MIRA INFORM REPORT

Report Date :

10.09.2011

IDENTIFICATION DETAILS

Name :	AUBEX CORPORATION
Registered Office :	1-1-12 Gyohei, Sumida-ku, 130-0013
Country :	Japan
Financials (as on) :	31.03.2011
Date of Incorporation :	29.12.1893
Legal Form :	Public Parent Company
Line of Business :	manufacture and sale of tips for felt pens and cosmetic, as well as the manufacture and polish processing of tips for felt pens and eyeliners

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 :	Usually Correct
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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

AuBEX CORPORATION

1-1-12 Gyohei

Sumida-ku, 130-0013

Japan

Tel: 81-3-36253151

Fax: 81 3 3625-3239

Web: www.aubex.co.jp

Synthesis

Employees: 282

Company Type: Public Parent

Corporate Family: 2 Companies

Traded: Tokyo Stock Exchange: 3583

Incorporation Date: 29-Dec-1893

Auditor: Gravitas Auditing Firm

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2011

Reporting Currency: Japanese Yen

Annual Sales: 47.4 1

Net Income: 4.5

Total Assets: 61.6 2

Market Value: 20.5

(26-Aug-2011)

Business Description

AuBEX CORPORATION is a Japan-based company that operates in three business segments. The Techno Products segment is engaged in the manufacture and sale of tips for felt pens and cosmetic, as well as the manufacture and polish processing of tips for felt pens and eyeliners. The Medical Products segment is engaged in the manufacture and sale of medical dosing equipment and guide wires. The Others segment is engaged in the leasing of real estate. AuBEX CORPORATION is a Japan-based company that operates in three business segments. The Techno Products segment is engaged in the manufacture and sale of tips for felt pens and cosmetic, as well as the manufacture and polish processing of tips for felt pens and eyeliners. The Medical Products segment is engaged in the manufacture and sale of medical dosing equipment and guide wires. The Others segment is engaged in the leasing of real estate.

Industry

Industry Office Supplies

ANZSIC 2006: 2599 - Other Manufacturing Not Elsewhere Classified

NACE 2002: 3663 - Other manufacturing not elsewhere classified

NAICS 2002: 339941 - Pen and Mechanical Pencil Manufacturing

UK SIC 2003: 36631 - Manufacture of miscellaneous stationers' goods

US SIC 1987: 3951 - Pens, Mechanical Pencils, and Parts

Key Executives

Name	Title
Nobuyuki Ohtake	President, Representative Director
Norigi Kurihara	Director of Medical Business, Director
Hironari Murakami	Executive Officer, Deputy Director of Techno Business
Izumi Hamada	Co-Auditor
Tadaoki Kiuchi	Director of Technology Business, Chairman of Sub, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	AuBEX CORPORATION Amends Year-end Dividend Outlook for FY Ending March 2012	5-Aug-2011

* number of significant developments within the last 12 months

News

Title	Date
Aubex Plans FY Dividend Y3.00 Nikkei English News (29 Words)	5-Aug-2011
Aubex 1Q Grp Net Pft Y117.00M Vs Y119.00M Pft Yr Earlier Nikkei English News (57 Words)	5-Aug-2011
Aubex Expects This FY Group Net Profit Y384.00M Nikkei English News (60 Words)	5-Aug-2011
Aubex FY Grp Net Pft Y388.00M Vs Y111.00M Pft Yr Earlier Nikkei English News (56 Words)	13-May-2011
Aubex Expects This FY Group Net Profit Y384.00M Nikkei English News (60 Words)	13-May-2011

Financial summary

As of 30-Jun-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	3.02	1.56
Quick Ratio (MRQ)	2.18	0.79
Debt to Equity (MRQ)	0.86	0.76
Sales 5 Year Growth	-5.26	7.83
Net Profit Margin (TTM) %	9.75	3.76
Return on Assets (TTM) %	7.88	6.34
Return on Equity (TTM) %	19.14	17.68

Stock Snapshot

Traded: Tokyo Stock Exchange: 3583

As of 26-Aug-2011

   Financials in: JPY

Recent Price	102.00	EPS	29.61
52 Week High	159.00	Price/Sales	0.39
52 Week Low	69.00	Price/Earnings	3.72
Avg. Volume (mil)	0.01	Price/Book	0.64
Market Value (mil)	1,577.24	Beta	1.45

	Price % Change	Rel S&P 500%
4 Week	-5.56%	5.10%
13 Week	-8.93%	-0.64%
52 Week	21.43%	30.37%
Year to Date	-12.82%	3.64%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 85.69144

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.88

Corporate Overview

Location

1-1-12 Gyohei

Sumida-ku, 130-0013

Japan

Tel: 81-3-36253151

Fax: 81 3 3625-3239

Web: www.aubex.co.jp

Quote Symbol - Exchange

3583 - Tokyo Stock Exchange

Sales JPY(mil): 4,058.3

Assets JPY(mil): 5,107.0

Employees: 282

Fiscal Year End: 31-Mar-2011

Industry: Office Supplies

Incorporation Date: 29-Dec-1893

Company Type: Public Parent

Quoted Status: Quoted

President,

Representative Director: Nobuyuki Ohtake

Company Web Links

· Home Page

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Shareholders

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2599 - Other Manufacturing Not Elsewhere Classified

6711 - Residential Property Operators

2412 - Medical and Surgical Equipment Manufacturing

NACE 2002 Codes:

7020 - Letting of own property

3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

3663 - Other manufacturing not elsewhere classified

NAICS 2002 Codes:

339941 - Pen and Mechanical Pencil Manufacturing

531110 - Lessors of Residential Buildings and Dwellings

339999 - All Other Miscellaneous Manufacturing

339112 - Surgical and Medical Instrument Manufacturing

US SIC 1987:

3951 - Pens, Mechanical Pencils, and Parts

6513 - Operators or Apartment Buildings

3999 - Manufacturing Industries, Not Elsewhere Classified

3841 - Surgical and Medical Instruments and Apparatus

UK SIC 2003:

36631 - Manufacture of miscellaneous stationers' goods

70209 - Other letting of own property

3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

3663 - Other manufacturing not elsewhere classified

Business Description

AuBEX CORPORATION is a Japan-based company that operates in three business segments. The Techno Products segment is engaged in the manufacture and sale of tips for felt pens and cosmetic, as well as the manufacture and polish processing of tips for felt pens and eyeliners. The Medical Products segment is engaged in the manufacture and sale of medical dosing equipment and guide wires. The Others segment is engaged in the leasing of real estate. AuBEX CORPORATION is a Japan-based company that operates in three business segments. The Techno Products segment is engaged in the manufacture and sale of tips for felt pens and cosmetic, as well as the manufacture and polish processing of tips for felt pens and eyeliners. The Medical Products segment is engaged in the manufacture and sale of medical dosing equipment and guide wires. The Others segment is engaged in the leasing of real estate.

More Business Descriptions

· Manufacture of sports and casual clothing, hats and hosiery and felt tip pens

· Medical Equipment and Supplies Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	4,058.3
Net Income:	388.2
Assets:	5,107.0
Long Term Debt:	1,653.5
Total Liabilities:	2,989.8
Working Capital:	1.8
Date of Financial Data:	31-Mar-2011

1 Year Growth

17.4%

246.7%

11.1%

Market Data

Quote Symbol:	3583
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	102.0
Stock Price Date:	08-26-2011
52 Week Price Change %:	21.4
Market Value (mil):	1,577,238.0
SEDOL:	6896106
ISIN:	JP3173600002

Shareholders

Major Shareholders

Asahi Shoji (14.8%); Wakachiku Construction (13.6%); Showa Chemical Industry (13.3%); Company's Trust Stock (5.1%)

Key Corporate Relationships

Auditor: Gravitas Auditing Firm

Corporate Family	Corporate Structure News:
	AuBEX CORPORATION
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
AuBEX CORPORATION	Parent	Sumida-ku	Japan	Office Supplies	47.4	282
Asahi Shoji Co Ltd	Subsidiary	Noda-shi, Chiba	Japan	Food Processing		17

Executive report

Board of Directors

Name	Title	Function
Yoichi Hasegawa	Independent Director	Director/Board Member
Reuters Biography (AuBEX CORPORATION) Mr. Yoichi Hasegawa has been serving as Independent Director in AuBEX CORPORATION, since June 2008. He is also serving as Executive Officer, Manager of Administration Division and Director of Human Resources and General Affairs in WAKACHIKU CONSTRUCTION CO., LTD.
Shunichirou Ishibashi	Director	Director/Board Member
Kenzo Ishibashi	Independent Director	Director/Board Member
Reuters Biography (AuBEX CORPORATION) Mr. Kenzo Ishibashi has been serving as Independent Director in AuBEX CORPORATION since June 2010. He is also serving as President and Representative Director of Showa Chemical Industry Co Ltd.
Tadaoki Kiuchi	Director of Technology Business, Chairman of Sub, Director	Director/Board Member
Reuters Biography (AuBEX CORPORATION) Mr. Tadaoki Kiuchi has been serving as Director of Technology Business and Director in AuBEX CORPORATION, as well as Chairman of the Board in a subsidiary, since January 2009. He joined the Company in April 1979. His previous titles include Executive Officer and Manager of Chiba Business Center.
Noriyoshi Kurihara	Director	Director/Board Member
Norigi Kurihara	Director of Medical Business, Director	Director/Board Member
Reuters Biography (AuBEX CORPORATION) Mr. Noriyoshi Kurihara has been serving as Director of Medical Business and Director in AuBEX CORPORATION, since April 1, 2009. He is also serving as Representative Director of a subsidiary. He joined the Company in April 1978 and previously served as Manager of Techno Development Office in Techno Production Unit, Executive Officer and Director of Business Planning.
Masaru Ogawa	Director	Director/Board Member
Nobuyuki Ohtake	President, Representative Director	Director/Board Member
Reuters Biography (AuBEX CORPORATION) Mr. Nobuyuki Ohtake has been serving as President and Representative Director in AuBEX CORPORATION since June 27, 2007. He joined the Company in April 1972 and previously served as Director of Techno Sales, Manager of Chiba Business Office, Executive Officer, Director of Techno Business, Director of Medical, Managing Director and Director. He obtained his Bachelor's degree in Chemical Engineering from Nihon University in March 1972. BE Chemical Engineering, Nihon University

Executives

Name

Title

Function

Nobuyuki Ohtake

President, Representative Director

President

Reuters Biography (AuBEX CORPORATION)

Mr. Nobuyuki Ohtake has been serving as President and Representative Director in AuBEX CORPORATION since June 27, 2007. He joined the Company in April 1972 and previously served as Director of Techno Sales, Manager of Chiba Business Office, Executive Officer, Director of Techno Business, Director of Medical, Managing Director and Director. He obtained his Bachelor's degree in Chemical Engineering from Nihon University in March 1972.

BE Chemical Engineering, Nihon University

Tadaoki Kiuchi

Director of Technology Business, Chairman of Sub, Director

Division Head Executive

RT 

Reuters Biography (AuBEX CORPORATION)

Mr. Tadaoki Kiuchi has been serving as Director of Technology Business and Director in AuBEX CORPORATION, as well as Chairman of the Board in a subsidiary, since January 2009. He joined the Company in April 1979. His previous titles include Executive Officer and Manager of Chiba Business Center.

Izumi Hamada

Co-Auditor

Finance Executive

Akinobu Koike

Co-Auditor

Finance Executive

Kunio Nagatomo

Co-Auditor

Finance Executive

Norigi Kurihara

Director of Medical Business, Director

Medical Specialist

Reuters Biography (AuBEX CORPORATION)

Mr. Noriyoshi Kurihara has been serving as Director of Medical Business and Director in AuBEX CORPORATION, since April 1, 2009. He is also serving as Representative Director of a subsidiary. He joined the Company in April 1978 and previously served as Manager of Techno Development Office in Techno Production Unit, Executive Officer and Director of Business Planning.

Hironari Murakami

Executive Officer, Deputy Director of Techno Business

Other

Significant Developments

AuBEX CORPORATION Amends Year-end Dividend Outlook for FY Ending March 2012 Aug 05, 2011

AuBEX CORPORATION announced that it has amended its year-end dividend outlook from an undetermined value, which was announced on May 13, 2011, to JPY 3.00 per share, for the fiscal year ending March 2012.

Aubex Plans FY Dividend Y3.00

Nikkei English News: 05 August 2011

[What follows is the full text of the news story.]

Aubex Corp. (3583.TO)

GROUP Latest Revision Previous

For Year To Mar 2012 Plan

Year-end 3.00 N/A

Annual 3.00 N/A

Results are based on Japanese accounting standards.

Aubex 1Q Grp Net Pft Y117.00M Vs Y119.00M Pft Yr Earlier

Nikkei English News: 05 August 2011

[What follows is the full text of the news story.]

Aubex Corp. (3583.TO)

Japan

1st Quarter Ended June 30

GROUP 2011 2010

Revenue Y1.05 blnY1.07 bln

Operating Profit 133.00 mln 146.00 mln

Pretax Profit 127.00 mln 123.00 mln

Net Profit 117.00 mln 119.00 mln

Per share

Earnings 8.80 9.38

Results are based on Japanese accounting standards.

Aubex Expects This FY Group Net Profit Y384.00M

Nikkei English News: 05 August 2011

[What follows is the full text of the news story.]

Aubex Corp. also released the following forecasts:

GROUP 1st Half To Year Ending

Sep 2011Mar 2012

Revenue Y2.02 blnY4.07 bln

Operating Profit 235.00 mln 482.00 mln

Pretax Profit 210.00 mln 430.00 mln

Net Profit 182.00 mln 384.00 mln

Per share

Earnings 13.77 29.06

Results are based on Japanese accounting standards.

Aubex FY Grp Net Pft Y388.00M Vs Y111.00M Pft Yr Earlier

Nikkei English News: 13 May 2011

[What follows is the full text of the news story.]

Aubex Corp. (3583.TO)

Japan

Year Ended March 31

Group 2011 2010

Revenue Y4.06 blnY3.46 bln

Operating Profit 525.00 mln 129.00 mln

Pretax Profit 458.00 mln 76.00 mln

Net Profit 388.00 mln 111.00 mln

Per share

Earnings 30.09 8.81

Results are based on Japanese accounting standards.

Aubex Expects This FY Group Net Profit Y384.00M

Nikkei English News: 13 May 2011

[What follows is the full text of the news story.]

Aubex Corp. also released the following forecasts:

GROUP 1st Half To Year Ending

Sep 2011Mar 2012

Revenue Y2.02 blnY4.07 bln

Operating Profit 235.00 mln 482.00 mln

Pretax Profit 210.00 mln 430.00 mln

Net Profit 182.00 mln 384.00 mln

Per share

Earnings 13.77 29.06

Aubex Expects This FY Group Net Profit Y330.00M

Nikkei English News: 04 February 2011

[What follows is the full text of the news story.]

Aubex Corp. also released the following forecasts:

GROUP Year Ending

Mar 2011

Revenue Y4.00 bln

Operating Profit 430.00 mln

Pretax Profit 380.00 mln

Net Profit 330.00 mln

Per share

Earnings 25.33

Results are based on Japanese accounting standards.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=tT450hYrZhMSpDcFRcx63Q%3D%3D. You can use this link on the day this article is published and the following day.

Aubex Expects This FY Group Net Profit Y330.00M

Nikkei English News: 05 November 2010

[What follows is the full text of the news story.]

