MIRA INFORM REPORT

 

 

Report Date :

20.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SOMAR CORPORATION 

 

 

Registered Office :

4-11-2, Ginza, Chuo-Ku, 104-8109

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

26.02.1948

 

 

Legal Form :

Public Independent

 

 

Line of Business :

·         Subject is engaged in the chemical business.

·         Wholesale trade in specialised resins and chemicals for paper and pulp manufacture and the automobile industry

 

 

No. of Employees :

367

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

 SOMAR CORPORATION 

                                                                                                                                                                                     

 

4-11-2, Ginza

 

 

Chuo-Ku, 104-8109

Japan

 

 

Tel:

81-3-35422151

Fax:

81-3-35422170

 

 www.somar.co.jp

 

Employees:

367

Company Type:

Public Independent

Traded:

Tokyo Stock Exchange:

8152

Incorporation Date:

26-Feb-1948

Auditor:

Deloitte Touche Tohmatsu LLC

Financials in:

               

 

 

Fiscal Year End:

31-Mar-2013

Reporting Currency:

Japanese Yen

Annual Sales:

276.5  1

Net Income:

(9.1)

Total Assets:

263.5  2

Market Value:

39.7

 

(01-Nov-2013)

    

 

Business Description     

 

 

SOMAR Corporation is a Japan-based company engaged in the chemical business. The Company operates in three business segments. The High Functional Materials segment manufactures and sells coating materials, such as films for electronic components, precision components, industrial materials, copying and other use, high functional resin products, such as abstergent and others, electronics materials including circuit board materials, functional films and others, as well as functional resins including heat plasticity resin, addition agent for resin use, among others. The Environmental Materials segment manufactures and sells fine chemicals, such as industrial bactericidal agent and others, chemicals for paper production including binders for paper coating use. The Others segment is engaged in the manufacture of food materials, such as stabilizers, among others. As of March 31, 2012, the Company had five subsidiaries and two affiliated companies. For the three months ended 30 June 2013, SOMAR Corporation revenues decreased 9% to Y5.62B. Net loss applicable to common stockholders decreased 78% to Y51M. Revenues reflect Highly Functional Materials Business segment decrease of 12% to Y3.84B, Other Businesses segment decrease of 24% to Y318.1M. Lower net loss reflects Materials Business Environment segment income totaling Y8.1M vs. loss of Y7.3M.

                               

 

Industry

                                 

 

Industry

Synthetic Chemical Manufacturing

ANZSIC 2006:

1821 - Synthetic Resin and Synthetic Rubber Manufacturing

ISIC Rev 4:

2013 - Manufacture of plastics and synthetic rubber in primary forms

NACE Rev 2:

2016 - Manufacture of plastics in primary forms

NAICS 2012:

325211 - Plastics Material and Resin Manufacturing

UK SIC 2007:

2016 - Manufacture of plastics in primary forms

US SIC 1987:

2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

                      


Key Executives   

 

Name

Title

Haruo Kanemaru

Managing Director, President of Subsidiary, Representative Director

Akira Kobayashi

Executive Officer

Futoshi Sotani

President, Manager of Business Planning Office, President of Subsidiaries, Representative Director

Toshihiko Imaihara

Director of F&A

Takayuki Kawano

Chairman of Subsidiary, Director

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

New Business / Unit / Subsidiary

1

SOMAR CORP to Establish Sub-subsidiary

28-Aug-2013

Other Earnings Pre-Announcement

2

SOMAR CORP Announces Extraordinary Profit for FY 2013

21-Feb-2013

* number of significant developments within the last 12 months

 

      

 

 

News   

 

Title

Date

School Watch investigation: Hueneme tops teacher salary list; Fillmore, Ojai near bottom [Ventura County Star, Calif.]

Insurance News Net (57 Words)

8-Nov-2013

School Watch investigation: Hueneme tops teacher salary list; Fillmore, Ojai near bottom

Ventura County Star (CA) (1791 Words)

8-Nov-2013

Somar 1H Group Net Loss Y426.00M Vs Y370.00M Loss Yr Earlier

Nikkei English News (60 Words)

8-Nov-2013

Somar Expects This FY Group Net Loss Y690.00M

Nikkei English News (48 Words)

8-Nov-2013

15 dead as killers return from hiding

The Post (919 Words)

5-Nov-2013

SOMAR CORP Amends Consolidated Mid-year and Full-year Outlook for FY 2014

Reuters (199 Words)

1-Nov-2013

 

 

Financial Summary    

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.92

2.18

Quick Ratio (MRQ)

2.47

1.35

Debt to Equity (MRQ)

0.52

0.82

Sales 5 Year Growth

-9.22

6.26

Net Profit Margin (TTM) %

-2.55

10.56

Return on Assets (TTM) %

-2.19

8.26

Return on Equity (TTM) %

-4.26

22.07

 

 

Stock Snapshot

 

Traded: Tokyo Stock Exchange: 8152

 

As of 1-Nov-2013

   Financials in: JPY

Recent Price

199.00

 

EPS

-33.27

52 Week High

225.00

 

Price/Sales

0.17

52 Week Low

162.00

 

Dividend Rate

10.00

Avg. Volume (mil)

0.0093

 

Price/Book

0.30

Market Value (mil)

3,897.88

 

Beta

0.82

 

Price % Change

Rel S&P 500%

4 Week

-0.50%

-2.12%

13 Week

-1.97%

-0.88%

52 Week

20.61%

-24.22%

Year to Date

13.71%

-17.36%

 

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
4-11-2, Ginza
Chuo-Ku, 104-8109
Japan

 

Tel:

81-3-35422151

Fax:

81-3-35422170

 

www.somar.co.jp

Quote Symbol - Exchange

8152 - Tokyo Stock Exchange

Sales JPY(mil):

22,937.2

Assets JPY(mil):

24,788.3

Employees:

367

Fiscal Year End:

31-Mar-2013

 

 

 

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:

26-Feb-1948

Company Type:

Public Independent

Quoted Status:

Quoted

 

Executive Officer:

Akira Kobayashi

 

 

Industry Codes

 

 

ANZSIC 2006 Codes:

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

1899

-

Other Basic Chemical Product Manufacturing Not Elsewhere Classified

2429

-

Other Electronic Equipment Manufacturing

2411

-

Photographic, Optical and Ophthalmic Equipment Manufacturing

1612

-

Printing Support Services

 

ISIC Rev 4 Codes:

2013

-

Manufacture of plastics and synthetic rubber in primary forms

1811

-

Printing

2670

-

Manufacture of optical instruments and photographic equipment

2610

-

Manufacture of electronic components and boards

2029

-

Manufacture of other chemical products n.e.c.

 

NACE Rev 2 Codes:

2016

-

Manufacture of plastics in primary forms

1812

-

Other printing

2670

-

Manufacture of optical instruments and photographic equipment

2611

-

Manufacture of electronic components

2059

-

Manufacture of other chemical products n.e.c.

