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34 CASIO COMPUTER CO., LTD.
7. Short-term Borrowings and Long-term Debt
Short-term borrowings represent unsecured bank loans and its average interest rates were 1.3% and 0.9% per annum at March
31, 2008 and 2007, respectively.
Long-term debt at March 31, 2008 and 2007 consisted of:
Millions of Yen
Thousands of
U.S. Dollars
2008 2007 2008
2.575% unsecured bonds due in December 2007 .............................................. ¥ — ¥10,000 $ —
1.42% unsecured bonds due in March 2009 ..................................................... 10,000 10,000 100,000
Unsecured loans principally from banks at interest rates of
0.76% to 1.83% maturing through 2012 ........................................................ —59,450 —
Unsecured loans principally from banks at interest rates of
0.82% to 1.83% maturing through 2012 ........................................................ 37,450 —374,500
Total ............................................................................................................. 47,450 79,450 474,500
Less amount due within one year ....................................................................... 26,500 32,000 265,000
¥20,950 ¥47,450 $209,500
The annual maturities of long-term debt at March 31, 2008 were as follows:
Year ending March 31 Millions of Yen
Thousands of
U.S. Dollars
2009........................................................................................................................................... ¥26,500 $265,000
2010........................................................................................................................................... 10,500 105,000
2011........................................................................................................................................... 450 4,500
2012........................................................................................................................................... 10,000 100,000
The line of credit with the main financial institutions agreed as of March 31, 2008 and 2007 was as follows:
Millions of Yen
Thousands of
U.S. Dollars
2008 2007 2008
Line of credit ...................................................................................................... ¥57,580 ¥38,500 $575,800
Unused .............................................................................................................. 57,580 38,500 575,800
8. Income Taxes
The Company and consolidated domestic subsidiaries used the statutory income tax rate of 40.7% for calculation of deferred
income tax assets and liabilities at March 31, 2008 and 2007.
The following table summarizes the significant differences between statutory tax rate and the Group’s tax rate for financial
statement purposes for the years ended March 31, 2008 and 2007:
2008 2007
Statutory tax rate ........................................................................................................................ 40.7% 40.7%
Increase (Reduction) in tax resulting from:
Nondeductible expenses (Entertainment, etc.) ........................................................................ 0.5 0.4
Nontaxable income (Dividends received deduction, etc.)......................................................... (3.7) (2.9)
Difference in statutory tax rate (included in foreign subsidiaries)............................................. (3.2) (2.0)
Income tax credits .................................................................................................................. (4.6) (3.7)
Effect of elimination of dividends income ............................................................................... 5.7 3.9
Valuation allowance .............................................................................................................. 21.5 —
Other ..................................................................................................................................... 0.9 (0.2)
Effective tax rate ......................................................................................................................... 57.8% 36.2%