MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	NAKANISHI INC.
Registered Office :	700 Shimohinata, Kanuma-shi, 322-8666
Country :	Japan
Financials (as on) :	31.12.2010
Date of Incorporation :	01.06.1981
Legal Form :	Public Independent Company
Line of Business :	manufacture and sale of dental instruments, as well as general industrial cutting and grinding machinery
No. of Employees :	642 persons

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Japan	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

NAKANISHI INC.

700 Shimohinata

Kanuma-shi, 322-8666

Japan

Tel: 81-289-643380

Fax: 81-289-625636

Web: www.nsk-nakanishi.co.jp

Synthesis

Employees: 642

Company Type: Public Independent

Traded: Osaka Stock Exchange: 7716

Incorporation Date: 01-Jun-1981

Auditor: Ernst & Young LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Japanese Yen

Annual Sales: 253.0 1

Net Income: 53.4

Total Assets: 430.9 2

Market Value: 534.7

(25-Nov-2011)

Business Description

NAKANISHI INC. is a Japan-based company mainly engaged in the manufacture and sale of dental instruments, as well as general industrial cutting and grinding machinery. The Company is active in three business segments. The Dental Product-related segment is involved in the manufacture and sale of handpieces for dental treatment, mechanical micro motors and handpieces as well as handpieces for surgeries, among others. The Industrial Product-related segment manufactures and sells grinders for manual works and spindles for machinery attachment. The Others segment is engaged in the provision of inspection and repair services for its dental and medical equipment and general industrial cutting and grinding equipment. In July and September, 2010, the Company established NSK SERVICE Co., LTD in Vietnam and ENKO S.A.S. in France, respectively. For the nine months ended 30 September 2011, NAKANISHI INC.'s revenues decreased less than 1% to Y16.40B. The Company's net income decreased 4% to Y3.46B. Revenues reflect lower sales due to the unfavorable market demand. Lower net income also suffered from the higher percentage of SGA expenses and higher percentage of cost of sales, as well as the absence of gains on reversal of reserve for directors' retirements.

Industry

Industry Medical Equipment and Supplies

ANZSIC 2006: 2412 - Medical and Surgical Equipment Manufacturing

NACE 2002: 3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

NAICS 2002: 339114 - Dental Equipment and Supplies Manufacturing

UK SIC 2003: 3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

US SIC 1987: 3843 - Dental Equipment and Supplies

Key Executives

Name	Title
Eiichi Nakanishi	President, President and Chairman of Subsidiaries, Representative Director
Yasutoyo Imada	Executive Officer, Chief Director of Marketing
Hitoshi Abe	Executive Officer, Chief Director of Engineering Works
Kunitaro Somiya	Co-Auditor
Hirokazu Komata	Corporate Officer

Significant Developments

Topic	#*	Most Recent Headline	Date
Share Repurchases	1	Nakanishi, Inc. Completes Share Repurchase	22-Dec-2010

* number of significant developments within the last 12 months

News

Title	Date
Foreign Value Investors Snapping Up Japanese Stocks Nikkei English News (516 Words)	6-Dec-2011
Nakanishi 9Mos Grp Net Pft Y3.46B Vs Y3.61B Pft Yr Earlier Nikkei English News (63 Words)	11-Nov-2011
Researchers from Yale University School of Medicine Provide Details of New Studies and Findings in the Area of Mononuclear Leukocytes Health & Medicine Week (241 Words)	19-Oct-2011
Jeddah Chamber Secretary General Meets with Japan Cooperation Center General Manager Saudi Press Agency (SPA) (103 Words)	10-Oct-2011
Reports Outline Enzymes and Coenzymes Research from University of Hyogo Life Science Weekly (359 Words)	5-Oct-2011

Financial Summary

As of 30-Sep-2011

Key Ratios Company Industry

Current Ratio (MRQ) 9.92 2.84

Quick Ratio (MRQ) 7.70 1.96

Debt to Equity (MRQ) 0.0034 0.37

Net Profit Margin (TTM) % 20.78 10.96

Return on Assets (TTM) % 12.91 7.42

Return on Equity (TTM) % 14.04 13.52

Stock Snapshot

Traded: Osaka Stock Exchange: 7716

As of 25-Nov-2011

   Financials in: JPY

Recent Price	6,610.00	EPS	738.18
52 Week High	9,300.00	Price/Sales	1.87
52 Week Low	6,200.00	Dividend Rate	80.00
Avg. Volume (mil)	0.0038	Price/Earnings	9.37
Market Value (mil)	41,536.98	Price/Book	1.27
		Beta	0.95

	Price % Change	Rel S&P 500%
4 Week	-10.55%	-2.35%
13 Week	-7.55%	-1.08%
52 Week	-25.14%	-7.85%
Year to Date	-23.14%	-2.24%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 87.78931

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 81.105

Corporate Overview

Location

700 Shimohinata

Kanuma-shi, 322-8666

Japan

Tel: 81-289-643380

Fax: 81-289-625636

Web: www.nsk-nakanishi.co.jp

Quote Symbol - Exchange

7716 - Osaka Stock Exchange

Sales JPY(mil): 22,213.5

Assets JPY(mil): 34,951.1

Employees: 642

Fiscal Year End: 31-Dec-2010

Industry: Medical Equipment and Supplies

Incorporation Date: 01-Jun-1981

Company Type: Public Independent

Quoted Status: Quoted

President,

President and

Chairman of Subsidiaries,

Representative Director: Eiichi Nakanishi

Company Web Links

· Company Contact/E-mail

· Corporate History/Profile

· Home Page

· Investor Relations

· News Releases

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Shareholders

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2463 - Machine Tool and Parts Manufacturing

2412 - Medical and Surgical Equipment Manufacturing

9429 - Other Machinery and Equipment Repair and Maintenance

NACE 2002 Codes:

3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

5274 - Repair not elsewhere classified

2941 - Manufacture of portable hand held power tools

NAICS 2002 Codes:

333991 - Power-Driven Hand Tool Manufacturing

811310 - Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

339114 - Dental Equipment and Supplies Manufacturing

US SIC 1987:

3546 - Power-Driven Handtools

3843 - Dental Equipment and Supplies

7699 - Repair Shops and Related Services, Not Elsewhere Classified

UK SIC 2003:

2941 - Manufacture of portable hand held power tools

5274 - Repair not elsewhere classified

3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

Business Description

NAKANISHI INC. is a Japan-based company mainly engaged in the manufacture and sale of dental instruments, as well as general industrial cutting and grinding machinery. The Company is active in three business segments. The Dental Product-related segment is involved in the manufacture and sale of handpieces for dental treatment, mechanical micro motors and handpieces as well as handpieces for surgeries, among others. The Industrial Product-related segment manufactures and sells grinders for manual works and spindles for machinery attachment. The Others segment is engaged in the provision of inspection and repair services for its dental and medical equipment and general industrial cutting and grinding equipment. In July and September, 2010, the Company established NSK SERVICE Co., LTD in Vietnam and ENKO S.A.S. in France, respectively. For the nine months ended 30 September 2011, NAKANISHI INC.'s revenues decreased less than 1% to Y16.40B. The Company's net income decreased 4% to Y3.46B. Revenues reflect lower sales due to the unfavorable market demand. Lower net income also suffered from the higher percentage of SGA expenses and higher percentage of cost of sales, as well as the absence of gains on reversal of reserve for directors' retirements.

More Business Descriptions

· Manufacture and sale of dental rotary equipment and general industrial rotary equipment

· Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers

Financial Data

Financials in:	JPY(mil)
Revenue:	22,213.5
Net Income:	4,687.9
Assets:	34,951.1
Long Term Debt:	13.7
Total Liabilities:	3,348.7
Working Capital:	5.7
Date of Financial Data:	31-Dec-2010

1 Year Growth

11.2%

8.1%

5.8%

Market Data

Quote Symbol:	7716
Exchange:	Osaka Stock Exchange
Currency:	JPY
Stock Price:	6,610.0
Stock Price Date:	11-25-2011
52 Week Price Change %:	-25.1
Market Value (mil):	41,536,980.0
SEDOL:	6271071
ISIN:	JP3642500007
Equity and Dept Distribution:
All data prior to '00 are not available because the Company went public and was listed on JASDAQ in July 2000. 5/20/00, 20-for-1 stock split. FY'04 &'05 1Q & 3Q: Non-Detail. The Company changed its FY end from 2/20 to 12/31 from 12/05. FY'08 Q3 WAS estimated and used as o/s. FY'08 Q1 WAS=O/S FY'11 Q1 DWAS was estimated.

Subsidiaries

Company	Percentage Owned	Country
NSK Europe GmbH	100%	GERMANY
NSK United Kingdom Ltd	100%	UK
NSK France SAS	100%	FRANCE
NSK America Corporation	100%	USA

Shareholders

Major Shareholders

State Street Bank and Trust (9.1%); Eiichi Nakanishi (7.7%); Kensue Nakanishi (6.2%); Japan Trustee Services (5.5%)

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Auditor:	Ernst & Young LLP

Executive report

Board of Directors

Name	Title	Function
Takasuke Nakanishi	Chairman	Chairman
Kensuke Nakanishi	Vice President, President of Subsidiary, Representative Director	Director/Board Member
Reuters Biography (NAKANISHI INC.) Mr. Kensuke Nakanishi has been serving as Vice President and Representative Director in NAKANISHI INC., as well as President in a subsidiary, NSK Precision, Co., Ltd., since July 2010. He is also serving as Vice President in its subsidiary, NSK-AMERICA CORP., as well as Director in another subsidiary, NSK EURO HOLDINGS S.A. He joined the Company in February 1994. He previously served as Senior Managing Director in the Company.
Eiichi Nakanishi	President, President and Chairman of Subsidiaries, Representative Director	Director/Board Member
Reuters Biography (NAKANISHI INC.) Mr. Eiichi Nakanishi has been serving as President and Representative Director in NAKANISHI INC., President in six subsidiaries, NSK-AMERICA CORP., NSK Europe GmbH, NSK EURO HOLDINGS S.A., NSK OCEANIA PTY.LTD., NSK UNITED KINGDOM LTD and NSK-NAKANISHI DENTAL SPAIN S.A., as well as Chairman in two other subsidiaries, since August 2009. He joined the Company in July 1990. He previously served as Vice President of the Company.
Kaoru Oshida	Managing Director, Chief Director of Production, President of Subsidiary	Director/Board Member
Reuters Biography (NAKANISHI INC.) Mr. Kaoru Oshida has been serving as Managing Director and Chief Director of Production in NAKANISHI INC., as well as President in a subsidiary, NSK SERVICE Co., LTD, since March 2008. He joined the Company in August 2004. He previously served as Deputy Chief Director of Production.
Kuniji Soma	Director	Director/Board Member

Executives

Name	Title	Function
Eiichi Nakanishi	President, President and Chairman of Subsidiaries, Representative Director	President
Reuters Biography (NAKANISHI INC.) Mr. Eiichi Nakanishi has been serving as President and Representative Director in NAKANISHI INC., President in six subsidiaries, NSK-AMERICA CORP., NSK Europe GmbH, NSK EURO HOLDINGS S.A., NSK OCEANIA PTY.LTD., NSK UNITED KINGDOM LTD and NSK-NAKANISHI DENTAL SPAIN S.A., as well as Chairman in two other subsidiaries, since August 2009. He joined the Company in July 1990. He previously served as Vice President of the Company.
Kaoru Oshida	Managing Director, Chief Director of Production, President of Subsidiary	Managing Director
Reuters Biography (NAKANISHI INC.) Mr. Kaoru Oshida has been serving as Managing Director and Chief Director of Production in NAKANISHI INC., as well as President in a subsidiary, NSK SERVICE Co., LTD, since March 2008. He joined the Company in August 2004. He previously served as Deputy Chief Director of Production.
Hirokazu Komata	Corporate Officer	Administration Executive
Kunitaro Somiya	Co-Auditor	Finance Executive
Yuji Nonagase	Corporate Auditor	Accounting Executive
Ichiro Takezawa	Corporate Auditor	Accounting Executive
Hiroko Toda	Corporate Auditor	Accounting Executive
Ken Shibata	Executive Officer, Chief Director of Domestic Dentistry Sales	Sales Executive
Yasutoyo Imada	Executive Officer, Chief Director of Marketing	Marketing Executive
Hitoshi Abe	Executive Officer, Chief Director of Engineering Works	Other
Hitoshi Harita	Executive Officer, Manager of Business Planning Office	Other
Yuichi Komada	Executive Officer, Chief Director of Administration	Other
Watari Ohkubo	Executive Officer, Chief Director of Development	Other
Hiroaki Yoshida	Executive Officer	Other

