MIRA INFORM REPORT

 

 

Report Date :

18.11.2013

 

IDENTIFICATION DETAILS

 

Name :

NAGAHORI CORPORATION 

 

 

Registered Office :

1-15-3, Ueno, Taito-Ku, 110-8546

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

19.06.1962

 

 

Legal Form :

Public Parent Company

 

 

LINE OF BUSINESS :

MANUFACTURER, PURCHASE AND SALE OF JEWELRY GOODS SUCH AS RINGS, NECKLACES, EARRINGS, BRACELETS, PENDANTS, ENGAGEMENT RINGS AND MARRIAGE RINGS.

 

 

No. of Employees :

644

 

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 & address

 

NAGAHORI CORPORATION

1-15-3, Ueno

Taito-Ku, 110-8546

Japan

Tel:       81-3-38364711

Fax:      81-3-38371389

Web:     www.nagahori.co.jp

 

           

Synthesis

 

Employees:                 644

Company Type:             Public Parent

Corporate Family:          3 Companies

Traded:                         Tokyo Stock Exchange: 8139

Incorporation Date:        19-Jun-1962

Auditor:                       Nihombashi Corporation           

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2013

Reporting Currency:       Japanese Yen

Annual Sales:               175.3  1

Net Income:                  2.2

Total Assets:                 245.7  2

Market Value:               40.2 (05-Jul-2013)

 

 

Business Description     

 

NAGAHORI CORPORATION is a Japan-based company mainly engaged in the manufacture, purchase and sale of jewelry goods. The Company provides rings, necklaces, earrings, bracelets, pendants, engagement rings and marriage rings under the names Royal ASSCHER Diamond, arut., REPOSSI, BUCCELLATI, YUKI TORII, Private Label, Disney, Hana-Kaido, Scavia, Only You and UGO CORREANI, among others. In addition, the Company is engaged in the leasing of real estate, and the operation of its health brands. Through its subsidiary, the Company is also engaged in the operation of brand shops in department stores. As of March 31, 2012, the Company had five consolidated subsidiaries. On May 31, 2012, the Company established a new wholly owned subsidiary, NAGAHORI (HK) Co. Limited., engaged in the wholesale of jewelry in Hong Kong and Taiwan markets in Hong Kong, China. On January 29, 2013, the Company acquired a 100% stake of a Tokyo-based company. For the fiscal year ended 31 March 2013, NAGAHORI CORPORATION revenues decreased 2% to Y14.54B. Net income decreased 28% to Y182.8M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects SP Impairment Loss increase from Y352K to Y132.5M (expense), Other Selling/General/Admin. Expense increase of 3% to Y2.44B (expense).

 

Industry            

Industry           Jewelry and Silverware

ANZSIC 2006:   2591 - Jewellery and Silverware Manufacturing

NACE 2002:      3622 - Manufacture of jewellery and related articles not elsewhere classified

NAICS 2002:     339911 - Jewelry (except Costume) Manufacturing

UK SIC 2003:    3622 - Manufacture of jewellery and related articles not elsewhere classified

UK SIC 2007:    3212 - Manufacture of jewellery and related articles

US SIC 1987:    3911 - Jewelry, Precious Metal

 

           

Key Executives   

 

Name

Title

Keita Nagahori

President, President & Chairman of Subsidiaries, Representative Director

Kaoru Tabata

Managing Director, Chief Director of Administration

Yasuaki Sakuma

Senior Managing Director, Representative Director

Fumihiko Shirakawa

Director of Jewelry Business, Director

Ryoji Takada

Director of Product Management in Jewelry Business Unit, Director

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

1

NAGAHORI CORP to Acquire SJ Jewelry Corporation from mitsuiwa corporation; Lowers Consolidated Full-year Outlook for FY 2013

29-Jan-2013

Negative Earnings Pre-Announcement

1

NAGAHORI CORP Lowers Consolidated Mid-year Outlook for FY 2013

31-Oct-2012

Share Repurchases

2

NAGAHORI CORP Completes Share Repurchase

2-Apr-2013

 

* number of significant developments within the last 12 months             

 

 

News  

 

 

Title

Date

NAGAHORI CORP to Acquire SJ Jewelry Corporation from mitsuiwa corporation; Lowers Consolidated Full-year Outlook for FY 2013 UK (117 Words)

29-Jan-2013

 

 

Financial Summary  

 

 

As of 31-Mar-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.06

3.95

Quick Ratio (MRQ)

0.61

2.04

Debt to Equity (MRQ)

0.41

0.03

Sales 5 Year Growth

-3.32

9.49

Net Profit Margin (TTM) %

1.26

6.31

Return on Assets (TTM) %

0.82

12.35

Return on Equity (TTM) %

1.30

20.94

 

 

Stock Snapshot

             

 

Traded: Tokyo Stock Exchange: 8139

 

As of 5-Jul-2013

   Financials in: JPY

Recent Price

240.00

EPS

16.71

52 Week High

279.00

Price/Sales

0.28

52 Week Low

176.00

Dividend Rate

10.00

Avg. Volume (mil)

0.02

Price/Earnings

20.98

Market Value (mil)

4,025.61

Price/Book

0.26

Beta

0.93

Price % Change

Rel S&P 500%

4 Week

8.60%

-3.42%

13 Week

-3.61%

-13.53%

52 Week

24.35%

-18.77%

Year to Date

21.21%

-12.32%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855

 

Corporate Overview

 

Location

1-15-3, Ueno

Taito-Ku, 110-8546

Japan

Tel:       81-3-38364711

Fax:      81-3-38371389

Web:    www.nagahori.co.jp

           


 

Quote Symbol - Exchange

8139 - Tokyo Stock Exchange

Sales JPY(mil):             14,544.0

Assets JPY(mil):           23,116.5

Employees:                  644

Fiscal Year End:            31-Mar-2013

Industry:                       Jewelry and Silverware

Incorporation Date:        19-Jun-1962

Company Type:             Public Parent

Quoted Status:              Quoted

 

President, President & Chairman of Subsidiaries, Representative Director:

Keita Nagahori

 

Industry Codes

ANZSIC 2006 Codes:

2591     -          Jewellery and Silverware Manufacturing

6640     -          Non-Financial Intangible Assets (Except Copyrights) Leasing

3732     -          Jewellery and Watch Wholesaling

6712     -          Non-Residential Property Operators

4253     -          Watch and Jewellery Retailing

 

NACE 2002 Codes:

3622     -          Manufacture of jewellery and related articles not elsewhere classified

7020     -          Letting of own property

6523     -          Other financial intermediation not elsewhere classified

5248     -          Other retail sale in specialised stores

5147     -          Wholesale of other household goods

 

NAICS 2002 Codes:

339911  -          Jewelry (except Costume) Manufacturing

448310  -          Jewelry Stores

531120  -          Lessors of Nonresidential Buildings (except Miniwarehouses)

533110  -          Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)

423940  -          Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

 

US SIC 1987:

3911     -          Jewelry, Precious Metal

6794     -          Patent Owners and Lessors

6512     -          Operators of Nonresidential Buildings

5094     -          Jewelry, Watches, Precious Stones, and Precious Metals

5944     -          Jewelry Stores

 

UK SIC 2003:

3622     -          Manufacture of jewellery and related articles not elsewhere classified

51473   -          Wholesale of jewellery

70209   -          Other letting of own property

52484   -          Retail sale of jewellery, clocks and watches

6523     -          Other financial intermediation not elsewhere classified

 

UK SIC 2007:

3212     -          Manufacture of jewellery and related articles

4648     -          Wholesale of watches and jewellery

68209   -          Letting and operating of own or leased real estate (other than Housing Association real estate and conference and exhibition services) n.e.c.

