MIRA INFORM REPORT

 

 

Report Date :

24.10.2013

 

IDENTIFICATION DETAILS

 

Name :

DISCO CORPORATION

 

 

Registered Office :

2-13-11, Omori-Kita, Ota-Ku, 143-8580

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.03.1940

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Manufacture and Sale of Semiconductor Manufacturing Devices and Precision Processing Devices.

 

 

No. of Employees :

2,909

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Japan

A1

A1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

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

 

Source : CIA

Company Name and Address

 

DISCO CORPORATION 

 

 

 

2-13-11, Omori-Kita

 

 

Ota-Ku, 143-8580

Japan

 

 

Tel:

81-3-45901111

Fax:

81-3-45901188

www.disco.co.jp

 

Employees:

2,909

Company Type:

Public Parent

Corporate Family:

21 Companies

Traded:

Tokyo Stock Exchange:

6146

Incorporation Date:

02-Mar-1940

Auditor:

KPMG AZSA LLC

Financials in:

 USD (Mil)

Fiscal Year End:

31-Mar-2013

Reporting Currency:

Japanese Yen

Annual Sales:

1,129.4  1

Net Income:

90.1

Total Assets:

1,654.5  2

Market Value:

1,989.5

 

(11-Oct-2013)

 

Business Description

 

DISCO CORPORATION is a Japan-based company engaged in the manufacture and sale of semiconductor manufacturing devices and precision processing devices. The Company operates in three business segments. The Precision Processing System segment manufactures, sells, maintains and provides related services of semiconductor manufacturing equipment and precision processing machines, including dicing saws, laser saws, grinders, polishers, dry etchers, surface planer, dicing blades, grinding wheels and dry polishing wheels. The Precision Processing Components segment mainly manufactures and sells the components of precision processing equipment. The Industrial Grinding and Cutting Products segment manufactures and sells diamond wheels, and grindstones for grinding and cutting. For the three months ended 30 June 2013, DISCO CORPORATION revenues increased 13% to Y27.41B. Net income applicable to common stockholders increased 61% to Y3.17B. Revenues reflect Precision Processing System segment increase of 11% to Y25.75B, Precision Machine Parts business segment increase from Y506M to Y1.28B, Grinding Industrial Products Business segment increase of 8% to Y375M.

 

 

Industry

 

Industry

Machinery and Equipment Manufacturing

ANZSIC 2006:

2469 - Other Specialised Machinery and Equipment Manufacturing

ISIC Rev 4:

2819 - Manufacture of other general-purpose machinery

NACE Rev 2:

2829 - Manufacture of other general-purpose machinery n.e.c.

NAICS 2012:

333242 - Semiconductor Machinery Manufacturing

UK SIC 2007:

2829 - Manufacture of other general-purpose machinery n.e.c.

US SIC 1987:

3559 - Special Industry Machinery, Not Elsewhere Classified

 

 

Key Executives   

 

Name

Title

Kazuma Sekiya

President, Chief Director of Technology Development, Director of Application Development, Chairman and President of Subsidiaries, Representative Director

Noboru Yoshinaga

Managing Executive Officer, Chief Director of Sales

Takao Tamura

Managing Director, Chief Director of Support, Director of Human Resources

Yasutoshi Akiyama

General Manager Asia Pacific Sales Division

Tadahiko Kuronuma

Corporate Auditor

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Negative Earnings Pre-Announcement

1

DISCO CORP Lowers Consolidated Full-year Outlook for FY Ending March 31, 2013; Announces Midterm Dividend Payment and Lowers Year-end Dividend Outlook for FY Ending March 2013

8-Nov-2012

Positive Earnings Pre-Announcement

1

DISCO CORP Raises Consolidated Mid-year and Full-year Guidance for FY 2014; Amends Mid-year and Year-end Dividend Forecasts for FY 2014

8-Aug-2013

Dividends

1

DISCO CORP to Pay Year-end Dividend for FY 2013

9-May-2013

* number of significant developments within the last 12 months

 

 

News

 

Title

Date

USPTO Published Patent application of Disco Corporation titled as "LASER PROCESSING METHOD AND LASER PROCESSING APPARATUS". 
US Official News (243 Words)

4-Oct-2013

Patent Issued for Laser Processing Method for Wafer
China Weekly News (1308 Words)

2-Oct-2013

 on Non-Consolidated Sales Figures (Second Quarter of Fiscal Year 2013)
Noodls (21 Words)

1-Oct-2013

DISCO CORPORATION : on Non-Consolidated Sales Figures (Second Quarter of Fiscal Year 2013)
4 Traders (335 Words)

1-Oct-2013

Laser processing method for wafer
U.S. Patents (189 Words)

30-Sep-2013

Sematech, Inc. d/b/a International Sematech National Cooperative Research and Production Act of 1993 Notice Posted in Federal Register
Targeted News Service (313 Words)

24-Sep-2013

 

 

Financial Summary

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

3.26

3.90

Quick Ratio (MRQ)

2.30

3.02

Debt to Equity (MRQ)

0.25

0.21

Sales 5 Year Growth

0.45

11.04

Net Profit Margin (TTM) %

9.01

19.30

Return on Assets (TTM) %

5.70

15.21

Return on Equity (TTM) %

8.01

21.72

 

 

Stock Snapshot

 

Traded: Tokyo Stock Exchange: 6146

As of 11-Oct-2013

 Financials in: JPY

Recent Price

5,740.00

 

EPS

228.51

52 Week High

7,120.00

 

Price/Sales

2.08

52 Week Low

3,500.00

 

Dividend Rate

56.00

Avg. Volume (mil)

0.27

 

Price/Earnings

26.62

Market Value (mil)

195,185.40

 

Price/Book

1.76

 

 

 

Beta

1.02

 

Price % Change

Rel S&P 500%

4 Week

4.94%

3.90%

13 Week

-12.23%

-11.88%

52 Week

64.23%

-2.06%

Year to Date

28.27%

-7.88%

 

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
2-13-11, Omori-Kita
Ota-Ku, 143-8580
Japan

 

Tel:

81-3-45901111

Fax:

81-3-45901188

 

www.disco.co.jp

Quote Symbol - Exchange

6146 - Tokyo Stock Exchange

Sales JPY(mil):

93,707.0

Assets JPY(mil):

155,667.0

Employees:

2,909

Fiscal Year End:

31-Mar-2013

 

Industry:

Miscellaneous Capital Goods

Incorporation Date:

02-Mar-1940

Company Type:

Public Parent

Quoted Status:

Quoted

 

President, Chief Director of Technology Development, Director of Application Development, Chairman and President of Subsidiaries, Representative Director:

Kazuma Sekiya

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2469

-

Other Specialised Machinery and Equipment Manufacturing

2299

-

Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

2090

-

Other Non-Metallic Mineral Product Manufacturing

2463

-

Machine Tool and Parts Manufacturing

 

ISIC Rev 4 Codes:

2819

-

Manufacture of other general-purpose machinery

2399

-

Manufacture of other non-metallic mineral products n.e.c.

2818

-

Manufacture of power-driven hand tools

2822

-

Manufacture of metal-forming machinery and machine tools

2396

-

Cutting, shaping and finishing of stone

2593

-

Manufacture of cutlery, hand tools and general hardware

 

NACE Rev 2 Codes:

2829

-

Manufacture of other general-purpose machinery n.e.c.

2391

-

Production of abrasive products

2841

-

Manufacture of metal forming machinery

2573

-

Manufacture of tools

2824

-

Manufacture of power-driven hand tools

2370

-

Cutting, shaping and finishing of stone

 

NAICS 2012 Codes:

333242

-

Semiconductor Machinery Manufacturing

333991

-

Power-Driven Handtool Manufacturing

327910

-

Abrasive Product Manufacturing

327991

-

Cut Stone and Stone Product Manufacturing

333515

-

Cutting Tool and Machine Tool Accessory Manufacturing

333517

-

Machine Tool Manufacturing

332216

-

Saw Blade and Handtool Manufacturing

 

US SIC 1987:

3559

-

Special Industry Machinery, Not Elsewhere Classified

3291

-

Abrasive Products

3541

-

Machine Tools, Metal Cutting Types

3545

-

Cutting Tools, Machine Tool Accessories, and Machinists' Precision Measuring Devices

3425

-

Saw Blades and Handsaws

3546

-

Power-Driven Handtools

3281

-

Cut Stone and Stone Products

 

UK SIC 2007:

2829

-

Manufacture of other general-purpose machinery n.e.c.

2841

-

Manufacture of metal forming machinery

2573

-

Manufacture of tools

2370

-

Cutting, shaping and finishing of stone

2391

-

Production of abrasive products

2824

-

Manufacture of power-driven hand tools

 

 

Business Description

 

DISCO CORPORATION is a Japan-based company engaged in the manufacture and sale of semiconductor manufacturing devices and precision processing devices. The Company operates in three business segments. The Precision Processing System segment manufactures, sells, maintains and provides related services of semiconductor manufacturing equipment and precision processing machines, including dicing saws, laser saws, grinders, polishers, dry etchers, surface planer, dicing blades, grinding wheels and dry polishing wheels. The Precision Processing Components segment mainly manufactures and sells the components of precision processing equipment. The Industrial Grinding and Cutting Products segment manufactures and sells diamond wheels, and grindstones for grinding and cutting. For the three months ended 30 June 2013, DISCO CORPORATION revenues increased 13% to Y27.41B. Net income applicable to common stockholders increased 61% to Y3.17B. Revenues reflect Precision Processing System segment increase of 11% to Y25.75B, Precision Machine Parts business segment increase from Y506M to Y1.28B, Grinding Industrial Products Business segment increase of 8% to Y375M.

