MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	ZAOH COMPANY, LTD.
Registered Office :	1-19-5,Mori, Koto-ku Tokyo, 135-0001
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	20.04.1956
Legal Form :	Public Independent
Line of Business :	Mainly engaged in the import and sale of industrial and office cleaning and washing equipment.
No. of Employees :	184

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 :	--

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

Top of Form

Bottom of Form

company name and address

ZAOH COMPANY, LTD.

1-19-5,Mori, Koto-ku
Tokyo, 135-0001
Japan
Tel:	81-3-56000311
Fax:	81-3-56000516
www.zaohnet.co.jp

Employees:

184

Company Type:

Public Independent

Traded:

Tokyo Stock Exchange:

9986

Incorporation Date:

20-Apr-1956

Auditor:

KPMG LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	Japanese Yen
Annual Sales:	77.8 ^1
Net Income:	5.8
Total Assets:	127.9 ^2
Market Value:	55.5
	(29-Jun-2012)

Business Description

ZAOH COMPANY, LTD. is a company mainly engaged in the import and sale of industrial and office cleaning and washing equipment. The Company is primarily engaged in the import and sale of cleaning equipment, including power driven cleaning machines, vacuum cleaners, carpet cleaners, as well as dust and ice removal cleaners; washing equipment, including automated floor scrubbers, carpet maintenance equipment, high pressure cleaners and steam cleaners. Through its subsidiary, the Company is also engaged in the sale of hotel room equipment and supplies, such as supplies and accessories used for cleaning and washing equipment, electromagnetic servers, as well as water purifiers used for pools and bathhouses. As of March 31, 2011, the Company had one subsidiary. For the six months ended 30 September 2011, ZAOH COMPANY, LTD.'s revenues increased 6% to Y2.81B. Net income increased 29% to Y237.7M. Revenues reflect increased sales due to the company's active operating activities. Net income also benefited from lower percentage of cost of sales and SG&A expense, the significantly increased foreign exchange gain as well as the increased gain on sales of fixed assets.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3419 - Other Specialised Industrial Machinery and Equipment Wholesaling
NACE 2002:	5187 - Wholesale of other machinery for use in industry, trade and navigation
NAICS 2002:	42383 - Industrial Machinery and Equipment Merchant Wholesalers
UK SIC 2003:	5187 - Wholesale of other machinery for use in industry, trade and navigation
US SIC 1987:	5084 - Industrial Machinery and Equipment

Key Executives

Name	Title
Takayoshi Hijikata	President, Representative Director
Shigekazu Kitabayashi	Chief Director of Sales, Director
Takanori Kutsuzawa	Director of Administration, Director
Yuji Takada	Co-Managing Director
Minoru Taguchi	Auditor

Significant Developments

Topic	#*	Most Recent Headline	Date
Positive Earnings Pre-Announcement	1	Zaoh Co., Ltd. Raises Consolidated Full-year Outlook and Year-end Dividend Forecast for FY 2012	9-Mar-2012

* number of significant developments within the last 12 months

News

Title	Date
Zaoh FY Grp Net Pft Y456.00M Vs Y352.00M Pft Yr Earlier Nikkei English News (56 Words)	27-Apr-2012
Zaoh Expects This FY Group Net Profit Y518.00M Nikkei English News (60 Words)	27-Apr-2012
Zaoh 9Mos Grp Net Pft Y337.00M Vs Y248.00M Pft Yr Earlier Nikkei English News (57 Words)	30-Jan-2012
Zaoh Expects This FY Group Net Profit Y380.00M Nikkei English News (43 Words)	30-Jan-2012
Zaoh 1H Grp Net Pft Y237.00M Vs Y183.00M Pft Yr Earlier Nikkei English News (57 Words)	31-Oct-2011

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	5.79	1.95
Quick Ratio (MRQ)	5.11	1.03
Sales 5 Year Growth	-2.23	6.22
Net Profit Margin (TTM) %	7.44	7.96
Return on Assets (TTM) %	4.42	8.48
Return on Equity (TTM) %	5.27	17.58

Stock Snapshot

Traded: Tokyo Stock Exchange: 9986

As of 29-Jun-2012

   Financials in: JPY

Recent Price	755.00	EPS	77.94
52 Week High	812.00	Price/Sales	0.72
52 Week Low	596.00	Dividend Rate	36.00
Avg. Volume (mil)	0.0026	Price/Earnings	9.68
Market Value (mil)	4,409.20	Price/Book	0.50
		Beta	0.58

	Price % Change	Rel S&P 500%
4 Week	6.49%	-1.97%
13 Week	-0.26%	10.65%
52 Week	27.32%	40.41%
Year to Date	19.84%	13.39%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536

Corporate Overview

Location
1-19-5,Mori, Koto-ku
Tokyo, 135-0001
Japan

Tel:	81-3-56000311
Fax:	81-3-56000516

www.zaohnet.co.jp

Quote Symbol - Exchange
9986 - Tokyo Stock Exchange
Sales JPY(mil):	6,141.3
Assets JPY(mil):	10,535.3
Employees:	184
Fiscal Year End:	31-Mar-2012

Industry:	Miscellaneous Capital Goods

Incorporation Date:	20-Apr-1956
Company Type:	Public Independent
Quoted Status:	Quoted

Co-Managing Director:	Yuji Takada

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Financial Information

Home Page

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3494	-	Other Electrical and Electronic Goods Wholesaling
3419	-	Other Specialised Industrial Machinery and Equipment Wholesaling

NACE 2002 Codes:
5187	-	Wholesale of other machinery for use in industry, trade and navigation

NAICS 2002 Codes:
42383	-	Industrial Machinery and Equipment Merchant Wholesalers
423610	-	Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers

US SIC 1987:
5084	-	Industrial Machinery and Equipment
5063	-	Electrical Apparatus and Equipment Wiring Supplies, and Construction Materials

UK SIC 2003:
5187	-	Wholesale of other machinery for use in industry, trade and navigation

Business Description

ZAOH COMPANY, LTD. is a company mainly engaged in the import and sale of industrial and office cleaning and washing equipment. The Company is primarily engaged in the import and sale of cleaning equipment, including power driven cleaning machines, vacuum cleaners, carpet cleaners, as well as dust and ice removal cleaners; washing equipment, including automated floor scrubbers, carpet maintenance equipment, high pressure cleaners and steam cleaners. Through its subsidiary, the Company is also engaged in the sale of hotel room equipment and supplies, such as supplies and accessories used for cleaning and washing equipment, electromagnetic servers, as well as water purifiers used for pools and bathhouses. As of March 31, 2011, the Company had one subsidiary. For the six months ended 30 September 2011, ZAOH COMPANY, LTD.'s revenues increased 6% to Y2.81B. Net income increased 29% to Y237.7M. Revenues reflect increased sales due to the company's active operating activities. Net income also benefited from lower percentage of cost of sales and SG&A expense, the significantly increased foreign exchange gain as well as the increased gain on sales of fixed assets.

More Business Descriptions

Wholesale trade in washing and cleaning equipment for factories and large buildings

All Other General Purpose Machinery Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	6,141.3
Net Income:	456.7
Assets:	10,535.3
Long Term Debt:	0.0
Total Liabilities:	1,763.0
Working Capital:	1.2
Date of Financial Data:	31-Mar-2012

1 Year Growth

17.0%

29.4%

4.0%

Market Data

Quote Symbol:	9986
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	755.0
Stock Price Date:	06-29-2012
52 Week Price Change %:	27.3
Market Value (mil):	4,409,200.0
SEDOL:	6992231
ISIN:	JP3345700003
Equity and Dept Distribution:
FY'99-'02 WAS were estimated. Fins. are nonconsol. FY '05 & '04 WAS & Shares o/s estimated. All 1&3Q WAS were estimated and used as o/s. The Company starts to report consolidated financials during FY'07. 06/2007, Exchange changed from JASDAQ to Tokyo Stock Exchange. FY'08 Q3 WAS=O/S. FY'08 Q1 WAS=O/S. 9/07 reported EPS:38.21

Shareholders

Major Shareholders

Kenji Sasaki (23.9%)

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG LLP

Executives Report

Board of Directors

Name	Title	Function
Takayoshi Hijikata	President, Representative Director	Director/Board Member
Biography: Mr. Takayoshi Hijikata has been serving as President and Representative Director in ZAOH COMPANY, LTD., since April 2002. He joined the Company in April 1973. His previous titles include Director of West Japan Sales and Senior Managing Director in the Company. He used to work for Matsushita Electric Works, Ltd. Age: 64
Shigekazu Kitabayashi	Chief Director of Sales, Director	Director/Board Member
Biography: Mr. Shigekazu Kitabayashi has been serving as Chief Director of Sales and Director in ZAOH COMPANY, LTD., since April 2009. He joined the Company in February 1985. He previously served as Director of Eastern Japan Sales in the Company. He used to work for Eicoh Co., Ltd. Age: 50
Takanori Kutsuzawa	Director of Administration, Director	Director/Board Member
Biography: Mr. Takanori Kutsuzawa has been serving as Director of Administration and Director in ZAOH COMPANY, LTD., since June 2008. He joined the Company in February 1993. He previously worked for a certified tax accountant office. Age: 45
Toshiyuki Neya	Director of Development, Director	Director/Board Member
Biography: Mr. Toshiyuki Neya has been serving as Director of Development and Director in ZAOH COMPANY, LTD., since June 2008. He joined the Company in September 1987. His previous title was Director of Product Development. He previously worked for another company. Age: 48
Akira Shinohara	Managing Director, Director of Product	Director/Board Member
Biography: Mr. Akira Shinohara has been serving as Managing Director and Director of Product in ZAOH COMPANY, LTD., since June 2007. He joined the Company in November 1979. His previous titles include Director of Product Planning and Director in the Company. He used to work for Silver Seiko Ltd. Age: 61

Executives

Name	Title	Function
Yuji Takada	Co-Managing Director	Chief Executive Officer
Takayoshi Hijikata	President, Representative Director	President
Biography: Mr. Takayoshi Hijikata has been serving as President and Representative Director in ZAOH COMPANY, LTD., since April 2002. He joined the Company in April 1973. His previous titles include Director of West Japan Sales and Senior Managing Director in the Company. He used to work for Matsushita Electric Works, Ltd. Age: 64
Akira Shinohara	Managing Director, Director of Product	Managing Director
Biography: Mr. Akira Shinohara has been serving as Managing Director and Director of Product in ZAOH COMPANY, LTD., since June 2007. He joined the Company in November 1979. His previous titles include Director of Product Planning and Director in the Company. He used to work for Silver Seiko Ltd. Age: 61
Takanori Kutsuzawa	Director of Administration, Director	Administration Executive
Biography: Mr. Takanori Kutsuzawa has been serving as Director of Administration and Director in ZAOH COMPANY, LTD., since June 2008. He joined the Company in February 1993. He previously worked for a certified tax accountant office. Age: 45
Minoru Taguchi	Auditor	Finance Executive
Shigekazu Kitabayashi	Chief Director of Sales, Director	Sales Executive
Biography: Mr. Shigekazu Kitabayashi has been serving as Chief Director of Sales and Director in ZAOH COMPANY, LTD., since April 2009. He joined the Company in February 1985. He previously served as Director of Eastern Japan Sales in the Company. He used to work for Eicoh Co., Ltd. Age: 50