 

NAICS 2012 Codes:

325211

-

Plastics Material and Resin Manufacturing

323111

-

Commercial Printing (except Screen and Books)

334419

-

Other Electronic Component Manufacturing

333316

-

Photographic and Photocopying Equipment Manufacturing

325998

-

All Other Miscellaneous Chemical Product and Preparation Manufacturing

 

US SIC 1987:

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

2899

-

Chemicals and Chemical Preparations, Not Elsewhere Classified

2782

-

Blankbooks, Looseleaf Binders and Devices

3679

-

Electronic Components, Not Elsewhere Classified

3861

-

Photographic Equipment and Supplies

 

UK SIC 2007:

2016

-

Manufacture of plastics in primary forms

18129

-

Printing (other than printing of newspapers and printing on labels and tags) n.e.c.

26702

-

Manufacture of photographic and cinematographic equipment

2611

-

Manufacture of electronic components

2059

-

Manufacture of other chemical products n.e.c.

 

 

Business Description

 

SOMAR Corporation is a Japan-based company engaged in the chemical business. The Company operates in three business segments. The High Functional Materials segment manufactures and sells coating materials, such as films for electronic components, precision components, industrial materials, copying and other use, high functional resin products, such as abstergent and others, electronics materials including circuit board materials, functional films and others, as well as functional resins including heat plasticity resin, addition agent for resin use, among others. The Environmental Materials segment manufactures and sells fine chemicals, such as industrial bactericidal agent and others, chemicals for paper production including binders for paper coating use. The Others segment is engaged in the manufacture of food materials, such as stabilizers, among others. As of March 31, 2012, the Company had five subsidiaries and two affiliated companies. For the three months ended 30 June 2013, SOMAR Corporation revenues decreased 9% to Y5.62B. Net loss applicable to common stockholders decreased 78% to Y51M. Revenues reflect Highly Functional Materials Business segment decrease of 12% to Y3.84B, Other Businesses segment decrease of 24% to Y318.1M. Lower net loss reflects Materials Business Environment segment income totaling Y8.1M vs. loss of Y7.3M.

 

 

More Business Descriptions

 

Wholesale trade in specialised resins and chemicals for paper and pulp manufacture and the automobile industry

 

Chemical Product Mfr & Distr

 

All Other Chemical Product and Preparation Manufacturing

 

 

 

Financial Data

 

Financials in:

JPY(mil)

 

Revenue:

22,937.2

Net Income:

-752.4

Assets:

24,788.3

Long Term Debt:

6,600.0

 

Total Liabilities:

11,718.7

 

Working Capital:

9.8

 

 

 

Date of Financial Data:

31-Mar-2013

 

1 Year Growth

-2.2%

NA

-5.6%

 

 

Market Data

 

Quote Symbol:

8152

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

199.0

Stock Price Date:

11-01-2013

52 Week Price Change %:

20.6

Market Value (mil):

3,897,883.0

 

SEDOL:

6821249

ISIN:

JP3436200004

 

Equity and Dept Distribution:

FY'00-02 WAS were estimated. Fins. are non-consolidated. FY'04-'06 1Q & 3Q, FY'07 Q1 WAS were estimated and used for o/s. FY'07 AR WAS were estimated. FY'08 1Q & 3Q WAS was used as O/S. FY'08 2Q&3Q WAS estimated and usedas DWAS. Fy'08 AR prelim WAS were estimated.

 

 

 

 

 

 

Shareholders

 

 

 

Major Shareholders

Soya Co (35.4%); Tama Kosan Co (12.1%)

 

 

 

 

 

Key Corporate Relationships

 

Auditor:

Deloitte Touche Tohmatsu LLC

 

Auditor:

Deloitte Touche Tohmatsu LLC

 

 

 

 

 

Executives Report

 

Board of Directors

 

 

Name

Title

Function

 

Takayuki Kawano

 

Chairman of Subsidiary, Director

Chairman

 

Biography:

Mr. Takayuki Kawano has been serving as Director of SOMAR Corporation, as well as Chairman of the Board in a Taiwan-based subsidiary, since January 2011. He joined the Company in April 1985 and previously served as Director of Technology Development in Main High-function Resin Unit.

Age: 53

 

Setsu Mimura

 

Director

Director/Board Member

 

 

Biography:

Mr. Setsu Mimura has been serving as Director of SOMAR Corporation since June 2003. He also works for MIMURA KAIKEI OFFICE. He used to work for Deloitte Touche Tohmatsu. Mr. Mimura is a Certified Public Accountant.

Age: 49

 

Executives

 

 

Name

Title

Function

 

Haruo Kanemaru

 

Managing Director, President of Subsidiary, Representative Director

Managing Director

 

Biography:

Mr. Haruo Kanemaru has been serving as Managing Director and Representative Director in SOMAR Corporation, as well as President and Representative Director in a subsidiary, Siam Somar Co.,Ltd. since June 2011. He is also serving as Managing Director and Representative Director in another subsidiary. Mr. Kanemaru joined the Company in May 1983 and used to serve as Executive Officer.

Age: 56

Akira Kobayashi

 

Executive Officer

Senior Management (General)

Reuters 

 

Futoshi Sotani

 

President, Manager of Business Planning Office, President of Subsidiaries, Representative Director

Planning Executive

Reuters 

 

Biography:

Mr. Futoshi Sotani has been serving as President, Manager of Business Planning Office and Representative Director of SOMAR Corporation, as well as President and Representative Director in a subsidiary, since April 2011. He is also serving as Director of two affiliated companies. He used to serve as Managing Director, Senior Managing Director and Vice President in the Company. He is a Certified Public Accountant in Washington, U.S. and a certified internal auditor.

Age: 39

 

Toshihiko Imaihara

 

Director of F&A

Other

 

 

 

 

Significant Developments

 

SOMAR CORP to Establish Sub-subsidiary

Aug 28, 2013


SOMAR CORP announced that it has decided to establish sub-subsidiary in India, which will be engaged in purchase, processing and sales of resin materials, paper producing and water processing materials, as well as food materials, in December 2013. 

SOMAR CORP Announces Extraordinary Profit for FY 2013

Feb 21, 2013


SOMAR CORP announced that it will record a JPY 225 million extraordinary profit on the selling of investment securities, for the fiscal year ending March 2013. 

SOMAR CORP Announces Extraordinary Loss for Q3 of FY 2013

Feb 05, 2013


SOMAR CORP announced that it will record a JPY 83 million extraordinary loss on the revaluation of investment securities, for the third quarter of the fiscal year ending March 2013. 

 

                                                       

News

 

School Watch investigation: Hueneme tops teacher salary list; Fillmore, Ojai near bottom [Ventura County Star, Calif.]