Significant Developments

Nakanishi, Inc. Completes Share Repurchase Dec 22, 2010

Nakanishi, Inc. announced that it has completed to repurchase 79,300 shares for JPY 684,375,000 during the period from August 12, 2010 to December 22, 2010.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	253.0	213.4	222.6	189.8	171.5
Revenue	253.0	213.4	222.6	189.8	171.5
Total Revenue	253.0	213.4	222.6	189.8	171.5
Cost of Revenue	100.2	82.7	84.2	72.7	67.5
Cost of Revenue, Total	100.2	82.7	84.2	72.7	67.5
Gross Profit	152.9	130.8	138.5	117.1	104.0
Selling/General/Administrative Expense	32.0	29.5	28.4	27.3	23.6
Labor & Related Expense	22.7	22.2	19.7	12.8	11.4
Advertising Expense	9.6	10.2	13.0	10.4	7.8
Total Selling/General/Administrative Expenses	64.3	61.9	61.1	50.6	42.8
Depreciation	1.6	1.8	1.5	1.1	1.0
Amortization of Acquisition Costs	0.4	0.4	0.4	0.1	0.1
Depreciation/Amortization	2.0	2.2	1.9	1.2	1.1
Impairment-Assets Held for Use	0.0	0.2	0.3	0.1	0.0
Impairment-Assets Held for Sale	0.1	0.7	2.8	0.4	0.0
Other Unusual Expense (Income)	-3.9	-3.5	-0.1	-0.9	-0.9
Unusual Expense (Income)	-3.8	-2.5	3.1	-0.4	-0.9
Total Operating Expense	162.6	144.3	150.3	124.1	110.5
Operating Income	90.4	69.2	72.4	65.7	61.0
Interest Expense - Non-Operating	0.0	-0.2	-0.1	-0.1	0.0
Interest Expense, Net Non-Operating	0.0	-0.2	-0.1	-0.1	0.0
Interest Income - Non-Operating	1.3	1.1	2.3	3.2	2.2
Investment Income - Non-Operating	-5.2	2.9	-15.3	-0.5	1.6
Interest/Investment Income - Non-Operating	-3.9	4.1	-12.9	2.7	3.8
Interest Income (Expense) - Net Non-Operating Total	-3.9	3.9	-13.1	2.6	3.8
Gain (Loss) on Sale of Assets	-0.1	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.5	0.8	0.5	0.6	0.7
Other, Net	0.5	0.8	0.5	0.6	0.7
Income Before Tax	87.0	73.9	59.8	69.0	65.6
Total Income Tax	33.2	27.1	22.2	27.2	26.0
Income After Tax	53.8	46.8	37.6	41.8	39.5
Minority Interest	-0.4	-0.5	0.0	-0.2	-0.2
Net Income Before Extraord Items	53.4	46.3	37.6	41.5	39.3
Net Income	53.4	46.3	37.6	41.5	39.3
Miscellaneous Earnings Adjustment	0.0	0.0	-	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	-	0.0	0.0
Income Available to Common Excl Extraord Items	53.4	46.3	37.6	41.5	39.3
Income Available to Common Incl Extraord Items	53.4	46.3	37.6	41.5	39.3
Basic/Primary Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Basic EPS Excl Extraord Items	8.72	7.45	5.58	5.94	5.63
Basic/Primary EPS Incl Extraord Items	8.72	7.45	5.58	5.94	5.63
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	53.4	46.3	37.6	41.5	39.3
Diluted Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Diluted EPS Excl Extraord Items	8.72	7.45	5.58	5.94	5.63
Diluted EPS Incl Extraord Items	8.72	7.45	5.58	5.94	5.63
Dividends per Share - Common Stock Primary Issue	0.91	0.85	0.77	0.68	0.60
Gross Dividends - Common Stock	5.5	5.2	4.8	4.7	4.2
Interest Expense, Supplemental	0.0	0.2	0.1	0.1	0.0
Depreciation, Supplemental	6.7	6.9	6.2	4.5	4.0
Total Special Items	-3.4	-2.1	3.4	-0.3	-0.8
Normalized Income Before Tax	83.6	71.9	63.2	68.7	64.7
Effect of Special Items on Income Taxes	-1.4	-0.9	1.1	-0.1	-0.4
Inc Tax Ex Impact of Sp Items	31.7	26.2	23.3	27.1	25.7
Normalized Income After Tax	51.9	45.6	39.9	41.6	39.1
Normalized Inc. Avail to Com.	51.5	45.2	39.9	41.4	38.9
Basic Normalized EPS	8.41	7.27	5.92	5.92	5.57
Diluted Normalized EPS	8.41	7.27	5.92	5.92	5.57
Amort of Acquisition Costs, Supplemental	0.4	0.4	0.4	0.1	0.1
Advertising Expense, Supplemental	9.6	10.2	13.0	10.4	7.8
Research & Development Exp, Supplemental	15.9	15.5	12.2	11.8	9.7
Reported Operating Profit	86.6	66.7	75.6	66.0	60.6
Reported Ordinary Profit	83.2	73.3	62.8	68.6	64.6
Normalized EBIT	86.6	66.7	75.5	65.4	60.1
Normalized EBITDA	93.8	74.1	82.1	69.9	64.2
Interest Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Service Cost - Domestic	0.7	0.6	0.6	0.5	0.5
Prior Service Cost - Domestic	0.0	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	-0.1	-0.1	0.0	0.0	0.0
Actuarial Gains and Losses - Domestic	0.5	0.4	-0.3	-0.1	0.1
Domestic Pension Plan Expense	1.2	1.0	0.3	0.4	0.7
Total Pension Expense	1.2	1.0	0.3	0.4	0.7
Discount Rate - Domestic	1.60%	1.84%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.25%	1.25%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Service Cost	0.7	0.6	0.6	0.5	0.5
Total Plan Expected Return	-0.1	-0.1	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	81.105	93.095	90.65	111.715	119.155
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	147.1	111.7	82.8	94.7	72.4
Short Term Investments	19.6	16.0	11.9	10.1	9.7
Cash and Short Term Investments	166.8	127.6	94.7	104.8	82.1
Accounts Receivable - Trade, Gross	39.2	31.3	34.6	27.1	22.1
Provision for Doubtful Accounts	-0.2	-0.1	-0.1	-0.1	-0.1
Trade Accounts Receivable - Net	39.0	31.2	34.5	27.0	22.1
Total Receivables, Net	39.0	31.2	34.5	27.0	22.1
Inventories - Finished Goods	23.3	20.9	20.6	-	-
Inventories - Work In Progress	25.6	20.2	21.4	-	-
Inventories - Raw Materials	19.6	16.6	19.1	-	-
Total Inventory	68.6	57.7	61.1	49.0	41.4
Deferred Income Tax - Current Asset	5.8	5.6	4.3	3.9	3.2
Other Current Assets	4.9	4.0	3.7	2.5	1.5
Other Current Assets, Total	10.7	9.6	7.9	6.3	4.7
Total Current Assets	285.0	226.1	198.2	187.1	150.2
Buildings	48.1	41.4	41.6	30.0	27.8
Land/Improvements	12.5	11.5	9.4	8.1	4.5
Machinery/Equipment	46.5	37.1	36.9	14.6	12.5
Construction in Progress	5.6	0.7	0.9	4.3	2.1
Other Property/Plant/Equipment	-	-	0.0	12.0	9.5
Property/Plant/Equipment - Gross	112.7	90.7	88.8	69.0	56.5
Accumulated Depreciation	-60.8	-48.7	-45.3	-32.7	-27.4
Property/Plant/Equipment - Net	51.9	42.0	43.5	36.3	29.1
Goodwill, Net	1.2	1.0	1.4	0.2	0.3
Intangibles, Net	5.4	4.9	4.3	2.6	2.5
LT Investment - Affiliate Companies	4.7	1.5	1.8	1.5	0.6
LT Investments - Other	43.2	44.1	49.1	63.4	51.8
Long Term Investments	47.9	45.6	50.8	64.8	52.4
Deferred Income Tax - Long Term Asset	4.1	4.9	5.8	1.7	1.1
Restricted Cash - Long Term	12.3	10.7	5.5	4.5	8.0
Other Long Term Assets	23.1	19.5	22.7	16.0	13.9
Other Long Term Assets, Total	39.5	35.2	34.0	22.2	23.0
Total Assets	430.9	354.8	332.2	313.2	257.4
Accounts Payable	6.0	6.0	4.3	5.0	3.4
Accrued Expenses	-	-	0.0	2.8	2.6
Notes Payable/Short Term Debt	1.2	1.1	11.9	2.0	3.1
Current Portion - Long Term Debt/Capital Leases	0.1	0.2	-	-	-
Income Taxes Payable	13.7	15.4	5.9	13.8	15.6
Other Current Liabilities	14.0	15.5	11.5	9.1	7.7
Other Current liabilities, Total	27.7	30.9	17.4	22.9	23.2
Total Current Liabilities	35.0	38.2	33.6	32.8	32.3
Long Term Debt	0.2	0.3	12.6	0.8	0.8
Total Long Term Debt	0.2	0.3	12.6	0.8	0.8
Total Debt	1.5	1.5	24.5	2.9	3.9
Deferred Income Tax - LT Liability	0.0	0.0	0.0	-	-
Deferred Income Tax	0.0	0.0	0.0	-	-
Minority Interest	0.9	1.4	0.2	1.5	1.2
Pension Benefits - Underfunded	3.5	6.5	6.3	5.2	4.5
Other Long Term Liabilities	1.7	0.0	0.0	-	-
Other Liabilities, Total	5.2	6.5	6.3	5.2	4.5
Total Liabilities	41.3	46.4	52.8	40.4	38.8
Common Stock	10.7	9.3	9.6	7.8	7.3
Common Stock	10.7	9.3	9.6	7.8	7.3
Additional Paid-In Capital	14.5	12.5	12.8	10.4	9.8
Retained Earnings (Accumulated Deficit)	397.8	301.5	343.1	249.4	196.9
Treasury Stock - Common	-23.3	-12.9	-81.9	0.0	0.0
Unrealized Gain (Loss)	0.6	0.7	-0.4	3.8	3.8
Translation Adjustment	-10.6	-2.7	-3.9	1.6	0.9
Other Equity, Total	-10.6	-2.7	-3.9	1.6	0.9
Total Equity	389.6	308.4	279.4	272.8	218.6
Total Liabilities & Shareholders’ Equity	430.9	354.8	332.2	313.2	257.4
Shares Outstanding - Common Stock Primary Issue	6.1	6.1	6.2	7.0	7.0
Total Common Shares Outstanding	6.1	6.1	6.2	7.0	7.0
Treasury Shares - Common Stock Primary Issue	0.2	0.1	0.7	0.0	0.0
Employees	606	561	554	497	424
Number of Common Shareholders	908	883	882	626	732
Total Long Term Debt, Supplemental	0.3	0.5	22.8	1.1	1.0
Long Term Debt Maturing within 1 Year	0.1	0.2	10.2	0.2	0.2
Long Term Debt Maturing in Year 2	0.1	0.1	12.3	0.3	0.2
Long Term Debt Maturing in Year 3	0.1	0.1	0.1	0.2	0.2
Long Term Debt Maturing in Year 4	0.0	0.1	0.1	0.2	0.1
Long Term Debt Maturing in Year 5	0.0	0.0	0.1	0.1	0.1
Long Term Debt Maturing in 2-3 Years	0.2	0.2	12.4	0.5	0.4
Long Term Debt Maturing in 4-5 Years	0.0	0.1	0.2	0.3	0.2
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.1	0.2
Pension Obligation - Domestic	10.3	8.0	7.3	6.2	5.4
Plan Assets - Domestic	6.8	4.8	4.3	3.7	3.3
Funded Status - Domestic	-3.5	-3.1	-3.0	-2.5	-2.1
Total Funded Status	-3.5	-3.1	-3.0	-2.5	-2.1
Discount Rate - Domestic	1.60%	1.84%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.25%	1.25%	1.00%	1.00%	1.00%
Accrued Liabilities - Domestic	-3.5	-3.1	-3.0	-2.5	-2.1
Net Assets Recognized on Balance Sheet	-3.5	-3.1	-3.0	-2.5	-2.1
Total Plan Obligations	10.3	8.0	7.3	6.2	5.4
Total Plan Assets	6.8	4.8	4.3	3.7	3.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	87.0	73.9	59.8	69.0	65.6
Depreciation	6.7	6.9	6.2	4.5	4.0
Depreciation/Depletion	6.7	6.9	6.2	4.5	4.0
Amortization of Acquisition Costs	0.4	0.4	0.4	0.1	0.1
Amortization	0.4	0.4	0.4	0.1	0.1
Unusual Items	-1.9	-1.1	2.7	-0.8	-1.4
Other Non-Cash Items	-0.6	-4.0	11.5	-1.3	-3.3
Non-Cash Items	-2.5	-5.1	14.2	-2.1	-4.7
Accounts Receivable	-6.2	4.5	-3.6	-2.9	-4.0
Inventories	-4.1	3.1	-2.8	-4.5	-6.2
Accounts Payable	2.1	-0.3	0.8	1.0	-1.2
Accrued Expenses	-	0.0	-3.1	0.1	1.4
Other Operating Cash Flow	-33.0	-17.6	-30.5	-28.2	-18.0
Changes in Working Capital	-41.1	-10.4	-39.1	-34.5	-27.9
Cash from Operating Activities	50.5	65.8	41.4	36.9	36.9
Purchase of Fixed Assets	-12.7	-2.1	-5.5	-8.1	-4.9
Purchase/Acquisition of Intangibles	-1.4	-1.8	-2.5	-0.9	-1.0
Capital Expenditures	-14.1	-3.9	-8.0	-8.9	-5.8
Acquisition of Business	-0.4	0.0	-2.5	0.0	0.0
Sale of Fixed Assets	0.7	0.0	0.0	0.1	0.0
Sale/Maturity of Investment	123.4	143.3	183.3	122.2	86.5
Purchase of Investments	-118.3	-176.3	-127.6	-140.9	-114.7
Other Investing Cash Flow	1.2	6.4	-2.1	-0.1	0.6
Other Investing Cash Flow Items, Total	6.6	-26.5	51.0	-18.7	-27.5
Cash from Investing Activities	-7.5	-30.4	43.0	-27.7	-33.4
Other Financing Cash Flow	-0.8	0.0	-0.3	0.0	-0.1
Financing Cash Flow Items	-0.8	0.0	-0.3	0.0	-0.1
Cash Dividends Paid - Common	-5.6	-5.3	-5.4	-4.2	-3.0
Total Cash Dividends Paid	-5.6	-5.3	-5.4	-4.2	-3.0
Repurchase/Retirement of Common	-7.8	-8.0	-71.7	0.0	0.0
Common Stock, Net	-7.8	-8.0	-71.7	0.0	0.0
Issuance (Retirement) of Stock, Net	-7.8	-8.0	-71.7	0.0	0.0
Short Term Debt, Net	0.0	-0.5	-0.5	-1.3	-0.9
Long Term Debt Issued	-	0.0	19.6	0.1	1.0
Long Term Debt Reduction	-0.2	-21.6	-0.5	-0.2	-0.1
Long Term Debt, Net	-0.2	-21.6	19.1	0.0	0.9
Issuance (Retirement) of Debt, Net	-0.2	-22.2	18.6	-1.3	0.1
Cash from Financing Activities	-14.3	-35.5	-58.8	-5.5	-3.0
Foreign Exchange Effects	-7.7	1.8	-6.7	0.3	1.4
Net Change in Cash	20.9	1.6	18.9	4.1	1.9
Net Cash - Beginning Balance	66.0	60.3	34.1	25.8	24.2
Net Cash - Ending Balance	86.9	61.9	53.0	29.9	26.1
Cash Interest Paid	0.0	0.1	0.2	0.1	0.0
Cash Taxes Paid	34.3	19.5	31.1	30.2	20.1

