MIRA INFORM REPORT
|
Report Date : |
25.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAISHINKU
CORP. |
|
|
|
|
Registered Office : |
1389, Shinzaike, Hiraoka-Cho, Kakogawa-Shi, 675-0194 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May, 1963 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture
and sale of crystal application electronic components, including artificial crystals,
general crystal oscillators (XOs), tuning fork XOs and other crystal
application products. |
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|
|
|
No. of Employees : |
4,455 |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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
|
DAISHINKU
CORP. |
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BUSINESS DESCRIPTION
DAISHINKU
CORP. is a Japan-based crystal device manufacturer. The Crystal Product segment
is involved in the manufacture and sale of crystal application electronic
components, including artificial crystals, general crystal oscillators (XOs),
tuning fork XOs and other crystal application products. Through one of its
subsidiaries, the Company also involves in the non-life insurance agency
business, as well as the manpower dispatching business. As of March 31, 2012,
the Company had 14 subsidiaries. For the three months ended 30 June 2013,
DAISHINKU CORP. revenues increased 10% to Y9B. Net income applicable to common
stockholders increased 91% to Y456.4M. Revenues reflect Operating segment-China
increase of 43% to Y2.58B, Operating segment-Taiwan increase of 17% to Y2.37B,
Operating segment-North America increase of 48% to Y551M. Net income benefited
from Operating segment-Taiwan income increase of 32% to Y90.8M.
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
|
President, Representative Director |
|
|
Deputy Chief Director of Administration, Director of Administration,
Director |
|
|
Deputy Director of Central Research Institute, Deputy Chief Director
of Business, Director of Technology, Director |
|
|
Keitaro Kotera |
Auditor |
|
Managing Director, Chief Director of Administration, Director of Audit |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
1-Oct-2013 |
||
|
2 |
DAISHINKU
CORP Amends Full-year Consolidated Outlook for FY 2013 |
14-Feb-2013 |
|
|
1 |
14-May-2013 |
* Number of significant developments within
the last 12 months
News
|
Title |
Date |
|
DAISHINKU
CORP Announces Change of Corporate Auditor |
1-Oct-2013 |
|
WIPO
PUBLISHES PATENT OF DAISHINKU FOR "SURFACE MOUNT TYPE PIEZOELECTRIC
OSCILLATOR" (JAPANESE INVENTOR) |
9-Sep-2013 |
|
Daishinku
reports higher Q1 net income, provides annual outlook |
22-Aug-2013 |
|
Grant
Thornton Taiyo ASG, Kasumigaseki Audit To Merge |
20-Aug-2013 |
|
PIEZOELECTRIC
VIBRATING REED, PIEZOELECTRIC VIBRATOR, METHOD FOR MANUFACTURING
PIEZOELECTRIC VIBRATING REED, AND METHOD FOR MANUFACTURING... |
12-Aug-2013 |
|
Summary of
Financial Results for the First Quarter Ended June 30, 2013(PDF) |
9-Aug-2013 |
Financial Summary
|
As of 30-Jun-2013 |
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Stock Snapshot
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Traded: Tokyo Stock Exchange:
6962 |
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As of 11-Oct-2013 Financials in: JPY |
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|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 94.08855
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ANZSIC 2006 Codes: |
||
|
2429 |
- |
Other Electronic Equipment Manufacturing |
|
6420 |
- |
Auxiliary Insurance Services |
|
7212 |
- |
Labour Supply Services |
|
2439 |
- |
Other Electrical Equipment Manufacturing |
|
ISIC Rev 4 Codes: |
||
|
2610 |
- |
Manufacture of electronic components and boards |
|
2790 |
- |
Manufacture of other electrical equipment |
|
7820 |
- |
Temporary employment agency activities |
|
6629 |
- |
Other activities auxiliary to insurance and pension funding |
|
NACE Rev 2 Codes: |
||
|
2611 |
- |
Manufacture of electronic components |
|
2790 |
- |
Manufacture of other electrical equipment |
|
6629 |
- |
Other activities auxiliary to insurance and pension funding |
|
7820 |
- |
Temporary employment agency activities |
|
NAICS 2012 Codes: |
||
|
334419 |
- |
Other Electronic Component Manufacturing |
|
335999 |
- |
All Other Miscellaneous Electrical Equipment and Component
Manufacturing |
|
524210 |
- |
Insurance Agencies and Brokerages |
|
561320 |
- |
Temporary Help Services |
|
US SIC 1987: |
||
|
3679 |
- |
Electronic Components, Not Elsewhere Classified |
|
7363 |
- |
Help Supply Services |
|
3629 |
- |
Electrical Industrial Apparatus, Not Elsewhere Classified |
|
6411 |
- |
Insurance Agents, Brokers, and Service |
|
UK SIC 2007: |
||
|
2611 |
- |
Manufacture of electronic components |
|
2790 |
- |
Manufacture of other electrical equipment |
|
6629 |
- |
Other activities auxiliary to insurance and pension funding |
|
7820 |
- |
Temporary employment agency activities |
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Quote Symbol: |
6962 |
|
Exchange: |
Tokyo Stock Exchange |
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Currency: |
JPY |
|
Stock Price: |
376.0 |
|
Stock Price Date: |
10-11-2013 |
|
52 Week Price Change %: |
73.3 |
|
Market Value (mil): |
17,012,580.0 |