Insurance News Net (57 Words)

08-Nov-2013

School Watch investigation: Hueneme tops teacher salary list; Fillmore, Ojai near bottom

Ventura County Star (CA) (1791 Words)

08-Nov-2013

Somar 1H Group Net Loss Y426.00M Vs Y370.00M Loss Yr Earlier

Nikkei English News (60 Words)

08-Nov-2013

Somar Expects This FY Group Net Loss Y690.00M

Nikkei English News (48 Words)

08-Nov-2013

15 dead as killers return from hiding

The Post (919 Words)

05-Nov-2013

SOMAR CORP Amends Consolidated Mid-year and Full-year Outlook for FY 2014

Reuters (199 Words)

01-Nov-2013

Somar Sees Deeper 1H Group Net Loss Y430.00M

Nikkei English News (62 Words)

01-Nov-2013

Somar Ups 1H Parent Pretax Profit View To Y94.00M

Nikkei English News (55 Words)

01-Nov-2013

Somar Sees Deeper FY Group Net Loss Y690.00M

Nikkei English News (62 Words)

01-Nov-2013

Somar Cuts FY Parent Pretax Profit View To Y105.00M

Nikkei English News (55 Words)

01-Nov-2013

15 dead as killers return from hiding

The Post (919 Words)

31-Oct-2013

 

 

 

 

Annual Income Statement

 

 

Financials in : USD (mil)

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

Financial glossary

 

 

 

 

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

Deloitte Touche Tohmatsu LLC

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

276.5

297.1

305.5

280.0

282.5

Revenue

276.5

297.1

305.5

280.0

282.5

Total Revenue

276.5

297.1

305.5

280.0

282.5

 

 

 

 

 

 

    Cost of Revenue

250.3

263.7

269.5

246.9

254.6

Cost of Revenue, Total

250.3

263.7

269.5

246.9

254.6

Gross Profit

26.1

33.4

36.0

33.1

27.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

25.3

23.4

22.2

18.6

19.3

    Labor & Related Expense

8.6

9.3

8.5

9.3

8.8

Total Selling/General/Administrative Expenses

34.0

32.7

30.7

27.9

28.0

Research & Development

4.4

4.0

3.3

2.5

2.5

    Depreciation

-

-

0.0

0.8

0.0

Depreciation/Amortization

-

-

0.0

0.8

0.0

    Impairment-Assets Held for Use

0.0

0.2

0.4

0.2

0.3

    Impairment-Assets Held for Sale

1.9

0.2

0.2

0.1

2.1

    Other Unusual Expense (Income)

0.0

0.0

0.4

0.0

4.9

Unusual Expense (Income)

2.0

0.4

1.1

0.3

7.3

    Other Operating Expense

-

0.0

-

-

-

Other Operating Expenses, Total

-

0.0

-

-

-

Total Operating Expense

290.7

300.8

304.5

278.4

292.5

 

 

 

 

 

 

Operating Income

-14.2

-3.7

1.0

1.6

-10.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.7

-0.8

-0.7

-0.6

-0.5

    Interest Expense, Net Non-Operating

-0.7

-0.8

-0.7

-0.6

-0.5

        Interest Income - Non-Operating

0.2

0.2

0.1

0.1

0.4

        Investment Income - Non-Operating

4.8

0.8

-0.5

1.4

1.5

    Interest/Investment Income - Non-Operating

4.9

0.9

-0.4

1.5

1.8

Interest Income (Expense) - Net Non-Operating Total

4.2

0.1

-1.1

0.9

1.4

Gain (Loss) on Sale of Assets

0.0

0.0

-0.3

0.0

0.0

    Other Non-Operating Income (Expense)

-0.1

0.2

-0.1

0.1

0.1

Other, Net

-0.1

0.2

-0.1

0.1

0.1

Income Before Tax

-10.2

-3.4

-0.5

2.6

-8.5

 

 

 

 

 

 

Total Income Tax

-1.1

1.3

0.8

1.5

1.4

Income After Tax

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

Net Income Before Extraord Items

-9.1

-4.7

-1.3

1.1

-9.9

Net Income

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

0.0

0.0

Total Adjustments to Net Income

0.0

0.0

0.0

0.0

0.0

Income Available to Common Excl Extraord Items

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

19.4

19.5

19.5

19.5

19.5

Basic EPS Excl Extraord Items

-0.47

-0.24

-0.07

0.06

-0.51

Basic/Primary EPS Incl Extraord Items

-0.47

-0.24

-0.07

0.06

-0.51

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

-9.1

-4.7

-1.3

1.1

-9.9

Diluted Weighted Average Shares

19.4

19.5

19.5

19.5

19.5

Diluted EPS Excl Extraord Items

-0.47

-0.24

-0.07

0.06

-0.51

Diluted EPS Incl Extraord Items

-0.47

-0.24

-0.07

0.06

-0.51

Dividends per Share - Common Stock Primary Issue

0.12

0.13

0.12

0.11

0.10

Gross Dividends - Common Stock

2.3

2.5

2.3

2.1

1.9

Interest Expense, Supplemental

0.7

0.8

0.7

0.6

0.5

Depreciation, Supplemental

14.5

8.4

8.0

8.2

7.0

Total Special Items

2.0

0.4

1.3

0.3

7.4

Normalized Income Before Tax

-8.2

-3.1

0.8

2.8

-1.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.7

0.1

0.5

0.2

2.6

Inc Tax Ex Impact of Sp Items

-0.4

1.4

1.3

1.6

4.0

Normalized Income After Tax

-7.8

-4.5

-0.5

1.2

-5.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-7.8

-4.5

-0.5

1.2

-5.1

 

 

 

 

 

 

Basic Normalized EPS

-0.40

-0.23

-0.02

0.06

-0.26

Diluted Normalized EPS

-0.40

-0.23

-0.02

0.06

-0.26

Rental Expenses

4.4

4.7

4.3

3.9

3.6

Research & Development Exp, Supplemental

4.4

4.0

3.3

2.5

2.5

Reported Operating Profit

-12.3

-3.4

2.0

2.7

-2.6

Reported Ordinary Profit

-10.9

-3.2

0.8

2.3

-2.5

Normalized EBIT

-12.3

-3.4

2.0

1.9

-2.6

Normalized EBITDA

2.2

5.0

10.0

10.1

4.4

    Current Tax - Total

0.5

0.2

-

-

-

Current Tax - Total

0.5

0.2

-

-

-

    Deferred Tax - Total

-1.6

0.8

-

-

-

Deferred Tax - Total

-1.6

0.8

-

-

-

    Other Tax

-

0.2

-

-

-

Income Tax - Total

-1.1

1.3

-

-

-

Interest Cost - Domestic

0.3

0.4

0.3

0.3

0.3

Service Cost - Domestic

1.1

1.2

1.1

1.0

0.9

Expected Return on Assets - Domestic

-0.5

-0.4

-0.4

-0.4

-0.7

Actuarial Gains and Losses - Domestic

0.4

0.3

0.3

1.0

0.8

Other Pension, Net - Domestic

-

-

0.2

1.0

-

Domestic Pension Plan Expense

1.4

1.4

1.6

2.9

1.3

Defined Contribution Expense - Domestic

0.2

0.2

-

-

-

Total Pension Expense

1.5

1.6

1.6

2.9

1.3

Discount Rate - Domestic

1.50%

1.50%

1.50%

1.50%

1.50%

Expected Rate of Return - Domestic

2.80%

2.40%

2.40%

3.70%

5.30%

Total Plan Interest Cost

0.3

0.4

0.3

0.3

0.3

Total Plan Service Cost

1.1

1.2

1.1

1.0

0.9

Total Plan Expected Return

-0.5

-0.4

-0.4

-0.4

-0.7

Total Plan Other Expense

-

-

0.2

1.0

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

Financial glossary

 