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	253.0	213.4	222.6	189.8	171.5
Total Revenue	253.0	213.4	222.6	189.8	171.5
Cost of Revenues	100.2	82.7	84.0	72.1	67.1
Advertising Expenses	9.6	10.2	13.0	10.4	7.8
Director's remuneration	2.7	3.5	3.3	2.1	2.1
Payrolls	19.5	18.1	16.0	10.3	8.9
Director Retirement Benefits	-	0.1	0.3	0.3	0.2
Accrued Retirement Expenses	0.5	0.5	0.1	0.1	0.2
Commission expenses	7.6	6.5	7.1	5.4	4.3
Depreciation	1.6	1.8	1.5	1.1	1.0
Amort. of Goodwill	0.4	0.4	0.4	0.1	0.1
Other SGA	24.4	23.0	21.3	21.9	19.3
SP Rev.Allowance for Doubtful Account	0.0	-0.1	0.0	-0.1	-0.1
SP Rev. Allowance Director Retire.B'fit	-2.0	0.0	-	-	-
SP Insurance Cancellation Different	-1.9	-3.4	-0.1	-0.8	-0.8
SP L on Retirement Fixed Assets	0.0	0.2	0.3	0.1	0.0
SP Valuation of Loss-Investment Secs.	0.1	0.5	2.8	0.4	0.0
SP L on val. of affiliates	0.0	0.3	0.0	-	-
SP Valuation of Loss-Membership	-	0.0	0.0	0.0	-
SP Accrued Retirement Benefit	-	-	-	-	0.0
SP Loss Cancellation Insurance	-	-	-	0.0	0.0
SP Allowance for Doubtful Account	-	-	-	-	0.0
NOP Loss Valuation of Inventories	-	0.0	0.2	0.7	0.4
Total Operating Expense	162.6	144.3	150.3	124.1	110.5
SP Gain Sale Fixed Assets	0.0	0.0	0.0	0.0	0.0
SP Gain Sale Investment Securities	0.0	0.0	0.0	-	-
SP Gain Liquidation of Investment Secs.	-	-	-	0.0	0.1
SP Loss Sale Fixed Assets	-0.1	0.0	0.0	0.0	0.0
SP Loss Sale Investment Securities	0.0	-1.8	0.0	-	-
NOP Interest Income	1.3	1.1	2.3	3.2	2.2
NOP Dividend Income	0.2	0.2	0.2	0.2	0.1
NOP Sale Gain Marketable Securities	-	-	-	0.0	0.0
NOP Sale Gain-Investment Securities	-	0.0	0.1	0.2	0.1
NOP Investment Fund Gains	-	-	-	0.0	0.0
NOP Rev-Insurance Cancellation	0.1	0.5	0.3	0.2	0.3
NOP Exchange Gain	0.0	4.7	0.0	0.0	1.2
NOP Miscellaneous income	0.7	0.5	0.4	0.5	0.4
NOP Interest Expense	0.0	-0.2	-0.1	-0.1	0.0
NOP Loss Sale Marketable Securities	0.0	0.0	0.0	-	-
NOP Loss Sale Investment Securities	-	-	-	-	0.0
NOP Exchange Loss	-5.4	0.0	-15.5	-1.0	0.0
NOP Miscellaneous losses	-0.3	-0.2	-0.3	-0.1	0.0
Net Income Before Taxes	87.0	73.9	59.8	69.0	65.6
Provision for Income Taxes	33.2	27.1	22.2	27.2	26.0
Net Income After Taxes	53.8	46.8	37.6	41.8	39.5
Minority Interest	-0.4	-0.5	0.0	-0.2	-0.2
Net Income Before Extra. Items	53.4	46.3	37.6	41.5	39.3
Net Income	53.4	46.3	37.6	41.5	39.3
Director Bonus	-	-	-	-	0.0
Adjustment	0.0	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	53.4	46.3	37.6	41.5	39.3
Income Available to Com Incl ExtraOrd	53.4	46.3	37.6	41.5	39.3
Basic Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Basic EPS Excluding ExtraOrdinary Items	8.72	7.45	5.58	5.94	5.63
Basic EPS Including ExtraOrdinary Item	8.72	7.45	5.58	5.94	5.63
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	53.4	46.3	37.6	41.5	39.3
Diluted Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Diluted EPS Excluding ExtraOrd Items	8.72	7.45	5.58	5.94	5.63
Diluted EPS Including ExtraOrd Items	8.72	7.45	5.58	5.94	5.63
DPS-Common Stock	0.91	0.85	0.77	0.68	0.60
Gross Dividends - Common Stock	5.5	5.2	4.8	4.7	4.2
Normalized Income Before Taxes	83.6	71.9	63.2	68.7	64.7
Inc Tax Ex Impact of Sp Items	31.7	26.2	23.3	27.1	25.7
Normalized Income After Taxes	51.9	45.6	39.9	41.6	39.1
Normalized Inc. Avail to Com.	51.5	45.2	39.9	41.4	38.9
Basic Normalized EPS	8.41	7.27	5.92	5.92	5.57
Diluted Normalized EPS	8.41	7.27	5.92	5.92	5.57
Interest Expense	0.0	0.2	0.1	0.1	0.0
Depreciation	6.7	6.9	6.2	4.5	4.0
Amortization of Goodwill	0.4	0.4	0.4	0.1	0.1
Advertising Expenses	9.6	10.2	13.0	10.4	7.8
Research & Development ExpensesSGA.COGS	15.9	15.5	12.2	11.8	9.7
Reported operating profit	86.6	66.7	75.6	66.0	60.6
Reported ordinary profit	83.2	73.3	62.8	68.6	64.6
Service Cost	0.7	0.6	0.6	0.5	0.5
Interest Cost	0.1	0.1	0.1	0.1	0.1
Expected Return on Plan Assets	-0.1	-0.1	0.0	0.0	0.0
Actuarial Gains and Losses	0.5	0.4	-0.3	-0.1	0.1
Prior Service Cost	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	1.2	1.0	0.3	0.4	0.7
Total Pension Expense	1.2	1.0	0.3	0.4	0.7
Discount rate	1.60%	1.84%	2.00%	2.00%	2.00%
Plan asset expected rate of return	1.25%	1.25%	1.00%	1.00%	1.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	81.105	93.095	90.65	111.715	119.155
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Deposit	147.1	111.7	82.8	94.7	72.4
Note & Account Receivable	39.2	31.3	34.6	27.1	22.1
Marketable Securities	19.6	16.0	11.9	10.1	9.7
Inventories	-	-	-	49.0	41.4
Inventories - merchandise&finished goods	23.3	20.9	20.6	-	-
Inventories - work-in-process	25.6	20.2	21.4	-	-
Inventories - raw materials&supplies	19.6	16.6	19.1	-	-
Deferred Tax Assets	5.8	5.6	4.3	3.9	3.2
Other Current Assets	4.9	4.0	3.7	2.5	1.5
Allowance for Doubtful Accounts	-0.2	-0.1	-0.1	-0.1	-0.1
Total Current Assets	285.0	226.1	198.2	187.1	150.2
Building & Structures	48.1	41.4	41.6	30.0	27.8
Machinery & Equipment	23.5	17.8	19.1	14.6	12.5
Tools, furniture, & fixtures,	23.1	19.3	17.8	0.0	-
Land	12.5	11.5	9.4	8.1	4.5
Construction in Progress	5.6	0.7	0.9	4.3	2.1
Other PPE	-	-	0.0	12.0	9.5
Depreciation	-60.8	-48.7	-45.3	-32.7	-27.4
Software	5.0	4.4	2.0	2.0	2.4
Software-in-Process	0.3	0.3	2.0	0.5	0.0
Goodwill	1.2	1.0	1.4	0.2	0.3
Other Intangible Assets	0.2	0.2	0.2	0.2	0.1
Investment Securities	43.2	44.1	49.1	63.4	51.8
Affiliate Securities	4.7	1.4	1.7	1.2	0.3
Affiliate Contribution Investment	0.0	0.0	0.0	0.3	0.3
Insurance Reserve	20.8	17.7	20.8	15.7	13.5
LT Deposit	12.3	10.7	5.5	4.5	8.0
Deferred Tax Assets	4.1	4.9	5.8	1.7	1.1
Other Assets	2.3	1.8	1.9	0.3	0.6
Allowance for Doubtful Accounts	0.0	0.0	0.0	0.0	-0.2
Adjustment	0.0	0.0	0.0	-	0.0
Total Assets	430.9	354.8	332.2	313.2	257.4
Accout Payable	6.0	6.0	4.3	5.0	3.4
ST Borrowings	1.2	1.1	11.9	2.0	3.1
LT borrowings (current)	0.1	0.2	-	-	-
Tax Payable	13.7	15.4	5.9	13.8	15.6
Allowance for Bonuses	-	-	0.0	1.3	1.2
Director Allowance for Bonuses	-	-	0.0	1.6	1.4
Other Current Liabilities	14.0	15.5	11.5	9.1	7.7
Total Current Liabilities	35.0	38.2	33.6	32.8	32.3
LT Borrowings	0.2	0.3	12.6	0.8	0.8
Total Long Term Debt	0.2	0.3	12.6	0.8	0.8
Deferred Tax Liabilities	0.0	0.0	0.0	-	-
Res-Accrued Retirement Benefits	3.5	3.1	3.0	2.5	2.1
Res-Director Retirement Benefits	0.0	3.4	3.4	2.8	2.3
Other Liability	1.7	0.0	0.0	-	-
Minority Interest	0.9	1.4	0.2	1.5	1.2
Total Liabilities	41.3	46.4	52.8	40.4	38.8
Common Stock	10.7	9.3	9.6	7.8	7.3
Paid In Capital	14.3	12.5	12.8	10.4	9.8
Retained Earning	397.8	301.5	343.1	249.4	196.9
Treasury Stock	-23.3	-12.9	-81.9	0.0	0.0
Reserve by val. of investment sec.	0.6	0.7	-0.4	3.8	3.8
Translate Adjustment	-10.6	-2.7	-3.9	1.6	0.9
New Stock Subscription Right	0.1	0.0	-	-	-
Total Equity	389.6	308.4	279.4	272.8	218.6
Total Liabilities & Shareholders' Equity	430.9	354.8	332.2	313.2	257.4
S/O-Common Stock	6.1	6.1	6.2	7.0	7.0
Total Common Shares Outstanding	6.1	6.1	6.2	7.0	7.0
T/S-Common Stock	0.2	0.1	0.7	0.0	0.0
Full-Time Employees	606	561	554	497	424
Number of Common Shareholders	908	883	882	626	732
Long Term Debts Maturing within 1 Year	0.1	0.2	10.2	0.2	0.2
Long Term Debts Maturing within 2 Year	0.1	0.1	12.3	0.3	0.2
Long Term Debts Maturing within 3 Year	0.1	0.1	0.1	0.2	0.2
Long Term Debts Maturing within 4 Year	0.0	0.1	0.1	0.2	0.1
Long Term Debts Maturing within 5 Year	0.0	0.0	0.1	0.1	0.1
Remaining	0.0	0.0	0.0	0.1	0.2
Total Long Term Debt, Supplemental	0.3	0.5	22.8	1.1	1.0
Pension Obligation	10.3	8.0	7.3	6.2	5.4
Fair Value of Plan Assets	6.8	4.8	4.3	3.7	3.3
Funded Status	-3.5	-3.1	-3.0	-2.5	-2.1
Total Funded Status	-3.5	-3.1	-3.0	-2.5	-2.1
Discount Rate	1.60%	1.84%	2.00%	2.00%	2.00%
Expected Rate of Return	1.25%	1.25%	1.00%	1.00%	1.00%
Reserve for accrued retirement benefits	-3.5	-3.1	-3.0	-2.5	-2.1
Net Assets Recognized on Balance Sheet	-3.5	-3.1	-3.0	-2.5	-2.1

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	87.0	73.9	59.8	69.0	65.6
Depreciation	6.7	6.9	6.2	4.5	4.0
Amortization of Goodwill	0.4	0.4	0.4	0.1	0.1
Allowance for Doubtful Accounts	0.1	0.0	0.0	0.0	-0.1
Allowance for Bonuses	-	0.0	-1.4	0.0	0.0
Director Allowance for Bonuses	-	0.0	-1.7	0.1	1.4
Reserve Accrued Retirement Benefits	-0.1	0.2	-0.1	0.2	0.2
Reserve Director Retirement Benefits	-3.6	0.1	0.0	0.3	0.0
Interest and Dividend Income	-1.5	-1.3	-2.5	-3.4	-2.3
Interest Expense	0.0	0.2	0.1	0.1	0.0
Reversal of Insurance Cancellation	-2.1	-3.9	-0.4	-1.0	-1.2
Sale G/L Marketable Securities	0.0	0.0	0.0	-	-
Sale Gain Investment Securities	0.0	0.0	-0.1	-0.2	-0.1
Gain Liquidation of Investment Secs.	-	-	-	0.0	-0.1
Sale Loss Investment Securities	0.0	1.8	0.0	0.0	0.0
Valuation of Loss Investment Securities	0.1	0.5	2.8	0.4	0.0
Loss on valuation of affiliates	0.0	0.3	0.0	-	-
Valuation of Loss of Membership	-	0.0	0.0	0.0	0.0
Sale Gain PPE	0.0	0.0	0.0	0.0	0.0
Sale Loss PPE	0.1	0.0	0.0	0.0	0.0
Retirement of PPE	0.0	0.1	0.3	0.1	0.0
Retirement of intangble	0.0	0.1	0.0	-	-
Reversal G on allow.doubt.accounts	-	-	0.0	-0.1	0.0
Account Receivable	-6.2	4.5	-3.6	-2.9	-4.0
Inventories	-4.1	3.1	-2.8	-4.5	-6.2
Account Payable	2.1	-0.3	0.8	1.0	-1.2
Director Bonus Paid	-	-	-	0.0	-1.2
Exchange Gain & Loss	4.5	-3.3	13.6	1.7	-1.2
Other operating activities	-0.3	0.9	-1.7	-0.7	1.4
Interest and Dividend Received	1.6	1.2	2.4	2.8	1.9
Interest Paid	0.0	-0.1	-0.2	-0.1	0.0
Taxes Paid	-34.3	-19.5	-31.1	-30.2	-20.1
New consolid	-	-	0.3	0.0	-
Adjustment	-	-	0.0	0.0	-
Cash from Operating Activities	50.5	65.8	41.4	36.9	36.9
Purchase of Marketable Securities	0.0	-2.1	-5.8	-14.4	-17.2
Sale of Marketable Securities	4.3	1.0	12.6	17.8	11.2
Capital Expenditure	-12.7	-2.1	-5.5	-8.1	-4.9
Sale of PPE	0.7	0.0	0.0	0.1	0.0
Purchase of Intangibles	-1.4	-1.8	-2.5	-0.9	-1.0
Purchase of Investment Securities	-4.4	-10.5	-4.9	-16.3	-6.6
Sale of Investment Securities	6.3	14.1	16.9	6.2	2.1
Loans made	0.0	-0.1	-1.1	-0.1	0.0
Purch of Subsidiary Stock-Consol. Change	-0.4	0.0	-2.5	0.0	0.0
Purch of Subsidiary Stock-Non Consol.	-3.1	-1.3	-0.5	0.0	-
Purch of Subsidiary Contribution Invest.	-	-	0.0	-0.8	-0.4
Time deposit made	-110.8	-162.4	-116.4	-109.4	-90.5
Time deposit matured	112.8	128.2	153.7	98.2	73.2
Paid-Insurance Reserve	-2.5	-0.9	-1.7	-1.4	-1.6
Cancel-Insurance Reserve	4.2	7.4	0.7	1.2	2.2
Others	-0.5	0.0	-0.1	0.1	0.0
Cash from Investing Activities	-7.5	-30.4	43.0	-27.7	-33.4
ST Debt, Net	0.0	-0.5	-0.5	-1.3	-0.9
Proceed from LT Debts	-	0.0	19.6	0.1	1.0
Repaid-LT Debt	-0.2	-21.6	-0.5	-0.2	-0.1
Purchase of Treasury Stock	-7.8	-8.0	-71.7	0.0	0.0
Dividend Paid	-5.6	-5.3	-5.4	-4.2	-3.0
Repayments to minority shareholders	-0.2	0.0	-	-	-
Minority Dividend Paid	-0.6	0.0	-0.3	0.0	-0.1
Cash from Financing Activities	-14.3	-35.5	-58.8	-5.5	-3.0
Foreign Exchange Effects	-7.7	1.8	-6.7	0.3	1.4
Net Change in Cash	20.9	1.6	18.9	4.1	1.9
Net Cash - Beginning Balance	66.0	60.3	34.1	25.8	24.2
Net Cash - Ending Balance	86.9	61.9	53.0	29.9	26.1
Cash Interest Paid	0.0	0.1	0.2	0.1	0.0
Cash Taxes Paid	34.3	19.5	31.1	30.2	20.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	65.9	-6.32%	253.0	11.16%	-0.21%	8.41%
Operating Income1	20.5	-12.20%	90.4	22.55%	0.85%	9.14%
Income Available to Common Excl Extraord Items1	10.1	-29.30%	53.4	8.06%	-1.39%	6.51%
Basic EPS Excl Extraord Items1	1.68	-27.70%	8.72	9.75%	3.03%	9.35%
Capital Expenditures2	13.1	20.28%	14.1	241.97%	5.54%	3.78%
Cash from Operating Activities2	43.3	27.70%	50.5	-27.98%	0.66%	12.91%
Free Cash Flow	31.6	31.21%	39.4	-44.84%	-1.00%	18.15%
Total Assets3	476.8	-	430.9	5.81%	-0.04%	6.57%
Total Liabilities3	39.8	-	41.3	-22.44%	-9.47%	-1.16%
Total Long Term Debt3	0.1	-	0.2	-51.50%	-46.91%	-
Employees3	-	-	606	8.02%	6.83%	9.55%
Total Common Shares Outstanding3	6.0	-	6.1	-1.29%	-4.62%	-2.80%
1-ExchangeRate: JPY to USD Average for Period	77.752043	Â	87.789317	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	80.506255	Â	87.789317	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	77.080000	Â	81.105000	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	60.42%	61.27%	62.19%	61.69%	60.63%
Operating Margin	35.74%	32.42%	32.51%	34.62%	35.58%
Pretax Margin	34.38%	34.63%	26.85%	36.34%	38.22%
Net Profit Margin	21.10%	21.71%	16.88%	21.87%	22.93%
Financial Strength
Current Ratio	8.15	5.92	5.90	5.70	4.65
Long Term Debt/Equity	0.00	0.00	0.05	0.00	0.00
Total Debt/Equity	0.00	0.01	0.09	0.01	0.02
Management Effectiveness
Return on Assets	13.90%	13.88%	11.95%	14.98%	16.40%
Return on Equity	15.54%	16.05%	13.92%	17.30%	19.09%
Efficiency
Receivables Turnover	7.32	6.62	7.49	7.92	8.45
Inventory Turnover	1.61	1.42	1.58	1.65	1.73
Asset Turnover	0.65	0.63	0.71	0.68	0.71

Market Valuation USD (mil)
P/E (TTM)	8.81	.	Enterprise Value2	335.8
Price/Sales (TTM)	1.88	.	Enterprise Value/Revenue (TTM)	1.17
Price/Book (MRQ)	1.18	.	Enterprise Value/EBITDA (TTM)	3.17
Market Cap as of 25-Nov-20111	534.7	.
1-ExchangeRate: JPY to USD on 25-Nov-2011	77.680000
2-ExchangeRate: JPY to USD on 30-Sep-2011	77.080000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	8.15	5.92	5.90	5.70	4.65
Quick/Acid Test Ratio	5.88	4.16	3.84	4.02	3.23
Working Capital1	250.0	188.0	164.6	154.3	117.9
Long Term Debt/Equity	0.00	0.00	0.05	0.00	0.00
Total Debt/Equity	0.00	0.01	0.09	0.01	0.02
Long Term Debt/Total Capital	0.00	0.00	0.04	0.00	0.00
Total Debt/Total Capital	0.00	0.01	0.08	0.01	0.02
Payout Ratio	10.45%	11.47%	13.87%	11.43%	10.68%
Effective Tax Rate	38.13%	36.69%	37.06%	39.48%	39.67%
Total Capital1	391.2	310.0	303.9	275.7	222.5
Efficiency
Asset Turnover	0.65	0.63	0.71	0.68	0.71
Inventory Turnover	1.61	1.42	1.58	1.65	1.73
Days In Inventory	226.85	257.21	231.00	221.73	211.11
Receivables Turnover	7.32	6.62	7.49	7.92	8.45
Days Receivables Outstanding	49.87	55.15	48.73	46.08	43.18
Revenue/Employee2	451,957	382,616	458,389	402,612	394,921
Operating Income/Employee2	161,513	124,025	149,027	139,394	140,522
EBITDA/Employee2	173,568	136,452	161,851	148,835	149,645
Profitability
Gross Margin	60.42%	61.27%	62.19%	61.69%	60.63%
Operating Margin	35.74%	32.42%	32.51%	34.62%	35.58%
EBITDA Margin	38.40%	35.66%	35.31%	36.97%	37.89%
EBIT Margin	35.74%	32.42%	32.51%	34.62%	35.58%
Pretax Margin	34.38%	34.63%	26.85%	36.34%	38.22%
Net Profit Margin	21.10%	21.71%	16.88%	21.87%	22.93%
COGS/Revenue	39.58%	38.73%	37.81%	38.31%	39.37%
SG&A Expense/Revenue	25.41%	29.00%	27.45%	26.64%	24.93%
Management Effectiveness
Return on Assets	13.90%	13.88%	11.95%	14.98%	16.40%
Return on Equity	15.54%	16.05%	13.92%	17.30%	19.09%
Valuation
Free Cash Flow/Share2	6.50	10.14	6.11	4.22	4.35
Operating Cash Flow/Share 2	9.02	10.77	7.57	5.57	5.17
1-ExchangeRate: JPY to USD Period End Date	81.105	93.095	90.65	111.715	119.155
2-ExchangeRate: JPY to USD Average for Period	81.105	93.095	90.65	111.715	119.155