Aubex Corp. also released the following forecasts:

GROUP Year Ending

Mar 2011

Revenue Y4.00 bln

Operating Profit 430.00 mln

Pretax Profit 380.00 mln

Net Profit 330.00 mln

Per share

Earnings 25.75

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Net Sales	47.4	37.2	35.9	35.4	42.6
Revenue	47.4	37.2	35.9	35.4	42.6
Total Revenue	47.4	37.2	35.9	35.4	42.6
Cost of Revenue	30.7	27.2	28.3	24.8	35.1
Cost of Revenue, Total	30.7	27.2	28.3	24.8	35.1
Gross Profit	16.7	10.0	7.6	10.6	7.5
Selling/General/Administrative Expense	4.8	4.2	4.6	4.6	7.0
Labor & Related Expense	5.6	4.3	5.4	4.5	8.8
Advertising Expense	0.0	0.0	0.1	0.1	0.3
Total Selling/General/Administrative Expenses	10.4	8.5	10.0	9.2	16.1
Depreciation	0.1	0.1	0.1	0.0	0.4
Amortization of Acquisition Costs	-0.2	-0.2	-0.1	0.0	-
Depreciation/Amortization	-0.1	-0.1	0.0	0.0	0.4
Impairment-Assets Held for Use	0.0	0.0	0.0	0.4	0.6
Impairment-Assets Held for Sale	0.0	0.1	0.1	0.1	0.0
Other Unusual Expense (Income)	0.0	-0.8	0.6	-0.1	0.2
Unusual Expense (Income)	0.0	-0.7	0.7	0.3	0.8
Total Operating Expense	41.0	34.9	39.0	34.4	52.4
Operating Income	6.3	2.3	-3.1	1.0	-9.8
Interest Expense - Non-Operating	-0.6	-0.6	-0.6	-0.5	-0.7
Interest Expense, Net Non-Operating	-0.6	-0.6	-0.6	-0.5	-0.7
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	-0.2	0.0	0.3	0.0	0.8
Interest/Investment Income - Non-Operating	-0.2	0.0	0.3	0.0	0.9
Interest Income (Expense) - Net Non-Operating Total	-0.7	-0.6	-0.3	-0.5	0.1
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.1	3.8
Other Non-Operating Income (Expense)	-0.2	-0.1	-0.1	-0.2	-0.2
Other, Net	-0.2	-0.1	-0.1	-0.2	-0.2
Income Before Tax	5.4	1.6	-3.5	0.4	-6.0
Total Income Tax	0.8	0.3	0.1	0.3	-3.7
Income After Tax	4.6	1.3	-3.7	0.1	-2.4
Minority Interest	-0.1	-0.1	-0.1	-0.2	0.1
Net Income Before Extraord Items	4.5	1.2	-3.8	0.0	-2.3
Net Income	4.5	1.2	-3.8	0.0	-2.3
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	4.5	1.2	-3.8	0.0	-2.3
Income Available to Common Incl Extraord Items	4.5	1.2	-3.8	0.0	-2.3
Basic/Primary Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Basic EPS Excl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Basic/Primary EPS Incl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	4.5	1.2	-3.8	0.0	-2.3
Diluted Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Diluted EPS Excl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Diluted EPS Incl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.6	0.6	0.6	0.5	0.7
Depreciation, Supplemental	2.6	2.4	2.7	1.7	2.0
Total Special Items	-0.1	-0.8	0.7	0.4	-3.1
Normalized Income Before Tax	5.3	0.8	-2.8	0.8	-9.1
Effect of Special Items on Income Taxes	0.0	-0.1	0.2	0.1	-1.1
Inc Tax Ex Impact of Sp Items	0.8	0.1	0.4	0.4	-4.7
Normalized Income After Tax	4.5	0.6	-3.2	0.4	-4.3
Normalized Inc. Avail to Com.	4.5	0.5	-3.3	0.2	-4.2
Basic Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Diluted Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Amort of Acquisition Costs, Supplemental	-0.1	-0.1	0.0	0.1	0.0
Advertising Expense, Supplemental	0.0	0.0	0.1	0.1	0.3
Research & Development Exp, Supplemental	0.8	0.5	0.7	0.7	0.6
Reported Operating Profit	6.1	1.4	-1.3	1.5	-7.1
Reported Ordinary Profit	5.3	0.8	-2.0	0.8	-9.8
Normalized EBIT	6.3	1.6	-2.4	1.4	-9.0
Normalized EBITDA	8.8	3.9	0.4	3.2	-7.0
Interest Cost - Domestic	-	-	0.1	0.1	0.1
Service Cost - Domestic	0.5	0.5	0.5	0.4	0.5
Expected Return on Assets - Domestic	-	-	-0.1	-0.1	-0.1
Actuarial Gains and Losses - Domestic	-	-	0.1	0.0	0.0
Domestic Pension Plan Expense	0.5	0.5	0.6	0.4	0.5
Total Pension Expense	0.5	0.5	0.6	0.4	0.5
Discount Rate - Domestic	-	-	2.00%	2.00%	-
Expected Rate of Return - Domestic	-	-	2.00%	2.00%	-
Total Plan Interest Cost	-	-	0.1	0.1	0.1
Total Plan Service Cost	0.5	0.5	0.5	0.4	0.5
Total Plan Expected Return	-	-	-0.1	-0.1	-0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Cash & Equivalents	11.2	5.4	3.4	3.7	5.5
Cash and Short Term Investments	11.2	5.4	3.4	3.7	5.5
Accounts Receivable - Trade, Gross	12.5	10.3	9.6	10.5	10.8
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	0.0	0.0
Trade Accounts Receivable - Net	12.3	10.1	9.5	10.5	10.8
Total Receivables, Net	12.3	10.1	9.5	10.5	10.8
Inventories - Finished Goods	0.3	0.4	0.2	0.8	-
Inventories - Work In Progress	7.2	5.3	7.3	6.7	-
Inventories - Raw Materials	2.0	1.7	1.6	1.5	-
Total Inventory	9.6	7.4	9.1	9.0	7.9
Other Current Assets	1.5	1.0	1.4	1.3	1.7
Other Current Assets, Total	1.5	1.0	1.4	1.3	1.7
Total Current Assets	34.5	23.9	23.5	24.4	25.9
Buildings	24.0	21.4	20.6	20.4	15.1
Land/Improvements	8.7	7.7	7.3	7.3	6.9
Machinery/Equipment	24.4	20.8	19.4	19.0	14.1
Construction in Progress	0.1	0.0	0.1	0.0	0.1
Leases	1.4	1.4	1.4	0.0	-
Other Property/Plant/Equipment	3.7	3.0	2.9	3.1	2.7
Property/Plant/Equipment - Gross	62.4	54.4	51.8	49.7	39.0
Accumulated Depreciation	-38.8	-32.9	-29.6	-27.6	-22.4
Property/Plant/Equipment - Net	23.5	21.5	22.2	22.1	16.5
Goodwill, Net	0.1	0.2	0.3	0.5	0.5
Intangibles, Net	0.3	0.3	0.3	0.3	0.4
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	2.5
LT Investments - Other	1.7	1.5	1.3	2.2	2.3
Long Term Investments	1.7	1.5	1.4	2.2	4.8
Note Receivable - Long Term	0.0	0.0	0.0	0.1	0.0
Deferred Charges	0.2	0.4	0.5	0.6	0.0
Other Long Term Assets	1.1	1.3	0.9	2.1	1.6
Other Long Term Assets, Total	1.3	1.7	1.4	2.6	1.6
Total Assets	61.6	49.2	49.1	52.3	49.7
Accounts Payable	4.3	3.5	3.3	4.0	3.8
Accrued Expenses	0.9	0.2	0.7	0.7	0.6
Notes Payable/Short Term Debt	1.0	0.7	2.5	2.9	4.2
Current Portion - Long Term Debt/Capital Leases	2.8	3.1	16.9	2.0	0.5
Income Taxes Payable	0.9	0.3	0.1	0.1	0.4
Other Current Liabilities	1.9	1.0	1.2	1.6	3.3
Other Current liabilities, Total	2.8	1.3	1.3	1.8	3.7
Total Current Liabilities	11.7	8.8	24.8	11.4	12.8
Long Term Debt	19.7	18.1	3.8	16.5	15.7
Capital Lease Obligations	0.3	0.4	0.6	0.0	-
Total Long Term Debt	20.0	18.5	4.4	16.5	15.7
Total Debt	23.8	22.4	23.8	21.5	20.4
Deferred Income Tax - LT Liability	0.6	0.5	0.5	0.7	0.8
Deferred Income Tax	0.6	0.5	0.5	0.7	0.8
Minority Interest	0.1	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	3.2	2.8	2.5	2.4	2.1
Other Long Term Liabilities	0.5	0.7	1.0	0.5	0.6
Other Liabilities, Total	3.7	3.4	3.6	3.0	2.7
Total Liabilities	36.1	31.3	33.3	31.6	32.1
Common Stock	23.4	20.8	19.6	19.5	16.4
Common Stock	23.4	20.8	19.6	19.5	16.4
Additional Paid-In Capital	5.9	5.2	4.9	4.9	4.1
Retained Earnings (Accumulated Deficit)	0.8	-3.4	-4.4	-0.5	-0.5
Treasury Stock - Common	-2.9	-3.3	-3.2	-2.4	-2.2
Unrealized Gain (Loss)	-1.1	-1.0	-1.1	-0.7	-0.3
Translation Adjustment	-0.5	-0.3	-0.1	-0.2	-
Other Equity, Total	-0.5	-0.3	-0.1	-0.2	-
Total Equity	25.5	17.9	15.8	20.7	17.6
Total Liabilities & Shareholders’ Equity	61.6	49.2	49.1	52.3	49.7
Shares Outstanding - Common Stock Primary Issue	13.2	12.7	12.7	14.1	14.2
Total Common Shares Outstanding	13.2	12.7	12.7	14.1	14.2
Treasury Shares - Common Stock Primary Issue	2.2	2.8	2.7	1.3	1.3
Employees	282	222	238	230	206
Number of Common Shareholders	1,787	1,805	1,197	1,270	1,328
Total Long Term Debt, Supplemental	-	20.9	20.3	18.6	17.6
Long Term Debt Maturing within 1 Year	-	2.9	16.6	2.0	1.9
Long Term Debt Maturing in Year 2	-	2.1	1.1	15.9	1.8
Long Term Debt Maturing in Year 3	-	1.1	0.7	0.5	13.4
Long Term Debt Maturing in Year 4	-	14.7	0.6	0.2	0.4
Long Term Debt Maturing in Year 5	-	0.3	1.3	-	0.1
Long Term Debt Maturing in 2-3 Years	-	3.1	1.8	16.4	15.2
Long Term Debt Maturing in 4-5 Years	-	15.0	1.9	0.2	0.5
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	0.7	1.0	-	-
Capital Lease Payments Due in Year 1	-	0.3	0.3	-	-
Capital Lease Payments Due in Year 2	-	0.2	0.3	-	-
Capital Lease Payments Due in Year 3	-	0.1	0.2	-	-
Capital Lease Payments Due in Year 4	-	0.0	0.1	-	-
Capital Lease Payments Due in Year 5	-	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	-	0.4	0.5	-	-
Capital Lease Payments Due in 4-5 Years	-	0.0	0.1	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	-	-
Pension Obligation - Domestic	-	4.9	5.5	5.6	4.6
Plan Assets - Domestic	-	2.4	2.2	4.4	4.1
Funded Status - Domestic	-	-2.5	-3.3	-1.1	-0.5
Total Funded Status	-	-2.5	-3.3	-1.1	-0.5
Discount Rate - Domestic	-	-	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	-	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	-	-	0.9	0.7
Accrued Liabilities - Domestic	-	-2.5	-2.3	-1.7	-1.5
Other Assets, Net - Domestic	-	-	1.0	0.3	-0.3
Net Assets Recognized on Balance Sheet	-	-2.5	-1.3	-0.6	-1.2
Total Plan Obligations	-	4.9	5.5	5.6	4.6
Total Plan Assets	-	2.4	2.2	4.4	4.1

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Net Income/Starting Line	5.4	1.6	-3.5	0.4	-6.0
Depreciation	2.6	2.4	2.7	1.7	2.0
Depreciation/Depletion	2.6	2.4	2.7	1.7	2.0
Amortization of Acquisition Costs	-0.1	-0.1	0.0	0.1	0.0
Amortization	-0.1	-0.1	0.0	0.1	0.0
Unusual Items	0.0	0.1	-0.2	0.4	-8.1
Other Non-Cash Items	0.7	0.7	2.1	0.2	-2.2
Non-Cash Items	0.7	0.8	1.8	0.6	-10.2
Accounts Receivable	-1.0	0.2	0.7	1.9	4.5
Inventories	-1.2	2.3	0.0	0.3	8.0
Other Assets	0.3	-0.1	0.5	0.6	-0.6
Accounts Payable	0.6	-0.2	-0.6	-0.4	-4.0
Accrued Expenses	0.6	-0.6	0.0	0.0	-0.1
Taxes Payable	-0.1	0.2	0.0	0.1	-0.1
Other Liabilities	0.3	-0.2	-0.2	-2.1	0.8
Other Operating Cash Flow	-0.9	-0.7	-0.9	-1.1	-0.8
Changes in Working Capital	-1.4	0.8	-0.6	-0.8	7.8
Cash from Operating Activities	7.1	5.4	0.5	2.1	-6.5
Purchase of Fixed Assets	-1.2	-0.4	-1.4	-2.3	-1.5
Purchase/Acquisition of Intangibles	-0.1	-0.1	0.0	0.0	0.0
Capital Expenditures	-1.3	-0.4	-1.5	-2.3	-1.5
Sale of Fixed Assets	-	0.0	0.0	0.6	24.1
Sale/Maturity of Investment	1.1	0.0	0.8	0.9	1.8
Purchase of Investments	-0.7	-0.3	-0.5	-1.5	-2.3
Sale of Intangible Assets	-	-	0.0	0.2	-
Other Investing Cash Flow	0.1	0.0	0.0	-0.1	0.0
Other Investing Cash Flow Items, Total	0.5	-0.2	0.4	0.1	23.5
Cash from Investing Activities	-0.8	-0.7	-1.1	-2.2	22.0
Other Financing Cash Flow	-	0.0	0.0	0.0	0.0
Financing Cash Flow Items	-	0.0	0.0	0.0	0.0
Cash Dividends Paid - Common	-	0.0	0.0	0.0	0.0
Total Cash Dividends Paid	-	0.0	0.0	0.0	0.0
Sale/Issuance of Common	0.7	0.0	0.0	0.0	0.1
Repurchase/Retirement of Common	0.0	0.0	0.0	0.0	0.0
Common Stock, Net	0.7	0.0	0.0	0.0	0.1
Issuance (Retirement) of Stock, Net	0.7	0.0	0.0	0.0	0.1
Short Term Debt, Net	0.1	-1.9	-0.4	-0.4	-10.4
Long Term Debt Issued	1.6	17.2	3.8	0.0	16.0
Long Term Debt Reduction	-3.6	-18.4	-3.1	-2.0	-18.7
Long Term Debt, Net	-1.9	-1.2	0.7	-2.0	-2.7
Issuance (Retirement) of Debt, Net	-1.8	-3.2	0.3	-2.4	-13.1
Cash from Financing Activities	-1.1	-3.2	0.3	-2.4	-13.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	5.2	1.6	-0.3	-2.5	2.5
Net Cash - Beginning Balance	5.4	3.4	3.4	5.5	2.9
Net Cash - Ending Balance	10.6	5.0	3.1	3.0	5.4
Cash Interest Paid	0.6	0.6	0.6	0.5	0.7
Cash Taxes Paid	0.4	0.1	0.3	0.6	0.3