Significant Developments

Zaoh Co., Ltd. Raises Consolidated Full-year Outlook and Year-end Dividend Forecast for FY 2012

Mar 09, 2012

Zaoh Co., Ltd. announced that it has raised its consolidated full-year outlook for revenue from JPY 5,540 million to JPY 6,000 million, operating profit from JPY 701 million to JPY 790 million, ordinary profit from JPY 721 million to JPY 829 million, net profit from JPY 380 million to JPY 421 million and earning per share from JPY 65.08 to JPY 72.10, for the fiscal year ending March 2012. This is due to the increased sales. In addition, the Company has also raised its year-end dividend forecast from JPY 16.00 per share, which was announced on April 28, 2011, to JPY 21.00 per share, for the fiscal year ending March 2012.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	77.8	61.3	54.8	60.4	57.1
Revenue	77.8	61.3	54.8	60.4	57.1
Total Revenue	77.8	61.3	54.8	60.4	57.1
Cost of Revenue	36.9	27.2	24.9	27.5	26.6
Cost of Revenue, Total	36.9	27.2	24.9	27.5	26.6
Gross Profit	40.9	34.0	30.0	32.9	30.5
Selling/General/Administrative Expense	9.9	8.3	8.0	8.8	7.5
Labor & Related Expense	19.2	16.8	15.1	15.2	13.5
Total Selling/General/Administrative Expenses	29.0	25.1	23.2	24.1	21.0
Research & Development	-	0.7	0.7	0.6	0.6
Depreciation	1.2	1.0	1.0	0.9	0.9
Depreciation/Amortization	1.2	1.0	1.0	0.9	0.9
Impairment-Assets Held for Use	0.0	0.0	0.0	0.0	0.0
Other Unusual Expense (Income)	0.0	0.2	0.0	0.0	0.0
Unusual Expense (Income)	0.0	0.2	0.0	0.0	0.0
Total Operating Expense	67.1	54.2	49.7	53.1	49.1
Operating Income	10.7	7.0	5.1	7.3	8.0
Interest Expense - Non-Operating	-	-	0.0	0.0	0.0
Interest Expense, Net Non-Operating	-	-	0.0	0.0	0.0
Interest Income - Non-Operating	0.0	0.0	0.0	0.1	0.0
Investment Income - Non-Operating	0.2	0.6	-0.1	0.3	0.0
Interest/Investment Income - Non-Operating	0.2	0.6	0.0	0.3	0.0
Interest Income (Expense) - Net Non-Operating Total	0.2	0.6	0.0	0.3	0.0
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.2	0.3	0.2	0.3	0.3
Other, Net	0.2	0.3	0.2	0.3	0.3
Income Before Tax	11.1	7.9	5.4	7.9	8.3
Total Income Tax	5.3	3.8	3.2	3.6	3.8
Income After Tax	5.8	4.1	2.2	4.3	4.4
Net Income Before Extraord Items	5.8	4.1	2.2	4.3	4.4
Net Income	5.8	4.1	2.2	4.3	4.4
Miscellaneous Earnings Adjustment	0.0	-	0.0	-	0.0
Total Adjustments to Net Income	0.0	-	0.0	-	0.0
Income Available to Common Excl Extraord Items	5.8	4.1	2.2	4.3	4.4
Income Available to Common Incl Extraord Items	5.8	4.1	2.2	4.3	4.4
Basic/Primary Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Basic EPS Excl Extraord Items	0.99	0.71	0.38	0.74	0.76
Basic/Primary EPS Incl Extraord Items	0.99	0.71	0.38	0.74	0.76
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	5.8	4.1	2.2	4.3	4.4
Diluted Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Diluted EPS Excl Extraord Items	0.99	0.71	0.38	0.74	0.76
Diluted EPS Incl Extraord Items	0.99	0.71	0.38	0.74	0.76
Dividends per Share - Common Stock Primary Issue	0.46	0.25	0.19	0.30	0.44
Gross Dividends - Common Stock	2.7	2.1	1.1	1.7	2.6
Interest Expense, Supplemental	-	-	0.0	0.0	0.0
Depreciation, Supplemental	1.2	1.0	1.0	0.9	0.9
Total Special Items	0.0	0.4	0.2	0.2	0.2
Normalized Income Before Tax	11.1	8.3	5.6	8.1	8.5
Effect of Special Items on Income Taxes	0.0	0.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	5.3	3.9	3.2	3.6	3.8
Normalized Income After Tax	5.8	4.4	2.4	4.5	4.6
Normalized Inc. Avail to Com.	5.8	4.4	2.4	4.5	4.6
Basic Normalized EPS	0.99	0.76	0.41	0.77	0.79
Diluted Normalized EPS	0.99	0.76	0.41	0.77	0.79
Amort of Acquisition Costs, Supplemental	0.0	0.2	0.2	0.2	0.2
Rental Expenses	1.9	1.9	1.8	1.7	1.4
Research & Development Exp, Supplemental	-	0.7	0.7	0.6	0.6
Reported Operating Profit	10.7	7.2	5.1	7.3	8.0
Reported Ordinary Profit	11.1	7.6	5.4	7.9	8.3
Normalized EBIT	10.7	7.2	5.1	7.3	8.0
Normalized EBITDA	11.8	8.5	6.4	8.4	9.1
Service Cost - Domestic	-	-	0.4	0.4	0.3
Domestic Pension Plan Expense	-	-	0.4	0.4	0.3
Total Pension Expense	-	-	0.4	0.4	0.3
Total Plan Service Cost	-	-	0.4	0.4	0.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	28.1	23.8	23.5	19.6	15.9
Short Term Investments	11.0	14.0	4.9	3.0	3.0
Cash and Short Term Investments	39.1	37.7	28.4	22.5	18.9
Accounts Receivable - Trade, Gross	19.6	15.9	14.3	14.7	17.5
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	19.6	15.8	14.3	14.7	17.5
Total Receivables, Net	19.6	15.8	14.3	14.7	17.5
Inventories - Finished Goods	8.0	7.8	7.6	9.1	-
Total Inventory	8.0	7.8	7.6	9.1	7.8
Deferred Income Tax - Current Asset	1.4	1.4	0.9	1.1	0.9
Other Current Assets	0.3	0.4	0.3	0.4	0.3
Other Current Assets, Total	1.7	1.8	1.2	1.5	1.3
Total Current Assets	68.3	63.2	51.5	47.9	45.4
Buildings	40.1	39.6	35.1	33.2	33.0
Land/Improvements	39.7	39.5	35.0	33.1	32.9
Machinery/Equipment	1.1	1.0	0.7	0.6	0.5
Other Property/Plant/Equipment	2.7	2.7	2.4	2.8	2.7
Property/Plant/Equipment - Gross	83.6	82.9	73.2	69.8	69.0
Accumulated Depreciation	-28.9	-27.8	-23.9	-22.4	-21.3
Property/Plant/Equipment - Net	54.7	55.0	49.3	47.4	47.7
Goodwill, Net	-	0.0	0.2	0.4	0.6
Intangibles, Net	0.2	0.2	0.2	0.1	0.1
LT Investments - Other	0.9	0.9	1.4	0.4	2.0
Long Term Investments	0.9	0.9	1.4	0.4	2.0
Note Receivable - Long Term	-	-	0.0	0.3	0.4
Deferred Income Tax - Long Term Asset	1.6	1.6	1.3	1.9	1.9
Restricted Cash - Long Term	1.2	0.0	-	-	-
Other Long Term Assets	0.9	1.2	1.2	0.8	0.8
Other Long Term Assets, Total	3.7	2.8	2.6	2.7	2.7
Total Assets	127.9	122.2	105.3	99.3	99.0
Accounts Payable	2.4	1.7	2.7	2.5	3.5
Accrued Expenses	2.9	2.7	2.2	2.2	2.3
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	0.8
Current Portion - Long Term Debt/Capital Leases	-	-	0.0	-	-
Income Taxes Payable	3.0	3.1	1.8	1.7	1.9
Other Payables	2.0	1.1	-	-	-
Other Current Liabilities	1.6	1.0	1.7	2.1	1.7
Other Current liabilities, Total	6.5	5.2	3.5	3.8	3.6
Total Current Liabilities	11.8	9.5	8.5	8.5	10.2
Capital Lease Obligations	-	-	0.1	-	-
Total Long Term Debt	-	0.0	0.1	0.0	0.0
Total Debt	-	0.0	0.2	0.0	0.8
Deferred Income Tax - LT Liability	2.5	2.8	2.5	2.4	2.4
Deferred Income Tax	2.5	2.8	2.5	2.4	2.4
Pension Benefits - Underfunded	6.4	5.9	4.9	4.6	4.5
Other Long Term Liabilities	0.7	0.7	0.3	0.3	0.2
Other Liabilities, Total	7.1	6.6	5.2	4.9	4.7
Total Liabilities	21.4	18.9	16.3	15.9	17.3
Common Stock	21.8	21.7	19.2	18.2	18.1
Common Stock	21.8	21.7	19.2	18.2	18.1
Additional Paid-In Capital	25.8	25.6	22.7	21.5	21.3
Retained Earnings (Accumulated Deficit)	85.5	82.8	70.7	66.6	64.7
Treasury Stock - Common	0.0	0.0	0.0	0.0	0.0
Unrealized Gain (Loss)	-26.6	-26.8	-23.7	-22.9	-22.4
Total Equity	106.5	103.3	89.0	83.4	81.7
Total Liabilities & Shareholders’ Equity	127.9	122.2	105.3	99.3	99.0
Shares Outstanding - Common Stock Primary Issue	5.8	5.8	5.8	5.8	5.8
Total Common Shares Outstanding	5.8	5.8	5.8	5.8	5.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	184	186	200	205
Number of Common Shareholders	-	2,360	2,481	2,529	2,631
Total Capital Leases, Supplemental	-	-	0.2	0.1	-
Capital Lease Payments Due in Year 1	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 2	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 3	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 4	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 5	-	-	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	-	-	0.1	0.1	-
Capital Lease Payments Due in 4-5 Years	-	-	0.0	0.0	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	-	0.0	0.0	-
Pension Obligation - Domestic	-	-	3.3	2.8	2.9
Funded Status - Domestic	-	-	-3.3	-2.8	-2.9
Total Funded Status	-	-	-3.3	-2.8	-2.9
Accrued Liabilities - Domestic	-	-	-3.3	-2.8	-2.9
Net Assets Recognized on Balance Sheet	-	-	-3.3	-2.8	-2.9
Total Plan Obligations	-	-	3.3	2.8	2.9

