex Impact of Sp Items

9.8

13.6

13.5

9.7

9.4

Normalized Income After Tax

18.2

16.3

21.7

9.8

12.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

18.2

16.3

21.9

11.0

13.4

 

 

 

 

 

 

Basic Normalized EPS

1.80

1.61

2.16

1.09

1.32

Diluted Normalized EPS

1.80

1.61

2.16

1.09

1.32

Amort of Acquisition Costs, Supplemental

-0.2

-1.4

-1.3

-1.2

-1.1

Research & Development Exp, Supplemental

1.9

1.1

1.7

1.5

2.8

Reported Operating Profit

27.3

29.0

33.4

17.7

20.5

Reported Ordinary Profit

28.2

31.2

36.5

20.7

22.8

Normalized EBIT

27.3

30.0

34.3

18.7

21.6

Normalized EBITDA

33.7

34.6

40.0

27.2

33.0

    Current Tax - Total

11.0

-

-

-

-

Current Tax - Total

11.0

-

-

-

-

    Deferred Tax - Total

-1.5

-

-

-

-

Deferred Tax - Total

-1.5

-

-

-

-

Income Tax - Total

9.5

-

-

-

-

Interest Cost - Domestic

0.2

0.2

0.1

0.1

0.1

Service Cost - Domestic

1.2

1.4

1.1

1.0

1.8

Prior Service Cost - Domestic

-0.2

-0.2

-0.2

-0.2

0.0

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Actuarial Gains and Losses - Domestic

0.1

0.2

0.0

0.1

0.1

Domestic Pension Plan Expense

1.2

1.5

1.0

0.9

2.0

Total Pension Expense

1.2

1.5

1.0

0.9

2.0

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

0.75%

0.75%

0.75%

0.75%

0.75%

Total Plan Interest Cost

0.2

0.2

0.1

0.1

0.1

Total Plan Service Cost

1.2

1.4

1.1

1.0

1.8

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

UpdateType/Date

Updated Normal
31-Jan-2013

Updated Normal
31-Jan-2012

Updated Normal
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

91.069435

76.317126

81.93

90.655

89.58

Auditor

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

120.3

137.8

118.0

95.5

68.5

Cash and Short Term Investments

120.3

137.8

118.0

95.5

68.5

        Accounts Receivable - Trade, Gross

26.4

29.9

30.9

24.5

24.3

        Provision for Doubtful Accounts

-0.1

-0.1

-0.2

-0.1

-0.2

    Trade Accounts Receivable - Net

26.3

29.8

30.8

24.4

24.2

Total Receivables, Net

26.3

29.8

30.8

24.4

24.2

    Inventories - Finished Goods

2.9

4.8

3.8

3.4

5.3

    Inventories - Work In Progress

2.8

5.1

4.5

3.3

4.8

    Inventories - Raw Materials

1.4

2.1

1.4

0.8

1.3

Total Inventory

7.1

12.0

9.8

7.6

11.3

    Deferred Income Tax - Current Asset

1.7

2.6

2.7

2.2

1.8

    Other Current Assets

1.1

2.3

1.3

1.5

2.1

Other Current Assets, Total

2.8

4.9

4.1

3.7

3.9

Total Current Assets

156.5

184.4

162.6

131.1

108.0

 

 

 

 

 

 

        Buildings

53.5

64.3

61.5

55.9

56.3

        Land/Improvements

15.9

28.2

28.5

26.6

27.3

        Machinery/Equipment

65.6

74.9

72.8

66.8

66.4

        Construction in Progress

0.0

1.1

0.0

-

-

        Other Property/Plant/Equipment

44.8

48.5

44.8

41.2

42.2

    Property/Plant/Equipment - Gross

179.8

217.0

207.6

190.5

192.2

    Accumulated Depreciation

-126.8

-150.4

-140.0

-122.0

-110.2

Property/Plant/Equipment - Net

53.0

66.6

67.5

68.5

82.1

Intangibles, Net

1.0

0.8

0.7

0.5

0.5

    LT Investment - Affiliate Companies

2.5

0.1

0.5

-

-

    LT Investments - Other

0.3

0.2

0.4

0.6

0.5

Long Term Investments

2.8

0.3

0.9

0.6

0.5

    Deferred Income Tax - Long Term Asset

1.9

2.4

2.7

2.5

0.0

    Other Long Term Assets

10.4

11.4

12.1

13.1

23.0

Other Long Term Assets, Total

12.3

13.8

14.8

15.7

23.0

Total Assets

225.6

265.9

246.5

216.3

214.1

 

 

 

 

 

 

Accounts Payable

12.2

19.9

15.2

11.6

10.1

Accrued Expenses

2.6

3.8

3.5

3.0

3.2

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

1.0

1.6

2.9

3.8

4.2

    Income Taxes Payable

4.7

5.5

10.8

7.7

0.0

    Other Current Liabilities

7.3

6.6

5.5

5.6

8.3

Other Current liabilities, Total

12.0

12.1

16.3

13.3

8.3

Total Current Liabilities

27.8

37.3

38.0

31.8

25.8

 

 

 

 

 

 

