MIRA
INFORM REPORT
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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
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Name : |
JAPAN STEEL WORKS LTD |
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Registered Office : |
23F, 24F, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
11.12.1950 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
Producer of
steel and machinery products Subject has
three business segments which includes : ·
The
Forging and Energy segment The Industry Machinery segment The Real Estate segment |
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No. of Employees : |
4,804 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 70.805 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic, mastery
of high technology, and a comparatively small defense allocation (1% of GDP)
helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source : CIA |
Company name & address
Japan Steel Works Ltd
23F, 24F, Gate City
Ohsaki-West Tower
1-11-1, Osaki
Shinagawa-Ku,
141-0032
Japan
Tel: 81-3-57452001
Fax: 81-3-57452025
Web: www.jsw.co.jp
synthesis
Employees: 4,804
Company Type: Public
Parent
Corporate Family: 41 Companies
Traded: Tokyo Stock Exchange: 5631
Incorporation
Date: 11-Dec-1950
Auditor: Ernst
& Young ShinNihon LLC
Financials in: USD (Millions)
Fiscal Year End: 31-Mar-2013
Reporting
Currency: Japanese Yen
Annual Sales: 2,659.4 1
Net Income: 99.8
Total Assets: 3,230.7 2
Market Value: 1,974.2
(06-Dec-2013)
Credit Limit : USD 70.805 millions
Business
Description
THE JAPAN STEEL
WORKS, LTD. is mainly engaged in industrial machinery business. It has three
business segments. The Forging and Energy segment manufactures and sells iron
and steel products, chemical machinery, nuclear power-related machinery,
metallic mold, petroleum refinery, petrochemistry, general chemical products,
pressure containers, clad plates, various steel pipes and wind generated power
machinery. The Industry Machinery segment manufactures and sells plastic
injection machines, resin manufacturing and processing machinery, hollow
molding machines, fluid machines, hydraulic equipment, electronic equipment and
display manufacturing equipment, magnesium alloy injection machines and various
other machinery. The Real Estate segment is engaged in the real estate leasing
and development businesses, as well as the provision of other operation
supports, among others. On October 1, 2013, the Company merged with a wholly
owned subsidiary. For the six months ended 30 September 2013, Japan Steel Works
Ltd revenues decreased 21% to Y84.48B. Net income applicable to common
stockholders decreased 37% to Y1.78B. Revenues reflect Formed and fabricated
materials and energy business segment decrease of 41% to Y26.1B, Industrial
Machinery Business segment decrease of 8% to Y56.75B.
Industry
Industry
Machinery and Equipment Manufacturing
ANZSIC 2006: 2463 - Machine Tool and Parts Manufacturing
ISIC Rev 4: 2822 - Manufacture of metal-forming
machinery and machine tools
NACE Rev 2: 2841 - Manufacture of metal forming
machinery
NAICS 2012: 333517 - Machine Tool Manufacturing
UK SIC 2007: 2841 - Manufacture of metal forming
machinery
US SIC 1987: 3542 - Machine Tools, Metal Forming Types
Key
Executives
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Name |
Title |
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Ikuo Sato |
President, Representative Director |
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Yoshitomo Tanaka |
Chief Financial Officer, Vice President, Manager of Business Planning
Office, Representative Director |
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Yoshitaka Ishibashi |
Executive Officer, Manager of Yokohama Manufacturing Center, Manager
of Manufacturing Reformation Promotion Office |
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Hiroo Akaba |
Executive Officer, Deputy Director of Iron and Steel Business,
Director of Planning |
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Hiroshi Fujimura |
Executive Officer, Deputy Chief Director of Research &
Development, Senior Manager of Technology Office |
Financial Summary
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Stock
Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet
Item Exchange Rate: USD 1 = JPY 94.08855
Corporate
Overview
Location
23F, 24F, Gate
City Ohsaki-West Tower
1-11-1, Osaki
Shinagawa-Ku, 141-0032
Japan
Tel: 81-3-57452001
Fax: 81-3-57452025
Web: www.jsw.co.jp
Quote Symbol - Exchange
5631 - Tokyo Stock Exchange
Sales JPY(mil): 220,653.0
Assets JPY(mil): 303,970.0
Employees: 4,804
Fiscal Year End: 31-Mar-2013
Industry: Miscellaneous
Capital Goods
Incorporation Date: 11-Dec-1950
Company Type: Public
Parent
Quoted Status: Quoted
Credit Limit : USD 70.805 millions
President, Representative Director:
Ikuo Sato
Industry Codes
ANZSIC 2006
Codes:
2463 - Machine
Tool and Parts Manufacturing
2210 - Iron
and Steel Forging
2299 - Other
Fabricated Metal Product Manufacturing Not Elsewhere Classified
6712 - Non-Residential
Property Operators
2469 - Other
Specialised Machinery and Equipment Manufacturing
2240 - Sheet
Metal Product Manufacturing (except Metal Structural and Container Products)
1812 - Basic
Organic Chemical Manufacturing
6720 - Real
Estate Services
ISIC Rev 4 Codes:
2822 - Manufacture
of metal-forming machinery and machine tools
2819 - Manufacture
of other general-purpose machinery
6810 - Real
estate activities with own or leased property
2511 - Manufacture
of structural metal products
2591 - Forging,
pressing, stamping and roll-forming of metal; powder metallurgy
2011 - Manufacture
of basic chemicals
6820 - Real
estate activities on a fee or contract basis
2593 - Manufacture
of cutlery, hand tools and general hardware
NACE Rev 2 Codes:
2841 - Manufacture
of metal forming machinery
6820 - Renting and operating of own or leased
real estate
2573 - Manufacture of tools
2550 - Forging, pressing, stamping and
roll-forming of metal; powder metallurgy
2511 - Manufacture
of metal structures and parts of structures
2014 - Manufacture
of other organic basic chemicals
6831 - Real
estate agencies
2829 - Manufacture
of other general-purpose machinery n.e.c.
NAICS 2012 Codes:
333517 - Machine
Tool Manufacturing
332510 - Hardware
Manufacturing
332111 - Iron
and Steel Forging
325194 - Cyclic
Crude, Intermediate, and Gum and Wood Chemical Manufacturing
531210 - Offices
of Real Estate Agents and Brokers
333519 - Rolling
Mill and Other Metalworking Machinery Manufacturing
332322 - Sheet
Metal Work Manufacturing
531120 - Lessors
of Nonresidential Buildings (except Miniwarehouses)
333249 - Other
Industrial Machinery Manufacturing
US SIC 1987:
3542 - Machine
Tools, Metal Forming Types
3429 - Hardware,
Not Elsewhere Classified
3462 - Iron
and Steel Forgings
6512 - Operators
of Nonresidential Buildings
3559 - Special
Industry Machinery, Not Elsewhere Classified
3549 - Metalworking
Machinery, Not Elsewhere Classified
2865 - Cyclic
Organic Crudes and Intermediates, and organic Dyes and Pigments
6531 - Real
Estate Agents and Managers
3444 - Sheet
Metal Work
UK SIC 2007:
2841 - Manufacture
of metal forming machinery
2550 - Forging,
pressing, stamping and roll-forming of metal; powder metallurgy
2014 - Manufacture
of other organic basic chemicals
6831 - Real
estate agencies
2829 - Manufacture
of other general-purpose machinery n.e.c.
2573 - Manufacture
of tools
2511 - Manufacture
of metal structures and parts of structures
68209 - Letting
and operating of own or leased real estate (other than Housing Association real
estate and conference and exhibition services) n.e.c.
Business Description
THE JAPAN STEEL
WORKS, LTD. is mainly engaged in industrial machinery business. It has three
business segments. The Forging and Energy segment manufactures and sells iron
and steel products, chemical machinery, nuclear power-related machinery,
metallic mold, petroleum refinery, petrochemistry, general chemical products,
pressure containers, clad plates, various steel pipes and wind generated power
machinery. The Industry Machinery segment manufactures and sells plastic injection
machines, resin manufacturing and processing machinery, hollow molding
machines, fluid machines, hydraulic equipment, electronic equipment and display
manufacturing equipment, magnesium alloy injection machines and various other
machinery. The Real Estate segment is engaged in the real estate leasing and
development businesses, as well as the provision of other operation supports,
among others. On October 1, 2013, the Company merged with a wholly owned
subsidiary. For the six months ended 30 September 2013, Japan Steel Works Ltd
revenues decreased 21% to Y84.48B. Net income applicable to common stockholders
decreased 37% to Y1.78B. Revenues reflect Formed and fabricated materials and
energy business segment decrease of 41% to Y26.1B, Industrial Machinery Business
segment decrease of 8% to Y56.75B.
More Business Descriptions
Steel castings
and forgings, pressure vessels and other steel structures, steel plates,
plastics processing machinery, other machinery and equipment, plant engineering
and construction
Steel Castings
& Forgings, Heavy Machinery & Steel Structures, Steel Plates, Plastics
Machinery, Industrial Machinery & Equipment for the Petroleum, Gas,
Chemical & Petrochemical Industries Mfr
The Japan Steel
Works, Ltd. (JSW) is a steel and machinery products producer. The company
produces and markets steel structures, heavy machinery, steel plates, steel
castings and forgings, industrial machinery, wind power equipment, plastics
machinery and other equipment. JSW also develops, rents and sells real estate
properties. Recently, the company expanded into diverse industrial fields,
including new energy resources, natural energy resources, new materials and
optoelectronics, to become a comprehensive material provider and manufacturer
of mechatronic products. The company’s operations are divided into three
reportable segments, namely, Machinery Products, Steel Products and Regional
Development.The Steel Products segment of the company carries out the
manufacturing and marketing of steel castings and steel forgings for power
generation, steel-making, chemical machinery, nuclear power-related machinery
and equipment, and roll molds. The segment also offers steel plates and steel
structures for oil refining, the petroleum and general chemical industries, and
for power generation as well as a variety of pressure vessels, clad steel
pipes, and clad steel plates. For the fiscal year 2012, the Steel Products
segment of the company generated sales of JPY105,001m, indicating a decrease of
7.01% over 2011. The segment accounted for 47.43% of the company's total sales
in 2012.The Machinery Products segment of the company consists of Plastics
Machinery and Other Machinery divisions. This division produces and sells
injection molding machines, blow molding machines, and other composite
plastics. It also produces and processes machinery which includes compound
extruder mixing machines, polyolefin extruders/palletizes, and equipment for
making films and sheets, and others. The Other Machinery division of the
company undertakes the production, sale and maintenance of fluid machinery,
hydraulic machines, metal-working machinery, machinery for the production of
electronic components and displays, magnesium alloy injection molding machines,
waste-treatment equipment, die-casting machine, defense-related equipment, and
wind turbine system equipment. For the fiscal year 2012, the Machinery Products
segment of the company generated sales of JPY113,959m, indicating an increase
of 16.68% over 2011. The segment accounted for 51.48% of the company's total
sales in 2012.Regional Development segment of the company deals with the
development and sale of various office buildings and commercial buildings. The
company is involved in the construction of office buildings, commercial
facilities, and rental condominiums on company-owned land, through the
utilization of idle assets. For the fiscal year 2012, the Regional Development
segment of the company generated sales of JPY2,407m, indicating an increase of
2.47% over 2011. The segment accounted for 1.09% of the company's total sales
in 2012.
