MIRA INFORM REPORT
|
Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
NPC INCORPORATED |
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Registered Office : |
1-1-20, Minami-Senju, Arakawa-Ku, 116-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2012 |
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Date of Incorporation : |
24.12.1992 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in photovoltaic manufacturing equipment
business, vacuum packaging machine business and automatic equipment business. |
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No. of Employees : |
357 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4.215 Millions |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World
War II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for the
economy.
Source
: CIA
Company Name and Address
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NPC Incorporated |
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Business Description
NPC Incorporated is a company engaged in photovoltaic
manufacturing equipment business, vacuum packaging machine business and
automatic equipment business. The Photovoltaic Manufacturing Equipment segment
is engaged in the development, design, manufacture, sale and installment of
photovoltaic manufacturing equipment, including cell testers, automatic cell
wiring equipment, vacuum laminators and module testers, as well as the
provision of maintenance services for its products. The Vacuum Packaging
Machine segment develops, manufactures and sells various vacuum packaging
machines, as well as provides products for food, electric equipment, electronic
component and automobile part industries. The Company also involves in the
contract processing of the solar cell modules. As of August 31, 2012, the
Company had five consolidated subsidiaries. For the nine months ended 31 May
2013, NPC Incorporated revenues decreased 56% to Y3.18B. Net loss applicable to
common stockholders decreased 57% to Y530.9M. Revenues reflect a decrease in
demand for the Company's products and services due to unfavorable market
conditions. Lower net loss reflects NOP Foreign Exchange Gains increase from
Y0K to Y479M (income), Impairment loss decrease from Y371.3M (expense) to Y0K.
Industry
|
Industry |
|
|
ANZSIC 2006: |
2469 -
Other Specialised Machinery and Equipment Manufacturing |
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ISIC Rev 4: |
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NACE Rev 2: |
2829 -
Manufacture of other general-purpose machinery n.e.c. |
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NAICS 2012: |
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UK SIC 2007: |
2829 -
Manufacture of other general-purpose machinery n.e.c. |
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US SIC 1987: |
Key Executives
|
Name |
Title |
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President, Representative Director |
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Chief Director of Administration, Director of Accounting, Director |
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Chief Director of Solar Cell Business, Senior Manager of Main Solar
Cell-related Unit, Director of Customer Relations Management, Director |
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Vice President, Director |
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Deputy Chief Director of Solar Cell Business, Director |
Significant Developments
|
Topic |
#* |
Most Recent
Headline |
Date |
|
2 |
NPC
Incorporated Lowers Consolidated Full-year Outlook for FY 2013 |
9-Jul-2013 |
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|
1 |
NPC
Incorporated Dissolves Subsidiary; Expects Extraordinary Losses for FY 2013 |
9-Jul-2013 |
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|
2 |
NPC
Incorporated Cancels Mid-year Dividend Forecast for FY 2013 |
9-Apr-2013 |
* number of
significant developments within the last 12 months
News
|
Title |
Date |
|
$1.81
Million Federal Contract Awarded to NPC Inc. |
14-Sep-2013 |
|
Federal
Contracts Awarded to Companies in Pennsylvania (Sept. 14) |
14-Sep-2013 |
|
Federal
Contracts Awarded by Federal Agencies in Ohio (Sept. 14) |
14-Sep-2013 |
|
WIPO
PUBLISHES PATENT OF NPC FOR "CONDUCTIVE PASTE APPLYING MECHANISM AND
CELL WIRING DEVICE" (JAPANESE INVENTORS) |
9-Sep-2013 |
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NPC
Incorporated Lowers Consolidated Full-year Outlook for FY 2013 |
9-Jul-2013 |
|
NPC
Incorporated Dissolves Subsidiary; Expects Extraordinary Losses for FY 2013 |
9-Jul-2013 |
Financial Summary
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As of 31-May-2013 |
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Stock Snapshot
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Traded: Tokyo Stock
Exchange: 6255 |
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As of 30-Aug-2013 Financials in: JPY |
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.71302
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 78.55711
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Industry Code
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ANZSIC 2006 Codes: |
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2469 |
- |
Other Specialised Machinery and Equipment
Manufacturing |
|
2429 |
- |
Other Electronic Equipment Manufacturing |
|
2499 |
- |
Other Machinery and Equipment
Manufacturing Not Elsewhere Classified |
|
ISIC Rev 4 Codes: |
||
|
2819 |
- |
Manufacture of other general-purpose
machinery |
|
2610 |
- |
Manufacture of electronic components and
boards |
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NACE Rev 2 Codes: |
||
|
2829 |
- |
Manufacture of other general-purpose
machinery n.e.c. |
|
2611 |
- |
Manufacture of electronic components |
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NAICS 2012 Codes: |
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333242 |
- |
Semiconductor Machinery Manufacturing |
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334413 |
- |
Semiconductor and Related Device
Manufacturing |
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333993 |
- |
Packaging Machinery Manufacturing |
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US SIC 1987: |
||
|
3559 |
- |
Special Industry Machinery, Not Elsewhere
Classified |
|
3565 |
- |
Packaging Machinery |
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3674 |
- |
Semiconductors and Related Devices |
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UK SIC 2007: |
||
|
2829 |
- |
Manufacture of other general-purpose
machinery n.e.c. |
|
2611 |
- |
Manufacture of electronic components |
Business Description
NPC Incorporated is a company engaged in photovoltaic
manufacturing equipment business, vacuum packaging machine business and
automatic equipment business. The Photovoltaic Manufacturing Equipment segment
is engaged in the development, design, manufacture, sale and installment of
photovoltaic manufacturing equipment, including cell testers, automatic cell
wiring equipment, vacuum laminators and module testers, as well as the
provision of maintenance services for its products. The Vacuum Packaging
Machine segment develops, manufactures and sells various vacuum packaging
machines, as well as provides products for food, electric equipment, electronic
component and automobile part industries. The Company also involves in the
contract processing of the solar cell modules. As of August 31, 2012, the
Company had five consolidated subsidiaries. For the nine months ended 31 May
2013, NPC Incorporated revenues decreased 56% to Y3.18B. Net loss applicable to
common stockholders decreased 57% to Y530.9M. Revenues reflect a decrease in
demand for the Company's products and services due to unfavorable market
conditions. Lower net loss reflects NOP Foreign Exchange Gains increase from
Y0K to Y479M (income), Impairment loss decrease from Y371.3M (expense) to Y0K.
