MIRA INFORM REPORT
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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
IHARA SCIENCE CORPORATION |
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Registered Office : |
3F, Toshin
Takanawa Bldg., 3-11-3, Takanawa, Minato-Ku, 108-0074 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
21.05.1947 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
manufacturer and sale of piping joints and valves, the
piping construction works, as well as the design, construction and contract
works for machinery and equipment installation. |
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No. of Employees : |
449 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 |
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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
IHARA SCIENCE CORPORATION
3F
Toshin Takanawa
Bldg., 3-11-3, Takanawa
Minato-Ku,
108-0074
Japan
Tel: 81-3-67216981
Fax: 81-3-67216991
Web: www.ihara-sc.co.jp
Synthesis
Employees: 449
Company Type: Public
Parent
Traded: Tokyo Stock Exchange: 5999
Incorporation
Date: 21-May-1947
Auditor: Toyo
Audit
Financials in: USD (Millions)
Fiscal Year End: 31-Mar-2013
Reporting
Currency: Japanese Yen
Annual Sales: 110.4 1
Net Income: 9.2
Total Assets: 145.5 2
Market Value: 90.6
(27-Sep-2013)
Business Description
IHARA SCIENCE
CORPORATION is mainly engaged in the manufacture and sale of piping joints and
valves, the piping construction works, as well as the design, construction and
contract works for machinery and equipment installation. In addition, the Company
is also engaged in the design, manufacture, contract works and sale of piping
systems and components. The Company's products include automatic weld fittings
(AWFs), metal gasket seal type fittings, double ferule type tube fittings, bite
type tube fittings, threaded fittings and socket weld fittings, ball valves,
stop valves, bellows valves and metal diaphragm valves, as well as hoses and
pipes. As of March 31, 2012, the Company had two consolidated subsidiaries. In
November 2012, it established a China-based wholly owned subsidiary, which is
engaged in the sale of the Company's products and the provision of related
hardware and software services. In January 2013, the Company established a
South Korea-based subsidiary. For the three months ended 30 June 2013, IHARA
SCIENCE CORPORATION revenues decreased 2% to Y2.45B. Net income applicable to
common stockholders decreased 4% to Y171M. Revenues reflect Gifu Office segment
decrease of 10% to Y889M, IPEC Gifu Establishment Business segment decrease of
2% to Y300M, Other segment decrease of 4% to Y141M. Net income also reflects
Gifu Office segment income decrease of 14% to Y402M.
Industry
Industry
Metal Products Manufacturing
ANZSIC 2006: 2299 - Other Fabricated Metal Product Manufacturing
Not Elsewhere Classified
ISIC Rev 4: 2813 - Manufacture of other pumps,
compressors, taps and valves
NACE Rev 2: 2814 - Manufacture of other taps and
valves
NAICS 2012: 332911 - Industrial Valve Manufacturing
UK SIC 2007: 2814 - Manufacture of other taps and valves
US SIC 1987: 3491 - Industrial Valves
Key Executives
|
Name |
Title |
|
Tokuo Nakano |
President, Chief Operating Officer, Representative Director |
|
Masaji Nagao |
Managing Executive Officer, Manager of Development Supervision Office, Chief Director of Sales, Director of Overseas Sales, Director |
|
Sumihiko Iwamoto |
Executive Officer, Manager of Business Supervision Office, Director |
|
Mitsihiko Kawai |
Auditor |
|
Katsuyuki Hioki |
Executive Officer, Director of CP Business, Manager of Shizuoka Business Center, Director |
Significant Developments
|
* 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 82.97047
2 - Balance Sheet
Item Exchange Rate: USD 1 = JPY 94.08855
Corporate Overview
Location
3F
Toshin Takanawa Bldg.,
3-11-3, Takanawa
Minato-Ku,
108-0074
Japan
Tel: 81-3-67216981
Fax: 81-3-67216991
Web: www.ihara-sc.co.jp
Quote Symbol -
Exchange
5999 - Tokyo Stock Exchange
Sales JPY(mil): 9,158.0
Assets JPY(mil): 13,687.0
Employees: 449
Fiscal Year End: 31-Mar-2013
Industry: Miscellaneous Fabricated
Products
Incorporation Date: 21-May-1947
Company Type: Public
Parent
Quoted Status: Quoted
President, Chief Operating Officer, Representative
Director:
Tokuo Nakano
Industry Codes
ANZSIC 2006
Codes:
2299 - Other
Fabricated Metal Product Manufacturing Not Elsewhere Classified
ISIC Rev 4 Codes:
2813 - Manufacture
of other pumps, compressors, taps and valves
NACE Rev 2 Codes:
2814 - Manufacture
of other taps and valves
NAICS 2012 Codes:
332911 - Industrial
Valve Manufacturing
332912 - Fluid
Power Valve and Hose Fitting Manufacturing
332919 - Other
Metal Valve and Pipe Fitting Manufacturing
US SIC 1987:
3491 - Industrial
Valves
3494 - Valves
and Pipe Fittings, Not Elsewhere Classified
3492 - Fluid
Power Valves and Hose Fittings
UK SIC 2007:
2814 - Manufacture of other taps and valves
Business Description
IHARA SCIENCE
CORPORATION is mainly engaged in the manufacture and sale of piping joints and
valves, the piping construction works, as well as the design, construction and
contract works for machinery and equipment installation. In addition, the
Company is also engaged in the design, manufacture, contract works and sale of
piping systems and components. The Company's products include automatic weld
fittings (AWFs), metal gasket seal type fittings, double ferule type tube
fittings, bite type tube fittings, threaded fittings and socket weld fittings,
ball valves, stop valves, bellows valves and metal diaphragm valves, as well as
hoses and pipes. As of March 31, 2012, the Company had two consolidated
subsidiaries. In November 2012, it established a China-based wholly owned
subsidiary, which is engaged in the sale of the Company's products and the
provision of related hardware and software services. In January 2013, the
Company established a South Korea-based subsidiary. For the three months ended
30 June 2013, IHARA SCIENCE CORPORATION revenues decreased 2% to Y2.45B. Net
income applicable to common stockholders decreased 4% to Y171M. Revenues
reflect Gifu Office segment decrease of 10% to Y889M, IPEC Gifu Establishment
Business segment decrease of 2% to Y300M, Other segment decrease of 4% to
Y141M. Net income also reflects Gifu Office segment income decrease of 14% to
Y402M.
