MIRA INFORM REPORT

Report Date :

18.12.2012

IDENTIFICATION DETAILS

Name :	IWAKI & CO., LTD.
Registered Office :	4-8-2, Nihonbashi Honcho, Chuo-ku Tokyo, 103-8403
Country :	Japan
Financials (as on) :	30.11.2011
Date of Incorporation :	20.09.1941
Legal Form :	Public Parent
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	882

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

Maximum Credit Limit:	USD 258,738,200
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	--

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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Japan	A1	A1

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

japan - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address Top of Form

Bottom of Form

IWAKI & CO., LTD.

4-8-2, Nihonbashi Honcho, Chuo-ku
Tokyo, 103-8403
Japan
Tel:	81-3-32790481
Fax:	81 (3) 3279-4518
www.iwaki-kk.co.jp

Employees:

882

Company Type:

Public Parent

Corporate Family:

3 Companies

Traded:

Tokyo Stock Exchange:

8095

Incorporation Date:

20-Sep-1941

Auditor:

KPMG LLP

Financials in:	USD (mil)
Fiscal Year End:	30-Nov-2011
Reporting Currency:	Japanese Yen
Annual Sales:	671.0 ^1
Net Income:	20.4
Total Assets:	452.4 ^2
Market Value:	76.1
	(29-Jun-2012)

Business Description

IWAKI & CO., LTD. is mainly engaged in the manufacture and wholesale of chemicals, medical products, cosmetic fragrance materials and food materials. The Company operates in five business segments. The Pharmaceuticals segment manufactures and sells medical products, generic medicines, veterinary drugs and other medical products. This segment also sells diagnostic reagents and testing reagents. The Medicine and Cosmetic Fragrance Materials segment offers materials for medicine and cosmetic fragrance products. The Chemicals segment offers drugs and chemicals for electronics industry and surface processing industry. The Food Materials and Function Food segment produces and sells food materials and supplement. The Others segment sells medical equipment, manufactures and sells print wired boards manufacturing plants and cosmetics, and provides consulting service. For the nine months ended 31 August 2011, IWAKI & CO.,LTD.'s revenues increased 10% to Y40.40B. The Company's net income totaled Y1.49B, up from Y180.1M. Revenues reflect higher sales especially from food materials business segment. Net income also benefited from a favorable gross profit margin, the presence of special gain on negative goodwill as well as the presence of gain on sales of fix assets.

Industry

Industry	Personal and Household Products
ANZSIC 2006:	3720 - Pharmaceutical and Toiletry Goods Wholesaling
NACE 2002:	5146 - Wholesale of pharmaceutical goods
NAICS 2002:	42421 - Drugs and Druggists' Sundries Merchant Wholesalers
UK SIC 2003:	5146 - Wholesale of pharmaceutical goods
US SIC 1987:	5122 - Drugs, Drug Proprietaries, and Druggists' Sundries

Key Executives

Name	Title
Osamu Iwaki	President, Chairman of Subsidiary, Representative Director
Toshihiro Ohta	Chief Director of Pharma Net Sales, Director
Shinji Ohmori	Director of Business Planning, Director
Masaaki Atsumi	Director of Accounting, Director
Toshio Suzuki	Director of General Affairs and Human Resources, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	TOHO HOLDINGS CO., LTD.'s Subsidiary to Fully Acquire Subsidiary of Iwaki & Co., Ltd.	26-Aug-2011
Dividends	1	Iwaki & Co., Ltd. to Pay Dividend for FY Ended November 30, 2011	25-Jan-2012

* number of significant developments within the last 12 months

News

Title	Date
Comedian to run 440-km through disaster-hit areas in August Associated Press (204 Words)	20-Jul-2012
DAILY PLANET Daily Telegraph (Sydney, Australia) (232 Words)	18-Jul-2012
Beach reopens after Japan nuke crisis Mercury (Hobart, Australia) (104 Words)	18-Jul-2012
Fukushima re-opens first beach after nuclear disaster Asian News International (123 Words)	17-Jul-2012
Fukushima opens first beach since nuke crisis Associated Press (118 Words)	16-Jul-2012

Financial Summary

As of 29-Feb-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.50	3.42
Quick Ratio (MRQ)	1.19	2.80
Debt to Equity (MRQ)	0.30	0.38
Sales 5 Year Growth	1.20	18.88
Net Profit Margin (TTM) %	2.86	10.79
Return on Assets (TTM) %	4.25	0.86
Return on Equity (TTM) %	11.13	9.14

Stock Snapshot

Traded: Tokyo Stock Exchange: 8095

As of 29-Jun-2012

   Financials in: JPY

Recent Price	177.00	EPS	33.07
52 Week High	229.00	Price/Sales	0.11
52 Week Low	159.00	Dividend Rate	6.00
Avg. Volume (mil)	0.03	Price/Earnings	3.98
Market Value (mil)	6,044.15	Price/Book	0.39
		Beta	1.00

	Price % Change	Rel S&P 500%
4 Week	7.93%	-0.64%
13 Week	-11.94%	-2.31%
52 Week	-11.94%	-2.89%
Year to Date	-4.84%	-9.96%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 80.17214
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 77.63

Corporate Overview

Location
4-8-2, Nihonbashi Honcho, Chuo-ku
Tokyo, 103-8403
Japan

Tel:	81-3-32790481
Fax:	81 (3) 3279-4518

www.iwaki-kk.co.jp

Quote Symbol - Exchange
8095 - Tokyo Stock Exchange
Sales JPY(mil):	53,797.7
Assets JPY(mil):	35,119.1
Employees:	882
Fiscal Year End:	30-Nov-2011

Industry:	Personal and Household Products

Incorporation Date:	20-Sep-1941
Company Type:	Public Parent
Quoted Status:	Quoted

President, Chairman of Subsidiary, Representative Director:	Osamu Iwaki

Company Web Links

Corporate History/Profile

Home Page

Investor Relations

News Releases

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3720	-	Pharmaceutical and Toiletry Goods Wholesaling
3609	-	Other Grocery Wholesaling
3323	-	Industrial and Agricultural Chemical Product Wholesaling
3491	-	Professional and Scientific Goods Wholesaling
1852	-	Cosmetic and Toiletry Preparation Manufacturing

NACE 2002 Codes:
2452	-	Manufacture of perfumes and toilet preparations
5155	-	Wholesale of chemical products
5146	-	Wholesale of pharmaceutical goods
5138	-	Wholesale of other food including fish, crustaceans and molluscs

NAICS 2002 Codes:
42421	-	Drugs and Druggists' Sundries Merchant Wholesalers
424490	-	Other Grocery and Related Products Merchant Wholesalers
423450	-	Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers
325620	-	Toilet Preparation Manufacturing
424690	-	Other Chemical and Allied Products Merchant Wholesalers

US SIC 1987:
2844	-	Perfumes, Cosmetics, and Other Toilet Preparations
5047	-	Medical, Dental, and Hospital Equipment and Supplies
5149	-	Groceries and Related Products, Not Elsewhere Classified
5122	-	Drugs, Drug Proprietaries, and Druggists' Sundries
5169	-	Chemicals and Allied Products, Not Elsewhere Classified

UK SIC 2003:
5155	-	Wholesale of chemical products
5146	-	Wholesale of pharmaceutical goods
2452	-	Manufacture of perfumes and toilet preparations
5138	-	Wholesale of other food including fish, crustaceans and molluscs

Business Description

IWAKI & CO., LTD. is mainly engaged in the manufacture and wholesale of chemicals, medical products, cosmetic fragrance materials and food materials. The Company operates in five business segments. The Pharmaceuticals segment manufactures and sells medical products, generic medicines, veterinary drugs and other medical products. This segment also sells diagnostic reagents and testing reagents. The Medicine and Cosmetic Fragrance Materials segment offers materials for medicine and cosmetic fragrance products. The Chemicals segment offers drugs and chemicals for electronics industry and surface processing industry. The Food Materials and Function Food segment produces and sells food materials and supplement. The Others segment sells medical equipment, manufactures and sells print wired boards manufacturing plants and cosmetics, and provides consulting service. For the nine months ended 31 August 2011, IWAKI & CO.,LTD.'s revenues increased 10% to Y40.40B. The Company's net income totaled Y1.49B, up from Y180.1M. Revenues reflect higher sales especially from food materials business segment. Net income also benefited from a favorable gross profit margin, the presence of special gain on negative goodwill as well as the presence of gain on sales of fix assets.

More Business Descriptions

Wholesale trade in pharmaceutical products and raw materials for pharmaceutical chemicals, cosmetics and foods; production of electroplating chemicals

Drugs and Druggists' Sundries Merchant Wholesalers

Financial Data

Financials in:	JPY(mil)
Revenue:	53,797.7
Net Income:	1,633.4
Assets:	35,119.1
Long Term Debt:	1,477.5
Total Liabilities:	19,881.0
Working Capital:	2.7
Date of Financial Data:	30-Nov-2011

1 Year Growth

6.7%

328.3%

-1.1%

Market Data

Quote Symbol:	8095
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	177.0
Stock Price Date:	06-29-2012
52 Week Price Change %:	-11.9
Market Value (mil):	6,044,149.0
SEDOL:	6468066
ISIN:	JP3150000002
Equity and Dept Distribution:
FY'98-'01 all WAS were estimated. FY'05-'07 1Q, 3Q & FY'04 3QWAS &O/S were estimated. FY'06 Q1: Non-Detail. FY'08 Q3 WAS & o/s were estimated.

Shareholders

Major Shareholders

Meiji Trading (5.8%); Keai Co (5.1%)

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG LLP

Corporate Structure News

IWAKI & CO., LTD.
Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
IWAKI & CO., LTD.	Parent	Tokyo	Japan	Personal and Household Products	671.0	882
Meltex Incorporated	Subsidiary	Tokyo	Japan	Chemical Manufacturing	77.4	261
Iwaki Seiyaku Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Biotechnology and Drugs	91.3

IWAKI & CO., LTD.

Competitors Report

CompanyName	Location	Employees	Ownership
Alfresa Holdings Corporation	Tokyo, Japan	10,713	Public
Eisai Co., Ltd	Tokyo, Japan	10,730	Public
Shionogi & Co Ltd	Osaka-Shi, Japan	5,277	Public
SSP Company Limited	Tokyo, Japan		Private
SUZUKEN CO., LTD.	Nagoya-Shi, Japan	15,155	Public
Toho Holdings Co Ltd	Tokyo, Japan	7,771	Public

Executives Report

Board of Directors

Name	Title	Function
Masaaki Atsumi	Director of Accounting, Director	Director/Board Member
Biography: Mr. Masaaki Atsumi has been serving as Director of Accounting and Director in Iwaki Co., Ltd. since February 24, 2012. He joined the Company in April 1982. Age: 52
Hisashi Fujita	President of Osaka Office, Director	Director/Board Member
Biography: Mr. Hisashi Fujita has been serving as President of Osaka Office and Director in Iwaki Co., Ltd., since June 2011. He joined the Company in April 1982 and served as Director of Trading of the Company. Age: 53
Hiroshi Fujiwara	Director of Trading, Director	Director/Board Member
Biography: Mr. Hiroshi Fujiwara has been serving as Director of Trading and Director in Iwaki Co., Ltd., since June 2011. He joined the Company in April 1981 and served as Director of Food of the Company. Age: 53
Tatsuo Ito	President of a Subsidiary, Director	Director/Board Member
Biography: Mr. Tatsuo Ito has been serving as Director in Iwaki Co., Ltd., as well as President and Representative Director in a subsidiary, Iwaki Seiyaku Co., Ltd., since February 2008. He joined the Company in April 2005. He previously worked for Japan-based Bank that is under the new name of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Age: 59
Osamu Iwaki	President, Chairman of Subsidiary, Representative Director	Director/Board Member
Biography: Mr. Osamu Iwaki has been serving as President and Representative Director in Iwaki Co., Ltd., as well as Chairman of the Board in a subsidiary, Iwaki Seiyaku Co.,Ltd., since February 1998. He is also Director of another subsidiary, Meltex Inc. He joined the Company in April 1973. His previous titles include Managing Director and Senior Managing Director in the Company. He used to serve as President and Representative Director in another subsidiary. Age: 61
Keitaro Iwaki	President of Subsidiary, Director	Director/Board Member
Biography: Mr. Keitaro Iwaki has been serving as Director in Iwaki Co., Ltd., as well as President and Representative Director in a subsidiary, Meltex Inc., since August 2009. He joined the Company in April 2005. His previous titles include Manager of Pharmaceutical Products in the Company. He previouly worked for Accenture. Age: 34
Chikanori Katano	Director of Cosmetic Raw Material, Director	Director/Board Member
Biography: Mr. Chikanori Katano has been serving as Director of Cosmetic Raw Material and Director in Iwaki Co., Ltd., since February 2002. He joined the Company in April 1971. Age: 64
Takuo Ohkura	Managing Director	Director/Board Member
Biography: Mr. Takuo Ohkura has been serving as Managing Director in Iwaki Co., Ltd., since February 2004. He joined the Company in April 1968. His previous titles include Manager of Pharmaceutical Products Division and Director in the Company. Age: 66
Shinji Ohmori	Director of Business Planning, Director	Director/Board Member
Biography: Mr. Shinji Ohmori has been serving as Director of Business Planning and Director in Iwaki Co., Ltd. since February 24, 2012. He joined the Company in April 1981 and used to serve as Director of Business Management of the Company. Age: 48
Toshihiro Ohta	Chief Director of Pharma Net Sales, Director	Director/Board Member
Biography: Mr. Toshihiro Ohta has been serving as Chief Director of Pharma Net Sales and Director in Iwaki Co., Ltd. since February 25, 2011. He joined the Company in April 1981. He used to serve as Managing Director in another company. Age: 53
Toshio Suzuki	Director of General Affairs and Human Resources, Director	Director/Board Member
Biography: Mr. Toshio Suzuki has been serving as Director of General Affairs and Human Resources and Director in Iwaki Co., Ltd., since February 2004. He joined the Company in September 2002. He used to work for a company that has later become JFE Steel Corporation after a merger and a certified social insurance labor consultant firm as well as President and Representative Director of another company. Age: 56
Shigeru Takano	Managing Director	Director/Board Member
Biography: Mr. Shigeru Takano has been serving as Managing Director in Iwaki Co., Ltd., since December 2004. He joined the Company in September 1989. His previous titles include Director of Accounting in the Company. He used to work in SAKAI HEAVY INDUSTRIES, LTD. Age: 65

Executives

Name	Title	Function
Osamu Iwaki	President, Chairman of Subsidiary, Representative Director	President
Biography: Mr. Osamu Iwaki has been serving as President and Representative Director in Iwaki Co., Ltd., as well as Chairman of the Board in a subsidiary, Iwaki Seiyaku Co.,Ltd., since February 1998. He is also Director of another subsidiary, Meltex Inc. He joined the Company in April 1973. His previous titles include Managing Director and Senior Managing Director in the Company. He used to serve as President and Representative Director in another subsidiary. Age: 61
Masayoshi Chinen	Director-Bulk	Division Head Executive
Hisashi Fujita	President of Osaka Office, Director	Division Head Executive
Biography: Mr. Hisashi Fujita has been serving as President of Osaka Office and Director in Iwaki Co., Ltd., since June 2011. He joined the Company in April 1982 and served as Director of Trading of the Company. Age: 53
Tatsuo Ito	President of a Subsidiary, Director	Division Head Executive
Biography: Mr. Tatsuo Ito has been serving as Director in Iwaki Co., Ltd., as well as President and Representative Director in a subsidiary, Iwaki Seiyaku Co., Ltd., since February 2008. He joined the Company in April 2005. He previously worked for Japan-based Bank that is under the new name of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Age: 59
Keitaro Iwaki	President of Subsidiary, Director	Division Head Executive
Biography: Mr. Keitaro Iwaki has been serving as Director in Iwaki Co., Ltd., as well as President and Representative Director in a subsidiary, Meltex Inc., since August 2009. He joined the Company in April 2005. His previous titles include Manager of Pharmaceutical Products in the Company. He previouly worked for Accenture. Age: 34
Shotaro Iwaki	Director-Medical	Division Head Executive
Takuo Ohkura	Managing Director	Managing Director
Biography: Mr. Takuo Ohkura has been serving as Managing Director in Iwaki Co., Ltd., since February 2004. He joined the Company in April 1968. His previous titles include Manager of Pharmaceutical Products Division and Director in the Company. Age: 66
Shigeru Takano	Managing Director	Managing Director
Biography: Mr. Shigeru Takano has been serving as Managing Director in Iwaki Co., Ltd., since December 2004. He joined the Company in September 1989. His previous titles include Director of Accounting in the Company. He used to work in SAKAI HEAVY INDUSTRIES, LTD. Age: 65
Kazuo Sekine	Co-Auditor	Finance Executive
Shin Tomita	Co-Auditor	Finance Executive
Masaaki Atsumi	Director of Accounting, Director	Accounting Executive
Biography: Mr. Masaaki Atsumi has been serving as Director of Accounting and Director in Iwaki Co., Ltd. since February 24, 2012. He joined the Company in April 1982. Age: 52
Hiroshi Fujiwara	Director of Trading, Director	Investment Executive
Biography: Mr. Hiroshi Fujiwara has been serving as Director of Trading and Director in Iwaki Co., Ltd., since June 2011. He joined the Company in April 1981 and served as Director of Food of the Company. Age: 53
Toshio Suzuki	Director of General Affairs and Human Resources, Director	Human Resources Executive
Biography: Mr. Toshio Suzuki has been serving as Director of General Affairs and Human Resources and Director in Iwaki Co., Ltd., since February 2004. He joined the Company in September 2002. He used to work for a company that has later become JFE Steel Corporation after a merger and a certified social insurance labor consultant firm as well as President and Representative Director of another company. Age: 56
Toshihiro Ohta	Chief Director of Pharma Net Sales, Director	Sales Executive
Biography: Mr. Toshihiro Ohta has been serving as Chief Director of Pharma Net Sales and Director in Iwaki Co., Ltd. since February 25, 2011. He joined the Company in April 1981. He used to serve as Managing Director in another company. Age: 53
Shinji Ohmori	Director of Business Planning, Director	Planning Executive
Biography: Mr. Shinji Ohmori has been serving as Director of Business Planning and Director in Iwaki Co., Ltd. since February 24, 2012. He joined the Company in April 1981 and used to serve as Director of Business Management of the Company. Age: 48
Hideto Yamamura	Director-Planning	Planning Executive

Significant Developments

Iwaki & Co., Ltd. to Pay Dividend for FY Ended November 30, 2011

Jan 25, 2012

Iwaki & Co., Ltd. announced that it has decided to pay a dividend of JPY 4.00 per share (JPY 3.00 per share as a common dividend and JPY 1.00 per share as a special dividend), all JPY 135 million in total, above the latest dividend forecast of JPY 3.00 per share, which was announced on January 13, 2012, to all the shareholders as a record of November 30, 2011, effective February 27, 2012.