 

More Business Descriptions

Manufacture of semiconductor process equipment

 

Machine Tool Mfr

 

DISCO Corporation (Disco) is a manufacturer of semiconductor devices and precision processing devices. It manufactures, sells, and provides maintenance of precision cutting, grinding, and polishing machines. The company also manufactures and sells industrial diamond tools used in civil engineering, construction, and general purpose grinding wheels for the manufacture of motor vehicles and electronic parts. It provides precision machines, including dicing and cutting saws, laser saws, grinders, polishers and dry etchers, die separators, surface planers, and water jet saws, as well as products for dicing before grinding process and package singulation. The company also provides precision processing tools comprising dicing blades, grinding wheels, and dry polishing wheels, accessory equipments, and frames and cassettes for securing and handling of work pieces. The company operates through its reportable segments namely, Precision Processing Systems, Precision Processing Parts and Industrial Grinding Products. .The Precision Processing Systems segment of the company provides precision processing equipment, precision blades and wheels. The products include dicing saws used for IC production and package singulation, laser saws used for LED production and girding wheels. The products are also used by manufacturers of semiconductor, electronic parts and other items. For the fiscal year ended March 2012, the Precision Processing Systems segment’s revenue were 10.23% lower from JPY 95,405m in 2011 to JPY 85,672m 2012. The segment accounted for 96% of the total revenues in 2012.The Precision Processing Parts segment provides processing parts. The parts are made from metals, glass, silicon and other materials. The electronic, optical and medical industries use these parts. The products include glass products, projector-related products for the imaging equipment industry, heat sink products for optical communication and industrial laser equipment. For the fiscal year ended March 2012, the Precision Processing Parts segment’s revenue decreased 24.0% from JPY 2,492m in 2011 to JPY 1,893m in 2012. The segment accounted for 2.12% of the total revenues in 2012.Disco’s Industrial Grinding Product segment manufactures and sells industrial diamond tools and grinding wheels. The products are used in civil engineering and construction sector and other manufacturing industries while general purpose grinding wheels are used in the manufacturing process of motor vehicles, electronic parts, and other related products. Disco industrial diamond tools as part of its activities in the Industrial Grinding Products segment. It also manufactures general-purpose grinding wheels. The industries include civil engineering, construction and manufacturing of motor vehicles and electronic parts uses these products. For the fiscal year ended March 2012, the Industrial grinding Products segment’s revenue were 7.1% lower from JPY 1,804m in 2011 to JPY 1,676m 2012. The segment accounted for 1.9% of the total revenues in 2012.The services offered by the company include providing maintenance of precision cutting, providing training in the operation and maintenance of precision cutting, grinding and polishing machines, disassembly and recycling, and lease of precision machines and sale and purchase of used machines.The company is affiliated with various companies, which include Tecnisco, Ltd., Dsd, Ltd., Disco Abrasive Systems K.K., DSD Kyushu, ltd., Daiichi Components, Ltd, Jetsis International Pte Ltd, DD Diamond Corporation, Tecnisco (Suzhou) Co., Ltd, and DHK Solution Corporation. Disco operates through its subsidiaries namely, Disco Hi-Tec America, Inc., Disco Hi-Tec Europe Gmbh, Disco Hi-Tec France SARL, Disco Hi-Tec U.K. Ltd., Disco Hi-Tec Morocco SARL, Disco Hi-Tec (Singapore) Pte Ltd, Disco Hi-Tec (Malaysia) Sdn. Bhd., Disco Hi-Tec (Thailand) Co., Ltd., Disco Technology (Shanghai) Co., Ltd. and Disco Hi-Tec Taiwan Co., Ltd. The company’s research and development (R&D) activities operates on new scientific and technical knowledge. The company has a flexible budget for its research and development activities. In fiscal year ended March 2012, the R&D costs incurred by the company totaled JPY 9,331m.Geographically, the company operates in four regions, namely, Japan, North America, Asia, and Europe. It operates through its various locations and subsidiaries in these regions. During the fiscal year end 2012 the revenue generated from Asia (excluding Japan) represented 54.5% of the total revenue, followed by Japan with 30.4%. North America and Europe represented 5.4% and 9.5% of the total revenues respectively. In August 13, 2012, the company has relocated and expanded its base of operations in Malaysia. It has opened a new Application Lab, allowing DISCO to enhance the services it provides to its customers in the region.

 

Disco Corp. (Disco) is a manufacturer of precision cutting, grinding and polishing machines, based in Japan. The company manufactures and sells precision cutting, diamond abrasive tools, grinding and polishing machines. Its products portfolio include dicing and cutting saws, laser saws, grinders, polishers and dry etchers, wafer mounter, die separator, surface planer, waterjet saw, products for new processes; precision processing tools such as dicing blades, grinding wheels, dry polishing wheels, and other products include accessory equipment and related products. The company provides services such as maintenance of precision cutting, grinding and polishing machines, disassembly and recycling of precision cutting and grinding and polishing machines. Disco is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY 93,707.00 million during the fiscal year ended March 2013, an increase of 5.00% over 2012. The operating profit of the company was JPY 10,758.00 million during the fiscal year 2013, an increase of 1.78% over 2012. The net profit of the company was JPY 7,473.00 million during the fiscal year 2013, an increase of 3.86% over 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Data

Financials in:

JPY(mil)

 

Revenue:

93,707.0

Net Income:

7,473.0

Assets:

155,667.0

Long Term Debt:

18,759.0

 

Total Liabilities:

45,842.0

 

Working Capital:

65.7

 

 

 

Date of Financial Data:

31-Mar-2013

 

1 Year Growth

5.0%

3.9%

14.6%

 

 

Market Data

 

Quote Symbol:

6146

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

5,740.0

Stock Price Date:

10-11-2013

52 Week Price Change %:

64.2

Market Value (mil):

195,185,408.0

 

SEDOL:

6270948

ISIN:

JP3548600000

 

Equity and Dept Distribution:

FY'94-'02 WAS estimated. 12/03&04,6/06 WAS&o/s estimated. FY'03 semi WAS adjusted.FY'08 Q1 WAS was estimated and used as O/S. FY'08 3Q WAS&DWAS estimated and WAS used as O/S. FY'08 Q1's reported BEPS = Y77.75, FY'09 Q1 DWAS estimated, FY'09 Q1's reported BEPS and DEPS = Y36.95 and Y36.89.FY'10 31/03 DWAS was estimated.

 

 

Subsidiaries

 

Company

Percentage Owned

Country

Disco Hi-Tec (Vietnam) Co Ltd

100%

VIETNAM

Disco Hi-Tec China Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Disco Hi-Tec America Inc

100%

USA

Disco Hi-Tec (Singapore) Pte Ltd

100%

SINGAPORE

Disco Hi-Tec (Thailand) Co Ltd

100%

THAILAND

Disco Hi-Tec (Malaysia) Sdn Bhd

100%

MALAYSIA

Disco Hi-Tec Europe GmbH

100%

GERMANY

Disco Hi-Tec France Sarl

100%

FRANCE

Disco Hi-Tec UK Ltd

100%

UK

Disco Hi-Tec Morocco Sarl

100%

MOROCCO

Disco Hi-Tec Taiwan Co Ltd

100%

TAIWAN

 

 

Shareholders

 

Major Shareholders

Japan Trustee Services Bank Ltd (13%); The Master Trust Bank of Japan Ltd (6.3%); Dai-ichi Enterprise Ltd (5.8%); Dai-ichi Holdings Co (5.8%); Octagon Lab (5%)

 

 

Key Corporate Relationships

 

Auditor:

KPMG AZSA LLC

 

Auditor:

KPMG AZSA LLC, KPMG AZSA & Co

 

Corporate Structure News:

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

DISCO CORPORATION

Parent

Ota-Ku

Japan

Machinery and Equipment Manufacturing

1,129.4

2,909

Tecnisco Ltd.

Affiliates

Tokyo

Japan

Semiconductor and Other Electronic Component Manufacturing

 

120

Disco Hi-Tec (Singapore) Pte. Ltd.

Subsidiary

Singapore

Singapore

Machinery Wholesale

104.5

79

Disco Hi-Tec (Thailand) Co., Ltd.

Subsidiary

Bangkok

Thailand

Semiconductor and Other Electronic Component Manufacturing

5.0

18

Disco Hi-Tec (Malaysia) Sdn. Bhd.

Subsidiary

Subang Jaya, Selangor Darul Ehsan

Malaysia

Semiconductor and Other Electronic Component Manufacturing

 

 

Disco Hi-Tec Europe GmbH

Subsidiary

Kirchheim B. MĂ¼nchen, Bayern

Germany

Machinery Wholesale

96.9

50

Disco Hi-Tec France Sarl

Subsidiary

Aix-en-Provence

France

Machinery Wholesale

1.1

4

Disco Hi-Tec U.K. Ltd.

Subsidiary

East Grinstead

United Kingdom

Miscellaneous Repair and Maintenance

 

4

Disco Technology (Shanghai) Co., Ltd.

Subsidiary

Shanghai

China

Semiconductor and Other Electronic Component Manufacturing

 

50

Disco Hi-Tec America, Inc.

Subsidiary

Santa Clara, CA

United States

Machinery Wholesale

121.6

40

Dddia Corporation

Subsidiary

Poryong, Chungchongnam-Do

Korea, Republic of

Metal Products Manufacturing

4.1

38

DSD, Ltd.

Affiliates

Tokyo

Japan

Semiconductor and Other Electronic Component Manufacturing

 

10

DISCO HI-TEC (VIETNAM) CO., LTD.

Subsidiary

Ho Chi Minh City

Viet Nam

Industrial Machinery Repair and Maintenance

 

3

Daiichi Components, Ltd.

Subsidiary

Ota-Ku, Tokyo

Japan

Electrical Equipment and Appliances Manufacturing

31.3

 

Disco Hi-Tec Taiwan Co., Ltd.

