Risk of Reliance on Financial Institution Borrowings and Funding Constraints
First written in FY2017-Q1. 22 of 36 entries say "Mitigated", first in FY2017-Q4. Latest entry: 2026-10-09.
Shirohato moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Mitigated".
- FY2027-H1MitigatedAnnual report
「Current liabilities were ¥2,064.112 million, a decrease of ¥577.221 million from the end of the previous fiscal year. The main factors were a ¥400.000 million decrease in short-term borrowings, an ¥89.703 million decrease in accrued corporate taxes and other taxes, and a ¥69.885 million decrease in accounts payable and other current liabilities. Fixed liabilities were ¥607.561 million, a decrease of ¥17.389 million from the end of the previous fiscal year. The main factor was a ¥17.025 million decrease in long-term borrowings.」
Short-term borrowings decreased by ¥400.000 million and long-term borrowings by ¥17.025 million, reducing borrowings and liabilities. Meanwhile, borrowings subject to financial covenants remain outstanding. - 2026-04-10MitigatedEarnings
「Decrease in short-term borrowings, down ¥200 million from the previous fiscal year」
Short-term borrowings decreased by ¥200 million from the end of the previous fiscal year, indicating reduced reliance on short-term borrowing. - FY2026-H1MitigatedAnnual report
「Fixed liabilities were ¥633.043 million, a decrease of ¥1,186.232 million from the end of the previous fiscal year. The main factor was a ¥1,127.654 million decrease in long-term borrowings resulting from refinancing.」
Refinancing reduced long-term borrowings by ¥1,127.654 million, and fixed liabilities also decreased. Meanwhile, short-term borrowings increased by ¥200.000 million, so the reduction was accompanied by a change in the borrowing composition. - FY2025WorsenedAnnual report
「The acquisition of the headquarters logistics center has increased the proportion of borrowings to liabilities. The Company raises borrowings from financial institutions at floating rates, and a significant change in future interest rate conditions could affect its operating performance and financial position.」
The high proportion of borrowings was again disclosed as a risk, and short-term borrowings increased by ¥400.000 million during the fiscal year. - FY2025ReframedAnnual report
「On 31 March 2025, the Company sold its former headquarters property and applied the sale proceeds to partially repay the syndicated loan. The remaining syndicated loan was also fully repaid with new borrowings in order to strengthen and improve the Company's financial position.」
The existing syndicated loan was fully repaid with new borrowings, and proceeds from the sale of the former headquarters were also applied to partial repayment. The borrowing structure shifted to a new refinancing arrangement. - FY2025-H1WorsenedAnnual report
「The main factors were a ¥200.000 million increase in short-term borrowings, a ¥14.223 million increase in accrued expenses, and a ¥25.865 million decrease in accounts payable.」
Short-term borrowings increased by ¥200.000 million from the end of the previous fiscal year, indicating greater short-term dependence on borrowings. - FY2025-Q1WorsenedAnnual report
「The main factors were a ¥190.903 million increase in accounts payable associated with the purchase of seasonal products, a ¥98.097 million increase in short-term borrowings, and a ¥21.873 million decrease in accounts payable and other current liabilities. Fixed liabilities were ¥1,915.561 million, a decrease of ¥49.053 million from the end of the previous fiscal year. The main factor was a ¥32.007 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan.」
Short-term borrowings increased by ¥98.097 million in connection with purchases of seasonal products, while long-term borrowings decreased by ¥32.007 million following repayments under the syndicated loan. Borrowings increased on the short-term side. - FY2024MitigatedAnnual report
「Current liabilities were ¥1,714.018 million, compared with ¥4,007.420 million at the end of the previous fiscal year, a decrease of ¥2,293.402 million. The main factors were an ¥80.749 million decrease in accounts payable and a ¥2,184.469 million decrease in short-term borrowings and current portions of long-term borrowings. Fixed liabilities were ¥1,964.614 million, compared with ¥76.821 million at the end of the previous fiscal year, an increase of ¥1,887.792 million.」
