MIRA INFORM REPORT

 

 

Report Date :

06.02.2014

 

 

 

 

 

Tel. No.:

523211526

Fax No.:

523325457

 

IDENTIFICATION DETAILS

 

Name :

NAGOYA LUMBER CO., LTD.

 

 

Registered Office :

2-6-41, Sanno, Nakagawa-ku, Nagoya-Shi, 454-0011

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

28.12.1945

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

·         Engaged in sales of industrial materials, wood deck construction and building contractors, as well as wood, plywood, building materials and housing equipment

Subject operates as Market Headquarter, Real Estate & Sales Headquarter segment

 

 

No. of Employees :

73

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct  

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

Nagoya Lumber Co., Ltd.   

           

 

2-6-41, Sanno, Nakagawa-ku

 

 

Nagoya-Shi, 454-0011

Japan

 

 

Tel:

81-52-3211526

Fax:

81-52-3325457

 

www.meimoku.co.jp

 

Employees:

73

Company Type:

Public Independent

Traded:

Nagoya Stock Exchange:

7903

Incorporation Date:

28-Dec-1945

Auditor:

Taiyo ASG Audit

Financials

USD (Millions)

Fiscal Year End:

31-Mar-2013

Reporting Currency:

Japanese Yen

Annual Sales:

62.3  1

Net Income:

0.3

Total Assets:

76.9  2

Market Value:

5.6

 

(24-Jan-2014)

 

 

Business Description     

 

 

Nagoya Lumber Co., Ltd. is a company mainly engaged in the sales of industrial materials, wood deck construction and building contractors, as well as wood, plywood, building materials and housing equipment. The Company operates in three business segments. The Sales Headquarter segment is engaged in the wholesale of wood products, plywood, construction materials and household equipment mainly in the areas of Aichi, Mie and Gifu Prefectures. The Market Headquarter segment is engaged in the design, engineering and sale of custom homes, the sale of floorings for floor heating use, engineering and repair work of houses, as well as the research and development of wood resources. The Real Estate segment is engaged in the leasing of real estate, the purchase and allotment sales of condominiums, detached houses and land in the areas of Mie Prefecture, as well as the construction of floorings and wood decks, new homes and the house refurbishment business. On July 3, 2013, it established a Japan-based subsidiary, engaged in retail of wood products. For the six months ended 30 September 2013, Nagoya Lumber Co., Ltd. revenues increased 15% to Y2.67B. Net loss applicable to common stockholders decreased 45% to Y6.9M. Revenues reflect Sales Division segment increase of 11% to Y2.12B, Markets Division segment increase of 36% to Y284.4M. Lower net loss reflects Provision of allowance for doubtful acco decrease from Y5.4M (expense) to Y0K, Miscellaneous income increase of 78% to Y4.2M (income).

 

 

Industry

 

Industry

Construction and Hardware Materials Wholesale

ANZSIC 2006:

3331 - Timber Wholesaling

ISIC Rev 4:

4663 - Wholesale of construction materials, hardware, plumbing and heating equipment and supplies

NACE Rev 2:

4673 - Wholesale of wood, construction materials and sanitary equipment

NAICS 2012:

42331 - Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers

UK SIC 2007:

4673 - Wholesale of wood, construction materials and sanitary equipment

US SIC 1987:

5031 - Lumber, Plywood, Millwork, and Wood Panels

 

 

Key Executives   

             

 

Name

Title

Katsuhiro Kondo

Executive Officer, Chief Director of Sales, President of Subsidiary, Director

Kotaro Niwa

President, President of Subsidiary, Representative Director

Yuji Tsunekawa

Executive Officer, Chief Director of Marketing, Director of Housing Business, President of Subsidiary, Director

Takio Hosoe

Managing Director, Executive Officer, Director of General Affairs

Shigenari Ohsawa

Executive Officer, Director of Business Planning, Director

 

Financial Summary  

 

 

As of 30-Sep-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.01

2.50

Quick Ratio (MRQ)

0.53

1.31

Debt to Equity (MRQ)

1.69

1.01

Sales 5 Year Growth

-8.23

-21.80

Net Profit Margin (TTM) %

0.53

13.54

Return on Assets (TTM) %

0.43

5.84

Return on Equity (TTM) %

1.65

19.97

 

 

Stock Snapshot    

 

 

Traded: Nagoya Stock Exchange: 7903

 

As of 24-Jan-2014

   Financials in: JPY

Recent Price

1,440.00

 

EPS

80.88

52 Week High

1,844.00

 

Price/Sales

0.11

52 Week Low

1,142.00

 

Dividend Rate

30.00

Avg. Volume (mil)

0.0002

 

Price/Earnings

16.62

Market Value (mil)

576.00

 

Price/Book

0.29

 

 

 

Beta

-0.04

 

Price % Change

Rel S&P 500%

4 Week

-0.62%

1.38%

13 Week

9.92%

2.41%

52 Week

24.46%

-11.66%

Year to Date

1.27%

4.28%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855

 

 

Corporate Overview

 

Location
2-6-41, Sanno, Nakagawa-ku
Nagoya-Shi, 454-0011
Japan

 

Tel:

81-52-3211526

Fax:

81-52-3325457

 

www.meimoku.co.jp

Quote Symbol - Exchange

7903 - Nagoya Stock Exchange

Sales JPY(mil):

5,168.6

Assets JPY(mil):

7,239.6

Employees:

73

Fiscal Year End:

31-Mar-2013

 

Industry:

Construction - Supplies and Fixtures

Incorporation Date:

28-Dec-1945

Company Type:

Public Independent

Quoted Status:

Quoted

 

Executive Officer, Chief Director of Sales, President of Subsidiary, Director:

Katsuhiro Kondo

 

 

Industry Codes

 

ANZSIC 2006 Codes:

3331

-

Timber Wholesaling

3242

-

Carpentry Services

3211

-

Land Development and Subdivision

301

-

Residential Building Construction

6711

-

Residential Property Operators

 

ISIC Rev 4 Codes:

4663

-

Wholesale of construction materials, hardware, plumbing and heating equipment and supplies

4330

-

Building completion and finishing

4100

-

Construction of buildings

6810

-

Real estate activities with own or leased property

41

-

Construction of buildings

 

NACE Rev 2 Codes:

4673

-

Wholesale of wood, construction materials and sanitary equipment

6820

-

Renting and operating of own or leased real estate

4333

-

Floor and wall covering

41

-

Construction of buildings

4110

-

Development of building projects

 

NAICS 2012 Codes:

42331

-

Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers

531110

-

Lessors of Residential Buildings and Dwellings

236117

-

New Housing For-Sale Builders

238330

-

Flooring Contractors

237210

-

Land Subdivision

 

US SIC 1987:

5031

-

Lumber, Plywood, Millwork, and Wood Panels

6513

-

Operators or Apartment Buildings

1752

-

Floor Laying and Other Floor Work, Not Elsewhere Classified

1531

-

Operative Builders

6552

-

Land Subdividers and Developers, Except Cemeteries

 

UK SIC 2007:

4673

-

Wholesale of wood, construction materials and sanitary equipment

4110

-

Development of building projects

68209

-

Letting and operating of own or leased real estate (other than Housing Association real estate and conference and exhibition services) n.e.c.