More Business Descriptions
·
Manufacture
of high pressure valves and associated pipe work
·
Metal Valve & Pipe Fitting
Mfr
·
Plastics Pipe, Pipe Fitting,
and Unlaminated Profile Shape Manufacturing
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Executive report
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Board of Directors |
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Executive Officer, Director of CP Business, Manager of Shizuoka
Business Center, Director |
Director/Board Member |
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Executive Officer, Manager of Business Supervision Office, Director |
Director/Board Member |
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Managing Executive Officer, Manager of Development Supervision Office,
Chief Director of Sales, Director of Overseas Sales, Director |
Director/Board Member |
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Executive Officer, Director of GP Business, Director |
Director/Board Member |
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President, Chief Operating Officer, Representative Director |
Director/Board Member |
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Executives |
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President, Chief Operating Officer, Representative Director |
President |
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Executive Officer, Leader of Area Development Team, Leader of GB Team |
Division Head Executive |
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Executive Officer, Director of MF Business |
Division Head Executive |
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Executive Officer, Director of CP Business, Manager of Shizuoka
Business Center, Director |
Division Head Executive |
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Executive Officer, Manager of Business
Supervision Office, Director |
Division Head Executive |
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Executive Officer, Leader of Market
Development Team |
Division Head Executive |
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Managing Executive Officer, Manager of Development
Supervision Office, Chief Director of Sales, Director of Overseas Sales,
Director |
Division Head Executive |
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Executive Officer, Director of GP
Business, Director |
Division Head Executive |
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Executive Officer, Manager of Yamagata Business Center |
Division Head Executive |
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Executive Officer, Director of Domestic Sales |
Division Head Executive |
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Executive Officer, Manager of Yamagata Business Center |
Division Head Executive |
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Executive Officer, Manager of Sales Supervisor Office |
Division Head Executive |
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Auditor |
Accounting Executive |
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Auditor |
Accounting Executive |
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Auditor |
Accounting Executive |
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IHARA SCIENCE CORP to Establish New Subsidiary Dec 21, 2012
IHARA SCIENCE CORP announced that it has decided to establish a subsidiary, which
will be engaged in provision of hard soft service, based in South Korea, in
January 2013. The Company will hold a 60% stake in the subsidiary and e-Tech
Co. Ltd will hold a 40% stake in the subsidiary.
IHARA SCIENCE CORP to Establish China-based Subsidiary Nov 09, 2012
IHARA SCIENCE CORP announced that it has decided to establish a China-based
wholly owned subsidiary, which will be engaged in the sale of the Company's
products and the provision of related hardware and software services, in
November 2012. The subsidiary will be capitalized at JPY 50 million.
IHARA SCIENCE CORP Lowers Consolidated Full-year Outlook for FY 2013 Nov 09, 2012
IHARA SCIENCE CORP announced that it has lowered its consolidated full-year
outlook for revenue from JPY 10,700 million to JPY 9,240 million, operating
profit from JPY 1,800 million to JPY 1,100 million, ordinary profit from JPY
1,770 million to JPY 1,020 million, net profit from JPY 1,100 million to JPY
630 million and earning per share from JPY 94.17 to JPY 53.93, for the fiscal
year ending March 2013. The Company lowered the outlook due to the
