Risk of Loss of the Benefit of Time Due to Financial Covenants
First written in FY2016-Q2. 13 of 22 entries say "Restated". Latest entry: 2026-04-09.
- 2026-04-09First statedEarnings
「Financial covenants: From the fiscal year ending November 2026 onward, at each fiscal year-end, consolidated net assets may not be less than 75% of the higher of the consolidated net assets at the end of the fiscal year ended November 2025 and those at the end of the immediately preceding fiscal year for 2 consecutive fiscal years.」
The new borrowing agreements include financial covenants concerning the maintenance of net assets and ordinary profit or loss. The canonical thread has not been changed. - FY2024DroppedAnnual report
「Previous consolidated fiscal year (30 November 2023)」
The financial covenants and the risk of losing the benefit of time were disclosed in the notes for the previous consolidated fiscal year, but no separate disclosure for the current consolidated fiscal year could be confirmed. - FY2024-Q1WorsenedAnnual report
「The Company's syndicated loan agreement with MUFG Bank, Ltd. as lead arranger (agreement date: 24 March 2022, borrowing limit: ¥1,500 million, balance of borrowings: ¥1,000 million) contains the financial covenants set out below. If any covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
There was no change in the financial covenants, but the balance of borrowings under the syndicated loan concerned increased from ¥600 million to ¥1,000 million. - FY2023RestatedAnnual report
「The Company's syndicated loan agreement with MUFG Bank, Ltd. as lead arranger (agreement date: 24 March 2022, borrowing limit: ¥1,500 million, balance of borrowings: ¥600 million) contains the financial covenants set out below. If any covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The disclosure continues to cover the ¥1,500 million borrowing limit, the ¥600 million balance of borrowings, covenants requiring net assets to be maintained at no less than 75% and losses for ordinary income or loss to be avoided for 2 consecutive periods, and the risk of losing the benefit of time if a covenant is breached. - FY2023-Q3RestatedAnnual report
「The Company's syndicated loan agreement with MUFG Bank, Ltd. as lead arranger (agreement date: 24 March 2022, borrowing limit: ¥1,500 million, balance of borrowings: ¥600 million) contains the financial covenants set out below. If any covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The disclosure continues to cover the ¥1,500 million syndicated loan, the ¥600 million balance of borrowings, financial covenants concerning the maintenance of net assets and ordinary losses, and the risk of losing the benefit of time if a covenant is breached. - FY2023-Q1ReiteratedAnnual report
「The Company's syndicated loan agreement with MUFG Bank, Ltd. as lead arranger (agreement date: 24 March 2022, borrowing limit: ¥1,500 million, balance of borrowings: ¥600 million) contains the financial covenants set out below. If any covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The financial covenants and the risk of losing the benefit of time, whose individual disclosure had previously been removed, are disclosed again together with the ¥1,500 million syndicated loan and the ¥600 million balance of borrowings. - FY2021DroppedAnnual report
「The principal risks among the matters concerning the business and accounting conditions described in the annual securities report that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies are as follows.」
The list of major risks for the current period does not specifically mention the financial covenants and the risk of losing the benefit of time that were disclosed in the previous period. - FY2021-Q1WorsenedAnnual report
「The syndicated loan agreement with consolidated subsidiary アルテック新材料株式会社 and MUFG Bank, Ltd. as lead arranger (agreement date: 24 December 2020, borrowing limit: ¥1,000 million, balance of borrowings: ¥300 million) contains the financial covenants set out below. If any covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The syndicated loan agreement of a consolidated subsidiary and its financial covenants have been newly disclosed, adding borrowings subject to the risk of losing the benefit of time. - FY2020WorsenedAnnual report
「① Maintain the amount of net assets in the net assets section of the consolidated balance sheet at the end of each fiscal year at no less than 75% of the higher of the amount of net assets in the net assets section of the consolidated balance sheet at the end of the immediately preceding fiscal year or at the end of the fiscal year ended November 2019. ② Do not record a loss for ordinary income or loss for 2 consecutive periods in the consolidated statement of income for each fiscal year.」
The new syndicated loan includes covenants requiring net assets to be maintained at no less than 75% of the reference amount and prohibiting losses for ordinary income or loss for 2 consecutive periods, making the risks associated with the financial covenants concrete again. - FY2019RestatedAnnual report
「Current consolidated fiscal year (30 November 2019) No applicable matters.」
The disclosure states that there were no applicable matters concerning the financial covenants for the current period as well. - FY2019-Q3SoftenedAnnual report
「Third quarter of the current consolidated fiscal year (31 August 2019) No applicable matters.」
The disclosure states that the financial covenants described in the previous consolidated fiscal year did not apply during the third quarter of the current consolidated fiscal year. - FY2019-Q1RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2018-Q3RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include covenants requiring net assets to be maintained above a specified level and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2018-Q2RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2018-Q1RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2017RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2017-Q3RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. No breach has been reported. - FY2017-Q2RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2017-Q1RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. - FY2016RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for ordinary income or loss to be avoided for 2 consecutive periods, as well as the risk of losing the benefit of time if a covenant is breached. No breach has been reported. - FY2016-Q3RestatedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements continue to include financial covenants requiring net assets to be maintained and losses for 2 consecutive periods to be avoided, as well as the risk of losing the benefit of time if a covenant is breached. No breach has been reported. - FY2016-Q2First statedAnnual report
「If this covenant is breached, the Company may lose the benefit of time with respect to all contractual obligations.」
The agreements include covenants requiring net assets to be maintained above a specified level and preventing losses from being recorded for ordinary income or loss for 2 consecutive periods. No breach has been reported.