MIRA INFORM REPORT

 

 

Report Date :

20.02.2014

 

IDENTIFICATION DETAILS

 

Name :

NAGASE & CO., LTD.

 

 

Registered Office :

5-1, Nihombashi Kobuna-cho, Chu-Ku, 103-8355 Tokyo

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

09.12.1917

 

 

Legal Form :

Public Parent  Company

 

 

Line of Business :

·         Engaged in development, production, sale & import of dyestuffs, chemicals, plastics, biochemical products & attendant machinery

·         Subject imports, exports, produces and sells diverse range of products, which includes plastics, chemicals, life sciences and electronic products.

·         Subject also provides services such as logistics, information and professional.

 

 

No. of Employees :

5,897 (31.03.2013)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 and Address

 

NAGASE & CO., LTD. 

 

5-1, Nihombashi Kobuna-cho

Chuo-Ku, 103-8355

Japan

Tel:

81-3-36653021

Fax:

81-3-36653030

www.nagase.co.jp

Employees:

5,897

Company Type:

Public Parent

Corporate Family:

63 Companies

Traded:

Tokyo Stock Exchange:

8012

Incorporation Date:

09-Dec-1917

Auditor:

Deloitte Touche Tohmatsu LLC

Financials in:

 USD (Mil)

Fiscal Year End:

31-Mar-2013

Reporting Currency:

Japanese Yen

Annual Sales:

8,030.2  1

Net Income:

170.9

Total Assets:

5,173.3  2

Market Value:

1,666.6

(18-Oct-2013)

 

 

Business Description

 

NAGASE & CO., LTD. is a Japan-based supplier of chemical products. The Company is involved in the import, export, manufacture and sale of a wide range of products. The Chemical segment offers dyes, pigments, information recording paper-related products, functional pigments, urethane raw materials, resin materials, fluorine chemicals and others. The Synthetic Resin segment provides thermoplastic resin, thermoset resin, synthetic rubber, inorganic materials, synthetic resin products and others. The Electronic segment offers materials and equipment for liquid crystal displays (LCDs), semiconductor pre-processes and semiconductor assembly, as well as LCD panel members, electronic precision abrasive and others. The Life Science segment offers medicine and agrichemical ingredients, reagents for research, exogenous enzyme and others. The Others segment provides logistics, information processing and professional services. On February 3, 2012, it fully acquired a Japan-based company. For the three months ended 30 June 2013, NAGASE & CO., LTD. revenues increased 3% to Y171.33B. Net income applicable to common stockholders increased 3% to Y3.53B. Revenues reflect Electronics segment increase of 12% to Y32.51B, Car Energy segment increase of 10% to Y23.22B, Processing Materials segment increase of 3% to Y55.93B. Net income also reflects Electronics segment income increase of 16% to Y1.71B.

 

 

Industry

 

Industry

Chemical Wholesale

ANZSIC 2006:

3323 - Industrial and Agricultural Chemical Product Wholesaling

ISIC Rev 4:

4669 - Wholesale of waste and scrap and other products n.e.c.

NACE Rev 2:

4675 - Wholesale of chemical products

NAICS 2012:

42469 - Other Chemical and Allied Products Merchant Wholesalers

UK SIC 2007:

4675 - Wholesale of chemical products

US SIC 1987:

5169 - Chemicals and Allied Products, Not Elsewhere Classified

 

 

Key Executives

 

Name

Title

Kenichi Matsuki

Managing Executive Officer, Chief Director of Logistic Management, Representative Director

Katsuhisa Yamaguchi

Executive Officer

Masanori Furukawa

Executive Officer, Chief Director of Finance & Accounting

Shinji Nakamura

Executive Officer, Chief Director of Sales Business Promotion

Osamu Morishita

Executive Officer, Director of Life & Health Care Product Business, Director

 

 

Financial Summary

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.88

2.18

Quick Ratio (MRQ)

1.56

1.35

Debt to Equity (MRQ)

0.41

0.82

Sales 5 Year Growth

-2.72

6.26

Net Profit Margin (TTM) %

2.26

10.56

Return on Assets (TTM) %

3.14

8.26

Return on Equity (TTM) %

6.50

22.07

 

 

Stock Snapshot

 

Traded: Tokyo Stock Exchange: 8012

As of 18-Oct-2013

Financials in: JPY

Recent Price

1,179.00

EPS

119.54

52 Week High

1,488.00

Price/Sales

0.24

52 Week Low

812.00

Dividend Rate

26.00

Avg. Volume (mil)

0.18

Price/Earnings

11.24

Market Value (mil)

163,183.40

Price/Book

0.65

Beta

0.85

Price % Change

Rel S&P 500%

4 Week

-8.89%

-7.88%

13 Week

-12.86%

-12.40%

52 Week

33.67%

-16.58%

Year to Date

23.97%

-11.58%

 

 

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
5-1, Nihombashi Kobuna-cho
Chuo-Ku, 103-8355
Japan

 

Tel:

81-3-36653021

Fax:

81-3-36653030

 

www.nagase.co.jp

Quote Symbol - Exchange

8012 - Tokyo Stock Exchange

Sales JPY(mil):

666,272.0

Assets JPY(mil):

486,747.0

Employees:

5,897

Fiscal Year End:

31-Mar-2013

 

Industry:

Chemical Manufacturing

Incorporation Date:

09-Dec-1917

Company Type:

Public Parent

Quoted Status:

Quoted

 

Executive Officer:

Katsuhisa Yamaguchi

 

 

Industry Codes

 

ANZSIC 2006 Codes:

3323

-

Industrial and Agricultural Chemical Product Wholesaling

3720

-

Pharmaceutical and Toiletry Goods Wholesaling

3339

-

Other Hardware Goods Wholesaling

3419

-

Other Specialised Industrial Machinery and Equipment Wholesaling

3494

-

Other Electrical and Electronic Goods Wholesaling

 

ISIC Rev 4 Codes:

4669

-

Wholesale of waste and scrap and other products n.e.c.

4652

-

Wholesale of electronic and telecommunications equipment and parts

4659

-

Wholesale of other machinery and equipment

4663

-

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

4649

-

Wholesale of other household goods

 

NACE Rev 2 Codes:

4675

-

Wholesale of chemical products

4669

-

Wholesale of other machinery and equipment

4652

-

Wholesale of electronic and telecommunications equipment and parts

4673

-

Wholesale of wood, construction materials and sanitary equipment

4646

-

Wholesale of pharmaceutical goods

 

NAICS 2012 Codes:

42469

-

Other Chemical and Allied Products Merchant Wholesalers

423830

-

Industrial Machinery and Equipment Merchant Wholesalers

424210

-

Drugs and Druggists' Sundries Merchant Wholesalers

424610

-

Plastics Materials and Basic Forms and Shapes Merchant Wholesalers

423690

-

Other Electronic Parts and Equipment Merchant Wholesalers

424950

-

Paint, Varnish, and Supplies Merchant Wholesalers

 

US SIC 1987:

5169

-

Chemicals and Allied Products, Not Elsewhere Classified

5162

-

Plastics Materials and Basic Forms and Shapes

5084

-

Industrial Machinery and Equipment

5122

-

Drugs, Drug Proprietaries, and Druggists' Sundries

5198

-

Paints, Varnishes, and Supplies

5065

-

Electronic Parts and Equipment, Not Elsewhere Classified

 

UK SIC 2007:

4675

-

Wholesale of chemical products

4669

-

Wholesale of other machinery and equipment

4652

-

Wholesale of electronic and telecommunications equipment and parts

4673

-

Wholesale of wood, construction materials and sanitary equipment

4646

-

Wholesale of pharmaceutical goods

 

 

Business Description

NAGASE & CO., LTD. is a Japan-based supplier of chemical products. The Company is involved in the import, export, manufacture and sale of a wide range of products. The Chemical segment offers dyes, pigments, information recording paper-related products, functional pigments, urethane raw materials, resin materials, fluorine chemicals and others. The Synthetic Resin segment provides thermoplastic resin, thermoset resin, synthetic rubber, inorganic materials, synthetic resin products and others. The Electronic segment offers materials and equipment for liquid crystal displays (LCDs), semiconductor pre-processes and semiconductor assembly, as well as LCD panel members, electronic precision abrasive and others. The Life Science segment offers medicine and agrichemical ingredients, reagents for research, exogenous enzyme and others. The Others segment provides logistics, information processing and professional services. On February 3, 2012, it fully acquired a Japan-based company. For the three months ended 30 June 2013, NAGASE & CO., LTD. revenues increased 3% to Y171.33B. Net income applicable to common stockholders increased 3% to Y3.53B. Revenues reflect Electronics segment increase of 12% to Y32.51B, Car Energy segment increase of 10% to Y23.22B, Processing Materials segment increase of 3% to Y55.93B. Net income also reflects Electronics segment income increase of 16% to Y1.71B.