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	11.1	7.9	5.4	7.9	8.3
Depreciation	1.2	1.0	1.0	0.9	0.9
Depreciation/Depletion	1.2	1.0	1.0	0.9	0.9
Amortization of Acquisition Costs	0.0	0.2	0.2	0.2	0.2
Amortization	0.0	0.2	0.2	0.2	0.2
Unusual Items	-0.2	-0.4	0.0	0.0	0.0
Other Non-Cash Items	0.4	0.3	0.1	0.0	-0.1
Non-Cash Items	0.2	0.0	0.1	0.0	-0.1
Accounts Receivable	-3.7	0.2	1.3	2.9	4.1
Inventories	-0.1	0.7	2.0	-1.4	-0.2
Other Assets	0.0	0.1	0.0	0.0	0.0
Accounts Payable	1.6	-1.2	0.0	-1.1	-0.4
Accrued Expenses	0.2	0.2	-0.1	-0.1	0.0
Other Liabilities	0.7	-0.2	0.3	-0.1	0.3
Other Operating Cash Flow	-5.4	-3.1	-2.4	-3.7	-4.4
Changes in Working Capital	-6.7	-3.3	1.1	-3.5	-0.6
Cash from Operating Activities	5.7	5.8	7.7	5.5	8.6
Purchase of Fixed Assets	-0.1	-0.1	-0.1	0.0	-0.1
Capital Expenditures	-0.1	-0.1	-0.1	0.0	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	0.3	1.7	0.0	2.0	0.0
Investment, Net	-0.1	0.0	-0.1	-0.1	0.0
Purchase of Investments	-1.3	-0.6	-0.9	-0.3	-1.7
Other Investing Cash Flow	0.1	0.1	0.0	0.0	-0.1
Other Investing Cash Flow Items, Total	-0.9	1.1	-1.0	1.6	-1.8
Cash from Investing Activities	-1.0	1.0	-1.1	1.6	-1.9
Cash Dividends Paid - Common	-3.4	-1.2	-1.9	-2.9	-1.7
Total Cash Dividends Paid	-3.4	-1.2	-1.9	-2.9	-1.7
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	-0.8	-0.2
Long Term Debt Reduction	-0.1	-0.1	0.0	0.0	0.0
Long Term Debt, Net	-0.1	-0.1	0.0	0.0	0.0
Issuance (Retirement) of Debt, Net	-0.1	-0.1	0.0	-0.8	-0.2
Cash from Financing Activities	-3.5	-1.3	-1.9	-3.7	-1.9
Foreign Exchange Effects	0.0	0.0	-0.2	0.0	0.0
Net Change in Cash	1.2	5.6	4.6	3.4	4.9
Net Cash - Beginning Balance	39.6	30.9	23.9	18.7	11.6
Net Cash - Ending Balance	40.8	36.5	28.5	22.2	16.5
Cash Interest Paid	-	-	0.0	0.0	0.0
Cash Taxes Paid	5.4	3.2	2.5	3.7	4.4

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net sales	77.8	61.3	54.8	60.4	57.1
Total Revenue	77.8	61.3	54.8	60.4	57.1
Cost of Sales	36.9	27.2	24.9	27.5	26.6
Payrolls & Bonuses	14.6	12.9	11.7	11.8	10.2
Provision for bonuses	1.4	1.2	1.1	1.0	1.0
Welfare expenses	2.4	2.1	1.8	1.8	1.7
Traveling & communication exp.	2.4	2.0	1.9	2.5	2.1
Depreciation	1.2	1.0	1.0	0.9	0.9
Rent expenses	1.9	1.9	1.8	1.7	1.4
Reserve for officers retirement	0.2	0.2	0.2	0.2	0.2
Reserve Guarantee for respons.commodity	0.1	0.2	0.1	0.1	0.1
Provision for directors' bonuses	-	-	-	-	0.0
Periodic retirement benefit costs	0.6	0.5	0.4	0.4	0.3
R & D Expense	-	0.7	0.7	0.6	0.6
Other SGA	5.4	4.2	4.2	4.5	3.9
SP Rev of provision for ross on disast	0.0	0.0	-	-	-
SP Reversal G on allow.doubt.accounts	-	0.0	0.0	0.0	0.0
Provision for loss on disaster	0.0	0.2	0.0	-	-
SP Loss Retire FixAsset	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	67.1	54.2	49.7	53.1	49.1
NOP Interest Income	0.0	0.0	0.0	0.1	0.0
Dividend Income	0.0	0.0	0.0	0.0	-
NOP Gain on sales of PPE	0.0	0.0	0.0	0.0	-
NOP Rental Income	0.2	0.2	0.2	0.2	0.2
Exchange Gain	0.2	0.0	0.0	0.3	0.0
NOP Other Income	0.0	0.1	0.0	0.1	0.1
NOP Interest Expenses	-	-	0.0	0.0	0.0
NOP Sales discounts	0.0	0.0	-	-	-
NOP Exchange Loss	-	0.0	-0.1	0.0	0.0
SP G on sale of fixed assets	-	-	-	0.0	0.0
SP G on sales of investment securities	0.0	0.5	0.0	-	-
Net Income Before Taxes	11.1	7.9	5.4	7.9	8.3
Provision for Income Taxes	5.3	3.8	3.2	3.6	3.8
Net Income After Taxes	5.8	4.1	2.2	4.3	4.4
Net Income Before Extra. Items	5.8	4.1	2.2	4.3	4.4
Net Income	5.8	4.1	2.2	4.3	4.4
Adjustment	0.0	-	0.0	-	0.0
Income Available to Com Excl ExtraOrd	5.8	4.1	2.2	4.3	4.4
Income Available to Com Incl ExtraOrd	5.8	4.1	2.2	4.3	4.4
Basic Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Basic EPS Excluding ExtraOrdinary Items	0.99	0.71	0.38	0.74	0.76
Basic EPS Including ExtraOrdinary Item	0.99	0.71	0.38	0.74	0.76
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	5.8	4.1	2.2	4.3	4.4
Diluted Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Diluted EPS Excluding ExtraOrd Items	0.99	0.71	0.38	0.74	0.76
Diluted EPS Including ExtraOrd Items	0.99	0.71	0.38	0.74	0.76
DPS-Common Stock	0.46	0.25	0.19	0.30	0.44
Gross Dividends - Common Stock	2.7	2.1	1.1	1.7	2.6
Normalized Income Before Taxes	11.1	8.3	5.6	8.1	8.5
Inc Tax Ex Impact of Sp Items	5.3	3.9	3.2	3.6	3.8
Normalized Income After Taxes	5.8	4.4	2.4	4.5	4.6
Normalized Inc. Avail to Com.	5.8	4.4	2.4	4.5	4.6
Basic Normalized EPS	0.99	0.76	0.41	0.77	0.79
Diluted Normalized EPS	0.99	0.76	0.41	0.77	0.79
Amortization of goodwill, supplemental	0.0	0.2	0.2	0.2	0.2
Interest Expense	-	-	0.0	0.0	0.0
Depreciation	1.2	1.0	1.0	0.9	0.9
Rental Expenses	1.9	1.9	1.8	1.7	1.4
R & D Expense	-	0.7	0.7	0.6	0.6
Reported Operating Profit	10.7	7.2	5.1	7.3	8.0
Reported Ordinary Profit	11.1	7.6	5.4	7.9	8.3
Service Cost	-	-	0.4	0.4	0.3
Domestic Pension Plan Expense	-	-	0.4	0.4	0.3
Total Pension Expense	-	-	0.4	0.4	0.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	28.1	23.8	23.5	19.6	15.9
Account Rcvbl.	19.6	15.9	14.3	14.7	17.5
Marketable Secs.	11.0	14.0	4.9	3.0	3.0
Inventories - total	-	-	-	-	7.8
Goods	8.0	7.8	7.6	9.1	-
Deferred Inc Tax	1.4	1.4	0.9	1.1	0.9
Other Cur. Asset	0.3	0.4	0.3	0.4	0.3
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Total Current Assets	68.3	63.2	51.5	47.9	45.4
Buildings	40.1	39.6	35.1	33.2	33.0
Depr. Buildings	-25.8	-24.8	-21.3	-19.5	-18.6
Machinery	1.1	1.0	0.7	0.6	0.5
Depr. Machinery	-0.7	-0.6	-0.5	-0.4	-0.4
Land	39.7	39.5	35.0	33.1	32.9
Other, prop., plants, & equip., gross	2.7	2.7	2.4	2.8	2.7
Depr. Other PP&E	-2.4	-2.4	-2.1	-2.4	-2.3
Goodwill	-	0.0	0.2	0.4	0.6
Other Intangible	0.2	0.2	0.2	0.1	0.1
Investment Secs.	0.9	0.9	1.4	0.4	2.0
Long-term deposit	1.2	0.0	-	-	-
LT Loan-Employee	-	-	0.0	0.3	0.4
Deferred Inc Tax	1.6	1.6	1.3	1.9	1.9
Other Assets	0.9	1.3	1.3	0.9	0.8
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Adjustment	-	-	0.0	0.0	0.0
Total Assets	127.9	122.2	105.3	99.3	99.0
Acct. & Note payable	2.4	1.7	2.7	2.5	3.5
ST Debts	-	-	-	0.0	0.8
Lease	-	-	0.0	-	-
Accounts payable-other	2.0	1.1	-	-	-
Accrued Expenses	1.6	1.4	1.1	1.2	1.2
Inc Tax Payable	3.0	3.1	1.8	1.7	1.9
Allow for Bonus	1.3	1.3	1.1	1.0	1.2
Reserve for directors' bonuses	-	-	-	-	0.0
Guarantee Goods	0.1	0.2	0.1	0.2	0.2
Provision For Loss On Disaster	0.0	0.2	0.0	-	-
Other Cur. Liabs	1.5	0.6	1.6	2.0	1.6
Total Current Liabilities	11.8	9.5	8.5	8.5	10.2
Lease	-	-	0.1	-	-
Total Long Term Debt	-	-	0.1	-	-
Accrued Retire	4.4	3.9	3.3	2.8	2.9
Director Benefit	2.0	1.9	1.6	1.8	1.6
Deferred tax liabilities revaluation	2.5	2.8	2.5	2.4	2.4
Other LT Liabs.	0.7	0.7	0.3	0.3	0.2
Total Liabilities	21.4	18.9	16.3	15.9	17.3
Common Stock	21.8	21.7	19.2	18.2	18.1
Paid-in Capital	25.8	25.6	22.7	21.5	21.3
Legal Reserve	85.5	82.8	70.7	66.6	64.7
Treasury Stock	0.0	0.0	0.0	0.0	0.0
Reserve by val. of investment sec.	-	0.0	0.1	0.0	0.0
G/L on Deferred Hedge	0.0	0.1	0.0	-0.4	-0.1
Reval. Excess	-26.6	-26.8	-23.8	-22.5	-22.3
Total Equity	106.5	103.3	89.0	83.4	81.7
Total Liabilities & Shareholders' Equity	127.9	122.2	105.3	99.3	99.0
S/O-Common Stock	5.8	5.8	5.8	5.8	5.8
Total Common Shares Outstanding	5.8	5.8	5.8	5.8	5.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	-	184	186	200	205
Number of Common Shareholders	-	2,360	2,481	2,529	2,631
Capital Lease Maturing within 1 Year	-	-	0.0	0.0	-
Capital Lease Maturing within 2 Years	-	-	0.0	0.0	-
Capital Lease Maturing within 3 Years	-	-	0.0	0.0	-
Capital Lease Maturing within 4 Years	-	-	0.0	0.0	-
Capital Lease Maturing within 5 Years	-	-	0.0	0.0	-
Remaining	-	-	0.0	0.0	-
Total Capital Leases	-	-	0.2	0.1	-
Pension Obligation	-	-	3.3	2.8	2.9
Funded Status	-	-	-3.3	-2.8	-2.9
Total Funded Status	-	-	-3.3	-2.8	-2.9
Reserve for Accrued Retirement Benefits	-	-	-3.3	-2.8	-2.9
Net Assets Recognized on Balance Sheet	-	-	-3.3	-2.8	-2.9