    Long Term Debt

0.4

1.7

5.6

7.6

11.4

Total Long Term Debt

0.4

1.7

5.6

7.6

11.4

Total Debt

1.4

3.3

8.5

11.4

15.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.5

3.9

3.2

2.9

3.4

Deferred Income Tax

1.5

3.9

3.2

2.9

3.4

Minority Interest

0.0

0.0

0.9

10.6

12.0

    Pension Benefits - Underfunded

4.7

5.3

4.5

4.0

4.1

    Other Long Term Liabilities

3.2

4.1

4.3

5.1

8.6

Other Liabilities, Total

7.9

9.4

8.8

9.1

12.7

Total Liabilities

37.6

52.4

56.5

62.1

65.2

 

 

 

 

 

 

    Common Stock

12.2

14.6

13.6

12.3

12.4

Common Stock

12.2

14.6

13.6

12.3

12.4

Additional Paid-In Capital

14.4

17.2

16.0

14.5

14.6

Retained Earnings (Accumulated Deficit)

161.7

182.1

160.6

127.7

121.9

Treasury Stock - Common

-0.1

-0.1

-0.1

0.0

0.0

Unrealized Gain (Loss)

-0.1

-0.2

-0.1

-0.1

-0.1

    Other Equity

0.0

-

-

-

-

Other Equity, Total

0.0

-

-

-

-

Total Equity

188.1

213.6

190.0

154.3

148.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

225.6

265.9

246.5

216.3

214.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

10.1

10.1

10.1

10.1

10.1

Total Common Shares Outstanding

10.1

10.1

10.1

10.1

10.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

557

585

612

611

678

Number of Common Shareholders

3,151

3,707

2,184

2,121

2,439

Total Long Term Debt, Supplemental

1.7

3.3

8.6

11.6

15.6

Long Term Debt Maturing within 1 Year

1.3

1.6

3.0

4.2

5.0

Long Term Debt Maturing in Year 2

0.4

1.2

2.6

2.6

3.9

Long Term Debt Maturing in Year 3

-

0.5

2.1

2.4

2.6

Long Term Debt Maturing in Year 4

-

0.0

0.7

1.9

2.3

Long Term Debt Maturing in Year 5

-

0.0

0.2

0.6

1.8

Long Term Debt Maturing in 2-3 Years

0.4

1.7

4.8

4.9

6.4

Long Term Debt Maturing in 4-5 Years

-

0.0

0.8

2.5

4.2

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

0.8

1.0

0.7

0.1

-

Capital Lease Payments Due in Year 1

0.3

0.3

0.2

0.0

-

Capital Lease Payments Due in Year 2

0.3

0.3

0.2

0.0

-

Capital Lease Payments Due in Year 3

0.2

0.2

0.2

0.0

-

Capital Lease Payments Due in Year 4

0.1

0.2

0.1

0.0

-

Capital Lease Payments Due in Year 5

-

0.0

0.1

0.0

-

Capital Lease Payments Due in 2-3 Years

0.4

0.5

0.3

0.1

-

Capital Lease Payments Due in 4-5 Years

0.1

0.2

0.2

0.0

-

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

-

-

Pension Obligation - Domestic

13.7

15.3

13.2

10.6

11.0

Plan Assets - Domestic

9.2

10.1

8.9

7.6

7.7

Funded Status - Domestic

-4.5

-5.2

-4.3

-3.0

-3.2

Total Funded Status

-4.5

-5.2

-4.3

-3.0

-3.2

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

0.75%

0.75%

0.75%

0.75%

0.75%

Accrued Liabilities - Domestic

-4.7

-5.3

-4.5

-4.0

-4.1

Other Assets, Net - Domestic

-0.1

-0.1

-0.3

-1.0

-0.9

Net Assets Recognized on Balance Sheet

-4.8

-5.4

-4.8

-5.0

-5.1

Total Plan Obligations

13.7

15.3

13.2

10.6

11.0

Total Plan Assets

9.2

10.1

8.9

7.6

7.7

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Jan-2013

Updated Normal
31-Jan-2012

Updated Normal
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

80.784571

79.233287

87.039536

93.710233

102.125601

Auditor

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

27.2

30.0

39.8

17.0

19.9

    Depreciation

6.6

6.0

6.9

9.6

12.5

Depreciation/Depletion

6.6

6.0

6.9

9.6

12.5

    Amortization of Acquisition Costs

-0.2

-1.4

-1.3

-1.2

-1.1

Amortization

-0.2

-1.4

-1.3

-1.2

-1.1

    Unusual Items

0.6

0.3

-2.7

3.0

1.9

    Other Non-Cash Items

0.0

-0.1

0.2

-1.3

1.3

Non-Cash Items

0.6

0.2

-2.5

1.6

3.3

    Accounts Receivable

-1.6

3.2

-3.6

-0.4

13.3

    Inventories

3.2

-1.4

-1.3

3.5

5.3

    Other Assets

0.9

-1.1

-0.2

-0.1

0.2

    Accounts Payable

-5.1

3.5

2.2

1.6

-5.9

    Accrued Expenses

-0.6

0.0

0.2

-0.1

1.2

    Taxes Payable

0.3

-1.0

0.2

-1.3

1.6

    Other Liabilities

-1.0

0.7

-1.0

-0.3

-1.7

    Other Operating Cash Flow

-10.3

-17.5

-12.8

-1.4

-18.8

Changes in Working Capital

-14.1