4333

-

Floor and wall covering

41

-

Construction of buildings

 

 

Business Description

Nagoya Lumber Co., Ltd. is a company mainly engaged in the sales of industrial materials, wood deck construction and building contractors, as well as wood, plywood, building materials and housing equipment. The Company operates in three business segments. The Sales Headquarter segment is engaged in the wholesale of wood products, plywood, construction materials and household equipment mainly in the areas of Aichi, Mie and Gifu Prefectures. The Market Headquarter segment is engaged in the design, engineering and sale of custom homes, the sale of floorings for floor heating use, engineering and repair work of houses, as well as the research and development of wood resources. The Real Estate segment is engaged in the leasing of real estate, the purchase and allotment sales of condominiums, detached houses and land in the areas of Mie Prefecture, as well as the construction of floorings and wood decks, new homes and the house refurbishment business. On July 3, 2013, it established a Japan-based subsidiary, engaged in retail of wood products. For the six months ended 30 September 2013, Nagoya Lumber Co., Ltd. revenues increased 15% to Y2.67B. Net loss applicable to common stockholders decreased 45% to Y6.9M. Revenues reflect Sales Division segment increase of 11% to Y2.12B, Markets Division segment increase of 36% to Y284.4M. Lower net loss reflects Provision of allowance for doubtful acco decrease from Y5.4M (expense) to Y0K, Miscellaneous income increase of 78% to Y4.2M (income).

 

 

 

More Business Descriptions

Wholesale trade in lumber and other construction materials

 

All Other Wood Product Manufacturing

 

 

 

 

 

 

 

Financial Data

Financials in:

JPY(mil)

 

Revenue:

5,168.6

Net Income:

23.3

Assets:

7,239.6

Long Term Debt:

876.8

 

Total Liabilities:

5,425.4

 

Working Capital:

-0.5

 

 

 

Date of Financial Data:

31-Mar-2013

 

1 Year Growth

14.9%

-65.7%

15.4%

 

 

Market Data

Quote Symbol:

7903

Exchange:

Nagoya Stock Exchange

Currency:

JPY

Stock Price:

1,440.0

Stock Price Date:

01-24-2014

52 Week Price Change %:

24.5

Market Value (mil):

576,000.0

 

SEDOL:

6620071

ISIN:

JP3650200003

 

Equity and Dept Distribution:

FY'99-FY'02 WAS were estimated. 12/04 & 6/05:WAS=O/S, estimated. FY'05-07 1Q & 3Q WAS was estimated, WAS=s/o. FY'08 Q3 WAS was used as o/s.

 

 

Shareholders

 

 

Major Shareholders

Nisshin F & M Insurance (9%); Company's Trust Stock (8.9%); Meiji Yasuda Life Insurance (8.5%); Michiyo Kiriyama (7.3%)

 

 

 

 

 

Key Corporate Relationships

Auditor:

Taiyo ASG Audit

 

Auditor:

Taiyo ASG Audit

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Takio Hosoe

 

Managing Director, Executive Officer, Director of General Affairs

Director/Board Member

 

Biography:

Mr. Takio Hosoe was named Managing Director, Executive Officer and Director of General Affairs in Nagoya Lumber Co., Ltd., effective February 12, 2013. He joined the Company in June 2004 and used to serve as Director of Real Estate. He used to work for The Tokai Bank, Ltd. and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

 

Age: 64

 

Katsuhiro Kondo

 

Executive Officer, Chief Director of Sales, President of Subsidiary, Director

Director/Board Member

 

 

Biography:

Mr. Katsuhiro Kondo has been serving as Executive Officer, Chief Director of Sales and Director in Nagoya Lumber Co., Ltd., as well as President and Director of a subsidiary, since July 11, 2008. He joined the Company in April 1977. His previous titles include Deputy Chief Director of Sales and Deputy Chief Director of Regional Sales in the Company.

 

Age: 58

 

Kotaro Niwa

 

President, President of Subsidiary, Representative Director

Director/Board Member

 

 

Biography:

Mr. Kotaro Niwa is serving as President and Representative Director in Nagoya Lumber Co., Ltd., as well as President and Director in a subsidiary, since June 2008. He joined the Company in June 2002. His previous title was Senior Managing Director in the Company. He used to serve as Managing Executive Officer in UFJ Holdings, Inc.

 

Age: 67

 

Shigenari Ohsawa

 

Executive Officer, Director of Business Planning, Director

Director/Board Member

 

 

Biography:

Mr. Shigenari Ohsawa has been serving as Executive Officer, Director of Business Planning and Director in Nagoya Lumber Co., Ltd., since June 26, 2009. He joined the Company in July 2006. His previous title was Sub-Leader of General Affairs Unit. He used to work for Japanese National Railways and NIPPON TELEGRAPH AND TELEPHONE CORPORATION.

 

Age: 51

 

Yuji Tsunekawa

 

Executive Officer, Chief Director of Marketing, Director of Housing Business, President of Subsidiary, Director

Director/Board Member

 

 

Biography:

Mr. Yuji Tsunekawa was named Executive Officer, Chief Director of Marketing, Director of Housing Business and Director in Nagoya Lumber Co., Ltd., as well as President and Director in a subsidiary, effective February 12, 2013. He joined the Company in January 2000 and previously served as Director of Industrial Materials, Chief Director of Production and Director of Flooring. Mr. Tsunekawa used to work for two other companies.

 

Age: 49

 

 

 

 

Executives

 

Name

Title

Function

 

Katsuhiro Kondo

 

Executive Officer, Chief Director of Sales, President of Subsidiary, Director

President

 

Biography:

Mr. Katsuhiro Kondo has been serving as Executive Officer, Chief Director of Sales and Director in Nagoya Lumber Co., Ltd., as well as President and Director of a subsidiary, since July 11, 2008. He joined the Company in April 1977. His previous titles include Deputy Chief Director of Sales and Deputy Chief Director of Regional Sales in the Company.

 

Age: 58

 

Kotaro Niwa

 

President, President of Subsidiary, Representative Director

President

 

 

Biography:

Mr. Kotaro Niwa is serving as President and Representative Director in Nagoya Lumber Co., Ltd., as well as President and Director in a subsidiary, since June 2008. He joined the Company in June 2002. His previous title was Senior Managing Director in the Company. He used to serve as Managing Executive Officer in UFJ Holdings, Inc.

 

Age: 67

 

Yuji Tsunekawa

 

Executive Officer, Chief Director of Marketing, Director of Housing Business, President of Subsidiary, Director

President

 

 

Biography:

Mr. Yuji Tsunekawa was named Executive Officer, Chief Director of Marketing, Director of Housing Business and Director in Nagoya Lumber Co., Ltd., as well as President and Director in a subsidiary, effective February 12, 2013. He joined the Company in January 2000 and previously served as Director of Industrial Materials, Chief Director of Production and Director of Flooring. Mr. Tsunekawa used to work for two other companies.