Refinancing reduced short-term borrowings and current portions of long-term borrowings by ¥2,184.469 million, advancing the reclassification of borrowings from short-term to long-term. - FY2024-Q3MitigatedAnnual report
「The main factor was a ¥2,184.469 million decrease in short-term borrowings and current portions of long-term borrowings. Fixed liabilities were ¥1,996.406 million, an increase of ¥1,919.584 million from the end of the previous fiscal year. The main factor was a ¥1,920.454 million increase in long-term borrowings under the syndicated loan agreement.」
Short-term borrowings and current portions of long-term borrowings decreased by ¥2,184.469 million, with the composition shifting to long-term borrowings. Total borrowings also decreased from the end of the previous fiscal year, and the reduction in borrowing-dependence risk continued. - FY2024-Q2MitigatedAnnual report
「Current liabilities were ¥1,825.554 million, a decrease of ¥2,181.865 million from the end of the previous fiscal year. The main factors were a ¥37.622 million increase in accounts payable associated with the purchase of seasonal products, a ¥19.896 million decrease in electronically recorded obligations, and a ¥2,184.469 million decrease in short-term borrowings and current portions of long-term borrowings. Fixed liabilities were ¥2,028.414 million, an increase of ¥1,951.592 million from the end of the previous fiscal year. The main factor was a ¥1,952.462 million increase in long-term borrowings under the syndicated loan agreement.」
Refinancing advanced the reclassification of borrowings from short-term to long-term, reducing short-term borrowings and current portions of long-term borrowings by ¥2,184.469 million. Total borrowings also decreased from the end of the previous fiscal year. - FY2024-Q1MitigatedAnnual report
「The main factor was a ¥2,184.469 million decrease in short-term borrowings and current portions of long-term borrowings. Fixed liabilities were ¥2,061.294 million, an increase of ¥1,984.472 million from the end of the previous fiscal year. The main factor was a ¥1,984.469 million increase in long-term borrowings under the syndicated loan agreement.」
Refinancing reduced short-term borrowings and current portions of long-term borrowings by ¥2,184.469 million, with the amount transferred to long-term borrowings. The composition of borrowings changed, but total borrowings decreased from the end of the previous fiscal year. - FY2023MitigatedAnnual report
「As of 31 March 2023, all borrowings from Odakyu Electric Railway had been repaid.」
After the end of the fiscal year, all borrowings from Odakyu Electric Railway were repaid. Borrowing and repayment risks related to the syndicated loan remain, but the risk associated with borrowings from Odakyu Electric Railway has been reduced. - FY2023-Q3MitigatedAnnual report
「The main factors were a ¥56.250 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan, a ¥111.093 million decrease in the provision for directors' retirement benefits following the abolition of the directors' retirement allowance system approved at the general meeting of shareholders held in May 2022, and a ¥20.952 million increase in long-term accounts payable.」
Scheduled repayments under the syndicated loan reduced long-term borrowings by ¥56.250 million, and the reduction in borrowing-dependence risk continued. - FY2023-Q2MitigatedAnnual report
「The main factor was a ¥37.500 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan.」
Scheduled repayments under the syndicated loan reduced long-term borrowings by ¥37.500 million. Short-term borrowings remained unchanged at ¥2,000 million. - FY2023-Q1MitigatedAnnual report
「The main factor was a ¥18.750 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan.」
Scheduled repayments under the syndicated loan reduced long-term borrowings by ¥18.750 million, and the reduction in borrowing-dependence risk continued. Short-term borrowings remained at ¥2,000 million, unchanged from the end of the previous fiscal year. - FY2022MitigatedAnnual report
「The main factors were a ¥614.828 million decrease in short-term borrowings and ¥75.000 million in repayments of long-term borrowings.」
Short-term borrowings decreased by ¥614.828 million, and ¥75.000 million of long-term borrowings was repaid, reducing borrowing-dependence risk from the previous fiscal year. - FY2022-Q3MitigatedAnnual report
「The main factor was a ¥56.250 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan, as well as」
