MIRA INFORM REPORT

 

 

Report Date :

24.10.2013

 

IDENTIFICATION DETAILS

 

Name :

TOKYO SEIMITSU CO., LTD

 

 

Registered Office :

2968-2, Ishikawa-machi  Hachioji-Shi, 181-8515

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

28.03.1949

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Subject is engaged in the manufacture and sale of semiconductor manufacturing equipment and precision measuring equipment.

 

 

No. of Employees :

1,275

 

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

 

TOKYO SEIMITSU CO., LTD.                

 

2968-2, Ishikawa-machi

Hachioji-Shi, 181-8515

Japan

 

 

Tel:

81-42-6421701

Fax:

81-42-6421821

 

www.accretech.jp

 

Employees:

1,275

Company Type:

Public Parent

Corporate Family:

17 Companies

Traded:

Tokyo Stock Exchange:

7729

Incorporation Date:

28-Mar-1949

Auditor:

Ernst & Young ShinNihon LLC

Financials in:

USD (In millions)

Fiscal Year End:

31-Mar-2013

Reporting Currency:

Japanese Yen

Annual Sales:

614.8  1

Net Income:

48.2

Total Assets:

827.5  2

Market Value:

748.9

 

(11-Oct-2013)

                                         

 

Business Description          

 

 

TOKYO SEIMITSU CO., LTD. is mainly engaged in the manufacture and sale of semiconductor manufacturing equipment and precision measuring equipment. The Semiconductor Manufacturing Equipment segment is engaged in the manufacture and sale of processing and inspection equipment for the manufacture of semiconductor, such as wafer probing machines and wafer dicing machines, as well as the provision of after-sales services and the development of related software. The Measuring Equipment segment is engaged in the manufacture and sale of precision measuring equipment for three-dimensional (3D) vision systems, as well as surface roundness and profile shape measuring instruments. This segment is also engaged in the provision of after-sales services and the development of related software. On August 1, 2012, the Company acquired the precision blade product business from MITSUBISHI MATERIALS CORPORATION. For the three months ended 30 June 2013, TOKYO SEIMITSU CO., LTD. revenues increased 20% to Y14.01B. Net income increased 34% to Y1.67B. Revenues reflect Semiconductor Manufacturing Equipment segment increase of 34% to Y9.22B, Measurement Equipment Business segment increase of 1% to Y4.8B. Net income benefited from Semiconductor Manufacturing Equipment segment income increase of 79% to Y1.57B.

 

 

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

Koichi Kawamura

Executive President of Operation Company, Director

Akihiro Endo

Senior Managing Executive Officer of Semiconductor Company, Manager of Technology, Director

Yoshiharu Kikuchi

Auditor

Kazuo Fujimori

Chairman of the Board

Wolfgang Bonatz

President of Subsidiary, Non-Executive Director

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Positive Earnings Pre-Announcement

2

TOKYO SEIMITSU CO LTD Raises Consolidated Full-year Outlook for FY 2013

8-May-2013

Dividends

1

TOKYO SEIMITSU CO LTD Changes Year-end Dividend Forecast for FY 2013

12-Nov-2012

Debt Ratings

1

R&I Affirms TOKYO SEIMITSU CO LTD's Rating at "BBB"; Rating Outlook Stable

21-Nov-2012

* number of significant developments within the last 12 months

 

News     

 

 

 

Title

Date

Tokyo Seimitsu Expects This FY Group Net Profit Y5.20B
Nikkei English News (44 Words)

12-Aug-2013

Tokyo Seimitsu 1Q Grp Net Pft Y1.67B Vs Y1.25B Pft Yr Earlier
Nikkei English News (64 Words)

12-Aug-2013

Laser dicing device
U.S. Patents (234 Words)

29-Jul-2013

US Patent Issued to Tokyo Seimitsu on July 23 for "Laser dicing device" (Japanese Inventors)
U.S. Fed News (290 Words)

23-Jul-2013

WIPO PUBLISHES PATENT OF TOKYO SEIMITSU FOR "OUTLINE PROFILE SURFACE ROUGHNESS MEASUREMENT DEVICE AND OUTLINE PROFILE SURFACE ROUGHNESS MEASUREMENT...
U.S. Fed News (282 Words)

12-Jul-2013

Tokyo Seimitsu reports lower annual income, provides outlook for fiscal 2014
Datamonitor TechnologyWire (185 Words)

12-Jun-2013

 

 

Financial Summary

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

3.15

3.90

Quick Ratio (MRQ)

2.33

3.02

Debt to Equity (MRQ)

0.04

0.21

Sales 5 Year Growth

-11.09

11.04

Net Profit Margin (TTM) %

8.29

19.30

Return on Assets (TTM) %

5.63

15.21

Return on Equity (TTM) %

7.79

21.72

 

 

Stock Snapshot        

 

 

 

Traded: Tokyo Stock Exchange: 7729

 

As of 11-Oct-2013

   Financials in: JPY

Recent Price

1,780.00

 

EPS

141.47

52 Week High

2,528.00

 

Price/Sales

1.44

52 Week Low

994.00

 

Dividend Rate

16.00

Avg. Volume (mil)

0.18

 

Price/Earnings

20.62

Market Value (mil)

73,471.60

 

Price/Book

1.28

 

 

 

Beta

1.43

 

Price % Change

Rel S&P 500%

4 Week

-1.11%

-2.09%

13 Week

-21.34%

-21.02%

52 Week

79.07%

6.79%

Year to Date

26.51%

-9.14%

 

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
2968-2, Ishikawa-machi
Hachioji-Shi, 181-8515
Japan

 

Tel:

81-42-6421701

Fax:

81-42-6421821

 

www.accretech.jp

Quote Symbol - Exchange

7729 - Tokyo Stock Exchange

Sales JPY(mil):

51,013.9

Assets JPY(mil):

77,862.3

Employees:

1,275

Fiscal Year End:

31-Mar-2013

 

Industry:

Miscellaneous Capital Goods

Incorporation Date:

28-Mar-1949

Company Type:

Public Parent

Quoted Status:

Quoted

 

Executive President of Semiconductor Company, Director:

Ryuichi Kimura

 

 

Industry Codes

 

 

ANZSIC 2006 Codes:

2469

-

Other Specialised Machinery and Equipment Manufacturing

5420

-

Software Publishing

2299

-

Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

2419

-

Other Professional and Scientific Equipment Manufacturing

 

ISIC Rev 4 Codes:

2819

-

Manufacture of other general-purpose machinery

2651

-

Manufacture of measuring, testing, navigating and control equipment

2593

-

Manufacture of cutlery, hand tools and general hardware

5820

-

Software publishing

 

NACE Rev 2 Codes:

2829

-

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

2651

-

Manufacture of instruments and appliances for measuring, testing and navigation

2573

-

Manufacture of tools

5829

-

Other software publishing

 

NAICS 2012 Codes:

333242

-

Semiconductor Machinery Manufacturing

334515

-

Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals

332216

-

Saw Blade and Handtool Manufacturing

511210

-

Software Publishers

 

US SIC 1987:

3559

-

Special Industry Machinery, Not Elsewhere Classified

3423

-

Hand and Edge Tools, Except Machine Tools and Handsaws

3825

-

Instruments for Measuring and Testing of Electricity and Electrical Signals

7372

-

Prepackaged Software

 

UK SIC 2007:

2829

-

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

2651

-

Manufacture of instruments and appliances for measuring, testing and navigation

2573

-

Manufacture of tools

5829

-

Other software publishing

 

 

Business Description

 

TOKYO SEIMITSU CO., LTD. is mainly engaged in the manufacture and sale of semiconductor manufacturing equipment and precision measuring equipment. The Semiconductor Manufacturing Equipment segment is engaged in the manufacture and sale of processing and inspection equipment for the manufacture of semiconductor, such as wafer probing machines and wafer dicing machines, as well as the provision of after-sales services and the development of related software. The Measuring Equipment segment is engaged in the manufacture and sale of precision measuring equipment for three-dimensional (3D) vision systems, as well as surface roundness and profile shape measuring instruments. This segment is also engaged in the provision of after-sales services and the development of related software. On August 1, 2012, the Company acquired the precision blade product business from MITSUBISHI MATERIALS CORPORATION. For the three months ended 30 June 2013, TOKYO SEIMITSU CO., LTD. revenues increased 20% to Y14.01B. Net income increased 34% to Y1.67B. Revenues reflect Semiconductor Manufacturing Equipment segment increase of 34% to Y9.22B, Measurement Equipment Business segment increase of 1% to Y4.8B. Net income benefited from Semiconductor Manufacturing Equipment segment income increase of 79% to Y1.57B.