 

Age: 49

 

Takio Hosoe

 

Managing Director, Executive Officer, Director of General Affairs

Managing Director

 

 

Biography:

Mr. Takio Hosoe was named Managing Director, Executive Officer and Director of General Affairs in Nagoya Lumber Co., Ltd., effective February 12, 2013. He joined the Company in June 2004 and used to serve as Director of Real Estate. He used to work for The Tokai Bank, Ltd. and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

 

Age: 64

 

Shigenari Ohsawa

 

Executive Officer, Director of Business Planning, Director

Senior Management (General)

 

 

Biography:

Mr. Shigenari Ohsawa has been serving as Executive Officer, Director of Business Planning and Director in Nagoya Lumber Co., Ltd., since June 26, 2009. He joined the Company in July 2006. His previous title was Sub-Leader of General Affairs Unit. He used to work for Japanese National Railways and NIPPON TELEGRAPH AND TELEPHONE CORPORATION.

 

Age: 51

 

 

Significant Developments

 

 

 

Nagoya Lumber Co Ltd Amends Mid-year and Full-year Consolidated Outlook for FY 2014 Nov 07, 2013


Nagoya Lumber Co Ltd announced that it has lowered its mid-year consolidated outlook for revenue from JPY 2,800 million to JPY 2,665 million, operating profit from JPY 60 million to JPY 0 million, ordinary profit (loss) from JPY 50 million to JPY (6 million), net profit (loss) from JPY 30 million to JPY (6 million), and earnings (loss) per share from JPY 82.37 to JPY (19.01), for the fiscal year ending March 31, 2014. The Company has reaffirmed its full-year consolidated outlook for revenue of JPY 5,500 million, and lowered its full-year consolidated outlook for operating profit from JPY 120 million to JPY 60 million, ordinary profit from JPY 100 million to JPY 50 million, net profit from JPY 60 million to JPY 30 million, and earnings per share from JPY 164.74 to JPY 82.37, for the same fiscal year. This is due to the increase in purchase price and delay in sales planning of properties.

 

Nagoya Lumber Co Ltd to Establish New Subsidiary Jun 17, 2013


Nagoya Lumber Co Ltd announced that it has decided to establish a wholly owned subsidiary, which will be engaged in retail of wood products based in Aichi, on July 3, 2013.

 

Nagoya Lumber Co Ltd Amends Consolidated Full-year Forecast for FY 2013 May 07, 2013


Nagoya Lumber Co Ltd announced that it has raised the consolidated full-year forecast for revenue from JPY 5,100 million to JPY 5,168 million but lowered the forecast for operating profit from JPY 75 million to JPY 60 million, ordinary profit from JPY 55 million to JPY 37 million, net profit from JPY 45 million to JPY 23 million and earning per share from JPY 123.55 to JPY 64.03 for the fiscal year ended March 31, 2013. The Company amended the consolidated full-year forecast due to increased sales and decreased profit rate.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Taiyo ASG Audit

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

62.3

57.0

59.8

53.5

72.6

Revenue

62.3

57.0

59.8

53.5

72.6

Total Revenue

62.3

57.0

59.8

53.5

72.6

 

 

 

 

 

 

    Cost of Revenue

51.2

46.4

49.2

46.2

62.7

Cost of Revenue, Total

51.2

46.4

49.2

46.2

62.7

Gross Profit

11.0

10.6

10.7

7.2

9.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

6.7

6.4

6.5

3.7

4.6

    Labor & Related Expense

3.6

3.5

3.1

4.1

4.7

Total Selling/General/Administrative Expenses

10.3

9.9

9.6

7.8

9.3

    Depreciation

-

-

-

0.4

0.3

Depreciation/Amortization

-

-

-

0.4

0.3

    Restructuring Charge

-

-

0.0

0.1

0.0

    Impairment-Assets Held for Sale

0.0

-

-

-

-

    Other Unusual Expense (Income)

0.2

0.0

0.0

-1.0

-0.2

Unusual Expense (Income)

0.2

0.0

0.0

-0.9

-0.2

    Other Operating Expense

0.0

-

-

-

-

Other Operating Expenses, Total

0.0

-

-

-

-

Total Operating Expense

61.7

56.2

58.8

53.5

72.2

 

 

 

 

 

 

Operating Income

0.6

0.7

1.0

0.0

0.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.6

-0.5

-0.5

-0.6

-0.5

    Interest Expense, Net Non-Operating

-0.6

-0.5

-0.5

-0.6

-0.5

        Interest Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

0.5

0.0

0.1

0.1

0.3

    Interest/Investment Income - Non-Operating

0.5

0.0

0.1

0.1

0.3

Interest Income (Expense) - Net Non-Operating Total

-0.1

-0.5

-0.4

-0.4

-0.2

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

-2.3

-0.1

    Other Non-Operating Income (Expense)

0.1

0.1

0.2

0.2

0.3

Other, Net

0.1

0.1

0.2

0.2

0.3

Income Before Tax

0.6

0.3

0.8

-2.5

0.3

 

 

 

 

 

 

Total Income Tax

0.3

-0.6

0.8

-0.9

0.2

Income After Tax

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

    Minority Interest

-

-

0.0

0.0

0.0

Net Income Before Extraord Items

0.3

0.9

0.1

-1.6

0.1

Net Income

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

    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

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

0.4

0.4

0.4

0.4

0.4

Basic EPS Excl Extraord Items

0.77

2.36

0.16

-4.38

0.19

Basic/Primary EPS Incl Extraord Items

0.77

2.36

0.16

-4.38

0.19

Dilution Adjustment

-

-

0.0

0.0

0.0

Diluted Net Income

0.3

0.9

0.1

-1.6

0.1

Diluted Weighted Average Shares

0.4

0.4

0.4

0.4

0.4

Diluted EPS Excl Extraord Items

0.77

2.36

0.16

-4.38

0.19

Diluted EPS Incl Extraord Items

0.77

2.36

0.16

-4.38

0.19

Dividends per Share - Common Stock Primary Issue

0.36

0.38

0.35

0.22

0.20

Gross Dividends - Common Stock

0.1

0.1

0.1

0.1

0.1

Interest Expense, Supplemental

0.6

0.5

0.5

0.6

0.5

Depreciation, Supplemental

0.6

0.7

0.6

0.5

0.7

Total Special Items

0.2

0.0

0.0

1.4

-0.1

Normalized Income Before Tax

0.8

0.3

0.8

-1.1

0.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

0.0

0.0

0.5

0.0

Inc Tax Ex Impact of Sp Items

0.4

-0.5

0.8

-0.4

0.2

Normalized Income After Tax

0.4

0.9

0.1

-0.7

0.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.4

0.9

0.1

-0.7

0.0

 

 

 

 

 

 