 

 

 

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

Deloitte Touche Tohmatsu LLC

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

53.4

61.1

89.1

52.5

51.1

    Short Term Investments

-

-

0.0

16.1

3.4

Cash and Short Term Investments

53.4

61.1

89.1

68.5

54.5

        Accounts Receivable - Trade, Gross

70.3

92.7

93.8

91.6

65.9

        Provision for Doubtful Accounts

0.0

-0.1

-0.2

-0.1

-0.1

    Trade Accounts Receivable - Net

70.3

92.6

93.6

91.4

65.9

    Notes Receivable - Short Term

1.7

-

-

-

-

Total Receivables, Net

72.1

92.6

93.6

91.4

65.9

    Inventories - Finished Goods

15.2

14.4

15.9

11.7

21.0

    Inventories - Work In Progress

1.2

1.7

1.7

1.8

1.4

    Inventories - Raw Materials

5.6

5.2

4.5

2.9

2.5

    Inventories - Other

0.0

0.0

-

-

-

Total Inventory

21.9

21.3

22.2

16.3

24.8

    Deferred Income Tax - Current Asset

1.5

0.1

1.0

1.1

1.5

    Other Current Assets

1.9

4.4

3.0

1.4

3.8

Other Current Assets, Total

3.4

4.6

4.0

2.5

5.3

Total Current Assets

150.8

179.6

208.8

178.8

150.5

 

 

 

 

 

 

        Buildings

105.7

118.9

87.2

76.8

72.6

        Land/Improvements

19.1

21.5

21.9

17.9

2.3

        Machinery/Equipment

98.1

107.5

87.9

77.9

71.1

        Construction in Progress

0.3

0.1

12.8

0.2

0.1

        Other Property/Plant/Equipment

17.6

20.0

19.4

16.9

16.7

    Property/Plant/Equipment - Gross

240.8

268.1

229.2

189.7

162.9

    Accumulated Depreciation

-161.0

-170.5

-165.4

-142.2

-130.7

Property/Plant/Equipment - Net

79.8

97.6

63.9

47.6

32.2

Intangibles, Net

2.3

3.3

3.0

2.2

2.6

    LT Investments - Other

15.7

21.6

19.2

16.0

14.1

Long Term Investments

15.7

21.6

19.2

16.0

14.1

Note Receivable - Long Term

0.2

0.2

0.2

0.7

0.4

    Other Long Term Assets

14.7

16.5

15.9

13.9

18.5

Other Long Term Assets, Total

14.7

16.5

15.9

13.9

18.5

Total Assets

263.5

318.7

310.9

259.1

218.3

 

 

 

 

 

 

Accounts Payable

38.1

47.9

52.1

46.3

30.0

Accrued Expenses

1.5

1.5

1.7

1.6

1.3

Notes Payable/Short Term Debt

4.3

4.9

4.8

5.4

4.6

Current Portion - Long Term Debt/Capital Leases

0.0

19.4

12.1

5.4

12.1

    Income Taxes Payable

0.6

0.3

0.7

0.4

0.2

    Other Current Liabilities

6.3

13.4

5.0

5.4

2.9

Other Current liabilities, Total

6.8

13.7

5.7

5.7

3.1

Total Current Liabilities

50.7

87.4

76.4

64.4

51.1

 

 

 

 

 

 

    Long Term Debt

70.1

60.7

55.5

27.8

9.1

Total Long Term Debt

70.1

60.7

55.5

27.8

9.1

Total Debt

74.4

85.0

72.4

38.5

25.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.7

1.3

0.8

1.7

0.7

Deferred Income Tax

0.7

1.3

0.8

1.7

0.7

    Reserves

0.7

0.8

0.8

0.0

-

    Pension Benefits - Underfunded

2.2

3.3

4.3

4.5

4.6

    Other Long Term Liabilities

0.1

0.0

0.1

0.1

0.0

Other Liabilities, Total

3.0

4.1

5.1

4.5

4.6

Total Liabilities

124.5

153.4

137.8

98.5

65.5

 

 

 

 

 

 

    Common Stock

54.4

62.1

61.7

54.7

51.8

Common Stock

54.4

62.1

61.7

54.7

51.8

Additional Paid-In Capital

51.9

59.3

59.0

52.3

49.5

Retained Earnings (Accumulated Deficit)

32.3

48.4

55.0

52.1

50.4

Treasury Stock - Common

-0.5

-0.6

-0.5

-0.5

-0.4

Unrealized Gain (Loss)

1.3

1.7

1.2

2.6

2.3

    Translation Adjustment

-0.6

-5.7

-3.3

-0.6

-0.8

    Other Equity

0.0

0.0

-

-

-

    Other Comprehensive Income

0.0

0.1

0.0

0.0

0.0

Other Equity, Total

-0.5

-5.7

-3.3

-0.6

-0.8

Total Equity

138.9

165.3

173.0

160.7

152.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

263.5

318.7

310.9

259.1

218.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

19.4

19.4

19.5

19.5

19.5

Total Common Shares Outstanding

19.4

19.4

19.5

19.5

19.5

Treasury Shares - Common Stock Primary Issue

0.1

0.1

0.1

0.1

0.1

Employees

367

368

346

323

308

Number of Common Shareholders

1,818

1,727

1,785

1,855

1,875

Total Long Term Debt, Supplemental

70.1

80.1

67.6

33.2

21.3

Long Term Debt Maturing within 1 Year

0.0

19.4

12.1

5.4

12.1

Long Term Debt Maturing in Year 2

53.1

30.3

19.3

10.7

5.1

Long Term Debt Maturing in Year 3

17.0

30.3

0.0

17.1

4.0

Long Term Debt Maturing in Year 4

-

-

36.2

0.0

0.0

Long Term Debt Maturing in Year 5

-

-

0.0

0.0

0.0

Long Term Debt Maturing in 2-3 Years

70.1

60.7

19.3

27.8

9.1

Long Term Debt Maturing in 4-5 Years

-

-

36.2

0.0

0.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Pension Obligation - Domestic

19.9

22.6

22.8

20.5

19.7

Plan Assets - Domestic

17.1

16.9

15.7

13.6

10.7

Funded Status - Domestic

-2.8

-5.7

-7.1

-6.9

-9.1

Total Funded Status

-2.8

-5.7

-7.1

-6.9

-9.1

Discount Rate - Domestic

1.50%

1.50%

1.50%

1.50%

1.50%

Expected Rate of Return - Domestic

2.80%

2.40%

2.40%

3.70%

5.30%

Accrued Liabilities - Domestic

-1.6

-2.8

-3.7

-4.1

-4.0

Other Assets, Net - Domestic

1.1

3.0

3.4

2.8

5.1

Net Assets Recognized on Balance Sheet

-0.5

0.2

-0.3

-1.3

1.1

Total Plan Obligations

19.9

22.6

22.8

20.5

19.7

Total Plan Assets

17.1

16.9

15.7

13.6

10.7

 

Annual Cash Flows

 

Financials in: USD (mil)

 