 

 

More Business Descriptions

Production of semiconductor-manufacturing equipment and precision measuring devices

Semiconductor & Precision Measuring Systems Mfr

Tokyo Seimitsu Co., Ltd. (TSC) manufactures and markets semiconductor manufacturing equipment and precision measuring systems. The company offers a wide range of semiconductor manufacturing equipment which includes, wafer manufacturing systems, CMP, wafer probing machines, polish grinders, and wafer dicing machines. It operates through two reportable segments, namely, Semiconductor Production equipment (SPE) and Metrology. The SPE segment provides measuring machines, surface texture and contour measuring instruments, cylindrical form measuring instruments, and machine control gauges. The company’s wafer manufacturing systems are used for demounting, cleaning and storing wafers in cassette; wafer edge grinding for enhancing the rotated precision of spindle and increase the roughness. The polish grinder products offered include wafer thinness required for IC cards, three-dimensional mounting technology. It offers wafer dicing machines and hub blades. For the fiscal year ended march 2012, TSC generated revenue of JPY 37,463m from SPE segment, reflecting a increase of 8.2% over JPY 34,627m revenue in 2011. The segment accounted for 64.90% of the company’s total revenue in 2012.Metrology segment offers wafer probing machines, wafer dicing machines, wafer inspection machines, cmps, polish grinders, and wafer manufacturing systems. The company also offers automatic measuring systems and industrial measuring systems. The automatic measuring systems offered include machine control gauges, various sensors and electric and air micrometres, high precision digital measurement instrument, laser interferometer and built-in measuring instruments. The industrial measuring systems include 3D coordinate measuring machines, surface texture and contour measuring instruments, roundness and cylindrical profile measuring instruments. For the fiscal year ended 2012, It reported revenue of JPY 20,263m for the Metrology segment, reflecting an increase of 34.7% over revenue in 2011. The segment accounted for 35.1% of the company’s total revenue in 2012.In 2012, the company enhanced its product portfolio with the acquisition of Dicing Blade Products business from Mitsubishi Materials Corporation (MSC). The company’s product offerings under this segment include nickel bond blades, resin bond blades, metal bond blades, .hub type blades, dressing plate and ultra hard metal saws.Geographically, the company operates through affiliates, regional offices and sales offices located in North America, Germany, France, Italy, China, Korea, Thailand, Taiwan, Singapore, Malaysia, Indonesia and Vietnam. Its key affiliate companies include Tosei Systems Co., Ltd.; Accretech Create Corp.; Tosei Engineering Corp.; Tosei Box Corp.; Accretech America Inc.; Accretech Finance Co., Ltd.; Accretech (Europe) GmbH; Accretech (Singapore) Pte. Ltd.; Accretech Korea Co., Ltd.; Accretech (Malaysia) Sdn. Bhd.; Tokyo Seimitsu (Thailand) Co., Ltd.; Accretech Taiwan Co., Ltd.; Accretech (China) Co., Ltd.; TOSEI (THAILAND) CO., Ltd.; TOSEI ENGINEERING (PINGHU) CO., LTD.; TOSEI KOREA Co., Ltd.; Tosei Engineering Pvt. Ltd; and Tosei America, Inc. For the fiscal year ended March 2012, the company generated JPY 27,778m from Japan accounting for 48.1% of the company’s total revenue, followed by overseas market (USA, Europe and Asia) with JPY 29,947m or 51.9%.In December 2012, TSC started operations at the new ACCRETECH Application Center, which includes multiple facilities, each comprised with a conference room and an evaluation room for the probing machine and dicing machine.

Tokyo Seimitsu Co., Ltd. (TSC) is semiconductor equipment and system manufacturing company. It operates through two businesses divisions, namely, Semiconductor Production Equipment (SPE) segment and Precision Measuring Systems segment. Its product portfolio of semiconductor equipment includes wafer probing machines, wafer dicing machines, polish grinders, chemical mechanical planarizers, and wafer dicing machines; and multipurpose measuring instruments such as machine control gauges, sensors, electric or air micrometres, high precisions digital measurement instrument, laser interferometer, built-in measuring instruments, automatic measuring systems, 3D coordinate measuring machines, surface texture and contour measuring instruments, roundness and cylindrical profile measuring instruments. The company markets its products under brand name ACCRETECH. It has its operations across North America, Europe and Asia. TSC is headquartered in Hachioji-city, Tokyo, Japan.The company reported revenues of (Yen) JPY 51,013.00 million during the fiscal year ended March 2013, a decrease of 11.63% from 2012. The operating profit of the company was JPY 5,407.00 million during the fiscal year 2013, a decrease of 45.67% from 2012. The net profit of the company was JPY 3,995.00 million during the fiscal year 2013, a decrease of 53.59% from 2012.

Semiconductor and Other Electronic Component Manufacturing

 

 

Brand/Trade Names

 

Accretech

 

 

Financial Data

 

Financials in:

JPY(mil)

 

Revenue:

51,013.9

Net Income:

3,995.6

Assets:

77,862.3

Long Term Debt:

1,212.7

 

Total Liabilities:

20,558.0

 

Working Capital:

20.1

 

 

 

Date of Financial Data:

31-Mar-2013

 

1 Year Growth

-11.6%

-53.6%

0.0%

 

 

Market Data

 

Quote Symbol:

7729

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

1,780.0

Stock Price Date:

10-11-2013

52 Week Price Change %:

79.1

Market Value (mil):

73,471,600.0

 

SEDOL:

6894304

ISIN:

JP3580200008

 

Equity and Dept Distribution:

FY'99-02 WAS & FY'04-'06 1&3 Q WAS & O/S were estimated. 12/2007, Namechanged from Tokyo Seimitsu Co., Ltd. FY'08 Q1&Q3 WAS=O/S, DWAS were estimated. FY'12 Q1 DWAS was estimated.

 

 

Subsidiaries

 

Company

Percentage Owned

Country

Accretech Taiwan Ltd

100%

TAIWAN

Tosei America Inc

100%

USA

Accretech Create Corporation

100%

JAPAN

Tosei Box Corporation

100%

JAPAN

Accretech (Europe) GmbH

100%

GERMANY

Tosei Korea Co Ltd

100%

SOUTH KOREA

Tosei (Thailand) Co Ltd

100%

THAILAND

Tosei Engineering Corporation

100%

JAPAN

Tosei Systems Co Ltd

100%

JAPAN

Accretech Finance Co Ltd

100%

JAPAN

Accretech (Malaysia) Sdn Bhd

100%

MALAYSIA

Accretech Korea Co Ltd

100%

SOUTH KOREA

Accretech (China) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Accretech (Singapore) Pte Ltd

100%

SINGAPORE

 

 

Shareholders

 

Major Shareholders

Master Trust Bank of Japan (12.4%)

 

 

Key Corporate Relationships

 

Auditor:

Ernst & Young ShinNihon LLC

 

Auditor:

Ernst & Young ShinNihon LLC

 

 

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments.

 

 

Strategic Initiatives

 

 

Key Organizational Changes

For the fiscal year ended 2012, It reported revenue of JPY 20,263m for the Metrology segment, reflecting an increase of 34.7% over revenue in 2011. The segment accounted for 35.1% of the company’s total revenue in 2012. In 2012, the company enhanced its product portfolio with the acquisition of Dicing Blade Products business from Mitsubishi Materials Corporation (MSC). The company’s product offerings under this segment include nickel bond blades, resin bond blades, metal bond blades, .hub type blades, dressing plate and ultra hard metal saws.

 

 

 

 

Corporate Family      

 

Corporate Structure News:


Total Corporate Family Members: 17

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

TOKYO SEIMITSU CO., LTD.

Parent

Hachioji-Shi

Japan

Machinery and Equipment Manufacturing

614.8

1,275

Accretech Create Corp.

Subsidiary

Mitaka, Tokyo

Japan

Semiconductor and Other Electronic Component Manufacturing

 

737

Tokyo Seimitsu Co., Ltd. - Tsuchiura Plant

Facility

Tsuchiura, Ibaraki

Japan

Advertising Services

 

737

Tokyo Seimitsu Co., Ltd. - Hachioji Plant

Facility

Tokyo

Japan

Advertising Services

 

737

Tosei Box Corp.

Subsidiary

Tokyo

Japan

Semiconductor and Other Electronic Component Manufacturing

 

500

Accretech Co., Ltd.

Subsidiary

Songnam, Kyonggi-Do

Korea, Republic of

Semiconductor and Other Electronic Component Manufacturing

 

41

Accretech Korea Co., Ltd.

Subsidiary

Seongnam, Gyeonggi-do

Korea, Republic of

Semiconductor and Other Electronic Component Manufacturing

 

32

Accretech (Europe) GmbH

Subsidiary

München, Bayern

Germany

Semiconductor and Other Electronic Component Manufacturing

44.1

30

Accretech (Malaysia) Sdn. Bhd.

Subsidiary

Petaling Jaya, Selangor

Malaysia

Semiconductor and Other Electronic Component Manufacturing

 

21

Tosei (Thailand) Co., Ltd.

Subsidiary

Bang Phli, Samut Prakan

Thailand

Semiconductor and Other Electronic Component Manufacturing

 

11

Tosei America, Inc.

Subsidiary

Cincinnati, OH

United States

Electromedical and Control Instruments Manufacturing

16.2

7

Tosei Engineering Pvt. Ltd.

Subsidiary

Gurgaon, Haryana

India

Advertising Services

 

3

Accretech (China) Co., Ltd.

Subsidiary

Shanghai, Shanghai

China

Machinery Wholesale

11.6

 

Tosei Engineering Corp.

Subsidiary

Tsuchiura, Ibaraki

Japan

Semiconductor and Other Electronic Component Manufacturing

 

 

Tosei Measuring (Pinghu) Co., Ltd.

Subsidiary

Pinghu, Zhejiang

China

Electromedical and Control Instruments Manufacturing

4.1

55

Tosei Systems Co., Ltd.

Subsidiary

Tokyo

Japan

Software

 

 

Accretech Finance Co., Ltd.

Subsidiary

Tokyo

Japan

Consulting Services

 

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Advanced Semiconductor Engineering Inc.

Kaohsiung, Taiwan

57,300

Public

Advantest Corp

Chiyoda-Ku, Japan

4,575

Public

Applied Materials, Inc.

Santa Clara, California, United States

14,500

Public

Hitachi High-Technologies Corporation

Minato-Ku, Japan

10,436

Public

Realtek Semiconductor Corp.