More Business Descriptions
Manufacture of vacuum packaging machinery and solar battery
making equipment
Solar Cell Equipment & Vacuum Packaging Machine
Developer, Mfr & Sales
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Equity and Dept Distribution: |
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06/29/07, IPO 300,000 shares @ Y3,200 per share
by Okasan Securities. All shares prior to IPO are based on Pro-Forma. The
Company started to report consolidated financials from FY'07. 08/2007,
4-for-1 stock split. 8/2009, 2-for-1 stock split |
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Corporate Structure News
Total Corporate Family Members: 4
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Arakawa-Ku |
Japan |
Machinery and Equipment Manufacturing |
120.0 |
357 |
|
|
Subsidiary |
Köln, Nordrhein-Westfalen |
Germany |
Residential and Commercial Building
Construction |
|
40 |
|
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Subsidiary |
Cologne |
Germany |
Semiconductor and Other Electronic
Component Manufacturing |
|
10 |
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Subsidiary |
Englewood Cliffs, NJ |
United States |
Semiconductor and Other Electronic Component
Manufacturing |
|
7 |
Executives Report
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Board
of Directors |
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Chief Director of Solar Cell Business, Senior
Manager of Main Solar Cell-related Unit, Director of Customer Relations
Management, Director |
Director/Board Member |
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Chief Director of Administration, Director
of Accounting, Director |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Vice President, Director |
Director/Board Member |
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Deputy Chief Director of Solar Cell
Business, Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Chief Director of Administration, Director
of Accounting, Director |
Administration Executive |
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Chief Director of Solar Cell Business,
Senior Manager of Main Solar Cell-related Unit, Director of Customer
Relations Management, Director |
Customer Service Executive |
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Vice President, Director |
Investor Relations Executive |
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NPC
Incorporated Lowers Consolidated Full-year Outlook for FY 2013 Jul
09, 2013
|
|
NPC
Incorporated Dissolves Subsidiary; Expects Extraordinary Losses for FY 2013 Jul
09, 2013
|
|
NPC
Incorporated Lowers Consolidated Full-year Forecast for FY 2013 Apr
09, 2013
|
|
NPC
Incorporated Cancels Mid-year Dividend Forecast for FY 2013 Apr
09, 2013
|
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NPC
Incorporated Cancels Year-end Dividend Payment Plan for FY Ended August 2012 Oct
10, 2012
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Annual Income Statement
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
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) |
78.713023 |
81.652104 |
90.19373 |
96.46726 |
108.405656 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
120.0 |
203.0 |
166.3 |
146.8 |
86.5 |
|
Revenue |
120.0 |
203.0 |
166.3 |
146.8 |
86.5 |
|
Total Revenue |
120.0 |
203.0 |
166.3 |
146.8 |
86.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
104.2 |
184.9 |
128.7 |
98.7 |
59.4 |
|
Cost of Revenue,
Total |
104.2 |
184.9 |
128.7 |
98.7 |
59.4 |
|
Gross Profit |
15.8 |
18.1 |
37.5 |
48.1 |
27.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
12.7 |
17.8 |
15.3 |
12.0 |
8.6 |
|
Labor &
Related Expense |
10.7 |
12.0 |
7.6 |
6.9 |
4.4 |
|
Total Selling/General/Administrative
Expenses |
23.4 |
29.8 |
22.9 |
18.9 |
13.1 |
|
Research & Development |
3.1 |
4.1 |
4.0 |
1.7 |
1.0 |
|
Depreciation |
1.3 |
1.5 |
0.4 |
0.3 |
0.2 |
|
Depreciation/Amortization |
1.3 |
1.5 |
0.4 |
0.3 |
0.2 |
|
Impairment-Assets
Held for Use |
4.2 |
- |
- |
- |
- |
|
Impairment-Assets
Held for Sale |
0.0 |
-0.2 |
0.0 |
- |
- |
|
Other Unusual
Expense (Income) |
0.2 |
-1.5 |
-1.9 |
0.0 |
0.0 |
|
Unusual Expense
(Income) |
4.4 |
-1.7 |
-1.9 |
0.0 |
0.0 |
|
Other Operating
Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating
Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating
Expense |
136.5 |
218.6 |
154.1 |
119.6 |
73.7 |
|
|
|
|
|
|
|
|
Operating Income |
-16.5 |
-15.6 |
12.2 |
27.2 |
12.8 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-0.7 |
-0.5 |
0.0 |
0.0 |
0.0 |
|
Interest Expense,
Net Non-Operating |
-0.7 |
-0.5 |
0.0 |
0.0 |
0.0 |
|
Interest