Current Market Multiples
Market Cap/Earnings (TTM)	9.24
Market Cap/Equity (MRQ)	1.23
Market Cap/Revenue (TTM)	1.88
Market Cap/EBIT (TTM)	5.58
Market Cap/EBITDA (TTM)	5.08
Enterprise Value/Earnings (TTM)	5.76
Enterprise Value/Equity (MRQ)	0.77
Enterprise Value/Revenue (TTM)	1.17
Enterprise Value/EBIT (TTM)	3.47
Enterprise Value/EBITDA (TTM)	3.17

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	253.0	213.4	222.6	189.8	171.5
Revenue	253.0	213.4	222.6	189.8	171.5
Total Revenue	253.0	213.4	222.6	189.8	171.5
Cost of Revenue	100.2	82.7	84.2	72.7	67.5
Cost of Revenue, Total	100.2	82.7	84.2	72.7	67.5
Gross Profit	152.9	130.8	138.5	117.1	104.0
Selling/General/Administrative Expense	32.0	29.5	28.4	27.3	23.6
Labor & Related Expense	22.7	22.2	19.7	12.8	11.4
Advertising Expense	9.6	10.2	13.0	10.4	7.8
Total Selling/General/Administrative Expenses	64.3	61.9	61.1	50.6	42.8
Depreciation	1.6	1.8	1.5	1.1	1.0
Amortization of Acquisition Costs	0.4	0.4	0.4	0.1	0.1
Depreciation/Amortization	2.0	2.2	1.9	1.2	1.1
Impairment-Assets Held for Use	0.0	0.2	0.3	0.1	0.0
Impairment-Assets Held for Sale	0.1	0.7	2.8	0.4	0.0
Other Unusual Expense (Income)	-3.9	-3.5	-0.1	-0.9	-0.9
Unusual Expense (Income)	-3.8	-2.5	3.1	-0.4	-0.9
Total Operating Expense	162.6	144.3	150.3	124.1	110.5
Operating Income	90.4	69.2	72.4	65.7	61.0
Interest Expense - Non-Operating	0.0	-0.2	-0.1	-0.1	0.0
Interest Expense, Net Non-Operating	0.0	-0.2	-0.1	-0.1	0.0
Interest Income - Non-Operating	1.3	1.1	2.3	3.2	2.2
Investment Income - Non-Operating	-5.2	2.9	-15.3	-0.5	1.6
Interest/Investment Income - Non-Operating	-3.9	4.1	-12.9	2.7	3.8
Interest Income (Expense) - Net Non-Operating Total	-3.9	3.9	-13.1	2.6	3.8
Gain (Loss) on Sale of Assets	-0.1	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.5	0.8	0.5	0.6	0.7
Other, Net	0.5	0.8	0.5	0.6	0.7
Income Before Tax	87.0	73.9	59.8	69.0	65.6
Total Income Tax	33.2	27.1	22.2	27.2	26.0
Income After Tax	53.8	46.8	37.6	41.8	39.5
Minority Interest	-0.4	-0.5	0.0	-0.2	-0.2
Net Income Before Extraord Items	53.4	46.3	37.6	41.5	39.3
Net Income	53.4	46.3	37.6	41.5	39.3
Miscellaneous Earnings Adjustment	0.0	0.0	-	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	-	0.0	0.0
Income Available to Common Excl Extraord Items	53.4	46.3	37.6	41.5	39.3
Income Available to Common Incl Extraord Items	53.4	46.3	37.6	41.5	39.3
Basic/Primary Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Basic EPS Excl Extraord Items	8.72	7.45	5.58	5.94	5.63
Basic/Primary EPS Incl Extraord Items	8.72	7.45	5.58	5.94	5.63
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	53.4	46.3	37.6	41.5	39.3
Diluted Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Diluted EPS Excl Extraord Items	8.72	7.45	5.58	5.94	5.63
Diluted EPS Incl Extraord Items	8.72	7.45	5.58	5.94	5.63
Dividends per Share - Common Stock Primary Issue	0.91	0.85	0.77	0.68	0.60
Gross Dividends - Common Stock	5.5	5.2	4.8	4.7	4.2
Interest Expense, Supplemental	0.0	0.2	0.1	0.1	0.0
Depreciation, Supplemental	6.7	6.9	6.2	4.5	4.0
Total Special Items	-3.4	-2.1	3.4	-0.3	-0.8
Normalized Income Before Tax	83.6	71.9	63.2	68.7	64.7
Effect of Special Items on Income Taxes	-1.4	-0.9	1.1	-0.1	-0.4
Inc Tax Ex Impact of Sp Items	31.7	26.2	23.3	27.1	25.7
Normalized Income After Tax	51.9	45.6	39.9	41.6	39.1
Normalized Inc. Avail to Com.	51.5	45.2	39.9	41.4	38.9
Basic Normalized EPS	8.41	7.27	5.92	5.92	5.57
Diluted Normalized EPS	8.41	7.27	5.92	5.92	5.57
Amort of Acquisition Costs, Supplemental	0.4	0.4	0.4	0.1	0.1
Advertising Expense, Supplemental	9.6	10.2	13.0	10.4	7.8
Research & Development Exp, Supplemental	15.9	15.5	12.2	11.8	9.7
Reported Operating Profit	86.6	66.7	75.6	66.0	60.6
Reported Ordinary Profit	83.2	73.3	62.8	68.6	64.6
Normalized EBIT	86.6	66.7	75.5	65.4	60.1
Normalized EBITDA	93.8	74.1	82.1	69.9	64.2
Interest Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Service Cost - Domestic	0.7	0.6	0.6	0.5	0.5
Prior Service Cost - Domestic	0.0	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	-0.1	-0.1	0.0	0.0	0.0
Actuarial Gains and Losses - Domestic	0.5	0.4	-0.3	-0.1	0.1
Domestic Pension Plan Expense	1.2	1.0	0.3	0.4	0.7
Total Pension Expense	1.2	1.0	0.3	0.4	0.7
Discount Rate - Domestic	1.60%	1.84%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.25%	1.25%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Service Cost	0.7	0.6	0.6	0.5	0.5
Total Plan Expected Return	-0.1	-0.1	0.0	0.0	0.0

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	77.752043	81.605269	82.241044	82.567473	85.838925
Net Sales	65.9	69.6	68.0	68.8	63.7
Revenue	65.9	69.6	68.0	68.8	63.7
Total Revenue	65.9	69.6	68.0	68.8	63.7
Cost of Revenue	25.9	28.8	26.5	29.5	26.2
Cost of Revenue, Total	25.9	28.8	26.5	29.5	26.2
Gross Profit	40.0	40.8	41.5	39.3	37.5
Selling/General/Administrative Expense	12.0	13.4	12.4	12.8	11.1
Labor & Related Expense	7.0	5.6	5.7	5.7	5.2
Total Selling/General/Administrative Expenses	19.0	18.9	18.2	18.5	16.3
Impairment-Assets Held for Use	0.0	0.0	-	0.0	0.0
Impairment-Assets Held for Sale	0.6	0.0	-	0.0	0.1
Other Unusual Expense (Income)	0.0	-0.1	-5.2	0.0	0.0
Unusual Expense (Income)	0.6	-0.1	-5.2	0.0	0.1
Total Operating Expense	45.4	47.7	39.5	48.0	42.6
Operating Income	20.5	22.0	28.5	20.8	21.1
Interest Expense - Non-Operating	0.0	0.0	0.0	-	-0.1
Interest Expense, Net Non-Operating	0.0	0.0	0.0	-	-0.1
Interest Income - Non-Operating	0.2	0.2	0.3	0.3	0.4
Investment Income - Non-Operating	-4.6	-0.7	2.2	-0.6	0.2
Interest/Investment Income - Non-Operating	-4.4	-0.5	2.4	-0.3	0.5
Interest Income (Expense) - Net Non-Operating Total	-4.4	-0.5	2.4	-0.3	0.5
Gain (Loss) on Sale of Assets	0.0	-	-	-0.1	0.0
Other Non-Operating Income (Expense)	-0.3	0.1	0.2	0.3	0.0
Other, Net	-0.3	0.1	0.2	0.3	0.0
Income Before Tax	15.8	21.5	31.2	20.7	21.7
Total Income Tax	5.5	7.9	11.8	7.5	8.7
Income After Tax	10.3	13.6	19.4	13.2	13.0
Minority Interest	-0.2	-0.2	-0.1	-0.1	-0.1
Net Income Before Extraord Items	10.1	13.4	19.3	13.1	12.9
Net Income	10.1	13.4	19.3	13.1	12.9
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	10.1	13.4	19.3	13.1	12.9
Income Available to Common Incl Extraord Items	10.1	13.4	19.3	13.1	12.9
Basic/Primary Weighted Average Shares	6.0	6.0	6.1	6.1	6.1
Basic EPS Excl Extraord Items	1.68	2.22	3.18	2.15	2.11
Basic/Primary EPS Incl Extraord Items	1.68	2.22	3.18	2.15	2.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	10.1	13.4	19.3	13.1	12.9
Diluted Weighted Average Shares	6.0	6.1	6.1	6.1	6.1
Diluted EPS Excl Extraord Items	1.68	2.22	3.18	2.14	2.11
Diluted EPS Incl Extraord Items	1.68	2.22	3.18	2.14	2.11
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.97	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	5.9	0.0
Interest Expense, Supplemental	0.0	0.0	0.0	-	0.1
Depreciation, Supplemental	2.6	2.1	1.9	1.9	1.9
Total Special Items	0.7	0.0	-5.1	0.2	0.2
Normalized Income Before Tax	16.4	21.5	26.1	20.9	21.8
Effect of Special Items on Income Taxes	0.2	0.0	-2.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	5.7	7.9	9.8	7.6	8.7
Normalized Income After Tax	10.7	13.7	16.3	13.3	13.1
Normalized Inc. Avail to Com.	10.6	13.5	16.2	13.2	13.1
Basic Normalized EPS	1.76	2.23	2.67	2.17	2.13
Diluted Normalized EPS	1.76	2.23	2.67	2.17	2.13
Amort of Acquisition Costs, Supplemental	0.1	0.1	0.1	0.1	0.1
Reported Operating Profit	21.1	21.9	23.4	20.8	21.2
Reported Ordinary Profit	16.3	21.4	25.9	20.8	21.7
Normalized EBIT	21.1	21.9	23.4	20.8	21.2
Normalized EBITDA	23.8	24.1	25.3	22.8	23.2

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	81.105	93.095	90.65	111.715	119.155
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	147.1	111.7	82.8	94.7	72.4
Short Term Investments	19.6	16.0	11.9	10.1	9.7
Cash and Short Term Investments	166.8	127.6	94.7	104.8	82.1
Accounts Receivable - Trade, Gross	39.2	31.3	34.6	27.1	22.1
Provision for Doubtful Accounts	-0.2	-0.1	-0.1	-0.1	-0.1
Trade Accounts Receivable - Net	39.0	31.2	34.5	27.0	22.1
Total Receivables, Net	39.0	31.2	34.5	27.0	22.1
Inventories - Finished Goods	23.3	20.9	20.6	-	-
Inventories - Work In Progress	25.6	20.2	21.4	-	-
Inventories - Raw Materials	19.6	16.6	19.1	-	-
Total Inventory	68.6	57.7	61.1	49.0	41.4
Deferred Income Tax - Current Asset	5.8	5.6	4.3	3.9	3.2
Other Current Assets	4.9	4.0	3.7	2.5	1.5
Other Current Assets, Total	10.7	9.6	7.9	6.3	4.7
Total Current Assets	285.0	226.1	198.2	187.1	150.2
Buildings	48.1	41.4	41.6	30.0	27.8
Land/Improvements	12.5	11.5	9.4	8.1	4.5
Machinery/Equipment	46.5	37.1	36.9	14.6	12.5
Construction in Progress	5.6	0.7	0.9	4.3	2.1
Other Property/Plant/Equipment	-	-	0.0	12.0	9.5
Property/Plant/Equipment - Gross	112.7	90.7	88.8	69.0	56.5
Accumulated Depreciation	-60.8	-48.7	-45.3	-32.7	-27.4
Property/Plant/Equipment - Net	51.9	42.0	43.5	36.3	29.1
Goodwill, Net	1.2	1.0	1.4	0.2	0.3
Intangibles, Net	5.4	4.9	4.3	2.6	2.5
LT Investment - Affiliate Companies	4.7	1.5	1.8	1.5	0.6
LT Investments - Other	43.2	44.1	49.1	63.4	51.8
Long Term Investments	47.9	45.6	50.8	64.8	52.4
Deferred Income Tax - Long Term Asset	4.1	4.9	5.8	1.7	1.1
Restricted Cash - Long Term	12.3	10.7	5.5	4.5	8.0
Other Long Term Assets	23.1	19.5	22.7	16.0	13.9
Other Long Term Assets, Total	39.5	35.2	34.0	22.2	23.0
Total Assets	430.9	354.8	332.2	313.2	257.4
Accounts Payable	6.0	6.0	4.3	5.0	3.4
Accrued Expenses	-	-	0.0	2.8	2.6
Notes Payable/Short Term Debt	1.2	1.1	11.9	2.0	3.1
Current Portion - Long Term Debt/Capital Leases	0.1	0.2	-	-	-
Income Taxes Payable	13.7	15.4	5.9	13.8	15.6
Other Current Liabilities	14.0	15.5	11.5	9.1	7.7
Other Current liabilities, Total	27.7	30.9	17.4	22.9	23.2
Total Current Liabilities	35.0	38.2	33.6	32.8	32.3
Long Term Debt	0.2	0.3	12.6	0.8	0.8
Total Long Term Debt	0.2	0.3	12.6	0.8	0.8
Total Debt	1.5	1.5	24.5	2.9	3.9
Deferred Income Tax - LT Liability	0.0	0.0	0.0	-	-
Deferred Income Tax	0.0	0.0	0.0	-	-
Minority Interest	0.9	1.4	0.2	1.5	1.2
Pension Benefits - Underfunded	3.5	6.5	6.3	5.2	4.5
Other Long Term Liabilities	1.7	0.0	0.0	-	-
Other Liabilities, Total	5.2	6.5	6.3	5.2	4.5
Total Liabilities	41.3	46.4	52.8	40.4	38.8
Common Stock	10.7	9.3	9.6	7.8	7.3
Common Stock	10.7	9.3	9.6	7.8	7.3
Additional Paid-In Capital	14.5	12.5	12.8	10.4	9.8
Retained Earnings (Accumulated Deficit)	397.8	301.5	343.1	249.4	196.9
Treasury Stock - Common	-23.3	-12.9	-81.9	0.0	0.0
Unrealized Gain (Loss)	0.6	0.7	-0.4	3.8	3.8
Translation Adjustment	-10.6	-2.7	-3.9	1.6	0.9
Other Equity, Total	-10.6	-2.7	-3.9	1.6	0.9
Total Equity	389.6	308.4	279.4	272.8	218.6
Total Liabilities & Shareholders’ Equity	430.9	354.8	332.2	313.2	257.4
Shares Outstanding - Common Stock Primary Issue	6.1	6.1	6.2	7.0	7.0
Total Common Shares Outstanding	6.1	6.1	6.2	7.0	7.0
Treasury Shares - Common Stock Primary Issue	0.2	0.1	0.7	0.0	0.0
Employees	606	561	554	497	424
Number of Common Shareholders	908	883	882	626	732
Total Long Term Debt, Supplemental	0.3	0.5	22.8	1.1	1.0
Long Term Debt Maturing within 1 Year	0.1	0.2	10.2	0.2	0.2
Long Term Debt Maturing in Year 2	0.1	0.1	12.3	0.3	0.2
Long Term Debt Maturing in Year 3	0.1	0.1	0.1	0.2	0.2
Long Term Debt Maturing in Year 4	0.0	0.1	0.1	0.2	0.1
Long Term Debt Maturing in Year 5	0.0	0.0	0.1	0.1	0.1
Long Term Debt Maturing in 2-3 Years	0.2	0.2	12.4	0.5	0.4
Long Term Debt Maturing in 4-5 Years	0.0	0.1	0.2	0.3	0.2
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.1	0.2
Pension Obligation - Domestic	10.3	8.0	7.3	6.2	5.4
Plan Assets - Domestic	6.8	4.8	4.3	3.7	3.3
Funded Status - Domestic	-3.5	-3.1	-3.0	-2.5	-2.1
Total Funded Status	-3.5	-3.1	-3.0	-2.5	-2.1
Discount Rate - Domestic	1.60%	1.84%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.25%	1.25%	1.00%	1.00%	1.00%
Accrued Liabilities - Domestic	-3.5	-3.1	-3.0	-2.5	-2.1
Net Assets Recognized on Balance Sheet	-3.5	-3.1	-3.0	-2.5	-2.1
Total Plan Obligations	10.3	8.0	7.3	6.2	5.4
Total Plan Assets	6.8	4.8	4.3	3.7	3.3

