MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	NISSIN KOGYO CO., LTD.
Registered Office :	840, Kokubu Ueda-Shi, 386-8505
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	27.10.1953
Legal Form :	Public Parent
Line of Business :	Manufacture of motor vehicles
No. of Employees :	8,289

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

Company name and address

Top of Form

Bottom of Form

NISSIN KOGYO CO., LTD.

840, Kokubu
Ueda-Shi, 386-8505
Japan
Tel:	81-268-243111
Fax:	81-268-212533
www.nissinkogyo.co.jp

Employees:

8,289

Company Type:

Public Parent

Corporate Family:

12 Companies

Traded:

Tokyo Stock Exchange:

7230

Incorporation Date:

27-Oct-1953

Auditor:

Ernst & Young LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	Japanese Yen
Annual Sales:	2,014.9 ^1
Net Income:	54.2
Total Assets:	1,661.8 ^2
Market Value:	908.3
	(25-May-2012)

Business Description

NISSIN KOGYO CO., LTD., is mainly involved in the manufacturing and sale of automobile braking systems and parts. The Company has two business segments. The Automotive Components segment provides four-wheel vehicle parts including vehicle stability assist systems, anti-lock braking systems, disc brakes, drum brakes and engine mount brackets; two-wheel vehicle parts including anti-lock braking systems, disc brakes, drum brakes, brake master cylinders, clutch master cylinders. The Others segment is involved in the manufacture and sale of machinery, metal molds, aluminum components and cutting instruments. As of March 31, 2011, the Company has 15 subsidiaries and six associated companies. For the six months ended 30 September 2011, NISSIN KOGYOCO., LTD.'s revenues decreased 13% to Y72.36B. The Company's net income decreased 78% to Y988M. Revenues reflect lower sales due to the unfavorable economic environment. Lower net income also suffered from unfavorable gross and operating profit margins, the presence of equity loss, as well as the presence of loss on disaster. The Company is based in Japan.

Industry

Industry	Auto and Truck Parts
ANZSIC 2006:	231 - Motor Vehicle and Motor Vehicle Part Manufacturing
NACE 2002:	3410 - Manufacture of motor vehicles
NAICS 2002:	33634 - Motor Vehicle Brake System Manufacturing
UK SIC 2003:	3410 - Manufacture of motor vehicles
US SIC 1987:	3714 - Motor Vehicle Parts and Accessories

Key Executives

Name	Title
Eiji Ohkawara	President, Representative Director
Hideaki Yanagisawa	Senior Managing Director, Chief Director of Sales & Purchasing
Hiroshi Ishihara	Executive Officer, Director of Second Development in Main Development Unit
Masamichi Komori	Executive Director-Development
Tamotsu Abe	President

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	Nissin Kogyo Co., Ltd. Cancels Business Alliance with SHOWA CORPORATION; Divests Stake in NISSHIN SHOWA UK LIMITED and JAPAN BRAKE INDUSTRIAL CO., LTD.	31-Jan-2012
Strategic Combinations	1	Nissin Kogyo Co., Ltd.'s Subsidiary Establishes Joint Venture with PT. Alcar Wheels Indonesia	31-Jan-2012
Other Pre-Announcement	1	Nissin Kogyo Co., Ltd. Issues Consolidated Mid-year and Full-year Guidance for FY 2012; Amends Mid-year and Year-end Dividend Forecasts for FY 2012	29-Jul-2011
Debt Ratings	1	R&I Affirms Nissin Kogyo Co., Ltd.'s Rating at "A"; Rating Outlook Stable	7-Feb-2012

* number of significant developments within the last 12 months

News

Title	Date
Nissin Kogyo Expects This FY Group Net Profit Y8.70B Nikkei English News (61 Words)	26-Apr-2012
Nissin Kogyo FY Grp Net Pft Y4.28B Vs Y6.64B Pft Yr Earlier Nikkei English News (57 Words)	26-Apr-2012
Nissin Kogyo Expects This FY Group Net Profit Y3.30B Nikkei English News (44 Words)	31-Jan-2012
Australia Patent for 'Hydraulic apparatus and anti-lock brake control apparatus for a vehicle' Ceases Australian Government (105 Words)	28-Nov-2011
Nissin Kogyo 1H Grp Net Pft Y988.00M Vs Y4.56B Pft Yr Earlier Nikkei English News (58 Words)	27-Oct-2011