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SEDOL: |
6251493 |
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ISIN: |
JP3484400001 |
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Equity and Dept Distribution: |
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|
FY'05-'08 1Q WAS & O/S were estimated. |
|
|
Company |
Percentage Owned |
Country |
|
Daishinku (Thailand) Co Ltd |
100% |
THAILAND |
|
Daishinku (HK) Ltd |
100% |
HONG KONG SAR |
|
Shanghai Daishinku International Trading Co Ltd |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Daishinku (America) Corp |
100% |
USA |
|
Daishinku (Deutschland) GmbH |
100% |
GERMANY |
|
Harmony Electronics (Thailand) Co Ltd |
100% |
THAILAND |
|
Harmony Electronics Corp |
|
TAIWAN |
|
Daishinku (Singapore) Pte Ltd |
100% |
SINGAPORE |
|
Major Shareholders |
|
Company's Trust Stock (8.3%); Hasegawa Fukushikai (6.6%) |
|
Auditor: |
Kasumigaseki Accounting Firm |
|
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|
Auditor: |
Kasumigaseki Accounting Firm |
CORPORATE STRUCTURE NEWS
Total Corporate Family Members: 15
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kakogawa-Shi |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
396.0 |
4,455 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
115.7 |
1,091 |
|
|
Subsidiary |
Ratchaburi |
Thailand |
Semiconductor and Other Electronic Component Manufacturing |
|
450 |
|
|
Subsidiary |
Shanghai |
China |
Electronics Wholesale |
|
60 |
|
|
Subsidiary |
Taipei |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
|
32 |
|
|
Subsidiary |
Singapore |
Singapore |
Electronics Wholesale |
|
20 |
|
|
Subsidiary |
Fountain Valley, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
1.6 |
6 |
|
|
Subsidiary |
Bekasi, Jawa Barat |
Indonesia |
Electronics Wholesale |
|
|
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|
Subsidiary |
Kowloon |
Hong Kong |
Electronics Wholesale |
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Division |
Tottori |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Bangkok |
Thailand |
Semiconductor and Other Electronic Component Manufacturing |
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|
Division |
Yoshinogawa, Tokushima |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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|
Subsidiary |
Koyu, Miyazaki |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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|
Facility |
Kanzaki, Hyogo |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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|
Facility |
Nishiwaki, Hyogo |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
|
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Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
MARUWA CO., LTD. |
Owariasahi-Shi, Japan |
1,606 |
Public |
Executive Report
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Board of
Directors |
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Managing Director, Chief Director of Administration, Director of Audit |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Deputy Chief Director of Administration, Director of Administration,
Director |
Director/Board Member |
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Manager of Business Planning Office, Director |
Director/Board Member |
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Deputy Director of Central Research Institute, Deputy Chief Director
of Business, Director of Technology, Director |
Director/Board Member |
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Deputy Chief Director of Business, Director of Production, Chairman of
Subsidiary, Director |
Director/Board Member |
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Vice President, Director of Central Research Institute, Director |
Director/Board Member |
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Deputy Chief Director of Administration, Director of Quality, Director |
Director/Board Member |
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Managing Director, Chief Director of Business |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Deputy Chief Director of Business, Director of Production, Chairman of
Subsidiary, Director |
Division Head Executive |
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Managing Director, Chief Director of Administration, Director of Audit |
Managing Director |
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Managing Director, Chief Director of Business |
Managing Director |
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Deputy Chief Director of Administration, Director of Administration,
Director |
Administration Executive |
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Deputy Chief Director of Administration, Director of Quality, Director |
Administration Executive |
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Auditor |
Accounting Executive |
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Auditor |
Accounting Executive |
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Auditor |
Accounting Executive |
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Deputy Director of Central Research Institute, Deputy Chief Director
of Business, Director of Technology, Director |
