Maintaining Net Assets and Ordinary Income under Financial Covenants in Loan Agreements
First written in FY2017-Q2. 1 of 29 entries say "Reframed", first in FY2017. Latest entry: FY2026.
22 other companies' latest entry also says "Other".
- FY2026Drawn amount under the commitment line increased to ¥3.3 billionAnnual report
「Commitment line total ¥17,300 million. Borrowings drawn ¥3,300 million. Borrowings undrawn ¥14,000 million.」
Against a total commitment line of ¥17.3 billion, year-end borrowings drawn increased from zero at the end of the previous fiscal year to ¥3.3 billion. The financial covenants remain in place. - FY2026-H1Commitment line drawn amount increased to ¥3 billionAnnual report
「Commitment line total ¥17,300 million. Borrowings drawn — ¥3,000. Borrowings undrawn ¥17,300 ¥14,300.」
Against a total commitment line of ¥17.3 billion, borrowings drawn increased from zero at the end of the previous fiscal year to ¥3 billion, leaving an undrawn amount of ¥14.3 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2025Commitment line drawn amount reduced to zeroAnnual report
「Commitment line total ¥17,300 million, borrowings drawn ¥0」
The total commitment line was maintained at ¥17.3 billion, while borrowings drawn at 31 March 2025 fell from ¥2 billion at the end of the previous fiscal year to zero. The covenant requiring the company not to report ordinary losses for 2 consecutive periods and the covenants relating to the ¥900 million in long-term borrowings, requiring net assets of at least ¥36,000 million and cash flow of at least ¥2,500 million, remain in place. - FY2025-H1Commitment line drawn amount increasedAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥2,000 ¥6,000 / Borrowings undrawn ¥15,300 ¥11,300」
The total commitment line remains ¥17.3 billion, while the drawn amount increased from ¥2 billion at the end of the previous fiscal year to ¥6 billion and the undrawn amount decreased from ¥15.3 billion to ¥11.3 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2024Financial covenants on new long-term borrowing disclosed; commitment line drawn amount decreasedAnnual report
「The commitment line totals ¥17,300 million, with ¥2,000 million drawn and ¥15,300 million undrawn. Of the company's ¥9,420 million in long-term borrowings, the ¥900 million contracted in October 2023 is subject to financial covenants requiring net assets to be maintained at ¥36,000 million or more and cash flow at ¥2,500 million or more.」
The commitment line drawn amount decreased from ¥10.2 billion at the end of the previous fiscal year to ¥2 billion. The company disclosed new financial covenants for the long-term borrowing contracted in October 2023, requiring net assets of at least ¥36,000 million and cash flow of at least ¥2,500 million. - FY2024-Q3Commitment line drawn amount increased to ¥5.8 billionAnnual report
「Commitment line total ¥17,300 million, borrowings drawn ¥5,800, borrowings undrawn ¥11,500」
Against a total commitment line of ¥17.3 billion, borrowings drawn at the end of the third quarter were ¥5.8 billion and borrowings undrawn were ¥11.5 billion. The drawn amount decreased from ¥10.2 billion at the end of the previous fiscal year and from ¥4.4 billion in the previous disclosure. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2024-Q2Commitment line drawn amount decreased to ¥4.4 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥10,200 ¥4,400 / Borrowings undrawn ¥7,100 ¥12,900」
The total commitment line was maintained at ¥17.3 billion, while the drawn amount decreased from ¥10.2 billion at the end of the previous fiscal year to ¥4.4 billion and the undrawn amount increased to ¥12.9 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2024-Q1Commitment line drawn amount decreased to ¥4.4 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥10,200 ¥4,400 / Borrowings undrawn ¥7,100 ¥12,900」
The total commitment line remains ¥17.3 billion, while the drawn amount decreased from ¥10.2 billion at the end of the previous consolidated fiscal year to ¥4.4 billion and the undrawn amount increased from ¥7.1 billion to ¥12.9 billion. The financial covenants remain in place. - FY2023Year-end borrowings drawn were ¥10.2 billionAnnual report
「Commitment line total ¥17,300 million, borrowings drawn ¥10,200, borrowings undrawn ¥7,100」
Against a total commitment line of ¥17.3 billion, year-end borrowings drawn were ¥10.2 billion and borrowings undrawn were ¥7.1 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2023-Q3Commitment line drawn amount increased to ¥14 billionAnnual report
「Commitment line total ¥17,300 million, borrowings drawn ¥14,000, borrowings undrawn ¥3,300」
The total commitment line remains ¥17.3 billion, while the drawn amount was ¥14 billion and the undrawn amount was ¥3.3 billion at the end of the third quarter. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2023-Q2Commitment line drawn amount increased to ¥7.9 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥4,800 ¥7,900 / Borrowings undrawn ¥12,500 ¥9,400」