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.61	1.97
Quick Ratio (MRQ)	1.97	1.25
Debt to Equity (MRQ)	0.03	0.52
Sales 5 Year Growth	-3.27	-0.73
Net Profit Margin (TTM) %	4.44	5.15
Return on Assets (TTM) %	5.20	7.12
Return on Equity (TTM) %	5.05	22.22

Stock Snapshot

Traded: Tokyo Stock Exchange: 7230

As of 25-May-2012

   Financials in: JPY

Recent Price	1,103.00	EPS	69.52
52 Week High	1,494.00	Price/Sales	0.45
52 Week Low	930.00	Dividend Rate	24.00
Avg. Volume (mil)	0.23	Price/Earnings	20.43
Market Value (mil)	72,193.71	Price/Book	0.84
		Beta	1.32

	Price % Change	Rel S&P 500%
4 Week	-15.28%	-5.64%
13 Week	-22.16%	-10.06%
52 Week	-16.44%	-4.30%
Year to Date	-0.27%	0.63%

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
840, Kokubu
Ueda-Shi, 386-8505
Japan

Tel:	81-268-243111
Fax:	81-268-212533

www.nissinkogyo.co.jp

Quote Symbol - Exchange
7230 - Tokyo Stock Exchange
Sales JPY(mil):	159,098.0
Assets JPY(mil):	136,912.0
Employees:	8,289
Fiscal Year End:	31-Mar-2012

Industry:	Auto and Truck Parts

Incorporation Date:	27-Oct-1953
Company Type:	Public Parent
Quoted Status:	Quoted

President, Representative Director:	Eiji Ohkawara

Company Web Links

Financial Information

Home Page

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2142	-	Aluminium Rolling, Drawing, Extruding
2463	-	Machine Tool and Parts Manufacturing
231	-	Motor Vehicle and Motor Vehicle Part Manufacturing

NACE 2002 Codes:
3410	-	Manufacture of motor vehicles
2942	-	Manufacture of other metalworking machine tools
2862	-	Manufacture of tools
2742	-	Aluminium production

NAICS 2002 Codes:
33634	-	Motor Vehicle Brake System Manufacturing
331316	-	Aluminum Extruded Product Manufacturing
333514	-	Special Die and Tool, Die Set, Jig, and Fixture Manufacturing
333512	-	Machine Tool (Metal Cutting Types) Manufacturing

US SIC 1987:
3714	-	Motor Vehicle Parts and Accessories
3354	-	Aluminum Extruded Products
3544	-	Special Dies and Tools, Die Sets, Jigs and Fixtures, and Industrial Molds
3541	-	Machine Tools, Metal Cutting Types

UK SIC 2003:
3410	-	Manufacture of motor vehicles
2942	-	Manufacture of other metalworking machine tools
2862	-	Manufacture of tools
2742	-	Aluminium production

Business Description

NISSIN KOGYO CO., LTD., is mainly involved in the manufacturing and sale of automobile braking systems and parts. The Company has two business segments. The Automotive Components segment provides four-wheel vehicle parts including vehicle stability assist systems, anti-lock braking systems, disc brakes, drum brakes and engine mount brackets; two-wheel vehicle parts including anti-lock braking systems, disc brakes, drum brakes, brake master cylinders, clutch master cylinders. The Others segment is involved in the manufacture and sale of machinery, metal molds, aluminum components and cutting instruments. As of March 31, 2011, the Company has 15 subsidiaries and six associated companies. For the six months ended 30 September 2011, NISSIN KOGYOCO., LTD.'s revenues decreased 13% to Y72.36B. The Company's net income decreased 78% to Y988M. Revenues reflect lower sales due to the unfavorable economic environment. Lower net income also suffered from unfavorable gross and operating profit margins, the presence of equity loss, as well as the presence of loss on disaster. The Company is based in Japan.

More Business Descriptions

Manufacture of braking systems particularly for four-wheel drive transmissions

Motor Vehicle Braking Systems & Parts Mfr

Nissin Kogyo Co Ltd (Japan) specialises in brake components. The company has 14 production sites in nine countries.