Basic Normalized EPS

0.97

2.42

0.15

-1.85

0.10

Diluted Normalized EPS

0.97

2.42

0.15

-1.85

0.10

Reported Operating Profit

0.7

0.7

1.0

0.3

0.2

Reported Ordinary Profit

0.4

0.5

0.8

0.1

0.0

Normalized EBIT

0.7

0.7

1.0

-0.9

0.2

Normalized EBITDA

1.3

1.4

1.6

-0.4

0.9

    Current Tax - Total

0.1

0.0

-

-

-

Current Tax - Total

0.1

0.0

-

-

-

    Deferred Tax - Total

0.2

-0.6

-

-

-

Deferred Tax - Total

0.2

-0.6

-

-

-

Income Tax - Total

0.3

-0.6

-

-

-

Other Pension, Net - Domestic

0.1

0.2

-

0.1

0.2

Domestic Pension Plan Expense

0.1

0.2

-

0.1

0.2

Total Pension Expense

0.1

0.2

-

0.1

0.2

Total Plan Other Expense

0.1

0.2

-

0.1

0.2

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal
31-Mar-2013

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

Taiyo ASG Audit

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

8.0

7.4

7.2

5.7

6.9

Cash and Short Term Investments

8.0

7.4

7.2

5.7

6.9

        Accounts Receivable - Trade, Gross

10.1

10.8

11.2

10.4

14.6

        Provision for Doubtful Accounts

-0.1

-0.1

-0.1

-0.1

-0.2

    Trade Accounts Receivable - Net

10.0

10.7

11.1

10.3

14.4

Total Receivables, Net

10.0

10.7

11.1

10.3

14.4

    Inventories - Finished Goods

12.5

5.9

6.2

6.4

9.6

    Inventories - Work In Progress

5.9

6.7

1.9

0.3

0.8

    Inventories - Raw Materials

-

-

0.0

0.1

0.2

Total Inventory

18.4

12.6

8.1

6.8

10.6

    Deferred Income Tax - Current Asset

0.2

0.6

0.5

0.4

0.1

    Other Current Assets

0.3

0.2

0.2

0.4

0.4

Other Current Assets, Total

0.5

0.8

0.7

0.7

0.5

Total Current Assets

37.0

31.5

27.2

23.6

32.3

 

 

 

 

 

 

        Buildings

15.5

17.6

17.4

15.3

20.7

        Land/Improvements

27.2

31.1

30.9

27.4

25.9

        Machinery/Equipment

0.8

0.9

0.9

0.8

2.0

        Other Property/Plant/Equipment

1.7

1.6

1.5

1.0

0.9

    Property/Plant/Equipment - Gross

45.2

51.3

50.8

44.5

49.5

    Accumulated Depreciation

-12.3

-13.5

-12.9

-10.9

-15.7

Property/Plant/Equipment - Net

32.9

37.8

38.0

33.6

33.8

Intangibles, Net

0.0

0.0

0.0

0.0

0.0

    LT Investments - Other

6.0

5.8

5.3

5.4

4.6

Long Term Investments

6.0

5.8

5.3

5.4

4.6

    Deferred Income Tax - Long Term Asset

0.0

0.0

0.0

0.2

0.2

    Other Long Term Assets

1.1

1.0

1.0

0.8

0.9

Other Long Term Assets, Total

1.1

1.0

1.0

1.0

1.0

Total Assets

76.9

76.2

71.4

63.6

71.7

 

 

 

 

 

 

Accounts Payable

14.3

12.7

14.8

10.7

13.3

Accrued Expenses

0.7

0.9

1.0

0.7

0.7

Notes Payable/Short Term Debt

12.2

12.4

7.0

9.6

14.1

Current Portion - Long Term Debt/Capital Leases

11.1

9.1

7.6

5.3

6.6

    Income Taxes Payable

0.1

0.0

0.0

0.0

0.1

    Other Current Liabilities

0.4

0.5

0.5

0.5

2.5

Other Current liabilities, Total

0.5

0.5

0.5

0.5

2.7

Total Current Liabilities

38.8

35.7

30.9

26.8

37.3

 

 

 

 

 

 

    Long Term Debt

9.3

8.9

10.0

9.5

6.5

Total Long Term Debt

9.3

8.9

10.0

9.5

6.5

Total Debt

32.6

30.5

24.6

24.4

27.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

6.7

7.4

7.8

6.6

6.7

Deferred Income Tax

6.7

7.4

7.8

6.6

6.7

Minority Interest

-

-

-

0.0

0.1

    Pension Benefits - Underfunded

1.1

1.2

1.1

0.9

1.9

    Other Long Term Liabilities

1.6

1.8

1.8

1.7

0.8

Other Liabilities, Total

2.7

3.0

2.9

2.6

2.6

Total Liabilities

57.7

55.0

51.5

45.5

53.1

 

 

 

 

 

 

    Common Stock

2.1

2.4

2.4

2.1

2.0

Common Stock

2.1

2.4

2.4

2.1

2.0

Additional Paid-In Capital

0.1

0.1

0.1

0.1

0.1

Retained Earnings (Accumulated Deficit)

16.3

18.4

17.6

15.7

16.4

Treasury Stock - Common

-1.1

-1.3

-1.3

-1.2

-1.1

Unrealized Gain (Loss)

