MIRA INFORM REPORT
|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
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Name : |
LASERTEC CORPORATION |
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Registered Office : |
2-10-1,
Shin-yokohama, Kohoku-ku, Yokohama-Shi, 222-8552 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
13.08.1962 |
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Legal Form : |
Public
Independent Company |
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Line of Business : |
Subject is
engaged in the design, manufacture and sale of inspection and measuring
equipment including semiconductor-related equipment, flat panel display
(FPD)-related equipment and laser microscopes, as well as the provision of
related services |
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No. of Employees : |
226 (2012) |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A 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
Lasertec Corporation
2-10-1,
Shin-yokohama, Kohoku-ku
Yokohama-Shi,
222-8552
Japan
Tel: 81-45-4787111
Fax: 81-45-4761061
Web: www.lasertec.co.jp
SYNTHESIS
Employees: 226
Company Type: Public
Independent
Traded: Tokyo Stock Exchange: 6920
Incorporation
Date: 13-Aug-1962
Auditor: Deloitte
Touche Tohmatsu LLC
Financials in: USD (Millions)
Fiscal Year End: 30-Jun-2013
Reporting
Currency: Japanese Yen
Annual Sales: 130.2 1
Net Income: 18.4
Total Assets: 202.7 2
Market Value: 225.6
(13-Sep-2013)
Business Description
Lasertec
Corporation is a company engaged in the design, manufacture and sale of
inspection and measuring equipment including semiconductor-related equipment,
flat panel display (FPD)-related equipment and laser microscopes, as well as
the provision of related services. Its main products consist of the confocal
scanning laser microscopes such as color confocal microscopes and violet laser
microscopes; the energy/environment related products such as transparent object
inspection systems and SiC wafer inspection/review systems; the semiconductor
inspection systems such as lithography process inspection systems, wafer
inspection/review systems, photomask inspection systems and ArF mask review
stations, as well as the liquid crystal display (LCD) inspection and repair
systems such as large mask inspection systems, large size photomask inspection
systems and color filter repair systems, among others. For the fiscal year
ended 30 June 2013, Lasertec Corporation revenues decreased 8% to Y11.4B. Net
income applicable to common stockholders decreased 10% to Y1.61B. Revenues
reflect a decrease in demand for the Company's products and services due to
unfavorable market conditions. Net income also reflects Salaries And Bonuses
increase of 15% to Y912.3M (expense), Welfare Expenses increase of 26% to
Y183.1M (expense).
Industry
Industry
Electromedical and Control Instruments Manufacturing
ANZSIC 2006: 2419 - Other Professional and Scientific
Equipment Manufacturing
ISIC Rev 4: 2651 - Manufacture of measuring,
testing, navigating and control equipment
NACE Rev 2: 2651 - Manufacture of instruments and
appliances for measuring, testing and navigation
NAICS 2012: 334515 - Instrument Manufacturing for
Measuring and Testing Electricity and Electrical Signals
UK SIC 2007: 2651 - Manufacture of instruments and
appliances for measuring, testing and navigation
US SIC 1987: 3825 - Instruments for Measuring and
Testing of Electricity and Electrical Signals
Key Executives
|
Name |
Title |
|
Osamu Okabayashi |
President, Representative Director |
|
Koichi Moriizumi |
Director of 2nd Technology, Director of 3rd Sales, Director |
|
Shu Uchiyama |
Chief Director of Administration, Director of Quality Assurance,
Director |
|
Haruhiko Kusunose |
Vice President, Chief Director of Technology, Representative Director |
|
Makoto Yonezawa |
Managing Director, Deputy Chief Director of Technology, Manager of Extremity
Development Office, Director |
Significant Developments
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* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 87.56526
2 - Balance Sheet
Item Exchange Rate: USD 1 = JPY 98.23997
Corporate Overview
Location
2-10-1, Shin-yokohama, Kohoku-ku
Yokohama-Shi, 222-8552
Japan
Tel: 81-45-4787111
Fax: 81-45-4761061
Web: www.lasertec.co.jp
Quote Symbol - Exchange
6920 - Tokyo Stock Exchange
Sales JPY(mil): 11,397.3
Assets JPY(mil): 19,911.4
Employees: 226
Fiscal Year End: 30-Jun-2013
Industry: Scientific
and Technical Instruments
Incorporation Date: 13-Aug-1962
Company Type: Public
Independent
Quoted Status : Quoted
President, Representative Director:
Osamu Okabayashi
Industry Codes
ANZSIC 2006
Codes:
2419 - Other
Professional and Scientific Equipment Manufacturing
2421 - Computer
and Electronic Office Equipment Manufacturing
ISIC Rev 4 Codes:
2651 - Manufacture
of measuring, testing, navigating and control equipment
2670 - Manufacture
of optical instruments and photographic equipment
2620 - Manufacture
of computers and peripheral equipment
NACE Rev 2 Codes:
2651 - Manufacture
of instruments and appliances for measuring, testing and navigation
2670 - Manufacture
of optical instruments and photographic equipment
2620 - Manufacture
of computers and peripheral equipment
NAICS 2012 Codes:
334515 - Instrument
Manufacturing for Measuring and Testing Electricity and Electrical Signals
333314 - Optical
Instrument and Lens Manufacturing
334118 - Computer
Terminal and Other Computer Peripheral Equipment Manufacturing
US SIC 1987:
3825 - Instruments
for Measuring and Testing of Electricity and Electrical Signals
3827 - Optical
Instruments and Lenses
3577 - Computer Peripheral Equipment, Not
Elsewhere Classified
UK SIC 2007:
2651 - Manufacture
of instruments and appliances for measuring, testing and navigation
26701 - Manufacture
of optical precision instruments
2620 - Manufacture
of computers and peripheral equipment
Business Description
Lasertec
Corporation is a company engaged in the design, manufacture and sale of inspection
and measuring equipment including semiconductor-related equipment, flat panel
display (FPD)-related equipment and laser microscopes, as well as the provision
of related services. Its main products consist of the confocal scanning laser
microscopes such as color confocal microscopes and violet laser microscopes;
the energy/environment related products such as transparent object inspection
systems and SiC wafer inspection/review systems; the semiconductor inspection
systems such as lithography process inspection systems, wafer inspection/review
systems, photomask inspection systems and ArF mask review stations, as well as
the liquid crystal display (LCD) inspection and repair systems such as large
mask inspection systems, large size photomask inspection systems and color
filter repair systems, among others. For the fiscal year ended 30 June 2013,
Lasertec Corporation revenues decreased 8% to Y11.4B. Net income applicable to
common stockholders decreased 10% to Y1.61B. Revenues reflect a decrease in demand
for the Company's products and services due to unfavorable market conditions.
