Risk of long-term borrowings becoming immediately due and payable due to covenant breach
First written in FY2019-Q2. 2 of 25 entries say "Restated". Latest entry: FY2026.
22 other companies' latest entry also says "Other".
- FY2026Continued difficulty in raising funds and execution of financingAnnual report
「From a financial perspective, there remains a risk that it will continue to be difficult to raise new funds from financial institutions. Regarding financing, stock acquisition rights were exercised during the fiscal year, raising ¥193 million. We have also maintained close contact with our relationship banks and obtained new loans of ¥190 million.」
While continuing to disclose the difficulty of raising new funds as a risk, the company raised ¥193 million through the exercise of stock acquisition rights and ¥190 million through new loans. - FY2025RestatedAnnual report
「From a financial perspective, there remains a risk that it will continue to be difficult to raise new funds from financial institutions.」
While continuing to disclose the difficulty of raising new funds as a risk, the company also disclosed funding obtained during the year through the exercise of stock acquisition rights and new loans. - FY2025-H1MitigatedAnnual report
「Long-term borrowing agreement with The Bank of Yokohama executed in August 2018… Borrowings outstanding at the end of the interim accounting period: ¥84.0 million」
Long-term borrowings subject to financial covenants decreased to ¥84.0 million. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years continue to be disclosed. - FY2024MitigatedAnnual report
「Borrowings outstanding at the end of the fiscal year ¥127 million … ① The amount of net assets reported in the net assets section of the balance sheet must be maintained at no less than 75% of the higher of the amount at the end of the immediately preceding fiscal year or the amount at the end of March 2018. ② Ordinary profit or loss must not be a loss for 2 consecutive full fiscal years.」
The financial covenants remain in effect, but the balance of the applicable long-term borrowings has decreased to ¥127 million. The covenants concerning net assets and ordinary profit or loss have also been disclosed. - FY2024-Q3Further decrease in borrowings outstanding subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the third quarter accounting period ¥148.5 million … Borrowings outstanding at the end of the third quarter accounting period ¥20.0 million」
Long-term borrowings subject to financial covenants decreased to ¥148.5 million under the ¥600 million agreement and ¥20 million under the ¥400 million agreement. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2024-Q2Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the second quarter accounting period ¥170.0 million … Borrowings outstanding at the end of the second quarter accounting period ¥40.0 million」
Long-term borrowings subject to financial covenants decreased to ¥170 million under the ¥600 million agreement and ¥40 million under the ¥400 million agreement. The covenants themselves remain in effect. - FY2024-Q1Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the first quarter accounting period ¥191.5 million」
Long-term borrowings subject to financial covenants decreased to ¥191.5 million under the ¥600 million agreement and ¥60 million under the ¥400 million agreement. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2023Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the fiscal year ¥213 million … Borrowings outstanding at the end of the fiscal year ¥80 million」
Long-term borrowings subject to financial covenants decreased to ¥213 million under the ¥600 million agreement and ¥80 million under the ¥400 million agreement. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2023-Q3Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the third quarter accounting period: ¥234.5 million」
Long-term borrowings subject to financial covenants decreased to ¥234.5 million under the ¥600 million agreement and ¥100.0 million under the ¥400 million agreement. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2023-Q2Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the second quarter accounting period ¥256.0 million Term 7 years Borrowings outstanding at the end of the second quarter accounting period ¥120.0 million Term 5 years」
Long-term borrowings subject to financial covenants decreased to ¥256 million under the ¥600 million agreement and ¥120 million under the ¥400 million agreement. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2023-Q1Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the first quarter accounting period ¥277.5 million」
Long-term borrowings subject to financial covenants decreased to ¥277.5 million under the agreement executed in August 2018 and ¥140.0 million under the agreement executed in March 2019. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2022Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the fiscal year ¥299 million … Borrowings outstanding at the end of the fiscal year ¥160 million」
Long-term borrowings subject to financial covenants decreased to ¥299 million under the ¥600 million agreement and ¥160 million under the ¥400 million agreement. The covenants themselves remain in effect. - FY2022-Q3Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the third quarter accounting period ¥320.5 million」
Long-term borrowings subject to financial covenants stood at ¥320.5 million under the agreement executed in August 2018 and ¥180.0 million under the agreement executed in March 2019. Although the balances decreased from the previous disclosure, the covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2022-Q2Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the second quarter accounting period: ¥342.0 million」
Borrowings subject to financial covenants stood at ¥342.0 million under the agreement executed in August 2018 and ¥200.0 million under the agreement executed in March 2019. Although the balances decreased, the covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2022-Q1Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the first quarter accounting period ¥363.5 million」
Borrowings subject to financial covenants stood at ¥363.5 million under the agreement executed in August 2018 and ¥220.0 million under the agreement executed in March 2019, representing a decrease from the previous disclosure. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2021Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the fiscal year: ¥385 million」
