MIRA INFORM REPORT

 

 

Report Date :

16.09.2013

 

IDENTIFICATION DETAILS

 

Name :

NIPPON SEIRO CO.,LTD.

 

 

Registered Office :

10F, Kyobashi Soseikan, 2-5-18, Kyobashi, Chuo-Ku, 104-0031

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.02.1951

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

Subject is engaged in manufacturing, processing and sale of wax, heavy oil and secondary products including paraffin wax, microcrystalline wax and heavy oil.

 

 

No. of Employees :

239

 

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 & Address

 

NIPPON SEIRO CO.,LTD.

10F, Kyobashi Soseikan

2-5-18, Kyobashi

Chuo-Ku, 104-0031

Japan

Tel:       81-3-35383061

Fax:      81335233302

Web:    www.seiro.co.jp

 

           

Synthesis

 

Employees:                 239

Company Type:            Public Independent

Traded:                         Tokyo Stock Exchange: 5010

Incorporation Date:        10-Feb-1951

Auditor:                                   Ernst & Young ShinNihon LLC   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2012

Reporting Currency:       Japanese Yen

Annual Sales:               502.2  1

Net Income:                  8.0

Total Assets:                356.8  2

Market Value:               53.9 (23-Aug-2013)

 

 

Business Description     

 

NIPPON SEIRO CO., LTD. is mainly engaged in the manufacture, processing and sale of wax, heavy oil and secondary products. Its products include paraffin wax, microcrystalline wax and heavy oil. Through its subsidiaries and affiliated companies, the Company is also engaged in the maintenance of manufacturing facilities, the in-plant operation, the manufacture of emulsion products and the operation of restaurants and hotels. For the six months ended 30 June 2013, NIPPON SEIRO CO.,LTD. revenues decreased 4% to Y20.04B. Net income applicable to common stockholders decreased 94% to Y32M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects total SGA increase of 84% to Y1.1B (expense), SP Insurance income(1) decrease from Y502M (income) to Y0K.

 

Industry            

Industry           Miscellaneous Chemical Manufacturing

ANZSIC 2006:   1899 - Other Basic Chemical Product Manufacturing Not Elsewhere Classified

ISIC Rev 4:        2029 - Manufacture of other chemical products n.e.c.

NACE Rev 2:     2059 - Manufacture of other chemical products n.e.c.

NAICS 2012:     325998 - All Other Miscellaneous Chemical Product and Preparation Manufacturing

UK SIC 2007:    2059 - Manufacture of other chemical products n.e.c.

US SIC 1987:    2899 - Chemicals and Chemical Preparations, Not Elsewhere Classified

 

Key Executives   

 

Name

Title

Hiroshi Inoue

President, Executive Officer, Representative Director

Hachiro Hosoda

Managing Director, Executive Officer, Director of General Affairs

Yoshikazu Akiyama

Corporate Auditor

Yasukuni Yoshida

Chairman of the Board, Executive Officer, Representative Director

Tsukasa Ando

Executive Officer, Director of International Business, Director

 

 

Financial Summary    

 

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.22

1.24

Quick Ratio (MRQ)

0.49

0.83

Debt to Equity (MRQ)

1.27

0.17

Sales 5 Year Growth

-1.28

1.78

Net Profit Margin (TTM) %

0.45

7.41

Return on Assets (TTM) %

0.55

9.65

Return on Equity (TTM) %

1.59

19.34

 

 

Stock Snapshot

             

 

Traded: Tokyo Stock Exchange: 5010

 

As of 23-Aug-2013

   Financials in: JPY

Recent Price

237.00

 

EPS

6.25

52 Week High

298.00

 

Price/Sales

0.13

52 Week Low

202.00

 

Dividend Rate

10.00

Avg. Volume (mil)

0.02

 

Price/Earnings

30.76

Market Value (mil)

5,308.80

 

Price/Book

0.42

 

 

 

Beta

0.57

 

Price % Change

Rel S&P 500%

4 Week

-11.57%

-9.60%

13 Week

-16.25%

-12.40%

52 Week

4.41%

-30.07%

Year to Date

1.72%

-23.39%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.79749

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 85.87

 

 

Corporate Overview

 

Location

10F, Kyobashi Soseikan

2-5-18, Kyobashi

Chuo-Ku, 104-0031

Japan

Tel:       81-3-35383061

Fax:      81335233302

www.seiro.co.jp

           

Quote Symbol - Exchange

5010 - Tokyo Stock Exchange

Sales JPY(mil):             40,077.0

Assets JPY(mil):           30,635.0

Employees:                  239

Fiscal Year End:            31-Dec-2012

Industry:                       Chemical Manufacturing

Incorporation Date:        10-Feb-1951

Company Type:             Public Independent

Quoted Status:              Quoted

 

President, Executive Officer, Representative Director: 

Hiroshi Inoue

 

Industry Codes

 

ANZSIC 2006 Codes:

1899     -          Other Basic Chemical Product Manufacturing Not Elsewhere Classified

9429     -          Other Machinery and Equipment Repair and Maintenance

1812     -          Basic Organic Chemical Manufacturing

 

ISIC Rev 4 Codes:

2029     -          Manufacture of other chemical products n.e.c.

2011     -          Manufacture of basic chemicals

9529     -          Repair of other personal and household goods

 

NACE Rev 2 Codes:

2059     -          Manufacture of other chemical products n.e.c.

9529     -          Repair of other personal and household goods

2014     -          Manufacture of other organic basic chemicals

 

NAICS 2012 Codes:

325998  -          All Other Miscellaneous Chemical Product and Preparation Manufacturing

811310  -          Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

325199  -          All Other Basic Organic Chemical Manufacturing

 

US SIC 1987:

2899     -          Chemicals and Chemical Preparations, Not Elsewhere Classified

7699     -          Repair Shops and Related Services, Not Elsewhere Classified

2869     -          Industrial Organic Chemicals, Not Elsewhere Classified

 

UK SIC 2007:

2059     -          Manufacture of other chemical products n.e.c.

9529     -          Repair of other personal and household goods

2014     -          Manufacture of other organic basic chemicals

 

Business Description

NIPPON SEIRO CO., LTD. is mainly engaged in the manufacture, processing and sale of wax, heavy oil and secondary products. Its products include paraffin wax, microcrystalline wax and heavy oil. Through its subsidiaries and affiliated companies, the Company is also engaged in the maintenance of manufacturing facilities, the in-plant operation, the manufacture of emulsion products and the operation of restaurants and hotels. For the six months ended 30 June 2013, NIPPON SEIRO CO.,LTD. revenues decreased 4% to Y20.04B. Net income applicable to common stockholders decreased 94% to Y32M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects total SGA increase of 84% to Y1.1B (expense), SP Insurance income(1) decrease from Y502M (income) to Y0K.

 

More Business Descriptions

Production and sale of paraffin and paraffin wax; oil refining

 

Nippon Seiro Co., Ltd. (Nippon Seiro) is a Japan-based company, which carries out manufacturing and sale of petroleum waxes and related products. It produces paraffin, microcrystalline, and special waxes. The company’s products are sold to various industry verticals including paper, rubber, chemical and candle. It undertakes operation and management of hotels and restaurants through its subsidiary. The company produces different grades of paraffin waxes. The paraffin waxes are used for various purposes such as paper cups, hotmelt adhesives, plastics lubricants, paper converting, rubber antiozonant, polish, cosmetics and pharmaceuticals, candles, waterproof corrugated paperboards, matches, for rust preventive as well as plywood and textiles. Nippon Seiro produces different grades of microcrystalline waxes. These waxes are used for various applications including polish, hotmelt adhesives, electric insulation, paper cups, lamination, and rubber antiozonant, as well as for the modification of paraffin wax.The company also produces various types of special waxes such as HNP & SP Series which are used for TTR ink, toner and hotmelt adhesives; anti-ozonant waxes for rubber and tyre; chemical wax for paraffin wax reformer and polymer additive agent; and Fishcher-Tropsch wax for polish, hotmelt adhesives, ink and toner. The company produces different grades of HNP & SP Series special waxes. The company operates wax manufacturing facilities in Tokuyama, Yamaguchi and Tsukuba, Ibaraki. For the fiscal year ended December 2011, the company produced 65,827 kl of wax, decrease of 7.76% over that of 2010. It produced 311.637 kl of heavy oil products in 2011, decrease of 5.27% over that of 2010. In February 2012, the company reported a fire at its plant in Tokuyama.

