Financial Covenants and Acceleration Risk Associated with Borrowings
First written in FY2017-Q2. 10 of 21 entries say "Restated". Latest entry: FY2025-H1.
43 other companies' latest entry also says "Restated".
- FY2025-H1RestatedAnnual report
「Lending commitment amount ¥700 million Borrowings outstanding — million yen Undrawn amount ¥700 million」
The lending commitment line with financial covenants remains at a committed amount of ¥700 million, borrowings outstanding of zero, and an undrawn amount of ¥700 million. - FY2024-Q1RestatedAnnual report
「Lending commitment amount 700 million yen 700 million yen Borrowings outstanding — million yen — million yen Undrawn amount 700 million yen 700 million yen」
The commitment line with financial covenants remains at a committed amount of ¥700 million, borrowings outstanding of zero, and an undrawn amount of ¥700 million. - FY2023MitigatedAnnual report
「We have maintained a lending commitment line agreement with 1 relationship bank to secure funds for capital investment and enhance the flexibility and stability of our financing. There were no borrowings outstanding under this agreement at the end of the current period among our interest-bearing debt.」
The commitment line agreement remains in place, but borrowings under the agreement were zero at the end of the current period, eliminating the borrowing exposure. - FY2023-Q3Reduction of the commitment line and elimination of borrowings outstandingAnnual report
「Lending commitment amount 1,000 million yen 700 million yen Borrowings outstanding 250 million yen — million yen Undrawn amount 750 million yen 700 million yen」
The committed amount under the commitment line with financial covenants was reduced from ¥1,000 million to ¥700 million, and borrowings outstanding changed from ¥250 million to zero. - FY2023-Q2RestatedAnnual report
「The company entered into a loan commitment line agreement with 1 relationship bank to secure funds for capital expenditures and enhance the flexibility and stability of its financing. The agreement contains financial covenants and will terminate if the conditions are breached.」
The commitment line with financial covenants remains at a committed amount of ¥1,000 million, borrowings outstanding of ¥250 million, and an undrawn amount of ¥750 million. - FY2023-Q1RestatedAnnual report
「Lending commitment amount 1,000 million yen 1,000 million yen Borrowings outstanding 250 million yen 250 million yen Undrawn amount 750 million yen 750 million yen」
The lending commitment line with financial covenants remains at a committed amount of ¥1,000 million, borrowings outstanding of ¥250 million, and an undrawn amount of ¥750 million. - FY2022-Q3RestatedAnnual report
「Lending commitment amount 1,000 million yen 1,000 million yen Borrowings outstanding 250 million yen 250 million yen Undrawn amount 750 million yen 750 million yen」
The lending commitment line with financial covenants remains at a committed amount of ¥1,000 million, borrowings outstanding of ¥250 million, and an undrawn amount of ¥750 million. - FY2022-Q1One-bank commitment line of ¥1,000 millionAnnual report
「The company entered into a loan commitment line agreement with 1 relationship bank to secure funds for capital expenditures and enhance the flexibility and stability of its financing. The agreement contains financial covenants and will terminate if the conditions are breached.」
The lending commitment line with financial covenants involves 1 relationship bank, a committed amount of ¥1,000 million, borrowings outstanding of ¥250 million, and an undrawn amount of ¥750 million. - FY2021Changes in the composition of borrowings subject to financial covenantsAnnual report
「The company's loan commitment line agreement, with an outstanding balance of ¥250 million at the end of the current fiscal year, and certain borrowings, with an outstanding balance of ¥55 million, contain financial covenants that must be maintained until all obligations have been discharged. If the covenants are breached, at the request of the lending financial institution the company will lose the benefit of time on the relevant borrowings and be required to repay them in full, which could affect its financial position and business performance.」
The company disclosed a ¥250 million loan commitment line balance and ¥55 million of certain borrowings subject to financial covenants, and continues to disclose the risk of loss of the benefit of time and full repayment in the event of a breach. - FY2021-Q3Commitment line reduced and drawn borrowings increasedAnnual report
「Loan commitment amount ¥1,700 million ¥1,000 million Drawn borrowings ¥100 million ¥250 million Available amount ¥1,600 million ¥750 million」
The total loan commitment decreased from ¥1,700 million at the end of the previous fiscal year to ¥1,000 million, while drawn borrowings increased from ¥100 million to ¥250 million. Agreements containing financial covenants remain in place. - FY2021-Q2Increase in drawn commitment line balanceAnnual report
「Loan commitment amount ¥1,700 million ¥1,700 million Drawn borrowings ¥100 million ¥150 million Available amount ¥1,600 million ¥1,550 million」
The total commitment line with 3 banks remained at ¥1,700 million, while drawn borrowings increased from ¥100 million at the end of the previous fiscal year to ¥150 million. The financial covenants also remained in place. - FY2020RestatedAnnual report
「The company's loan commitment line agreement, with an outstanding balance of ¥100 million at the end of the current fiscal year, and certain borrowings, with an outstanding balance of ¥122 million, contain financial covenants that must be maintained until all obligations have been discharged. If the covenants are breached, at the request of the lending financial institution the company will lose the benefit of time on the relevant borrowings and be required to repay them in full, which could affect its financial position and business performance.」