TOHO HOLDINGS CO., LTD.'s Subsidiary to Fully Acquire Subsidiary of Iwaki & Co., Ltd.

Aug 26, 2011

TOHO HOLDINGS CO., LTD. announced that its subsidiary has decided to fully acquire a subsidiary of Iwaki & Co., Ltd. effective October 1, 2011.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	671.0	570.6	511.6	475.4	427.4
Revenue	671.0	570.6	511.6	475.4	427.4
Total Revenue	671.0	570.6	511.6	475.4	427.4
Cost of Revenue	533.9	480.2	437.7	413.5	367.3
Cost of Revenue, Total	533.9	480.2	437.7	413.5	367.3
Gross Profit	137.1	90.4	74.0	61.9	60.2
Selling/General/Administrative Expense	63.8	38.5	32.4	26.0	27.9
Labor & Related Expense	55.3	38.7	32.8	31.4	28.4
Total Selling/General/Administrative Expenses	119.1	77.2	65.2	57.4	56.3
Research & Development	-	5.6	3.9	3.5	-
Depreciation	2.9	1.9	1.7	1.3	2.2
Amortization of Intangibles	0.2	0.0	-	-	-
Depreciation/Amortization	3.0	1.9	1.7	1.3	2.2
Impairment-Assets Held for Use	2.3	0.3	0.2	0.3	0.0
Impairment-Assets Held for Sale	0.0	0.5	0.1	2.0	0.0
Other Unusual Expense (Income)	-14.5	-1.1	0.0	1.3	-1.2
Unusual Expense (Income)	-12.2	-0.4	0.3	3.7	-1.2
Total Operating Expense	643.8	564.6	508.7	479.4	424.5
Operating Income	27.2	5.9	2.9	-4.0	2.9
Interest Expense - Non-Operating	-0.6	-0.6	-0.7	-0.7	-0.6
Interest Expense, Net Non-Operating	-0.6	-0.6	-0.7	-0.7	-0.6
Interest Income - Non-Operating	0.0	0.0	0.0	0.1	0.0
Investment Income - Non-Operating	-0.6	1.7	-3.2	1.7	2.1
Interest/Investment Income - Non-Operating	-0.6	1.7	-3.2	1.8	2.1
Interest Income (Expense) - Net Non-Operating Total	-1.2	1.1	-3.8	1.0	1.6
Gain (Loss) on Sale of Assets	-2.6	0.3	0.0	0.2	-0.6
Other Non-Operating Income (Expense)	1.6	0.7	1.5	1.4	1.7
Other, Net	1.6	0.7	1.5	1.4	1.7
Income Before Tax	25.0	8.0	0.7	-1.3	5.5
Total Income Tax	4.3	3.5	1.9	0.3	4.3
Income After Tax	20.7	4.5	-1.3	-1.6	1.2
Minority Interest	-0.4	-0.2	0.0	-	-
Net Income Before Extraord Items	20.4	4.3	-1.3	-1.6	1.2
Net Income	20.4	4.3	-1.3	-1.6	1.2
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	20.4	4.3	-1.3	-1.6	1.2
Income Available to Common Incl Extraord Items	20.4	4.3	-1.3	-1.6	1.2
Basic/Primary Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Basic EPS Excl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Basic/Primary EPS Incl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	20.4	4.3	-1.3	-1.6	1.2
Diluted Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Diluted EPS Excl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Diluted EPS Incl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Dividends per Share - Common Stock Primary Issue	0.09	0.07	0.06	0.06	0.05
Gross Dividends - Common Stock	3.0	1.6	1.5	1.4	1.2
Interest Expense, Supplemental	0.6	0.6	0.7	0.7	0.6
Depreciation, Supplemental	8.7	6.4	5.5	5.0	4.8
Total Special Items	-9.6	-0.6	0.3	3.4	-0.6
Normalized Income Before Tax	15.4	7.4	0.9	2.1	4.9
Effect of Special Items on Income Taxes	-1.6	-0.3	0.1	1.2	-0.2
Inc Tax Ex Impact of Sp Items	2.6	3.2	2.0	1.5	4.1
Normalized Income After Tax	12.8	4.1	-1.1	0.6	0.8
Normalized Inc. Avail to Com.	12.4	4.0	-1.1	0.6	0.8
Basic Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Diluted Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Amort of Intangibles, Supplemental	0.2	-	-	-	-
Rental Expenses	3.4	2.8	2.5	2.5	2.8
Research & Development Exp, Supplemental	10.8	5.6	3.9	3.5	2.8
Reported Operating Profit	15.2	5.6	3.2	0.2	2.3
Reported Ordinary Profit	16.6	7.3	0.9	0.7	4.7
Normalized EBIT	15.0	5.6	3.2	-0.4	1.7
Normalized EBITDA	23.9	11.9	8.7	4.7	6.5
Interest Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Service Cost - Domestic	4.1	2.7	2.4	3.7	2.4
Expected Return on Assets - Domestic	-	-	-	-	0.0
Actuarial Gains and Losses - Domestic	0.7	0.6	0.6	0.2	0.0
Transition Costs - Domestic	-	-	-	-	-1.4
Domestic Pension Plan Expense	5.0	3.5	3.2	4.0	1.2
Defined Contribution Expense - Domestic	0.9	0.6	0.4	0.4	0.2
Total Pension Expense	6.0	4.1	3.6	4.4	1.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	0.00%	2.00%
Total Plan Interest Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Service Cost	4.1	2.7	2.4	3.7	2.4
Total Plan Expected Return	-	-	-	-	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.63	83.77	86.145	95.245	110.925
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	58.7	41.9	19.5	15.5	15.6
Cash and Short Term Investments	58.7	41.9	19.5	15.5	15.6
Accounts Receivable - Trade, Gross	181.1	169.9	162.8	166.1	134.3
Provision for Doubtful Accounts	-0.6	-0.7	-0.5	-0.3	-0.4
Trade Accounts Receivable - Net	180.5	169.2	162.4	165.7	133.9
Other Receivables	3.7	3.7	2.6	3.3	3.7
Total Receivables, Net	184.2	172.9	164.9	169.0	137.6
Inventories - Finished Goods	42.2	36.1	33.0	27.3	-
Inventories - Work In Progress	7.5	8.3	7.2	9.3	-
Inventories - Raw Materials	7.3	6.0	4.1	4.0	-
Total Inventory	57.0	50.4	44.3	40.6	33.1
Deferred Income Tax - Current Asset	3.6	2.5	1.8	1.1	1.5
Other Current Assets	6.9	6.7	1.9	2.3	2.0
Other Current Assets, Total	10.5	9.2	3.7	3.4	3.5
Total Current Assets	310.3	274.5	232.3	228.6	189.8
Buildings	103.3	103.5	66.1	59.6	50.1
Land/Improvements	45.3	53.9	29.4	26.7	23.2
Machinery/Equipment	115.8	113.8	83.2	73.8	62.2
Construction in Progress	0.0	0.0	0.8	0.2	0.2
Leases	2.1	1.3	0.7	0.0	-
Other Property/Plant/Equipment	0.0	0.1	0.0	-	-
Property/Plant/Equipment - Gross	266.6	272.7	180.2	160.2	135.7
Accumulated Depreciation	-170.5	-168.4	-118.6	-103.0	-84.7
Property/Plant/Equipment - Net	96.1	104.3	61.6	57.2	51.0
Goodwill, Net	0.0	0.0	0.4	0.4	0.1
Intangibles, Net	3.5	3.8	3.8	3.5	2.6
LT Investment - Affiliate Companies	9.0	-	-	-	-
LT Investments - Other	19.3	25.8	48.7	48.1	47.7
Long Term Investments	28.3	25.8	48.7	48.1	47.7
Note Receivable - Long Term	0.4	0.6	0.5	0.4	0.4
Deferred Income Tax - Long Term Asset	6.3	6.2	3.0	3.0	2.3
Restricted Cash - Long Term	2.2	2.0	1.7	1.0	1.0
Other Long Term Assets	5.2	6.8	4.9	4.2	3.8
Other Long Term Assets, Total	13.7	15.0	9.6	8.3	7.2
Total Assets	452.4	424.0	356.9	346.5	298.7
Accounts Payable	143.6	136.2	142.2	141.4	117.1
Accrued Expenses	18.2	14.8	10.7	10.1	8.6
Notes Payable/Short Term Debt	37.3	36.9	44.2	43.8	35.8
Current Portion - Long Term Debt/Capital Leases	2.1	12.4	-	2.5	2.2
Income Taxes Payable	5.5	3.0	2.6	0.4	0.3
Other Payables	2.9	2.2	0.4	0.2	0.9
Other Current Liabilities	1.7	2.6	0.9	0.9	0.6
Other Current liabilities, Total	10.1	7.8	4.0	1.5	1.8
Total Current Liabilities	211.3	208.1	201.1	199.4	165.4
Long Term Debt	19.0	10.0	11.4	12.8	13.2
Total Long Term Debt	19.0	10.0	11.4	12.8	13.2
Total Debt	58.4	59.4	55.6	59.1	51.1
Deferred Income Tax - LT Liability	1.5	2.2	1.8	1.6	2.8
Deferred Income Tax	1.5	2.2	1.8	1.6	2.8
Minority Interest	0.0	39.7	0.0	-	-
Pension Benefits - Underfunded	19.0	17.8	7.6	9.5	6.4
Other Long Term Liabilities	5.3	6.5	3.8	1.7	1.5
Other Liabilities, Total	24.3	24.4	11.4	11.2	7.9
Total Liabilities	256.1	284.4	225.7	225.1	189.3
Common Stock	33.1	30.7	29.9	27.0	23.2
Common Stock	33.1	30.7	29.9	27.0	23.2
Additional Paid-In Capital	54.2	24.9	24.2	21.9	18.8
Retained Earnings (Accumulated Deficit)	108.4	83.0	76.4	71.8	64.5
Treasury Stock - Common	-1.0	-0.7	-0.6	-0.5	-0.4
Unrealized Gain (Loss)	2.5	2.3	1.8	1.4	3.3
Translation Adjustment	-0.9	-0.7	-0.4	-0.2	0.2
Other Equity, Total	-0.9	-0.7	-0.4	-0.2	0.2
Total Equity	196.3	139.6	131.2	121.4	109.5
Total Liabilities & Shareholders’ Equity	452.4	424.0	356.9	346.5	298.7
Shares Outstanding - Common Stock Primary Issue	33.8	24.0	24.1	24.1	24.1
Total Common Shares Outstanding	33.8	24.0	24.1	24.1	24.1
Treasury Shares - Common Stock Primary Issue	0.4	0.2	0.2	0.2	0.2
Employees	882	887	632	630	652
Number of Common Shareholders	5,549	3,428	3,516	3,587	4,615
Total Long Term Debt, Supplemental	22.0	24.5	14.2	15.3	15.3
Long Term Debt Maturing within 1 Year	2.1	13.0	2.8	2.5	2.2
Long Term Debt Maturing in Year 2	2.1	1.3	11.4	2.5	2.2
Long Term Debt Maturing in Year 3	2.0	1.3	-	10.3	2.2
Long Term Debt Maturing in Year 4	9.4	1.0	-	0.0	8.8
Long Term Debt Maturing in Year 5	5.5	7.9	-	0.0	-
Long Term Debt Maturing in 2-3 Years	4.1	2.6	11.4	12.8	4.3
Long Term Debt Maturing in 4-5 Years	14.9	8.9	-	0.0	8.8
Long Term Debt Matur. in Year 6 & Beyond	0.9	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	1.5	1.1	0.6	-	-
Capital Lease Payments Due in Year 1	0.4	0.3	0.1	-	-
Capital Lease Payments Due in Year 2	0.5	0.3	0.1	-	-
Capital Lease Payments Due in Year 3	0.3	0.3	0.1	-	-
Capital Lease Payments Due in Year 4	0.2	0.2	0.1	-	-
Capital Lease Payments Due in Year 5	0.1	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	0.8	0.6	0.3	-	-
Capital Lease Payments Due in 4-5 Years	0.3	0.2	0.2	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	-	-
Pension Obligation - Domestic	26.1	24.9	19.2	18.6	17.6
Plan Assets - Domestic	4.1	4.2	8.2	7.1	10.8
Funded Status - Domestic	-22.1	-20.8	-11.0	-11.5	-6.8
Total Funded Status	-22.1	-20.8	-11.0	-11.5	-6.8
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	0.00%	2.00%
Prepaid Benefits - Domestic	-	-	-	-	0.0
Accrued Liabilities - Domestic	-18.9	-17.4	-7.6	-7.7	-6.4
Other Assets, Net - Domestic	3.1	3.3	3.4	3.8	0.4
Net Assets Recognized on Balance Sheet	-15.8	-14.1	-4.2	-3.9	-6.0
Total Plan Obligations	26.1	24.9	19.2	18.6	17.6
Total Plan Assets	4.1	4.2	8.2	7.1	10.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	25.0	8.0	0.7	-1.3	5.5
Depreciation	8.7	6.4	5.5	5.0	4.8
Depreciation/Depletion	8.7	6.4	5.5	5.0	4.8
Amortization of Intangibles	0.2	0.0	-	-	-
Amortization	0.2	0.0	-	-	-
Unusual Items	-11.2	-1.2	0.2	-1.2	-1.4
Equity in Net Earnings (Loss)	0.0	-1.1	3.5	0.0	-1.6
Other Non-Cash Items	0.6	0.9	-0.5	2.9	-1.9
Non-Cash Items	-10.6	-1.4	3.2	1.7	-4.8
Accounts Receivable	-0.1	0.9	19.1	-9.7	0.2
Inventories	-3.3	3.9	0.6	-2.1	-3.4
Accounts Payable	1.0	1.8	-13.0	4.6	-0.7
Accrued Expenses	3.1	1.2	-0.7	0.2	-0.5
Other Operating Cash Flow	-2.5	-2.3	0.9	2.4	-5.5
Changes in Working Capital	-1.8	5.5	6.8	-4.6	-9.9
Cash from Operating Activities	21.5	18.4	16.1	0.8	-4.3
Purchase of Fixed Assets	-7.6	-12.4	-2.5	-4.4	-7.3
Purchase/Acquisition of Intangibles	-0.9	-0.4	-0.8	-1.3	-0.8
Capital Expenditures	-8.5	-12.8	-3.3	-5.6	-8.2
Acquisition of Business	0.0	13.9	0.0	-	-
Sale of Fixed Assets	10.7	0.5	0.0	0.0	-
Sale/Maturity of Investment	1.8	0.2	0.0	1.9	0.3
Investment, Net	-0.6	1.1	0.0	-	-
Purchase of Investments	-3.6	-0.1	-0.1	-0.4	-0.7
Other Investing Cash Flow	1.8	0.2	-0.1	1.7	0.5
Other Investing Cash Flow Items, Total	10.2	15.8	-0.2	3.2	0.1
Cash from Investing Activities	1.7	2.9	-3.5	-2.4	-8.0
Other Financing Cash Flow	-0.7	-0.3	-0.1	0.0	0.0
Financing Cash Flow Items	-0.7	-0.3	-0.1	0.0	0.0
Cash Dividends Paid - Common	-2.1	-1.6	-1.5	-1.3	-1.2
Total Cash Dividends Paid	-2.1	-1.6	-1.5	-1.3	-1.2
Short Term Debt, Net	-2.5	-6.8	-6.4	2.9	11.8
Long Term Debt Issued	10.3	10.2	0.0	-	0.0
Long Term Debt Reduction	-15.5	-3.0	-2.6	-2.3	-2.5
Long Term Debt, Net	-5.2	7.2	-2.6	-2.3	-2.5
Issuance (Retirement) of Debt, Net	-7.7	0.4	-9.0	0.6	9.4
Cash from Financing Activities	-10.5	-1.5	-10.5	-0.7	8.1
Foreign Exchange Effects	-0.2	0.0	0.0	0.0	0.0
Net Change in Cash	12.4	19.8	2.1	-2.4	-4.3
Net Cash - Beginning Balance	42.8	19.0	15.8	16.4	18.9
Net Cash - Ending Balance	55.2	38.8	17.9	14.1	14.6
Cash Interest Paid	0.6	0.6	0.6	0.7	0.6
Cash Taxes Paid	3.6	4.2	-0.4	-1.1	2.2