Other Motor Vehicle Parts Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	159,098.0
Net Income:	4,277.0
Assets:	136,912.0
Long Term Debt:	84.0
Total Liabilities:	52,042.0
Working Capital:	15.3
Date of Financial Data:	31-Mar-2012

1 Year Growth

-3.4%

-35.6%

1.5%

Market Data

Quote Symbol:	7230
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	1,103.0
Stock Price Date:	05-25-2012
52 Week Price Change %:	-16.4
Market Value (mil):	72,193,712.0
SEDOL:	6071475
ISIN:	JP3675300002
Equity and Dept Distribution:
03/2006, 3-for-1 stock split. FY'06 DPS was estimated. 3/2002, 1.5-for-1 stock split. FY'99-02 WAS were estimated.6&12/03&04&05:WAS=O/S(estimated). FY'08 Q3 WAS & o/s were estimated.

Subsidiaries

Company	Percentage Owned	Country
PT Chemco Harapan Nusantara	100%	INDONESIA
Nissin Brake Philippines Corporation	100%	PHILIPPINES
Shandong Nissin Industry Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Nissin Showa UK Ltd	100%	UK
Nissin R&D Europe SL	100%	SPAIN
Nissin R&D USA	100%	USA
Nissin Brake Ohio Inc	100%	USA
Nissin Brake Georgia Inc	100%	USA
Nissin Brake (Thailand) Co Ltd	100%	THAILAND
Nissin R&D Asia	100%	THAILAND
Zhongshan Nissin Industry Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Nissin Brake Vietnam Co Ltd	100%	VIETNAM
Nissin Brake Do Brasil Ltda	100%	BRAZIL
Nissin R&D China	100%	PEOPLE'S REPUBLIC OF CHINA
Nissin Brake India Pvt Ltd	100%	INDIA

Shareholders

Major Shareholders

Honda Motor (34.65%); Daishin Sangyo Co Ltd (5.14%); Japan Trustee Services Bank (5.06%)

Key Corporate Relationships

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

Corporate Structure News

NISSIN KOGYO CO., LTD.
Total Corporate Family Members: 12

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
NISSIN KOGYO CO., LTD.	Parent	Ueda-Shi	Japan	Auto and Truck Parts	2,014.9	8,289
Nissin Kogyo Batam, PT	Subsidiary	Mukakuning, Batam	Indonesia	Miscellaneous Capital Goods	135.0	750
Daisin Co Ltd	Joint Venture	Klongnuang, Pathum Thani	Thailand	Auto and Truck Manufacturers		750
Nissin Brake Ohio, Inc.	Subsidiary	Findlay, OH	United States	Auto and Truck Parts	100.0	650
Nissin Brake Georgia Inc.	Subsidiary	Rock Spring, GA	United States	Auto and Truck Parts	15.5	166
Nissin Brake Philippines Corporation	Subsidiary	Laguna	Philippines	Auto and Truck Parts	41.0	200
Ishii Corporation Co.,Ltd	Subsidiary	Kitakambara-Gun, Niigata	Japan	Miscellaneous Capital Goods	17.4	121
Nissin Brake India Pvt. Ltd.	Subsidiary	Mumbai, Rajasthan	India	Auto and Truck Parts
Shandong Nissin Industry Co., Ltd.	Subsidiary	Rushan, Shandong	China	Auto and Truck Parts
Nissin Brake (Thailand) Co., Ltd.	Subsidiary	Nakhon Ratchasima	Thailand	Auto and Truck Parts
Nissin Brake Vietnam Co., Ltd.	Subsidiary	Quat Luu, Vinh Phuc	Viet Nam	Auto and Truck Parts
Nissin Brake Do Brasil Ltda	Subsidiary	Itu, SP	Brazil	Auto and Truck Parts

