Mikuni’s annual report for the year ended March 31 came with a more important message than the revenue line. The company said its internal control over financial reporting was ineffective because of a material weakness that had to be disclosed, after a former accounting employee at Taiwan Mikuni repeatedly moved money from company bank accounts to a personal account.
Mikuni said the employee handled the subsidiary’s accounting work broadly and used that position to carry out the transfers, while also using account manipulation to conceal them. The company said it set up an internal investigation team and took advice and review from external experts in Japan and Taiwan. Its own analysis blamed insufficient check and balance functions in accounting procedures, long term concentration of the role in a small team, and personalized operations. Because the issue surfaced only after the subsidiary’s year end, the weakness could not be corrected by the group’s March end.
The reach of the cleanup is what makes this more than routine annual report housekeeping. Mikuni said it has already submitted amendments to annual securities reports for the years ended March 2021 through March 2025, plus interim reports for the years ended March 2025 and March 2026 and quarterly reports for the years ended March 2023 and March 2024. It also said all necessary corrections have been reflected in the consolidated financial statements, and that those statements received an unqualified audit opinion. That distinction matters: the corrected numbers passed audit, but management is still formally telling the market that the control process behind those numbers was not effective at year end.
The underlying business was still meaningful in size. Mikuni’s annual report shows consolidated net sales of ¥103.42bn and ordinary income of ¥3.34bn for the year ended March 31, 2026. A related amended half year report for the six months ended September 30, 2025 showed net sales of ¥49.38bn, ordinary income of ¥1.69bn and profit attributable to owners of parent of ¥889mn.
What is still missing from the June 26 notices is the size of the unauthorized transfers. The TDnet statement also pointed readers to a separate May 29 investigation and prevention notice for the detailed remediation plan, rather than restating it here. For readers, that leaves the main takeaway clear enough: Mikuni’s latest filings are not just a scorecard for the year, but a reminder that governance failures in a small overseas finance team can echo through years of reported numbers.