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.08	80.76	82.88	81.105	83.54
Cash & Equivalents	159.7	164.5	152.9	147.1	136.4
Short Term Investments	46.2	42.5	20.5	19.6	12.9
Cash and Short Term Investments	205.9	207.0	173.4	166.8	149.3
Accounts Receivable - Trade, Gross	40.2	40.9	41.8	39.2	37.8
Provision for Doubtful Accounts	-0.3	-0.3	-0.2	-0.2	-0.2
Trade Accounts Receivable - Net	39.9	40.6	41.6	39.0	37.7
Total Receivables, Net	39.9	40.6	41.6	39.0	37.7
Inventories - Finished Goods	27.9	27.8	25.4	23.3	26.3
Inventories - Work In Progress	23.9	21.2	23.0	25.6	24.3
Inventories - Raw Materials	22.5	20.6	20.9	19.6	18.8
Total Inventory	74.3	69.6	69.3	68.6	69.4
Deferred Income Tax - Current Asset	6.6	6.3	6.1	5.8	7.1
Other Current Assets	5.8	5.9	14.3	4.9	4.3
Other Current Assets, Total	12.5	12.2	20.4	10.7	11.3
Total Current Assets	332.6	329.4	304.7	285.0	267.6
Buildings	55.8	49.2	48.0	48.1	46.1
Land/Improvements	15.9	12.9	12.6	12.5	12.6
Machinery/Equipment	54.8	50.1	47.5	46.5	43.4
Construction in Progress	2.5	8.0	7.0	5.6	3.8
Property/Plant/Equipment - Gross	129.1	120.2	115.0	112.7	106.0
Accumulated Depreciation	-69.1	-64.3	-61.2	-60.8	-58.0
Property/Plant/Equipment - Net	59.9	56.0	53.9	51.9	48.0
Goodwill, Net	0.9	1.0	1.1	1.2	1.3
Intangibles, Net	5.1	5.1	5.1	5.4	5.5
LT Investment - Affiliate Companies	4.9	4.8	4.7	4.7	4.6
LT Investments - Other	41.7	37.0	41.4	43.2	45.3
Long Term Investments	46.6	41.8	46.1	47.9	49.9
Deferred Income Tax - Long Term Asset	5.5	4.0	4.0	4.1	5.0
Restricted Cash - Long Term	6.5	6.2	6.0	12.3	12.0
Other Long Term Assets	19.8	18.7	17.5	23.1	21.9
Other Long Term Assets, Total	31.8	28.9	27.5	39.5	38.8
Total Assets	476.8	462.1	438.4	430.9	411.1
Accounts Payable	9.0	7.4	7.6	6.0	8.4
Accrued Expenses	1.2	-	1.1	0.0	1.1
Notes Payable/Short Term Debt	1.4	1.4	1.3	1.2	1.3
Current Portion - Long Term Debt/Capital Leases	-	-	-	0.1	-
Income Taxes Payable	10.9	19.3	12.6	13.7	11.4
Other Current Liabilities	11.0	10.7	11.6	14.0	10.8
Other Current liabilities, Total	22.0	30.0	24.3	27.7	22.2
Total Current Liabilities	33.5	38.7	34.3	35.0	32.9
Long Term Debt	0.1	0.1	0.1	0.2	0.2
Total Long Term Debt	0.1	0.1	0.1	0.2	0.2
Total Debt	1.5	1.5	1.5	1.5	1.5
Deferred Income Tax - LT Liability	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax	0.0	0.0	0.0	0.0	0.0
Minority Interest	1.3	1.3	1.1	0.9	1.4
Pension Benefits - Underfunded	3.1	3.0	3.1	3.5	3.1
Other Long Term Liabilities	1.8	1.7	1.7	1.7	1.7
Other Liabilities, Total	4.9	4.8	4.8	5.2	4.8
Total Liabilities	39.8	44.9	40.4	41.3	39.3
Common Stock	11.3	10.7	10.5	10.7	10.4
Common Stock	11.3	10.7	10.5	10.7	10.4
Additional Paid-In Capital	15.3	14.6	14.1	14.5	14.0
Retained Earnings (Accumulated Deficit)	457.2	426.7	402.6	397.8	373.3
Treasury Stock - Common	-31.8	-27.9	-22.8	-23.3	-17.8
Unrealized Gain (Loss)	-1.0	0.6	0.4	0.6	-0.1
Translation Adjustment	-14.0	-7.6	-6.9	-10.6	-8.1
Other Equity, Total	-14.0	-7.6	-6.9	-10.6	-8.1
Total Equity	437.0	417.2	398.0	389.6	371.8
Total Liabilities & Shareholders’ Equity	476.8	462.1	438.4	430.9	411.1
Shares Outstanding - Common Stock Primary Issue	6.0	6.0	6.1	6.1	6.1
Total Common Shares Outstanding	6.0	6.0	6.1	6.1	6.1
Treasury Shares - Common Stock Primary Issue	0.3	0.3	0.2	0.2	0.2
Employees	642	638	614	606	596

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	87.0	73.9	59.8	69.0	65.6
Depreciation	6.7	6.9	6.2	4.5	4.0
Depreciation/Depletion	6.7	6.9	6.2	4.5	4.0
Amortization of Acquisition Costs	0.4	0.4	0.4	0.1	0.1
Amortization	0.4	0.4	0.4	0.1	0.1
Unusual Items	-1.9	-1.1	2.7	-0.8	-1.4
Other Non-Cash Items	-0.6	-4.0	11.5	-1.3	-3.3
Non-Cash Items	-2.5	-5.1	14.2	-2.1	-4.7
Accounts Receivable	-6.2	4.5	-3.6	-2.9	-4.0
Inventories	-4.1	3.1	-2.8	-4.5	-6.2
Accounts Payable	2.1	-0.3	0.8	1.0	-1.2
Accrued Expenses	-	0.0	-3.1	0.1	1.4
Other Operating Cash Flow	-33.0	-17.6	-30.5	-28.2	-18.0
Changes in Working Capital	-41.1	-10.4	-39.1	-34.5	-27.9
Cash from Operating Activities	50.5	65.8	41.4	36.9	36.9
Purchase of Fixed Assets	-12.7	-2.1	-5.5	-8.1	-4.9
Purchase/Acquisition of Intangibles	-1.4	-1.8	-2.5	-0.9	-1.0
Capital Expenditures	-14.1	-3.9	-8.0	-8.9	-5.8
Acquisition of Business	-0.4	0.0	-2.5	0.0	0.0
Sale of Fixed Assets	0.7	0.0	0.0	0.1	0.0
Sale/Maturity of Investment	123.4	143.3	183.3	122.2	86.5
Purchase of Investments	-118.3	-176.3	-127.6	-140.9	-114.7
Other Investing Cash Flow	1.2	6.4	-2.1	-0.1	0.6
Other Investing Cash Flow Items, Total	6.6	-26.5	51.0	-18.7	-27.5
Cash from Investing Activities	-7.5	-30.4	43.0	-27.7	-33.4
Other Financing Cash Flow	-0.8	0.0	-0.3	0.0	-0.1
Financing Cash Flow Items	-0.8	0.0	-0.3	0.0	-0.1
Cash Dividends Paid - Common	-5.6	-5.3	-5.4	-4.2	-3.0
Total Cash Dividends Paid	-5.6	-5.3	-5.4	-4.2	-3.0
Repurchase/Retirement of Common	-7.8	-8.0	-71.7	0.0	0.0
Common Stock, Net	-7.8	-8.0	-71.7	0.0	0.0
Issuance (Retirement) of Stock, Net	-7.8	-8.0	-71.7	0.0	0.0
Short Term Debt, Net	0.0	-0.5	-0.5	-1.3	-0.9
Long Term Debt Issued	-	0.0	19.6	0.1	1.0
Long Term Debt Reduction	-0.2	-21.6	-0.5	-0.2	-0.1
Long Term Debt, Net	-0.2	-21.6	19.1	0.0	0.9
Issuance (Retirement) of Debt, Net	-0.2	-22.2	18.6	-1.3	0.1
Cash from Financing Activities	-14.3	-35.5	-58.8	-5.5	-3.0
Foreign Exchange Effects	-7.7	1.8	-6.7	0.3	1.4
Net Change in Cash	20.9	1.6	18.9	4.1	1.9
Net Cash - Beginning Balance	66.0	60.3	34.1	25.8	24.2
Net Cash - Ending Balance	86.9	61.9	53.0	29.9	26.1
Cash Interest Paid	0.0	0.1	0.2	0.1	0.0
Cash Taxes Paid	34.3	19.5	31.1	30.2	20.1

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.506255	81.907322	82.241044	87.789317	89.557582
Net Income/Starting Line	68.9	52.7	31.2	87.0	66.2
Depreciation	6.6	4.0	1.9	6.7	4.8
Depreciation/Depletion	6.6	4.0	1.9	6.7	4.8
Amortization of Acquisition Costs	0.3	0.2	0.1	0.4	0.3
Amortization	0.3	0.2	0.1	0.4	0.3
Unusual Items	-4.9	-5.3	-5.3	-1.9	-1.8
Other Non-Cash Items	1.4	-1.6	-2.5	-0.6	-1.8
Non-Cash Items	-3.5	-6.9	-7.8	-2.5	-3.6
Accounts Receivable	0.4	-0.3	-2.1	-6.2	-4.9
Inventories	-2.6	0.0	-1.4	-4.1	-6.2
Accounts Payable	3.1	0.4	0.6	2.1	3.8
Accrued Expenses	1.1	-	1.1	-	1.0
Other Operating Cash Flow	-30.9	-16.5	-13.3	-33.0	-30.8
Changes in Working Capital	-28.9	-16.4	-15.1	-41.1	-37.2
Cash from Operating Activities	43.3	33.6	10.2	50.5	30.5
Purchase of Fixed Assets	-12.4	-8.2	-4.8	-12.7	-8.8
Purchase/Acquisition of Intangibles	-0.7	-0.6	-0.2	-1.4	-1.0
Capital Expenditures	-13.1	-8.8	-5.1	-14.1	-9.8
Acquisition of Business	-	-	-	-0.4	-
Sale of Fixed Assets	0.0	-	-	0.7	0.0
Sale/Maturity of Investment	159.4	86.8	53.0	123.4	118.0
Purchase of Investments	-181.5	-107.4	-46.4	-118.3	-105.7
Other Investing Cash Flow	9.4	9.5	0.0	1.2	1.7
Other Investing Cash Flow Items, Total	-12.7	-11.1	6.6	6.6	14.0
Cash from Investing Activities	-25.8	-19.9	1.6	-7.5	4.2
Other Financing Cash Flow	0.0	0.0	0.0	-0.8	-0.2
Financing Cash Flow Items	0.0	0.0	0.0	-0.8	-0.2
Cash Dividends Paid - Common	-6.0	-5.9	-5.8	-5.6	-5.5
Total Cash Dividends Paid	-6.0	-5.9	-5.8	-5.6	-5.5
Repurchase/Retirement of Common	-7.0	-4.5	-	-7.8	-3.2
Common Stock, Net	-7.0	-4.5	-	-7.8	-3.2
Issuance (Retirement) of Stock, Net	-7.0	-4.5	-	-7.8	-3.2
Short Term Debt, Net	-	-	-	0.0	0.0
Long Term Debt Reduction	-0.1	-0.1	0.0	-0.2	-0.1
Long Term Debt, Net	-0.1	-0.1	0.0	-0.2	-0.1
Issuance (Retirement) of Debt, Net	-0.1	-0.1	0.0	-0.2	-0.1
Cash from Financing Activities	-13.1	-10.4	-5.8	-14.3	-9.0
Foreign Exchange Effects	-3.2	2.5	3.8	-7.7	-5.3
Net Change in Cash	1.2	5.8	9.8	20.9	20.4
Net Cash - Beginning Balance	94.8	93.2	92.8	66.0	64.7
Net Cash - Ending Balance	96.0	98.9	102.6	86.9	85.2
Cash Interest Paid	0.0	0.0	0.0	0.0	0.1
Cash Taxes Paid	29.3	14.8	13.0	34.3	30.4

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	253.0	213.4	222.6	189.8	171.5
Total Revenue	253.0	213.4	222.6	189.8	171.5
Cost of Revenues	100.2	82.7	84.0	72.1	67.1
Advertising Expenses	9.6	10.2	13.0	10.4	7.8
Director's remuneration	2.7	3.5	3.3	2.1	2.1
Payrolls	19.5	18.1	16.0	10.3	8.9
Director Retirement Benefits	-	0.1	0.3	0.3	0.2
Accrued Retirement Expenses	0.5	0.5	0.1	0.1	0.2
Commission expenses	7.6	6.5	7.1	5.4	4.3
Depreciation	1.6	1.8	1.5	1.1	1.0
Amort. of Goodwill	0.4	0.4	0.4	0.1	0.1
Other SGA	24.4	23.0	21.3	21.9	19.3
SP Rev.Allowance for Doubtful Account	0.0	-0.1	0.0	-0.1	-0.1
SP Rev. Allowance Director Retire.B'fit	-2.0	0.0	-	-	-
SP Insurance Cancellation Different	-1.9	-3.4	-0.1	-0.8	-0.8
SP L on Retirement Fixed Assets	0.0	0.2	0.3	0.1	0.0
SP Valuation of Loss-Investment Secs.	0.1	0.5	2.8	0.4	0.0
SP L on val. of affiliates	0.0	0.3	0.0	-	-
SP Valuation of Loss-Membership	-	0.0	0.0	0.0	-
SP Accrued Retirement Benefit	-	-	-	-	0.0
SP Loss Cancellation Insurance	-	-	-	0.0	0.0
SP Allowance for Doubtful Account	-	-	-	-	0.0
NOP Loss Valuation of Inventories	-	0.0	0.2	0.7	0.4
Total Operating Expense	162.6	144.3	150.3	124.1	110.5
SP Gain Sale Fixed Assets	0.0	0.0	0.0	0.0	0.0
SP Gain Sale Investment Securities	0.0	0.0	0.0	-	-
SP Gain Liquidation of Investment Secs.	-	-	-	0.0	0.1
SP Loss Sale Fixed Assets	-0.1	0.0	0.0	0.0	0.0
SP Loss Sale Investment Securities	0.0	-1.8	0.0	-	-
NOP Interest Income	1.3	1.1	2.3	3.2	2.2
NOP Dividend Income	0.2	0.2	0.2	0.2	0.1
NOP Sale Gain Marketable Securities	-	-	-	0.0	0.0
NOP Sale Gain-Investment Securities	-	0.0	0.1	0.2	0.1
NOP Investment Fund Gains	-	-	-	0.0	0.0
NOP Rev-Insurance Cancellation	0.1	0.5	0.3	0.2	0.3
NOP Exchange Gain	0.0	4.7	0.0	0.0	1.2
NOP Miscellaneous income	0.7	0.5	0.4	0.5	0.4
NOP Interest Expense	0.0	-0.2	-0.1	-0.1	0.0
NOP Loss Sale Marketable Securities	0.0	0.0	0.0	-	-
NOP Loss Sale Investment Securities	-	-	-	-	0.0
NOP Exchange Loss	-5.4	0.0	-15.5	-1.0	0.0
NOP Miscellaneous losses	-0.3	-0.2	-0.3	-0.1	0.0
Net Income Before Taxes	87.0	73.9	59.8	69.0	65.6
Provision for Income Taxes	33.2	27.1	22.2	27.2	26.0
Net Income After Taxes	53.8	46.8	37.6	41.8	39.5
Minority Interest	-0.4	-0.5	0.0	-0.2	-0.2
Net Income Before Extra. Items	53.4	46.3	37.6	41.5	39.3
Net Income	53.4	46.3	37.6	41.5	39.3
Director Bonus	-	-	-	-	0.0
Adjustment	0.0	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	53.4	46.3	37.6	41.5	39.3
Income Available to Com Incl ExtraOrd	53.4	46.3	37.6	41.5	39.3
Basic Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Basic EPS Excluding ExtraOrdinary Items	8.72	7.45	5.58	5.94	5.63
Basic EPS Including ExtraOrdinary Item	8.72	7.45	5.58	5.94	5.63
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	53.4	46.3	37.6	41.5	39.3
Diluted Weighted Average Shares	6.1	6.2	6.7	7.0	7.0
Diluted EPS Excluding ExtraOrd Items	8.72	7.45	5.58	5.94	5.63
Diluted EPS Including ExtraOrd Items	8.72	7.45	5.58	5.94	5.63
DPS-Common Stock	0.91	0.85	0.77	0.68	0.60
Gross Dividends - Common Stock	5.5	5.2	4.8	4.7	4.2
Normalized Income Before Taxes	83.6	71.9	63.2	68.7	64.7
Inc Tax Ex Impact of Sp Items	31.7	26.2	23.3	27.1	25.7
Normalized Income After Taxes	51.9	45.6	39.9	41.6	39.1
Normalized Inc. Avail to Com.	51.5	45.2	39.9	41.4	38.9
Basic Normalized EPS	8.41	7.27	5.92	5.92	5.57
Diluted Normalized EPS	8.41	7.27	5.92	5.92	5.57
Interest Expense	0.0	0.2	0.1	0.1	0.0
Depreciation	6.7	6.9	6.2	4.5	4.0
Amortization of Goodwill	0.4	0.4	0.4	0.1	0.1
Advertising Expenses	9.6	10.2	13.0	10.4	7.8
Research & Development ExpensesSGA.COGS	15.9	15.5	12.2	11.8	9.7
Reported operating profit	86.6	66.7	75.6	66.0	60.6
Reported ordinary profit	83.2	73.3	62.8	68.6	64.6
Service Cost	0.7	0.6	0.6	0.5	0.5
Interest Cost	0.1	0.1	0.1	0.1	0.1
Expected Return on Plan Assets	-0.1	-0.1	0.0	0.0	0.0
Actuarial Gains and Losses	0.5	0.4	-0.3	-0.1	0.1
Prior Service Cost	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	1.2	1.0	0.3	0.4	0.7
Total Pension Expense	1.2	1.0	0.3	0.4	0.7
Discount rate	1.60%	1.84%	2.00%	2.00%	2.00%
Plan asset expected rate of return	1.25%	1.25%	1.00%	1.00%	1.00%