Executives Report

Board of Directors

Name	Title	Function
Junichi Beppu	Managing Director, President & Chairman of Subsidiaries	Director/Board Member
Biography Mr. Junichi Beppu has been serving as Managing Director in NISSIN KOGYO CO., LTD., as well as President in its subsidiary NISSIN BRAKE OHIO, INC. and Chairman in its subsidiary NISSIN BRAKE GEORGIA, INC, since June 2011. He joined the Company in April 1979. He was previously serving as Chief Director of Development, Director of 1st Development in Main Development Unit, Executive Officer and Deputy Chief Director of Purchasing and Leader of Technology. Age: 55
Keiji Himori	Senior Managing Director, Chief Director of Production	Director/Board Member
Biography Mr. Keiji Himori has been serving as Senior Managing Director and Chief Director of Production in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 1978, and served Executive Officer, Managing Director and Deputy Chief Director of Production. Mr. Himori used to serve as Chairman of two China-based subsidiaries. Age: 57
Akihiko Kishimoto	Managing Director, Chief Director of Business Administration	Director/Board Member
Biography Mr. Akihiko Kishimoto has been serving as Managing Director and Chief Director of Business Administration in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 2008 and previously served as Executive Officer and Director. He previously worked for Honda Motor Co., Ltd. and its subsidiaries and affiliates. Age: 58
Eiji Ohkawara	President, Representative Director	Director/Board Member
Biography Mr. Eiji Ohkawara has been serving as President and Representative Director in NISSIN KOGYO CO., LTD. since June 2011. He is also serving as Executive Officer in Honda Motor Co., Ltd. He used to be President and Representative Director in Honda Engineering Co.,Ltd. Age: 53
Hiroyuki Suganuma	Managing Director	Director/Board Member	Reuters
Biography Mr. Hiroyuki Suganuma has been serving as Managing Director in NISSIN KOGYO CO., LTD. since June 19, 2009. He joined the Company in April 2006. He was previously serving as Managing Executive Officer, Chief Director of Administration and Chief Director of Business Administration. Prior to joining the Company, Mr. Suganuma worked for Honda Motor Co., Ltd. and Honda R&D Co., Ltd. Age: 58
Naotoshi Tamai	Chief Director of Development, Director	Director/Board Member
Biography Mr. Naotoshi Tamai has been serving as Chief Director of Development and Director in NISSIN KOGYO CO., LTD. since June 2010. He joined the Company in February 1986. His previous titles include Director of 4th Development in Main Development Unit, Executive Officer and Manager of Tochigi Development Center in Main Development Unit.
Kenji Terada	Executive Director	Director/Board Member
Biography Mr. Kenji Terada has been serving as Executive Director in NISSIN KOGYO CO., LTD. since June 2011. He is also in charge of General Affairs, Accounting and Human Recourses in the Company. He joined the Company in April 2011. He used to work for Honda Motor Co., Ltd. Age: 53
Kazuo Tezuka	Director of Sales, Director	Director/Board Member
Biography Mr. Kazuo Tezuka has been serving as Director of Sales in Main Sales and Purchasing Unit and Director in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 1975. His previous title was Executive Officer. Age: 58
Katsutoshi Ueda	Vice President, Representative Director	Director/Board Member
Biography Mr. Katsutoshi Ueda has been serving as Vice President and Representative Director in NISSIN KOGYO CO., LTD. since June 2010. He joined the Company in April 1974. His previous titles include Managing Executive Officer, Chief Director of Sales and Development, Leader of Purchasing, Executive Officer, Senior Managing Director and Chief Director of Sales & Purchase. Age: 59
Hideaki Yanagisawa	Senior Managing Director, Chief Director of Sales & Purchasing	Director/Board Member
Biography Mr. Hideaki Yanagisawa has been serving as Senior Managing Director and Chief Director of Sales and Purchasing in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 1978 and previously served as Managing Executive Officer, Chief Director of America and Europe Region, Managing Director and Manager of Naoetsu Plant. Age: 56

