MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	TOMOE ENGINEERING CO., LTD.
Registered Office :	1-2-2 Art Village Osaki Centre Tower 12F, Osaki Tokyo, 141-0032
Country :	Japan
Financials (as on) :	31.10.2011
Date of Incorporation :	29.05.1941
Legal Form :	Public Parent
Line of Business :	Manufacture of plastics in primary forms
No. of Employees :	750

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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

Top of Form

TOMOE ENGINEERING CO., LTD.

1-2-2 Art Village Osaki
Centre Tower 12F, Osaki
Tokyo, 141-0032
Japan
Tel:	81-3-54356511
Fax:	81-3-54350070
www.tomo-e.co.jp

Employees:

750

Company Type:

Public Parent

Corporate Family:

8 Companies

Traded:

Tokyo Stock Exchange:

6309

Incorporation Date:

29-May-1941

Auditor:

Ernst & Young LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Oct-2011
Reporting Currency:	Japanese Yen
Annual Sales:	525.8 ^1
Net Income:	36.2
Total Assets:	419.4 ^2
Market Value:	198.6
	(07-Dec-2012)

Business Description

TOMOE ENGINEERING CO., LTD. is a Japan-based company primarily engaged in the manufacture and sale of centrifuge decanters and the purchase and sale of chemical industrial products. The Company operates in three business segments. The Machinery Manufacture and Sale segment is engaged in the manufacture and sale of centrifuge decanters, the provision of related after services, as well as the processing and sale of components. The Chemical Industrial Product Sale segment is engaged in the coloration processing, compound processing and sale of synthetic resin materials, as well as the sale of imported liqueur products. The Others segment is engaged in the delivery and inventory management of products. As of October 31, 2011, the Company had nine subsidiaries. For the nine months ended 31 July 2012, TOMOE ENGINEERING CO., LTD. revenues decreased 5% to Y30.67B. Net income decreased 16% to Y1.11B. Revenues reflect Machinery manufacturing and sales business segment decrease of 16% to Y8.43B, Sales of chemical products segment decrease of less than 1% to Y22.24B. Net income also reflects Machinery manufacturing and sales business segment income decrease of 39% to Y680.5M.

Industry

Industry	Chemicals - Plastics and Rubber
ANZSIC 2006:	1821 - Synthetic Resin and Synthetic Rubber Manufacturing
NACE 2002:	2416 - Manufacture of plastics in primary forms
NAICS 2002:	325211 - Plastics Material and Resin Manufacturing
UK SIC 2003:	2416 - Manufacture of plastics in primary forms
UK SIC 2007:	2016 - Manufacture of plastics in primary forms
US SIC 1987:	2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

Key Executives

Name	Title
Noboru Shiono	President, Representative Director
Natsuhiko Maeda	Manager of Business Planning Office, Director
Tetsuo Yamada	Deputy Chief Director of Chemical Product, Director
Minoru Homma	President
Koichi Karita	Director-Accounting & Planning

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Tomoe Engineering Co., Ltd. Amends Consolidated Mid-year and Full-year Outlook for FY Ending October 31, 2012	29-May-2012

Financial Summary

As of 31-Jul-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.63	2.03
Quick Ratio (MRQ)	2.07	1.20
Debt to Equity (MRQ)	0.04	0.95
Sales 5 Year Growth	-2.19	1.42
Net Profit Margin (TTM) %	6.52	4.60
Return on Assets (TTM) %	8.51	3.98
Return on Equity (TTM) %	13.04	12.15

Stock Snapshot

Traded: Tokyo Stock Exchange: 6309

As of 7-Dec-2012

   Financials in: JPY

Recent Price	1,552.00	EPS	145.41
52 Week High	1,852.00	Price/Sales	0.39
52 Week Low	1,271.00	Dividend Rate	35.00
Avg. Volume (mil)	0.02	Price/Earnings	5.87
Market Value (mil)	16,347.53	Price/Book	0.73
		Beta	0.91

	Price % Change	Rel S&P 500%
4 Week	16.69%	7.91%
13 Week	19.38%	11.06%
52 Week	15.91%	9.29%
Year to Date	12.30%	3.54%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 80.58505
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 77.975

Corporate Overview

Location
1-2-2 Art Village Osaki
Centre Tower 12F, Osaki
Tokyo, 141-0032
Japan

Tel:	81-3-54356511
Fax:	81-3-54350070

www.tomo-e.co.jp

Quote Symbol - Exchange
6309 - Tokyo Stock Exchange
Sales JPY(mil):	42,375.0
Assets JPY(mil):	32,702.6
Employees:	750
Fiscal Year End:	31-Oct-2011

Industry:	Chemicals - Plastics and Rubber

Incorporation Date:	29-May-1941
Company Type:	Public Parent
Quoted Status:	Quoted

President, Representative Director:	Noboru Shiono

Industry Codes

ANZSIC 2006 Codes:
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
2240	-	Sheet Metal Product Manufacturing (except Metal Structural and Container Products)
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
1813	-	Basic Inorganic Chemical Manufacturing
696	-	Management and Related Consulting Services
4610	-	Road Freight Transport
3606	-	Liquor and Tobacco Product Wholesaling

NACE 2002 Codes:
2416	-	Manufacture of plastics in primary forms
5134	-	Wholesale of alcoholic and other beverages
2924	-	Manufacture of other general purpose machinery not elsewhere classified
2811	-	Manufacture of metal structures and parts of structures
6024	-	Freight transport by road
7414	-	Business and management consultancy activities
2413	-	Manufacture of other inorganic basic chemicals

NAICS 2002 Codes:
325211	-	Plastics Material and Resin Manufacturing
325188	-	All Other Basic Inorganic Chemical Manufacturing
541611	-	Administrative Management and General Management Consulting Services
332999	-	All Other Miscellaneous Fabricated Metal Product Manufacturing
424820	-	Wine and Distilled Alcoholic Beverage Merchant Wholesalers
484230	-	Specialized Freight (except Used Goods) Trucking, Long-Distance
332322	-	Sheet Metal Work Manufacturing

US SIC 1987:
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers
3444	-	Sheet Metal Work
3599	-	Industrial and Commercial Machinery and Equipment, Not Elsewhere Classified
4213	-	Trucking, Except Local
5182	-	Wine and Distilled Alcoholic Beverages
2819	-	Industrial Inorganic Chemicals, Not Elsewhere Classified
8742	-	Management Consulting Services

UK SIC 2003:
2416	-	Manufacture of plastics in primary forms
2811	-	Manufacture of metal structures and parts of structures
2413	-	Manufacture of other inorganic basic chemicals
2924	-	Manufacture of other general purpose machinery not elsewhere classified
74143	-	General management consultancy activities
6024	-	Freight transport by road
51342	-	Wholesale of wine, beer, spirits and other alcoholic beverages

UK SIC 2007:
2016	-	Manufacture of plastics in primary forms
2013	-	Manufacture of other inorganic basic chemicals
2829	-	Manufacture of other general-purpose machinery n.e.c.
2511	-	Manufacture of metal structures and parts of structures
4941	-	Freight transport by road
70229	-	Management consultancy activities (other than financial management)
46342	-	Wholesale of wine, beer, spirits and other alcoholic beverages

Business Description

TOMOE ENGINEERING CO., LTD. is a Japan-based company primarily engaged in the manufacture and sale of centrifuge decanters and the purchase and sale of chemical industrial products. The Company operates in three business segments. The Machinery Manufacture and Sale segment is engaged in the manufacture and sale of centrifuge decanters, the provision of related after services, as well as the processing and sale of components. The Chemical Industrial Product Sale segment is engaged in the coloration processing, compound processing and sale of synthetic resin materials, as well as the sale of imported liqueur products. The Others segment is engaged in the delivery and inventory management of products. As of October 31, 2011, the Company had nine subsidiaries. For the nine months ended 31 July 2012, TOMOE ENGINEERING CO., LTD. revenues decreased 5% to Y30.67B. Net income decreased 16% to Y1.11B. Revenues reflect Machinery manufacturing and sales business segment decrease of 16% to Y8.43B, Sales of chemical products segment decrease of less than 1% to Y22.24B. Net income also reflects Machinery manufacturing and sales business segment income decrease of 39% to Y680.5M.

