Alpine 2008 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2008 Alpine annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

25
4. Inventories
Inventories at March 31, 2008 and 2007 comprised the following:
2008 2007 2008
Finished products ¥20,253 ¥20,937 $202,146
Work in process 1,739 1,425 17,357
Raw materials and supplies 6,475 6,471 64,627
Total ¥28,467 ¥28,833 $284,130
Thousands of U.S. DollarsMillions of Yen
5. Bank Loans and Long-Term Debt
Bank loans generally consisted of overdrafts from banks with interest rates ranging from 4.50% to 6.50% at March 31, 2008, and from 2.77% to 7.00% at
March 31, 2007.
There was no long-term debt at March 31, 2008 and 2007.
At March 31, 2008 and 2007, there was no pledge of collateral for long-term secured debt.
The Company has credit lines from banks, and the total unused credit available at March 31, 2008 and 2007 were ¥11,000 million (US$109,791
thousand) and ¥11,000 million, respectively.
6. Contingent Liabilities
A Company’s unconsolidated affiliate Alpine do Brasil Ltda. (“AOBR”) (100% owned by Alpine Electronics of America, Inc. (100% owned)) had applied
the reduction of import duty thorough the submission of a petition for qualification of industrialization addressed to the Foreign Trade Secretariat of the
Ministry of Development, Industry and Foreign Trade of Brazil. However AOBR was announced that its operation had not consisted industrialization
and noticed a tax deficiency of Real$6.4million (¥355million or $3.0million), that consisted of excise tax R$2.0million, import duty R$1.4million, penalty
R$2.5million, and arrears interest R$0.5million, by the tax authority of Brazil. AOBR commenced the administrative dispute procedure against the Federal
Revenue Judgment Offices in May 2003. In November 2006, the Federal judgment revenue officer issued the notification of the decision mentioning AOBR
must pay R$9.4million (¥520million or $4.4million) consisted of excise tax R$2.0million, import duty R$1.4million, penalty R$2.5million, and arrears interest
R$3.5million. AOBR instituted the administrative dispute and appealed to the Tax Payers’ Council of the Ministry of Finance in December 2006.