Net income also reflects Salaries And Bonuses increase of 15% to Y912.3M
(expense), Welfare Expenses increase of 26% to Y183.1M (expense).
More Business Descriptions
Manufacture of photomask inspection systems, laser
microscopes and LCD colour filter inspection systems
Semiconductor Device Mfr
Semiconductor and Other Electronic Component
Manufacturing
Brand/Trade Names
Lasertec
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Executive report
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Board of
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Vice President, Chief Director of Technology, Representative Director |
Director/Board Member |
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Director of 2nd Technology, Director of 3rd Sales, Director |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Chief Director of Administration, Director of Quality Assurance,
Director |
Director/Board Member |
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Managing Director, Deputy Chief Director of Technology, Manager of
Extremity Development Office, Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Managing Director, Deputy Chief Director of Technology, Manager of
Extremity Development Office, Director |
Managing Director |
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Chief Director of Administration, Director of Quality Assurance,
Director |
Administration Executive |
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Director of 2nd Technology, Director of 3rd Sales, Director |
Sales Executive |
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Vice President, Chief Director of Technology, Representative Director |
Engineering/Technical Executive |
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Significant Developments
Lasertec Corp Signs
Commitment Line Agreement Sep 27, 2013
Lasertec Corp
announced that it has signed an agreement with The Bank of Tokyo-Mitsubishi
UFJ, Ltd. for JPY 3 billion commitment line on September 27, 2013. The
agreement is valid for three years.
Lasertec Corp to
Issue Year-end Dividend for FY 2013 Aug 12, 2013
Lasertec Corp
announced that it has decided to issue a year-end dividend of JPY 48 per share,
above the latest dividend forecast of JPY 43 per share, disclosed on July 22,
2013, to all the shareholders of record as of June 30, 2013, effective
September 27, 2013, for the fiscal year ended June 2013. The year-end dividend
includes a common dividend of JPY 43 per share and a bonus dividend of JPY 5
per share, in the commemoration of its listing on Tokyo Stock Exchange section
one.
Lasertec Corp
Raises Year-end Dividend Forecast for FY 2013 Jul 22, 2013
Lasertec Corp
announced that it has resolved to distribute a bonus dividend in commemoration
of the upgrading to Tokyo Stock Exchange First Section. Therefore, the Company
has raised its year-end dividend from JPY 38.00 per share, which was announced
on January 25, 2013, to JPY 43.00 per share (JPY 38 per share of a common
dividend and JPY
5 per share of a bonus dividend), for the fiscal year ended July 2013.
Lasertec Corp
Announces Stock Split and Partial Change to Article of Incorporation of
Authorized Share Number
May 27, 2013
Lasertec Corp
announced that it has decided to split one share of its stock into two shares, effective
July 1, 2013. After the stock split, the total share outstanding will become
23,571,600. The Company has received approval from the shareholders meeting to
make partial change to its article of incorporation. Based on change to article
six, the Company will increase total number of authorized shares from
32,000,000 shares to 64,000,000 shares.
Lasertec Corp Announces Update of Listing Mar 08,
2013
Lasertec Corp announced that its stock will be
updated from Tokyo Stock Exchange second section to Tokyo Stock Exchange first
section, effective March 15, 2013.
Lasertec Corp Amends Consolidated Mid-year and
Full-year Outlook for FY 2013; Changes Dividend Forecast for FY 2013 Jan 25,
2013
Lasertec Corp announced that it has lowered its
consolidated mid-year outlook for revenue from JPY 7,500 million to JPY 6,566
million, but raised the outlook for operating profit from JPY 1,800 million to
JPY 1,807 million, ordinary profit from JPY 1,800 million to JPY 1,951 million,
net profit from JPY 1,200 million to JPY 1,241 million and earning per share
from JPY 106.48 to JPY 110.14, for the fiscal year ending June 2013. In
addition, the Company has also lowered its consolidated full-year outlook for
revenue from JPY 14,000 million to JPY 11,000 million, operating profit from