Baoshan, Taiwan

2,774

Public

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Kazuo Fujimori

 

Chairman of the Board

Chairman

Biography:

Mr. Kazuo Fujimori has been serving as Chairman of the Board of TOKYO SEIMITSU CO., LTD. since April 1, 2011. Mr. Fujimori joined the Company in October 1999. He previously served as Tsuchiura Plant Manager, Chief Operating Officer, Executive Vice President, Executive President of Measurement Company, President and Representative Director of the Company. He used to work for Toyota Motor Corporation. He obtained his Bachelor's degree in Engineering with Applied Physics major from Tohoku University in March 1970.

Age: 66

Education:

Tohoku University, BE (Applied Physics)

Wolfgang Bonatz

 

President of Subsidiary, Non-Executive Director

Director/Board Member

 

Biography:

Mr. Wolfgang Bonatz has been serving as Non-Executive Director of TOKYO SEIMITSU CO., LTD., as well as President and Representative Director of a subsidiary, ACCRETECH (EUROPE) GmbH. since June 2002. His previous title includes Director of the Company.

Age: 48

Akihiro Endo

 

Senior Managing Executive Officer of Semiconductor Company, Manager of Technology, Director

Director/Board Member

 

Biography:

Mr. Akihiro Endo has been serving as Senior Managing Executive Officer of Semiconductor Company, Manager of Technology and Director in TOKYO SEIMITSU CO., LTD. since June 2012. He joined the Company in October 2002. He used to serve as Managing Executive Officer of Semiconductor Company, Executive Officer of Semiconductor Company and Leader of CMP Group in the Company. He used to work for Oki Electric Industry Co., Ltd., before joining the Company.

Age: 55

Koichi Kawamura

 

Executive President of Operation Company, Director

Director/Board Member

 

Biography:

Mr. Koichi Kawamura has been serving as Executive President of Operation Company and Director of TOKYO SEIMITSU CO., LTD. since April 2011. He used to serve as Managing Executive Officer of Operation Company and Manager of Business Support Office in the Company. He used to work for The Fuji Bank, Limited, Mizuho Corporate Bank, Limited. and Mizuho Corporate Bank, Ltd.

Age: 55

Ryuichi Kimura

 

Executive President of Semiconductor Company, Director

Director/Board Member

 

Biography:

Mr. Ryuichi Kimura has been serving as Executive President of Semiconductor Company and Representative Director of TOKYO SEIMITSU CO., LTD. since June 27, 2011. He joined the Company in April 1986. He used to be Executive Officer of Semiconductor Company, Manager of Tokyo Sales Center in Sales Unit and Manager of Osaka Sales Center in the Company.

Age: 50

Hidenori Kimura

 

Non-Executive Independent Director

Director/Board Member

 

Biography:

Mr. Hidenori Kimura has been serving as Non-Executive Independent Director in TOKYO SEIMITSU CO., LTD. since June 2010. He is also working for Center for Research and Development Strategy of Japan Science and Technology Agency. He used to serve as professor in Osaka University and The University of Tokyo. He also worked for RIKEN, Japan.

Age: 71

Kunimasa Ohta

 

President, Representative Director

Director/Board Member

 

Biography:

Mr. Kunimasa Ohta has been serving as President and Representative Director of TOKYO SEIMITSU CO., LTD., since April 1, 2011. He joined the Company in April 2001 and used to serve as Chief Financial Officer and Executive Vice President of Operation Company. Mr. Ohta worked for Fuji Bank, Limited and Toho Rayon Co., Ltd. before he joined the Company. Mr. Ohta obtained his Bachelor's degree in Economics from Kyoto University in March 1971.

Age: 64

Education:

Kyoto University, B (Economics)

Shigeru Umenaka

 

President of Subsidiary, Director

Director/Board Member

 

Biography:

Mr. Shigeru Umenaka has been serving as Representative Director of TOKYO SEIMITSU CO., LTD., as well as President and Representative Director of a subsidiary, since June 27, 2011. He previously served as Managing Director in the subsidiary.

Age: 65

Hitoshi Yoshida

 

Executive President of Measurement Company, Representative Director

Director/Board Member

 

Biography:

Mr. Hitoshi Yoshida has been serving as Executive President of Measurement Company and Representative Director of TOKYO SEIMITSU CO., LTD. since June 27, 2011. He joined the Company in April 1983. He previously served as Managing Executive Officer of Measurement Company, Executive Officer of Measurement Company and Leader of Multi-purpose Measurement Group of the Company.

Age: 53

 

Executives

 

Name

Title

Function

Koichi Kawamura

 

Executive President of Operation Company, Director

President

Biography:

Mr. Koichi Kawamura has been serving as Executive President of Operation Company and Director of TOKYO SEIMITSU CO., LTD. since April 2011. He used to serve as Managing Executive Officer of Operation Company and Manager of Business Support Office in the Company. He used to work for The Fuji Bank, Limited, Mizuho Corporate Bank, Limited. and Mizuho Corporate Bank, Ltd.

Age: 55

Ryuichi Kimura

 

Executive President of Semiconductor Company, Director

President

 

Biography:

Mr. Ryuichi Kimura has been serving as Executive President of Semiconductor Company and Representative Director of TOKYO SEIMITSU CO., LTD. since June 27, 2011. He joined the Company in April 1986. He used to be Executive Officer of Semiconductor Company, Manager of Tokyo Sales Center in Sales Unit and Manager of Osaka Sales Center in the Company.

Age: 50

Kunimasa Ohta

 

President, Representative Director

President

 

Biography:

Mr. Kunimasa Ohta has been serving as President and Representative Director of TOKYO SEIMITSU CO., LTD., since April 1, 2011. He joined the Company in April 2001 and used to serve as Chief Financial Officer and Executive Vice President of Operation Company. Mr. Ohta worked for Fuji Bank, Limited and Toho Rayon Co., Ltd. before he joined the Company. Mr. Ohta obtained his Bachelor's degree in Economics from Kyoto University in March 1971.

Age: 64

Education:

Kyoto University, B (Economics)

Wolfgang Bonatz

 

President of Subsidiary, Non-Executive Director

Division Head Executive

 

Biography:

Mr. Wolfgang Bonatz has been serving as Non-Executive Director of TOKYO SEIMITSU CO., LTD., as well as President and Representative Director of a subsidiary, ACCRETECH (EUROPE) GmbH. since June 2002. His previous title includes Director of the Company.

Age: 48

Shigeru Umenaka

 

President of Subsidiary, Director

Division Head Executive

 

Biography:

Mr. Shigeru Umenaka has been serving as Representative Director of TOKYO SEIMITSU CO., LTD., as well as President and Representative Director of a subsidiary, since June 27, 2011. He previously served as Managing Director in the subsidiary.

Age: 65

Akihiro Endo

 

Senior Managing Executive Officer of Semiconductor Company, Manager of Technology, Director

Managing Director

 

Biography:

Mr. Akihiro Endo has been serving as Senior Managing Executive Officer of Semiconductor Company, Manager of Technology and Director in TOKYO SEIMITSU CO., LTD. since June 2012. He joined the Company in October 2002. He used to serve as Managing Executive Officer of Semiconductor Company, Executive Officer of Semiconductor Company and Leader of CMP Group in the Company. He used to work for Oki Electric Industry Co., Ltd., before joining the Company.

Age: 55

Yoshiharu Kikuchi

 

Auditor

Accounting Executive

 

Hiroo Ohi

 

Auditor

Accounting Executive

 

Hideo Sawada

 

Auditor

Accounting Executive

 

Yoshiharu Yoshimura

 

Auditor

Accounting Executive

 

 

 

Significant Developments

 

 

 

TOKYO SEIMITSU CO LTD Raises Consolidated Full-year Outlook for FY 2013

May 08, 2013


TOKYO SEIMITSU CO LTD announced that it has raised its consolidated full-year outlook for revenue from JPY 48,000 million to JPY 51,000 million, operating profit from JPY 6,500 million to JPY 7,500 million, ordinary profit from JPY 6,700 million to JPY 7,800 million, net profit from JPY 2,500 million to JPY 3,900 million and earning per share from JPY 60.65 to JPY 94.61 , for the fiscal year ended March 2013. The Company raised the outlook due to the increased sales, the record of exchange profit and the decreased tax cost, among others.

R&I Affirms TOKYO SEIMITSU CO LTD's Rating at "BBB"; Rating Outlook Stable

Nov 21, 2012


Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on TOKYO SEIMITSU CO LTD at "BBB ". The rating outlook is stable.

TOKYO SEIMITSU CO LTD Changes Year-end Dividend Forecast for FY 2013

Nov 12, 2012


TOKYO SEIMITSU CO LTD announced that it has changed its year-end dividend forecast from an undetermined value to JPY 8.00 per share, for the fiscal year ending March 2013.

TOKYO SEIMITSU CO LTD Raises Consolidated Mid-year Outlook for FY 2013

Oct 30, 2012


TOKYO SEIMITSU CO LTD announced that it has affirmed its consolidated mid-year outlook for revenue of JPY 26,000 million, but raised the outlook for operating profit from JPY 3,200 million to JPY 4,300 million, ordinary profit from JPY 3,200 million to JPY 4,300 million, net profit from JPY 500 million to JPY 1,200 million and earning per share from JPY 12.13 to JPY 29.11, for the fiscal year ending March 2013. This is due to the cost reduction and the record of JPY 2,100 million special installment.