 

Nippon Seiro Co., Ltd. (Nippon Seiro) is a wax manufacturing company. It produces paraffin wax, microcrystalline wax and special waxes. It operates plants in Tokuyama, Yamaguchi and Tsukuba, Ibaraki. The company's products are used for various applications paper cups, hotmelt adhesives, plastics lubricants, paper converting, rubber antiozonant, polish, cosmetics and pharmaceuticals, candles, waterproof corrugated paperboards, matches, for rust preventive as well as plywood and textiles. Nippon Seiro is headquartered in Tokyo, Japan. The company focuses on efficient and cost-effective methods of production. It strategic intent is to expand its geographical footprint.The company reported revenues of (Yen) JPY 40,077.00 million during the fiscal year ended December 2012, an increase of 8.31% over 2011. The operating profit of the company was JPY 1,154.00 million during the fiscal year 2012, a decrease of 62.54% from 2011. The net profit of the company was JPY 641.00 million during the fiscal year 2012, a decrease of 63.18% from 2011.

 

Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

 

Financial Data

Financials in:

JPY(mil)

 

Revenue:

40,077.0

Net Income:

641.0

Assets:

30,635.0

Long Term Debt:

3,609.0

 

Total Liabilities:

19,319.0

 

Working Capital:

1.0

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

8.3%

-63.1%

-2.5%

 

Market Data

Quote Symbol:

5010

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

237.0

Stock Price Date:

08-23-2013

52 Week Price Change %:

4.4

Market Value (mil):

5,308,800.0

 

SEDOL:

6641436

ISIN:

JP3723800003

 

Equity and Dept Distribution:

FY'98-'02 WAS estimated. Co. started to report non-consoli. finls from FY'04 and FY'03 restated. FY'05-06 Q1 & Q3, WAS & o/s estimated. FY'07 1Q&3Q WAS was estimated and used as O/S. FY'08 3Q WAS was estimated and used as O/S.

 

 

Shareholders

 

 

Major Shareholders

ATS (17.5%); Company's Trust Stock (10.7%); Mitsubishi Corp (5%)

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young ShinNihon LLC

 

Auditor:

Ernst & Young ShinNihon LLC

 

 

 

 

 

 

 

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

China National Petroleum Corp

Beijing, China

1,674,541

Private

COSMO OIL COMPANY, LIMITED

Minato-Ku, Japan

6,496

Public

H&R AG

Salzbergen, Germany

1,431

Public

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Katsuhiko Watariguchi

 

Chairman

Chairman

 

Biography:

Mr. Katsuhiko Watariguchi has been the chairman of Nippon Seiro Co. Ltd., since 2007. He joined the company in 1970. Prior to this, Mr. Watariguchi served as a director of trade, the managing director and the president at the company.

 

Age: 69

 

Yasukuni Yoshida

 

Chairman of the Board, Executive Officer, Representative Director

Chairman

 

 

Biography:

Mr. Yasukuni Yoshida has been serving as Chairman of the Board, Executive Officer and Representative Director in NIPPON SEIRO CO., LTD. since March 28, 2013. His previous titles include Director of Development Business, Managing Director, Manager of Project Development Office, Senior Managing Director and President in the Company. He used to work for ITFOR , Inc. He obtained a Bachelor's degree in Economics from Keio University.

 

Age: 71

 

Education:

Keio University, B (Economics)

 

Tsukasa Ando

 

Executive Officer, Director of International Business, Director

Director/Board Member

 

 

Biography:

Mr. Tsukasa Ando has been serving as Executive Officer, Director of International Business and Director in NIPPON SEIRO CO., LTD. since March 26, 2010. He joined the Company in April 1982. His previous titles include Director of Trading and Director of Operation.

 

Age: 53

 

Yoshihiko Fukuma

 

Executive Officer, Tokuyama Plant Manager, Director of Manufacturing, Director

Director/Board Member

 

 

Biography:

Mr. Yoshihiko Fukuma has been serving as Executive Officer, Tokuyama Plant Manager, Director of Manufacturing and Director in NIPPON SEIRO CO., LTD. since March 29, 2012. He used to work for Nippon Oil Corporation, JX Nippon Oil & Energy Corporation and another Japan-based company.

 

Age: 57

 

Manabu Hanasaki

 

Executive Officer, Assistant Manager of Tokuyama Plant, Director of Environment Engineering, Director

Director/Board Member

 

 

Biography:

Mr. Manabu Hanasaki has been serving as Executive Officer, Assistant Manager of Tokuyama Plant, Director of Environment Engineering and Director in NIPPON SEIRO CO., LTD. since March 26, 2010. He joined the Company in March 1969. His previous title was Director of Environment and Technology.

 

Age: 62

 

Shoji Higashi

 

Senior Managing Director, Executive Officer

Director/Board Member

 

 

Biography:

Mr. Shoji Higashi has been serving as Senior Managing Director and Executive Officer in NIPPON SEIRO CO.,LTD. since March 28, 2013. He joined the Company in April 1971. His previous titles include Manager of Marketing Development, Managing Director and Manager of Osaka Office.

 

Age: 64

 

Hachiro Hosoda

 

Managing Director, Executive Officer, Director of General Affairs

Director/Board Member

 

 

Biography:

Mr. Hachiro Hosoda has been serving as Managing Director, Executive Officer and Director of General Affairs in NIPPON SEIRO CO., LTD., since March 28, 2013. He used to serve as Director of Accounting and Director of Planning Administration in the Company, and worked in a company that is under the new name Mitsubishi UFJ Trust and Banking Corporation.

 

Age: 58

 

Hiroshi Inoue

 

President, Executive Officer, Representative Director

Director/Board Member

 

 

Biography:

Mr. Hiroshi Inoue has been serving as President, Executive Officer and Representative Director in NIPPON SEIRO CO., LTD. since March 28, 2013. He joined the Company in April 1970. Previously, he served as Director of General Affairs, Senior Managing Director and Managing Director in the Company. He obtained a Bachelor's degree in Law from Keio University.

 

Age: 65

 

Education:

Keio University, LLB 

 

Shigenobu Nishida

 

Vice President, Executive Officer, Director

Director/Board Member

 

 

Biography:

Mr. Shigenobu Nishida has been serving as Vice President, Executive Officer and Director in NIPPON SEIRO CO., LTD., since March 28, 2013. He previously served as Managing Director and Senior Managing Director in the Company, as well as President and Representative Director in MITSUBISHI SHOJI SEKIYU CO., LTD. He also used to work for Mitsubishi Corporation.

 

Age: 64

 

Toshio Saito

 

Vice President, Executive Officer, Director

Director/Board Member

 

 

Biography:

Mr. Toshio Saito has been serving as Vice President, Executive Officer and Director in NIPPON SEIRO CO., LTD., since March 28, 2013. He joined the Company in April 1971. He previously served as Manager of Tsukuba Business Office, Tokuyama Plant Manager, Director of Marketing Development, Director of Marketing, Managing Director and Senior Managing Director of the Company.

 

Age: 65

 

Tadashi Sekiya

 

Executive Officer, Director of Marketing Development, Manager of Tsukuba Business Center, Director

Director/Board Member

 

 

Biography:

Mr. Tadashi Sekiya has been serving as Executive Officer, Director of Marketing Development, Manager of Tsukuba Business Center and Director in NIPPON SEIRO CO., LTD. since March 2013. He joined the Company in April 1981. His previous titles include Director of Operation and Manager of Osaka Office, among others.

 

Age: 58

 

 

 

 

Executives

 

Name

Title

Function

 

Hiroshi Inoue

 

President, Executive Officer, Representative Director

President

 

Biography:

Mr. Hiroshi Inoue has been serving as President, Executive Officer and Representative Director in NIPPON SEIRO CO., LTD. since March 28, 2013. He joined the Company in April 1970. Previously, he served as Director of General Affairs, Senior Managing Director and Managing Director in the Company. He obtained a Bachelor's degree in Law from Keio University.

 

Age: 65

 

Education:

Keio University, LLB 

 

Tsukasa Ando

 

Executive Officer, Director of International Business, Director

Division Head Executive

 

 

Biography:

Mr. Tsukasa Ando has been serving as Executive Officer, Director of International Business and Director in NIPPON SEIRO CO., LTD. since March 26, 2010. He joined the Company in April 1982. His previous titles include Director of Trading and Director of Operation.