6499     -          Other financial service activities, except insurance and pension funding, n.e.c.

4777     -          Retail sale of watches and jewellery in specialised stores

 

Business Description

NAGAHORI CORPORATION is a Japan-based company mainly engaged in the manufacture, purchase and sale of jewelry goods. The Company provides rings, necklaces, earrings, bracelets, pendants, engagement rings and marriage rings under the names Royal ASSCHER Diamond, arut., REPOSSI, BUCCELLATI, YUKI TORII, Private Label, Disney, Hana-Kaido, Scavia, Only You and UGO CORREANI, among others. In addition, the Company is engaged in the leasing of real estate, and the operation of its health brands. Through its subsidiary, the Company is also engaged in the operation of brand shops in department stores. As of March 31, 2012, the Company had five consolidated subsidiaries. On May 31, 2012, the Company established a new wholly owned subsidiary, NAGAHORI (HK) Co. Limited., engaged in the wholesale of jewelry in Hong Kong and Taiwan markets in Hong Kong, China. On January 29, 2013, the Company acquired a 100% stake of a Tokyo-based company. For the fiscal year ended 31 March 2013, NAGAHORI CORPORATION revenues decreased 2% to Y14.54B. Net income decreased 28% to Y182.8M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects SP Impairment Loss increase from Y352K to Y132.5M (expense), Other Selling/General/Admin. Expense increase of 3% to Y2.44B (expense).

 

More Business Descriptions

Wholesale trade in jewellery, diamonds and precious stones

 

Trading Companies

 

Financial Data

Financials in:

JPY(mil)

Revenue:

14,544.0

Net Income:

182.8

Assets:

23,116.5

Long Term Debt:

483.6

Total Liabilities:

9,083.9

Working Capital:

8.7

Date of Financial Data:

31-Mar-2013

1 Year Growth

-2.2%

-28.2%

8.2%

\\vivek\Raw Foreign Reports\NAGAHORI CORPORATION.htm - _Top116755

Market Data

Quote Symbol:

8139

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

240.0

Stock Price Date:

07-05-2013

52 Week Price Change %:

24.4

Market Value (mil):

4,025,610.0

SEDOL:

6619916

ISIN:

JP3648600009

Equity and Dept Distribution:

FY'99-FY'02 all and FY'05 Q2 WAS were estimated. FY'04-07 Q1&Q3 WAS, DPS, and O/S were estimated.FY'08 Q1 & Q3 WAS was estimated and used as o/s. 12/2007, Name changed from NAGAHORI CORP.

Shareholders

 

Major Shareholders

MF Nagahori Co (11.2%); Company's Trust Stock (7.1%)

Key Corporate Relationships

Auditor:

Nihombashi Corporation

Auditor:

Nihombashi Corporation

 

 

 

 

Corporate Family

Corporate Structure News:

NAGAHORI CORPORATION

NAGAHORI CORPORATION 
Total Corporate Family Members: 3 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

NAGAHORI CORPORATION

Parent

Taito-Ku

Japan

Jewelry and Silverware

175.3

644

 

S J Jewelry Corporation

Subsidiary

Taito-Ku, Tokyo

Japan

Jewelry and Silverware

52.0

 

Nicolo Polo Co.,Ltd.

Subsidiary

Taito-Ku, Tokyo

Japan

Retail (Specialty)

31.6

 

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

 

Keita Nagahori

President, President & Chairman of Subsidiaries, Representative Director

Director/Board Member

 

Biography:

Mr. Keita Nagahori has been serving as President and Representative Director in NAGAHORI CORPORATION, as well as President and Representative Director in two subsidiaries, and Chairman of the Board in a Shenzhen-based subsidiary, since July 2011. He is also serving as Director in other two subsidiaries. He joined the Company in March 1993. His previous titles include Managing Director, Chief Director of Products, Director of Second Products, Manager of President's Office, Director of Products and Director. He used to work for a company that is under the new name Resona Bank, Limited.

Age: 50

Koso Nakashiki

Director

Director/Board Member

Biography:

Mr. Koso Nakashiki has been serving as Director in NAGAHORI CORPORATION since June 2001. He is also serving as Senior Managing Director and Plant Manager in a subsidiary. He used to work for Sailor Corporation.

Age: 65

Yasuaki Sakuma

Senior Managing Director, Representative Director

Director/Board Member

Biography:

Mr. Yasuaki Sakuma has been serving as Senior Managing Director and Representative Director in NAGAHORI CORPORATION since April 1, 2011. He joined the Company in June 1977. His previous titles include Director of Fashion Jewelry, Director of Products, Deputy Chief Director of Sales, Managing Director, Director of Jewelry Business and Director of the Tokyo Metropolitan Area Sales. Mr. Sakuma obtained his Bachelor's degree in Law from Keio University in 1972.

Age: 65

Education:

Keio University, B (Law)

Fumihiko Shirakawa

Director of Jewelry Business, Director

Director/Board Member

Biography:

Mr. Fumihiko Shirakawa has been serving as Director of Jewelry Business and Director in NAGAHORI CORPORATION since June 2011. He joined the Company in April 1988 and used to serve as Director of 1st Product, Director of Brand Business and Executive Officer.

Age: 47

Kaoru Tabata

Managing Director, Chief Director of Administration

Director/Board Member

Biography:

Mr. Kaoru Tabata has been serving as Managing Director and Chief Director of Administration in NAGAHORI CORPORATION since October 1, 2011. His previous titles include Director of 2nd Sales and and Director of General Affairs. He used to work for a company that is under the new name Resona Bank, Limited.

Age: 60

Ryoji Takada

Director of Product Management in Jewelry Business Unit, Director

Director/Board Member

Biography:

Mr. Ryoji Takada has been serving as Director of Product Management in Jewelry Business Unit and Director in NAGAHORI CORPORATION since April 1, 2012. He joined the Company in April 1979. His previous titles include Plant Manager and Director of Production Business. He used to work in Sanyei (Deutschland) GmbH.

Age: 57

 

 

 

Executives

 

Name

Title

Function

 

Keita Nagahori

President, President & Chairman of Subsidiaries, Representative Director

President

 

Biography:

Mr. Keita Nagahori has been serving as President and Representative Director in NAGAHORI CORPORATION, as well as President and Representative Director in two subsidiaries, and Chairman of the Board in a Shenzhen-based subsidiary, since July 2011. He is also serving as Director in other two subsidiaries. He joined the Company in March 1993. His previous titles include Managing Director, Chief Director of Products, Director of Second Products, Manager of President's Office, Director of Products and Director. He used to work for a company that is under the new name Resona Bank, Limited.

Age: 50

Toshiaki Chikanishi

Executive Officer, Director of General Affairs in Main Administration Unit, Director of Business Planning

Division Head Executive

Manabu Sato

Executive Officer, Director of Production Business, Plant Manager

Division Head Executive

Masaji Seki

Executive Officer, Director of Large-Sized Store Business

Division Head Executive

Rieko Wakusawa

Executive Officer, Director of Business Planning

Division Head Executive

Yasuaki Sakuma

Senior Managing Director, Representative Director

Managing Director

Biography:

Mr. Yasuaki Sakuma has been serving as Senior Managing Director and Representative Director in NAGAHORI CORPORATION since April 1, 2011. He joined the Company in June 1977. His previous titles include Director of Fashion Jewelry, Director of Products, Deputy Chief Director of Sales, Managing Director, Director of Jewelry Business and Director of the Tokyo Metropolitan Area Sales. Mr. Sakuma obtained his Bachelor's degree in Law from Keio University in 1972.