Financial glossary

 

 

 

 

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

Deloitte Touche Tohmatsu LLC

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-10.2

-3.4

-0.5

2.6

-8.5

    Depreciation

14.5

8.4

8.0

8.2

7.0

Depreciation/Depletion

14.5

8.4

8.0

8.2

7.0

    Unusual Items

-0.8

0.2

1.7

-1.0

1.1

    Other Non-Cash Items

-0.7

-0.9

-0.9

0.2

4.0

Non-Cash Items

-1.5

-0.7

0.8

-0.9

5.1

    Accounts Receivable

10.6

1.7

8.9

-21.9

51.2

    Inventories

-3.4

0.9

-3.7

10.0

-0.5

    Accounts Payable

-4.5

-4.7

0.2

14.6

-36.6

    Accrued Expenses

0.2

-0.2

-0.1

0.2

-0.5

    Other Operating Cash Flow

1.5

-3.6

-2.4

2.9

-7.5

Changes in Working Capital

4.4

-5.8

2.8

5.8

6.1

Cash from Operating Activities

7.2

-1.6

11.2

15.7

9.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-12.6

-35.7

-17.4

-19.5

-6.6

    Purchase/Acquisition of Intangibles

-0.1

-0.5

-2.6

-0.4

-

Capital Expenditures

-12.7

-36.1

-20.0

-19.9

-6.6

    Sale of Fixed Assets

0.0

0.3

0.1

0.0

0.0

    Sale/Maturity of Investment

3.8

0.2

0.0

3.1

2.7

    Purchase of Investments

0.0

-1.6

-3.7

0.2

3.3

    Other Investing Cash Flow

0.0

0.4

0.0

5.5

-1.2

Other Investing Cash Flow Items, Total

3.8

-0.8

-3.7

8.8

4.8

Cash from Investing Activities

-8.9

-36.9

-23.7

-11.1

-1.8

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

-

-

-

Financing Cash Flow Items

0.0

0.0

-

-

-

    Cash Dividends Paid - Common

-2.3

-2.5

-2.3

-2.1

-1.9

Total Cash Dividends Paid

-2.3

-2.5

-2.3

-2.1

-1.9

        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

        Short Term Debt Issued

-

0.0

-

0.5

2.5

    Short Term Debt, Net

-

0.0

-1.2

0.5

2.5

        Long Term Debt Issued

19.3

25.3

35.0

23.7

0.0

        Long Term Debt Reduction

-19.3

-12.7

-5.8

-12.9

-5.5

    Long Term Debt, Net

0.0

12.7

29.2

10.8

-5.5

Issuance (Retirement) of Debt, Net

0.0

12.7

28.0

11.3

-3.0

Cash from Financing Activities

-2.4

10.2

25.7

9.2

-5.0

 

 

 

 

 

 

Foreign Exchange Effects

3.9

-1.4

-1.8

-0.2

-0.5

Net Change in Cash

-0.1

-29.8

11.4

13.6

2.4

 

 

 

 

 

 

Net Cash - Beginning Balance

60.7

93.5

74.7

55.2

47.8

Net Cash - Ending Balance

60.5

63.7

86.1

68.9

50.2

Cash Interest Paid

0.7

0.8

0.7

0.7

0.5

Cash Taxes Paid

-0.1

1.1

0.4

-2.4

4.3

 

 

 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

Deloitte Touche Tohmatsu LLC

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Total net sales

276.5

297.1

305.5

280.0

282.5

Total Revenue

276.5

297.1

305.5

280.0

282.5

 

 

 

 

 

 

    Rounding adjustment Income Statement

-

0.0

-

-

-

    Total cost of sales

250.3

263.7

269.5

246.9

254.6

    Other Selling/General/Admin. Expense

21.0

18.7

-

-

-

    Payrolls

7.3

7.8

7.2

7.4

7.6

    Provision for bonuses

0.6

0.7

0.8

0.7

0.6

    Periodic retirement benefit costs

0.5

0.7

0.4

1.0

0.6

    Reserve for officers retirement benefits

0.1

0.1

0.1

0.1

0.1

    Rent expenses

4.4

4.7

4.3

3.9

3.6

    Research and Development Expense(in SGA)

4.4

4.0

-

-

-

    R&D expenses

-

-

3.3

2.5

2.5

    Other general expenses

-

-

17.9

14.7

15.6

    Rounding adjustment Income Statement

0.0

-

-

-

-

    SP Reverse Doubt. Acct.

-

0.0

-0.4

0.0

-

    SP Write-off Fix. Asset

0.0

0.1

0.0

0.2

0.1

    SP Assets impairment losses

0.0

0.1

0.4

0.0

0.2

    SP Revalue.-Invest. Sec

1.9

0.2

0.2

0.1

2.1

    SP Spec. Prov. For Doubtful Acts

-

-

-

0.0

4.8

    SP Nonrecurring depr. for fixed Assets

-

-

0.0

0.8

0.0

    SP L on adj. for chgs of acc. assts.

-

0.0

0.7

0.0

-

    SP Loss on disaster

-

0.0

0.2

0.0

-

    SP Other special loss

-

-

0.0

0.0

0.1

Total Operating Expense

290.7

300.8

304.5

278.4

292.5

 

 

 

 

 

 

    NOP Interest Income

0.2

0.2

0.1

0.1

0.4

    Foreign exchange gains

1.7

0.2

-

-

-

    Gain on sales of investment securities

2.7

0.2

-

-

-

    NOP Dividend Income

0.4

0.4

0.3

0.3

0.3

    Other Non-Operating Income (Expense)

0.0

0.0

-

-

-

    Reversal of allowance for doubtful accou

-

0.2

-

-

-

    NOP Refunds

-

-

0.0

0.1

0.0

    NOP Exchange Gain

-

-

0.0

-

-

    NOP Reve of allowance for doubtful accou

-

-

0.0

-

-

    NOP Royalty income

-

-

-

0.0

0.2

    NOP Other Income

0.1

0.2

0.1

0.2

0.2

    NOP Interest Expense

-0.7

-0.8

-0.7

-0.6

-0.5

    NOP L.Sale Note Rcvbl.

-0.1

-0.1

-0.1

-0.1

-0.2

    NOP Exchange Loss

-

0.0

-0.8

-0.2

-0.2

    NOP Other Expense

-0.2

-0.1

-0.2

-0.1

-0.1

    SP Gain-Fixed Assets

0.0

0.0

0.0

0.0

0.0

    SP G on redempt. LT inv't. secs.

-

-

0.0

1.4

1.3

    SP G on sale of LT inv't. secs.

-

-

0.0

-

-

    SP Loss-Fixed Assets

0.0

0.0

-0.3

0.0

0.0

    SP L on redempt. LT inv't. secs.