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Net sales	47.4	37.2	35.9	35.4	42.6
Total Revenue	47.4	37.2	35.9	35.4	42.6
Cost of Sales	30.7	27.2	27.2	24.7	33.3
Shipping	0.8	0.6	0.6	0.6	-
Advertising Cost	0.0	0.0	0.1	0.1	0.3
Payrolls and bonuses	4.4	3.4	3.9	3.6	-
Allowance bonus	0.2	0.1	0.4	0.2	-
Periodic retirement benefit costs	0.2	0.2	0.2	0.2	-
Allowance doubtful account	0.0	0.0	0.1	0.0	-
Welfare	0.7	0.5	0.7	0.6	-
Labor Cost	-	-	-	-	8.8
Depreciation	0.1	0.1	0.1	0.0	0.4
Other SGA	4.0	3.6	4.0	4.0	7.0
SP Reversal-reserve for bonus	0.0	-0.6	0.0	-	-
SP Reversal accrued retirement	0.0	-0.3	0.0	0.0	-0.5
SP G on reversal of directors' retire.	0.0	0.0	-	-	-
G.Prior Adjust.	-	-	0.0	-0.2	-
SP Write Off-Fixed	0.0	0.0	0.0	0.0	0.1
SP L on retire. of goods	-	-	-	0.1	-
SP L on retire. of inventories	-	0.0	1.1	-	-
SP Additional retirement	-	0.0	0.0	0.0	0.6
Loss/Reval/Inv. Sec.	0.0	0.0	0.1	0.1	-
SP Allow. doubt. accts.	-	0.0	0.4	0.0	-
SP Loss on valuation of investments in c	0.0	0.0	0.0	-	-
SP Office relocation fee	-	0.0	0.2	0.0	-
SP Head office transfer cost	0.0	0.1	0.0	-	-
Dir.'s Retire.Bonus	-	-	-	-	0.0
SP Impairment Loss	-	0.0	0.0	0.3	0.5
SP Loss prior profit adjustment	-	0.0	0.0	0.0	-
SP Other Special Loss	-	-	0.0	0.0	0.2
Loss/Reval/Derivative	-	-	-	-	0.0
NOP Retire product	-	-	-	0.0	0.6
NOP L. valuation product	-	-	-	0.0	0.3
NOP Impair inventory	-	-	0.0	0.0	1.0
NOP Amort. of negative goodwill	-0.2	-0.2	-0.1	0.0	-
Total Operating Expense	41.0	34.9	39.0	34.4	52.4
NOP Interest Income	0.0	0.0	0.0	0.0	0.0
NOP Dividend Income	0.0	0.0	0.0	0.0	0.0
NOP Corp. Housing Inc.	0.0	0.0	0.0	0.0	0.0
Exchange Gain	-	-	-	-	0.0
G. Sale Material	-	-	-	-	0.0
NOP Rev. of allowance for doubtful accou	0.0	0.0	-	-	-
NOP Other Non Op. Income	0.1	0.1	0.1	0.1	0.1
NOP Interest Expense	-0.6	-0.6	-0.6	-0.5	-0.7
NOP Syndicate loans' commissions	-0.2	-0.1	-0.1	0.0	-
NOP Exchange Loss	-0.2	0.0	-0.1	-0.1	-
NOP Other Non-Op. Exp.	-0.2	-0.1	-0.1	-0.3	-0.4
SP G. transfer hat business	-	-	-	-	0.1
SP G. Sale Fix Asset	-	0.0	0.0	0.2	7.8
SP Gain sale invest secs	0.0	0.0	0.3	0.0	0.8
SP G. liquidation in capital	0.0	0.0	-	-	-
SP G. liquidation apparel	-	-	0.0	0.0	-
SP Loss sale fixed asset	-	-	0.0	-0.1	0.0
SP L. liquidation apparel	-	-	-	0.0	-4.1
Net Income Before Taxes	5.4	1.6	-3.5	0.4	-6.0
Provision for Income Taxes	0.8	0.3	0.1	0.3	-3.7
Net Income After Taxes	4.6	1.3	-3.7	0.1	-2.4
Minority interest	-0.1	-0.1	-0.1	-0.2	0.1
Net Income Before Extra. Items	4.5	1.2	-3.8	0.0	-2.3
Net Income	4.5	1.2	-3.8	0.0	-2.3
Earning Adjust.	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	4.5	1.2	-3.8	0.0	-2.3
Income Available to Com Incl ExtraOrd	4.5	1.2	-3.8	0.0	-2.3
Basic Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Basic EPS Excluding ExtraOrdinary Items	0.35	0.09	-0.28	0.00	-0.16
Basic EPS Including ExtraOrdinary Item	0.35	0.09	-0.28	0.00	-0.16
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	4.5	1.2	-3.8	0.0	-2.3
Diluted Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Diluted EPS Excluding ExtraOrd Items	0.35	0.09	-0.28	0.00	-0.16
Diluted EPS Including ExtraOrd Items	0.35	0.09	-0.28	0.00	-0.16
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	5.3	0.8	-2.8	0.8	-9.1
Inc Tax Ex Impact of Sp Items	0.8	0.1	0.4	0.4	-4.7
Normalized Income After Taxes	4.5	0.6	-3.2	0.4	-4.3
Normalized Inc. Avail to Com.	4.5	0.5	-3.3	0.2	-4.2
Basic Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Diluted Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Advertising Expense	0.0	0.0	0.1	0.1	0.3
Research and Development(SGA&COGS)	0.8	0.5	0.7	0.7	0.6
Interest Expense	0.6	0.6	0.6	0.5	0.7
Depreciation	2.6	2.4	2.7	1.7	2.0
Amort of goodwill	0.1	0.1	0.0	0.1	0.0
Amort of negative goodwill	-0.2	-0.2	0.0	-	-
Reported operating profit	6.1	1.4	-1.3	1.5	-7.1
Reported ordinary profit	5.3	0.8	-2.0	0.8	-9.8
Service cost	0.5	0.5	0.5	0.4	0.5
Interest cost	-	-	0.1	0.1	0.1
Expected return on plan asset	-	-	-0.1	-0.1	-0.1
Actuarial G/L	-	-	0.1	0.0	0.0
Domestic Pension Plan Expense	0.5	0.5	0.6	0.4	0.5
Total Pension Expense	0.5	0.5	0.6	0.4	0.5
Discount Rate	-	-	2.00%	2.00%	-
Expected Rate of Return	-	-	2.00%	2.00%	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Cash&Deposit	11.2	5.4	3.4	3.7	5.5
Note&Acct. Rcvl.	12.5	10.3	9.6	10.5	10.8
Inventories	-	-	-	-	7.9
Merchandise/Finished goods	0.3	0.4	0.2	0.8	-
Work in process	7.2	5.3	7.3	6.7	-
Raw material/Supply inventories	2.0	1.7	1.6	1.5	-
Other Cur. Asset	1.5	1.0	1.4	1.3	1.7
Allow/Doubt.Act.	-0.1	-0.1	-0.1	0.0	0.0
Total Current Assets	34.5	23.9	23.5	24.4	25.9
Buildings & structures, Gross	24.0	21.4	20.6	20.4	15.1
Buildings & structures, Depreciation	-15.4	-13.1	-12.1	-11.3	-
Machinery&Vehic.	24.4	20.8	19.4	19.0	14.1
Machinery&Vehic. deprecation	-19.6	-16.6	-14.7	-13.8	-
Land	8.7	7.7	7.3	7.3	6.9
Lease assets, gross	1.4	1.4	1.4	0.0	-
Accum. depr - lease assets	-0.9	-0.7	-0.5	0.0	-
Constr. in Progr	0.1	0.0	0.1	0.0	0.1
Other PPE	3.7	3.0	2.9	3.1	2.7
Other PPE depreciation	-2.9	-2.4	-2.4	-2.5	-
Depreciation	-	-	-	-	-22.4
Patent	0.2	0.1	0.1	0.2	0.2
Consolidated Adjustment Accounts	0.1	0.2	0.3	0.5	0.5
Lease assets, Intangible	0.0	0.1	0.1	0.0	-
Other Intangible	0.1	0.1	0.1	0.1	0.1
Inv. Securities	1.7	1.5	1.3	2.2	2.3
LT Loans	0.0	0.0	0.0	0.1	0.0
Contribution in affiliate	0.0	0.0	0.0	0.0	2.5
Other Asset	1.5	1.7	1.2	2.1	1.6
Allow&Doubt.Act.	-0.4	-0.4	-0.4	0.0	0.0
Development stage expenses	0.2	0.3	0.4	0.6	-
Bond issue expenses	0.0	0.0	0.1	0.0	0.0
Total Assets	61.6	49.2	49.1	52.3	49.7
Note&Acct. Pay.	4.3	3.5	3.3	4.0	3.8
ST Borrowings	1.0	0.7	2.5	2.9	4.2
LT borrowings (current)	2.0	2.2	16.0	1.5	-
Current Portion of Corporation Bond	0.5	0.6	0.6	0.6	0.5
Current Lease obligation	0.3	0.3	0.3	0.0	-
Income Tax Pay.	0.9	0.3	0.1	0.1	0.4
Accrued Bonuses	0.9	0.2	0.7	0.7	0.6
Res/Loss/Unsold	-	-	-	0.0	0.2
Other Cur. Liab.	1.9	1.0	1.2	1.6	3.1
Total Current Liabilities	11.7	8.8	24.8	11.4	12.8
Corporation Bonds	1.7	2.0	2.5	0.8	1.1
LT Debt	17.9	16.1	1.2	15.8	14.6
Lease obligation	0.3	0.4	0.6	0.0	-
Total Long Term Debt	20.0	18.5	4.4	16.5	15.7
Dfrd. Tax Liab.	0.1	0.1	0.1	0.3	0.3
Reval.Dfrd.Tax	0.5	0.4	0.4	0.4	0.4
Res/Accr. Retir.	3.2	2.5	2.3	1.7	1.5
Res/Retire. Director	0.0	0.3	0.2	0.7	0.6
Negative Goodwill	0.5	0.6	0.8	0.0	-
Other Fix Liab.	0.0	0.0	0.3	0.5	0.6
Minority Int.	0.1	0.0	0.0	0.0	0.0
Total Liabilities	36.1	31.3	33.3	31.6	32.1
Common Stock	23.4	20.8	19.6	19.5	16.4
Paid in Capital	5.9	5.2	4.9	4.9	4.1
Retained Earning	0.8	-3.4	-4.4	-0.5	-0.5
Treas. Stock	-2.9	-3.3	-3.2	-2.4	-2.2
Unrlzd. Gain/Sec	-0.1	-0.1	-0.3	0.2	0.4
Val.Excess-Land	-1.1	-0.9	-0.9	-0.9	-0.7
Translation adjustment	-0.5	-0.3	-0.1	-0.2	-
Total Equity	25.5	17.9	15.8	20.7	17.6
Total Liabilities & Shareholders' Equity	61.6	49.2	49.1	52.3	49.7
S/O-Common Stock	13.2	12.7	12.7	14.1	14.2
Total Common Shares Outstanding	13.2	12.7	12.7	14.1	14.2
T/S-Common Stock	2.2	2.8	2.7	1.3	1.3
Full-Time Employees	282	222	238	230	206
Number of Common Shareholders	1,787	1,805	1,197	1,270	1,328
Long Term Debt Within 1 Year	-	2.9	16.6	2.0	1.9
Long Term Debt Within 2 Years	-	2.1	1.1	15.9	1.8
Long Term Debt Within 3 Years	-	1.1	0.7	0.5	13.4
Long Term Debt Within 4 Years	-	14.7	0.6	0.2	0.4
Long Term Debt Within 5 Years	-	0.3	1.3	-	0.1
Total Long Term Debt, Supplemental	-	20.9	20.3	18.6	17.6
Capital lease Within 1 Year	-	0.3	0.3	-	-
Capital lease Within 2 Years	-	0.2	0.3	-	-
Capital lease Within 3 Years	-	0.1	0.2	-	-
Capital lease Within 4 Years	-	0.0	0.1	-	-
Capital lease Within 5 Years	-	0.0	0.0	-	-
Total Capital Leases	-	0.7	1.0	-	-
Pension obligation	-	4.9	5.5	5.6	4.6
Fair value of plan asset	-	2.4	2.2	4.4	4.1
Funded status	-	-2.5	-3.3	-1.1	-0.5
Total Funded Status	-	-2.5	-3.3	-1.1	-0.5
Discount rate	-	-	2.00%	2.00%	2.00%
Expected rate of return	-	-	2.00%	2.00%	2.00%
Unrecog. actuarial G/L	-	-	1.0	0.3	-0.3
Prepaid pension	-	-	-	0.9	0.7
Accrued pension benefit	-	-2.5	-2.3	-1.7	-1.5
Net Assets Recognized on Balance Sheet	-	-2.5	-1.3	-0.6	-1.2

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Income Before Tax	5.4	1.6	-3.5	0.4	-6.0
Depreciation	2.6	2.4	2.7	1.7	2.0
Impairment of PPE	-	0.0	0.0	0.3	0.5
Amort. of goodwill	0.1	0.1	0.0	0.1	0.0
Amortization of negative goodwill	-0.2	-0.2	0.0	-	-
Res/Accr.Retire.Bnft	0.3	0.1	1.4	-0.1	-2.6
Res/Retire./Director	-0.3	0.0	-0.4	0.0	-0.1
Res/Loss/Unsold	-	-	0.0	-0.2	-0.2
Accrued Bonuses	0.6	-0.6	0.0	0.0	-0.1
Allow/Doubt Acct.	0.0	0.0	0.4	0.0	0.0
Amortization deferred asset	-	-	0.0	0.1	0.0
Int. & Div. Income	0.0	0.0	0.0	0.0	-0.1
Interest Expense	0.6	0.6	0.6	0.5	0.7
Exchange gain	0.1	0.0	0.0	0.0	-
Gain on liquidation of investments in ca	0.0	0.0	-	-	-
Loss on valuation of investments in capi	0.0	0.0	0.0	-	-
Gain/Sale/Inv. Sec.	0.0	0.0	-0.3	0.0	-0.8
Loss/Reval/Inv. Sec.	0.0	0.0	0.1	0.1	-
Write Off / PPE	0.0	0.0	0.0	0.0	0.1
G/L. Sale PPE	-	0.0	0.0	0.1	-7.8
G/L sale intangible asset	-	-	0.0	-0.1	-
Note&Acct. Rcvbl.	-1.0	0.2	0.7	1.9	4.5
Inventories	-1.2	2.3	0.0	0.3	8.0
Note&Acct. Pay.	0.6	-0.2	-0.6	-0.4	-4.0
Sales Tax Pay.	-0.1	0.2	0.0	0.1	-0.1
Loss on Revalue of Products	-	-	-	-	0.0
Other Cur. Asset	0.0	0.1	0.2	0.6	-0.4
Other Cur. Liab.	0.3	-0.2	-0.2	-1.9	0.9
Other Fixed Asset	0.3	-0.2	0.2	0.0	-0.2
Other Fix Liab.	0.0	0.0	0.0	-0.2	-0.1
Other	-	-	-	0.0	0.2
Int. & Div. Rcvd.	0.0	0.0	0.0	0.0	0.1
Interest Paid	-0.6	-0.6	-0.6	-0.5	-0.7
Tax Paid	-0.4	-0.1	-0.3	-0.6	-0.3
Newly Consolidated	-	-	0.0	0.0	-
Adjustment	0.0	0.0	-	-	0.0
Cash from Operating Activities	7.1	5.4	0.5	2.1	-6.5
Time Deposit Made	-0.6	-0.2	-0.3	-0.8	-0.3
Time Deposit Matured	-	0.0	0.3	0.8	0.6
Proceeds from withdrawal of time deposit	0.9	0.0	-	-	-
Loans Made	0.0	0.0	0.0	-0.1	-
Loans Collected	0.0	0.0	0.0	0.0	0.0
Purch. Inv. Sec.	0.0	0.0	0.0	0.0	0.0
Sale Inv. Sec.	0.2	0.0	0.5	0.1	1.2
Closely-held Inv'ts Made	-	-	0.0	-0.5	-2.0
Collection of investments in capital	0.0	0.0	-	-	-
Capital Expenditure	-1.2	-0.4	-1.4	-2.3	-1.5
Sale PPE	-	0.0	0.0	0.6	24.1
Payments for lease deposits	-0.3	0.0	-	-	-
Collection of lease deposits	0.4	0.0	-	-	-
Purch. Intangible	-0.1	-0.1	0.0	0.0	0.0
Sale Intangible	-	-	0.0	0.2	-
Purch. Other Asset	-0.1	-0.1	-0.1	-0.2	0.0
Cash from Investing Activities	-0.8	-0.7	-1.1	-2.2	22.0
ST Borrowings, Net	0.1	-1.9	-0.4	-0.4	-10.4
Proceeds LT Debt	1.6	17.2	1.4	0.0	14.7
Repayment LT Debt	-2.3	-17.1	-1.6	-1.5	-17.0
Issue of Corporation Bonds	-	0.0	2.4	0.0	1.3
Repayment of Corporation Bonds	-0.7	-0.6	-0.7	-0.5	-1.5
Installment for facility pay	-0.3	-0.3	-0.3	0.0	-0.2
Lease repay	-0.3	-0.3	-0.5	0.0	-
Sale Treas. Stock	0.7	0.0	0.0	0.0	0.1
Purch. Treas. Stock	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-	0.0	0.0	0.0	0.0
Minority Dividends	-	0.0	0.0	0.0	0.0
Cash from Financing Activities	-1.1	-3.2	0.3	-2.4	-13.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	5.2	1.6	-0.3	-2.5	2.5
Net Cash - Beginning Balance	5.4	3.4	3.4	5.5	2.9
Net Cash - Ending Balance	10.6	5.0	3.1	3.0	5.4
Cash Interest Paid	0.6	0.6	0.6	0.5	0.7
Cash Taxes Paid	0.4	0.1	0.3	0.6	0.3