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	81.605269	82.241044	82.567473	85.838925	91.441557
Net Sales	69.6	68.0	68.8	63.7	121.0
Total Revenue	69.6	68.0	68.8	63.7	121.0
Cost of Revenues	28.8	26.5	29.5	26.2	44.9
Payrolls	5.7	5.4	5.4	4.9	9.3
Provision for bonuses	-0.2	0.2	-	0.2	-
Periodic retirement benefit costs	0.1	0.1	0.3	0.1	0.1
Other general expenses	13.4	12.4	12.8	11.1	22.2
SP Reversal G on allow.doubt.accounts	0.0	-	-	0.0	0.0
SP Insur.Cancll.Dif	-0.1	-5.2	0.0	-	-1.8
SP Rev.Allow.Dir.Retir.B'fit	-	0.0	0.0	-	-1.9
SP Other Special Gains	-	-	0.0	-	-
SP L. on retire. of fixed assets	0.0	-	0.0	0.0	0.0
SP Val.Loss-Invest.Sec	0.0	-	-	0.1	0.0
SP L on val of affiliates	-	-	0.0	-	0.0
SP Adj. L Accnt. Assets Retire. Obliga.	-	0.1	-	-	0.0
Total Operating Expense	47.7	39.5	48.0	42.6	72.8
SP G on sale of LT inv't. secs.	-	0.1	0.0	0.0	0.0
SP L on sale of fixed assets	-	-	-0.1	0.0	0.0
SP Loss Sale Inv. Sec.	-	-	0.0	-	0.0
NOP Interest Income	0.2	0.3	0.3	0.4	0.6
NOP Dividend Income	0.1	0.0	0.1	0.0	0.1
NOP G on sale LT inv't.secs.	-	-	0.1	-	-
NOP Rev-Insura.Cancel	0.0	0.0	0.0	0.0	0.1
NOP Foreign exchange gains	-	2.1	-	0.3	0.0
NOP Miscellaneous income	0.2	0.2	0.5	0.1	0.2
NOP Interest Expense	0.0	0.0	-	-0.1	0.0
NOP Loss Sale Investment Securities	-	-	-	-0.1	-
NOP Foreign exchange losses	-0.8	0.0	-0.7	0.0	-4.7
NOP Miscellaneous expenses	-0.1	0.0	-0.2	0.0	-0.1
Net Income Before Taxes	21.5	31.2	20.7	21.7	44.5
Provision for Income Taxes	7.9	11.8	7.5	8.7	16.9
Net Income After Taxes	13.6	19.4	13.2	13.0	27.6
Minority Interest	-0.2	-0.1	-0.1	-0.1	-0.3
Net Income Before Extra. Items	13.4	19.3	13.1	12.9	27.3
Net Income	13.4	19.3	13.1	12.9	27.3
Adjustment	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	13.4	19.3	13.1	12.9	27.3
Income Available to Com Incl ExtraOrd	13.4	19.3	13.1	12.9	27.3
Basic Weighted Average Shares	6.0	6.1	6.1	6.1	6.1
Basic EPS Excluding ExtraOrdinary Items	2.22	3.18	2.15	2.11	4.45
Basic EPS Including ExtraOrdinary Item	2.22	3.18	2.15	2.11	4.45
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	13.4	19.3	13.1	12.9	27.3
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excluding ExtraOrd Items	2.22	3.18	2.14	2.11	4.45
Diluted EPS Including ExtraOrd Items	2.22	3.18	2.14	2.11	4.45
DPS-Common Stock	0.00	0.00	0.97	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	5.9	0.0	0.0
Normalized Income Before Taxes	21.5	26.1	20.9	21.8	40.9
Inc Tax Ex Impact of Sp Items	7.9	9.8	7.6	8.7	15.5
Normalized Income After Taxes	13.7	16.3	13.3	13.1	25.5
Normalized Inc. Avail to Com.	13.5	16.2	13.2	13.1	25.2
Basic Normalized EPS	2.23	2.67	2.17	2.13	4.11
Diluted Normalized EPS	2.23	2.67	2.17	2.13	4.11
Interest Expense	0.0	0.0	-	0.1	0.0
Depreciation	2.1	1.9	1.9	1.9	3.0
Amortization of Goodwill	0.1	0.1	0.1	0.1	0.2
Reported Operating Profit	21.9	23.4	20.8	21.2	44.4
Reported Ordinary Profit	21.4	25.9	20.8	21.7	40.7

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	81.105	93.095	90.65	111.715	119.155
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Deposit	147.1	111.7	82.8	94.7	72.4
Note & Account Receivable	39.2	31.3	34.6	27.1	22.1
Marketable Securities	19.6	16.0	11.9	10.1	9.7
Inventories	-	-	-	49.0	41.4
Inventories - merchandise&finished goods	23.3	20.9	20.6	-	-
Inventories - work-in-process	25.6	20.2	21.4	-	-
Inventories - raw materials&supplies	19.6	16.6	19.1	-	-
Deferred Tax Assets	5.8	5.6	4.3	3.9	3.2
Other Current Assets	4.9	4.0	3.7	2.5	1.5
Allowance for Doubtful Accounts	-0.2	-0.1	-0.1	-0.1	-0.1
Total Current Assets	285.0	226.1	198.2	187.1	150.2
Building & Structures	48.1	41.4	41.6	30.0	27.8
Machinery & Equipment	23.5	17.8	19.1	14.6	12.5
Tools, furniture, & fixtures,	23.1	19.3	17.8	0.0	-
Land	12.5	11.5	9.4	8.1	4.5
Construction in Progress	5.6	0.7	0.9	4.3	2.1
Other PPE	-	-	0.0	12.0	9.5
Depreciation	-60.8	-48.7	-45.3	-32.7	-27.4
Software	5.0	4.4	2.0	2.0	2.4
Software-in-Process	0.3	0.3	2.0	0.5	0.0
Goodwill	1.2	1.0	1.4	0.2	0.3
Other Intangible Assets	0.2	0.2	0.2	0.2	0.1
Investment Securities	43.2	44.1	49.1	63.4	51.8
Affiliate Securities	4.7	1.4	1.7	1.2	0.3
Affiliate Contribution Investment	0.0	0.0	0.0	0.3	0.3
Insurance Reserve	20.8	17.7	20.8	15.7	13.5
LT Deposit	12.3	10.7	5.5	4.5	8.0
Deferred Tax Assets	4.1	4.9	5.8	1.7	1.1
Other Assets	2.3	1.8	1.9	0.3	0.6
Allowance for Doubtful Accounts	0.0	0.0	0.0	0.0	-0.2
Adjustment	0.0	0.0	0.0	-	0.0
Total Assets	430.9	354.8	332.2	313.2	257.4
Accout Payable	6.0	6.0	4.3	5.0	3.4
ST Borrowings	1.2	1.1	11.9	2.0	3.1
LT borrowings (current)	0.1	0.2	-	-	-
Tax Payable	13.7	15.4	5.9	13.8	15.6
Allowance for Bonuses	-	-	0.0	1.3	1.2
Director Allowance for Bonuses	-	-	0.0	1.6	1.4
Other Current Liabilities	14.0	15.5	11.5	9.1	7.7
Total Current Liabilities	35.0	38.2	33.6	32.8	32.3
LT Borrowings	0.2	0.3	12.6	0.8	0.8
Total Long Term Debt	0.2	0.3	12.6	0.8	0.8
Deferred Tax Liabilities	0.0	0.0	0.0	-	-
Res-Accrued Retirement Benefits	3.5	3.1	3.0	2.5	2.1
Res-Director Retirement Benefits	0.0	3.4	3.4	2.8	2.3
Other Liability	1.7	0.0	0.0	-	-
Minority Interest	0.9	1.4	0.2	1.5	1.2
Total Liabilities	41.3	46.4	52.8	40.4	38.8
Common Stock	10.7	9.3	9.6	7.8	7.3
Paid In Capital	14.3	12.5	12.8	10.4	9.8
Retained Earning	397.8	301.5	343.1	249.4	196.9
Treasury Stock	-23.3	-12.9	-81.9	0.0	0.0
Reserve by val. of investment sec.	0.6	0.7	-0.4	3.8	3.8
Translate Adjustment	-10.6	-2.7	-3.9	1.6	0.9
New Stock Subscription Right	0.1	0.0	-	-	-
Total Equity	389.6	308.4	279.4	272.8	218.6
Total Liabilities & Shareholders' Equity	430.9	354.8	332.2	313.2	257.4
S/O-Common Stock	6.1	6.1	6.2	7.0	7.0
Total Common Shares Outstanding	6.1	6.1	6.2	7.0	7.0
T/S-Common Stock	0.2	0.1	0.7	0.0	0.0
Full-Time Employees	606	561	554	497	424
Number of Common Shareholders	908	883	882	626	732
Long Term Debts Maturing within 1 Year	0.1	0.2	10.2	0.2	0.2
Long Term Debts Maturing within 2 Year	0.1	0.1	12.3	0.3	0.2
Long Term Debts Maturing within 3 Year	0.1	0.1	0.1	0.2	0.2
Long Term Debts Maturing within 4 Year	0.0	0.1	0.1	0.2	0.1
Long Term Debts Maturing within 5 Year	0.0	0.0	0.1	0.1	0.1
Remaining	0.0	0.0	0.0	0.1	0.2
Total Long Term Debt, Supplemental	0.3	0.5	22.8	1.1	1.0
Pension Obligation	10.3	8.0	7.3	6.2	5.4
Fair Value of Plan Assets	6.8	4.8	4.3	3.7	3.3
Funded Status	-3.5	-3.1	-3.0	-2.5	-2.1
Total Funded Status	-3.5	-3.1	-3.0	-2.5	-2.1
Discount Rate	1.60%	1.84%	2.00%	2.00%	2.00%
Expected Rate of Return	1.25%	1.25%	1.00%	1.00%	1.00%
Reserve for accrued retirement benefits	-3.5	-3.1	-3.0	-2.5	-2.1
Net Assets Recognized on Balance Sheet	-3.5	-3.1	-3.0	-2.5	-2.1

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	80.76	82.88	81.105	83.54	88.49
Cash & deposits	164.5	152.9	147.1	136.4	128.9
Accounts & notes receivable, gross	40.9	41.8	39.2	37.8	36.0
Marketable securities	11.5	20.5	19.6	12.9	11.1
Money held in trust	30.9	-	-	-	-
Inventories - merchandise&finished goods	27.8	25.4	23.3	26.3	22.1
Inventories - work-in-process	21.2	23.0	25.6	24.3	23.1
Inventories - raw materials&supplies	20.6	20.9	19.6	18.8	17.8
Deferred tax assets	6.3	6.1	5.8	7.1	6.2
Other	5.9	14.3	4.9	4.3	4.2
Allowance for doubtful accounts	-0.3	-0.2	-0.2	-0.2	-0.1
Total Current Assets	329.4	304.7	285.0	267.6	249.2
Buildings & structures, gross	49.2	48.0	48.1	46.1	42.7
Machineries, equip., & vehicle, gross	25.6	24.0	23.5	21.1	18.8
Tools, furniture, & fixtures, gross	24.5	23.5	23.1	22.2	20.7
Land	12.9	12.6	12.5	12.6	11.4
Construction-in-progress	8.0	7.0	5.6	3.8	1.5
Depreciation	-64.3	-61.2	-60.8	-58.0	-53.3
Software	4.6	4.7	5.0	4.9	4.2
Temporary software accounts rights	0.4	0.4	0.3	0.4	1.0
Goodwill	1.0	1.1	1.2	1.3	1.3
Other intangible assets	0.1	0.1	0.2	0.2	0.2
Long-term investment in securities	37.0	41.4	43.2	45.3	44.3
Affiliate Securities	4.8	4.7	4.7	4.6	1.2
Inv't partnership-nonconsol.affil.	-	-	0.0	-	0.0
LT deposits	6.2	6.0	12.3	12.0	11.3
Prepaid life insurance	15.8	15.4	20.8	20.2	18.9
Deferred tax assets	4.0	4.0	4.1	5.0	4.7
Other	2.9	2.1	2.3	1.7	1.8
Allowance for doubtful accounts	0.0	0.0	0.0	0.0	0.0
Adjustment	0.0	-	0.0	0.0	0.0
Total Assets	462.1	438.4	430.9	411.1	380.0
Trade accounts payable	7.4	7.6	6.0	8.4	7.6
Short-term borrowings	1.4	1.3	1.2	1.3	1.2
LT borrowings (current)	-	-	0.1	-	-
Income taxes payable	19.3	12.6	13.7	11.4	15.7
Allowance for Bonuses	-	1.1	0.0	1.1	-
Other	10.7	11.6	14.0	10.8	9.3
Total Current Liabilities	38.7	34.3	35.0	32.9	33.9
LT Borrowings	0.1	0.1	0.2	0.2	0.2
Total Long Term Debt	0.1	0.1	0.2	0.2	0.2
Deferred tax liabilities (non-current)	0.0	0.0	0.0	0.0	0.0
Reserve for accrued retirement benefit	3.0	3.1	3.5	3.1	3.1
Reserve for officers' retirement	-	-	0.0	0.0	0.0
Other Liabilities	1.7	1.7	1.7	1.7	1.6
Minority Interest	1.3	1.1	0.9	1.4	1.1
Total Liabilities	44.9	40.4	41.3	39.3	39.9
Common Stock	10.7	10.5	10.7	10.4	9.8
Paid In Capital	14.4	14.0	14.3	13.9	13.1
Retained Earning	426.7	402.6	397.8	373.3	339.9
Treasury Stock	-27.9	-22.8	-23.3	-17.8	-13.6
Reserve by val. of investment sec.	0.6	0.4	0.6	-0.1	0.0
Cumulative translation adjustments	-7.6	-6.9	-10.6	-8.1	-9.3
Subscription rights to shares	0.2	0.1	0.1	0.1	0.1
Total Equity	417.2	398.0	389.6	371.8	340.1
Total Liabilities & Shareholders' Equity	462.1	438.4	430.9	411.1	380.0
S/O-Common Stock	6.0	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.0	6.1	6.1	6.1	6.1
T/S-Common Stock	0.3	0.2	0.2	0.2	0.1
Full-Time Employees	638	614	606	596	593