-

-

0.0

-0.1

0.0

Net Income Before Taxes

-10.2

-3.4

-0.5

2.6

-8.5

 

 

 

 

 

 

Provision for Income Taxes

-1.1

1.3

0.8

1.5

1.4

Net Income After Taxes

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

Net Income Before Extra. Items

-9.1

-4.7

-1.3

1.1

-9.9

Net Income

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Rounding adjustment Income Statement

-

0.0

-

-

-

    Adjustment

-

-

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-9.1

-4.7

-1.3

1.1

-9.9

 

 

 

 

 

 

Basic Weighted Average Shares

19.4

19.5

19.5

19.5

19.5

Basic EPS Excluding ExtraOrdinary Items

-0.47

-0.24

-0.07

0.06

-0.51

Basic EPS Including ExtraOrdinary Items

-0.47

-0.24

-0.07

0.06

-0.51

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

-9.1

-4.7

-1.3

1.1

-9.9

Diluted Weighted Average Shares

19.4

19.5

19.5

19.5

19.5

Diluted EPS Excluding ExtraOrd Items

-0.47

-0.24

-0.07

0.06

-0.51

Diluted EPS Including ExtraOrd Items

-0.47

-0.24

-0.07

0.06

-0.51

DPS-Ordinary Shares

0.12

0.13

0.12

0.11

0.10

Gross Dividends - Common Stock

2.3

2.5

2.3

2.1

1.9

Normalized Income Before Taxes

-8.2

-3.1

0.8

2.8

-1.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.4

1.4

1.3

1.6

4.0

Normalized Income After Taxes

-7.8

-4.5

-0.5

1.2

-5.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-7.8

-4.5

-0.5

1.2

-5.1

 

 

 

 

 

 

Basic Normalized EPS

-0.40

-0.23

-0.02

0.06

-0.26

Diluted Normalized EPS

-0.40

-0.23

-0.02

0.06

-0.26

Interest Expense

0.7

0.8

0.7

0.6

0.5

Rental Expenses

4.4

4.7

4.3

3.9

3.6

Research and Development Expense(in SGA)

4.4

4.0

-

-

-

Research & Development Expenses

-

-

3.3

2.5

2.5

BC - Depreciation of Fixed Assets

14.5

-

-

-

-

Dep. of Tangible Assets-Current Portion

-

8.4

-

-

-

Depreciation

-

-

8.0

8.2

7.0

    Income taxes-current

0.5

0.2

-

-

-

Current Tax - Total

0.5

0.2

-

-

-

    Income taxes-deferred

-1.6

0.8

-

-

-

Deferred Tax - Total

-1.6

0.8

-

-

-

    Income taxes for prior periods

-

0.2

-

-

-

Income Tax - Total

-1.1

1.3

-

-

-

Reported Operating Profit

-12.3

-3.4

2.0

2.7

-2.6

Reported Ordinary Profit

-10.9

-3.2

0.8

2.3

-2.5

Service Cost

1.1

1.2

1.1

1.0

0.9

Interest Cost

0.3

0.4

0.3

0.3

0.3

Expected Return on Plan Assets

-0.5

-0.4

-0.4

-0.4

-0.7

Actuarial Gains and Losses

0.4

0.3

0.3

1.0

0.8

Welfare Pension Contribution Expense

-

-

0.2

1.0

-

Domestic Pension Plan Expense

1.4

1.4

1.6

2.9

1.3

Japan Electronic Circuit Welfare Pen Exp

0.2

0.2

-

-

-

Total Pension Expense

1.5

1.6

1.6

2.9

1.3

Discount Rate(MIN)-Retirement Cost(Domes

1.50%

1.50%

-

-

-

Discount Rate

-

-

1.50%

1.50%

1.50%

Expected return on assets(MIN)-Retiremen

2.80%

2.40%

-

-

-

Expected Rate of Return

-

-

2.40%

3.70%

5.30%

 

 

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

Deloitte Touche Tohmatsu LLC

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposit

53.4

61.1

89.1

52.5

51.1

    Notes and accounts receivable-trade

70.3

92.7

93.8

91.6

65.9

    Electronically recorded monetary claims-

1.7

-

-

-

-

    Marketable securities

-

-

0.0

16.1

3.4

    Inventories - merchandise&finished goods

15.2

14.4

15.9

11.7

21.0

    Work in Process

1.2

1.7

1.7

1.8

1.4

    Inventories - raw materials&supplies

5.6

5.2

4.5

2.9

2.5

    Inventories - Balancing value

0.0

0.0

-

-

-

    Deferred Tax

1.5

0.1

1.0

1.1

1.5

    Other Receivable

1.9

4.4

3.0

1.4

-

    Rounding adjustment Assets

0.0

0.0

-

-

-

    Other Current

-

-

-

-

3.8

    Allowance-Doubt.

0.0

-0.1

-0.2

-0.1

-0.1

Total Current Assets

150.8

179.6

208.8

178.8

150.5

 

 

 

 

 

 

    Buildings & structures, gross

105.7

118.9

87.2

76.8

72.6

    Accum Dep & Impairment Loss of Buildings

-66.5

-71.1

-68.5

-58.8

-54.2

    Machinery, equipment and vehicles

98.1

107.5

87.9

77.9

71.1

    Acc. Depre&Impair-Machine,Equip&Vehicle

-78.2

-81.2

-79.5

-68.1

-61.8

    Land

19.1

21.5

21.9

17.9

2.3

    Constru. in Prog

0.3

0.1

12.8

0.2

0.1

    Other, prop., plants, & equip., gross

17.6

20.0

19.4

16.9

16.7

    Accumulated Depreciation-Other

-16.4

-18.2

-17.4

-15.2

-14.7

    Other Intangible assets

0.0

-

-

-

-

    Software

2.2

0.3

0.3

1.4

2.6

    Other intangible assets

0.0

3.0

2.7

0.8

0.0

    Invest. Security

15.7

21.6

19.2

16.0

14.1

    Long-term loans receivable

0.2

0.2

0.2

0.7

0.4

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Long Term Assets

-

0.0

-

-

-

    Other Other Long Term Assets

0.0

0.0

-

-

-

    Deposit Fee

14.3

16.0

15.4

13.2

17.5

    Other Asset

5.5

6.4

6.4

6.3

6.4

    Allowance-Doubt.

-5.1

-5.9

-5.9

-5.6

-5.4

    Adjustment

-

-

0.0

-

0.0

    Property/Plant/Equipment, Total - Net

0.0

0.0

-

-

-

Total Assets

263.5

318.7

310.9

259.1

218.3

 

 

 

 

 

 

    Notes and accounts payable-trade

38.1

47.9

52.1

46.3

30.0

    Short-term loans payable

4.3

4.9

4.8

5.4

4.6

    Current portion of long-term loans payab

0.0

19.4

12.1

5.4

12.1

    Tax Payable

0.6

0.3

0.7

0.4

0.2

    Allowance-Bonus

1.5

1.5

1.7

1.6

1.3

    Rounding adjustment Liability

0.0

0.0

-

-

-

    Other Current

6.3

13.4

5.0

5.4

2.9

Total Current Liabilities

50.7

87.4

76.4

64.4

51.1

 

 

 

 

 

 

    Long-term loans payable

70.1

60.7

55.5

27.8

9.1

Total Long Term Debt

70.1

60.7

55.5

27.8

9.1

 

 

 

 

 

 

    Deferred Tax

0.7

1.3

0.8

1.7

0.7

    Accr. Retirement

1.6

2.8

3.7

4.1

4.0

    Provision for directors'' retirement ben

0.6

0.5

0.5

0.4

0.6

    Assets. Retirement Obligation

0.7

0.8

0.8

0.0

-

    Rounding adjustment Liability

0.0

-

-

-

-

    Other Long Term Liabilities

-

0.0

-

-

-

    Other Liab.