-13.6

-16.2

1.5

-4.8

Cash from Operating Activities

20.1

21.3

26.7

28.5

29.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-9.8

-1.4

-0.8

-1.8

-10.4

Capital Expenditures

-9.8

-1.4

-0.8

-1.8

-10.4

    Sale of Fixed Assets

7.9

2.4

1.2

0.1

0.2

    Sale/Maturity of Investment

6.2

0.4

8.4

11.2

0.0

    Investment, Net

-

-

-

0.0

0.0

    Purchase of Investments

-13.9

-36.1

-14.3

-27.8

0.0

    Other Investing Cash Flow

-1.1

0.2

1.8

0.8

0.1

Other Investing Cash Flow Items, Total

-0.9

-33.1

-2.9

-15.7

0.2

Cash from Investing Activities

-10.6

-34.5

-3.8

-17.6

-10.2

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

0.0

0.0

Financing Cash Flow Items

-

-

-

0.0

0.0

    Cash Dividends Paid - Common

-7.5

-7.7

-7.0

-3.2

-8.9

Total Cash Dividends Paid

-7.5

-7.7

-7.0

-3.2

-8.9

        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

        Long Term Debt Issued

-

-

0.0

2.7

0.0

        Long Term Debt Reduction

-1.5

-5.9

-4.1

-6.5

-3.6

    Long Term Debt, Net

-1.5

-5.9

-4.1

-3.8

-3.6

Issuance (Retirement) of Debt, Net

-1.5

-5.9

-4.1

-3.8

-3.6

Cash from Financing Activities

-9.0

-13.6

-11.1

-7.1

-12.6

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

0.5

-26.7

11.8

3.9

7.0

 

 

 

 

 

 

Net Cash - Beginning Balance

65.8

93.8

73.6

64.4

52.1

Net Cash - Ending Balance

66.3

67.1

85.4

68.3

59.1

Cash Interest Paid

0.1

0.1

0.2

0.2

0.3

Cash Taxes Paid

10.8

17.6

12.8

1.4

18.8

 

 

 

Miraial Co., Ltd.

 

Toshima-Ku, Japan, Tel: 81-3-39863782, URL: http://www.miraial.co.jp/

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Jan-2013

Updated Normal
31-Jan-2012

Updated Normal
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

80.784571

79.233287

87.039536

93.710233

102.125601

Auditor

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

143.8

149.8

137.2

103.9

137.3

Total Revenue

143.8

149.8

137.2

103.9

137.3

 

 

 

 

 

 

    Cost of Sales

91.1

96.0

81.4

67.3

92.9

    Prototype costs

0.8

-

-

-

-

    other SGA

6.4

-

-

-

-

    Sales Commission cost

1.9

2.0

1.5

1.7

2.2

    Freight-out costs

5.0

4.2

3.3

2.2

2.6

    Director's remuneration

1.9

1.9

1.6

1.3

1.7

    Salaries

4.2

4.8

4.4

3.6

3.8

    Allowance for Bonuses

0.5

0.6

0.6

0.5

0.5

    Accrued Retirement Expenses

0.2

0.3

0.2

0.1

0.4

    Depreciation

0.2

-

-

-

-

    Depreciation

0.5

0.6

0.4

0.3

0.2

    Commission expenses

2.1

1.8

1.8

1.8

2.8

    Research & Development Expenses

1.9

1.1

1.7

1.5

2.8

    Other Selling, General & Administrative

-

7.5

6.9

5.8

6.9

    Reversal Of Provision For Bonuses

0.0

-

-

-

-

    Loss on adjustment for changes of accoun

0.0

-

-

-

-

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Insurance income

0.0

-

-

-

-

    SP Reversal-Doubtful Account Allowance

0.0

-0.1

-

-0.1

0.0

    SP Reversal G on bonus reserve

-

-0.5

0.0

-0.1

0.0

    SP Reserve for Product Warranty

0.0

0.0

0.0

-0.1

0.0

    SP Promotion subsidy for corp. location

-

0.0

-2.3

0.0

-

    SP Gain on negative goodwill

0.0

-0.3

-2.0

0.0

-

    SP Reserve for dir.'s retire. payables

-

-

0.0

-1.0

0.0

    SP Subsidies received

-

-

-

0.0

0.0

    SP Insurance income

-

-

-

0.0

0.0

    SP Other Special Gains

-

-0.1

0.0

0.0

0.0

    SP Retirement Loss-Fixed Assets

0.1

0.7

0.9

0.1

1.0

    SP Assets impairment losses

0.9

0.6

0.2

4.0

1.4

    SP L on val. of LT inv't. secs.

0.0

0.5

0.0

0.0

0.4

    SP Business restructuring losses

-

-

0.0

0.3

0.0

    SP Loss on litigation

-

-

0.0

0.7

0.0

    SP L on acct. change on assets retire.

-

0.8

0.0

-

-

    SP Other Special losses

-

-

0.0

0.1

0.0

    NOP Amort. of negative goodwill

-0.2

-1.4

-1.3

-1.2

-1.1

    NOP Depreciation

-

0.4

0.4

0.1

0.0

Total Operating Expense

117.5

121.6

99.7

89.0

118.5

 

 

 

 

 

 

    SP G on sale of fixed assets

0.0

0.7

0.2

0.1

0.1

    SP L on sale of fixed assets.