less-than-expected sales, among others.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
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Net Sales |
110.4 |
129.8 |
122.8 |
70.5 |
106.2 |
|
Revenue |
110.4 |
129.8 |
122.8 |
70.5 |
106.2 |
|
Total Revenue |
110.4 |
129.8 |
122.8 |
70.5 |
106.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
77.6 |
90.6 |
82.2 |
52.5 |
75.8 |
|
Cost of Revenue, Total |
77.6 |
90.6 |
82.2 |
52.5 |
75.8 |
|
Gross Profit |
32.8 |
39.2 |
40.6 |
18.1 |
30.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
7.3 |
9.1 |
7.7 |
5.4 |
6.9 |
|
Labor & Related Expense |
8.1 |
9.3 |
8.5 |
7.7 |
7.9 |
|
Total Selling/General/Administrative Expenses |
15.4 |
18.4 |
16.2 |
13.1 |
14.8 |
|
Research & Development |
2.6 |
2.8 |
2.5 |
2.0 |
1.2 |
|
Depreciation |
0.6 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Depreciation/Amortization |
0.6 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Litigation |
0.0 |
0.0 |
- |
- |
- |
|
Impairment-Assets Held for Sale |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Unusual Expense (Income) |
0.0 |
0.2 |
0.5 |
-0.1 |
0.3 |
|
Unusual Expense (Income) |
0.0 |
0.3 |
0.5 |
0.1 |
0.4 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
96.1 |
112.5 |
101.7 |
67.9 |
92.5 |
|
|
|
|
|
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Operating Income |
14.3 |
17.2 |
21.1 |
2.6 |
13.7 |
|
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|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.3 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
Interest Expense, Net Non-Operating |
-0.3 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Non-Operating |
0.6 |
-0.1 |
-0.4 |
-0.2 |
-0.3 |
|
Interest/Investment Income - Non-Operating |
0.6 |
-0.1 |
-0.4 |
-0.2 |
-0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.4 |
-0.3 |
-0.6 |
-0.5 |
-0.5 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Other Non-Operating Income (Expense) |
-0.1 |
-0.1 |
1.0 |
2.8 |
0.5 |
|
Other, Net |
-0.1 |
-0.1 |
1.0 |
2.8 |
0.5 |
|
Income Before Tax |
14.4 |
16.7 |
21.3 |
4.9 |
13.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
5.3 |
7.9 |
8.6 |
2.1 |
6.3 |
|
Income After Tax |
9.2 |
8.9 |
12.7 |
2.8 |
7.3 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Net Income Before Extraord Items |
9.2 |
8.9 |
12.7 |
2.8 |
7.3 |
|
Net Income |
9.2 |
8.9 |
12.7 |
2.8 |
7.3 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
- |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
9.2 |
8.9 |
12.7 |
2.8 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
9.2 |
8.9 |
12.7 |
2.8 |
7.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
11.7 |
11.7 |
11.7 |
11.8 |
12.7 |
|
Basic EPS Excl Extraord Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Basic/Primary EPS Incl Extraord Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
9.2 |
8.9 |
12.7 |
2.8 |
7.2 |
|
Diluted Weighted Average Shares |
11.7 |
11.7 |
11.7 |
11.8 |
12.7 |
|
Diluted EPS Excl Extraord Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Diluted EPS Incl Extraord Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Dividends per Share - Common Stock Primary Issue |
0.18 |
0.19 |
0.18 |
0.11 |
0.20 |
|
Gross Dividends - Common Stock |
2.1 |
2.2 |
2.0 |
1.3 |
2.3 |
|
Interest Expense, Supplemental |
0.3 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Depreciation, Supplemental |
3.7 |
3.6 |
3.3 |
3.7 |
3.6 |
|
Total Special Items |
0.1 |
0.4 |
0.6 |
0.1 |
0.6 |
|
Normalized Income Before Tax |
14.5 |
17.2 |
22.0 |
5.0 |
14.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.2 |
0.3 |
0.1 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
5.3 |
8.1 |
8.9 |
2.2 |
6.6 |
|
Normalized Income After Tax |
9.2 |
9.1 |
13.1 |
2.9 |
7.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.2 |
9.1 |
13.1 |
2.8 |
7.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.79 |
0.78 |
1.11 |
0.24 |
0.60 |
|
Diluted Normalized EPS |
0.79 |
0.78 |
1.11 |
0.24 |
0.60 |
|
Rental Expenses |
0.5 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Research & Development Exp, Supplemental |
2.6 |
2.8 |
2.5 |
2.0 |
1.2 |
|
Reported Operating Profit |
14.3 |
17.5 |
21.6 |
2.7 |
14.2 |
|
Reported Ordinary Profit |
14.4 |
17.0 |
21.8 |
4.9 |
14.0 |
|
Normalized EBIT |
14.3 |
17.5 |
21.6 |
2.7 |
14.2 |
|
Normalized EBITDA |
17.9 |
21.2 |
24.9 |
6.4 |
17.8 |
|
Current Tax - Total |
5.3 |
5.7 |
- |
- |
- |
|
Current Tax - Total |
5.3 |
5.7 |
- |
- |
- |
|
Deferred Tax - Total |
0.0 |