Age: 65

Education:

Keio University, B (Law)

Kaoru Tabata

Managing Director, Chief Director of Administration

Managing Director

Biography:

Mr. Kaoru Tabata has been serving as Managing Director and Chief Director of Administration in NAGAHORI CORPORATION since October 1, 2011. His previous titles include Director of 2nd Sales and and Director of General Affairs. He used to work for a company that is under the new name Resona Bank, Limited.

Age: 60

 

 

Significant Developments

 

NAGAHORI CORP Completes Share Repurchase Apr 02, 2013

 

NAGAHORI CORP announced that it has completed the share repurchase disclosed on February 1, 2013. The Company has repurchased 230,000 shares of its common stock, for JPY 54,714,000 in total, during the period from February 4, 2013 to March 29, 2013.

 

NAGAHORI CORP to Repurchase Shares Feb 01, 2013

 

NAGAHORI CORP announced that it has decided to repurchase up to 500,000 shares (3.21% stake) of its common stock for JPY 150,000,000 in total, during the period from February 4, 2013 to March 29, 2013.

 

NAGAHORI CORP to Acquire SJ Jewelry Corporation from mitsuiwa corporation; Lowers Consolidated Full-year Outlook for FY 2013 Jan 29, 2013

 

NAGAHORI CORP announced that it has decided to acquire 622,000 shares (a 100% stake) of SJ Jewelry Corporation's stock from mitsuiwa corporation, effective January 29, 2013. The transaction amount is not disclosed. The Company also announced that it has lowered the consolidated full-year outlook for revenue from JPY 15,100 million to JPY 14,540 million, operating profit from JPY 720 million to JPY 450 million, ordinary profit from JPY 590 million to JPY 400 million, net profit from JPY 290 million to JPY 160 million and earning per share from JPY 18.63 to JPY 10.28 for the fiscal year ending March 31, 2013. The negative outlook is mainly due to less-than-expected sales and increase of costs.

 

NAGAHORI CORP Lowers Consolidated Mid-year Outlook for FY 2013 Oct 31, 2012

 

NAGAHORI CORP announced that it has lowered the consolidated mid-year outlook for revenue from JPY 7,100 million to JPY 6,827 million, operating profit from JPY 230 million to JPY 122 million, ordinary profit from JPY 190 million to JPY 117 million, net profit from JPY 95 million to JPY 11 million and earning per share from JPY 6.10 to JPY 0.76 for the fiscal year ending March 31, 2013. The negative outlook is mainly due to less-than-expected sales.

 

 

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 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

175.3

188.4

174.0

159.9

150.4

Revenue

175.3

188.4

174.0

159.9

150.4

Total Revenue

175.3

188.4

174.0

159.9

150.4

 

 

 

 

 

 

    Cost of Revenue

102.3

112.1

105.6

97.3

99.4

Cost of Revenue, Total

102.3

112.1

105.6

97.3

99.4

Gross Profit

73.0

76.3

68.4

62.6

51.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

35.4

36.1

33.9

29.6

25.4

    Labor & Related Expense

24.7

25.0

23.5

21.0

19.7

    Advertising Expense

5.7

5.8

5.8

5.5

5.2

Total Selling/General/Administrative Expenses

65.8

66.9

63.2

56.1

50.3

    Depreciation

1.4

1.5

1.3

1.1

1.0

    Amortization of Acquisition Costs

-

-

0.0

0.0

0.0

Depreciation/Amortization

1.4

1.5

1.3

1.1

1.0

    Impairment-Assets Held for Use

1.6

0.0

0.4

0.0

-

    Impairment-Assets Held for Sale

0.1

0.0

0.0

0.0

2.2

    Other Unusual Expense (Income)

-0.3

0.2

0.3

0.3

0.5

Unusual Expense (Income)

1.4

0.2

0.7

0.3

2.7

    Other Operating Expense

0.0

0.0

-

-

-

Other Operating Expenses, Total

0.0

0.0

-

-

-

Total Operating Expense

170.8

180.7

170.8

154.8

153.4

 

 

 

 

 

 

Operating Income

4.4

7.7

3.2

5.1

-3.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.0

-1.2

-1.3

-1.4

-1.3

    Interest Expense, Net Non-Operating

-1.0

-1.2

-1.3

-1.4

-1.3

        Interest Income - Non-Operating

0.0

0.0

0.0

0.1

0.0

        Investment Income - Non-Operating

0.5

0.3

-0.1

-0.8

-0.4

    Interest/Investment Income - Non-Operating

0.6

0.3

-0.1

-0.8

-0.3

Interest Income (Expense) - Net Non-Operating Total

-0.4

-0.8

-1.4

-2.2

-1.7

Gain (Loss) on Sale of Assets

-0.3

-0.2

-0.7

-0.7

-0.1

    Other Non-Operating Income (Expense)

0.2

0.0

0.3

-0.1

0.3

Other, Net

0.2

0.0

0.3

-0.1

0.3

Income Before Tax

4.0

6.8

1.3

2.2

-4.5

 

 

 

 

 

 

Total Income Tax

1.8

3.5

0.3

1.2

1.1

Income After Tax

2.2

3.2

1.0

1.0

-5.6

 

 

 

 

 

 

    Minority Interest

-

0.0

-0.2

-0.2

-0.1

Net Income Before Extraord Items

2.2

3.2

0.9

0.8

-5.7

Net Income

2.2

3.2

0.9

0.8

-5.7

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-

-

0.0

0.0

0.0

Total Adjustments to Net Income

-

-

0.0

0.0

0.0

Income Available to Common Excl Extraord Items

2.2

3.2

0.9

0.8

-5.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

2.2

3.2

0.9

0.8

-5.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

15.5

15.6

15.6

15.6

15.8

Basic EPS Excl Extraord Items

0.14

0.21

0.06

0.05

-0.36

Basic/Primary EPS Incl Extraord Items

0.14

0.21

0.06

0.05

-0.36

Dilution Adjustment

-

-

0.0

0.0

0.0

Diluted Net Income

2.2

3.2

0.9

0.8

-5.7

Diluted Weighted Average Shares

15.5

15.6

15.6

15.6

15.8

Diluted EPS Excl Extraord Items

0.14

0.21

0.06

0.05

-0.36

Diluted EPS Incl Extraord Items

0.14

0.21

0.06

0.05

-0.36

Dividends per Share - Common Stock Primary Issue

0.12

0.13

0.12

0.11

0.10

Gross Dividends - Common Stock

1.9

2.0

1.8

1.7

1.6

Interest Expense, Supplemental

1.0

1.2

1.3

1.4

1.3

Depreciation, Supplemental

2.8

3.2

2.9

2.5

2.4

Total Special Items

1.7

0.3

1.5

1.0

2.9

Normalized Income Before Tax

5.6

7.1

2.8

3.1

-1.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.7

0.2

0.3

0.5

1.0

Inc Tax Ex Impact of Sp Items

2.5

3.7

0.6

1.7

2.1

Normalized Income After Tax

3.1

3.4

2.2

1.4

-3.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.1

3.4

2.0

1.2

-3.9

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.22

0.13

0.08

-0.25

Diluted Normalized EPS

0.20

0.22

0.13

0.08

-0.25

Amort of Acquisition Costs, Supplemental

-

-

0.0

0.0

0.0

Advertising Expense, Supplemental

5.7

5.8

5.8

5.5

5.2

Research & Development Exp, Supplemental

0.5

0.5

0.6

0.6

0.7

Reported Operating Profit

5.8

7.9

3.9

5.4

1.0

Reported Ordinary Profit

5.4

6.9

2.6

3.0

-1.0

Normalized EBIT

5.8

7.9

3.9

5.4

-0.3

Normalized EBITDA

8.6

11.1

6.8

7.8

2.1

    Current Tax - Total

2.9

1.5

-

-

-

Current Tax - Total

2.9

1.5

-

-

-

    Deferred Tax - Total

-1.1

2.0

-

-

-

Deferred Tax - Total

-1.1

2.0

-

-

-

Income Tax - Total

1.8

3.5

-

-

-

Service Cost - Domestic

-

0.6

0.7

0.7

0.7

Expected Return on Assets - Domestic

-

0.0

0.0

0.0

0.0

Other Pension, Net - Domestic

-

0.2

0.2

0.2

0.2

Domestic Pension Plan Expense

-

0.8

0.8

0.8

0.8

Total Pension Expense

-

0.8

0.8

0.8

0.8

Total Plan Service Cost

-

0.6

0.7

0.7

0.7

Total Plan Expected Return

-

0.0

0.0

0.0

0.0

Total Plan Other Expense

-

0.2

0.2

0.2

0.2

 