More Business Descriptions

Manufacture of machinery for use in the chemical industry

Machinery & Equipment Mfr

TOMOE Engineering Co., Ltd. (TOMOE Engineering) is a producer of machinery, equipment and chemical products, based in Japan. The company was founded in 1941 and it principally in the manufacture and distribution of various machinery and equipment, as well as in the trading of chemical products. Its business activities are classified into two divisions, namely Machinery and equipment division and Chemical products division. Moreover, the company through its Machinery and equipment division in manufacturing and marketing solid bowl centrifuges and ambient machines and equipment. Its Chemical products division of the company imports and delivers a range of industrial chemicals, spirits, electronic materials, processed foods, inorganic materials, and liquor. The company's affiliated companies include Tomoe Machinery Service Co., Ltd., Tomoe Machinery Co., Ltd., Tomoe Butsuryu Co., Ltd., Tomoe Wines & Spirits Co., Ltd., Interstella Co., Ltd. Shenzhen Stella Plastics Co., Ltd., Tomoe Engineering (Hong Kong) Co., Ltd., Tomoe Engineering (Shanghai) Co., Ltd., among others. Tomoe Engineering is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY 42,375.00 million during the fiscal year ended October 2011, an increase of 9.17% over 2010. The operating profit of the company was JPY 2,503.93 million during the fiscal year 2011, an increase of 27.29% over 2010. The net profit of the company was JPY 2,915.45 million during the fiscal year 2011, an increase of 115.18% over 2010.

Other Chemical and Allied Products Merchant Wholesalers

Financial Data

Financials in:	JPY(mil)
Revenue:	42,375.0
Net Income:	2,915.5
Assets:	32,702.6
Long Term Debt:	8.0
Total Liabilities:	11,612.0
Working Capital:	15.5
Date of Financial Data:	31-Oct-2011

1 Year Growth

9.2%

115.2%

9.8%

Market Data

Quote Symbol:	6309
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	1,552.0
Stock Price Date:	12-07-2012
52 Week Price Change %:	15.9
Market Value (mil):	16,347,530.0
SEDOL:	6890959
ISIN:	JP3631600008
Equity and Dept Distribution:
FY'04-05 Q1, FY'06-08 Q1 & Q3 WAS & o/s were estimated.

Shareholders

Major Shareholders

Naomi Sagara (6.1%); Customers' Trust Stock (5.2%)

Key Corporate Relationships

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

Corporate Structure News

TOMOE ENGINEERING CO., LTD.
Total Corporate Family Members: 8

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
TOMOE ENGINEERING CO., LTD.	Parent	Tokyo	Japan	Chemicals - Plastics and Rubber	525.8	750
TOMOE ENGINEERING CO. LTD. - Sagami Factory	Facility	Yamato, Kanagawa	Japan	Miscellaneous Capital Goods		500
Interstella Plastics (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen, Guangdong	China	Chemicals - Plastics and Rubber		120
Tomoe Machinery Service Co., Ltd.	Subsidiary	Hiratsuka, Kanagawa	Japan	Business Services		60
TOMOE ENGINEERING CO. LTD. - Shonan Factory	Facility	Hiratsuka, Kanagawa	Japan	Miscellaneous Capital Goods		60
Tomoe Machinery Co., Ltd.	Subsidiary	Ayase, Kanagawa	Japan	Miscellaneous Capital Goods		51
Tomoe Wines & Spirits Co., Ltd.	Subsidiary	Tokyo	Japan	Beverages (Alcoholic)
Tomoe Engineering (Hong Kong) Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Construction and Agriculture Machinery

Competitors Report

CompanyName	Location	Employees	Ownership
Harima Chemicals Group Inc	Osaka-Shi, Japan	1,637	Public
Mitsubishi Rayon Co Ltd	Tokyo, Japan	8,203	Public
NIPPON SHOKUBAI CO., LTD.	Osaka-Shi, Japan	3,779	Public
TOMOEGAWA CO., LTD.	Tokyo, Japan	1,220	Public
YASUHARA CHEMICAL CO.,LTD.	Fuchu-Shi, Japan	279	Public

Executives Report

Board of Directors

Name	Title	Function
Hideaki Fukuma	Chairman	Chairman
Masayoshi Fukasawa	Director of General Affairs, Director	Director/Board Member
Biography: Mr. Masayoshi Fukasawa has been serving as Director of General Affairs and Director in TOMOE ENGINEERING CO.,LTD. since January 2011. He joined the Company in April 1975. Age: 60
Yoshito Homma	President of Subsidiary, Director	Director/Board Member
Biography: Mr. Yoshito Homma has been serving as Director in TOMOE ENGINEERING CO., LTD., as well as President and Representative Director in subsidiary, TOMOE MACHINERY SERVICE CO.,LTD, since January 2011. He joined the Company in November 1975, and previously served as Director of Environment Equipment Sales in Main Machinery Unit and Manager of Osaka Office in the Company. Age: 59
Hiroshi Konagai	Chairman and General Manager of Subsidiaries, Director	Director/Board Member
Biography: Mr. Hiroshi Konagai has been serving as Director in TOMOE ENGINEERING CO., LTD., as well as Chairman and General Manager in a China-based subsidiary, and Chairman in another China-based subsidiary, since November 2011. He is also working as Director in a China-based subsidiary. He joined the Company in April 1974. He was previously serving as Manager of Quality Assurance Office in Main Machinery Unit and Deputy Chief Director of Machinery in the Company. Age: 60
Natsuhiko Maeda	Manager of Business Planning Office, Director	Director/Board Member
Biography: Mr. Natsuhiko Maeda has been serving as Manager of Business Planning Office and Director in TOMOE ENGINEERING CO., LTD. since March 2011. He joined the Company in April 2008. He used to work for The Fuji Bank, Limited. Age: 57
Akinori Okada	Deputy Chief Director of Machinery, Director	Director/Board Member
Biography: Mr. Akinori Okada has been serving as Deputy Chief Director of Machinery and Director in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1973. His previous titles include Manager of Osaka Office and Director of Environment Equipment Sales in Main Machinery Unit. Age: 63
Noboru Shiono	President, Representative Director	Director/Board Member
Biography: Mr. Noboru Shiono has been serving as President and Representative Director of TOMOE ENGINEERING CO., LTD. since January 29, 2009. He joined the Company in April 1973. He was previously serving as Director of Environmental Facilities Sales in Main Machinery Unit and Deputy Chief Director of Machinery of the Company. He obtained his Bachelor's degree of Engineering and Science from Chuo University in March 1973. Age: 61 Education: Chuo University, B (Engineering Sciences)
Hitoshi Shiraishi	Managing Director, Chief Director of Chemical Product	Director/Board Member
Biography: Mr. Hitoshi Shiraishi has been serving as Managing Director and Chief Director of Chemical Product in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1973. He was previously serving as Director of Chemical Product in Main Chemical Unit, Deputy Chief Director of Chemical Product and Director in the Company. Age: 62
Akitomo Tamai	Deputy Chief Director of Chemical Product, President of Subsidiary, Director	Director/Board Member
Biography: Mr. Akitomo Tamai has been serving as Deputy Chief Director of Chemical Product and Director in TOMOE ENGINEERING CO.,LTD., as well as President and Representative Director in a subsidiary since January 2011. He joined the Company in April 2000. His previous title was Director of Industrial Materials. He used to work for JDC Corporation and another company. Age: 54
Tetsuo Yamada	Deputy Chief Director of Chemical Product, Director	Director/Board Member
Biography: Mr. Tetsuo Yamada has been serving as Deputy Chief Director of Chemical Product and Director in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1975, and previously served as Director of Electronic Materials in Main Chemical Product Unit and Manager of Nanotechnology Development Office. Age: 60
Hitoshi Yamamoto	Managing Director, Chief Director of Machinery	Director/Board Member
Biography: Mr. Hitoshi Yamamoto has been serving as Managing Director and Chief Director of Machinery in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1979. He was previously serving as Director of Industrial Machinery Sales in Main Machinery Unit, Deputy Chief Director of Machinery and Director in the Company. Age: 56