The Japan Steel
Works, Ltd. (JSW) is an integrated producer of steel materials and manufacturer
of machinery. It has also expanded into the field of mechatronics. The company carries
out the manufacture and sale of steel castings and forgings, clad steel
products and steel plates and pressure vessels. The machinery product portfolio
of the company includes magnesium process equipment and products, injection
molding machines, die-casting machines, polyolefin extruders, auto screen
changers, compounding extruders, micro cellular foam processing technology,
reciprocating compressors (labyrinth piston type) and film & sheet
production systems. It also offers wind turbine systems. The products that the
company offers find applications in the chemical, petroleum, shipbuilding, gas,
energy and petrochemical industries. Besides, the company carries out the
development, rental and sale of real estate properties. Geographically, the
company operates through out Japan and also has business interests in Asia and
in North America. JSW is headquartered in Tokyo, Japan.The company reported
revenues of (Yen) JPY 220,653.00 million during the fiscal year ended March
2013, a decrease of 0.32% from 2012. The operating profit of the company was
JPY 14,343.00 million during the fiscal year 2013, a decrease of 32.62% from
2012. The net profit of the company was JPY 8,282.00 million during the fiscal
year 2013, a decrease of 34.23% from 2012.
All Other General
Purpose Machinery Manufacturing
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Strategic
Initiatives
Partnerships
Our business
activities are founded on the concept of Monozukuri (good manufacturing practice).
We are putting considerable effort into upgrading the abilities of our staff in
the fields of technology development, design, manufacturing, and marketing. At
the same time, we aim to effect close collaboration between the staff of all
the Company’s units, enabling us to tenaciously pursue our main business
objective — the uninterrupted provision of the highest-quality products.
Against this backdrop, we will take steps to ensure the realization of our
business strategies so as to satisfy our customers’ requirements, effectively
adapt to the changing business environment, and become known throughout the
world as a company that rigorously implements the principles of Monozukuri. In
addition to the foregoing, the management of JSW fully realizes that for a
manufacturing company to earn the trust of society, it must uphold high
standards of corporate ethics, make an adequate contribution to the
preservation of the environment, and ensure workplace safety.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities Increasing Wind Power Generations |
Threats |
Overview
The Japan Steel
Works, Ltd. (JSW) is a major cast and forged steel products maker in Japan. The
company's wide businesses and strong base of manufacturing facilities
strengthen its operational portfolio. Strong R&D operations support the
company to implement advance technologies for improve its product manufacturing
capapbilities. Deteriorating profitability ratios and increasing receivables
are major cause of concern to the company. Growing demand for steel could
provide growth opportunities for the company. However, stringent environmental
regulations and threat from substitutes could affect its operational
performance.
Strengths
Strong R&D Operations
Through its focused research and development
(R&D) activities, JSW nurtures new growth platforms, helping the company
deliver sustainable growth for the future years. JSW is a materials and
mechatronics manufacturer, which actively utilizes its original technology to
develop new products and production techniques. The company's R&D
activities focus on the development of products in new fields, which lead to
the development of new businesses. It carries out R&D in the field of
lifestyles, ecology, recycling, waste control and new technologies. The company
takes support of technological tie-ups and participates in joint development
projects to secure technological know-how in related fields. Its R&D center
aims to enhance the functions, performance, and reliability of its principal
products. JSW also participates in national projects and carries out joint
research with domestic and overseas research organizations. It operates two
R&D laboratories, namely, Muroran Research Laboratory and Hiroshima
Research Laboratory. Strong R&D helps the company to bring new solutions to
wide variety of markets and maintain its competitive edge.
Strong Manufacturing Facilities Base
The company has diversified manufacturing
capabilities that support in integrating its operations. It has three
manufacturing facilities in Muroran, Hiroshima, and Yokohama. These production
bases are equipped with advanced production facilities with standard quality to
offer quality products for its customers. The Muroran Plant has latest
equipment, which includes a 14,000 ton hydraulic press and a 100 ton
electro-slag remelting furnace. The plant produces small- and medium-sized cast
and forged steel products, clad steel plates and clad steel pipes. The
Hiroshima Plant produces plastics injection molding and magnesium injection
molding machines. The Yokohama plant of the company carries out the production
of LCD's and devices for next-generation LCDs. The main facilities of Muroran
plant are l20-ton electric arc furnace, 5-ton vacuum induction melting furnace,
30,000 horse power 4-thick plate reversing rolling mill, 12,000-ton pipe
forming press, low-frequency quenching equipment and machining tools. The
Hiroshima plant consists of 8-ton low frequency furnace, 6-ton electric arc
furnaces, precision casting equipment, Ion nitriding furnace and other heat
treatment equipment, CNC turret punching press, Bending shaft, 2,000-ton
hydraulic press, machining center and other machining tools. The main facilities
at Yokohama plant are machining center, NC lathe and special equipment for
screw machining. Strongly supporting manufacturing facilities enhance its
operational performance and product offerings.
Diversified Businesses Operations
The company is
present in diversified business operations, which helps to mitigate the various
risks associated with over dependent upon a particular market. JSW is an
integrated producer of steel materials and manufacturer of machinery. The
company’s business operations are classified into three reportable segments,
namely, Machinery Products, Steel Products and Regional Development. The
company's Steel Product segment manufactures and markets steel castings and
steel forgings for power generation, nuclear power-related machinery, chemical
machinery, steel-making and equipment, and roll molds. It also offers steel
plates and steel structures for petroleum, oil refining, chemical and power
generation markets. The Machinery Products segment carries out the production,
sale and repair of plastic injection machines, fluid machines, hollow molding
machines, hydraulic machines, electronic component manufacturing machines,
metal industry-related machines, waste treatment equipment and defense-related
machines. Regional Development segment of the company carries out the
development and sale of office buildings and commercial buildings. Through its
diversified products, the company strives to meet its customers ever changing
needs and expectations successfully.
Weaknesses
Increasing Receivables
The company’s
increasing receivables affects its competitive and profitability position. JSW
reported increase in its receivables for the past three years. The company's total
receivables for the fiscal year ended March 2012, 2011 and 2010 are JPY46206m,
JPY44989m and JPY42150m respectively. Its total receivables increased to
JPY46206m in 2012 from JPY44989m in 2011, reflecting an increase of 2.71% over
the period. The company's ability to receive timely payments would be key
attribute to continue its operations in an uninterrupted manner.
Deteriorating Profitability Ratios
Deteriorating
profitability ratios indicate that the company has been performing low and is not
in a position to deliver value as expected by its shareholders. For the fiscal
year ended March 2012, the company recorded decline across its various
profitability indicators. The company registered an operating profit of
JPY21,288m for the fiscal year ended March 2012, a decrease of 22.06% over the
fiscal year 2010. The decrease in operating profit resulted in the decreased
net profit levels. Its net profit was JPY12,592m for the fiscal year ended
2012, a decrease of 23.86% from 2011. The decreasing operating and net profits
of the company resulted in decreased profitability ratios. The company reported
operating margin of 9.58% in 2012, as compared to 12.82% in 2011. For the
fiscal year ended 2011, the company's return on equity, return on capital employed,
return on assets and return on fixed assets were 9.86%, 10.82%, 3.86%, 15.04%
as compared to 13.79%, 13.27%, 4.87%, 17.75% respectively. Declining
profitability would restrict the company in pursuing its expansion plans.
Opportunities
Increasing Wind Power Generations
With increasing concerns for the energy demand and
concern for green energy generation, the wind power generation industry is
growing rapidly. The company is engaged in providing product and services to
the wind power generation industry. The products and services provided by the
company to this industry include wind towers, blades and wind turbine.
Additionally, the company also provides services for construction and
maintenance of wind power plants. According to Global Wind Energy Council, the
growth of the market for wind energy is influenced by various factors such as
wider context of energy supply and demand, the rising profile of environmental
issues, especially climate change, and the impressive improvements in the
technology developments. All these factors have combined in many regions of the
world to support for the industry’s development. With this increasing demand
for wind energy, the company can increase its product offerings.
Growth in Developing Economies
JSW with its operation in the emerging markets can
strive to record high growth. Emerging markets withstood the global credit
crunch better than their developed world counterparts, and will grow more
quickly in 2011. According to the World Bank’s latest report, Global Economic
Prospects 2011, developing countries are estimated to grow by 7% in 2010, 6% in
2011 and 6.1% in 2012. They will continue to outstrip growth in high-income
countries, which is projected at 2.8% in 2010, 2.4% in 2011 and 2.7% in 2012.
In most developing countries, GDP has regained levels that would have
prevailed, had there been no boom-bust cycle. While steady growth is projected
through 2012, the recovery in several economies in emerging Europe and Central
Asia and in some high-income countries is tentative.
Growing Demand for Steel
The increasing demand for steel in Asian countries,
including China and India will enable JSW to record strong growth. Increase in
demand is expected to be driven by countries such as Brazil, Russia, India and
China, while growth in the developed world will be slower as maturing economies
struggle to recover from the global downturn. The combination of China and
India is extremely positive for the global steel industry. China and India are
very highly investment driven, which translates to employment, urbanization,
disposable income and therefore growth. Chinese domestic consumption of crude
steel is seen growing by 8% to 9% to 650 million tons in 2011. According to
in-house estimates, China crude steel production is expected to be around 680
million tons and consumption 650 million tons in 2012, which would be close to
the peak. The net effect of growth in China and the accelerating growth in
India will have serious implications for steel making raw materials as they will
drive the demand for coal and iron ore. According to the World Steel
Association, China will make up 45% of global demand for steel in 2011, while
India will emerge as the world's third-biggest steel consumer after China and
the US.