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 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

21.4

24.6

19.0

17.1

18.2

Cash and Short Term Investments

21.4

24.6

19.0

17.1

18.2

        Accounts Receivable - Trade, Gross

24.3

21.8

18.4

21.1

16.8

        Provision for Doubtful Accounts

-0.5

-0.5

-0.5

-0.6

-0.5

    Trade Accounts Receivable - Net

23.9

21.3

17.9

20.6

16.2

Total Receivables, Net

23.9

21.3

17.9

20.6

16.2

    Inventories - Finished Goods

111.3

122.5

126.3

115.3

110.1

    Inventories - Work In Progress

3.2

3.1

5.2

6.1

3.3

    Inventories - Raw Materials

5.8

4.0

4.5

3.3

4.0

Total Inventory

120.2

129.6

136.0

124.7

117.4

    Deferred Income Tax - Current Asset

2.4

1.5

2.5

1.5

1.7

    Other Current Assets

2.5

1.7

2.6

3.1

1.6

Other Current Assets, Total

4.9

3.2

5.1

4.6

3.3

Total Current Assets

170.4

178.7

178.0

167.1

155.2

 

 

 

 

 

 

        Buildings

31.9

35.6

35.0

32.1

32.1

        Land/Improvements

37.0

38.0

37.8

33.9

32.2

        Machinery/Equipment

17.0

19.4

18.8

16.4

14.9

        Construction in Progress

0.2

-

-

-

-

        Other Property/Plant/Equipment

9.6

10.0

10.0

9.0

6.8

    Property/Plant/Equipment - Gross

95.7

103.0

101.6

91.5

86.0

    Accumulated Depreciation

-44.8

-49.0

-46.5

-40.9

-37.8

Property/Plant/Equipment - Net

50.9

53.9

55.1

50.6

48.2

Intangibles, Net

1.5

1.5

1.9

1.0

1.2

    LT Investments - Other

10.7

10.2

8.2

6.8

7.3

Long Term Investments

10.7

10.2

8.2

6.8

7.3

Note Receivable - Long Term

2.5

2.8

3.3

3.0

2.9

    Deferred Income Tax - Long Term Asset

0.3

1.0

2.3

2.0

2.5

    Other Long Term Assets

9.4

11.3

11.9

13.5

10.9

Other Long Term Assets, Total

9.7

12.2

14.2

15.5

13.4

Total Assets

245.7

259.4

260.6

243.9

228.1

 

 

 

 

 

 

Accounts Payable

15.8

11.7

10.6

10.2

5.9

Accrued Expenses

1.6

1.5

1.1

0.9

1.0

Notes Payable/Short Term Debt

54.2

58.2

64.4

64.1

64.8

Current Portion - Long Term Debt/Capital Leases

2.4

1.3

1.4

1.5

0.2

    Income Taxes Payable

2.2

1.4

0.7

0.7

0.2

    Other Current Liabilities

6.3

5.5

5.4

5.3

4.4

Other Current liabilities, Total

8.5

6.9

6.1

6.0

4.6

Total Current Liabilities

82.6

79.6

83.5

82.8

76.5

 

 

 

 

 

 

    Long Term Debt

5.1

1.8

2.4

3.6

0.0

    Capital Lease Obligations

-

0.2

0.5

0.4

0.0

Total Long Term Debt

5.1

2.0

2.9

4.0

0.0

Total Debt

61.8

61.6

68.7

69.6

65.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.6

0.7

0.8

0.7

0.7

Deferred Income Tax

0.6

0.7

0.8

0.7

0.7

Minority Interest

-

0.0

0.0

0.6

0.4

    Pension Benefits - Underfunded

6.7

6.4

6.4

5.2

6.9

    Other Long Term Liabilities

1.5

0.6

0.9

0.9

1.7

Other Liabilities, Total

8.2

6.9

7.3

6.0

8.6

Total Liabilities

96.5

89.3

94.4

94.1

86.2

 

 

 

 

 

 

    Common Stock

56.6

64.6

64.2

57.0

53.9

Common Stock

56.6

64.6

64.2

57.0

53.9

Additional Paid-In Capital

66.7

76.2

75.7

67.2

63.5

Retained Earnings (Accumulated Deficit)

39.5

45.7

43.3

41.1

39.0

Treasury Stock - Common

-5.1

-5.2

-5.1

-4.5

-4.0

Unrealized Gain (Loss)

-8.7

-11.2

-11.9

-10.9

-10.6

    Translation Adjustment

0.2

0.0

0.0

-

-

    Other Equity

0.0

0.0

-

-

-

Other Equity, Total

0.2

0.0

0.0

-

-

Total Equity

149.1

170.1

166.2

149.8

141.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

245.7

259.4

260.6

243.9

228.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

15.3

15.6

15.6

15.6

15.7

Total Common Shares Outstanding

15.3

15.6

15.6

15.6

15.7

Treasury Shares - Common Stock Primary Issue

1.4

1.2

1.2

1.2

1.0

Employees

-

644

635

653

507

Number of Common Shareholders

-

1,544

1,286

1,274

1,289

Total Long Term Debt, Supplemental

-

2.9

3.6

4.9

0.2

Long Term Debt Maturing within 1 Year

-

1.1

1.2

1.4

0.2

Long Term Debt Maturing in Year 2

-

0.9

0.9

1.2

0.0

Long Term Debt Maturing in Year 3

-

0.7

0.8

0.8

-

Long Term Debt Maturing in Year 4

-

0.2

0.6

0.7

-

Long Term Debt Maturing in Year 5

-

0.0

0.1

0.6

-

Long Term Debt Maturing in 2-3 Years

-

1.6

1.7

2.1

0.0

Long Term Debt Maturing in 4-5 Years

-

0.3

0.7

1.3

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

0.2

0.0

Total Capital Leases, Supplemental

-

0.5

0.7

0.6

-

Capital Lease Payments Due in Year 1

-

0.3

0.3

0.2

-

Capital Lease Payments Due in Year 2

-

0.1

0.3

0.2

-

Capital Lease Payments Due in Year 3

-

0.0

0.1

0.2

-

Capital Lease Payments Due in Year 4

-

0.0

0.0

0.1

-

Capital Lease Payments Due in Year 5

-

-

0.0

-

-

Capital Lease Payments Due in 2-3 Years

-

0.2

0.4

0.3

-

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

-

4.6

4.3

4.0

3.5

Plan Assets - Domestic

-

0.0

0.0

0.5

0.5

Funded Status - Domestic

-

-4.6

-4.3

-3.6

-3.0

Total Funded Status

-

-4.6

-4.3

-3.6

-3.0

Accrued Liabilities - Domestic

-

-4.6

-4.3

-3.6

-3.0

Net Assets Recognized on Balance Sheet

-

-4.6

-4.3

-3.6

-3.0

Total Plan Obligations

-

4.6

4.3

4.0

3.5

Total Plan Assets

-

0.0

0.0

0.5

0.5

 

spacebar

 

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 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