Subsidiary

Taipei

Taiwan

Machinery Wholesale

 

 

DD Diamond Corporation

Affiliates

Ch'onan, Choongnam

Korea, Republic of

Metal Products Manufacturing

 

 

Disco-Sea Europe S.R.L.

Affiliates

Reggio nell'Emilia

Italy

Machinery and Equipment Manufacturing

 

 

Disco Corporation - Kure Plant

Facility

Kure, Hiroshima

Japan

Machinery and Equipment Manufacturing

 

 

Disco Corporation - Kuwabata Plant

Facility

Kure, Hiroshima

Japan

Machinery and Equipment Manufacturing

 

 

Disco Corporation - Chino Plant

Facility

Chino, Nagano

Japan

Machinery and Equipment Manufacturing

 

 

DISCO HI-TEC CHINA CO., LTD.

Subsidiary

Shanghai

China

Machinery Wholesale

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

ASM International NV (Amsterdam)

Almere, Netherlands

1,570

Public

Intel Corporation

Santa Clara, California, United States

106,000

Public

KANEMATSU CORPORATION

Minato-Ku, Japan

5,522

Public

ON Semiconductor Corp

Phoenix, Arizona, United States

20,000

Public

Sumco Corp

Minato-Ku, Japan

7,879

Public

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Hitoshi Mizorogi

 

Chairman of the Board, Representative Director

Chairman

 

Biography:

Mr. Hitoshi Mizorogi has been serving as Chairman of the Board and Representative Director in DISCO CORPORATION since April 2009. He joined the Company in March 1983. Mr. Mizorogi's previous titles include Director of Sales Planning, Managing Director, Senior Managing Director, Director of PS Business, President of PS Company, Vice President and President in the Company. Prior to joining the Company, Mr. Mizorogi worked for Yokohama Rubber Co., Ltd. He also used to be President and Representative Director in four subsidiaries, including DISCO HI-TEC (SINGAPORE) PTE LTD and DISCO HI-TEC EUROPE GmbH, as well as Chairman of the Board and Representative Director in two other subsidiaries, DISCO HI-TEC AMERICA,INC. and DISCO TECHNOLOGY(SHANGHAI)CO.,LTD.

 

Age: 74

 

Education:

Keio University, BA (Economics)

 

Ichiro Inazaki

 

Independent Director

Director/Board Member

 

 

Age: 72

 

Kazuma Sekiya

 

President, Chief Director of Technology Development, Director of Application Development, Chairman and President of Subsidiaries, Representative Director

Director/Board Member

 

 

Biography:

Mr. Kazuma Sekiya has been serving as President, Chief Director of Technology Development,, Director of Application Development and Representative Director in DISCO CORPORATION, as well as President and Representative Director of two subsidiaries, DAIICHI COMPONENTS, LTD. and DISCO ABRASIVE SYSTEMS K.K., Chairman of the Board in another subsidiary, DISCO HI-TEC TAIWAN CO., LTD. since February 2012. He joined the Company in July 1989. Mr. Sekiya's previous titles include Deputy Director of Business in PS Business Unit, Vice President of PS Company, Director of Purchase in PS Company Tokyo, Managing Director, President of PS Company, Director of Technology Development and Chief Director of Business Planning in the Company. He obtained his Bachelor's degree in Science and Technology from Keio University in March 1988.

 

Age: 47

 

Education:

Keio University, B (Science and Technology)

 

Keizo Sekiya

 

President and Chairman of Subsidiaries, Director

Director/Board Member

 

 

Biography:

Mr. Keizo Sekiya has been serving as Director in DISCO CORPORATION, as well as President and Representative Director in a subsidiary, TECNISCO LIMITED, Chairman of the Board in another subsidiary, TECNISCO (SuZhou) Co.,Ltd., since June 2011. He joined the Company in July 1989. Mr. Sekiya's previous titles include Managing Director, Director of Operation in AS Business Unit, Deputy Director of Business in AS Business Unit, Vice President of AS Company, Director of Precision Diamond Planning in PS Company, Director of Operation in PS Company and Chief Director of Business Planning in the Company.

 

Age: 48

 

Hideyuki Sekiya

 

Managing Director, Manager of Hiroshima Business Center, Director of Hiroshima General Affairs, Manager of Environment Management Office

Director/Board Member

 

 

Biography:

Mr. Hideyuki Sekiya has been serving as Managing Director, Manager of Hiroshima Business Center, Director of Hiroshima General Affairs and Manager of Environment Management Office in DISCO CORPORATION, since June 2011. He joined the Company's former entity in April 1974. His previous titles include Assistant Manager of General Affairs, Manager of Osaka Office, Director of Precision Device Manufacturing in PS Business Unit, Director of AS Business, President of AS Company and Director of Safety Facility in the Company.

 

Age: 61

 

Takao Tamura

 

Managing Director, Chief Director of Support, Director of Human Resources

Director/Board Member

 

 

Biography:

Mr. Takao Tamura has been serving as Managing Director, Chief Director of Support and Director of Human Resources in DISCO CORPORATION, since September 2011. He is also serving as Representative Director in another company. He joined the Company in April 1977. His previous titles include Director of General Affairs, Director of Accounting, Director of Business Administration in Main Administration Unit, Deputy Chief Director in Main Business Support Unit, Director of Business Information in Main Business Support Unit, Director of Accounting in Main Business Support Unit, Leader of General Affairs Group and Manager of Secretary Office in the Company.

 

Age: 57

 

 

Executives

 

Name

Title

Function

 

 

Kazuma Sekiya

 

President, Chief Director of Technology Development, Director of Application Development, Chairman and President of Subsidiaries, Representative Director

President

 

 

Biography:

Mr. Kazuma Sekiya has been serving as President, Chief Director of Technology Development,, Director of Application Development and Representative Director in DISCO CORPORATION, as well as President and Representative Director of two subsidiaries, DAIICHI COMPONENTS, LTD. and DISCO ABRASIVE SYSTEMS K.K., Chairman of the Board in another subsidiary, DISCO HI-TEC TAIWAN CO., LTD. since February 2012. He joined the Company in July 1989. Mr. Sekiya's previous titles include Deputy Director of Business in PS Business Unit, Vice President of PS Company, Director of Purchase in PS Company Tokyo, Managing Director, President of PS Company, Director of Technology Development and Chief Director of Business Planning in the Company. He obtained his Bachelor's degree in Science and Technology from Keio University in March 1988.

 

Age: 47

 

Education:

Keio University, B (Science and Technology)

 

 

Naoki Abe

 

Executive Officer, Chief Director of Manufacturing

Division Head Executive

 

 

 

Yasutoshi Akiyama

 

General Manager Asia Pacific Sales Division

Division Head Executive

 

 

 

Kazuhisa Arai

 

Managing Executive Officer, Chief Director of Sales Technology

Division Head Executive

 

 

 

Kaoru Sekiya

 

Executive Officer, Chief Director of Purchasing

Division Head Executive

 

 

 

Keizo Sekiya

 

President and Chairman of Subsidiaries, Director

Division Head Executive

 

 

 

Biography:

Mr. Keizo Sekiya has been serving as Director in DISCO CORPORATION, as well as President and Representative Director in a subsidiary, TECNISCO LIMITED, Chairman of the Board in another subsidiary, TECNISCO (SuZhou) Co.,Ltd., since June 2011. He joined the Company in July 1989. Mr. Sekiya's previous titles include Managing Director, Director of Operation in AS Business Unit, Deputy Director of Business in AS Business Unit, Vice President of AS Company, Director of Precision Diamond Planning in PS Company, Director of Operation in PS Company and Chief Director of Business Planning in the Company.

 

Age: 48

 

 

Noboru Yoshinaga

 

Managing Executive Officer, Chief Director of Sales

Division Head Executive

 

 

Hideyuki Sekiya

 

Managing Director, Manager of Hiroshima Business Center, Director of Hiroshima General Affairs, Manager of Environment Management Office

Managing Director

 

 

Biography:

Mr. Hideyuki Sekiya has been serving as Managing Director, Manager of Hiroshima Business Center, Director of Hiroshima General Affairs and Manager of Environment Management Office in DISCO CORPORATION, since June 2011. He joined the Company's former entity in April 1974. His previous titles include Assistant Manager of General Affairs, Manager of Osaka Office, Director of Precision Device Manufacturing in PS Business Unit, Director of AS Business, President of AS Company and Director of Safety Facility in the Company.

 

Age: 61

 

 

Takao Tamura

 

Managing Director, Chief Director of Support, Director of Human Resources

Managing Director

 

 

 

Biography:

Mr. Takao Tamura has been serving as Managing Director, Chief Director of Support and Director of Human Resources in DISCO CORPORATION, since September 2011. He is also serving as Representative Director in another company. He joined the Company in April 1977. His previous titles include Director of General Affairs, Director of Accounting, Director of Business Administration in Main Administration Unit, Deputy Chief Director in Main Business Support Unit, Director of Business Information in Main Business Support Unit, Director of Accounting in Main Business Support Unit, Leader of General Affairs Group and Manager of Secretary Office in the Company.