2.0

1.5

1.1

1.4

1.2

    Other Equity

0.0

0.0

-

-

-

Other Equity, Total

0.0

0.0

-

-

-

Total Equity

19.3

21.1

19.9

18.1

18.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

76.9

76.2

71.4

63.6

71.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

0.4

0.4

0.4

0.4

0.4

Total Common Shares Outstanding

0.4

0.4

0.4

0.4

0.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

73

68

65

65

91

Number of Common Shareholders

250

244

253

228

230

Total Long Term Debt, Supplemental

20.5

18.1

-

14.8

13.0

Long Term Debt Maturing within 1 Year

11.1

9.1

-

5.3

6.6

Long Term Debt Maturing in Year 2

5.2

6.2

-

4.3

3.0

Long Term Debt Maturing in Year 3

2.3

2.4

-

3.1

1.9

Long Term Debt Maturing in Year 4

0.9

0.3

-

1.8

1.0

Long Term Debt Maturing in Year 5

0.6

0.1

-

0.3

0.5

Long Term Debt Maturing in 2-3 Years

7.4

8.6

-

7.4

4.9

Long Term Debt Maturing in 4-5 Years

1.5

0.3

-

2.1

1.5

Long Term Debt Matur. in Year 6 & Beyond

0.3

0.0

-

0.0

0.0

Total Capital Leases, Supplemental

0.4

0.3

-

0.2

0.2

Capital Lease Payments Due in Year 1

0.1

0.1

-

0.0

0.0

Capital Lease Payments Due in Year 2

0.1

0.1

-

0.0

0.0

Capital Lease Payments Due in Year 3

0.1

0.1

-

0.0

0.0

Capital Lease Payments Due in Year 4

0.1

0.0

-

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.2

0.2

-

0.1

0.1

Capital Lease Payments Due in 4-5 Years

0.1

0.1

-

0.0

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

0.0

-

0.0

0.0

Pension Obligation - Domestic

1.7

1.8

-

1.3

3.2

Plan Assets - Domestic

0.6

0.7

-

0.5

1.4

Funded Status - Domestic

-1.0

-1.1

-

-0.8

-1.8

Total Funded Status

-1.0

-1.1

-

-0.8

-1.8

Accrued Liabilities - Domestic

-1.0

-1.1

-

-0.8

-1.8

Net Assets Recognized on Balance Sheet

-1.0

-1.1

-

-0.8

-1.8

Total Plan Obligations

1.7

1.8

-

1.3

3.2

Total Plan Assets

0.6

0.7

-

0.5

1.4

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Taiyo ASG Audit

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

0.6

0.3

0.8

-2.5

0.3

    Depreciation

0.6

0.7

0.6

0.5

0.7

Depreciation/Depletion

0.6

0.7

0.6

0.5

0.7

    Unusual Items

-0.3

0.1

0.0

3.7

0.0

    Other Non-Cash Items

0.6

0.3

0.5

-0.8

-0.1

Non-Cash Items

0.3

0.4

0.5

2.8

-0.1

    Accounts Receivable

-0.8

0.6

0.5

5.0

3.0

    Inventories

-8.4

-4.6

-0.5

3.2

-0.4

    Other Assets

0.0

0.0

-0.4

-1.3

-0.4

    Accounts Payable

3.6

-2.3

2.7

-3.4

-2.7

    Accrued Expenses

-0.1

0.0

0.1

0.0

-0.1

    Taxes Payable

0.0

0.0

-0.1

0.1

-0.2

    Other Operating Cash Flow

-0.9

-0.5

-0.1

-0.5

-1.2

Changes in Working Capital

-6.5

-6.8

2.2

3.1

-2.2

Cash from Operating Activities

-5.1

-5.4

4.2

3.9

-1.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.1

-0.2

-0.4

0.0

-0.1

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

-

-

Capital Expenditures

-0.1

-0.2

-0.4

0.0

-0.1

    Sale of Fixed Assets

-

-

0.0

0.0

0.0

    Sale/Maturity of Investment

0.9

0.5

0.5

0.4

0.6

    Investment, Net

-

-

0.0

-0.1

0.0

    Purchase of Investments

-0.4

-0.5

-0.5

-0.7

-0.5

    Other Investing Cash Flow

0.0

0.0

0.0

-0.8

-0.1

Other Investing Cash Flow Items, Total

0.5

0.0

0.0

-1.1

0.0

Cash from Investing Activities

0.4

-0.2

-0.4

-1.1

0.0

 

 

 

 

 

 

    Other Financing Cash Flow

-0.1

-0.1

-0.1

0.0

0.0

Financing Cash Flow Items

-0.1

-0.1

-0.1

0.0

0.0

    Cash Dividends Paid - Common

-0.1

-0.1

-0.1

-0.1

0.0

Total Cash Dividends Paid

-0.1

-0.1

-0.1

-0.1

0.0

        Repurchase/Retirement of Common

-

0.0

0.0

0.0

0.0

    Common Stock, Net

-

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

-

0.0

0.0

0.0

0.0

    Short Term Debt, Net

1.5

5.6

-3.7

-5.3

4.4

        Long Term Debt Issued

16.6

10.1

8.1

8.9

9.0

        Long Term Debt Reduction

-11.3

-9.7

-7.2

-7.8

-11.6

    Long Term Debt, Net

5.2

0.4

0.9

1.1

-2.7

Issuance (Retirement) of Debt, Net

6.7

6.0

-2.9

-4.2

1.7

Cash from Financing Activities

6.5

5.8

-3.0

-4.4

1.7

 

 

 

 

 

 

Net Change in Cash

1.8

0.2

0.7

-1.5

0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

7.2

5.9

7.0

6.1

Net Cash - Ending Balance

8.8

7.4

6.6

5.4

6.5

Cash Interest Paid

0.6

0.5

0.5

0.6

0.5

Cash Taxes Paid

0.0

0.0

0.0

0.2

0.0

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Taiyo ASG Audit

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net sales

62.3

57.0

59.8

53.5

72.6

Total Revenue

62.3

57.0

59.8

53.5

72.6

 

 

 

 

 

 

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Total cost of sales

51.2

46.4

49.2

45.0

62.7

    Other Selling/General/Admin. Expense

6.7

6.6

-

-

-

    Sales Staff Salaries Allowance

1.4

1.4

1.4

1.3

1.5

    Transportation expenses

-

-

-

0.9

1.3

    Director's remuneration

-

-

-

0.6

0.6

    Salaries And Allowance

1.8

1.6

1.4

1.5

1.8

    Provision Of Reserve For Bonus

0.2

0.2

0.2

0.1

0.1

    Reserve For Bonus Of Director

0.0

0.1

0.1

-

-

    Welfare expenses

-

-

-

0.5

0.6

    Depreciation expenses

-

-

-

0.4

0.3

    Commission expenses

-

-

-

0.2

0.2

    Taxes, other than income taxes

-

-

-

0.3

0.3

    Retirement Benefits Expenses

0.1

0.2

0.2

0.0

0.2

    Prov of Allow.-Dbt Acct-SGA

0.1

-0.2

0.1

-

0.1

    Other SGA

-

-

6.4

2.3

2.8

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Provision of allowance for doubtful acco

0.1

-

-

-

-

    Environmental Expenses

0.0

0.0

-

-

-

    SP Rev.Allow.Doubt.Act.

-

0.0

0.0

-0.1

-0.1

    SP Reversal G on bonus reserve

-

-

-

0.0

-0.1

    Reversal of reserve for retirement benef

-

-

0.0

-1.0

0.0

    SP Loss on valuation of inventories

-

-

0.0

1.2

0.0

    SP Business restructuring loss

-

-

0.0

0.1

0.0

    L on valuation of investment securities

0.0

-

-

-

-

    SP Environmental expenses

-

-

0.0

-

-

    SP Other Special Losses

0.0

-

0.0

0.0

0.0

Total Operating Expense

61.7

56.2

58.8

53.5

72.2

 

 

 

 

 

 

    NOP Interest Income

0.0

0.0

0.0

0.0

0.0

    Gain On Sales Of Investment Securities

0.3

-

-

-

-

    Loss On Valuation Of Investment Securiti

-

-0.1

-

-

-

    NOP Dividend Income

0.2

0.1

0.1

0.1

0.1

    Other Non-Operating Income (Expense)

0.0

0.0

-

-

-

    NOP Purchase Discount

0.2

0.2

0.2

0.2

0.2

    NOP Insurance Rcvd.

-

-

0.0

0.1

0.0

    Miscellaneous income

0.1

0.1

0.1

0.1

0.1

    NOP Interest Expense

-0.6

-0.5

-0.5

-0.6

-0.5

    NOP Sales Discount

-0.1

-0.1

-0.1

-0.1

-0.1

    Miscellaneous loss

0.0

0.0

0.0

0.0

0.0

    SP Gain Disp.Fix.Asset

-

-

0.0

0.0

0.0

    SP Gain-Sale Investment Securities

-

-

-

0.0

0.2

    SP Loss Disp.Fix.Asset

0.0

0.0

0.0

-2.3

-0.1

    SP L on sale of LT inv't. secs.