Scheduled repayments under the syndicated loan reduced long-term borrowings by ¥56.250 million, while short-term borrowings also decreased by ¥14.828 million. The reduction in borrowing-dependence risk continued. - FY2022-Q2MitigatedAnnual report
「The main factor was a ¥37.500 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan, as well as」
Scheduled repayments under the syndicated loan reduced long-term borrowings by ¥37.500 million, while short-term borrowings also decreased by ¥14.828 million. The reduction in borrowing-dependence risk continued. - FY2022-Q1MitigatedAnnual report
「The main factor was a ¥18.750 million decrease in long-term borrowings resulting from scheduled repayments under the syndicated loan.」
Scheduled repayments under the syndicated loan reduced long-term borrowings by ¥18.750 million. Meanwhile, short-term borrowings remained at ¥2,600 million, so borrowing-dependence risk itself continued. - FY2021WorsenedAnnual report
「The acquisition of the headquarters logistics center has increased the proportion of borrowings to total assets.」
Dependence on borrowings continued as funds were raised to acquire the logistics center, and short-term borrowings increased by ¥1,459.340 million from the end of the previous fiscal year. - FY2021-Q3WorsenedAnnual report
「The main factors were a ¥1,456.738 million increase in short-term borrowings to fund payments for construction of the new headquarters logistics center and other expenses, and a ¥235.036 million increase in accounts payable associated with the purchase of seasonal products and other items. Fixed liabilities were ¥1,605.370 million, an increase of ¥439.956 million from the end of the previous fiscal year. The main factor was a ¥443.750 million increase in long-term borrowings under a syndicated loan to finance construction of the new headquarters logistics center.」
To finance construction of the new headquarters logistics center and other expenses, short-term borrowings increased by ¥1,456.738 million and long-term borrowings under a syndicated loan increased by ¥443.750 million, indicating greater dependence on borrowings. - FY2021-Q2WorsenedAnnual report
「The main factors were a ¥604.566 million increase in short-term borrowings to fund payments for construction of the new headquarters logistics center and other expenses, and a ¥346.769 million increase in accounts payable following recognition of payment obligations for construction of the new headquarters logistics center. Fixed liabilities were ¥1,625.384 million, an increase of ¥459.971 million from the end of the previous fiscal year. The main factor was a ¥462.500 million increase in long-term borrowings under a syndicated loan to finance construction of the new headquarters logistics center.」
To finance the acquisition and construction of the new headquarters logistics center, short-term borrowings increased by ¥604.566 million and long-term borrowings by ¥462.500 million, continuing the increase in dependence on borrowings. - FY2021-Q1WorsenedAnnual report
「The main factors were a ¥1,700.610 million increase in short-term borrowings to fund payments for construction of the new headquarters logistics center and other expenses, and a ¥171.966 million increase in accounts payable associated with the purchase of seasonal products.」
To finance construction of the new headquarters logistics center and other expenses, short-term borrowings increased by ¥1,700.610 million from the end of the previous fiscal year, further increasing dependence on borrowings. - FY2020WorsenedAnnual report
「As construction of the new headquarters logistics center progresses, the proportion of borrowings to total assets has increased.」
The disclosure again states that financing for construction of the new headquarters logistics center increased the proportion of borrowings to total assets. - FY2020-Q3WorsenedAnnual report
「The main factors were a ¥1,024.178 million increase in short-term borrowings to fund payments for construction of the new headquarters logistics center and other expenses, and a ¥186.746 million increase in accounts payable associated with the purchase of seasonal products and other items.」
Short-term borrowings increased by ¥1,024.178 million to fund construction of the logistics center, indicating greater dependence on borrowings. - FY2020-Q2WorsenedAnnual report
「As construction of the new headquarters logistics center progresses, the proportion of borrowings to total assets has increased.」