 

Age: 53

 

Yoshihiko Fukuma

 

Executive Officer, Tokuyama Plant Manager, Director of Manufacturing, Director

Division Head Executive

 

 

Biography:

Mr. Yoshihiko Fukuma has been serving as Executive Officer, Tokuyama Plant Manager, Director of Manufacturing and Director in NIPPON SEIRO CO., LTD. since March 29, 2012. He used to work for Nippon Oil Corporation, JX Nippon Oil & Energy Corporation and another Japan-based company.

 

Age: 57

 

Manabu Hanasaki

 

Executive Officer, Assistant Manager of Tokuyama Plant, Director of Environment Engineering, Director

Division Head Executive

 

 

Biography:

Mr. Manabu Hanasaki has been serving as Executive Officer, Assistant Manager of Tokuyama Plant, Director of Environment Engineering and Director in NIPPON SEIRO CO., LTD. since March 26, 2010. He joined the Company in March 1969. His previous title was Director of Environment and Technology.

 

Age: 62

 

Shoji Higashi

 

Senior Managing Director, Executive Officer

Division Head Executive

 

 

Biography:

Mr. Shoji Higashi has been serving as Senior Managing Director and Executive Officer in NIPPON SEIRO CO.,LTD. since March 28, 2013. He joined the Company in April 1971. His previous titles include Manager of Marketing Development, Managing Director and Manager of Osaka Office.

 

Age: 64

 

Hachiro Hosoda

 

Managing Director, Executive Officer, Director of General Affairs

Division Head Executive

 

 

Biography:

Mr. Hachiro Hosoda has been serving as Managing Director, Executive Officer and Director of General Affairs in NIPPON SEIRO CO., LTD., since March 28, 2013. He used to serve as Director of Accounting and Director of Planning Administration in the Company, and worked in a company that is under the new name Mitsubishi UFJ Trust and Banking Corporation.

 

Age: 58

 

Shigenobu Nishida

 

Vice President, Executive Officer, Director

Division Head Executive

 

 

Biography:

Mr. Shigenobu Nishida has been serving as Vice President, Executive Officer and Director in NIPPON SEIRO CO., LTD., since March 28, 2013. He previously served as Managing Director and Senior Managing Director in the Company, as well as President and Representative Director in MITSUBISHI SHOJI SEKIYU CO., LTD. He also used to work for Mitsubishi Corporation.

 

Age: 64

 

Toshio Saito

 

Vice President, Executive Officer, Director

Division Head Executive

 

 

Biography:

Mr. Toshio Saito has been serving as Vice President, Executive Officer and Director in NIPPON SEIRO CO., LTD., since March 28, 2013. He joined the Company in April 1971. He previously served as Manager of Tsukuba Business Office, Tokuyama Plant Manager, Director of Marketing Development, Director of Marketing, Managing Director and Senior Managing Director of the Company.

 

Age: 65

 

Tadashi Sekiya

 

Executive Officer, Director of Marketing Development, Manager of Tsukuba Business Center, Director

Division Head Executive

 

 

Biography:

Mr. Tadashi Sekiya has been serving as Executive Officer, Director of Marketing Development, Manager of Tsukuba Business Center and Director in NIPPON SEIRO CO., LTD. since March 2013. He joined the Company in April 1981. His previous titles include Director of Operation and Manager of Osaka Office, among others.

 

Age: 58

 

Hitori Sone

 

Executive Officer, Director of Technology

Division Head Executive

 

 

Masushi Yamamoto

 

Executive Officer, Director of Quality Management

Division Head Executive

 

 

Yasukuni Yoshida

 

Chairman of the Board, Executive Officer, Representative Director

Division Head Executive

 

 

Biography:

Mr. Yasukuni Yoshida has been serving as Chairman of the Board, Executive Officer and Representative Director in NIPPON SEIRO CO., LTD. since March 28, 2013. His previous titles include Director of Development Business, Managing Director, Manager of Project Development Office, Senior Managing Director and President in the Company. He used to work for ITFOR , Inc. He obtained a Bachelor's degree in Economics from Keio University.

 

Age: 71

 

Education:

Keio University, B (Economics)

 

Yoshikazu Akiyama

 

Corporate Auditor

Accounting Executive

 

 

Katsuo Niida

 

Corporate Auditor

Accounting Executive

 

 

Shigeru Tazawa

 

Corporate Auditor

Accounting Executive

 

 

 

 

Significant Developments

 

Nippon Seiro Co Ltd Announces Changes in Shareholding Structure Jun 19, 2013

 

Nippon Seiro Co Ltd announced that its top shareholder, TAS CORPORATION, has lowered stake in the Company from 19.64% (3,921,920 shares) to 8.08% (1,410,920 shares), while remain the top shareholder, on June 19, 2013.

 

Nippon Seiro Co Ltd Completes Share Repurchase Jun 18, 2013

 

Nippon Seiro Co Ltd announced that it has completed to repurchase 2,511,000 shares, at the price of JPY 258 per share, or JPY 647,838,000 in total, on June 18, 2013.

 

Nippon Seiro Co Ltd to Repurchase Shares Jun 17, 2013

 

Nippon Seiro Co Ltd announced that it has decided to repurchase up to 2,700,000 shares (a 12.06% stake) of its common stock, at the price of JPY 258 per share, which is the closing price of June 17, 2013, or for up to JPY 696,600,000 in total, on Tokyo Stock Exchange ToSNeT-3 market, on June 18, 2013.

 

Nippon Seiro Co Ltd Ukai Co., Ltd Appoints New President and Chairman and Announces Resignation of Chairman Feb 14, 2013

 

Nippon Seiro Co Ltd Ukai Co., Ltd announced that its Board of Directors has appointed Hiroshi Inoue as the new President of the Company, replacing Yasukuni Yoshida, who will become the Chairman of the Board, and Katsuhiko Watariguchi will resign from his position of Chairman of the Board, effective March 28, 2013.

 

Nippon Seiro Co Ltd Lowers Year-end Dividend Forecast for FY 2012 Oct 30, 2012

 

Nippon Seiro Co Ltd announced that it has lowered the year-end dividend forecast from JPY 7.00 per share to JPY 5.00 per share for the fiscal year ending December 2012.

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.797487

79.698224

87.789317

93.619712

103.395546

Auditor

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

502.2

464.3

371.9

279.6

465.3

Revenue

502.2

464.3

371.9

279.6

465.3

Total Revenue

502.2

464.3

371.9

279.6

465.3

 

 

 

 

 

 

    Cost of Revenue

469.9

395.5

315.0

259.1

425.2

Cost of Revenue, Total

469.9

395.5

315.0

259.1

425.2

Gross Profit

32.4

68.8

56.9

20.5

40.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

17.5

18.7

17.8

16.5

18.9

    Labor & Related Expense

8.3

8.8

7.3

6.0

6.6

Total Selling/General/Administrative Expenses

25.8

27.5

25.1

22.4

25.5

Research & Development

2.1

2.1

1.5

1.5

1.7

    Depreciation

0.8

0.3

0.4

0.6

0.4

Depreciation/Amortization

0.8

0.3

0.4

0.6

0.4

    Impairment-Assets Held for Use

0.3

0.2

0.2

0.2

0.2

    Impairment-Assets Held for Sale

-

0.0

0.0

1.1

0.0

    Other Unusual Expense (Income)

-11.1

0.0

-0.7

0.0

-

Unusual Expense (Income)

-10.8

0.2

-0.5

1.2

0.2

    Other Operating Expense

0.0

-

-

-

-

Other Operating Expenses, Total

0.0

-

-

-

-

Total Operating Expense

487.8

425.6

341.6

284.9

452.9

 

 

 

 

 

 

Operating Income

14.5

38.7

30.3

-5.3

12.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.8

-2.5

-2.5

-2.8

-3.4

    Interest Expense, Net Non-Operating

-2.8

-2.5

-2.5

-2.8

-3.4

        Interest Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

0.8

0.3

1.1

0.4

1.5

    Interest/Investment Income - Non-Operating

0.8

0.3

1.1

0.4

1.5

Interest Income (Expense) - Net Non-Operating Total

-2.0

-2.2

-1.4

-2.4

-1.9

Gain (Loss) on Sale of Assets

0.0

-0.1

0.0

-

0.0

    Other Non-Operating Income (Expense)