Threats
Threat from Substitutes
Growing usage of steel substitutes could affect the
demand for the company’s products. The steel industry, which had been
enjoying monopoly in many applications across diverse markets, is facing threat
from various evolving substitutes. Steel competes with materials such as
aluminum, plastic, wood, cement, composites and glass. Aluminum has been
finding increased usage in industries such as automobile which has been
striving hard to reduce the weight of the vehicles and improve fuel efficiency.
An aluminum structured vehicle can enjoy up to 50% less weight compared to its
steel counterpart. Further, the government regulatory initiatives for the
mandatory usage of steel substitutes, either for environmental reasons as well
as the development of substitute market, have forced industries to look out for
new substitutes. Thus, the growing usage of steel substitutes could reduce the
demand for steel products, thereby affecting the market prices and in turn the
company’s cash flow and profitability.
Stringent Regulations
JSW’s design and manufacturing processes are
subject to industry and governmental agency standards that may apply to its
entire line of products, including all domestic and foreign environmental,
structural, electrical and safety codes. Any changes by state and local
regulatory authorities in environmental regulations could require major changes
in the manufacturing process or product features. This would involve huge
investments for the implementation of the changes, leading to an increase in
the cost overheads. Non compliance with such changing regulations could lead to
heavy penalties and fines, thereby putting additional financial burden on the
company.
Volatility of Raw Materials Prices
The volatile raw material prices could have a
material impact on the operational costs of the company. The primary raw
materials used in the steel production include Iron Ore and coking coal. Steel
producers worldwide are on a constant look out of for the cheap availability of
raw materials such as iron ore, coking coal, freight and scrap. With rising
iron ore prices over the years due to heavy demand, and constrained supply from
Brazil and Australia have lead to an increase in the price of iron ore. Rising
iron ore and coal prices coupled with increased freight costs could have
adverse impact on the operating margins of steel manufacturing companies.
Besides the higher raw material costs increases the production costs for
companies, which forces them to either raise the prices of its products by
placing the burden on the consumer. Further, the production plants and its
machines are powered by oil and natural gas, whose price is also volatile in
nature. Thus, the price fluctuations may have a material impact on the product
cost and further the operations of the company.
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Corporate Family |
Corporate
Structure News: |
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Japan
Steel Works Ltd |
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Japan Steel Works Ltd |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shinagawa-Ku |
Japan |
Machinery and Equipment Manufacturing |
2,659.4 |
4,804 |
|
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Subsidiary |
Hiroshima, Hiroshima |
Japan |
Metal Products Manufacturing |
109.8 |
473 |
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Subsidiary |
Tokyo |
Japan |
Electrical Equipment and Appliances Manufacturing |
|
270 |
|
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Subsidiary |
Muroran, Hokkaido |
Japan |
Metal Products Manufacturing |
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250 |
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Miscellaneous Professional Services |
|
200 |
|
|
Subsidiary |
Obu-Shi |
Japan |
Machinery and Equipment Manufacturing |
77.1 |
178 |
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Rubber and Plastic Product Manufacturing |
|
170 |
|
|
Subsidiary |
Kwun Tong, Kowloon |
Hong Kong |
Professional and Commercial Equipment Wholesale |
5.1 |
4 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Rubber and Plastic Product Manufacturing |
|
3 |
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Administration of Public Programs |
|
160 |
|
|
Subsidiary |
Iruma |
Japan |
Industrial Machinery Repair and Maintenance |
|
150 |
|
|
Subsidiary |
Hiroshima |
Japan |
Machinery and Equipment Manufacturing |
|
120 |
|
|
Subsidiary |
Hiroshima |
Japan |
Machinery and Equipment Manufacturing |
|
100 |
|
|
Subsidiary |
Fuchu, Tokyo |
Japan |
Data Processing |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Administrative Services |
|
100 |
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
|
70 |
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Machinery and Equipment Manufacturing |
|
52 |
|
|
Subsidiary |
Hiroshima, Hiroshima |
Japan |
Miscellaneous Wholesale |
117.9 |
36 |
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Machinery Wholesale |
1.5 |
30 |
|
|
Subsidiary |
Corona, CA |
United States |
Machinery Wholesale |
29.2 |
12 |
|
|
Subsidiary |
Singapore |
Singapore |
Machinery Wholesale |
|
25 |
|
|
Affiliates |
Bangkok |
Thailand |
Machinery Wholesale |
|
15 |
|
|
Subsidiary |
Petaling Jaya, Selangor Darul Ehsan |
Malaysia |
Machinery Wholesale |
|
4 |
|
|
Subsidiary |
Taoyuan |
Taiwan |
Medical Equipment and Supplies |
|
|
|
|
Subsidiary |
Sha Tin, New Territories |
Hong Kong |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Novi, MI |
United States |
Machinery Wholesale |
0.7 |
5 |
|
|
Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Machinery Wholesale |
184.3 |
|
|
|
Subsidiary |
Chiyoda-Ku, Tokyo |
Japan |
Machinery Wholesale |
139.2 |
|
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Specialty Construction Trade Contractors |
68.1 |
|
|
|
Subsidiary |
Hiroshima, Hiroshima |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
53.1 |
|
|
|
Subsidiary |
Hiroshima, Hiroshima |
Japan |
Machinery Wholesale |
40.6 |
|
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Trucking |
38.2 |
|
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Machinery Wholesale |
3.9 |
|
|
|
Facility |
Muroran, Hokkaido |
Japan |
Metal Products Manufacturing |
|
|
|
|
Facility |
Hiroshima |
Japan |
Metal Products Manufacturing |
|
|
|
|
Facility |
Yokohama, Kanagawa |
Japan |
Metal Products Manufacturing |
|
|
|
|
Subsidiary |
Hanoi |
Viet Nam |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Gurgaon, Haryana |
India |
Metal Products Manufacturing |
|
|
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Metal Products Manufacturing |
|
|
|
|
Subsidiary |
Hiroshima |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Division |
Tokyo |
Japan |
Weapons and Ammunition Manufacturing |
|
|
Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
AICHI STEEL CORPORATION |
Tokai-Shi, Japan |
4,504 |
Public |
|
Daido Steel Co., Ltd. |
Nagoya-Shi, Japan |
10,447 |
Public |
|
Kawasaki Heavy Industries Ltd |
Kobe-Shi, Japan |
34,010 |
Public |
|
Kobe Steel, Ltd. |
Kobe-Shi, Japan |
36,018 |
Public |
|
Mitsubishi Heavy Industries, Ltd. |
Minato-Ku, Japan |
68,213 |
Public |
|
Mitsui & Co. Ltd. |
Chiyoda-Ku, Japan |
45,148 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||
|
Board Member |
Director/Board Member |
|
||||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Director, Senior Managing Executive Officer |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executive Officer, Director of Human Resources Education, Manager of
Secretary's Office, Manager of Human Resources Development Office |
Director/Board Member |
|
|
|||||
|
Executives |
|
|
|
|
|||||||||
|
President, Representative Director |
President |
|
|||||||||
|
||||||||||||
|
Executive Officer, Deputy Director of Iron and Steel Business, Director
of Cast and Forged Steel Sales, Manager of New Materials Group |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Director of Business Administration, Manager of
Sales Promotion Group |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Chief Director of Special Machinery |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Board Member |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Representative Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director of Iron and Steel Business,
Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Manager of Laser & Plasma System
Office, Director of Planning & Management |
Managing Director |
|
|
||||||||
|
Chief Technology Officer, Managing Executive Officer, Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Representative Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director of Industrial Machinery Business,
Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Director, Senior Managing Executive Officer |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer, Director of Human Resources Education, Manager of
Secretary's Office, Manager of Human Resources Development Office |
Administration Executive |
|
|
||||||||
|
Chief Financial Officer, Vice President, Manager of Business Planning
Office, Representative Director |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Executive Officer, Director of Accounting |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Executive Officer, Manager of Yokohama Manufacturing Center, Manager
of Manufacturing Reformation Promotion Office |
Advertising Executive |
|
|
||||||||
|
Executive Officer, Manager of Hiroshima Manufacturing Center, Manager
of Manufacturing Reformation Promotion Office |
Advertising Executive |
|
|
||||||||
|
Executive Officer, Manager of Muroran Manufacturing Center, Manager of
Manufacturing Reformation Promotion Office |
Advertising Executive |
|
|
||||||||
|
Executive Officer, Deputy Chief Director of Research & Development,
Senior Manager of Technology Office |
Engineering/Technical Executive |
|
|
||||||||
|
Senior Executive Officer, Chief Director of Research and Development |
Research & Development Executive |
|
|
||||||||
|
Executive Officer, Deputy Director of Iron and Steel Business,
Director of Planning |
Planning Executive |
|
|
||||||||
|
Senior Executive Officer, Deputy Director of Industrial Machinery
Business |
Other |
|
|
||||||||
|
||||||||||||
|
Senior Executive Officer, Manager of Kansai Office |
Other |
|
|
||||||||
|
Director of General Affairs |
Other |
|
|
||||||||
|
Executive Officer, Manager of Development Center |
Other |
|
|
||||||||
Japan Steel Works Ltd Announces Merger of Subsidiaries Nov 05, 2013
Japan Steel Works Ltd announced that two of its wholly owned subsidiaries, NKS and
YPK Co.,Ltd. will be merging with each other on January 1, 2014. After this,
NKS will be the surviving company and YPK Co., Ltd. will be dissolved.
Japan Steel Works Ltd to Merge with Subsidiary Aug 20, 2013
Japan Steel Works Ltd announced that it will merge with a wholly owned
subsidiary, which has been engaged in sale, leasing, brokerage and management
of real estate in Tokyo, effective October 1, 2013. As a result, the Company
will be the surviving company and the subsidiary will be dissolved.