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income Bf. Tax	11.1	7.9	5.4	7.9	8.3
Depreciation	1.2	1.0	1.0	0.9	0.9
Amortization of goodwill	0.0	0.2	0.2	0.2	0.2
Allowance for Bonus	0.0	0.0	0.0	-0.2	0.0
Reserve for directors' bonuses	-	-	-	0.0	0.0
Accrued Retire Bnft.	0.4	0.2	0.4	-0.1	0.3
Director Benefits	0.0	0.2	-0.3	0.1	-0.3
Allow Guarantee Goods	-	-	-	0.0	0.0
Allow Guarantee Product	-0.1	0.0	0.0	-	-
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Increase (decrease) in reserve for loss	-0.2	0.2	0.0	-	-
Int.& Dividend Inc.	0.0	-0.1	-0.1	-0.1	0.0
Exchange Loss/Gain	0.0	0.0	0.2	0.0	0.0
Gain Sale Inv. Secs.	0.0	-0.5	0.0	-	-
Interest Expenses	-	-	0.0	0.0	0.0
G on the sale of fixed assets	0.0	0.0	0.0	0.0	0.0
Loss Retire PPE	0.0	0.0	0.0	0.0	0.0
Acc.& Note Rcvbl.	-3.7	0.2	1.3	2.9	4.1
Inventories	-0.1	0.7	2.0	-1.4	-0.2
Other Current Assets	0.0	0.1	0.0	0.0	0.0
Acc.& Note Payable	0.7	-1.3	0.1	-1.1	-0.1
Other Payable	0.9	0.1	-0.1	0.0	-0.2
Accrued Expenses	0.2	0.1	-0.1	0.0	0.1
Other Current Liabs.	0.6	-0.3	0.2	-0.2	0.2
Other Liabilities	0.1	0.1	0.1	0.1	0.1
Director Bonus Paid	-	-	-	-	0.0
Int.& Dividend Rcv'd	0.0	0.1	0.1	0.1	0.0
Interest Paid	-	-	0.0	0.0	0.0
Tax Paid	-5.4	-3.2	-2.5	-3.7	-4.4
Cash from Operating Activities	5.7	5.8	7.7	5.5	8.6
Time Deposit Made	-1.3	-	-	-	-
Time Deposit Matured	0.0	-	-	-	-
Loan-Employee Made	0.0	-0.1	-0.1	-0.1	-0.2
Loan-Emp. Collected	0.1	0.2	0.1	0.2	0.1
Capital Expenditure	-0.1	-0.1	-0.1	0.0	-0.1
Sale of PPE	0.0	0.0	0.0	0.0	0.0
Purch. of Inv.Secs.	0.0	-0.6	-0.9	-0.3	-1.7
Sale of Inv. Secs.	0.0	1.6	0.0	2.0	0.0
Sale of Other Invest	0.3	0.1	0.0	0.0	0.0
Purch. of Other Inv.	-0.1	0.0	-0.1	-0.1	0.0
Cash from Investing Activities	-1.0	1.0	-1.1	1.6	-1.9
ST Debt, Net	-	-	0.0	-0.8	-0.2
Purch. of Treasury	0.0	0.0	0.0	0.0	0.0
Repayment of finance lease	-0.1	-0.1	0.0	0.0	0.0
Dividend Paid	-3.4	-1.2	-1.9	-2.9	-1.7
Cash from Financing Activities	-3.5	-1.3	-1.9	-3.7	-1.9
Foreign Exchange Effects	0.0	0.0	-0.2	0.0	0.0
Net Change in Cash	1.2	5.6	4.6	3.4	4.9
Net Cash - Beginning Balance	39.6	30.9	23.9	18.7	11.6
Net Cash - Ending Balance	40.8	36.5	28.5	22.2	16.5
Cash Interest Paid	-	-	0.0	0.0	0.0
Cash Taxes Paid	5.4	3.2	2.5	3.7	4.4

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-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	22.0	26.26%	77.8	17.00%	0.39%	-2.23%
Operating Income1	2.9	19.32%	10.7	40.29%	4.82%	-5.05%
Income Available to Common Excl Extraord Items1	1.5	13.88%	5.8	29.44%	1.79%	-5.09%
Basic EPS Excl Extraord Items1	0.26	13.92%	0.99	29.44%	1.79%	-5.09%
Capital Expenditures2	0.1	-	0.1	-35.10%	18.39%	-53.22%
Cash from Operating Activities2	5.7	-	5.7	-9.43%	-6.54%	2.40%
Free Cash Flow	5.4	-	5.4	-8.83%	-6.80%	44.49%
Total Assets3	127.9	4.02%	127.9	4.02%	2.41%	1.74%
Total Liabilities3	21.4	12.34%	21.4	12.34%	4.01%	2.00%
Total Common Shares Outstanding3	5.8	0.00%	5.8	0.00%	0.00%	0.00%
1-ExchangeRate: JPY to USD Average for Period	79.208816	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	78.961215	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	82.385362	Â	82.385362	Â	Â	Â

Key Ratios
Â	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Profitability
Gross Margin	52.56%	55.58%	54.66%	54.45%	53.38%
Operating Margin	13.74%	11.46%	9.31%	12.07%	14.04%
Pretax Margin	14.29%	12.90%	9.80%	13.01%	14.50%
Net Profit Margin	7.44%	6.72%	4.00%	7.13%	7.78%
Financial Strength
Current Ratio	5.79	6.63	6.08	5.60	4.44
Long Term Debt/Equity	-	0.00	0.00	0.00	0.00
Total Debt/Equity	-	0.00	0.00	0.00	0.01
Management Effectiveness
Return on Assets	4.42%	3.53%	2.08%	4.40%	5.21%
Return on Equity	5.27%	4.18%	2.46%	5.29%	6.27%
Efficiency
Receivables Turnover	4.20	3.97	3.66	3.80	3.31
Inventory Turnover	4.48	3.43	2.86	3.31	3.97
Asset Turnover	0.59	0.53	0.52	0.62	0.67

Market Valuation USD (mil)
P/E (TTM)	9.65	.	Enterprise Value2	14.4
Price/Sales (TTM)	0.72	.	Enterprise Value/Revenue (TTM)	0.19
Price/Book (MRQ)	0.50	.	Enterprise Value/EBITDA (TTM)	1.26
Market Cap as of 29-Jun-20121	55.5	.
1-ExchangeRate: JPY to USD on 29-Jun-2012	79.390941
2-ExchangeRate: JPY to USD on 31-Mar-2012	82.385362

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Financial Strength
Current Ratio	5.79	6.63	6.08	5.60	4.44
Quick/Acid Test Ratio	4.97	5.62	5.04	4.36	3.56
Working Capital1	56.5	53.6	43.0	39.3	35.2
Long Term Debt/Equity	-	0.00	0.00	0.00	0.00
Total Debt/Equity	-	0.00	0.00	0.00	0.01
Long Term Debt/Total Capital	-	0.00	0.00	0.00	0.00
Total Debt/Total Capital	-	0.00	0.00	0.00	0.01
Payout Ratio	46.03%	34.75%	51.54%	40.45%	57.46%
Effective Tax Rate	47.95%	47.87%	59.14%	45.19%	46.33%
Total Capital1	106.5	103.3	89.1	83.4	82.5
Efficiency
Asset Turnover	0.59	0.53	0.52	0.62	0.67
Inventory Turnover	4.48	3.43	2.86	3.31	3.97
Days In Inventory	81.53	106.48	127.45	110.43	91.85
Receivables Turnover	4.20	3.97	3.66	3.80	3.31
Days Receivables Outstanding	86.92	92.03	99.84	96.03	110.35
Revenue/Employee2	-	344,184	293,140	307,304	320,005
Operating Income/Employee2	-	39,446	27,299	37,098	44,942
EBITDA/Employee2	-	45,307	32,701	41,895	49,822
Profitability
Gross Margin	52.56%	55.58%	54.66%	54.45%	53.38%
Operating Margin	13.74%	11.46%	9.31%	12.07%	14.04%
EBITDA Margin	15.26%	13.16%	11.16%	13.63%	15.57%
EBIT Margin	13.74%	11.46%	9.31%	12.07%	14.04%
Pretax Margin	14.29%	12.90%	9.80%	13.01%	14.50%
Net Profit Margin	7.44%	6.72%	4.00%	7.13%	7.78%
R&D Expense/Revenue	-	1.15%	1.19%	0.97%	0.97%
COGS/Revenue	47.44%	44.42%	45.34%	45.55%	46.62%
SG&A Expense/Revenue	37.34%	40.97%	42.25%	39.84%	36.84%
Management Effectiveness
Return on Assets	4.42%	3.53%	2.08%	4.40%	5.21%
Return on Equity	5.27%	4.18%	2.46%	5.29%	6.27%
Valuation
Free Cash Flow/Share2	0.93	1.01	1.30	0.95	1.68
Operating Cash Flow/Share 2	0.94	1.03	1.32	0.96	1.69
1-ExchangeRate: JPY to USD Period End Date	82.385362	82.88	93.44	98.77	99.535
2-ExchangeRate: JPY to USD Average for Period	82.385362	82.88	93.44	98.77	99.535

Current Market Multiples
Market Cap/Earnings (TTM)	9.65
Market Cap/Equity (MRQ)	0.50
Market Cap/Revenue (TTM)	0.72
Market Cap/EBIT (TTM)	5.22
Market Cap/EBITDA (TTM)	4.70
Enterprise Value/Earnings (TTM)	2.59
Enterprise Value/Equity (MRQ)	0.14
Enterprise Value/Revenue (TTM)	0.19
Enterprise Value/EBIT (TTM)	1.40
Enterprise Value/EBITDA (TTM)	1.26