More Business Descriptions

Trading in chemicals including dyestuffs and pigments, wood pulp, functional colouring agents, pharmaceuticals, agrochemicals, intermediates, enzymes and biochemicals; food and feed additives, chemicals for plastics, synthetic fibres and plasticisers; chemicals for cosmetics, paints and inks and urethane; plastics including thermoplastic resins, engineering plastics, thermosetting resins, synthetic rubber, plastic finished products, additives and plasticisers; injection machines; electronics including high-purity chemicals, special gases, systems, recording media production, printed circuit board production, electronic components and cryo-vacuum equipment; machinery including farm equipment, chemicals and electronic equipment and injection moulding machines; medical systems

Development, Production, Sale & Import of Dyestuffs, Chemicals, Plastics, Biochemical Products & Attendant Machinery

Chemicals and allied products

NAGASE & CO., LTD. (Nagase) is a chemical company, based in Japan. The company imports, exports, produces and sells diverse range of products, which includes plastics, chemicals, life sciences and electronic products. It also provides services such as logistics, information and professional. The company founded in June 18, 1832 and it was established in December 9, 1917.Nagase operates its business through five reportable segments, namely, Chemicals, Plastics, Electronics, Life Sciences and Other. The Chemicals segment of the company includes Colors and Imaging Department, Performance Chemicals Department, and Specialty Chemicals Department. The Colors and Imaging department provides in the chemicals related to textile processing, plastic coloring, and synthetic fiber, paint and ink. It provides in the business of paint and ink, resins, synthetic fiber, urethane foam, flame retardants, FRP, plasticizers, and film. Chemicals Department also provides chemicals that are used in organic synthesis and surfactants. For the fiscal year ended 2011, through Chemicals segment, the company reported revenue of JPY253.3 billion indicating an increase of 9.8% over revenue in 2010. In 2010, Chemicals segment accounted for 38.4% of the company’s total revenue. The Plastics segment of the company operates three departments, namely, Advanced Polymers Department, Automotive Solutions Department, and Eco-Materials and Products Department. These three departments operates in business of office automation equipment, electrical, electronics, consumer electronics, automotive, construction, building materials, housing, film sheet, electrical wire, and amusements. For the fiscal year ended 2011, through Plastics segment, the company reported revenue of JPY222.1 billion indicating an increase of 15.3% over revenue in 2010. In 2010, Plastics segment accounted for 33.6% of the company’s total revenue. The Electronics segment of the company operates three departments, namely, Electronics Chemicals Department, Information and Functional Materials Department, and Display and Electronics Component Department. These three departments together provides in business of manufacturing and selling semiconductors, liquid crystals, electronics components, heavy electronic machinery, automotive, communications and imaging batteries. For the fiscal year ended 2011, through Electronics segment, the company reported revenue of JPY133.6 billion indicating an increase of 13.6% over revenue in 2010. In 2010, Electronics segment accounted for 20.2% of the company’s total revenue. In the Life Sciences segment, the company operates its business through two departments, namely, Fine Chemicals Department, and Beauty Care Products Department. These two departments together operate in manufacturing and selling pharmaceuticals, food and feed chemicals, agriculture chemicals, and general household products. For the fiscal year ended 2011, through Life Sciences segment, the company reported revenue of JPY50.2 billion indicating a decrease of 9.5% over revenue in 2010. In 2010, Life Sciences segment accounted for 7.6% of the company’s total revenue. In the Other segment of the company provides logistics, information and professional services. For the fiscal year ended 2011, other segment of the company reported revenue of JPY93m indicating a decrease of 16.7% over revenue in 2010. In 2010, other segment accounted for 7.6% of the company’s total revenue. In May 2011, the company established Nagase Business Management and Planning (Shanghai) Co., Ltd, a management company in Shanghai, China. In April 2011, the company made an organizational structure changes which included establishment of a new Polymer Global Account Department and abolished the Advanced Polymers Department and integrated the same with the new department. In February 2011, the company announced of expanding its shareholding in AikawaKogyo Co., Ltd to 100% and making it’s a wholly-owned subsidiary.

NAGASE & CO., LTD. (Nagase) is a domestic goods importer and exporter, based in Japan. It operates through importing, exporting, manufacturing and selling sectors of chemicals, plastics, electronics, polymers and life sciences products. The company’s key products include colors, specialty chemicals, polymer and polymer products, automotive solutions, electronic materials and chemicals, fine chemicals, and beauty care products. It provides logistics, information and professional services. The company operating its businesses through 95 related companies that consist of 69 subsidiaries and 26 affiliates spread across Japan, Northeast and Southeast Asia, Europe and North America. Nagase is headquartered at Nishi-ku in Osaka, Japan.The company reported revenues of (Yen) JPY 666,272.00 million during the fiscal year ended March 2013, an increase of 5.45% over 2012. The operating profit of the company was JPY 13,048.00 million during the fiscal year 2013, an increase of 4.30% over 2012. The net profit of the company was JPY 14,183.00 million during the fiscal year 2013, an increase of 65.48% over 2012.

Other Chemical and Allied Products Merchant Wholesalers

 

 

Financial Data

Financials in:

JPY(mil)

Revenue:

666,272.0

Net Income:

14,183.0

Assets:

486,747.0

Long Term Debt:

62,614.0

Total Liabilities:

258,191.0

Working Capital:

93.4

Date of Financial Data:

31-Mar-2013

1 Year Growth

5.4%

65.5%

8.0%

 

 

 

Market Data

Quote Symbol:

8012

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

1,179.0

Stock Price Date:

10-18-2013

52 Week Price Change %:

33.7

Market Value (mil):

163,183,392.0

SEDOL:

6619820

ISIN:

JP3647800006

Equity and Dept Distribution:

FY'99-'02 WAS was estimated. FY'04-'07: 1Q&3Q WAS & DPS & O/S were estimated. 3/06:D-WAS and DPS are estimated. FY'08 Q3 BWAS & DWAS were estimated, BWAS = o/s. FY'08 Q1 WAS=O/S. FY'09 Q1 DWAS was estimated.

 

 

 

 

Subsidiaries

Company

Percentage Owned

Country

Nagase (Taiwan) Co Ltd

100%

TAIWAN

Nagase Wahlee Plastics Corp

60%

TAIWAN

Nagase Engineering Service Korea Co Ltd

100%

SOUTH KOREA

Nagase Korea Corp

100%

SOUTH KOREA

Nagase (Thailand) Co Ltd

100%

THAILAND

Nagase (Malaysia) Sdn Bhd

100%

MALAYSIA

Nagase Finechem Singapore (Pte) Ltd

100%

SINGAPORE

Nagase Impor-Ekspor Indonesia, PT

100%

INDONESIA

Nagase Philippines Corp

100%

PHILIPPINES

Nagase America Corporation

100%

USA

Nagase Philippines International Services Corp

100%

PHILIPPINES

Nagase Abrasive Materials Co Ltd

100%

JAPAN

Nagase Plastics Co Ltd

100%

JAPAN

NW Consultant Service (Shenzhen) Ltd

60%

PEOPLE'S REPUBLIC OF CHINA

Pac Tech USA-Packaging Technologies Inc

100%

USA

Nagase Enterprise Mexico SA de CV

100%

MEXICO

NCK Ltd

100%

JAPAN

Nagase Techno-Engineering Co Ltd

100%

JAPAN

Hoei Techno Service Co Ltd

100%

JAPAN

Nagase Sanbio Co Ltd

100%

JAPAN

Tianjin Nagase International Trading Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Shanghai Hua Chang Trading Co Ltd

70%

PEOPLE'S REPUBLIC OF CHINA

Guangzhou Nagase Trading Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

NWP International Trading (Shenzhen) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Totaku Industries Suzhou Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Pac Tech Asia Sdn Bhd

100%

MALAYSIA

NWP (BVI) Corporation

100%

BRITISH VIRGIN ISLANDS

Nagase Marketing and Service (Shenzhen) Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Nagase International Electronics Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Hayashibara Co Ltd

100%

JAPAN

Uma Yasai Farm Corporation

90%

JAPAN

Digital Wire Technology Co Ltd

66%

JAPAN

Nagase Logistics Support Co Ltd

100%

JAPAN

Engineered Materials Systems Inc

50%

USA

Nagase Chemspec Co Ltd

100%

JAPAN

Nagase Tool Matex Co Ltd

100%

JAPAN

OnFine Co Ltd

50%

JAPAN

Nagase India Private Ltd

100%

INDIA

Pac Tech-Packaging Technologies GmbH

73.52%

GERMANY

Totaku Industries Inc

77.1%

JAPAN

Nagase Filters Co Ltd

100%

JAPAN

Nagase Electronics Technology Co Ltd

71%

TAIWAN

Nagase ChemteX Corp

100%

JAPAN

Nagase Medicals Co Ltd

100%

JAPAN

Kotobuki Kasei Corp

100%

JAPAN

Setsunan Kasei Co Ltd

100%

JAPAN

Nagase Logistics Co Ltd

100%

JAPAN

Nagase General Service Co Ltd

100%

JAPAN

Nagase Information Development Ltd

100%

JAPAN

Nagase Trade Management Co Ltd

100%

JAPAN

Nagase Chemical Co Ltd

100%

JAPAN

Nishinihon Nagase Co Ltd

100%

JAPAN

Nagase Singapore (Pte) Ltd

100%

SINGAPORE

Nagase CMS Technology (Shanghai) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Nagase Vietnam Co Ltd

100%

VIETNAM

Nagase (Hong Kong) Ltd

100%

HONG KONG SAR

Shanghai Nagase Trading Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Nagase Precision Plastics Shanghai Co Ltd

99%

PEOPLE'S REPUBLIC OF CHINA

Nagase Elex Co Ltd

100%

JAPAN

Hoei Sangyo Co Ltd

80.5%

JAPAN

Nagase Beauty Care Co Ltd

100%

JAPAN

Nagase (Europa) GmbH

100%

GERMANY

Nagase ChemteX (Wuxi) Corp

100%

PEOPLE'S REPUBLIC OF CHINA

Fukui Yamada Chemical Co Ltd

90%

JAPAN

Nihon Bio Fertilizer Co Ltd

100%

JAPAN

Nagase Electronics Technology (Xiamen) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Nagase Business Management and Planning (Shanghai) Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Xiamen Nagase International Trading Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Sofix Corporation

100%

USA

KN Platech America Corporation

50%

USA

Kawai Hiryo Corporation

100%

JAPAN

Captex Co Ltd

100%

JAPAN

 

 

Shareholders

 

Major Shareholders

Northern Trust Co (AVFC) Sub A/C American Clients (7.47%); The Master Trust Bank of Japan Ltd (5.54%)

 

 

Key Corporate Relationships

Auditor:

Deloitte Touche Tohmatsu LLC

Bank:

Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ Ltd

Auditor:

Deloitte Touche Tohmatsu LLC, Ernst & Young ShinSihon

 

 

 

Corporate Structure News

 

Total Corporate Family Members: 63

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

NAGASE & CO., LTD.

Parent

Chuo-Ku

Japan

Chemical Wholesale

8,030.2

5,897

Hayashibara Co Ltd

Subsidiary

Okayama-Shi

Japan

Pharmaceutical Manufacturing

618

Totaku Industries, Inc.

Subsidiary

Osaka

Japan

Rubber and Plastic Product Manufacturing

270

Pac Tech-Packaging Technologies GmbH

Subsidiary

Nauen, Brandenburg

Germany

Machinery and Equipment Manufacturing

25.0

150

Nagase Singapore (Pte) Ltd.

Subsidiary

Singapore

Singapore

Chemical Wholesale

267.6

130

NAGASE-OG COLORS & CHEMICALS CO., LTD.

Subsidiary

Osaka

Japan

Chemical Wholesale

130

Hoei Sangyo Co., Ltd.