0.0

-0.1

-0.1

0.0

-0.2

    SP L on sale of affiliated securities

-

-

-

-

0.0

    NOP Interest Income

0.3

0.3

0.3

0.3

0.2

    NOP Interest on marketable securities

-

-

-

-

0.0

    NOP Dividend Income

0.0

0.0

0.0

0.0

0.0

    Going Public Expenses

0.0

-

-

-

-

    Other Non-Operating Income (Expense)

0.0

-

-

-

-

    NOP Income-Insurance Cancelled

0.4

1.5

1.8

1.0

0.9

    NOP Rental Income

0.1

0.2

0.2

0.2

0.2

    NOP Subsidies Income

-

-

0.0

0.7

0.0

    NOP G on sale LT inv't.secs.

-

0.0

0.0

0.0

0.0

    NOP Other Non-operating Income

0.1

0.2

0.2

0.1

0.1

    NOP Interest Expense

0.0

-0.1

-0.2

-0.2

-0.3

    NOP L on sale of mkbl.. secs.

-

-

-

-

0.0

    NOP L on sale LT inv't.secs.

-

0.0

0.0

0.0

0.0

    NOP PO expenses

-

-0.6

0.0

-

-

    NOP Other Non-operating expense

0.0

-0.1

0.0

0.0

0.0

Net Income Before Taxes

27.2

30.0

39.8

17.0

19.9

 

 

 

 

 

 

Income taxes-current

9.5

13.1

14.7

8.0

8.2

Net Income After Taxes

17.7

17.0

25.1

9.0

11.7

 

 

 

 

 

 

    Minority interests in loss

0.0

0.1

0.1

1.2

1.1

Net Income Before Extra. Items

17.7

17.0

25.2

10.2

12.8

Net Income

17.7

17.0

25.2

10.2

12.8

 

 

 

 

 

 

    Adjustment

-

0.0

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

17.7

17.0

25.2

10.2

12.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

17.7

17.0

25.2

10.2

12.8

 

 

 

 

 

 

Basic Weighted Average Shares

10.1

10.1

10.1

10.1

10.1

Basic EPS Excluding ExtraOrdinary Items

1.75

1.68

2.49

1.01

1.26

Basic EPS Including ExtraOrdinary Items

1.75

1.68

2.49

1.01

1.26

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

17.7

17.0

25.2

10.2

12.8

Diluted Weighted Average Shares

10.1

10.1

10.1

10.1

10.1

Diluted EPS Excluding ExtraOrd Items

1.75

1.68

2.49

1.01

1.26

Diluted EPS Including ExtraOrd Items

1.75

1.68

2.49

1.01

1.26

DPS-Ordinary Shares

0.74

0.76

0.69

0.32

0.59

Gross Dividends - Common Stock

8.8

7.7

7.0

3.2

5.9

Normalized Income Before Taxes

28.0

29.9

35.3

19.6

21.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

9.8

13.6

13.5

9.7

9.4

Normalized Income After Taxes

18.2

16.3

21.7

9.8

12.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

18.2

16.3

21.9

11.0

13.4

 

 

 

 

 

 

Basic Normalized EPS

1.80

1.61

2.16

1.09

1.32

Diluted Normalized EPS

1.80

1.61

2.16

1.09

1.32

Research and Development

1.9

1.1

1.7

1.5

2.8

Interest Expense

0.0

0.1

0.2

0.2

0.3

Depreciation

6.6

6.0

6.9

9.6

12.5

BC - Depreciation of Goodwill

-0.2

-

-

-

-

Amort. of negative goodwill

-

-1.4

-1.3

-1.2

-1.1

    Income taxes-current

11.0

-

-

-

-

Current Tax - Total

11.0

-

-

-

-

    Income taxes-deferred

-1.5

-

-

-

-

Deferred Tax - Total

-1.5

-

-

-

-

Income Tax - Total

9.5

-

-

-

-

Reported Operating Profit

27.3

29.0

33.4

17.7

20.5

Reported Ordinary Profit

28.2

31.2

36.5

20.7

22.8

Service Cost

1.2

1.4

1.1

1.0

1.8

Interest Cost

0.2

0.2

0.1

0.1

0.1

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

Actuaial Gains and Losses

0.1

0.2

0.0

0.1

0.1

Prior service cost

-0.2

-0.2

-0.2

-0.2

0.0

Domestic Pension Plan Expense

1.2

1.5

1.0

0.9

2.0

Total Pension Expense

1.2

1.5

1.0

0.9

2.0

Discount Rate(MIN)-Domestic

2.00%

-

-

-

-

Discount Rate

-

2.00%

2.00%

2.00%

2.00%

Expected return on assets(MIN)-Domestic

0.75%

-

-

-

-

Expected Rate of Return

-

0.75%

0.75%

0.75%

0.75%

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

UpdateType/Date

Updated Normal
31-Jan-2013

Updated Normal
31-Jan-2012

Updated Normal
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

91.069435

76.317126

81.93

90.655

89.58

Auditor

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Deposit

120.3

137.8

118.0

95.5

68.5

    Notes and accounts receivable-trade

26.4

29.9

30.9

24.5

24.3

    Merchandise & Finished Goods

2.9

4.8

3.8

3.4

5.3

    Work in Progress

2.8

5.1

4.5

3.3

4.8

    Raw Materials & Supplies

1.4

2.1

1.4

0.8

1.3

    Deferred Tax Assets

1.7

2.6

2.7

2.2

1.8

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Current Assets

1.1

2.3

1.3

1.5

2.1

    Doubtful Account Allowance

-0.1

-0.1

-0.2

-0.1

-0.2

Total current assets

156.5

184.4

162.6

131.1

108.0

 

 

 

 

 

 

    Building and structure, gross

53.5

64.3

61.5

55.9

56.3

    Accum. depr - bldg&struc

-30.7

-38.1

-35.6

-30.5

-26.2

    Machinery and Equipment

-

-

-

-

66.4

    Accum. depr - machin&equip.