 

 

News

 

Tokyo Seimitsu Expects This FY Group Net Profit Y5.20B
Nikkei English News (44 Words)

12-Aug-2013

Tokyo Seimitsu 1Q Grp Net Pft Y1.67B Vs Y1.25B Pft Yr Earlier
Nikkei English News (64 Words)

12-Aug-2013

Laser dicing device
U.S. Patents (234 Words)

29-Jul-2013

US Patent Issued to Tokyo Seimitsu on July 23 for "Laser dicing device" (Japanese Inventors)
U.S. Fed News (290 Words)

23-Jul-2013

WIPO PUBLISHES PATENT OF TOKYO SEIMITSU FOR "OUTLINE PROFILE SURFACE ROUGHNESS MEASUREMENT DEVICE AND OUTLINE PROFILE SURFACE ROUGHNESS MEASUREMENT...
U.S. Fed News (282 Words)

12-Jul-2013

Tokyo Seimitsu reports lower annual income, provides outlook for fiscal 2014
Datamonitor TechnologyWire (185 Words)

12-Jun-2013

Tokyo Seimitsu revises forecast for fiscal 2013
Datamonitor TechnologyWire (137 Words)

31-May-2013

Agency Reviews Patent Application Approval Request for "Heat Transfer Tube for Steam Generator and Method for Producing the Same"
Politics & Government Week (4954 Words)

30-May-2013

Japan Chipmaking Equipment Orders Seen Up For 3rd Straight Qtr
Nikkei English News (422 Words)

29-May-2013

Patent Issued for Tape Adhering Method and Tape Adhering Device
Electronics Newsweekly (2188 Words)

22-May-2013

Tokyo Seimitsu FY Grp Net Pft Y4.00B Vs Y8.61B Pft Yr Earlier
Nikkei English News (63 Words)

15-May-2013

 

 

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

Ernst & Young ShinNihon LLC

Ernst & Young ShinNihon LLC

Toho Audit Corporation

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

614.8

731.1

579.7

330.7

455.2

Revenue

614.8

731.1

579.7

330.7

455.2

Total Revenue

614.8

731.1

579.7

330.7

455.2

 

 

 

 

 

 

    Cost of Revenue

398.2

495.8

399.2

285.6

400.4

Cost of Revenue, Total

398.2

495.8

399.2

285.6

400.4

Gross Profit

216.6

235.2

180.5

45.1

54.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

63.1

66.1

61.1

41.2

74.1

    Labor & Related Expense

29.1

27.4

23.2

17.2

27.1

Total Selling/General/Administrative Expenses

92.2

93.5

84.3

58.4

101.2

Research & Development

33.9

14.6

14.4

-

-

    Amortization of Acquisition Costs

-

4.2

3.9

3.6

3.3

Depreciation/Amortization

-

4.2

3.9

3.6

3.3

    Impairment-Assets Held for Use

-

-

0.0

1.5

0.0

    Impairment-Assets Held for Sale

0.1

0.5

4.2

0.0

0.0

    Other Unusual Expense (Income)

25.2

-3.7

-0.3

-4.2

42.1

Unusual Expense (Income)

25.3

-3.1

4.0

-2.7

42.1

    Other Operating Expense

0.0

-

-

-

-

Other Operating Expenses, Total

0.0

-

-

-

-

Total Operating Expense

549.7

605.1

505.7

344.9

546.9

 

 

 

 

 

 

Operating Income

65.2

126.0

74.0

-14.2

-91.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.2

-4.5

-6.3

-5.4

-3.8

    Interest Expense, Net Non-Operating

-1.2

-4.5

-6.3

-5.4

-3.8

        Interest Income - Non-Operating

0.1

0.2

0.1

0.2

0.2

        Investment Income - Non-Operating

5.4

0.8

-3.2

3.6

3.5

    Interest/Investment Income - Non-Operating

5.5

1.0

-3.1

3.8

3.7

Interest Income (Expense) - Net Non-Operating Total

4.3

-3.5

-9.5

-1.6

0.0

Gain (Loss) on Sale of Assets

-0.2

-1.7

10.2

0.0

-42.1

    Other Non-Operating Income (Expense)

0.7

0.1

1.9

-1.7

-2.8

Other, Net

0.7

0.1

1.9

-1.7

-2.8

Income Before Tax

70.0

120.9

76.6

-17.4

-136.7

 

 

 

 

 

 

Total Income Tax

21.8

11.9

5.4

20.3

-25.3

Income After Tax

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

Net Income Before Extraord Items

48.2

109.0

71.2

-37.8

-111.4

Net Income

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

    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

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

41.2

41.2

41.2

40.6

40.2

Basic EPS Excl Extraord Items

1.17

2.64

1.73

-0.93

-2.77

Basic/Primary EPS Incl Extraord Items

1.17

2.64

1.73

-0.93

-2.77

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

48.2

109.0

71.2

-37.8

-111.4

Diluted Weighted Average Shares

41.3

41.3

41.3

40.6

40.2

Diluted EPS Excl Extraord Items

1.17

2.64

1.73

-0.93

-2.77

Diluted EPS Incl Extraord Items

1.17

2.64

1.73

-0.93

-2.77

Dividends per Share - Common Stock Primary Issue

0.19

0.20

0.12

0.00

0.15

Gross Dividends - Common Stock

7.9

8.4

4.8

0.0

6.0

Interest Expense, Supplemental

1.2

4.5

6.3

5.4

3.8

Depreciation, Supplemental

22.6

25.1

20.9

22.5

24.4

Total Special Items

30.2

2.8

-2.3

0.9

87.5

Normalized Income Before Tax

100.2

123.7

74.3

-16.6

-49.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

7.9

-0.1

-0.4

-0.9

29.5

Inc Tax Ex Impact of Sp Items

29.8

11.7

4.9

19.4

4.2

Normalized Income After Tax

70.4

112.0

69.3

-36.0

-53.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

70.4

112.0

69.3

-36.0

-53.4

 

 

 

 

 

 

Basic Normalized EPS

1.71

2.72

1.68

-0.89

-1.33

Diluted Normalized EPS

1.71

2.71

1.68

-0.89

-1.33

Amort of Acquisition Costs, Supplemental

4.8

4.2

3.9

3.6

3.3

Research & Development Exp, Supplemental

51.3

44.9

51.6

19.0

60.6

Reported Operating Profit

90.5

122.9

77.9

-16.9

-24.5

Reported Ordinary Profit

95.1

117.8

70.4

-20.2

-28.2

Normalized EBIT

90.5

122.9

77.9

-16.9

-49.6

Normalized EBITDA

117.8

152.3

102.7

9.2

-21.9

    Current Tax - Total

10.0

6.7

-

-

-

Current Tax - Total

10.0

6.7

-

-

-

    Deferred Tax - Total

11.9

5.1

-

-

-

Deferred Tax - Total

11.9

5.1

-

-

-

Income Tax - Total

21.8

11.9

-

-

-

Interest Cost - Domestic

0.7

0.9

1.0

0.9

1.3

Service Cost - Domestic

2.9

3.1

3.2

3.6

4.2

Expected Return on Assets - Domestic

-0.2

0.2

-0.2

-0.1

-0.1

Actuarial Gains and Losses - Domestic

-0.7

-1.2

0.3

3.0

1.8

Other Pension, Net - Domestic

-

3.5

2.6

1.6

-

Domestic Pension Plan Expense

2.7

6.5

6.9

9.0

7.1

Total Pension Expense

2.7

6.5

6.9

9.0

7.1

Discount Rate - Domestic

0.80%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.50%

2.50%

2.50%

2.50%

2.50%

Total Plan Interest Cost

0.7

0.9

1.0

0.9

1.3

Total Plan Service Cost

2.9

3.1

3.2

3.6

4.2

Total Plan Expected Return

-0.2

0.2

-0.2

-0.1

-0.1

Total Plan Other Expense

-

3.5

2.6

1.6

-

 

 

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

Ernst & Young ShinNihon LLC

Ernst & Young ShinNihon LLC

Toho Audit Corporation

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

194.0

200.0

195.7

129.0

178.3

Cash and Short Term Investments

194.0

200.0

195.7

129.0

178.3

        Accounts Receivable - Trade, Gross

173.7

245.3

226.8

166.0

120.1

        Provision for Doubtful Accounts

-1.8

-2.3

-3.0

-2.2

-2.7

    Trade Accounts Receivable - Net

171.9

243.0

223.8

163.8

117.3

Total Receivables, Net

171.9

243.0

223.8

163.8

117.3

    Inventories - Finished Goods

18.7

17.1

9.6

10.5

14.5

    Inventories - Work In Progress

94.8

107.7

127.3

100.2

138.3

    Inventories - Raw Materials

37.5

35.1

33.0

24.8

29.1

Total Inventory

151.0

160.0

169.9

135.5

181.8

    Deferred Income Tax - Current Asset

21.4

26.6

12.8

8.2

16.3

    Other Current Assets

12.3

6.8

11.0

9.8

15.0

Other Current Assets, Total

33.7

33.3

23.7

17.9

31.3

Total Current Assets

550.6

636.4

613.2

446.3

508.8

 

 

 

 

 

 

        Buildings

196.0

208.8

175.5

157.1

157.0

        Land/Improvements

58.4

66.7

66.5

61.2

58.1

        Machinery/Equipment

111.6

118.8

113.3

95.7

98.8

        Construction in Progress

2.2

3.3

20.8

10.1

8.8

        Other Property/Plant/Equipment

3.0

6.6

19.3

19.7

21.5

    Property/Plant/Equipment - Gross

371.2

404.2

395.4

343.8

344.2

    Accumulated Depreciation

-177.4

-188.7

-190.5

-156.9

-142.3

Property/Plant/Equipment - Net

193.8

215.6

204.9

186.9

202.0

Goodwill, Net

15.2

14.1

18.1

19.6

21.9

Intangibles, Net

4.0

2.8

5.2

6.3

7.5

    LT Investment - Affiliate Companies

3.3

-

3.3

3.0

-

    LT Investments - Other

29.4

33.7

33.5

35.1

27.9

Long Term Investments

32.7

33.7

36.8

38.1

27.9

Note Receivable - Long Term

0.3

1.4

1.2

0.5

0.3

    Deferred Income Tax - Long Term Asset

15.4

28.5

46.6

42.3

45.7

    Other Long Term Assets

15.5

12.5

3.6

3.6

14.5

Other Long Term Assets, Total

30.9

41.0

50.2

45.9

60.2

Total Assets

827.5

944.9

929.5

743.6

828.5

 