Engineering/Technical Executive |
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Vice President, Director of Central Research Institute, Director |
Research & Development Executive |
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Manager of Business Planning Office, Director |
Planning Executive |
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News
Annual Income Statement
Financials in: USD
(Mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
396.0 |
445.2 |
443.3 |
344.1 |
363.0 |
|
Revenue |
396.0 |
445.2 |
443.3 |
344.1 |
363.0 |
|
Total Revenue |
396.0 |
445.2 |
443.3 |
344.1 |
363.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
322.4 |
364.2 |
353.4 |
269.9 |
298.0 |
|
Cost of Revenue, Total |
322.4 |
364.2 |
353.4 |
269.9 |
298.0 |
|
Gross Profit |
73.6 |
81.0 |
89.9 |
74.1 |
65.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
22.2 |
24.8 |
23.3 |
20.6 |
24.7 |
|
Labor & Related Expense |
24.3 |
26.9 |
26.4 |
22.5 |
23.4 |
|
Total Selling/General/Administrative Expenses |
46.6 |
51.7 |
49.7 |
43.1 |
48.1 |
|
Research & Development |
21.6 |
24.4 |
22.6 |
17.1 |
19.9 |
|
Depreciation |
0.8 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Depreciation/Amortization |
0.8 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Impairment-Assets Held for Use |
0.5 |
0.7 |
0.2 |
0.8 |
6.1 |
|
Impairment-Assets Held for Sale |
0.1 |
1.1 |
0.0 |
0.0 |
2.6 |
|
Other Unusual Expense (Income) |
-0.3 |
-0.5 |
-1.4 |
-0.1 |
0.0 |
|
Unusual Expense (Income) |
0.3 |
1.4 |
-1.2 |
0.7 |
8.7 |
|
Total Operating Expense |
391.7 |
442.5 |
425.4 |
331.5 |
375.5 |
|
|
|
|
|
|
|
|
Operating Income |
4.3 |
2.6 |
17.8 |
12.5 |
-12.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-3.6 |
-4.4 |
-4.5 |
-4.3 |
-3.9 |
|
Interest Expense, Net Non-Operating |
-3.6 |
-4.4 |
-4.5 |
-4.3 |
-3.9 |
|
Interest Income -
Non-Operating |
0.2 |
0.4 |
0.3 |
0.4 |
0.8 |
|
Investment Income -
Non-Operating |
12.2 |
-0.7 |
-6.8 |
-1.8 |
0.7 |
|
Interest/Investment Income - Non-Operating |
12.4 |
-0.4 |
-6.6 |
-1.3 |
1.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
8.9 |
-4.7 |
-11.1 |
-5.7 |
-2.4 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Other Non-Operating Income (Expense) |
3.5 |
1.4 |
4.1 |
0.7 |
-0.4 |
|
Other, Net |
3.5 |
1.4 |
4.1 |
0.7 |
-0.4 |
|
Income Before Tax |
16.7 |
-0.6 |
11.0 |
7.6 |
-15.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
2.7 |
1.5 |
2.9 |
3.3 |
2.5 |
|
Income After Tax |
14.0 |
-2.1 |
8.0 |
4.2 |
-17.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.9 |
-1.0 |
-3.1 |
-1.7 |
-3.0 |
|
Net Income Before Extraord Items |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
Net Income |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
|
|
|
|
|
|
|
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 |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
42.4 |
|
Basic EPS Excl Extraord Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Basic/Primary EPS Incl Extraord Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
Diluted Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
42.4 |
|
Diluted EPS Excl Extraord Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Diluted EPS Incl Extraord Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Dividends per Share - Common Stock Primary Issue |
0.07 |
0.05 |
0.09 |
0.05 |
0.08 |
|
Gross Dividends - Common Stock |
3.0 |
2.1 |
3.9 |
2.2 |
3.4 |
|
Interest Expense, Supplemental |
3.6 |
4.4 |
4.5 |
4.3 |
3.9 |
|
Depreciation, Supplemental |
42.8 |
49.6 |
43.7 |
34.8 |
35.7 |
|
Total Special Items |
0.9 |
2.2 |
-0.4 |
1.7 |
9.7 |
|
Normalized Income Before Tax |
17.6 |
1.6 |
10.6 |
9.3 |
-5.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.5 |
-0.4 |
0.3 |
3.0 |
|
Inc Tax Ex Impact of Sp Items |
2.8 |
2.0 |
2.6 |
3.6 |
5.5 |
|
Normalized Income After Tax |
14.8 |
-0.4 |
8.0 |
5.7 |
-11.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
13.9 |
-1.5 |
5.0 |
3.9 |
-14.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
-0.04 |
0.12 |
0.10 |
-0.33 |
|
Diluted Normalized EPS |
0.34 |
-0.04 |
0.12 |
0.10 |
-0.33 |
|
Amort of Acquisition Costs, Supplemental |
0.6 |
0.9 |
1.0 |
1.1 |
1.0 |
|
Research & Development Exp, Supplemental |
21.6 |
24.4 |
22.6 |
17.1 |
19.9 |
|
Reported Operating Profit |
4.6 |
4.0 |
16.6 |
13.2 |
-3.8 |
|
Reported Ordinary Profit |
17.0 |
0.7 |
9.9 |
6.6 |
-6.5 |
|
Normalized EBIT |
4.6 |
4.0 |
16.6 |
13.2 |
-3.8 |
|
Normalized EBITDA |
48.0 |
54.5 |
61.3 |
49.1 |
32.9 |
|
Current Tax - Total |
4.9 |
2.5 |
- |
- |
- |
|
Current Tax - Total |
4.9 |
2.5 |
- |
- |
- |
|
Deferred Tax - Total |
-2.2 |
-1.0 |
- |
- |
- |
|
Deferred Tax - Total |
-2.2 |
-1.0 |
- |
- |
- |
|
Income Tax - Total |
2.7 |
1.5 |
- |
- |
- |
|
Interest Cost - Domestic |
1.2 |
1.2 |
1.0 |
1.0 |
0.8 |
|
Service Cost - Domestic |
2.3 |
2.3 |
2.1 |
1.9 |
1.6 |
|
Prior Service Cost - Domestic |
-0.2 |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
|
Expected Return on Assets - Domestic |
-0.5 |
-0.5 |
-0.4 |
-0.4 |
-0.4 |
|
Actuarial Gains and Losses - Domestic |
0.4 |
0.7 |
0.6 |
0.8 |
-0.1 |
|
Domestic Pension Plan Expense |
3.1 |
3.4 |
3.0 |
3.1 |
1.7 |
|
Defined Contribution Expense - Domestic |
1.0 |
1.0 |
0.9 |
0.8 |
0.7 |
|
Total Pension Expense |
4.0 |
4.4 |
3.9 |
3.9 |
2.5 |