JPY 3,100 million to JPY 2,000 million, ordinary profit from JPY 3,100 million
to JPY 2,150 million, net profit from JPY 2,050 million to JPY 1,400 million
and earning per share from JPY 181.90 to JPY 124.23, for the fiscal year ending
June 2013. The Company raised the mid-year profit outlook due to the cost
reduction and lowered the full-year outlook due to the decreased sales, among
others. The Company has also lowered its year-end dividend forecast from JPY 55
per share to JPY 38 per share, for the fiscal year ending June 2013.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
87.565262 |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
130.2 |
157.0 |
153.1 |
97.5 |
93.9 |
|
Revenue |
130.2 |
157.0 |
153.1 |
97.5 |
93.9 |
|
Total Revenue |
130.2 |
157.0 |
153.1 |
97.5 |
93.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
69.0 |
73.6 |
87.2 |
60.3 |
67.0 |
|
Cost of Revenue, Total |
69.0 |
73.6 |
87.2 |
60.3 |
67.0 |
|
Gross Profit |
61.1 |
83.3 |
65.9 |
37.2 |
26.9 |
|
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|
|
|
|
|
|
Selling/General/Administrative Expense |
7.4 |
9.3 |
8.5 |
6.4 |
7.3 |
|
Labor & Related Expense |
16.2 |
16.1 |
14.2 |
10.8 |
11.3 |
|
Advertising Expense |
0.6 |
0.7 |
0.5 |
0.4 |
0.6 |
|
Total Selling/General/Administrative Expenses |
24.2 |
26.1 |
23.1 |
17.6 |
19.2 |
|
Research & Development |
11.5 |
16.9 |
12.2 |
10.1 |
12.6 |
|
Depreciation |
0.9 |
1.0 |
1.2 |
1.4 |
1.8 |
|
Depreciation/Amortization |
0.9 |
1.0 |
1.2 |
1.4 |
1.8 |
|
Litigation |
0.5 |
- |
- |
- |
- |
|
Impairment-Assets Held for Use |
- |
- |
0.0 |
0.1 |
1.5 |
|
Impairment-Assets Held for Sale |
- |
- |
0.0 |
0.9 |
0.5 |
|
Other Unusual Expense (Income) |
- |
0.0 |
0.8 |
0.0 |
0.0 |
|
Unusual Expense (Income) |
0.5 |
0.0 |
0.8 |
1.0 |
1.9 |
|
Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
106.1 |
117.7 |
124.6 |
90.4 |
102.5 |
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Operating Income |
24.0 |
39.3 |
28.6 |
7.1 |
-8.6 |
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Interest Expense -
Non-Operating |
-0.2 |
-0.5 |
-0.4 |
-0.1 |
-0.1 |
|
Interest Expense, Net Non-Operating |
-0.2 |
-0.5 |
-0.4 |
-0.1 |
-0.1 |
|
Interest Income -
Non-Operating |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Investment Income -
Non-Operating |
4.3 |
-0.8 |
-0.9 |
-0.5 |
-0.1 |
|
Interest/Investment Income - Non-Operating |
4.3 |
-0.7 |
-0.7 |
-0.5 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
4.1 |
-1.3 |
-1.1 |
-0.6 |
-0.1 |
|
Gain (Loss) on Sale of Assets |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Other Non-Operating Income (Expense) |
0.3 |
-0.2 |
-0.6 |
0.2 |
0.1 |
|
Other, Net |
0.3 |
-0.2 |
-0.6 |
0.2 |
0.1 |
|
Income Before Tax |
28.5 |
37.8 |
26.8 |
6.8 |
-8.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.1 |
14.9 |
8.5 |
2.8 |
-2.1 |
|
Income After Tax |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
Net Income |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
22.5 |
22.5 |
22.5 |
22.5 |
22.5 |
|
Basic EPS Excl Extraord Items |
0.82 |
1.02 |
0.81 |
0.18 |
-0.29 |
|
Basic/Primary EPS Incl Extraord Items |
0.82 |
1.02 |
0.81 |
0.18 |
-0.29 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Diluted Net Income |
18.4 |
22.9 |
18.3 |
3.6 |
-6.6 |
|
Diluted Weighted Average Shares |
22.6 |
22.6 |
23.7 |
25.0 |
22.5 |
|
Diluted EPS Excl Extraord Items |
0.81 |
1.01 |
0.77 |
0.14 |
-0.29 |
|
Diluted EPS Incl Extraord Items |
0.81 |
1.01 |
0.77 |
0.14 |
-0.29 |
|
Dividends per Share - Common Stock Primary Issue |
0.55 |
0.34 |
0.25 |
0.08 |
0.08 |
|
Gross Dividends - Common Stock |
6.2 |
7.6 |
5.6 |
1.8 |
1.7 |
|
Interest Expense, Supplemental |
0.2 |
0.5 |
0.4 |
0.1 |
0.1 |
|
Depreciation, Supplemental |
2.6 |
3.3 |
3.4 |
3.9 |
4.8 |
|
Total Special Items |
0.5 |
0.1 |
0.8 |
1.0 |
2.0 |
|
Normalized Income Before Tax |
29.0 |
37.8 |
27.6 |
7.8 |
-6.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.0 |
0.3 |
0.4 |
0.7 |
|
Inc Tax Ex Impact of Sp Items |
10.2 |
14.9 |
8.8 |
3.3 |
-1.4 |
|
Normalized Income After Tax |
18.7 |
22.9 |
18.8 |
4.5 |
-5.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
18.7 |
22.9 |
18.8 |
4.5 |
-5.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.83 |
1.02 |
0.84 |
0.20 |
-0.23 |
|
Diluted Normalized EPS |
0.83 |
1.01 |
0.79 |
0.17 |
-0.23 |
|
Advertising Expense, Supplemental |
0.6 |
0.7 |
0.5 |
0.4 |
0.6 |
|
Research & Development Exp, Supplemental |
11.5 |
16.9 |
12.2 |
10.1 |
12.6 |
|
Reported Operating Profit |
24.5 |
39.3 |
29.4 |
8.1 |
-6.7 |
|
Reported Ordinary Profit |
29.0 |
37.8 |
27.6 |
7.8 |
-6.7 |
|
Normalized EBIT |
24.5 |
39.3 |
29.4 |
8.2 |