Executives

Name	Title	Function
Minoru Homma	President	President
Noboru Shiono	President, Representative Director	President
Biography: Mr. Noboru Shiono has been serving as President and Representative Director of TOMOE ENGINEERING CO., LTD. since January 29, 2009. He joined the Company in April 1973. He was previously serving as Director of Environmental Facilities Sales in Main Machinery Unit and Deputy Chief Director of Machinery of the Company. He obtained his Bachelor's degree of Engineering and Science from Chuo University in March 1973. Age: 61 Education: Chuo University, B (Engineering Sciences)
Yoshito Homma	President of Subsidiary, Director	Division Head Executive
Biography: Mr. Yoshito Homma has been serving as Director in TOMOE ENGINEERING CO., LTD., as well as President and Representative Director in subsidiary, TOMOE MACHINERY SERVICE CO.,LTD, since January 2011. He joined the Company in November 1975, and previously served as Director of Environment Equipment Sales in Main Machinery Unit and Manager of Osaka Office in the Company. Age: 59
Kensuke Ikezaki	Co-Director-Chemicals	Division Head Executive
Hiroshi Konagai	Chairman and General Manager of Subsidiaries, Director	Division Head Executive
Biography: Mr. Hiroshi Konagai has been serving as Director in TOMOE ENGINEERING CO., LTD., as well as Chairman and General Manager in a China-based subsidiary, and Chairman in another China-based subsidiary, since November 2011. He is also working as Director in a China-based subsidiary. He joined the Company in April 1974. He was previously serving as Manager of Quality Assurance Office in Main Machinery Unit and Deputy Chief Director of Machinery in the Company. Age: 60
Akitomo Tamai	Deputy Chief Director of Chemical Product, President of Subsidiary, Director	Division Head Executive
Biography: Mr. Akitomo Tamai has been serving as Deputy Chief Director of Chemical Product and Director in TOMOE ENGINEERING CO.,LTD., as well as President and Representative Director in a subsidiary since January 2011. He joined the Company in April 2000. His previous title was Director of Industrial Materials. He used to work for JDC Corporation and another company. Age: 54
Kyohei Tomita	Managing Director-Machinery	Division Head Executive
Keishu Hatakeyama	Director-General Affairs	Managing Director
Hitoshi Shiraishi	Managing Director, Chief Director of Chemical Product	Managing Director
Biography: Mr. Hitoshi Shiraishi has been serving as Managing Director and Chief Director of Chemical Product in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1973. He was previously serving as Director of Chemical Product in Main Chemical Unit, Deputy Chief Director of Chemical Product and Director in the Company. Age: 62
Susumu Sumioka	Managing Director-Production	Managing Director
Hitoshi Yamamoto	Managing Director, Chief Director of Machinery	Managing Director
Biography: Mr. Hitoshi Yamamoto has been serving as Managing Director and Chief Director of Machinery in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1979. He was previously serving as Director of Industrial Machinery Sales in Main Machinery Unit, Deputy Chief Director of Machinery and Director in the Company. Age: 56
Kenichi Ito	Co-Auditor	Finance Executive
Koichi Karita	Director-Accounting & Planning	Finance Executive
Masakatsu Kiso	Co-Auditor	Finance Executive
Tetsuo Yamada	Deputy Chief Director of Chemical Product, Director	Product Management Executive
Biography: Mr. Tetsuo Yamada has been serving as Deputy Chief Director of Chemical Product and Director in TOMOE ENGINEERING CO., LTD. since January 2009. He joined the Company in April 1975, and previously served as Director of Electronic Materials in Main Chemical Product Unit and Manager of Nanotechnology Development Office. Age: 60
Natsuhiko Maeda	Manager of Business Planning Office, Director	Planning Executive
Biography: Mr. Natsuhiko Maeda has been serving as Manager of Business Planning Office and Director in TOMOE ENGINEERING CO., LTD. since March 2011. He joined the Company in April 2008. He used to work for The Fuji Bank, Limited. Age: 57

Significant Developments

Tomoe Engineering Co., Ltd. Amends Consolidated Mid-year and Full-year Outlook for FY Ending October 31, 2012

May 29, 2012

Tomoe Engineering Co., Ltd. announced that it has lowered its consolidated mid-year outlook for revenue from JPY 23,200 million to JPY 21,150 million, operating profit from JPY 1,580 million to JPY 1,420 million, ordinary profit from JPY 1,590 million to JPY 1,510 million, and raised its net profit from JPY 960 million to JPY 1,010 million and earning per share from JPY 96.20 to JPY 101.22 for the fiscal year ending October 31, 2012. The Company also lowered its consolidated full-year outlook for revenue from JPY 46,000 million to JPY 42,900 million, operating profit from JPY 2,660 million to JPY 2,500 million, ordinary profit from JPY 2,690 million to JPY 2,590 million, net profit from JPY 1,660 million to JPY 1,630 million and earning per share from JPY 166.35 to JPY 163.35 for the same fiscal year. This is due to the decreased sale of chemical product businesses.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Oct-2011	Updated Normal 31-Oct-2010	Updated Normal 31-Oct-2009	Updated Normal 31-Oct-2008	Updated Normal 31-Oct-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.585055	88.894536	94.356055	106.378402	118.689399
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	525.8	436.7	384.8	446.9	428.0
Revenue	525.8	436.7	384.8	446.9	428.0
Total Revenue	525.8	436.7	384.8	446.9	428.0
Cost of Revenue	416.9	342.9	305.1	360.3	352.1
Cost of Revenue, Total	416.9	342.9	305.1	360.3	352.1
Gross Profit	109.0	93.8	79.6	86.6	75.9
Selling/General/Administrative Expense	37.6	31.4	26.5	32.2	28.2
Labor & Related Expense	37.0	34.2	31.1	30.4	26.3
Total Selling/General/Administrative Expenses	74.6	65.7	57.6	62.6	54.5
Research & Development	3.3	2.8	4.3	-	-
Depreciation	1.0	0.9	1.0	0.9	0.8
Depreciation/Amortization	1.0	0.9	1.0	0.9	0.8
Impairment-Assets Held for Use	0.1	0.1	0.0	0.1	0.2
Impairment-Assets Held for Sale	-1.3	2.4	1.4	0.4	0.4
Other Unusual Expense (Income)	0.2	-0.1	-0.5	-0.2	0.3
Unusual Expense (Income)	-1.0	2.3	0.9	0.3	0.9
Total Operating Expense	494.8	414.5	368.9	424.1	408.3
Operating Income	31.1	22.1	15.9	22.8	19.7
Interest Expense - Non-Operating	-0.1	-0.1	-0.2	-0.6	-0.7
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.2	-0.6	-0.7
Interest Income - Non-Operating	0.1	0.1	0.0	0.1	0.1
Investment Income - Non-Operating	0.3	2.5	1.1	1.3	1.4
Interest/Investment Income - Non-Operating	0.4	2.6	1.1	1.4	1.5
Interest Income (Expense) - Net Non-Operating Total	0.3	2.5	0.9	0.8	0.7
Gain (Loss) on Sale of Assets	30.4	0.0	0.0	-0.1	-0.1
Other Non-Operating Income (Expense)	0.3	0.4	0.7	0.8	0.2
Other, Net	0.3	0.4	0.7	0.8	0.2
Income Before Tax	62.1	25.0	17.4	24.3	20.6
Total Income Tax	26.2	9.6	6.7	11.0	8.8
Income After Tax	35.9	15.4	10.7	13.3	11.8
Minority Interest	0.3	-0.2	-0.2	-0.5	-0.4
Net Income Before Extraord Items	36.2	15.2	10.5	12.8	11.4
Net Income	36.2	15.2	10.5	12.8	11.4
Miscellaneous Earnings Adjustment	-	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	-	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	36.2	15.2	10.5	12.8	11.4
Income Available to Common Incl Extraord Items	36.2	15.2	10.5	12.8	11.4
Basic/Primary Weighted Average Shares	10.0	10.0	10.0	10.0	10.0
Basic EPS Excl Extraord Items	3.63	1.53	1.05	1.29	1.15
Basic/Primary EPS Incl Extraord Items	3.63	1.53	1.05	1.29	1.15
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	36.2	15.2	10.5	12.8	11.4
Diluted Weighted Average Shares	10.0	10.0	10.0	10.0	10.0
Diluted EPS Excl Extraord Items	3.63	1.53	1.05	1.29	1.15
Diluted EPS Incl Extraord Items	3.63	1.53	1.05	1.29	1.15
Dividends per Share - Common Stock Primary Issue	0.50	0.39	0.32	0.33	0.29
Gross Dividends - Common Stock	5.0	3.9	3.2	3.3	2.9
Interest Expense, Supplemental	0.1	0.1	0.2	0.6	0.7
Depreciation, Supplemental	4.7	4.5	5.4	3.6	2.7
Total Special Items	-31.5	2.3	0.9	0.4	1.0
Normalized Income Before Tax	30.7	27.4	18.4	24.7	21.6
Effect of Special Items on Income Taxes	-13.3	0.9	0.4	0.2	0.4
Inc Tax Ex Impact of Sp Items	13.0	10.5	7.1	11.2	9.2
Normalized Income After Tax	17.7	16.8	11.3	13.5	12.4
Normalized Inc. Avail to Com.	18.0	16.7	11.1	13.1	12.0
Basic Normalized EPS	1.80	1.67	1.11	1.31	1.20
Diluted Normalized EPS	1.80	1.67	1.11	1.31	1.20
Rental Expenses	4.9	4.5	4.3	4.1	3.4
Research & Development Exp, Supplemental	3.3	2.8	2.1	1.8	1.8
Reported Operating Profit	30.0	24.4	16.8	23.1	20.6
Reported Ordinary Profit	32.2	24.5	17.9	24.6	21.5
Normalized EBIT	30.0	24.4	16.8	23.1	20.6
Normalized EBITDA	34.8	28.9	22.2	26.7	23.3
Interest Cost - Domestic	0.5	0.4	0.5	0.5	0.4
Service Cost - Domestic	1.7	1.6	1.5	1.4	1.3
Expected Return on Assets - Domestic	-0.3	-0.3	-0.3	-0.4	-0.4
Actuarial Gains and Losses - Domestic	1.2	0.9	0.9	-0.5	-0.4
Domestic Pension Plan Expense	3.1	2.7	2.6	0.9	0.9
Total Pension Expense	3.1	2.7	2.6	0.9	0.9
Discount Rate - Domestic	1.75%	1.75%	1.75%	1.75%	1.75%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Total Plan Interest Cost	0.5	0.4	0.5	0.5	0.4
Total Plan Service Cost	1.7	1.6	1.5	1.4	1.3
Total Plan Expected Return	-0.3	-0.3	-0.3	-0.4	-0.4