 

 

 

 

 

Accounts Payable

99.1

117.4

139.6

87.6

53.4

Accrued Expenses

8.6

9.0

7.8

2.7

2.9

Notes Payable/Short Term Debt

13.8

15.8

15.7

13.9

97.2

Current Portion - Long Term Debt/Capital Leases

27.0

39.9

45.7

45.1

54.6

    Income Taxes Payable

4.3

4.3

6.3

0.8

0.7

    Deferred Income Tax - Current Liability

0.9

1.1

0.8

0.0

-

    Other Current Liabilities

31.4

43.9

39.8

18.0

42.9

Other Current liabilities, Total

36.5

49.2

46.9

18.9

43.6

Total Current Liabilities

185.0

231.2

255.7

168.1

251.7

 

 

 

 

 

 

    Long Term Debt

12.8

44.9

95.3

121.8

115.8

    Capital Lease Obligations

0.1

0.5

6.0

8.9

11.7

Total Long Term Debt

12.9

45.4

101.3

130.8

127.6

Total Debt

53.7

101.0

162.7

189.7

279.4

 

 

 

 

 

 

    Pension Benefits - Underfunded

16.8

20.9

30.1

26.5

35.5

    Other Long Term Liabilities

3.9

6.6

0.4

0.3

0.3

Other Liabilities, Total

20.6

27.6

30.4

26.8

35.8

Total Liabilities

218.5

304.1

387.4

325.7

415.1

 

 

 

 

 

 

    Common Stock

108.6

124.0

123.2

109.1

97.7

Common Stock

108.6

124.0

123.2

109.1

97.7

Additional Paid-In Capital

228.2

259.8

257.7

228.6

213.4

Retained Earnings (Accumulated Deficit)

272.2

265.5

166.6

85.5

116.4

Treasury Stock - Common

-1.2

-1.3

-1.3

-1.2

-1.1

Unrealized Gain (Loss)

1.2

-1.8

-0.2

-2.1

-9.8

    Translation Adjustment

0.1

-5.4

-3.8

-2.1

-3.3

    Other Equity

0.0

0.0

-

-

-

Other Equity, Total

0.1

-5.4

-3.8

-2.1

-3.3

Total Equity

609.0

640.8

542.1

417.9

413.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

827.5

944.9

929.5

743.6

828.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

41.2

41.2

41.2

41.2

40.2

Total Common Shares Outstanding

41.2

41.2

41.2

41.2

40.2

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,275

1,144

1,058

953

1,221

Number of Common Shareholders

24,195

26,516

29,094

31,474

33,061

Total Long Term Debt, Supplemental

52.1

83.8

137.4

163.4

199.0

Long Term Debt Maturing within 1 Year

39.3

38.8

42.0

41.6

51.4

Long Term Debt Maturing in Year 2

4.3

30.3

33.8

37.3

37.0

Long Term Debt Maturing in Year 3

4.3

4.9

61.5

30.0

33.4

Long Term Debt Maturing in Year 4

4.3

4.9

0.0

54.6

27.8

Long Term Debt Maturing in Year 5

0.0

4.9

0.0

0.0

22.3

Long Term Debt Maturing in 2-3 Years

8.5

35.2

95.3

67.3

70.4

Long Term Debt Maturing in 4-5 Years

4.3

9.7

0.0

54.6

50.1

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

27.1

Total Capital Leases, Supplemental

0.6

1.5

9.7

12.4

15.4

Capital Lease Payments Due in Year 1

0.4

1.0

3.7

3.5

3.7

Capital Lease Payments Due in Year 2

0.0

0.4

3.6

3.5

3.3

Capital Lease Payments Due in Year 3

0.0

0.0

2.3

3.4

3.3

Capital Lease Payments Due in Year 4

0.0

0.0

0.0

2.1

3.2

Capital Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

2.0

Capital Lease Payments Due in 2-3 Years

0.1

0.4

6.0

6.9

6.6

Capital Lease Payments Due in 4-5 Years

0.0

0.0

0.0

2.1

5.1

Cap. Lease Pymts. Due in Year 6 & Beyond

0.1

0.0

-

0.0

0.0

Pension Obligation - Domestic

42.1

43.8

64.1

56.8

69.0

Plan Assets - Domestic

45.3

69.2

49.5

44.9

18.7

Funded Status - Domestic

3.2

25.5

-14.6

-11.9

-50.3

Total Funded Status

3.2

25.5

-14.6

-11.9

-50.3

Discount Rate - Domestic

-

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.50%

2.50%

2.50%

2.50%

2.50%

Prepaid Benefits - Domestic

11.0

-

-

-

-

Accrued Liabilities - Domestic

-7.8

-19.7

-29.0

-25.3

-34.5

Other Assets, Net - Domestic

15.6

-

14.4

13.4

15.8

Net Assets Recognized on Balance Sheet

18.8

-19.7

-14.6

-11.9

-18.7

Total Plan Obligations

42.1

43.8

64.1

56.8

69.0

Total Plan Assets

45.3

69.2

49.5

44.9

18.7

 

 

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

Ernst & Young ShinNihon LLC

Ernst & Young ShinNihon LLC

Toho Audit Corporation

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

70.0

120.9

76.6

-17.4

-136.7

    Depreciation

22.6

25.1

20.9

22.5

24.4

Depreciation/Depletion

22.6

25.1

20.9

22.5

24.4

    Amortization of Acquisition Costs

4.8

4.2

3.9

3.6

3.3

Amortization

4.8

4.2

3.9

3.6

3.3

    Unusual Items

0.8

7.7

-6.5

0.8

9.3

    Other Non-Cash Items

-2.8

-5.1

-1.9

-12.5

8.1

Non-Cash Items

-2.0

2.6

-8.5

-11.7

17.4

    Accounts Receivable

51.2

-18.6

-44.6

-39.7

199.2

    Inventories

-13.2

7.9

-16.8

58.7

84.4

    Accounts Payable

-10.3

-23.3

40.3

31.6

-136.8

    Other Operating Cash Flow

-18.5

-5.4

16.5

-25.2

-26.8

Changes in Working Capital

9.1

-39.4

-4.6

25.4

120.0

Cash from Operating Activities

104.5

113.5

88.3

22.3

28.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-23.2

-39.6

-2.0

-2.0

-28.7

    Purchase/Acquisition of Intangibles

-1.3

-1.0

-1.1

-0.1

-2.8

Capital Expenditures

-24.4

-40.6

-3.2

-2.0

-31.5

    Acquisition of Business

-12.1

-

-

-

-

    Sale of Fixed Assets

0.1

0.2

11.5

4.1

0.1

    Sale/Maturity of Investment

2.5

0.5

5.0

11.9

1.0

    Purchase of Investments

-2.8

-2.0

-1.3

-0.7

-2.1

    Other Investing Cash Flow

0.3

0.1

0.0

0.1

0.1

Other Investing Cash Flow Items, Total

-12.0

-1.2

15.2

15.3

-1.0

Cash from Investing Activities

-36.4

-41.8

12.0

13.3

-32.4

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

0.0

0.0

Financing Cash Flow Items

0.0

0.0

0.0

0.0

0.0

    Cash Dividends Paid - Common

-7.9

-6.8

-2.4

0.0

-22.0

Total Cash Dividends Paid

-7.9

-6.8

-2.4

0.0

-22.0

        Sale/Issuance of Common

-

-

0.0

10.8

0.0

    Common Stock, Net

-

-

0.0

10.8

0.0

    Options Exercised

0.0

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

10.8

0.0

    Short Term Debt, Net

-

-

0.0

-89.3

77.7

        Long Term Debt Issued

-

25.3

0.0

43.0

144.8

        Long Term Debt Reduction

-44.2

-86.0

-48.9

-59.8

-174.4

    Long Term Debt, Net

-44.2

-60.7

-48.9

-16.8

-29.6

Issuance (Retirement) of Debt, Net

-44.2

-60.7

-48.9

-106.2

48.1

Cash from Financing Activities

-52.1

-67.5

-51.3

-95.4

26.1

 

 

 

 

 

 

Foreign Exchange Effects

4.4

-1.0

-1.7

-0.1

-3.0

Net Change in Cash

20.4

3.3

47.3

-59.8

19.1

 

 

 

 

 

 

Net Cash - Beginning Balance

198.3

205.1

141.7

189.2

155.9

Net Cash - Ending Balance

218.7

208.4

189.0

129.4

175.0

Cash Interest Paid

1.4

4.7

6.6

5.7

2.8

Cash Taxes Paid

8.3

7.6

-0.8

3.2

25.8

 

 

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

Ernst & Young ShinNihon LLC

Ernst & Young ShinNihon LLC

Toho Audit Corporation

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Total net sales

614.8

731.1

579.7

330.7

455.2

Total Revenue

614.8

731.1

579.7

330.7

455.2

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Total cost of sales

398.2

495.8

399.2

285.6

375.3

    Selling Expenses - Balancing value

44.7

-

-

-

-

    G&A

18.2

-

-

-

-

    Other Selling/General/Admin. Expense(2)

0.0

0.0

-

-

-

    Other Selling/General/Admin. Expense(1)