-

-

-

-

-50.0

    Machinery, equipment and vehicles

65.6

74.9

72.8

66.8

-

    Accum. depr & amort. - Machin&Vehicles

-57.3

-67.4

-63.4

-55.8

-

    Other PPE, gross

44.8

48.5

44.8

41.2

42.2

    Accum. depr - other PPE

-38.8

-44.8

-41.0

-35.7

-34.0

    Land

15.9

28.2

28.5

26.6

27.3

    Construction in progress

0.0

-

-

-

-

    Construction in Progress

-

1.1

0.0

-

-

    Intangibles

1.0

-

0.7

0.5

0.5

    Other Intangibles

-

0.8

-

-

-

    Other Investment Securities

0.3

-

-

-

-

    Long-term investment in securities

-

0.2

0.4

0.6

0.5

    Invt Secs Noncons, Asc, Affd Cos

2.5

-

-

-

-

    Equity of Affiliated Companies

-

0.1

0.2

-

-

    Bonds-nonconsolidated affiliates

-

-

0.4

-

-

    Deferred tax assets

1.9

2.4

2.7

2.5

0.0

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Total investments and other assets

0.0

-

-

-

-

    Insurance Reserves

9.8

10.2

9.1

8.3

9.2

    Long-term time deposits

-

0.0

2.4

4.4

11.2

    Other Assets

0.6

1.2

0.5

0.5

2.6

    Property/Plant/Equipment, Total - Net

0.0

-

-

-

-

Total Assets

225.6

265.9

246.5

216.3

214.1

 

 

 

 

 

 

    Notes and accounts payable-trade

12.2

19.9

15.2

11.6

10.1

    Current portion of long-term loans payab

1.0

1.3

2.8

3.8

4.2

    Current lease obligations

-

0.3

0.2

-

-

    Income Tax Payable

4.7

5.5

10.8

7.7

0.0

    Accrued Bonus

2.6

3.8

3.5

3.0

3.2

    Rounding adjustment Liability

0.0

-

-

-

-

    Reserve for order losses

0.0

0.0

0.2

0.0

0.0

    Reserve for product warranties

0.1

0.1

0.1

0.0

0.2

    Other Current Liabilities

7.2

6.5

5.2

5.6

8.1

Total Current Liabilities

27.8

37.3

38.0

31.8

25.8

 

 

 

 

 

 

    Long-term loans payable

0.4

1.7

5.6

7.6

11.4

Total Long Term Debt

0.4

1.7

5.6

7.6

11.4

 

 

 

 

 

 

    Reserve for Accrued Retirement Benefit

4.7

5.3

4.5

4.0

4.1

    Rounding adjustment Liability

0.0

-

-

-

-

    Post Retire. Benefits Payable F Director

1.6

1.9

1.8

1.6

3.9

    Deferred tax liabilities (non-current)

1.5

3.9

3.2

2.9

3.4

    Negative goodwill

0.0

0.2

1.5

2.6

3.8

    Other Liabilities

1.7

2.0

1.0

0.9

0.9

    Minority interest

0.0

0.0

0.9

10.6

12.0

Total Liabilities

37.6

52.4

56.5

62.1

65.2

 

 

 

 

 

 

    Rounding adjustment Equity

0.0

-

-

-

-

    Common Stock

12.2

14.6

13.6

12.3

12.4

    Capital surplus

14.4

17.2

16.0

14.5

14.6

    Retained earnings

161.7

182.1

160.6

127.7

121.9

    Treasury stocks

-0.1

-0.1

-0.1

0.0

0.0

    Valuation difference on available-for-sa

-0.1

-0.2

-0.1

-0.1

-0.1

Total Equity

188.1

213.6

190.0

154.3

148.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

225.6

265.9

246.5

216.3

214.1

 

 

 

 

 

 