Subsidiary

Tokyo

Japan

Computer, Office Equipment and Software Merchant Wholesalers

125

Nagase (Thailand) Co., Ltd.

Subsidiary

Bangkok

Thailand

Chemical Wholesale

120

Shanghai Nagase Trading Co., Ltd.

Subsidiary

Shanghai

China

Synthetic Chemical Manufacturing

100

Nagase Plastics Co Ltd

Subsidiary

Osaka

Japan

Chemical Wholesale

100

Guangzhou Nagase Trading Ltd.

Subsidiary

Guangzhou

China

Chemical Wholesale

100

Nagase Wah Lee Plastics Corp.

Subsidiary

Taipei City, Taipei

Taiwan

Chemical Wholesale

80

Nagase Techno-Engineering Co., Ltd

Subsidiary

Osaka

Japan

Semiconductor and Other Electronic Component Manufacturing

70

Nagase (Malaysia) Sdn Bhd

Subsidiary

Kuala Lumpur

Malaysia

Chemical Wholesale

50

Nagase (Hong Kong) Ltd.

Subsidiary

Kowloon

Hong Kong

Chemical Wholesale

50

Canada Mold Technology, Inc.

Subsidiary

Woodstock, ON

Canada

Rubber and Plastic Product Manufacturing

50

Sofix Corp.

Subsidiary

Chattanooga, TN

United States

Miscellaneous Chemical Manufacturing

24.7

40

Nagase General Service Co., Ltd

Subsidiary

Tokyo

Japan

Real Estate Agents and Brokers

40

Nagase Philippines International Services Corporation

Subsidiary

Binan, Laguna

Philippines

Chemical Wholesale

39

Nagase California Corporation

Subsidiary

Santa Clara, CA

United States

Electronics Wholesale

51.1

30

Nishinihon Nagase Co., Ltd.

Subsidiary

Fukuoka

Japan

Chemical Wholesale

30

Nagase Philippines Corporation

Subsidiary

Makati

Philippines

Synthetic Chemical Manufacturing

23.0

25

P.T. Nagase Impor-Ekspor Indonesia

Subsidiary

Jakarta

Indonesia

Chemical Wholesale

25

Nagase (Europa) GmbH

Subsidiary

Düsseldorf, Nordrhein-Westfalen

Germany

Chemical Wholesale

159.5

22

Nagase Finechem Singapore (Pte) Ltd.

Subsidiary

Singapore

Singapore

Miscellaneous Chemical Manufacturing

22

Nagase America Corporation

Subsidiary

New York, NY

United States

Chemical Wholesale

38.7

20

Nagase Sanbio Co., Ltd.

Subsidiary

Osaka

Japan

Chemical Wholesale

20

Xiamen Nagase Trading Co., Ltd.

Subsidiary

Xiamen, Fujian

China

Chemical Wholesale

20

Nagase India Private Ltd.

Subsidiary

Mumbai, Maharashtra

India

Chemical Wholesale

20

Nagase Korea Corporation

Subsidiary

Seoul

Korea, Republic of

Synthetic Chemical Manufacturing

16

Nagase Business Management and Planning (Shanghai) Co., Ltd.

Subsidiary

Shanghai

China

Consulting Services

13

Nagase Engineering Service Korea Co.,Ltd

Subsidiary

Anyang, Kyongki-do

Korea, Republic of

Industrial Machinery Repair and Maintenance

8

Shanghai Kincho Chemical Industry Co., Ltd.

Subsidiary

Shanghai

China

Agricultural Chemical Manufacturing

7

Nagase International Electronics Limited

Subsidiary

Tsim Sha Tsui, Kowloon

Hong Kong

Electronics Wholesale

16.8

6

Nagase Kisho Electronics Inc.

Subsidiary

Sunnyvale, CA

United States

Semiconductor and Other Electronic Component Manufacturing

1.1

5

Nagase Enterprise Mexico S.A.de C.V.

Subsidiary

Mexico

Mexico

Specialty Construction Trade Contractors

4

Nagase Chemtex Corporation

Subsidiary

Osaka, Osaka

Japan

Synthetic Chemical Manufacturing

320.1

Nagase (Taiwan) Co., Ltd.

Subsidiary

Taipei

Taiwan

Electronics Wholesale

Nagase Information Development, Ltd

Subsidiary

Tokyo

Japan

Computer Programming

Katolec (Thailand) Co., Ltd.

Subsidiary

Ayutthaya, Amphur Nakornluang

Thailand

Semiconductor and Other Electronic Component Manufacturing

Nagase Medicals Co., Ltd.

Subsidiary

Itami, Hyogo

Japan

Pharmaceutical Manufacturing

Nagase Elex Co., Ltd.

Subsidiary

Tokyo

Japan

Chemical Wholesale

Nagase Beauty Care Co., Ltd.

Subsidiary

Tokyo

Japan

Health and Personal Care Wholesale

Nagase Chemical Co., Ltd

Subsidiary

Tokyo

Japan

Chemical Wholesale

Nagase Abrasive Materials Co., Ltd.

Subsidiary

Osaka

Japan

Professional and Commercial Equipment Wholesale

Pac Tech Asia Sdn. Bhd.

Subsidiary

Bayan Lepas, Penang

Malaysia

Semiconductor and Other Electronic Component Manufacturing

Setsunan Kasei Co., Ltd.

Subsidiary

Izumi, Osaka

Japan

Chemical Wholesale

Nagase Philippines International Services Corp.

Subsidiary

Makati

Philippines

Electronics Wholesale

NW Consultant Service (Shenzhen) Ltd.

Subsidiary

Shenzhen

China

Consulting Services

CAPTEX Co., Ltd.

Subsidiary

Nagoya, Aichi

Japan

Electrical Equipment and Appliances Manufacturing

iGENE Therapeutics, Inc.

Subsidiary

Tokyo

Japan

Pharmaceutical Manufacturing

Yuki Saisei co., ltd.

Subsidiary

Iwata, Shizuoka

Japan

Agricultural Chemical Manufacturing

Kawai Hiryo Corporation

Subsidiary

Iwata, Shizuoka

Japan

Basic Chemical Manufacturing

Kotobuki Kasei Corp.

Subsidiary

Kanuma, Tochigi

Japan

Rubber and Plastic Product Manufacturing

Nagase Logistics Co., Ltd.

Subsidiary

Amagasaki, Hyogo

Japan

Consulting Services

Aikawa Kogyo Co., Ltd.

Subsidiary

Tokyo

Japan

Chemical Wholesale

Nagase Filters Co., Ltd

Subsidiary

Higashi-osaka

Japan

Metal Products Manufacturing

Nagase Chemspec Co., Ltd.

Subsidiary

Tokyo

Japan

Chemical Wholesale

Nagase Trade Management Co., Ltd.

Subsidiary

Tokyo

Japan

Consulting Services

Totaku Industries Suzhou Co., Ltd

Subsidiary

Suzhou

China

Rubber and Plastic Product Manufacturing

Tianjin Nagase International Trading Co., Ltd.

Subsidiary

Tianjin

China

Chemical Wholesale

Nagase CMS Technology (Shanghai) Co., Ltd.

Subsidiary

Shanghai

China

Industrial Machinery Repair and Maintenance

Nagase Precision Plastics Shanghai Co., Ltd.

Subsidiary

Shanghai

China

Rubber and Plastic Product Manufacturing

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Aceto Corporation

Port Washington, New York, United States

233

Public

Asahi Kasei Corporation

Tokyo, Japan

25,085

Public

Emori & Co Ltd

Fukui-Shi, Japan

1,002

Public

 

 

ExecutiveS report

 

 

 

 

Board of Directors

 

Name

Title

Function

 

Shingo Baba

Managing Executive Officer

Director/Board Member

 

Age: 63

Iwao Nakamura

Independent Director

Director/Board Member

Biography:

Mr. Iwao Nakamura has been serving as Independent Director in NAGASE & Co., LTD. since June 2009. He used to work for Nissan Motor Co., Ltd. and a company that is under the new name, UD Trucks Corporation.

Age: 70

Yasuo Nishiguchi

Independent Director

Director/Board Member

Biography:

Mr. Yasuo Nishiguchi has been serving as Independent Director in NAGASE & Co., LTD. since June 2012. He is also serving as Representative Director in two other Japan-based companies. He is also working for Doshisha University. He used to serve as Chairman of the Board, Chief Executive Officer and Representative Director in a company now known as KYOCERA Corporation. He received master's degree from Osaka Kyoiku University in March 1972, and Ph.D. from Doshisha University in September 2009.

Age: 69

Education:

Doshisha University, PHD 
Osaka Kyoiku University, M 

 

Executives

 

Name

Title

Function

 

Shingo Baba

Managing Executive Officer

Managing Director

 

Age: 63

Kenichi Matsuki

Managing Executive Officer, Chief Director of Logistic Management, Representative Director

Managing Director

Biography:

Mr. Kenichi Matsuki has been serving as Managing Executive Officer, Chief Director of Logistic Management and Representative Director in NAGASE & Co., LTD. since June 2013. He is also serving as Representative Director in another Japan-based company. He joined the Company in April 1974 and used to serve as Chief Director of Human Resources & General Affairs.

Age: 62

Kazuo Mitsuhashi

Managing Executive Officer

Managing Director

 

Mitsukuni Mori

Managing Executive Officer

Managing Director

 

Reiji Nagase

Senior Managing Executive Officer, Representative Director

Managing Director

 

Biography:

Mr. Reiji Nagase has been serving as Senior Managing Executive Officer and Representative Director of NAGASE & CO., LTD. since June 2010. He is also working for HAYASHIBARA MUSEUM OF ART. He joined the Company in July 1994. His previous titles include Manager of Chemical Products, Manager of Construction Materials Office, Manager of Management Office, Manager of Machine Systems, Manager of General Planning, Manager of New Business Development, Chief Director of Electronics and Managing Director. He used to work for Ministry of Economy, Trade and Industry.

Age: 58

Kazuo Nagashima

Managing Executive Officer

Managing Director

Age: 63

Makoto Tsuruoka

Senior Managing Executive Officer Corporate Planning and Finance

Managing Director

Age: 63

Toshiro Yamaguchi

Managing Executive Officer, Representative Director

Managing Director

Biography:

Mr. Toshiro Yamaguchi has been serving as Managing Executive Officer and Representative Director in NAGASE & Co., LTD. since June 2013. He joined the Company in April 1974 and used to serve as Director of Functional Chemical Product Business.