-

-

-

0.0

0.0

    SP Loss-LT inv't securities redemption

-

-

0.0

0.0

0.0

Net Income Before Taxes

0.6

0.3

0.8

-2.5

0.3

 

 

 

 

 

 

Provision for Income Taxes

0.3

-0.6

0.8

-0.9

0.2

Net Income After Taxes

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

    Minority Interest

-

-

0.0

0.0

0.0

Net Income Before Extra. Items

0.3

0.9

0.1

-1.6

0.1

Net Income

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

    Rounding adjustment Income Statement

-

0.0

-

-

-

    Adjustment to math with reported net inc

-

-

0.0

0.0

0.0

Income Available to Com Excl ExtraOrd

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.3

0.9

0.1

-1.6

0.1

 

 

 

 

 

 

Basic Weighted Average Shares

0.4

0.4

0.4

0.4

0.4

Basic EPS Excluding ExtraOrdinary Items

0.77

2.36

0.16

-4.38

0.19

Basic EPS Including ExtraOrdinary Items

0.77

2.36

0.16

-4.38

0.19

Dilution Adjustment

-

-

0.0

0.0

0.0

Diluted Net Income

0.3

0.9

0.1

-1.6

0.1

Diluted Weighted Average Shares

0.4

0.4

0.4

0.4

0.4

Diluted EPS Excluding ExtraOrd Items

0.77

2.36

0.16

-4.38

0.19

Diluted EPS Including ExtraOrd Items

0.77

2.36

0.16

-4.38

0.19

DPS-Ordinary Shares

0.36

0.38

0.35

0.22

0.20

Gross Dividends - Common Stock

0.1

0.1

0.1

0.1

0.1

Normalized Income Before Taxes

0.8

0.3

0.8

-1.1

0.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.4

-0.5

0.8

-0.4

0.2

Normalized Income After Taxes

0.4

0.9

0.1

-0.7

0.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.4

0.9

0.1

-0.7

0.0

 

 

 

 

 

 

Basic Normalized EPS

0.97

2.42

0.15

-1.85

0.10

Diluted Normalized EPS

0.97

2.42

0.15

-1.85

0.10

Interest Expense

0.6

0.5

0.5

0.6

0.5

BC - Depreciation of Fixed Assets

0.6

-

-

-

-

Amort of Tangible Assets-Current Portion

-

0.7

-

-

-

Depreciation

-

-

0.6

0.5

0.7

    Income taxes-current

0.1

0.0

-

-

-

Current Tax - Total

0.1

0.0

-

-

-

    Income taxes-deferred

0.2

-0.6

-

-

-

Deferred Tax - Total

0.2

-0.6

-

-

-

Income Tax - Total

0.3

-0.6

-

-

-

Reported Operating Profit

0.7

0.7

1.0

0.3

0.2

Reported Ordinary Profit

0.4

0.5

0.8

0.1

0.0

Pension Plan Exps.

0.1

0.2

-

0.1

0.2

Domestic Pension Plan Expense

0.1

0.2

-

0.1

0.2

Total Pension Expense

0.1

0.2

-

0.1

0.2



Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal
31-Mar-2013

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

Taiyo ASG Audit

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Deposit

8.0

7.4

7.2

5.7

6.9

    Notes and accounts receivable-trade

10.1

10.8

11.2

10.4

14.6

    Inventories-merchandise & finished goods

12.5

5.9

6.2

6.4

9.6

    Inventories - work-in-process

5.9

6.7

1.9

0.3

0.8

    Inventories - raw materials

-

-

0.0

0.1

0.2

    Deferred Tax

0.2

0.6

0.5

0.4

0.1

    Rounding adjustment Assets

0.0

0.0

-

-

-

    Other

0.3

0.2

0.2

0.4

0.4

    Allow.Doubt.Act.

-0.1

-0.1

-0.1

-0.1

-0.2

Total Current Assets

37.0

31.5

27.2

23.6

32.3

 

 

 

 

 

 

    Buildings & Structures

15.5

17.6

17.4

15.3

20.7

    Accum Dep of Buildings and Structures

-10.9

-12.0

-11.6

-9.9

-13.8

    Machinery, equipment and vehicles

0.8

0.9

0.9

0.8

2.0

    Acc. Depre-Machine,Equip&Vehicle

-0.8

-0.8

-0.8

-0.6

-1.7

    Land

27.2

31.1

30.9

27.4

25.9

    Other PP&E

1.7

1.6

1.5

1.0

0.9

    Accumulated depreciation of other

-0.7

-0.7

-0.5

-0.4

-0.3

    Intangible assets

0.0

0.0

0.0

0.0

0.0

    Investment Sec.

6.0

5.8

5.3

5.4

4.6

    Deferred tax assets

0.0

0.0

0.0

0.2

0.2

    Rounding adjustment Assets

0.0

-

-

-

-

    Other Total investments and other assets

0.0

-

-

-

-

    Other Long Term Assets

-

0.0

-

-

-

    Other Asset

1.5

1.4

1.5

1.2

1.3

    Allow.Doubt.Act.

-0.4

-0.4

-0.5

-0.4

-0.5

    Other total ppe

0.0

-

-

-

-

    Property/Plant/Equipment, Total - Net

-

0.0

-

-

-

Total Assets

76.9

76.2

71.4

63.6

71.7

 

 

 

 

 

 

    Notes and accounts payable-trade

14.3

12.7

14.8

10.7

13.3

    Short-term loans payable

12.2

12.4

7.0

9.6

14.1

    Curr.Redem.Corp.

-

-

-

-

0.0

    Current portion of long-term loans payab

11.1

9.1

7.6

5.3

6.6

    Rounding adjustment Liability

0.0

0.0

-

-

-

    Curr.Secu.Depo.

-

-

0.0

0.2

2.3

    Accrued Expense

0.5

0.6

0.7

0.5

0.6

    Income Tax Pay.

0.1

0.0

0.0

0.0

0.1

    Sales Tax Pay.

0.0

0.0

0.0

0.1

0.0

    Provision for directors'' bonuses

0.0

0.1

0.1

0.0

-

    Reserve for Bonuses

0.2

0.2

0.2

0.1

0.1

    Other

0.4

0.5

0.5

0.3

0.3

Total Current Liabilities

38.8

35.7

30.9

26.8

37.3

 

 

 

 

 

 

    Long-term loans payable

9.3

8.9

10.0

9.5

6.5

Total Long Term Debt

9.3

8.9

10.0

9.5

6.5

 

 

 

 

 

 

    Deferred Tax

6.7

7.4

7.8

6.6

6.7

    Res-Acd.Retire.

1.0

1.1

1.0

0.8

1.8

    Provision for directors'' retirement ben

0.1

0.1

0.1

0.1

0.1

    Other Long Term Liabilities

0.0

-

-

-

-

    Rounding adjustment Liability

-

0.0

-

-

-

    Security Depo.

1.4

1.6

1.6

1.6

0.6

    Other Liabilities

0.3

0.2

0.3

0.1

0.1

    Minority Int.