Annual Income Statement

Financials in: USD (mil)

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

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net sales	671.0	570.6	511.6	475.4	427.4
Total Revenue	671.0	570.6	511.6	475.4	427.4
Cost of Sales	533.9	480.2	437.7	412.9	366.6
Shipping	14.7	12.0	10.9	8.6	8.2
Res. Doubtful Acct.	0.0	0.0	0.1	0.2	0.0
Loss on bad debts(SGA)	0.0	0.0	0.9	0.0	-
Salary&Bonuses	42.8	30.5	26.0	25.1	23.0
Expense-Accr.Retire	4.1	2.9	2.9	2.5	2.0
Allow. Directors' Retirement	0.0	0.0	0.0	0.2	0.0
Provision for bonuses	1.7	0.7	0.0	-	-
Welfare expenses	6.6	4.5	3.9	3.6	3.3
Transportation	4.7	3.3	2.8	2.4	2.4
Depreciation	2.9	1.9	1.7	1.3	2.2
Rent	3.4	2.8	2.5	2.5	2.8
R & D expenses	-	5.6	3.9	3.5	-
Other SG&A	41.0	20.4	15.2	12.3	14.6
SP Claim compensation	0.0	-0.1	0.0	-	-
SP Refund of insurance cancellation	-0.3	-0.1	0.0	-	-
SP Gain on negative goodwill	-14.6	-12.8	0.0	-	-
SP Reversal of Allow Doubt Acc.	-0.2	0.0	-	0.0	-0.1
SP G on received residuary assets	-	-	0.0	-0.6	0.0
SP Gain Transit. to Defined Contrib.Pens	-	-	-	0.0	-1.4
SP Other SP Gain	-0.1	0.0	-	-	-
SP Val.Loss-Inv. Sec.	0.0	0.5	0.1	2.0	0.0
Share exchange expenses	1.0	0.0	-	-	-
SP Dir. Retire. Bnft.	-	-	0.0	0.4	0.2
SP Reserve prior directors' retir.bene.	-	-	0.0	1.5	0.0
SP Impairment Loss	1.3	0.3	0.2	0.3	0.0
SP L on acct. change on assets retire.	0.2	0.0	-	-	-
SP Loss on step acquisitions	0.0	11.4	0.0	-	-
SP Disaster loss	0.4	0.0	-	-	-
SP Amortization of land rights	0.2	0.0	-	-	-
SP L-Defined Contribution Pension Move	0.0	0.6	0.0	-	-
SP Other loss	0.1	0.0	0.0	-	-
NOP Write-down Merch.	-	-	0.0	0.6	0.6
Total Operating Expense	643.8	564.6	508.7	479.4	424.5
SP Sale Gain-Invest.Sec	0.1	0.1	0.0	0.4	0.2
SP Gain on sales of scraps	0.0	0.6	0.0	-	-
SP Gain Sale Fixed Assets	0.9	0.0	0.0	0.0	-
SP G.-Sale Affili Stk	-	-	0.0	1.0	0.0
SP G. on transf. of prod./distribu.right	-	-	0.0	0.3	0.0
SP L-sales of noncurrent assets	-2.0	-0.2	0.0	-	-
SP Loss disp. Fixed Asst	-1.4	-0.1	0.0	0.0	-0.6
SP Loss-Sale Affili Stk	-0.9	0.0	-	-	-
SP Sale Loss-Invest.Sec	-0.3	0.0	-	-	-
NOP Interest Income	0.0	0.0	0.0	0.1	0.0
NOP Dividend Income	0.4	0.5	0.3	0.3	0.2
NOP Rent Income	0.8	0.7	0.4	0.4	0.3
NOP Commission Income	0.3	0.3	0.2	0.2	0.2
NOP Gain-Currency Swap	-	-	-	0.0	0.0
NOP Research Consignment Income	1.0	0.3	0.4	0.1	0.2
NOP Equity G in earnings of affiliates	0.0	1.1	0.0	0.0	1.6
NOP Insurance Income	0.0	0.2	0.2	0.6	0.7
NOP Other Non-op. Income	0.6	0.6	0.7	0.8	0.6
NOP Interest Expense	-0.6	-0.6	-0.7	-0.7	-0.6
NOP Syndicated Loan Commission Fee	-0.4	-0.3	-0.2	-0.2	-0.2
NOP Provision for doubtful accounts	0.0	-0.5	0.0	-0.3	0.0
NOP Bad debts expenses	0.0	0.0	0.0	-	-
NOP Rent expense	-0.3	0.0	-	-	-
NOP Equity losses	-	0.0	-3.5	0.0	-
NOP Other Non-op.Expense	-0.5	-0.5	-0.1	-0.1	-0.1
Net Income Before Taxes	25.0	8.0	0.7	-1.3	5.5
Provision for Income Taxes	4.3	3.5	1.9	0.3	4.3
Net Income After Taxes	20.7	4.5	-1.3	-1.6	1.2
Minority interests in income	-0.4	-0.2	0.0	-	-
Net Income Before Extra. Items	20.4	4.3	-1.3	-1.6	1.2
Net Income	20.4	4.3	-1.3	-1.6	1.2
Director Bonus	-	-	-	0.0	0.0
EPS Adjustment	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	20.4	4.3	-1.3	-1.6	1.2
Income Available to Com Incl ExtraOrd	20.4	4.3	-1.3	-1.6	1.2
Basic Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Basic EPS Excluding ExtraOrdinary Items	0.68	0.18	-0.05	-0.07	0.05
Basic EPS Including ExtraOrdinary Item	0.68	0.18	-0.05	-0.07	0.05
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	20.4	4.3	-1.3	-1.6	1.2
Diluted Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Diluted EPS Excluding ExtraOrd Items	0.68	0.18	-0.05	-0.07	0.05
Diluted EPS Including ExtraOrd Items	0.68	0.18	-0.05	-0.07	0.05
DPS-Common Stock	0.09	0.07	0.06	0.06	0.05
Gross Dividends - Common Stock	3.0	1.6	1.5	1.4	1.2
Normalized Income Before Taxes	15.4	7.4	0.9	2.1	4.9
Inc Tax Ex Impact of Sp Items	2.6	3.2	2.0	1.5	4.1
Normalized Income After Taxes	12.8	4.1	-1.1	0.6	0.8
Normalized Inc. Avail to Com.	12.4	4.0	-1.1	0.6	0.8
Basic Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Diluted Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Interest Expense	0.6	0.6	0.7	0.7	0.6
Amort of Intangibles, Supplemental	0.2	-	-	-	-
Rental Expense	3.4	2.8	2.5	2.5	2.8
Depreciation	8.7	6.4	5.5	5.0	4.8
R&D Expenses	10.8	5.6	3.9	3.5	2.8
Reported Operating Profit	15.2	5.6	3.2	0.2	2.3
Reported Ordinary Profit	16.6	7.3	0.9	0.7	4.7
Service Cost	4.1	2.7	2.4	3.7	2.4
Interest Cost	0.2	0.2	0.2	0.2	0.2
Expected Return on Plan Assets	-	-	-	-	0.0
Actuarial Gains & Losses	0.7	0.6	0.6	0.2	0.0
Transit. G to defined contribution plan	-	-	-	-	-1.4
Domestic Pension Plan Expense	5.0	3.5	3.2	4.0	1.2
Defined Contribution Expense	0.9	0.6	0.4	0.4	0.2
Total Pension Expense	6.0	4.1	3.6	4.4	1.4
Discount Rete	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate on Return	0.00%	0.00%	0.00%	0.00%	2.00%

Annual Balance Sheet

Financials in: USD (mil)

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.63	83.77	86.145	95.245	110.925
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash&Deposits	58.7	41.9	19.5	15.5	15.6
Note&Acct. Rcvbl	181.1	169.9	162.8	166.1	134.3
Inventories	-	-	-	-	33.1
Electronically recorded monetary claims-	3.9	4.4	0.0	-	-
Inventories - merchandise&finished goods	42.2	36.1	33.0	27.3	-
Inventories - work-in-process	7.5	8.3	7.2	9.3	-
Inventories - raw materials&supplies	7.3	6.0	4.1	4.0	-
Dfrd. Tax Asset	3.6	2.5	1.8	1.1	1.5
Other Rcvbl.	3.7	3.7	2.6	3.3	3.7
Other Cur. Asset	3.0	2.3	1.9	2.3	2.0
Doubtful Acct.	-0.6	-0.7	-0.5	-0.3	-0.4
Total Current Assets	310.3	274.5	232.3	228.6	189.8
Buildings&Stru.	103.3	103.5	66.1	59.6	50.1
Accum. depr - bldg&struc	-66.1	-65.9	-43.3	-37.4	-30.5
Machineries, equip., & vehicle, gross	91.8	92.1	72.2	64.3	54.2
Accum. depr - machin&vehicles	-83.4	-83.0	-65.6	-57.4	-47.5
Tool&Fixture	24.0	21.7	11.0	9.5	8.0
Accum. depr - tools, furn, fixtur	-20.2	-19.0	-9.6	-8.2	-6.7
Land	45.3	53.9	29.4	26.7	23.2
Lease assets, gross	2.1	1.3	0.7	0.0	-
Accum. depr - lease assets	-0.7	-0.3	-0.1	0.0	-
Constr. in Prog.	0.0	0.0	0.8	0.2	0.2
Other PPE	0.0	0.1	0.0	-	-
Accumulated depreciation-Other PPE	0.0	-0.1	0.0	-	-
Goodwill	0.0	0.0	0.4	0.4	0.1
Software	2.7	3.2	3.0	1.8	1.0
Other Intangible	0.8	0.6	0.8	1.7	1.6
Investment Secs._affiliate company	9.0	-	-	-	-
Investment Secs.	19.3	25.8	48.7	48.1	47.7
LT Loans	0.4	0.6	0.5	0.4	0.4
LT Deposits	2.2	2.0	1.7	1.0	1.0
Dfrd. Tax Asset	6.3	6.2	3.0	3.0	2.3
Other Asset	7.6	9.0	5.8	5.2	4.4
Doubtful Acct.	-2.3	-2.2	-0.9	-1.0	-0.6
Adjustment	-	-	-	-	0.0
Total Assets	452.4	424.0	356.9	346.5	298.7
Note&Acct. Pybl.	143.6	136.2	142.2	141.4	117.1
ST Borrowings	36.1	35.8	43.4	43.0	34.3
LT borrowings (current)	2.1	12.4	-	2.5	2.2
Other Payable	2.9	2.2	0.4	0.2	0.9
Accrd. Expense	16.5	12.3	10.1	9.8	8.4
Tax Payable	5.5	3.0	2.6	0.4	0.3
Sales Tax Pybl.	1.3	0.5	0.7	0.3	0.2
Provision for bonuses	0.5	2.0	0.0	-	-
Product Return	0.1	0.1	0.1	0.1	0.1
Note Pybl. Equip	1.2	1.1	0.8	0.8	1.5
Provision for product warranties	0.1	0.1	0.0	-	-
Other Curr.Liabs	1.5	2.3	0.8	0.8	0.5
Total Current Liabilities	211.3	208.1	201.1	199.4	165.4
LT Borrowings	19.0	10.0	11.4	12.8	13.2
Total Long Term Debt	19.0	10.0	11.4	12.8	13.2
Dfrd. Tax Liab.	1.5	2.2	1.8	1.6	2.8
Accrd. Retire.	18.9	17.4	7.6	7.7	6.4
Reserve for officers' retirement	0.1	0.4	0.0	1.9	0.0
Other Liab.	5.3	6.5	3.8	1.7	1.5
Minority interests	0.0	39.7	0.0	-	-
Total Liabilities	256.1	284.4	225.7	225.1	189.3
Common Stock	33.1	30.7	29.9	27.0	23.2
Paid in Capital	54.2	24.9	24.2	21.9	18.8
Retained Earning	108.4	83.0	76.4	71.8	64.5
Treas. Stock	-1.0	-0.7	-0.6	-0.5	-0.4
Unreal. Gain-Sec	2.5	2.3	1.9	1.5	3.3
Unrealized Gain/Loss on Hedge	0.0	0.0	-0.1	-0.2	-0.1
Trans. Adjust.	-0.9	-0.7	-0.4	-0.2	0.2
Total Equity	196.3	139.6	131.2	121.4	109.5
Total Liabilities & Shareholders' Equity	452.4	424.0	356.9	346.5	298.7
S/O-Common Stock	33.8	24.0	24.1	24.1	24.1
Total Common Shares Outstanding	33.8	24.0	24.1	24.1	24.1
T/S-Common Stock	0.4	0.2	0.2	0.2	0.2
Full-Time Employees	882	887	632	630	652
Number of Common Shareholders	5,549	3,428	3,516	3,587	4,615
LT Debt due within 1 yr.	2.1	13.0	2.8	2.5	2.2
LT Debt due b/w 1 & 2 yr.	2.1	1.3	11.4	2.5	2.2
LT Debt due b/w 2 & 3yr.	2.0	1.3	-	10.3	2.2
LT Debt due b/w 3 & 4yr.	9.4	1.0	-	0.0	8.8
LT Debt due b/w 4 & 5yr.	5.5	7.9	-	0.0	-
Long Term Debt - Remaining Maturities	0.9	-	-	-	-
Total Long Term Debt, Supplemental	22.0	24.5	14.2	15.3	15.3
CP Lease due within 1 year	0.4	0.3	0.1	-	-
CP Lease due within 2 year	0.5	0.3	0.1	-	-
CP Lease due within 3 year	0.3	0.3	0.1	-	-
CP Lease due within 4 year	0.2	0.2	0.1	-	-
CP Lease due within 5 year	0.1	0.0	0.0	-	-
Remainings	-	0.0	0.0	-	-
Total Capital Leases	1.5	1.1	0.6	-	-
Pension Obligation	26.1	24.9	19.2	18.6	17.6
Fair Value of Plan Assets	4.1	4.2	8.2	7.1	10.8
Funded Status	-22.1	-20.8	-11.0	-11.5	-6.8
Total Funded Status	-22.1	-20.8	-11.0	-11.5	-6.8
Discount Rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Return on Plan Assets	0.00%	0.00%	0.00%	0.00%	2.00%
Unrecognized Actuarial Gains & Losses	3.1	3.3	3.4	3.8	0.4
Prepaid Pension Benefit	-	-	-	-	0.0
Accrued Pension Benefit	-18.9	-17.4	-7.6	-7.7	-6.4
Net Assets Recognized on Balance Sheet	-15.8	-14.1	-4.2	-3.9	-6.0

Annual Cash Flows

Financials in: USD (mil)

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Income Before Tax	25.0	8.0	0.7	-1.3	5.5
Depreciation	8.7	6.4	5.5	5.0	4.8
Gain/Loss-Equity Method	0.0	-1.1	3.5	0.0	-1.6
Loss (gain) on step acquisitions	0.0	11.4	0.0	-	-
Impairment Losses	1.3	0.3	0.2	0.3	0.0
Sale of Affiliated Sec.	0.9	0.0	0.0	-1.0	0.0
Share exchange expenses	1.0	0.0	-	-	-
Amortization of leasehold right	0.2	0.0	-	-	-
Loss on adjustment for changes of accoun	0.2	0.0	-	-	-
Gain Transit. to Defined Contrib.Pension	-	-	-	0.0	-1.4
G on received residuary assets	-	-	0.0	-0.6	0.0
Res-Accr.Retire Bft.	0.7	0.4	-0.8	0.2	-1.4
Reserve for dir.'s retire. bonuse	-	-	0.0	1.7	0.0
Provision for product warrant return	0.0	0.0	0.0	-	-
Pro. Doubtful Acct.	-0.2	0.4	-0.1	0.2	-1.0
Int. & Div. Income	-0.5	-0.6	-0.3	-0.3	-0.3
Interest Expense	0.6	0.6	0.7	0.7	0.6
Acct. Rcvbl.	-0.1	0.9	19.1	-9.7	0.2
Inventories	-3.3	3.9	0.6	-2.1	-3.4
Acct. Pybl.	1.0	1.8	-13.0	4.6	-0.7
Gain on negative goodwill	-14.6	-12.8	0.0	-	-
Dir. Bonuses Paid	-	-	-	-	0.0
Dir.'s Retire. Bnft.	-	-	0.0	0.4	0.2
Accrued Expense	3.1	1.2	-0.7	0.2	-0.5
Other Opera.Activity	1.6	1.5	0.1	1.3	1.0
Int. & Div. Rcv'd	0.5	1.0	1.2	1.2	1.1
Interest Paid	-0.6	-0.6	-0.6	-0.7	-0.6
Paid Dir. Retire.	-0.4	0.0	-0.1	-0.4	-0.2
Defined Contribution Pension Paid	-	-	-	0.0	-4.7
Tax Paid	-4.1	-4.2	-0.3	-0.1	-2.2
Income tax refund	0.5	0.0	0.7	1.2	0.0
Cash from Operating Activities	21.5	18.4	16.1	0.8	-4.3
Time deposit,net	-0.6	1.1	0.0	-	-
Capital Expenditure	-7.6	-12.4	-2.5	-4.4	-7.3
Purch. Intangible	-0.9	-0.4	-0.8	-1.3	-0.8
Sale of PPE	10.7	0.5	0.0	0.0	-
Purch. Inv. Sec.	-1.9	-0.1	-0.1	-0.4	-0.7
Sale Inv. Secs.	1.3	0.2	0.0	0.8	0.3
Purch. sub's sec	-1.7	0.0	-	-	-
Purchase of sub's sec.(consol. change)	0.0	13.9	0.0	-	-
Sale of subsidiaries' sec.	0.5	0.0	0.0	1.1	0.0
Proceeds from maturity of insurance fund	0.6	1.2	0.0	-	-
Other Inv. Activity	1.2	-1.1	-0.1	1.7	0.5
Cash from Investing Activities	1.7	2.9	-3.5	-2.4	-8.0
ST Debt Net	-2.5	-6.8	-6.4	2.9	11.8
Proc.-LTDebt	10.3	10.2	0.0	-	0.0
LT Debt, Paid	-13.3	-2.7	-2.6	-2.3	-2.5
Redemption of bonds	-2.2	-0.3	0.0	-	-
Dividend Paid	-2.1	-1.6	-1.5	-1.3	-1.2
Cash dividends paid to minority sharehol	-0.4	-0.1	0.0	-	-
Othe Finan.Activity	-0.4	-0.2	-0.1	0.0	0.0
Cash from Financing Activities	-10.5	-1.5	-10.5	-0.7	8.1
Foreign Exchange Effects	-0.2	0.0	0.0	0.0	0.0
Net Change in Cash	12.4	19.8	2.1	-2.4	-4.3
Net Cash - Beginning Balance	42.8	19.0	15.8	16.4	18.9
Net Cash - Ending Balance	55.2	38.8	17.9	14.1	14.6
Cash Interest Paid	0.6	0.6	0.6	0.7	0.6
Cash Taxes Paid	3.6	4.2	-0.4	-1.1	2.2