Income - Non-Operating |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
Investment
Income - Non-Operating |
-2.4 |
-0.1 |
0.0 |
-0.1 |
0.0 |
|
Interest/Investment
Income - Non-Operating |
-2.4 |
-0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Income
(Expense) - Net Non-Operating Total |
-3.2 |
-0.6 |
0.1 |
0.1 |
0.1 |
|
Other Non-Operating
Income (Expense) |
0.0 |
4.5 |
2.2 |
-0.1 |
0.3 |
|
Other, Net |
0.0 |
4.5 |
2.2 |
-0.1 |
0.3 |
|
Income Before
Tax |
-19.6 |
-11.7 |
14.5 |
27.2 |
13.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
3.3 |
-1.1 |
5.4 |
10.9 |
5.5 |
|
Income After Tax |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Net Income
Before Extraord Items |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
Net Income |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total
Adjustments to Net Income |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available
to Common Excl Extraord Items |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Income Available
to Common Incl Extraord Items |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
19.9 |
18.6 |
18.2 |
17.5 |
16.5 |
|
Basic EPS Excl Extraord Items |
-1.15 |
-0.57 |
0.50 |
0.93 |
0.47 |
|
Basic/Primary EPS Incl Extraord Items |
-1.15 |
-0.57 |
0.50 |
0.93 |
0.47 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
Diluted Weighted Average Shares |
19.9 |
18.6 |
18.6 |
18.6 |
17.8 |
|
Diluted EPS Excl Extraord Items |
-1.15 |
-0.57 |
0.49 |
0.88 |
0.43 |
|
Diluted EPS Incl Extraord Items |
-1.15 |
-0.57 |
0.49 |
0.88 |
0.43 |
|
Dividends per Share - Common Stock Primary
Issue |
0.00 |
0.05 |
0.04 |
0.04 |
0.02 |
|
Gross Dividends - Common Stock |
0.0 |
0.9 |
0.8 |
0.7 |
0.3 |
|
Interest Expense, Supplemental |
0.7 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
4.7 |
4.0 |
2.1 |
1.7 |
0.9 |
|
Total Special Items |
4.8 |
-1.0 |
-1.9 |
0.0 |
0.0 |
|
Normalized Income
Before Tax |
-14.8 |
-12.7 |
12.6 |
27.2 |
13.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.6 |
-0.6 |
-0.7 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
4.9 |
-1.7 |
4.7 |
10.9 |
5.5 |
|
Normalized
Income After Tax |
-19.7 |
-11.0 |
7.9 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
-19.7 |
-11.0 |
7.9 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.99 |
-0.59 |
0.44 |
0.93 |
0.47 |
|
Diluted Normalized EPS |
-0.99 |
-0.59 |
0.43 |
0.88 |
0.43 |
|
Amort of Acquisition Costs, Supplemental |
0.3 |
0.7 |
0.0 |
- |
- |
|
Research & Development Exp,
Supplemental |
3.1 |
4.1 |
4.0 |
1.7 |
1.0 |
|
Reported Operating Profit |
-12.0 |
-17.2 |
10.3 |
27.2 |
12.8 |
|
Reported Ordinary Profit |
-15.2 |
-13.1 |
12.6 |
27.2 |
13.2 |
|
Normalized EBIT |
-12.0 |
-17.2 |
10.3 |
27.2 |
12.8 |
|
Normalized EBITDA |
-7.0 |
-12.5 |
12.4 |
29.0 |
13.7 |
|
Current Tax -
Total |
0.5 |
- |
- |
- |
- |
|
Current Tax - Total |
0.5 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
2.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
2.9 |
- |
- |
- |
- |
|
Income Tax - Total |
3.3 |
- |
- |
- |
- |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.557111 |
76.47 |
83.97 |
92.765 |
108.525 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
15.6 |
34.5 |
32.0 |
58.0 |
46.4 |
|
Cash and Short
Term Investments |
15.6 |
34.5 |
32.0 |
58.0 |
46.4 |
|
Accounts
Receivable - Trade, Gross |
17.8 |
44.9 |
41.0 |
13.7 |
12.4 |
|
Provision
for Doubtful Accounts |
-0.6 |
-0.3 |
-0.2 |
-0.2 |
0.0 |
|
Trade Accounts
Receivable - Net |
17.2 |
44.6 |
40.8 |
13.5 |
12.4 |
|
Total
Receivables, Net |
17.2 |
44.6 |
40.8 |
13.5 |
12.4 |
|
Inventories -
Finished Goods |
0.6 |
0.9 |
1.2 |
1.0 |
1.3 |
|
Inventories - Work
In Progress |
49.3 |
80.3 |
46.4 |
39.7 |
38.4 |
|
Inventories - Raw
Materials |
9.5 |
12.4 |
1.8 |
1.6 |
0.7 |
|
Total Inventory |
59.5 |
93.5 |
49.4 |
42.3 |
40.3 |
|
Deferred Income
Tax - Current Asset |
0.6 |
2.8 |
1.7 |
2.0 |
0.7 |
|
Other Current
Assets |
1.1 |
14.5 |
8.5 |
5.1 |
4.7 |
|
Other Current
Assets, Total |
1.7 |
17.4 |
10.2 |
7.1 |
5.4 |
|
Total Current
Assets |
94.0 |
189.9 |
132.4 |
120.8 |
104.4 |
|
|
|
|
|
|
|
|
Buildings |
54.7 |
56.1 |
23.3 |
20.9 |
9.8 |
|
Land/Improvements |
26.3 |
27.0 |
24.6 |
15.4 |
13.2 |
|
Construction
in Progress |
- |
0.0 |
3.0 |
0.0 |
0.0 |
|
Other
Property/Plant/Equipment |
5.1 |
7.5 |
5.2 |
4.4 |
2.5 |
|
Property/Plant/Equipment
- Gross |
86.1 |
90.6 |
56.0 |
40.7 |
25.5 |
|
Accumulated
Depreciation |
-10.8 |
-9.1 |
-5.7 |
-3.5 |
-1.8 |
|
Property/Plant/Equipment
- Net |
75.3 |
81.5 |
50.3 |
37.2 |
23.8 |
|
Goodwill, Net |
0.0 |
3.2 |
0.0 |
- |
- |
|
Intangibles, Net |
1.8 |
5.5 |
1.3 |
1.3 |
0.8 |
|