Executives

Name	Title	Function
Masamichi Komori	Executive Director-Development	Chief Executive Officer
Kimio Koyano	Executive Director	Chief Executive Officer
Shigetoshi Okada	Senior Executive Director-Administration & Risk Management	Chief Executive Officer
Tamotsu Abe	President	President
Eiji Ohkawara	President, Representative Director	President
Biography Mr. Eiji Ohkawara has been serving as President and Representative Director in NISSIN KOGYO CO., LTD. since June 2011. He is also serving as Executive Officer in Honda Motor Co., Ltd. He used to be President and Representative Director in Honda Engineering Co.,Ltd. Age: 53
Yoichi Iijima	Senior Executive Officer, President of Subsidiary	Division Head Executive
Junichi Beppu	Managing Director, President & Chairman of Subsidiaries	Managing Director
Biography Mr. Junichi Beppu has been serving as Managing Director in NISSIN KOGYO CO., LTD., as well as President in its subsidiary NISSIN BRAKE OHIO, INC. and Chairman in its subsidiary NISSIN BRAKE GEORGIA, INC, since June 2011. He joined the Company in April 1979. He was previously serving as Chief Director of Development, Director of 1st Development in Main Development Unit, Executive Officer and Deputy Chief Director of Purchasing and Leader of Technology. Age: 55
Genichiro Fukuzawa	Managing Director-Production	Managing Director
Keiji Himori	Senior Managing Director, Chief Director of Production	Managing Director
Biography Mr. Keiji Himori has been serving as Senior Managing Director and Chief Director of Production in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 1978, and served Executive Officer, Managing Director and Deputy Chief Director of Production. Mr. Himori used to serve as Chairman of two China-based subsidiaries. Age: 57
Hideo Ikuma	Co-Managing Director	Managing Director
Akihiko Kishimoto	Managing Director, Chief Director of Business Administration	Managing Director
Biography Mr. Akihiko Kishimoto has been serving as Managing Director and Chief Director of Business Administration in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 2008 and previously served as Executive Officer and Director. He previously worked for Honda Motor Co., Ltd. and its subsidiaries and affiliates. Age: 58
Akihiro A Kubo	Executive & Managing Director	Managing Director
Tamiyuki Maejima	Executive & Managing Director	Managing Director
Masaaki Mizuno	Executive & Managing Director	Managing Director
Shogo Netsu	Co-Senior Managing Director	Managing Director
Masayuki Seki	Senior Executive & Managing Director	Managing Director
Hiroyuki Suganuma	Managing Director	Managing Director
Biography Mr. Hiroyuki Suganuma has been serving as Managing Director in NISSIN KOGYO CO., LTD. since June 19, 2009. He joined the Company in April 2006. He was previously serving as Managing Executive Officer, Chief Director of Administration and Chief Director of Business Administration. Prior to joining the Company, Mr. Suganuma worked for Honda Motor Co., Ltd. and Honda R&D Co., Ltd. Age: 58
Hideaki Yanagisawa	Senior Managing Director, Chief Director of Sales & Purchasing	Managing Director	Reuters
Biography Mr. Hideaki Yanagisawa has been serving as Senior Managing Director and Chief Director of Sales and Purchasing in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 1978 and previously served as Managing Executive Officer, Chief Director of America and Europe Region, Managing Director and Manager of Naoetsu Plant. Age: 56
Noritake Oguchi	Co-Auditor	Finance Executive
Kimio Oshimori	Co-Auditor	Finance Executive
Atsushi Totsune	Co-Auditor	Finance Executive
Eiichi Matsumoto	Auditor	Accounting Executive
Hidenori Misaizu	Statutory Auditor	Accounting Executive
Norimasa Oguchi	Auditor	Accounting Executive
Kiyoshi Sakashita	Statutory Auditor	Accounting Executive
Kazuo Tezuka	Director of Sales, Director	Sales Executive
Biography Mr. Kazuo Tezuka has been serving as Director of Sales in Main Sales and Purchasing Unit and Director in NISSIN KOGYO CO., LTD. since June 2011. He joined the Company in April 1975. His previous title was Executive Officer. Age: 58
Hiroshi Ishihara	Executive Officer, Director of Second Development in Main Development Unit	Other
Takao Iwai	Executive Officer, President of Subsidiary	Other
Kazue Kasahara	Executive Officer, Tobu Plant Manager in Main Production Unit	Other
Hiroki Kawakami	Executive Officer, Senior Manager of 1st Development	Other
Ippei Kojima	Executive Officer, Director of Accounting in Main Business Management Unit	Other
Kazuo Koyama	Executive Officer, Director of 1st Development	Other
Mitsutoyo Mizusawa	Executive Vice President	Other
Hitofumi Nishizawa	Executive Officer, Senior Manager of Purchasing Unit	Other
Hirohiko Sato	Executive Officer, Manager of IT Office in Main Business Management Unit	Other
Yukio Seki	Executive Officer	Other
Kenji Shimizu	Executive Officer, President of Subsidiary	Other
Mutsumi Shimizu	Executive Officer	Other
Takayoshi Shinohara	Executive Officer	Other
Yuzo Takatera	Executive Officer, Ueda Plant Manager in Main Production Unit	Other
Junya Takei	Executive Officer, Assistant Mgr of Naoetsu Plant	Other
Hideyuki Terajima	Executive Officer, Naoetsu Plant Manager in Main Production Unit	Other
Toshio Yahagi	Executive Officer, Director of Third Development in Main Development Unit	Other

Significant Developments

R&I Affirms Nissin Kogyo Co., Ltd.'s Rating at "A"; Rating Outlook Stable

Feb 07, 2012

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Nissin Kogyo Co., Ltd. at "A". The rating outlook is stable.