Annual Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	77.8	61.3	54.8	60.4	57.1
Revenue	77.8	61.3	54.8	60.4	57.1
Total Revenue	77.8	61.3	54.8	60.4	57.1
Cost of Revenue	36.9	27.2	24.9	27.5	26.6
Cost of Revenue, Total	36.9	27.2	24.9	27.5	26.6
Gross Profit	40.9	34.0	30.0	32.9	30.5
Selling/General/Administrative Expense	9.9	8.3	8.0	8.8	7.5
Labor & Related Expense	19.2	16.8	15.1	15.2	13.5
Total Selling/General/Administrative Expenses	29.0	25.1	23.2	24.1	21.0
Research & Development	-	0.7	0.7	0.6	0.6
Depreciation	1.2	1.0	1.0	0.9	0.9
Depreciation/Amortization	1.2	1.0	1.0	0.9	0.9
Impairment-Assets Held for Use	0.0	0.0	0.0	0.0	0.0
Other Unusual Expense (Income)	0.0	0.2	0.0	0.0	0.0
Unusual Expense (Income)	0.0	0.2	0.0	0.0	0.0
Total Operating Expense	67.1	54.2	49.7	53.1	49.1
Operating Income	10.7	7.0	5.1	7.3	8.0
Interest Expense - Non-Operating	-	-	0.0	0.0	0.0
Interest Expense, Net Non-Operating	-	-	0.0	0.0	0.0
Interest Income - Non-Operating	0.0	0.0	0.0	0.1	0.0
Investment Income - Non-Operating	0.2	0.6	-0.1	0.3	0.0
Interest/Investment Income - Non-Operating	0.2	0.6	0.0	0.3	0.0
Interest Income (Expense) - Net Non-Operating Total	0.2	0.6	0.0	0.3	0.0
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.2	0.3	0.2	0.3	0.3
Other, Net	0.2	0.3	0.2	0.3	0.3
Income Before Tax	11.1	7.9	5.4	7.9	8.3
Total Income Tax	5.3	3.8	3.2	3.6	3.8
Income After Tax	5.8	4.1	2.2	4.3	4.4
Net Income Before Extraord Items	5.8	4.1	2.2	4.3	4.4
Net Income	5.8	4.1	2.2	4.3	4.4
Miscellaneous Earnings Adjustment	0.0	-	0.0	-	0.0
Total Adjustments to Net Income	0.0	-	0.0	-	0.0
Income Available to Common Excl Extraord Items	5.8	4.1	2.2	4.3	4.4
Income Available to Common Incl Extraord Items	5.8	4.1	2.2	4.3	4.4
Basic/Primary Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Basic EPS Excl Extraord Items	0.99	0.71	0.38	0.74	0.76
Basic/Primary EPS Incl Extraord Items	0.99	0.71	0.38	0.74	0.76
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	5.8	4.1	2.2	4.3	4.4
Diluted Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Diluted EPS Excl Extraord Items	0.99	0.71	0.38	0.74	0.76
Diluted EPS Incl Extraord Items	0.99	0.71	0.38	0.74	0.76
Dividends per Share - Common Stock Primary Issue	0.46	0.25	0.19	0.30	0.44
Gross Dividends - Common Stock	2.7	2.1	1.1	1.7	2.6
Interest Expense, Supplemental	-	-	0.0	0.0	0.0
Depreciation, Supplemental	1.2	1.0	1.0	0.9	0.9
Total Special Items	0.0	0.4	0.2	0.2	0.2
Normalized Income Before Tax	11.1	8.3	5.6	8.1	8.5
Effect of Special Items on Income Taxes	0.0	0.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	5.3	3.9	3.2	3.6	3.8
Normalized Income After Tax	5.8	4.4	2.4	4.5	4.6
Normalized Inc. Avail to Com.	5.8	4.4	2.4	4.5	4.6
Basic Normalized EPS	0.99	0.76	0.41	0.77	0.79
Diluted Normalized EPS	0.99	0.76	0.41	0.77	0.79
Amort of Acquisition Costs, Supplemental	0.0	0.2	0.2	0.2	0.2
Rental Expenses	1.9	1.9	1.8	1.7	1.4
Research & Development Exp, Supplemental	-	0.7	0.7	0.6	0.6
Reported Operating Profit	10.7	7.2	5.1	7.3	8.0
Reported Ordinary Profit	11.1	7.6	5.4	7.9	8.3
Normalized EBIT	10.7	7.2	5.1	7.3	8.0
Normalized EBITDA	11.8	8.5	6.4	8.4	9.1
Service Cost - Domestic	-	-	0.4	0.4	0.3
Domestic Pension Plan Expense	-	-	0.4	0.4	0.3
Total Pension Expense	-	-	0.4	0.4	0.3
Total Plan Service Cost	-	-	0.4	0.4	0.3

Interim Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.208816	77.302742	77.752043	81.605269	82.241044
Net Sales	22.0	20.6	18.7	16.6	16.8
Revenue	22.0	20.6	18.7	16.6	16.8
Total Revenue	22.0	20.6	18.7	16.6	16.8
Cost of Revenue	10.9	10.1	8.5	7.5	7.2
Cost of Revenue, Total	10.9	10.1	8.5	7.5	7.2
Gross Profit	11.1	10.5	10.2	9.1	9.6
Selling/General/Administrative Expense	8.2	7.8	7.3	6.9	2.8
Labor & Related Expense	-	-	-	-	4.0
Total Selling/General/Administrative Expenses	8.2	7.8	7.3	6.9	6.8
Depreciation	-	-	-	-	0.3
Depreciation/Amortization	-	-	-	-	0.3
Impairment-Assets Held for Use	0.0	0.0	0.0	0.0	0.0
Other Unusual Expense (Income)	0.0	0.0	-	-	0.2
Unusual Expense (Income)	0.0	0.0	0.0	0.0	0.2
Total Operating Expense	19.1	17.8	15.8	14.4	14.5
Operating Income	2.9	2.8	2.9	2.2	2.3
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Interest/Investment Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	0.0	0.0	0.0	0.0	0.0
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.0	0.1	0.2	0.1	0.1
Other, Net	0.0	0.1	0.2	0.1	0.1
Income Before Tax	2.9	2.9	3.1	2.3	2.4
Total Income Tax	1.4	1.6	1.4	1.0	1.2
Income After Tax	1.5	1.3	1.7	1.3	1.3
Net Income Before Extraord Items	1.5	1.3	1.7	1.3	1.3
Net Income	1.5	1.3	1.7	1.3	1.3
Miscellaneous Earnings Adjustment	-	0.0	-	0.0	0.0
Total Adjustments to Net Income	-	0.0	-	0.0	0.0
Income Available to Common Excl Extraord Items	1.5	1.3	1.7	1.3	1.3
Income Available to Common Incl Extraord Items	1.5	1.3	1.7	1.3	1.3
Basic/Primary Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Basic EPS Excl Extraord Items	0.26	0.22	0.30	0.22	0.22
Basic/Primary EPS Incl Extraord Items	0.26	0.22	0.30	0.22	0.22
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.5	1.3	1.7	1.3	1.3
Diluted Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Diluted EPS Excl Extraord Items	0.26	0.22	0.30	0.22	0.22
Diluted EPS Incl Extraord Items	0.26	0.22	0.30	0.22	0.22
Dividends per Share - Common Stock Primary Issue	0.27	0.00	0.19	0.00	0.26
Gross Dividends - Common Stock	1.5	0.0	1.1	0.0	2.2
Depreciation, Supplemental	0.3	0.3	0.3	0.3	0.3
Total Special Items	0.0	0.0	0.0	0.0	0.2
Normalized Income Before Tax	2.9	2.8	3.1	2.3	2.7
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.1
Inc Tax Ex Impact of Sp Items	1.4	1.6	1.4	1.0	1.2
Normalized Income After Tax	1.5	1.3	1.7	1.3	1.4
Normalized Inc. Avail to Com.	1.5	1.3	1.7	1.3	1.4
Basic Normalized EPS	0.26	0.22	0.30	0.22	0.24
Diluted Normalized EPS	0.26	0.22	0.30	0.22	0.24
Amort of Acquisition Costs, Supplemental	0.0	0.0	0.0	0.0	0.1
Reported Operating Profit	2.9	2.7	2.9	2.2	2.5
Reported Ordinary Profit	2.9	2.8	3.1	2.3	2.6
Normalized EBIT	2.9	2.7	2.9	2.2	2.5
Normalized EBITDA	3.2	3.0	3.2	2.4	2.9

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	28.1	23.8	23.5	19.6	15.9
Short Term Investments	11.0	14.0	4.9	3.0	3.0
Cash and Short Term Investments	39.1	37.7	28.4	22.5	18.9
Accounts Receivable - Trade, Gross	19.6	15.9	14.3	14.7	17.5
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	19.6	15.8	14.3	14.7	17.5
Total Receivables, Net	19.6	15.8	14.3	14.7	17.5
Inventories - Finished Goods	8.0	7.8	7.6	9.1	-
Total Inventory	8.0	7.8	7.6	9.1	7.8
Deferred Income Tax - Current Asset	1.4	1.4	0.9	1.1	0.9
Other Current Assets	0.3	0.4	0.3	0.4	0.3
Other Current Assets, Total	1.7	1.8	1.2	1.5	1.3
Total Current Assets	68.3	63.2	51.5	47.9	45.4
Buildings	40.1	39.6	35.1	33.2	33.0
Land/Improvements	39.7	39.5	35.0	33.1	32.9
Machinery/Equipment	1.1	1.0	0.7	0.6	0.5
Other Property/Plant/Equipment	2.7	2.7	2.4	2.8	2.7
Property/Plant/Equipment - Gross	83.6	82.9	73.2	69.8	69.0
Accumulated Depreciation	-28.9	-27.8	-23.9	-22.4	-21.3
Property/Plant/Equipment - Net	54.7	55.0	49.3	47.4	47.7
Goodwill, Net	-	0.0	0.2	0.4	0.6
Intangibles, Net	0.2	0.2	0.2	0.1	0.1
LT Investments - Other	0.9	0.9	1.4	0.4	2.0
Long Term Investments	0.9	0.9	1.4	0.4	2.0
Note Receivable - Long Term	-	-	0.0	0.3	0.4
Deferred Income Tax - Long Term Asset	1.6	1.6	1.3	1.9	1.9
Restricted Cash - Long Term	1.2	0.0	-	-	-
Other Long Term Assets	0.9	1.2	1.2	0.8	0.8
Other Long Term Assets, Total	3.7	2.8	2.6	2.7	2.7
Total Assets	127.9	122.2	105.3	99.3	99.0
Accounts Payable	2.4	1.7	2.7	2.5	3.5
Accrued Expenses	2.9	2.7	2.2	2.2	2.3
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	0.8
Current Portion - Long Term Debt/Capital Leases	-	-	0.0	-	-
Income Taxes Payable	3.0	3.1	1.8	1.7	1.9
Other Payables	2.0	1.1	-	-	-
Other Current Liabilities	1.6	1.0	1.7	2.1	1.7
Other Current liabilities, Total	6.5	5.2	3.5	3.8	3.6
Total Current Liabilities	11.8	9.5	8.5	8.5	10.2
Capital Lease Obligations	-	-	0.1	-	-
Total Long Term Debt	-	0.0	0.1	0.0	0.0
Total Debt	-	0.0	0.2	0.0	0.8
Deferred Income Tax - LT Liability	2.5	2.8	2.5	2.4	2.4
Deferred Income Tax	2.5	2.8	2.5	2.4	2.4
Pension Benefits - Underfunded	6.4	5.9	4.9	4.6	4.5
Other Long Term Liabilities	0.7	0.7	0.3	0.3	0.2
Other Liabilities, Total	7.1	6.6	5.2	4.9	4.7
Total Liabilities	21.4	18.9	16.3	15.9	17.3
Common Stock	21.8	21.7	19.2	18.2	18.1
Common Stock	21.8	21.7	19.2	18.2	18.1
Additional Paid-In Capital	25.8	25.6	22.7	21.5	21.3
Retained Earnings (Accumulated Deficit)	85.5	82.8	70.7	66.6	64.7
Treasury Stock - Common	0.0	0.0	0.0	0.0	0.0
Unrealized Gain (Loss)	-26.6	-26.8	-23.7	-22.9	-22.4
Total Equity	106.5	103.3	89.0	83.4	81.7
Total Liabilities & Shareholders’ Equity	127.9	122.2	105.3	99.3	99.0
Shares Outstanding - Common Stock Primary Issue	5.8	5.8	5.8	5.8	5.8
Total Common Shares Outstanding	5.8	5.8	5.8	5.8	5.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	184	186	200	205
Number of Common Shareholders	-	2,360	2,481	2,529	2,631
Total Capital Leases, Supplemental	-	-	0.2	0.1	-
Capital Lease Payments Due in Year 1	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 2	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 3	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 4	-	-	0.0	0.0	-
Capital Lease Payments Due in Year 5	-	-	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	-	-	0.1	0.1	-
Capital Lease Payments Due in 4-5 Years	-	-	0.0	0.0	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	-	0.0	0.0	-
Pension Obligation - Domestic	-	-	3.3	2.8	2.9
Funded Status - Domestic	-	-	-3.3	-2.8	-2.9
Total Funded Status	-	-	-3.3	-2.8	-2.9
Accrued Liabilities - Domestic	-	-	-3.3	-2.8	-2.9
Net Assets Recognized on Balance Sheet	-	-	-3.3	-2.8	-2.9
Total Plan Obligations	-	-	3.3	2.8	2.9