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-Jun-2011	Quarter Ending Yr Ago	Annual Year End 31-Mar-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	12.9	-1.85%	47.4	17.41%	0.09%	-5.26%
Operating Income1	1.6	-11.54%	6.3	152.84%	67.71%	-
Income Available to Common Excl Extraord Items1	1.4	-1.57%	4.5	246.73%	-	-
Basic EPS Excl Extraord Items1	0.11	-6.24%	0.35	241.78%	-	-
Capital Expenditures2	1.3	162.19%	1.3	162.19%	-25.13%	-14.39%
Cash from Operating Activities2	7.1	20.85%	7.1	20.85%	37.18%	-
Free Cash Flow	6.1	8.27%	6.1	8.27%	-	-
Total Assets3	64.9	-	61.6	11.15%	-0.62%	-10.17%
Total Liabilities3	37.0	-	36.1	2.25%	-1.69%	-13.95%
Total Long Term Debt3	20.2	-	20.0	-4.27%	0.20%	1.55%
Employees3	-	-	282	27.03%	7.03%	2.28%
Total Common Shares Outstanding3	13.4	-	13.2	3.96%	-2.25%	-1.37%
1-ExchangeRate: JPY to USD Average for Period	81.605269	Â	85.691434	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	85.691434	Â	85.691434	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	80.760000	Â	82.880000	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Deferred Charges3	0.2	0.4	0.5	0.6	0.0
3-ExchangeRate: JPY to USD Period End Date	82.880000	93.440000	98.770000	99.535000	118.075000

Key Ratios
Â	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Profitability
Gross Margin	35.20%	26.76%	21.26%	29.83%	17.66%
Operating Margin	13.39%	6.22%	-8.59%	2.85%	-22.88%
Pretax Margin	11.36%	4.17%	-9.79%	1.15%	-14.10%
Net Profit Margin	9.56%	3.24%	-10.54%	-0.11%	-5.28%
Financial Strength
Current Ratio	2.94	2.71	0.95	2.14	2.02
Long Term Debt/Equity	0.78	1.03	0.28	0.80	0.89
Total Debt/Equity	0.93	1.25	1.51	1.04	1.16
Management Effectiveness
Return on Assets	8.14%	2.53%	-7.33%	0.26%	-3.77%
Return on Equity	20.49%	6.94%	-21.08%	-0.22%	-11.76%
Efficiency
Receivables Turnover	4.12	3.66	3.64	3.50	3.29
Inventory Turnover	3.55	3.19	3.17	3.11	2.93
Asset Turnover	0.84	0.73	0.72	0.73	0.68

Market Valuation USD (mil)
P/E (TTM)	3.45	.	Enterprise Value2	30.4
Price/Sales (TTM)	0.39	.	Enterprise Value/Revenue (TTM)	0.61
Price/Book (MRQ)	0.61	.	Enterprise Value/EBITDA (TTM)	3.32
Market Cap as of 26-Aug-20111	20.5	.
1-ExchangeRate: JPY to USD on 26-Aug-2011	76.855000
2-ExchangeRate: JPY to USD on 30-Jun-2011	80.760000

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Financial Strength
Current Ratio	2.94	2.71	0.95	2.14	2.02
Quick/Acid Test Ratio	2.00	1.77	0.52	1.24	1.27
Working Capital1	22.8	15.1	-1.3	13.0	13.1
Long Term Debt/Equity	0.78	1.03	0.28	0.80	0.89
Total Debt/Equity	0.93	1.25	1.51	1.04	1.16
Long Term Debt/Total Capital	0.40	0.46	0.11	0.39	0.41
Total Debt/Total Capital	0.48	0.56	0.60	0.51	0.54
Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	14.34%	17.16%	-	69.61%	-
Total Capital1	49.3	40.2	39.6	42.1	38.1
Efficiency
Asset Turnover	0.84	0.73	0.72	0.73	0.68
Inventory Turnover	3.55	3.19	3.17	3.11	2.93
Days In Inventory	102.73	114.46	115.17	117.27	124.37
Receivables Turnover	4.12	3.66	3.64	3.50	3.29
Days Receivables Outstanding	88.56	99.78	100.23	104.38	111.04
Revenue/Employee2	173,638	166,629	153,598	176,783	204,990
Operating Income/Employee2	23,250	10,361	-13,197	5,032	-46,902
EBITDA/Employee2	32,626	21,071	-1,515	13,618	-37,456
Profitability
Gross Margin	35.20%	26.76%	21.26%	29.83%	17.66%
Operating Margin	13.39%	6.22%	-8.59%	2.85%	-22.88%
EBITDA Margin	18.79%	12.65%	-0.99%	7.70%	-18.27%
EBIT Margin	13.39%	6.22%	-8.59%	2.85%	-22.88%
Pretax Margin	11.36%	4.17%	-9.79%	1.15%	-14.10%
Net Profit Margin	9.56%	3.24%	-10.54%	-0.11%	-5.28%
COGS/Revenue	64.80%	73.24%	78.74%	70.17%	82.34%
SG&A Expense/Revenue	22.02%	22.76%	27.82%	25.90%	37.79%
Management Effectiveness
Return on Assets	8.14%	2.53%	-7.33%	0.26%	-3.77%
Return on Equity	20.49%	6.94%	-21.08%	-0.22%	-11.76%
Valuation
Free Cash Flow/Share2	0.46	0.39	-0.08	-0.02	-0.56
Operating Cash Flow/Share 2	0.56	0.43	0.04	0.17	-0.45
1-ExchangeRate: JPY to USD Period End Date	82.88	93.44	98.77	99.535	118.075
2-ExchangeRate: JPY to USD Average for Period	82.88	93.44	98.77	99.535	118.075

Current Market Multiples
Market Cap/Earnings (TTM)	3.97
Market Cap/Equity (MRQ)	0.70
Market Cap/Revenue (TTM)	0.39
Market Cap/EBIT (TTM)	3.00
Market Cap/EBITDA (TTM)	2.13
Enterprise Value/Earnings (TTM)	6.19
Enterprise Value/Equity (MRQ)	1.09
Enterprise Value/Revenue (TTM)	0.61
Enterprise Value/EBIT (TTM)	4.67
Enterprise Value/EBITDA (TTM)	3.32

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Net Sales	47.4	37.2	35.9	35.4	42.6
Revenue	47.4	37.2	35.9	35.4	42.6
Total Revenue	47.4	37.2	35.9	35.4	42.6
Cost of Revenue	30.7	27.2	28.3	24.8	35.1
Cost of Revenue, Total	30.7	27.2	28.3	24.8	35.1
Gross Profit	16.7	10.0	7.6	10.6	7.5
Selling/General/Administrative Expense	4.8	4.2	4.6	4.6	7.0
Labor & Related Expense	5.6	4.3	5.4	4.5	8.8
Advertising Expense	0.0	0.0	0.1	0.1	0.3
Total Selling/General/Administrative Expenses	10.4	8.5	10.0	9.2	16.1
Depreciation	0.1	0.1	0.1	0.0	0.4
Amortization of Acquisition Costs	-0.2	-0.2	-0.1	0.0	-
Depreciation/Amortization	-0.1	-0.1	0.0	0.0	0.4
Impairment-Assets Held for Use	0.0	0.0	0.0	0.4	0.6
Impairment-Assets Held for Sale	0.0	0.1	0.1	0.1	0.0
Other Unusual Expense (Income)	0.0	-0.8	0.6	-0.1	0.2
Unusual Expense (Income)	0.0	-0.7	0.7	0.3	0.8
Total Operating Expense	41.0	34.9	39.0	34.4	52.4
Operating Income	6.3	2.3	-3.1	1.0	-9.8
Interest Expense - Non-Operating	-0.6	-0.6	-0.6	-0.5	-0.7
Interest Expense, Net Non-Operating	-0.6	-0.6	-0.6	-0.5	-0.7
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	-0.2	0.0	0.3	0.0	0.8
Interest/Investment Income - Non-Operating	-0.2	0.0	0.3	0.0	0.9
Interest Income (Expense) - Net Non-Operating Total	-0.7	-0.6	-0.3	-0.5	0.1
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.1	3.8
Other Non-Operating Income (Expense)	-0.2	-0.1	-0.1	-0.2	-0.2
Other, Net	-0.2	-0.1	-0.1	-0.2	-0.2
Income Before Tax	5.4	1.6	-3.5	0.4	-6.0
Total Income Tax	0.8	0.3	0.1	0.3	-3.7
Income After Tax	4.6	1.3	-3.7	0.1	-2.4
Minority Interest	-0.1	-0.1	-0.1	-0.2	0.1
Net Income Before Extraord Items	4.5	1.2	-3.8	0.0	-2.3
Net Income	4.5	1.2	-3.8	0.0	-2.3
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	4.5	1.2	-3.8	0.0	-2.3
Income Available to Common Incl Extraord Items	4.5	1.2	-3.8	0.0	-2.3
Basic/Primary Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Basic EPS Excl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Basic/Primary EPS Incl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	4.5	1.2	-3.8	0.0	-2.3
Diluted Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Diluted EPS Excl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Diluted EPS Incl Extraord Items	0.35	0.09	-0.28	0.00	-0.16
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.6	0.6	0.6	0.5	0.7
Depreciation, Supplemental	2.6	2.4	2.7	1.7	2.0
Total Special Items	-0.1	-0.8	0.7	0.4	-3.1
Normalized Income Before Tax	5.3	0.8	-2.8	0.8	-9.1
Effect of Special Items on Income Taxes	0.0	-0.1	0.2	0.1	-1.1
Inc Tax Ex Impact of Sp Items	0.8	0.1	0.4	0.4	-4.7
Normalized Income After Tax	4.5	0.6	-3.2	0.4	-4.3
Normalized Inc. Avail to Com.	4.5	0.5	-3.3	0.2	-4.2
Basic Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Diluted Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Amort of Acquisition Costs, Supplemental	-0.1	-0.1	0.0	0.1	0.0
Advertising Expense, Supplemental	0.0	0.0	0.1	0.1	0.3
Research & Development Exp, Supplemental	0.8	0.5	0.7	0.7	0.6
Reported Operating Profit	6.1	1.4	-1.3	1.5	-7.1
Reported Ordinary Profit	5.3	0.8	-2.0	0.8	-9.8
Normalized EBIT	6.3	1.6	-2.4	1.4	-9.0
Normalized EBITDA	8.8	3.9	0.4	3.2	-7.0
Interest Cost - Domestic	-	-	0.1	0.1	0.1
Service Cost - Domestic	0.5	0.5	0.5	0.4	0.5
Expected Return on Assets - Domestic	-	-	-0.1	-0.1	-0.1
Actuarial Gains and Losses - Domestic	-	-	0.1	0.0	0.0
Domestic Pension Plan Expense	0.5	0.5	0.6	0.4	0.5
Total Pension Expense	0.5	0.5	0.6	0.4	0.5
Discount Rate - Domestic	-	-	2.00%	2.00%	-
Expected Rate of Return - Domestic	-	-	2.00%	2.00%	-
Total Plan Interest Cost	-	-	0.1	0.1	0.1
Total Plan Service Cost	0.5	0.5	0.5	0.4	0.5
Total Plan Expected Return	-	-	-0.1	-0.1	-0.1

Interim Income Statement

Standardized

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	3 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	92.080323
Net Sales	12.9	12.5	11.9	11.4	11.6
Revenue	12.9	12.5	11.9	11.4	11.6
Total Revenue	12.9	12.5	11.9	11.4	11.6
Cost of Revenue	8.4	8.2	7.7	7.3	7.5
Cost of Revenue, Total	8.4	8.2	7.7	7.3	7.5
Gross Profit	4.5	4.3	4.2	4.1	4.1
Selling/General/Administrative Expense	2.8	1.0	1.0	1.0	1.1
Labor & Related Expense	-	1.6	1.5	1.3	1.3
Total Selling/General/Administrative Expenses	2.8	2.6	2.5	2.3	2.3
Research & Development	-	0.2	0.2	0.2	0.2
Amortization of Acquisition Costs	-0.1	-0.1	-0.1	-0.1	0.0
Depreciation/Amortization	-0.1	-0.1	-0.1	-0.1	0.0
Impairment-Assets Held for Use	0.1	0.0	0.0	-	0.0
Impairment-Assets Held for Sale	-	0.0	0.0	0.0	-
Other Unusual Expense (Income)	-	0.0	-	0.0	0.0
Unusual Expense (Income)	0.1	0.0	0.0	0.0	0.0
Total Operating Expense	11.2	11.0	10.4	9.7	10.0
Operating Income	1.6	1.5	1.5	1.7	1.6
Interest Expense - Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	0.0	0.1	0.0	-0.1	-0.1
Interest/Investment Income - Non-Operating	0.0	0.1	0.0	-0.1	-0.1
Interest Income (Expense) - Net Non-Operating Total	-0.2	0.0	-0.2	-0.2	-0.3
Other Non-Operating Income (Expense)	0.0	-0.2	0.0	0.0	0.0
Other, Net	0.0	-0.2	0.0	0.0	0.0
Income Before Tax	1.5	1.3	1.3	1.4	1.3
Total Income Tax	0.1	0.4	0.1	0.2	0.0
Income After Tax	1.5	0.9	1.1	1.2	1.3
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	1.4	0.9	1.1	1.2	1.3
Net Income	1.4	0.9	1.1	1.2	1.3
Miscellaneous Earnings Adjustment	0.0	-	-	-	0.0
Total Adjustments to Net Income	0.0	-	-	-	0.0
Income Available to Common Excl Extraord Items	1.4	0.9	1.1	1.2	1.3
Income Available to Common Incl Extraord Items	1.4	0.9	1.1	1.2	1.3
Basic/Primary Weighted Average Shares	13.4	13.2	12.9	12.8	12.7
Basic EPS Excl Extraord Items	0.11	0.07	0.09	0.09	0.10
Basic/Primary EPS Incl Extraord Items	0.11	0.07	0.09	0.09	0.10
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.4	0.9	1.1	1.2	1.3
Diluted Weighted Average Shares	13.4	13.2	12.9	12.8	12.7
Diluted EPS Excl Extraord Items	0.11	0.07	0.09	0.09	0.10
Diluted EPS Incl Extraord Items	0.11	0.07	0.09	0.09	0.10
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.1	0.1	0.1	0.1	0.1
Depreciation, Supplemental	0.6	0.8	0.6	0.6	0.5
Total Special Items	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Tax	1.6	1.3	1.3	1.4	1.3
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	0.1	0.4	0.1	0.2	0.0
Normalized Income After Tax	1.5	0.9	1.1	1.2	1.3
Normalized Inc. Avail to Com.	1.5	0.9	1.1	1.2	1.3
Basic Normalized EPS	0.11	0.07	0.08	0.09	0.10
Diluted Normalized EPS	0.11	0.07	0.08	0.09	0.10
Amort of Acquisition Costs, Supplemental	0.0	0.0	0.0	0.0	0.0
Rental Expenses	-	-	0.1	0.1	0.2
Research & Development Exp, Supplemental	-	0.2	0.2	0.2	0.2
Reported Operating Profit	1.6	1.4	1.5	1.6	1.6
Reported Ordinary Profit	1.6	1.3	1.3	1.4	1.3
Normalized EBIT	1.7	1.5	1.5	1.7	1.6
Normalized EBITDA	2.3	2.3	2.1	2.2	2.1