The total commitment line remains ¥17.3 billion, while the drawn amount increased from ¥4.8 billion at the end of the previous consolidated fiscal year to ¥7.9 billion, leaving an undrawn amount of ¥9.4 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2023-Q1Commitment line drawn amount decreased to ¥4.7 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥4,800 ¥4,700 / Borrowings undrawn ¥12,500 ¥12,600」
The total commitment line was maintained at ¥17.3 billion, while the drawn amount decreased from ¥4.8 billion at the end of the previous fiscal year to ¥4.7 billion, leaving an undrawn amount of ¥12.6 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2022Commitment line drawn amount decreased to ¥4.8 billionAnnual report
「Commitment line total ¥17,300 million / Borrowings drawn ¥5,300 ¥4,800 / Borrowings undrawn ¥12,000 ¥12,500」
The total commitment line was maintained at ¥17.3 billion, while the drawn amount decreased from ¥5.3 billion at the end of the previous fiscal year to ¥4.8 billion, leaving an undrawn amount of ¥12.5 billion. - FY2022-Q3Commitment line drawn amount increased to ¥13.2 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥5,300 ¥13,200 / Borrowings undrawn ¥12,000 ¥4,100」
The total commitment line remains ¥17.3 billion, while the drawn amount increased from ¥5.3 billion at the end of the previous consolidated fiscal year to ¥13.2 billion and the undrawn amount decreased to ¥4.1 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2022-Q2Commitment line drawn amount reduced to zeroAnnual report
「Commitment line total ¥17,300 million / Borrowings drawn ¥5,300 — / Borrowings undrawn ¥12,000 ¥17,300」
The total commitment line was maintained at ¥17.3 billion, while the drawn amount at the end of the second quarter fell from ¥5.3 billion at the end of the previous fiscal year to zero and the undrawn amount became ¥17.3 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2022-Q1Commitment line drawn amount decreased to ¥1 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥5,300 ¥1,000 / Borrowings undrawn ¥12,000 ¥16,300」
The total commitment line remains ¥17.3 billion, while the drawn amount decreased from ¥5.3 billion at the end of the previous consolidated fiscal year to ¥1 billion, leaving an undrawn amount of ¥16.3 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2021Year-end borrowings drawn were ¥5.3 billion; no financial covenants on new long-term borrowingsAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥5,300 ¥5,300 / Borrowings undrawn ¥12,000 ¥12,000」
The commitment line remained at ¥17.3 billion, with ¥5.3 billion drawn and ¥12 billion undrawn. The company also disclosed that the ¥4 billion in long-term borrowings contracted during the fiscal year have no financial covenants. - FY2021-Q3Borrowings drawn increased to ¥10 billionAnnual report
「Commitment line total ¥17,300 million / Borrowings drawn ¥5,300 ¥10,000 / Borrowings undrawn ¥12,000 ¥7,300」
The total commitment line remains ¥17.3 billion, while the drawn amount was ¥10 billion and the undrawn amount was ¥7.3 billion at the end of the third quarter. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2021-Q2Commitment line drawn amount decreased to ¥1.5 billionAnnual report
「Commitment line total ¥17,300 million / Borrowings drawn ¥5,300 ¥1,500 / Borrowings undrawn ¥12,000 ¥15,800」
The total commitment line remains ¥17.3 billion, while the drawn amount decreased from ¥5.3 billion at the end of the previous consolidated fiscal year to ¥1.5 billion, leaving an undrawn amount of ¥15.8 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2020-Q3Borrowings drawn decreased to ¥3.7 billionAnnual report
「Commitment line total ¥17,300 million / Borrowings drawn ¥5,300 ¥3,700 / Borrowings undrawn ¥12,000 ¥13,600」
The total commitment line remains ¥17.3 billion, while the drawn amount at the end of the third quarter decreased from ¥5.3 billion at the end of the previous consolidated fiscal year to ¥3.7 billion, leaving an undrawn amount of ¥13.6 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2020-Q1Commitment line drawn amount reduced to zeroAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥5,300 — / Borrowings undrawn ¥12,000 ¥17,300」
The total commitment line remains ¥17.3 billion, while the drawn amount at the end of the first quarter fell from ¥5.3 billion to zero and the undrawn amount became ¥17.3 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2019Borrowings drawn decreased to ¥5.3 billionAnnual report
「Commitment line total ¥17,300 million / Borrowings drawn ¥5,300 / Borrowings undrawn ¥12,000」
The total commitment line was maintained at ¥17.3 billion, while the drawn amount decreased from ¥7.8 billion at the end of the previous fiscal year to ¥5.3 billion. The financial covenants also remain in place. - FY2019-Q3Commitment line drawn amount increased to ¥10.8 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥7,800 ¥10,800 / Borrowings undrawn ¥9,500 ¥6,500」