1.0

0.4

0.3

0.8

0.4

Other, Net

1.0

0.4

0.3

0.8

0.4

Income Before Tax

13.5

36.7

29.2

-7.0

11.0

 

 

 

 

 

 

Total Income Tax

5.4

14.9

11.9

-2.3

18.5

Income After Tax

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

Net Income Before Extraord Items

8.0

21.8

17.3

-4.7

-7.5

Net Income

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-

0.0

0.0

-

-

Total Adjustments to Net Income

-

0.0

0.0

-

-

Income Available to Common Excl Extraord Items

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

20.2

20.3

21.8

22.4

22.4

Basic EPS Excl Extraord Items

0.40

1.08

0.79

-0.21

-0.34

Basic/Primary EPS Incl Extraord Items

0.40

1.08

0.79

-0.21

-0.34

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

8.0

21.8

17.3

-4.7

-7.5

Diluted Weighted Average Shares

20.2

20.3

21.8

22.4

22.4

Diluted EPS Excl Extraord Items

0.40

1.08

0.79

-0.21

-0.34

Diluted EPS Incl Extraord Items

0.40

1.08

0.79

-0.21

-0.34

Dividends per Share - Common Stock Primary Issue

0.13

0.15

0.11

0.05

0.09

Gross Dividends - Common Stock

2.5

3.8

2.4

1.2

1.9

Interest Expense, Supplemental

2.8

2.5

2.5

2.8

3.4

Depreciation, Supplemental

14.5

13.1

10.5

8.7

7.1

Total Special Items

-10.8

0.3

-0.5

1.2

0.2

Normalized Income Before Tax

2.6

37.0

28.7

-5.7

11.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-4.4

0.1

-0.2

0.4

0.1

Inc Tax Ex Impact of Sp Items

1.1

15.0

11.7

-1.8

18.5

Normalized Income After Tax

1.6

22.0

17.0

-3.9

-7.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.6

22.0

17.0

-3.9

-7.4

 

 

 

 

 

 

Basic Normalized EPS

0.08

1.08

0.78

-0.17

-0.33

Diluted Normalized EPS

0.08

1.08

0.78

-0.17

-0.33

Amort of Intangibles, Supplemental

0.9

-

-

-

-

Research & Development Exp, Supplemental

2.1

2.1

1.5

1.5

1.7

Reported Operating Profit

3.6

38.8

29.8

-4.1

15.3

Reported Ordinary Profit

2.7

37.0

28.7

-5.7

13.8

Normalized EBIT

3.6

38.8

29.8

-4.1

12.6

Normalized EBITDA

19.0

52.0

40.3

4.6

19.7

    Current Tax - Total

5.0

-

-

-

-

Current Tax - Total

5.0

-

-

-

-

    Deferred Tax - Total

0.4

-

-

-

-

Deferred Tax - Total

0.4

-

-

-

-

Income Tax - Total

5.4

-

-

-

-

Service Cost - Domestic

1.1

2.1

0.7

0.5

2.8

Transition Costs - Domestic

-

-

0.9

0.8

0.7

Domestic Pension Plan Expense

1.1

2.1

1.6

1.3

3.6

Total Pension Expense

1.1

2.1

1.6

1.3

3.6

Total Plan Service Cost

1.1

2.1

0.7

0.5

2.8

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

85.870003

76.94

81.105

93.095

90.65

Auditor

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

10.3

19.7

13.3

9.9

4.6

Cash and Short Term Investments

10.3

19.7

13.3

9.9

4.6

        Accounts Receivable - Trade, Gross

57.4

62.2

58.0

47.4

52.5

        Provision for Doubtful Accounts

-0.1

-0.1

-0.1

0.0

0.0

    Trade Accounts Receivable - Net

57.4

62.2

57.9

47.3

52.4

    Notes Receivable - Short Term

1.0

1.0

1.8

1.7

1.5

    Other Receivables

-

-

0.0

4.4

0.0

Total Receivables, Net

58.4

63.2

59.8

53.5

53.9

    Inventories - Finished Goods

72.5

72.2

51.4

42.0

40.7

    Inventories - Work In Progress

-

-

-

-

29.8

    Inventories - Raw Materials

38.4

50.6

24.6

36.8

30.1

    Inventories - Other

-

-

-

-

2.1

Total Inventory

110.9

122.8

75.9

78.8

102.6

Prepaid Expenses

1.3

1.5

0.7

0.9

0.9

    Deferred Income Tax - Current Asset

1.6

2.2

1.9

3.8

2.3

    Other Current Assets

2.6

3.0

0.7

3.6

1.1

Other Current Assets, Total

4.1

5.2

2.7

7.4

3.4

Total Current Assets

185.1

212.4

152.4

150.6

165.5

 

 

 

 

 

 

        Buildings

99.2

109.9

103.0

87.8

89.7

        Land/Improvements

109.6

121.0

114.0

99.3

102.0

        Machinery/Equipment

229.9

252.4

240.6

198.5

194.5

        Construction in Progress

0.7

1.4

0.7

4.8

2.9

        Other Property/Plant/Equipment

0.3

0.3

0.2

0.1

0.0

    Property/Plant/Equipment - Gross

439.8

484.9

458.5

390.5

389.2

    Accumulated Depreciation

-276.6

-298.8

-279.6

-235.5

-234.8

Property/Plant/Equipment - Net

163.2

186.1

178.9

155.1

154.4

Intangibles, Net

3.2

4.3

0.4

0.4

0.2

    LT Investment - Affiliate Companies

0.8

0.9

0.9

0.8

0.8

    LT Investments - Other

3.1

3.0

3.3

3.5

3.7

Long Term Investments

3.9

4.0

4.2

4.3

4.5

Note Receivable - Long Term

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax - Long Term Asset

0.7

0.9

0.4

1.5

0.8

    Other Long Term Assets

0.7

1.0

0.7

1.1

0.9

Other Long Term Assets, Total

1.4

1.9

1.1

2.5

1.7

Total Assets

356.8

408.6

337.0

312.8

326.2

 

 

 

 

 

 

Accounts Payable

11.9

51.0

12.3

32.4

21.3

Accrued Expenses

1.3

2.6

1.9

0.6

0.7

Notes Payable/Short Term Debt

97.7

79.1

86.3

89.6

99.5

Current Portion - Long Term Debt/Capital Leases

16.5

16.7

16.7

15.4

15.0

    Security Deposits

5.4

7.2

5.2

4.4

4.6

    Income Taxes Payable

0.8

11.3

9.3

0.0

0.0

    Other Payables

7.1

9.0

5.2

4.8

6.4

    Other Current Liabilities

2.0

2.3

2.8

1.9

2.0

Other Current liabilities, Total

15.3

29.9

22.5

11.1

12.9

Total Current Liabilities

142.6

179.3

139.7

149.0

149.4

 

 

 

 

 

 

    Long Term Debt

41.6

39.6

38.8

34.7

38.1

    Capital Lease Obligations

0.4

0.6

0.3

0.2

0.0

Total Long Term Debt

42.0

40.2

39.1

34.9

38.1

Total Debt

156.2

136.1

142.1

139.9

152.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

35.6

39.7

43.0

37.5

38.5

Deferred Income Tax

35.6

39.7

43.0

37.5

38.5

    Pension Benefits - Underfunded

2.9

3.7

2.8

2.1

3.0

    Other Long Term Liabilities

1.9

2.4

0.0

-

-

Other Liabilities, Total

4.8

6.1

2.8

2.1

3.0

Total Liabilities

225.0

265.3

224.6

223.5

229.1

 

 

 

 

 

 

    Common Stock

13.0

14.6

13.8

12.0

12.4

Common Stock

13.0

14.6

13.8

12.0

12.4

Additional Paid-In Capital

0.2

0.2

0.2

0.2

0.2

Retained Earnings (Accumulated Deficit)

60.8

63.5

41.8

22.0

29.0

Treasury Stock - Common

-7.0

-6.9

-6.6

0.0

0.0

Unrealized Gain (Loss)