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
UpdateType/Date	Updated Normal 31-Oct-2011	Updated Normal 31-Oct-2010	Updated Normal 31-Oct-2009	Updated Normal 31-Oct-2008	Updated Normal 31-Oct-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.975	80.55	90.52	98.35	115.285
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	93.6	75.8	49.1	18.4	16.3
Cash and Short Term Investments	93.6	75.8	49.1	18.4	16.3
Accounts Receivable - Trade, Gross	160.0	165.4	132.5	159.1	163.9
Provision for Doubtful Accounts	-0.3	-0.4	-0.4	-1.4	-0.3
Trade Accounts Receivable - Net	159.8	165.1	132.1	157.8	163.7
Total Receivables, Net	159.8	165.1	132.1	157.8	163.7
Inventories - Finished Goods	45.0	37.9	28.6	33.4	-
Inventories - Work In Progress	13.2	17.4	10.1	15.5	-
Inventories - Raw Materials	8.1	5.0	8.7	6.7	-
Total Inventory	66.3	60.3	47.4	55.6	37.7
Deferred Income Tax - Current Asset	8.1	7.7	4.4	6.4	5.1
Other Current Assets	3.0	2.0	3.9	4.3	4.3
Other Current Assets, Total	11.2	9.7	8.3	10.7	9.4
Total Current Assets	330.8	311.0	237.0	242.6	227.0
Buildings	29.9	31.4	27.9	25.5	20.2
Land/Improvements	11.8	12.0	10.7	9.9	8.4
Machinery/Equipment	43.5	42.7	37.6	34.5	26.8
Construction in Progress	32.6	0.0	-	-	-
Leases	0.9	1.0	1.0	0.0	-
Other Property/Plant/Equipment	12.7	12.3	10.6	10.3	9.8
Property/Plant/Equipment - Gross	131.5	99.3	87.7	80.1	65.2
Accumulated Depreciation	-63.9	-62.9	-53.2	-45.8	-37.6
Property/Plant/Equipment - Net	67.6	36.4	34.5	34.3	27.6
Intangibles, Net	0.8	1.0	0.5	0.2	0.1
LT Investment - Affiliate Companies	0.7	0.6	-	-	-
LT Investments - Other	7.9	8.0	10.0	8.9	13.7
Long Term Investments	8.5	8.7	10.0	8.9	13.7
Deferred Income Tax - Long Term Asset	0.4	1.1	0.6	0.3	0.2
Other Long Term Assets	11.3	11.6	9.1	10.1	11.9
Other Long Term Assets, Total	11.7	12.7	9.7	10.4	12.1
Total Assets	419.4	369.7	291.8	296.5	280.5
Accounts Payable	83.2	80.4	60.0	73.0	63.7
Accrued Expenses	14.7	14.9	9.3	12.2	10.2
Notes Payable/Short Term Debt	6.8	7.3	7.7	10.7	37.0
Current Portion - Long Term Debt/Capital Leases	0.2	0.3	0.3	0.0	-
Customer Advances	5.9	5.2	2.7	3.0	1.3
Income Taxes Payable	7.1	11.9	0.6	6.6	5.3
Other Payables	7.4	6.8	4.7	5.6	6.4
Other Current Liabilities	7.1	6.4	5.0	4.0	3.7
Other Current liabilities, Total	27.5	30.4	13.0	19.1	16.7
Total Current Liabilities	132.4	133.2	90.2	115.0	127.6
Long Term Debt	-	-	0.0	0.9	0.8
Capital Lease Obligations	0.1	0.3	0.5	0.0	-
Total Long Term Debt	0.1	0.3	0.5	0.9	0.8
Total Debt	7.1	7.9	8.5	11.6	37.8
Deferred Income Tax - LT Liability	12.4	0.0	0.6	0.0	2.9
Deferred Income Tax	12.4	0.0	0.6	0.0	2.9
Minority Interest	3.1	3.3	3.1	3.2	1.7
Pension Benefits - Underfunded	0.9	2.2	1.9	2.9	2.1
Other Long Term Liabilities	-	0.0	0.6	0.0	-
Other Liabilities, Total	0.9	2.2	2.5	2.9	2.1
Total Liabilities	148.9	139.0	96.9	122.1	135.2
Common Stock	13.6	13.2	11.7	10.8	9.2
Common Stock	13.6	13.2	11.7	10.8	9.2
Additional Paid-In Capital	19.0	18.4	16.4	15.1	12.9
Retained Earnings (Accumulated Deficit)	246.0	206.2	171.9	151.6	120.6
Treasury Stock - Common	-4.7	-4.5	-4.0	-3.7	-3.1
Unrealized Gain (Loss)	0.7	0.6	0.9	0.4	5.7
Translation Adjustment	-4.1	-3.2	-1.9	0.2	0.2
Other Equity, Total	-4.1	-3.2	-1.9	0.2	0.2
Total Equity	270.5	230.7	194.9	174.4	145.3
Total Liabilities & Shareholders’ Equity	419.4	369.7	291.8	296.5	280.5
Shares Outstanding - Common Stock Primary Issue	10.0	10.0	10.0	10.0	10.0
Total Common Shares Outstanding	10.0	10.0	10.0	10.0	10.0
Treasury Shares - Common Stock Primary Issue	0.6	0.6	0.6	0.6	0.6
Employees	750	736	722	745	674
Number of Common Shareholders	4,389	4,646	3,583	3,862	3,145
Deferred Revenue - Current	5.9	5.2	2.7	3.0	1.3
Total Long Term Debt, Supplemental	-	-	0.7	1.8	2.9
Long Term Debt Maturing within 1 Year	-	-	0.7	0.9	2.1
Long Term Debt Maturing in Year 2	-	-	-	0.6	0.8
Long Term Debt Maturing in Year 3	-	-	-	0.1	-
Long Term Debt Maturing in Year 4	-	-	-	0.1	-
Long Term Debt Maturing in Year 5	-	-	-	0.1	-
Long Term Debt Maturing in 2-3 Years	-	-	-	0.7	0.8
Long Term Debt Maturing in 4-5 Years	-	-	-	0.2	-
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	0.0	0.0
Total Capital Leases, Supplemental	0.3	0.6	0.8	-	-
Capital Lease Payments Due in Year 1	0.2	0.3	0.3	-	-
Capital Lease Payments Due in Year 2	0.1	0.2	0.3	-	-
Capital Lease Payments Due in Year 3	0.0	0.1	0.2	-	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.1	-	-
Capital Lease Payments Due in Year 5	0.0	-	0.0	-	-
Capital Lease Payments Due in 2-3 Years	0.1	0.3	0.4	-	-
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.1	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	-	-
Pension Obligation - Domestic	27.6	27.8	25.4	26.8	24.2
Plan Assets - Domestic	25.6	25.2	22.0	23.0	33.7
Funded Status - Domestic	-2.0	-2.6	-3.4	-3.9	9.5
Total Funded Status	-2.0	-2.6	-3.4	-3.9	9.5
Discount Rate - Domestic	1.75%	1.75%	1.75%	1.75%	1.75%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Prepaid Benefits - Domestic	6.1	6.0	4.2	4.5	3.8
Accrued Liabilities - Domestic	-0.5	-0.4	-0.3	-0.3	-0.3
Other Assets, Net - Domestic	7.6	8.2	7.3	8.0	-6.0
Net Assets Recognized on Balance Sheet	13.2	13.8	11.2	12.1	-2.4
Total Plan Obligations	27.6	27.8	25.4	26.8	24.2
Total Plan Assets	25.6	25.2	22.0	23.0	33.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Oct-2011	Updated Normal 31-Oct-2010	Updated Normal 31-Oct-2009	Updated Normal 31-Oct-2008	Updated Normal 31-Oct-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.585055	88.894536	94.356055	106.378402	118.689399
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	62.1	25.0	17.4	24.3	20.6
Depreciation	4.7	4.5	5.4	3.6	2.7
Depreciation/Depletion	4.7	4.5	5.4	3.6	2.7
Unusual Items	-31.4	0.7	1.5	0.4	0.7
Other Non-Cash Items	-0.4	0.3	-2.5	0.4	1.5
Non-Cash Items	-31.9	0.9	-1.0	0.8	2.1
Accounts Receivable	9.7	-16.3	35.7	28.4	-25.4
Inventories	-4.2	-7.0	10.8	-11.6	5.6
Accounts Payable	0.8	14.1	-17.0	0.1	-1.7
Accrued Expenses	-0.6	4.0	-3.8	0.3	0.2
Taxes Payable	0.2	-1.1	1.2	-0.1	-0.5
Other Liabilities	0.6	2.0	-0.5	1.3	0.9
Other Operating Cash Flow	-18.3	-1.7	-9.6	-9.8	-9.3
Changes in Working Capital	-11.7	-5.9	16.9	8.5	-30.3
Cash from Operating Activities	23.3	24.5	38.6	37.3	-4.9
Purchase of Fixed Assets	-3.4	-2.3	-2.6	-6.1	-4.5
Purchase/Acquisition of Intangibles	-0.1	-0.5	-0.2	-0.1	-0.1
Capital Expenditures	-3.5	-2.8	-2.8	-6.1	-4.6
Sale of Fixed Assets	0.3	0.0	0.0	0.0	0.1
Sale/Maturity of Investment	31.6	29.2	1.2	0.0	0.0
Investment, Net	0.0	0.0	0.1	0.6	0.1
Purchase of Investments	-31.5	-26.9	-0.2	-0.2	-0.2
Other Investing Cash Flow	0.2	-0.1	0.7	-0.4	-0.7
Other Investing Cash Flow Items, Total	0.5	2.2	1.8	0.1	-0.7
Cash from Investing Activities	-3.0	-0.6	-0.9	-6.1	-5.3
Other Financing Cash Flow	0.0	-0.1	-0.1	0.4	0.0
Financing Cash Flow Items	0.0	-0.1	-0.1	0.4	0.0
Cash Dividends Paid - Common	-4.3	-3.4	-3.7	-3.3	-2.5
Total Cash Dividends Paid	-4.3	-3.4	-3.7	-3.3	-2.5
Repurchase/Retirement of Common	0.0	0.0	0.0	0.0	0.0
Common Stock, Net	0.0	0.0	0.0	0.0	0.0
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	0.0	0.0
Short Term Debt, Net	-	0.0	-2.5	-27.8	19.6
Long Term Debt Issued	-	-	0.0	0.8	0.0
Long Term Debt Reduction	-0.3	-1.0	-1.6	-2.3	-1.5
Long Term Debt, Net	-0.3	-1.0	-1.6	-1.5	-1.5
Issuance (Retirement) of Debt, Net	-0.3	-1.0	-4.2	-29.3	18.1
Cash from Financing Activities	-4.6	-4.4	-8.0	-32.1	15.5
Foreign Exchange Effects	-0.9	-0.8	-0.7	-0.6	0.0
Net Change in Cash	14.7	18.7	29.0	-1.5	5.4
Net Cash - Beginning Balance	75.8	50.0	18.1	17.6	10.4
Net Cash - Ending Balance	90.5	68.7	47.1	16.1	15.8
Cash Interest Paid	0.1	0.2	0.4	0.4	0.7
Cash Taxes Paid	18.8	0.1	12.9	10.3	7.8