R&I Affirms Rating on Japan Steel Works Ltd at "A";
Changes Rating Outlook to Negative Aug 09, 2013
Rating and Investment Information, Inc. (R&I) announced that it has
affirmed the rating on Japan Steel Works Ltd at "A" and changed its
rating outlook from stable to negative.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,659.4 |
2,803.5 |
2,484.8 |
2,170.0 |
2,260.2 |
|
Revenue |
2,659.4 |
2,803.5 |
2,484.8 |
2,170.0 |
2,260.2 |
|
Total Revenue |
2,659.4 |
2,803.5 |
2,484.8 |
2,170.0 |
2,260.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,123.3 |
2,149.6 |
1,813.9 |
1,546.2 |
1,609.0 |
|
Cost of Revenue, Total |
2,123.3 |
2,149.6 |
1,813.9 |
1,546.2 |
1,609.0 |
|
Gross Profit |
536.1 |
653.9 |
671.0 |
623.7 |
651.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
190.7 |
190.3 |
191.1 |
153.5 |
165.4 |
|
Labor & Related Expense |
103.9 |
111.5 |
103.9 |
87.6 |
86.6 |
|
Total Selling/General/Administrative Expenses |
294.5 |
301.7 |
295.0 |
241.0 |
252.0 |
|
Research & Development |
40.5 |
49.4 |
43.4 |
36.4 |
35.7 |
|
Amortization of Acquisition Costs |
-0.9 |
-0.9 |
-0.8 |
0.0 |
- |
|
Depreciation/Amortization |
-0.9 |
-0.9 |
-0.8 |
0.0 |
- |
|
Impairment-Assets Held for Use |
28.6 |
4.8 |
7.9 |
9.1 |
21.0 |
|
Impairment-Assets Held for Sale |
0.2 |
29.3 |
4.0 |
1.3 |
60.7 |
|
Other Unusual Expense (Income) |
-0.7 |
0.0 |
2.8 |
7.4 |
0.0 |
|
Unusual Expense (Income) |
28.2 |
34.1 |
14.7 |
17.8 |
81.7 |
|
Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
2,485.7 |
2,533.9 |
2,166.1 |
1,841.4 |
1,978.4 |
|
|
|
|
|
|
|
|
Operating Income |
173.7 |
269.6 |
318.7 |
328.6 |
281.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-7.7 |
-8.4 |
-8.6 |
-7.5 |
-4.4 |
|
Interest Expense, Net Non-Operating |
-7.7 |
-8.4 |
-8.6 |
-7.5 |
-4.4 |
|
Interest Income -
Non-Operating |
0.7 |
0.5 |
0.5 |
0.5 |
1.2 |
|
Investment Income -
Non-Operating |
5.7 |
1.0 |
1.5 |
4.2 |
2.6 |
|
Interest/Investment Income - Non-Operating |
6.5 |
1.5 |
2.1 |
4.7 |
3.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.2 |
-6.9 |
-6.6 |
-2.7 |
-0.6 |
|
Gain (Loss) on Sale of Assets |
0.4 |
0.7 |
3.8 |
2.4 |
2.3 |
|
Other Non-Operating Income (Expense) |
5.5 |
-6.2 |
10.0 |
-9.7 |
-8.5 |
|
Other, Net |
5.5 |
-6.2 |
10.0 |
-9.7 |
-8.5 |
|
Income Before Tax |
178.4 |
257.1 |
325.9 |
318.6 |
275.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
76.2 |
97.3 |
136.3 |
129.7 |
115.2 |
|
Income After Tax |
102.2 |
159.8 |
189.7 |
188.9 |
159.9 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.4 |
-0.3 |
3.3 |
-0.2 |
-0.2 |
|
Net Income Before Extraord Items |
99.8 |
159.5 |
193.0 |
188.7 |
159.6 |
|
Net Income |
99.8 |
159.5 |
193.0 |
188.7 |
159.6 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
99.8 |
159.5 |
192.9 |
188.6 |
159.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
99.8 |
159.5 |
192.9 |
188.6 |
159.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
370.8 |
371.1 |
371.2 |
371.2 |
371.2 |
|
Basic EPS Excl Extraord Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Basic/Primary EPS Incl Extraord Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
99.8 |
159.5 |
192.9 |
188.6 |
159.6 |
|
Diluted Weighted Average Shares |
370.8 |
371.1 |
371.2 |
371.2 |
371.2 |
|
Diluted EPS Excl Extraord Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Diluted EPS Incl Extraord Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Dividends per Share - Common Stock Primary Issue |
0.12 |
0.13 |
0.14 |
0.13 |
0.12 |
|
Gross Dividends - Common Stock |
44.7 |
47.0 |
52.0 |
47.9 |
44.3 |
|
Interest Expense, Supplemental |
7.7 |
8.4 |
8.6 |
7.5 |
4.4 |
|
Depreciation, Supplemental |
193.6 |
243.8 |
233.4 |
155.2 |
118.2 |
|
Total Special Items |
26.9 |
32.5 |
11.1 |
16.3 |
80.2 |
|
Normalized Income Before Tax |
205.4 |
289.6 |
337.0 |
334.9 |
355.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
11.9 |
12.7 |
4.6 |
6.3 |
33.2 |
|
Inc Tax Ex Impact of Sp Items |
88.1 |
110.0 |
140.8 |
135.9 |
148.4 |
|
Normalized Income After Tax |
117.3 |
179.6 |
196.2 |
199.0 |
206.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
114.9 |
179.3 |
199.5 |
198.7 |
206.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.31 |
0.48 |
0.54 |
0.54 |
0.56 |
|
Diluted Normalized EPS |
0.31 |
0.48 |
0.54 |
0.54 |
0.56 |
|
Amort of Acquisition Costs, Supplemental |
-0.9 |
-1.0 |
0.2 |
1.0 |
0.9 |
|
Research & Development Exp, Supplemental |
48.9 |
58.6 |
52.4 |
44.6 |
41.6 |
|
Reported Operating Profit |
201.0 |
302.8 |
332.5 |
346.3 |
364.6 |
|
Reported Ordinary Profit |
206.2 |
295.8 |
340.4 |
336.2 |
357.8 |
|
Normalized EBIT |
201.9 |
303.7 |
333.4 |
346.3 |
363.4 |
|
Normalized EBITDA |
394.6 |
546.5 |
567.0 |
502.5 |
482.5 |
|
Current Tax - Total |
72.9 |
93.4 |
- |
- |
- |
|
Current Tax - Total |
72.9 |
93.4 |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
4.0 |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
4.0 |
- |
- |
- |
|
Income Tax - Total |
76.2 |
97.3 |
- |
- |
- |
|
Interest Cost - Domestic |
3.5 |
4.0 |
3.8 |
3.4 |
4.3 |
|
Service Cost - Domestic |
18.7 |
23.4 |
20.5 |
17.8 |
17.8 |
|
Prior Service Cost - Domestic |
1.7 |
1.8 |
1.6 |
1.5 |
1.5 |
|
Expected Return on Assets - Domestic |
-2.5 |
-2.6 |
-2.5 |
-2.0 |
-3.3 |
|
Actuarial Gains and Losses - Domestic |
5.3 |
14.6 |
16.6 |
15.9 |
9.7 |
|
Transition Costs - Domestic |
- |
- |
0.0 |
8.2 |
7.6 |
|
Domestic Pension Plan Expense |
26.7 |
41.1 |
40.1 |
44.8 |
37.7 |
|
Total Pension Expense |
26.7 |
41.1 |
40.1 |
44.8 |
37.7 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
2.00% |
|
Expected Rate of Return - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
2.00% |
|
Total Plan Interest Cost |
3.5 |
4.0 |
3.8 |
3.4 |
4.3 |
|
Total Plan Service Cost |
18.7 |
23.4 |
20.5 |
17.8 |
17.8 |
|
Total Plan Expected Return |
-2.5 |
-2.6 |
-2.5 |
-2.0 |
-3.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
542.1 |
584.4 |
496.9 |
488.5 |
404.5 |
|
Short Term Investments |
- |
0.4 |
0.5 |
0.5 |
1.4 |
|
Cash and Short Term Investments |
542.1 |
584.8 |
497.5 |
489.0 |
405.9 |
|
Accounts Receivable -
Trade, Gross |
552.4 |
564.7 |
545.3 |
454.1 |
501.1 |
|
Provision for Doubtful
Accounts |
-2.4 |
-3.8 |
-2.5 |
-3.0 |
-2.8 |
|
Trade Accounts Receivable - Net |
550.0 |
560.9 |
542.8 |
451.1 |
498.3 |
|
Total Receivables, Net |
550.0 |
560.9 |
542.8 |
451.1 |
498.3 |
|
Inventories - Finished Goods |
14.7 |
17.6 |
14.3 |
15.0 |
16.4 |
|
Inventories - Work In Progress |
567.8 |
882.5 |
905.0 |
665.5 |
659.5 |
|
Inventories - Raw Materials |
50.0 |
63.0 |
73.0 |
64.6 |
59.0 |
|
Total Inventory |
632.5 |
963.1 |
992.3 |
745.1 |
734.9 |
|
Deferred Income Tax - Current Asset |
68.8 |
77.7 |
82.7 |
45.0 |
35.4 |
|
Other Current Assets |
56.2 |
54.9 |
122.5 |
105.3 |
89.7 |
|
Other Current Assets, Total |
125.0 |
132.5 |
205.1 |
150.3 |
125.1 |
|
Total Current Assets |
1,849.6 |
2,241.3 |
2,237.7 |
1,835.6 |
1,764.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
1,004.1 |
1,293.2 |
1,418.2 |
1,189.7 |
924.6 |
|
Goodwill, Net |
- |
- |
0.5 |
0.8 |
2.5 |
|
Intangibles, Net |
8.4 |
11.3 |
11.7 |