Age: 62

Katsuhisa Yamaguchi

Executive Officer

Senior Management (General)

 

Osamu Morishita

Executive Officer, Director of Life & Health Care Product Business, Director

Administration Executive

 

Biography:

Mr. Osamu Morishita has been serving as Executive Officer, Director of Life & Health Care Product Business and Director in NAGASE & Co., LTD. since April 2013. He joined the Company in April 1979. He used to serve as Chief Operating Director in a China-based subsidiary, Shanghai Nagase Trading Co., Ltd. He obtained his Bachelor's degree in Economics from Osaka City University.

Age: 56

Education:

Osaka City University, B (Economics)

Masanori Furukawa

Executive Officer, Chief Director of Finance & Accounting

Finance Executive

 

Masao Hidaka

Corporate Auditor

Accounting Executive

 

Takahide Osada

Corporate Auditor

Accounting Executive

 

Toshio Takano

Corporate Auditor

Accounting Executive

 

Ichiro Wakabayashi

Executive Officer, Director of Polymer Global Account Business

Accounting Executive

 

Hideo Yamashita

Standing Corporate Auditor

Accounting Executive

 

Shinji Nakamura

Executive Officer, Chief Director of Sales Business Promotion

Sales Executive

 

Takanori Yamauchi

Executive Officer, Chief Director of Information System, Manager of Business Planning Office

Information Executive

 

Takaaki Hirai

Executive Officer, Director of Beauty Care Product Business

Product Management Executive

 

Kenichi Horie

Executive Officer, Director of Electric Chemical Product Business

Product Management Executive

 

Kenji Nagafusa

Executive Officer, Director of Polymer Products Business

Product Management Executive

 

Kohei Sato

Executive Officer, Director of Functional Chemical Product Business

Product Management Executive

 

Kenji Asakura

Executive Officer, Manager of Nagoya Office, Director

Other

 

Biography:

Mr. Kenji Asakura has been serving as Executive Officer, Manager of Nagoya Office and Director in NAGASE & Co., LTD. since June 2013. He joined the Company in April 1978 and previously served as Director of Automobile Material Business. He obtained his Bachelor's degree in Economics from Keio University.

Age: 57

Education:

Keio University, B (Economics)

Hiroshi Hanamoto

Executive Officer, Director

Other

Biography:

Mr. Hiroshi Hanamoto has been serving as Executive Officer and Director in NAGASE & Co., LTD. since April 2013. He is also serving as Representative Director in a subsidiary and another company. He joined the Company in April 1975 and previously served as Director of Color Material Business. He used to work for Nagase America Corp. and Nagase California Corp. He obtained his Bachelor's degree in Commerce from Osaka City University.

Age: 62

Education:

Osaka City University, B (Commerce)

Masatoshi Kamada

Executive Officer, Director of Electron Material Business

Other

 

Mitsuru Kanno

Executive Officer, Director of Color Material Business

Other

 

Mitsuro Naba

Executive Officer, Director

Other

 

Biography:

Mr. Mitsuro Naba has been serving as Executive Officer and Director in NAGASE & Co., LTD. since June 2013. He joined the Company in April 1977 and previously served as Director of Specialty Chemical Business. He used to serve as Chief Operating Officer in a Taiwan-based subsidiary. He obtained his Bachelor's degree in Economics from Kansai Gakuin University.

Age: 59

Education:

Kansai Gakuin University, B (Economics)

Hiroshi Nagase

President, Executive Officer, Representative Director

Other

Biography:

Mr. Hiroshi Nagase has been serving as President, Executive Officer and Representative Director of NAGASE & CO., LTD. since June 2001. He is also working for Foundation NAGASE Science Technology Development. He joined the Company in April 1977. His previous titles include Chief Director of 2nd Synthetic Resin, Chief Director of Trading Operations, Chief Director of Electronics, Chief Director of Electronics and Information Material, Managing Director, Manager of General Planning Office and Senior Managing Director.

Age: 64

 

 

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

Deloitte Touche Tohmatsu LLC

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

8,030.2

8,002.1

7,704.5

6,498.2

7,117.9

Revenue

8,030.2

8,002.1

7,704.5

6,498.2

7,117.9

Total Revenue

8,030.2

8,002.1

7,704.5

6,498.2

7,117.9

 

 

 

 

 

 

    Cost of Revenue

7,034.9

7,095.0

6,852.5

5,794.4

6,406.1

Cost of Revenue, Total

7,034.9

7,095.0

6,852.5

5,794.4

6,406.1

Gross Profit

995.3

907.1

852.0

703.8

711.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

445.8

411.7

362.1

308.8

332.1

    Labor & Related Expense

294.5

284.7

240.6

227.6

232.1

Total Selling/General/Administrative Expenses

740.3

696.5

602.7

536.4

564.2

    Depreciation

47.9

38.7

30.6

26.1

23.0

    Amortization of Acquisition Costs

19.4

1.9

-

-

-

Depreciation/Amortization

67.3

40.6

30.6

26.1

23.0

    Impairment-Assets Held for Use

25.2

7.9

3.1

2.9

5.4

    Impairment-Assets Held for Sale

0.5

4.9

3.0

7.6

12.3

    Other Unusual Expense (Income)

4.7

-1.2

9.3

3.2

-3.8

Unusual Expense (Income)

30.5

11.6

15.5

13.7

14.0

Total Operating Expense

7,873.0

7,843.6

7,501.4

6,370.6

7,007.2

 

 

 

 

 

 

Operating Income

157.3

158.4

203.2

127.6

110.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-13.2

-8.8

-6.6

-6.5

-10.3

    Interest Expense, Net Non-Operating

-13.2

-8.8

-6.6

-6.5

-10.3

        Interest Income - Non-Operating

2.4

3.4

2.6

2.8

3.4

        Investment Income - Non-Operating

42.1

48.6

30.8

13.1

2.2

    Interest/Investment Income - Non-Operating

44.6

51.9

33.4

15.8

5.6

Interest Income (Expense) - Net Non-Operating Total

31.3

43.2

26.8

9.3

-4.7

Gain (Loss) on Sale of Assets

39.3

0.1

5.9

0.1

-0.6

    Other Non-Operating Income (Expense)

6.7

7.7

8.3

8.6

6.0

Other, Net

6.7

7.7

8.3

8.6

6.0

Income Before Tax

234.5

209.4

244.1

145.7

111.4

 

 

 

 

 

 

Total Income Tax

53.2

89.9

85.0

60.3

47.8

Income After Tax

181.3

119.5

159.1

85.3

63.5

 

 

 

 

 

 

    Minority Interest

-10.4

-11.0

-9.4

-4.2

-5.7

Net Income Before Extraord Items

170.9

108.5

149.7

81.2

57.9

Net Income

170.9

108.5

149.7

81.2

57.9

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

-0.1

-0.1

Total Adjustments to Net Income

0.0

0.0

0.0

-0.1

-0.1

Income Available to Common Excl Extraord Items

170.9

108.5

149.6

81.1

57.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

170.9

108.5

149.6

81.1

57.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

127.4

128.5

128.5

128.6

128.6

Basic EPS Excl Extraord Items

1.34

0.84

1.16

0.63

0.45

Basic/Primary EPS Incl Extraord Items

1.34

0.84

1.16

0.63

0.45

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

170.9

108.5

149.6

81.1

57.8

Diluted Weighted Average Shares

127.4

128.5

128.5

128.6

128.6

Diluted EPS Excl Extraord Items

1.34

0.84

1.16

0.63

0.45

Diluted EPS Incl Extraord Items

1.34

0.84

1.16

0.63

0.45

Dividends per Share - Common Stock Primary Issue

0.31

0.30

0.26

0.17

0.16

Gross Dividends - Common Stock

39.7

39.1

33.0

22.1

20.5

Interest Expense, Supplemental

13.2

8.8

6.6

6.5

10.3

Depreciation, Supplemental

89.7

92.1

74.5

64.3

54.0

Total Special Items

10.6

13.4

9.6

13.5

14.6

Normalized Income Before Tax

245.2

222.8

253.7

159.2

125.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-2.0

4.9

3.3

5.6

6.3

Inc Tax Ex Impact of Sp Items

51.2

94.8

88.4

66.0

54.1

Normalized Income After Tax

194.0

128.0

165.4

93.3

71.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

183.6

117.0

155.9

89.0

66.1

 

 

 

 

 

 

Basic Normalized EPS

1.44

0.91

1.21

0.69

0.51

Diluted Normalized EPS

1.44

0.91

1.21

0.69

0.51

Amort of Acquisition Costs, Supplemental

19.4

1.9

-

-

-

Research & Development Exp, Supplemental

55.6

42.7

41.0

34.9

29.7

Reported Operating Profit

187.8

170.0

218.6

141.3

124.6

Reported Ordinary Profit

216.1

198.7

240.7

158.3

129.9

Normalized EBIT

187.8

170.1

218.7

141.3

124.7

Normalized EBITDA

296.9

264.1

293.2

205.6

178.7

    Current Tax - Total

77.3

88.4

-

-

-

Current Tax - Total

77.3

88.4

-

-

-

    Deferred Tax - Total

-24.2

1.5

-

-

-

Deferred Tax - Total

-24.2

1.5

-

-

-

Income Tax - Total

53.2

89.9

-

-

-

Interest Cost - Domestic

6.2

5.6

5.1

4.9

4.7

Service Cost - Domestic

14.8

13.3

11.0

10.3

11.2

Prior Service Cost - Domestic

1.1

-

-

-

-

Expected Return on Assets - Domestic

-3.9

-3.7

-3.4

-2.9

-3.0

Actuarial Gains and Losses - Domestic

8.4

8.5

-0.9

11.3

21.4

Transition Costs - Domestic

-

-

-

-

0.1

Domestic Pension Plan Expense

26.6

23.7

11.7

23.6

34.4

Defined Contribution Expense - Domestic

2.9

2.0

1.6

1.0

0.5

Total Pension Expense

29.4

25.7

13.3

24.6

34.9

Discount Rate - Domestic

1.70%

2.50%

2.50%

2.50%

2.50%

Expected Rate of Return - Domestic

2.10%

2.50%

2.50%

2.50%

2.50%

Total Plan Interest Cost

6.2

5.6

5.1

4.9

4.7

Total Plan Service Cost

14.8

13.3

11.0

10.3

11.2

Total Plan Expected Return

-3.9

-3.7

-3.4

-2.9

-3.0

 

