Deterioration in the order environment due to prolonged yen appreciation and delays in opening letters of credit
First written in FY2016-Q3. 10 of 21 entries say "Materialised", first in FY2016. Latest entry: FY2024.
No other company in this theme has enough history to compare yet.
- FY2024WorsenedAnnual report
「Textile exports in the Indian market stagnated, and some areas of domestic demand remained oversupplied. Bank lending for customers' capital investment became more stringent, and the market has not regained its underlying strength.」
Bank lending conditions in India have become more stringent, and the deterioration in the order environment linked to the previous conditions for opening and settling letters of credit has continued. - FY2023-Q1RestatedAnnual report
「Letters of credit are being opened in the core Indian and Chinese markets, and orders are expanding.」
The Company continues to report that letters of credit are being opened in the Indian and Chinese markets and that orders are expanding. - FY2022-Q2MitigatedAnnual report
「Letters of credit are being opened in the core Indian and Chinese markets, and orders are expanding.」
Letters of credit are being opened in the Indian and Chinese markets, and orders have expanded. The Company disclosed an improvement in the order environment involving delays in opening letters of credit and executing orders that had continued from the previous period. - FY2022-Q1MitigatedAnnual report
「As letters of credit have been opened in the core Indian and Chinese markets, the execution of orders and contracted projects has increased from the previous fiscal year, and the Company believes that conditions will improve.」
The Company explained that as letters of credit have been opened in the Indian and Chinese markets, conditions for executing orders and contracted projects have improved from the previous fiscal year. - FY2021-Q3RestatedAnnual report
「However, delays in letters of credit have still not been resolved, and the planned increases in orders and sales did not materialize.」
Delays in letters of credit in the Indian market remain unresolved, and orders and sales have continued not to increase as planned. - FY2021-Q2MaterialisedAnnual report
「Meanwhile, economic activity in the Indian market stagnated from the first quarter onward due to urban lockdowns and other measures accompanying the resurgence of COVID-19, which also had a major impact on banking operations. As a result, although business negotiations continued, the issuance of L/Cs (letters of credit) for contracts already concluded was delayed.」
Delays in issuing letters of credit for contracted projects actually occurred due to the impact of renewed infections and lockdowns on banking operations. - FY2020-Q1MaterialisedAnnual report
「Bank lending conditions in the Indian market showed no significant improvement, and the market remained sluggish.」
Bank lending conditions have continued to show no improvement, and the risk has continued to materialize as sluggish order conditions in the Indian market. - FY2019MaterialisedAnnual report
「Although there were temporary signs of easing, no substantial improvement was seen in delays in issuing letters of credit, resulting in performance significantly below plan.」
Regarding delays in issuing letters of credit, for which signs of improvement had been indicated through the previous quarter, no substantial improvement materialized, resulting in performance below plan. - FY2019-Q3MaterialisedAnnual report
「In the textile machinery business, inquiries in the Indian market were recovering, but bank lending conditions remained stringent and L/C (letters of credit) issuance was delayed.」
Although improvement in letters of credit issuance had been indicated in the previous quarter, tighter screening of bank lending continued, issuance stalled again, and the order environment was affected. - FY2019-Q2MaterialisedAnnual report
「Although inquiries continue in the Indian market, it was strongly affected by delays in opening letters of credit due to tighter screening of bank lending, and both orders and sales remained sluggish.」
The previous quarter disclosed signs of improvement in letters of credit issuance, but in the current quarter, delays in opening letters of credit due to tighter lending reviews had a significant impact, resulting in sluggish orders and sales. - FY2019-Q1MitigatedAnnual report
「Although bank lending reviews remain stringent in the Indian market, L/C (letters of credit) issuance has gradually progressed, indicating an improving trend.」
Although screening of bank lending remains stringent, letters of credit are gradually being issued, and conditions have changed from the previous delays in issuance toward improvement. - FY2018RestatedAnnual report
「Bank lending conditions in the Indian market remain stringent, and there is uncertainty regarding the status of letters of credit openings.」
Tighter screening of bank lending in India and uncertainty regarding the opening of letters of credit continue to affect the order environment. - FY2018-Q3MaterialisedAnnual report
「In the textile machinery business, delays began to emerge in the issuance of L/Cs (letters of credit) in the Indian market as banks tightened their reviews following problems involving fraudulent bank lending.」
Even after disruption following the introduction of the new tax system had subsided, delays in issuing letters of credit actually occurred due to banks’ fraudulent lending problems and tighter screening. - FY2018-Q2MitigatedAnnual report
「The disruption associated with the introduction of the new tax system in the second half of last year has subsided in the Indian market. Although banks remain stringent in their lending reviews, active inquiries continue and the opening of L/Cs (letters of credit) has recovered.」
Disruption following the introduction of the new tax system and delays in opening letters of credit have subsided and recovered, improving the order environment. - FY2018-Q1MitigatedAnnual report
「In the current fiscal year, disruption and delays in issuing letters of credit caused by the introduction of the new tax system in the second half of the previous fiscal year have largely subsided, and orders are showing signs of recovery.」
Disruption and delays in issuing letters of credit caused by the introduction of GST have largely subsided, and orders are showing signs of recovery. - FY2017MaterialisedAnnual report
「Performance declined in the first quarter due to disruption caused by the demonetization of high-denomination banknotes in November 2016. In July 2017, the introduction of the new tax system known as GST, the goods and services tax, caused the opening of letters of credit to stagnate through around October.」
Disruption to banking operations and the opening of letters of credit following India’s demonetization and the introduction of GST continued during the fiscal year and affected performance. - FY2017-Q3MaterialisedAnnual report
「The stagnation at the beginning of the year caused by the demonetization issue had normalized by the second quarter, but in the third quarter, business negotiations stalled as customers sought to assess the situation surrounding the introduction of the new tax system in July, and delays in issuing letters of credit were observed.」
Even after the impact of the demonetization issue had normalized, business negotiations stalled and delays in issuing letters of credit actually occurred following the introduction of the new tax system. - FY2017-Q2MitigatedAnnual report
「In the textile machinery business, disruption to banking operations caused by India’s demonetization policy had largely normalized in the March-May period (second quarter). Compared with the December-February period (first quarter), orders increased 158.3% and sales increased 297.0%, indicating a rapid recovery.」
The impact of delays in letters of credit caused by disruption to banking operations in India had largely normalized in the second quarter, and orders and sales recovered from the first quarter. - FY2017-Q1MaterialisedAnnual report
「In the textile machinery business, the appreciation of the yen since last autumn and disruption to banking operations following the Indian government’s demonetization policy delayed the issuance of letters of credit required for settlements with the Company, significantly affecting production and sales in the first quarter. Letters of credit have gradually been opened since February, and the Company expects conditions to normalize from the second quarter onward.」
Delays in issuing letters of credit due to yen appreciation and disruption to banking operations in India significantly affected production and sales. Meanwhile, letters of credit have gradually been opened since February, and normalization is expected. - FY2016MaterialisedAnnual report
「Since last summer, orders have shown signs of slowing due to the impact of yen appreciation. In addition, following the Indian government’s policy of abolishing high-denomination banknotes, banks’ issuance of letters of credit required for settlements with the Company was disrupted.」
A slowdown in orders due to yen appreciation and disruption to the issuance of letters of credit following India’s demonetization policy actually occurred. - FY2016-Q3First statedAnnual report
「Meanwhile, as the trend toward yen appreciation persisted, some projects were affected by delays in opening letters of credit from June onward. The Company will continue to monitor developments.」
Delays in opening letters of credit due to prolonged yen appreciation actually occurred in some projects, and their impact on the order environment was disclosed.