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 29-Feb-2012	Quarter Ending Yr Ago	Annual Year End 30-Nov-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	158.8	-6.05%	671.0	6.71%	2.46%	1.20%
Operating Income1	2.6	-35.98%	27.2	315.40%	-	85.36%
Income Available to Common Excl Extraord Items1	1.4	-52.44%	20.4	328.32%	-	61.89%
Basic EPS Excl Extraord Items1	0.04	-66.15%	0.68	243.04%	-	54.93%
Capital Expenditures2	8.5	-39.92%	8.5	-39.92%	4.67%	5.34%
Cash from Operating Activities2	21.5	5.81%	21.5	5.81%	174.56%	47.23%
Free Cash Flow	13.4	110.94%	13.4	110.94%	-	-
Total Assets3	432.9	-4.48%	452.4	-1.12%	2.10%	1.63%
Total Liabilities3	242.7	-20.36%	256.1	-16.56%	-2.48%	-0.33%
Total Long Term Debt3	17.9	74.18%	19.0	75.89%	6.59%	-2.77%
Employees3	-	-	882	-0.56%	11.87%	6.86%
Total Common Shares Outstanding3	33.8	40.52%	33.8	40.51%	11.96%	6.99%
1-ExchangeRate: JPY to USD Average for Period	77.685032	Â	80.172145	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	80.172145	Â	80.172145	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	80.435452	Â	77.630000	Â	Â	Â

Key Ratios
Â	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Profitability
Gross Margin	20.43%	15.85%	14.46%	13.02%	14.08%
Operating Margin	4.06%	1.04%	0.57%	-0.84%	0.69%
Pretax Margin	3.73%	1.40%	0.13%	-0.28%	1.29%
Net Profit Margin	3.04%	0.76%	-0.25%	-0.34%	0.29%
Financial Strength
Current Ratio	1.47	1.32	1.16	1.15	1.15
Long Term Debt/Equity	0.10	0.07	0.09	0.11	0.12
Total Debt/Equity	0.30	0.43	0.42	0.49	0.47
Management Effectiveness
Return on Assets	4.71%	1.19%	-0.37%	-0.51%	0.45%
Return on Equity	12.13%	3.32%	-1.03%	-1.41%	1.20%
Efficiency
Receivables Turnover	3.74	3.51	3.16	3.19	3.32
Inventory Turnover	9.90	10.56	10.68	11.54	12.50
Asset Turnover	1.52	1.52	1.50	1.51	1.54

Market Valuation USD (mil)
P/E (TTM)	3.46	.	Enterprise Value2	79.9
Price/Sales (TTM)	0.11	.	Enterprise Value/Revenue (TTM)	0.12
Price/Book (MRQ)	0.39	.	Enterprise Value/EBITDA (TTM)	2.39
Market Cap as of 29-Jun-20121	76.1	.
1-ExchangeRate: JPY to USD on 29-Jun-2012	79.390941
2-ExchangeRate: JPY to USD on 29-Feb-2012	80.435452

Annual Ratios

Financials in: USD (mil)

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

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Financial Strength
Current Ratio	1.47	1.32	1.16	1.15	1.15
Quick/Acid Test Ratio	1.15	1.03	0.92	0.93	0.93
Working Capital1	99.0	66.3	31.2	29.1	24.4
Long Term Debt/Equity	0.10	0.07	0.09	0.11	0.12
Total Debt/Equity	0.30	0.43	0.42	0.49	0.47
Long Term Debt/Total Capital	0.07	0.05	0.06	0.07	0.08
Total Debt/Total Capital	0.23	0.30	0.30	0.33	0.32
Payout Ratio	12.88%	37.86%	-122.31%	-86.25%	98.75%
Effective Tax Rate	17.09%	43.98%	291.49%	-	77.56%
Total Capital1	254.7	198.9	186.8	180.5	160.6
Efficiency
Asset Turnover	1.52	1.52	1.50	1.51	1.54
Inventory Turnover	9.90	10.56	10.68	11.54	12.50
Days In Inventory	36.87	34.56	34.17	31.63	29.20
Receivables Turnover	3.74	3.51	3.16	3.19	3.32
Days Receivables Outstanding	97.64	103.87	115.35	114.43	109.86
Revenue/Employee2	785,716	678,468	880,689	833,473	698,326
Operating Income/Employee2	31,892	7,074	5,050	-7,032	4,805
EBITDA/Employee2	42,312	14,628	14,467	1,782	12,704
Profitability
Gross Margin	20.43%	15.85%	14.46%	13.02%	14.08%
Operating Margin	4.06%	1.04%	0.57%	-0.84%	0.69%
EBITDA Margin	5.39%	2.16%	1.64%	0.21%	1.82%
EBIT Margin	4.06%	1.04%	0.57%	-0.84%	0.69%
Pretax Margin	3.73%	1.40%	0.13%	-0.28%	1.29%
Net Profit Margin	3.04%	0.76%	-0.25%	-0.34%	0.29%
R&D Expense/Revenue	-	0.99%	0.75%	0.74%	-
COGS/Revenue	79.57%	84.15%	85.54%	86.98%	85.92%
SG&A Expense/Revenue	17.75%	13.54%	12.74%	12.07%	13.17%
Management Effectiveness
Return on Assets	4.71%	1.19%	-0.37%	-0.51%	0.45%
Return on Equity	12.13%	3.32%	-1.03%	-1.41%	1.20%
Valuation
Free Cash Flow/Share2	0.40	0.24	0.58	-0.22	-0.55
Operating Cash Flow/Share 2	0.66	0.81	0.73	0.04	-0.19
1-ExchangeRate: JPY to USD Period End Date	77.63	83.77	86.145	95.245	110.925
2-ExchangeRate: JPY to USD Average for Period	77.63	83.77	86.145	95.245	110.925

Current Market Multiples
Market Cap/Earnings (TTM)	3.49
Market Cap/Equity (MRQ)	0.40
Market Cap/Revenue (TTM)	0.11
Market Cap/EBIT (TTM)	3.06
Market Cap/EBITDA (TTM)	2.25
Enterprise Value/Earnings (TTM)	3.71
Enterprise Value/Equity (MRQ)	0.42
Enterprise Value/Revenue (TTM)	0.12
Enterprise Value/EBIT (TTM)	3.25
Enterprise Value/EBITDA (TTM)	2.39

Annual Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	671.0	570.6	511.6	475.4	427.4
Revenue	671.0	570.6	511.6	475.4	427.4
Total Revenue	671.0	570.6	511.6	475.4	427.4
Cost of Revenue	533.9	480.2	437.7	413.5	367.3
Cost of Revenue, Total	533.9	480.2	437.7	413.5	367.3
Gross Profit	137.1	90.4	74.0	61.9	60.2
Selling/General/Administrative Expense	63.8	38.5	32.4	26.0	27.9
Labor & Related Expense	55.3	38.7	32.8	31.4	28.4
Total Selling/General/Administrative Expenses	119.1	77.2	65.2	57.4	56.3
Research & Development	-	5.6	3.9	3.5	-
Depreciation	2.9	1.9	1.7	1.3	2.2
Amortization of Intangibles	0.2	0.0	-	-	-
Depreciation/Amortization	3.0	1.9	1.7	1.3	2.2
Impairment-Assets Held for Use	2.3	0.3	0.2	0.3	0.0
Impairment-Assets Held for Sale	0.0	0.5	0.1	2.0	0.0
Other Unusual Expense (Income)	-14.5	-1.1	0.0	1.3	-1.2
Unusual Expense (Income)	-12.2	-0.4	0.3	3.7	-1.2
Total Operating Expense	643.8	564.6	508.7	479.4	424.5
Operating Income	27.2	5.9	2.9	-4.0	2.9
Interest Expense - Non-Operating	-0.6	-0.6	-0.7	-0.7	-0.6
Interest Expense, Net Non-Operating	-0.6	-0.6	-0.7	-0.7	-0.6
Interest Income - Non-Operating	0.0	0.0	0.0	0.1	0.0
Investment Income - Non-Operating	-0.6	1.7	-3.2	1.7	2.1
Interest/Investment Income - Non-Operating	-0.6	1.7	-3.2	1.8	2.1
Interest Income (Expense) - Net Non-Operating Total	-1.2	1.1	-3.8	1.0	1.6
Gain (Loss) on Sale of Assets	-2.6	0.3	0.0	0.2	-0.6
Other Non-Operating Income (Expense)	1.6	0.7	1.5	1.4	1.7
Other, Net	1.6	0.7	1.5	1.4	1.7
Income Before Tax	25.0	8.0	0.7	-1.3	5.5
Total Income Tax	4.3	3.5	1.9	0.3	4.3
Income After Tax	20.7	4.5	-1.3	-1.6	1.2
Minority Interest	-0.4	-0.2	0.0	-	-
Net Income Before Extraord Items	20.4	4.3	-1.3	-1.6	1.2
Net Income	20.4	4.3	-1.3	-1.6	1.2
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	20.4	4.3	-1.3	-1.6	1.2
Income Available to Common Incl Extraord Items	20.4	4.3	-1.3	-1.6	1.2
Basic/Primary Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Basic EPS Excl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Basic/Primary EPS Incl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	20.4	4.3	-1.3	-1.6	1.2
Diluted Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Diluted EPS Excl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Diluted EPS Incl Extraord Items	0.68	0.18	-0.05	-0.07	0.05
Dividends per Share - Common Stock Primary Issue	0.09	0.07	0.06	0.06	0.05
Gross Dividends - Common Stock	3.0	1.6	1.5	1.4	1.2
Interest Expense, Supplemental	0.6	0.6	0.7	0.7	0.6
Depreciation, Supplemental	8.7	6.4	5.5	5.0	4.8
Total Special Items	-9.6	-0.6	0.3	3.4	-0.6
Normalized Income Before Tax	15.4	7.4	0.9	2.1	4.9
Effect of Special Items on Income Taxes	-1.6	-0.3	0.1	1.2	-0.2
Inc Tax Ex Impact of Sp Items	2.6	3.2	2.0	1.5	4.1
Normalized Income After Tax	12.8	4.1	-1.1	0.6	0.8
Normalized Inc. Avail to Com.	12.4	4.0	-1.1	0.6	0.8
Basic Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Diluted Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Amort of Intangibles, Supplemental	0.2	-	-	-	-
Rental Expenses	3.4	2.8	2.5	2.5	2.8
Research & Development Exp, Supplemental	10.8	5.6	3.9	3.5	2.8
Reported Operating Profit	15.2	5.6	3.2	0.2	2.3
Reported Ordinary Profit	16.6	7.3	0.9	0.7	4.7
Normalized EBIT	15.0	5.6	3.2	-0.4	1.7
Normalized EBITDA	23.9	11.9	8.7	4.7	6.5
Interest Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Service Cost - Domestic	4.1	2.7	2.4	3.7	2.4
Expected Return on Assets - Domestic	-	-	-	-	0.0
Actuarial Gains and Losses - Domestic	0.7	0.6	0.6	0.2	0.0
Transition Costs - Domestic	-	-	-	-	-1.4
Domestic Pension Plan Expense	5.0	3.5	3.2	4.0	1.2
Defined Contribution Expense - Domestic	0.9	0.6	0.4	0.4	0.2
Total Pension Expense	6.0	4.1	3.6	4.4	1.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	0.00%	2.00%
Total Plan Interest Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Service Cost	4.1	2.7	2.4	3.7	2.4
Total Plan Expected Return	-	-	-	-	0.0

Interim Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	29-Feb-2012	30-Nov-2011	31-Aug-2011	31-May-2011	28-Feb-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 29-Feb-2012	Updated Normal 30-Nov-2011	Updated Normal 31-Aug-2011	Updated Normal 31-May-2011	Updated Normal 28-Feb-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	77.685032	76.972151	78.923925	81.970699	82.862258
Net Sales	158.8	174.1	166.9	171.9	158.5
Revenue	158.8	174.1	166.9	171.9	158.5
Total Revenue	158.8	174.1	166.9	171.9	158.5
Cost of Revenue	125.4	139.2	131.9	137.0	126.2
Cost of Revenue, Total	125.4	139.2	131.9	137.0	126.2
Gross Profit	33.4	34.9	35.1	34.9	32.3
Selling/General/Administrative Expense	30.8	19.4	19.8	17.7	18.2
Labor & Related Expense	-	13.1	11.7	12.7	9.4
Total Selling/General/Administrative Expenses	30.8	32.5	31.5	30.4	27.6
Amortization of Intangibles	-	0.0	-	0.2	-
Depreciation/Amortization	-	0.0	-	0.2	-
Impairment-Assets Held for Use	0.0	0.1	1.2	0.1	0.9
Impairment-Assets Held for Sale	0.0	0.0	0.0	-	-
Other Unusual Expense (Income)	0.0	1.0	-0.1	-13.9	0.0
Unusual Expense (Income)	0.0	1.2	1.1	-13.8	0.9
Total Operating Expense	156.2	172.9	164.4	153.8	154.7
Operating Income	2.6	1.2	2.5	18.2	3.8
Interest Expense - Non-Operating	-0.2	-0.1	-0.1	-0.2	-0.2
Interest Expense, Net Non-Operating	-0.2	-0.1	-0.1	-0.2	-0.2
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	0.1	0.3	0.1	0.1	0.1
Interest/Investment Income - Non-Operating	0.1	0.3	0.1	0.1	0.1
Interest Income (Expense) - Net Non-Operating Total	-0.1	0.2	0.0	-0.1	-0.1
Gain (Loss) on Sale of Assets	1.0	-0.3	-0.1	-2.1	-0.1
Other Non-Operating Income (Expense)	0.8	0.5	0.3	0.1	0.7
Other, Net	0.8	0.5	0.3	0.1	0.7
Income Before Tax	4.3	1.5	2.7	16.1	4.3
Total Income Tax	2.9	-0.3	2.7	0.6	1.2
Income After Tax	1.4	1.8	0.0	15.5	3.1
Minority Interest	0.0	0.0	0.0	0.0	-0.4
Net Income Before Extraord Items	1.4	1.8	0.0	15.5	2.7
Net Income	1.4	1.8	0.0	15.5	2.7
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	1.4	1.8	0.0	15.5	2.7
Income Available to Common Incl Extraord Items	1.4	1.8	0.0	15.5	2.7
Basic/Primary Weighted Average Shares	33.8	33.4	33.8	28.9	24.0
Basic EPS Excl Extraord Items	0.04	0.06	0.00	0.53	0.11
Basic/Primary EPS Incl Extraord Items	0.04	0.06	0.00	0.53	0.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.4	1.8	0.0	15.5	2.7
Diluted Weighted Average Shares	33.8	33.4	33.8	28.9	24.0
Diluted EPS Excl Extraord Items	0.04	0.06	0.00	0.53	0.11
Diluted EPS Incl Extraord Items	0.04	0.06	0.00	0.53	0.11
Dividends per Share - Common Stock Primary Issue	0.00	0.05	0.00	0.04	0.00
Gross Dividends - Common Stock	0.0	1.8	0.0	1.2	0.0
Interest Expense, Supplemental	0.2	0.1	0.1	0.2	0.2
Depreciation, Supplemental	2.2	2.4	2.6	1.9	2.0
Total Special Items	-1.0	1.5	1.1	-11.7	1.0
Normalized Income Before Tax	3.3	3.1	3.8	4.3	5.3
Effect of Special Items on Income Taxes	-0.3	0.5	0.4	-0.5	0.3
Inc Tax Ex Impact of Sp Items	2.5	0.2	3.1	0.2	1.5
Normalized Income After Tax	0.7	2.8	0.7	4.2	3.8
Normalized Inc. Avail to Com.	0.7	2.8	0.7	4.2	3.4
Basic Normalized EPS	0.02	0.08	0.02	0.14	0.14
Diluted Normalized EPS	0.02	0.08	0.02	0.14	0.14
Amort of Intangibles, Supplemental	-	0.0	0.0	0.2	-
Reported Operating Profit	2.6	2.4	3.5	4.5	4.7
Reported Ordinary Profit	3.3	3.0	3.8	4.5	5.2
Normalized EBIT	2.6	2.4	3.5	4.3	4.7
Normalized EBITDA	4.8	4.7	6.1	6.3	6.7