LT Investments -
Other |
0.0 |
0.3 |
0.5 |
0.0 |
0.0 |
|
Long Term
Investments |
0.0 |
0.3 |
0.5 |
0.0 |
0.0 |
|
Deferred Income Tax
- Long Term Asset |
0.0 |
0.6 |
0.0 |
0.0 |
0.0 |
|
Other Long Term
Assets |
0.3 |
1.9 |
3.6 |
2.3 |
1.7 |
|
Other Long Term
Assets, Total |
0.3 |
2.5 |
3.6 |
2.3 |
1.8 |
|
Total Assets |
171.3 |
282.8 |
188.1 |
161.7 |
130.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
6.4 |
70.3 |
68.2 |
37.4 |
38.7 |
|
Accrued Expenses |
- |
- |
- |
- |
0.0 |
|
Notes Payable/Short Term Debt |
38.2 |
43.1 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital
Leases |
9.0 |
9.2 |
0.0 |
- |
- |
|
Customer Advances |
5.7 |
23.7 |
13.9 |
27.9 |
29.0 |
|
Income Taxes
Payable |
0.3 |
0.3 |
0.0 |
9.2 |
4.3 |
|
Other Current
Liabilities |
7.2 |
11.4 |
7.7 |
6.6 |
3.9 |
|
Other Current
liabilities, Total |
13.1 |
35.5 |
21.7 |
43.7 |
37.3 |
|
Total Current
Liabilities |
66.7 |
158.0 |
89.9 |
81.1 |
76.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
20.1 |
29.9 |
0.0 |
- |
- |
|
Total Long Term
Debt |
20.1 |
29.9 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
67.2 |
82.2 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income
Tax - LT Liability |
0.3 |
0.0 |
0.3 |
0.1 |
0.0 |
|
Deferred Income
Tax |
0.3 |
0.0 |
0.3 |
0.1 |
0.0 |
|
Other Long Term
Liabilities |
0.0 |
- |
- |
- |
- |
|
Other
Liabilities, Total |
0.0 |
- |
- |
- |
- |
|
Total Liabilities |
87.0 |
187.9 |
90.2 |
81.3 |
76.0 |
|
|
|
|
|
|
|
|
Common Stock |
35.8 |
28.4 |
25.9 |
23.3 |
19.9 |
|
Common Stock |
35.8 |
28.4 |
25.9 |
23.3 |
19.9 |
|
Additional Paid-In Capital |
34.8 |
27.4 |
25.0 |
22.4 |
19.2 |
|
Retained Earnings (Accumulated Deficit) |
15.1 |
40.1 |
47.7 |
35.0 |
15.7 |
|
Treasury Stock - Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrealized Gain (Loss) |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Translation
Adjustment |
-1.4 |
-1.0 |
-0.7 |
-0.3 |
0.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other
Comprehensive Income |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Other Equity,
Total |
-1.4 |
-1.0 |
-0.6 |
-0.3 |
0.0 |
|
Total Equity |
84.3 |
95.0 |
97.9 |
80.4 |
54.8 |
|
|
|
|
|
|
|
|
Total Liabilities
& Shareholders’ Equity |
171.3 |
282.8 |
188.1 |
161.7 |
130.8 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
22.1 |
18.6 |
18.6 |
17.5 |
17.5 |
|
Total Common
Shares Outstanding |
22.1 |
18.6 |
18.6 |
17.5 |
17.5 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
357 |
594 |
413 |
294 |
218 |
|
Number of Common Shareholders |
14,414 |
12,385 |
8,919 |
8,110 |
5,733 |
|
Deferred Revenue - Current |
5.7 |
23.7 |
13.9 |
27.9 |
29.0 |
|
Total Long Term Debt, Supplemental |
9.0 |
39.1 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
9.0 |
9.2 |
- |
- |
- |
|
Long Term Debt Maturing in Year 2 |
- |
9.2 |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
- |
9.2 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
- |
9.2 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
2.3 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
18.4 |
- |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
- |
11.4 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 &
Beyond |
0.0 |
0.0 |
- |
- |
- |
|
Total Capital Leases, Supplemental |
20.1 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
4.5 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
4.5 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
8.9 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
2.2 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
13.4 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
2.2 |
- |
- |
- |
- |
Annual Cash Flows
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
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) |
78.713023 |
81.652104 |
90.19373 |
96.46726 |
108.405656 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-19.6 |
-11.7 |
14.5 |
27.2 |
13.2 |
|
Depreciation |
4.7 |
4.0 |
2.1 |
1.7 |
0.9 |
|
Depreciation/Depletion |
4.7 |
4.0 |
2.1 |
1.7 |
0.9 |
|
Amortization of
Acquisition Costs |
0.3 |
0.7 |
0.0 |
- |
- |
|
Amortization |
0.3 |
0.7 |
0.0 |
- |
- |
|
Unusual Items |
3.5 |
-5.6 |
-4.0 |
0.0 |
-0.5 |
|
Other Non-Cash
Items |
0.0 |
-0.2 |
0.0 |
0.5 |
0.0 |
|
Non-Cash Items |
3.6 |
-5.8 |
-4.0 |
0.5 |
-0.5 |
|
Accounts
Receivable |
25.5 |
0.0 |
-24.1 |
0.6 |
-8.1 |
|
Inventories |
28.8 |
-32.0 |
-2.6 |
4.6 |
-25.9 |
|
Accounts Payable |
-59.2 |
-4.3 |
25.0 |
-7.5 |
21.5 |
|
Accrued Expenses |
- |
- |
- |
0.0 |
-0.2 |
|
Other Liabilities |
-16.3 |
7.9 |
-15.7 |
-5.8 |
22.0 |
|
Other Operating
Cash Flow |
9.7 |
3.0 |
-12.2 |
-4.8 |
-4.1 |
|
Changes in
