Alpine 2009 Annual Report Download - page 23

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23
4. Inventories
Inventories at March 31, 2009 and 2008 comprised the following:
2009 2008 2009
Finished goods ¥13,443 ¥20,253 $136,852
Work in process 1,068 1,739 10,872
Raw materials and supplies 4,566 6,475 46,483
Total ¥19,077 ¥28,467 $194,207
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 1.37% to 2.99% at March 31, 2009, and from 4.50% to 6.50% at
March 31, 2008.
There was no long-term debt at March 31, 2009 and 2008.
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 through the submission of a petition for qualification of industrialization. However AOBR was announced that its operation had not
consisted industrialization and noticed a tax deficiency. AOBR commenced the administrative dispute procedure against the Federal Revenue Judgment
Office in May 2003. In November 2006, the Federal Revenue Judgment Officer issued the notification of the decision mentioning AOBR must pay excise
tax Real$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. Finally Tax Payers’ Council decided to approve the voluntary appeal
of AOBR on June 18, 2008, and the notification of decision rendered by the Tax Payers’ council was issued by the Ministry of Finance on November 18,
2008. By this decision, it fully extinguishes the debt(s) of AOBR contained in the proceeding referred to above.
At March 31, 2009 and 2008, 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, 2009 was ¥10,000 million (US$101,802 thousand), and at
March 31, 2008 was ¥11,000 million.
2009 2008 2009
Short-term loans ¥1,622 ¥216 $16,512
Lease obligations 284 — 2,891
Less amount due within one year (137) — (1,395)
Total ¥1,769 ¥216 $18,008
Thousands of U.S. DollarsMillions of Yen