 

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

Deloitte Touche Tohmatsu LLC

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

496.3

354.2

569.5

458.1

264.6

    Short Term Investments

-

-

-

0.0

101.2

Cash and Short Term Investments

496.3

354.2

569.5

458.1

365.9

        Accounts Receivable - Trade, Gross

2,083.2

2,399.7

2,245.6

2,001.1

1,684.5

        Provision for Doubtful Accounts

-11.2

-15.0

-14.4

-20.9

-20.0

    Trade Accounts Receivable - Net

2,071.9

2,384.7

2,231.2

1,980.2

1,664.5

Total Receivables, Net

2,071.9

2,384.7

2,231.2

1,980.2

1,664.5

    Inventories - Finished Goods

500.6

498.7

410.6

304.5

377.7

    Inventories - Work In Progress

16.5

15.7

6.4

6.1

4.5

    Inventories - Raw Materials

34.1

34.9

25.9

21.7

23.5

Total Inventory

551.2

549.3

443.0

332.3

405.7

    Deferred Income Tax - Current Asset

45.5

49.4

31.2

30.2

29.1

    Other Current Assets

84.7

88.7

71.0

64.8

57.3

Other Current Assets, Total

130.2

138.0

102.1

95.0

86.4

Total Current Assets

3,249.6

3,426.3

3,345.8

2,865.7

2,522.5

 

 

 

 

 

 

        Buildings

532.0

551.0

485.7

411.2

356.0

        Land/Improvements

206.6

224.8

141.7

125.1

118.8

        Machinery/Equipment

606.3

631.1

376.5

311.4

286.1

        Other Property/Plant/Equipment

241.0

294.7

188.2

160.7

151.2

    Property/Plant/Equipment - Gross

1,586.0

1,701.7

1,192.2

1,008.5

912.2

    Accumulated Depreciation

-938.0

-1,013.2

-710.6

-576.9

-515.2

Property/Plant/Equipment - Net

648.0

688.6

481.6

431.5

397.0

Goodwill, Net

326.6

389.4

0.0

-

-

Intangibles, Net

261.1

308.0

44.3

27.0

28.0

    LT Investment - Affiliate Companies

113.3

109.7

102.5

92.8

-

    LT Investments - Other

521.8

506.2

509.5

481.8

441.1

Long Term Investments

635.1

616.0

612.0

574.6

441.1

Note Receivable - Long Term

8.9

13.6

7.2

0.5

0.8

    Deferred Income Tax - Long Term Asset

23.9

10.9

12.6

10.4

9.3

    Other Long Term Assets

20.1

19.6

25.0

29.5

53.4

Other Long Term Assets, Total

44.0

30.5

37.6

39.9

62.7

Total Assets

5,173.3

5,472.4

4,528.6

3,939.2

3,452.1

 

 

 

 

 

 

Accounts Payable

1,147.2

1,325.0

1,226.8

1,162.7

911.3

Accrued Expenses

44.5

46.5

42.9

31.8

24.3

Notes Payable/Short Term Debt

266.4

468.9

187.3

110.0

173.6

Current Portion - Long Term Debt/Capital Leases

110.6

140.2

7.4

1.9

28.2

    Income Taxes Payable

31.3

38.5

47.6

21.3

12.0

    Deferred Income Tax - Current Liability

0.2

0.6

0.5

0.2

0.3

    Other Current Liabilities

162.0

185.6

158.7

139.4

128.6

Other Current liabilities, Total

193.6

224.7

206.8

160.9

140.9

Total Current Liabilities

1,762.3

2,205.4

1,671.2

1,467.4

1,278.2

 

 

 

 

 

 

    Long Term Debt

665.5

463.7

127.4

118.8

111.9

Total Long Term Debt

665.5

463.7

127.4

118.8

111.9

Total Debt

1,042.5

1,072.8

322.1

230.7

313.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

98.3

88.0

106.3

101.6

40.4

Deferred Income Tax

98.3

88.0

106.3

101.6

40.4

Minority Interest

98.3

96.2

91.3

76.8

71.8

    Pension Benefits - Underfunded

109.3

121.8

88.0

72.9

69.7

    Other Long Term Liabilities

10.4

11.2

10.1

8.6

8.6

Other Liabilities, Total

119.7

133.0

98.2

81.5

78.3

Total Liabilities

2,744.1

2,986.3

2,094.3

1,846.1

1,580.7

 

 

 

 

 

 

    Common Stock

103.1

117.7

117.0

103.8

98.2

Common Stock

103.1

117.7

117.0

103.8

98.2

Additional Paid-In Capital

107.3

123.2

124.0

110.0

104.0

Retained Earnings (Accumulated Deficit)

2,116.7

2,268.7

2,191.9

1,833.1

1,703.5

Treasury Stock - Common

-75.6

-66.3

-65.9

-58.1

-54.5

Unrealized Gain (Loss)

190.7

154.5

159.1

160.1

80.4

    Translation Adjustment

-13.0

-111.6

-91.8

-55.9

-60.9

    Other Equity

0.0

0.0

-

-

-

    Other Comprehensive Income

-0.1

-0.3

-0.1

0.1

0.6

Other Equity, Total

-13.1

-111.8

-91.9

-55.8

-60.3

Total Equity

2,429.2

2,486.1

2,434.2

2,093.1

1,871.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

5,173.3

5,472.4

4,528.6

3,939.2

3,452.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

126.7

128.5

128.5

128.5

128.6

Total Common Shares Outstanding

126.7

128.5

128.5

128.5

128.6

Treasury Shares - Common Stock Primary Issue

11.7

9.9

9.9

9.9

9.8

Employees

5,897

5,545

4,693

4,469

4,506

Number of Common Shareholders

6,921

6,124

3,974

3,995

4,134

Total Long Term Debt, Supplemental

776.1

603.9

134.7

120.3

139.7

Long Term Debt Maturing within 1 Year

110.6

140.2

7.4

1.5

27.8

Long Term Debt Maturing in Year 2

66.8

124.6

70.1

7.1

1.4

Long Term Debt Maturing in Year 3

167.3

74.2

54.5

62.1

6.8

Long Term Debt Maturing in Year 4

88.7

68.0

2.4

47.2

58.9

Long Term Debt Maturing in Year 5

130.1

75.3

0.0

2.2

44.6

Long Term Debt Maturing in 2-3 Years

234.1

198.8

124.5

69.2

8.1

Long Term Debt Maturing in 4-5 Years

218.8

143.4

2.4

49.4

103.5

Long Term Debt Matur. in Year 6 & Beyond

212.6

121.5

0.4

0.2

0.3

Total Capital Leases, Supplemental

3.6

3.9

5.2

3.9

4.0

Capital Lease Payments Due in Year 1

0.7

0.8

1.6

0.5

0.4

Capital Lease Payments Due in Year 2

0.5

0.6

0.6

0.5

0.7

Capital Lease Payments Due in Year 3

0.4

0.3

0.5

0.4

0.4

Capital Lease Payments Due in Year 4

0.2

0.2

0.3

0.4

0.3

Capital Lease Payments Due in Year 5

0.3

0.2

0.2

0.2

0.2

Capital Lease Payments Due in 2-3 Years

0.9

0.9

1.1

0.9

1.0

Capital Lease Payments Due in 4-5 Years

0.5

0.4

0.4

0.6

0.6

Cap. Lease Pymts. Due in Year 6 & Beyond

1.5

1.9

2.1

2.0

2.0

Pension Obligation - Domestic

298.7

304.0

248.3

218.8

218.5

Plan Assets - Domestic

174.2

173.5

152.0

146.8

152.1

Funded Status - Domestic

-124.5

-130.5

-96.3

-72.0

-66.4

Total Funded Status

-124.5

-130.5

-96.3

-72.0

-66.4

Discount Rate - Domestic

1.70%

2.50%

2.50%

2.50%

2.50%

Expected Rate of Return - Domestic

2.10%

2.50%

2.50%

2.50%

2.50%

Prepaid Benefits - Domestic

0.9

-

-

-

14.1

Accrued Liabilities - Domestic

-109.3

-121.8

-88.0

-72.9

-69.7

Other Assets, Net - Domestic

16.1

8.8

8.2

-1.0

10.7

Net Assets Recognized on Balance Sheet

-92.2

-113.0

-79.8

-73.9

-45.0

Total Plan Obligations

298.7

304.0

248.3

218.8

218.5

Total Plan Assets

174.2

173.5

152.0

146.8

152.1

 

 

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

Deloitte Touche Tohmatsu LLC

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

234.5

209.4

244.1

145.6

111.3

    Depreciation

89.7

92.1

74.5

64.3

54.0

Depreciation/Depletion

89.7

92.1

74.5

64.3

54.0

    Amortization of Acquisition Costs

19.4

1.9

-

-

-

Amortization

19.4

1.9

-

-

-

    Unusual Items

-25.5

-11.7

-15.3

6.2

8.5

    Other Non-Cash Items

-13.8

4.7

-7.4

-4.9

-3.5

Non-Cash Items

-39.3

-7.0

-22.7

1.3

5.0

    Accounts Receivable

124.8

-128.2

-26.5

-212.3

651.2

    Inventories

-18.0

-93.9

-75.5

101.1

24.3

    Prepaid Expenses

-

-

0.0

14.9

21.5

    Accounts Payable

-105.7

85.0

-49.9

195.1

-442.6

    Other Operating Cash Flow

-25.8

-85.2

-15.8

-10.2

-64.7

Changes in Working Capital

-24.6

-222.2

-167.7

88.6

189.6

Cash from Operating Activities

279.8

74.2

128.3

299.9

359.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-127.2

-142.0

-66.6

-70.3

-96.3

    Purchase/Acquisition of Intangibles

-20.6

-18.0

-21.3

-7.2

-8.1

Capital Expenditures

-147.8

-160.0

-87.9

-77.6

-104.4

    Sale of Business

0.0

6.8

0.0

-2.0

0.0

    Sale of Fixed Assets

39.0

0.6

6.7

0.3

0.9

    Sale/Maturity of Investment

14.5

27.2

24.3

119.0

6.2

    Investment, Net

-4.6

-2.2

-19.7

-2.5

0.1

    Purchase of Investments

-10.4

-20.3

-20.5

-145.4

-12.7

    Other Investing Cash Flow

-5.6

-878.8

-9.7

6.6

-0.2

Other Investing Cash Flow Items, Total

32.9

-866.6

-18.8

-24.0

-5.6

Cash from Investing Activities

-114.8

-1,026.7

-106.7

-101.5

-110.1

 