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Cash & Equivalents	11.2	5.4	3.4	3.7	5.5
Cash and Short Term Investments	11.2	5.4	3.4	3.7	5.5
Accounts Receivable - Trade, Gross	12.5	10.3	9.6	10.5	10.8
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	0.0	0.0
Trade Accounts Receivable - Net	12.3	10.1	9.5	10.5	10.8
Total Receivables, Net	12.3	10.1	9.5	10.5	10.8
Inventories - Finished Goods	0.3	0.4	0.2	0.8	-
Inventories - Work In Progress	7.2	5.3	7.3	6.7	-
Inventories - Raw Materials	2.0	1.7	1.6	1.5	-
Total Inventory	9.6	7.4	9.1	9.0	7.9
Other Current Assets	1.5	1.0	1.4	1.3	1.7
Other Current Assets, Total	1.5	1.0	1.4	1.3	1.7
Total Current Assets	34.5	23.9	23.5	24.4	25.9
Buildings	24.0	21.4	20.6	20.4	15.1
Land/Improvements	8.7	7.7	7.3	7.3	6.9
Machinery/Equipment	24.4	20.8	19.4	19.0	14.1
Construction in Progress	0.1	0.0	0.1	0.0	0.1
Leases	1.4	1.4	1.4	0.0	-
Other Property/Plant/Equipment	3.7	3.0	2.9	3.1	2.7
Property/Plant/Equipment - Gross	62.4	54.4	51.8	49.7	39.0
Accumulated Depreciation	-38.8	-32.9	-29.6	-27.6	-22.4
Property/Plant/Equipment - Net	23.5	21.5	22.2	22.1	16.5
Goodwill, Net	0.1	0.2	0.3	0.5	0.5
Intangibles, Net	0.3	0.3	0.3	0.3	0.4
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	2.5
LT Investments - Other	1.7	1.5	1.3	2.2	2.3
Long Term Investments	1.7	1.5	1.4	2.2	4.8
Note Receivable - Long Term	0.0	0.0	0.0	0.1	0.0
Deferred Charges	0.2	0.4	0.5	0.6	0.0
Other Long Term Assets	1.1	1.3	0.9	2.1	1.6
Other Long Term Assets, Total	1.3	1.7	1.4	2.6	1.6
Total Assets	61.6	49.2	49.1	52.3	49.7
Accounts Payable	4.3	3.5	3.3	4.0	3.8
Accrued Expenses	0.9	0.2	0.7	0.7	0.6
Notes Payable/Short Term Debt	1.0	0.7	2.5	2.9	4.2
Current Portion - Long Term Debt/Capital Leases	2.8	3.1	16.9	2.0	0.5
Income Taxes Payable	0.9	0.3	0.1	0.1	0.4
Other Current Liabilities	1.9	1.0	1.2	1.6	3.3
Other Current liabilities, Total	2.8	1.3	1.3	1.8	3.7
Total Current Liabilities	11.7	8.8	24.8	11.4	12.8
Long Term Debt	19.7	18.1	3.8	16.5	15.7
Capital Lease Obligations	0.3	0.4	0.6	0.0	-
Total Long Term Debt	20.0	18.5	4.4	16.5	15.7
Total Debt	23.8	22.4	23.8	21.5	20.4
Deferred Income Tax - LT Liability	0.6	0.5	0.5	0.7	0.8
Deferred Income Tax	0.6	0.5	0.5	0.7	0.8
Minority Interest	0.1	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	3.2	2.8	2.5	2.4	2.1
Other Long Term Liabilities	0.5	0.7	1.0	0.5	0.6
Other Liabilities, Total	3.7	3.4	3.6	3.0	2.7
Total Liabilities	36.1	31.3	33.3	31.6	32.1
Common Stock	23.4	20.8	19.6	19.5	16.4
Common Stock	23.4	20.8	19.6	19.5	16.4
Additional Paid-In Capital	5.9	5.2	4.9	4.9	4.1
Retained Earnings (Accumulated Deficit)	0.8	-3.4	-4.4	-0.5	-0.5
Treasury Stock - Common	-2.9	-3.3	-3.2	-2.4	-2.2
Unrealized Gain (Loss)	-1.1	-1.0	-1.1	-0.7	-0.3
Translation Adjustment	-0.5	-0.3	-0.1	-0.2	-
Other Equity, Total	-0.5	-0.3	-0.1	-0.2	-
Total Equity	25.5	17.9	15.8	20.7	17.6
Total Liabilities & Shareholders’ Equity	61.6	49.2	49.1	52.3	49.7
Shares Outstanding - Common Stock Primary Issue	13.2	12.7	12.7	14.1	14.2
Total Common Shares Outstanding	13.2	12.7	12.7	14.1	14.2
Treasury Shares - Common Stock Primary Issue	2.2	2.8	2.7	1.3	1.3
Employees	282	222	238	230	206
Number of Common Shareholders	1,787	1,805	1,197	1,270	1,328
Total Long Term Debt, Supplemental	-	20.9	20.3	18.6	17.6
Long Term Debt Maturing within 1 Year	-	2.9	16.6	2.0	1.9
Long Term Debt Maturing in Year 2	-	2.1	1.1	15.9	1.8
Long Term Debt Maturing in Year 3	-	1.1	0.7	0.5	13.4
Long Term Debt Maturing in Year 4	-	14.7	0.6	0.2	0.4
Long Term Debt Maturing in Year 5	-	0.3	1.3	-	0.1
Long Term Debt Maturing in 2-3 Years	-	3.1	1.8	16.4	15.2
Long Term Debt Maturing in 4-5 Years	-	15.0	1.9	0.2	0.5
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	0.7	1.0	-	-
Capital Lease Payments Due in Year 1	-	0.3	0.3	-	-
Capital Lease Payments Due in Year 2	-	0.2	0.3	-	-
Capital Lease Payments Due in Year 3	-	0.1	0.2	-	-
Capital Lease Payments Due in Year 4	-	0.0	0.1	-	-
Capital Lease Payments Due in Year 5	-	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	-	0.4	0.5	-	-
Capital Lease Payments Due in 4-5 Years	-	0.0	0.1	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	-	-
Pension Obligation - Domestic	-	4.9	5.5	5.6	4.6
Plan Assets - Domestic	-	2.4	2.2	4.4	4.1
Funded Status - Domestic	-	-2.5	-3.3	-1.1	-0.5
Total Funded Status	-	-2.5	-3.3	-1.1	-0.5
Discount Rate - Domestic	-	-	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	-	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	-	-	0.9	0.7
Accrued Liabilities - Domestic	-	-2.5	-2.3	-1.7	-1.5
Other Assets, Net - Domestic	-	-	1.0	0.3	-0.3
Net Assets Recognized on Balance Sheet	-	-2.5	-1.3	-0.6	-1.2
Total Plan Obligations	-	4.9	5.5	5.6	4.6
Total Plan Assets	-	2.4	2.2	4.4	4.1

Interim Balance Sheet

Standardized

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 & Equivalents	13.2	11.2	10.1	7.9	6.6
Cash and Short Term Investments	13.2	11.2	10.1	7.9	6.6
Accounts Receivable - Trade, Gross	12.6	12.5	12.6	11.9	12.1
Provision for Doubtful Accounts	-0.1	-0.1	-0.2	-0.1	-0.1
Trade Accounts Receivable - Net	12.6	12.3	12.5	11.7	12.0
Total Receivables, Net	12.6	12.3	12.5	11.7	12.0
Inventories - Finished Goods	0.5	0.3	0.3	0.3	0.3
Inventories - Work In Progress	8.1	7.2	7.4	6.4	5.7
Inventories - Raw Materials	1.9	2.0	2.1	2.0	1.8
Total Inventory	10.5	9.6	9.9	8.7	7.7
Other Current Assets	1.1	1.5	1.4	1.3	1.0
Other Current Assets, Total	1.1	1.5	1.4	1.3	1.0
Total Current Assets	37.3	34.5	33.9	29.5	27.3
Buildings	24.1	24.0	24.5	23.8	22.5
Land/Improvements	8.9	8.7	8.9	8.6	8.2
Machinery/Equipment	25.1	24.4	24.2	23.6	22.1
Construction in Progress	0.3	0.1	0.4	0.1	0.1
Leases	1.4	1.4	1.4	1.4	1.3
Other Property/Plant/Equipment	3.9	3.7	3.7	3.5	3.2
Property/Plant/Equipment - Gross	63.8	62.4	63.0	60.9	57.5
Accumulated Depreciation	-39.7	-38.8	-39.0	-37.6	-35.1
Property/Plant/Equipment - Net	24.1	23.5	24.0	23.3	22.4
Goodwill, Net	0.1	0.1	0.2	0.2	0.2
Intangibles, Net	0.3	0.3	0.3	0.3	0.3
LT Investments - Other	1.8	1.7	1.8	1.7	1.6
Long Term Investments	1.8	1.7	1.8	1.7	1.6
Note Receivable - Long Term	0.0	0.0	0.0	0.0	0.0
Deferred Charges	0.2	0.2	0.3	0.3	0.3
Other Long Term Assets	1.1	1.1	1.1	1.1	1.5
Other Long Term Assets, Total	1.3	1.3	1.4	1.4	1.8
Total Assets	64.9	61.6	61.5	56.5	53.6
Accounts Payable	4.7	4.3	4.1	3.8	3.7
Accrued Expenses	0.5	0.9	0.4	0.7	0.3
Notes Payable/Short Term Debt	1.2	1.0	1.0	0.8	1.0
Current Portion - Long Term Debt/Capital Leases	2.5	2.8	3.5	3.4	3.3
Income Taxes Payable	0.1	0.9	0.3	0.3	0.1
Other Current Liabilities	3.3	1.9	2.2	1.4	2.1
Other Current liabilities, Total	3.4	2.8	2.5	1.7	2.1
Total Current Liabilities	12.3	11.7	11.5	10.4	10.3
Long Term Debt	20.0	19.7	20.6	18.9	18.6
Capital Lease Obligations	0.2	0.3	0.3	0.3	0.4
Total Long Term Debt	20.2	20.0	20.9	19.3	19.0
Total Debt	23.9	23.8	25.4	23.5	23.2
Deferred Income Tax - LT Liability	0.6	0.6	0.6	0.6	0.6
Deferred Income Tax	0.6	0.6	0.6	0.6	0.6
Minority Interest	0.2	0.1	0.1	0.0	0.0
Pension Benefits - Underfunded	3.3	3.2	3.1	2.9	3.0
Other Long Term Liabilities	0.5	0.5	0.6	0.6	0.6
Other Liabilities, Total	3.8	3.7	3.7	3.5	3.6
Total Liabilities	37.0	36.1	36.8	33.9	33.5
Common Stock	24.0	23.4	23.9	23.2	21.9
Common Stock	24.0	23.4	23.9	23.2	21.9
Additional Paid-In Capital	6.1	5.9	6.0	5.8	5.5
Retained Earnings (Accumulated Deficit)	2.3	0.8	-0.1	-1.2	-2.3
Treasury Stock - Common	-2.8	-2.9	-3.3	-3.5	-3.4
Unrealized Gain (Loss)	-1.1	-1.1	-1.2	-1.2	-1.1
Translation Adjustment	-0.6	-0.5	-0.6	-0.6	-0.4
Other Equity, Total	-0.6	-0.5	-0.6	-0.6	-0.4
Total Equity	27.9	25.5	24.7	22.7	20.1
Total Liabilities & Shareholders’ Equity	64.9	61.6	61.5	56.5	53.6
Shares Outstanding - Common Stock Primary Issue	13.4	13.2	13.0	12.8	12.7
Total Common Shares Outstanding	13.4	13.2	13.0	12.8	12.7
Treasury Shares - Common Stock Primary Issue	2.0	2.2	2.4	2.6	2.7
Employees	-	282	283	261	253

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Net Income/Starting Line	5.4	1.6	-3.5	0.4	-6.0
Depreciation	2.6	2.4	2.7	1.7	2.0
Depreciation/Depletion	2.6	2.4	2.7	1.7	2.0
Amortization of Acquisition Costs	-0.1	-0.1	0.0	0.1	0.0
Amortization	-0.1	-0.1	0.0	0.1	0.0
Unusual Items	0.0	0.1	-0.2	0.4	-8.1
Other Non-Cash Items	0.7	0.7	2.1	0.2	-2.2
Non-Cash Items	0.7	0.8	1.8	0.6	-10.2
Accounts Receivable	-1.0	0.2	0.7	1.9	4.5
Inventories	-1.2	2.3	0.0	0.3	8.0
Other Assets	0.3	-0.1	0.5	0.6	-0.6
Accounts Payable	0.6	-0.2	-0.6	-0.4	-4.0
Accrued Expenses	0.6	-0.6	0.0	0.0	-0.1
Taxes Payable	-0.1	0.2	0.0	0.1	-0.1
Other Liabilities	0.3	-0.2	-0.2	-2.1	0.8
Other Operating Cash Flow	-0.9	-0.7	-0.9	-1.1	-0.8
Changes in Working Capital	-1.4	0.8	-0.6	-0.8	7.8
Cash from Operating Activities	7.1	5.4	0.5	2.1	-6.5
Purchase of Fixed Assets	-1.2	-0.4	-1.4	-2.3	-1.5
Purchase/Acquisition of Intangibles	-0.1	-0.1	0.0	0.0	0.0
Capital Expenditures	-1.3	-0.4	-1.5	-2.3	-1.5
Sale of Fixed Assets	-	0.0	0.0	0.6	24.1
Sale/Maturity of Investment	1.1	0.0	0.8	0.9	1.8
Purchase of Investments	-0.7	-0.3	-0.5	-1.5	-2.3
Sale of Intangible Assets	-	-	0.0	0.2	-
Other Investing Cash Flow	0.1	0.0	0.0	-0.1	0.0
Other Investing Cash Flow Items, Total	0.5	-0.2	0.4	0.1	23.5
Cash from Investing Activities	-0.8	-0.7	-1.1	-2.2	22.0
Other Financing Cash Flow	-	0.0	0.0	0.0	0.0
Financing Cash Flow Items	-	0.0	0.0	0.0	0.0
Cash Dividends Paid - Common	-	0.0	0.0	0.0	0.0
Total Cash Dividends Paid	-	0.0	0.0	0.0	0.0
Sale/Issuance of Common	0.7	0.0	0.0	0.0	0.1
Repurchase/Retirement of Common	0.0	0.0	0.0	0.0	0.0
Common Stock, Net	0.7	0.0	0.0	0.0	0.1
Issuance (Retirement) of Stock, Net	0.7	0.0	0.0	0.0	0.1
Short Term Debt, Net	0.1	-1.9	-0.4	-0.4	-10.4
Long Term Debt Issued	1.6	17.2	3.8	0.0	16.0
Long Term Debt Reduction	-3.6	-18.4	-3.1	-2.0	-18.7
Long Term Debt, Net	-1.9	-1.2	0.7	-2.0	-2.7
Issuance (Retirement) of Debt, Net	-1.8	-3.2	0.3	-2.4	-13.1
Cash from Financing Activities	-1.1	-3.2	0.3	-2.4	-13.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	5.2	1.6	-0.3	-2.5	2.5
Net Cash - Beginning Balance	5.4	3.4	3.4	5.5	2.9
Net Cash - Ending Balance	10.6	5.0	3.1	3.0	5.4
Cash Interest Paid	0.6	0.6	0.6	0.5	0.7
Cash Taxes Paid	0.4	0.1	0.3	0.6	0.3

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	86.812446	88.962162	92.080323	92.941082
Net Income/Starting Line	5.4	4.1	2.8	1.3	1.6
Depreciation	2.6	1.7	1.1	0.5	2.4
Depreciation/Depletion	2.6	1.7	1.1	0.5	2.4
Amortization of Acquisition Costs	-0.1	-0.1	0.0	0.0	-0.1
Amortization	-0.1	-0.1	0.0	0.0	-0.1
Unusual Items	0.0	0.0	0.0	0.0	0.1
Other Non-Cash Items	0.7	0.6	0.2	0.2	0.7
Non-Cash Items	0.7	0.6	0.2	0.2	0.8
Accounts Receivable	-1.0	-1.0	-0.7	-1.4	0.2
Inventories	-1.2	-1.3	-0.4	0.0	2.3
Other Assets	0.3	0.3	0.2	0.2	-0.1
Accounts Payable	0.6	0.2	0.1	0.8	-0.2
Accrued Expenses	0.6	0.2	0.4	0.1	-0.6
Taxes Payable	-0.1	0.1	0.2	0.4	0.2
Other Liabilities	0.3	0.6	0.1	0.0	-0.2
Other Operating Cash Flow	-0.9	-0.8	-0.5	-0.4	-0.7
Changes in Working Capital	-1.4	-1.7	-0.6	-0.3	0.8
Cash from Operating Activities	7.1	4.7	3.5	1.8	5.4
Purchase of Fixed Assets	-1.2	-0.9	-0.4	-0.1	-0.4
Purchase/Acquisition of Intangibles	-0.1	-0.1	0.0	0.0	-0.1
Capital Expenditures	-1.3	-0.9	-0.4	-0.1	-0.4
Sale of Fixed Assets	-	-	-	-	0.0
Sale/Maturity of Investment	1.1	0.8	0.8	0.0	0.0
Investment, Net	-0.1	0.0	0.0	0.0	-0.1
Purchase of Investments	-0.6	-0.5	-0.3	-0.2	-0.2
Other Investing Cash Flow	0.1	0.1	0.1	-0.3	0.0
Other Investing Cash Flow Items, Total	0.5	0.4	0.5	-0.4	-0.2
Cash from Investing Activities	-0.8	-0.5	0.1	-0.6	-0.7
Other Financing Cash Flow	-	-	-	-	0.0
Financing Cash Flow Items	-	-	-	-	0.0
Cash Dividends Paid - Common	-	-	-	-	0.0
Total Cash Dividends Paid	-	-	-	-	0.0
Sale/Issuance of Common	0.7	0.3	0.1	0.0	0.0
Repurchase/Retirement of Common	0.0	0.0	0.0	0.0	0.0
Common Stock, Net	0.7	0.3	0.1	0.0	0.0
Issuance (Retirement) of Stock, Net	0.7	0.3	0.1	0.0	0.0
Short Term Debt, Net	0.1	0.2	0.0	0.2	-1.9
Long Term Debt Issued	1.6	1.6	0.2	-	17.2
Long Term Debt Reduction	-3.6	-2.4	-1.8	-0.7	-18.4
Long Term Debt, Net	-1.9	-0.8	-1.6	-0.7	-1.2
Issuance (Retirement) of Debt, Net	-1.8	-0.6	-1.6	-0.5	-3.2
Cash from Financing Activities	-1.1	-0.3	-1.5	-0.5	-3.2
Foreign Exchange Effects	0.0	-0.1	0.0	0.0	0.0
Net Change in Cash	5.2	3.8	2.1	0.7	1.6
Net Cash - Beginning Balance	5.4	5.3	5.2	5.0	3.4
Net Cash - Ending Balance	10.6	9.1	7.3	5.7	5.0
Cash Interest Paid	0.6	0.4	0.3	0.1	0.6
Cash Taxes Paid	0.4	0.4	0.2	0.2	0.1