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.63	83.77	86.145	95.245	110.925
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	58.7	41.9	19.5	15.5	15.6
Cash and Short Term Investments	58.7	41.9	19.5	15.5	15.6
Accounts Receivable - Trade, Gross	181.1	169.9	162.8	166.1	134.3
Provision for Doubtful Accounts	-0.6	-0.7	-0.5	-0.3	-0.4
Trade Accounts Receivable - Net	180.5	169.2	162.4	165.7	133.9
Other Receivables	3.7	3.7	2.6	3.3	3.7
Total Receivables, Net	184.2	172.9	164.9	169.0	137.6
Inventories - Finished Goods	42.2	36.1	33.0	27.3	-
Inventories - Work In Progress	7.5	8.3	7.2	9.3	-
Inventories - Raw Materials	7.3	6.0	4.1	4.0	-
Total Inventory	57.0	50.4	44.3	40.6	33.1
Deferred Income Tax - Current Asset	3.6	2.5	1.8	1.1	1.5
Other Current Assets	6.9	6.7	1.9	2.3	2.0
Other Current Assets, Total	10.5	9.2	3.7	3.4	3.5
Total Current Assets	310.3	274.5	232.3	228.6	189.8
Buildings	103.3	103.5	66.1	59.6	50.1
Land/Improvements	45.3	53.9	29.4	26.7	23.2
Machinery/Equipment	115.8	113.8	83.2	73.8	62.2
Construction in Progress	0.0	0.0	0.8	0.2	0.2
Leases	2.1	1.3	0.7	0.0	-
Other Property/Plant/Equipment	0.0	0.1	0.0	-	-
Property/Plant/Equipment - Gross	266.6	272.7	180.2	160.2	135.7
Accumulated Depreciation	-170.5	-168.4	-118.6	-103.0	-84.7
Property/Plant/Equipment - Net	96.1	104.3	61.6	57.2	51.0
Goodwill, Net	0.0	0.0	0.4	0.4	0.1
Intangibles, Net	3.5	3.8	3.8	3.5	2.6
LT Investment - Affiliate Companies	9.0	-	-	-	-
LT Investments - Other	19.3	25.8	48.7	48.1	47.7
Long Term Investments	28.3	25.8	48.7	48.1	47.7
Note Receivable - Long Term	0.4	0.6	0.5	0.4	0.4
Deferred Income Tax - Long Term Asset	6.3	6.2	3.0	3.0	2.3
Restricted Cash - Long Term	2.2	2.0	1.7	1.0	1.0
Other Long Term Assets	5.2	6.8	4.9	4.2	3.8
Other Long Term Assets, Total	13.7	15.0	9.6	8.3	7.2
Total Assets	452.4	424.0	356.9	346.5	298.7
Accounts Payable	143.6	136.2	142.2	141.4	117.1
Accrued Expenses	18.2	14.8	10.7	10.1	8.6
Notes Payable/Short Term Debt	37.3	36.9	44.2	43.8	35.8
Current Portion - Long Term Debt/Capital Leases	2.1	12.4	-	2.5	2.2
Income Taxes Payable	5.5	3.0	2.6	0.4	0.3
Other Payables	2.9	2.2	0.4	0.2	0.9
Other Current Liabilities	1.7	2.6	0.9	0.9	0.6
Other Current liabilities, Total	10.1	7.8	4.0	1.5	1.8
Total Current Liabilities	211.3	208.1	201.1	199.4	165.4
Long Term Debt	19.0	10.0	11.4	12.8	13.2
Total Long Term Debt	19.0	10.0	11.4	12.8	13.2
Total Debt	58.4	59.4	55.6	59.1	51.1
Deferred Income Tax - LT Liability	1.5	2.2	1.8	1.6	2.8
Deferred Income Tax	1.5	2.2	1.8	1.6	2.8
Minority Interest	0.0	39.7	0.0	-	-
Pension Benefits - Underfunded	19.0	17.8	7.6	9.5	6.4
Other Long Term Liabilities	5.3	6.5	3.8	1.7	1.5
Other Liabilities, Total	24.3	24.4	11.4	11.2	7.9
Total Liabilities	256.1	284.4	225.7	225.1	189.3
Common Stock	33.1	30.7	29.9	27.0	23.2
Common Stock	33.1	30.7	29.9	27.0	23.2
Additional Paid-In Capital	54.2	24.9	24.2	21.9	18.8
Retained Earnings (Accumulated Deficit)	108.4	83.0	76.4	71.8	64.5
Treasury Stock - Common	-1.0	-0.7	-0.6	-0.5	-0.4
Unrealized Gain (Loss)	2.5	2.3	1.8	1.4	3.3
Translation Adjustment	-0.9	-0.7	-0.4	-0.2	0.2
Other Equity, Total	-0.9	-0.7	-0.4	-0.2	0.2
Total Equity	196.3	139.6	131.2	121.4	109.5
Total Liabilities & Shareholders’ Equity	452.4	424.0	356.9	346.5	298.7
Shares Outstanding - Common Stock Primary Issue	33.8	24.0	24.1	24.1	24.1
Total Common Shares Outstanding	33.8	24.0	24.1	24.1	24.1
Treasury Shares - Common Stock Primary Issue	0.4	0.2	0.2	0.2	0.2
Employees	882	887	632	630	652
Number of Common Shareholders	5,549	3,428	3,516	3,587	4,615
Total Long Term Debt, Supplemental	22.0	24.5	14.2	15.3	15.3
Long Term Debt Maturing within 1 Year	2.1	13.0	2.8	2.5	2.2
Long Term Debt Maturing in Year 2	2.1	1.3	11.4	2.5	2.2
Long Term Debt Maturing in Year 3	2.0	1.3	-	10.3	2.2
Long Term Debt Maturing in Year 4	9.4	1.0	-	0.0	8.8
Long Term Debt Maturing in Year 5	5.5	7.9	-	0.0	-
Long Term Debt Maturing in 2-3 Years	4.1	2.6	11.4	12.8	4.3
Long Term Debt Maturing in 4-5 Years	14.9	8.9	-	0.0	8.8
Long Term Debt Matur. in Year 6 & Beyond	0.9	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	1.5	1.1	0.6	-	-
Capital Lease Payments Due in Year 1	0.4	0.3	0.1	-	-
Capital Lease Payments Due in Year 2	0.5	0.3	0.1	-	-
Capital Lease Payments Due in Year 3	0.3	0.3	0.1	-	-
Capital Lease Payments Due in Year 4	0.2	0.2	0.1	-	-
Capital Lease Payments Due in Year 5	0.1	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	0.8	0.6	0.3	-	-
Capital Lease Payments Due in 4-5 Years	0.3	0.2	0.2	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	-	-
Pension Obligation - Domestic	26.1	24.9	19.2	18.6	17.6
Plan Assets - Domestic	4.1	4.2	8.2	7.1	10.8
Funded Status - Domestic	-22.1	-20.8	-11.0	-11.5	-6.8
Total Funded Status	-22.1	-20.8	-11.0	-11.5	-6.8
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	0.00%	2.00%
Prepaid Benefits - Domestic	-	-	-	-	0.0
Accrued Liabilities - Domestic	-18.9	-17.4	-7.6	-7.7	-6.4
Other Assets, Net - Domestic	3.1	3.3	3.4	3.8	0.4
Net Assets Recognized on Balance Sheet	-15.8	-14.1	-4.2	-3.9	-6.0
Total Plan Obligations	26.1	24.9	19.2	18.6	17.6
Total Plan Assets	4.1	4.2	8.2	7.1	10.8

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	29-Feb-2012	30-Nov-2011	31-Aug-2011	31-May-2011	28-Feb-2011
UpdateType/Date	Updated Normal 29-Feb-2012	Updated Normal 30-Nov-2011	Updated Normal 31-Aug-2011	Updated Normal 31-May-2011	Updated Normal 28-Feb-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	80.435452	77.63	76.47	81.24	81.93
Cash & Equivalents	52.4	58.7	62.0	56.1	46.9
Cash and Short Term Investments	52.4	58.7	62.0	56.1	46.9
Accounts Receivable - Trade, Gross	167.5	181.1	184.1	177.9	172.8
Provision for Doubtful Accounts	-0.4	-0.6	-0.6	-0.7	-0.6
Trade Accounts Receivable - Net	167.1	180.5	183.4	177.2	172.2
Total Receivables, Net	167.1	180.5	183.4	177.2	172.2
Inventories - Finished Goods	41.8	42.2	43.9	39.2	39.1
Inventories - Work In Progress	9.5	7.5	9.7	9.2	7.7
Inventories - Raw Materials	8.6	7.3	7.5	6.7	7.5
Total Inventory	60.0	57.0	61.2	55.1	54.3
Other Current Assets	15.3	14.2	16.1	15.8	15.7
Other Current Assets, Total	15.3	14.2	16.1	15.8	15.7
Total Current Assets	294.7	310.3	322.8	304.2	289.0
Buildings	99.6	103.3	106.4	100.1	104.7
Land/Improvements	42.5	45.3	48.4	46.5	55.1
Machinery/Equipment	88.9	91.8	97.6	93.3	94.3
Other Property/Plant/Equipment	27.7	26.1	26.1	24.4	23.9
Property/Plant/Equipment - Gross	258.7	266.6	278.5	264.4	278.1
Accumulated Depreciation	-165.4	-170.5	-177.7	-167.7	-171.7
Property/Plant/Equipment - Net	93.3	96.1	100.8	96.6	106.3
Intangibles, Net	3.4	3.5	3.5	3.4	3.8
LT Investments - Other	28.4	28.3	30.6	29.5	29.9
Long Term Investments	28.4	28.3	30.6	29.5	29.9
Other Long Term Assets	13.0	14.1	15.1	14.0	15.9
Other Long Term Assets, Total	13.0	14.1	15.1	14.0	15.9
Total Assets	432.9	452.4	472.8	447.8	444.9
Accounts Payable	135.7	143.6	149.7	145.2	143.2
Accrued Expenses	9.1	16.5	8.9	14.1	6.8
Notes Payable/Short Term Debt	39.3	38.2	51.8	49.5	55.9
Income Taxes Payable	1.8	5.5	4.7	4.2	3.4
Other Current Liabilities	11.0	7.5	11.6	10.8	11.0
Other Current liabilities, Total	12.7	13.0	16.3	14.9	14.4
Total Current Liabilities	196.9	211.3	226.8	223.7	220.3
Long Term Debt	17.9	19.0	19.9	10.0	10.1
Total Long Term Debt	17.9	19.0	19.9	10.0	10.1
Total Debt	57.2	57.2	71.7	59.5	66.0
Minority Interest	-	-	0.0	0.0	40.5
Pension Benefits - Underfunded	18.7	18.9	20.4	18.6	18.2
Other Long Term Liabilities	9.3	6.8	8.2	7.7	10.1
Other Liabilities, Total	28.0	25.8	28.6	26.3	28.3
Total Liabilities	242.7	256.1	275.3	259.9	299.2
Common Stock	32.0	33.1	33.6	31.7	31.4
Common Stock	32.0	33.1	33.6	31.7	31.4
Additional Paid-In Capital	52.3	54.2	55.0	51.8	25.5
Retained Earnings (Accumulated Deficit)	104.2	108.4	108.1	103.1	86.7
Treasury Stock - Common	-1.0	-1.0	-1.0	-1.0	-0.7
Unrealized Gain (Loss)	3.4	2.5	2.8	3.1	3.5
Translation Adjustment	-0.8	-0.9	-1.0	-0.8	-0.7
Other Equity, Total	-0.8	-0.9	-1.0	-0.8	-0.7
Total Equity	190.1	196.3	197.6	187.9	145.7
Total Liabilities & Shareholders’ Equity	432.9	452.4	472.8	447.8	444.9
Shares Outstanding - Common Stock Primary Issue	33.8	33.8	33.8	33.8	24.0
Total Common Shares Outstanding	33.8	33.8	33.8	33.8	24.0
Treasury Shares - Common Stock Primary Issue	0.4	0.4	0.4	0.4	0.2
Employees	-	882	884	901	884

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	25.0	8.0	0.7	-1.3	5.5
Depreciation	8.7	6.4	5.5	5.0	4.8
Depreciation/Depletion	8.7	6.4	5.5	5.0	4.8
Amortization of Intangibles	0.2	0.0	-	-	-
Amortization	0.2	0.0	-	-	-
Unusual Items	-11.2	-1.2	0.2	-1.2	-1.4
Equity in Net Earnings (Loss)	0.0	-1.1	3.5	0.0	-1.6
Other Non-Cash Items	0.6	0.9	-0.5	2.9	-1.9
Non-Cash Items	-10.6	-1.4	3.2	1.7	-4.8
Accounts Receivable	-0.1	0.9	19.1	-9.7	0.2
Inventories	-3.3	3.9	0.6	-2.1	-3.4
Accounts Payable	1.0	1.8	-13.0	4.6	-0.7
Accrued Expenses	3.1	1.2	-0.7	0.2	-0.5
Other Operating Cash Flow	-2.5	-2.3	0.9	2.4	-5.5
Changes in Working Capital	-1.8	5.5	6.8	-4.6	-9.9
Cash from Operating Activities	21.5	18.4	16.1	0.8	-4.3
Purchase of Fixed Assets	-7.6	-12.4	-2.5	-4.4	-7.3
Purchase/Acquisition of Intangibles	-0.9	-0.4	-0.8	-1.3	-0.8
Capital Expenditures	-8.5	-12.8	-3.3	-5.6	-8.2
Acquisition of Business	0.0	13.9	0.0	-	-
Sale of Fixed Assets	10.7	0.5	0.0	0.0	-
Sale/Maturity of Investment	1.8	0.2	0.0	1.9	0.3
Investment, Net	-0.6	1.1	0.0	-	-
Purchase of Investments	-3.6	-0.1	-0.1	-0.4	-0.7
Other Investing Cash Flow	1.8	0.2	-0.1	1.7	0.5
Other Investing Cash Flow Items, Total	10.2	15.8	-0.2	3.2	0.1
Cash from Investing Activities	1.7	2.9	-3.5	-2.4	-8.0
Other Financing Cash Flow	-0.7	-0.3	-0.1	0.0	0.0
Financing Cash Flow Items	-0.7	-0.3	-0.1	0.0	0.0
Cash Dividends Paid - Common	-2.1	-1.6	-1.5	-1.3	-1.2
Total Cash Dividends Paid	-2.1	-1.6	-1.5	-1.3	-1.2
Short Term Debt, Net	-2.5	-6.8	-6.4	2.9	11.8
Long Term Debt Issued	10.3	10.2	0.0	-	0.0
Long Term Debt Reduction	-15.5	-3.0	-2.6	-2.3	-2.5
Long Term Debt, Net	-5.2	7.2	-2.6	-2.3	-2.5
Issuance (Retirement) of Debt, Net	-7.7	0.4	-9.0	0.6	9.4
Cash from Financing Activities	-10.5	-1.5	-10.5	-0.7	8.1
Foreign Exchange Effects	-0.2	0.0	0.0	0.0	0.0
Net Change in Cash	12.4	19.8	2.1	-2.4	-4.3
Net Cash - Beginning Balance	42.8	19.0	15.8	16.4	18.9
Net Cash - Ending Balance	55.2	38.8	17.9	14.1	14.6
Cash Interest Paid	0.6	0.6	0.6	0.7	0.6
Cash Taxes Paid	3.6	4.2	-0.4	-1.1	2.2