-

-

-

0.0

0.1

Total Liabilities

57.7

55.0

51.5

45.5

53.1

 

 

 

 

 

 

    Common Stock

2.1

2.4

2.4

2.1

2.0

    Total capital surpluses

0.1

0.1

0.1

0.1

0.1

    Total retained earnings

16.3

18.4

17.6

15.7

16.4

    Valuation difference on available-for-sa

2.0

1.5

1.1

1.4

1.2

    Treasury Stock

-1.1

-1.3

-1.3

-1.2

-1.1

    Rounding adjustment Equity

0.0

0.0

-

-

-

Total Equity

19.3

21.1

19.9

18.1

18.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

76.9

76.2

71.4

63.6

71.7

 

 

 

 

 

 

    S/O-Ordinary Shares

0.4

0.4

0.4

0.4

0.4

Total Common Shares Outstanding

0.4

0.4

0.4

0.4

0.4

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

73

68

65

65

91

Total Number of Shareholders

250

244

-

-

-

Number of Common Shareholders

-

-

253

228

230

LT Debts Maturing within 1yr.

11.1

9.1

-

5.3

6.6

Lns Pble Maturing over a Yr within 2 Yrs

5.2

6.2

-

-

-

LT Debts Maturing within 2yr.

-

-

-

4.3

3.0

Lns Pble Maturg over 2 Yrs within 3 Yrs

2.3

2.4

-

-

-

LT Debts Maturing within 3yr.

-

-

-

3.1

1.9

Lns Pble Maturg over 3 Yrs within 4 Yrs

0.9

0.3

-

-

-

LT Debts Maturing within 4yr.

-

-

-

1.8

1.0

Lns Pble Maturg over 4 Yrs within 5 Yrs

0.6

0.1

-

-

-

LT Debts Maturing within 5yr.

-

-

-

0.3

0.5

LT debt remaining

0.3

-

-

-

-

Total Long Term Debt, Supplemental

20.5

18.1

-

14.8

13.0

Capital Lease Payments Due within 1 Year

0.1

0.1

-

0.0

0.0

Cap Lease Maturg over a Yr within 2 Yrs

0.1

0.1

-

-

-

Capital Lease Payments Due in Year 2

-

-

-

0.0

0.0

Cap Lease Maturg over 2 Yr within 3 Yrs

0.1

0.1

-

-

-

Capital Lease Payments Due in Year 3

-

-

-

0.0

0.0

Cap Lease Maturg over 3 Yr within 4 Yrs

0.1

0.0

-

-

-

Capital Lease Payments Due in Year 4

-

-

-

0.0

0.0

Cap Lease Maturg over 4 Yr within 5 Yrs

0.0

0.0

-

-

-

Capital Lease Payments Due in Year 5

-

-

-

0.0

0.0

Other Capital Leases Remaining Maturit

0.0

0.0

-

-

-

Capital Lease - Remaining Maturities

-

-

-

0.0

0.0

Total Capital Leases, Supplemental

0.4

0.3

-

0.2

0.2

Pension Obligation

1.7

1.8

-

1.3

3.2

Fair Value of Plan Assets

0.6

0.7

-

0.5

1.4

Funded Status

-1.0

-1.1

-

-

-

Funded Status

-

-

-

-0.8

-1.8

Total Funded Status

-1.0

-1.1

-

-0.8

-1.8

Reserve for Accrued Retirement Benefits

-1.0

-1.1

-

-0.8

-1.8

Net Assets Recognized on Balance Sheet

-1.0

-1.1

-

-0.8

-1.8

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Updated Normal
31-Mar-2012

Updated Normal
31-Mar-2011

Updated Normal
31-Mar-2010

Updated Normal
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

82.970472

78.961215

85.691434

92.941082

100.484331

Auditor

Taiyo ASG Audit

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Grant Thornton Taiyo ASG

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income Before Tax

0.6

0.3

0.8

-2.5

0.3

    Depreciation

0.6

0.7

0.6

0.5

0.7

    Increase (decrease) in provision for bon

-

0.0

0.1

0.0

-0.1

    Increase (decrease) in provision for dir

-0.1

0.0

0.1

0.0

-

    Loss (gain) on sales of investment secur

-0.3

-

-

-

-

    Loss (gain) on valuation of investment s

0.0

0.1

-

-

-

    Increase (decrease) in provision for ret

0.1

0.1

0.1

-1.1

0.0

    Res-Directors Retire

-

-

0.0

0.0

0.0

    Increase (decrease) in allowance for dou

0.1

-0.2

0.0

-0.2

-0.4

    Int.&Div.Income

-0.2

-0.2

-0.1

-0.1

-0.1

    Interest Expense

0.6

0.5

0.5

0.6

0.5

    Loss (gain) on disposal of noncurrent as

0.0

0.0

0.0

2.3

0.1

    Loss (gain) on valuation of invest sec.

-

-

0.0

-

-

    Loss on valuation of inventories

-

-

0.0

1.2

0.0

    Business structure improvement expenses

-

-

0.0

0.1

0.0

    Gain-Sale Investment Securities

-

-

-

0.0

-0.2

    Loss (gain) on redemption of investment

-

-

0.0

0.0

0.0

    Decrease (increase) in notes and account

-0.8

0.6

0.5

5.0

3.0

    Decrease (increase) in inventories

-8.4

-4.6

-0.5

3.2

-0.4

    Increase (decrease) in notes and account

3.6

-2.3

2.7

-3.4

-2.7

    Increase (decrease) in accrued consumpti

0.0

0.0

-0.1

0.1

-0.2

    Increase (decrease) in guarantee deposit

0.0

0.0

-0.4

-1.3

-0.4

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other Operating Cash Flow

-

0.0

-

-

-

    Other, net

-0.4

-0.1

0.3

0.1

-0.8

    Int.&Div.Rcvd.

0.2

0.1

0.1

0.1

0.1

    Interest Paid

-0.6

-0.5

-0.5

-0.6

-0.5

    Taxes Paid

0.0

0.0

0.0

-0.2

0.0

    Income taxes refund, cash basis

-

0.0

0.1

0.0

0.0

Cash from Operating Activities

-5.1

-5.4

4.2

3.9

-1.3

 

 

 

 

 

 

    Time Deposit Made

-0.4

-0.5

-0.5

-0.4

-0.4

    Proceeds From Sales Of Investment Securi

0.4

-

-

-

-

    Time Deposit Matured

0.5

0.5

0.5

0.4

0.4

    Purch.Invest.Sec.

0.0

0.0

0.0

-0.3

-0.1

    Sale Invest.Sec.