The situation changed from the previous period, when borrowings from financial institutions had been fully repaid, as the proportion of borrowings to total assets rose again with construction of the new headquarters logistics center. - FY2019-Q1DroppedAnnual report
「The sections titled “(8) Impact of Financial Covenants” and “(9) Dependence on Borrowings from Financial Institutions and the Impact of Interest Rate Fluctuations,” included in the securities report for the previous fiscal year, no longer apply.」
The risk associated with dependence on borrowings from financial institutions was stated to have been eliminated through full repayment of the existing bank borrowings. - FY2018-Q4MitigatedAnnual report
「As a result, borrowings from financial institutions, which stood at ¥1,221 million as of 30 November 2017, fell to ¥0, and the Company's total financing recorded under liabilities on the balance sheet amounted to ¥100 million, comprising ¥0 from financial institutions and ¥100 million from Odakyu Electric Railway,」
The disclosure states that funds from the private placement of shares and borrowings from Odakyu Electric Railway were applied to repay borrowings from financial institutions, reducing such borrowings to ¥0 million. - FY2018-Q3MitigatedAnnual report
「Fixed liabilities were ¥1,210.712 million, a decrease of ¥34.436 million from the end of the previous fiscal year. The main factor was a ¥34.582 million decrease in long-term borrowings from the end of the previous fiscal year.」
Long-term borrowings decreased by ¥34.582 million, and fixed liabilities also decreased from the end of the previous fiscal year. The decrease in outstanding borrowings continued to indicate lower borrowing-dependence risk. - FY2017MitigatedAnnual report
「At the end of the fiscal year, borrowings from financial institutions represented 35.7% of total assets.」
Dependence on borrowings from financial institutions is 35.7%, down from the previously reported 51.7%. The outstanding borrowings are reported at ¥1,255.839 million, indicating a reduction in borrowing-dependence risk. - FY2018-Q1MitigatedAnnual report
「Current liabilities amounted to ¥922.486 million, a decrease of ¥22.805 million from the end of the previous fiscal year. The main factors were increases of ¥113.449 million in accounts payable, ¥32.403 million in notes payable, ¥17.334 million in accrued expenses and ¥16.943 million in provision for bonuses, and a ¥200 million decrease in short-term borrowings. Non-current liabilities amounted to ¥1,281.476 million, a decrease of ¥109.037 million from the end of the previous fiscal year. The main factor was a ¥103.746 million decrease in long-term borrowings.」
Short-term borrowings decreased by ¥200 million and long-term borrowings by ¥103.746 million, with the decrease in borrowings outstanding continuing to be reported. - FY2017-Q4MitigatedAnnual report
「The main factors were an increase of ¥63.652 million in notes payable and a decrease of ¥200 million in short-term borrowings, both from the end of the previous fiscal year.」
Short-term borrowings decreased by ¥200 million and long-term borrowings also decreased by ¥69.164 million. Although the borrowing dependence ratio itself was not stated, a decrease in borrowings outstanding was reported. - FY2016SoftenedAnnual report
「We depend on borrowings from financial institutions to fund business expansion, and borrowings from financial institutions represented 51.2% of total assets at the end of the fiscal year. If negotiations with financial institutions and others are delayed when arranging new financing or refinancing, resulting in difficulty raising funds, this could affect our financial position and operating results.」
The borrowing dependence ratio declined from the previously reported 51.7% to 51.2%. The risk of difficulty raising funds continues to be disclosed. - FY2017-Q1First statedAnnual report
「We depend on borrowings from financial institutions to fund business expansion, and borrowings from financial institutions represented 51.7% of total assets at the end of the current quarter. If negotiations with financial institutions and others are delayed when arranging new financing or refinancing, resulting in difficulty raising funds, this could affect our financial position and operating results.」
The company discloses the risk of difficulty raising funds due to stalled negotiations with financial institutions, against a borrowing dependence ratio of 51.7% and borrowings outstanding of ¥1,578.751 million.