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	30-Nov-2011	31-Aug-2011	31-May-2011	28-Feb-2011	30-Nov-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 31-Aug-2011	Updated Normal 31-May-2011	Updated Normal 28-Feb-2011	Updated Normal 30-Nov-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	81.228364	82.399536	82.862258	88.353552
Net Income/Starting Line	25.0	23.2	20.3	4.3	8.0
Depreciation	8.7	6.4	3.8	2.0	6.4
Depreciation/Depletion	8.7	6.4	3.8	2.0	6.4
Amortization of Intangibles	0.2	0.2	0.1	-	-
Amortization	0.2	0.2	0.1	-	-
Unusual Items	-11.2	-12.1	-13.0	1.1	-1.2
Equity in Net Earnings (Loss)	0.0	0.1	0.0	0.1	-1.1
Other Non-Cash Items	0.6	1.2	0.7	0.4	0.9
Non-Cash Items	-10.6	-10.8	-12.3	1.6	-1.4
Accounts Receivable	-0.1	1.8	-3.7	0.2	0.9
Inventories	-3.3	-5.7	-3.1	-2.7	3.9
Accounts Payable	1.0	-0.2	4.6	3.9	1.8
Accrued Expenses	3.1	-4.2	1.4	-5.7	1.2
Other Operating Cash Flow	-2.5	-0.5	0.9	-0.5	-2.3
Changes in Working Capital	-1.8	-8.9	0.2	-4.8	5.5
Cash from Operating Activities	21.5	10.1	12.2	3.0	18.4
Purchase of Fixed Assets	-7.6	-5.6	-4.1	-1.5	-12.4
Purchase/Acquisition of Intangibles	-0.9	-0.5	-0.3	-0.1	-0.4
Capital Expenditures	-8.5	-6.2	-4.4	-1.7	-12.8
Acquisition of Business	0.0	-	-	-1.2	13.9
Sale of Business	0.5	-	-	-	0.0
Sale of Fixed Assets	10.7	11.1	10.9	-	0.5
Sale/Maturity of Investment	1.3	-	-	0.2	0.2
Investment, Net	-0.6	-	-	-	1.1
Purchase of Investments	-3.6	-3.5	-3.4	-1.8	-0.1
Other Investing Cash Flow	1.8	0.6	1.2	0.2	0.2
Other Investing Cash Flow Items, Total	10.2	8.2	8.7	-2.6	15.8
Cash from Investing Activities	1.7	2.1	4.3	-4.2	2.9
Other Financing Cash Flow	-0.7	-0.6	-0.5	-0.4	-0.3
Financing Cash Flow Items	-0.7	-0.6	-0.5	-0.4	-0.3
Cash Dividends Paid - Common	-2.1	-1.8	-0.9	-0.6	-1.6
Total Cash Dividends Paid	-2.1	-1.8	-0.9	-0.6	-1.6
Short Term Debt, Net	-2.5	9.8	1.2	7.2	-6.8
Long Term Debt Issued	10.3	10.2	-	-	10.2
Long Term Debt Reduction	-15.5	-14.8	-3.9	-0.9	-3.0
Long Term Debt, Net	-5.2	-4.6	-3.9	-0.9	7.2
Issuance (Retirement) of Debt, Net	-7.7	5.2	-2.7	6.3	0.4
Cash from Financing Activities	-10.5	2.8	-4.1	5.3	-1.5
Foreign Exchange Effects	-0.2	-0.3	-0.1	-0.1	0.0
Net Change in Cash	12.4	14.7	12.3	4.0	19.8
Net Cash - Beginning Balance	42.8	42.2	41.6	41.4	19.0
Net Cash - Ending Balance	55.2	56.9	53.9	45.4	38.8
Cash Interest Paid	0.6	0.5	0.3	0.2	0.6
Cash Taxes Paid	3.6	3.7	2.1	2.2	4.2

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net sales	671.0	570.6	511.6	475.4	427.4
Total Revenue	671.0	570.6	511.6	475.4	427.4
Cost of Sales	533.9	480.2	437.7	412.9	366.6
Shipping	14.7	12.0	10.9	8.6	8.2
Res. Doubtful Acct.	0.0	0.0	0.1	0.2	0.0
Loss on bad debts(SGA)	0.0	0.0	0.9	0.0	-
Salary&Bonuses	42.8	30.5	26.0	25.1	23.0
Expense-Accr.Retire	4.1	2.9	2.9	2.5	2.0
Allow. Directors' Retirement	0.0	0.0	0.0	0.2	0.0
Provision for bonuses	1.7	0.7	0.0	-	-
Welfare expenses	6.6	4.5	3.9	3.6	3.3
Transportation	4.7	3.3	2.8	2.4	2.4
Depreciation	2.9	1.9	1.7	1.3	2.2
Rent	3.4	2.8	2.5	2.5	2.8
R & D expenses	-	5.6	3.9	3.5	-
Other SG&A	41.0	20.4	15.2	12.3	14.6
SP Claim compensation	0.0	-0.1	0.0	-	-
SP Refund of insurance cancellation	-0.3	-0.1	0.0	-	-
SP Gain on negative goodwill	-14.6	-12.8	0.0	-	-
SP Reversal of Allow Doubt Acc.	-0.2	0.0	-	0.0	-0.1
SP G on received residuary assets	-	-	0.0	-0.6	0.0
SP Gain Transit. to Defined Contrib.Pens	-	-	-	0.0	-1.4
SP Other SP Gain	-0.1	0.0	-	-	-
SP Val.Loss-Inv. Sec.	0.0	0.5	0.1	2.0	0.0
Share exchange expenses	1.0	0.0	-	-	-
SP Dir. Retire. Bnft.	-	-	0.0	0.4	0.2
SP Reserve prior directors' retir.bene.	-	-	0.0	1.5	0.0
SP Impairment Loss	1.3	0.3	0.2	0.3	0.0
SP L on acct. change on assets retire.	0.2	0.0	-	-	-
SP Loss on step acquisitions	0.0	11.4	0.0	-	-
SP Disaster loss	0.4	0.0	-	-	-
SP Amortization of land rights	0.2	0.0	-	-	-
SP L-Defined Contribution Pension Move	0.0	0.6	0.0	-	-
SP Other loss	0.1	0.0	0.0	-	-
NOP Write-down Merch.	-	-	0.0	0.6	0.6
Total Operating Expense	643.8	564.6	508.7	479.4	424.5
SP Sale Gain-Invest.Sec	0.1	0.1	0.0	0.4	0.2
SP Gain on sales of scraps	0.0	0.6	0.0	-	-
SP Gain Sale Fixed Assets	0.9	0.0	0.0	0.0	-
SP G.-Sale Affili Stk	-	-	0.0	1.0	0.0
SP G. on transf. of prod./distribu.right	-	-	0.0	0.3	0.0
SP L-sales of noncurrent assets	-2.0	-0.2	0.0	-	-
SP Loss disp. Fixed Asst	-1.4	-0.1	0.0	0.0	-0.6
SP Loss-Sale Affili Stk	-0.9	0.0	-	-	-
SP Sale Loss-Invest.Sec	-0.3	0.0	-	-	-
NOP Interest Income	0.0	0.0	0.0	0.1	0.0
NOP Dividend Income	0.4	0.5	0.3	0.3	0.2
NOP Rent Income	0.8	0.7	0.4	0.4	0.3
NOP Commission Income	0.3	0.3	0.2	0.2	0.2
NOP Gain-Currency Swap	-	-	-	0.0	0.0
NOP Research Consignment Income	1.0	0.3	0.4	0.1	0.2
NOP Equity G in earnings of affiliates	0.0	1.1	0.0	0.0	1.6
NOP Insurance Income	0.0	0.2	0.2	0.6	0.7
NOP Other Non-op. Income	0.6	0.6	0.7	0.8	0.6
NOP Interest Expense	-0.6	-0.6	-0.7	-0.7	-0.6
NOP Syndicated Loan Commission Fee	-0.4	-0.3	-0.2	-0.2	-0.2
NOP Provision for doubtful accounts	0.0	-0.5	0.0	-0.3	0.0
NOP Bad debts expenses	0.0	0.0	0.0	-	-
NOP Rent expense	-0.3	0.0	-	-	-
NOP Equity losses	-	0.0	-3.5	0.0	-
NOP Other Non-op.Expense	-0.5	-0.5	-0.1	-0.1	-0.1
Net Income Before Taxes	25.0	8.0	0.7	-1.3	5.5
Provision for Income Taxes	4.3	3.5	1.9	0.3	4.3
Net Income After Taxes	20.7	4.5	-1.3	-1.6	1.2
Minority interests in income	-0.4	-0.2	0.0	-	-
Net Income Before Extra. Items	20.4	4.3	-1.3	-1.6	1.2
Net Income	20.4	4.3	-1.3	-1.6	1.2
Director Bonus	-	-	-	0.0	0.0
EPS Adjustment	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	20.4	4.3	-1.3	-1.6	1.2
Income Available to Com Incl ExtraOrd	20.4	4.3	-1.3	-1.6	1.2
Basic Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Basic EPS Excluding ExtraOrdinary Items	0.68	0.18	-0.05	-0.07	0.05
Basic EPS Including ExtraOrdinary Item	0.68	0.18	-0.05	-0.07	0.05
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	20.4	4.3	-1.3	-1.6	1.2
Diluted Weighted Average Shares	30.0	24.1	24.1	24.1	24.1
Diluted EPS Excluding ExtraOrd Items	0.68	0.18	-0.05	-0.07	0.05
Diluted EPS Including ExtraOrd Items	0.68	0.18	-0.05	-0.07	0.05
DPS-Common Stock	0.09	0.07	0.06	0.06	0.05
Gross Dividends - Common Stock	3.0	1.6	1.5	1.4	1.2
Normalized Income Before Taxes	15.4	7.4	0.9	2.1	4.9
Inc Tax Ex Impact of Sp Items	2.6	3.2	2.0	1.5	4.1
Normalized Income After Taxes	12.8	4.1	-1.1	0.6	0.8
Normalized Inc. Avail to Com.	12.4	4.0	-1.1	0.6	0.8
Basic Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Diluted Normalized EPS	0.41	0.17	-0.04	0.03	0.04
Interest Expense	0.6	0.6	0.7	0.7	0.6
Amort of Intangibles, Supplemental	0.2	-	-	-	-
Rental Expense	3.4	2.8	2.5	2.5	2.8
Depreciation	8.7	6.4	5.5	5.0	4.8
R&D Expenses	10.8	5.6	3.9	3.5	2.8
Reported Operating Profit	15.2	5.6	3.2	0.2	2.3
Reported Ordinary Profit	16.6	7.3	0.9	0.7	4.7
Service Cost	4.1	2.7	2.4	3.7	2.4
Interest Cost	0.2	0.2	0.2	0.2	0.2
Expected Return on Plan Assets	-	-	-	-	0.0
Actuarial Gains & Losses	0.7	0.6	0.6	0.2	0.0
Transit. G to defined contribution plan	-	-	-	-	-1.4
Domestic Pension Plan Expense	5.0	3.5	3.2	4.0	1.2
Defined Contribution Expense	0.9	0.6	0.4	0.4	0.2
Total Pension Expense	6.0	4.1	3.6	4.4	1.4
Discount Rete	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate on Return	0.00%	0.00%	0.00%	0.00%	2.00%

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	29-Feb-2012	30-Nov-2011	31-Aug-2011	31-May-2011	28-Feb-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 29-Feb-2012	Updated Normal 30-Nov-2011	Updated Normal 31-Aug-2011	Updated Normal 31-May-2011	Updated Normal 28-Feb-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	77.685032	76.972151	78.923925	81.970699	82.862258
Net Income	158.8	174.1	166.9	171.9	158.5
Total Revenue	158.8	174.1	166.9	171.9	158.5
Cost of Sales	125.4	139.2	131.9	137.0	126.2
Selling, General, and Administrative Exp	30.8	-	-	-	-
Shipping&Packaging	-	4.0	3.8	3.7	3.3
Res-Doubt.Acct.Allow	-	-	0.0	-	0.0
Salary and remuneration	-	12.0	10.6	11.7	8.5
Expense-Accr.Retire	-	1.0	1.1	1.0	1.0
Other SG&A	-	15.4	16.1	14.0	14.9
SP Surrender value of insurance	0.0	-0.1	-	-	-0.2
SP Claim compensation	-	0.0	-	-	0.0
SP Gain on negative goodwill	-	0.0	-	-14.3	-
SP Other SP Gain	-	-0.1	-0.1	-0.1	-
SP Val.Loss-Inv. Sec.	-	0.0	0.0	-	-
SP Impairment Loss	-	0.1	1.2	0.0	0.0
SP Loss on disaster	-	0.0	0.0	0.4	-
SP Share exchange expenses	0.0	0.0	-	0.1	0.9
SP Amortization of land rights	-	0.0	-	0.2	-
SP L Transition to Defined Contr.Pen.	-	0.0	-	0.0	-
SP L on adjustment for changes of accoun	0.0	0.0	-	-	0.2
Loss on valuation of golf club membershi	0.0	-	-	-	-
Other SP Loss	-	1.3	-	0.1	-
Total Operating Expense	156.2	172.9	164.4	153.8	154.7
SP Gain Sale Fixed Assets	1.1	0.0	-	0.8	-
SP Sale Gain-Invest.Sec	0.0	0.1	-	0.0	0.0
SP Gain on sales of scraps	-	0.0	-	-	0.0
SP L-Sales.Fix.Assets	0.0	0.0	-	-2.0	-
SP L-Dispos.Fix.Assets	0.0	-0.3	-0.1	-0.9	-0.1
NOP Interest Income	0.0	0.0	0.0	0.0	0.0
NOP Dividend Income	0.2	0.1	0.2	0.0	0.1
NOP Rent Income	0.3	0.4	0.2	0.2	-
NOP Research Consignment Income	0.4	0.3	0.2	0.0	0.5
NOP G-Equity Method	-	0.2	0.0	0.0	0.0
NOP Other Non-op. Income	0.4	-	0.1	0.3	0.5
NOP Interest Expense	-0.2	-0.1	-0.1	-0.2	-0.2
NOP Syndicate Loss Fee	-	-0.2	-0.1	-0.1	-
NOP Prov. of allowance for doubtful acc.	-	0.0	0.0	-	0.0
NOP Rent costs	-0.1	-	-	-	-0.1
NOP L-Equity Method	-0.1	-	-0.1	0.0	-0.1
NOP Other Non-op.Expense	-0.1	0.0	-0.2	-0.3	-0.2
Net Income Before Taxes	4.3	1.5	2.7	16.1	4.3
Provision for Income Taxes	2.9	-0.3	2.7	0.6	1.2
Net Income After Taxes	1.4	1.8	0.0	15.5	3.1
Minority interests in income	0.0	0.0	0.0	0.0	-0.4
Net Income Before Extra. Items	1.4	1.8	0.0	15.5	2.7
Net Income	1.4	1.8	0.0	15.5	2.7
Adjustment	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	1.4	1.8	0.0	15.5	2.7
Income Available to Com Incl ExtraOrd	1.4	1.8	0.0	15.5	2.7
Basic Weighted Average Shares	33.8	33.4	33.8	28.9	24.0
Basic EPS Excluding ExtraOrdinary Items	0.04	0.06	0.00	0.53	0.11
Basic EPS Including ExtraOrdinary Item	0.04	0.06	0.00	0.53	0.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.4	1.8	0.0	15.5	2.7
Diluted Weighted Average Shares	33.8	33.4	33.8	28.9	24.0
Diluted EPS Excluding ExtraOrd Items	0.04	0.06	0.00	0.53	0.11
Diluted EPS Including ExtraOrd Items	0.04	0.06	0.00	0.53	0.11
DPS-Common Stock	0.00	0.05	0.00	0.04	0.00
Gross Dividends - Common Stock	0.0	1.8	0.0	1.2	0.0
Normalized Income Before Taxes	3.3	3.1	3.8	4.3	5.3
Inc Tax Ex Impact of Sp Items	2.5	0.2	3.1	0.2	1.5
Normalized Income After Taxes	0.7	2.8	0.7	4.2	3.8
Normalized Inc. Avail to Com.	0.7	2.8	0.7	4.2	3.4
Basic Normalized EPS	0.02	0.08	0.02	0.14	0.14
Diluted Normalized EPS	0.02	0.08	0.02	0.14	0.14
Interest Expense	0.2	0.1	0.1	0.2	0.2
Amort of Intangibles, Supplemental	-	0.0	0.0	0.2	-
Depreciation	2.2	2.4	2.6	1.9	2.0
Reported Operating Profit	2.6	2.4	3.5	4.5	4.7
Reported Ordinary Profit	3.3	3.0	3.8	4.5	5.2