 

 

 

 

 

    Other Financing Cash Flow

-8.2

-6.8

-4.4

-3.9

-2.6

Financing Cash Flow Items

-8.2

-6.8

-4.4

-3.9

-2.6

    Cash Dividends Paid - Common

-38.4

-40.7

-27.0

-20.7

-32.0

Total Cash Dividends Paid

-38.4

-40.7

-27.0

-20.7

-32.0

        Repurchase/Retirement of Common

-19.9

-

-

-

-

    Common Stock, Net

-19.9

-

-

-

-

Issuance (Retirement) of Stock, Net

-19.9

-

-

-

-

    Short Term Debt, Net

-196.1

291.0

71.3

-103.9

-70.6

        Long Term Debt Issued

416.1

497.2

1.6

2.2

50.0

        Long Term Debt Reduction

-139.4

-19.3

-

-

-

    Long Term Debt, Net

276.7

477.8

1.6

2.2

50.0

Issuance (Retirement) of Debt, Net

80.5

768.8

73.0

-101.8

-20.6

Cash from Financing Activities

14.0

721.4

41.6

-126.4

-55.2

 

 

 

 

 

 

Foreign Exchange Effects

29.5

-5.5

-14.6

-0.2

-68.6

Net Change in Cash

208.5

-236.6

48.6

71.7

125.9

 

 

 

 

 

 

Net Cash - Beginning Balance

343.7

597.8

502.3

388.9

233.7

Net Cash - Ending Balance

552.2

361.2

550.8

460.6

359.6

Cash Interest Paid

12.7

8.1

6.6

6.7

10.0

Cash Taxes Paid

77.0

99.1

58.7

35.8

78.1

 

 

ANNUAL INCOME STATEMENT

 

Financials in: USD (mil)

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

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
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

Deloitte Touche Tohmatsu LLC

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

8,030.2

8,002.1

7,704.5

6,498.2

7,117.9

Total Revenue

8,030.2

8,002.1

7,704.5

6,498.2

7,117.9

 

 

 

 

 

 

    Cost of Sales

7,034.9

7,095.0

6,852.5

5,794.4

6,406.1

    Other SGA

0.0

-

-

-

-

    Other Selling/General/Admin. Expense

-

0.0

-

-

-

    Selling Cost

120.7

111.0

98.9

80.6

91.5

    Employees'' salaries

236.7

230.9

200.8

183.0

178.7

    Provision for bonus

30.5

27.3

25.3

18.7

16.5

    Provision for directors'' bonuses

2.7

2.5

2.5

1.7

1.3

    Depreciation

47.9

38.7

30.6

26.1

23.0

    Retirement Benefit Expenses

24.0

23.3

11.5

23.7

35.0

    Provi for directors'' retirement benefit

0.6

0.7

0.6

0.5

0.5

    Provi Of Allowance For Doubtful Accounts

-0.4

5.5

0.0

2.1

5.7

    Other SGA

325.5

295.2

263.2

226.1

235.0

    Rounding adjustment Income Statement

0.0

-

-

-

-

    Gain On Reversal Of Subscription Rights

-

-1.6

-

-

-

    SP Rev.Allow.Doubt.Acct

-

0.0

-3.3

0.0

-

    SP Compensation Inc.

-

-

-

-

-4.4

    SP G on reversal of subscription rights

-

-

0.0

-

-

    SP Other Special Gains

-3.7

-0.1

-0.2

0.0

-

    SP L.Retire.Fix Asset

2.4

2.2

2.5

1.8

5.4

    SP L.Val.Inv.Secs.

0.5

4.9

3.0

7.6

12.3

    SP Allow.Doubt.Acct - Affiliates

-

0.0

8.2

0.0

-

    SP Goods Voluntary Recall Related Costs

-

-

-

-

0.0

    SP Impairment Asset

22.9

5.8

0.6

1.1

0.0

    SP Retire.Bene.

-

-

0.0

1.9

0.0

    SP L on Step Related

-

0.0

4.0

0.0

-

    SP Other SP Loss

8.4

0.5

0.7

1.3

0.6

    Amortization of goodwill

19.4

-

-

-

-

    Amortization of goodwill

-

1.9

-

-

-

Total Operating Expense

7,873.0

7,843.6

7,501.4

6,370.6

7,007.2

 

 

 

 

 

 

    NOP Interest Income

2.4

3.4

2.6

2.8

3.4

    NOP Dividend Income

14.6

12.9

13.5

7.9

10.8

    Other Non-Operating Income (Expense)

0.0

0.0

-

-

-

    NOP Rent Income

3.5

3.3

2.9

2.4

2.1

    NOP Equity Gain

11.2

4.7

3.5

3.1

0.0

    NOP Exchange Gain

6.6

8.8

0.8

1.1

0.5

    NOP Other Non-Ops.Income

7.6

11.1

10.2

10.1

10.6

    NOP Interest Expense

-13.2

-8.8

-6.6

-6.5

-10.3

    NOP Equity loss

-

-

-

0.0

-5.2

    NOP Rent Cost

-

-

-0.2

-0.4

-0.1

    NOP Other Non-Ops.Exp.

-4.5

-6.7

-4.7

-3.6

-6.5

    SP G.Sale Fix Asset

40.5

0.2

6.1

0.2

0.2

    SP G.Sale Inv.Secs.

9.7

22.3

13.9

1.8

0.2

    SP L on equity change

-

-

-

-

-4.1

    SP L.Sale Fix Asset

-1.2

-0.1

-0.3

-0.1

-0.8

    SP L.Sale Inv.Secs.

0.0

-0.1

-0.9

-0.9

-0.1

Net Income Before Taxes

234.5

209.4

244.1

145.7

111.4

 

 

 

 

 

 

Provision for Income Taxes

53.2

89.9

85.0

60.3

47.8

Net Income After Taxes

181.3

119.5

159.1

85.3

63.5

 

 

 

 

 

 

    Minority interests in income

-10.4

-11.0

-9.4

-4.2

-5.7

Net Income Before Extra. Items

170.9

108.5

149.7

81.2

57.9

Net Income

170.9

108.5

149.7

81.2

57.9

 

 

 

 

 

 

    Rounding Of Net Income After Tax

0.0

-

-

-

-

    Rounding adjustment Income Statement

-

0.0

-

-

-

    Earning Adjustment

-

-

0.0

-0.1

-0.1

Income Available to Com Excl ExtraOrd

170.9

108.5

149.6

81.1

57.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

170.9

108.5

149.6

81.1

57.8

 

 

 

 

 

 

Basic Weighted Average Shares

127.4

128.5

128.5

128.6

128.6

Basic EPS Excluding ExtraOrdinary Items

1.34

0.84

1.16

0.63

0.45

Basic EPS Including ExtraOrdinary Items

1.34

0.84

1.16

0.63

0.45

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

170.9

108.5

149.6

81.1

57.8

Diluted Weighted Average Shares

127.4

128.5

128.5

128.6

128.6

Diluted EPS Excluding ExtraOrd Items

1.34

0.84

1.16

0.63

0.45

Diluted EPS Including ExtraOrd Items

1.34

0.84

1.16

0.63

0.45

DPS-Ordinary Shares

0.31

0.30

0.26

0.17

0.16

Gross Dividends - Common Stock

39.7

39.1

33.0

22.1

20.5

Normalized Income Before Taxes

245.2

222.8

253.7

159.2

125.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

51.2

94.8

88.4

66.0

54.1

Normalized Income After Taxes

194.0

128.0

165.4

93.3

71.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

183.6

117.0

155.9

89.0

66.1

 

 

 

 

 

 

Basic Normalized EPS

1.44

0.91

1.21

0.69

0.51

Diluted Normalized EPS

1.44

0.91

1.21

0.69

0.51

Research and Development Costs

55.6

42.7

41.0

34.9

29.7

Interest Expense

13.2

8.8

6.6

6.5

10.3

BC - Depreciation of Goodwill

19.4

-

-

-

-

Amortization of goodwill

-

1.9

-

-

-

BC - Depreciation of Fixed Assets

89.7

-

-

-

-

Depreciation

-

92.1

-

-

-

Depreciation

-

-

74.5

64.3

54.0

    Income taxes-current

77.3

88.4

-

-

-

Current Tax - Total

77.3

88.4

-

-

-

    Income taxes-deferred

-24.2

1.5

-

-

-

Deferred Tax - Total

-24.2

1.5

-

-

-

Income Tax - Total

53.2

89.9

-

-

-

Reported Operating Profit

187.8

170.0

218.6

141.3

124.6

Reported Ordinary Profit

216.1

198.7

240.7

158.3

129.9

Service cost

14.8

13.3

11.0

10.3

11.2

Interest cost

6.2

5.6

5.1

4.9

4.7

Expected return on plan assets

-3.9

-3.7

-3.4

-2.9

-3.0

Retirement Benefit Expenses Prior Servic

1.1

-

-

-

-

Actuarial gains and losses

8.4

8.5

-0.9

11.3

21.4

Transit. L. to Defined Contribution Plan

-

-

-

-

0.1

Domestic Pension Plan Expense

26.6

23.7

11.7

23.6

34.4

Defined contribution expense

2.9

2.0

1.6

1.0

0.5

Total Pension Expense

29.4

25.7

13.3

24.6

34.9

Discount Rate(MIN)-Retirement Cost(Domes

1.70%

2.50%

-

-

-

Discount rate

-

-

2.50%

2.50%

2.50%

Expected return on assets(MIN)-Retiremen

2.10%

2.50%

-

-

-

Expected rate of return

-

-

2.50%

2.50%

2.50%

 

 

ANNUAL BALANCE SHEET

Financials in: USD (mil)

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal 
31-Mar-2013

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

94.088557

82.385362

82.88

93.44

98.77

Auditor

Deloitte Touche Tohmatsu LLC

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Deposit

496.3

354.2

569.5

458.1

264.6

    Notes and accounts receivable-trade

2,083.2

2,399.7

2,245.6

2,001.1

1,684.5

    Mkbl.Secs.