The total commitment line remains ¥17.3 billion, while the drawn amount increased from ¥7.8 billion at the end of the previous consolidated fiscal year to ¥10.8 billion, leaving an undrawn amount of ¥6.5 billion. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2019-Q2Borrowings drawn increased to ¥4.8 billionAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥7,800 ¥4,800 / Borrowings undrawn ¥9,500 ¥12,500. The agreement includes the following financial covenant: Maintenance of ordinary income. With respect to consolidated ordinary income or loss in the income statement for each fiscal year-end from the fiscal year ended March 2017 onward, the company must not report ordinary losses for 2 consecutive periods.」
The total commitment line remains ¥17.3 billion, while the drawn amount was ¥4.8 billion and the undrawn amount was ¥12.5 billion at the end of the second quarter. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2019-Q1Commitment line drawn amount reduced to zeroAnnual report
「Commitment line total ¥17,300 million ¥17,300 million / Borrowings drawn ¥7,800 — / Borrowings undrawn ¥9,500 ¥17,300」
The total commitment line remains ¥17,300 million, while the drawn amount was zero and the undrawn amount was ¥17,300 million at the end of the first quarter. The financial covenant requiring the company not to report ordinary losses for 2 consecutive periods remains in place. - FY2018RestatedAnnual report
「The agreement includes the following financial covenant: Maintenance of ordinary income. With respect to consolidated ordinary income or loss in the income statement for each fiscal year-end from the fiscal year ended March 2017 onward, the company must not report ordinary losses for 2 consecutive periods.」
The company continues to disclose a financial covenant under the new commitment line agreement requiring it to avoid ordinary losses for 2 consecutive periods. The total facility is ¥17.3 billion, the drawn amount is ¥7.8 billion and the undrawn amount is ¥9.5 billion. - FY2017ReframedAnnual report
「The company entered into a syndicated commitment line agreement on 28 March 2017. The total facility is ¥17,300 million, the drawn amount is ¥6,300 million and the undrawn amount is ¥11,000 million. The financial covenant requires that the company not report ordinary losses for 2 consecutive fiscal years in its consolidated ordinary income or loss from the fiscal year ended March 2017 onward.」
The existing commitment line agreement ended and was switched to a new agreement. Under the new agreement, avoiding ordinary losses for 2 consecutive periods is specified as a financial covenant, while the net asset maintenance covenant remains in a separate long-term borrowing agreement, changing the scope and structure of the contractual terms. - FY2017-Q3Financial covenant scope and conditions specified in detailAnnual report
「To secure liability for defects, the company established a performance guarantee and entered into a payment acceptance agreement. If any of the financial maintenance requirements below is breached, a claim for advance reimbursement arises under the payment acceptance agreement, even without notice or demand from the client to remove and reconstruct the work. Accordingly, the party providing the payment acceptance becomes obligated to pay the amount of the advance reimbursement claim, up to ¥1,669 million. ① Maintenance of net assets: At the end of each fiscal year beginning with the fiscal year-end in March 2015, the total amount of net assets in the consolidated balance sheet must be maintained at or above 80% of the higher of the total net assets at the end of the immediately preceding fiscal year or at the end of the fiscal year ended March 2014. ② Maintenance of ordinary profit: Beginning with the fiscal year ending March 2015, the consolidated income statement must not report an ordinary loss for 2 consecutive fiscal years.」
In addition to the existing commitment line and other facilities, the company specifically discloses, for the payment acceptance agreement relating to warranty liability, a condition requiring net assets to be maintained at 80% or more of the reference amount and an obligation to pay a pre-claim receivable capped at ¥1,669 million. No breach of the covenants is reported. - FY2017-Q2First statedAnnual report
「The agreement includes the following financial covenants: ① Maintenance of net assets: At the end of each fiscal year beginning with the fiscal year-end in March 2015, the total amount of net assets in the consolidated balance sheet must be maintained at or above 75% of the higher of the total net assets at the end of the immediately preceding fiscal year or at the end of the fiscal year ended March 2014. ② Maintenance of ordinary profit: Beginning with the fiscal year ending March 2015, the consolidated income statement must not report an ordinary loss for 2 consecutive fiscal years.」
The company disclosed financial covenants for its commitment line and other facilities requiring net assets to be maintained at 75% or more of the benchmark amount and ordinary losses to be avoided for 2 consecutive fiscal years. No breach is reported.