JVC 2007 Annual Report Download - page 47

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9SHORT-TERM BANK LOANS AND LONG-TERM DEBT
Short-term bank loans of certain of the Company’s consolidated subsidiaries consist of notes maturing generally in
three months. The applicable annual interest rates on short-term bank loans outstanding at March 31, 2007 and
2006 range from 1.68% to 16.70% and from 0.01% to 17.35%, respectively.
Long-term debt at March 31, 2007 and 2006 is as follows:
Thousands of
Millions of yen U.S. dollars
2007 2006 2007
1.68% unsecured bonds due in 2006 ¥—¥20,000 $—
1.89% unsecured bonds due in 2007 10,000 10,000 84,746
2.00% unsecured bonds due in 2009 20,000 —169,492
Loans, primarily from banks with interest principally at 1.70% to 6.10%
Unsecured 11,442 30,354 96,966
41,442 60,354 351,204
Less current portion 14,747 20,139 124,975
¥26,695 ¥40,215 $226,229
The aggregate annual maturities of long-term debt at March 31, 2007 are as follows:
Thousands of
Year ending March 31 Millions of yen U.S. dollars
2008 ¥14,747 $124,975
2009 24,670 209,068
2010 2,025 17,161
¥41,442 $351,204
10 SECURITY DEPOSIT
Investment securities include loaned securities of ¥4,824 million ($40,881 thousand); deposited cash of ¥3,617 mil-
lion ($30,653 thousand) as collateral was posted under the current liabilities as other current liabilities for the year
ended March 31, 2007.
11 FINANCIAL COVENANTS
The Company has concluded syndicated loan agreements with its banks to establish efficient fund procurement
in order to secure its working capital in the year ended March 31, 2007.
(1) Commitment Agreement of Syndicated Loans
The outstanding balance of the commitment as of March 31, 2007 was as follows:
Thousands of
Millions of yen U.S. dollars
Total committed line of credit ¥39,600 $335,593
Executed amount ¥29,520 250,169
Unexecuted amount ¥10,080 $085,424
The above agreement is subject to the following financial covenants.
• At the end of each fiscal year, total stockholders’ equity (common stock, capital surplus, retained earnings, and
treasury stock) shall be ¥120 billion or more on the consolidated balance sheet.
(2) Syndicated loan agreement
The total amount of executed loans as of March 31, 2007 was as follows:
Thousands of
Millions of yen U.S. dollars
Executed amount ¥11,205 $94,958
The above agreement is subject to the following financial covenants.
• The amount of the total net assets on the consolidated balance sheet shall be maintained at 75% or more of the
amount in the year ended March 31, 2006.
• Consolidated ordinary losses on the consolidated statement of operations shall not be reported for two consecu-
tive years ending March 31, 2007 and 2008.
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