    S/O-Ordinary Shares

10.1

10.1

10.1

10.1

10.1

Total Common Shares Outstanding

10.1

10.1

10.1

10.1

10.1

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

557

585

612

611

678

Total Number of Shareholders

3,151

-

-

-

-

Shareholders

-

3,707

2,184

2,121

2,439

Long Term Debt Maturing Within 1 Year

1.0

1.3

2.8

3.8

4.2

Lns Pble Maturing over a Yr within 2 Yrs

0.4

-

-

-

-

Long Term Debt Maturing Within 2 Year

-

1.2

2.6

2.6

3.9

Long Term Debt Maturing Within 3 Year

-

0.5

2.1

2.4

2.6

Long Term Debt Maturing Within 4 Year

-

0.0

0.7

1.9

2.3

Long Term Debt Maturing Within 5 Year

-

0.0

0.2

0.6

1.8

Long Term Debt Remaining Maturities

0.3

0.3

0.2

0.3

0.8

Total Long Term Debt, Supplemental

1.7

3.3

8.6

11.6

15.6

Capital Lease Maturing within 1 Year

0.3

0.3

0.2

0.0

-

Cap Lease Maturg over a Yr within 2 Yrs

0.3

-

-

-

-

Capital Lease Maturing within 2 Year

-

0.3

0.2

0.0

-

Cap Lease Maturg over 2 Yr within 3 Yrs

0.2

-

-

-

-

Capital Lease Maturing within 3 Year

-

0.2

0.2

0.0

-

Cap Lease Maturg over 3 Yr within 4 Yrs

0.1

-

-

-

-

Capital Lease Maturing within 4 Year

-

0.2

0.1

0.0

-

Capital Lease Maturing within 5 Year

-

0.0

0.1

0.0

-

other Lease Liabil. Within 1 Y Excluded

0.0

-

-

-

-

Capital Leases - Remaining Maturities

-

0.0

0.0

-

-

Total Capital Leases, Supplemental

0.8

1.0

0.7

0.1

-

Pension Obligation

13.7

15.3

13.2

10.6

11.0

Fair Value of Plan Assets

9.2

10.1

8.9

7.6

7.7

Funded Status

-4.5

-5.2

-4.3

-3.0

-3.2

Total Funded Status

-4.5

-5.2

-4.3

-3.0

-3.2

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

0.75%

0.75%

0.75%

0.75%

0.75%

Unrecognized Actuarial G/L

0.1

0.4

0.5

-0.1

0.2

Unrecognized Prior Service Cost

-0.2

-0.5

-0.7

-0.9

-1.1

Reserve for Accrued Retirement Benefits

-4.7

-5.3

-4.5

-4.0

-4.1

Net Assets Recognized on Balance Sheet

-4.8

-5.4

-4.8

-5.0

-5.1

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Jan-2013

Updated Normal
31-Jan-2012

Updated Normal
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

80.784571

79.233287

87.039536

93.710233

102.125601

Auditor

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income before income taxes

27.2

30.0

39.8

17.0

19.9

    Depreciation

6.6

6.0

6.9

9.6

12.5

    Loss On Adjustment For Changes Of Accoun

0.0

-

-

-

-

    Impairment losses on assets

0.9

0.6

0.2

4.0

1.4

    Foreign exchange losses (gains)

0.0

-

-

-

-

    Reserve for dir.'s retire. payables

-

-

0.0

-1.0

0.0

    Gain on negative goodwill

0.0

-0.3

-2.0

0.0

-

    Amortization of Negative Goodwill

-0.2

-1.4

-1.3

-1.2

-1.1

    Increase (decrease) in allowance for dou

0.0

-0.1

0.0

-0.1

0.1

    Increase (decrease) in provision for bon

-0.6

0.0

0.2

-0.1

1.2

    Increase (decrease) in provision for ret

0.2

0.4

0.1

-0.1

1.2

    Increase (decrease) in provision for pro

0.1

0.0

0.0

-0.1

0.1

    Increase (decrease) in provision for los

0.0

-0.2

0.2

0.0

-0.1

    Interest and Dividend Income

-0.3

-0.3

-0.3

-0.3

-0.2

    Interest on marketable secs.

-

-

-

-

0.0

    Interest Expense & Interest Exp. on Bond

0.0

0.1

0.2

0.2

0.3

    Exchange Gain/ Loss

-

0.0

0.0

0.0

0.0

    Income-Insurance Cancelled

-0.4

-1.5

-1.8

-1.0

-0.9

    L on sale of affiliated securities

-

-

-

-

0.0

    Losses on sale of marketable securities

-

-

-

-

0.0

    Gain on sale of LT inv't in securities

-

-

-

0.0

0.0

    Loss on sale of LT inv't in securities

-

0.0

0.0

0.0

0.0

    Loss (gain) on valuation of investment s

0.0

0.5

0.0

0.0

0.4

    Retirement Loss-Fixed Assets

0.1

0.7

0.9

0.1

1.0

    Loss (gain) on sales of noncurrent asset

0.0

-0.5

-0.1

-0.1

-0.1

    Loss on adjustment for changes of accoun

-

0.8

0.0

-

-

    L on the sale of fixed assets

-

-

-

-

0.2

    Decrease (increase) in notes and account

-1.6

3.2

-3.6

-0.4

13.3

    Decrease (increase) in inventories

3.2

-1.4

-1.3

3.5

5.3

    Decrease (increase) in other current ass

1.0

-0.8

0.3

0.0

0.3

    Increase (decrease) in notes and account

-5.1

3.5

2.2

1.6

-5.9

    Increase (decrease) in accrued consumpti

0.3

-1.0

0.2

-1.3

1.6

    Increase (decrease) in other current lia

-1.0

0.7

-1.0

-0.3

-1.7

    Other Operating Cash Flow

0.0

-

-

-

-

    Income Taxes Refund

0.0

-

-

-

-

    Decrease (increase) in other noncurrent

0.0

-0.2

-0.4

-0.1

-0.1

    Insurance income

-

-

-

0.0

0.0

    Other, net

0.3

0.0

-0.1

0.0

0.0

    Interest and Dividend Received

0.3

0.2

0.3

0.3

0.3

    Interest on marketable secs. received

-

-

-

-

0.0

    Interest Paid

-0.1

-0.1

-0.2

-0.2

-0.3

    Taxes Paid

-10.8

-17.6

-13.3

-3.0

-19.3

    Taxes Refunded

-

0.0

0.5

1.6

0.5

    Insurance income

-

-

-

0.0

0.0

    Adjustment

-

-

-

0.0

-

Cash from Operating Activities

20.1

21.3

26.7

28.5

29.8

 