|
Discount Rate - Domestic |
1.50% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Total Plan Interest Cost |
1.2 |
1.2 |
1.0 |
1.0 |
0.8 |
|
Total Plan Service Cost |
2.3 |
2.3 |
2.1 |
1.9 |
1.6 |
|
Total Plan Expected Return |
-0.5 |
-0.5 |
-0.4 |
-0.4 |
-0.4 |
Annual Balance Sheet
|
|
|
|
|
Financials
in: USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
143.4 |
155.5 |
118.0 |
100.7 |
76.7 |
|
Short Term Investments |
19.9 |
22.7 |
22.5 |
36.0 |
48.1 |
|
Cash and Short Term Investments |
163.3 |
178.2 |
140.5 |
136.7 |
124.8 |
|
Accounts Receivable -
Trade, Gross |
93.4 |
105.4 |
119.1 |
108.8 |
82.8 |
|
Provision for Doubtful
Accounts |
-0.2 |
-0.3 |
-0.7 |
-1.0 |
-0.5 |
|
Trade Accounts Receivable - Net |
93.2 |
105.0 |
118.4 |
107.8 |
82.3 |
|
Total Receivables, Net |
93.2 |
105.0 |
118.4 |
107.8 |
82.3 |
|
Inventories - Finished Goods |
29.7 |
35.4 |
31.3 |
26.3 |
31.8 |
|
Inventories - Work In Progress |
33.4 |
36.7 |
38.7 |
31.2 |
23.6 |
|
Inventories - Raw Materials |
25.4 |
25.2 |
27.3 |
21.3 |
17.8 |
|
Total Inventory |
88.5 |
97.3 |
97.3 |
78.8 |
73.2 |
|
Deferred Income Tax - Current Asset |
2.2 |
0.5 |
0.5 |
0.4 |
0.3 |
|
Other Current Assets |
12.7 |
13.5 |
17.5 |
13.8 |
12.0 |
|
Other Current Assets, Total |
14.9 |
14.0 |
18.0 |
14.2 |
12.3 |
|
Total Current Assets |
359.8 |
394.5 |
374.2 |
337.5 |
292.6 |
|
|
|
|
|
|
|
|
Buildings |
202.8 |
214.8 |
213.0 |
192.8 |
179.5 |
|
Land/Improvements |
60.5 |
68.3 |
67.9 |
60.6 |
56.3 |
|
Machinery/Equipment |
551.7 |
579.4 |
550.8 |
474.1 |
423.8 |
|
Construction in
Progress |
15.8 |
18.8 |
9.0 |
2.1 |
9.5 |
|
Property/Plant/Equipment - Gross |
830.8 |
881.2 |
840.7 |
729.6 |
669.1 |
|
Accumulated Depreciation |
-585.4 |
-597.4 |
-545.9 |
-471.5 |
-417.6 |
|
Property/Plant/Equipment - Net |
245.3 |
283.9 |
294.8 |
258.1 |
251.4 |
|
Goodwill, Net |
0.6 |
1.2 |
2.0 |
2.1 |
3.0 |
|
Intangibles, Net |
1.7 |
1.8 |
1.9 |
1.9 |
2.0 |
|
LT Investment - Affiliate Companies |
0.3 |
0.4 |
0.7 |
- |
- |
|
LT Investments - Other |
14.7 |
13.3 |
13.6 |
11.9 |
11.7 |
|
Long Term Investments |
15.0 |
13.7 |
14.3 |
11.9 |
11.7 |
|
Note Receivable - Long Term |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
0.2 |
0.2 |
0.4 |
0.1 |
0.1 |
|
Other Long Term Assets |
4.3 |
5.0 |
6.2 |
6.2 |
7.6 |
|
Other Long Term Assets, Total |
4.5 |
5.2 |
6.6 |
6.3 |
7.7 |
|
Total Assets |
626.9 |
700.4 |
693.9 |
617.9 |
568.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
28.2 |
36.4 |
25.2 |
30.2 |
23.7 |
|
Accrued Expenses |
5.3 |
4.6 |
6.3 |
2.9 |
5.4 |
|
Notes Payable/Short Term Debt |
26.9 |
35.9 |
50.3 |
42.8 |
34.9 |
|
Current Portion - Long Term Debt/Capital Leases |
66.5 |
45.7 |
37.3 |
31.6 |
42.6 |
|
Income Taxes Payable |
3.5 |
1.1 |
2.6 |
1.6 |
1.2 |
|
Other Payables |
8.1 |
12.5 |
15.4 |
12.8 |
9.6 |
|
Deferred Income Tax - Current Liability |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Other Current Liabilities |
7.2 |
7.3 |
10.4 |
8.2 |
6.5 |
|
Other Current liabilities, Total |
18.8 |
20.9 |
28.5 |
22.7 |
17.3 |
|
Total Current Liabilities |
145.7 |
143.5 |
147.6 |
130.2 |
123.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
85.7 |
141.0 |
117.1 |
103.1 |
85.9 |
|
Total Long Term Debt |
85.7 |
141.0 |
117.1 |
103.1 |
85.9 |
|
Total Debt |
179.1 |
222.6 |
204.7 |
177.6 |
163.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
5.1 |
5.4 |
6.2 |
6.6 |
5.7 |
|
Deferred Income Tax |
5.1 |
5.4 |
6.2 |
6.6 |
5.7 |
|
Minority Interest |
42.6 |
42.9 |
42.2 |
30.2 |
25.9 |
|
Reserves |
0.3 |
0.3 |
0.3 |
0.0 |
- |
|
Pension Benefits - Underfunded |
18.5 |
20.1 |
19.1 |
16.0 |
14.3 |
|
Other Long Term Liabilities |
4.7 |
7.6 |
14.2 |
13.5 |
16.4 |
|
Other Liabilities, Total |
23.4 |
28.0 |
33.5 |
29.5 |
30.8 |
|
Total Liabilities |
302.5 |
360.7 |
346.7 |
299.6 |
272.1 |
|
|
|
|
|
|
|
|
Common Stock |
205.6 |
234.8 |
233.4 |
207.0 |
195.9 |
|
Common Stock |
205.6 |
234.8 |
233.4 |
207.0 |
195.9 |
|
Additional Paid-In Capital |
131.9 |
150.7 |
149.8 |
132.9 |
125.7 |
|
Retained Earnings (Accumulated Deficit) |
8.2 |
-2.3 |
9.8 |
7.8 |
6.2 |
|
Treasury Stock - Common |
-16.2 |
-18.5 |
-18.3 |
-16.2 |
-14.2 |
|
Unrealized Gain (Loss) |
1.0 |
-0.7 |
-1.4 |
0.4 |
-0.5 |
|
Translation Adjustment |
-6.2 |
-24.3 |
-26.1 |
-13.7 |
-16.8 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-6.2 |
-24.3 |
-26.1 |
-13.7 |
-16.8 |
|
Total Equity |
324.3 |
339.7 |
347.2 |
318.2 |
296.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
626.9 |
700.4 |
693.9 |
617.9 |
568.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
41.4 |
41.5 |
41.5 |
41.5 |
41.9 |
|
Total Common Shares Outstanding |
41.4 |
41.5 |
41.5 |
41.5 |
41.9 |
|
Treasury Shares - Common Stock Primary Issue |
3.8 |
3.8 |
3.8 |
3.8 |
3.3 |
|
Employees |
4,455 |
4,590 |
5,346 |
5,684 |
5,760 |
|
Number of Common Shareholders |
4,975 |
5,291 |
4,352 |
4,491 |
4,957 |
|
Total Long Term Debt, Supplemental |
154.9 |
194.7 |
154.4 |
134.8 |
128.5 |
|
Long Term Debt Maturing within 1 Year |
69.2 |
50.1 |
37.3 |
31.6 |
42.6 |
|
Long Term Debt Maturing in Year 2 |
35.1 |
72.6 |
32.1 |
30.3 |
21.7 |
|
Long Term Debt Maturing in Year 3 |
23.1 |
33.4 |
53.1 |
26.2 |
18.5 |
|
Long Term Debt Maturing in Year 4 |
13.6 |
23.7 |
16.9 |
42.6 |
9.9 |
|
Long Term Debt Maturing in Year 5 |