0.1

0.0

0.1

0.1

0.0

Total Liabilities

124.5

153.4

137.8

98.5

65.5

 

 

 

 

 

 

    Other Equity

0.0

-

-

-

-

    Rounding adjustment Equity

-

0.0

-

-

-

    Common Stock

54.4

62.1

61.7

54.7

51.8

    Total capital surpluses

51.9

59.3

59.0

52.3

49.5

    Total retained earnings

32.3

48.4

55.0

52.1

50.4

    Treas. Stock

-0.5

-0.6

-0.5

-0.5

-0.4

    Valuation difference on available-for-sa

1.3

1.7

1.2

2.6

2.3

    Deferred hedge gain/loss

0.0

0.1

0.0

0.0

0.0

    Cumulative translation adjustments

-0.6

-5.7

-3.3

-0.6

-0.8

Total Equity

138.9

165.3

173.0

160.7

152.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

263.5

318.7

310.9

259.1

218.3

 

 

 

 

 

 

    S/O-Ordinary Shares

19.4

19.4

19.5

19.5

19.5

Total Common Shares Outstanding

19.4

19.4

19.5

19.5

19.5

T/S-Ordinary Shares

0.1

0.1

0.1

0.1

0.1

Full-Time Employees

367

368

346

323

308

Total Number of Shareholders

1,818

1,727

-

-

-

Number of Common Shareholders

-

-

1,785

1,855

1,875

LT Debts Maturing within 1yr.

0.0

19.4

12.1

5.4

12.1

Lns Pble Maturing over a Yr within 2 Yrs

53.1

-

-

-

-

LT Debts Maturing within 2yr.

-

-

19.3

10.7

5.1

Lns Pble Maturg over 2 Yrs within 3 Yrs

17.0

60.7

-

-

-

LT Debts Maturing within 3yr.

-

-

0.0

17.1

4.0

LT Debts Maturing within 4yr.

-

-

36.2

0.0

0.0

LT Debts Maturing within 5yr.

-

-

0.0

0.0

0.0

Remaining

-

-

-

0.0

0.0

Total Long Term Debt, Supplemental

70.1

80.1

67.6

33.2

21.3

Pension Obligation

19.9

22.6

22.8

20.5

19.7

Fair Value of Plan Assets

17.1

16.9

15.7

13.6

10.7

Funded Status

-2.8

-5.7

-7.1

-6.9

-9.1

Total Funded Status

-2.8

-5.7

-7.1

-6.9

-9.1

Discount Rate

1.50%

1.50%

1.50%

1.50%

1.50%

Expected Rate of Return

2.80%

2.40%

2.40%

3.70%

5.30%

Unrecognized Actuarial Gains and Losses

1.1

3.0

3.4

2.8

5.1

Reserve for Accrued Retirement Benefits

-1.6

-2.8

-3.7

-4.1

-4.0

Net Assets Recognized on Balance Sheet

-0.5

0.2

-0.3

-1.3

1.1

 

 

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

Deloitte Touche Tohmatsu LLC

Deloitte Touche Tohmatsu LLC

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income Before Tax

-10.2

-3.4

-0.5

2.6

-8.5

    Depreciation

14.5

8.4

8.0

8.2

7.0

    Loss (gain) on sales of investment secur

-2.7

-0.2

-

-

-

    Assets impairment losses

0.0

0.1

0.4

0.0

0.2

    Loss on disaster

-

0.0

0.2

0.0

-

    Increase (decrease) in allowance for dou

0.0

-0.2

-0.3

0.1

4.8

    Increase (decrease) in provision for bon

0.2

-0.2

-0.1

0.2

-0.5

    Increase (decrease) in provision for ret

-0.9

-1.0

-0.9

-0.1

-0.6

    Int.&Div. Income

-0.5

-0.5

-0.5

-0.4

-0.7

    Interest Expense

0.7

0.8

0.7

0.6

0.5

    G on sale of LT inv't in secs.

-

-

0.0

-

-

    Loss (gain) on sales of noncurrent asset

0.0

0.0

0.3

0.0

0.0

    Write-off Fix. Asset

0.0

0.1

0.0

0.2

0.1

    G/L on redemp. of LT inv't secs.

-

-

0.0

-1.3

-1.3

    Loss (gain) on valuation of investment s

1.9

0.2

0.2

0.1

2.1

    L on adj. for chgs of acc. assts.

-

0.0

0.7

0.0

-

    Decrease (increase) in notes and account

10.6

1.7

8.9

-21.9

51.2

    Decrease (increase) in inventories

-3.4

0.9

-3.7

10.0

-0.5

    Increase (decrease) in notes and account

-4.5

-4.7

0.2

14.6

-36.6

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other, net

1.6

-2.3

-1.8

0.7

-3.4

    Int.&Div. Received

0.5

0.5

0.5

0.4

0.7

    Interest Paid

-0.7

-0.8

-0.7

-0.7

-0.5

    Tax Paid

-0.1

-1.1

-0.4

-0.3

-4.3

    Tax Refund

0.2

0.0

0.0

2.7

0.0

Cash from Operating Activities

7.2

-1.6

11.2

15.7

9.7

 

 

 

 

 

 

    Purchase of property, plant and equipmen

-12.6

-35.7

-17.4

-19.5

-6.6

    Proceeds from sales of property, plant a

0.0

0.3

0.1

0.0

0.0

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Purch.-Intangible

-0.1

-0.5

-2.6

-0.4

-

    Purch.-Invest. Sec.

0.0

-1.6

-4.1

0.0

-0.1

    Sale-Invest. Sec.

3.8

0.2

0.0

0.1

0.3

    Redempt.LT inv't in sec.

-

-

0.0

3.1

2.4

    Collection from sales of stocks

-

0.0

0.4

0.2

4.6

    Purchase of subsidiaries' shares

-

-

-

0.0

-1.2

    Guaranteed deposits collected

-

-

0.0

5.5

0.0

    Other, net

0.0

0.4

0.0

0.0

-1.2

Cash from Investing Activities

-8.9

-36.9

-23.7

-11.1

-1.8

 

 

 

 

 

 

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Net increase (decrease) in short-term lo

-

0.0

-

0.5

2.5

    Net increase (decrease) in short-term lo

-

-

-1.2

-

-

    Proceeds from long-term loans payable

19.3

25.3

35.0

23.7

0.0

    Repayment of long-term loans payable

-19.3

-12.7

-5.8

-12.9

-5.5

    Purch.-Treas. Stock

0.0

0.0

0.0

0.0

0.0

    Dividend Paid

-2.3

-2.5

-2.3

-2.1

-1.9

Cash from Financing Activities

-2.4

10.2

25.7

9.2

-5.0

 

 

 

 

 

 

Foreign Exchange Effects

3.9

-1.4

-1.8

-0.2

-0.5

Net Change in Cash

-0.1

-29.8

11.4

13.6

2.4

 

 

 

 

 

 

Net Cash - Beginning Balance

60.7

93.5

74.7

55.2

47.8

Net Cash - Ending Balance

60.5

63.7

86.1

68.9

50.2

    Cash Interest Paid

0.7

0.8

0.7

0.7

0.5

    Cash Taxes Paid

-0.1

1.1

0.4

-2.4

4.3

 

 

Financial Health

 

                                                                                                            Financials in: USD (mil) 

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

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

57.0

-8.52%

276.5

-2.21%

-4.12%

-9.22%

Research & Development1 (?)