 

 

 

 

 

    Time deposit made

-11.1

-35.4

-5.7

-27.7

0.0

    Time deposit matured

6.2

0.4

8.3

11.2

0.0

    Marketable securities, net

-

-

-

0.0

0.0

    Purchase of affiliates' addit'l shares

-

-

-

-

0.0

    Sale of consol.subsidiaries' sec.

-

-

-

-

0.0

    Payments For Retirement Of Noncurrent As

-0.1

-

-

-

-

    Payments for implementation of asset ret

-0.4

-

-

-

-

    Amon. of tangible assets

-

-0.3

-

-

-

    Asset retire accounting changes

-

-0.1

-

-

-

    Purch. non-consolid.subsid.' sec.

-2.7

-0.7

-8.1

0.0

0.0

    Purchase of Investment Securities

0.0

0.0

-0.5

0.0

0.0

    Sale of Investment Securities

-

0.0

0.1

0.0

0.0

    Purchase of property, plant and equipmen

-9.8

-1.4

-0.8

-1.8

-10.4

    Proceeds from sales of property, plant a

7.9

2.4

1.2

0.1

0.2

    Expense-Insurance Reserves

-1.8

-1.9

-1.8

-1.9

-1.8

    Proceeds from maturity of insurance fund

0.9

3.0

3.6

2.6

1.9

    Other, net

0.4

-0.6

0.0

0.1

0.0

Cash from Investing Activities

-10.6

-34.5

-3.8

-17.6

-10.2

 

 

 

 

 

 

    Issued-Long Term Debt

-

-

0.0

2.7

0.0

    Repayment of long-term loans payable

-1.2

-5.7

-4.1

-6.5

-3.6

    Repayment of lease

-0.3

-0.2

-0.1

0.0

0.0

    Redemption-Corporate Bond

-

-

-

-

0.0

    Dividend Paid

-7.5

-7.7

-7.0

-3.2

-8.9

    Dividends paid to minority shareholders

-

-

-

0.0

0.0

    Treasury Stock Purchased

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

-9.0

-13.6

-11.1

-7.1

-12.6

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net increase (decrease) in cash and cash

0.5

-26.7

11.8

3.9

7.0

 

 

 

 

 

 

Net Cash - Beginning Balance

65.8

93.8

73.6

64.4

52.1

Net Cash - Ending Balance

66.3

67.1

85.4

68.3

59.1

    Cash Interest Paid

0.1

0.1

0.2

0.2

0.3

    Cash Taxes Paid

10.8

17.6

12.8

1.4

18.8

 

 

 

Miraial Co., Ltd.

 

Toshima-Ku, Japan, Tel: 81-3-39863782, URL: http://www.miraial.co.jp/

Financial Health

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Jul-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Jan-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

21.2

-29.39%

143.8

-2.14%

6.05%

-7.51%

Research & Development1 (?)

-

-

1.9

79.42%

2.75%

-13.23%

Operating Income1 (?)

2.1

-67.67%

26.3

-5.00%

14.96%

-16.43%

Income Available to Common Excl Extraord Items1 (?)

1.9

-65.20%

17.7

6.07%

14.47%

-14.86%

Basic EPS Excl Extraord Items1 (?)

0.19

-65.20%

1.75

6.07%

14.47%

-14.85%

Capital Expenditures2 (?)

4.0

-

9.8

621.56%

65.82%

-23.42%

Cash from Operating Activities2 (?)

1.7

-

20.1

-3.84%

-15.31%

-15.46%

Free Cash Flow (?)

-2.3

-

9.2

-47.12%

-30.62%

1.75%

Total Assets3 (?)

202.8

-5.24%

225.6

1.24%

1.57%

-0.53%

Total Liabilities3 (?)

29.2

-30.45%

37.6

-14.43%

-15.30%

-15.97%

Total Long Term Debt3 (?)

0.1

-89.50%

0.4

-70.99%

-62.12%

-51.53%

Employees3 (?)

-

-

557

-4.79%

-3.04%

-2.77%

Total Common Shares Outstanding3 (?)

10.1

0.00%

10.1

0.00%

0.00%

0.00%

1-ExchangeRate: JPY to USD Average for Period

99.306681

 

80.784571

 

 

 

2-ExchangeRate: JPY to USD Average for Period

97.240301

 

80.784571

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.069074

 

91.069435

 

 

 

Key Ratios

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

Profitability

Gross Margin (?)

36.63%

35.93%

40.66%

35.27%

32.33%

Operating Margin (?)

18.28%

18.83%

27.32%

14.35%

13.69%

Pretax Margin (?)

18.92%

20.05%

29.00%

16.33%

14.50%

Net Profit Margin (?)