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	87.789317	93.619712	103.395546	117.767199	116.323825
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Shin Nihon & Co.
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	87.0	73.9	59.8	69.0	65.6
Depreciation	6.7	6.9	6.2	4.5	4.0
Amortization of Goodwill	0.4	0.4	0.4	0.1	0.1
Allowance for Doubtful Accounts	0.1	0.0	0.0	0.0	-0.1
Allowance for Bonuses	-	0.0	-1.4	0.0	0.0
Director Allowance for Bonuses	-	0.0	-1.7	0.1	1.4
Reserve Accrued Retirement Benefits	-0.1	0.2	-0.1	0.2	0.2
Reserve Director Retirement Benefits	-3.6	0.1	0.0	0.3	0.0
Interest and Dividend Income	-1.5	-1.3	-2.5	-3.4	-2.3
Interest Expense	0.0	0.2	0.1	0.1	0.0
Reversal of Insurance Cancellation	-2.1	-3.9	-0.4	-1.0	-1.2
Sale G/L Marketable Securities	0.0	0.0	0.0	-	-
Sale Gain Investment Securities	0.0	0.0	-0.1	-0.2	-0.1
Gain Liquidation of Investment Secs.	-	-	-	0.0	-0.1
Sale Loss Investment Securities	0.0	1.8	0.0	0.0	0.0
Valuation of Loss Investment Securities	0.1	0.5	2.8	0.4	0.0
Loss on valuation of affiliates	0.0	0.3	0.0	-	-
Valuation of Loss of Membership	-	0.0	0.0	0.0	0.0
Sale Gain PPE	0.0	0.0	0.0	0.0	0.0
Sale Loss PPE	0.1	0.0	0.0	0.0	0.0
Retirement of PPE	0.0	0.1	0.3	0.1	0.0
Retirement of intangble	0.0	0.1	0.0	-	-
Reversal G on allow.doubt.accounts	-	-	0.0	-0.1	0.0
Account Receivable	-6.2	4.5	-3.6	-2.9	-4.0
Inventories	-4.1	3.1	-2.8	-4.5	-6.2
Account Payable	2.1	-0.3	0.8	1.0	-1.2
Director Bonus Paid	-	-	-	0.0	-1.2
Exchange Gain & Loss	4.5	-3.3	13.6	1.7	-1.2
Other operating activities	-0.3	0.9	-1.7	-0.7	1.4
Interest and Dividend Received	1.6	1.2	2.4	2.8	1.9
Interest Paid	0.0	-0.1	-0.2	-0.1	0.0
Taxes Paid	-34.3	-19.5	-31.1	-30.2	-20.1
New consolid	-	-	0.3	0.0	-
Adjustment	-	-	0.0	0.0	-
Cash from Operating Activities	50.5	65.8	41.4	36.9	36.9
Purchase of Marketable Securities	0.0	-2.1	-5.8	-14.4	-17.2
Sale of Marketable Securities	4.3	1.0	12.6	17.8	11.2
Capital Expenditure	-12.7	-2.1	-5.5	-8.1	-4.9
Sale of PPE	0.7	0.0	0.0	0.1	0.0
Purchase of Intangibles	-1.4	-1.8	-2.5	-0.9	-1.0
Purchase of Investment Securities	-4.4	-10.5	-4.9	-16.3	-6.6
Sale of Investment Securities	6.3	14.1	16.9	6.2	2.1
Loans made	0.0	-0.1	-1.1	-0.1	0.0
Purch of Subsidiary Stock-Consol. Change	-0.4	0.0	-2.5	0.0	0.0
Purch of Subsidiary Stock-Non Consol.	-3.1	-1.3	-0.5	0.0	-
Purch of Subsidiary Contribution Invest.	-	-	0.0	-0.8	-0.4
Time deposit made	-110.8	-162.4	-116.4	-109.4	-90.5
Time deposit matured	112.8	128.2	153.7	98.2	73.2
Paid-Insurance Reserve	-2.5	-0.9	-1.7	-1.4	-1.6
Cancel-Insurance Reserve	4.2	7.4	0.7	1.2	2.2
Others	-0.5	0.0	-0.1	0.1	0.0
Cash from Investing Activities	-7.5	-30.4	43.0	-27.7	-33.4
ST Debt, Net	0.0	-0.5	-0.5	-1.3	-0.9
Proceed from LT Debts	-	0.0	19.6	0.1	1.0
Repaid-LT Debt	-0.2	-21.6	-0.5	-0.2	-0.1
Purchase of Treasury Stock	-7.8	-8.0	-71.7	0.0	0.0
Dividend Paid	-5.6	-5.3	-5.4	-4.2	-3.0
Repayments to minority shareholders	-0.2	0.0	-	-	-
Minority Dividend Paid	-0.6	0.0	-0.3	0.0	-0.1
Cash from Financing Activities	-14.3	-35.5	-58.8	-5.5	-3.0
Foreign Exchange Effects	-7.7	1.8	-6.7	0.3	1.4
Net Change in Cash	20.9	1.6	18.9	4.1	1.9
Net Cash - Beginning Balance	66.0	60.3	34.1	25.8	24.2
Net Cash - Ending Balance	86.9	61.9	53.0	29.9	26.1
Cash Interest Paid	0.0	0.1	0.2	0.1	0.0
Cash Taxes Paid	34.3	19.5	31.1	30.2	20.1

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	81.907322	82.241044	87.789317	89.557582	91.441557
Net income before taxes	52.7	31.2	87.0	66.2	44.5
Depreciation	4.0	1.9	6.7	4.8	3.0
Amortization of Goodwill	0.2	0.1	0.4	0.3	0.2
Allowance for Doubtful Accounts	0.1	0.0	0.1	0.1	0.0
Reserve for Bonuses	-	1.1	-	1.0	-
Reserve for accrued retirement benefits	-0.4	-0.3	-0.1	-0.4	-0.2
Reserve for dir.'s retire. benefits	0.0	0.0	-3.6	-3.5	-3.5
Reversal of int.& dividends rcvd.	-0.6	-0.3	-1.5	-1.1	-0.8
Reversal of interest expenses	0.0	0.0	0.0	0.1	0.0
Rev-Insurance Cancel	-5.4	-5.3	-2.1	-2.0	-2.0
Sale Loss-Mktbl.Sec	-	-	0.0	0.1	-
G on sale of LT inv't in secs.	-0.1	-0.1	0.0	-	0.0
Assets Retire. Obliga.	0.1	0.1	-	-	0.0
Sale Loss-Invest.Sec	-	-	0.0	0.0	0.0
Val.Loss-Invest.Sec	0.0	-	0.1	0.1	0.0
Loss on valuation of affiliates	-	-	0.0	0.0	0.0
G on the sale of PPE	-	-	0.0	-	-
Sale Loss-PPE	-	-	0.1	0.0	0.0
L on retire. of PPE	0.0	-	0.0	0.0	0.0
L on Retirement of intangble	-	-	0.0	-	-
Account Receivable	-0.3	-2.1	-6.2	-4.9	-5.6
Inventories	0.0	-1.4	-4.1	-6.2	-4.1
Account Payable	0.4	0.6	2.1	3.8	4.0
Exchange gains/losses	-0.7	-2.0	4.5	3.2	3.4
Other operating activities	-2.3	-0.5	-0.3	-1.3	-2.2
Int & div.received(cash basis)	0.6	0.2	1.6	1.0	0.7
Interest paid (cash basis)	0.0	0.0	0.0	-0.1	0.0
Income taxes paid	-14.8	-13.0	-34.3	-30.4	-16.3
New consolid	-	-	-	-	0.0
Cash from Operating Activities	33.6	10.2	50.5	30.5	21.1
Purchase of marketable sec.	-	-	0.0	0.0	0.0
Saleof marketable sec.	2.0	1.0	4.3	4.1	2.2
Purchase of money held in trust	-30.5	-	-	-	0.0
Capital Expenditure	-8.2	-4.8	-12.7	-8.8	-4.7
Sale-PPE	-	-	0.7	0.0	-
Purchase of intangible assets	-0.6	-0.2	-1.4	-1.0	-0.5
Purchase of LT inv't in sec.	0.0	0.0	-4.4	-4.4	-4.3
Sale LT inv't in sec.	4.1	1.0	6.3	3.3	3.2
Purchase of affiliated securities	0.0	-	-	-0.4	-0.4
Loans made	-	-	0.0	-	-
Purch of subs. securities-Consol. Change	-	-	-0.4	-	-
Purch of Subsidiary Stock-Non Consol.	-	-	-3.1	-3.0	-
Time deposit made	-76.9	-46.4	-110.8	-97.9	-58.7
Time deposit matured	80.7	51.1	112.8	110.5	62.3
Paid-Insurance Rsrv.	-0.1	-0.1	-2.5	-2.5	-2.3
Return of insurance reserve	10.4	0.0	4.2	4.1	4.0
Other investment activities	-0.8	0.0	-0.5	0.0	-0.2
Adjustment	-	-	-	0.0	-
Cash from Investing Activities	-19.9	1.6	-7.5	4.2	0.6
Change in short-term debt, net	-	-	0.0	0.0	0.0
Long-term debts repaid	-0.1	0.0	-0.2	-0.1	-0.1
Purch-Treasury Stock	-4.5	-	-7.8	-3.2	0.0
Cash dividends paid	-5.9	-5.8	-5.6	-5.5	-5.4
Repayments to minority shareholders	0.0	0.0	-0.2	-0.2	-0.2
Minority Dividend Paid	0.0	-	-0.6	0.0	0.0
Cash from Financing Activities	-10.4	-5.8	-14.3	-9.0	-5.7
Foreign Exchange Effects	2.5	3.8	-7.7	-5.3	-6.6
Net Change in Cash	5.8	9.8	20.9	20.4	9.5
Net Cash - Beginning Balance	93.2	92.8	66.0	64.7	63.4
Net Cash - Ending Balance	98.9	102.6	86.9	85.2	72.9
Cash Interest Paid	0.0	0.0	0.0	0.1	0.0
Cash Taxes Paid	14.8	13.0	34.3	30.4	16.3

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-10			31-Dec-09				31-Dec-08			31-Dec-07		31-Dec-06
Japan	171.7	67.9 %		137.6		64.5 %		162.4		73 %	147.6	77.8 %	137.3	80 %
North America	12.5	5 %		10.6		4.9 %		11.6		5.2 %	7.9	4.2 %	7.1	4.2 %
Europe	55.8	22.1 %		53.7		25.2 %		43.5		19.6 %	34.3	18.1 %	27.1	15.8 %
Asia	5.7	2.2 %		5.7		2.6 %		5.0		2.3 %	-	-	-	-
Other Foreign	7.2	2.9 %		5.9		2.8 %		-		-	-	-	-	-
Segment Total	253.0	100 %		213.4		100 %		222.6		100 %	189.8	100 %	171.5	100 %
Intercompany Eliminations	0.0	0 %		0.0		0 %		0.0		0 %	0.0	0 %	0.0	0 %
Consolidated Total	253.0	100 %		213.4		100 %		222.6		100 %	189.8	100 %	171.5	100 %
Exchange Rate: JPY to USD	87.789317			93.619712				103.395546			117.767199		116.323825
Intersegment Revenue USD (mil)
	31-Dec-10		31-Dec-09				31-Dec-08				31-Dec-07		31-Dec-06
Japan	41.1	97.7 %	39.0		97 %		33.1		100 %		22.4	100 %	18.1	100 %
North America	0.1	0.3 %	0.2		0.4 %		0.0		0 %		0.0	0 %	0.0	0 %
Europe	0.8	2 %	1.1		2.6 %		0.0		0 %		0.0	0 %	0.0	0 %
Asia	0.0	0 %	0.0		0 %		0.0		0 %		-	-	-	-
Other Foreign	0.0	0 %	0.0		0 %		-		-		-	-	-	-
Segment Total	42.0	100 %	40.2		100 %		33.1		100 %		22.4	100 %	18.1	100 %
Intercompany Eliminations	-42.0	-100 %	-40.2		-100 %		-33.1		-100 %		-22.4	-100 %	-18.1	-100 %
Consolidated Total	0.0	0 %	0.0		0 %		0.0		0 %		0.0	0 %	0.0	0 %
Exchange Rate: JPY to USD	87.789317		93.619712				103.395546				117.767199		116.323825

Total Revenue USD (mil)
	31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Japan	212.8	72.1 %		176.6		69.6 %		195.5		76.5 %		170.0		80.1 %		155.4		81.9 %
North America	12.7	4.3 %		10.7		4.2 %		11.6		4.6 %		7.9		3.7 %		7.1		3.8 %
Europe	56.7	19.2 %		54.8		21.6 %		43.5		17 %		34.3		16.2 %		27.1		14.3 %
Asia	5.7	1.9 %		5.7		2.2 %		5.0		2 %		-		-		-		-
Other Foreign	7.2	2.5 %		5.9		2.3 %		-		-		-		-		-		-
Segment Total	295.1	100 %		253.6		100 %		255.8		100 %		212.3		100 %		189.6		100 %
Intercompany Eliminations	-42.0	-14.2 %		-40.2		-15.8 %		-33.1		-12.9 %		-22.4		-10.6 %		-18.1		-9.5 %
Consolidated Total	253.0	85.8 %		213.4		84.2 %		222.6		87.1 %		189.8		89.4 %		171.5		90.5 %
Exchange Rate: JPY to USD	87.789317			93.619712				103.395546				117.767199				116.323825
Total Operating Expense USD (mil)
	31-Dec-10		31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Japan	143.8	68.6 %	124.3		66.4 %		130.2		72.7 %		110.7		76.2 %		100.5		78.3 %
North America	10.1	4.8 %	8.7		4.7 %		9.9		5.5 %		6.9		4.8 %		6.0		4.7 %
Europe	44.4	21.2 %	43.8		23.4 %		34.0		19 %		27.7		19.1 %		21.9		17.1 %
Asia	5.5	2.6 %	5.4		2.9 %		5.0		2.8 %		-		-		-		-
Other Foreign	5.9	2.8 %	4.8		2.6 %		-		-		-		-		-		-
Segment Total	209.7	100 %	187.1		100 %		179.0		100 %		145.3		100 %		128.5		100 %
Intercompany Eliminations	-43.3	-20.6 %	-40.3		-21.6 %		-32.0		-17.9 %		-21.5		-14.8 %		-17.5		-13.6 %
Consolidated Total	166.5	79.4 %	146.7		78.4 %		147.0		82.1 %		123.8		85.2 %		111.0		86.4 %
Exchange Rate: JPY to USD	87.789317		93.619712				103.395546				117.767199				116.323825

Operating Income/Loss USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08			31-Dec-07			31-Dec-06
Japan	69.0	80.8 %	52.3	78.5 %	65.4	85.2 %		59.3		88.6 %	54.9		89.7 %
North America	2.5	3 %	2.0	3 %	1.8	2.3 %		1.0		1.5 %	1.1		1.9 %
Europe	12.3	14.4 %	11.0	16.5 %	9.6	12.5 %		6.6		9.8 %	5.2		8.5 %
Asia	0.2	0.2 %	0.3	0.4 %	0.0	0.1 %		-		-	-		-
Other Foreign	1.3	1.6 %	1.1	1.6 %	-	-		-		-	-		-
Segment Total	85.4	100 %	66.6	100 %	76.8	100 %		66.9		100 %	61.2		100 %
Intercompany Eliminations	1.2	1.4 %	0.2	0.2 %	-1.1	-1.5 %		-0.9		-1.4 %	-0.6		-1 %
Consolidated Total	86.6	101.4 %	66.7	100.2 %	75.6	98.5 %		66.0		98.6 %	60.6		99 %
Exchange Rate: JPY to USD	87.789317		93.619712		103.395546			117.767199			116.323825
Operating Margin (%)
			31-Dec-10		31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06
Japan			32.4	-	29.6	-	33.4		-	34.9	-	35.3		-
North America			20.1	-	18.6	-	15.2		-	12.8	-	16.0		-
Europe			21.7	-	20.1	-	22.0		-	19.2	-	19.1		-
Asia			2.8	-	4.6	-	0.9		-	-	-	-		-
Other Foreign			18.6	-	17.9	-	-		-	-	-	-		-
Segment Total			28.9	-	26.2	-	30.0		-	31.5	-	32.3		-
Intercompany Eliminations			-2.9	-	-0.4	-	3.4		-	4.0	-	3.4		-
Consolidated Total			34.2	-	31.3	-	34.0		-	34.8	-	35.3		-

Total Assets USD (mil)
	31-Dec-10		31-Dec-09				31-Dec-08			31-Dec-07			31-Dec-06
Japan	386.0	81.7 %	314.1		80 %		309.4	85.6 %		293.2		88 %	244.3		89.9 %
North America	13.8	2.9 %	7.4		1.9 %		7.0	1.9 %		5.4		1.6 %	3.6		1.3 %
Europe	66.0	14 %	63.6		16.2 %		42.8	11.8 %		34.5		10.4 %	23.8		8.7 %
Asia	2.0	0.4 %	2.9		0.7 %		2.4	0.7 %		-		-	-		-
Other Foreign	4.6	1 %	4.6		1.2 %		-	-		-		-	-		-
Segment Total	472.5	100 %	392.7		100 %		361.6	100 %		333.1		100 %	271.7		100 %
Intercompany Eliminations	-41.5	-8.8 %	-37.9		-9.6 %		-29.4	-8.1 %		-19.9		-6 %	-14.3		-5.3 %
Consolidated Total	430.9	91.2 %	354.8		90.4 %		332.2	91.9 %		313.2		94 %	257.4		94.7 %
Exchange Rate: JPY to USD	81.105000		93.095000				90.650000			111.715000			119.155000
Operating Return on Assets (%)
				31-Dec-10			31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06
Japan				19.3		-	16.7	-	24.1		-	21.3	-	21.9		-
North America				20.0		-	26.9	-	28.9		-	19.7	-	30.8		-
Europe				20.2		-	17.4	-	25.5		-	20.2	-	21.2		-
Asia				8.6		-	9.1	-	2.1		-	-	-	-		-
Other Foreign				31.7		-	22.9	-	-		-	-	-	-		-
Segment Total				19.6		-	17.0	-	24.2		-	21.2	-	22.0		-
Intercompany Eliminations				-3.2		-	-0.4	-	4.4		-	4.8	-	4.2		-
Consolidated Total				21.7		-	18.9	-	26.0		-	22.2	-	23.0		-