12.4 |
10.9 |
|
LT Investment - Affiliate Companies |
8.0 |
10.5 |
10.6 |
7.9 |
- |
|
LT Investments - Other |
290.2 |
308.7 |
333.2 |
339.4 |
223.3 |
|
Long Term Investments |
298.2 |
319.3 |
343.8 |
347.2 |
223.3 |
|
Note Receivable - Long Term |
5.1 |
7.2 |
2.1 |
3.7 |
1.8 |
|
Deferred Income Tax - Long Term Asset |
13.9 |
23.5 |
25.0 |
20.7 |
20.4 |
|
Other Long Term Assets |
51.3 |
57.1 |
54.4 |
46.4 |
58.2 |
|
Other Long Term Assets, Total |
65.2 |
80.5 |
79.4 |
67.1 |
78.6 |
|
Total Assets |
3,230.7 |
3,952.8 |
4,093.3 |
3,456.5 |
3,006.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
448.7 |
505.8 |
543.1 |
387.8 |
430.8 |
|
Accrued Expenses |
1.1 |
1.5 |
1.9 |
1.9 |
1.9 |
|
Notes Payable/Short Term Debt |
135.0 |
156.4 |
158.3 |
146.9 |
62.8 |
|
Current Portion - Long Term Debt/Capital Leases |
121.2 |
184.4 |
29.4 |
135.8 |
45.0 |
|
Customer Advances |
227.3 |
395.9 |
374.3 |
450.9 |
446.2 |
|
Income Taxes Payable |
25.2 |
50.3 |
96.3 |
68.9 |
40.9 |
|
Other Current Liabilities |
224.3 |
279.5 |
408.1 |
335.4 |
337.9 |
|
Other Current liabilities, Total |
476.9 |
725.6 |
878.7 |
855.1 |
824.9 |
|
Total Current Liabilities |
1,182.9 |
1,573.7 |
1,611.4 |
1,527.5 |
1,365.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
295.5 |
411.1 |
573.5 |
301.5 |
383.9 |
|
Capital Lease Obligations |
14.1 |
20.2 |
31.3 |
41.3 |
48.9 |
|
Total Long Term Debt |
309.6 |
431.3 |
604.9 |
342.7 |
432.7 |
|
Total Debt |
565.9 |
772.1 |
792.5 |
625.4 |
540.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
12.0 |
13.2 |
20.8 |
28.5 |
0.1 |
|
Deferred Income Tax |
12.0 |
13.2 |
20.8 |
28.5 |
0.1 |
|
Minority Interest |
12.0 |
11.4 |
11.3 |
13.2 |
2.5 |
|
Reserves |
14.6 |
15.8 |
16.5 |
0.0 |
- |
|
Pension Benefits - Underfunded |
101.4 |
120.0 |
115.1 |
92.9 |
65.7 |
|
Other Long Term Liabilities |
182.1 |
237.7 |
266.9 |
275.3 |
229.6 |
|
Other Liabilities, Total |
298.1 |
373.5 |
398.5 |
368.2 |
295.3 |
|
Total Liabilities |
1,814.6 |
2,403.1 |
2,646.9 |
2,280.2 |
2,096.0 |
|
|
|
|
|
|
|
|
Common Stock |
209.3 |
239.0 |
237.6 |
210.8 |
199.4 |
|
Common Stock |
209.3 |
239.0 |
237.6 |
210.8 |
199.4 |
|
Additional Paid-In Capital |
57.7 |
65.9 |
65.5 |
58.1 |
54.9 |
|
Retained Earnings (Accumulated Deficit) |
1,146.4 |
1,253.7 |
1,143.6 |
885.1 |
704.9 |
|
Treasury Stock - Common |
-4.4 |
-5.0 |
-2.7 |
-2.3 |
-1.8 |
|
Unrealized Gain (Loss) |
15.7 |
4.7 |
8.3 |
31.6 |
-39.2 |
|
Translation Adjustment |
-5.0 |
-7.9 |
-7.1 |
-4.5 |
-4.4 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Comprehensive Income |
-3.5 |
-0.8 |
1.2 |
-2.3 |
-3.8 |
|
Other Equity, Total |
-8.6 |
-8.6 |
-5.8 |
-6.8 |
-8.2 |
|
Total Equity |
1,416.1 |
1,549.7 |
1,446.4 |
1,176.3 |
910.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,230.7 |
3,952.8 |
4,093.3 |
3,456.5 |
3,006.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
370.8 |
370.8 |
371.2 |
371.2 |
371.2 |
|
Total Common Shares Outstanding |
370.8 |
370.8 |
371.2 |
371.2 |
371.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.6 |
0.6 |
0.3 |
0.3 |
0.3 |
|
Employees |
4,804 |
4,867 |
4,880 |
4,905 |
4,752 |
|
Number of Common Shareholders |
29,338 |
31,753 |
35,798 |
33,610 |
37,197 |
|
Deferred Revenue - Current |
227.3 |
395.9 |
374.3 |
450.9 |
446.2 |
|
Total Long Term Debt, Supplemental |
407.4 |
577.0 |
581.2 |
415.6 |
407.4 |
|
Long Term Debt Maturing within 1 Year |
111.9 |
165.9 |
7.7 |
114.2 |
23.5 |
|
Long Term Debt Maturing in Year 2 |
28.3 |
125.9 |
164.9 |
6.8 |
107.8 |
|
Long Term Debt Maturing in Year 3 |
222.6 |
31.0 |
125.1 |
146.3 |
5.8 |
|
Long Term Debt Maturing in Year 4 |
1.9 |
252.8 |
30.8 |
111.0 |
137.1 |
|
Long Term Debt Maturing in Year 5 |
42.8 |
1.4 |
251.3 |
27.3 |
103.7 |
|
Long Term Debt Maturing in 2-3 Years |
250.8 |
156.8 |
290.1 |
153.1 |
113.6 |
|
Long Term Debt Maturing in 4-5 Years |
44.7 |
254.2 |
282.1 |
138.3 |
240.8 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
1.4 |
10.1 |
29.6 |
|
Total Capital Leases, Supplemental |
23.4 |
38.7 |
53.0 |
62.9 |
70.4 |
|
Capital Lease Payments Due in Year 1 |
9.3 |
18.4 |
21.7 |
21.7 |
21.5 |
|
Capital Lease Payments Due in Year 2 |
6.4 |
9.5 |
16.7 |
17.9 |
18.1 |
|
Capital Lease Payments Due in Year 3 |
4.1 |
5.8 |
7.8 |
13.5 |
14.5 |
|
Capital Lease Payments Due in Year 4 |
2.3 |
3.0 |
4.2 |
5.6 |
10.5 |
|
Capital Lease Payments Due in Year 5 |
1.1 |
1.9 |
1.7 |
2.6 |
3.2 |
|
Capital Lease Payments Due in 2-3 Years |
10.5 |
15.3 |
24.5 |
31.4 |
32.7 |
|
Capital Lease Payments Due in 4-5 Years |
3.5 |
5.0 |
5.9 |
8.3 |
13.7 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.2 |
0.0 |
0.9 |
1.6 |
2.5 |
|
Pension Obligation - Domestic |
267.3 |
319.2 |
344.0 |
307.0 |
279.4 |
|
Plan Assets - Domestic |
170.2 |
174.6 |
179.8 |
164.1 |
132.4 |
|
Funded Status - Domestic |
-97.2 |
-144.7 |
-164.1 |
-142.9 |
-147.0 |
|
Total Funded Status |
-97.2 |
-144.7 |
-164.1 |
-142.9 |
-147.0 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
2.00% |
|
Expected Rate of Return - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
2.00% |
|
Prepaid Benefits - Domestic |
33.6 |
30.9 |
27.4 |
22.3 |
23.6 |
|
Accrued Liabilities - Domestic |
-100.1 |
-117.7 |
-112.7 |
-91.2 |
-63.8 |
|
Other Assets, Net - Domestic |
30.7 |
57.8 |
78.8 |
74.0 |
106.8 |
|
Net Assets Recognized on Balance Sheet |
-35.8 |
-29.0 |
-6.5 |
5.1 |
66.6 |
|
Total Plan Obligations |
267.3 |
319.2 |
344.0 |
307.0 |
279.4 |
|
Total Plan Assets |
170.2 |
174.6 |
179.8 |
164.1 |
132.4 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
178.4 |
257.1 |
325.9 |
318.5 |
275.0 |
|
Depreciation |
193.6 |
243.8 |
233.4 |
155.2 |
118.2 |
|
Depreciation/Depletion |
193.6 |
243.8 |
233.4 |
155.2 |
118.2 |
|
Amortization of Acquisition Costs |
-0.9 |
-0.1 |
0.2 |
1.0 |
0.9 |
|
Amortization |
-0.9 |
-0.1 |
0.2 |
1.0 |
0.9 |
|
Accounting Change |
- |
- |
0.0 |
8.2 |
7.6 |
|
Unusual Items |
27.7 |
37.3 |
14.5 |
17.4 |
81.3 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
1.2 |
1.7 |
3.6 |
2.7 |
-2.5 |
|
Non-Cash Items |
28.9 |
39.0 |
18.0 |
28.3 |
86.4 |
|
Accounts Receivable |
-196.9 |
-21.8 |
-192.4 |
93.3 |
77.0 |
|
Inventories |
239.1 |
35.2 |
-147.2 |
53.3 |
-57.4 |
|
Accounts Payable |
-5.1 |
-42.2 |
131.3 |
-82.9 |
-70.2 |
|
Other Operating Cash Flow |
-151.1 |
-99.4 |
-115.2 |
-75.3 |
-167.7 |
|
Changes in Working Capital |
-114.0 |
-128.2 |
-323.4 |
-11.6 |
-218.4 |
|
Cash from Operating Activities |
286.1 |
411.7 |
254.1 |
491.3 |
261.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-74.8 |
-218.2 |
-322.4 |
-386.2 |
-220.9 |
|
Capital Expenditures |
-74.8 |
-218.2 |
-322.4 |
-386.2 |
-220.9 |
|
Acquisition of Business |
- |
-1.5 |
- |
- |
- |
|
Sale of Business |
6.0 |
- |
0.0 |
8.1 |
0.0 |
|
Sale of Fixed Assets |
1.1 |
3.0 |
1.8 |
0.2 |
1.3 |
|
Sale/Maturity of Investment |
0.4 |
0.0 |
0.0 |
0.2 |
0.0 |
|
Investment, Net |
-0.8 |
-2.6 |
0.0 |
0.0 |
3.0 |
|
Purchase of Investments |
-1.6 |
-8.6 |
-2.5 |
-18.4 |
-107.2 |
|
Other Investing Cash Flow |
-0.6 |
-7.6 |
-6.5 |
-5.1 |
-6.1 |
|
Other Investing Cash Flow Items, Total |
4.5 |
-17.3 |
-7.1 |