13.8 |
14.7 |
14.6 |
3.4 |
35.2 |
|
Long Term Debt Maturing in 2-3 Years |
58.2 |
106.0 |
85.2 |
56.5 |
40.2 |
|
Long Term Debt Maturing in 4-5 Years |
27.4 |
38.3 |
31.5 |
46.1 |
45.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.3 |
0.4 |
0.5 |
0.6 |
|
Pension Obligation - Domestic |
48.4 |
49.8 |
46.1 |
38.5 |
33.1 |
|
Plan Assets - Domestic |
25.0 |
25.0 |
24.1 |
19.9 |
16.3 |
|
Funded Status - Domestic |
-23.4 |
-24.8 |
-21.9 |
-18.6 |
-16.8 |
|
Total Funded Status |
-23.4 |
-24.8 |
-21.9 |
-18.6 |
-16.8 |
|
Discount Rate - Domestic |
1.50% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Prepaid Benefits - Domestic |
0.1 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Accrued Liabilities - Domestic |
-18.5 |
-20.1 |
-19.1 |
-16.0 |
-14.3 |
|
Other Assets, Net - Domestic |
5.0 |
4.9 |
3.0 |
2.8 |
2.6 |
|
Net Assets Recognized on Balance Sheet |
-13.4 |
-15.1 |
-15.8 |
-13.1 |
-11.6 |
|
Total Plan Obligations |
48.4 |
49.8 |
46.1 |
38.5 |
33.1 |
|
Total Plan Assets |
25.0 |
25.0 |
24.1 |
19.9 |
16.3 |
Annual Cash Flows
|
|
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
16.7 |
-0.6 |
11.0 |
7.6 |
-15.2 |
|
Depreciation |
42.8 |
49.6 |
43.7 |
34.8 |
35.7 |
|
Depreciation/Depletion |
42.8 |
49.6 |
43.7 |
34.8 |
35.7 |
|
Amortization of Acquisition Costs |
0.6 |
0.9 |
1.0 |
1.1 |
1.0 |
|
Amortization |
0.6 |
0.9 |
1.0 |
1.1 |
1.0 |
|
Unusual Items |
0.3 |
1.3 |
-0.9 |
-0.9 |
8.6 |
|
Other Non-Cash Items |
-0.6 |
3.2 |
3.2 |
7.9 |
-2.5 |
|
Non-Cash Items |
-0.4 |
4.5 |
2.3 |
7.0 |
6.1 |
|
Accounts Receivable |
9.2 |
23.8 |
-2.1 |
-20.0 |
17.3 |
|
Inventories |
3.9 |
-0.8 |
-11.8 |
-0.9 |
6.5 |
|
Accounts Payable |
-13.0 |
4.1 |
-4.0 |
4.6 |
-2.4 |
|
Accrued Expenses |
1.4 |
-1.7 |
3.0 |
-2.8 |
-0.6 |
|
Other Operating Cash Flow |
-3.8 |
-9.8 |
-10.0 |
-6.4 |
-8.9 |
|
Changes in Working Capital |
-2.2 |
15.6 |
-24.8 |
-25.5 |
11.8 |
|
Cash from Operating Activities |
57.5 |
70.0 |
33.2 |
24.9 |
39.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-27.8 |
-45.7 |
-61.6 |
-23.7 |
-44.7 |
|
Capital Expenditures |
-27.8 |
-45.7 |
-61.6 |
-23.7 |
-44.7 |
|
Sale of Fixed Assets |
0.6 |
1.2 |
7.7 |
1.9 |
8.6 |
|
Sale/Maturity of Investment |
0.0 |
0.4 |
0.6 |
6.9 |
7.5 |
|
Purchase of Investments |
-7.1 |
-0.1 |
-5.8 |
-2.0 |
-12.9 |
|
Other Investing Cash Flow |
-0.1 |
0.1 |
0.9 |
0.1 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-6.6 |
1.6 |
3.3 |
6.9 |
3.2 |
|
Cash from Investing Activities |
-34.4 |
-44.1 |
-58.3 |
-16.8 |
-41.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.4 |
-2.3 |
8.0 |
-0.5 |
-2.7 |
|
Financing Cash Flow Items |
-1.4 |
-2.3 |
8.0 |
-0.5 |
-2.7 |
|
Cash Dividends Paid - Common |
-1.5 |
-3.7 |
-4.4 |
-1.4 |
-4.3 |
|
Total Cash Dividends Paid |
-1.5 |
-3.7 |
-4.4 |
-1.4 |
-4.3 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
-0.1 |
-1.1 |
-1.9 |
|
Common Stock, Net |
0.0 |
0.0 |
-0.1 |
-1.1 |
-1.7 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
-0.1 |
-1.1 |
-1.7 |
|
Short Term Debt, Net |
-8.2 |
-10.5 |
4.7 |
5.3 |
4.3 |
|
Long Term Debt Issued |
33.5 |
71.6 |
46.2 |
47.1 |
90.8 |
|
Long Term Debt
Reduction |
-51.4 |
-43.2 |
-41.1 |
-49.1 |
-41.5 |
|
Long Term Debt, Net |
-17.9 |
28.4 |
5.1 |
-2.0 |
49.3 |
|
Issuance (Retirement) of Debt, Net |
-26.1 |
18.0 |
9.7 |
3.3 |
53.7 |
|
Cash from Financing Activities |
-29.0 |
12.0 |
13.2 |
0.3 |
44.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.1 |
1.1 |
-1.1 |
-2.0 |
-4.1 |
|
Net Change in Cash |
2.2 |
39.0 |
-13.0 |
6.4 |
38.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
176.9 |
146.9 |
148.3 |
129.8 |
81.3 |
|
Net Cash - Ending Balance |
179.2 |
185.9 |
135.4 |
136.2 |
120.0 |
|
Cash Interest Paid |
3.6 |
4.3 |
4.3 |
4.4 |
4.0 |
|
Cash Taxes Paid |
1.8 |
4.4 |
2.8 |
3.2 |
7.1 |
Annual Income Statement
|
Financials in: USD (mil) |
|
Except for share items (millions) and per
share items (actual units) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
396.0 |
445.2 |
443.3 |
344.1 |
363.0 |
|
Total Revenue |
396.0 |
445.2 |
443.3 |
344.1 |
363.0 |
|
|
|
|
|
|
|
|
Total cost of sales |
322.4 |
364.2 |
353.4 |
269.9 |
298.0 |
|
Other Selling/General/Admin. Expense |
22.2 |
24.8 |
- |
- |
- |
|
Selling General And Administrative Expen |
- |
0.0 |
- |
- |
- |
|
Directors' Bonuses |
2.4 |
2.7 |
2.6 |
2.2 |
2.2 |
|
Salary & Welfare Expenses |
19.9 |
22.1 |
21.6 |
18.8 |
19.1 |
|
Allowance for Bonuses |
1.2 |
1.0 |
1.1 |
0.5 |
1.0 |
|
Allowance for Dir's Bonuses |
- |
- |
0.1 |
- |
- |
|
Director Retirement Benefits |
- |
- |
- |
- |
0.0 |
|
Accrued Retirement Expenses |
0.9 |
1.2 |
0.9 |
1.0 |
1.0 |
|
Research & Development |
21.6 |
24.4 |
22.6 |
17.1 |
19.9 |
|
Depreciation |
0.8 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Other SGA |
- |
- |
23.3 |
20.6 |
24.7 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Reversal of impairment loss on fixed ass |
-0.3 |
-0.5 |
-1.3 |
0.0 |
- |
|
SP Rev G res doubtful accts |
- |
- |
- |
- |
0.0 |
|
SP Other Special Gain |
- |
0.0 |
-0.2 |
-0.1 |
0.0 |
|
SP Write-off PPE |
0.3 |
0.2 |
0.2 |
0.3 |
0.1 |
|
SP Asset impairment losses |
0.2 |
0.5 |
0.0 |
0.5 |
6.1 |
|
SP Val.-Inv. Sec. |
0.1 |
1.1 |
0.0 |
0.0 |
2.6 |
|
SP L on Val. of Inventories |
- |
- |
- |
- |
0.0 |
|
SP Adj. L Accnt. Assets Retire. Obligati |