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
		31-Dec-10				30-Sep-10				30-Jun-10				31-Mar-10			31-Dec-09
Japan		44.6		64.8 %		45.8		71.9 %		81.6		67.5 %		39.1		65.9 %	72.4		63.8 %
North America		3.1		4.6 %		3.3		5.1 %		6.1		5.1 %		3.0		5.1 %	4.9		4.4 %
Europe		17.7		25.7 %		11.7		18.3 %		26.7		22 %		14.1		23.8 %	30.1		26.6 %
Asia		1.9		2.8 %		1.5		2.3 %		2.3		1.9 %		1.2		2 %	3.1		2.8 %
Other		1.5		2.1 %		1.5		2.3 %		4.2		3.5 %		1.9		3.3 %	2.8		2.5 %
Segment Total		68.8		100 %		63.7		100 %		121.0		100 %		59.3		100 %	113.5		100 %
Eliminations/Corporate		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0		0 %
Consolidated Total		68.8		100 %		63.7		100 %		121.0		100 %		59.3		100 %	113.5		100 %
Exchange Rate: JPY to USD		82.567473				85.838925				91.441557				90.814231			91.743043
Intersegment Revenue USD (mil)
	31-Dec-10				30-Sep-10				30-Jun-10				31-Mar-10				31-Dec-09
Japan	9.9		97.4 %		10.0		96.6 %		21.2		98.3 %		10.5		98.1 %		19.1	93.9 %
North America	0.0		0.5 %		0.1		0.5 %		0.0		0.2 %		0.0		0.3 %		0.2	0.8 %
Europe	0.2		2.2 %		0.3		2.9 %		0.3		1.5 %		0.2		1.5 %		1.1	5.3 %
Asia	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Other	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Segment Total	10.1		100 %		10.3		100 %		21.5		100 %		10.7		100 %		20.4	100 %
Eliminations/Corporate	-10.1		-100 %		-10.3		-100 %		-21.5		-100 %		-10.7		-100 %		-20.4	-100 %
Consolidated Total	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	82.567473				85.838925				91.441557				90.814231				91.743043

Total Revenue USD (mil)
	31-Dec-10				30-Sep-10					30-Jun-10				31-Mar-10				31-Dec-09
Japan	54.5		69 %		55.8		75.3 %			102.8		72.1 %		49.7		70.9 %		91.6		68.4 %
North America	3.2		4 %		3.3		4.5 %			6.2		4.3 %		3.0		4.3 %		5.1		3.8 %
Europe	17.9		22.7 %		12.0		16.2 %			27.0		18.9 %		14.3		20.4 %		31.2		23.3 %
Asia	1.9		2.4 %		1.5		2 %			2.3		1.6 %		1.2		1.7 %		3.1		2.4 %
Other	1.5		1.9 %		1.5		2 %			4.2		3 %		1.9		2.8 %		2.8		2.1 %
Segment Total	79.0		100 %		74.0		100 %			142.5		100 %		70.1		100 %		133.8		100 %
Eliminations/Corporate	-10.1		-12.8 %		-10.3		-13.9 %			-21.5		-15.1 %		-10.7		-15.3 %		-20.4		-15.2 %
Consolidated Total	68.8		87.2 %		63.7		86.1 %			121.0		84.9 %		59.3		84.7 %		113.5		84.8 %
Exchange Rate: JPY to USD	82.567473				85.838925					91.441557				90.814231				91.743043
Operating Income/Loss USD (mil)
		31-Dec-10				30-Sep-10			30-Jun-10				31-Mar-10				31-Dec-09
Japan		13.9		73.2 %		18.6		86.6 %	36.1		81.1 %		18.2		79.4 %		29.0		78.7 %
North America		0.7		3.8 %		0.6		2.8 %	1.2		2.8 %		0.7		3 %		0.9		2.4 %
Europe		3.9		20.7 %		2.2		10.4 %	6.2		13.8 %		3.5		15.3 %		6.4		17.5 %
Asia		0.1		0.3 %		0.0		0 %	0.1		0.2 %		0.1		0.3 %		0.1		0.4 %
Other		0.4		2 %		0.0		0.1 %	0.9		2.1 %		0.5		2.1 %		0.4		1.1 %
Segment Total		19.0		100 %		21.5		100 %	44.5		100 %		23.0		100 %		36.9		100 %
Eliminations/Corporate		1.7		9.1 %		-0.3		-1.4 %	-0.1		-0.2 %		0.2		0.9 %		1.5		4.2 %
Consolidated Total		20.8		109.1 %		21.2		98.6 %	44.5		99.8 %		23.2		100.9 %		38.4		104.2 %
Exchange Rate: JPY to USD		82.567473				85.838925			91.441557				90.814231				91.743043

Operating Margin (%)
	31-Dec-10		30-Sep-10		30-Jun-10		31-Mar-10		31-Dec-09
Japan	25.6	-	33.4	-	35.2	-	36.7	-	31.7	-
North America	22.5	-	18.2	-	19.9	-	22.4	-	17.2	-
Europe	22.0	-	18.8	-	22.8	-	24.6	-	20.6	-
Asia	3.3	-	0.6	-	3.8	-	5.0	-	4.5	-
Other	25.6	-	1.5	-	22.1	-	24.4	-	14.1	-
Segment Total	24.1	-	29.1	-	31.3	-	32.8	-	27.6	-
Eliminations/Corporate	-17.0	-	3.0	-	0.4	-	-2.0	-	-7.6	-
Consolidated Total	30.2	-	33.3	-	36.7	-	39.1	-	33.9	-

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Dental Product	219.7		86.8 %		191.8		89.8 %		194.0		87.1 %		165.6		87.2 %		147.4	86 %
Industrial Product	26.0		10.3 %		15.5		7.2 %		22.1		9.9 %		19.4		10.2 %		19.7	11.5 %
Others	7.3		2.9 %		6.2		2.9 %		6.5		2.9 %		4.9		2.6 %		4.3	2.5 %
Segment Total	253.0		100 %		213.4		100 %		222.6		100 %		189.8		100 %		171.5	100 %
Elimination/Corporate	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Consolidated Total	253.0		100 %		213.4		100 %		222.6		100 %		189.8		100 %		171.5	100 %
Exchange Rate: JPY to USD	87.789317				93.619712				103.395546				117.767199				116.323825
Intersegment Revenue USD (mil)
		31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07			31-Dec-06
Dental Product		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Industrial Product		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Others		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Segment Total		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Elimination/Corporate		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Exchange Rate: JPY to USD		87.789317				93.619712				103.395546				117.767199			116.323825

Total Revenue USD (mil)
	31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Dental Product	219.7	86.8 %		191.8		89.8 %		194.0		87.1 %		165.6		87.2 %		147.4		86 %
Industrial Product	26.0	10.3 %		15.5		7.2 %		22.1		9.9 %		19.4		10.2 %		19.7		11.5 %
Others	7.3	2.9 %		6.2		2.9 %		6.5		2.9 %		4.9		2.6 %		4.3		2.5 %
Segment Total	253.0	100 %		213.4		100 %		222.6		100 %		189.8		100 %		171.5		100 %
Elimination/Corporate	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Consolidated Total	253.0	100 %		213.4		100 %		222.6		100 %		189.8		100 %		171.5		100 %
Exchange Rate: JPY to USD	87.789317			93.619712				103.395546				117.767199				116.323825
Depreciation USD (mil)
	31-Dec-10		31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Dental Product	3.7	77 %	5.2		80.9 %		4.6		80.2 %		3.3		81.9 %		2.9		80.1 %
Industrial Product	0.7	15.4 %	0.8		12.4 %		0.8		14.2 %		0.6		14.7 %		0.6		16 %
Others	0.4	7.6 %	0.4		6.7 %		0.3		5.5 %		0.1		3.5 %		0.1		3.9 %
Segment Total	4.8	100 %	6.5		100 %		5.7		100 %		4.1		100 %		3.6		100 %
Elimination/Corporate	1.9	40.3 %	0.5		7 %		0.5		9 %		0.4		9.6 %		0.4		9.7 %
Consolidated Total	6.7	140.3 %	6.9		107 %		6.2		109 %		4.4		109.6 %		4.0		109.7 %
Exchange Rate: JPY to USD	87.789317		93.619712				103.395546				117.767199				116.323825

Total Operating Expense USD (mil)
	31-Dec-10		31-Dec-09			31-Dec-08				31-Dec-07			31-Dec-06
Dental Product	116.7	83 %	106.0	88 %		103.4		84.4 %		84.9		83.6 %	75.0	81.8 %
Industrial Product	18.2	13 %	9.8	8.1 %		14.2		11.6 %		12.8		12.6 %	13.1	14.3 %
Others	5.7	4 %	4.7	3.9 %		5.0		4 %		3.8		3.7 %	3.5	3.9 %
Segment Total	140.6	100 %	120.5	100 %		122.6		100 %		101.4		100 %	91.6	100 %
Elimination/Corporate	25.8	18.4 %	26.2	21.8 %		24.4		19.9 %		22.3		22 %	19.4	21.1 %
Consolidated Total	166.5	118.4 %	146.7	121.8 %		147.0		119.9 %		123.8		122 %	111.0	121.1 %
Exchange Rate: JPY to USD	87.789317		93.619712			103.395546				117.767199			116.323825
Operating Income/Loss USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08				31-Dec-07				31-Dec-06
Dental Product	103.0	91.6 %	85.7	92.2 %	90.6		90.5 %		80.7		91.3 %		72.5	90.7 %
Industrial Product	7.8	6.9 %	5.7	6.1 %	7.9		7.9 %		6.5		7.4 %		6.6	8.3 %
Others	1.6	1.5 %	1.5	1.6 %	1.5		1.5 %		1.1		1.3 %		0.8	1 %
Segment Total	112.4	100 %	92.9	100 %	100.0		100 %		88.4		100 %		79.9	100 %
Elimination/Corporate	-25.8	-23 %	-26.2	-28.2 %	-24.4		-24.4 %		-22.3		-25.3 %		-19.4	-24.2 %
Consolidated Total	86.6	77 %	66.7	71.8 %	75.6		75.6 %		66.0		74.7 %		60.6	75.8 %
Exchange Rate: JPY to USD	87.789317		93.619712		103.395546				117.767199				116.323825

Operating Margin (%)
		31-Dec-10			31-Dec-09		31-Dec-08		31-Dec-07				31-Dec-06
Dental Product		46.9		-	44.7	-	46.7	-	48.7		-		49.2		-
Industrial Product		29.9		-	36.8	-	35.8	-	33.8		-		33.6		-
Others		22.4		-	24.5	-	23.7	-	23.0		-		18.6		-
Segment Total		44.4		-	43.5	-	44.9	-	46.6		-		46.6		-
Consolidated Total		34.2		-	31.3	-	34.0	-	34.8		-		35.3		-
Total Assets USD (mil)
	31-Dec-10			31-Dec-09		31-Dec-08		31-Dec-07				31-Dec-06
Dental Product	100.8		77.8 %	102.9	80.5 %	108.6	79.9 %	85.6		78.7 %		72.3		80.4 %
Industrial Product	20.6		15.9 %	21.6	16.9 %	25.0	18.4 %	20.6		19 %		16.4		18.2 %
Others	8.1		6.3 %	3.4	2.7 %	2.4	1.7 %	2.6		2.3 %		1.2		1.4 %
Segment Total	129.5		100 %	127.9	100 %	136.0	100 %	108.8		100 %		89.9		100 %
Elimination/Corporate	301.4		232.7 %	227.0	177.5 %	196.2	144.2 %	204.4		187.9 %		167.5		186.2 %
Consolidated Total	430.9		332.7 %	354.8	277.5 %	332.2	244.2 %	313.2		287.9 %		257.4		286.2 %
Exchange Rate: JPY to USD	81.105000			93.095000		90.650000		111.715000				119.155000

Operating Return on Assets (%)
		31-Dec-10				31-Dec-09			31-Dec-08		31-Dec-07		31-Dec-06
Dental Product		110.6		-		83.8		-	95.1	-	99.4	-	97.9		-
Industrial Product		40.7		-		26.6		-	36.1	-	33.5	-	39.5		-
Others		21.9		-		45.1		-	74.2	-	46.5	-	63.2		-
Segment Total		93.9		-		73.1		-	83.9	-	85.6	-	86.8		-
Elimination/Corporate		-9.3		-		-11.6		-	-14.2	-	-11.5	-	-11.3		-
Consolidated Total		21.7		-		18.9		-	26.0	-	22.2	-	23.0		-
Purchase of Fixed Assets USD (mil)
	31-Dec-10		31-Dec-09				31-Dec-08			31-Dec-07		31-Dec-06
Dental Product	6.9	65.2 %	5.4		89.6 %		6.4		83.1 %	7.5	78.4 %	4.6		83.2 %
Industrial Product	2.9	27.4 %	0.5		7.9 %		0.9		11.9 %	0.8	8.2 %	0.7		12.7 %
Others	0.8	7.4 %	0.2		2.5 %		0.4		5 %	1.3	13.4 %	0.2		4.1 %
Segment Total	10.5	100 %	6.0		100 %		7.7		100 %	9.6	100 %	5.5		100 %
Elimination/Corporate	2.5	23.9 %	0.8		13.5 %		0.4		5.3 %	0.8	8 %	1.2		22.8 %
Consolidated Total	13.0	123.9 %	6.9		113.5 %		8.1		105.3 %	10.4	108 %	6.7		122.8 %
Exchange Rate: JPY to USD	87.789317		93.619712				103.395546			117.767199		116.323825

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Dental Product	57.2	86.8 %	59.3	85.2 %	58.3	85.7 %	60.0	87.1 %	54.7	85.9 %
Industrial Product	6.5	9.8 %	8.1	11.7 %	7.7	11.3 %	6.9	10.1 %	7.4	11.6 %
Others	2.2	3.4 %	2.2	3.1 %	2.0	3 %	1.9	2.8 %	1.6	2.5 %
Segment Total	65.9	100 %	69.6	100 %	68.0	100 %	68.8	100 %	63.7	100 %
Elimination/Corporate	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	65.9	100 %	69.6	100 %	68.0	100 %	68.8	100 %	63.7	100 %
Exchange Rate: JPY to USD	77.752043		81.605269		82.241044		82.567473		85.838925
Total Revenue USD (mil)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Dental Product	57.2	86.8 %	59.3	85.2 %	58.3	85.7 %	60.0	87.1 %	54.7	85.9 %
Industrial Product	6.5	9.8 %	8.1	11.7 %	7.7	11.3 %	6.9	10.1 %	7.4	11.6 %
Others	2.2	3.4 %	2.2	3.1 %	2.0	3 %	1.9	2.8 %	1.6	2.5 %
Segment Total	65.9	100 %	69.6	100 %	68.0	100 %	68.8	100 %	63.7	100 %
Elimination/Corporate	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	65.9	100 %	69.6	100 %	68.0	100 %	68.8	100 %	63.7	100 %
Exchange Rate: JPY to USD	77.752043		81.605269		82.241044		82.567473		85.838925

Operating Income/Loss USD (mil)
	30-Sep-11			30-Jun-11		31-Mar-11				31-Dec-10			30-Sep-10
Dental Product	27.1		92.4 %	26.2	90 %	27.9		89.1 %		25.9		93.4 %	25.0	90 %
Industrial Product	1.5		5.1 %	2.3	7.9 %	2.7		8.7 %		1.7		6 %	2.4	8.5 %
Others	0.7		2.5 %	0.6	2.1 %	0.7		2.2 %		0.2		0.6 %	0.4	1.5 %
Segment Total	29.3		100 %	29.1	100 %	31.3		100 %		27.7		100 %	27.7	100 %
Elimination/Corporate	-8.3		-28.2 %	-7.2	-24.8 %	-8.0		-25.4 %		-6.9		-25 %	-6.5	-23.5 %
Consolidated Total	21.1		71.8 %	21.9	75.2 %	23.4		74.6 %		20.8		75 %	21.2	76.5 %
Exchange Rate: JPY to USD	77.752043			81.605269		82.241044				82.567473			85.838925
Operating Margin (%)
		30-Sep-11			30-Jun-11		31-Mar-11				31-Dec-10		30-Sep-10
Dental Product		47.4		-	44.2	-	47.9		-		43.1	-	45.6	-
Industrial Product		23.4		-	28.3	-	35.2		-		24.0	-	32.0	-
Others		32.8		-	27.8	-	34.6		-		8.5	-	25.5	-
Segment Total		44.5		-	41.8	-	46.1		-		40.2	-	43.5	-
Consolidated Total		32.0		-	31.4	-	34.4		-		30.2	-	33.3	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.