 

Age: 57

 

 

Tadahiko Kuronuma

 

Corporate Auditor

Accounting Executive

 

 

 

Tsutomu Mimata

 

Corporate Auditor

Accounting Executive

 

 

 

Tadao Takayanagi

 

Corporate Auditor

Accounting Executive

 

 

 

Kuniko Tanabe

 

Corporate Auditor

Accounting Executive

 

 

 

 

 

Significant Developments

 

DISCO CORP Raises Consolidated Mid-year and Full-year Guidance for FY 2014; Amends Mid-year and Year-end Dividend Forecasts for FY 2014

Aug 08, 2013


DISCO CORP announced that the Company has raised the consolidated mid-year guidance for revenue from JPY 51,700 million to JPY 56,100 million, operating profit from JPY 8,300 million to JPY 10,300 million, ordinary profit from JPY 8,300 million to JPY 10,300 million, net profit from JPY 5,600 million to JPY 6,800 million and earning per share from JPY 166.14 to JPY 201.41 for the fiscal year ending March 31, 2014. The Company has also raised the consolidated full-year guidance for revenue from JPY 97,500 million to JPY 101,200 million, operating profit from JPY 13,800 million to JPY 15,200 million, ordinary profit from JPY 14,200 million to JPY 15,600 million, net profit from JPY 9,300 million to JPY 10,200 million and earning per share from JPY 275.91 to JPY 302.11 for the fiscal year ending March 31, 2014. The Company has raised the mid-year dividend forecast from JPY 42 per share to JPY 51 per share, as well as decreased the year-end dividend forecast from JPY 28 per share to JPY 26 per share for the fiscal year ending March 31, 2014. 

 

DISCO CORP to Pay Year-end Dividend for FY 2013

May 09, 2013


DISCO CORP announced that it will pay a year-end dividend of JPY 16 per share (JPY 539 million in total), above the latest dividend forecast of JPY 11 per share, to all the shareholders as a record of March 31, 2013, effective June 26, 2013. 

 

DISCO CORP Lowers Consolidated Full-year Outlook for FY Ending March 31, 2013; Announces Midterm Dividend Payment and Lowers Year-end Dividend Outlook for FY Ending March 2013

Nov 08, 2012


DISCO CORP announced that it has lowered its consolidated full-year outlook for revenue from JPY 95,700 million to JPY 91,500 million, operating profit from JPY 13,600 million to JPY 10,000 million, ordinary profit from JPY 13,800 million to JPY 10,600 million, net profit from JPY 9,400 million to JPY 6,800 million and earning per share from JPY 278.93 to JPY 201.77 for the fiscal year ending March 31, 2013. This is due to the decreased investment if semiconductor and electric part businesses. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 94.96 billion and net profit of JPY 8.81 billion. The Company also announced that it will issue its midterm dividend of JPY 40 per share, or JPY 1,348 million in total, effective December 10, 2012, up from a forecast of JPY 36 per share announced on May 10, 2012, from retained earnings to shareholders as of September 30, 2012. The Company also lowered its year-end dividend outlook from JPY 35 per share to JPY 11 per share, for the same fiscal year. The Company lowered its annual dividend outlook from JPY 71 per share, to JPY 51 per share, for the same fiscal year. 

 

 

Annual Income Statement

 

 

Financials in: USD (mil)

 

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

 

 

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

KPMG AZSA LLC

KPMG AZSA LLC

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

1,129.4

1,130.2

1,163.5

664.2

528.5

Revenue

1,129.4

1,130.2

1,163.5

664.2

528.5

Total Revenue

1,129.4

1,130.2

1,163.5

664.2

528.5

 

 

 

 

 

 

    Cost of Revenue

590.7

603.3

615.9

355.5

279.0

Cost of Revenue, Total

590.7

603.3

615.9

355.5

279.0

Gross Profit

538.7

526.9

547.6

308.7

249.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

160.3

159.7

140.9

94.6

88.7

    Labor & Related Expense

98.9

96.3

90.2

65.2

65.7

Total Selling/General/Administrative Expenses

259.2

256.1

231.1

159.8

154.3

Research & Development

123.5

118.1

113.9

83.5

84.8

    Depreciation

16.9

17.8

18.1

15.2

9.7

    Amortization of Acquisition Costs

0.0

-0.4

-1.0

-1.0

-1.2

Depreciation/Amortization

16.9

17.4

17.1

14.3

8.4

    Impairment-Assets Held for Use

7.2

0.0

3.1

0.0

-

    Impairment-Assets Held for Sale

0.6

0.2

0.5

3.7

0.2

    Other Unusual Expense (Income)

1.6

1.4

1.9

1.1

2.1

Unusual Expense (Income)

9.4

1.5

5.4

4.8

2.3

    Other Operating Expense

0.0

-

-

-

-

Other Operating Expenses, Total

0.0

-

-

-

-

Total Operating Expense

999.7

996.3

983.4

617.8

528.8

 

 

 

 

 

 

Operating Income

129.7

133.9

180.1

46.4

-0.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.6

-0.3

-0.4

-3.7

-0.5

    Interest Expense, Net Non-Operating

-0.6

-0.3

-0.4

-3.7

-0.5

        Interest Income - Non-Operating

0.5

0.6

0.6

0.6

1.3

        Investment Income - Non-Operating

-2.2

4.3

-0.5

-0.8

3.9

    Interest/Investment Income - Non-Operating

-1.7

5.0

0.1

-0.2

5.2

Interest Income (Expense) - Net Non-Operating Total

-2.3

4.6

-0.3

-3.9

4.7

Gain (Loss) on Sale of Assets

-1.6

-0.2

-1.8

-0.7

-4.6

    Other Non-Operating Income (Expense)

4.7

2.3

15.4

1.8

7.9

Other, Net

4.7

2.3

15.4

1.8

7.9

Income Before Tax

130.5

140.6

193.4

43.5

7.7

 

 

 

 

 

 

Total Income Tax

40.5

49.8

66.1

16.9

5.4

Income After Tax

90.0

90.8

127.2

26.6

2.3

 

 

 

 

 

 

    Minority Interest

0.1

0.3

0.5

0.0

0.2

Net Income Before Extraord Items

90.1

91.1

127.7

26.6

2.5

Net Income

90.1

91.1

127.7

26.6

2.5

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

0.0

0.0

Total Adjustments to Net Income

0.0

0.0

0.0

0.0

0.0

Income Available to Common Excl Extraord Items

90.1

91.1

127.7

26.6

2.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

90.1

91.1

127.7

26.6

2.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

33.7

33.7

33.6

33.6

33.9

Basic EPS Excl Extraord Items

2.67

2.70

3.80

0.79

0.07

Basic/Primary EPS Incl Extraord Items

2.67

2.70

3.80

0.79

0.07

Dilution Adjustment

0.0

-

0.0

0.0

0.0

Diluted Net Income

90.1

91.1

127.7

26.6

2.5

Diluted Weighted Average Shares

35.4

35.4

35.4

34.2

34.0

Diluted EPS Excl Extraord Items

2.54

2.57

3.61

0.78

0.07

Diluted EPS Incl Extraord Items

2.54

2.57

3.61

0.78

0.07

Dividends per Share - Common Stock Primary Issue

0.67

0.61

0.76

0.22

0.20

Gross Dividends - Common Stock

22.7

20.5

25.5

7.2

6.7

Interest Expense, Supplemental

0.6

0.3

0.4

3.7

0.5

Depreciation, Supplemental

71.6

75.3

70.8

57.7

46.3

Total Special Items

10.9

1.3

6.2

4.6

5.6

Normalized Income Before Tax

141.4

141.9

199.6

48.1

13.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.4

0.6

2.5

2.1

2.4

Inc Tax Ex Impact of Sp Items

43.9

50.4

68.6

19.1

7.8

Normalized Income After Tax

97.5

91.6

131.0

29.0

5.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

97.6

91.9

131.4

29.0

5.7

 

 

 

 

 

 

Basic Normalized EPS

2.90

2.73

3.91

0.86

0.17

Diluted Normalized EPS

2.75

2.59

3.71

0.85

0.17

Amort of Acquisition Costs, Supplemental

0.0

-0.4

-1.0

-1.0

-1.2

Research & Development Exp, Supplemental

0.2

118.2

114.0

83.6

84.9

Reported Operating Profit

139.8

135.0

185.7

50.2

0.8

Reported Ordinary Profit

139.6

142.3

200.6

49.1

14.5

Normalized EBIT

139.0

135.4

185.5

51.2

2.0

Normalized EBITDA

210.6

210.3

255.2

107.9

47.1

    Current Tax - Total

46.9

40.9

-

-

-

Current Tax - Total

46.9

40.9

-

-

-

    Deferred Tax - Total

-6.4

8.9

-

-

-

Deferred Tax - Total

-6.4

8.9

-

-

-

Income Tax - Total

40.5

49.8

-

-

-

Interest Cost - Domestic

1.6

1.6

1.4

1.1

0.9

Service Cost - Domestic

5.8

5.7

5.3

4.3

3.7

Prior Service Cost - Domestic

-0.2

0.0

-4.9

-4.5

-4.2

Expected Return on Assets - Domestic

-0.9

-0.9

-0.8

-0.7

-0.9

Actuarial Gains and Losses - Domestic

1.7

4.7

7.3

5.9

-1.2

Other Pension, Net - Domestic

3.6

-

-

-

-

Domestic Pension Plan Expense

11.7

11.0

8.3

6.1

-1.6

Defined Contribution Expense - Domestic

-

-

2.9

2.5

2.3

Total Pension Expense

11.7

11.0

11.2

8.6

0.7

Discount Rate - Domestic

1.25%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

1.50%

1.50%

1.50%

2.00%

2.00%

Total Plan Interest Cost

1.6

1.6

1.4

1.1

0.9

Total Plan Service Cost

5.8

5.7

5.3

4.3

3.7

Total Plan Expected Return

-0.9

-0.9

-0.8

-0.7

-0.9

Total Plan Other Expense

3.6

-

-

-

-

 

 

Annual Balance Sheet

 

 