-6.7 |
|
Normalized EBITDA |
27.1 |
42.6 |
32.8 |
12.0 |
-1.9 |
|
Current Tax - Total |
11.5 |
- |
- |
- |
- |
|
Current Tax - Total |
11.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.4 |
- |
- |
- |
- |
|
Income Tax - Total |
10.1 |
- |
- |
- |
- |
|
Service Cost - Domestic |
- |
0.9 |
0.9 |
0.7 |
0.7 |
|
Domestic Pension Plan Expense |
- |
0.9 |
0.9 |
0.7 |
0.7 |
|
Defined Contribution Expense - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
- |
1.0 |
0.9 |
0.7 |
0.8 |
|
Total Plan Service Cost |
- |
0.9 |
0.9 |
0.7 |
0.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
98.239969 |
79.390941 |
80.76 |
88.49 |
96.485 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
41.0 |
58.9 |
54.1 |
19.2 |
16.3 |
|
Cash and Short Term Investments |
41.0 |
58.9 |
54.1 |
19.2 |
16.3 |
|
Accounts Receivable - Trade,
Gross |
25.6 |
38.2 |
40.0 |
49.2 |
45.5 |
|
Provision for Doubtful
Accounts |
-0.5 |
-1.7 |
-0.2 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
25.1 |
36.5 |
39.7 |
49.1 |
45.4 |
|
Total Receivables, Net |
25.1 |
36.5 |
39.7 |
49.1 |
45.4 |
|
Inventories - Work In Progress |
37.6 |
46.3 |
36.2 |
27.8 |
37.8 |
|
Inventories - Raw Materials |
5.0 |
5.6 |
7.1 |
6.1 |
6.2 |
|
Total Inventory |
42.6 |
51.9 |
43.3 |
33.9 |
44.0 |
|
Deferred Income Tax - Current Asset |
10.1 |
10.6 |
10.6 |
5.4 |
3.7 |
|
Other Current Assets |
8.1 |
7.4 |
14.1 |
10.9 |
3.1 |
|
Other Current Assets, Total |
18.2 |
18.0 |
24.7 |
16.3 |
6.8 |
|
Total Current Assets |
126.9 |
165.3 |
161.9 |
118.5 |
112.5 |
|
|
|
|
|
|
|
|
Buildings |
36.6 |
45.7 |
45.4 |
41.4 |
38.1 |
|
Land/Improvements |
43.3 |
53.6 |
52.7 |
48.1 |
44.1 |
|
Machinery/Equipment |
10.0 |
11.5 |
11.3 |
10.3 |
9.4 |
|
Property/Plant/Equipment - Gross |
89.9 |
110.8 |
109.3 |
99.8 |
91.6 |
|
Accumulated Depreciation |
-23.1 |
-26.7 |
-24.4 |
-19.7 |
-14.8 |
|
Property/Plant/Equipment - Net |
66.9 |
84.0 |
84.9 |
80.1 |
76.8 |
|
Intangibles, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Investment - Affiliate Companies |
- |
0.8 |
0.8 |
0.8 |
- |
|
LT Investments - Other |
3.7 |
3.4 |
2.7 |
2.4 |
2.5 |
|
Long Term Investments |
3.7 |
4.3 |
3.5 |
3.1 |
2.5 |
|
Note Receivable - Long Term |
3.0 |
4.6 |
5.4 |
5.8 |
6.1 |
|
Deferred Income Tax - Long Term Asset |
1.4 |
2.4 |
2.5 |
2.8 |
5.7 |
|
Other Long Term Assets |
0.8 |
1.0 |
1.4 |
3.0 |
2.4 |
|
Other Long Term Assets, Total |
2.2 |
3.4 |
3.8 |
5.9 |
8.1 |
|
Total Assets |
202.7 |
261.7 |
259.6 |
213.4 |
205.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
7.9 |
9.7 |
12.4 |
14.3 |
4.0 |
|
Accrued Expenses |
1.1 |
1.5 |
0.9 |
0.3 |
0.0 |
|
Notes Payable/Short Term Debt |
- |
0.0 |
0.0 |
0.0 |
11.4 |
|
Current Portion - Long Term Debt/Capital Leases |
7.2 |
8.9 |
8.7 |
45.2 |
0.0 |
|
Customer Advances |
4.4 |
14.1 |
9.3 |
4.6 |
4.1 |
|
Income Taxes Payable |
4.4 |
11.0 |
12.4 |
0.8 |
0.1 |
|
Other Current Liabilities |
9.1 |
11.5 |
9.0 |
6.9 |
6.9 |
|
Other Current liabilities, Total |
17.8 |
36.6 |
30.6 |
12.2 |
11.1 |
|
Total Current Liabilities |
34.0 |
56.7 |
52.7 |
72.0 |
26.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
4.8 |
14.9 |
35.7 |
0.0 |
51.8 |
|
Total Long Term Debt |
4.8 |
14.9 |
35.7 |
0.0 |
51.8 |
|
Total Debt |
12.0 |
23.7 |
44.5 |
45.2 |
63.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Income Tax |
- |
- |
- |
0.0 |
0.0 |
|
Pension Benefits - Underfunded |
2.5 |
3.6 |
3.7 |
3.3 |
2.9 |
|
Other Long Term Liabilities |
0.3 |
0.4 |
0.4 |
0.7 |
0.6 |
|
Other Liabilities, Total |
2.8 |
4.0 |
4.1 |
4.0 |
3.5 |
|
Total Liabilities |
41.7 |
75.5 |
92.5 |
76.0 |
81.8 |
|
|
|
|
|
|
|
|
Common Stock |
9.5 |
11.7 |
11.5 |
10.5 |
9.6 |
|
Common Stock |
9.5 |
11.7 |
11.5 |
10.5 |
9.6 |
|
Additional Paid-In Capital |
11.3 |
14.1 |
14.0 |
12.8 |
11.7 |
|
Retained Earnings (Accumulated Deficit) |
151.0 |
175.6 |
156.0 |
127.2 |
114.6 |
|
Treasury Stock - Common |
-10.0 |
-12.4 |
-12.3 |
-11.2 |
-10.3 |
|
Unrealized Gain (Loss) |
0.7 |
0.1 |
0.1 |
0.1 |
-0.3 |
|
Translation Adjustment |
-1.5 |
-3.0 |
-2.3 |
-1.9 |
-1.3 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-1.5 |
-3.0 |
-2.3 |
-1.9 |
-1.3 |
|
Total Equity |
161.0 |
186.1 |
167.1 |
137.5 |
124.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
202.7 |
261.7 |
259.6 |
213.4 |
205.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
22.5 |
22.5 |
22.5 |
22.5 |
22.5 |
|
Total Common Shares Outstanding |
22.5 |
22.5 |
22.5 |
22.5 |
22.5 |
|
Treasury Shares - Common Stock Primary Issue |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Employees |
- |
226 |
223 |
229 |
240 |
|
Number of Common Shareholders |
- |
5,176 |