-

40.5

-

-

-

    Other Selling/General/Admin. Expense

-

13.5

-

-

-

    Retirement Related Expense

-0.2

0.3

-

-

-

    Provision Of Reserve For Bonus

0.2

0.4

-

-

-

    Salaries And Allowance

21.1

19.7

16.4

12.2

19.3

    Provision Of Reserve For Bonus

0.9

1.0

1.0

0.3

0.4

    Res. for Accrue.retire.bene(selling)

-

-

0.6

0.9

1.0

    Sales commission expenses(selling)

-

11.7

11.9

-

-

    Bad Debt Exp&Prov of Allow.-Dbt Acct-SGA

0.3

0.4

0.6

-

-

    Other selling expense

-

-

39.7

30.0

-

    Salaries And Allowance

6.8

5.6

4.3

3.2

5.8

    Allow. for bonus(general)

-

-

0.3

0.1

0.1

    Reserve For Bonus Of Director

0.1

0.1

0.1

0.1

0.1

    Provision for Retirement Benefits

0.0

0.2

0.4

0.4

0.3

    Res.dir.'s retire.(general)

0.2

0.2

0.1

0.1

0.1

    Amort. of goodwill (general)

-

4.2

3.9

3.6

3.3

    Experiment And Research Expenses

33.9

14.6

14.4

-

-

    Other general expense

-

-

8.9

11.3

74.1

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Loss on withdrawal from pension fund

25.2

-

-

-

-

    Gain on revision of retirement benefit p

-

-3.5

-

-

-

    SP G on rev. of st. subscrip. rights

0.0

-

0.0

-2.0

0.0

    SP Reserve for business losses

-

-

0.0

-2.4

0.0

    SP Other Special Gains

-

-0.1

-0.9

0.0

-

    Loss on valuation of golf club membershi

0.1

-

-

-

-

    SP Reval.-Inv. Security

-

0.5

4.2

0.0

0.0

    SP Loss on disaster

-

-

0.6

0.0

-

    SP Assets impairment losses

-

-

0.0

1.5

0.0

    SP Reval.-Inventory

-

-

-

0.0

25.1

    SP L on affiliates business

-

-

-

0.0

25.2

    SP Reserve for investment loss

-

-

-

-

0.0

    SP Other Special Losses

-

-

0.0

0.2

17.0

Total Operating Expense

549.7

605.1

505.7

344.9

546.9

 

 

 

 

 

 

    Loss On Sales And Retirement Of Noncurre

-0.2

-1.7

-

-

-

    Loss on sales of land

-

0.0

-

-

-

    SP Gain-Land Sold

-

-

10.2

0.0

-

    SP SP Gain Sale Inv.Secs.

0.2

-

0.0

0.0

0.0

    SP Loss on sales of land

-

-

0.0

-

-

    SP L on liquid. of business

-

-

-

0.0

-41.3

    NOP Interest Income

0.1

0.2

0.1

0.2

0.2

    NOP Dividend Income

0.7

0.8

0.6

1.3

2.2

    Gain On Bad Debts Recovered

-

3.4

-

-

-

    Other Non-Operating Income (Expense)

0.0

0.0

-

-

-

    Loss on cancel of lease contracts

-

-4.7

-

-

-

    NOP Gain on bad debts recovered

-

-

0.0

-

-

    NOP Currency Gains

4.6

-

0.0

0.9

1.3

    NOP Employment adjust. subsidy income

-

-

0.0

1.5

0.0

    NOP Rev G for doubtful acct. reserve

-

-

0.8

0.8

0.0

    NOP Other Income

0.9

2.0

1.6

1.9

0.6

    NOP Interest Expenses

-1.2

-4.5

-6.3

-5.4

-3.8

    NOP Financing expenses

-

-

0.0

-3.0

-2.6

    NOP Foreign exchange losses

-

-

-3.8

0.0

0.0

    NOP Loss on cancel of lease contracts

-

-

0.0

-

-

    NOP Loss Sale/Retire Fixed Assets

-

-

-

0.0

-0.8

    NOP Other Expenses

-0.3

-0.6

-0.5

-1.5

-0.8

Net Income Before Taxes

70.0

120.9

76.6

-17.4

-136.7

 

 

 

 

 

 

Provision for Income Taxes

21.8

11.9

5.4

20.3

-25.3

Net Income After Taxes

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

Net Income Before Extra. Items

48.2

109.0

71.2

-37.8

-111.4

Net Income

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

    Earning Adjustment

-

-

0.0

0.0

0.0

    Directors' Bonus

-

-

-

-

0.0

Income Available to Com Excl ExtraOrd

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

48.2

109.0

71.2

-37.8

-111.4

 

 

 

 

 

 

Basic Weighted Average Shares

41.2

41.2

41.2

40.6

40.2

Basic EPS Excluding ExtraOrdinary Items

1.17

2.64

1.73

-0.93

-2.77

Basic EPS Including ExtraOrdinary Items

1.17

2.64

1.73

-0.93

-2.77

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

48.2

109.0

71.2

-37.8

-111.4

Diluted Weighted Average Shares

41.3

41.3

41.3

40.6

40.2

Diluted EPS Excluding ExtraOrd Items

1.17

2.64

1.73

-0.93

-2.77

Diluted EPS Including ExtraOrd Items

1.17

2.64

1.73

-0.93

-2.77

DPS-Ordinary Shares

0.19

0.20

0.12

0.00

0.15

Gross Dividends - Common Stock

7.9

8.4

4.8

0.0

6.0

Normalized Income Before Taxes

100.2

123.7

74.3

-16.6

-49.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

29.8

11.7

4.9

19.4

4.2

Normalized Income After Taxes

70.4

112.0

69.3

-36.0

-53.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

70.4

112.0

69.3

-36.0

-53.4

 

 

 

 

 

 

Basic Normalized EPS

1.71

2.72

1.68

-0.89

-1.33

Diluted Normalized EPS

1.71

2.71

1.68

-0.89

-1.33

Interest Expense

1.2

4.5

6.3

5.4

3.8

BC - Depreciation of Goodwill

4.8

-

-

-

-

Amortization of Goodwill - footnote

-

4.2

-

-

-

Amort of Goodwill

-

-

3.9

3.6

3.3

Experiment & Research exp.

-

-

14.4

-

-

R & D Expenses (COGS&BGS)

51.3

44.9

37.2

19.0

60.6

BC - Depreciation of Fixed Assets

22.6

-

-

-

-

Amort of Tangible Assets-Current Portion

-

25.1

-

-

-

Depreciation

-

-

20.9

22.5

24.4

    Income taxes-current

10.0

6.7

-

-

-

Current Tax - Total

10.0

6.7

-

-

-

    Income taxes-deferred

11.9

5.1

-

-

-

Deferred Tax - Total

11.9

5.1

-

-

-

Income Tax - Total

21.8

11.9

-

-

-

Reported Operating Profit

90.5

122.9

77.9

-16.9

-24.5

Reported Ordinary Profit

95.1

117.8

70.4

-20.2

-28.2

Service Cost

2.9

3.1

3.2

3.6

4.2

Interest Cost

0.7

0.9

1.0

0.9

1.3

Expected Return on Plan Asset

-0.2

0.2

-0.2

-0.1

-0.1

Actuarial Gains and Losses

-0.7

-1.2

0.3

3.0

1.8

Welfare Pension Contribution Expense

-

3.5

2.6

1.6

-

Domestic Pension Plan Expense

2.7

6.5

6.9

9.0

7.1

Total Pension Expense

2.7

6.5

6.9

9.0

7.1

Discount Rate

0.80%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.50%

2.50%

2.50%

2.50%

2.50%

 

 

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

Ernst & Young ShinNihon LLC

Ernst & Young ShinNihon LLC

Toho Audit Corporation

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Deposit

194.0

200.0

195.7

129.0

178.3

    Notes and accounts receivable-trade

173.7

245.3

226.8

166.0

120.1

    Inventories - merchandise&finished goods

18.7

17.1

9.6

10.5

14.5

    Inventories - work-in-process

94.8

107.7

127.3

100.2

138.3

    Inventories - raw materials&supplies

37.5

35.1

33.0

24.8

29.1

    Defer. Tax Asset

21.4

26.6

12.8

8.2

16.3

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Current

12.3

6.8

11.0

9.8

15.0

    Doubt Debt Allow

-1.8

-2.3

-3.0

-2.2

-2.7

Total Current Assets

550.6

636.4

613.2

446.3

508.8

 

 

 

 

 

 

    Bldg & Structure

196.0

208.8

175.5

157.1

157.0

    Accum. depr - bldg&struc

-87.1

-90.6

-86.8

-70.9

-66.4

    Accumulated impairment loss-bldg&struc

-

-

0.0

-1.4

0.0

    Machinery, equipment and vehicles

72.1

73.8

68.4

57.8

60.8

    Accumulated depreciation

-54.4

-54.2

-54.1

-43.3

-38.1

    Tools, furniture and fixtures

39.5

45.0

45.0

37.9

38.1

    Accumulated depreciation

-33.4

-38.7

-39.6

-33.5

-31.5

    Accum. impairment loss-tools, furn, fixt

-

-

0.0

0.0

0.0

    Land

58.4

66.7

66.5

61.2

58.1

    Lease assets

3.0

6.6

19.3

19.7

21.5

    Accumulated Depreciation Lease Assets

-2.5

-5.3

-10.0

-7.7

-6.3

    Constr In Progr

2.2

3.3

20.8

10.1

8.8

    Other Total intangible assets

0.0

-

-

-

-

    Goodwill

15.2

14.1

18.1

19.6

21.9

    Other Intangible

4.0

2.8

5.2

6.3

7.5

    Assets And Liabilities For Affiliated Co

1.4

-

-

-

-

    Assets And Liabilities For Affiliated Co

1.9

-

-

-

-

    Equity secs.-nonconsolidated affil.