2.1 |
- |
- |
- |
|
Deferred Tax - Total |
0.0 |
2.1 |
- |
- |
- |
|
Income Tax - Total |
5.3 |
7.9 |
- |
- |
- |
|
Service Cost - Domestic |
- |
- |
- |
- |
1.0 |
|
Other Pension, Net - Domestic |
1.4 |
- |
1.6 |
1.3 |
- |
|
Domestic Pension Plan Expense |
1.4 |
- |
1.6 |
1.3 |
1.0 |
|
Total Pension Expense |
1.4 |
- |
1.6 |
1.3 |
1.0 |
|
Total Plan Service Cost |
- |
- |
- |
- |
1.0 |
|
Total Plan Other Expense |
1.4 |
- |
1.6 |
1.3 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
53.8 |
67.4 |
68.3 |
50.2 |
47.5 |
|
Cash and Short Term Investments |
53.8 |
67.4 |
68.3 |
50.2 |
47.5 |
|
Provision for Doubtful
Accounts |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Trade Accounts Receivable - Net |
21.3 |
27.5 |
26.6 |
18.8 |
16.1 |
|
Other Receivables |
- |
- |
0.0 |
1.7 |
0.0 |
|
Total Receivables, Net |
21.3 |
27.5 |
26.6 |
20.5 |
16.1 |
|
Inventories - Finished Goods |
3.7 |
4.3 |
4.0 |
3.0 |
3.5 |
|
Inventories - Work In Progress |
3.7 |
4.7 |
5.8 |
4.8 |
5.4 |
|
Inventories - Raw Materials |
7.0 |
8.4 |
8.4 |
6.7 |
7.1 |
|
Total Inventory |
14.5 |
17.5 |
18.2 |
14.5 |
16.0 |
|
Deferred Income Tax - Current Asset |
1.0 |
0.7 |
1.8 |
1.7 |
1.4 |
|
Other Current Assets |
1.1 |
1.9 |
1.6 |
2.2 |
1.2 |
|
Other Current Assets, Total |
2.1 |
2.6 |
3.4 |
3.9 |
2.7 |
|
Total Current Assets |
91.7 |
114.9 |
116.5 |
89.1 |
82.2 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
39.3 |
45.6 |
27.3 |
25.4 |
26.1 |
|
Intangibles, Net |
1.2 |
1.4 |
0.9 |
0.9 |
1.0 |
|
LT Investment - Affiliate Companies |
0.8 |
- |
- |
0.0 |
- |
|
LT Investments - Other |
5.6 |
1.0 |
0.7 |
0.6 |
0.5 |
|
Long Term Investments |
6.4 |
1.0 |
0.7 |
0.7 |
0.5 |
|
Note Receivable - Long Term |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
5.4 |
6.5 |
7.4 |
6.3 |
6.9 |
|
Other Long Term Assets |
1.3 |
1.7 |
1.5 |
1.1 |
1.1 |
|
Other Long Term Assets, Total |
6.8 |
8.2 |
8.9 |
7.4 |
8.0 |
|
Total Assets |
145.5 |
171.1 |
154.3 |
123.4 |
117.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
3.6 |
5.3 |
6.1 |
4.2 |
1.6 |
|
Accrued Expenses |
0.0 |
0.2 |
0.2 |
0.0 |
- |
|
Notes Payable/Short Term Debt |
4.2 |
5.0 |
0.4 |
0.3 |
0.3 |
|
Current Portion - Long Term Debt/Capital Leases |
3.2 |
4.9 |
6.3 |
7.0 |
6.1 |
|
Income Taxes Payable |
2.5 |
1.1 |
8.5 |
0.0 |
1.3 |
|
Other Payables |
2.0 |
2.6 |
3.8 |
2.7 |
2.3 |
|
Other Current Liabilities |
1.0 |
0.5 |
1.3 |
0.4 |
0.8 |
|
Other Current liabilities, Total |
5.5 |
4.3 |
13.5 |
3.1 |
4.4 |
|
Total Current Liabilities |
16.5 |
19.6 |
26.6 |
14.5 |
12.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
13.7 |
26.0 |
9.9 |
14.5 |
15.9 |
|
Total Long Term Debt |
13.7 |
26.0 |
9.9 |
14.5 |
15.9 |
|
Total Debt |
21.2 |
35.9 |
16.7 |
21.8 |
22.3 |
|
|
|
|
|
|
|
|
Reserves |
0.6 |
0.6 |
0.6 |
0.0 |
- |
|
Pension Benefits - Underfunded |
17.6 |
20.9 |
20.7 |
18.5 |
18.0 |
|
Other Long Term Liabilities |
1.8 |
2.1 |
1.5 |
1.3 |
1.3 |
|
Other Liabilities, Total |
20.0 |
23.6 |
22.9 |
19.9 |
19.3 |
|
Total Liabilities |
50.2 |
69.2 |
59.4 |
48.9 |
47.5 |
|
|
|
|
|
|
|
|
Common Stock |
16.6 |
19.0 |
18.9 |
16.7 |
15.8 |
|
Common Stock |
16.6 |
19.0 |
18.9 |
16.7 |
15.8 |
|
Additional Paid-In Capital |
6.6 |
7.5 |
7.5 |
6.6 |
6.3 |
|
Retained Earnings (Accumulated Deficit) |
90.5 |
96.6 |
89.7 |
69.1 |
65.2 |
|
Treasury Stock - Common |
-18.5 |
-21.1 |
-21.0 |
-18.0 |
-17.0 |
|
Unrealized Gain (Loss) |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Translation Adjustment |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
0.1 |
- |
0.0 |
0.0 |
0.0 |
|
Total Equity |
95.3 |
101.9 |
95.0 |
74.6 |
70.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
145.5 |
171.1 |
154.4 |
123.4 |
117.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
11.7 |
11.7 |
11.7 |
11.8 |
11.8 |
|
Total Common Shares Outstanding |
11.7 |
11.7 |
11.7 |
11.8 |
11.8 |
|
Treasury Shares - Common Stock Primary Issue |
2.3 |
2.3 |
2.3 |
2.2 |
2.2 |
|
Employees |
449 |
451 |
456 |
449 |
444 |
|
Number of Common Shareholders |
785 |
705 |
728 |
759 |
778 |
|
Total Long Term Debt, Supplemental |
22.0 |
42.0 |
23.7 |
21.6 |
22.1 |
|
Long Term Debt Maturing within 1 Year |
6.9 |
12.3 |
8.9 |
7.1 |
6.2 |
|
Long Term Debt Maturing in Year 2 |
4.2 |
7.9 |
4.9 |
5.7 |
5.7 |
|
Long Term Debt Maturing in Year 3 |
3.7 |
4.9 |
3.7 |
4.4 |
4.4 |
|
Long Term Debt Maturing in Year 4 |
3.7 |
4.3 |
0.7 |
3.3 |
3.1 |
|
Long Term Debt Maturing in Year 5 |
0.3 |
4.3 |
0.1 |
0.6 |
2.1 |
|
Long Term Debt Maturing in 2-3 Years |