5,457 |
5,451 |
5,764 |
|
Deferred Revenue - Current |
4.4 |
14.1 |
9.3 |
4.6 |
4.1 |
|
Total Long Term Debt, Supplemental |
- |
23.7 |
44.5 |
45.2 |
51.8 |
|
Long Term Debt Maturing within 1 Year |
- |
8.9 |
8.7 |
22.6 |
25.9 |
|
Long Term Debt Maturing in Year 2 |
- |
8.9 |
8.7 |
22.6 |
25.9 |
|
Long Term Debt Maturing in Year 3 |
- |
6.0 |
8.7 |
- |
- |
|
Long Term Debt Maturing in Year 4 |
- |
- |
8.7 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
- |
8.7 |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
14.9 |
17.5 |
22.6 |
25.9 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
17.5 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.8 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
- |
6.6 |
6.1 |
5.0 |
4.3 |
|
Plan Assets - Domestic |
- |
3.0 |
2.4 |
1.7 |
1.4 |
|
Funded Status - Domestic |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
|
Total Funded Status |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
|
Accrued Liabilities - Domestic |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
|
Net Assets Recognized on Balance Sheet |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
|
Total Plan Obligations |
- |
6.6 |
6.1 |
5.0 |
4.3 |
|
Total Plan Assets |
- |
3.0 |
2.4 |
1.7 |
1.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
87.565262 |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
28.5 |
37.8 |
26.8 |
6.8 |
-8.7 |
|
Depreciation |
2.6 |
3.3 |
3.4 |
3.9 |
4.8 |
|
Depreciation/Depletion |
2.6 |
3.3 |
3.4 |
3.9 |
4.8 |
|
Unusual Items |
0.0 |
0.1 |
0.7 |
0.4 |
2.0 |
|
Other Non-Cash Items |
-2.3 |
4.1 |
2.0 |
0.3 |
1.2 |
|
Non-Cash Items |
-2.3 |
4.1 |
2.6 |
0.7 |
3.2 |
|
Accounts Receivable |
7.2 |
3.1 |
13.5 |
0.8 |
7.3 |
|
Inventories |
-0.5 |
-8.0 |
-5.9 |
13.6 |
-1.7 |
|
Accounts Payable |
-3.3 |
1.7 |
-1.7 |
9.6 |
-2.1 |
|
Accrued Expenses |
-0.1 |
0.6 |
0.6 |
0.2 |
-1.2 |
|
Other Liabilities |
-8.2 |
4.7 |
3.9 |
0.1 |
-7.4 |
|
Other Operating Cash Flow |
-16.2 |
-14.5 |
-3.4 |
-8.5 |
-9.2 |
|
Changes in Working Capital |
-21.1 |
-12.4 |
7.0 |
15.7 |
-14.3 |
|
Cash from Operating Activities |
7.6 |
32.8 |
39.9 |
27.1 |
-15.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.4 |
-0.7 |
-0.5 |
-0.4 |
-0.6 |
|
Capital Expenditures |
-1.4 |
-0.7 |
-0.5 |
-0.4 |
-0.6 |
|
Acquisition of Business |
- |
- |
0.0 |
-0.7 |
0.0 |
|
Sale of Fixed Assets |
- |
0.0 |
0.1 |
0.0 |
0.1 |
|
Sale/Maturity of Investment |
- |
- |
- |
0.0 |
0.0 |
|
Investment, Net |
0.0 |
-0.2 |
- |
- |
- |
|
Purchase of Investments |
0.0 |
-1.8 |
- |
0.0 |
-1.8 |
|
Other Investing Cash Flow |
-0.2 |
1.9 |
-0.3 |
-0.2 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
-0.2 |
0.0 |
-0.3 |
-0.9 |
-1.8 |
|
Cash from Investing Activities |
-1.6 |
-0.7 |
-0.8 |
-1.2 |
-2.4 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-6.8 |
-5.9 |
-2.0 |
-1.8 |
-5.7 |
|
Total Cash Dividends Paid |
-6.8 |
-5.9 |
-2.0 |
-1.8 |
-5.7 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
- |
- |
0.0 |
-12.0 |
11.1 |
|
Long Term Debt Issued |
- |
0.0 |
59.5 |
0.0 |
- |
|
Long Term Debt
Reduction |
-8.1 |
-21.7 |
-64.4 |
-10.3 |
0.0 |
|
Long Term Debt, Net |
-8.1 |
-21.7 |
-4.9 |
-10.3 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
-8.1 |
-21.7 |
-4.9 |
-22.3 |
11.1 |
|
Cash from Financing Activities |
-14.9 |
-27.6 |
-7.0 |
-24.2 |
5.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.4 |
-0.8 |
0.0 |
-0.3 |
-1.3 |
|
Net Change in Cash |
-7.5 |
3.7 |
32.1 |
1.4 |
-13.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
52.8 |
55.2 |
20.0 |
16.7 |
28.9 |
|
Net Cash - Ending Balance |
45.3 |
58.8 |
52.2 |
18.2 |
15.5 |
|
Cash Interest Paid |
0.2 |
0.5 |
0.4 |
0.1 |
0.1 |
|
Cash Taxes Paid |
16.4 |
16.6 |
1.4 |
0.6 |
8.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
87.565262 |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
130.2 |
157.0 |
153.1 |
97.5 |
93.9 |
|
Total Revenue |
130.2 |
157.0 |
153.1 |
97.5 |
93.9 |
|
|
|
|
|
|
|
|
Settlement package |
0.5 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
0.0 |
0.0 |
- |
- |
- |
|
Cost of Sales |
69.0 |
73.6 |
87.2 |
60.3 |
67.0 |
|
Other ppe |
3.1 |
- |
- |
- |
- |
|
Selling Commission |
0.4 |
1.0 |
1.3 |
0.5 |
0.8 |
|
Advertising Expenses |
0.6 |
0.7 |
0.5 |
0.4 |
0.6 |
|
Bad Debt Exp&Prov of Allow.-Dbt Acct-SGA |
-1.0 |
1.5 |
0.1 |
0.0 |
0.1 |
|
Directors Compensation |
2.2 |
2.3 |
2.3 |
1.6 |
2.1 |
|
Salaries And Bonuses |
10.4 |
10.1 |
9.0 |
7.5 |
7.5 |
|
Reserve For Bonus Of Director |
1.3 |
1.5 |
0.8 |
0.2 |
- |
|
Provision for Retirement Benefits - SGA |
0.2 |
0.4 |
0.4 |
0.2 |
0.3 |
|
Welfare Expenses |
2.1 |
1.8 |
1.6 |
1.3 |
1.5 |