Working Capital |
-11.5 |
-25.4 |
-29.7 |
-13.0 |
5.2 |
|
Cash from
Operating Activities |
-22.5 |
-38.2 |
-17.0 |
16.4 |
18.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-0.8 |
-28.8 |
-10.7 |
-11.9 |
-16.7 |
|
Capital
Expenditures |
-0.8 |
-28.8 |
-10.7 |
-11.9 |
-16.7 |
|
Acquisition of
Business |
0.0 |
-11.7 |
0.0 |
- |
- |
|
Sale of Fixed
Assets |
0.9 |
- |
- |
- |
- |
|
Sale/Maturity of
Investment |
0.1 |
12.4 |
49.0 |
1.4 |
3.9 |
|
Purchase of
Investments |
- |
0.0 |
-25.5 |
-32.2 |
-0.1 |
|
Other Investing
Cash Flow |
1.6 |
1.9 |
-1.4 |
-0.3 |
-0.8 |
|
Other Investing
Cash Flow Items, Total |
2.6 |
2.6 |
22.1 |
-31.0 |
3.0 |
|
Cash from
Investing Activities |
1.8 |
-26.2 |
11.4 |
-43.0 |
-13.7 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
0.0 |
- |
- |
- |
- |
|
Financing Cash
Flow Items |
0.0 |
- |
- |
- |
- |
|
Cash Dividends
Paid - Common |
-0.9 |
-0.9 |
-0.8 |
-0.4 |
-0.2 |
|
Total Cash
Dividends Paid |
-0.9 |
-0.9 |
-0.8 |
-0.4 |
-0.2 |
|
Sale/Issuance
of Common |
- |
- |
- |
0.0 |
29.3 |
|
Repurchase/Retirement
of Common |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
0.0 |
- |
0.0 |
0.0 |
29.3 |
|
Options Exercised |
- |
0.0 |
0.4 |
0.0 |
0.1 |
|
Issuance
(Retirement) of Stock, Net |
0.0 |
0.0 |
0.4 |
0.0 |
29.4 |
|
Short
Term Debt Reduction |
- |
-110.2 |
0.0 |
- |
- |
|
Short Term Debt,
Net |
-3.2 |
40.3 |
0.0 |
- |
0.0 |
|
Long
Term Debt Issued |
19.0 |
43.1 |
0.0 |
- |
- |
|
Long
Term Debt Reduction |
-11.8 |
-6.5 |
- |
- |
0.0 |
|
Long Term Debt,
Net |
7.1 |
36.6 |
0.0 |
- |
0.0 |
|
Issuance
(Retirement) of Debt, Net |
3.9 |
76.9 |
0.0 |
- |
0.0 |
|
Cash from
Financing Activities |
3.0 |
76.0 |
-0.4 |
-0.4 |
29.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-0.1 |
-0.3 |
-0.3 |
0.0 |
|
Net Change in
Cash |
-17.9 |
11.6 |
-6.3 |
-27.2 |
34.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
33.5 |
20.7 |
25.0 |
50.6 |
10.7 |
|
Net Cash - Ending Balance |
15.5 |
32.3 |
18.7 |
23.4 |
45.0 |
|
Cash Interest Paid |
0.7 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
-1.9 |
0.9 |
15.4 |
7.9 |
3.7 |
ANNUAL INCOME STATEMENT
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
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) |
78.713023 |
81.652104 |
90.19373 |
96.46726 |
108.405656 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
120.0 |
203.0 |
166.3 |
146.8 |
86.5 |
|
Total Revenue |
120.0 |
203.0 |
166.3 |
146.8 |
86.5 |
|
|
|
|
|
|
|
|
Rounding
adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Impairment loss |
4.2 |
- |
- |
- |
- |
|
Cost of sales |
104.2 |
184.9 |
128.7 |
98.7 |
59.4 |
|
Other
Selling/General/Admin. Expense |
4.6 |
- |
- |
- |
- |
|
Selling Commission |
1.0 |
1.8 |
3.7 |
1.4 |
0.7 |
|
Directors
Compensation |
1.6 |
2.1 |
1.4 |
1.6 |
1.0 |
|
Salaries And
Allowance |
9.1 |
10.0 |
6.1 |
5.3 |
3.5 |
|
Traveling And
Transportation Expense |
3.6 |
4.3 |
3.0 |
2.4 |
1.8 |
|
Insurance Expenses |
1.0 |
1.4 |
2.1 |
1.6 |
1.3 |
|
Commission Fee
Payable |
1.6 |
3.2 |
2.5 |
2.3 |
1.3 |
|
Depreciation |
1.3 |
1.5 |
0.4 |
0.3 |
0.2 |
|
Compensation |
0.6 |
1.0 |
0.2 |
0.8 |
1.2 |
|
Bad Debt
Exp&Prov of Allow.-Dbt Acct-SGA |
0.3 |
0.2 |
- |
0.0 |
- |
|
Research And
Development Expenses |
3.1 |
4.1 |
4.0 |
1.7 |
1.0 |
|
Other general
expenses |
- |
6.0 |
4.0 |
3.4 |
2.4 |
|
Rounding
adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Other |
0.7 |
- |
- |
- |
- |
|
SP Reversal G on
allow.doubt.accounts |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Subsidy |
-2.4 |
-1.5 |
-1.9 |
0.0 |
- |
|
Special retirement
expenses |
1.9 |
0.0 |
0.1 |
0.0 |
- |
|
NOP G on valuation
of derivatives |
0.0 |
-0.2 |
0.0 |
- |
- |
|
Total Operating
Expense |
136.5 |
218.6 |
154.1 |
119.6 |
73.7 |
|
|
|
|
|
|
|
|
NOP Interest
income |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
NOP Dividend
income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Foreign
exchange gains |
- |
0.0 |
0.0 |
0.0 |
- |
|
Rounding
adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Taxes and dues |
-0.6 |
- |
- |
- |
- |
|
NOP Income from
canc. of insurance |
0.7 |
4.1 |
2.1 |
0.2 |
0.5 |
|
NOP G on the sale
of LT inv't in secs |
- |
- |
- |
0.0 |
0.0 |
|
NOP Other
non-operating income |
0.8 |
0.5 |
0.3 |
0.2 |
0.1 |
|
NOP Interest
expenses |
-0.7 |
-0.5 |
0.0 |
0.0 |
0.0 |
|
NOP Commission
expenses |
-0.5 |
-0.1 |
-0.1 |
-0.4 |
-0.1 |
|
NOP Share issue
expenses |
- |
- |
- |
0.0 |
-0.2 |
|
NOP IPO related
expenses |
- |
- |
- |
- |
0.0 |
|
NOP Foreign exchange
losses |
-2.4 |
-0.2 |
0.0 |
-0.1 |
0.0 |
|
NOP Other
non-operating expenses |
-0.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income