4.0

6.8

1.3

2.2

-4.5

    Depreciation

2.8

3.2

2.9

2.5

2.4

Depreciation/Depletion

2.8

3.2

2.9

2.5

2.4

    Unusual Items

1.2

0.0

0.8

0.7

1.8

    Equity in Net Earnings (Loss)

-

-

0.0

0.3

0.3

    Other Non-Cash Items

1.4

1.0

1.4

-0.9

1.2

Non-Cash Items

2.6

0.9

2.2

0.1

3.3

    Accounts Receivable

0.3

-3.8

4.9

-2.1

6.9

    Inventories

3.6

7.5

4.5

10.8

6.1

    Accounts Payable

-1.8

2.0

-1.1

0.0

-1.6

    Other Operating Cash Flow

-3.4

0.6

-2.5

-0.9

-0.2

Changes in Working Capital

-1.3

6.2

5.8

7.8

11.2

Cash from Operating Activities

8.1

17.2

12.2

12.5

12.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-8.1

-1.2

-1.7

-1.1

-0.6

    Purchase/Acquisition of Intangibles

-0.5

-0.9

-0.3

-0.1

-0.6

Capital Expenditures

-8.6

-2.1

-2.1

-1.2

-1.2

    Sale of Business

0.1

-

-

-

-

    Sale of Fixed Assets

-

0.0

0.2

0.4

0.1

    Sale/Maturity of Investment

1.7

0.1

1.2

4.2

0.6

    Purchase of Investments

-1.7

-2.6

-2.2

-1.5

-2.2

    Other Investing Cash Flow

0.4

0.9

2.9

2.6

0.8

Other Investing Cash Flow Items, Total

0.5

-1.6

2.1

5.7

-0.7

Cash from Investing Activities

-8.2

-3.7

0.1

4.5

-1.9

 

 

 

 

 

 

    Other Financing Cash Flow

-0.3

-0.3

-0.3

-0.1

0.0

Financing Cash Flow Items

-0.3

-0.3

-0.3

-0.1

0.0

    Cash Dividends Paid - Common

-2.8

-1.0

-2.7

-0.8

-1.6

Total Cash Dividends Paid

-2.8

-1.0

-2.7

-0.8

-1.6

        Repurchase/Retirement of Common

-0.7

0.0

0.0

-0.4

-0.2

    Common Stock, Net

-0.7

0.0

0.0

-0.4

-0.2

Issuance (Retirement) of Stock, Net

-0.7

0.0

0.0

-0.4

-0.2

    Short Term Debt, Net

-2.1

-6.8

-7.6

-14.9

-5.7

        Long Term Debt Issued

8.3

0.5

0.0

3.2

0.0

        Long Term Debt Reduction

-3.0

-1.3

-1.9

-3.4

-0.6

    Long Term Debt, Net

5.4

-0.8

-1.9

-0.2

-0.6

Issuance (Retirement) of Debt, Net

3.3

-7.6

-9.6

-15.1

-6.3

Cash from Financing Activities

-0.5

-8.8

-12.6

-16.4

-8.1

 

 

 

 

 

 

Foreign Exchange Effects

0.1

0.0

0.0

0.0

0.0

Net Change in Cash

-0.4

4.7

-0.3

0.6

2.3

 

 

 

 

 

 

Net Cash - Beginning Balance

23.4

20.0

18.7

16.7

13.1

Net Cash - Ending Balance

23.0

24.6

18.4

17.2

15.4

Cash Interest Paid

0.9

1.1

1.3

1.4

1.3

Cash Taxes Paid

1.9

0.8

1.2

0.0

0.5

 

 

 

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 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

175.3

188.4

174.0

159.9

150.4

Total Revenue

175.3

188.4

174.0

159.9

150.4

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

0.0

-

-

-

    Total

102.3

112.1

105.6

97.3

98.2

    Other Selling/General/Admin. Expense

29.4

30.1

-

-

-

    Depreciation expenses

1.4

1.5

1.3

1.1

1.0

    Provision Of Reserve For Director' Bonus

0.2

0.1

-

-

-

    Prov. for bonuses

1.1

1.1

0.9

0.5

0.7

    Periodic retir. benefit costs

0.5

0.5

0.6

0.5

0.5

    Commission Expenses

0.9

1.0

0.8

0.8

0.9

    Sales Promotion Expense

5.7

5.8

5.8

5.5

5.2

    Selling Expense

3.2

3.0

2.7

2.2

1.9

    Traveling Expense

1.8

2.0

1.8

1.6

1.6

    Payrolls

21.5

21.9

20.6

19.2

16.1

    Bonuses

1.2

1.3

1.2

0.6

1.5

    Provision for Directors' Bonuses

-

-

-

-

0.1

    Provision for Doubtful Accounts

0.1

0.1

0.1

0.0

0.3

    Reserve for Officers Retirement

0.2

0.1

0.3

0.2

0.8

    Other Selling & Gen & Admin exp

-

-

28.6

24.9

20.7

    Gain on bargain purchase

-0.5

-

-

-

-

    Rounding adjustment Income Statement

0.0

0.0

-

-

-

    SP Loss-Store Closure

0.2

0.1

0.0

0.2

0.0

    SP Reval.Inventory

-

-

-

0.0

1.3

    SP L on adj. for changes of accn. assets

-

0.0

0.2

0.0

-

    SP Revaluation Secs.

0.1

0.0

0.0

0.0

1.8

    SP Impairment Loss

1.6

0.0

0.4

0.0

-

    SP Loss on disaster

0.0

0.1

0.1

0.0

-

    SP Doubtful Acct. Exp.

-

-

-

0.0

0.2

    SP Other Special Losses

-

-

0.0

0.1

0.3

    NOP Amortization of negative goodwill

-

-

0.0

0.0

0.0

    NOP L on Valuation of Derivatives

-

-

-

0.0

0.4

Total Operating Expense

170.8

180.7

170.8

154.8

153.4

 

 

 

 

 

 

    NOP Interest Income

0.0

0.0

0.0

0.1

0.0

    Foreign exchange gains

0.3

0.1

-

-

-

    NOP Dividend Income

0.3

0.2

0.1

0.1

0.2

    NOP Gain Equity Method

-

-

-

-

0.0

    NOP Sale Gain-Investment Security

0.0

0.0

-

0.0

0.0

    NOP Exchange Gain

-

-

0.0

-

-

    L On Sales And RetirOf Noncorro Assets

-0.1

0.0

-

-

-

    Other Non-Operating Income (Expense)

0.0

0.0

-

-

-

    NOP Return of cancellation of insurance

0.0

0.0

0.1

0.0

0.2

    NOP Mediation fee income

-

-

-

-

0.0

    NOP Consumption tax waiver

-

-

-

-

0.0

    NOP Other Non-Oper. Income

0.4

0.3

0.4

0.3

0.2

    NOP Int. Expense

-1.0

-1.2

-1.3

-1.4

-1.3

    NOP Loss-Note Sold

-0.1

-0.1

-0.2

-0.1

-0.2

    NOP Foreign Exchange Losses

-

0.0

-0.3

-0.5

-0.3

    NOP L on sales of investment securities

-

-

0.0

-0.1

0.0

    NOP Equity Loss

-

-

0.0

-0.3

-0.3

    NOP Cancel. of Insurance

-

-

0.0

-0.2

0.0

    NOP Other Non-op.Expense

-0.2

-0.2

-0.2

-0.1

-0.1

    SP Sales Gain-Fixed Assets

-

0.0

0.1

0.2

0.1

    L On Sales And RetirOf Noncorro Assets

-

-

-0.7

-0.8

0.0

    SP Gain-Inv. Sec. Sold-Special

-

-

0.0

-

-

    SP L-Sale affil. stocks

-

-

-

-

0.0

Net Income Before Taxes

4.0

6.8

1.3

2.2

-4.5

 