-

-

3.0

2.5

-

    Investment Securities - Balancing value

29.4

-

-

-

-

    Investm Security

-

33.7

33.5

35.1

27.9

    Long-term loans receivable

0.3

1.4

1.2

0.5

0.3

    Deferred tax assets

15.4

28.5

46.6

42.3

45.7

    Inv't partnership-nonconsol.affil.

-

-

0.3

0.5

-

    Other Long Term Assets

0.0

0.0

-

-

-

    Other Asset

15.8

14.0

3.8

10.6

22.3

    Investment loss reserve

-

-

-

-

0.0

    Doubt Debt Allow

-0.3

-1.5

-0.2

-7.0

-7.8

    Property/Plant/Equipment, Total - Net

0.0

-

-

-

-

    Other Buildings, Net

-

0.0

-

-

-

    Other Plant/machinery, Net

-

0.0

-

-

-

    Other PPE under Capital Lease, Net

-

0.0

-

-

-

    Other Total PPE,Net

-

0.0

-

-

-

Total Assets

827.5

944.9

929.5

743.6

828.5

 

 

 

 

 

 

    Notes and accounts payable-trade

99.1

117.4

139.6

87.6

53.4

    Short-term loans payable

13.8

15.8

15.7

13.9

97.2

    Current portion of long-term loans payab

26.6

38.8

42.0

41.6

50.9

    Curr.Corp.Bond

-

-

-

-

0.0

    Lease obligations

0.4

1.0

3.7

3.5

3.7

    Income Tax Pybl.

4.3

4.3

6.3

0.8

0.7

    Bonus Allowance

8.5

8.9

7.8

2.6

2.8

    Provision for directors'' bonuses

0.1

0.1

0.1

0.1

0.1

    Rounding adjustment Liability

0.0

0.0

-

-

-

    Reserve for business liquid. loss

-

0.0

0.1

1.0

4.1

    Deferred tax liabilities

0.9

1.1

0.8

0.0

-

    Other Current

31.4

43.9

39.6

17.1

38.8

Total Current Liabilities

185.0

231.2

255.7

168.1

251.7

 

 

 

 

 

 

    Corporate Debt

-

0.0

36.2

32.1

0.0

    Lease obligations

0.1

0.5

6.0

8.9

11.7

    Long-term loans payable

12.8

44.9

59.1

89.7

115.8

Total Long Term Debt

12.9

45.4

101.3

130.8

127.6

 

 

 

 

 

 

    Reserve for accrued retirement benefit

15.6

19.7

29.0

25.3

34.5

    Provision for directors'' retirement ben

1.2

1.2

1.1

1.2

1.1

    Rounding adjustment Liability

0.0

-

-

-

-

    Other Long Term Liabilities

-

0.0

-

-

-

    Long-term accounts payable-other

3.9

6.6

0.4

0.3

0.3

Total Liabilities

218.5

304.1

387.4

325.7

415.1

 

 

 

 

 

 

    Rounding adjustment Equity

0.0

-

-

-

-

    Rounding adjustment Equity

-

0.0

-

-

-

    Common Stk.

108.6

124.0

123.2

109.1

97.7

    Total capital surpluses

225.7

257.7

256.1

227.1

209.3

    Total retained earnings

272.2

265.5

166.6

85.5

116.4

    Treasury stock

-1.2

-1.3

-1.3

-1.2

-1.1

    Valuation difference on available-for-sa

1.2

-1.8

-0.2

-2.1

-9.8

    Trans. Adjust.

0.1

-5.4

-3.8

-2.1

-3.3

    Subscription rights to shares

2.5

2.1

1.5

1.6

4.1

Total Equity

609.0

640.8

542.1

417.9

413.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

827.5

944.9

929.5

743.6

828.5

 

 

 

 

 

 

    S/O-Ordinary Shares

41.2

41.2

41.2

41.2

40.2

Total Common Shares Outstanding

41.2

41.2

41.2

41.2

40.2

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

1,275

1,144

1,058

953

1,221

Total Number of Shareholders

24,195

26,516

-

-

-

Number of Common Shareholders

-

-

29,094

31,474

33,061

Division And End Of Current Period Remai

12.8

-

-

-

-

LT Debts Maturing within 1yr.

26.6

38.8

42.0

41.6

51.4

Lns Pble Maturing over a Yr within 2 Yrs

4.3

30.3

-

-

-

LT Debts Maturing within 2yr.

-

-

33.8

37.3

37.0

Lns Pble Maturg over 2 Yrs within 3 Yrs

4.3

4.9

-

-

-

LT Debts Maturing within 3yr.

-

-

61.5

30.0

33.4

Lns Pble Maturg over 3 Yrs within 4 Yrs

4.3

4.9

-

-

-

LT Debts Maturing within 4yr.

-

-

0.0

54.6

27.8

Lns Pble Maturg over 4 Yrs within 5 Yrs

0.0

4.9

-

-

-

LT Debts Maturing within 5yr.

-

-

0.0

0.0

22.3

Remaining

-

-

-

0.0

27.1

Total Long Term Debt, Supplemental

52.1

83.8

137.4

163.4

199.0

Lease liability due within 1 year

0.4

1.0

3.7

3.5

3.7

Cap Lease Maturg over a Yr within 2 Yrs

0.0

0.4

-

-

-

Lease liability due in year 2

-

-

3.6

3.5

3.3

Cap Lease Maturg over 2 Yr within 3 Yrs

0.0

0.0

-

-

-

Lease liability due in year 3

-

-

2.3

3.4

3.3

Cap Lease Maturg over 3 Yr within 4 Yrs

0.0

0.0

-

-

-

Lease liability due in year 4

-

-

0.0

2.1

3.2

Cap Lease Maturg over 4 Yr within 5 Yrs

0.0

0.0

-

-

-

Lease liability due in year 5

-

-

0.0

0.0

2.0

Division And End Of Current Period Remai

0.1

-

-

-

-

Other Capital Leases Remaining Maturit

-

0.0

-

-

-

Lease liability due after 5 years

-

-

-

0.0

0.0

Total Capital Leases, Supplemental

0.6

1.5

9.7

12.4

15.4

Pension Obligation

42.1

43.8

64.1

56.8

69.0

Fair Value of Plan Assets

45.3

69.2

49.5

44.9

18.7

Unfunded Retirement Benefit Obligation

3.2

-

-

-

-

Funded Status

-

25.5

-14.6

-11.9

-50.3

Total Funded Status

3.2

25.5

-14.6

-11.9

-50.3

Discount Rate (MAX)-Domestic

0.80%

-

-

-

-

Discount Rate - Period End

0.80%

-

-

-

-

Discount Rate

-

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Period End

2.50%

-

-

-

-

Expected Rate of Return

-

2.50%

2.50%

2.50%

2.50%

Prepaid Pension Expense

11.0

-

-

-

-

Accrued Pension Benefit

-7.8

-19.7

-29.0

-25.3

-34.5

Unrecognized Actuarial Gains and Losses

15.6

-

14.4

13.4

15.8

Net Assets Recognized on Balance Sheet

18.8

-19.7

-14.6

-11.9

-18.7

 

 

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

Ernst & Young ShinNihon LLC

Ernst & Young ShinNihon LLC

Toho Audit Corporation

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Income Before Tax

70.0

120.9

76.6

-17.4

-136.7

    Depreciation

22.6

25.1

20.9

22.5

24.4

    Loss On Valuation Of Golf Club Membershi

0.1

-

-

-

-

    Loss on cancellation of leases(1)

-

4.7

-

-

-

    Impairment loss

-

-

0.0

1.5

0.0

    Amortization of goodwill

4.8

4.2

3.9

3.6

3.3

    Share-based compensation expenses

0.7

0.8

0.0

0.2

0.7

    L on business of subsidiaries and affil.

-

-

-

0.0

7.8

    Reserve for retirement benefits

-1.9

-9.9

0.5

-11.2

-2.9

    Increase (decrease) in provision for dir

0.2

0.2

-0.3

0.1

0.0

    Increase (decrease) in allowance for dou

-1.4

0.6

-6.9

-1.9

9.7

    Increase (decrease) in provision for los

-

-0.2

-0.9

-3.4

0.0

    Reserve for investment loss

-

-

-

0.0

-0.8

    Interest & Dividend

-0.8

-1.0

-0.6

-1.5

-2.5

    Interest Expenses

1.2

4.5

6.3

5.4

3.8

    G on rev. of st. subscrip. rights

0.0

0.0

0.0

-2.0

0.0

    Loss (gain) on sales and retirement of p

0.2

1.7

0.2

0.9

0.8

    Loss on cancellation of leases

-

-

0.0

-

-

    Loss (gain) on sales of land

-

0.0

-10.2

0.1

0.0

    Loss (gain) on sales of investment secur

-0.2

0.0

-0.9

0.0

-

    Loss (gain) on valuation of investment s

-

0.5

4.2

0.1

0.8

    Decrease (increase) in notes and account

51.2

-18.6

-44.6

-39.7

199.2

    Decrease (increase) in inventories

-13.2

7.9

-16.8

58.7

84.4

    Increase (decrease) in notes and account

-10.3

-23.3

40.3

31.6

-136.8

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Increase (decrease) in cash and cash equ

4.0

-

-

-

-

    Other Operating Cash Flow

-

0.0

-

-

-

    Other, net

-13.6

5.9

21.6

-17.7

-0.6

    Int.& Dividend Rcv'd

0.8

1.0

0.6

1.5

2.5

    Interest Paid

-1.4

-4.7

-6.6

-5.7

-2.8

    Taxes Paid/Refund

-8.3

-7.6

0.8

-3.2

-25.8

    Newly Consolidated

-

0.6

-

-

0.0

Cash from Operating Activities

104.5

113.5

88.3

22.3

28.4

 

 

 

 

 

 

    Payments for transfer of business

-12.1

-

-

-

-

    Time Deposit Made

-1.4

-0.5

-0.4

-0.4

-0.4

    Time Deposit Matured

1.5

0.5

0.4

11.2

0.4

    Purchase of property, plant and equipmen

-23.2

-39.6

-2.0

-2.0

-28.7

    Proceeds from sales of property, plant a

0.1

0.2

11.5

4.1

0.1

    Purchase of intangible assets

-1.3

-1.0

-1.1

-0.1

-2.8

    Inv. Sec. Bought

-0.1

0.0

0.0

0.0

-0.1

    Inv. Sec. Sold

1.0

0.0

4.6

0.7

0.0

    Affiliate Eq Bought

-

-

-

-

0.0

    Purch of Subsidiary Stock

-

-0.1

-0.2

0.0

-0.9

    Closely-held inv'ts made

-

-

0.0

0.0

-0.5

    Purch. of inv'ts in capital of sub.