Annual Income Statement

Financials in: USD (mil)

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

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Oct-2011	Updated Normal 31-Oct-2010	Updated Normal 31-Oct-2009	Updated Normal 31-Oct-2008	Updated Normal 31-Oct-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.585055	88.894536	94.356055	106.378402	118.689399
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net sales	525.8	436.7	384.8	446.9	428.0
Total Revenue	525.8	436.7	384.8	446.9	428.0
Cost of sales	416.9	342.9	305.1	360.3	352.1
Packing and delivery expenses	12.1	9.7	8.3	9.0	8.2
Periodic retirement benefit costs	1.8	1.6	1.6	0.5	0.5
Reserve for officers retirement	-	-	-	0.4	0.5
Payrolls	21.6	19.7	19.7	18.3	15.0
Welfare expenses	5.1	4.5	4.4	4.0	3.3
Provision for bonuses	7.8	7.5	4.9	6.6	6.3
Provision for directors' bonuses	0.7	0.9	0.5	0.6	0.6
Provision for doubtful accounts(SGA)	0.1	-	-	1.0	0.5
Travelling expenses	4.0	3.6	3.2	3.4	2.9
Depreciation	1.0	0.9	1.0	0.9	0.8
Rent expenses	4.9	4.5	4.3	4.1	3.4
R & D expense	3.3	2.8	4.3	-	-
Other SGA	16.5	13.6	10.7	14.7	13.2
SP Reversal Doubt. Acct.	-0.2	-0.1	-0.5	-0.3	-0.1
SP Write-off Fix. Asset	0.1	0.1	0.0	0.1	0.2
SP Revalue.-Invest. Sec	0.4	1.4	0.9	0.3	0.0
SP L on val. of inv't in closely-held	-	-	0.0	0.1	0.4
SP Impairment	-	-	-	0.0	0.0
SP Relocation expense	-	-	-	0.0	0.3
SP Allow.Direct Acct.	0.0	0.0	0.0	0.1	0.0
SP L on adjust for changes of acc.	0.4	0.0	-	-	-
SP L-Valuation of Membership	-	0.0	0.0	0.0	0.0
NOP L on valuation of derivatives	0.0	1.1	0.5	0.0	-
NOP Gain on valuation of derivatives	-1.7	0.0	-	-	-
Total Operating Expense	494.8	414.5	368.9	424.1	408.3
SP Gain Sale Inv. Sec.	0.2	1.8	0.0	0.0	-
SP Gain-Fixed Assets	0.1	0.0	-	0.0	0.0
Gain on right conversion profit of noncu	30.3	0.0	-	-	-
SP G on sale of inv't in closely-held	-	-	0.0	0.1	0.0
SP Loss Sale Fix.Assets	-	0.0	0.0	0.0	-0.1
SP Loss-Invest. Sec.	0.0	0.0	-0.1	0.0	0.0
NOP Interest Income	0.1	0.1	0.0	0.1	0.1
NOP Dividend Income	0.3	0.2	0.5	0.5	0.5
NOP Rental Income	0.2	0.2	0.3	0.2	0.2
NOP Exchange Gain	0.0	0.6	0.6	0.7	0.9
NOP Other Income	0.4	0.5	0.7	1.0	0.6
NOP Interest Expense	-0.1	-0.1	-0.2	-0.6	-0.7
NOP Loss-Note Sold	0.0	0.0	0.0	-0.1	-0.1
NOP Commission Paid	-0.1	-0.1	-0.1	-0.2	-0.1
NOP Exchange Loss	-0.1	0.0	-	-	-
NOP Other Expenses	-0.2	-0.2	-0.2	-0.2	-0.4
Net Income Before Taxes	62.1	25.0	17.4	24.3	20.6
Provision for Income Taxes	26.2	9.6	6.7	11.0	8.8
Net Income After Taxes	35.9	15.4	10.7	13.3	11.8
Minority interests in income (loss)	0.3	-0.2	-0.2	-0.5	-0.4
Net Income Before Extra. Items	36.2	15.2	10.5	12.8	11.4
Net Income	36.2	15.2	10.5	12.8	11.4
Adjustment	-	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	36.2	15.2	10.5	12.8	11.4
Income Available to Com Incl ExtraOrd	36.2	15.2	10.5	12.8	11.4
Basic Weighted Average Shares	10.0	10.0	10.0	10.0	10.0
Basic EPS Excluding ExtraOrdinary Items	3.63	1.53	1.05	1.29	1.15
Basic EPS Including ExtraOrdinary Item	3.63	1.53	1.05	1.29	1.15
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	36.2	15.2	10.5	12.8	11.4
Diluted Weighted Average Shares	10.0	10.0	10.0	10.0	10.0
Diluted EPS Excluding ExtraOrd Items	3.63	1.53	1.05	1.29	1.15
Diluted EPS Including ExtraOrd Items	3.63	1.53	1.05	1.29	1.15
DPS-Common Stock	0.50	0.39	0.32	0.33	0.29
Gross Dividends - Common Stock	5.0	3.9	3.2	3.3	2.9
Normalized Income Before Taxes	30.7	27.4	18.4	24.7	21.6
Inc Tax Ex Impact of Sp Items	13.0	10.5	7.1	11.2	9.2
Normalized Income After Taxes	17.7	16.8	11.3	13.5	12.4
Normalized Inc. Avail to Com.	18.0	16.7	11.1	13.1	12.0
Basic Normalized EPS	1.80	1.67	1.11	1.31	1.20
Diluted Normalized EPS	1.80	1.67	1.11	1.31	1.20
Interest Expense	0.1	0.1	0.2	0.6	0.7
Rental Expense	4.9	4.5	4.3	4.1	3.4
Total Research And Development Expense	3.3	2.8	2.1	1.8	1.8
Depreciation	4.7	4.5	5.4	3.6	2.7
Reported Operating Profit	30.0	24.4	16.8	23.1	20.6
Reported Ordinary Profit	32.2	24.5	17.9	24.6	21.5
Service cost	1.7	1.6	1.5	1.4	1.3
Interest cost	0.5	0.4	0.5	0.5	0.4
Expected return on plan assets	-0.3	-0.3	-0.3	-0.4	-0.4
Actuarial gains and losses	1.2	0.9	0.9	-0.5	-0.4
Domestic Pension Plan Expense	3.1	2.7	2.6	0.9	0.9
Total Pension Expense	3.1	2.7	2.6	0.9	0.9
Discount rate	1.75%	1.75%	1.75%	1.75%	1.75%