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

KPMG AZSA LLC

KPMG AZSA LLC

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

336.9

184.1

245.1

195.3

338.3

Cash and Short Term Investments

336.9

184.1

245.1

195.3

338.3

        Accounts Receivable - Trade, Gross

268.6

328.6

341.7

247.1

111.0

        Provision for Doubtful Accounts

-0.5

-0.3

-0.4

-0.7

-0.7

    Trade Accounts Receivable - Net

268.1

328.3

341.3

246.4

110.3

Total Receivables, Net

268.1

328.3

341.3

246.4

110.3

    Inventories - Finished Goods

81.2

84.4

75.5

53.6

56.0

    Inventories - Work In Progress

97.0

102.3

102.4

63.4

52.0

    Inventories - Raw Materials

124.4

126.0

109.0

81.5

82.1

Total Inventory

302.6

312.7

286.9

198.4

190.1

    Deferred Income Tax - Current Asset

20.5

17.4

27.3

13.5

9.9

    Other Current Assets

23.7

29.4

37.8

19.8

22.6

Other Current Assets, Total

44.2

46.7

65.1

33.3

32.6

Total Current Assets

951.8

871.9

938.4

673.4

671.3

 

 

 

 

 

 

Property/Plant/Equipment - Net

590.0

669.9

645.6

574.4

491.4

Intangibles, Net

10.5

8.4

9.3

8.1

7.9

    LT Investment - Affiliate Companies

16.7

12.2

3.6

-

-

    LT Investments - Other

6.3

4.0

3.6

6.2

9.1

Long Term Investments

22.9

16.2

7.2

6.2

9.1

    Deferred Charges

0.1

0.2

0.2

0.2

0.2

    Deferred Income Tax - Long Term Asset

4.3

3.9

2.7

5.0

15.4

    Restricted Cash - Long Term

55.3

63.1

62.7

55.7

52.6

    Other Long Term Assets

19.5

14.7

13.8

7.3

6.6

Other Long Term Assets, Total

79.1

81.9

79.4

68.2

74.9

Total Assets

1,654.5

1,648.2

1,679.9

1,330.3

1,254.6

 

 

 

 

 

 

Accounts Payable

47.8

130.8

164.2

134.4

36.5

Accrued Expenses

23.2

25.2

32.5

20.5

13.7

Notes Payable/Short Term Debt

89.7

2.2

0.0

10.7

10.9

Current Portion - Long Term Debt/Capital Leases

7.2

3.0

3.0

0.0

22.3

    Income Taxes Payable

22.6

6.3

63.8

4.3

2.2

    Other Payables

-

-

-

-

0.0

    Other Current Liabilities

63.5

84.8

90.7

74.0

34.6

Other Current liabilities, Total

86.1

91.1

154.5

78.3

36.8

Total Current Liabilities

254.0

252.4

354.2

243.8

120.1

 

 

 

 

 

 

    Long Term Debt

199.4

124.9

127.1

128.4

247.5

Total Long Term Debt

199.4

124.9

127.1

128.4

247.5

Total Debt

296.3

130.1

130.1

139.1

280.7

 

 

 

 

 

 

Minority Interest

7.8

3.9

2.7

1.4

1.3

    Reserves

1.0

0.4

0.4

0.0

-

    Pension Benefits - Underfunded

19.6

19.6

13.8

8.7

5.4

    Other Long Term Liabilities

5.6

6.3

6.5

6.6

7.5

Other Liabilities, Total

26.1

26.4

20.7

15.3

12.9

Total Liabilities

487.2

407.6

504.7

389.0

381.9

 

 

 

 

 

 

    Common Stock

154.3

176.2

175.2

155.4

147.0

Common Stock

154.3

176.2

175.2

155.4

147.0

Additional Paid-In Capital

179.4

201.9

198.0

173.3

162.2

Retained Earnings (Accumulated Deficit)

843.3

896.5

832.4

632.9

580.6

Treasury Stock - Common

-8.5

-10.0

-10.4

-11.4

-10.8

Unrealized Gain (Loss)

0.1

0.1

0.1

0.1

0.0

    Translation Adjustment

-1.4

-24.0

-20.0

-9.0

-6.2

    Other Equity

0.0

0.0

-

-

-

Other Equity, Total

-1.3

-24.0

-20.0

-9.0

-6.2

Total Equity

1,167.3

1,240.6

1,175.3

941.3

872.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,654.5

1,648.2

1,679.9

1,330.3

1,254.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

33.7

33.7

33.7

33.6

33.6

Total Common Shares Outstanding

33.7

33.7

33.7

33.6

33.6

Treasury Shares - Common Stock Primary Issue

0.3

0.3

0.3

0.4

0.4

Employees

2,909

2,745

2,565

2,465

2,438

Number of Common Shareholders

11,665

13,393

12,843

14,456

13,661

Total Long Term Debt, Supplemental

206.6

127.9

130.1

128.4

269.8

Long Term Debt Maturing within 1 Year

7.2

3.0

3.0

0.0

22.3

Long Term Debt Maturing in Year 2

105.8

0.6

3.0

0.0

22.7

Long Term Debt Maturing in Year 3

6.5

124.3

0.6

0.0

22.3

Long Term Debt Maturing in Year 4

6.4

-

123.5

0.0

162.0

Long Term Debt Maturing in Year 5

80.8

-

0.0

107.0

40.5

Long Term Debt Maturing in 2-3 Years

112.2

124.9

3.6

0.0

45.0

Long Term Debt Maturing in 4-5 Years

87.2

-

123.5

107.0

202.5

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

21.4

0.0

Pension Obligation - Domestic

81.6

81.3

76.5

63.7

53.5

Plan Assets - Domestic

57.2

58.7

57.3

49.1

42.6

Funded Status - Domestic

-24.4

-22.6

-19.1

-14.6

-10.8

Total Funded Status

-24.4

-22.6

-19.1

-14.6

-10.8

Discount Rate - Domestic

1.25%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

1.50%

1.50%

1.50%

2.00%

2.00%

Prepaid Benefits - Domestic

-

-

0.0

0.0

0.0

Accrued Liabilities - Domestic

-19.1

-18.9

-13.2

-8.3

-5.1

Other Assets, Net - Domestic

-5.3

0.0

-5.9

-6.3

-5.7

Net Assets Recognized on Balance Sheet

-24.4

-18.9

-19.1

-14.6

-10.8

Total Plan Obligations

81.6

81.3

76.5

63.7

53.5

Total Plan Assets

57.2

58.7

57.3

49.1

42.6

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

KPMG AZSA LLC

KPMG AZSA LLC

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

130.5

140.6

193.4

43.5

7.7

    Depreciation

71.6

75.3

70.8

57.7

46.3

Depreciation/Depletion

71.6

75.3

70.8

57.7

46.3

    Amortization of Acquisition Costs

0.0

-0.4

-1.0

-1.0

-1.2

Amortization

0.0

-0.4

-1.0

-1.0

-1.2

    Unusual Items

7.6

0.3

4.9

4.3

4.3

    Equity in Net Earnings (Loss)

-2.6

-1.7

-1.4

-0.3

-0.3

    Other Non-Cash Items

1.6

6.5

-8.1

6.8

-5.3

Non-Cash Items

6.6

5.2

-4.6

10.8

-1.3

    Accounts Receivable

38.0

12.6

-67.2

-132.1

157.9

    Inventories

-33.9

-21.4

-58.7

5.9

10.2

    Accounts Payable

5.6

-42.1

28.9

124.9

-131.9

    Accrued Expenses

1.0

-7.8

9.2

6.0

-9.7

    Other Operating Cash Flow

-34.9

-83.8

-1.6

2.8

-32.1

Changes in Working Capital

-24.2

-142.5

-89.3

7.4

-5.7

Cash from Operating Activities

184.5

78.1

169.2

118.5

45.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-65.5

-100.0

-88.8

-114.5

-136.1

    Purchase/Acquisition of Intangibles

-3.0

-1.1

-2.2

-1.3

-0.7

Capital Expenditures

-68.5

-101.2

-91.0

-115.8

-136.8

    Sale of Business

-

0.0

-0.4

0.0

-

    Sale of Fixed Assets

0.5

1.4

0.2

0.4

0.4

    Sale/Maturity of Investment

38.6

4.4

36.2

68.9

15.0

    Investment, Net

0.0

0.0

-0.2

0.0

-

    Purchase of Investments

-136.2

-48.2

-9.6

-101.1

-12.7

    Other Investing Cash Flow

-0.5

0.1

0.0

-2.4

-1.0

Other Investing Cash Flow Items, Total

-97.6

-42.2

26.2

-34.2

1.7

Cash from Investing Activities

-166.1

-143.4

-64.8

-150.1

-135.2

 

 

 

 

 

 

    Other Financing Cash Flow

4.9

1.8

1.7

0.1

0.0

Financing Cash Flow Items

4.9

1.8

1.7

0.1

0.0

    Cash Dividends Paid - Common

-23.9

-29.4

-13.7

-7.2

-18.2

Total Cash Dividends Paid

-23.9

-29.4

-13.7

-7.2

-18.2

        Sale/Issuance of Common

0.3

0.3

2.3

0.0

0.0

        Repurchase/Retirement of Common

0.0

0.0

0.0

0.0

-8.0

    Common Stock, Net

0.3

0.3

2.3

0.0

-8.0

Issuance (Retirement) of Stock, Net

0.3

0.3

2.3

0.0

-8.0

    Short Term Debt, Net

0.8

2.3

-11.7

-0.8

10.4

        Long Term Debt Issued

121.5

0.0

10.5

107.3

259.2

        Long Term Debt Reduction

-14.2

-3.2

-24.6

-265.2

-0.9

    Long Term Debt, Net

107.2

-3.2

-14.1

-157.9

258.2

Issuance (Retirement) of Debt, Net

108.0

-0.8

-25.8

-158.7

268.7

Cash from Financing Activities

89.3

-28.1

-35.5

-165.8

242.5

 

 

 

 

 

 

Foreign Exchange Effects

6.9

-5.3

-15.5

1.9

-0.3

Net Change in Cash

114.6

-98.7

53.5

-195.5

152.8

 

 

 

 

 

 