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Net sales	47.4	37.2	35.9	35.4	42.6
Total Revenue	47.4	37.2	35.9	35.4	42.6
Cost of Sales	30.7	27.2	27.2	24.7	33.3
Shipping	0.8	0.6	0.6	0.6	-
Advertising Cost	0.0	0.0	0.1	0.1	0.3
Payrolls and bonuses	4.4	3.4	3.9	3.6	-
Allowance bonus	0.2	0.1	0.4	0.2	-
Periodic retirement benefit costs	0.2	0.2	0.2	0.2	-
Allowance doubtful account	0.0	0.0	0.1	0.0	-
Welfare	0.7	0.5	0.7	0.6	-
Labor Cost	-	-	-	-	8.8
Depreciation	0.1	0.1	0.1	0.0	0.4
Other SGA	4.0	3.6	4.0	4.0	7.0
SP Reversal-reserve for bonus	0.0	-0.6	0.0	-	-
SP Reversal accrued retirement	0.0	-0.3	0.0	0.0	-0.5
SP G on reversal of directors' retire.	0.0	0.0	-	-	-
G.Prior Adjust.	-	-	0.0	-0.2	-
SP Write Off-Fixed	0.0	0.0	0.0	0.0	0.1
SP L on retire. of goods	-	-	-	0.1	-
SP L on retire. of inventories	-	0.0	1.1	-	-
SP Additional retirement	-	0.0	0.0	0.0	0.6
Loss/Reval/Inv. Sec.	0.0	0.0	0.1	0.1	-
SP Allow. doubt. accts.	-	0.0	0.4	0.0	-
SP Loss on valuation of investments in c	0.0	0.0	0.0	-	-
SP Office relocation fee	-	0.0	0.2	0.0	-
SP Head office transfer cost	0.0	0.1	0.0	-	-
Dir.'s Retire.Bonus	-	-	-	-	0.0
SP Impairment Loss	-	0.0	0.0	0.3	0.5
SP Loss prior profit adjustment	-	0.0	0.0	0.0	-
SP Other Special Loss	-	-	0.0	0.0	0.2
Loss/Reval/Derivative	-	-	-	-	0.0
NOP Retire product	-	-	-	0.0	0.6
NOP L. valuation product	-	-	-	0.0	0.3
NOP Impair inventory	-	-	0.0	0.0	1.0
NOP Amort. of negative goodwill	-0.2	-0.2	-0.1	0.0	-
Total Operating Expense	41.0	34.9	39.0	34.4	52.4
NOP Interest Income	0.0	0.0	0.0	0.0	0.0
NOP Dividend Income	0.0	0.0	0.0	0.0	0.0
NOP Corp. Housing Inc.	0.0	0.0	0.0	0.0	0.0
Exchange Gain	-	-	-	-	0.0
G. Sale Material	-	-	-	-	0.0
NOP Rev. of allowance for doubtful accou	0.0	0.0	-	-	-
NOP Other Non Op. Income	0.1	0.1	0.1	0.1	0.1
NOP Interest Expense	-0.6	-0.6	-0.6	-0.5	-0.7
NOP Syndicate loans' commissions	-0.2	-0.1	-0.1	0.0	-
NOP Exchange Loss	-0.2	0.0	-0.1	-0.1	-
NOP Other Non-Op. Exp.	-0.2	-0.1	-0.1	-0.3	-0.4
SP G. transfer hat business	-	-	-	-	0.1
SP G. Sale Fix Asset	-	0.0	0.0	0.2	7.8
SP Gain sale invest secs	0.0	0.0	0.3	0.0	0.8
SP G. liquidation in capital	0.0	0.0	-	-	-
SP G. liquidation apparel	-	-	0.0	0.0	-
SP Loss sale fixed asset	-	-	0.0	-0.1	0.0
SP L. liquidation apparel	-	-	-	0.0	-4.1
Net Income Before Taxes	5.4	1.6	-3.5	0.4	-6.0
Provision for Income Taxes	0.8	0.3	0.1	0.3	-3.7
Net Income After Taxes	4.6	1.3	-3.7	0.1	-2.4
Minority interest	-0.1	-0.1	-0.1	-0.2	0.1
Net Income Before Extra. Items	4.5	1.2	-3.8	0.0	-2.3
Net Income	4.5	1.2	-3.8	0.0	-2.3
Earning Adjust.	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	4.5	1.2	-3.8	0.0	-2.3
Income Available to Com Incl ExtraOrd	4.5	1.2	-3.8	0.0	-2.3
Basic Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Basic EPS Excluding ExtraOrdinary Items	0.35	0.09	-0.28	0.00	-0.16
Basic EPS Including ExtraOrdinary Item	0.35	0.09	-0.28	0.00	-0.16
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	4.5	1.2	-3.8	0.0	-2.3
Diluted Weighted Average Shares	12.9	12.7	13.3	14.2	14.2
Diluted EPS Excluding ExtraOrd Items	0.35	0.09	-0.28	0.00	-0.16
Diluted EPS Including ExtraOrd Items	0.35	0.09	-0.28	0.00	-0.16
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	5.3	0.8	-2.8	0.8	-9.1
Inc Tax Ex Impact of Sp Items	0.8	0.1	0.4	0.4	-4.7
Normalized Income After Taxes	4.5	0.6	-3.2	0.4	-4.3
Normalized Inc. Avail to Com.	4.5	0.5	-3.3	0.2	-4.2
Basic Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Diluted Normalized EPS	0.35	0.04	-0.25	0.02	-0.30
Advertising Expense	0.0	0.0	0.1	0.1	0.3
Research and Development(SGA&COGS)	0.8	0.5	0.7	0.7	0.6
Interest Expense	0.6	0.6	0.6	0.5	0.7
Depreciation	2.6	2.4	2.7	1.7	2.0
Amort of goodwill	0.1	0.1	0.0	0.1	0.0
Amort of negative goodwill	-0.2	-0.2	0.0	-	-
Reported operating profit	6.1	1.4	-1.3	1.5	-7.1
Reported ordinary profit	5.3	0.8	-2.0	0.8	-9.8
Service cost	0.5	0.5	0.5	0.4	0.5
Interest cost	-	-	0.1	0.1	0.1
Expected return on plan asset	-	-	-0.1	-0.1	-0.1
Actuarial G/L	-	-	0.1	0.0	0.0
Domestic Pension Plan Expense	0.5	0.5	0.6	0.4	0.5
Total Pension Expense	0.5	0.5	0.6	0.4	0.5
Discount Rate	-	-	2.00%	2.00%	-
Expected Rate of Return	-	-	2.00%	2.00%	-

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	3 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	92.080323
Net Sales	12.9	12.5	11.9	11.4	11.6
Total Revenue	12.9	12.5	11.9	11.4	11.6
Cost of Sales	8.4	8.2	7.7	7.3	7.5
Total SGA expenses	2.8	-	-	-	-
Shipping	-	0.2	0.2	0.2	0.2
Payrolls and bonuses	-	1.4	1.1	1.0	1.0
Reserve for bonuses	-	-	0.2	0.1	0.0
Periodic retirement benefit costs	-	0.1	0.1	0.1	0.0
Welfare	-	0.2	0.2	0.2	0.2
Provision for doubtful accounts(SGA)	-	-	0.0	0.0	0.0
Research&developmnet	-	0.2	0.2	0.2	0.2
Rental expenses	-	-	0.1	0.1	0.2
SGA Depreciaiton	-	0.1	-	-	0.0
Other SGA expenses	-	0.7	0.7	0.7	0.7
SP Reversal of provision for bonuses	-	0.0	-	-	0.0
SP Rev. of prov. for retirement benefit	-	0.0	-	0.0	0.0
SP Rev. of Dir.'s Retire.benefit	-	0.0	-	0.0	-
SP Other SP Gain	-	-	-	0.0	-
SP L on retire. of fixed assets	0.1	0.0	0.0	-	0.0
SP L on val. of LT inv't secs.	-	0.0	0.0	0.0	-
NOP Amort. of negative goodwill	-0.1	-0.1	-0.1	-0.1	0.0
Total Operating Expense	11.2	11.0	10.4	9.7	10.0
NOP Interest income	0.0	0.0	0.0	0.0	0.0
NOP Dividend income	0.0	0.0	0.0	0.0	0.0
NOP Exchange gains	-	0.1	-	-	0.0
NOP Reversal G on allow.doubt.acct.	0.1	-	0.0	0.0	0.0
NOP Other non-op. income	0.0	0.0	0.0	0.0	0.0
NOP Interest expenses	-0.1	-0.1	-0.1	-0.1	-0.1
NOP Exchange Loss	0.0	-	0.0	-0.1	-0.2
NOP Other non-op. expenses	0.0	-0.2	-0.1	-0.1	-0.1
SP G on sale of LT inv't secs.	0.0	0.0	-	-	0.0
SP G. liquidation in capital	-	0.0	-	0.0	-
SP L.Sale Inv.Secs.	-	-	0.0	0.0	-
Net Income Before Taxes	1.5	1.3	1.3	1.4	1.3
Provision for Income Taxes	0.1	0.4	0.1	0.2	0.0
Net Income After Taxes	1.5	0.9	1.1	1.2	1.3
Minority Int.	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	1.4	0.9	1.1	1.2	1.3
Net Income	1.4	0.9	1.1	1.2	1.3
Earning Adjust.	0.0	-	-	-	0.0
Income Available to Com Excl ExtraOrd	1.4	0.9	1.1	1.2	1.3
Income Available to Com Incl ExtraOrd	1.4	0.9	1.1	1.2	1.3
Basic Weighted Average Shares	13.4	13.2	12.9	12.8	12.7
Basic EPS Excluding ExtraOrdinary Items	0.11	0.07	0.09	0.09	0.10
Basic EPS Including ExtraOrdinary Item	0.11	0.07	0.09	0.09	0.10
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.4	0.9	1.1	1.2	1.3
Diluted Weighted Average Shares	13.4	13.2	12.9	12.8	12.7
Diluted EPS Excluding ExtraOrd Items	0.11	0.07	0.09	0.09	0.10
Diluted EPS Including ExtraOrd Items	0.11	0.07	0.09	0.09	0.10
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	1.6	1.3	1.3	1.4	1.3
Inc Tax Ex Impact of Sp Items	0.1	0.4	0.1	0.2	0.0
Normalized Income After Taxes	1.5	0.9	1.1	1.2	1.3
Normalized Inc. Avail to Com.	1.5	0.9	1.1	1.2	1.3
Basic Normalized EPS	0.11	0.07	0.08	0.09	0.10
Diluted Normalized EPS	0.11	0.07	0.08	0.09	0.10
Rental exp.	-	-	0.1	0.1	0.2
Research&developmnet	-	0.2	0.2	0.2	0.2
Interest Expense	0.1	0.1	0.1	0.1	0.1
Depreciation	0.6	0.8	0.6	0.6	0.5
Amort. of goodwill	0.0	0.0	0.0	0.0	0.0
Amort of negative goodwill	-0.1	-0.1	-0.1	-0.1	0.0
Reported operating profit	1.6	1.4	1.5	1.6	1.6
Reported ordinary profit	1.6	1.3	1.3	1.4	1.3

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Cash&Deposit	11.2	5.4	3.4	3.7	5.5
Note&Acct. Rcvl.	12.5	10.3	9.6	10.5	10.8
Inventories	-	-	-	-	7.9
Merchandise/Finished goods	0.3	0.4	0.2	0.8	-
Work in process	7.2	5.3	7.3	6.7	-
Raw material/Supply inventories	2.0	1.7	1.6	1.5	-
Other Cur. Asset	1.5	1.0	1.4	1.3	1.7
Allow/Doubt.Act.	-0.1	-0.1	-0.1	0.0	0.0
Total Current Assets	34.5	23.9	23.5	24.4	25.9
Buildings & structures, Gross	24.0	21.4	20.6	20.4	15.1
Buildings & structures, Depreciation	-15.4	-13.1	-12.1	-11.3	-
Machinery&Vehic.	24.4	20.8	19.4	19.0	14.1
Machinery&Vehic. deprecation	-19.6	-16.6	-14.7	-13.8	-
Land	8.7	7.7	7.3	7.3	6.9
Lease assets, gross	1.4	1.4	1.4	0.0	-
Accum. depr - lease assets	-0.9	-0.7	-0.5	0.0	-
Constr. in Progr	0.1	0.0	0.1	0.0	0.1
Other PPE	3.7	3.0	2.9	3.1	2.7
Other PPE depreciation	-2.9	-2.4	-2.4	-2.5	-
Depreciation	-	-	-	-	-22.4
Patent	0.2	0.1	0.1	0.2	0.2
Consolidated Adjustment Accounts	0.1	0.2	0.3	0.5	0.5
Lease assets, Intangible	0.0	0.1	0.1	0.0	-
Other Intangible	0.1	0.1	0.1	0.1	0.1
Inv. Securities	1.7	1.5	1.3	2.2	2.3
LT Loans	0.0	0.0	0.0	0.1	0.0
Contribution in affiliate	0.0	0.0	0.0	0.0	2.5
Other Asset	1.5	1.7	1.2	2.1	1.6
Allow&Doubt.Act.	-0.4	-0.4	-0.4	0.0	0.0
Development stage expenses	0.2	0.3	0.4	0.6	-
Bond issue expenses	0.0	0.0	0.1	0.0	0.0
Total Assets	61.6	49.2	49.1	52.3	49.7
Note&Acct. Pay.	4.3	3.5	3.3	4.0	3.8
ST Borrowings	1.0	0.7	2.5	2.9	4.2
LT borrowings (current)	2.0	2.2	16.0	1.5	-
Current Portion of Corporation Bond	0.5	0.6	0.6	0.6	0.5
Current Lease obligation	0.3	0.3	0.3	0.0	-
Income Tax Pay.	0.9	0.3	0.1	0.1	0.4
Accrued Bonuses	0.9	0.2	0.7	0.7	0.6
Res/Loss/Unsold	-	-	-	0.0	0.2
Other Cur. Liab.	1.9	1.0	1.2	1.6	3.1
Total Current Liabilities	11.7	8.8	24.8	11.4	12.8
Corporation Bonds	1.7	2.0	2.5	0.8	1.1
LT Debt	17.9	16.1	1.2	15.8	14.6
Lease obligation	0.3	0.4	0.6	0.0	-
Total Long Term Debt	20.0	18.5	4.4	16.5	15.7
Dfrd. Tax Liab.	0.1	0.1	0.1	0.3	0.3
Reval.Dfrd.Tax	0.5	0.4	0.4	0.4	0.4
Res/Accr. Retir.	3.2	2.5	2.3	1.7	1.5
Res/Retire. Director	0.0	0.3	0.2	0.7	0.6
Negative Goodwill	0.5	0.6	0.8	0.0	-
Other Fix Liab.	0.0	0.0	0.3	0.5	0.6
Minority Int.	0.1	0.0	0.0	0.0	0.0
Total Liabilities	36.1	31.3	33.3	31.6	32.1
Common Stock	23.4	20.8	19.6	19.5	16.4
Paid in Capital	5.9	5.2	4.9	4.9	4.1
Retained Earning	0.8	-3.4	-4.4	-0.5	-0.5
Treas. Stock	-2.9	-3.3	-3.2	-2.4	-2.2
Unrlzd. Gain/Sec	-0.1	-0.1	-0.3	0.2	0.4
Val.Excess-Land	-1.1	-0.9	-0.9	-0.9	-0.7
Translation adjustment	-0.5	-0.3	-0.1	-0.2	-
Total Equity	25.5	17.9	15.8	20.7	17.6
Total Liabilities & Shareholders' Equity	61.6	49.2	49.1	52.3	49.7
S/O-Common Stock	13.2	12.7	12.7	14.1	14.2
Total Common Shares Outstanding	13.2	12.7	12.7	14.1	14.2
T/S-Common Stock	2.2	2.8	2.7	1.3	1.3
Full-Time Employees	282	222	238	230	206
Number of Common Shareholders	1,787	1,805	1,197	1,270	1,328
Long Term Debt Within 1 Year	-	2.9	16.6	2.0	1.9
Long Term Debt Within 2 Years	-	2.1	1.1	15.9	1.8
Long Term Debt Within 3 Years	-	1.1	0.7	0.5	13.4
Long Term Debt Within 4 Years	-	14.7	0.6	0.2	0.4
Long Term Debt Within 5 Years	-	0.3	1.3	-	0.1
Total Long Term Debt, Supplemental	-	20.9	20.3	18.6	17.6
Capital lease Within 1 Year	-	0.3	0.3	-	-
Capital lease Within 2 Years	-	0.2	0.3	-	-
Capital lease Within 3 Years	-	0.1	0.2	-	-
Capital lease Within 4 Years	-	0.0	0.1	-	-
Capital lease Within 5 Years	-	0.0	0.0	-	-
Total Capital Leases	-	0.7	1.0	-	-
Pension obligation	-	4.9	5.5	5.6	4.6
Fair value of plan asset	-	2.4	2.2	4.4	4.1
Funded status	-	-2.5	-3.3	-1.1	-0.5
Total Funded Status	-	-2.5	-3.3	-1.1	-0.5
Discount rate	-	-	2.00%	2.00%	2.00%
Expected rate of return	-	-	2.00%	2.00%	2.00%
Unrecog. actuarial G/L	-	-	1.0	0.3	-0.3
Prepaid pension	-	-	-	0.9	0.7
Accrued pension benefit	-	-2.5	-2.3	-1.7	-1.5
Net Assets Recognized on Balance Sheet	-	-2.5	-1.3	-0.6	-1.2