12.32%

11.36%

18.36%

9.79%

9.30%

Financial Strength

Current Ratio (?)

5.64

4.94

4.28

4.12

4.19

Long Term Debt/Equity (?)

0.00

0.01

0.03

0.05

0.08

Total Debt/Equity (?)

0.01

0.02

0.04

0.07

0.10

Management Effectiveness

Return on Assets (?)

7.01%

6.64%

10.96%

4.35%

5.92%

Return on Equity (?)

8.56%

8.46%

14.83%

6.98%

9.93%

Efficiency

Receivables Turnover (?)

4.97

4.95

5.05

4.45

4.92

Inventory Turnover (?)

9.42

8.88

9.50

7.39

7.37

Asset Turnover (?)

0.57

0.59

0.60

0.50

0.70

Market Valuation USD (mil)

P/E (TTM) (?)

17.79

.

Enterprise Value2 (?)

51.9

Price/Sales (TTM) (?)

1.63

.

Enterprise Value/Revenue (TTM) (?)

0.54

Price/Book (MRQ) (?)

0.90

.

Enterprise Value/EBITDA (TTM) (?)

2.93

Market Cap as of 18-Oct-20131 (?)

156.8

.

 

 

1-ExchangeRate: JPY to USD on 18-Oct-2013

97.912020

 

 

 

2-ExchangeRate: JPY to USD on 31-Jul-2013

98.069074

 

 

 

 

Miraial Co., Ltd.

 

Toshima-Ku, Japan, Tel: 81-3-39863782, URL: http://www.miraial.co.jp/

Annual Ratios

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Jan-2013

31-Jan-2012

31-Jan-2011

31-Jan-2010

31-Jan-2009

Financial Strength

Current Ratio (?)

5.64

4.94

4.28

4.12

4.19

Quick/Acid Test Ratio (?)

5.28

4.49

3.91

3.77

3.60

Working Capital1 (?)

128.8

147.1

124.6

99.3

82.2

Long Term Debt/Equity (?)

0.00

0.01

0.03

0.05

0.08

Total Debt/Equity (?)

0.01

0.02

0.04

0.07

0.10

Long Term Debt/Total Capital (?)

0.00

0.01

0.03

0.05

0.07

Total Debt/Total Capital (?)

0.01

0.02

0.04

0.07

0.09

Payout Ratio (?)

42.44%

45.02%

27.70%

31.83%

46.56%

Effective Tax Rate (?)

34.88%

43.50%

37.01%

46.97%

41.37%

Total Capital1 (?)

189.5

216.8

198.5

165.7

164.4

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.57

0.59

0.60

0.50

0.70

Inventory Turnover (?)

9.42

8.88

9.50

7.39

7.37

Days In Inventory (?)

38.73

41.12

38.42

49.42

49.55

Receivables Turnover (?)

4.97

4.95

5.05

4.45

4.92

Days Receivables Outstanding (?)

73.38

73.71

72.30

81.95

74.14

Revenue/Employee2 (?)

228,947

265,812

238,127

175,808

230,843

Operating Income/Employee2 (?)

41,858

50,060

65,066

25,229

31,595

EBITDA/Employee2 (?)

52,441

60,719

77,116

41,478

52,599

 

 

 

 

 

 

Profitability

Gross Margin (?)

36.63%

35.93%

40.66%

35.27%

32.33%

Operating Margin (?)

18.28%

18.83%

27.32%

14.35%

13.69%

EBITDA Margin (?)

22.91%

22.84%

32.38%

23.59%

22.79%

EBIT Margin (?)

18.28%

18.83%

27.32%

14.35%

13.69%

Pretax Margin (?)

18.92%

20.05%

29.00%

16.33%

14.50%

Net Profit Margin (?)

12.32%

11.36%

18.36%

9.79%

9.30%

R&D Expense/Revenue (?)

1.33%

0.73%

1.23%

1.46%

2.03%

COGS/Revenue (?)

63.37%

64.07%

59.34%

64.73%

67.67%

SG&A Expense/Revenue (?)

15.97%

15.48%

14.77%

16.49%

15.20%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

7.01%

6.64%

10.96%

4.35%

5.92%

Return on Equity (?)

8.56%

8.46%

14.83%

6.98%

9.93%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.91

2.05

2.72

2.73

2.19

Operating Cash Flow/Share 2 (?)

1.76

2.19

2.81

2.92

3.36

1-ExchangeRate: JPY to USD Period End Date

91.069435

76.317126

81.93

90.655

89.58

2-ExchangeRate: JPY to USD Average for Period

91.069435

76.317126

81.93

90.655

89.58

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

17.79

Market Cap/Equity (MRQ) (?)

0.90

Market Cap/Revenue (TTM) (?)

1.63

Market Cap/EBIT (TTM) (?)

12.29

Market Cap/EBITDA (TTM) (?)

8.83

Enterprise Value/Earnings (TTM) (?)

5.90

Enterprise Value/Equity (MRQ) (?)

0.30

Enterprise Value/Revenue (TTM) (?)

0.54

Enterprise Value/EBIT (TTM) (?)

4.08

Enterprise Value/EBITDA (TTM) (?)

2.93


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.29

UK Pound

1

Rs.101.36

Euro

1

Rs.84.59

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.