Net Cash - Beginning Balance

145.1

251.1

177.9

359.6

179.7

Net Cash - Ending Balance

259.7

152.5

231.4

164.1

332.6

Cash Interest Paid

0.7

0.1

0.4

2.9

0.7

Cash Taxes Paid

26.9

105.9

15.1

0.1

29.0

 

 

Annual Income Statement

 

 

Financials in: USD (mil)

 

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

 

 

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

KPMG AZSA LLC

KPMG AZSA LLC

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Total net sales

1,129.4

1,130.2

1,163.5

664.2

528.5

Total Revenue

1,129.4

1,130.2

1,163.5

664.2

528.5

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Total cost of sales

590.7

603.3

615.9

355.5

279.0

    Other Selling/General/Admin. Expense

94.8

94.8

-

-

-

    Packing & freight - out costs

19.7

18.9

18.4

10.0

8.9

    Selling commision expenses

31.3

27.5

28.9

15.6

7.7

    Exp. for product warranty

14.3

16.8

12.0

9.0

8.2

    Provision for doubtful accounts(SGA)

0.3

1.7

0.3

0.2

0.3

    Payrolls & bonuses

82.3

80.6

71.6

56.0

59.1

    Provision for bonuses

14.8

14.0

16.9

8.6

6.6

    Prov. for directors' bonuses

1.8

1.8

1.7

0.7

-

    Depreciation

0.8

-

-

-

-

    Depreciation

16.1

17.8

16.8

15.2

9.7

    Research&Development

123.5

118.1

113.9

83.5

84.8

    Other SGA

-

-

81.3

59.7

63.5

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Provision of reserve for demolition cost

1.2

-

-

-

-

    Factory transfer expenses

0.0

0.9

-

-

-

    Gain on reversal of subscription rights

-0.1

-0.1

-

-

-

    Difference of in charge of retirement

0.0

-0.2

-

-

-

    SP G on Prior Year Adjustment

-

0.0

-0.3

0.0

-0.5

    SP Rev-Doubt.Acct.Allow

-

0.0

-0.3

-0.2

-

    SP Subsidy income for temp. furlough

-

-

0.0

-2.7

0.0

    SP Technique donation

-

-

-

-

0.0

    SP Other Special Gains

0.0

0.0

0.0

-0.2

-0.1

    SP L on Prior Year Adjustment

-

0.0

0.3

0.0

-

    Impairment Loss

7.2

0.0

3.1

0.0

-

    SP Val.Loss-Invest.Sec

0.6

0.2

0.5

3.7

0.2

    SP L on bad debt

-

-

-

-

0.0

    SP Special Retirement bene.

0.5

0.7

0.9

1.2

0.4

    SP Writeoff Inventory

-

-

-

-

0.0

    SP Temporary laid-off exp.

-

-

0.0

1.9

1.6

    SP Loss on adjust for changes of account

-

0.0

0.5

0.0

-

    SP Other Special Losses

0.0

0.0

0.7

1.0

0.7

    NOP Amort. negative goodwill

0.0

-0.4

-1.0

-1.0

-1.2

    NOP Depreciation

-

-

1.3

0.0

-

Total Operating Expense

999.7

996.3

983.4

617.8

528.8

 

 

 

 

 

 

    Gain On Sales Of Investment Securities

1.8

-

-

-

-

    Foreign Exchange Gains

0.0

2.6

-

-

-

    SP Sale Gain-Fixed Asst

0.0

0.2

0.1

0.0

0.1

    SP Gain Sale Investment Securities

-

-

-

-

0.0

    SP Asset Retired & Sold

-1.6

-0.4

-1.9

-0.8

-4.7

    NOP Interest Income

0.5

0.6

0.6

0.6

1.3

    NOP Dividend Income

-

-

-

-

0.0

    Other Non-Operating Income (Expense)

0.0

-

-

-

-

    Depreciation

-

-1.0

-

-

-

    NOP Commission Income

-

-

-

-

0.0

    NOP Equity Gain

2.6

1.7

1.4

0.3

0.3

    NOP Exchange Gain

-

-

-

0.0

3.6

    NOP Subsidy income

2.0

0.8

14.1

0.4

6.0

    NOP Other Non-op. Income

3.2

3.0

1.8

2.2

2.5

    NOP Interest Expense

-0.6

-0.3

-0.4

-3.7

-0.5

    NOP Sales Discount

-0.3

-0.3

-0.3

-0.2

-0.2

    NOP Exchange Loss

-6.6

0.0

-1.9

-1.1

0.0

    NOP Other Non-op.Expense

-0.3

-0.3

-0.2

-0.6

-0.3

Net Income Before Taxes

130.5

140.6

193.4

43.5

7.7

 

 

 

 

 

 

Provision for Income Taxes

40.5

49.8

66.1

16.9

5.4

Net Income After Taxes

90.0

90.8

127.2

26.6

2.3

 

 

 

 

 

 

    Minority interests in loss

0.1

0.3

0.5

0.0

0.2

Net Income Before Extra. Items

90.1

91.1

127.7

26.6

2.5

Net Income

90.1

91.1

127.7

26.6

2.5

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

-

-

-

-

    Director'sBonus

-

-

-

0.0

0.0

    Adjustment

-

0.0

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

90.1

91.1

127.7

26.6

2.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

90.1

91.1

127.7

26.6

2.5

 

 

 

 

 

 

Basic Weighted Average Shares

33.7

33.7

33.6

33.6

33.9

Basic EPS Excluding ExtraOrdinary Items

2.67

2.70

3.80

0.79

0.07

Basic EPS Including ExtraOrdinary Items

2.67

2.70

3.80

0.79

0.07

Dilution Adjustment

0.0

-

0.0

0.0

0.0

Diluted Net Income

90.1

91.1

127.7

26.6

2.5

Diluted Weighted Average Shares

35.4

35.4

35.4

34.2

34.0

Diluted EPS Excluding ExtraOrd Items

2.54

2.57

3.61

0.78

0.07

Diluted EPS Including ExtraOrd Items

2.54

2.57

3.61

0.78

0.07

DPS-Ordinary Shares

0.67

0.61

0.76

0.22

0.20

Gross Dividends - Common Stock

22.7

20.5

25.5

7.2

6.7

Normalized Income Before Taxes

141.4

141.9

199.6

48.1

13.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

43.9

50.4

68.6

19.1

7.8

Normalized Income After Taxes

97.5

91.6

131.0

29.0

5.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

97.6

91.9

131.4

29.0

5.7

 

 

 

 

 

 

Basic Normalized EPS

2.90

2.73

3.91

0.86

0.17

Diluted Normalized EPS

2.75

2.59

3.71

0.85

0.17

Research & Develop Expens (Produc costs)

0.2

-

-

-

-

Research costs(COGS)

-

0.1

0.1

0.1

0.1

Research & Development Exp(SGA)

-

118.1

113.9

83.5

84.8

Interest Expense

0.6

0.3

0.4

3.7

0.5

Depre of Tangible Assets-Current

71.6

75.3

70.8

57.7

46.3

BC - Depreciation of Goodwill

0.0

-

-

-

-

Amortization negative goodwill

-

-0.4

-1.0

-1.0

-1.2

Amort of goodwill

-

-

-

0.0

0.0

    Income taxes-current

46.9

40.9

-

-

-

Current Tax - Total

46.9

40.9

-

-

-

    Income taxes-deferred

-6.4

8.9

-

-

-

Deferred Tax - Total

-6.4

8.9

-

-

-

Income Tax - Total

40.5

49.8

-

-

-

Reported operating profit

139.8

135.0

185.7

50.2

0.8

Reported ordinary profit

139.6

142.3

200.6

49.1

14.5

Retirement Benefit Expenses Other Extrao

3.6

-

-

-

-

Service cost

5.8

5.7

5.3

4.3

3.7

Interest cost

1.6

1.6

1.4

1.1

0.9

Expected return on plan asset

-0.9

-0.9

-0.8

-0.7

-0.9

Actuarial G/L

1.7

4.7

7.3

5.9

-1.2

Amort. of prior service cost

-0.2

0.0

-4.9

-4.5

-4.2

Domestic Pension Plan Expense

11.7

11.0

8.3

6.1

-1.6

Defined contribution expense

-

-

2.9

2.5

2.3

Total Pension Expense

11.7

11.0

11.2

8.6

0.7

Discount Rate(MIN)-Retirement Cost(Domes

1.25%

2.00%

-

-

-

Discount Rate

-

-

2.00%

2.00%

2.00%

Expected return on assets(MIN)-Retiremen

1.50%

1.50%

-

-

-

Expected Rate of Return

-

-

1.50%

2.00%

2.00%

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

KPMG AZSA LLC

KPMG AZSA LLC

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Deposit

336.9

184.1

245.1

195.3

338.3

    Notes and accounts receivable-trade

268.6

328.6

341.7

247.1

111.0

    Merchandise & Finished goods

81.2

84.4

75.5

53.6

56.0

    Work-in-progress

97.0

102.3

102.4

63.4

52.0

    Raw materials & Supplies

124.4

126.0

109.0

81.5

82.1

    Dfrd. Tax Asset

20.5

17.4

27.3

13.5

9.9

    Rounding adjustment Assets

0.0

0.0

-

-

-

    Other Curr.Asset

23.7

29.4

37.8

19.8

22.6

    Doubtful Account

-0.5

-0.3

-0.4

-0.7

-0.7

Total Current Assets

951.8

871.9

938.4

673.4

671.3

 

 

 

 

 

 

    Other total PPE net

0.0

0.0

-

-

-

    Buildings and structures, net

313.2

358.8

354.2

309.6

205.8

    Machinery, equipment and vehicles, net

103.0

101.3

109.3

83.0

77.3

    Tools, furniture and fixtures, net

6.3

8.6

7.9

7.6

9.5

    Land

138.4

157.4

155.1

136.9

129.5

    Const in Prog.