The company continues to disclose financial covenants on its commitment line and certain borrowings, as well as the risk of loss of the benefit of time and full repayment in the event of a breach, in its annual disclosure. - FY2020-Q3Financial covenants also attached to the new commitment lineAnnual report
「The company entered into a loan commitment line agreement with 3 relationship banks to secure funds for capital expenditures and enhance the flexibility and stability of its financing. The agreements contain financial covenants, and will terminate if the conditions are breached.」
The company disclosed that the newly executed commitment line agreements with 3 relationship banks also contain financial covenants and will terminate if the conditions are breached. - FY2019MitigatedAnnual report
「The company was in breach of the above financial covenants at the end of the previous fiscal year, but had resolved the situation by the end of the current fiscal year.」
The breach of financial covenants that occurred at the end of the previous fiscal year had been resolved by the end of the current fiscal year. - FY2019-Q3RestatedAnnual report
「The company also received a waiver regarding the financial covenants on bank borrowings and will continue to receive support.」
The company has reconfirmed that, following the breach of financial covenants, it has received a waiver of enforcement of the loss-of-benefit-of-time provisions and continued support from financial institutions. - FY2019-Q1MitigatedAnnual report
「As a result of implementing the measures described above, the company recorded ordinary income in the first quarter of the current fiscal year. Following discussions regarding the financial covenants on bank borrowings, the banks agreed to waive enforcement of the loss-of-benefit-of-time provisions and continue providing support.」
In response to the breach of the financial covenants, discussions with the banks resulted in a waiver of enforcement of the loss-of-benefit-of-time provisions and continued support. - FY2018MaterialisedAnnual report
「The company was in breach of the above financial covenants at the end of the current fiscal year.」
The company disclosed an actual breach at the end of the current fiscal year of financial covenants requiring net assets of at least 75% and ordinary income of at least ¥0, among other requirements. - FY2018-Q1RestatedAnnual report
「If the borrower breaches any one of the following requirements for 2 consecutive fiscal periods, at the lender's request the borrower will lose the benefit of time with respect to all obligations owed to the lender and must immediately repay the full amount of those obligations.」
The company has reiterated the financial covenants requiring net assets to be maintained at 75% or more of the reference amount and ordinary income at ¥0 or more, together with the condition for loss of the benefit of time following breaches in 2 consecutive fiscal periods. - FY2017RestatedAnnual report
「If the requirements are breached, the borrower may, at the lending financial institution's request, lose the benefit of time on the relevant borrowings and be required to repay them in full, which could affect its financial position and business performance.」
The risk of loss of the benefit of time and full repayment following a breach of financial covenants continues. - FY2017-Q3RestatedAnnual report
「If the borrower breaches any one of the following requirements for 2 consecutive fiscal periods, at the lender's request the borrower will lose the benefit of time with respect to all obligations owed to the lender and must immediately repay the full amount of those obligations. (1) At the end of each fiscal year beginning with the fiscal year ending November 2017, the borrower's consolidated balance sheet must maintain total net assets at or above 75% of the higher of total net assets at the end of the fiscal year ending November 2016 or at the end of the preceding fiscal year. (2) At the end of each fiscal year beginning with the fiscal year ending November 2017, the borrower's consolidated income statement must maintain ordinary income at ¥0 or more.」
The company has reiterated the financial covenants requiring net assets to be maintained at 75% or more of the reference amount and ordinary income at ¥0 or more, together with the condition for loss of the benefit of time following breaches in 2 consecutive fiscal periods. - FY2017-Q2First statedAnnual report
「If the borrower breaches any one of the following requirements for 2 consecutive fiscal periods, at the lender's request the borrower will lose the benefit of time with respect to all obligations owed to the lender and must immediately repay the full amount of those obligations. (1) At the end of each fiscal year beginning with the fiscal year ending November 2017, the borrower's consolidated balance sheet must maintain total net assets at or above 75% of the higher of total net assets at the end of the fiscal year ending November 2016 or at the end of the preceding fiscal year. (2) At the end of each fiscal year beginning with the fiscal year ending November 2017, the borrower's consolidated income statement must maintain ordinary income at ¥0 or more.」
The loan agreement requires net assets to be maintained at 75% or more of the reference amount and ordinary income at ¥0 or more, and provides for loss of the benefit of time if the requirements are breached for 2 consecutive fiscal periods.