Expected rate of return	1.50%	1.50%	1.50%	1.50%	1.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
UpdateType/Date	Updated Normal 31-Oct-2011	Updated Normal 31-Oct-2010	Updated Normal 31-Oct-2009	Updated Normal 31-Oct-2008	Updated Normal 31-Oct-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	77.975	80.55	90.52	98.35	115.285
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash&Equivalent	93.6	75.8	49.1	18.4	16.3
Note&Acct. Rcvbl	160.0	165.4	132.5	159.1	163.9
Inventories	-	-	-	-	37.7
Inventories - merchandise/finished goods	45.0	37.9	28.6	33.4	-
Inventories - work-in-process	13.2	17.4	10.1	15.5	-
Inventories - raw materials/supplies	8.1	5.0	8.7	6.7	-
Deferred Tax	8.1	7.7	4.4	6.4	5.1
Other Current	3.0	2.0	3.9	4.3	4.3
Allowance-Doubt.	-0.3	-0.4	-0.4	-1.4	-0.3
Total Current Assets	330.8	311.0	237.0	242.6	227.0
Build.&Structure	29.9	31.4	27.9	25.5	20.2
Deprecitaion of Build.&Structure	-17.2	-18.7	-15.8	-13.8	-10.9
Machine.&Equip.	43.5	42.7	37.6	34.5	26.8
Depreciation of Machine.&Equip.	-34.1	-32.6	-27.4	-23.7	-19.4
Land	11.8	12.0	10.7	9.9	8.4
Lease assets, gross	0.9	1.0	1.0	0.0	-
Accum. depr - lease assets	-0.7	-0.5	-0.3	0.0	-
Construction in progress	32.6	0.0	-	-	-
Other PP&E	12.7	12.3	10.6	10.3	9.8
Depreciation of Other PP&E	-11.9	-11.1	-9.6	-8.4	-7.3
Intangible assets	0.8	1.0	0.5	0.2	0.1
Invest. Security	7.9	8.0	10.0	8.9	13.7
Equity secs.-nonconsolidated subsid.	0.7	0.6	-	-	-
Security Deposit	4.7	5.1	4.5	4.8	3.6
Deferred Tax	0.4	1.1	0.6	0.3	0.2
Derivatives	-	-	0.0	0.2	2.7
Other	7.6	7.5	5.6	5.7	6.8
Allowance-Doubt.	-1.0	-1.0	-1.0	-0.7	-1.2
Total Assets	419.4	369.7	291.8	296.5	280.5
Note&Acct. Pybl.	83.2	80.4	60.0	73.0	63.7
ST Borrowings	6.8	7.3	7.7	10.7	37.0
Lease Obligations	0.2	0.3	0.3	0.0	-
Other Payables	7.4	6.8	4.7	5.6	6.4
Tax Payable	7.1	11.9	0.6	6.6	5.3
Advances received	5.9	5.2	2.7	3.0	1.3
Allowance-Bonus	13.9	13.8	8.7	11.5	9.6
Provision for directors'' bonuses	0.8	1.1	0.5	0.7	0.6
Allowance for product warranty	3.6	2.3	1.7	1.8	2.1
Other Current	3.5	4.1	3.3	2.2	1.6
Total Current Liabilities	132.4	133.2	90.2	115.0	127.6
LT Borrowings	-	-	0.0	0.9	0.8
Lease obligation	0.1	0.3	0.5	0.0	-
Total Long Term Debt	0.1	0.3	0.5	0.9	0.8
Accr. Retirement	0.5	0.4	0.3	0.3	0.3
Allowance-Direct	0.4	1.8	1.6	2.6	1.9
Deferred tax liabilities (non-current)	12.4	0.0	0.6	0.0	2.9
Derivative Payable	-	0.0	0.6	0.0	-
Minority interests	3.1	3.3	3.1	3.2	1.7
Total Liabilities	148.9	139.0	96.9	122.1	135.2
Common Stock	13.6	13.2	11.7	10.8	9.2
Capital surplus	19.0	18.4	16.4	15.1	12.9
Retained earnings	246.0	206.2	171.9	151.6	120.6
Treasury Stock	-4.7	-4.5	-4.0	-3.7	-3.1
Unreal. Gain-Sec	0.7	0.7	0.9	0.1	3.8
Deferred hedge gain/loss	0.0	-0.1	0.0	0.3	1.9
Translation Adj.	-4.1	-3.2	-1.9	0.2	0.2
Total Equity	270.5	230.7	194.9	174.4	145.3
Total Liabilities & Shareholders' Equity	419.4	369.7	291.8	296.5	280.5
S/O-Common Stock	10.0	10.0	10.0	10.0	10.0
Total Common Shares Outstanding	10.0	10.0	10.0	10.0	10.0
T/S-Common Stock	0.6	0.6	0.6	0.6	0.6
Deferred Revenue - Current	5.9	5.2	2.7	3.0	1.3
Full-Time Employees	750	736	722	745	674
Number of Common Shareholders	4,389	4,646	3,583	3,862	3,145
Long Term Debt Maturing within 1Year	-	-	0.7	0.9	2.1
Long Term Debt Maturing within 2Years	-	-	-	0.6	0.8
Long Term Debt Maturing within 5Years	-	-	-	0.3	-
Total Long Term Debt, Supplemental	-	-	0.7	1.8	2.9
Capital Lease Maturing within 1 yr.	0.2	0.3	0.3	-	-
Capital Lease Maturing within 2 yr.	0.1	0.2	0.3	-	-
Capital Lease Maturing within 3 yr.	0.0	0.1	0.2	-	-
Capital Lease Maturing within 4 yr.	0.0	0.0	0.1	-	-
Capital Lease Maturing within 5 yr.	0.0	-	0.0	-	-
Remainings	0.0	0.0	0.0	-	-
Total Capital Leases	0.3	0.6	0.8	-	-
Pension obligation	27.6	27.8	25.4	26.8	24.2
Pension retirement trust	4.7	4.2	4.0	3.2	6.2
Fair value of plan asset	20.9	21.1	18.0	19.8	27.5
Funded status	-2.0	-2.6	-3.4	-3.9	9.5
Total Funded Status	-2.0	-2.6	-3.4	-3.9	9.5
Discount rate	1.75%	1.75%	1.75%	1.75%	1.75%
Expected rate of return	1.50%	1.50%	1.50%	1.50%	1.50%
Unrecognized actuarial gains and losses	7.6	8.2	7.3	8.0	-6.0
Prepaid pension benefits	6.1	6.0	4.2	4.5	3.8
Provision for pension	-0.5	-0.4	-0.3	-0.3	-0.3
Net Assets Recognized on Balance Sheet	13.2	13.8	11.2	12.1	-2.4