7.9 |
12.8 |
8.7 |
10.1 |
10.1 |
|
Long Term Debt Maturing in 4-5 Years |
4.0 |
8.6 |
0.8 |
3.9 |
5.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
3.1 |
8.3 |
5.3 |
0.5 |
0.6 |
|
Pension Obligation - Domestic |
16.7 |
19.4 |
19.2 |
17.1 |
16.6 |
|
Plan Assets - Domestic |
1.1 |
0.8 |
0.3 |
0.3 |
0.4 |
|
Funded Status - Domestic |
-15.6 |
-18.6 |
-18.8 |
-16.8 |
-16.2 |
|
Total Funded Status |
-15.6 |
-18.6 |
-18.8 |
-16.8 |
-16.2 |
|
Accrued Liabilities - Domestic |
-15.6 |
- |
-18.8 |
-16.8 |
-16.2 |
|
Net Assets Recognized on Balance Sheet |
-15.6 |
- |
-18.8 |
-16.8 |
-16.2 |
|
Total Plan Obligations |
16.7 |
19.4 |
19.2 |
17.1 |
16.6 |
|
Total Plan Assets |
1.1 |
0.8 |
0.3 |
0.3 |
0.4 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
14.4 |
16.7 |
21.3 |
4.9 |
13.5 |
|
Depreciation |
3.7 |
3.6 |
3.3 |
3.7 |
3.6 |
|
Depreciation/Depletion |
3.7 |
3.6 |
3.3 |
3.7 |
3.6 |
|
Unusual Items |
0.0 |
0.0 |
0.5 |
0.1 |
0.1 |
|
Other Non-Cash Items |
-0.6 |
0.0 |
0.0 |
-0.2 |
-1.1 |
|
Non-Cash Items |
-0.6 |
0.1 |
0.5 |
-0.1 |
-1.0 |
|
Accounts Receivable |
3.1 |
-0.7 |
-5.2 |
-1.8 |
11.9 |
|
Inventories |
0.4 |
0.9 |
-1.8 |
2.4 |
1.9 |
|
Accounts Payable |
-1.5 |
-2.2 |
2.1 |
3.0 |
-5.9 |
|
Accrued Expenses |
-0.2 |
-0.1 |
0.2 |
0.0 |
0.0 |
|
Other Operating Cash Flow |
-2.8 |
-14.1 |
2.8 |
-5.7 |
-8.6 |
|
Changes in Working Capital |
-0.9 |
-16.1 |
-2.0 |
-2.2 |
-0.7 |
|
Cash from Operating Activities |
16.5 |
4.3 |
23.2 |
6.3 |
15.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-3.0 |
-22.0 |
-1.7 |
-2.0 |
-2.1 |
|
Purchase/Acquisition of Intangibles |
-0.2 |
-0.6 |
0.0 |
0.0 |
-0.1 |
|
Capital Expenditures |
-3.1 |
-22.6 |
-1.7 |
-2.0 |
-2.2 |
|
Sale of Fixed Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Purchase of Investments |
-5.9 |
-0.3 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
0.2 |
-0.7 |
-0.4 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-5.8 |
-1.0 |
-0.4 |
-0.1 |
-0.1 |
|
Cash from Investing Activities |
-8.9 |
-23.6 |
-2.1 |
-2.0 |
-2.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
- |
- |
- |
|
Financing Cash Flow Items |
- |
0.0 |
- |
- |
- |
|
Cash Dividends Paid - Common |
-2.1 |
-2.2 |
-1.4 |
-2.5 |
-2.6 |
|
Total Cash Dividends Paid |
-2.1 |
-2.2 |
-1.4 |
-2.5 |
-2.6 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
-0.7 |
0.0 |
-8.4 |
|
Common Stock, Net |
0.0 |
0.0 |
-0.7 |
0.0 |
-8.4 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
-0.7 |
0.0 |
-8.4 |
|
Short Term Debt, Net |
0.0 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Issued |
0.0 |
29.2 |
0.0 |
5.3 |
9.8 |
|
Long Term Debt
Reduction |
-11.6 |
-9.6 |
-7.7 |
-7.1 |
-10.6 |
|
Long Term Debt, Net |
-11.6 |
19.6 |
-7.7 |
-1.8 |
-0.8 |
|
Issuance (Retirement) of Debt, Net |
-11.6 |
19.9 |
-7.6 |
-1.8 |
-0.8 |
|
Cash from Financing Activities |
-13.7 |
17.7 |
-9.7 |
-4.3 |
-11.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Net Change in Cash |
-5.9 |
-1.3 |
11.3 |
-0.1 |
1.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
66.9 |
71.7 |
54.7 |
50.5 |
45.4 |
|
Net Cash - Ending Balance |
61.0 |
70.3 |
66.1 |
50.4 |
46.7 |
|
Cash Interest Paid |
0.3 |
0.2 |
0.3 |
0.3 |
0.3 |
|
Cash Taxes Paid |
3.4 |
13.5 |
-1.1 |
4.4 |
8.5 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
110.4 |
129.8 |
122.8 |
70.5 |
106.2 |
|
Total Revenue |
110.4 |
129.8 |
122.8 |
70.5 |
106.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Total cost of sales |
77.6 |
90.6 |
82.2 |
52.5 |
75.8 |
|
Other Selling/General/Admin. Expense |
3.7 |
4.9 |
- |
- |
- |
|
Freight Cost |
2.2 |
2.4 |
2.1 |
1.1 |
1.7 |
|
Director Compensation |
1.6 |
2.0 |
1.8 |
1.7 |
1.8 |
|
Payroll |
4.2 |
4.5 |
4.0 |
3.8 |
3.9 |
|
Bonus |
1.0 |
1.2 |
1.1 |
0.9 |
1.0 |
|
Legal Benefits |
0.8 |
0.8 |
0.8 |
0.6 |
0.7 |
|
Periodic Retirement Benefits |
0.3 |
0.4 |
0.4 |
0.4 |
0.2 |
|
Pro'n for directots' retirement benefit |
0.3 |
0.3 |
0.3 |
0.3 |
0.4 |
|
Allowance for Director Bonu |
0.0 |
0.2 |
0.2 |
- |
- |
|
Rental Expenses |
0.5 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Travel |
1.0 |
1.0 |
0.9 |
0.8 |
0.8 |
|
Depreciation |
0.6 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Research & Development |
2.6 |
2.8 |
2.5 |
2.0 |
1.2 |
|
Other General Expenses |
- |
- |
4.0 |
2.9 |
3.8 |
|
Other |
- |
0.0 |
- |
- |
- |
|
SP Head office transfer cost |
0.0 |
0.2 |
- |
- |
- |
|
SP Rev. of allowance for doubtful accou |
- |
- |
0.0 |
-0.1 |
0.0 |
|
SP L-Valu. Inv. Secs. |
- |
- |
0.0 |
0.1 |
0.0 |
|