Before Taxes |
-19.6 |
-11.7 |
14.5 |
27.2 |
13.2 |
|
|
|
|
|
|
|
|
Income taxes-current |
3.3 |
-1.1 |
5.4 |
10.9 |
5.5 |
|
Net Income After
Taxes |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Net Income
Before Extra. Items |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
Net Income |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available
to Com Excl ExtraOrd |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
19.9 |
18.6 |
18.2 |
17.5 |
16.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.15 |
-0.57 |
0.50 |
0.93 |
0.47 |
|
Basic EPS Including ExtraOrdinary Items |
-1.15 |
-0.57 |
0.50 |
0.93 |
0.47 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-22.9 |
-10.5 |
9.1 |
16.3 |
7.7 |
|
Diluted Weighted Average Shares |
19.9 |
18.6 |
18.6 |
18.6 |
17.8 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.15 |
-0.57 |
0.49 |
0.88 |
0.43 |
|
Diluted EPS Including ExtraOrd Items |
-1.15 |
-0.57 |
0.49 |
0.88 |
0.43 |
|
DPS-Ordinary Shares |
0.00 |
0.05 |
0.04 |
0.04 |
0.02 |
|
Gross Dividends - Common Stock |
0.0 |
0.9 |
0.8 |
0.7 |
0.3 |
|
Normalized
Income Before Taxes |
-14.8 |
-12.7 |
12.6 |
27.2 |
13.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.9 |
-1.7 |
4.7 |
10.9 |
5.5 |
|
Normalized
Income After Taxes |
-19.7 |
-11.0 |
7.9 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
-19.7 |
-11.0 |
7.9 |
16.3 |
7.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.99 |
-0.59 |
0.44 |
0.93 |
0.47 |
|
Diluted Normalized EPS |
-0.99 |
-0.59 |
0.43 |
0.88 |
0.43 |
|
Interest expenses |
0.7 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Research And Development Expenses |
3.1 |
4.1 |
4.0 |
1.7 |
1.0 |
|
Dep. of Tangible Assets-Current Portion |
4.7 |
- |
- |
- |
- |
|
Depreciation expenses |
- |
4.0 |
2.1 |
1.7 |
0.9 |
|
Amortization of Goodwill - footnote |
0.3 |
- |
- |
- |
- |
|
Amortization of goodwill |
- |
0.7 |
0.0 |
- |
- |
|
Income
taxes-current |
0.5 |
- |
- |
- |
- |
|
Current Tax - Total |
0.5 |
- |
- |
- |
- |
|
Income
taxes-deferred |
2.9 |
- |
- |
- |
- |
|
Deferred Tax - Total |
2.9 |
- |
- |
- |
- |
|
Income Tax - Total |
3.3 |
- |
- |
- |
- |
|
Reported Operating Profit |
-12.0 |
-17.2 |
10.3 |
27.2 |
12.8 |
|
Reported Ordinary Profit |
-15.2 |
-13.1 |
12.6 |
27.2 |
13.2 |
ANNUAL BALANCE SHEET
|
|
|
Financials
in: USD (mil) |
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.557111 |
76.47 |
83.97 |
92.765 |
108.525 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
deposits |
15.6 |
34.5 |
32.0 |
58.0 |
46.4 |
|
Notes and accounts
receivable-trade |
17.8 |
44.9 |
41.0 |
13.7 |
12.4 |
|
Inventories -
merchandise&finished goods |
0.6 |
0.9 |
1.2 |
1.0 |
1.3 |
|
Inventories -
work-in-process |
49.3 |
80.3 |
46.4 |
39.7 |
38.4 |
|
Inventories - raw
materials & supplies |
9.5 |
12.4 |
1.8 |
1.6 |
0.7 |
|
Deferred income
taxes (current) |
0.6 |
2.8 |
1.7 |
2.0 |
0.7 |
|
Rounding
adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other current
assets |
1.1 |
14.5 |
8.5 |
5.1 |
4.7 |
|
Allow.doubt.accounts
(current) |
-0.6 |
-0.3 |
-0.2 |
-0.2 |
0.0 |
|
Total current
assets |
94.0 |
189.9 |
132.4 |
120.8 |
104.4 |
|
|
|
|
|
|
|
|
Buildings &
structures, gross |
54.7 |
56.1 |
23.3 |
20.9 |
9.8 |
|
Depreciation-Buildings&Structures |
-7.3 |
-5.0 |
-2.9 |
-1.6 |
-0.7 |
|
Land |
26.3 |
27.0 |
24.6 |
15.4 |
13.2 |
|
Construction in
progress |
- |
0.0 |
3.0 |
0.0 |
0.0 |
|
Other PPE, gross |
5.1 |
7.5 |
5.2 |
4.4 |
2.5 |
|
Depreciation-other |
-3.5 |
-4.2 |
-2.9 |
-1.9 |
-1.1 |
|
Goodwill |
0.0 |
3.2 |
0.0 |
- |
- |
|
Other |
1.8 |
- |
- |
- |
- |
|
Total
intangible assets(1) |
- |
5.5 |
1.3 |
- |
- |
|
Total
intangible assets |
- |
- |
- |
1.3 |
0.8 |
|
Long-term
investment in securities |
0.0 |
0.3 |
0.5 |
0.0 |
0.0 |
|
Rounding
adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long
Term Assets |
0.0 |
- |
- |
- |
- |
|
Deferred tax
assets |
0.0 |
0.6 |
0.0 |
0.0 |
0.0 |
|
Other assets |
0.3 |
2.0 |
3.6 |
2.4 |
2.3 |
|
Allow.doubt.accounts
(non-current) |
0.0 |
0.0 |
0.0 |
0.0 |
-0.5 |
|
Property/Plant/Equipment,
Total - Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
171.3 |
282.8 |
188.1 |
161.7 |
130.8 |
|
|
|
|
|
|
|
|
Notes and accounts
payable-trade |
6.4 |
70.3 |
68.2 |
37.4 |
38.7 |
|
Short-term loans
payable |
38.2 |
43.1 |
0.0 |
- |
- |
|
Current portion of
long-term loans payab |
9.0 |
9.2 |
0.0 |
- |
- |
|
Income taxes
payable |
0.3 |
0.3 |
0.0 |
9.2 |
4.3 |
|
Advances received |
5.7 |
23.7 |
13.9 |
27.9 |
29.0 |
|
Reserve for
bonuses |
- |
- |
- |
- |
0.0 |
|
Reserve for
directors' bonuses |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment
Liability |
0.0 |
- |
- |
- |
- |
|
Reserve for
construction order losses |
0.4 |
1.0 |
1.5 |
1.2 |
0.1 |
|
Other current
liabilities |
6.7 |
10.4 |
6.2 |
5.4 |
3.8 |
|
Total Current
Liabilities |
66.7 |
158.0 |
89.9 |
81.1 |
76.0 |
|
|
|
|
|
|
|
|
Long-term loans
payable |
20.1 |
29.9 |
0.0 |
- |
- |
|
Total Long Term
Debt |
20.1 |
29.9 |
0.0 |
- |
- |
|
|
|
|
|
|
|
|
Deferred tax
liabilities (non-current) |
0.3 |
0.0 |
0.3 |
0.1 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Total
Liabilities |
87.0 |
187.9 |
90.2 |
81.3 |
76.0 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common stock |
35.8 |
28.4 |
25.9 |
23.3 |
19.9 |
|
Capital surplus |
34.8 |
27.4 |
25.0 |
22.4 |
19.2 |
|
Retained surplus |
15.1 |
40.1 |
47.7 |
35.0 |
15.7 |
|
Treasury Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Valuation
difference on available-for-sa |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Deferred hedge
gain/loss |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Cumulative
translation adjustments |
-1.4 |
-1.0 |
-0.7 |
-0.3 |
0.0 |
|
Total Equity |
84.3 |
95.0 |
97.9 |
80.4 |
54.8 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
171.3 |
282.8 |
188.1 |
161.7 |
130.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary
Shares |
22.1 |
18.6 |
18.6 |
17.5 |
17.5 |
|
Total Common
Shares Outstanding |
22.1 |
18.6 |
18.6 |
17.5 |
17.5 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advances received |
5.7 |
23.7 |
13.9 |
27.9 |
29.0 |
|
Full-Time Employees |
357 |
594 |
413 |
294 |
218 |
|
Total Number of Shareholders |
14,414 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
12,385 |
8,919 |
8,110 |
5,733 |
|
LT debt maturing in 1 year |
9.0 |
9.2 |
- |
- |
- |
|
LT debt maturing in 2 years |
- |
9.2 |
- |
- |
- |
|
LT debt maturing in 3 years |
- |
9.2 |
- |
- |
- |
|
LT debt maturing in 4 years |
- |
9.2 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
2.3 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
9.0 |
39.1 |
- |
- |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
8.9 |
- |
- |
- |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
8.9 |
- |
- |
- |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
2.2 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
20.1 |
- |
- |
- |
- |
ANNUAL CASH FLOWS
|
|
|
|
|
Financials
in: USD (mil) |
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
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) |
78.713023 |
81.652104 |
90.19373 |
96.46726 |
108.405656 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income before taxes |
-19.6 |
-11.7 |
14.5 |
27.2 |
13.2 |
|
Depreciation |
4.7 |
4.0 |
2.1 |
1.7 |
0.9 |
|
Amortization of
goodwill |
0.3 |
0.7 |
0.0 |
- |
- |
|
Subsidy income |
-2.4 |
- |
- |
- |
- |
|
Extra retirement
payment |
1.9 |
- |
- |
- |
- |
|
Increase
(decrease) in allowance for dou |
0.2 |
0.2 |
-0.1 |
-0.4 |
0.0 |
|
Reserve for
bonuses |
- |
- |
- |
0.0 |
-0.1 |
|
Reserve for
directors' bonuses |
- |
- |
- |
0.0 |
-0.1 |
|
Increase
(decrease) in provision for los |
-0.4 |
-0.8 |
0.2 |
1.1 |
0.1 |
|
Reversal of
int.& dividends rcvd. |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.1 |
|
Reversal of
interest expenses |
0.7 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Impairment loss |
4.2 |
- |
- |
- |
- |
|
Loss (gain) on
cancellation of insurance |
-0.7 |
-4.1 |
-2.1 |
0.0 |
-0.5 |
|
Subsidy income |
- |
-1.5 |
-1.9 |
0.0 |
- |
|
Decrease
(increase) in notes and account |
25.5 |
0.0 |
-24.1 |
0.6 |
-8.1 |
|
Decrease (increase)
in inventories |
28.8 |
-32.0 |
-2.6 |
4.6 |
-25.9 |
|
Increase
(decrease) in notes and account |
-59.2 |
-4.3 |
25.0 |
-7.5 |
21.5 |
|
Increase
(decrease) in advances received |
-16.3 |
7.9 |
-15.7 |
-5.8 |
22.0 |
|
Proceeds From Subsidy(1) |
2.4 |
- |
- |
- |
- |
|
Rounding
adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Payments for extra
retirement payments |
-1.9 |
- |
- |
- |
- |
|
Other, net |
7.3 |
-1.3 |
-0.9 |
3.0 |
-1.1 |
|
Int &
div.received(cash basis) |
0.0 |
0.0 |
0.2 |
0.2 |
0.1 |
|
Proceeds from
insurance income |
0.7 |
4.1 |
1.9 |
0.0 |
- |
|
Cancellation of
insurance received |
- |
- |
- |
0.0 |
0.5 |
|
Interest expenses
paid |
-0.7 |
-0.5 |
0.0 |
0.0 |
0.0 |
|
Proceeds from
subsidy |
- |
1.5 |
1.9 |
0.0 |
- |
|
Income taxes
(paid) refund |
1.9 |
-0.9 |
-15.4 |
-7.9 |
-3.7 |
|
Cash from
Operating Activities |
-22.5 |
-38.2 |
-17.0 |
16.4 |
18.8 |
|
|
|
|
|
|
|
|
Time deposit made |
- |
0.0 |
-25.5 |
-32.2 |
-0.1 |
|
proceed from sales
of inve. secu. |
0.1 |
- |
- |
- |
- |
|
Time deposit
matured |
0.0 |
12.2 |
49.0 |
1.4 |
3.8 |
|
Purchase of