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	76.94	77.08	80.76	82.88
Cash & Equivalents	28.1	27.0	30.6	24.5	23.8
Short Term Investments	11.0	11.8	11.8	11.3	14.0
Cash and Short Term Investments	39.1	38.9	42.4	35.7	37.7
Accounts Receivable - Trade, Gross	19.6	18.3	15.7	16.5	15.9
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	19.6	18.3	15.7	16.5	15.8
Total Receivables, Net	19.6	18.3	15.7	16.5	15.8
Inventories - Finished Goods	8.0	9.0	8.7	8.3	7.8
Total Inventory	8.0	9.0	8.7	8.3	7.8
Deferred Income Tax - Current Asset	1.4	0.8	1.3	0.6	-
Other Current Assets	0.3	0.2	0.4	0.6	1.8
Other Current Assets, Total	1.7	1.1	1.7	1.2	1.8
Total Current Assets	68.3	67.3	68.5	61.8	63.2
Property/Plant/Equipment - Net	54.7	58.8	58.6	56.2	55.0
Goodwill, Net	-	-	-	-	0.0
Intangibles, Net	0.2	0.2	0.2	0.2	0.2
LT Investments - Other	0.9	1.0	1.0	1.0	0.9
Long Term Investments	0.9	1.0	1.0	1.0	0.9
Deferred Income Tax - Long Term Asset	1.6	1.7	1.9	1.7	1.6
Restricted Cash - Long Term	1.2	1.3	-	-	-
Other Long Term Assets	0.9	1.0	1.0	1.0	1.2
Other Long Term Assets, Total	3.7	4.0	2.9	2.7	2.8
Total Assets	127.9	131.3	131.3	121.8	122.2
Accounts Payable	2.4	2.1	2.0	2.0	1.7
Accrued Expenses	1.3	0.7	1.3	0.6	1.3
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	0.0
Income Taxes Payable	3.0	0.8	2.3	0.3	3.1
Other Current Liabilities	5.2	5.1	3.8	4.1	3.5
Other Current liabilities, Total	8.1	5.9	6.1	4.5	6.6
Total Current Liabilities	11.8	8.8	9.4	7.1	9.5
Total Long Term Debt	-	0.0	0.0	0.0	0.0
Total Debt	-	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	2.5	2.7	3.0	2.9	2.8
Deferred Income Tax	2.5	2.7	3.0	2.9	2.8
Pension Benefits - Underfunded	6.4	6.8	6.6	6.1	5.9
Other Long Term Liabilities	0.7	0.9	0.9	0.7	0.7
Other Liabilities, Total	7.1	7.6	7.5	6.8	6.6
Total Liabilities	21.4	19.1	19.9	16.8	18.9
Common Stock	21.8	23.4	23.3	22.3	21.7
Common Stock	21.8	23.4	23.3	22.3	21.7
Additional Paid-In Capital	25.8	27.6	27.5	26.3	25.6
Retained Earnings (Accumulated Deficit)	85.5	90.0	89.7	84.0	82.8
Treasury Stock - Common	0.0	0.0	0.0	0.0	0.0
Unrealized Gain (Loss)	-26.6	-28.8	-29.2	-27.5	-26.8
Total Equity	106.5	112.2	111.4	105.0	103.3
Total Liabilities & Shareholders’ Equity	127.9	131.3	131.3	121.8	122.2
Shares Outstanding - Common Stock Primary Issue	5.8	5.8	5.8	5.8	5.8
Total Common Shares Outstanding	5.8	5.8	5.8	5.8	5.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	-	-	-	184

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	11.1	7.9	5.4	7.9	8.3
Depreciation	1.2	1.0	1.0	0.9	0.9
Depreciation/Depletion	1.2	1.0	1.0	0.9	0.9
Amortization of Acquisition Costs	0.0	0.2	0.2	0.2	0.2
Amortization	0.0	0.2	0.2	0.2	0.2
Unusual Items	-0.2	-0.4	0.0	0.0	0.0
Other Non-Cash Items	0.4	0.3	0.1	0.0	-0.1
Non-Cash Items	0.2	0.0	0.1	0.0	-0.1
Accounts Receivable	-3.7	0.2	1.3	2.9	4.1
Inventories	-0.1	0.7	2.0	-1.4	-0.2
Other Assets	0.0	0.1	0.0	0.0	0.0
Accounts Payable	1.6	-1.2	0.0	-1.1	-0.4
Accrued Expenses	0.2	0.2	-0.1	-0.1	0.0
Other Liabilities	0.7	-0.2	0.3	-0.1	0.3
Other Operating Cash Flow	-5.4	-3.1	-2.4	-3.7	-4.4
Changes in Working Capital	-6.7	-3.3	1.1	-3.5	-0.6
Cash from Operating Activities	5.7	5.8	7.7	5.5	8.6
Purchase of Fixed Assets	-0.1	-0.1	-0.1	0.0	-0.1
Capital Expenditures	-0.1	-0.1	-0.1	0.0	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	0.3	1.7	0.0	2.0	0.0
Investment, Net	-0.1	0.0	-0.1	-0.1	0.0
Purchase of Investments	-1.3	-0.6	-0.9	-0.3	-1.7
Other Investing Cash Flow	0.1	0.1	0.0	0.0	-0.1
Other Investing Cash Flow Items, Total	-0.9	1.1	-1.0	1.6	-1.8
Cash from Investing Activities	-1.0	1.0	-1.1	1.6	-1.9
Cash Dividends Paid - Common	-3.4	-1.2	-1.9	-2.9	-1.7
Total Cash Dividends Paid	-3.4	-1.2	-1.9	-2.9	-1.7
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	-0.8	-0.2
Long Term Debt Reduction	-0.1	-0.1	0.0	0.0	0.0
Long Term Debt, Net	-0.1	-0.1	0.0	0.0	0.0
Issuance (Retirement) of Debt, Net	-0.1	-0.1	0.0	-0.8	-0.2
Cash from Financing Activities	-3.5	-1.3	-1.9	-3.7	-1.9
Foreign Exchange Effects	0.0	0.0	-0.2	0.0	0.0
Net Change in Cash	1.2	5.6	4.6	3.4	4.9
Net Cash - Beginning Balance	39.6	30.9	23.9	18.7	11.6
Net Cash - Ending Balance	40.8	36.5	28.5	22.2	16.5
Cash Interest Paid	-	-	0.0	0.0	0.0
Cash Taxes Paid	5.4	3.2	2.5	3.7	4.4

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	30-Sep-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	12 Months	6 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	79.672811	85.691434	86.812446	88.962162
Net Income/Starting Line	11.1	5.3	7.9	5.5	3.9
Depreciation	1.2	0.6	1.0	0.8	0.5
Depreciation/Depletion	1.2	0.6	1.0	0.8	0.5
Amortization of Acquisition Costs	0.0	0.0	0.2	0.2	0.1
Amortization	0.0	0.0	0.2	0.2	0.1
Unusual Items	-0.2	-0.1	-0.4	-0.5	-0.5
Other Non-Cash Items	0.3	0.2	0.3	0.3	0.3
Non-Cash Items	0.1	0.0	0.0	-0.2	-0.2
Accounts Receivable	-3.7	1.3	0.2	1.8	0.4
Inventories	-0.1	-0.3	0.7	0.4	0.1
Other Assets	0.0	0.0	0.1	0.2	0.1
Accounts Payable	1.6	-0.2	-1.2	-1.3	-0.2
Accrued Expenses	0.2	-0.1	0.2	-0.4	-0.1
Other Liabilities	0.7	0.3	-0.2	-0.2	-0.3
Other Operating Cash Flow	-5.4	-3.1	-3.1	-3.1	-1.7
Changes in Working Capital	-6.7	-2.1	-3.3	-2.6	-1.7
Cash from Operating Activities	5.7	3.8	5.8	3.6	2.7
Purchase of Fixed Assets	-0.1	0.0	-0.1	-0.1	-0.1
Capital Expenditures	-0.1	0.0	-0.1	-0.1	-0.1
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	0.3	0.3	1.7	1.6	1.6
Purchase of Investments	-1.3	0.0	-0.6	-0.6	0.0
Other Investing Cash Flow	0.1	0.0	0.1	0.0	0.0
Other Investing Cash Flow Items, Total	-0.9	0.3	1.1	1.1	1.6
Cash from Investing Activities	-1.0	0.3	1.0	1.0	1.5
Cash Dividends Paid - Common	-3.4	-2.3	-1.2	-1.2	-1.2
Total Cash Dividends Paid	-3.4	-2.3	-1.2	-1.2	-1.2
Repurchase/Retirement of Common	0.0	0.0	0.0	-	0.0
Common Stock, Net	0.0	0.0	0.0	-	0.0
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	-	0.0
Long Term Debt Reduction	-0.1	0.0	-0.1	0.0	0.0
Long Term Debt, Net	-0.1	0.0	-0.1	0.0	0.0
Issuance (Retirement) of Debt, Net	-0.1	0.0	-0.1	0.0	0.0
Cash from Financing Activities	-3.5	-2.3	-1.3	-1.2	-1.2
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	1.2	1.8	5.6	3.3	3.0
Net Cash - Beginning Balance	39.6	39.3	30.9	30.5	29.8
Net Cash - Ending Balance	40.8	41.1	36.5	33.9	32.8
Cash Taxes Paid	5.4	3.1	3.2	3.1	1.8