64.7

72.0

63.2

55.1

55.6

Total Equity

131.8

143.3

112.4

89.3

97.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

356.8

408.6

337.0

312.8

326.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

20.0

20.3

20.3

22.4

22.4

Total Common Shares Outstanding

20.0

20.3

20.3

22.4

22.4

Treasury Shares - Common Stock Primary Issue

2.4

2.1

2.1

0.0

0.0

Employees

239

236

236

243

250

Number of Common Shareholders

2,088

1,940

2,036

2,387

2,236

Total Long Term Debt, Supplemental

64.6

65.6

60.1

54.0

53.1

Long Term Debt Maturing within 1 Year

21.1

17.1

16.5

15.3

15.0

Long Term Debt Maturing in Year 2

15.5

16.6

15.6

13.8

15.3

Long Term Debt Maturing in Year 3

12.4

11.1

11.7

10.6

10.9

Long Term Debt Maturing in Year 4

9.7

7.6

6.4

7.2

7.8

Long Term Debt Maturing in Year 5

4.5

4.6

3.0

3.0

4.1

Long Term Debt Maturing in 2-3 Years

27.9

27.7

27.2

24.4

26.2

Long Term Debt Maturing in 4-5 Years

14.2

12.2

9.4

10.2

11.9

Long Term Debt Matur. in Year 6 & Beyond

1.4

8.7

6.9

4.0

0.0

Total Capital Leases, Supplemental

0.6

0.8

0.5

0.3

-

Capital Lease Payments Due in Year 1

0.2

0.2

0.1

0.1

-

Capital Lease Payments Due in Year 2

0.2

0.2

0.1

0.1

-

Capital Lease Payments Due in Year 3

0.2

0.2

0.1

0.1

-

Capital Lease Payments Due in Year 4

0.0

0.1

0.1

0.1

-

Capital Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

-

Capital Lease Payments Due in 2-3 Years

0.3

0.4

0.2

0.1

-

Capital Lease Payments Due in 4-5 Years

0.0

0.2

0.1

0.1

-

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

0.0

-

0.0

-

Pension Obligation - Domestic

12.1

13.3

12.0

11.0

12.2

Plan Assets - Domestic

9.3

9.6

9.2

8.0

7.4

Funded Status - Domestic

-2.9

-3.7

-2.8

-2.9

-4.7

Total Funded Status

-2.9

-3.7

-2.8

-2.9

-4.7

Accrued Liabilities - Domestic

-

-

-

-2.1

-3.0

Other Assets, Net - Domestic

-

-

-

0.8

1.7

Net Assets Recognized on Balance Sheet

-

-

-

-1.3

-1.3

Total Plan Obligations

12.1

13.3

12.0

11.0

12.2

Total Plan Assets

9.3

9.6

9.2

8.0

7.4

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.797487

79.698224

87.789317

93.619712

103.395546

Auditor

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

13.5

36.7

29.2

-7.0

11.0

    Depreciation

14.5

13.1

10.5

8.7

7.1

Depreciation/Depletion

14.5

13.1

10.5

8.7

7.1

    Unusual Items

-18.3

0.3

-0.5

1.2

0.1

    Other Non-Cash Items

2.9

3.8

1.8

1.6

1.5

Non-Cash Items

-15.4

4.1

1.4

2.9

1.7

    Accounts Receivable

-1.8

-0.2

1.5

-1.0

14.0

    Inventories

-1.0

-41.3

13.4

21.0

-24.6

    Accounts Payable

-43.8

39.1

-22.4

9.8

-3.1

    Accrued Expenses

0.6

0.0

0.1

-0.1

0.0

    Taxes Payable

-3.0

0.6

1.1

-1.5

1.4

    Other Operating Cash Flow

1.5

-18.5

2.0

-5.7

-28.0

Changes in Working Capital

-47.5

-20.4

-4.3

22.5

-40.3

Cash from Operating Activities

-35.0

33.6

36.7

27.1

-20.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.6

-5.9

-12.2

-13.2

-6.6

Capital Expenditures

-15.6

-5.9

-12.2

-13.2

-6.6

    Sale of Fixed Assets

-

-

-

-

0.0

    Sale/Maturity of Investment

-

0.0

0.6

0.0

0.5

    Purchase of Investments

-2.6

0.0

0.0

0.0

-0.9

    Other Investing Cash Flow

-0.3

0.1

0.7

0.0

-0.4

Other Investing Cash Flow Items, Total

-2.9

0.1

1.3

0.0

-0.8

Cash from Investing Activities

-18.5

-5.8

-10.9

-13.2

-7.4

 

 

 

 

 

 

    Other Financing Cash Flow

-1.1

-0.2

-0.1

-0.1

0.0

Financing Cash Flow Items

-1.1

-0.2

-0.1

-0.1

0.0

    Cash Dividends Paid - Common

-3.8

-3.0

-2.0

-1.4

-1.9

Total Cash Dividends Paid

-3.8

-3.0

-2.0

-1.4

-1.9

        Repurchase/Retirement of Common

-

0.0

-6.0

0.0

0.0

    Common Stock, Net

-

0.0

-6.0

0.0

0.0

Issuance (Retirement) of Stock, Net

-

0.0

-6.0

0.0

0.0

    Short Term Debt, Net

40.4

-16.5

-14.0

-5.4

29.7

        Long Term Debt Issued

24.1

14.8

14.3

12.8

19.3

        Long Term Debt Reduction

-15.9

-17.0

-16.0

-14.5

-15.6

    Long Term Debt, Net

8.2

-2.2

-1.8

-1.7

3.7

Issuance (Retirement) of Debt, Net

48.6

-18.7

-15.8

-7.1

33.4

Cash from Financing Activities

43.7

-21.9

-23.9

-8.6

31.5

 

 

 

 

 

 

Foreign Exchange Effects

-0.7

-0.4

-0.1

0.2

0.0

Net Change in Cash

-10.4

5.4

1.8

5.4

3.5

 

 

 

 

 

 

Net Cash - Beginning Balance

18.9

13.6

10.5

4.4

0.6

Net Cash - Ending Balance

8.5

19.0

12.3

9.9

4.0

Cash Interest Paid

2.8

2.5

2.5

2.7

3.4

Cash Taxes Paid

15.0

13.8

-3.2

3.0

27.0

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.797487

79.698224

87.789317

93.619712

103.395546

Auditor

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Goods

410.9

456.8

365.6

275.2

459.3

    Products

91.4

7.4

6.3

4.4

6.0

Total Revenue

502.2

464.3

371.9

279.6

465.3

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Cost of Goods

384.1

391.2

311.0

256.3

418.0

    Cost of Products

85.7

4.3

4.0

2.8

4.4

    other G&A

5.0

-

-

-

-

    Other Selling Expenses

1.1

-

-

-

-

    Freight costs-selling

11.4

12.2

11.9

11.6

13.3

    Other selling expenses

-

1.3

1.0

0.8

1.1

    Director's remuneration

3.2

3.1

2.6

1.8

1.7

    Payrolls and bonuses

4.5

4.8

4.0

3.6

3.6

    Research and development Expenses

2.1

2.1

1.5

1.5

1.7

    Periodic retirement benefit costs

0.5

0.7

0.5

0.5

1.1

    Provision for bonuses

0.1

0.2

0.1

0.1

0.1

    Depreciation expenses

0.8

0.3

0.4

0.6

0.4

    Provision for Doubtful Accounts(SGA)

-

0.0

0.0

-

-

    Other general expenses

-

5.2

4.9

4.1

4.5

    Loss on adjustment for changes of accoun

0.0

-

-

-

-

    Loss on fire incident

7.4

-

-

-

-

    Insurance income

-18.5

-

-

-

-

    SP Government Subsidies

-

0.0

-0.7

0.0

-

    SP Loss on retirement of fixed assets

0.3

0.2

0.2

0.2

0.2

    SP Loss on val. of long-term inv't sec.