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&Deposit	13.2	11.2	10.1	7.9	6.6
Note&Acct. Rcvl.	12.6	12.5	12.6	11.9	12.1
Merchandise/Finished goods	0.5	0.3	0.3	0.3	0.3
Work in process	8.1	7.2	7.4	6.4	5.7
Raw material/Supply inventories	1.9	2.0	2.1	2.0	1.8
Other Cur. Asset	1.1	1.5	1.4	1.3	1.0
Allowance for doubtful accounts	-0.1	-0.1	-0.2	-0.1	-0.1
Total Current Assets	37.3	34.5	33.9	29.5	27.3
Buildings & structures, Gross	24.1	24.0	24.5	23.8	22.5
Buildings & structures, Depreciation	-15.4	-15.4	-15.6	-15.0	-14.0
Machineries, equip., & vehicle, gross	25.1	24.4	24.2	23.6	22.1
Accum. depr - machin&vehicles	-20.4	-19.6	-19.7	-19.1	-17.8
Land	8.9	8.7	8.9	8.6	8.2
Lease asset, gross	1.4	1.4	1.4	1.4	1.3
Lease asset, depreciation	-0.9	-0.9	-0.9	-0.8	-0.7
Constr.in Progress	0.3	0.1	0.4	0.1	0.1
Other PP&E, gross	3.9	3.7	3.7	3.5	3.2
Other PP&E, depreciation	-3.0	-2.9	-2.9	-2.8	-2.6
Patent	0.2	0.2	0.2	0.1	0.1
Goodwill	0.1	0.1	0.2	0.2	0.2
Lease asset (intangible)	0.0	0.0	0.0	0.1	0.1
Other Intangible	0.1	0.1	0.1	0.1	0.1
Inv. Securities	1.8	1.7	1.8	1.7	1.6
LT Loans	0.0	0.0	0.0	0.0	0.0
Investment in closely-held capital	0.0	0.0	0.0	0.0	0.0
Other Asset	1.6	1.5	1.6	1.6	1.9
Allowance for doubtful accounts	-0.5	-0.4	-0.4	-0.4	-0.4
Development stage expenses	0.2	0.2	0.2	0.3	0.3
Bond issue expenses	0.0	0.0	0.0	0.0	0.0
Adjustment	0.0	-	0.0	-	-
Total Assets	64.9	61.6	61.5	56.5	53.6
Note&Acct. Pay.	4.7	4.3	4.1	3.8	3.7
ST Borrowings	1.2	1.0	1.0	0.8	1.0
Current portion of LT Debt	1.7	2.0	2.4	2.4	2.3
Straight bonds (current)	0.6	0.5	0.7	0.7	0.7
Lease obligations	0.3	0.3	0.3	0.3	0.3
Income Tax Pybl.	0.1	0.9	0.3	0.3	0.1
Accrued Bonuses	0.5	0.9	0.4	0.7	0.3
Other Cur. Liab.	3.3	1.9	2.2	1.4	2.1
Total Current Liabilities	12.3	11.7	11.5	10.4	10.3
Straight bonds	1.8	1.7	2.0	1.9	2.1
LT Debt	18.2	17.9	18.7	17.0	16.4
Lease obligations	0.2	0.3	0.3	0.3	0.4
Total Long Term Debt	20.2	20.0	20.9	19.3	19.0
Dfrd. Tax Liab.	0.1	0.1	0.1	0.1	0.1
Reval.Dfrd.Tax	0.5	0.5	0.5	0.5	0.5
Res/Accr. Retir.	3.3	3.2	3.1	2.9	2.7
Res/Retire. Dir.	-	0.0	0.0	0.0	0.3
Negative Goodwill	0.5	0.5	0.6	0.6	0.6
Other Fix Liab.	0.0	0.0	0.0	0.0	0.0
Minority Int.	0.2	0.1	0.1	0.0	0.0
Total Liabilities	37.0	36.1	36.8	33.9	33.5
Common Stock	24.0	23.4	23.9	23.2	21.9
Paid in Capital	6.1	5.9	6.0	5.8	5.5
Retained Earning	2.3	0.8	-0.1	-1.2	-2.3
Treas. Stock	-2.8	-2.9	-3.3	-3.5	-3.4
Reserve by val. of investment sec.	-0.1	-0.1	-0.1	-0.1	-0.1
Reserve by valuation of land	-1.1	-1.1	-1.1	-1.0	-1.0
Translation adjustment	-0.6	-0.5	-0.6	-0.6	-0.4
Total Equity	27.9	25.5	24.7	22.7	20.1
Total Liabilities & Shareholders' Equity	64.9	61.6	61.5	56.5	53.6
S/O-Common Stock	13.4	13.2	13.0	12.8	12.7
Total Common Shares Outstanding	13.4	13.2	13.0	12.8	12.7
T/S-Common Stock	2.0	2.2	2.4	2.6	2.7
Full-Time Employees	-	282	283	261	253

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Gravitas Auditing Firm	Shin Nihon & Co.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified
Income Before Tax	5.4	1.6	-3.5	0.4	-6.0
Depreciation	2.6	2.4	2.7	1.7	2.0
Impairment of PPE	-	0.0	0.0	0.3	0.5
Amort. of goodwill	0.1	0.1	0.0	0.1	0.0
Amortization of negative goodwill	-0.2	-0.2	0.0	-	-
Res/Accr.Retire.Bnft	0.3	0.1	1.4	-0.1	-2.6
Res/Retire./Director	-0.3	0.0	-0.4	0.0	-0.1
Res/Loss/Unsold	-	-	0.0	-0.2	-0.2
Accrued Bonuses	0.6	-0.6	0.0	0.0	-0.1
Allow/Doubt Acct.	0.0	0.0	0.4	0.0	0.0
Amortization deferred asset	-	-	0.0	0.1	0.0
Int. & Div. Income	0.0	0.0	0.0	0.0	-0.1
Interest Expense	0.6	0.6	0.6	0.5	0.7
Exchange gain	0.1	0.0	0.0	0.0	-
Gain on liquidation of investments in ca	0.0	0.0	-	-	-
Loss on valuation of investments in capi	0.0	0.0	0.0	-	-
Gain/Sale/Inv. Sec.	0.0	0.0	-0.3	0.0	-0.8
Loss/Reval/Inv. Sec.	0.0	0.0	0.1	0.1	-
Write Off / PPE	0.0	0.0	0.0	0.0	0.1
G/L. Sale PPE	-	0.0	0.0	0.1	-7.8
G/L sale intangible asset	-	-	0.0	-0.1	-
Note&Acct. Rcvbl.	-1.0	0.2	0.7	1.9	4.5
Inventories	-1.2	2.3	0.0	0.3	8.0
Note&Acct. Pay.	0.6	-0.2	-0.6	-0.4	-4.0
Sales Tax Pay.	-0.1	0.2	0.0	0.1	-0.1
Loss on Revalue of Products	-	-	-	-	0.0
Other Cur. Asset	0.0	0.1	0.2	0.6	-0.4
Other Cur. Liab.	0.3	-0.2	-0.2	-1.9	0.9
Other Fixed Asset	0.3	-0.2	0.2	0.0	-0.2
Other Fix Liab.	0.0	0.0	0.0	-0.2	-0.1
Other	-	-	-	0.0	0.2
Int. & Div. Rcvd.	0.0	0.0	0.0	0.0	0.1
Interest Paid	-0.6	-0.6	-0.6	-0.5	-0.7
Tax Paid	-0.4	-0.1	-0.3	-0.6	-0.3
Newly Consolidated	-	-	0.0	0.0	-
Adjustment	0.0	0.0	-	-	0.0
Cash from Operating Activities	7.1	5.4	0.5	2.1	-6.5
Time Deposit Made	-0.6	-0.2	-0.3	-0.8	-0.3
Time Deposit Matured	-	0.0	0.3	0.8	0.6
Proceeds from withdrawal of time deposit	0.9	0.0	-	-	-
Loans Made	0.0	0.0	0.0	-0.1	-
Loans Collected	0.0	0.0	0.0	0.0	0.0
Purch. Inv. Sec.	0.0	0.0	0.0	0.0	0.0
Sale Inv. Sec.	0.2	0.0	0.5	0.1	1.2
Closely-held Inv'ts Made	-	-	0.0	-0.5	-2.0
Collection of investments in capital	0.0	0.0	-	-	-
Capital Expenditure	-1.2	-0.4	-1.4	-2.3	-1.5
Sale PPE	-	0.0	0.0	0.6	24.1
Payments for lease deposits	-0.3	0.0	-	-	-
Collection of lease deposits	0.4	0.0	-	-	-
Purch. Intangible	-0.1	-0.1	0.0	0.0	0.0
Sale Intangible	-	-	0.0	0.2	-
Purch. Other Asset	-0.1	-0.1	-0.1	-0.2	0.0
Cash from Investing Activities	-0.8	-0.7	-1.1	-2.2	22.0
ST Borrowings, Net	0.1	-1.9	-0.4	-0.4	-10.4
Proceeds LT Debt	1.6	17.2	1.4	0.0	14.7
Repayment LT Debt	-2.3	-17.1	-1.6	-1.5	-17.0
Issue of Corporation Bonds	-	0.0	2.4	0.0	1.3
Repayment of Corporation Bonds	-0.7	-0.6	-0.7	-0.5	-1.5
Installment for facility pay	-0.3	-0.3	-0.3	0.0	-0.2
Lease repay	-0.3	-0.3	-0.5	0.0	-
Sale Treas. Stock	0.7	0.0	0.0	0.0	0.1
Purch. Treas. Stock	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-	0.0	0.0	0.0	0.0
Minority Dividends	-	0.0	0.0	0.0	0.0
Cash from Financing Activities	-1.1	-3.2	0.3	-2.4	-13.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	5.2	1.6	-0.3	-2.5	2.5
Net Cash - Beginning Balance	5.4	3.4	3.4	5.5	2.9
Net Cash - Ending Balance	10.6	5.0	3.1	3.0	5.4
Cash Interest Paid	0.6	0.6	0.6	0.5	0.7
Cash Taxes Paid	0.4	0.1	0.3	0.6	0.3

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	86.812446	88.962162	92.080323	92.941082
Income Before Tax	5.4	4.1	2.8	1.3	1.6
Depreciation	2.6	1.7	1.1	0.5	2.4
Impairment losses on assets	-	-	-	-	0.0
Amort. Goodwill	0.1	0.1	0.1	0.0	0.1
Amort. Negative goodwill	-0.2	-0.1	-0.1	0.0	-0.2
Reserve for retirement benefits	0.3	0.2	0.1	0.0	0.1
Reserve for dir.'s retire. benefits	-0.3	-0.3	-0.3	-	0.0
Accrued Bonuses	0.6	0.2	0.4	0.1	-0.6
Allow/Doubt Acct.	0.0	0.0	0.0	0.0	0.0
Amortization deferred asset	-	0.1	0.1	0.0	-
Int. & Div. Income	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.6	0.4	0.3	0.1	0.6
Loss on valuation of investments in capi	0.0	-	-	-	0.0
Exchange gain/loss	0.1	0.2	0.1	0.0	0.0
L on retire. of fixed assets	0.0	0.0	0.0	0.0	0.0
G/L sale investment secs	0.0	0.0	0.0	0.0	0.0
Loss/Reval/Inv. Sec.	0.0	0.0	0.0	-	0.0
Closely-held inv'ts, net	0.0	0.0	0.0	-	0.0
G/L.Sale PPE	-	-	-	-	0.0
Note&Acct. Rcvbl.	-1.0	-1.0	-0.7	-1.4	0.2
Inventories	-1.2	-1.3	-0.4	0.0	2.3
Note&Acct. Pay.	0.6	0.2	0.1	0.1	-0.2
Other account payable	-	-	-	0.7	-
Sales Tax Pay.	-0.1	0.1	0.2	0.4	0.2
Other Cur. Asset	0.0	0.0	-0.1	0.0	0.1
Other Cur. Liab.	0.3	0.6	0.0	0.0	-0.2
Other Fixed Asset	0.3	0.3	0.2	0.2	-0.2
Other Fix Liab.	0.0	0.0	0.1	-	0.0
Int. & Div. Rcvd.	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.4	-0.3	-0.1	-0.6
Tax Paid	-0.4	-0.4	-0.2	-0.2	-0.1
Adjustment	0.0	-	-	-	0.0
Cash from Operating Activities	7.1	4.7	3.5	1.8	5.4
Time Deposit Made	-0.6	-0.5	-0.3	-0.1	-0.2
Time Deposit Matured	0.9	0.7	0.7	-	0.0
Loans Made	0.0	0.0	0.0	-	0.0
Loans Collected	0.0	0.0	0.0	0.0	0.0
Closely-held inv'ts redeemed	0.0	0.0	0.0	-	0.0
Capital Expenditure	-1.2	-0.9	-0.4	-0.1	-0.4
Sale PPE	-	-	-	-	0.0
Purch. Intangible	-0.1	-0.1	0.0	0.0	-0.1
Purch. Inv. Sec.	0.0	0.0	0.0	0.0	0.0
Sale Inv. Sec.	0.2	0.1	0.1	0.0	0.0
Decrease (increase) in other investments	-0.1	0.0	0.0	0.0	-0.1
Payments for lease deposits	-0.3	-0.3	-0.3	-0.3	0.0
Collection of lease deposits	0.4	0.4	0.4	-	0.0
Cash from Investing Activities	-0.8	-0.5	0.1	-0.6	-0.7
ST Borrowings, Net	0.1	0.2	0.0	0.2	-1.9
Proceeds LT Debt	1.6	1.6	0.2	-	17.2
Repayment LT Debt	-2.3	-1.6	-1.2	-0.6	-17.1
Issue of Corporation Bonds	-	-	-	-	0.0
Repayment of Corporation Bonds	-0.7	-0.3	-0.3	-	-0.6
Installment for facility pay	-0.3	-0.2	-0.2	-0.1	-0.3
Lease repay	-0.3	-0.2	-0.1	-0.1	-0.3
Cash dividends paid	-	-	-	-	0.0
Sale Treas. Stock	0.7	0.3	0.1	0.0	0.0
Purch. Treas. Stock	0.0	0.0	0.0	0.0	0.0
Minority Dividends	-	-	-	-	0.0
Cash from Financing Activities	-1.1	-0.3	-1.5	-0.5	-3.2
Foreign Exchange Effects	0.0	-0.1	0.0	0.0	0.0
Net Change in Cash	5.2	3.8	2.1	0.7	1.6
Net Cash - Beginning Balance	5.4	5.3	5.2	5.0	3.4
Net Cash - Ending Balance	10.6	9.1	7.3	5.7	5.0
Cash Interest Paid	0.6	0.4	0.3	0.1	0.6
Cash Taxes Paid	0.4	0.4	0.2	0.2	0.1