Nissin Kogyo Co., Ltd. Cancels Business Alliance with SHOWA CORPORATION; Divests Stake in NISSHIN SHOWA UK LIMITED and JAPAN BRAKE INDUSTRIAL CO., LTD.

Jan 31, 2012

Nissin Kogyo Co., Ltd. announced that Nissin Kogyo Co., Ltd. and SHOWA CORPORATION have agreed to cancel their business alliance. Therefore, Nissin Kogyo Co., Ltd. will sell all its stake (a 35.7% stake) in their joint venture, NISSHIN SHOWA UK LIMITED, to SHOWA CORPORATION. SHOWA CORPORATION currently owns a 64.3% stake in NISSHIN SHOWA UK LIMITED. Nissin Kogyo Co., Ltd. also announced that it has decided to sell all its stake (a 21.11% stake, or 114,000 shares) in JAPAN BRAKE INDUSTRIAL CO., LTD. to Hitachi Chemical Company, Ltd., effective February 24, 2012. Hitachi Chemical Company, Ltd. currently owns a 73.39% stake in JAPAN BRAKE INDUSTRIAL CO., LTD.

Nissin Kogyo Co., Ltd.'s Subsidiary Establishes Joint Venture with PT. Alcar Wheels Indonesia

Jan 31, 2012

Nissin Kogyo Co., Ltd. announced that its subsidiary, PT. Chemco Harapan Nusantara has established a joint venture, PT. Alcar Chemco Indonesia, with PT. Alcar Wheels Indonesia in January 2012. PT. Alcar Chemco Indonesia will be engaged in manufacturing and sale of cast wheel of vehicles. PT. Chemco Harapan Nusantara will hold a 49% stake and PT. Alcar Wheels Indonesia will hold a 51% stake in the joint venture respectively.

Nissin Kogyo Co., Ltd. Issues Consolidated Mid-year and Full-year Guidance for FY 2012; Amends Mid-year and Year-end Dividend Forecasts for FY 2012