|
Traveling And Transportation Expense |
1.7 |
1.8 |
1.6 |
1.5 |
1.7 |
|
Depreciation |
0.9 |
1.0 |
1.2 |
1.4 |
1.8 |
|
Commission Fee Payable |
3.2 |
3.3 |
2.3 |
2.1 |
2.7 |
|
Research And Development Expenses |
11.5 |
16.9 |
12.2 |
10.1 |
12.6 |
|
Other Selling, General & Administratives |
- |
1.7 |
3.3 |
2.3 |
1.9 |
|
SP Government subsidy income |
- |
- |
- |
0.0 |
-0.1 |
|
SP Loss-deduction fixed assets |
- |
- |
- |
0.0 |
0.1 |
|
SP Main office relocation exp. |
- |
- |
- |
- |
0.0 |
|
SP Impairment loss |
- |
- |
0.0 |
0.1 |
1.4 |
|
SP Val.Loss-Inv.Sec |
- |
- |
0.0 |
0.9 |
0.5 |
|
SP Loss on disaster |
- |
0.0 |
0.2 |
0.0 |
- |
|
SP L on adj. for changes of acc. Assets |
- |
0.0 |
0.7 |
0.0 |
- |
|
SP Other losses |
- |
- |
- |
0.0 |
0.1 |
|
Total Operating Expense |
106.1 |
117.7 |
124.6 |
90.4 |
102.5 |
|
|
|
|
|
|
|
|
SP Sale Gain-Fixed Asst |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP Dispo.Loss-Assets |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
NOP Interest Income |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Foreign Exchange Gains |
4.3 |
- |
- |
- |
- |
|
NOP Dividend Income |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP G on redemption of bonds |
- |
- |
0.0 |
0.6 |
0.0 |
|
NOP Sale Gain-Invest.Sec |
- |
- |
- |
- |
0.0 |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
NOP Rental income |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
NOP Other Non-op. Income |
0.3 |
0.0 |
0.0 |
0.0 |
0.1 |
|
NOP Interest Expense |
-0.2 |
-0.5 |
-0.4 |
-0.1 |
-0.1 |
|
NOP L on sale of trade notes rcvbl. |
- |
- |
- |
0.0 |
0.0 |
|
NOP Sale Loss-Invest.Sec |
- |
- |
- |
- |
0.0 |
|
NOP Exchange Loss |
0.0 |
-0.9 |
-0.9 |
-0.5 |
-0.2 |
|
NOP Rent expenses on noncurrent assets |
0.0 |
-0.3 |
-0.6 |
-0.4 |
0.0 |
|
NOP Commission exp.-treasury stk bought |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-op. expense |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Net Income Before Taxes |
28.5 |
37.8 |
26.8 |
6.8 |
-8.7 |
|
|
|
|
|
|
|
|
Total income taxes |
10.1 |
14.9 |
8.5 |
2.8 |
-2.1 |
|
Net Income After Taxes |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
Net Income |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Directors' Bonus |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Income Available to Com Excl ExtraOrd |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
18.4 |
22.9 |
18.3 |
3.9 |
-6.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
22.5 |
22.5 |
22.5 |
22.5 |
22.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.82 |
1.02 |
0.81 |
0.18 |
-0.29 |
|
Basic EPS Including ExtraOrdinary Items |
0.82 |
1.02 |
0.81 |
0.18 |
-0.29 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Diluted Net Income |
18.4 |
22.9 |
18.3 |
3.6 |
-6.6 |
|
Diluted Weighted Average Shares |
22.6 |
22.6 |
23.7 |
25.0 |
22.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.81 |
1.01 |
0.77 |
0.14 |
-0.29 |
|
Diluted EPS Including ExtraOrd Items |
0.81 |
1.01 |
0.77 |
0.14 |
-0.29 |
|
DPS-Ordinary Shares |
0.55 |
0.34 |
0.25 |
0.08 |
0.08 |
|
Gross Dividends - Common Stock |
6.2 |
7.6 |
5.6 |
1.8 |
1.7 |
|
Normalized Income Before Taxes |
29.0 |
37.8 |
27.6 |
7.8 |
-6.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.2 |
14.9 |
8.8 |
3.3 |
-1.4 |
|
Normalized Income After Taxes |
18.7 |
22.9 |
18.8 |
4.5 |
-5.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
18.7 |
22.9 |
18.8 |
4.5 |
-5.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.83 |
1.02 |
0.84 |
0.20 |
-0.23 |
|
Diluted Normalized EPS |
0.83 |
1.01 |
0.79 |
0.17 |
-0.23 |
|
Advertising Expenses |
0.6 |
0.7 |
0.5 |
0.4 |
0.6 |
|
Total Research And Development Expense |
11.5 |
16.9 |
12.2 |
10.1 |
12.6 |
|
Interest Expense |
0.2 |
0.5 |
0.4 |
0.1 |
0.1 |
|
BC - Depreciation of Fixed Assets |
2.6 |
- |
- |
- |
- |
|
Depreciation |
- |
3.3 |
- |
- |
- |
|
Depreciation |
- |
- |
3.4 |
3.9 |
4.8 |
|
Current Tax - Total |
11.5 |
- |
- |
- |
- |
|
Current Tax - Total |
11.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-1.4 |
- |
- |
- |
- |
|
Income Tax - Total |
10.1 |
- |
- |
- |
- |
|
Reported Operating Profit |
24.5 |
39.3 |
29.4 |
8.1 |
-6.7 |
|
Reported Ordinary Profit |
29.0 |
37.8 |
27.6 |
7.8 |
-6.7 |
|
Service Cost |
- |
0.9 |
0.9 |
0.7 |
0.7 |
|
Domestic Pension Plan Expense |
- |
0.9 |
0.9 |
0.7 |
0.7 |
|
Defined Contribution Expense |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
- |
1.0 |
0.9 |
0.7 |
0.8 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
98.239969 |
79.390941 |
80.76 |
88.49 |
96.485 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Deposit |