-

-

-

0.0

0.2

    Proceeds from redemption of investment s

-

-

0.0

0.0

0.0

    Purchase of property, plant and equipmen

-0.1

-0.2

-0.4

0.0

-0.1

    Sale PP&E

-

-

0.0

0.0

0.0

    Outflow due to sale subsidiaries' securi

-

-

0.0

-0.1

0.0

    Purchase of intangible assets(1)

0.0

0.0

-

-

-

    Purchase of intangible assets

-

-

0.0

-

-

    Rounding adjustment Cash flow

0.0

-

-

-

-

    Other, net

0.0

0.0

0.0

-0.8

-0.1

Cash from Investing Activities

0.4

-0.2

-0.4

-1.1

0.0

 

 

 

 

 

 

    Net increase (decrease) in short-term lo

1.5

5.6

-3.7

-5.3

4.4

    Redemp.Corp.Bond

-

-

-

0.0

-5.0

    Proceeds from long-term loans payable

16.6

10.1

8.1

8.9

9.0

    Repayment of long-term loans payable

-11.3

-9.7

-7.2

-7.8

-6.7

    Dividend Paid

-0.1

-0.1

-0.1

-0.1

0.0

    Purch.Treasury

-

0.0

0.0

0.0

0.0

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Other, net

-0.1

-0.1

-0.1

0.0

0.0

Cash from Financing Activities

6.5

5.8

-3.0

-4.4

1.7

 

 

 

 

 

 

Net Change in Cash

1.8

0.2

0.7

-1.5

0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

7.2

5.9

7.0

6.1

Net Cash - Ending Balance

8.8

7.4

6.6

5.4

6.5

    Cash Interest Paid

0.6

0.5

0.5

0.6

0.5

    Cash Taxes Paid

0.0

0.0

0.0

0.2

0.0

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

14.2

19.61%

62.3

14.92%

1.32%

-8.23%

Operating Income1

-0.1

-

0.6

-15.55%

-

-

Income Available to Common Excl Extraord Items1

-0.1

-

0.3

-65.67%

-

-

Basic EPS Excl Extraord Items1

-0.32

-

0.77

-65.67%

-

-

Capital Expenditures2

0.1

-33.24%

0.1

-38.16%

127.81%

-5.19%

Cash from Operating Activities2

-0.3

-

-5.1

-

-

-

Free Cash Flow

-0.3

-

-4.6

-

-

-

Total Assets3

70.7

5.28%

76.9

15.35%

6.79%

-0.94%

Total Liabilities3

52.2

4.36%

57.7

19.66%

8.47%

-0.72%

Total Long Term Debt3

11.2

44.50%

9.3

18.97%

-0.53%

12.70%

Employees3

-

-

73

7.35%

3.94%

-6.47%

Total Common Shares Outstanding3

0.4

0.00%

0.4

0.00%

-0.01%

-0.02%

1-ExchangeRate: JPY to USD Average for Period

98.955314

 

82.970472

 

 

 

2-ExchangeRate: JPY to USD Average for Period

98.762624

 

82.970472

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.230000

 

94.088557

 

 

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin

17.74%

18.62%

17.81%

13.52%

13.56%

Operating Margin

0.92%

1.25%

1.73%

-0.05%

0.52%

Pretax Margin

0.97%

0.53%

1.37%

-4.76%

0.40%

Net Profit Margin

0.45%

1.51%

0.10%

-2.98%

0.09%

Financial Strength

Current Ratio

0.95

0.88

0.88

0.88

0.87

Long Term Debt/Equity

0.48

0.42

0.50

0.53

0.35

Total Debt/Equity

1.69

1.44

1.23

1.35

1.46

Management Effectiveness

Return on Assets

0.35%

1.11%

0.08%

-2.33%

0.11%

Return on Equity

1.31%

4.01%

0.29%

-8.40%

0.36%

Efficiency

Receivables Turnover

5.66

4.98

5.43

4.16

4.64

Inventory Turnover

3.07

4.28

6.44

5.12

6.17

Asset Turnover

0.76

0.74

0.86

0.76

0.99

Market Valuation USD (mil)

P/E (TTM)

18.13

.

Enterprise Value2

30.0

Price/Sales (TTM)

0.10

.

Enterprise Value/Revenue (TTM)

0.54

Price/Book (MRQ)

0.29

.

Enterprise Value/EBITDA (TTM)

23.95

Market Cap as of 24-Jan-20141

5.6

.

 

 

1-ExchangeRate: JPY to USD on 24-Jan-2014

103.654009

 

 

 

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

98.230000

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Financial Strength

Current Ratio 

0.95

0.88

0.88

0.88

0.87

Quick/Acid Test Ratio 

0.46

0.51

0.59

0.60

0.57

Working Capital1 

-1.9

-4.1

-3.7

-3.2

-4.9

Long Term Debt/Equity 

0.48

0.42

0.50

0.53

0.35

Total Debt/Equity 

1.69

1.44

1.23

1.35

1.46

Long Term Debt/Total Capital 

0.18

0.17

0.22

0.22

0.14

Total Debt/Total Capital 

0.63

0.59

0.55

0.57

0.59

Payout Ratio 

46.85%

16.09%

224.14%

-4.92%

105.39%

Effective Tax Rate 

53.48%

-186.20%

93.03%

-

72.39%

Total Capital1 

51.9

51.7

44.5

42.6

45.7

 

 

 

 

 

 

Efficiency

Asset Turnover 

0.76

0.74

0.86

0.76

0.99

Inventory Turnover 

3.07

4.28

6.44

5.12

6.17

Days In Inventory 

118.84

85.28

56.68

71.29

59.20

Receivables Turnover 

5.66

4.98

5.43

4.16

4.64

Days Receivables Outstanding 

64.51

73.30

67.21

87.65

78.62

Revenue/Employee2 

752,515

802,838

951,387

818,184

811,443

Operating Income/Employee2 

6,908

10,029

16,477

-383

4,236

EBITDA/Employee2 

13,912

19,426

25,827

7,676

11,923

 

 

 

 

 

 

Profitability

Gross Margin 

17.74%

18.62%

17.81%

13.52%

13.56%

Operating Margin 

0.92%

1.25%

1.73%

-0.05%

0.52%

EBITDA Margin 

1.85%

2.42%

2.71%

0.94%

1.47%

EBIT Margin 

0.92%

1.25%

1.73%

-0.05%

0.52%

Pretax Margin 

0.97%

0.53%

1.37%

-4.76%

0.40%

Net Profit Margin 

0.45%

1.51%

0.10%

-2.98%

0.09%

COGS/Revenue 

82.26%

81.38%

82.19%

86.48%

86.44%

SG&A Expense/Revenue 

16.57%

17.34%

16.09%

14.59%

12.83%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

0.35%

1.11%

0.08%

-2.33%

0.11%

Return on Equity 

1.31%

4.01%

0.29%

-8.40%

0.36%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-12.54

-14.63

10.72

10.67

-3.83

Operating Cash Flow/Share 2 

-12.28

-14.16

11.79

10.69

-3.65

1-ExchangeRate: JPY to USD Period End Date

94.088557

82.385362

82.88

93.44

98.77

2-ExchangeRate: JPY to USD Average for Period

94.088557

82.385362

82.88

93.44

98.77

 

Current Market Multiples

Market Cap/Earnings (TTM) 

19.91

Market Cap/Equity (MRQ) 

0.32

Market Cap/Revenue (TTM) 

0.10

Market Cap/EBIT (TTM) 

7.67

Market Cap/EBITDA (TTM) 

4.68

Enterprise Value/Earnings (TTM) 

101.92

Enterprise Value/Equity (MRQ) 

1.62

Enterprise Value/Revenue (TTM) 

0.54

Enterprise Value/EBIT (TTM) 

39.29

Enterprise Value/EBITDA (TTM) 

23.95

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.45

UK Pound

1

Rs.102.00

Euro

1

Rs.84.35

 

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%)