-

-

4.4

16.42%

16.67%

5.65%

Operating Income1 (?)

-0.4

-

-14.2

-

-

-

Income Available to Common Excl Extraord Items1 (?)

-0.5

-

-9.1

-

-

-

Basic EPS Excl Extraord Items1 (?)

-0.03

-

-0.47

-

-

-

Capital Expenditures2 (?)

-

-

12.7

-63.13%

-17.14%

17.88%

Cash from Operating Activities2 (?)

-

-

7.2

-

-25.55%

-17.74%

Free Cash Flow (?)

-

-

-4.8

-

-

-

Total Assets3 (?)

258.7

-4.48%

263.5

-5.58%

0.79%

-2.68%

Total Liabilities3 (?)

122.5

-8.82%

124.5

-7.26%

8.40%

0.47%

Total Long Term Debt3 (?)

67.2

17.86%

70.1

32.00%

36.41%

25.74%

Employees3 (?)

-

-

367

-0.27%

4.35%

5.64%

Total Common Shares Outstanding3 (?)

19.4

-0.03%

19.4

-0.02%

-0.02%

-0.03%

1-ExchangeRate: JPY to USD Average for Period

98.564314

 

82.970472

 

 

 

2-ExchangeRate: JPY to USD Average for Period

 

 

82.970472

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.239969

 

94.088557

 

 

 

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin (?)

9.45%

11.24%

11.79%

11.82%

9.89%

Operating Margin (?)

-5.15%

-1.25%

0.32%

0.57%

-3.54%

Pretax Margin (?)

-3.68%

-1.16%

-0.15%

0.91%

-3.02%

Net Profit Margin (?)

-3.28%

-1.60%

-0.43%

0.39%

-3.51%

Financial Strength

Current Ratio (?)

2.97

2.06

2.73

2.78

2.94

Long Term Debt/Equity (?)

0.51

0.37

0.32

0.17

0.06

Total Debt/Equity (?)

0.54

0.51

0.42

0.24

0.17

Management Effectiveness

Return on Assets (?)

-2.95%

-1.44%

-0.45%

0.44%

-3.99%

Return on Equity (?)

-5.64%

-2.68%

-0.77%

0.67%

-6.23%

Efficiency

Receivables Turnover (?)

3.18

3.05

3.21

3.46

3.13

Inventory Turnover (?)

10.87

11.59

13.73

11.54

10.50

Asset Turnover (?)

0.90

0.90

1.05

1.14

1.14

 

Market Valuation USD (mil)

Enterprise Value2 (?)

60.9

.

Price/Sales (TTM) (?)

0.17

Enterprise Value/Revenue (TTM) (?)

0.27

.

Price/Book (MRQ)(?)

0.29

Enterprise Value/EBITDA (TTM) (?)

54.21

.

Market Cap1 (?)

39.7

1-ExchangeRate: JPY to USD on 1-Nov-2013

98.243773

 

 

 

2-ExchangeRate: JPY to USD on 30-Jun-2013

98.239969

 

 

 

 

 

 

 

 

 

 

 

Annual Ratios

 

 

Financials in: USD (mil)

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

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Financial Strength

Current Ratio (?)

2.97

2.06

2.73

2.78

2.94

Quick/Acid Test Ratio (?)

2.47

1.76

2.39

2.48

2.35

Working Capital1 (?)

100.1

92.2

132.4

114.4

99.4

Long Term Debt/Equity (?)

0.51

0.37

0.32

0.17

0.06

Total Debt/Equity (?)

0.54

0.51

0.42

0.24

0.17

Long Term Debt/Total Capital (?)

0.33

0.24

0.23

0.14

0.05

Total Debt/Total Capital (?)

0.35

0.34

0.30

0.19

0.14

Payout Ratio (?)

-25.85%

-51.99%

-171.72%

192.56%

-19.53%

Effective Tax Rate (?)

-

-

-

57.41%

-

Total Capital1 (?)

213.3

250.3

245.4

199.2

178.6

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.90

0.90

1.05

1.14

1.14

Inventory Turnover (?)

10.87

11.59

13.73

11.54

10.50

Days In Inventory (?)

33.57

31.50

26.58

31.64

34.76

Receivables Turnover (?)

3.18

3.05

3.21

3.46

3.13

Days Receivables Outstanding (?)

114.63

119.68

113.63

105.52

116.68

Revenue/Employee2 (?)

664,260

773,669

912,814

862,327

933,276

Operating Income/Employee2 (?)

-34,193

-9,696

2,916

4,945

-33,002

EBITDA/Employee2 (?)

683

12,162

26,849

30,131

-9,838

 

 

 

 

 

 

Profitability

Gross Margin (?)

9.45%

11.24%

11.79%

11.82%

9.89%

Operating Margin (?)

-5.15%

-1.25%

0.32%

0.57%

-3.54%

EBITDA Margin (?)

0.10%

1.57%

2.94%

3.49%

-1.05%

EBIT Margin (?)

-5.15%

-1.25%

0.32%

0.57%

-3.54%

Pretax Margin (?)

-3.68%

-1.16%

-0.15%

0.91%

-3.02%

Net Profit Margin (?)

-3.28%

-1.60%

-0.43%

0.39%

-3.51%

R&D Expense/Revenue (?)

1.61%

1.35%

1.08%

0.89%

0.90%

COGS/Revenue (?)

90.55%

88.76%

88.21%

88.18%

90.11%

SG&A Expense/Revenue (?)

12.29%

11.02%

10.04%

9.98%

9.93%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

-2.95%

-1.44%

-0.45%

0.44%

-3.99%

Return on Equity (?)

-5.64%

-2.68%

-0.77%

0.67%

-6.23%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-0.25

-1.86

-0.47

-0.22

0.16

Operating Cash Flow/Share 2 (?)

0.33

-0.08

0.59

0.80

0.51

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) (?)

-6.83

Market Cap/Equity (MRQ) (?)

0.29

Market Cap/Revenue (TTM) (?)

0.17

Market Cap/EBIT (TTM) (?)

-3.60

Market Cap/EBITDA (TTM) (?)

35.34

Enterprise Value/Earnings (TTM) (?)

-10.48

Enterprise Value/Equity (MRQ) (?)

0.45

Enterprise Value/Revenue (TTM) (?)

0.27

Enterprise Value/EBIT (TTM) (?)

-5.52

Enterprise Value/EBITDA (TTM) (?)

54.21

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.23

UK Pound

1

Rs.100.18

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.