property, plant and equipmen |
-0.8 |
-28.8 |
-10.7 |
-11.9 |
-16.7 |
|
Proceeds from
sales of property, plant a |
0.9 |
- |
- |
- |
- |
|
Purchase of LT
inv't in sec. |
- |
- |
- |
0.0 |
0.0 |
|
Sale of LT inv't
in sec. |
- |
0.1 |
0.0 |
0.0 |
0.1 |
|
Payments for
transfer of business |
0.0 |
-11.7 |
0.0 |
- |
- |
|
Other, net |
1.6 |
1.9 |
-1.4 |
-0.3 |
-0.8 |
|
Cash from
Investing Activities |
1.8 |
-26.2 |
11.4 |
-43.0 |
-13.7 |
|
|
|
|
|
|
|
|
Change in
short-term debt, net |
- |
- |
- |
- |
0.0 |
|
Net increase
(decrease) in short-term lo |
-3.2 |
150.6 |
0.0 |
- |
- |
|
ST Debt repaid |
- |
-110.2 |
0.0 |
- |
- |
|
Proceeds from
issuance of bonds |
19.0 |
- |
- |
- |
- |
|
Proceeds from
long-term loans payable |
0.0 |
43.1 |
0.0 |
- |
- |
|
Redemption of
bonds |
-2.9 |
- |
- |
- |
- |
|
Repayment of
long-term loans payable |
-9.0 |
-6.5 |
- |
- |
- |
|
Bond redemption |
- |
- |
- |
- |
0.0 |
|
Stocks issued |
- |
- |
- |
0.0 |
29.3 |
|
Excerise of stock
option rights |
- |
0.0 |
0.4 |
0.0 |
0.1 |
|
Purchase Of
Treasury Stock |
0.0 |
- |
- |
- |
- |
|
Treasury stock
purchased |
- |
- |
0.0 |
0.0 |
0.0 |
|
Cash dividends
paid |
-0.9 |
-0.9 |
-0.8 |
-0.4 |
-0.2 |
|
Rounding
adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Cash from
Financing Activities |
3.0 |
76.0 |
-0.4 |
-0.4 |
29.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-0.1 |
-0.3 |
-0.3 |
0.0 |
|
Net increase
(decrease) in cash and cash |
-17.9 |
11.6 |
-6.3 |
-27.2 |
34.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
33.5 |
20.7 |
25.0 |
50.6 |
10.7 |
|
Net Cash - Ending Balance |
15.5 |
32.3 |
18.7 |
23.4 |
45.0 |
|
Cash Interest Paid |
0.7 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Income taxes
(paid) refund |
-1.9 |
0.9 |
15.4 |
7.9 |
3.7 |
Financial
Health
|
Financials
in: USD (mil) |
|
Except
for share items (millions) and per share items (actual units) |
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 (?) |
12.7 |
-58.18% |
120.0 |
-43.01% |
-12.63% |
7.58% |
|
Research & Development1 (?) |
0.5 |
-9.09% |
3.1 |
-27.27% |
13.35% |
27.23% |
|
Operating Income1 (?) |
-1.9 |
- |
-16.5 |
- |
- |
- |
|
Income Available to Common Excl Extraord
Items1 (?) |
-1.6 |
- |
-22.9 |
- |
- |
- |
|
Basic EPS Excl Extraord Items1 (?) |
-0.07 |
- |
-1.15 |
- |
- |
- |
|
Capital Expenditures2 (?) |
0.7 |
-10.92% |
0.8 |
-97.18% |
-61.37% |
-30.47% |
|
Cash from Operating Activities2 (?) |
3.7 |
- |
-22.5 |
- |
- |
- |
|
Free Cash Flow (?) |
2.6 |
- |
-23.4 |
- |
- |
- |
|
Total Assets3 (?) |
120.5 |
-24.86% |
171.3 |
-37.77% |
-3.55% |
21.81% |
|
Total Liabilities3 (?) |
62.6 |
-28.93% |
87.0 |
-52.41% |
-3.20% |
17.27% |
|
Total Long Term Debt3 (?) |
10.4 |
-48.89% |
20.1 |
-30.91% |
- |
- |
|
Employees3 (?) |
- |
- |
357 |
-39.90% |
6.69% |
20.59% |
|
Total Common Shares Outstanding3 (?) |
22.1 |
1.29% |
22.1 |
18.65% |
7.96% |
7.07% |
|
1-ExchangeRate: JPY to USD Average for
Period |
97.661577 |
 |
78.713023 |
 |
 |
 |
|
2-ExchangeRate: JPY to USD Average for
Period |
88.453332 |
 |
78.713023 |
 |
 |
 |
|
3-ExchangeRate: JPY to USD Period End Date |
100.886070 |
 |
78.557111 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
|
Profitability |
|||||
|
Gross Margin (?) |
13.14% |
8.94% |
22.58% |
32.79% |
31.33% |
|
Operating Margin (?) |
-13.71% |
-7.66% |
7.31% |
18.55% |
14.79% |
|
Pretax Margin (?) |
-16.34% |
-5.75% |
8.71% |
18.52% |
15.27% |
|
Net Profit Margin (?) |
-19.12% |
-5.19% |
5.49% |
11.13% |
8.91% |
|
Financial
Strength |
|||||
|
Current Ratio (?) |
1.41 |
1.20 |
1.47 |
1.49 |
1.37 |
|
Long Term Debt/Equity (?) |
0.24 |
0.31 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity (?) |
0.80 |
0.87 |
0.00 |
0.00 |
0.00 |
|
Management
Effectiveness |
|||||
|
Return on Assets (?) |
-10.29% |
-4.60% |
5.35% |
10.80% |
8.69% |
|
Return on Equity (?) |
-26.02% |
-11.12% |
10.50% |
23.51% |
21.19% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
3.97 |
4.85 |
6.42 |
10.92 |
10.31 |
|
Inventory Turnover (?) |
1.39 |
2.67 |
2.88 |
2.30 |
2.17 |
|
Asset Turnover (?) |
0.54 |
0.89 |
0.97 |
0.97 |
0.98 |
|
Market Valuation USD (mil) |
||||
|
Enterprise Value2 (?) |
81.2 |
. |
Price/Sales (TTM) (?) |
0.83 |
|
Enterprise Value/Revenue (TTM) (?) |
1.50 |
. |
Price/Book (MRQ) (?) |
0.77 |
|
Market Cap as of 30-Aug-20131 (?) |
45.7 |
. |
|
|
|
1-ExchangeRate: JPY to USD on 30-Aug-2013 |
98.350366 |
|
|
|
|
2-ExchangeRate: JPY to USD on 31-May-2013 |
100.886070 |
|
|
|
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.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
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.