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.63	83.77	86.145	95.245	110.925
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash&Deposits	58.7	41.9	19.5	15.5	15.6
Note&Acct. Rcvbl	181.1	169.9	162.8	166.1	134.3
Inventories	-	-	-	-	33.1
Electronically recorded monetary claims-	3.9	4.4	0.0	-	-
Inventories - merchandise&finished goods	42.2	36.1	33.0	27.3	-
Inventories - work-in-process	7.5	8.3	7.2	9.3	-
Inventories - raw materials&supplies	7.3	6.0	4.1	4.0	-
Dfrd. Tax Asset	3.6	2.5	1.8	1.1	1.5
Other Rcvbl.	3.7	3.7	2.6	3.3	3.7
Other Cur. Asset	3.0	2.3	1.9	2.3	2.0
Doubtful Acct.	-0.6	-0.7	-0.5	-0.3	-0.4
Total Current Assets	310.3	274.5	232.3	228.6	189.8
Buildings&Stru.	103.3	103.5	66.1	59.6	50.1
Accum. depr - bldg&struc	-66.1	-65.9	-43.3	-37.4	-30.5
Machineries, equip., & vehicle, gross	91.8	92.1	72.2	64.3	54.2
Accum. depr - machin&vehicles	-83.4	-83.0	-65.6	-57.4	-47.5
Tool&Fixture	24.0	21.7	11.0	9.5	8.0
Accum. depr - tools, furn, fixtur	-20.2	-19.0	-9.6	-8.2	-6.7
Land	45.3	53.9	29.4	26.7	23.2
Lease assets, gross	2.1	1.3	0.7	0.0	-
Accum. depr - lease assets	-0.7	-0.3	-0.1	0.0	-
Constr. in Prog.	0.0	0.0	0.8	0.2	0.2
Other PPE	0.0	0.1	0.0	-	-
Accumulated depreciation-Other PPE	0.0	-0.1	0.0	-	-
Goodwill	0.0	0.0	0.4	0.4	0.1
Software	2.7	3.2	3.0	1.8	1.0
Other Intangible	0.8	0.6	0.8	1.7	1.6
Investment Secs._affiliate company	9.0	-	-	-	-
Investment Secs.	19.3	25.8	48.7	48.1	47.7
LT Loans	0.4	0.6	0.5	0.4	0.4
LT Deposits	2.2	2.0	1.7	1.0	1.0
Dfrd. Tax Asset	6.3	6.2	3.0	3.0	2.3
Other Asset	7.6	9.0	5.8	5.2	4.4
Doubtful Acct.	-2.3	-2.2	-0.9	-1.0	-0.6
Adjustment	-	-	-	-	0.0
Total Assets	452.4	424.0	356.9	346.5	298.7
Note&Acct. Pybl.	143.6	136.2	142.2	141.4	117.1
ST Borrowings	36.1	35.8	43.4	43.0	34.3
LT borrowings (current)	2.1	12.4	-	2.5	2.2
Other Payable	2.9	2.2	0.4	0.2	0.9
Accrd. Expense	16.5	12.3	10.1	9.8	8.4
Tax Payable	5.5	3.0	2.6	0.4	0.3
Sales Tax Pybl.	1.3	0.5	0.7	0.3	0.2
Provision for bonuses	0.5	2.0	0.0	-	-
Product Return	0.1	0.1	0.1	0.1	0.1
Note Pybl. Equip	1.2	1.1	0.8	0.8	1.5
Provision for product warranties	0.1	0.1	0.0	-	-
Other Curr.Liabs	1.5	2.3	0.8	0.8	0.5
Total Current Liabilities	211.3	208.1	201.1	199.4	165.4
LT Borrowings	19.0	10.0	11.4	12.8	13.2
Total Long Term Debt	19.0	10.0	11.4	12.8	13.2
Dfrd. Tax Liab.	1.5	2.2	1.8	1.6	2.8
Accrd. Retire.	18.9	17.4	7.6	7.7	6.4
Reserve for officers' retirement	0.1	0.4	0.0	1.9	0.0
Other Liab.	5.3	6.5	3.8	1.7	1.5
Minority interests	0.0	39.7	0.0	-	-
Total Liabilities	256.1	284.4	225.7	225.1	189.3
Common Stock	33.1	30.7	29.9	27.0	23.2
Paid in Capital	54.2	24.9	24.2	21.9	18.8
Retained Earning	108.4	83.0	76.4	71.8	64.5
Treas. Stock	-1.0	-0.7	-0.6	-0.5	-0.4
Unreal. Gain-Sec	2.5	2.3	1.9	1.5	3.3
Unrealized Gain/Loss on Hedge	0.0	0.0	-0.1	-0.2	-0.1
Trans. Adjust.	-0.9	-0.7	-0.4	-0.2	0.2
Total Equity	196.3	139.6	131.2	121.4	109.5
Total Liabilities & Shareholders' Equity	452.4	424.0	356.9	346.5	298.7
S/O-Common Stock	33.8	24.0	24.1	24.1	24.1
Total Common Shares Outstanding	33.8	24.0	24.1	24.1	24.1
T/S-Common Stock	0.4	0.2	0.2	0.2	0.2
Full-Time Employees	882	887	632	630	652
Number of Common Shareholders	5,549	3,428	3,516	3,587	4,615
LT Debt due within 1 yr.	2.1	13.0	2.8	2.5	2.2
LT Debt due b/w 1 & 2 yr.	2.1	1.3	11.4	2.5	2.2
LT Debt due b/w 2 & 3yr.	2.0	1.3	-	10.3	2.2
LT Debt due b/w 3 & 4yr.	9.4	1.0	-	0.0	8.8
LT Debt due b/w 4 & 5yr.	5.5	7.9	-	0.0	-
Long Term Debt - Remaining Maturities	0.9	-	-	-	-
Total Long Term Debt, Supplemental	22.0	24.5	14.2	15.3	15.3
CP Lease due within 1 year	0.4	0.3	0.1	-	-
CP Lease due within 2 year	0.5	0.3	0.1	-	-
CP Lease due within 3 year	0.3	0.3	0.1	-	-
CP Lease due within 4 year	0.2	0.2	0.1	-	-
CP Lease due within 5 year	0.1	0.0	0.0	-	-
Remainings	-	0.0	0.0	-	-
Total Capital Leases	1.5	1.1	0.6	-	-
Pension Obligation	26.1	24.9	19.2	18.6	17.6
Fair Value of Plan Assets	4.1	4.2	8.2	7.1	10.8
Funded Status	-22.1	-20.8	-11.0	-11.5	-6.8
Total Funded Status	-22.1	-20.8	-11.0	-11.5	-6.8
Discount Rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Return on Plan Assets	0.00%	0.00%	0.00%	0.00%	2.00%
Unrecognized Actuarial Gains & Losses	3.1	3.3	3.4	3.8	0.4
Prepaid Pension Benefit	-	-	-	-	0.0
Accrued Pension Benefit	-18.9	-17.4	-7.6	-7.7	-6.4
Net Assets Recognized on Balance Sheet	-15.8	-14.1	-4.2	-3.9	-6.0

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	29-Feb-2012	30-Nov-2011	31-Aug-2011	31-May-2011	28-Feb-2011
UpdateType/Date	Updated Normal 29-Feb-2012	Updated Normal 30-Nov-2011	Updated Normal 31-Aug-2011	Updated Normal 31-May-2011	Updated Normal 28-Feb-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	80.435452	77.63	76.47	81.24	81.93
Cash&Deposits	52.4	58.7	62.0	56.1	46.9
Note&Account Receivable	167.5	181.1	184.1	177.9	172.8
Electronically recorded monetary claims-	5.0	3.9	5.0	5.5	5.1
Inventories - merchandise&finished goods	41.8	42.2	43.9	39.2	39.1
Inventories - work-in-process	9.5	7.5	9.7	9.2	7.7
Inventories - raw materials&supplies	8.6	7.3	7.5	6.7	7.5
Other	10.3	10.3	11.2	10.3	10.6
Allowance for doubtful accounts	-0.4	-0.6	-0.6	-0.7	-0.6
Total Current Assets	294.7	310.3	322.8	304.2	289.0
Buildings & structures, gross	99.6	103.3	106.4	100.1	104.7
Accum. depr - bldg&struc	-63.8	-66.1	-68.0	-63.3	-66.7
Machineries, equip., & vehicle, gross	88.9	91.8	97.6	93.3	94.3
Accum. depr - machin&vehicles	-81.1	-83.4	-88.6	-84.4	-85.3
Land	42.5	45.3	48.4	46.5	55.1
Other PP&E, gross	27.7	26.1	26.1	24.4	23.9
Accum. depr - other PPE	-20.5	-20.9	-21.0	-20.0	-19.8
Total Intangibles	3.4	3.5	3.5	3.4	3.8
Investment Secs.	28.4	28.3	30.6	29.5	29.9
Other	15.3	16.5	17.5	16.2	18.1
Allowance for doubtful accounts	-2.3	-2.3	-2.4	-2.2	-2.3
Adjustment	-	0.0	-	-	-
Total Assets	432.9	452.4	472.8	447.8	444.9
Note&Acct. Pybl.	135.7	143.6	149.7	145.2	143.2
ST Borrowings	39.3	38.2	51.8	49.5	55.9
Accrd. Expense	9.1	16.5	8.9	14.1	6.8
Tax Payable	1.8	5.5	4.7	4.2	3.4
Other	11.0	7.5	11.6	10.8	11.0
Total Current Liabilities	196.9	211.3	226.8	223.7	220.3
LT Borrowings	17.9	19.0	19.9	10.0	10.1
Total Long Term Debt	17.9	19.0	19.9	10.0	10.1
Accrued Retirement Benefit Account	18.7	18.9	20.4	18.6	18.2
Other	9.3	6.8	8.2	7.7	10.1
Minority interests	-	-	0.0	0.0	40.5
Total Liabilities	242.7	256.1	275.3	259.9	299.2
Common Stock	32.0	33.1	33.6	31.7	31.4
Paid in Capital	52.3	54.2	55.0	51.8	25.5
Retained earnings	104.2	108.4	108.1	103.1	86.7
Treasury Stock	-1.0	-1.0	-1.0	-1.0	-0.7
Unreal. Gain-Sec	3.3	2.5	2.9	3.1	3.5
Unrealized Gain/Loss on Hedge	0.1	0.0	0.0	0.0	0.0
Translation Adjustment	-0.8	-0.9	-1.0	-0.8	-0.7
Total Equity	190.1	196.3	197.6	187.9	145.7
Total Liabilities & Shareholders' Equity	432.9	452.4	472.8	447.8	444.9
S/O-Common Stock	33.8	33.8	33.8	33.8	24.0
Total Common Shares Outstanding	33.8	33.8	33.8	33.8	24.0
T/S-Common Stock	0.4	0.4	0.4	0.4	0.2
Full-Time Employees	-	882	884	901	884

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	30-Nov-2011	30-Nov-2010	30-Nov-2009	30-Nov-2008	30-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 30-Nov-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	88.353552	93.712781	105.208251	118.16026
Auditor	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Income Before Tax	25.0	8.0	0.7	-1.3	5.5
Depreciation	8.7	6.4	5.5	5.0	4.8
Gain/Loss-Equity Method	0.0	-1.1	3.5	0.0	-1.6
Loss (gain) on step acquisitions	0.0	11.4	0.0	-	-
Impairment Losses	1.3	0.3	0.2	0.3	0.0
Sale of Affiliated Sec.	0.9	0.0	0.0	-1.0	0.0
Share exchange expenses	1.0	0.0	-	-	-
Amortization of leasehold right	0.2	0.0	-	-	-
Loss on adjustment for changes of accoun	0.2	0.0	-	-	-
Gain Transit. to Defined Contrib.Pension	-	-	-	0.0	-1.4
G on received residuary assets	-	-	0.0	-0.6	0.0
Res-Accr.Retire Bft.	0.7	0.4	-0.8	0.2	-1.4
Reserve for dir.'s retire. bonuse	-	-	0.0	1.7	0.0
Provision for product warrant return	0.0	0.0	0.0	-	-
Pro. Doubtful Acct.	-0.2	0.4	-0.1	0.2	-1.0
Int. & Div. Income	-0.5	-0.6	-0.3	-0.3	-0.3
Interest Expense	0.6	0.6	0.7	0.7	0.6
Acct. Rcvbl.	-0.1	0.9	19.1	-9.7	0.2
Inventories	-3.3	3.9	0.6	-2.1	-3.4
Acct. Pybl.	1.0	1.8	-13.0	4.6	-0.7
Gain on negative goodwill	-14.6	-12.8	0.0	-	-
Dir. Bonuses Paid	-	-	-	-	0.0
Dir.'s Retire. Bnft.	-	-	0.0	0.4	0.2
Accrued Expense	3.1	1.2	-0.7	0.2	-0.5
Other Opera.Activity	1.6	1.5	0.1	1.3	1.0
Int. & Div. Rcv'd	0.5	1.0	1.2	1.2	1.1
Interest Paid	-0.6	-0.6	-0.6	-0.7	-0.6
Paid Dir. Retire.	-0.4	0.0	-0.1	-0.4	-0.2
Defined Contribution Pension Paid	-	-	-	0.0	-4.7
Tax Paid	-4.1	-4.2	-0.3	-0.1	-2.2
Income tax refund	0.5	0.0	0.7	1.2	0.0
Cash from Operating Activities	21.5	18.4	16.1	0.8	-4.3
Time deposit,net	-0.6	1.1	0.0	-	-
Capital Expenditure	-7.6	-12.4	-2.5	-4.4	-7.3
Purch. Intangible	-0.9	-0.4	-0.8	-1.3	-0.8
Sale of PPE	10.7	0.5	0.0	0.0	-
Purch. Inv. Sec.	-1.9	-0.1	-0.1	-0.4	-0.7
Sale Inv. Secs.	1.3	0.2	0.0	0.8	0.3
Purch. sub's sec	-1.7	0.0	-	-	-
Purchase of sub's sec.(consol. change)	0.0	13.9	0.0	-	-
Sale of subsidiaries' sec.	0.5	0.0	0.0	1.1	0.0
Proceeds from maturity of insurance fund	0.6	1.2	0.0	-	-
Other Inv. Activity	1.2	-1.1	-0.1	1.7	0.5
Cash from Investing Activities	1.7	2.9	-3.5	-2.4	-8.0
ST Debt Net	-2.5	-6.8	-6.4	2.9	11.8
Proc.-LTDebt	10.3	10.2	0.0	-	0.0
LT Debt, Paid	-13.3	-2.7	-2.6	-2.3	-2.5
Redemption of bonds	-2.2	-0.3	0.0	-	-
Dividend Paid	-2.1	-1.6	-1.5	-1.3	-1.2
Cash dividends paid to minority sharehol	-0.4	-0.1	0.0	-	-
Othe Finan.Activity	-0.4	-0.2	-0.1	0.0	0.0
Cash from Financing Activities	-10.5	-1.5	-10.5	-0.7	8.1
Foreign Exchange Effects	-0.2	0.0	0.0	0.0	0.0
Net Change in Cash	12.4	19.8	2.1	-2.4	-4.3
Net Cash - Beginning Balance	42.8	19.0	15.8	16.4	18.9
Net Cash - Ending Balance	55.2	38.8	17.9	14.1	14.6
Cash Interest Paid	0.6	0.6	0.6	0.7	0.6
Cash Taxes Paid	3.6	4.2	-0.4	-1.1	2.2

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	30-Nov-2011	31-Aug-2011	31-May-2011	28-Feb-2011	30-Nov-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 31-Aug-2011	Updated Normal 31-May-2011	Updated Normal 28-Feb-2011	Updated Normal 30-Nov-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.172145	81.228364	82.399536	82.862258	88.353552
Income Before Tax	25.0	23.2	20.3	4.3	8.0
Depreciation	8.7	6.4	3.8	2.0	6.4
Equity Method	0.0	0.1	0.0	0.1	-1.1
Impairment Loss	1.3	1.1	0.0	0.0	0.3
Loss (gain) on step acquisitions	0.0	-	-	-	11.4
Sale of Affiliated Sec.	0.9	-	-	-	-
Loss on adjustment for changes of accoun	0.2	0.2	0.2	0.2	-
Share exchange expenses	1.0	1.0	1.0	0.9	-
Amortization of leasehold right	0.2	0.2	0.1	-	-
Gain on negative goodwill	-14.6	-14.4	-14.2	-	-12.8
Reserve for Accrued Retirement Benefit	0.7	1.3	0.6	0.4	0.4
Reserve for Product Return	0.0	-	-	-	0.0
Allowance for Doubtful Account	-0.2	-0.2	-0.1	-0.1	0.4
Interest and Div. Income	-0.5	-0.4	-0.2	-0.1	-0.6
Interest Expense	0.6	0.5	0.3	0.2	0.6
Account Receivables	-0.1	1.8	-3.7	0.2	0.9
Inventories	-3.3	-5.7	-3.1	-2.7	3.9
Account Payables	1.0	-0.2	4.6	3.9	1.8
Accrued Expense	3.1	-4.2	1.4	-5.7	1.2
Other, net	1.6	3.6	3.1	1.8	1.5
Interest & Dividend Received	0.5	0.4	0.2	0.1	1.0
Interest Paid	-0.6	-0.5	-0.3	-0.2	-0.6
Paid Directors' Retirement Bonus	-0.4	-0.4	-	-	0.0
Tax Paid	-4.1	-3.9	-2.3	-2.2	-4.2
Income tax refund	0.5	0.3	0.3	-	0.0
Cash from Operating Activities	21.5	10.1	12.2	3.0	18.4
Capital Expenditure	-7.6	-5.6	-4.1	-1.5	-12.4
Purchase of Intangibles	-0.9	-0.5	-0.3	-0.1	-0.4
Sale of PPE	10.7	11.1	10.9	-	0.5
Purchase of Investment Securities	-1.9	-1.9	-1.8	-1.8	-0.1
Sale subsidiaries' securities	0.5	-	-	-	0.0
Sale Investment Securities	1.3	-	-	0.2	0.2
Purch. sub's sec	-1.7	-1.6	-1.6	-	0.0
Purch. sub's sec.(consol. change)	0.0	-	-	-1.2	13.9
Time deposit ,net	-0.6	-	-	-	1.1
Proceeds from maturity of insurance fund	0.6	-	-	-	1.2
Other, net	1.2	0.6	1.2	0.2	-1.1
Cash from Investing Activities	1.7	2.1	4.3	-4.2	2.9
ST Debt Net	-2.5	9.8	1.2	7.2	-6.8
Proc.-LTDebt	10.3	10.2	-	-	10.2
Repaid-LT Debt	-13.3	-12.6	-1.8	-0.9	-2.7
Redemption of bonds	-2.2	-2.2	-2.1	-	-0.3
Dividend Paid	-2.1	-1.8	-0.9	-0.6	-1.6
Cash dividends paid to minority sharehol	-0.4	-0.4	-0.4	-0.3	-0.1
Other, net	-0.4	-0.2	-0.2	-0.1	-0.2
Cash from Financing Activities	-10.5	2.8	-4.1	5.3	-1.5
Foreign Exchange Effects	-0.2	-0.3	-0.1	-0.1	0.0
Net Change in Cash	12.4	14.7	12.3	4.0	19.8
Net Cash - Beginning Balance	42.8	42.2	41.6	41.4	19.0
Net Cash - Ending Balance	55.2	56.9	53.9	45.4	38.8
Cash Interest Paid	0.6	0.5	0.3	0.2	0.6
Cash Taxes Paid	3.6	3.7	2.1	2.2	4.2