-

-

0.0

1.1

0.0

    SP Assets impairment losses

0.0

0.0

0.0

0.0

-

    SP Loss Val.Golf Member

-

0.0

0.0

0.0

-

    SP L on val. of raw material

-

-

-

0.0

2.7

Total Operating Expense

487.8

425.6

341.6

284.9

452.9

 

 

 

 

 

 

    Interest Income

0.0

-

-

-

-

    NOP Interest Income

-

0.0

0.0

0.0

0.0

    NOP Dividend Income

0.1

0.1

0.1

0.1

0.1

    Other Non-Operating Income (Expense)

0.0

-

-

-

-

    NOP Rental income

2.7

2.6

1.0

0.6

0.0

    NOP Insurance income

-

0.0

0.0

0.2

0.0

    NOP Sample Fee Income

0.3

0.2

0.1

0.1

0.1

    NOP Foreign exchange gains

0.7

0.2

1.0

0.3

1.4

    NOP Export product compensation income

-

-

-

-

0.0

    Other

1.0

0.5

0.6

0.6

0.6

    NOP Interest Expense

-2.8

-2.5

-2.5

-2.8

-3.4

    NOP Rental expenses for fixed assets

-2.6

-2.5

-0.7

-0.4

0.0

    Other

-0.3

-0.4

-0.7

-0.4

-0.3

    Gain Sales Land

-

-

-

-

0.0

    SP Gain Sale Inv.Secs

-

-

-

0.0

0.0

    SP L on sales of noncurrent assets

0.0

-0.1

0.0

-

-

Net Income Before Taxes

13.5

36.7

29.2

-7.0

11.0

 

 

 

 

 

 

Income taxes-current

5.4

14.9

11.9

-2.3

18.5

Net Income After Taxes

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

Net Income Before Extra. Items

8.0

21.8

17.3

-4.7

-7.5

Net Income

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

    Adjustment

-

0.0

0.0

-

-

Income Available to Com Excl ExtraOrd

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

8.0

21.8

17.3

-4.7

-7.5

 

 

 

 

 

 

Basic Weighted Average Shares

20.2

20.3

21.8

22.4

22.4

Basic EPS Excluding ExtraOrdinary Items

0.40

1.08

0.79

-0.21

-0.34

Basic EPS Including ExtraOrdinary Items

0.40

1.08

0.79

-0.21

-0.34

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

8.0

21.8

17.3

-4.7

-7.5

Diluted Weighted Average Shares

20.2

20.3

21.8

22.4

22.4

Diluted EPS Excluding ExtraOrd Items

0.40

1.08

0.79

-0.21

-0.34

Diluted EPS Including ExtraOrd Items

0.40

1.08

0.79

-0.21

-0.34

DPS-Ordinary Shares

0.13

0.15

0.11

0.05

0.09

Gross Dividends - Common Stock

2.5

3.8

2.4

1.2

1.9

Normalized Income Before Taxes

2.6

37.0

28.7

-5.7

11.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.1

15.0

11.7

-1.8

18.5

Normalized Income After Taxes

1.6

22.0

17.0

-3.9

-7.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.6

22.0

17.0

-3.9

-7.4

 

 

 

 

 

 

Basic Normalized EPS

0.08

1.08

0.78

-0.17

-0.33

Diluted Normalized EPS

0.08

1.08

0.78

-0.17

-0.33

Total Amortization of Intangible Assets

0.9

-

-

-

-

Interest Expense

2.8

2.5

2.5

2.8

3.4

Research & Development

2.1

2.1

1.5

1.5

1.7

Depreciation

14.5

13.1

10.5

8.7

7.1

    Income taxes-current

5.0

-

-

-

-

Current Tax - Total

5.0

-

-

-

-

    Income taxes-deferred

0.4

-

-

-

-

Deferred Tax - Total

0.4

-

-

-

-

Income Tax - Total

5.4

-

-

-

-

Reported Operating Profit

3.6

38.8

29.8

-4.1

15.3

Reported Ordinary Profit

2.7

37.0

28.7

-5.7

13.8

Service Cost

1.1

2.1

0.7

0.5

2.8

Pension exp.due to acct,changes

-

-

0.9

0.8

0.7

Domestic Pension Plan Expense

1.1

2.1

1.6

1.3

3.6

Total Pension Expense

1.1

2.1

1.6

1.3

3.6

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

85.870003

76.94

81.105

93.095

90.65

Auditor

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposit

10.3

19.7

13.3

9.9

4.6

    Notes receivable-trade

1.0

1.0

1.8

1.7

1.5

    Accounts receivable-trade

57.4

62.2

58.0

47.4

52.5

    Inventories - merchandise

-

-

-

-

0.9

    Inventories - finished goods

-

-

-

-

39.8

    Inventories - semi-finished goods

-

-

-

-

29.8

    Inventories - raw materials

-

-

-

-

30.1

    Inventories - supplies

-

-

-

-

2.1

    Inventories - merchandise&finished goods

72.5

72.2

51.4

42.0

-

    Inventories - raw materials & supplies

38.4

50.6

24.6

36.8

-

    Prepaid Expense

1.3

1.5

0.7

0.9

0.9

    Deferred Tax

1.6

2.2

1.9

3.8

2.3

    Consuming tax receivable

-

-

0.0

4.4

0.0

    Rounding adjustment Assets

0.0

-

-

-

-

    Other

2.5

3.0

0.7

3.6

1.1

    Allowance for doubtful accounts(current)

-0.1

-0.1

-0.1

0.0

0.0

Total current assets

185.1

212.4

152.4

150.6

165.5

 

 

 

 

 

 

    Buildings, Gross

30.5

33.3

30.0

25.3

25.7

    Depreciation-Buildings

-20.2

-21.8

-20.4

-17.5

-17.5

    Structures, Gross

68.7

76.6

73.1

62.6

64.0

    Depreciation-Structures

-58.6

-64.3

-60.8

-51.9

-52.1

    Machineries & equipment, gross

216.7

238.0

227.2

191.1

187.1

    Depreciation-Machinery And Equipment

-188.0

-202.8

-190.2

-159.7

-159.3

    Vessels & Vehicles, Gross

5.8

6.5

6.2

1.3

1.4

    Depreciation-Vessels And Vehicles

-3.5

-3.1

-2.0

-1.2

-1.2

    Tools, furniture and fixtures

7.3

8.0

7.2

6.1

6.0

    Depreciation-TFF

-6.2

-6.7

-6.2

-5.1

-4.7

    Land

109.6

121.0

114.0

99.3

102.0

    Lease, gross

0.3

0.3

0.2

0.1

0.0

    Depreciation-Lease Assets

-0.1

-0.1

0.0

0.0

-

    Construction in Progress

0.7

1.4

0.7

4.8

2.9

    Other Total intangible assets

0.0

-

-

-

-

    Software

2.7

0.1

0.1

0.1

0.1

    Lease

0.4

0.6

0.2

0.2

0.0

    Software in progress

0.0

3.5

0.0

-

-

    Other Intangible

0.1

0.1

0.1

0.1

0.1

    Investment Secs

3.1

3.0

3.3

3.5

3.7

    Equity of Affiliated Companies

0.8

0.9

0.9

0.8

0.8

    Long-term loans receivable from employee

0.0

0.0

0.0

0.0

0.0

    Other Long Term Assets

0.0

-

-

-

-

    Other Total investments and other assets

0.0

-

-

-

-

    Long-term prepaid expenses

0.0

0.6

0.3

0.7

0.5

    Deferred tax assets

0.7

0.9

0.4

1.5

0.8

    Other

0.7

0.5

0.4

0.4

0.4

    Adjustment

-

-

-

-

0.0

    Property/Plant/Equipment, Total - Net

0.0

-

-

-

-

Total Assets

356.8

408.6

337.0

312.8

326.2

 

 

 

 

 

 

    Notes payable-trade

0.0

6.5

5.1

4.4

6.2

    Accounts payable-trade

11.9

51.0

12.3

32.4

21.3

    Short-term loans payable

97.6

66.9

79.6

83.6

91.6

    Current portion of long-term loans payab

16.2

16.5

16.5

15.3

15.0

    Current Portion of Lease

0.2

0.2

0.1

0.1

0.0

    Accounts payable-other

7.1

9.0

5.2

4.8

6.4

    Accrued Expense(1)

0.9

0.3

0.2

0.2

0.2

    Income Tax Payable

0.8

11.3

9.3

0.0

0.0

    Sales Tax Payable

0.0

1.8

1.2

0.0

-

    Deposits received

5.4

7.2

5.2

4.4

4.6

    Allowance Bonus

0.4

0.5

0.5

0.4

0.5

    Rounding adjustment Liability

0.1

-

-

-

-

    Allowance for Repair

1.9

2.3

2.2

1.9

1.9

    Notes payable-facilities

0.1

5.7

1.7

1.6

1.7

    Other

0.0

0.1

0.7

0.1

0.1

Total Current Liabilities

142.6

179.3

139.7

149.0

149.4

 

