Breach of Financial Covenants on Borrowings
First written in FY2021. 6 of 14 entries say "Mitigated", first in FY2023-Q1. Latest entry: FY2027-H1.
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
52 other companies' latest entry also says "Mitigated".
- FY2027-H1MitigatedAnnual report
「Current portion of long-term borrowings ¥285.714 million ¥285.714 million Long-term borrowings ¥1,357.142 million ¥1,214.285 million」
Borrowings subject to financial covenants, including amounts due for repayment within 1 year, declined from ¥1,642.856 million at the end of the previous fiscal year to ¥1.5 billion. The financial covenants remain in place, but the amount of borrowings subject to them has decreased. - FY2026-H1MitigatedAnnual report
「Long-term borrowings due for repayment within 1 year ¥285.714 million ¥285.714 million Long-term borrowings ¥1,642.857 million ¥1,500 million」
Borrowings subject to the financial covenants, including the portion due for repayment within 1 year, decreased from ¥1,928.571 million at the end of the previous fiscal year to ¥1,785.714 million. The covenants themselves continue, but the borrowings subject to them have decreased. - FY2025Borrowings subject to financial covenants increaseAnnual report
「The following financial covenants concerning net assets and profit apply to the specified borrowings. • For each fiscal year ending on or after the fiscal year ending February 2025, including the fiscal year ending February 2025, the borrower must not report an ordinary loss for 2 consecutive fiscal years in its consolidated statements of income. • As of the end of each fiscal year ending on or after the fiscal year ending February 2025, the borrower's consolidated net assets must be at least 75% of the higher of the borrower's consolidated net assets at the end of the immediately preceding fiscal year or at the end of the fiscal year ending February 2024.」
The financial covenants apply to borrowings from the fiscal year ending February 2025 onward and require that ordinary losses not be recorded for 2 consecutive fiscal years and that net assets be maintained at 75% or more. The long-term borrowings subject to the covenants total ¥1,928.571 million, comprising ¥285.714 million due for repayment within 1 year and ¥1,642.857 million due thereafter. - FY2025-Q1MitigatedAnnual report
「Long-term borrowings due for repayment within 1 year ¥156.853 million ¥130.773 million」
The breach of the financial covenants and the financial institutions' agreement to defer exercising their right to accelerate the borrowings continue, but the long-term borrowings due for repayment within 1 year subject to the covenants decreased from ¥156.853 million to ¥130.773 million. - FY2024MitigatedAnnual report
「At the end of the current consolidated fiscal year, ¥156.853 million of borrowings was in breach of financial covenants. However, the financial institutions agreed to defer exercising their right to accelerate the borrowings.」
The breach of the financial covenants continues, but the borrowings subject to the covenants decreased from ¥187.5 million at the end of the previous fiscal year to ¥156.853 million, and the financial institutions agreed to defer exercising their rights. - FY2024-Q1MitigatedAnnual report
「The above financial covenants were breached at the end of the previous consolidated fiscal year, but the financial institutions waived their right to accelerate the borrowings. Long-term borrowings due for repayment within 1 year ¥187.5 million ¥156.853 million」
The breach of the financial covenants and the financial institutions' waiver continue, but the long-term borrowings due for repayment within 1 year subject to the covenants decreased from ¥187.5 million to ¥156.853 million. - FY2023-Q3RestatedAnnual report
「At a bank meeting held on 25 May 2022, all financial institutions agreed to maintain the outstanding loan balance through 19 May 2023. As a result, 19 May 2023 became the repayment date for ¥2,887.5 million in short-term borrowings and long-term borrowings due for repayment within 1 year.」
The breach of the financial covenants and the financial institutions' waiver of their right to accelerate the borrowings continue. The consent of all financial institutions to maintain the outstanding loan balance and the setting of a repayment date for ¥2,887.5 million also continue to be disclosed. - FY2023-Q2Agreement to maintain outstanding loan balance continues; amount due for repayment increasesAnnual report
「At a bank meeting held on 25 May 2022, all financial institutions agreed to maintain the outstanding loan balance through 19 May 2023. As a result, 19 May 2023 became the repayment date for ¥2,887.5 million in short-term borrowings and long-term borrowings due for repayment within 1 year.」
The consent of all financial institutions to maintain the outstanding loan balance and the setting of the repayment date continue. The amount due for repayment increased from ¥2,787.5 million disclosed for the previous quarter to ¥2,887.5 million. - FY2023-Q1MitigatedAnnual report
「At a bank meeting held on 25 May 2023, all financial institutions agreed to maintain the outstanding loan balance through 19 May 2023. As a result, 19 May 2023 became the repayment date for ¥2,787.5 million in short-term borrowings and long-term borrowings due for repayment within 1 year.」
The breach of the financial covenants remained, and the waiver of the right to accelerate the borrowings continued to be disclosed as part of the position at the end of the previous fiscal year. Meanwhile, with the consent of all financial institutions, the outstanding loan balance was maintained and the repayment date was changed, advancing measures to address the risk of the borrowings being accelerated immediately. - FY2022Breach continues; borrowings subject to the covenants decreaseAnnual report
「At the end of the current consolidated fiscal year, ¥187.5 million of borrowings was in breach of financial covenants. However, the financial institutions agreed to defer exercising their right to accelerate the borrowings.」
The breach of the financial covenants and the financial institutions' agreement to defer exercising their right to accelerate the borrowings continue. Meanwhile, the borrowings subject to the covenants decreased from ¥250 million at the end of the previous fiscal year to ¥187.5 million. - FY2022-Q3Breach continues; borrowings subject to the covenants decreaseAnnual report
「Of the long-term borrowings at the end of the third quarter of the current consolidated fiscal year, including the portion due for repayment within 1 year, ¥187.5 million is subject to the following financial covenants. The above financial covenants were breached at the end of the previous consolidated fiscal year, but the financial institutions waived their right to accelerate the borrowings.」
The breach of the financial covenants and the financial institutions' waiver of their right to accelerate the borrowings continue. The borrowings subject to the covenants decreased from ¥250 million to ¥187.5 million. - FY2022-Q2Financial covenant breach continues; borrowings subject to the covenants decreaseAnnual report
「Of the long-term borrowings at the end of the second quarter of the current consolidated fiscal year, including the portion due for repayment within 1 year, ¥187.5 million is subject to the following financial covenants. The above financial covenants were breached at the end of the previous consolidated fiscal year, but the financial institutions waived their right to accelerate the borrowings.」
The breach of the financial covenants and the financial institutions' waiver of their right to accelerate the borrowings continue. The borrowings subject to the covenants decreased from ¥250 million at the end of the previous fiscal year to ¥187.5 million. - FY2022-Q1RestatedAnnual report
「Of the long-term borrowings at the end of the first quarter of the current consolidated fiscal year, including the portion due for repayment within 1 year, ¥250 million is subject to the following financial covenants. The above financial covenants were breached at the end of the previous consolidated fiscal year, but the financial institutions agreed to defer exercising their right to accelerate the borrowings.」
The disclosure continues to cover the ¥250 million of borrowings subject to financial covenants, the breach at the end of the previous fiscal year, and the financial institutions' agreement to defer exercising their right to accelerate the borrowings. - FY2021MaterialisedAnnual report
「At the end of the current consolidated fiscal year, ¥250 million of borrowings was in breach of financial covenants. However, the financial institutions agreed to defer exercising their right to accelerate the borrowings.」
A breach of financial covenants actually occurred with respect to ¥250 million of borrowings. The disclosure also states that the financial institutions agreed to defer exercising their right to accelerate the borrowings.