SP Litigation Settlement(1) |
0.0 |
0.0 |
- |
- |
- |
|
SP Receipts for land contract cancel. |
- |
- |
- |
- |
0.0 |
|
SP L on retire. of inventories |
- |
- |
- |
0.0 |
0.0 |
|
SP L on Prior Adjustment |
- |
- |
- |
0.0 |
0.3 |
|
SP Loss Valuation Membership |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
SP L on adjustment for changes of accoun |
- |
0.0 |
0.5 |
0.0 |
- |
|
SP Other Special Loss |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
96.1 |
112.5 |
101.7 |
67.9 |
92.5 |
|
|
|
|
|
|
|
|
Equity In Losses Of Affiliates |
-0.1 |
- |
- |
- |
- |
|
Foreign Exchange Gains |
0.7 |
- |
- |
- |
- |
|
SP Loss-Dispos. Fixed |
- |
- |
- |
0.0 |
0.0 |
|
NOP Interest &Divid. Inc |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Commission for insurance office work |
0.0 |
0.0 |
- |
- |
- |
|
NOP Purchase Discount |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
NOP Contract revenue |
- |
- |
- |
0.0 |
0.2 |
|
NOP Insuran. prem. refunded cancellation |
- |
0.0 |
0.9 |
0.0 |
- |
|
NOP Subsidy |
- |
0.0 |
0.1 |
2.9 |
0.4 |
|
Miscellaneous income |
0.1 |
0.1 |
0.2 |
0.3 |
0.1 |
|
NOP Interest Expense |
-0.3 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
NOP Loss-Sale Bills |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
NOP Exchange Loss |
0.0 |
-0.1 |
-0.4 |
-0.2 |
-0.3 |
|
NOP Sale Discount |
- |
- |
0.0 |
0.0 |
-0.1 |
|
NOP Bond Issue Cost |
- |
- |
0.0 |
-0.1 |
-0.2 |
|
NOP Equity Method loss |
- |
- |
- |
0.0 |
0.0 |
|
Miscellaneous loss |
-0.2 |
-0.1 |
-0.2 |
-0.3 |
-0.1 |
|
Net Income Before Taxes |
14.4 |
16.7 |
21.3 |
4.9 |
13.6 |
|
|
|
|
|
|
|
|
Total income taxes |
5.3 |
7.9 |
8.6 |
2.1 |
6.3 |
|
Net Income After Taxes |
9.2 |
8.9 |
12.7 |
2.8 |
7.3 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Net Income Before Extra. Items |
9.2 |
8.9 |
12.7 |
2.8 |
7.3 |
|
Net Income |
9.2 |
8.9 |
12.7 |
2.8 |
7.3 |
|
|
|
|
|
|
|
|
Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
9.2 |
8.9 |
12.7 |
2.8 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
9.2 |
8.9 |
12.7 |
2.8 |
7.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
11.7 |
11.7 |
11.7 |
11.8 |
12.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Basic EPS Including ExtraOrdinary Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
9.2 |
8.9 |
12.7 |
2.8 |
7.2 |
|
Diluted Weighted Average Shares |
11.7 |
11.7 |
11.7 |
11.8 |
12.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
Diluted EPS Including ExtraOrd Items |
0.78 |
0.76 |
1.08 |
0.23 |
0.57 |
|
DPS-Ordinary Shares |
0.18 |
0.19 |
0.18 |
0.11 |
0.20 |
|
Gross Dividends - Common Stock |
2.1 |
2.2 |
2.0 |
1.3 |
2.3 |
|
Normalized Income Before Taxes |
14.5 |
17.2 |
22.0 |
5.0 |
14.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
5.3 |
8.1 |
8.9 |
2.2 |
6.6 |
|
Normalized Income After Taxes |
9.2 |
9.1 |
13.1 |
2.9 |
7.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.2 |
9.1 |
13.1 |
2.8 |
7.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.79 |
0.78 |
1.11 |
0.24 |
0.60 |
|
Diluted Normalized EPS |
0.79 |
0.78 |
1.11 |
0.24 |
0.60 |
|
Interest Expense |
0.3 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Rental Expense |
0.5 |
0.8 |
0.7 |
0.6 |
0.6 |
|
R&D Expenses |
2.6 |
2.8 |
2.5 |
2.0 |
1.2 |
|
BC - Depreciation of Fixed Assets |
3.7 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
3.6 |
- |
- |
- |
|
Depreciation |
- |
- |
3.3 |
3.7 |
3.6 |
|
Income taxes-current |
5.3 |
5.7 |
- |
- |
- |
|
Current Tax - Total |
5.3 |
5.7 |
- |
- |
- |
|
Income taxes-deferred |
0.0 |
2.1 |
- |
- |
- |
|
Deferred Tax - Total |
0.0 |
2.1 |
- |
- |
- |
|
Income Tax - Total |
5.3 |
7.9 |
- |
- |
- |
|
Reported Operating Profit |
14.3 |
17.5 |
21.6 |
2.7 |
14.2 |
|
Reported Ordinary Profit |
14.4 |
17.0 |
21.8 |
4.9 |
14.0 |
|
Service Cost |
- |
- |
- |
- |
1.0 |
|
Retirement Benefit Expenses Retirement B |
1.4 |
- |
- |
- |
- |
|
Pension Plan Expense |
- |
- |
1.6 |
1.3 |
- |
|
Domestic Pension Plan Expense |
1.4 |
- |
1.6 |
1.3 |
1.0 |
|
Total Pension Expense |
1.4 |
- |
1.6 |
1.3 |
1.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
53.8 |
67.4 |
68.3 |
50.2 |
47.5 |
|
Notes and accounts receivable-trade |
21.3 |
27.5 |
26.6 |
18.8 |
16.1 |
|
Inventories - merchandise&finished goods |
3.7 |
4.3 |
4.0 |
3.0 |
3.5 |
|
Inventories - work-in-process |
3.7 |
4.7 |
5.8 |
4.8 |
5.4 |
|
Inventories - raw materials&supplies |
7.0 |
8.4 |
8.4 |
6.7 |
7.1 |
|
Deferred Tax |
1.0 |
0.7 |
1.8 |
1.7 |
1.4 |
|
Income tax receivable |
- |
- |