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net sales	77.8	61.3	54.8	60.4	57.1
Total Revenue	77.8	61.3	54.8	60.4	57.1
Cost of Sales	36.9	27.2	24.9	27.5	26.6
Payrolls & Bonuses	14.6	12.9	11.7	11.8	10.2
Provision for bonuses	1.4	1.2	1.1	1.0	1.0
Welfare expenses	2.4	2.1	1.8	1.8	1.7
Traveling & communication exp.	2.4	2.0	1.9	2.5	2.1
Depreciation	1.2	1.0	1.0	0.9	0.9
Rent expenses	1.9	1.9	1.8	1.7	1.4
Reserve for officers retirement	0.2	0.2	0.2	0.2	0.2
Reserve Guarantee for respons.commodity	0.1	0.2	0.1	0.1	0.1
Provision for directors' bonuses	-	-	-	-	0.0
Periodic retirement benefit costs	0.6	0.5	0.4	0.4	0.3
R & D Expense	-	0.7	0.7	0.6	0.6
Other SGA	5.4	4.2	4.2	4.5	3.9
SP Rev of provision for ross on disast	0.0	0.0	-	-	-
SP Reversal G on allow.doubt.accounts	-	0.0	0.0	0.0	0.0
Provision for loss on disaster	0.0	0.2	0.0	-	-
SP Loss Retire FixAsset	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	67.1	54.2	49.7	53.1	49.1
NOP Interest Income	0.0	0.0	0.0	0.1	0.0
Dividend Income	0.0	0.0	0.0	0.0	-
NOP Gain on sales of PPE	0.0	0.0	0.0	0.0	-
NOP Rental Income	0.2	0.2	0.2	0.2	0.2
Exchange Gain	0.2	0.0	0.0	0.3	0.0
NOP Other Income	0.0	0.1	0.0	0.1	0.1
NOP Interest Expenses	-	-	0.0	0.0	0.0
NOP Sales discounts	0.0	0.0	-	-	-
NOP Exchange Loss	-	0.0	-0.1	0.0	0.0
SP G on sale of fixed assets	-	-	-	0.0	0.0
SP G on sales of investment securities	0.0	0.5	0.0	-	-
Net Income Before Taxes	11.1	7.9	5.4	7.9	8.3
Provision for Income Taxes	5.3	3.8	3.2	3.6	3.8
Net Income After Taxes	5.8	4.1	2.2	4.3	4.4
Net Income Before Extra. Items	5.8	4.1	2.2	4.3	4.4
Net Income	5.8	4.1	2.2	4.3	4.4
Adjustment	0.0	-	0.0	-	0.0
Income Available to Com Excl ExtraOrd	5.8	4.1	2.2	4.3	4.4
Income Available to Com Incl ExtraOrd	5.8	4.1	2.2	4.3	4.4
Basic Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Basic EPS Excluding ExtraOrdinary Items	0.99	0.71	0.38	0.74	0.76
Basic EPS Including ExtraOrdinary Item	0.99	0.71	0.38	0.74	0.76
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	5.8	4.1	2.2	4.3	4.4
Diluted Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Diluted EPS Excluding ExtraOrd Items	0.99	0.71	0.38	0.74	0.76
Diluted EPS Including ExtraOrd Items	0.99	0.71	0.38	0.74	0.76
DPS-Common Stock	0.46	0.25	0.19	0.30	0.44
Gross Dividends - Common Stock	2.7	2.1	1.1	1.7	2.6
Normalized Income Before Taxes	11.1	8.3	5.6	8.1	8.5
Inc Tax Ex Impact of Sp Items	5.3	3.9	3.2	3.6	3.8
Normalized Income After Taxes	5.8	4.4	2.4	4.5	4.6
Normalized Inc. Avail to Com.	5.8	4.4	2.4	4.5	4.6
Basic Normalized EPS	0.99	0.76	0.41	0.77	0.79
Diluted Normalized EPS	0.99	0.76	0.41	0.77	0.79
Amortization of goodwill, supplemental	0.0	0.2	0.2	0.2	0.2
Interest Expense	-	-	0.0	0.0	0.0
Depreciation	1.2	1.0	1.0	0.9	0.9
Rental Expenses	1.9	1.9	1.8	1.7	1.4
R & D Expense	-	0.7	0.7	0.6	0.6
Reported Operating Profit	10.7	7.2	5.1	7.3	8.0
Reported Ordinary Profit	11.1	7.6	5.4	7.9	8.3
Service Cost	-	-	0.4	0.4	0.3
Domestic Pension Plan Expense	-	-	0.4	0.4	0.3
Total Pension Expense	-	-	0.4	0.4	0.3

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.208816	77.302742	77.752043	81.605269	82.241044
Net Sales	22.0	20.6	18.7	16.6	16.8
Total Revenue	22.0	20.6	18.7	16.6	16.8
Cost of Sales	10.9	10.1	8.5	7.5	7.2
Selling, general and administrative expe	8.2	7.8	7.3	6.9	-
Payrolls & Bonuses	-	-	-	-	3.2
Provision for bonuses	-	-	-	-	0.6
Depreciation expenses	-	-	-	-	0.3
Prov. for dirs' retirment benefits	-	-	-	-	0.1
Periodic retirement benefit costs	-	-	-	-	0.1
Other general expenses	-	-	-	-	2.8
SP Reversal of allow. for doubtful accou	-	-	-	-	0.0
SP Special other gain	0.0	0.0	-	-	-
SP L. on retire. of PPE	0.0	0.0	0.0	0.0	0.0
SP Special other loss	-	-	-	-	0.2
Total Operating Expense	19.1	17.8	15.8	14.4	14.5
NOP Interest income	0.0	0.0	0.0	0.0	0.0
NOP Dividends income	0.0	0.0	0.0	0.0	0.0
NOP Gain on sales of PPE	0.0	0.0	0.0	0.0	0.0
NOP Rental income	0.0	0.1	0.1	0.1	0.1
NOP Foreign exchange gains	-	-	-	-	0.0
NOP Other non-operating income	0.0	0.1	0.1	0.0	0.0
NOP Foreign exchange losses	-	-	-	-	0.0
NOP Miscellaneous losses	0.0	-	-	-	-
SP G on sale of investment secs.	0.0	0.0	0.0	0.0	0.0
Net Income Before Taxes	2.9	2.9	3.1	2.3	2.4
Provision for Income Taxes	1.4	1.6	1.4	1.0	1.2
Net Income After Taxes	1.5	1.3	1.7	1.3	1.3
Net Income Before Extra. Items	1.5	1.3	1.7	1.3	1.3
Net Income	1.5	1.3	1.7	1.3	1.3
Adjustment	-	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	1.5	1.3	1.7	1.3	1.3
Income Available to Com Incl ExtraOrd	1.5	1.3	1.7	1.3	1.3
Basic Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Basic EPS Excluding ExtraOrdinary Items	0.26	0.22	0.30	0.22	0.22
Basic EPS Including ExtraOrdinary Item	0.26	0.22	0.30	0.22	0.22
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.5	1.3	1.7	1.3	1.3
Diluted Weighted Average Shares	5.8	5.8	5.8	5.8	5.8
Diluted EPS Excluding ExtraOrd Items	0.26	0.22	0.30	0.22	0.22
Diluted EPS Including ExtraOrd Items	0.26	0.22	0.30	0.22	0.22
DPS-Common Stock	0.27	0.00	0.19	0.00	0.26
Gross Dividends - Common Stock	1.5	0.0	1.1	0.0	2.2
Normalized Income Before Taxes	2.9	2.8	3.1	2.3	2.7
Inc Tax Ex Impact of Sp Items	1.4	1.6	1.4	1.0	1.2
Normalized Income After Taxes	1.5	1.3	1.7	1.3	1.4
Normalized Inc. Avail to Com.	1.5	1.3	1.7	1.3	1.4
Basic Normalized EPS	0.26	0.22	0.30	0.22	0.24
Diluted Normalized EPS	0.26	0.22	0.30	0.22	0.24
Depreciation	0.3	0.3	0.3	0.3	0.3
Amortization of goodwill	0.0	0.0	0.0	0.0	0.1
Reported Operating Profit	2.9	2.7	2.9	2.2	2.5
Reported Ordinary Profit	2.9	2.8	3.1	2.3	2.6

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	28.1	23.8	23.5	19.6	15.9
Account Rcvbl.	19.6	15.9	14.3	14.7	17.5
Marketable Secs.	11.0	14.0	4.9	3.0	3.0
Inventories - total	-	-	-	-	7.8
Goods	8.0	7.8	7.6	9.1	-
Deferred Inc Tax	1.4	1.4	0.9	1.1	0.9
Other Cur. Asset	0.3	0.4	0.3	0.4	0.3
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Total Current Assets	68.3	63.2	51.5	47.9	45.4
Buildings	40.1	39.6	35.1	33.2	33.0
Depr. Buildings	-25.8	-24.8	-21.3	-19.5	-18.6
Machinery	1.1	1.0	0.7	0.6	0.5
Depr. Machinery	-0.7	-0.6	-0.5	-0.4	-0.4
Land	39.7	39.5	35.0	33.1	32.9
Other, prop., plants, & equip., gross	2.7	2.7	2.4	2.8	2.7
Depr. Other PP&E	-2.4	-2.4	-2.1	-2.4	-2.3
Goodwill	-	0.0	0.2	0.4	0.6
Other Intangible	0.2	0.2	0.2	0.1	0.1
Investment Secs.	0.9	0.9	1.4	0.4	2.0
Long-term deposit	1.2	0.0	-	-	-
LT Loan-Employee	-	-	0.0	0.3	0.4
Deferred Inc Tax	1.6	1.6	1.3	1.9	1.9
Other Assets	0.9	1.3	1.3	0.9	0.8
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Adjustment	-	-	0.0	0.0	0.0
Total Assets	127.9	122.2	105.3	99.3	99.0
Acct. & Note payable	2.4	1.7	2.7	2.5	3.5
ST Debts	-	-	-	0.0	0.8
Lease	-	-	0.0	-	-
Accounts payable-other	2.0	1.1	-	-	-
Accrued Expenses	1.6	1.4	1.1	1.2	1.2
Inc Tax Payable	3.0	3.1	1.8	1.7	1.9
Allow for Bonus	1.3	1.3	1.1	1.0	1.2
Reserve for directors' bonuses	-	-	-	-	0.0
Guarantee Goods	0.1	0.2	0.1	0.2	0.2
Provision For Loss On Disaster	0.0	0.2	0.0	-	-
Other Cur. Liabs	1.5	0.6	1.6	2.0	1.6
Total Current Liabilities	11.8	9.5	8.5	8.5	10.2
Lease	-	-	0.1	-	-
Total Long Term Debt	-	-	0.1	-	-
Accrued Retire	4.4	3.9	3.3	2.8	2.9
Director Benefit	2.0	1.9	1.6	1.8	1.6
Deferred tax liabilities revaluation	2.5	2.8	2.5	2.4	2.4
Other LT Liabs.	0.7	0.7	0.3	0.3	0.2
Total Liabilities	21.4	18.9	16.3	15.9	17.3
Common Stock	21.8	21.7	19.2	18.2	18.1
Paid-in Capital	25.8	25.6	22.7	21.5	21.3
Legal Reserve	85.5	82.8	70.7	66.6	64.7
Treasury Stock	0.0	0.0	0.0	0.0	0.0
Reserve by val. of investment sec.	-	0.0	0.1	0.0	0.0
G/L on Deferred Hedge	0.0	0.1	0.0	-0.4	-0.1
Reval. Excess	-26.6	-26.8	-23.8	-22.5	-22.3
Total Equity	106.5	103.3	89.0	83.4	81.7
Total Liabilities & Shareholders' Equity	127.9	122.2	105.3	99.3	99.0
S/O-Common Stock	5.8	5.8	5.8	5.8	5.8
Total Common Shares Outstanding	5.8	5.8	5.8	5.8	5.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	-	184	186	200	205
Number of Common Shareholders	-	2,360	2,481	2,529	2,631
Capital Lease Maturing within 1 Year	-	-	0.0	0.0	-
Capital Lease Maturing within 2 Years	-	-	0.0	0.0	-
Capital Lease Maturing within 3 Years	-	-	0.0	0.0	-
Capital Lease Maturing within 4 Years	-	-	0.0	0.0	-
Capital Lease Maturing within 5 Years	-	-	0.0	0.0	-
Remaining	-	-	0.0	0.0	-
Total Capital Leases	-	-	0.2	0.1	-
Pension Obligation	-	-	3.3	2.8	2.9
Funded Status	-	-	-3.3	-2.8	-2.9
Total Funded Status	-	-	-3.3	-2.8	-2.9
Reserve for Accrued Retirement Benefits	-	-	-3.3	-2.8	-2.9
Net Assets Recognized on Balance Sheet	-	-	-3.3	-2.8	-2.9