-15.0 |
-109.0 |
|
Cash from Investing Activities |
-70.3 |
-235.6 |
-329.5 |
-401.2 |
-329.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-0.3 |
0.0 |
-0.1 |
0.0 |
|
Financing Cash Flow Items |
0.0 |
-0.3 |
0.0 |
-0.1 |
0.0 |
|
Cash Dividends Paid - Common |
-44.7 |
-51.7 |
-52.0 |
-47.9 |
-49.9 |
|
Total Cash Dividends Paid |
-44.7 |
-51.7 |
-52.0 |
-47.9 |
-49.9 |
|
Sale/Issuance of
Common |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
-0.3 |
0.0 |
-0.1 |
-0.3 |
-0.5 |
|
Common Stock, Net |
-0.3 |
0.0 |
-0.1 |
-0.3 |
-0.4 |
|
Issuance (Retirement) of Stock, Net |
-0.3 |
0.0 |
-0.1 |
-0.3 |
-0.4 |
|
Short Term Debt, Net |
-3.4 |
-3.0 |
-7.0 |
58.8 |
-0.2 |
|
Long Term Debt Issued |
53.0 |
- |
237.7 |
9.7 |
199.0 |
|
Long Term Debt
Reduction |
-188.5 |
-31.7 |
-153.9 |
-49.1 |
-42.9 |
|
Long Term Debt, Net |
-135.5 |
-31.7 |
83.8 |
-39.4 |
156.2 |
|
Issuance (Retirement) of Debt, Net |
-138.9 |
-34.7 |
76.8 |
19.4 |
156.0 |
|
Cash from Financing Activities |
-183.9 |
-86.7 |
24.7 |
-28.9 |
105.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.7 |
-0.9 |
-1.6 |
0.1 |
-1.1 |
|
Net Change in Cash |
34.5 |
88.5 |
-52.4 |
61.3 |
36.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
579.8 |
520.7 |
532.2 |
429.3 |
360.6 |
|
Net Cash - Ending Balance |
614.3 |
609.2 |
479.8 |
490.7 |
397.1 |
|
Cash Interest Paid |
7.7 |
8.4 |
8.5 |
7.5 |
4.3 |
|
Cash Taxes Paid |
94.3 |
142.0 |
146.2 |
105.0 |
175.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst & Young
ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,659.4 |
2,803.5 |
2,484.8 |
2,170.0 |
2,260.2 |
|
Total Revenue |
2,659.4 |
2,803.5 |
2,484.8 |
2,170.0 |
2,260.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
0.0 |
- |
- |
- |
|
Cost of Sales |
2,123.3 |
2,149.6 |
1,813.9 |
1,546.2 |
1,607.8 |
|
Other SGA |
0.0 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
- |
0.1 |
- |
- |
- |
|
Direct selling expenses |
- |
- |
0.0 |
- |
- |
|
Indirect selling & adm. expenses |
- |
- |
0.0 |
- |
- |
|
Packing & freight-out costs |
59.4 |
53.7 |
54.4 |
40.4 |
48.4 |
|
Commission expenses |
39.9 |
40.4 |
43.1 |
37.2 |
38.0 |
|
Other Direct Selling Exp. |
12.2 |
11.4 |
11.2 |
7.3 |
7.4 |
|
Labor cost |
103.9 |
111.5 |
103.9 |
87.6 |
86.6 |
|
Traveling expense |
13.3 |
13.8 |
13.1 |
10.4 |
11.3 |
|
Research & Developm. expense |
40.5 |
49.4 |
43.4 |
36.4 |
35.7 |
|
Other indirect selling, general and admi |
65.7 |
70.9 |
69.3 |
58.3 |
60.3 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Other |
0.0 |
- |
- |
- |
- |
|
Gain on negative goodwill |
-0.7 |
- |
- |
- |
- |
|
SP Other special gain |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP L-Retir.Fix. Asset |
23.2 |
4.8 |
5.6 |
9.1 |
21.0 |
|
SP Loss Val Invest. |
0.2 |
29.2 |
4.0 |
1.1 |
60.4 |
|
SP L-Val. Membership |
0.1 |
0.2 |
0.0 |
0.2 |
0.3 |
|
SP Impairment loss |
5.4 |
- |
2.3 |
0.0 |
- |
|
SP L abandoned of inv't in closely-held |
- |
- |
0.0 |
7.3 |
0.0 |
|
SP L on adj. for chgs of acc. assts |
- |
- |
2.8 |
0.0 |
- |
|
SP L on val. of inventories |
- |
- |
- |
0.0 |
1.2 |
|
SP L on val. of inv't in closely-held |
- |
- |
- |
0.0 |
0.0 |
|
SP L on impair fixed assets |
- |
- |
- |
0.0 |
0.0 |
|
SP Office Moving Exp. |
- |
- |
- |
- |
0.0 |
|
SP Other Special Losses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Amort. of Negative Goodwill |
-0.9 |
-0.9 |
-0.8 |
0.0 |
- |
|
Total Operating Expense |
2,485.7 |
2,533.9 |
2,166.1 |
1,841.4 |
1,978.4 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.7 |
0.5 |
0.5 |
0.5 |
1.2 |
|
Equity In Losses Of Affiliates |
- |
0.0 |
- |
- |
- |
|
Loss On Sales Of Stocks Of Subsidiaries |
- |
-4.1 |
- |
- |
- |
|
Loss on liquidation of subsidiaries and |
- |
-1.2 |
- |
- |
- |
|
Loss on sales of membership |
- |
0.0 |
- |
- |
- |
|
NOP Dividend Income |
5.7 |
6.3 |
5.1 |
4.3 |
5.7 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
Reversal of provision for warranties for |
- |
6.1 |
- |
- |
- |
|
NOP Fixed Asset Rental Income |
- |
- |
- |
0.0 |
1.2 |
|
NOP G on liquidation of Insurance |
- |
3.3 |
0.0 |
2.2 |
1.3 |
|
NOp G on Cancellation |
25.3 |
- |
12.5 |
0.0 |
- |
|
Loss On Sales Of Noncurrent Assets |
0.0 |
-0.4 |
- |
- |
- |
|
NOP G on sale of supplies |
- |
- |
3.6 |
2.3 |
2.2 |
|
NOP Equity earnings |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
NOP Miscellaneous income |
13.6 |
9.3 |
10.0 |
5.7 |
3.4 |
|
NOP Interest Expense |
-7.7 |
-8.4 |
-8.6 |
-7.5 |
-4.4 |
|
NOP Bond issue expenses |
- |
- |
-0.6 |
0.0 |
- |
|
NOP Acct.Change-Retir. |
- |
- |
0.0 |
-7.5 |
-6.9 |
|
NOP Exchange Loss |
- |
- |
-3.6 |
-0.1 |
-3.1 |
|
NOP Penalty charge |
- |
- |
- |
0.0 |
-2.9 |
|
NOP Equity losses |
- |
- |
0.0 |
0.0 |
0.0 |
|
NOP Prov. constr. compensation reserve |
-28.8 |
-13.9 |
-7.2 |
-3.6 |
-0.9 |
|
NOP Miscellaneous loss |
-4.6 |
-11.1 |
-4.7 |
-6.4 |
-3.6 |
|
SP G-Sale Fix. Asset |
0.4 |
1.1 |
0.2 |
0.1 |
0.1 |
|
SP G on sale of affil.secs. |
- |
- |
- |
- |
0.0 |
|
SP Loss-sale of fixed assets. |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP L on sales of stocks of subsidiaries |
- |
- |
0.0 |
- |
- |
|
SP L on sales of membership |
- |
- |
0.0 |
- |
- |
|
Net Income Before Taxes |
178.4 |
257.1 |
325.9 |
318.6 |
275.0 |
|
|
|
|
|
|
|
|
Total income taxes |
76.2 |
97.3 |
136.3 |
129.7 |
115.2 |
|
Net Income After Taxes |
102.2 |
159.8 |
189.7 |
188.9 |
159.9 |
|
|
|
|
|
|
|
|
Minority interests in income (loss) |
-2.4 |
-0.3 |
3.3 |
-0.2 |
-0.2 |
|
Net Income Before Extra. Items |
99.8 |
159.5 |
193.0 |
188.7 |
159.6 |
|
Net Income |
99.8 |
159.5 |
193.0 |
188.7 |
159.6 |
|
|
|
|
|
|
|
|
Bal. item- net income includ. after. tax |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Adjustment |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
99.8 |
159.5 |
192.9 |
188.6 |
159.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
99.8 |
159.5 |
192.9 |
188.6 |
159.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
370.8 |
371.1 |
371.2 |
371.2 |
371.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Basic EPS Including ExtraOrdinary Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
99.8 |
159.5 |
192.9 |
188.6 |
159.6 |
|
Diluted Weighted Average Shares |
370.8 |
371.1 |
371.2 |
371.2 |
371.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
Diluted EPS Including ExtraOrd Items |
0.27 |
0.43 |
0.52 |
0.51 |
0.43 |
|
DPS-Ordinary Shares |
0.12 |
0.13 |
0.14 |
0.13 |
0.12 |
|
Gross Dividends - Common Stock |
44.7 |
47.0 |
52.0 |
47.9 |
44.3 |
|
Normalized Income Before Taxes |
205.4 |
289.6 |
337.0 |
334.9 |
355.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
88.1 |
110.0 |
140.8 |
135.9 |
148.4 |
|
Normalized Income After Taxes |
117.3 |
179.6 |
196.2 |
199.0 |
206.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
114.9 |
179.3 |
199.5 |
198.7 |
206.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.31 |
0.48 |
0.54 |
0.54 |
0.56 |
|
Diluted Normalized EPS |
0.31 |
0.48 |
0.54 |
0.54 |
0.56 |
|
Interest Expense |
7.7 |
8.4 |
8.6 |
7.5 |
4.4 |
|
Research And Development Expense-SGA |
40.5 |
- |
- |
- |
- |