0.0 |
1.7 |
0.0 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
1.0 |
1.8 |
1.6 |
2.2 |
1.2 |
|
Allowance for doubtful accounts |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Total Current Assets |
91.7 |
114.9 |
116.5 |
89.1 |
82.2 |
|
|
|
|
|
|
|
|
Other total PPE |
0.0 |
- |
- |
- |
- |
|
other PPE,net |
- |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
16.9 |
20.4 |
12.8 |
11.9 |
11.1 |
|
Machinery, equipment and vehicles, net |
5.4 |
6.3 |
6.9 |
7.4 |
8.8 |
|
Land |
15.1 |
17.2 |
6.3 |
5.6 |
5.1 |
|
Const. Progress |
1.4 |
0.8 |
0.9 |
0.2 |
0.5 |
|
Other, net |
0.5 |
0.8 |
0.4 |
0.3 |
0.5 |
|
Total intangible assets |
1.2 |
1.4 |
0.9 |
0.9 |
1.0 |
|
Investment Securities - Balancing value |
5.6 |
- |
- |
- |
- |
|
Investment Secs. |
- |
1.0 |
0.7 |
0.6 |
0.5 |
|
Invt Secs Noncons, Asc, Affd Cos |
0.8 |
- |
- |
- |
- |
|
Investment Secs. |
- |
- |
- |
0.0 |
- |
|
Long-term loans receivable |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
- |
0.0 |
- |
- |
- |
|
Insur.Rsrv.Fund |
0.8 |
0.8 |
0.7 |
0.2 |
0.2 |
|
Deferred tax assets |
5.4 |
6.5 |
7.4 |
6.3 |
6.9 |
|
Other Assets |
0.5 |
0.8 |
0.8 |
0.8 |
0.9 |
|
Allowance for doubtful accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Adjustment |
- |
- |
- |
0.1 |
0.1 |
|
Total Assets |
145.5 |
171.1 |
154.3 |
123.4 |
117.8 |
|
|
|
|
|
|
|
|
Accounts payable-trade |
3.6 |
5.3 |
6.1 |
4.2 |
1.6 |
|
Current -P Bond |
3.2 |
4.9 |
6.3 |
7.0 |
6.1 |
|
Short-term loans payable |
4.2 |
5.0 |
0.4 |
0.3 |
0.3 |
|
Accounts payable-other |
2.0 |
2.6 |
3.8 |
2.7 |
2.3 |
|
Tax Payable |
2.5 |
1.1 |
8.5 |
0.0 |
1.3 |
|
Provision for directors'' bonuses |
0.0 |
0.2 |
0.2 |
0.0 |
- |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Other Liability |
1.0 |
0.5 |
1.3 |
0.4 |
0.8 |
|
Total Current Liabilities |
16.5 |
19.6 |
26.6 |
14.5 |
12.4 |
|
|
|
|
|
|
|
|
Corporate Bond |
0.5 |
4.2 |
9.0 |
13.6 |
14.9 |
|
Long-term loans payable |
13.2 |
21.8 |
0.9 |
0.9 |
0.9 |
|
Total Long Term Debt |
13.7 |
26.0 |
9.9 |
14.5 |
15.9 |
|
|
|
|
|
|
|
|
Allow.Acc.Retire |
15.6 |
18.6 |
18.8 |
16.8 |
16.2 |
|
Asset retirement obligations |
0.6 |
0.6 |
0.6 |
0.0 |
- |
|
Provision for directors'' retirement ben |
1.9 |
2.2 |
1.9 |
1.8 |
1.8 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Long Term Liabilities |
- |
0.0 |
- |
- |
- |
|
Rounding adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Other Liability |
1.8 |
2.1 |
1.5 |
1.3 |
1.3 |
|
Total Liabilities |
50.2 |
69.2 |
59.4 |
48.9 |
47.5 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
16.6 |
19.0 |
18.9 |
16.7 |
15.8 |
|
Total capital surpluses |
6.6 |
7.5 |
7.5 |
6.6 |
6.3 |
|
Total retained earnings |
90.5 |
96.6 |
89.7 |
69.1 |
65.2 |
|
Valuation difference on available-for-sa |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Foreign Currency Translation Adjustment |
0.0 |
- |
- |
- |
- |
|
Foreign currency translation adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Treasury Stock |
-18.5 |
-21.1 |
-21.0 |
-18.0 |
-17.0 |
|
Total Equity |
95.3 |
101.9 |
95.0 |
74.6 |
70.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
145.5 |
171.1 |
154.4 |
123.4 |
117.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
11.7 |
11.7 |
11.7 |
11.8 |
11.8 |
|
Total Common Shares Outstanding |
11.7 |
11.7 |
11.7 |
11.8 |
11.8 |
|
T/S-Ordinary Shares |
2.3 |
2.3 |
2.3 |
2.2 |
2.2 |
|
Full-Time Employees |
449 |
451 |
456 |
449 |
444 |
|
Total Number of Shareholders |
785 |
705 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
728 |
759 |
778 |
|
Within One Year |
3.2 |
4.9 |
- |
- |
- |
|
Division And End Of Current Period Remai |
3.7 |
5.9 |
- |
- |
- |
|
Division And End Of Current Period Remai |
- |
1.5 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Yr |
- |
- |
8.9 |
7.1 |
6.2 |
|
Over One Year And Within Two Years |
0.5 |
3.6 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
3.7 |
4.3 |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
- |
4.9 |
5.7 |
5.7 |
|
Over Two Years And Within Three Years |
- |
0.6 |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
3.7 |
4.3 |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
- |
3.7 |
4.4 |
4.4 |
|
Over Three Years And Within Four Years |
- |
0.0 |
- |
- |
- |
|
Over Four Years And Within Five Years |
- |
0.0 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
3.7 |
4.3 |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
- |
0.7 |
3.3 |
3.1 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
0.3 |
4.3 |