41.0 |
58.9 |
54.1 |
19.2 |
16.3 |
|
Notes and accounts receivable-trade |
25.6 |
38.2 |
40.0 |
49.2 |
45.5 |
|
Work-in-progress |
37.6 |
46.3 |
36.2 |
27.8 |
37.8 |
|
Raw material & supplies |
5.0 |
5.6 |
7.1 |
6.1 |
6.2 |
|
Dfrd. Tax Asset |
10.1 |
10.6 |
10.6 |
5.4 |
3.7 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Curr.Asset |
8.1 |
7.4 |
14.1 |
10.9 |
3.1 |
|
Doubtful Account |
-0.5 |
-1.7 |
-0.2 |
-0.1 |
-0.1 |
|
Total current assets |
126.9 |
165.3 |
161.9 |
118.5 |
112.5 |
|
|
|
|
|
|
|
|
Bldg.&Structure |
36.6 |
45.7 |
45.4 |
41.4 |
38.1 |
|
Depreciation-Buildings And Structures |
-14.9 |
-17.0 |
-15.1 |
-11.5 |
-8.1 |
|
Machinery, equipment and vehicles |
1.5 |
1.9 |
1.8 |
1.7 |
1.5 |
|
Depre.-Machinery, equipment and vehicles |
-1.3 |
-1.6 |
-1.5 |
-1.2 |
-1.0 |
|
Tools, furniture and fixtures |
8.5 |
9.6 |
9.4 |
8.6 |
7.8 |
|
Depre.-Tools, furniture and fixtures |
-6.8 |
-8.1 |
-7.8 |
-7.0 |
-5.7 |
|
Land |
43.3 |
53.6 |
52.7 |
48.1 |
44.1 |
|
Intangible Asset |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Secs. |
3.7 |
3.4 |
2.7 |
2.4 |
2.5 |
|
LT Investment - Affiliate Companies |
- |
0.8 |
0.8 |
0.8 |
- |
|
Long-term accounts receivable-other |
3.0 |
4.6 |
5.4 |
5.8 |
6.1 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Inv & Other Assets |
0.0 |
- |
- |
- |
- |
|
Allowance for doubtful accounts |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Assets |
- |
0.0 |
- |
- |
- |
|
LT Guarantee deposits |
- |
- |
- |
0.0 |
2.0 |
|
Deferred tax assets |
1.4 |
2.4 |
2.5 |
2.8 |
5.7 |
|
Other Assets |
0.8 |
1.1 |
1.4 |
3.0 |
0.4 |
|
Allowance for doubtful accounts |
- |
0.0 |
- |
- |
- |
|
Adjustment |
- |
- |
0.0 |
- |
- |
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
202.7 |
261.7 |
259.6 |
213.4 |
205.9 |
|
|
|
|
|
|
|
|
Accounts payable-trade |
7.9 |
9.7 |
12.4 |
14.3 |
4.0 |
|
ST Debt |
- |
- |
- |
0.0 |
11.4 |
|
Current portion of long-term loans payab |
7.2 |
8.9 |
8.7 |
0.0 |
- |
|
Bonds w/stock warrants (current) |
- |
- |
0.0 |
45.2 |
0.0 |
|
Income Tax Pybl. |
4.4 |
11.0 |
12.4 |
0.8 |
0.1 |
|
Customer Advance |
4.4 |
14.1 |
9.3 |
4.6 |
4.1 |
|
Provision for directors'' bonuses |
1.1 |
1.5 |
0.9 |
0.3 |
0.0 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Provision-Product Warranty |
3.7 |
4.5 |
2.4 |
1.6 |
1.7 |
|
Other Curr.Liabs |
5.4 |
7.0 |
6.6 |
5.3 |
5.1 |
|
Total Current Liabilities |
34.0 |
56.7 |
52.7 |
72.0 |
26.5 |
|
|
|
|
|
|
|
|
Bond with stock purchase warrants |
- |
- |
- |
0.0 |
51.8 |
|
Long-term loans payable |
4.8 |
14.9 |
35.7 |
0.0 |
- |
|
Total Long Term Debt |
4.8 |
14.9 |
35.7 |
0.0 |
51.8 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Long-term accounts payable |
- |
- |
- |
0.0 |
0.6 |
|
Dfrd. Tax Liabs. |
- |
- |
- |
0.0 |
0.0 |
|
Res-Accr.Retire |
2.5 |
3.6 |
3.7 |
3.3 |
2.9 |
|
Other Liability |
0.3 |
0.4 |
0.4 |
0.7 |
0.0 |
|
Total Liabilities |
41.7 |
75.5 |
92.5 |
76.0 |
81.8 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Common Stock |
9.5 |
11.7 |
11.5 |
10.5 |
9.6 |
|
Paid in Capital |
11.0 |
13.6 |
13.4 |
12.2 |
11.2 |
|
Retained Earning |
151.0 |
175.6 |
156.0 |
127.2 |
114.6 |
|
Treasury Stock |
-10.0 |
-12.4 |
-12.3 |
-11.2 |
-10.3 |
|
Valuation difference on available-for-sa |
0.7 |
0.1 |
0.1 |
0.1 |
-0.3 |
|
Translation Adj. |
-1.5 |
-3.0 |
-2.3 |
-1.9 |
-1.3 |
|
New Stock Subscription Right |
0.3 |
0.5 |
0.6 |
0.6 |
0.5 |
|
Total Equity |
161.0 |
186.1 |
167.1 |
137.5 |
124.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
202.7 |
261.7 |
259.6 |
213.4 |
205.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
22.5 |
22.5 |
22.5 |
22.5 |
22.5 |
|
Total Common Shares Outstanding |
22.5 |
22.5 |
22.5 |
22.5 |
22.5 |
|
T/S-Ordinary Shares |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Deferred Revenue - Current |
4.4 |
14.1 |
9.3 |
4.6 |
4.1 |
|
Full-Time Employees |
- |
226 |
223 |
229 |
240 |
|
Total Number of Shareholders |
- |
5,176 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
5,457 |
5,451 |
5,764 |
|
Long Term Debt Maturing within 1 Year |
- |
8.9 |
8.7 |
- |
- |
|
LT Debt maturing within 2 years |
- |
8.9 |
- |
- |
- |
|
LT Debt maturing within 2 years |
- |
- |
8.7 |
45.2 |
51.8 |
|
LT Debt maturing within 3 years |
- |
6.0 |
- |
- |
- |
|
LT Debt maturing within 3 years |
- |
- |
8.7 |
- |
- |
|
LT Debt Maturing within 4yr. |
- |
- |
8.7 |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
- |
8.7 |
- |
- |
|
Long Term Debt - Remaining Maturities |
- |
- |
0.8 |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
23.7 |
44.5 |
45.2 |
51.8 |
|
Pension Obligation |
- |
6.6 |
6.1 |
5.0 |
4.3 |
|