Jul 29, 2011

Nissin Kogyo Co., Ltd. announced that it has issued the consolidated mid-year guidance for revenue of JPY 72,000 million, operating profit of JPY 3,800 million, ordinary profit of JPY 3,800 million, net profit of JPY 800 million and earning per share of JPY 12.32 for the fiscal year ending March 31, 2012. The Company has issued the consolidated full-year guidance for revenue of JPY 161,000 million, operating profit of JPY 11,000 million, ordinary profit of JPY 11,200 million, net profit of JPY 4,800 million and earning per share of JPY 73.94 for the fiscal year ending March 31, 2012. The Company has amended the mid-year dividend forecast from an undetermined value to JPY 12.00 per share and year-end dividend forecast from an undetermined value to JPY 12.00 per share for the fiscal year ending March 31, 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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Revenue	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Total Revenue	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Cost of Revenue	1,762.6	1,660.0	1,416.5	1,626.6	1,491.1
Cost of Revenue, Total	1,762.6	1,660.0	1,416.5	1,626.6	1,491.1
Gross Profit	252.3	262.4	147.4	227.9	280.2
Selling/General/Administrative Expense	132.3	71.8	63.2	70.1	65.9
Labor & Related Expense	-	38.1	32.2	35.3	30.4
Total Selling/General/Administrative Expenses	132.3	109.9	95.5	105.3	96.2
Depreciation	-	0.6	0.7	0.0	-
Depreciation/Amortization	-	0.6	0.7	0.0	-
Impairment-Assets Held for Use	0.7	1.1	1.7	1.7	0.2
Impairment-Assets Held for Sale	1.8	0.0	0.0	0.3	1.2
Other Unusual Expense (Income)	1.6	1.6	-0.5	0.6	-0.6
Unusual Expense (Income)	4.2	2.7	1.2	2.6	0.8
Total Operating Expense	1,899.1	1,773.2	1,513.9	1,734.5	1,588.2
Operating Income	115.8	149.2	50.0	119.9	183.2
Interest Expense - Non-Operating	-0.7	-0.6	-1.0	-1.3	-0.4
Interest Expense, Net Non-Operating	-0.7	-0.6	-1.0	-1.3	-0.4
Interest Income - Non-Operating	8.8	6.7	5.0	9.3	9.0
Investment Income - Non-Operating	-0.2	-13.9	7.2	-22.0	0.3
Interest/Investment Income - Non-Operating	8.6	-7.2	12.2	-12.7	9.3
Interest Income (Expense) - Net Non-Operating Total	7.9	-7.8	11.2	-14.1	8.9
Gain (Loss) on Sale of Assets	0.2	0.2	0.2	0.7	0.6
Other Non-Operating Income (Expense)	1.6	0.5	3.3	-1.0	3.1
Other, Net	1.6	0.5	3.3	-1.0	3.1
Income Before Tax	125.6	141.9	64.7	105.5	195.7
Total Income Tax	36.1	33.1	20.9	29.5	43.9
Income After Tax	89.5	108.9	43.9	76.0	151.9
Minority Interest	-35.3	-31.4	-15.9	-34.0	-35.1
Net Income Before Extraord Items	54.2	77.5	27.9	42.0	116.8
Net Income	54.2	77.5	27.9	42.0	116.8
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	54.2	77.5	27.9	42.0	116.8
Income Available to Common Incl Extraord Items	54.2	77.5	27.9	42.0	116.8
Basic/Primary Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Basic EPS Excl Extraord Items	0.84	1.19	0.43	0.64	1.78
Basic/Primary EPS Incl Extraord Items	0.84	1.19	0.43	0.64	1.78
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	54.2	77.5	27.9	42.0	116.8
Diluted Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Diluted EPS Excl Extraord Items	0.84	1.19	0.43	0.64	1.78
Diluted EPS Incl Extraord Items	0.84	1.19	0.43	0.64	1.78
Dividends per Share - Common Stock Primary Issue	0.30	0.28	0.15	0.30	0.31
Gross Dividends - Common Stock	19.7	18.3	9.9	19.5	20.6
Interest Expense, Supplemental	0.7	0.6	1.0	1.3	0.4
Depreciation, Supplemental	103.2	100.1	107.2	110.4	93.9
Total Special Items	3.9	2.6	1.0	2.1	0.3
Normalized Income Before Tax	129.5	144.5	65.7	107.5	196.0
Effect of Special Items on Income Taxes	1.1	0.6	0.3	0.6	0.0
Inc Tax Ex Impact of Sp Items	37.2	33.7	21.2	30.1	43.9
Normalized Income After Tax	92.3	110.8	44.5	77.5	152.1
Normalized Inc. Avail to Com.	57.0	79.4	28.6	43.5	117.0
Basic Normalized EPS	0.88	1.22	0.44	0.67	1.79
Diluted Normalized EPS	0.88	1.22	0.44	0.67	1.79
Amort of Acquisition Costs, Supplemental	0.0	0.0	0.0	0.1	0.1
Research & Development Exp, Supplemental	-	71.9	62.7	68.5	64.0
Reported Operating Profit	120.0	152.4	52.0	122.6	184.0
Reported Ordinary Profit	110.4	144.9	65.8	107.5	195.7
Normalized EBIT	120.0	151.9	51.2	122.6	184.0
Normalized EBITDA	223.2	252.0	158.5	233.1	278.0
Interest Cost - Domestic	-	2.0	1.5	1.4	1.2
Service Cost - Domestic	-	12.8	11.6	11.3	9.9
Prior Service Cost - Domestic	-	-0.4	-0.4	-0.3	-0.3
Expected Return on Assets - Domestic	-	-1.1	-0.9	-1.1	-0.6
Actuarial Gains and Losses - Domestic	-	1.4	2.9	2.3	0.7
Domestic Pension Plan Expense	-	14.9	14.8	13.6	10.9
Total Pension Expense	-	14.9	14.8	13.6	10.9
Discount Rate - Domestic	-	2.10%	2.10%	1.50%	1.50%
Expected Rate of Return - Domestic	-	1.25%	1.25%	1.25%	0.75%
Total Plan Interest Cost	-	2.0	1.5	1.4	1.2
Total Plan Service Cost	-	12.8	11.6	11.3	9.9
Total Plan Expected Return	-	-1.1	-0.9	-1.1	-0.6