- |
0.0 |
0.1 |
0.0 |
- |
|
SP Environmental improvement exp. |
- |
- |
- |
- |
0.0 |
|
SP Other Special Loss |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
391.7 |
442.5 |
425.4 |
331.5 |
375.5 |
|
|
|
|
|
|
|
|
SP Sales of Fixed-Gain |
0.1 |
0.1 |
0.2 |
0.0 |
0.2 |
|
Foreign Exchange Gains |
11.9 |
- |
- |
- |
- |
|
SP Sale Inv. Sec. |
- |
- |
0.0 |
2.1 |
0.1 |
|
SP Sales of Fixed-Loss |
0.0 |
0.0 |
-0.1 |
0.0 |
-0.2 |
|
SP Sale Loss Inv. Sec. |
- |
- |
0.0 |
-0.3 |
0.0 |
|
SP Change in Equity |
- |
0.0 |
-0.3 |
-0.2 |
-0.1 |
|
NOP Interest Income |
0.2 |
0.4 |
0.3 |
0.4 |
0.8 |
|
NOP Dividend Income |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
NOP Exchange Gain |
- |
- |
- |
0.0 |
0.3 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Insurance Money Received |
2.5 |
0.9 |
0.6 |
0.7 |
0.4 |
|
NOP Compenastion received |
1.1 |
1.1 |
2.9 |
0.0 |
- |
|
NOP Other Income |
0.9 |
1.5 |
2.0 |
2.0 |
1.4 |
|
NOP Interest Expenses |
-3.6 |
-4.4 |
-4.5 |
-4.3 |
-3.9 |
|
NOP Exchange Loss |
0.0 |
-1.1 |
-6.8 |
-3.7 |
0.0 |
|
NOP Other Expenses |
-1.0 |
-1.9 |
-1.4 |
-2.0 |
-2.2 |
|
Net Income Before Taxes |
16.7 |
-0.6 |
11.0 |
7.6 |
-15.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.7 |
1.5 |
2.9 |
3.3 |
2.5 |
|
Net Income After Taxes |
14.0 |
-2.1 |
8.0 |
4.2 |
-17.6 |
|
|
|
|
|
|
|
|
Minority interests in income |
-0.9 |
-1.0 |
-3.1 |
-1.7 |
-3.0 |
|
Net Income Before Extra. Items |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
Net Income |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Director's Bonus |
- |
- |
- |
- |
0.0 |
|
Income Available to Com Excl ExtraOrd |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
42.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Basic EPS Including ExtraOrdinary Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
13.1 |
-3.2 |
5.0 |
2.5 |
-20.6 |
|
Diluted Weighted Average Shares |
41.5 |
41.5 |
41.5 |
41.5 |
42.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
Diluted EPS Including ExtraOrd Items |
0.32 |
-0.08 |
0.12 |
0.06 |
-0.49 |
|
DPS-Ordinary Shares |
0.07 |
0.05 |
0.09 |
0.05 |
0.08 |
|
Gross Dividends - Common Stock |
3.0 |
2.1 |
3.9 |
2.2 |
3.4 |
|
Normalized Income Before Taxes |
17.6 |
1.6 |
10.6 |
9.3 |
-5.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
2.8 |
2.0 |
2.6 |
3.6 |
5.5 |
|
Normalized Income After Taxes |
14.8 |
-0.4 |
8.0 |
5.7 |
-11.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
13.9 |
-1.5 |
5.0 |
3.9 |
-14.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
-0.04 |
0.12 |
0.10 |
-0.33 |
|
Diluted Normalized EPS |
0.34 |
-0.04 |
0.12 |
0.10 |
-0.33 |
|
Research&Development |
21.6 |
24.4 |
22.6 |
17.1 |
19.9 |
|
Interest expense, supplemental |
3.6 |
4.4 |
4.5 |
4.3 |
3.9 |
|
BC - Depreciation of Goodwill |
0.6 |
- |
- |
- |
- |
|
Amortization of Goodwill - footnote |
- |
0.9 |
- |
- |
- |
|
Amortization of goodwill, supplemental |
- |
- |
1.0 |
1.1 |
1.0 |
|
Depreciation |
42.8 |
49.6 |
43.7 |
34.8 |
35.7 |
|
Income taxes-current |
4.9 |
2.5 |
- |
- |
- |
|
Current Tax - Total |
4.9 |
2.5 |
- |
- |
- |
|
Income taxes-deferred |
-2.2 |
-1.0 |
- |
- |
- |
|
Deferred Tax - Total |
-2.2 |
-1.0 |
- |
- |
- |
|
Income Tax - Total |
2.7 |
1.5 |
- |
- |
- |
|
Reported Operating Profit |
4.6 |
4.0 |
16.6 |
13.2 |
-3.8 |
|
Reported Ordinary Profit |
17.0 |
0.7 |
9.9 |
6.6 |
-6.5 |
|
Service cost |
2.3 |
2.3 |
2.1 |
1.9 |
1.6 |
|
Interest cost |
1.2 |
1.2 |
1.0 |
1.0 |
0.8 |
|
Expected return on plan assets |
-0.5 |
-0.5 |
-0.4 |
-0.4 |
-0.4 |
|
Prior service cost |
-0.2 |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
|
Actuarial gains and losses |
0.4 |
0.7 |
0.6 |
0.8 |
-0.1 |
|
Domestic Pension Plan Expense |
3.1 |
3.4 |
3.0 |
3.1 |
1.7 |
|
Defined Contribution Expense |
1.0 |
1.0 |
- |
- |
- |
|
Defined contribution expense |
- |
- |
0.9 |
0.8 |
0.7 |
|
Total Pension Expense |
4.0 |
4.4 |
3.9 |
3.9 |
2.5 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
2.00% |
- |
- |
- |
|
Discount rate |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
2.00% |
2.00% |
- |
- |
- |
|
Plan asset expected rate of return |
- |
- |
2.00% |
2.00% |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
143.4 |
155.5 |
118.0 |
100.7 |
76.7 |
|
Notes and accounts receivable-trade |
93.4 |
105.4 |
119.1 |
108.8 |
82.8 |
|
Short-term investment securities |
19.9 |
22.7 |
22.5 |
36.0 |
48.1 |
|
Inventories - merchan.&finished goods |
29.7 |
35.4 |
31.3 |
26.3 |
31.8 |
|
Inventories - work-in-process |
33.4 |
36.7 |
38.7 |
31.2 |
23.6 |
|
Inventories - raw materials&supplies |
25.4 |
25.2 |
27.3 |
21.3 |
17.8 |
|
Dfrd Tax Assets |
2.2 |
0.5 |
0.5 |
0.4 |
0.3 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
12.7 |
13.5 |
17.5 |
13.8 |
12.0 |
|
Doubtful Account |
-0.2 |
-0.3 |
-0.7 |
-1.0 |
-0.5 |
|
Total Current Assets |
359.8 |
394.5 |
374.2 |
337.5 |
292.6 |
|
|
|
|
|
|
|
|
Building&Struct., gross |
202.8 |
214.8 |
213.0 |
192.8 |
179.5 |
|
Accumulated depreciation.Buildings And S |
-149.0 |
-159.4 |
-153.8 |
-134.6 |
-121.8 |
|
Machinery, equipment and vehicles |
491.3 |
515.4 |
484.7 |
415.3 |
369.4 |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-386.7 |
-386.1 |
-340.4 |
-291.1 |
-255.2 |
|
Tools, furniture and fixtures |
60.3 |
64.0 |
66.1 |
58.8 |
54.4 |
|
Acc.