- |
- |
- |
|
Long Term Debt Maturing within 5 Yr |
- |
- |
0.1 |
0.6 |
2.1 |
|
Other Interest Bearing-guarantee deposit |
1.3 |
- |
- |
- |
- |
|
remaining LT debt payable |
1.8 |
8.3 |
- |
- |
- |
|
Long Term Debt Remaining Maturity |
- |
- |
5.3 |
0.5 |
0.6 |
|
Total Long Term Debt, Supplemental |
22.0 |
42.0 |
23.7 |
21.6 |
22.1 |
|
Pension Obligation |
16.7 |
19.4 |
19.2 |
17.1 |
16.6 |
|
Fair Value of Plan Assets |
1.1 |
0.8 |
0.3 |
0.3 |
0.4 |
|
Funded Status - Total/No Break-down |
-15.6 |
-18.6 |
- |
- |
- |
|
Funded Status |
- |
- |
-18.8 |
-16.8 |
-16.2 |
|
Total Funded Status |
-15.6 |
-18.6 |
-18.8 |
-16.8 |
-16.2 |
|
Accrued Pension Benefits |
-15.6 |
- |
-18.8 |
-16.8 |
-16.2 |
|
Net Assets Recognized on Balance Sheet |
-15.6 |
- |
-18.8 |
-16.8 |
-16.2 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Toyo Audit |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
14.4 |
16.7 |
21.3 |
4.9 |
13.5 |
|
Depreciation |
3.7 |
3.6 |
3.3 |
3.7 |
3.6 |
|
Increase (decrease) in provision for ret |
-0.7 |
-0.3 |
-0.1 |
-0.4 |
-1.6 |
|
Increase (decrease) in provision for dir |
0.0 |
0.3 |
-0.1 |
-0.1 |
0.2 |
|
Increase (decrease) in provision for dir |
-0.2 |
-0.1 |
0.2 |
0.0 |
0.0 |
|
Increase (decrease) in allowance for dou |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Interest &Dividend |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense |
0.3 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Bond Issue Cost |
- |
- |
0.0 |
0.1 |
0.2 |
|
Foreign exchange losses (gains) |
-0.1 |
-0.2 |
0.0 |
0.0 |
-0.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
- |
0.0 |
- |
- |
- |
|
Loss on adjustment for changes of accoun |
- |
- |
0.5 |
0.0 |
- |
|
Loss (gain) on valuation of investment s |
0.0 |
- |
0.0 |
0.1 |
0.0 |
|
L-Dispos. Fixed |
- |
- |
- |
0.0 |
0.0 |
|
Receipts for land contract cancel. |
- |
- |
- |
- |
0.0 |
|
Loss on valuation of golf club membershi |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Decrease (increase) in notes and account |
3.1 |
-0.7 |
-5.2 |
-1.8 |
11.9 |
|
Decrease (increase) in inventories |
0.4 |
0.9 |
-1.8 |
2.4 |
1.9 |
|
Increase (decrease) in notes and account |
-1.2 |
-0.9 |
1.4 |
2.5 |
-3.9 |
|
Increase (decrease) in accounts payable- |
-0.3 |
-1.3 |
0.7 |
0.5 |
-1.9 |
|
Other, net |
0.9 |
-0.4 |
1.9 |
-1.1 |
0.1 |
|
Int.&Divid.Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Paid |
-0.3 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Tax Paid |
-3.4 |
-13.5 |
1.1 |
-4.4 |
-8.5 |
|
Cash from Operating Activities |
16.5 |
4.3 |
23.2 |
6.3 |
15.4 |
|
|
|
|
|
|
|
|
Purchase of investments in capital of su |
-0.6 |
- |
- |
- |
- |
|
Purchase of investments in subsidiaries |
0.0 |
- |
- |
- |
- |
|
Sale Mktbl.Secs. |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of property, plant and equipmen |
-3.0 |
-22.0 |
-1.7 |
-2.0 |
-2.1 |
|
Sale Fixed Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Purchase of intangible assets |
-0.2 |
-0.6 |
0.0 |
0.0 |
-0.1 |
|
Purch. Inv. Secs. |
-5.3 |
-0.3 |
0.0 |
0.0 |
0.0 |
|
Sale Inv. Secs. |
- |
- |
0.0 |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Insur Rsrv. Made |
-0.1 |
-0.1 |
-0.5 |
0.0 |
0.0 |
|
Cancel Insur.Rsrv. |
- |
- |
0.0 |
0.0 |
0.1 |
|
Other, net |
0.3 |
-0.5 |
0.0 |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-8.9 |
-23.6 |
-2.1 |
-2.0 |
-2.3 |
|
|
|
|
|
|
|
|
Proceeds from long-term loans payable |
0.0 |
29.2 |
- |
- |
- |
|
Issue Bond |
- |
- |
0.0 |
5.3 |
9.8 |
|
Net increase (decrease) in short-term lo |
0.0 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Redemption Bond |
-4.8 |
-6.6 |
-7.6 |
-7.0 |
-10.4 |
|
Repayment of long-term loans payable |
-6.8 |
-2.9 |
-0.1 |
-0.1 |
-0.1 |
|
Dividends paid |
-2.1 |
-2.2 |
-1.4 |
-2.5 |
-2.6 |
|
Purchase of treasury stock |
0.0 |
0.0 |
-0.7 |
0.0 |
-8.4 |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Cash from Financing Activities |
-13.7 |
17.7 |
-9.7 |
-4.3 |
-11.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Net Change in Cash |
-5.9 |
-1.3 |
11.3 |
-0.1 |
1.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
66.9 |
71.7 |
54.7 |
50.5 |
45.4 |
|
Net Cash - Ending Balance |
61.0 |
70.3 |
66.1 |
50.4 |
46.7 |
|
Cash Interest Paid |
0.3 |
0.2 |
0.3 |
0.3 |
0.3 |
|
Cash Taxes Paid |
3.4 |
13.5 |
-1.1 |
4.4 |
8.5 |
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.61.92 |
|
UK Pound |
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
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.