Annual Cash Flows

Financials in: USD (mil)

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Oct-2011	Updated Normal 31-Oct-2010	Updated Normal 31-Oct-2009	Updated Normal 31-Oct-2008	Updated Normal 31-Oct-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	80.585055	88.894536	94.356055	106.378402	118.689399
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	62.1	25.0	17.4	24.3	20.6
Depreciation	4.7	4.5	5.4	3.6	2.7
Allowance-Bonus	-0.3	3.6	-3.6	0.3	0.0
Allowance for directors' bonuses	-0.3	0.4	-0.2	0.0	0.1
Allowance for product compensation loss	1.2	0.4	-0.2	-0.6	1.0
Accrued Retirement	0.1	0.0	0.0	0.0	0.1
Allowance-Director	-1.4	0.0	-1.2	0.4	-0.1
Allowance-Doubt.	-0.1	-0.2	-0.8	0.3	0.4
Int.&Div. Income	-0.4	-0.2	-0.5	-0.6	-0.6
Interest Expense	0.1	0.1	0.2	0.6	0.7
Foreign exchange losses (gains)	0.1	0.2	0.1	0.2	0.0
Loss (gain) on valuation of investment s	0.4	1.4	0.9	0.3	0.0
Loss (gain) on valuation of derivatives	-1.7	1.1	0.5	0.0	-
L on val. of inv't in closely-held	-	-	0.0	0.1	0.4
L on sale of inv't in closely-held	-	-	0.0	-0.1	0.0
Gain Sale Inv. Sec.	-	-	-	-	0.0
L on sale of investment securities	-0.2	-1.8	0.0	0.0	0.0
Gain-Retire/Sale Fixed Assets	-0.1	0.0	0.0	0.0	0.0
G on right conversion of fixed assets	-30.3	0.0	-	-	-
Write-off Fix. Asset	0.1	0.1	0.0	0.1	0.2
L on adjust for changes of acc.	0.4	0.0	-	-	-
Impairment	-	-	-	0.0	0.0
Revalue.-Membership	-	0.0	0.0	0.0	0.0
Receivables	9.7	-16.3	35.7	28.4	-25.4
Inventories	-4.2	-7.0	10.8	-11.6	5.6
Payables	0.7	13.0	-16.3	1.2	-1.9
Incr/Decr in Operating Accounts Payables	0.1	1.2	-0.7	-1.1	0.2
Advances	0.6	2.0	-0.5	1.3	0.9
Sales Tax Payable	0.2	-1.1	1.2	-0.1	-0.5
Director Bonus Paid	-	-	-	-	0.0
Other, net	0.2	-1.7	3.2	0.3	-1.4
Int.&Div. Received	0.4	0.2	0.5	0.6	0.6
Interest Paid	-0.1	-0.2	-0.4	-0.4	-0.7
Income taxes (paid) refund	-18.8	-0.1	-12.9	-10.3	-7.8
Cash from Operating Activities	23.3	24.5	38.6	37.3	-4.9
Time Deposit Made	-31.3	-26.8	0.0	-	0.0
Time Deposit Matured	31.3	26.8	1.1	0.0	0.0
Capital Expenditure	-3.4	-2.3	-2.6	-6.1	-4.5
Sale-Fixed Assets	0.3	0.0	0.0	0.0	0.1
Purch.-Intangibles	-0.1	-0.5	-0.2	-0.1	-0.1
Purch.-Invest. Sec.	-0.2	-0.2	-0.2	-0.2	-0.2
Sale-Invest. Sec.	0.3	2.5	0.1	0.0	0.0
Sale subsidiaries' securities	-	-	-	-	0.0
Loans Collected	0.1	0.0	0.1	0.3	0.3
Loans Made	0.0	0.0	0.0	0.0	0.0
Sec. Deposit Refund	0.1	0.0	0.6	-0.7	-1.0
Other Invest., Net	0.0	0.0	0.1	0.6	0.1
Cash from Investing Activities	-3.0	-0.6	-0.9	-6.1	-5.3
ST Borrowings, Net	-	0.0	-2.5	-27.8	19.6
Redemption of Lease Obligation	-0.3	-0.3	-0.4	0.0	-
Proceed LD Debt	-	-	0.0	0.8	0.0
Repay.-LT Borrowings	0.0	-0.7	-1.2	-2.3	-1.5
Purch.-Treas. Stock	0.0	0.0	0.0	0.0	0.0
Proceed closely-held inv't form minority	-	-	0.0	0.5	0.0
Dividend Paid	-4.3	-3.4	-3.7	-3.3	-2.5
Dividends paid to minority shareholders	0.0	-0.1	-0.1	-0.1	0.0
Adjustment	-	-	-	0.0	-
Cash from Financing Activities	-4.6	-4.4	-8.0	-32.1	15.5
Foreign Exchange Effects	-0.9	-0.8	-0.7	-0.6	0.0
Net Change in Cash	14.7	18.7	29.0	-1.5	5.4
Net Cash - Beginning Balance	75.8	50.0	18.1	17.6	10.4
Net Cash - Ending Balance	90.5	68.7	47.1	16.1	15.8
Cash Interest Paid	0.1	0.2	0.4	0.4	0.7
Cash Taxes Paid	18.8	0.1	12.9	10.3	7.8