Fair Value of Plan Assets |
- |
3.0 |
2.4 |
1.7 |
1.4 |
|
Funded Status |
- |
-3.6 |
- |
- |
- |
|
Funded Status |
- |
- |
-3.7 |
-3.3 |
-2.9 |
|
Total Funded Status |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
|
Reserve for Accrued Retirement Benefits |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
|
Net Assets Recognized on Balance Sheet |
- |
-3.6 |
-3.7 |
-3.3 |
-2.9 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
87.565262 |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Income before income taxes |
28.5 |
37.8 |
26.8 |
6.8 |
-8.7 |
|
Depreciation |
2.6 |
3.3 |
3.4 |
3.9 |
4.8 |
|
Impairment loss on assets |
- |
- |
0.0 |
0.1 |
1.4 |
|
Increase (decrease) in allowance for dou |
-1.0 |
1.5 |
0.1 |
0.0 |
0.0 |
|
Increase (decrease) in provision for dir |
-0.1 |
0.6 |
0.6 |
0.2 |
-1.2 |
|
Increase (decrease) in provision for pro |
-0.1 |
2.1 |
0.7 |
-0.3 |
-0.2 |
|
Increase (decrease) in provision for ret |
-0.4 |
-0.1 |
0.0 |
0.2 |
0.5 |
|
Int. and Div. Income |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Sale Gain-Investment Securities |
- |
- |
- |
- |
0.0 |
|
Interest Expense |
0.2 |
0.5 |
0.4 |
0.1 |
0.1 |
|
Foreign exchange losses (gains) |
-0.9 |
0.2 |
0.9 |
0.3 |
0.9 |
|
Gain on redemption of bonds |
- |
- |
0.0 |
-0.6 |
0.0 |
|
Sale Loss-Invest.Sec |
- |
- |
- |
- |
0.0 |
|
Loss (gain) on disposal of property, pla |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Government subsidy income |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in long-term account |
0.8 |
0.9 |
0.9 |
0.8 |
0.7 |
|
L on valuation of LT inv't in secs. |
- |
- |
0.0 |
0.9 |
0.5 |
|
Loss on adjustment for changes of acct |
- |
0.0 |
0.7 |
0.0 |
- |
|
Loss-deduction fixed assets |
- |
- |
- |
0.0 |
0.1 |
|
Decrease (increase) in notes and account |
6.4 |
2.2 |
12.6 |
0.0 |
6.6 |
|
Decrease (increase) in inventories |
-0.5 |
-8.0 |
-5.9 |
13.6 |
-1.7 |
|
Increase (decrease) in notes and account |
-3.3 |
1.7 |
-1.7 |
9.6 |
-2.1 |
|
Increase (decrease) in advances received |
-8.2 |
4.7 |
3.9 |
0.1 |
-7.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in cash and cash equ |
0.7 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
- |
0.0 |
- |
- |
- |
|
Other, net |
-0.4 |
2.5 |
-1.8 |
-7.8 |
-1.3 |
|
Int. and Div. Rcvd. |
0.1 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Interest Paid |
-0.2 |
-0.5 |
-0.4 |
-0.1 |
-0.1 |
|
Tax Paid |
-16.4 |
-16.6 |
-1.4 |
-0.6 |
-8.0 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
7.6 |
32.8 |
39.9 |
27.1 |
-15.1 |
|
|
|
|
|
|
|
|
Net decrease (increase) in time deposits |
0.0 |
-0.2 |
- |
- |
- |
|
Purchase Of Investment Securities |
0.0 |
-0.7 |
- |
- |
- |
|
Deposited-Time Depo |
- |
- |
- |
0.0 |
-0.4 |
|
Withdrawn-Time Depo |
- |
- |
- |
0.0 |
0.0 |
|
Sale-Marketable Sec |
- |
- |
- |
- |
0.0 |
|
Purchase of property, plant and equipmen |
-1.4 |
-0.7 |
-0.5 |
-0.4 |
-0.6 |
|
Proceeds from sales of property, plant a |
- |
0.0 |
0.1 |
0.0 |
0.1 |
|
Purch-Investment Sec |
- |
- |
- |
0.0 |
-1.4 |
|
Sale-Investment Sec |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Payments of loans receivable |
0.0 |
-1.0 |
- |
- |
- |
|
Proceeds from collection of guarantee de |
0.0 |
2.2 |
- |
- |
- |
|
Increase in insurance reserve |
- |
- |
- |
- |
0.0 |
|
Government subsidy rcvd. |
- |
- |
- |
- |
0.0 |
|
Purchase of investments in subsidiaries |
- |
- |
0.0 |
-0.7 |
0.0 |
|
Other, net |
-0.2 |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
|
Cash from Investing Activities |
-1.6 |
-0.7 |
-0.8 |
-1.2 |
-2.4 |
|
|
|
|
|
|
|
|
ST Debt,net |
- |
- |
0.0 |
-12.0 |
11.1 |
|
Proceeds from long-term loans payable |
- |
0.0 |
59.5 |
0.0 |
- |
|
Repayment of long-term loans payable |
-8.1 |
-21.7 |
-16.3 |
0.0 |
- |
|
Redemption of bonds |
- |
0.0 |
-48.2 |
0.0 |
- |
|
Bond with Stock iss. Purchase extingush |
- |
- |
0.0 |
-10.3 |
0.0 |
|
Purchase of treasury stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales-Treasury Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Dividend Paid |
-6.8 |
-5.9 |
-2.0 |
-1.8 |
-5.7 |
|
Cash from Financing Activities |
-14.9 |
-27.6 |
-7.0 |
-24.2 |
5.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.4 |
-0.8 |
0.0 |
-0.3 |
-1.3 |
|
Net increase (decrease) in cash and cash |
-7.5 |
3.7 |
32.1 |
1.4 |
-13.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
52.8 |
55.2 |
20.0 |
16.7 |
28.9 |
|
Net Cash - Ending Balance |
45.3 |
58.8 |
52.2 |
18.2 |
15.5 |
|
Cash Interest Paid |
0.2 |
0.5 |
0.4 |
0.1 |
0.1 |
|
Cash Taxes Paid |
16.4 |
16.6 |
1.4 |
0.6 |
8.0 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.