 

 

 

 

 

    Long-term loans payable

41.6

39.6

38.8

34.7

38.1

    Capital Lease

0.4

0.6

0.3

0.2

0.0

Total Long Term Debt

42.0

40.2

39.1

34.9

38.1

 

 

 

 

 

 

    Revaluation of deferred tax

35.6

39.7

43.0

37.5

38.5

    Deferred Tax

-

-

-

-

0.0

    Reserve for accrued retirement benefits

2.9

3.7

2.8

2.1

3.0

    Other Long Term Liabilities

0.0

-

-

-

-

    Other

1.9

2.4

0.0

-

-

Total Liabilities

225.0

265.3

224.6

223.5

229.1

 

 

 

 

 

 

    Common Stock

13.0

14.6

13.8

12.0

12.4

    Paid in Capital

0.2

0.2

0.2

0.2

0.2

    Other Retained earnings

0.0

-

-

-

-

    Legal Reserve

3.1

3.4

3.3

2.8

2.9

    Reserve-Asset Shrinkage

0.9

1.1

1.1

0.6

0.7

    General reserve

10.7

12.0

11.3

9.9

10.1

    Deferred hedge gain/loss

46.1

47.0

26.1

8.7

15.2

    Treasury Stock

-7.0

-6.9

-6.6

0.0

0.0

    Valuation difference on available-for-sa

-0.1

-0.3

0.0

0.0

-0.9

    Reval. Excess

64.8

72.3

63.3

55.1

56.6

Total Equity

131.8

143.3

112.4

89.3

97.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

356.8

408.6

337.0

312.8

326.2

 

 

 

 

 

 

    S/O-Ordinary Shares

20.0

20.3

20.3

22.4

22.4

Total Common Shares Outstanding

20.0

20.3

20.3

22.4

22.4

T/S-Ordinary Shares

2.4

2.1

2.1

0.0

0.0

Full-Time Employees

239

236

236

243

250

Total Number of Shareholders

2,088

-

-

-

-

Number of Common Shareholders

-

1,940

2,036

2,387

2,236

LT accounts payable within a Year

4.9

-

-

-

-

Long-term debt maturing within 1 year

16.2

17.1

16.5

15.3

15.0

LT accounts payable >1 Y, <2 Y

0.7

-

-

-

-

Lns Pble Maturing over a Yr within 2 Yrs

14.8

-

-

-

-

Long-term debt maturing within 2 years

-

16.6

15.6

13.8

15.3

LT accounts payable >2 Y, <3 Y

0.7

-

-

-

-

Lns Pble Maturg over 2 Yrs within 3 Yrs

11.7

-

-

-

-

Long-term debt maturing within 3 years

-

11.1

11.7

10.6

10.9

LT accounts payable >3 Y, <4 Y

0.5

-

-

-

-

Lns Pble Maturg over 3 Yrs within 4 Yrs

9.2

-

-

-

-

Long-term debt maturing within 4 years

-

7.6

6.4

7.2

7.8

LT accounts payable >4 Y, <5 Y

0.0

-

-

-

-

Lns Pble Maturg over 4 Yrs within 5 Yrs

4.4

-

-

-

-

Long-term debt maturing within 5 years

-

4.6

3.0

3.0

4.1

Other Borrowing Within1 Year Excluded

1.4

-

-

-

-

other LT accounts payable Within1 Y Excl

0.0

-

-

-

-

Long-term debt maturing after 5 years

-

8.7

6.9

4.0

0.0

Total Long Term Debt, Supplemental

64.6

65.6

60.1

54.0

53.1

Capital lease maturing within 1 year

0.2

0.2

0.1

0.1

-

Capital lease maturing within 2 years

0.2

0.2

0.1

0.1

-

Cap Lease Maturg over 2 Yr within 3 Yrs

0.2

-

-

-

-

Capital lease maturing within 3 years

-

0.2

0.1

0.1

-

Cap Lease Maturg over 3 Yr within 4 Yrs

0.0

-

-

-

-

Capital lease maturing within 4 years

-

0.1

0.1

0.1

-

Cap Lease Maturg over 4 Yr within 5 Yrs

0.0

-

-

-

-

Capital lease maturing within 5 years

-

0.0

0.0

0.0

-

other Lease Liabili.Within1 Y Excluded

0.0

-

-

-

-

Capital lease maturing after 5 years

-

0.0

-

0.0

-

Total Capital Leases, Supplemental

0.6

0.8

0.5

0.3

-

Pension Obligation

12.1

13.3

12.0

11.0

12.2

Fair value of plan assets

9.3

9.6

9.2

8.0

7.4

Funded Status

-2.9

-3.7

-2.8

-2.9

-4.7

Total Funded Status

-2.9

-3.7

-2.8

-2.9

-4.7

Expense unrecog.for acct.changes

-

-

-

0.8

1.7

Reserve for accrued retirement Benefit

-

-

-

-2.1

-3.0

Net Assets Recognized on Balance Sheet

-

-

-

-1.3

-1.3

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.797487

79.698224

87.789317

93.619712

103.395546

Auditor

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income before income taxes

13.5

36.7

29.2

-7.0

11.0

    Depreciation

14.5

13.1

10.5

8.7

7.1

    Increase (decrease) in provision for rep

-0.1

-

-

-

-

    Amortization of LT prepaid expenses

-

0.1

0.1

0.1

0.1

    Increase (decrease) in allowance for dou

0.0

0.0

0.0

0.0

0.0

    Reserve for directors' bonuses

-

-

-

-

0.0

    Increase (decrease) in provision for bon

-0.1

0.0

0.0

-0.1

0.0

    Loss On Adjustment For Changes Of Accoun

0.0

-

-

-

-

    Loss (gain) on sales of noncurrent asset

0.0

-

-

-

-

    Insurance income

-18.5

-

-

-

-

    Reserve for repair

-

-

-

0.0

-0.2

    Increase (decrease) in provision for ret

-0.4

0.7

0.4

-0.9

1.7

    Reversal of interests÷nds received

-0.1

-0.1

-0.1

-0.1

-0.1

    Foreign exchange losses (gains)

0.8

0.5

-1.1

-0.3

-3.2

    Interest Expense

2.8

2.5

2.5

2.8

3.4

    Government Subsidies

-

0.0

-0.7

0.0

-

    Loss Sales PPE

-

0.1

0.0

-

-

    Loss on retirement of fixed assets

0.3

0.2

0.2

0.2

0.2

    Loss on valuation of long-term inv't sec

-

-

0.0

1.1

0.0

    Impairment losses on assets

0.0

0.0

0.0

0.0

-

    Loss Val. Golf Memb.

-

0.0

0.0

0.0

-

    Gain Sales Land

-

-

-

-

0.0

    Gain Sale Inv.Secs

-

-

-

0.0

0.0

    Decrease (increase) in notes and account

-1.8

-0.2

-3.2

3.5

14.0

    Decrease (increase) in inventories

-1.0

-41.3

13.4

21.0

-24.6

    Increase (decrease) in notes and account

-42.6

37.8

-22.9

9.9

-2.8

    Increase (decrease) in accounts payable-

-1.2

1.2

0.5

-0.2

-0.4

    Increase (decrease) in accrued expenses

0.7

0.0

0.0

0.0

0.0

    Increase (decrease) in accrued consumpti

-3.0

0.6

1.1

-1.5

1.4

    Sales Tax Receivable

-

0.0

4.7

-4.4

0.0

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Proceeds from insurance income

18.5

-

-

-

-

    Other, net

0.7

-2.3

1.2

-0.1

2.4

    Interest÷nds received(cash basis)I

0.1

0.1

0.1

0.1

0.1

    Interest Paid

-2.8

-2.5

-2.5

-2.7

-3.4

    Income Tax Refund

-

0.0

3.2

0.2

0.0

    Income Tax Paid

-15.0

-13.8

0.0

-3.2

-13.0

    Prior Tax Paid

-

-

-

0.0

-14.0

    Adjustment

-

0.0

0.1

0.0

-

Cash from Operating Activities

-35.0

33.6

36.7

27.1

-20.6

 

 

 

 

 

 

    Purchase of property, plant and equipmen

-15.6

-5.9

-12.2

-13.2

-6.6

    Land sold

-

-

-

-

0.0

    Government Subsidy Income

-

0.0

0.7

0.0

-

    Payments into time deposits

-2.6

-

-

-

-

    Purchase of long-term inv't securities

0.0

0.0

0.0

0.0

-0.4

    Collection Of Loans Receivable

0.0

-

-

-

-

    Sales Inv.Secs

-

0.0

0.6

0.0

0.5

    Purch. of Subs.' Secs.