29.1

43.8

19.1

37.3

69.4

    Total intangible assets

10.5

8.4

-

-

-

    Intangible Asset

-

-

9.3

8.1

7.9

    Invts in Capital Noncons, Ascd, Affd Cos

0.2

-

-

-

-

    Invt Secs Noncons, Asc, Affd Cos

16.5

12.2

-

-

-

    LT Investment - Affiliate Companies

-

-

3.6

-

-

    Other Investment Securities

6.3

-

-

-

-

    Other LT Invest (held fro sale/to matur)

-

4.0

-

-

-

    Investment Secs.

-

-

3.6

6.2

9.1

    Deferred tax assets

4.3

3.9

2.7

5.0

15.4

    Long-term time deposits

55.3

63.1

62.7

55.7

52.6

    Other Other

20.2

-

-

-

-

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Total investments and other assets

0.0

-

-

-

-

    Rounding adjustment Assets

-

0.0

-

-

-

    Other Other Long Term Assets

-

0.0

-

-

-

    Other Assets

-

17.1

14.5

7.7

7.0

    Doubtful Account

-0.7

-2.5

-0.7

-0.4

-0.4

    Deferred Assets

0.1

0.2

-

-

-

    Bond issue expenses

-

-

0.2

0.2

0.2

Total Assets

1,654.5

1,648.2

1,679.9

1,330.3

1,254.6

 

 

 

 

 

 

    Notes and accounts payable-trade

47.8

130.8

164.2

134.4

36.5

    Electronically recorded obligations-oper

87.1

-

-

-

-

    Short-term loans payable

2.7

2.2

0.0

10.7

10.9

    Current portion of long-term loans payab

7.2

3.0

3.0

0.0

19.3

    Other accounts payable

-

-

-

-

0.0

    Curr.-Corp.Bond

-

-

-

0.0

3.0

    Accrued Expenses

-

-

-

-

0.0

    Income Tax Payable

22.6

6.3

63.8

4.3

2.2

    Provision for directors'' bonuses

1.6

1.8

1.7

0.7

0.0

    Bonus Allowance

21.6

23.3

30.7

19.8

13.7

    Provision for demolition cost

1.0

-

-

-

-

    Rounding adjustment Liability

0.0

0.0

-

-

-

    Res-Product Wrrt

2.8

2.9

3.7

2.1

1.2

    Other Curr. Liab

59.7

81.9

87.0

71.8

33.4

Total Current Liabilities

254.0

252.4

354.2

243.8

120.1

 

 

 

 

 

 

    Corporate Bond

-

-

-

0.0

27.3

    Convertible bond-type bonds with subscri

96.6

121.4

120.7

107.0

0.0

    Long-term loans payable

102.8

3.5

6.5

21.4

220.2

Total Long Term Debt

199.4

124.9

127.1

128.4

247.5

 

 

 

 

 

 

    Res-Accr.Retire

19.1

18.9

13.2

8.3

5.1

    Other Payable

-

-

-

-

0.0

    Provision for directors'' retirement ben

0.4

0.7

0.6

0.4

0.3

    Other Long Term Liabilities

0.0

0.0

-

-

-

    Negative goodwill

-

0.0

0.3

1.3

2.1

    Asset retirement obligations

1.0

0.4

0.4

0.0

-

    Other Liability

5.6

6.3

6.1

5.4

5.4

    Minor. Interest

7.8

3.9

2.7

1.4

1.3

Total Liabilities

487.2

407.6

504.7

389.0

381.9

 

 

 

 

 

 

    Common Stock

154.3

176.2

175.2

155.4

147.0

    Total capital surpluses

166.4

190.0

188.8

167.0

157.9

    Total retained earnings

843.3

896.5

832.4

632.9

580.6

    Valuation difference on available-for-sa

0.1

0.1

0.1

0.1

0.0

    Translation Adj.

-1.4

-24.0

-20.0

-9.0

-6.2

    Stock subscription right

13.0

11.9

9.3

6.3

4.3

    Treasury Stock

-8.5

-10.0

-10.4

-11.4

-10.8

    Rounding adjustment Equity

0.0

-

-

-

-

    Other Equity

-

0.0

-

-

-

Total Equity

1,167.3

1,240.6

1,175.3

941.3

872.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,654.5

1,648.2

1,679.9

1,330.3

1,254.6

 

 

 

 

 

 

    S/O-Ordinary Shares

33.7

33.7

33.7

33.6

33.6

Total Common Shares Outstanding

33.7

33.7

33.7

33.6

33.6

T/S-Ordinary Shares

0.3

0.3

0.3

0.4

0.4

Full-Time Employees

2,909

2,745

2,565

2,465

2,438

Total Number of Shareholders

11,665

-

-

-

-

Number of Common Shareholders

-

13,393

12,843

14,456

13,661

Loans Payable Maturing within a Year

7.2

3.0

3.0

0.0

22.3

Bond Redemp Amts over a Yr within 2 Yrs

96.6

-

-

-

-

Lns Pble Maturing over a Yr within 2 Yrs

9.2

0.6

-

-

-

Loans Payable Maturing within a Year

-

-

3.0

0.0

22.7

Bond Redemp Amts over 2 Yrs within 3 Yrs

-

121.4

-

-

-

Lns Pble Maturg over 2 Yrs within 3 Yrs

6.5

2.9

-

-

-

Long Term Debt &bond Maturin within 3 Yr

-

-

0.6

0.0

22.3

Lns Pble Maturg over 3 Yrs within 4 Yrs

6.4

-

-

-

-

Long Term Debt &bond Maturin within 4 Yr

-

-

123.5

0.0

162.0

Lns Pble Maturg over 4 Yrs within 5 Yrs

80.8

-

-

-

-

Long Term Debt &bond Maturin within 5 Yr

-

-

0.0

107.0

40.5

Other Loans Payable within 1Year Exclud

0.0

-

-

-

-

Loans Payable Remaining

-

0.0

-

-

-

Long Term Debt Maturing after 5 Yr

-

-

0.0

21.4

0.0

Total Long Term Debt, Supplemental

206.6

127.9

130.1

128.4

269.8

Pension obligation

81.6

81.3

76.5

63.7

53.5

Fair value of plan asset

57.2

58.7

57.3

49.1

42.6

Unfunded Retirement Benefit Obligation

-24.4

-

-

-

-

Funded status

-

-22.6

-19.1

-14.6

-10.8

Total Funded Status

-24.4

-22.6

-19.1

-14.6

-10.8

Discount rate

1.25%

2.00%

2.00%

2.00%

2.00%

Expected rate of return

1.50%

1.50%

1.50%

2.00%

2.00%

Accrued pension benefit

-19.1

-18.9

-13.2

-8.3

-5.1

Prepaid pension

-

-

0.0

0.0

0.0

Unrecog. actuarial G/L

-5.7

-

-5.9

-10.8

-14.2

Unrecognized prior service cost

0.4

0.0

0.0

4.5

8.5

Net Assets Recognized on Balance Sheet

-24.4

-18.9

-19.1

-14.6

-10.8

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

KPMG AZSA LLC

KPMG AZSA LLC

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income Before Tax

130.5

140.6

193.4

43.5

7.7

    Depreciation

71.6

75.3

70.8

57.7

46.3

    Amortization goodwill

-

-

-

0.0

0.0

    Impairment Loss

7.2

0.0

3.1

0.0

-

    Amortization negative goodwill

0.0

-0.4

-1.0

-1.0

-1.2

    Loss (gain) on valuation of investment s

0.6

0.2

0.5

3.7

0.2

    Increase (decrease) in allowance for dou

-1.5

1.7

0.0

0.0

0.1

    Equity in (earnings) losses of affiliate

-2.6

-1.7

-1.4

-0.3

-0.3

    Increase (decrease) in provision for bon

1.1

-7.8

7.5

5.3

-7.7

    Increase (decrease) in provision for dir

0.0

0.1

1.7

0.7

-2.0

    Increase (decrease) in provision for pro

0.1

-0.7

1.3

0.9

0.1

    Increase (decrease) in provision for ret

2.9

5.9

3.7

2.9

-4.6

    Loss (gain) on sales of investment secur

-1.8

0.0

0.1

0.3

0.0

    Loss (gain) on sales and retirement of p

1.6

0.2

1.3

0.3

4.1

    Subsidy income

-

-0.8

-14.1

-0.4

-6.0

    Int. and Div. Income

-0.6

-0.7

-0.7

-0.7

-1.4

    Interest Expense

0.6

0.3

0.4

3.7

0.5

    Retire inventory

-

-

-

-

0.0

    Decrease (increase) in notes and account

38.0

12.6

-67.2

-132.1

157.9

    Decrease (increase) in inventories

-33.9

-21.4

-58.7

5.9

10.2

    Increase (decrease) in notes and account

22.4

-35.3

20.1

98.1

-94.1

    Rounding adjustment Cash flow

-

0.0

-

-

-

    Increase (decrease) in accounts payable-

-16.8

-6.8

8.8

26.7

-37.8

    Other, net

-7.8

20.9

13.1

5.1

-4.0

    Int. and Div. Rcvd.

0.5

1.4

0.8

0.6

1.6

    Interest Paid

-0.7

-0.1

-0.4

-2.9

-0.7

    Taxes Paid/refund

-26.9

-105.9

-15.1

-0.1

-29.0

    Subsidy income(1)

-

0.8

1.3

0.4

6.0

Cash from Operating Activities

184.5

78.1

169.2

118.5

45.8

 

 

 

 

 

 

    Purchase Of Investment Securities

-5.4

-10.2

-

-

-

    Purchase of mktbl. secs.

-

-

-

0.0

-5.0

    Proceeds From Sales Of Investment Securi

2.4

-

-

-

-

    Redempt. of mktbl. secs.