-

-

-

0.0

101.2

    Merchandise & finished goods

500.6

498.7

410.6

304.5

377.7

    Inventories - work-in-process

16.5

15.7

6.4

6.1

4.5

    Inventories - raw materials & supplies

34.1

34.9

25.9

21.7

23.5

    Dfrd.Income Tax

45.5

49.4

31.2

30.2

29.1

    Rounding adjustment Assets

0.0

0.1

-

-

-

    Other Current

84.7

88.6

71.0

64.8

57.3

    Allow.Doubt.Acct

-11.2

-15.0

-14.4

-20.9

-20.0

Total Current Assets

3,249.6

3,426.3

3,345.8

2,865.7

2,522.5

 

 

 

 

 

 

    Buildings&Struct, gross

532.0

551.0

485.7

411.2

356.0

    Accumulated depreciation

-278.0

-296.7

-266.6

-213.7

-189.7

    Machinery, equipment and vehicles

606.3

631.1

376.5

311.4

286.1

    Accumulated depreciation

-485.6

-520.2

-293.5

-232.2

-207.2

    Land

206.6

224.8

141.7

125.1

118.8

    Other PPE, gross

241.0

294.7

188.2

160.7

151.2

    Accum.Depre.

-174.4

-196.2

-150.4

-131.0

-118.4

    Technology Based Assets(1)

213.6

263.0

-

-

-

    Other

47.6

45.0

-

-

-

    Other Total Intangible Assets, Net

0.0

0.0

-

-

-

    Total intangible assets

-

-

-

27.0

28.0

    Goodwill(1)

326.6

389.4

-

-

-

    Goodwill

-

-

0.0

-

-

    Technology Based Assets

-

-

0.0

-

-

    Other Intangible Assets

-

-

44.3

-

-

    Investment Securities - Balancing value

521.8

-

-

-

-

    Other LT investment

-

506.2

-

-

-

    Invest. Secs.

-

-

509.5

481.8

441.1

    Invt Secs Noncons, Asc, Affd Cos

82.6

88.7

-

-

-

    Invts in Capital Noncons, Ascd, Affd Cos

30.7

21.0

-

-

-

    Equity secs.-nonconsolidated affil.

-

-

89.3

79.4

-

    Inv't partnership-nonconsol.affil.

-

-

13.2

13.4

-

    Long-term loans receivable

8.9

13.6

7.2

0.5

0.8

    Deferred tax assets

23.9

10.9

12.6

10.4

9.3

    Other Long Term Assets

-

0.0

-

-

-

    Other Other Long Term Assets(1)

23.2

22.8

-

-

-

    Other Other Long Term Assets

-

0.0

-

-

-

    Other Asset

-

-

32.1

33.6

59.9

    Allow.Doubt.Acct

-3.1

-3.2

-7.1

-4.1

-6.5

    Adjustment

-

-

-

-

0.0

    Property/Plant/Equipment, Total - Net

0.0

-

-

-

-

    Other Buildings, Net

-

0.0

-

-

-

    Other PPE net

-

0.0

-

-

-

Total Assets

5,173.3

5,472.4

4,528.6

3,939.2

3,452.1

 

 

 

 

 

 

    Notes and accounts payable-trade

1,147.2

1,325.0

1,226.8

1,162.7

911.3

    Short-term loans payable

266.4

468.9

-

-

-

    ST Debt

-

-

187.3

110.0

173.6

    Current portion of long-term loans payab

110.6

140.2

-

-

-

    Curr. LT debt

-

-

7.4

1.5

27.8

    Current lease Liability

-

-

-

0.5

0.4

    Income Tax Pybl.

31.3

38.5

47.6

21.3

12.0

    Dfrd.Income Tax

0.2

0.6

0.5

0.2

0.3

    Reserve for bonuses

42.2

44.1

40.3

30.1

22.9

    Provision for directors'' bonuses

2.3

2.4

2.6

1.7

1.4

    Rounding adjustment Liability

0.0

0.0

-

-

-

    Reserve for products recall

-

-

-

0.0

1.4

    Other Current

162.0

185.6

158.7

139.4

127.2

Total Current Liabilities

1,762.3

2,205.4

1,671.2

1,467.4

1,278.2

 

 

 

 

 

 

    Bonds payable

318.8

-

-

-

-

    Long-term loans payable

346.6

463.7

127.4

118.8

111.9

Total Long Term Debt

665.5

463.7

127.4

118.8

111.9

 

 

 

 

 

 

    Dfrd.Tax Liab.

98.3

88.0

106.3

101.6

40.4

    Res.Accru.Retire

109.3

121.8

88.0

72.9

69.7

    Rounding adjustment Liability

0.0

-

-

-

-

    Other Fix Liab.

10.4

11.2

10.1

8.6

8.6

    Minority Int.

98.3

96.2

91.3

76.8

71.8

    Other Long Term Liabilities

-

0.0

-

-

-

Total Liabilities

2,744.1

2,986.3

2,094.3

1,846.1

1,580.7

 

 

 

 

 

 

    Other Equity

0.0

0.0

-

-

-

    Common Stock

103.1

117.7

117.0

103.8

98.2

    Total capital surpluses

106.7

121.9

121.2

107.4

101.7

    Total retained earnings

2,116.7

2,268.7

2,191.9

1,833.1

1,703.5

    Treas.Stock

-75.6

-66.3

-65.9

-58.1

-54.5

    Valuation difference on available-for-sa

190.7

154.5

159.1

160.1

80.4

    Deferred hedge

-0.1

-0.3

-0.1

0.1

0.6

    Transl.Adjust.

-13.0

-111.6

-91.8

-55.9

-60.9

    New Stock Subscription Right

0.5

1.3

2.8

2.5

2.4

Total Equity

2,429.2

2,486.1

2,434.2

2,093.1

1,871.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

5,173.3

5,472.4

4,528.6

3,939.2

3,452.1

 

 

 

 

 

 

    S/O-Ordinary Shares

126.7

128.5

128.5

128.5

128.6

Total Common Shares Outstanding

126.7

128.5

128.5

128.5

128.6

T/S-Ordinary Shares

11.7

9.9

9.9

9.9

9.8

Full-Time Employees

5,897

5,545

4,693

4,469

4,506

Total Number of Shareholders

6,921

6,124

-

-

-

Number of Common Shareholders

-

-

3,974

3,995

4,134

LT Debts <1Yr.

110.6

140.2

7.4

1.5

27.8

Lns Pble Maturing over a Yr within 2 Yrs

66.8

124.6

-

-

-

LT Debts <2Yr.

-

-

70.1

7.1

1.4

Over Two Years And Within Three Years

106.3

-

-

-

-

Lns Pble Maturg over 2 Yrs within 3 Yrs

61.0

74.2

-

-

-

LT Debts <3Yr.

-

-

54.5

62.1

6.8

Lns Pble Maturg over 3 Yrs within 4 Yrs

88.7

68.0

-

-

-

LT Debts <4Yr.

-

-

2.4

47.2

58.9

Bond Redemp Amts over 4 Yrs within 5 Yrs

106.3

-

-

-

-

Lns Pble Maturg over 4 Yrs within 5 Yrs

23.8

75.3

-

-

-

LT Debts <5Yr.

-

-

0.0

2.2

44.6

Other Total Bond

106.3

-

-

-

-

Other LT Debt

106.3

121.5

-

-

-

LT Debts Remaining

-

-

0.4

0.2

0.3

Total Long Term Debt, Supplemental

776.1

603.9

134.7

120.3

139.7

Capital lease < 1 Yr

0.7

0.8

1.6

0.5

0.4

Cap Lease Maturg over a Yr within 2 Yrs

0.5

0.6

-

-

-

Capital lease < 2 Yr

-

-

0.6

0.5

0.7

Cap Lease Maturg over 2 Yr within 3 Yrs

0.4

0.3

-

-

-

Capital lease < 3 Yr

-

-

0.5

0.4

0.4

Cap Lease Maturg over 3 Yr within 4 Yrs

0.2

0.2

-

-

-

Capital lease < 4 Yr

-

-

0.3

0.4

0.3

Cap Lease Maturg over 4 Yr within 5 Yrs

0.3

0.2

-

-

-

Capital lease < 5 Yr

-

-

0.2

0.2

0.2

Other Capital Lease

1.5

1.9

-

-

-

Remaining

-

-

2.1

2.0

2.0

Total Capital Leases, Supplemental

3.6

3.9

5.2

3.9

4.0

Pension obligation

298.7

304.0

248.3

218.8

218.5

Fair value of plan asset

174.2

173.5

152.0

146.8

152.1

Unfunded Retirement Benefit Obligation

-124.5

-130.5

-

-

-

Funded status

-

-

-96.3

-72.0

-66.4

Total Funded Status

-124.5

-130.5

-96.3

-72.0

-66.4

Discount rate

1.70%

2.50%

2.50%

2.50%

2.50%

Expected rate of return

2.10%

2.50%

2.50%

2.50%

2.50%

Unrecognized actuarial gains and losses

16.1

8.8

8.2

-1.0

10.7

Retirement Benefit Expenses Prepaid Pens

0.9

-

-

-

-

Prepaid Pension Benefits

-

-

-

-

14.1

Reserve for accrued retirement benefits

-109.3

-121.8

-88.0

-72.9

-69.7

Net Assets Recognized on Balance Sheet

-92.2

-113.0

-79.8

-73.9

-45.0

 

 

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

Deloitte Touche Tohmatsu LLC

Ernst & Young ShinNihon LLC

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Income Before Tax

234.5

209.4

244.1

145.6

111.3

    Depreciation

89.7

92.1

74.5

64.3

54.0

    Amortization of goodwill

19.4

1.9

-

-

-

    Asset Impiarment

22.9

5.8

0.6

1.1

0.0

    In&Decrease In Provi For Retir Benefits

2.5

12.3

5.6

-0.8

2.0

    LT pension prepaid expenses

-

-

0.0

14.9

21.5

    Int.&Div.Income

-17.1

-16.3

-16.1

-10.7

-14.2

    Interest Expense

13.2

8.8

6.6

6.5

10.3

    Foreign exchange losses (gains)

-12.4

-0.1

-3.5

0.2

-1.5

    Loss (gain) on sales of noncurrent asset

-39.3

-0.1

-5.9

-0.1

0.6

    Decrease (increase) in notes and account

124.8

-128.2

-26.5

-212.3

651.2

    Decrease (increase) in inventories

-18.0

-93.9

-75.5

101.1

24.3

    Increase (decrease) in notes and account

-105.7

85.0

-49.9

195.1

-442.6

    Reserve for Goods Voluntary Recall

-

-

0.0

-1.5

-4.3

    Loss (gain) on sales of investment secur

-9.6

-22.2

-13.0

-0.9

-0.1

    Loss (gain) on valuation of securities

0.5

4.9

3.0

7.6

12.3

    Increase (decrease) in cash resulting fr

44.8

-

-

-

-

    Increase In Cash And Cash Equivalents Fr

11.0

2.1

-

-

-

    Increase In Cash And Cash Equivalents Re

-

0.0

-

-

-

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Other, net

-12.8

1.4

30.8

19.4

6.2

    Int.&Div. Rcvd.