Long-term borrowings subject to financial covenants stood at ¥385 million under the agreement executed in August 2018 and ¥240 million under the agreement executed in March 2019. The covenants requiring maintenance of net assets at 75% or more and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2021-Q3Further decrease in borrowings outstanding subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the third quarter accounting period: ¥406.5 million」
Long-term borrowings subject to financial covenants stood at ¥406.5 million under the agreement executed in August 2018 and ¥260.0 million under the agreement executed in March 2019. The covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2021-Q2Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the second quarter accounting period: ¥428.0 million」
Borrowings subject to financial covenants stood at ¥428.0 million under the agreement executed in August 2018 and ¥280.0 million under the agreement executed in March 2019. The covenants requiring maintenance of net assets at 75% or more and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2021-Q1Decrease in borrowings subject to financial covenantsAnnual report
「Borrowings outstanding at the end of the first quarter accounting period: ¥449.5 million」
The financial covenants remain in effect. The balance under the agreement executed in August 2018 was ¥449.5 million, while that under the agreement executed in March 2019 was ¥300.0 million. Although borrowings outstanding have decreased since the previous disclosure, the covenants requiring maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years remain in effect. - FY2020-Q3Decrease in borrowings subject to financial covenantsAnnual report
「From a financial perspective, financing terms have worsened compared with previously, due to the losses and decrease in equity described above for the previous fiscal year. In addition, we have entered into a covenant agreement with our banking partner, The Bank of Yokohama. As described in “Part 4. Financial Information, 1. Quarterly Financial Statements, Notes, (Additional Information),” the agreement contains financial covenants. If these covenants are breached, there is a risk that we will lose the benefit of the term on ¥832.5 million in long-term borrowings from The Bank of Yokohama, the balance at the end of the third quarter.」
The deterioration in financing terms and the risk of losing the benefit of the term remain, but long-term borrowings subject to financial covenants decreased from ¥874.0 million in the previous quarter to ¥832.5 million. - FY2020-Q2RestatedAnnual report
「From a financial perspective, financing terms have deteriorated compared with previously due to the losses described above in the previous fiscal year and the decline in shareholders' equity. The Company has also entered into a covenant agreement with its relationship bank, The Bank of Yokohama. As described in “Part 4. Financial Information, 1. Quarterly Financial Statements, Notes, (Additional Information),” the agreement contains financial covenants, and if they are breached, there is a risk that the Company will lose the benefit of time on ¥874.000 million in long-term borrowings from The Bank of Yokohama, the balance at the end of the second quarter.」
The Company continues to disclose deteriorating financing terms and the risk of loss of the benefit of time on ¥874.000 million in long-term borrowings subject to financial covenants. - FY2020-Q1WorsenedAnnual report
「From a financial perspective, financing terms have deteriorated compared with previously due to the losses described above in prior fiscal years and the cumulative first quarter, as well as the decline in shareholders' equity.」
The Company itself states that financing terms have deteriorated compared with previously due to losses and a decline in shareholders' equity. It also discloses the balance of borrowings subject to financial covenants. - FY2019Addition of a borrowing agreement with financial covenantsAnnual report
「The Company has entered into long-term borrowing agreements containing financial covenants with The Bank of Yokohama in August 2018 and March 2019.」
In addition to the existing ¥600 million, 7-year agreement, the Company discloses a ¥400 million, 5-year agreement executed in March 2019, containing covenants requiring net assets to be maintained at 75% or more and the avoidance of ordinary losses for 2 consecutive fiscal years. - FY2019-Q3Specification of the outstanding loan balance and contract termAnnual report
「The long-term borrowing agreement with The Bank of Yokohama executed in August 2018 contains financial covenants. The borrowing balances under this agreement at the end of the third quarter are as follows: Contract amount: ¥600.000 million; total amount drawn: ¥600.000 million; borrowing balance at the end of the third quarter: ¥578.500 million; term: 7 years.」
The Company provides details of the existing long-term borrowing subject to financial covenants, including the contract amount, total amount drawn, the period-end balance of ¥578.500 million, and the 7-year term. - FY2019-Q2First statedAnnual report
「There is a risk that the Company may have difficulty obtaining new financing from financial institutions due to poor performance in the fiscal year ended March 2018 and the cumulative second quarter of the fiscal year ending March 2019. During the cumulative second quarter, the Company also entered into a covenant agreement with its relationship bank, The Bank of Yokohama. As described in “Part 4. Financial Information, 1. Quarterly Financial Statements, Notes, (Additional Information),” the agreement contains financial covenants requiring the Company to maintain its net assets at 75% or more of the higher of the amount at the end of the immediately preceding fiscal year or the amount at the end of the fiscal year ended March 2018, and not to record ordinary losses for 2 consecutive fiscal years. If these covenants are breached, there is a risk that the Company will lose the benefit of time on ¥600 million in long-term borrowings from The Bank of Yokohama.」
The Company newly identifies the possibility of difficulty in obtaining new financing due to poor performance, together with financial covenants on ¥600 million in long-term borrowings from The Bank of Yokohama requiring net assets to be maintained at 75% or more and the avoidance of ordinary losses for 2 consecutive fiscal years. A breach could result in the loss of the benefit of time.