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	30-Nov-11			30-Nov-10				30-Nov-09				30-Nov-08			30-Nov-07
Pharmaceuticals	218.6	32.6 %		194.1		34 %		192.5		37.6 %		160.2		33.7 %	149.0	34.9 %
Pharmaceutical and Cosmetic Materials	182.3	27.2 %		152.3		26.7 %		189.0		36.9 %		164.2		34.5 %	138.0	32.3 %
Chemical Products	119.0	17.7 %		109.4		19.2 %		87.9		17.2 %		110.6		23.3 %	101.2	23.7 %
Food Materials	102.8	15.3 %		93.0		16.3 %		42.4		8.3 %		40.3		8.5 %	39.2	9.2 %
Other	48.4	7.2 %		21.7		3.8 %		-		-		-		-	-	-
Segment Total	671.0	100 %		570.6		100 %		511.6		100 %		475.4		100 %	427.4	100 %
Elimination/Corporate	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	671.0	100 %		570.6		100 %		511.6		100 %		475.4		100 %	427.4	100 %
Exchange Rate: JPY to USD	80.172145			88.353552				93.712781				105.208251			118.160260
Intersegment Revenue   USD (mil)
	30-Nov-11		30-Nov-10				30-Nov-09				30-Nov-08				30-Nov-07
Pharmaceuticals	0.0	0.1 %	0.0		0.1 %		0.0		0 %		0.0		0 %		0.0	0 %
Pharmaceutical and Cosmetic Materials	5.4	97.6 %	5.2		98.8 %		5.1		100 %		4.6		100 %		2.2	61.2 %
Chemical Products	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		1.4	38.8 %
Food Materials	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Other	0.1	2.4 %	0.1		1.2 %		-		-		-		-		-	-
Segment Total	5.5	100 %	5.2		100 %		5.1		100 %		4.6		100 %		3.6	100 %
Elimination/Corporate	-5.5	-100 %	-5.2		-100 %		-5.1		-100 %		-4.6		-100 %		-3.6	-100 %
Consolidated Total	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	80.172145		88.353552				93.712781				105.208251				118.160260

Total Revenue   USD (mil)
	30-Nov-11				30-Nov-10				30-Nov-09				30-Nov-08				30-Nov-07
Pharmaceuticals	218.6		32.3 %		194.2		33.7 %		192.5		37.2 %		160.2		33.4 %		149.0		34.6 %
Pharmaceutical and Cosmetic Materials	187.7		27.7 %		157.5		27.4 %		194.0		37.6 %		168.8		35.2 %		140.2		32.5 %
Chemical Products	119.0		17.6 %		109.4		19 %		87.9		17 %		110.6		23.1 %		102.6		23.8 %
Food Materials	102.8		15.2 %		93.0		16.1 %		42.4		8.2 %		40.3		8.4 %		39.2		9.1 %
Other	48.5		7.2 %		21.8		3.8 %		-		-		-		-		-		-
Segment Total	676.5		100 %		575.8		100 %		516.7		100 %		479.9		100 %		431.0		100 %
Elimination/Corporate	-5.5		-0.8 %		-5.2		-0.9 %		-5.1		-1 %		-4.6		-1 %		-3.6		-0.8 %
Consolidated Total	671.0		99.2 %		570.6		99.1 %		511.6		99 %		475.4		99 %		427.4		99.2 %
Exchange Rate: JPY to USD	80.172145				88.353552				93.712781				105.208251				118.160260
Depreciation   USD (mil)
	30-Nov-11			30-Nov-10				30-Nov-09				30-Nov-08				30-Nov-07
Pharmaceuticals	1.9	24.9 %		1.7		32.7 %		1.7		37 %		1.5		33.9 %		1.2		37.6 %
Pharmaceutical and Cosmetic Materials	2.0	26.6 %		1.9		37 %		2.1		46.1 %		2.2		49.4 %		1.6		51.5 %
Chemical Products	3.0	40 %		1.2		23.5 %		0.7		15.9 %		0.7		15.8 %		0.3		10.1 %
Food Materials	0.1	1.6 %		0.1		1.5 %		0.0		1 %		0.0		1 %		0.0		0.8 %
Other	0.5	6.8 %		0.3		5.3 %		-		-		-		-		-		-
Segment Total	7.5	100 %		5.2		100 %		4.6		100 %		4.5		100 %		3.2		100 %
Elimination/Corporate	1.3	16.8 %		1.1		21.2 %		0.9		18.5 %		0.6		12.6 %		1.7		53.1 %
Consolidated Total	8.7	116.8 %		6.4		121.2 %		5.5		118.5 %		5.0		112.6 %		4.8		153.1 %
Exchange Rate: JPY to USD	80.172145			88.353552				93.712781				105.208251				118.160260

Total Operating Expense   USD (mil)
	30-Nov-10				30-Nov-09		30-Nov-08				30-Nov-07
Pharmaceuticals	203.2		36.1 %		194.8	38.6 %	165.4		35 %		153.9		36.4 %
Pharmaceutical and Cosmetic Materials	203.0		36.1 %		181.9	36 %	160.1		33.8 %		130.0		30.8 %
Chemical Products	107.1		19 %		87.7	17.4 %	108.2		22.9 %		100.3		23.8 %
Food Materials	44.5		7.9 %		40.5	8 %	39.4		8.3 %		38.2		9 %
Other	4.8		0.9 %		-	-	-		-		-		-
Segment Total	562.5		100 %		504.9	100 %	473.1		100 %		422.4		100 %
Elimination/Corporate	2.4		0.4 %		3.5	0.7 %	2.0		0.4 %		2.7		0.6 %
Consolidated Total	565.0		100.4 %		508.4	100.7 %	475.2		100.4 %		425.1		100.6 %
Exchange Rate: JPY to USD	88.353552				93.712781		105.208251				118.160260
Operating Income/Loss   USD (mil)
	30-Nov-11			30-Nov-10		30-Nov-09		30-Nov-08				30-Nov-07
Pharmaceuticals	-1.4	-5.9 %		-2.5	-20.2 %	-2.4	-20.1 %	-5.2		-75.9 %		-4.9	-56.9 %
Pharmaceutical and Cosmetic Materials	12.0	51.3 %		7.8	63 %	12.1	102.7 %	8.7		127.2 %		10.2	118.9 %
Chemical Products	6.1	26.1 %		2.2	17.8 %	0.1	1.2 %	2.4		35.3 %		2.3	26.6 %
Food Materials	5.4	23.1 %		4.7	37.8 %	1.9	16.3 %	0.9		13.5 %		1.0	11.3 %
Other	1.3	5.3 %		0.2	1.7 %	-	-	-		-		-	-
Segment Total	23.4	100 %		12.4	100 %	11.8	100 %	6.8		100 %		8.6	100 %
Elimination/Corporate	-8.2	-35.2 %		-6.8	-55 %	-8.6	-72.8 %	-6.6		-97 %		-6.2	-72.7 %
Consolidated Total	15.2	64.8 %		5.6	45 %	3.2	27.2 %	0.2		3 %		2.3	27.3 %
Exchange Rate: JPY to USD	80.172145			88.353552		93.712781		105.208251				118.160260

Operating Margin (%)
				30-Nov-11			30-Nov-10			30-Nov-09				30-Nov-08			30-Nov-07
Pharmaceuticals				-0.6		-	-1.3		-	-1.2		-		-3.2		-	-3.3		-
Pharmaceutical and Cosmetic Materials				6.4		-	5.0		-	6.3		-		5.1		-	7.3		-
Chemical Products				5.1		-	2.0		-	0.2		-		2.2		-	2.2		-
Food Materials				5.3		-	5.1		-	4.5		-		2.3		-	2.5		-
Other				2.6		-	1.0		-	-		-		-		-	-		-
Segment Total				3.5		-	2.2		-	2.3		-		1.4		-	2.0		-
Elimination/Corporate				149.4		-	130.5		-	169.7		-		144.8		-	173.8		-
Consolidated Total				2.3		-	1.0		-	0.6		-		0.0		-	0.5		-
Total Assets   USD (mil)
	30-Nov-11		30-Nov-10			30-Nov-09					30-Nov-08				30-Nov-07
Pharmaceuticals	120.6	29.7 %	115.5		30.9 %	122.7		38.6 %			117.1		37.5 %		94.8			36.4 %
Pharmaceutical and Cosmetic Materials	98.3	24.2 %	88.5		23.7 %	99.3		31.3 %			95.9		30.7 %		77.3			29.7 %
Chemical Products	117.3	28.9 %	105.2		28.2 %	68.5		21.6 %			74.7		23.9 %		67.2			25.8 %
Food Materials	41.1	10.1 %	39.1		10.5 %	27.0		8.5 %			24.5		7.9 %		21.4			8.2 %
Other	28.6	7.1 %	24.8		6.7 %	-		-			-		-		-			-
Segment Total	405.9	100 %	373.1		100 %	317.4		100 %			312.2		100 %		260.7			100 %
Elimination/Corporate	46.5	11.4 %	50.9		13.6 %	39.5		12.4 %			34.3		11 %		38.0			14.6 %
Consolidated Total	452.4	111.4 %	424.0		113.6 %	356.9		112.4 %			346.5		111 %		298.7			114.6 %
Exchange Rate: JPY to USD	77.630000		83.770000			86.145000					95.245000				110.925000

Operating Return on Assets (%)
				30-Nov-11			30-Nov-10			30-Nov-09				30-Nov-08			30-Nov-07
Pharmaceuticals				-1.2		-	-2.3		-	-2.1		-		-4.9		-	-5.5		-
Pharmaceutical and Cosmetic Materials				12.6		-	9.3		-	13.3		-		10.0		-	14.1		-
Chemical Products				5.4		-	2.2		-	0.2		-		3.5		-	3.6		-
Food Materials				13.6		-	12.7		-	7.7		-		4.1		-	4.8		-
Other				4.5		-	0.9		-	-		-		-		-	-		-
Segment Total				6.0		-	3.5		-	4.1		-		2.4		-	3.5		-
Elimination/Corporate				-18.3		-	-14.2		-	-23.7		-		-21.3		-	-17.5		-
Consolidated Total				3.5		-	1.4		-	1.0		-		0.1		-	0.8		-
Purchase of Fixed Assets   USD (mil)
	30-Nov-11		30-Nov-10			30-Nov-09					30-Nov-08				30-Nov-07
Pharmaceuticals	1.7	19.9 %	1.0		30.8 %	2.4		74.5 %			1.4		39 %		2.5			41.4 %
Pharmaceutical and Cosmetic Materials	1.0	11.7 %	0.7		20.3 %	0.6		17.3 %			1.6		43.6 %		2.6			43.6 %
Chemical Products	5.4	63 %	1.0		31.3 %	0.2		7.5 %			0.6		17.2 %		0.9			14.9 %
Food Materials	0.2	2.1 %	0.2		4.8 %	0.0		0.6 %			0.0		0.2 %		0.0			0.1 %
Other	0.3	3.4 %	0.4		12.7 %	-		-			-		-		-			-
Segment Total	8.6	100 %	3.2		100 %	3.2		100 %			3.6		100 %		6.0			100 %
Elimination/Corporate	1.2	13.8 %	10.2		317.2 %	0.8		23.6 %			0.5		14.5 %		1.0			16 %
Consolidated Total	9.7	113.8 %	13.4		417.2 %	4.0		123.6 %			4.1		114.5 %		6.9			116 %
Exchange Rate: JPY to USD	80.172145		88.353552			93.712781					105.208251				118.160260

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	29-Feb-12			30-Nov-11				31-Aug-11				31-May-11			28-Feb-11
Pharmaceuticals	51.2	32.3 %		53.3		30.6 %		55.1		33 %		57.9		33.7 %	52.2	32.9 %
Pharmaceutical and Cosmetic Materials	41.8	26.3 %		46.9		27 %		45.9		27.5 %		46.7		27.2 %	42.8	27 %
Chemical Products	28.7	18.1 %		30.3		17.4 %		31.3		18.8 %		30.0		17.4 %	27.5	17.3 %
Food Materials	26.0	16.4 %		28.4		16.3 %		23.9		14.3 %		25.0		14.6 %	25.6	16.2 %
Other	11.0	6.9 %		15.2		8.7 %		10.7		6.4 %		12.3		7.1 %	10.3	6.5 %
Segment Total	158.8	100 %		174.1		100 %		166.9		100 %		171.9		100 %	158.5	100 %
Elimination/Corporate	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %	-	-
Consolidated Total	158.8	100 %		174.1		100 %		166.9		100 %		171.9		100 %	158.5	100 %
Exchange Rate: JPY to USD	77.685032			76.972151				78.923925				81.970699			82.862258
Intersegment Revenue   USD (mil)
	29-Feb-12		30-Nov-11				31-Aug-11				31-May-11				28-Feb-11
Pharmaceuticals	0.0	0 %	0.0		0.1 %		0.0		0.1 %		0.0		0.1 %		0.0	0 %
Pharmaceutical and Cosmetic Materials	1.2	97.3 %	1.2		94.6 %		1.2		99.9 %		1.2		97.3 %		1.8	98.2 %
Chemical Products	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Food Materials	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Other	0.0	2.7 %	0.1		5.3 %		0.0		0.1 %		0.0		2.6 %		0.0	1.8 %
Segment Total	1.2	100 %	1.3		100 %		1.2		100 %		1.2		100 %		1.8	100 %
Elimination/Corporate	-1.2	-100 %	-1.3		-100 %		-1.2		-100 %		-1.2		-100 %		-1.8	-100 %
Consolidated Total	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	77.685032		76.972151				78.923925				81.970699				82.862258

Total Revenue   USD (mil)
	29-Feb-12				30-Nov-11				31-Aug-11				31-May-11				28-Feb-11
Pharmaceuticals	51.2		32 %		53.3		30.4 %		55.1		32.8 %		57.9		33.5 %		52.2		32.6 %
Pharmaceutical and Cosmetic Materials	43.0		26.9 %		48.1		27.5 %		47.1		28 %		47.9		27.7 %		44.6		27.8 %
Chemical Products	28.7		18 %		30.3		17.3 %		31.3		18.6 %		30.0		17.3 %		27.5		17.1 %
Food Materials	26.0		16.3 %		28.4		16.2 %		23.9		14.2 %		25.0		14.5 %		25.6		16 %
Other	11.0		6.9 %		15.3		8.7 %		10.7		6.4 %		12.3		7.1 %		10.4		6.5 %
Segment Total	160.1		100 %		175.3		100 %		168.2		100 %		173.2		100 %		160.3		100 %
Elimination/Corporate	-1.2		-0.8 %		-1.3		-0.7 %		-1.2		-0.7 %		-1.2		-0.7 %		-1.8		-1.1 %
Consolidated Total	158.8		99.2 %		174.1		99.3 %		166.9		99.3 %		171.9		99.3 %		158.5		98.9 %
Exchange Rate: JPY to USD	77.685032				76.972151				78.923925				81.970699				82.862258
Operating Income/Loss   USD (mil)
	29-Feb-12			30-Nov-11				31-Aug-11				31-May-11				28-Feb-11
Pharmaceuticals	0.0	-0.3 %		-1.2		-27.3 %		0.0		-0.8 %		0.1		1.5 %		-0.3		-4.8 %
Pharmaceutical and Cosmetic Materials	2.9	62.8 %		2.7		62.9 %		3.2		55.7 %		3.4		48.5 %		2.8		43.5 %
Chemical Products	0.4	7.8 %		0.4		8.8 %		2.4		42.2 %		1.4		19.8 %		1.9		30 %
Food Materials	1.4	31.1 %		1.5		34.2 %		1.2		21.7 %		1.5		21.5 %		1.2		19.1 %
Other	-0.1	-1.4 %		0.9		21.4 %		-1.1		-18.8 %		0.6		8.7 %		0.8		12.2 %
Segment Total	4.6	100 %		4.3		100 %		5.7		100 %		6.9		100 %		6.4		100 %
Elimination/Corporate	-1.9	-42.5 %		-1.9		-45.2 %		-2.1		-37.7 %		-2.5		-35.4 %		-1.7		-26.8 %
Consolidated Total	2.6	57.5 %		2.4		54.8 %		3.5		62.3 %		4.5		64.6 %		4.7		73.2 %
Exchange Rate: JPY to USD	77.685032			76.972151				78.923925				81.970699				82.862258

Operating Margin (%)
	29-Feb-12		30-Nov-11		31-Aug-11		31-May-11		28-Feb-11
Pharmaceuticals	0.0	-	-2.2	-	-0.1	-	0.2	-	-0.6	-
Pharmaceutical and Cosmetic Materials	6.6	-	5.6	-	6.7	-	7.0	-	6.2	-
Chemical Products	1.2	-	1.2	-	7.7	-	4.6	-	7.0	-
Food Materials	5.4	-	5.2	-	5.2	-	6.0	-	4.8	-
Other	-0.6	-	6.0	-	-10.0	-	4.9	-	7.5	-
Segment Total	2.8	-	2.4	-	3.4	-	4.0	-	4.0	-
Elimination/Corporate	155.1	-	154.0	-	173.3	-	201.7	-	95.4	-
Consolidated Total	1.6	-	1.4	-	2.1	-	2.6	-	2.9	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.88.40
Euro	1	Rs.71.85

INFORMATION DETAILS

Report Prepared by :

SDA

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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