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Mar-10			31-Mar-09				31-Mar-08			31-Mar-07		31-Mar-06
Techno	29.0	77.9 %		29.6		82.4 %		28.0		79 %	25.2	59.1 %	-	-
Medical	8.2	22.1 %		6.3		17.5 %		7.4		20.9 %	4.6	10.7 %	7.6	16.2 %
Other	0.0	0.1 %		0.0		0.1 %		0.0		0.1 %	0.1	0.3 %	0.2	0.4 %
Fiber Chemical Products	-	-		-		-		-		-	-	-	23.4	49.7 %
Apparel	-	-		-		-		-		-	12.7	29.8 %	15.8	33.7 %
Segment Total	37.2	100 %		35.9		100 %		35.4		100 %	42.6	100 %	47.0	100 %
Intercompany Eliminations/Other	0.0	0 %		0.0		0 %		0.0		0 %	0.0	0 %	0.0	0 %
Consolidated Total	37.2	100 %		35.9		100 %		35.4		100 %	42.6	100 %	47.0	100 %
Exchange Rate: JPY to USD	92.941082			100.484331				114.302336			116.944303		113.166257
Intersegment Revenue USD (mil)
	31-Mar-10		31-Mar-09				31-Mar-08				31-Mar-07		31-Mar-06
Techno	0.0	0 %	0.0		0 %		0.0		0 %		0.0	0 %	0.0	0 %
Medical	0.0	0 %	0.0		0 %		0.0		0 %		0.0	0 %	0.0	0 %
Other	0.3	100 %	0.3		100 %		0.3		100 %		0.2	96.6 %	0.2	100 %
Apparel	-	-	-		-		-		-		0.0	3.4 %	0.0	0 %
Segment Total	0.3	100 %	0.3		100 %		0.3		100 %		0.2	100 %	0.2	100 %
Intercompany Eliminations/Other	-0.3	-100 %	-0.3		-100 %		-0.3		-100 %		-0.2	-100 %	-0.2	-100 %
Consolidated Total	0.0	0 %	0.0		0 %		0.0		0 %		0.0	0 %	0.0	0 %
Exchange Rate: JPY to USD	92.941082		100.484331				114.302336				116.944303		113.166257

Total Revenue USD (mil)
	31-Mar-10			31-Mar-09				31-Mar-08				31-Mar-07				31-Mar-06
Techno	29.0	77.2 %		29.6		81.7 %		28.0		78.4 %		25.2		58.8 %		0.0		0 %
Medical	8.2	21.9 %		6.3		17.4 %		7.4		20.8 %		4.6		10.7 %		7.6		16.1 %
Other	0.3	0.9 %		0.3		0.9 %		0.3		0.8 %		0.4		0.9 %		0.4		0.9 %
Fiber Chemical Products	-	-		-		-		-		-		-		-		23.4		49.5 %
Apparel	-	-		-		-		-		-		12.7		29.7 %		15.8		33.5 %
Segment Total	37.5	100 %		36.2		100 %		35.7		100 %		42.9		100 %		47.2		100 %
Intercompany Eliminations/Other	-0.3	-0.8 %		-0.3		-0.8 %		-0.3		-0.7 %		-0.2		-0.6 %		-0.2		-0.5 %
Consolidated Total	37.2	99.2 %		35.9		99.2 %		35.4		99.3 %		42.6		99.4 %		47.0		99.5 %
Exchange Rate: JPY to USD	92.941082			100.484331				114.302336				116.944303				113.166257
Depreciation USD (mil)
	31-Mar-10		31-Mar-09				31-Mar-08				31-Mar-07				31-Mar-06
Techno	1.8	73.7 %	2.2		76.7 %		1.2		75.5 %		0.9		54.2 %		-		-
Medical	0.5	20.1 %	0.6		22.6 %		0.2		14.8 %		0.5		30.5 %		0.3		14.6 %
Other	0.2	6.2 %	0.0		0.7 %		0.2		9.7 %		0.2		11.6 %		0.2		10.8 %
Fiber Chemical Products	-	-	-		-		-		-		-		-		1.1		57.3 %
Apparel	-	-	-		-		-		-		0.1		3.7 %		0.3		17.3 %
Segment Total	2.5	100 %	2.9		100 %		1.6		100 %		1.6		100 %		1.9		100 %
Intercompany Eliminations/Other	0.0	1.7 %	0.1		2.8 %		0.1		3.4 %		0.4		21.4 %		0.2		9.9 %
Consolidated Total	2.5	101.7 %	2.9		102.8 %		1.6		103.4 %		2.0		121.4 %		2.1		109.9 %
Exchange Rate: JPY to USD	92.941082		100.484331				114.302336				116.944303				113.166257

Total Operating Expense USD (mil)
	31-Mar-10			31-Mar-09				31-Mar-08				31-Mar-07				31-Mar-06
Techno	24.4	73.4 %		25.2		74 %		21.9		71.3 %		18.6		39.6 %		-		-
Medical	8.7	26 %		8.7		25.5 %		8.6		28.1 %		8.8		18.7 %		7.2		14.7 %
Other	0.2	0.6 %		0.2		0.6 %		0.2		0.6 %		0.2		0.4 %		0.2		0.5 %
Fiber Chemical Products	-	-		-		-		-		-		-		-		18.4		37.9 %
Apparel	-	-		-		-		-		-		19.4		41.3 %		22.7		46.8 %
Segment Total	33.3	100 %		34.1		100 %		30.8		100 %		47.0		100 %		48.5		100 %
Intercompany Eliminations/Other	2.5	7.5 %		3.1		9.2 %		3.1		10.2 %		2.8		5.9 %		3.4		7 %
Consolidated Total	35.8	107.5 %		37.3		109.2 %		33.9		110.2 %		49.8		105.9 %		51.9		107 %
Exchange Rate: JPY to USD	92.941082			100.484331				114.302336				116.944303				113.166257
Operating Income/Loss USD (mil)
	31-Mar-10		31-Mar-09				31-Mar-08				31-Mar-07				31-Mar-06
Techno	4.5	107.2 %	4.4		207.4 %		6.1		123.4 %		6.6		-160.1 %		-		-
Medical	-0.5	-10.9 %	-2.4		-113.5 %		-1.2		-25.2 %		-4.2		102.1 %		0.5		-35.2 %
Other	0.2	3.7 %	0.1		6.1 %		0.1		1.8 %		0.2		-4 %		0.2		-12.2 %
Fiber Chemical Products	-	-	-		-		-		-		-		-		5.0		-379 %
Apparel	-	-	-		-		-		-		-6.7		162.1 %		-6.9		526.3 %
Segment Total	4.2	100 %	2.1		100 %		4.9		100 %		-4.1		100 %		-1.3		100 %
Intercompany Eliminations/Other	-2.8	-66.8 %	-3.4		-162.9 %		-3.4		-69.3 %		-3.0		73 %		-3.6		275.9 %
Consolidated Total	1.4	33.2 %	-1.3		-62.9 %		1.5		30.7 %		-7.1		173 %		-4.9		375.9 %
Exchange Rate: JPY to USD	92.941082		100.484331				114.302336				116.944303				113.166257

Operating Margin (%)
			31-Mar-10				31-Mar-09			31-Mar-08				31-Mar-07			31-Mar-06
Techno			15.6		-		14.7		-	21.6		-		26.2		-	-		-
Medical			-5.6		-		-37.9		-	-16.7		-		-92.1		-	6.0		-
Other			44.9		-		40.5		-	31.7		-		44.6		-	38.9		-
Fiber Chemical Products			-		-		-		-	-		-		-		-	21.2		-
Apparel			-		-		-		-	-		-		-52.5		-	-43.5		-
Segment Total			11.2		-		5.8		-	13.8		-		-9.6		-	-2.8		-
Intercompany Eliminations/Other			895.3		-		1,181.3		-	1,334.3		-		1,255.5		-	1,636.7		-
Consolidated Total			3.7		-		-3.7		-	4.2		-		-16.7		-	-10.5		-
Total Assets USD (mil)
	31-Mar-10		31-Mar-09			31-Mar-08					31-Mar-07				31-Mar-06
Techno	33.2	82.4 %	35.2	83.2 %		35.1		80.5 %			26.1		77 %		-			-
Medical	6.8	16.9 %	6.9	16.2 %		8.1		18.7 %			2.8		8.3 %		10.8			20.6 %
Other	0.3	0.7 %	0.3	0.6 %		0.3		0.8 %			2.9		8.6 %		2.7			5.2 %
Fiber Chemical Products	-	-	-	-		-		-			-		-		23.6			44.9 %
Apparel	-	-	-	-		-		-			2.1		6.1 %		15.4			29.3 %
Segment Total	40.3	100 %	42.3	100 %		43.5		100 %			33.9		100 %		52.4			100 %
Intercompany Eliminations/Other	8.9	22 %	6.8	16.1 %		8.7		20 %			15.8		46.6 %		21.6			41.1 %
Consolidated Total	49.2	122 %	49.1	116.1 %		52.3		120 %			49.7		146.6 %		74.0			141.1 %
Exchange Rate: JPY to USD	93.440000		98.770000			99.535000					118.075000				117.990000

Operating Return on Assets (%)
			31-Mar-10				31-Mar-09			31-Mar-08			31-Mar-07		31-Mar-06
Techno			13.5		-		12.6		-	19.8		-	25.0	-	-		-
Medical			-6.7		-		-35.5		-	-17.4		-	-147.7	-	4.1		-
Other			55.0		-		48.7		-	29.6		-	5.6	-	5.6		-
Fiber Chemical Products			-		-		-		-	-		-	-	-	20.2		-
Apparel			-		-		-		-	-		-	-319.0	-	-42.9		-
Segment Total			10.4		-		5.1		-	12.9		-	-12.0	-	-2.4		-
Intercompany Eliminations/Other			-31.5		-		-51.3		-	-44.8		-	-18.9	-	-16.1		-
Consolidated Total			2.8		-		-2.7		-	3.3		-	-14.2	-	-6.4		-
Purchase of Fixed Assets USD (mil)
	31-Mar-10		31-Mar-09			31-Mar-08					31-Mar-07			31-Mar-06
Techno	0.5	69.2 %	1.0	78.2 %		3.1		75 %			0.8		60.1 %	-		-
Medical	0.2	30.8 %	0.3	21.8 %		1.0		25 %			0.0		1.8 %	0.9		36.7 %
Other	0.0	0 %	0.0	0 %		0.0		0 %			0.5		37.2 %	0.0		0 %
Fiber Chemical Products	-	-	-	-		-		-			-		-	1.4		56.3 %
Apparel	-	-	-	-		-		-			0.0		0.9 %	0.2		7 %
Segment Total	0.7	100 %	1.3	100 %		4.1		100 %			1.4		100 %	2.4		100 %
Intercompany Eliminations/Other	0.5	65.7 %	0.2	11.9 %		0.0		0.1 %			0.3		18.5 %	0.0		1.4 %
Consolidated Total	1.2	165.7 %	1.4	111.9 %		4.1		100.1 %			1.6		118.5 %	2.5		101.4 %
Exchange Rate: JPY to USD	92.941082		100.484331			114.302336					116.944303			113.166257

Business 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
Techno Products	9.9	83.1 %		9.6		83.8 %		9.8		84.5 %		15.8		78.9 %	20.2	75.9 %
Medical	2.0	16.9 %		1.8		16.1 %		1.8		15.4 %		4.2		21 %	6.4	24 %
Other	0.0	0.1 %		0.0		0.1 %		0.0		0.1 %		0.0		0.1 %	0.0	0.1 %
Segment Total	11.9	100 %		11.4		100 %		11.6		100 %		20.0		100 %	26.6	100 %
Intercompany Eliminations/Other	-	-		-		-		-		-		0.0		0 %	0.0	0 %
Consolidated Total	11.9	100 %		11.4		100 %		11.6		100 %		20.0		100 %	26.6	100 %
Exchange Rate: JPY to USD	82.567473			85.838925				92.080323				90.324863			93.645436
Intersegment Revenue USD (mil)
	31-Dec-10		30-Sep-10				30-Jun-10				31-Mar-10				31-Dec-09
Techno Products	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Medical	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Other	0.1	100 %	0.1		100 %		0.1		100 %		0.2		100 %		0.2	100 %
Segment Total	0.1	100 %	0.1		100 %		0.1		100 %		0.2		100 %		0.2	100 %
Intercompany Eliminations/Other	-0.1	-100 %	-0.1		-100 %		-0.1		-100 %		-0.2		-100 %		-0.2	-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				92.080323				90.324863				93.645436

Total Revenue USD (mil)
	31-Dec-10			30-Sep-10				30-Jun-10				31-Mar-10				31-Dec-09
Techno Products	9.9	82.5 %		9.6		83.2 %		9.8		83.9 %		15.8		78.3 %		20.2		75.2 %
Medical	2.0	16.7 %		1.8		16 %		1.8		15.3 %		4.2		20.8 %		6.4		23.8 %
Other	0.1	0.8 %		0.1		0.8 %		0.1		0.7 %		0.2		0.9 %		0.3		0.9 %
Segment Total	12.0	100 %		11.5		100 %		11.7		100 %		20.2		100 %		26.9		100 %
Intercompany Eliminations/Other	-0.1	-0.7 %		-0.1		-0.7 %		-0.1		-0.7 %		-0.2		-0.8 %		-0.2		-0.9 %
Consolidated Total	11.9	99.3 %		11.4		99.3 %		11.6		99.3 %		20.0		99.2 %		26.6		99.1 %
Exchange Rate: JPY to USD	82.567473			85.838925				92.080323				90.324863				93.645436
Operating Income/Loss USD (mil)
	31-Dec-10		30-Sep-10				30-Jun-10				31-Mar-10				31-Dec-09
Techno Products	2.3	112.2 %	2.6		109.5 %		2.7		112.6 %		3.1		106.5 %		2.5		105.4 %
Medical	-0.3	-14.6 %	-0.3		-11.5 %		-0.3		-14.4 %		-0.3		-9.3 %		-0.2		-10.1 %
Other	0.0	2.4 %	0.0		1.9 %		0.0		1.8 %		0.1		2.7 %		0.1		4.7 %
Segment Total	2.1	100 %	2.4		100 %		2.4		100 %		2.9		100 %		2.4		100 %
Intercompany Eliminations/Other	-0.6	-29.5 %	-0.8		-31.8 %		-0.8		-33.7 %		-1.4		-49.8 %		-2.1		-88 %
Consolidated Total	1.5	70.5 %	1.6		68.2 %		1.6		66.3 %		1.5		50.2 %		0.3		12 %
Exchange Rate: JPY to USD	82.567473		85.838925				92.080323				90.324863				93.645436

Operating Margin (%)
	31-Dec-10		30-Sep-10		30-Jun-10		31-Mar-10		31-Dec-09
Techno Products	23.4	-	27.2	-	27.6	-	19.6	-	12.3	-
Medical	-15.0	-	-14.8	-	-19.4	-	-6.4	-	-3.7	-
Other	51.0	-	49.4	-	49.4	-	45.3	-	44.0	-
Segment Total	17.2	-	20.7	-	20.6	-	14.4	-	8.8	-
Intercompany Eliminations/Other	688.9	-	889.7	-	1,026.1	-	897.3	-	890.2	-
Consolidated Total	12.2	-	14.2	-	13.7	-	7.3	-	1.1	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.38
UK Pound	1	Rs.74.01
Euro	1	Rs.64.48

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.