20.8

18.6

18.6

12.9

17.1

    Interest Paid

-12.7

-8.1

-6.6

-6.7

-10.0

    Income Tax Paid

-77.0

-99.1

-58.7

-35.8

-78.1

    Newly Consolid.

-

-

-

-

0.0

    Adjustment

-

-

0.0

0.0

-

Cash from Operating Activities

279.8

74.2

128.3

299.9

359.9

 

 

 

 

 

 

    Purchase of marketable sec.

-

-

0.0

-107.6

0.0

    Proceeds from sales of short-term invest

-

-

0.0

107.6

0.0

    Purchase of property, plant and equipmen

-127.2

-142.0

-66.6

-70.3

-96.3

    Proceeds from sales of property, plant a

39.0

0.6

6.7

0.3

0.9

    Purch.Inv.Secs.

-2.6

-11.6

-18.5

-35.9

-9.4

    Sale Inv.Secs.

14.5

27.2

24.3

11.4

6.2

    Purchase of Contribution Investment

-7.8

-8.7

-2.0

-1.9

-3.3

    Ouflow due to purch. new consolid.subsid

-

-

-5.4

0.0

-

    Proceeds from sales of investments in su

0.0

6.8

0.0

-2.0

0.0

    Rounding adjustment Cash flow

-

0.0

-

-

-

    Acquisition of a company

0.0

-858.3

-

-

-

    Net decrease (increase) in short-term lo

-4.6

-2.2

-14.3

-2.5

0.1

    Purchase of intangible assets

-20.6

-18.0

-21.3

-7.2

-8.1

    Other, net

-5.6

-20.5

-9.7

6.6

-0.2

Cash from Investing Activities

-114.8

-1,026.7

-106.7

-101.5

-110.1

 

 

 

 

 

 

    Net increase (decrease) in short-term lo

-196.1

291.0

71.3

-103.9

-70.6

    Proceeds from issuance of bonds

359.8

-

-

-

-

    Proceeds from long-term loans payable

56.2

497.2

1.6

2.2

50.0

    Repayment of long-term loans payable

-139.4

-19.3

-

-

-

    Purchase Of Treasury Stock

-19.9

-

-

-

-

    Dividend Paid

-38.4

-40.7

-27.0

-20.7

-32.0

    Rounding adjustment Cash flow

0.0

0.0

-

-

-

    Div.Minority Paid

-6.5

-5.1

-1.8

-2.0

-2.1

    Other, net

-1.7

-1.7

-2.6

-2.0

-0.5

Cash from Financing Activities

14.0

721.4

41.6

-126.4

-55.2

 

 

 

 

 

 

Foreign Exchange Effects

29.5

-5.5

-14.6

-0.2

-68.6

Net Change in Cash

208.5

-236.6

48.6

71.7

125.9

 

 

 

 

 

 

Net Cash - Beginning Balance

343.7

597.8

502.3

388.9

233.7

Net Cash - Ending Balance

552.2

361.2

550.8

460.6

359.6

    Cash Interest Paid

12.7

8.1

6.6

6.7

10.0

    Cash Taxes Paid

77.0

99.1

58.7

35.8

78.1

 

 

 Financial Health

 

Financials in: USD (mil)

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

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

1,738.2

2.76%

8,030.2

5.45%

3.33%

-2.72%

Operating Income1 

43.3

8.13%

157.3

4.30%

3.22%

-4.22%

Income Available to Common Excl Extraord Items1 

35.8

3.46%

170.9

65.48%

23.46%

7.22%

Basic EPS Excl Extraord Items1 

0.28

4.83%

1.34

66.92%

23.83%

7.41%

Capital Expenditures2 

21.3

-54.46%

147.8

-2.97%

19.36%

6.54%

Cash from Operating Activities2 

49.8

-50.50%

279.8

296.45%

-5.92%

-

Free Cash Flow 

28.6

-47.06%

116.4

-

-19.07%

-

Total Assets3 

5,030.7

4.53%

5,173.3

7.96%

9.76%

3.00%

Total Liabilities3 

2,652.4

-2.20%

2,744.1

4.95%

14.39%

3.34%

Total Long Term Debt3 

637.9

-5.08%

665.5

63.91%

77.99%

47.42%

Employees3 

-

-

5897

6.35%

9.68%

6.35%

Total Common Shares Outstanding3 

127.0

-1.21%

126.7

-1.40%

-0.48%

-0.29%

1-ExchangeRate: JPY to USD Average for Period

98.564314

 

82.970472

 

 

 

2-ExchangeRate: JPY to USD Average for Period

98.564314

 

82.970472

 

 

 

3-ExchangeRate: JPY to USD Period End Date

98.239969

 

94.088557

 

 

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin 

12.39%

11.34%

11.06%

10.83%

10.00%

Operating Margin 

1.96%

1.98%

2.64%

1.96%

1.56%

Pretax Margin 

2.92%

2.62%

3.17%

2.24%

1.56%

Net Profit Margin 

2.13%

1.36%

1.94%

1.25%

0.81%

Financial Strength

Current Ratio 

1.84

1.55

2.00

1.95

1.97

Long Term Debt/Equity 

0.27

0.19

0.05

0.06

0.06

Total Debt/Equity 

0.43

0.43

0.13

0.11

0.17

Management Effectiveness

Return on Assets 

3.21%

2.28%

3.67%

2.24%

1.68%

Return on Equity 

6.54%

4.22%

6.45%

3.96%

3.01%

Efficiency

Receivables Turnover 

3.40

3.31

3.57

3.46

3.63

Inventory Turnover 

12.02

13.67

17.33

15.14

15.51

Asset Turnover 

1.42

1.53

1.78

1.70

1.88

Market Valuation USD (mil)

P/E (TTM) 

10.47

.

Enterprise Value2 

2,271.0

Price/Sales (TTM) 

0.24

.

Enterprise Value/Revenue (TTM) 

0.33

Price/Book (MRQ) 

0.64

.

Enterprise Value/EBITDA (TTM) 

8.99

Market Cap as of 18-Oct-20131 

1,666.6

.

1-ExchangeRate: JPY to USD on 18-Oct-2013

97.912020

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

98.239969

 

 

Annual Ratios

 

Financials in: USD (mil)

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



 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Financial Strength

Current Ratio 

1.84

1.55

2.00

1.95

1.97

Quick/Acid Test Ratio 

1.46

1.24

1.68

1.66

1.59

Working Capital1 

1,487.3

1,221.0

1,674.6

1,398.4

1,244.2

Long Term Debt/Equity 

0.27

0.19

0.05

0.06

0.06

Total Debt/Equity 

0.43

0.43

0.13

0.11

0.17

Long Term Debt/Total Capital 

0.19

0.13

0.05

0.05

0.05

Total Debt/Total Capital 

0.30

0.30

0.12

0.10

0.14

Payout Ratio 

23.36%

35.99%

22.05%

27.29%

35.42%

Effective Tax Rate 

22.68%

42.92%

34.82%

41.42%

42.95%

Total Capital1 

3,471.6

3,558.9

2,756.3

2,323.8

2,185.0

 

 

 

 

 

 

Efficiency

Asset Turnover 

1.42

1.53

1.78

1.70

1.88

Inventory Turnover 

12.02

13.67

17.33

15.14

15.51

Days In Inventory 

30.37

26.70

21.06

24.10

23.54

Receivables Turnover 

3.40

3.31

3.57

3.46

3.63

Days Receivables Outstanding 

107.21

110.16

102.27

105.59

100.60

Revenue/Employee2 

1,200,836

1,383,137

1,697,398

1,446,296

1,607,068

Operating Income/Employee2 

23,517

27,385

44,763

28,409

24,995

EBITDA/Employee2 

36,935

43,303

61,184

42,720

37,184

 

 

 

 

 

 

Profitability

Gross Margin 

12.39%

11.34%

11.06%

10.83%

10.00%

Operating Margin 

1.96%

1.98%

2.64%

1.96%

1.56%

EBITDA Margin 

3.08%

3.13%

3.60%

2.95%

2.31%

EBIT Margin 

1.96%

1.98%

2.64%

1.96%

1.56%

Pretax Margin 

2.92%

2.62%

3.17%

2.24%

1.56%

Net Profit Margin 

2.13%

1.36%

1.94%

1.25%

0.81%

COGS/Revenue 

87.61%

88.66%

88.94%

89.17%

90.00%

SG&A Expense/Revenue 

9.22%

8.70%

7.82%

8.25%

7.93%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

3.21%

2.28%

3.67%

2.24%

1.68%

Return on Equity 

6.54%

4.22%

6.45%

3.96%

3.01%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

0.92

-0.64

0.32

1.72

2.02

Operating Cash Flow/Share 2 

1.95

0.55

1.03

2.32

2.85

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) 

11.42

Market Cap/Equity (MRQ) 

0.70

Market Cap/Revenue (TTM) 

0.24

Market Cap/EBIT (TTM) 

10.45

Market Cap/EBITDA (TTM) 

6.57

Enterprise Value/Earnings (TTM) 

15.61

Enterprise Value/Equity (MRQ) 

0.95

Enterprise Value/Revenue (TTM) 

0.33

Enterprise Value/EBIT (TTM) 

14.28

Enterprise Value/EBITDA (TTM) 

8.99

 

 

 

 

 

 

 

 FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.103.93

Euro

1

Rs.85.17

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

--

 

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

 

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

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

 

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

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