|
Research and Development Expenses-COG |
8.3 |
- |
- |
- |
- |
|
R & D (SGA) |
- |
49.4 |
43.4 |
36.4 |
35.7 |
|
R & D (Cost of sales) |
- |
9.2 |
8.9 |
8.2 |
5.8 |
|
BC - Depreciation of Goodwill |
-0.9 |
- |
- |
- |
- |
|
Amortization Of Negative Goodwill |
- |
-0.9 |
- |
- |
- |
|
Amortization of Goodwill - footnote |
- |
-0.1 |
- |
- |
- |
|
Amort.goodwill |
- |
- |
0.2 |
1.0 |
0.9 |
|
BC - Depreciation of Fixed Assets |
193.6 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
243.8 |
- |
- |
- |
|
Depreciation |
- |
- |
233.4 |
155.2 |
118.2 |
|
Income taxes-current |
72.9 |
93.4 |
- |
- |
- |
|
Current Tax - Total |
72.9 |
93.4 |
- |
- |
- |
|
Income taxes-deferred |
3.3 |
4.0 |
- |
- |
- |
|
Deferred Tax - Total |
3.3 |
4.0 |
- |
- |
- |
|
Income Tax - Total |
76.2 |
97.3 |
- |
- |
- |
|
Reported operating profit |
201.0 |
302.8 |
332.5 |
346.3 |
364.6 |
|
Reported ordinary profit |
206.2 |
295.8 |
340.4 |
336.2 |
357.8 |
|
Service Cost |
18.7 |
23.4 |
20.5 |
17.8 |
17.8 |
|
Interest Cost |
3.5 |
4.0 |
3.8 |
3.4 |
4.3 |
|
Expected Return on Plan Assets |
-2.5 |
-2.6 |
-2.5 |
-2.0 |
-3.3 |
|
Pension Exp. due to Acct. Changes |
- |
- |
0.0 |
8.2 |
7.6 |
|
Actuarial Gains and Losses |
5.3 |
14.6 |
16.6 |
15.9 |
9.7 |
|
Prior Service Cost |
1.7 |
1.8 |
1.6 |
1.5 |
1.5 |
|
Domestic Pension Plan Expense |
26.7 |
41.1 |
40.1 |
44.8 |
37.7 |
|
Total Pension Expense |
26.7 |
41.1 |
40.1 |
44.8 |
37.7 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
1.50% |
- |
- |
- |
|
Discount Rate |
- |
- |
1.50% |
1.50% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
1.50% |
1.50% |
- |
- |
- |
|
Expected Rate of Return |
- |
- |
1.50% |
1.50% |
2.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash& Deposits |
542.1 |
584.4 |
496.9 |
488.5 |
404.5 |
|
Notes and accounts receivable-trade |
552.4 |
564.7 |
545.3 |
454.1 |
501.1 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Lease receivables and investment assets |
0.0 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Short-term investment securities |
- |
0.4 |
0.5 |
0.5 |
1.4 |
|
Inventories - merchandise&finished goods |
14.7 |
17.6 |
14.3 |
15.0 |
16.4 |
|
Inventories - work-in-process |
567.8 |
882.5 |
905.0 |
665.5 |
659.5 |
|
Inventories - raw materials & supplies |
50.0 |
63.0 |
73.0 |
64.6 |
59.0 |
|
Deferred Taxes |
68.8 |
77.7 |
82.7 |
45.0 |
35.4 |
|
Other current assets |
56.1 |
54.8 |
122.4 |
105.1 |
89.5 |
|
Allow.Doubt.Acct |
-2.4 |
-3.8 |
-2.5 |
-3.0 |
-2.8 |
|
Total Current Assets |
1,849.6 |
2,241.3 |
2,237.7 |
1,835.6 |
1,764.3 |
|
|
|
|
|
|
|
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Other PPE, net |
- |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
510.6 |
614.1 |
640.0 |
466.3 |
356.9 |
|
Machinery Equipment And Vehicles |
330.2 |
461.9 |
532.5 |
396.0 |
230.6 |
|
Tools Furnitures And Fixtures |
19.2 |
25.2 |
31.2 |
26.6 |
18.0 |
|
Land |
117.4 |
134.2 |
137.3 |
122.5 |
97.6 |
|
Lease assets, net |
18.8 |
32.5 |
45.4 |
54.4 |
64.0 |
|
Constr. in Prog. |
7.8 |
25.3 |
31.7 |
123.8 |
157.4 |
|
Goodwill |
- |
- |
0.5 |
0.8 |
2.5 |
|
Other |
4.7 |
6.2 |
- |
- |
- |
|
Other Total Intangible Assets, Net |
0.0 |
0.0 |
- |
- |
- |
|
Lease Assets |
3.7 |
5.1 |
6.2 |
7.6 |
5.6 |
|
Other Intangibles |
- |
- |
5.5 |
4.8 |
5.3 |
|
Other Investment Securities |
290.2 |
- |
- |
- |
- |
|
Other |
- |
308.7 |
- |
- |
- |
|
Invest. Secs. |
- |
- |
333.2 |
339.4 |
223.3 |
|
Invt Secs Noncons, Asc, Affd Cos |
3.8 |
7.5 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
4.2 |
3.0 |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
- |
7.5 |
7.0 |
- |
|
Inv't partnership-nonconsol.affil.&subs. |
- |
- |
3.1 |
0.9 |
- |
|
Long-term loans receivable |
1.1 |
2.9 |
1.3 |
0.7 |
0.6 |
|
Claims provable in bankruptcy, claims pr |
4.0 |
4.2 |
0.8 |
3.0 |
1.2 |
|
Other Other |
57.6 |
- |
- |
- |
- |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
- |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
- |
62.2 |
- |
- |
- |
|
Deferred tax assets |
13.9 |
23.5 |
25.0 |
20.7 |
20.4 |
|
Other Assets |
- |
- |
56.8 |
50.9 |
60.5 |
|
Allow.Doubt.Acct |
-6.3 |
-5.1 |
-2.4 |
-4.4 |
-2.3 |
|
Total Assets |
3,230.7 |
3,952.8 |
4,093.3 |
3,456.5 |
3,006.0 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
448.7 |
505.8 |
543.1 |
387.8 |
430.8 |
|
Short-term loans payable |
135.0 |
156.4 |
158.3 |
146.9 |
62.8 |
|
Current portion of long-term loans payab |
111.9 |
165.9 |
7.7 |
7.1 |
23.5 |
|
Curr.Corp.Bond |
- |
- |
0.0 |
107.0 |
0.0 |
|
Current lease obligations |
9.3 |
18.4 |
21.7 |
21.7 |
21.5 |
|
Corp.Tax Payable |
25.2 |
50.3 |
96.3 |
68.9 |
40.9 |
|
Advances |
227.3 |
395.9 |
374.3 |
450.9 |
446.2 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Provision for directors'' bonuses |
1.1 |
1.5 |
1.9 |
1.9 |
1.9 |
|
Reserve for invest. losses |
- |
- |
- |
0.0 |
3.7 |
|
Reserve for construction losses |
38.3 |
64.9 |
61.9 |
19.5 |
0.0 |
|
Res.complete construction compensation |
31.5 |
16.4 |
19.0 |
12.3 |
8.8 |
|
Other current liabilities |
154.5 |
198.1 |
327.2 |
303.6 |
325.4 |
|
Total Current Liabilities |
1,182.9 |
1,573.7 |
1,611.4 |
1,527.5 |
1,365.4 |
|
|
|
|
|
|
|
|
Corp. Bond |
106.3 |
121.4 |
120.7 |
0.0 |
101.2 |
|
Long-term loans payable |
189.2 |
289.7 |
452.9 |
301.5 |
282.6 |
|
Lease obligations |
14.1 |
20.2 |
31.3 |
41.3 |
48.9 |
|
Total Long Term Debt |
309.6 |
431.3 |
604.9 |
342.7 |
432.7 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
12.0 |
13.2 |
20.8 |
28.5 |
0.1 |
|
Res.Accrd.Retir. |
100.1 |
117.7 |
112.7 |
91.2 |
63.8 |
|
Provision for directors'' retirement ben |
1.3 |
2.4 |
2.4 |
1.7 |
1.9 |
|
Other Long Term Liabilities |
0.1 |
0.1 |
- |
- |
- |
|
Long-term guarantee deposited |
178.4 |
232.3 |
260.4 |
268.9 |
223.7 |
|
Assets Retirement obligation |
14.6 |
15.8 |
16.5 |
0.0 |
- |
|
Negative of goodwill |
1.5 |
2.6 |
3.1 |
3.0 |
0.0 |
|
Other Long-term liabilities |
2.1 |
2.8 |
3.4 |
3.5 |
6.0 |
|
Minority Int. |
12.0 |
11.4 |
11.3 |
13.2 |
2.5 |
|
Total Liabilities |
1,814.6 |
2,403.1 |
2,646.9 |
2,280.2 |
2,096.0 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
209.3 |
239.0 |
237.6 |
210.8 |
199.4 |
|
Total capital surpluses |
57.7 |
65.9 |
65.5 |
58.1 |
54.9 |
|
Total retained earnings |
1,146.4 |
1,253.7 |
1,143.6 |
885.1 |
704.9 |
|
Treasury Stock |
-4.4 |
-5.0 |
-2.7 |
-2.3 |
-1.8 |
|
Valuation difference on available-for-sa |
15.7 |
4.7 |
8.3 |
31.6 |
-39.2 |
|
Hedge |
-3.5 |
-0.8 |
1.2 |
-2.3 |
-3.8 |
|
Translation Adj. |
-5.0 |
-7.9 |
-7.1 |
-4.5 |
-4.4 |
|
Total Equity |
1,416.1 |
1,549.7 |
1,446.4 |
1,176.3 |
910.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,230.7 |
3,952.8 |
4,093.3 |
3,456.5 |
3,006.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
370.8 |
370.8 |
371.2 |
371.2 |
371.2 |
|
Total Common Shares Outstanding |
370.8 |
370.8 |
371.2 |
371.2 |
371.2 |
|
T/S-Ordinary Shares |
0.6 |
0.6 |
0.3 |
0.3 |
0.3 |
|
Deferred Revenue - Current |
227.3 |
395.9 |
374.3 |
450.9 |
446.2 |
|
Full-Time Employees |
4,804 |
4,867 |
4,880 |
4,905 |
4,752 |
|
Total Number of Shareholders |
29,338 |
