Risk of lending-term reviews following breaches of financial covenants
First written in FY2017. 11 of 13 entries say "Restated". Latest entry: FY2024-Q3.
The whole theme swung hardest in 2025: 23 of 75 companies on the "Worse" side.
32 other companies' latest entry also says "Restated".
- FY2024-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, there was no occurrence of new business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2022-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, there was no occurrence of new business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2021-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, there was no occurrence of new business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2021-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current consolidated fiscal year, there were no new business risks or material changes to the business risks described in the previous fiscal year's Annual Securities Report.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2020-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current consolidated fiscal year, there were no new business risks or material changes to the business risks described in the previous fiscal year's Annual Securities Report.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2019Change in the net asset threshold under the financial covenantsAnnual report
「The financial covenant attached to the syndicated loan agreement entered into by the Company (balance at the end of the fiscal year under review: ¥4,000 million) is as follows. ① The total amount of net assets in the net assets section of the consolidated balance sheet must be maintained at ¥57,840 million or more at each fiscal year-end and second-quarter-end.」
The threshold under the net asset maintenance covenant was changed from ¥53,325 million to ¥57,840 million, and is disclosed together with the syndicated loan balance of ¥4,000 million. - FY2019-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, there was no occurrence of new business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company expressly states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2019-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current consolidated fiscal year, there were no new business risks or material changes to the business risks described in the previous fiscal year's Annual Securities Report.」
The Company expressly states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Company expressly states that there have been no material changes in existing business and other risks, including the risk of revised lending terms due to a breach of financial covenants. - FY2018RestatedAnnual report
「The financial covenants attached to the syndicated loan agreement entered into by the Company (balance at the end of the fiscal year under review: ¥4,000 million) are as follows. ① The total amount of net assets in the net assets section of the consolidated balance sheet must be maintained at ¥53,325 million or more at each fiscal year-end and second-quarter-end. ② Operating income must not be a loss for two consecutive periods in the consolidated statement of income for each fiscal year-end.」
The Company continues to disclose the financial covenants requiring net assets of at least ¥53,325 million and avoidance of operating losses for two consecutive periods, together with borrowings outstanding of ¥4,000 million. - FY2017First statedAnnual report
「Some of the Group's borrowings are subject to financial covenants, and a breach of certain covenants could result in revised lending terms or other consequences. ① The total amount of net assets in the net assets section of the consolidated balance sheet must be maintained at ¥53,325 million or more at each fiscal year-end and second-quarter-end. ② Operating income must not be a loss for two consecutive periods in the consolidated statement of income for each fiscal year-end.」
The Company discloses financial covenants attached to the syndicated loan requiring net assets of at least ¥53,325 million and avoidance of operating losses for two consecutive periods, as well as the possibility of revised lending terms in the event of a breach.