 

 

 

 

 

Total income taxes

1.8

3.5

0.3

1.2

1.1

Net Income After Taxes

2.2

3.2

1.0

1.0

-5.6

 

 

 

 

 

 

    Minority interests in income

-

0.0

-0.2

-0.2

-0.1

Net Income Before Extra. Items

2.2

3.2

0.9

0.8

-5.7

Net Income

2.2

3.2

0.9

0.8

-5.7

 

 

 

 

 

 

    EPS Adjustment

-

-

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

2.2

3.2

0.9

0.8

-5.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

2.2

3.2

0.9

0.8

-5.7

 

 

 

 

 

 

Basic Weighted Average Shares

15.5

15.6

15.6

15.6

15.8

Basic EPS Excluding ExtraOrdinary Items

0.14

0.21

0.06

0.05

-0.36

Basic EPS Including ExtraOrdinary Items

0.14

0.21

0.06

0.05

-0.36

Dilution Adjustment

-

-

0.0

0.0

0.0

Diluted Net Income

2.2

3.2

0.9

0.8

-5.7

Diluted Weighted Average Shares

15.5

15.6

15.6

15.6

15.8

Diluted EPS Excluding ExtraOrd Items

0.14

0.21

0.06

0.05

-0.36

Diluted EPS Including ExtraOrd Items

0.14

0.21

0.06

0.05

-0.36

DPS-Common Stock

0.12

0.13

0.12

0.11

0.10

Gross Dividends - Common Stock

1.9

2.0

1.8

1.7

1.6

Normalized Income Before Taxes

5.6

7.1

2.8

3.1

-1.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.5

3.7

0.6

1.7

2.1

Normalized Income After Taxes

3.1

3.4

2.2

1.4

-3.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.1

3.4

2.0

1.2

-3.9

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.22

0.13

0.08

-0.25

Diluted Normalized EPS

0.20

0.22

0.13

0.08

-0.25

Sales Promotion Expense

5.7

5.8

5.8

5.5

5.2

Interest Expense

1.0

1.2

1.3

1.4

1.3

Depreciation

2.8

3.2

2.9

2.5

2.4

Total Research And Development Expense

0.5

0.5

0.6

0.6

0.7

Amortization Negative Goodwill

-

-

0.0

0.0

0.0

    Income taxes-current

2.9

1.5

-

-

-

Current Tax - Total

2.9

1.5

-

-

-

    Income taxes-deferred

-1.1

2.0

-

-

-

Deferred Tax - Total

-1.1

2.0

-

-

-

Income Tax - Total

1.8

3.5

-

-

-

Reported Operating Profit

5.8

7.9

3.9

5.4

1.0

Reported Ordinary Profit

5.4

6.9

2.6

3.0

-1.0

Service Cost

-

0.6

0.7

0.7

0.7

Actuarial Gains and Losses

-

0.0

0.0

0.0

0.0

Other Pension Cost

-

0.2

0.2

0.2

0.2

Domestic Pension Plan Expense

-

0.8

0.8

0.8

0.8

Total Pension Expense

-

0.8

0.8

0.8

0.8

 

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 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Cash&Deposit

21.4

24.6

19.0

17.1

18.2

    Notes and accounts receivable-trade

24.3

21.8

18.4

21.1

16.8

    Inventories - merchandise&finished goods

111.3

122.5

126.3

115.3

110.1

    Inventories - work-in-process

3.2

3.1

5.2

6.1

3.3

    Inventories - raw materials&suppliers

5.8

4.0

4.5

3.3

4.0

    Dfrd. Tax

2.4

1.5

2.5

1.5

1.7

    Rounding adjustment Assets

0.0

0.0

-

-

-

    Other Cur. Asset

2.5

1.7

2.6

3.1

1.6

    Doubtful Acct.

-0.5

-0.5

-0.5

-0.6

-0.5

Total Current Assets

170.4

178.7

178.0

167.1

155.2

 

 

 

 

 

 

    Buildings & structures, gross

31.9

35.6

35.0

32.1

32.1

    Accumulated depreciation

-22.1

-24.3

-23.1

-20.7

-20.2

    Machinery, equipment and vehicles

17.0

19.4

18.8

16.4

14.9

    Accumulated depreciation(1)

-15.2

-17.1

-16.3

-14.1

-12.8

    Land

37.0

38.0

37.8

33.9

32.2

    Construction in progress

0.2

-

-

-

-

    Other PP&E

9.6

10.0

10.0

9.0

6.8

    Accumulated depreciation(2)

-7.5

-7.6

-7.1

-6.2

-4.9

    Total intangible assets

1.5

1.5

1.9

1.0

1.2

    Investment Secs.

10.7

10.2

8.2

6.8

7.3

    Long-term loans receivable

2.5

2.8

3.3

3.0

2.9

    Deferred tax assets

0.3

1.0

2.3

2.0

2.5

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Total investments and other assets

0.0

-

-

-

-

    Other Long Term Assets

-

0.0

-

-

-

    Other Other Long Term Assets

-

0.0

-

-

-

    Other LT Asset

12.4

14.5

15.0

18.5

15.7

    Doubtful Acct.

-2.9

-3.2

-3.1

-5.1

-4.8

    Property/Plant/Equipment, Total - Net

0.0

0.0

-

-

-

Total Assets

245.7

259.4

260.6

243.9

228.1

 

 

 

 

 

 

    Notes and accounts payable-trade

15.8

11.7

10.6

10.2

5.9

    Short-term loans payable

54.2

58.2

64.4

64.1

64.8

    Current portion of long-term loans payab

2.1

0.6

0.4

0.3

0.2

    Cur.Redmp.Bond

0.3

0.5

0.7

1.0

0.0

    Current Lease

-

0.3

0.3

0.2

0.0

    Tax Payable

2.2

1.4

0.7

0.7

0.2

    Allow.Bonuses

1.5

1.3

1.1

0.8

0.9

    Provision for directors'' bonuses

0.1

0.1

0.0

0.0

0.1

    Rounding adjustment Liability

0.0

0.0

-

-

-

    Other Current Liabilities

6.3

5.5

5.4

5.3

4.4

    Rounding adjustment Liability(1)

-

0.0

-

-

-

Total Current Liabilities

82.6

79.6

83.5

82.8

76.5

 

 

 

 

 

 

    Corp. Bond

0.1

0.5

1.0

1.8

0.0

    Long-term loans payable

5.0

1.3

1.4

1.7

0.0

    Lease

-

0.2

0.5

0.4

0.0

Total Long Term Debt

5.1

2.0

2.9

4.0

0.0

 

 

 

 

 

 

    Accrd. Pension

4.9

4.6

4.3

3.6

3.0

    Provision for directors'' retirement ben

1.8

1.8

2.1

1.6

3.9

    Deferred tax liabilities

0.0

0.0

0.0

0.0

0.0

    Deferred Tax Liabilities Revaluation

0.6

0.7

0.8

0.7

0.7

    Other Long Term Liabilities

0.0

0.0

-

-

-

    Other Liabilities

1.5

0.6

0.9

0.9

1.7

    Minority interests

-

0.0

0.0

0.6

0.4

Total Liabilities

96.5

89.3

94.4

94.1

86.2

 

 

 

 

 

 

    Comm. Stock

56.6

64.6

64.2

57.0

53.9

    Total capital surpluses

66.7

76.2

75.7

67.2

63.5

    Total retained earnings

39.5

45.7

43.3

41.1

39.0

    Treas. Stock

-5.1

-5.2

-5.1

-4.5

-4.0

    Valuation difference on available-for-sa

0.5

-0.8

-1.4

-0.4

-0.5

    Deferred hedge gain/loss

-

0.0

0.0

-0.2

-0.4

    Reval.Excess

-9.2

-10.5

-10.5

-10.3

-9.8

    Foreign currency translation adjustment

0.2

0.0

-

-

-

    Trans. Adjust.