31,753 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
35,798 |
33,610 |
37,197 |
|
Long Term Borrowing Current |
111.9 |
165.9 |
7.7 |
114.2 |
23.5 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
28.3 |
125.9 |
- |
- |
- |
|
LT Debt, mat. b/w 1 & 2 yr. |
- |
- |
164.9 |
6.8 |
107.8 |
|
Over Two Years And Within Three Years |
106.3 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
116.3 |
31.0 |
- |
- |
- |
|
LT Debt, mat. b/w 2 & 3 yr. |
- |
- |
125.1 |
146.3 |
5.8 |
|
Bond Redemp Amts over 3 Yrs within 4 Yrs |
- |
121.4 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
1.9 |
131.5 |
- |
- |
- |
|
LT Debt, mat. b/w 3 & 4 yr. |
- |
- |
30.8 |
111.0 |
137.1 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
42.8 |
1.4 |
- |
- |
- |
|
LT Debt, mat. b/w 4 & 5 yr. |
- |
- |
251.3 |
27.3 |
103.7 |
|
Other LT Debt |
- |
- |
1.4 |
10.1 |
29.6 |
|
Total Long Term Debt, Supplemental |
407.4 |
577.0 |
581.2 |
415.6 |
407.4 |
|
Capital Lease Maturing within a Year |
9.3 |
18.4 |
21.7 |
21.7 |
21.5 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
6.4 |
9.5 |
- |
- |
- |
|
Capital Leases Maturing within 2 Yr |
- |
- |
16.7 |
17.9 |
18.1 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
4.1 |
5.8 |
- |
- |
- |
|
Capital Leases Maturing within 3 Yr |
- |
- |
7.8 |
13.5 |
14.5 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
2.3 |
3.0 |
- |
- |
- |
|
Capital Leases Maturing within 4 Yr |
- |
- |
4.2 |
5.6 |
10.5 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
1.1 |
1.9 |
- |
- |
- |
|
Capital Leases Maturing within 5 Yr |
- |
- |
1.7 |
2.6 |
3.2 |
|
Lease remaining |
0.2 |
- |
- |
- |
- |
|
Capital Lease Remaining |
- |
0.0 |
- |
- |
- |
|
Capital Leases Remaining |
- |
- |
0.9 |
1.6 |
2.5 |
|
Total Capital Leases, Supplemental |
23.4 |
38.7 |
53.0 |
62.9 |
70.4 |
|
Pesion Obligation |
267.3 |
319.2 |
344.0 |
307.0 |
279.4 |
|
FV of Plan Assets |
170.2 |
174.6 |
179.8 |
164.1 |
132.4 |
|
Funded Atatus |
-97.2 |
-144.7 |
-164.1 |
-142.9 |
-147.0 |
|
Total Funded Status |
-97.2 |
-144.7 |
-164.1 |
-142.9 |
-147.0 |
|
Discount Rate |
1.50% |
1.50% |
1.50% |
1.50% |
2.00% |
|
Expected Rate of Return |
1.50% |
1.50% |
1.50% |
1.50% |
2.00% |
|
Expense Unrecog. for Acct. Changes |
- |
- |
0.0 |
0.0 |
7.7 |
|
Unrecognized Actuarial Gains and Losses |
27.8 |
52.8 |
72.2 |
66.6 |
90.7 |
|
Unrecognized Prior Service Cost |
2.9 |
5.0 |
6.7 |
7.4 |
8.3 |
|
Reserve for Accrued Retirement Benefits |
-100.1 |
-117.7 |
-112.7 |
-91.2 |
-63.8 |
|
Prepaid Plan Assets |
33.6 |
30.9 |
27.4 |
22.3 |
23.6 |
|
Net Assets Recognized on Balance Sheet |
-35.8 |
-29.0 |
-6.5 |
5.1 |
66.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income Before Tax |
178.4 |
257.1 |
325.9 |
318.5 |
275.0 |
|
Depreciation |
193.6 |
243.8 |
233.4 |
155.2 |
118.2 |
|
Amort. of goodwill |
-0.9 |
-0.1 |
0.2 |
1.0 |
0.9 |
|
Gain on negative goodwill |
-0.7 |
- |
- |
- |
- |
|
Loss (gain) on sales of stocks of subsid |
- |
4.1 |
- |
- |
- |
|
Impairment losses on assets |
5.4 |
- |
2.3 |
0.0 |
0.0 |
|
Int.&Div. Income |
-6.5 |
-6.7 |
-5.6 |
-4.8 |
-6.9 |
|
Interest Expense |
7.7 |
8.4 |
8.6 |
7.5 |
4.4 |
|
Bond issuance expenses |
- |
- |
0.6 |
0.0 |
- |
|
Equity in (earnings) losses of affiliate |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
L on abandoned of inv't in closely-held |
- |
- |
0.0 |
7.3 |
0.0 |
|
Inv. Income-Equity |
- |
- |
- |
- |
0.0 |
|
Loss (gain) on valuation of investment s |
0.2 |
29.2 |
4.0 |
1.1 |
60.4 |
|
Acct.Change-Retir. |
- |
- |
0.0 |
8.2 |
7.6 |
|
Loss on retirement of property, plant an |
23.2 |
4.8 |
5.6 |
9.1 |
21.0 |
|
Loss (gain) on sales of property, plant |
-0.4 |
-0.7 |
-0.2 |
-0.1 |
-0.1 |
|
L on adj.for chgs. of acc. assts. |
- |
- |
2.8 |
0.0 |
- |
|
Loss (gain) on sale of affiliates sec. |
- |
- |
0.0 |
- |
0.0 |
|
Decrease (increase) in notes and account |
-196.9 |
- |
- |
- |
- |
|
Decrease (increase) in operating receiva |
- |
-21.8 |
-192.4 |
93.3 |
77.0 |
|
Increase (decrease) in operating debt |
-5.1 |
-42.2 |
131.3 |
-82.9 |
-70.2 |
|
Decrease (increase) in inventories |
239.1 |
35.2 |
-147.2 |
53.3 |
-57.4 |
|
Other Operating Cash Flow |
0.0 |
0.0 |
- |
- |
- |
|
Other, net |
-55.6 |
44.4 |
33.8 |
32.4 |
5.3 |
|
Int.&Div. Received |
6.5 |
6.7 |
5.7 |
4.8 |
6.9 |
|
Interest expenses paid |
-7.7 |
-8.4 |
-8.5 |
-7.5 |
-4.3 |
|
Income taxes (paid) refund |
-94.3 |
-142.0 |
-146.2 |
-105.0 |
-175.6 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
286.1 |
411.7 |
254.1 |
491.3 |
261.9 |
|
|
|
|
|
|
|
|
Payments For Sales Of Investments In Sub |
- |
-1.5 |
- |
- |
- |
|
Payments For Investments In Capital Of S |
-1.3 |
- |
- |
- |
- |
|
Collection of long-term loans receivable |
0.4 |
- |
- |
- |
- |
|
Purchase of property, plant and equipmen |
-74.8 |
-218.2 |
-322.4 |
-386.2 |
-220.9 |
|
Proceeds from sales of property, plant a |
1.1 |
3.0 |
1.8 |
0.2 |
1.3 |
|
Purch. Inv. Secs. |
-0.1 |
-8.6 |
-0.5 |
-18.0 |
-103.6 |
|
Sale Inv. Secs. |
- |
0.0 |
0.0 |
0.2 |
0.0 |
|
Redempt.LT inv't in sec. |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Repayments of long-term guarantee deposi |
-2.4 |
-9.4 |
-5.7 |
-4.7 |
-4.2 |
|
Decrease (increase) in short-term loans |
-0.8 |
-2.6 |
0.0 |
0.0 |
3.0 |
|
Payments of long-term loans receivable |
- |
-0.4 |
-0.7 |
0.0 |
0.0 |
|
LT loans collected |
- |
- |
- |
0.0 |
1.5 |
|
Established Unconsol.Subsid. |
- |
- |
- |
- |
-0.5 |
|
Outflow due to sale subsidiaries' securi |
- |
- |
0.0 |
- |
- |
|
Purch. Subsid.Stock |
-0.1 |
- |
-2.0 |
-0.4 |
- |
|
Proceeds from purchase of investments in |
6.0 |
- |
0.0 |
8.1 |
0.0 |
|
Purchase of affiliated securities |
- |
- |
0.0 |
0.0 |
-3.6 |
|
Sale of affiliates' securities |
- |
- |
- |
- |
0.0 |
|
Other, net |
1.8 |
2.2 |
-0.1 |
-0.4 |
-2.9 |
|
Cash from Investing Activities |
-70.3 |
-235.6 |
-329.5 |
-401.2 |
-329.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-3.4 |
-3.0 |
-7.0 |
58.8 |
-0.2 |
|
Proceeds from long-term loans payable |
53.0 |
- |
121.6 |
9.7 |
199.0 |
|
Repayment of long-term loans payable |
-166.7 |
-8.0 |
-12.7 |
-25.0 |
-20.9 |
|
Bond Issued |
- |
- |
116.1 |
0.0 |
- |
|
Bond Redeemed |
- |
- |
-116.7 |
0.0 |
-0.3 |
|
Dividend Paid |
-44.7 |
-51.7 |
-52.0 |
-47.9 |
-49.9 |
|
Purch. Treas. Stock |
-0.3 |
0.0 |
-0.1 |
-0.3 |
-0.5 |
|
Treasury stock sold |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repayment of finance lease |
-21.9 |
-23.7 |
-24.5 |
-24.1 |
-21.6 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Other, net |
0.0 |
-0.3 |
0.0 |
-0.1 |
0.0 |
|
Cash from Financing Activities |
-183.9 |
-86.7 |
24.7 |
-28.9 |
105.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.7 |
-0.9 |
-1.6 |
0.1 |
-1.1 |
|
Net Change in Cash |
34.5 |
88.5 |
-52.4 |
61.3 |
36.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
579.8 |
520.7 |
532.2 |
429.3 |
360.6 |
|
Net Cash - Ending Balance |
614.3 |
609.2 |
479.8 |
490.7 |
397.1 |
|
Cash Interest Paid |
7.7 |
8.4 |
8.5 |
7.5 |
4.3 |
|
Cash Taxes Paid |
94.3 |
142.0 |
146.2 |
105.0 |
175.6 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.