-1.3

-0.7

-0.1

0.0

-

    Sale of membership

-

-

-

0.0

0.6

    Rounding adjustment Cash flow

-

0.0

-

-

-

    Loans Made

0.0

-0.7

-0.6

-0.3

-0.2

    Loans Returned

0.3

0.1

0.0

0.1

0.1

    Other Investing CF

-

-

-

-

0.0

Cash from Investing Activities

-36.4

-41.8

12.0

13.3

-32.4

 

 

 

 

 

 

    ST Debt, net

-

-

0.0

-89.3

77.7

    Proceeds from long-term loans payable

-

25.3

0.0

10.8

134.3

    Redemption Of Bonds(1)

-

-38.0

-

-

-

    Repayment of long-term loans payable

-38.6

-44.1

-45.4

-55.9

-31.8

    Issuance of common stock

-

-

0.0

10.8

0.0

    Bond issued

-

-

0.0

32.3

0.0

    Redemption of bonds

-

-

0.0

0.0

-139.0

    Cash from Sale and lease back trading

-

-

-

0.0

10.5

    Repayments of lease obligations

-5.6

-3.9

-3.6

-3.9

-3.7

    Exercise of stock options

0.0

0.0

0.0

0.0

0.0

    Cash dividends paid

-7.9

-6.8

-2.4

0.0

-22.0

    Other, net

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

-52.1

-67.5

-51.3

-95.4

26.1

 

 

 

 

 

 

Foreign Exchange Effects

4.4

-1.0

-1.7

-0.1

-3.0

Net Change in Cash

20.4

3.3

47.3

-59.8

19.1

 

 

 

 

 

 

Net Cash - Beginning Balance

198.3

205.1

141.7

189.2

155.9

Net Cash - Ending Balance

218.7

208.4

189.0

129.4

175.0

    Cash Interest Paid

1.4

4.7

6.6

5.7

2.8

    Cash Taxes Paid

8.3

7.6

-0.8

3.2

25.8

 

 

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 (?)

142.2

20.43%

614.8

-11.63%

18.40%

-11.09%

Research & Development1 (?)

-

-

33.9

144.65%

-

41.10%

Operating Income1 (?)

24.1

30.40%

65.2

-45.66%

-

-12.08%

Income Available to Common Excl Extraord Items1 (?)

16.9

33.65%

48.2

-53.58%

-

-3.66%

Basic EPS Excl Extraord Items1 (?)

0.41

33.63%

1.17

-53.59%

-

-4.16%

Capital Expenditures2 (?)

24.4

-

24.4

-36.77%

121.71%

-18.45%

Cash from Operating Activities2 (?)

104.5

-

104.5

-3.24%

61.05%

-3.17%

Free Cash Flow (?)

70.6

-

70.6

15.43%

52.06%

7.78%

Total Assets3 (?)

807.3

1.56%

827.5

0.02%

3.87%

-6.28%

Total Liabilities3 (?)

202.0

-18.04%

218.5

-17.95%

-12.26%

-17.00%

Total Long Term Debt3 (?)

10.2

-54.55%

12.9

-67.55%

-53.70%

-18.97%

Employees3 (?)

-

-

1275

11.45%

10.19%

-0.66%

Total Common Shares Outstanding3 (?)

41.2

0.03%

41.2

0.03%

0.02%

0.51%

1-ExchangeRate: JPY to USD Average for Period

98.564314

 

82.970472

 

 

 

2-ExchangeRate: JPY to USD Average for Period

82.970472

 

82.970472

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.239969

 

94.088557

 

 

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin (?)

35.23%

32.18%

31.14%

13.65%

12.05%

Operating Margin (?)

10.60%

17.24%

12.76%

-4.28%

-20.15%

Pretax Margin (?)

11.39%

16.53%

13.21%

-5.28%

-30.03%

Net Profit Margin (?)

7.83%

14.91%

12.29%

-11.43%

-24.48%

Financial Strength

Current Ratio (?)

2.98

2.75

2.40

2.65

2.02

Long Term Debt/Equity (?)

0.02

0.07

0.19

0.31

0.31

Total Debt/Equity (?)

0.09

0.16

0.30

0.45

0.68

Management Effectiveness

Return on Assets (?)

5.13%

11.12%

8.33%

-4.64%

-11.82%

Return on Equity (?)

7.26%

17.62%

14.54%

-8.79%

-23.25%

Efficiency

Receivables Turnover (?)

2.82

2.99

2.93

2.29

2.09

Inventory Turnover (?)

2.41

2.87

2.56

1.73

1.76

Asset Turnover (?)

0.66

0.75

0.68

0.41

0.48

Market Valuation USD (mil)

P/E (TTM) (?)

16.66

.

Enterprise Value2 (?)

575.9

Price/Sales (TTM) (?)

1.38

.

Enterprise Value/Revenue (TTM) (?)

1.06

Price/Book (MRQ) (?)

1.23

.

Enterprise Value/EBITDA (TTM) (?)

5.75

Market Cap as of 11-Oct-20131 (?)

748.9

.

 

 

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 (?)

2.98

2.75

2.40

2.65

2.02

Quick/Acid Test Ratio (?)

1.98

1.92

1.64

1.74

1.17

Working Capital1 (?)

365.7

405.2

357.5

278.2

257.1

Long Term Debt/Equity (?)

0.02

0.07

0.19

0.31

0.31

Total Debt/Equity (?)

0.09

0.16

0.30

0.45

0.68

Long Term Debt/Total Capital (?)

0.02

0.06

0.14

0.22

0.18

Total Debt/Total Capital (?)

0.08

0.14

0.23

0.31

0.40

Payout Ratio (?)

16.51%

7.66%

6.75%

0.00%

-5.39%

Effective Tax Rate (?)

31.21%

9.81%

7.02%

-

-

Total Capital1 (?)

662.7

741.8

704.8

607.7

692.8

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.66

0.75

0.68

0.41

0.48

Inventory Turnover (?)

2.41

2.87

2.56

1.73

1.76

Days In Inventory (?)

151.29

127.08

142.68

210.58

207.03

Receivables Turnover (?)

2.82

2.99

2.93

2.29

2.09

Days Receivables Outstanding (?)

129.49

121.93

124.39

159.72

174.86

Revenue/Employee2 (?)

425,247

612,499

566,516

345,159

379,290

Operating Income/Employee2 (?)

45,077

105,585

72,303

-14,778

-76,423

EBITDA/Employee2 (?)

60,693

126,654

92,708

8,673

-56,093

 

 

 

 

 

 

Profitability

Gross Margin (?)

35.23%

32.18%

31.14%

13.65%

12.05%

Operating Margin (?)

10.60%

17.24%

12.76%

-4.28%

-20.15%

EBITDA Margin (?)

14.27%

20.68%

16.36%

2.51%

-14.79%

EBIT Margin (?)

10.60%

17.24%

12.76%

-4.28%

-20.15%

Pretax Margin (?)

11.39%

16.53%

13.21%

-5.28%

-30.03%

Net Profit Margin (?)

7.83%

14.91%

12.29%

-11.43%

-24.48%

R&D Expense/Revenue (?)

5.52%

1.99%

2.48%

-

-

COGS/Revenue (?)

64.77%

67.82%

68.86%

86.35%

87.95%

SG&A Expense/Revenue (?)

15.00%

12.80%

14.54%

17.66%

22.23%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

5.13%

11.12%

8.33%

-4.64%

-11.82%

Return on Equity (?)

7.26%

17.62%

14.54%

-8.79%

-23.25%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

1.71

1.70

2.14

0.49

-0.08

Operating Cash Flow/Share 2 (?)

2.24

2.64

2.22

0.54

0.72

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) (?)

16.68

Market Cap/Equity (MRQ) (?)

1.24

Market Cap/Revenue (TTM) (?)

1.38

Market Cap/EBIT (TTM) (?)

9.12

Market Cap/EBITDA (TTM) (?)

7.47

Enterprise Value/Earnings (TTM) (?)

12.84

Enterprise Value/Equity (MRQ) (?)

0.95

Enterprise Value/Revenue (TTM) (?)

1.06

Enterprise Value/EBIT (TTM) (?)

7.03

Enterprise Value/EBITDA (TTM) (?)

5.75


 

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 :

SDA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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

 

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

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