-

-

0.0

-

-

    Other Equity

0.0

0.0

-

-

-

Total Equity

149.1

170.1

166.2

149.8

141.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

245.7

259.4

260.6

243.9

228.1

 

 

 

 

 

 

    S/O-Common Stock

15.3

15.6

15.6

15.6

15.7

Total Common Shares Outstanding

15.3

15.6

15.6

15.6

15.7

T/S-Common Stock

1.4

1.2

1.2

1.2

1.0

Full-Time Employees

-

644

635

653

507

Total Number of Shareholders

-

1,544

-

-

-

Number of Common Shareholders

-

-

1,286

1,274

1,289

Within One Year

-

0.5

-

-

-

Division And End Of Current Period Remai

-

0.6

-

-

-

LT Debt mat. by 1 yr.

-

-

1.2

1.4

0.2

Over One Year And Within Two Years

-

0.4

-

-

-

Lns Pble Maturing over a Yr within 2 Yrs

-

0.5

-

-

-

LT Debt mat. by 2 yr.

-

-

0.9

1.2

0.0

Over Two Years And Within Three Years

-

0.1

-

-

-

Lns Pble Maturg over 2 Yrs within 3 Yrs

-

0.5

-

-

-

LT Debt mat. by 3 yr.

-

-

0.8

0.8

-

Lns Pble Maturg over 3 Yrs within 4 Yrs

-

0.2

-

-

-

LT Debt mat. by 4 yr.

-

-

0.6

0.7

-

Lns Pble Maturg over 4 Yrs within 5 Yrs

-

0.0

-

-

-

LT Debt mat. by 5 yr.

-

0.0

0.1

0.6

-

LT Debt - Remaining Maturities

-

-

-

0.2

-

Total Long Term Debt, Supplemental

-

2.9

3.6

4.9

0.2

Capital Lease Payments Due within 1 Year

-

0.3

0.3

0.2

-

Cap Lease Maturg over a Yr within 2 Yrs

-

0.1

-

-

-

Capital Lease Payments Due in Year 2

-

-

0.3

0.2

-

Cap Lease Maturg over 2 Yr within 3 Yrs

-

0.0

-

-

-

Capital Lease Payments Due in Year 3

-

-

0.1

0.2

-

Cap Lease Maturg over 3 Yr within 4 Yrs

-

0.0

-

-

-

Capital Lease Payments Due in Year 4

-

-

0.0

0.1

-

Capital Lease Payments Due in Year 5

-

-

0.0

-

-

Other Capital Lease-Remaining

-

0.0

-

-

-

Capital Leases - Remaining Maturities

-

-

0.0

0.0

-

Total Capital Leases, Supplemental

-

0.5

0.7

0.6

-

Pension Obligation

-

4.6

4.3

4.0

3.5

Fair Value of Plan Assets

-

0.0

0.0

0.5

0.5

Funded Status

-

-4.6

-4.3

-3.6

-3.0

Total Funded Status

-

-4.6

-4.3

-3.6

-3.0

Reserve for Accrued Retirement Benefits

-

-4.6

-4.3

-3.6

-3.0

Net Assets Recognized on Balance Sheet

-

-4.6

-4.3

-3.6

-3.0

 

 

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 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Nihombashi Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income Before Income Tax

4.0

6.8

1.3

2.2

-4.5

    Depreciation

2.8

3.2

2.9

2.5

2.4

    Impairment loss

1.6

-

-

-

-

    Loss (gain) on sales and retirement of n

0.1

-

-

-

-

    Gain on bargain purchase

-0.5

-

-

-

-

    Loss (gain) on valuation of investment s

-

0.0

0.0

0.0

1.8

    Loss Sale/Reti.Fix.Asset

-

0.0

0.7

0.8

0.1

    Increase (decrease) in allowance for dou

0.1

0.1

-0.1

0.0

0.4

    Increase (decrease) in provision for ret

0.4

0.3

0.3

0.4

0.3

    Increase (decrease) in provision for dir

0.2

-0.3

0.2

-2.5

-0.6

    Int. & Div. Inc.

-0.3

-0.2

-0.1

-0.2

-0.2

    Int. Expense

1.0

1.2

1.3

1.4

1.3

    Gain Equity Method

-

-

0.0

0.3

0.3

    Foreign exchange losses (gains)

0.0

0.0

0.0

0.0

0.0

    L&G on sales of noncurrent assets

-

0.0

-0.1

-0.2

-0.1

    Decrease (increase) in notes and account

0.3

-3.8

4.9

-2.1

6.9

    Decrease (increase) in inventories

3.6

7.5

4.5

10.8

6.1

    Loss (gain) on sales of investment secur

0.0

0.0

0.0

0.1

0.0

    L-Sale affil. stocks

-

-

-

-

0.0

    Loss on adjustment for changes of accoun

-

0.0

0.2

0.0

-

    Increase (decrease) in notes and account

-1.8

2.0

-1.1

0.0

-1.6

    Other Operating Cash Flow

0.0

0.0

-

-

-

    Dir. Benefit

-

-

-

0.0

-0.2

    Other, net

-0.8

2.2

-0.2

0.3

1.6

    Int. & Div. Rcv'd

0.3

0.2

0.1

0.2

0.2

    Int. Paid

-0.9

-1.1

-1.3

-1.4

-1.3

    Tax Paid/Refund

-1.9

-0.8

-1.2

0.0

-0.5

    Adjustment

-

-

-

-

0.0

Cash from Operating Activities

8.1

17.2

12.2

12.5

12.3

 

 

 

 

 

 

    Proceeds from purchase of investments in

0.1

-

-

-

-

    Time Deposit Made

-0.9

-1.0

0.0

0.0

-2.0

    Time Deposit Matured

0.9

0.0

1.2

3.8

0.0

    Purchase of property, plant and equipmen

-8.1

-1.2

-1.7

-1.1

-0.6

    Proceeds from sales of property, plant a

-

0.0

0.2

0.4

0.1

    Purch. Intang.

-0.5

-0.9

-0.3

-0.1

-0.6

    Purch. Inv. Secs.

-0.7

-1.6

-1.4

-0.4

-0.2

    Inv. Secs. Sold

0.8

0.1

0.0

0.5

0.6

    Sale subsidiaries' securities

-

-

-

-

0.0

    Purchase of subs.' securities

-

-

0.0

-1.1

0.0

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Payments Of Loan Receivable To Subsidiar

-0.1

0.0

0.0

0.0

-

    Loans Collected

0.0

0.0

0.0

0.0

0.0

    Gain on Cancellation of Insurance

0.0

0.9

0.4

2.1

1.6

    Other, net

0.2

-0.6

-0.1

0.5

-0.8

    Purchase of stocks of subsi. & affiliate

-

0.0

-0.8

0.0

-

    Proceeds from collection of guarantee de

0.1

0.6

2.6

0.0

-

Cash from Investing Activities

-8.2

-3.7

0.1

4.5

-1.9

 

 

 

 

 

 

    Net increase (decrease) in short-term lo

-2.1

-6.8

-7.6

-14.9

-5.7

    Proceeds from long-term loans payable

8.3

0.5

0.0

2.2

0.0

    Repayment of long-term loans payable

-2.5

-0.5

-0.4

-0.5

-0.6

    Proc.-Corp. Bond

-

-

0.0

1.1

0.0

    Redmp.Corp.Bond

-0.5

-0.8

-1.5

-3.0

0.0

    Purch. Treas.