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	76.94	77.08	80.76	82.88
Cash & Deposit	28.1	27.0	30.6	24.5	23.8
Accounts & notes receivable, gross	19.6	18.3	15.7	16.5	15.9
Marketable securities	11.0	11.8	11.8	11.3	14.0
Inventories - merchandise	8.0	9.0	8.7	8.3	7.8
Deferred tax assets	1.4	0.8	1.3	0.6	-
Other	0.3	0.2	0.4	0.6	1.8
Allowance for doubtful accounts	0.0	0.0	0.0	0.0	0.0
Total Current Assets	68.3	67.3	68.5	61.8	63.2
Buildings & structures	14.3	15.5	15.5	15.0	14.8
Land, net	39.7	42.5	42.4	40.5	39.5
Other PPE	0.7	0.7	0.7	0.7	0.8
Goodwill	-	-	-	-	0.0
Other intangible Assets	0.2	0.2	0.2	0.2	0.2
Long-term investment in securities	0.9	1.0	1.0	1.0	0.9
Long-term deposit	1.2	1.3	-	-	-
Deferred inc. taxes	1.6	1.7	1.9	1.7	1.6
Other	0.9	1.0	1.0	1.0	1.3
Allowance for doubtful accounts	0.0	0.0	0.0	0.0	0.0
Total Assets	127.9	131.3	131.3	121.8	122.2
Acct. & Note payable	2.4	2.1	2.0	2.0	1.7
Inc Tax Payable	3.0	0.8	2.3	0.3	3.1
Allow for Bonus	1.3	0.7	1.3	0.6	1.3
Provision for merchandise warranties	0.1	0.1	0.1	0.2	0.2
Provision for loss on disaster	0.0	0.0	0.1	0.1	-
Other	5.0	5.0	3.6	3.9	3.3
Total Current Liabilities	11.8	8.8	9.4	7.1	9.5
Accrued Retire	4.4	4.7	4.5	4.2	3.9
Director Benefit	2.0	2.1	2.0	1.9	1.9
Deferred tax liabilities revaluation	2.5	2.7	3.0	2.9	2.8
Other	0.7	0.9	0.9	0.7	0.7
Total Liabilities	21.4	19.1	19.9	16.8	18.9
Common Stock	21.8	23.4	23.3	22.3	21.7
Paid-in Capital	25.8	27.6	27.5	26.3	25.6
Retained earnings	85.5	90.0	89.7	84.0	82.8
Treasury Stock	0.0	0.0	0.0	0.0	0.0
Unrlzd Gain-Secs	-	-	-	-	0.0
Deferred hedge	0.0	-0.3	-0.3	0.0	0.1
Reserve by valuation of land	-26.6	-28.5	-28.9	-27.5	-26.8
Total Equity	106.5	112.2	111.4	105.0	103.3
Total Liabilities & Shareholders' Equity	127.9	131.3	131.3	121.8	122.2
S/O-Common Stock	5.8	5.8	5.8	5.8	5.8
Total Common Shares Outstanding	5.8	5.8	5.8	5.8	5.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	-	-	-	-	184

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income Bf. Tax	11.1	7.9	5.4	7.9	8.3
Depreciation	1.2	1.0	1.0	0.9	0.9
Amortization of goodwill	0.0	0.2	0.2	0.2	0.2
Allowance for Bonus	0.0	0.0	0.0	-0.2	0.0
Reserve for directors' bonuses	-	-	-	0.0	0.0
Accrued Retire Bnft.	0.4	0.2	0.4	-0.1	0.3
Director Benefits	0.0	0.2	-0.3	0.1	-0.3
Allow Guarantee Goods	-	-	-	0.0	0.0
Allow Guarantee Product	-0.1	0.0	0.0	-	-
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Increase (decrease) in reserve for loss	-0.2	0.2	0.0	-	-
Int.& Dividend Inc.	0.0	-0.1	-0.1	-0.1	0.0
Exchange Loss/Gain	0.0	0.0	0.2	0.0	0.0
Gain Sale Inv. Secs.	0.0	-0.5	0.0	-	-
Interest Expenses	-	-	0.0	0.0	0.0
G on the sale of fixed assets	0.0	0.0	0.0	0.0	0.0
Loss Retire PPE	0.0	0.0	0.0	0.0	0.0
Acc.& Note Rcvbl.	-3.7	0.2	1.3	2.9	4.1
Inventories	-0.1	0.7	2.0	-1.4	-0.2
Other Current Assets	0.0	0.1	0.0	0.0	0.0
Acc.& Note Payable	0.7	-1.3	0.1	-1.1	-0.1
Other Payable	0.9	0.1	-0.1	0.0	-0.2
Accrued Expenses	0.2	0.1	-0.1	0.0	0.1
Other Current Liabs.	0.6	-0.3	0.2	-0.2	0.2
Other Liabilities	0.1	0.1	0.1	0.1	0.1
Director Bonus Paid	-	-	-	-	0.0
Int.& Dividend Rcv'd	0.0	0.1	0.1	0.1	0.0
Interest Paid	-	-	0.0	0.0	0.0
Tax Paid	-5.4	-3.2	-2.5	-3.7	-4.4
Cash from Operating Activities	5.7	5.8	7.7	5.5	8.6
Time Deposit Made	-1.3	-	-	-	-
Time Deposit Matured	0.0	-	-	-	-
Loan-Employee Made	0.0	-0.1	-0.1	-0.1	-0.2
Loan-Emp. Collected	0.1	0.2	0.1	0.2	0.1
Capital Expenditure	-0.1	-0.1	-0.1	0.0	-0.1
Sale of PPE	0.0	0.0	0.0	0.0	0.0
Purch. of Inv.Secs.	0.0	-0.6	-0.9	-0.3	-1.7
Sale of Inv. Secs.	0.0	1.6	0.0	2.0	0.0
Sale of Other Invest	0.3	0.1	0.0	0.0	0.0
Purch. of Other Inv.	-0.1	0.0	-0.1	-0.1	0.0
Cash from Investing Activities	-1.0	1.0	-1.1	1.6	-1.9
ST Debt, Net	-	-	0.0	-0.8	-0.2
Purch. of Treasury	0.0	0.0	0.0	0.0	0.0
Repayment of finance lease	-0.1	-0.1	0.0	0.0	0.0
Dividend Paid	-3.4	-1.2	-1.9	-2.9	-1.7
Cash from Financing Activities	-3.5	-1.3	-1.9	-3.7	-1.9
Foreign Exchange Effects	0.0	0.0	-0.2	0.0	0.0
Net Change in Cash	1.2	5.6	4.6	3.4	4.9
Net Cash - Beginning Balance	39.6	30.9	23.9	18.7	11.6
Net Cash - Ending Balance	40.8	36.5	28.5	22.2	16.5
Cash Interest Paid	-	-	0.0	0.0	0.0
Cash Taxes Paid	5.4	3.2	2.5	3.7	4.4

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	30-Sep-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	12 Months	6 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	79.672811	85.691434	86.812446	88.962162
Net Income Bf. Tax	11.1	5.3	7.9	5.5	3.9
Depreciation	1.2	0.6	1.0	0.8	0.5
Amortization of goodwill	0.0	0.0	0.2	0.2	0.1
Allowance for Bonus	0.0	0.0	0.0	-0.6	-0.1
Accrued Retire Bnft.	0.4	0.3	0.2	0.2	0.2
Reserve for dir.'s retire. bonuse	0.0	-0.1	0.2	0.1	0.1
Allow Guarantee Goods	-0.1	0.0	0.0	0.0	0.0
Allow Doubt Acc.	0.0	0.0	0.0	0.0	0.0
Increase (decrease) in reserve for loss	-0.2	-0.1	0.2	-	0.0
Int.& Dividend Inc.	0.0	0.0	-0.1	0.0	0.0
Foreign exchange losses (gains)	0.0	0.0	0.0	0.0	0.0
Gain Sale Inv. Secs.	0.0	0.0	-0.5	-0.5	-0.5
G/L on sale of PPE	0.0	0.0	0.0	0.0	0.0
Loss Retire PPE	0.0	0.0	0.0	0.0	0.0
(Inc) Dec accounts receivable	-3.7	1.3	0.2	1.8	0.4
Inventories	-0.1	-0.3	0.7	0.4	0.1
Other Current Assets	0.0	0.0	0.1	0.2	0.1
Acc.& Note Payable	0.7	0.1	-1.3	-1.3	0.0
Other Payable	0.9	-0.3	0.1	0.0	-0.2
Accrued Expenses	0.2	-0.1	0.1	0.2	0.0
Other Current Liabs.	0.6	0.3	-0.3	-0.2	-0.3
Other LT Liabilities	0.1	0.0	0.1	0.0	0.0
Int.& Dividend Rcv'd	0.0	0.0	0.1	0.0	0.0
Tax Paid	-5.4	-3.1	-3.2	-3.1	-1.8
Adjustment	-	0.0	-	-	-
Cash from Operating Activities	5.7	3.8	5.8	3.6	2.7
Time Deposit Made	-1.3	-	0.0	-	-
Time Deposit Matured	0.0	-	0.0	-	-
Loan-Employee Made	0.0	0.0	-0.1	-0.1	-0.1
Loan-Emp. Collected	0.1	0.1	0.2	0.1	0.1
Capital Expenditure	-0.1	0.0	-0.1	-0.1	-0.1
Sale of PPE	0.0	0.0	0.0	0.0	0.0
Purch. of Inv.Secs.	0.0	-	-0.6	-0.6	0.0
Sale. of Inv. Secs	0.0	0.0	1.6	1.6	1.5
Purch. of Other Inv.	-0.1	0.0	0.0	0.0	0.0
Sale of Other Inv.	0.3	0.3	0.1	0.1	0.0
Cash from Investing Activities	-1.0	0.3	1.0	1.0	1.5
Purch. of Treasury	0.0	0.0	0.0	-	0.0
Repayments of lease obligations	-0.1	0.0	-0.1	0.0	0.0
Cash Dividend Paid	-3.4	-2.3	-1.2	-1.2	-1.2
Cash from Financing Activities	-3.5	-2.3	-1.3	-1.2	-1.2
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	1.2	1.8	5.6	3.3	3.0
Net Cash - Beginning Balance	39.6	39.3	30.9	30.5	29.8
Net Cash - Ending Balance	40.8	41.1	36.5	33.9	32.8
Cash Taxes Paid	5.4	3.1	3.2	3.1	1.8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.15
UK Pound	1	Rs.86.58
Euro	1	Rs.67.60

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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