-

-

-

0.0

5.0

    Purchase of property, plant and equipmen

-65.5

-100.0

-88.8

-114.5

-136.1

    Proceeds from sales of property, plant a

0.5

1.4

0.2

0.4

0.4

    Purch-Invest.Sec

-

-

0.0

0.0

-5.8

    Sale subsidiaries' securities

-

0.0

-0.4

0.0

-

    Net decrease (increase) in short-term lo

0.0

0.0

-0.2

0.0

-

    Payments of long-term loans receivable

-10.3

0.0

-2.7

0.0

-

    Collection of long-term loans receivable

0.1

0.1

0.0

0.0

-

    Sale Invest Secs.

-

-

-

0.0

0.0

    Purch-Intang.Asset

-3.0

-1.1

-2.2

-1.3

-0.7

    Time Deposit Made

-120.5

-38.0

-6.9

-101.1

-2.0

    Time Deposit Matured

36.2

4.3

36.1

68.9

10.0

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other, net

-0.5

0.1

0.0

-2.4

-1.0

Cash from Investing Activities

-166.1

-143.4

-64.8

-150.1

-135.2

 

 

 

 

 

 

    Net increase (decrease) in short-term lo

0.8

2.3

-11.7

-0.8

10.4

    Proceeds from long-term loans payable

121.5

0.0

10.5

0.0

229.5

    Repayment of long-term loans payable

-3.2

-3.2

-24.6

-233.0

-0.9

    Issued-Stocks

-

-

-

0.0

0.0

    Bond issued

-

-

0.0

107.3

29.6

    Redemp-Corp.Bond

-11.0

-

0.0

-32.3

0.0

    Repayments to minority shareholders

0.0

-

-

-

-

    Purchase Of Treasury Stock

0.0

0.0

-

-

-

    Treasury stock purchased

-

-

0.0

0.0

-8.0

    Proceeds from sales of treasury stock

0.3

0.3

2.3

0.0

-

    Div.Paid

-23.9

-29.4

-13.7

-7.2

-18.2

    Proceed from minorities' payment

4.9

1.8

1.7

0.0

-

    Others

-

-

0.0

0.1

0.0

Cash from Financing Activities

89.3

-28.1

-35.5

-165.8

242.5

 

 

 

 

 

 

Foreign Exchange Effects

6.9

-5.3

-15.5

1.9

-0.3

Net Change in Cash

114.6

-98.7

53.5

-195.5

152.8

 

 

 

 

 

 

Net Cash - Beginning Balance

145.1

251.1

177.9

359.6

179.7

Net Cash - Ending Balance

259.7

152.5

231.4

164.1

332.6

    Cash Interest Paid

0.7

0.1

0.4

2.9

0.7

    Cash Taxes Paid

26.9

105.9

15.1

0.1

29.0

 

 

Financial Health

 

 

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

278.0

13.47%

1,129.4

5.00%

14.93%

0.45%

Research & Development1 (?)

-

-

123.5

9.93%

9.74%

4.28%

Operating Income1 (?)

49.6

73.56%

129.7

1.78%

35.65%

-11.04%

Income Available to Common Excl Extraord Items1 (?)

32.2

60.85%

90.1

3.86%

44.63%

-7.63%

Basic EPS Excl Extraord Items1 (?)

0.95

60.74%

2.67

3.84%

44.50%

-7.48%

Capital Expenditures2 (?)

10.3

-43.85%

68.5

-28.85%

-19.18%

-9.87%

Cash from Operating Activities2 (?)

33.5

-60.46%

184.5

148.06%

11.59%

10.49%

Free Cash Flow (?)

23.3

-65.04%

102.3

-

238.07%

-

Total Assets3 (?)

1,680.1

16.52%

1,654.5

14.64%

7.79%

5.59%

Total Liabilities3 (?)

524.0

33.51%

487.2

36.52%

8.04%

9.25%

Total Long Term Debt3 (?)

190.8

82.37%

199.4

82.36%

16.06%

99.07%

Employees3 (?)

-

-

2909

5.97%

5.68%

5.18%

Total Common Shares Outstanding3 (?)

33.8

0.18%

33.7

0.07%

0.10%

-0.14%

1-ExchangeRate: JPY to USD Average for Period

98.564314

 

82.970472

 

 

 

2-ExchangeRate: JPY to USD Average for Period

98.564314

 

82.970472

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.239969

 

94.088557

 

 

 

Utility Industry Specific USD (mil)

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

 

Deferred Charges3 (?)

0.1

0.2

0.2

0.2

0.2

 

3-ExchangeRate: JPY to USD Period End Date

94.088557

82.385362

82.880000

93.440000

98.770000

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin (?)

47.69%

46.62%

47.07%

46.48%

47.21%

Operating Margin (?)

11.48%

11.84%

15.48%

6.98%

-0.05%

Pretax Margin (?)

11.55%

12.44%

16.62%

6.56%

1.45%

Net Profit Margin (?)

7.97%

8.06%

10.98%

4.00%

0.47%

Financial Strength

Current Ratio (?)

3.75

3.45

2.65

2.76

5.59

Long Term Debt/Equity (?)

0.17

0.10

0.11

0.14

0.28

Total Debt/Equity (?)

0.25

0.10

0.11

0.15

0.32

Management Effectiveness

Return on Assets (?)

5.12%

5.22%

8.27%

1.99%

0.19%

Return on Equity (?)

7.05%

7.21%

11.81%

2.84%

0.29%

Efficiency

Receivables Turnover (?)

3.59

3.23

3.89

3.64

2.80

Inventory Turnover (?)

1.81

1.92

2.49

1.77

1.45

Asset Turnover (?)

0.64

0.65

0.76

0.50

0.44

Market Valuation USD (mil)

P/E (TTM) (?)

23.46

.

Enterprise Value2 (?)

1,948.3

Price/Sales (TTM) (?)

2.01

.

Enterprise Value/Revenue (TTM) (?)

1.97

Price/Book (MRQ) (?)

1.71

.

Enterprise Value/EBITDA (TTM) (?)

9.78

Market Cap as of 11-Oct-20131 (?)

1,989.5

.

 

 

1-ExchangeRate: JPY to USD on 11-Oct-2013

98.109887

 

 

 

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

98.239969

 

 

 



Annual Ratios

 

 

Financials in: USD (mil)

 

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

 

 



 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Financial Strength

Current Ratio (?)

3.75

3.45

2.65

2.76

5.59

Quick/Acid Test Ratio (?)

2.38

2.03

1.66

1.81

3.73

Working Capital1 (?)

697.9

619.6

584.3

429.6

551.1

Long Term Debt/Equity (?)

0.17

0.10

0.11

0.14

0.28

Total Debt/Equity (?)

0.25

0.10

0.11

0.15

0.32

Long Term Debt/Total Capital (?)

0.14

0.09

0.10

0.12

0.21

Total Debt/Total Capital (?)

0.20

0.09

0.10

0.13

0.24

Payout Ratio (?)

25.25%

22.48%

19.96%

27.21%

270.13%

Effective Tax Rate (?)

31.01%

35.40%

34.20%

38.87%

70.22%

Total Capital1 (?)

1,463.5

1,370.7

1,305.4

1,080.4

1,153.4

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.64

0.65

0.76

0.50

0.44

Inventory Turnover (?)

1.81

1.92

2.49

1.77

1.45

Days In Inventory (?)

201.95

189.80

146.33

206.13

251.99

Receivables Turnover (?)

3.59

3.23

3.89

3.64

2.80

Days Receivables Outstanding (?)

101.81

113.16

93.92

100.27

130.42

Revenue/Employee2 (?)

342,367

394,614

468,984

268,007

220,547

Operating Income/Employee2 (?)

39,305

46,739

72,587

18,712

-120

EBITDA/Employee2 (?)

61,004

73,023

101,121

42,001

19,215

 

 

 

 

 

 

Profitability

Gross Margin (?)

47.69%

46.62%

47.07%

46.48%

47.21%

Operating Margin (?)

11.48%

11.84%

15.48%

6.98%

-0.05%

EBITDA Margin (?)

17.82%

18.50%

21.56%

15.67%

8.71%

EBIT Margin (?)

11.48%

11.84%

15.48%

6.98%

-0.05%

Pretax Margin (?)

11.55%

12.44%

16.62%

6.56%

1.45%

Net Profit Margin (?)

7.97%

8.06%

10.98%

4.00%

0.47%

R&D Expense/Revenue (?)

10.94%

10.45%

9.79%

12.56%

16.04%

COGS/Revenue (?)

52.31%

53.38%

52.93%

53.52%

52.79%

SG&A Expense/Revenue (?)

22.95%

22.66%

19.86%

24.06%

29.20%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

5.12%

5.22%

8.27%

1.99%

0.19%

Return on Equity (?)

7.05%

7.21%

11.81%

2.84%

0.29%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

3.03

-0.66

2.40

0.08

-2.76

Operating Cash Flow/Share 2 (?)

4.83

2.22

5.20

3.51

1.39

1-ExchangeRate: JPY to USD Period End Date

94.088557

82.385362

82.88

93.44

98.77

2-ExchangeRate: JPY to USD Average for Period

94.088557

82.385362

82.88

93.44

98.77

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

23.63

Market Cap/Equity (MRQ) (?)

1.72

Market Cap/Revenue (TTM) (?)

2.01

Market Cap/EBIT (TTM) (?)

14.34

Market Cap/EBITDA (TTM) (?)

9.98

Enterprise Value/Earnings (TTM) (?)

23.17

Enterprise Value/Equity (MRQ) (?)

1.69

Enterprise Value/Revenue (TTM) (?)

1.97

Enterprise Value/EBIT (TTM) (?)

14.07

Enterprise Value/EBITDA (TTM) (?)

9.78

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.53

UK Pound

1

Rs.99.75

Euro

1

Rs.84.75

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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

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