-0.7

0.0

0.0

-0.4

-0.2

    Cash Div. Paid

-2.8

-1.0

-2.7

-0.8

-1.6

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Other, net

-0.3

-0.3

-0.2

-0.1

0.0

    Cash dividends paid to minority sharehol

-

0.0

-0.1

0.0

-

Cash from Financing Activities

-0.5

-8.8

-12.6

-16.4

-8.1

 

 

 

 

 

 

Foreign Exchange Effects

0.1

0.0

0.0

0.0

0.0

Net increase (decrease) in cash and cash

-0.4

4.7

-0.3

0.6

2.3

 

 

 

 

 

 

Net Cash - Beginning Balance

23.4

20.0

18.7

16.7

13.1

Net Cash - Ending Balance

23.0

24.6

18.4

17.2

15.4

    Cash Interest Paid

0.9

1.1

1.3

1.4

1.3

    Cash Taxes Paid

1.9

0.8

1.2

0.0

0.5

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

39.1

-3.63%

175.3

-2.22%

-0.72%

-3.32%

Operating Income1 

0.6

-68.89%

4.4

-39.51%

-8.11%

1.02%

Income Available to Common Excl Extraord Items1javascript:void(0)

0.7

-34.89%

2.2

-28.23%

36.33%

1.16%

Basic EPS Excl Extraord Items1 

0.05

-34.42%

0.14

-28.10%

36.59%

1.84%

Capital Expenditures2 

8.6

-

8.6

328.15%

85.91%

23.14%

Cash from Operating Activities2 

8.1

-

8.1

-50.36%

-16.67%

-

Free Cash Flow 

-0.5

-

-0.5

-

-

-

Total Assets3 

245.7

8.17%

245.7

8.17%

0.47%

-0.96%

Total Liabilities3 

96.5

23.50%

96.5

23.50%

1.08%

-0.87%

Total Long Term Debt3 

5.1

224.02%

5.1

189.44%

9.33%

100.35%

Total Common Shares Outstanding3 

15.3

-1.50%

15.3

-1.50%

-0.51%

-0.69%

1-ExchangeRate: JPY to USD Average for Period

92.002316

 

82.970472

 

 

 

2-ExchangeRate: JPY to USD Average for Period

82.970472

 

82.970472

 

 

 

3-ExchangeRate: JPY to USD Period End Date

94.088557

 

94.088557

 

 

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin 

41.62%

40.52%

39.34%

39.15%

33.91%

Operating Margin 

2.54%

4.10%

1.82%

3.20%

-2.00%

Pretax Margin 

2.26%

3.59%

0.75%

1.35%

-3.01%

Net Profit Margin 

1.26%

1.71%

0.49%

0.49%

-3.82%

Financial Strength

Current Ratio 

2.06

2.24

2.13

2.02

2.03

Long Term Debt/Equity 

0.03

0.01

0.02

0.03

0.00

Total Debt/Equity 

0.41

0.36

0.41

0.46

0.46

Management Effectiveness

Return on Assets 

0.82%

1.19%

0.39%

0.41%

-2.41%

Return on Equity 

1.30%

1.83%

0.53%

0.52%

-4.01%

Efficiency

Receivables Turnover 

7.27

9.17

8.74

8.42

7.73

Inventory Turnover 

0.77

0.81

0.79

0.78

0.84

Asset Turnover 

0.65

0.69

0.67

0.66

0.65

Market Valuation USD (mil)

P/E (TTM) 

20.39

.

Enterprise Value2 

83.2

Price/Sales (TTM) 

0.28

.

Enterprise Value/Revenue (TTM) 

0.54

Price/Book (MRQ) 

0.26

.

Enterprise Value/EBITDA (TTM) 

10.93

Market Cap as of 05-Jul-20131 

40.2

.

1-ExchangeRate: JPY to USD on 5-Jul-2013

100.061824

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

94.088557

 

 

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 javascript:void(0);

2.06

2.24

2.13

2.02

2.03

Quick/Acid Test Ratio javascript:void(0);

0.55

0.58

0.44

0.46

0.45

Working Capital1 javascript:void(0);

87.8

99.1

94.6

84.3

78.7

Long Term Debt/Equity javascript:void(0);

0.03

0.01

0.02

0.03

0.00

Total Debt/Equity javascript:void(0);

0.41

0.36

0.41

0.46

0.46

Long Term Debt/Total Capital javascript:void(0);

0.02

0.01

0.01

0.02

0.00

Total Debt/Total Capital javascript:void(0);

0.29

0.27

0.29

0.32

0.31

Payout Ratio javascript:void(0);

85.02%

61.13%

211.95%

216.66%

-27.42%

Effective Tax Rate javascript:void(0);

44.46%

52.33%

21.26%

54.08%

-

Total Capital1 javascript:void(0);

211.0

231.7

234.9

219.4

206.9

 

 

 

 

 

 

Efficiency

Asset Turnover javascript:void(0);

0.65

0.69

0.67

0.66

0.65

Inventory Turnover javascript:void(0);

0.77

0.81

0.79

0.78

0.84

Days In Inventory javascript:void(0);

472.67

452.64

462.41

469.26

434.96

Receivables Turnover javascript:void(0);

7.27

9.17

8.74

8.42

7.73

Days Receivables Outstanding javascript:void(0);

50.19

39.78

41.76

43.34

47.22

Revenue/Employee2 javascript:void(0);

-

280,357

283,334

243,551

301,859

Operating Income/Employee2 javascript:void(0);

-

11,488

5,154

7,789

-6,034

EBITDA/Employee2 javascript:void(0);

-

16,293

9,901

11,539

-1,193

 

 

 

 

 

 

Profitability

Gross Margin javascript:void(0);

41.62%

40.52%

39.34%

39.15%

33.91%

Operating Margin javascript:void(0);

2.54%

4.10%

1.82%

3.20%

-2.00%

EBITDA Margin javascript:void(0);

4.13%

5.81%

3.49%

4.74%

-0.40%

EBIT Margin javascript:void(0);

2.54%

4.10%

1.82%

3.20%

-2.00%

Pretax Margin javascript:void(0);

2.26%

3.59%

0.75%

1.35%

-3.01%

Net Profit Margin javascript:void(0);

1.26%

1.71%

0.49%

0.49%

-3.82%

COGS/Revenue javascript:void(0);

58.38%

59.48%

60.66%

60.85%

66.09%

SG&A Expense/Revenue javascript:void(0);

37.51%

35.52%

36.35%

35.11%

33.46%

 

 

 

 

 

 

Management Effectiveness

Return on Assets javascript:void(0);

0.82%

1.19%

0.39%

0.41%

-2.41%

Return on Equity javascript:void(0);

1.30%

1.83%

0.53%

0.52%

-4.01%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 javascript:void(0);

-0.03

0.93

0.67

0.72

0.72

Operating Cash Flow/Share 2 javascript:void(0);

0.47

1.06

0.81

0.80

0.80

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) javascript:void(0);

22.30

Market Cap/Equity (MRQ) javascript:void(0);

0.29

Market Cap/Revenue (TTM) javascript:void(0);

0.28

Market Cap/EBIT (TTM) javascript:void(0);

8.31

Market Cap/EBITDA (TTM) javascript:void(0);

6.67

Enterprise Value/Earnings (TTM) javascript:void(0);

43.37

Enterprise Value/Equity (MRQ) javascript:void(0);

0.56

Enterprise Value/Revenue (TTM) javascript:void(0);

0.54

Enterprise Value/EBIT (TTM) javascript:void(0);

16.16

Enterprise Value/EBITDA (TTM) javascript:void(0);

12.97

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.06

UK Pound

1

Rs.101.15

Euro

1

Rs.84.95

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.