-

-

-

0.0

-0.5

    Loan Collected

-

0.0

0.0

0.0

0.1

    Other, net

-0.3

0.1

0.0

0.0

-0.5

Cash from Investing Activities

-18.5

-5.8

-10.9

-13.2

-7.4

 

 

 

 

 

 

    Net increase (decrease) in short-term lo

40.4

-16.5

-14.0

-5.4

29.7

    Proceeds from long-term loans payable

24.1

14.8

14.3

12.8

19.3

    Repayment of long-term loans payable

-15.9

-17.0

-16.0

-14.5

-15.6

    Bond redemption

-

-

-

-

0.0

    Dividends paid

-3.8

-3.0

-2.0

-1.4

-1.9

    Purchase Treasury

-

0.0

-6.0

0.0

0.0

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other, net

-1.1

-0.2

-0.1

-0.1

0.0

Cash from Financing Activities

43.7

-21.9

-23.9

-8.6

31.5

 

 

 

 

 

 

Foreign Exchange Effects

-0.7

-0.4

-0.1

0.2

0.0

Net increase (decrease) in cash and cash

-10.4

5.4

1.8

5.4

3.5

 

 

 

 

 

 

Net Cash - Beginning Balance

18.9

13.6

10.5

4.4

0.6

Net Cash - Ending Balance

8.5

19.0

12.3

9.9

4.0

    Cash Interest Paid

2.8

2.5

2.5

2.7

3.4

    Cash Taxes Paid

15.0

13.8

-3.2

3.0

27.0

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

93.2

-23.67%

502.2

8.31%

15.26%

-1.28%

Research & Development1 

-

-

2.1

-0.59%

5.76%

0.87%

Operating Income1 

-4.6

-

14.5

-62.54%

-

-17.81%

Income Available to Common Excl Extraord Items1 

-2.8

-

8.0

-63.12%

-

-17.56%

Basic EPS Excl Extraord Items1 

-0.14

-

0.40

-62.90%

-

-15.80%

Capital Expenditures2 

2.9

-

15.6

164.47%

0.22%

5.09%

Cash from Operating Activities2 

9.7

-

-35.0

-

-

-

Free Cash Flow 

6.6

-

-47.0

-

-

-

Total Assets3 

307.4

-8.40%

356.8

-2.55%

1.70%

1.59%

Total Liabilities3 

199.2

-9.63%

225.0

-5.34%

-2.44%

0.96%

Total Long Term Debt3 

34.2

32.70%

42.0

16.61%

3.56%

5.07%

Employees3 

-

-

239

1.27%

-0.55%

-0.58%

Total Common Shares Outstanding3 

17.5

-13.80%

20.0

-1.42%

-3.72%

-2.25%

1-ExchangeRate: JPY to USD Average for Period

98.564314

 

79.797487

 

 

 

2-ExchangeRate: JPY to USD Average for Period

95.281806

 

79.797487

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.239969

 

85.870003

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin 

6.44%

14.82%

15.30%

7.32%

8.63%

Operating Margin 

2.88%

8.33%

8.14%

-1.91%

2.67%

Pretax Margin 

2.68%

7.91%

7.86%

-2.49%

2.35%

Net Profit Margin 

1.60%

4.70%

4.64%

-1.68%

-1.62%

Financial Strength

Current Ratio 

1.30

1.18

1.09

1.01

1.11

Long Term Debt/Equity 

0.32

0.28

0.35

0.39

0.39

Total Debt/Equity 

1.19

0.95

1.26

1.57

1.57

Management Effectiveness

Return on Assets 

2.07%

5.92%

5.38%

-1.50%

-2.69%

Return on Equity 

5.74%

17.26%

17.39%

-5.15%

-8.32%

Efficiency

Receivables Turnover 

8.12

7.62

6.65

5.30

8.57

Inventory Turnover 

3.95

4.04

4.10

2.92

5.47

Asset Turnover 

1.29

1.26

1.16

0.89

1.66

Market Valuation USD (mil)

P/E (TTM) 

27.93

.

Enterprise Value2 

182.5

Price/Sales (TTM) 

0.14

.

Enterprise Value/Revenue (TTM) 

0.46

Price/Book (MRQ) 

0.39

.

Enterprise Value/EBITDA (TTM) 

15.51

Market Cap as of 23-Aug-20131 

53.9

.

 

 

1-ExchangeRate: JPY to USD on 23-Aug-2013

98.510577

 

 

 

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-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio 

1.30

1.18

1.09

1.01

1.11

Quick/Acid Test Ratio 

0.48

0.46

0.52

0.43

0.39

Working Capital1 

42.4

33.1

12.8

1.5

16.1

Long Term Debt/Equity 

0.32

0.28

0.35

0.39

0.39

Total Debt/Equity 

1.19

0.95

1.26

1.57

1.57

Long Term Debt/Total Capital 

0.15

0.14

0.15

0.15

0.15

Total Debt/Total Capital 

0.54

0.49

0.56

0.61

0.61

Payout Ratio 

31.44%

14.00%

14.36%

-25.39%

-25.91%

Effective Tax Rate 

40.32%

40.54%

40.82%

-

168.68%

Total Capital1 

288.0

279.4

254.5

229.2

249.7

 

 

 

 

 

 

Efficiency

Asset Turnover 

1.29

1.26

1.16

0.89

1.66

Inventory Turnover 

3.95

4.04

4.10

2.92

5.47

Days In Inventory 

92.34

90.35

89.06

125.19

66.68

Receivables Turnover 

8.12

7.62

6.65

5.30

8.57

Days Receivables Outstanding 

44.96

47.89

54.93

68.81

42.59

Revenue/Employee2 

1,952,791

2,037,853

1,705,625

1,157,055

2,122,911

Operating Income/Employee2 

56,230

169,679

138,918

-22,058

56,624

EBITDA/Employee2 

116,017

227,395

186,878

13,748

88,988

 

 

 

 

 

 

Profitability

Gross Margin 

6.44%

14.82%

15.30%

7.32%

8.63%

Operating Margin 

2.88%

8.33%

8.14%

-1.91%

2.67%

EBITDA Margin 

5.94%

11.16%

10.96%

1.19%

4.19%

EBIT Margin 

2.88%

8.33%

8.14%

-1.91%

2.67%

Pretax Margin 

2.68%

7.91%

7.86%

-2.49%

2.35%

Net Profit Margin 

1.60%

4.70%

4.64%

-1.68%

-1.62%

R&D Expense/Revenue 

0.42%

0.46%

0.42%

0.54%

0.37%

COGS/Revenue 

93.56%

85.19%

84.70%

92.68%

91.37%

SG&A Expense/Revenue 

5.15%

5.93%

6.75%

8.03%

5.48%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

2.07%

5.92%

5.38%

-1.50%

-2.69%

Return on Equity 

5.74%

17.26%

17.39%

-5.15%

-8.32%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-2.35

1.41

1.31

0.62

-1.39

Operating Cash Flow/Share 2 

-1.63

1.71

1.96

1.22

-1.05

1-ExchangeRate: JPY to USD Period End Date

85.870003

76.94

81.105

93.095

90.65

2-ExchangeRate: JPY to USD Average for Period

85.870003

76.94

81.105

93.095

90.65

 

Current Market Multiples

Market Cap/Earnings (TTM) 

35.80

Market Cap/Equity (MRQ) 

0.50

Market Cap/Revenue (TTM) 

0.14

Market Cap/EBIT (TTM) 

15.89

Market Cap/EBITDA (TTM) 

4.59

Enterprise Value/Earnings (TTM) 

120.90

Enterprise Value/Equity (MRQ) 

1.69

Enterprise Value/Revenue (TTM) 

0.46

Enterprise Value/EBIT (TTM) 

53.68

Enterprise Value/EBITDA (TTM) 

15.51

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.79

UK Pound

1

Rs.100.70

Euro

1

Rs.84.67

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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

 

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

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

 

 

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

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