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Jul-2012	Quarter Ending Yr Ago	Annual Year End 31-Oct-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	119.9	-7.29%	525.8	9.17%	-3.76%	-2.19%
Research & Development1 (?)	-	-	3.3	8.00%	-	-
Operating Income1 (?)	2.5	-58.12%	31.1	27.29%	1.04%	2.89%
Income Available to Common Excl Extraord Items1 (?)	1.2	-63.00%	36.2	115.19%	28.78%	18.13%
Basic EPS Excl Extraord Items1 (?)	0.13	-63.00%	3.63	115.19%	28.78%	18.13%
Capital Expenditures2 (?)	4.6	71.20%	3.5	12.21%	-24.44%	-6.97%
Cash from Operating Activities2 (?)	7.8	-	23.3	-14.12%	-22.11%	16.23%
Free Cash Flow (?)	3.2	-	20.4	-17.55%	-21.67%	27.17%
Total Assets3 (?)	421.2	12.15%	419.4	9.82%	3.90%	2.57%
Total Liabilities3 (?)	142.0	13.55%	148.9	3.71%	-1.10%	-2.60%
Total Long Term Debt3 (?)	0.6	324.17%	0.1	-64.56%	-54.53%	-52.49%
Employees3 (?)	-	-	750	1.90%	0.22%	3.29%
Total Common Shares Outstanding3 (?)	10.0	0.00%	10.0	0.00%	0.00%	0.00%
1-ExchangeRate: JPY to USD Average for Period	79.381429	Â	80.585055	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	79.162051	Â	80.585055	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	78.221684	Â	77.975000	Â	Â	Â

Key Ratios
Â	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Profitability
Gross Margin (?)	20.72%	21.48%	20.70%	19.38%	17.73%
Operating Margin (?)	5.91%	5.07%	4.13%	5.11%	4.60%
Pretax Margin (?)	11.82%	5.73%	4.52%	5.44%	4.81%
Net Profit Margin (?)	6.88%	3.49%	2.74%	2.87%	2.67%
Financial Strength
Current Ratio (?)	2.50	2.33	2.63	2.11	1.78
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.01	0.01
Total Debt/Equity (?)	0.03	0.03	0.04	0.07	0.26
Management Effectiveness
Return on Assets (?)	9.26%	4.87%	3.63%	4.60%	4.58%
Return on Equity (?)	14.70%	7.48%	5.71%	8.05%	8.40%
Efficiency
Receivables Turnover (?)	3.29	3.07	2.64	2.77	2.92
Inventory Turnover (?)	6.70	6.66	5.90	7.80	8.91
Asset Turnover (?)	1.36	1.38	1.31	1.55	1.66

Market Valuation USD (mil)
P/E (TTM) (?)	5.73	.	Enterprise Value2 (?)	127.1
Price/Sales (TTM) (?)	0.40	.	Enterprise Value/Revenue (TTM) (?)	0.24
Price/Book (MRQ) (?)	0.71	.	Enterprise Value/EBITDA (TTM) (?)	2.11
Market Cap as of 07-Dec-20121 (?)	198.6	.
1-ExchangeRate: JPY to USD on 7-Dec-2012	82.299684
2-ExchangeRate: JPY to USD on 31-Jul-2012	78.221684

Annual Ratios

Financials in: USD (mil)

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

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Financial Strength
Current Ratio (?)	2.50	2.33	2.63	2.11	1.78
Quick/Acid Test Ratio (?)	1.91	1.81	2.01	1.53	1.41
Working Capital1 (?)	198.3	177.8	146.8	127.5	99.4
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.01	0.01
Total Debt/Equity (?)	0.03	0.03	0.04	0.07	0.26
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.03	0.03	0.04	0.06	0.21
Payout Ratio (?)	13.69%	25.78%	30.14%	25.58%	25.74%
Effective Tax Rate (?)	42.23%	38.52%	38.60%	45.36%	42.78%
Total Capital1 (?)	277.6	238.6	203.4	186.0	183.1
Efficiency
Asset Turnover (?)	1.36	1.38	1.31	1.55	1.66
Inventory Turnover (?)	6.70	6.66	5.90	7.80	8.91
Days In Inventory (?)	54.47	54.81	61.90	46.77	40.97
Receivables Turnover (?)	3.29	3.07	2.64	2.77	2.92
Days Receivables Outstanding (?)	110.91	118.74	138.13	131.99	124.87
Revenue/Employee2 (?)	724,591	654,754	555,497	648,865	653,717
Operating Income/Employee2 (?)	42,816	33,179	22,952	33,132	30,101
EBITDA/Employee2 (?)	49,309	39,869	30,716	38,390	34,184
Profitability
Gross Margin (?)	20.72%	21.48%	20.70%	19.38%	17.73%
Operating Margin (?)	5.91%	5.07%	4.13%	5.11%	4.60%
EBITDA Margin (?)	6.81%	6.09%	5.53%	5.92%	5.23%
EBIT Margin (?)	5.91%	5.07%	4.13%	5.11%	4.60%
Pretax Margin (?)	11.82%	5.73%	4.52%	5.44%	4.81%
Net Profit Margin (?)	6.88%	3.49%	2.74%	2.87%	2.67%
R&D Expense/Revenue (?)	0.62%	0.63%	1.12%	-	-
COGS/Revenue (?)	79.28%	78.52%	79.30%	80.62%	82.27%
SG&A Expense/Revenue (?)	14.19%	15.04%	14.96%	14.02%	12.74%
Management Effectiveness
Return on Assets (?)	9.26%	4.87%	3.63%	4.60%	4.58%
Return on Equity (?)	14.70%	7.48%	5.71%	8.05%	8.40%
Valuation
Free Cash Flow/Share2 (?)	2.05	2.40	3.74	3.37	-0.97
Operating Cash Flow/Share 2 (?)	2.41	2.71	4.03	4.04	-0.50
1-ExchangeRate: JPY to USD Period End Date	77.975	80.55	90.52	98.35	115.285
2-ExchangeRate: JPY to USD Average for Period	77.975	80.55	90.52	98.35	115.285

Current Market Multiples
Market Cap/Earnings (TTM) (?)	6.05
Market Cap/Equity (MRQ) (?)	0.75
Market Cap/Revenue (TTM) (?)	0.40
Market Cap/EBIT (TTM) (?)	3.76
Market Cap/EBITDA (TTM) (?)	3.46
Enterprise Value/Earnings (TTM) (?)	3.68
Enterprise Value/Equity (MRQ) (?)	0.46
Enterprise Value/Revenue (TTM) (?)	0.24
Enterprise Value/EBIT (TTM) (?)	2.29
Enterprise Value/EBITDA (TTM) (?)	2.11

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

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

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

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

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

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