Depre&Impair-Tool,Furniture&Fixture |
-49.7 |
-51.9 |
-51.7 |
-45.9 |
-40.6 |
|
Land |
60.5 |
68.3 |
67.9 |
60.6 |
56.3 |
|
Construction IP |
15.8 |
18.8 |
9.0 |
2.1 |
9.5 |
|
Goodwill |
0.6 |
1.2 |
2.0 |
2.1 |
3.0 |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Other Intangible |
1.7 |
1.8 |
1.9 |
1.9 |
2.0 |
|
Investment Securities - Balancing value |
14.7 |
- |
- |
- |
- |
|
Other LT Investments |
- |
13.3 |
- |
- |
- |
|
Investment Secs. |
- |
- |
13.6 |
11.9 |
11.7 |
|
Invt Secs Noncons, Asc, Affd Cos |
0.3 |
0.4 |
- |
- |
- |
|
Investment Secs.-stock |
- |
- |
0.7 |
- |
- |
|
Long-term loans receivable |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Deferred tax assets |
0.2 |
0.2 |
0.4 |
0.1 |
0.1 |
|
Rounding adjustment Assets |
- |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
5.5 |
6.5 |
7.7 |
8.2 |
9.6 |
|
Doubtful Account |
-1.3 |
-1.4 |
-1.4 |
-2.0 |
-1.9 |
|
Property/Plant/Equipment, Total - Net |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
626.9 |
700.4 |
693.9 |
617.9 |
568.4 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
28.2 |
36.4 |
25.2 |
30.2 |
23.7 |
|
Short-term loans payable |
26.9 |
35.9 |
50.3 |
42.8 |
34.9 |
|
Current portion of long-term loans payab |
66.5 |
45.7 |
37.3 |
31.6 |
42.6 |
|
Curr. Port. Bond |
- |
- |
- |
- |
0.0 |
|
Accounts payable-other |
8.1 |
12.5 |
15.4 |
12.8 |
9.6 |
|
Income Taxes Pay |
3.5 |
1.1 |
2.6 |
1.6 |
1.2 |
|
Dfrd. Tax Liabs. |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Allowance-Bonus |
5.3 |
4.6 |
6.2 |
2.9 |
5.4 |
|
Provision for directors'' bonuses |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Other Liability |
7.2 |
7.3 |
10.4 |
8.2 |
6.5 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Total Current Liabilities |
145.7 |
143.5 |
147.6 |
130.2 |
123.8 |
|
|
|
|
|
|
|
|
Long-term loans payable |
85.7 |
141.0 |
117.1 |
103.1 |
85.9 |
|
Total Long Term Debt |
85.7 |
141.0 |
117.1 |
103.1 |
85.9 |
|
|
|
|
|
|
|
|
Dfrd. Tax Liabs. |
5.1 |
5.4 |
6.2 |
6.6 |
5.7 |
|
Reserve Accured Retire |
18.5 |
20.1 |
19.1 |
16.0 |
14.3 |
|
Retire.-Director |
- |
- |
- |
- |
0.0 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Long-term accounts payable-other |
3.3 |
6.3 |
13.2 |
12.1 |
14.7 |
|
Other Liability |
1.4 |
1.2 |
1.0 |
1.4 |
1.7 |
|
Assets Retire. Obligation |
0.3 |
0.3 |
0.3 |
0.0 |
- |
|
Minority Int. |
42.6 |
42.9 |
42.2 |
30.2 |
25.9 |
|
Total Liabilities |
302.5 |
360.7 |
346.7 |
299.6 |
272.1 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
205.6 |
234.8 |
233.4 |
207.0 |
195.9 |
|
Total capital surpluses |
131.9 |
150.7 |
149.8 |
132.9 |
125.7 |
|
Total retained earnings |
8.2 |
-2.3 |
9.8 |
7.8 |
6.2 |
|
Treasury Stock |
-16.2 |
-18.5 |
-18.3 |
-16.2 |
-14.2 |
|
Valuation difference on available-for-sa |
1.0 |
-0.7 |
-1.4 |
0.4 |
-0.5 |
|
Translat. Adjust |
-6.2 |
-24.3 |
-26.1 |
-13.7 |
-16.8 |
|
Total Equity |
324.3 |
339.7 |
347.2 |
318.2 |
296.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
626.9 |
700.4 |
693.9 |
617.9 |
568.4 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
41.4 |
41.5 |
41.5 |
41.5 |
41.9 |
|
Total Common Shares Outstanding |
41.4 |
41.5 |
41.5 |
41.5 |
41.9 |
|
T/S-Ordinary Shares |
3.8 |
3.8 |
3.8 |
3.8 |
3.3 |
|
Full-Time Employees |
4,455 |
4,590 |
5,346 |
5,684 |
5,760 |
|
Total Number of Shareholders |
4,975 |
5,291 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
4,352 |
4,491 |
4,957 |
|
Oth Intt Bearing Maturing within a Year |
2.7 |
4.4 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Yr |
66.5 |
45.7 |
37.3 |
31.6 |
42.6 |
|
Oth Intt Br Dbt Matg ovr a Yr wthn 2 Yr |
- |
3.6 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
35.1 |
69.0 |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
- |
32.1 |
30.3 |
21.7 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
23.1 |
33.4 |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
- |
53.1 |
26.2 |
18.5 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
13.6 |
23.7 |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
- |
16.9 |
42.6 |
9.9 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
13.8 |
14.7 |
- |
- |
- |
|
Long Term Debt Maturing within 5 Yr |
- |
- |
14.6 |
3.4 |
35.2 |
|
Other LTD |
- |
0.3 |
- |
- |
- |
|
Remaining |
- |
- |
0.4 |
0.5 |
0.6 |
|
Total Long Term Debt, Supplemental |
154.9 |
194.7 |
154.4 |
134.8 |
128.5 |
|
Pension obligation |
48.4 |
49.8 |
46.1 |
38.5 |
33.1 |
|
Fair value of plan asset |
25.0 |
25.0 |
24.1 |
19.9 |
16.3 |
|
Funded status |
-23.4 |
-24.8 |
-21.9 |
-18.6 |
-16.8 |
|
Total Funded Status |
-23.4 |
-24.8 |
-21.9 |
-18.6 |
-16.8 |
|
Discount rate |
1.50% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Unrecognized prior service cost |
-0.3 |
-0.6 |
-0.8 |
-1.0 |
-1.1 |
|
Unrecognized actuarial gains and losses |
5.3 |
5.4 |
3.9 |
3.7 |
3.7 |
|
Prepaid pension benefits |
0.1 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Reserve for accrued retirement benefits |
-18.5 |
-20.1 |
-19.1 |
-16.0 |
-14.3 |
|
Net Assets Recognized on Balance Sheet |
-13.4 |
-15.1 |
-15.8 |
-13.1 |
-11.6 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
Kasumigaseki
Accounting Firm |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bef. Tax |
16.7 |
-0.6 |
11.0 |
7.6 |
-15.2 |
|
Depreciation |
42.8 |
49.6 |
43.7 |
34.8 |
35.7 |
|
Impairment losses on asset |
0.2 |
0.5 |
0.0 |
0.5 |
6.1 |
|
Amort of Goodwill |
0.6 |
0.9 |
1.0 |
1.1 |
1.0 |
|
Insurance income |
-2.5 |
- |
- |
- |
- |
|
Increase (decrease) in allowance for dou |
-0.1 |
-0.5 |
-0.3 |
0.4 |
-0.1 |
|
Increase (decrease) in provision for bon |
1.4 |
-1.5 |
2.9 |
-2.8 |
-0.4 |
|
Increase (decrease) in provision for dir |
0.0 |
-0.1 |
0.1 |
0.0 |
-0.1 |
|
Retire.-Director |
- |
- |
- |
0.0 |
-2.2 |
|
Increase (decrease) in provision for ret |
0.6 |
1.0 |
1.0 |
0.8 |
-0.1 |
|
Assets Retire. Obligation |
- |
0.0 |
0.1 |
0.0 |
- |
|
Interest & Dividend |
-0.5 |
-0.7 |
-0.5 |
-0.7 |
-1.2 |
|
Interest Expense |
3.6 |
4.4 |
4.5 |
4.3 |
3.9 |
|
Foreign exchange losses (gains) |
-1.7 |
-0.9 |
-1.5 |
3.0 |
-2.9 |
|
Sale G/L Inv. Secs. |
- |
- |
0.0 |
-1.8 |
-0.1 |
|
Loss (gain) on valuation of investment s |
0.1 |
1.1 |
0.0 |
0.0 |
2.6 |
|
L/G On Sale Of PPE |
0.0 |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Loss on retirement of property, plant an |
0.3 |
0.2 |
0.2 |
0.3 |
0.1 |
|
G/L on Valuation of Inventories |
- |
- |
- |
- |
0.0 |
|
Loss (gain) on change in equity |
- |
0.0 |
0.3 |
0.2 |
0.1 |
|
Reversal Of Impairment Loss On Fixed Ass |
-0.3 |
-0.5 |
-1.3 |
0.0 |
- |
|
Decrease (increase) in notes and account |
9.2 |
23.8 |
-2.1 |
-20.0 |
17.3 |
|
Decrease (increase) in inventories |
3.9 |
-0.8 |
-11.8 |
-0.9 |
6.5 |
|
Increase (decrease) in notes and account |
-13.0 |
4.1 |
-4.0 |
4.6 |
-2.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Proceeds from insurance income |
2.7 |
- |
- |
- |
- |
|
Increase In Cash And Cash Equivalents Fr |
0.0 |
0.0 |
- |
- |
- |
|
Increase in cash |
0.0 |
-3.6 |
- |
- |
- |
|
Other, net |
-1.6 |
1.8 |
-3.4 |
0.5 |
1.1 |
|
Int & Divd. Received |
0.5 |
0.7 |
0.5 |
0.7 |
1.2 |
|
Interest Paid |
-3.6 |
-4.3 |
-4.3 |
-4.4 |
-4.0 |
|
Tax Returned |
- |
- |
0.0 |
0.5 |
0.0 |
|
Income Tax Paid |
-1.8 |
-4.4 |
-2.8 |
-3.7 |
-7.1 |
|
Cash from Operating Activities |
57.5 |
70.0 |
33.2 |
24.9 |
39.5 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-6.0 |
0.0 |
0.0 |
-1.2 |
-2.6 |
|
Time Deposit Matured |
0.0 |
0.4 |
0.6 |
2.7 |
4.0 |
|
Purch.Mrktbl. Secs. |
- |
- |
- |
0.0 |
-2.9 |
|
Sale.Mrktbl. Secs. |
- |
- |
- |
0.0 |
3.4 |
|
Purchase of property, plant and equipmen |
-27.8 |
-45.7 |
-61.6 |
-23.7 |
-44.7 |
|
Proceeds from sales of property, plant a |
0.6 |
1.2 |
7.7 |
1.9 |
8.6 |
|
Purch.Invest.in Secs |
-1.1 |
-0.1 |
-2.7 |
-0.6 |
-1.1 |
|
Sales of Inv. Secs. |
- |
- |
0.0 |
4.2 |
0.1 |
|
Purchase Subs' Stock |
- |
0.0 |
-3.0 |
-0.1 |
-6.3 |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Loans Extended |
0.0 |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Loans Collected |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other, net |
-0.1 |
0.1 |
0.8 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-34.4 |
-44.1 |
-58.3 |
-16.8 |
-41.5 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-8.2 |
-10.5 |
4.7 |
5.3 |
4.3 |
|
Proceeds from long-term loans payable |
33.5 |
71.6 |
46.2 |
47.1 |
90.8 |
|
Repayment of long-term loans payable |
-51.4 |
-43.2 |
-41.1 |
-49.1 |
-20.6 |
|
Bond redemption |
- |
- |
- |
0.0 |
-20.9 |
|
Dividends Paid |
-1.5 |
-3.7 |
-4.4 |
-1.4 |
-4.3 |
|
Treasury Disposal |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Treasury Purchased |
0.0 |
0.0 |
-0.1 |
-1.1 |
-1.9 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Proceed from Minorities' Payment |
- |
0.0 |
9.2 |
0.3 |
0.1 |
|
Dividends Paid to Minority |
-1.4 |
-2.3 |
-1.3 |
-0.9 |
-2.9 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Financing Activities |
-29.0 |
12.0 |
13.2 |
0.3 |
44.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.1 |
1.1 |
-1.1 |
-2.0 |
-4.1 |
|
Net Change in Cash |
2.2 |
39.0 |
-13.0 |
6.4 |
38.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
176.9 |
146.9 |
148.3 |
129.8 |
81.3 |
|
Net Cash - Ending Balance |
179.2 |
185.9 |
135.4 |
136.2 |
120.0 |
|
Cash Interest Paid |
3.6 |
4.3 |
4.3 |
4.4 |
4.0 |
|
Cash Taxes Paid |
1.8 |
4.4 |
2.8 |
3.2 |
7.1 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
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Annual Ratios
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.84.82 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.