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	339.8	400.3	266.2	209.4	241.1
Short Term Investments	36.5	24.4	0.0	3.4	0.0
Cash and Short Term Investments	376.2	424.7	266.2	212.7	241.1
Accounts Receivable - Trade, Gross	310.2	266.9	249.9	175.4	286.1
Provision for Doubtful Accounts	-0.1	-0.2	-0.2	-0.1	-0.3
Trade Accounts Receivable - Net	310.1	266.7	249.8	175.2	285.8
Total Receivables, Net	310.1	266.7	249.8	175.2	285.8
Inventories - Finished Goods	44.2	49.6	39.6	39.1	38.9
Inventories - Work In Progress	29.4	26.1	20.1	21.8	26.2
Inventories - Raw Materials	167.0	140.0	126.1	134.5	127.6
Total Inventory	240.6	215.7	185.8	195.4	192.7
Deferred Income Tax - Current Asset	18.0	14.8	8.7	10.3	12.7
Other Current Assets	34.5	30.6	29.2	33.9	39.9
Other Current Assets, Total	52.5	45.4	37.9	44.3	52.6
Total Current Assets	979.3	952.4	739.7	627.6	772.3
Buildings	259.9	245.0	220.6	195.1	197.1
Land/Improvements	67.0	66.0	59.1	36.9	39.1
Machinery/Equipment	1,186.3	1,135.4	1,020.3	909.1	940.0
Construction in Progress	36.4	35.4	15.3	25.2	66.6
Leases	10.5	8.8	7.1	5.9	0.0
Property/Plant/Equipment - Gross	1,560.0	1,490.5	1,322.3	1,172.2	1,242.7
Accumulated Depreciation	-1,052.7	-995.8	-840.0	-695.7	-693.7
Property/Plant/Equipment - Net	507.4	494.8	482.4	476.5	549.1
Goodwill, Net	-	-	-	0.0	0.1
Intangibles, Net	13.2	10.8	10.7	10.1	7.9
LT Investment - Affiliate Companies	-	22.7	-	-	-
LT Investments - Other	149.7	134.8	154.3	112.0	150.4
Long Term Investments	149.7	157.4	154.3	112.0	150.4
Note Receivable - Long Term	0.4	1.7	1.6	0.8	1.1
Deferred Income Tax - Long Term Asset	1.6	1.4	2.5	1.1	5.7
Other Long Term Assets	10.1	9.2	9.2	9.1	8.6
Other Long Term Assets, Total	11.7	10.7	11.7	10.3	14.3
Total Assets	1,661.8	1,627.8	1,400.4	1,237.3	1,495.1
Accounts Payable	229.6	212.1	195.4	176.1	239.5
Accrued Expenses	0.3	0.7	0.0	0.4	1.2
Notes Payable/Short Term Debt	30.1	33.3	11.8	35.8	44.4
Current Portion - Long Term Debt/Capital Leases	3.2	2.9	2.1	1.2	0.0
Income Taxes Payable	12.8	9.5	4.0	4.0	15.5
Other Payables	56.6	53.9	41.3	32.6	60.0
Other Current Liabilities	43.2	36.4	27.6	20.6	25.9
Other Current liabilities, Total	112.6	99.8	72.9	57.2	101.4
Total Current Liabilities	375.7	348.8	282.1	270.8	386.5
Capital Lease Obligations	1.0	3.3	4.3	4.2	0.0
Total Long Term Debt	1.0	3.3	4.3	4.2	0.0
Total Debt	34.3	39.6	18.1	41.2	44.4
Deferred Income Tax - LT Liability	38.1	39.6	36.2	20.6	31.4
Deferred Income Tax	38.1	39.6	36.2	20.6	31.4
Minority Interest	186.2	184.2	162.8	139.7	172.7
Reserves	0.6	0.6	0.0	-	-
Pension Benefits - Underfunded	18.1	18.0	16.4	16.8	15.7
Other Long Term Liabilities	11.9	12.6	4.6	2.2	1.1
Other Liabilities, Total	30.6	31.2	21.1	19.0	16.8
Total Liabilities	631.7	607.0	506.4	454.3	607.4
Common Stock	44.8	44.6	39.5	37.4	37.1
Common Stock	44.8	44.6	39.5	37.4	37.1
Additional Paid-In Capital	41.5	41.3	36.6	34.6	34.3
Retained Earnings (Accumulated Deficit)	1,040.1	1,001.4	830.4	771.9	751.0
Treasury Stock - Common	-12.7	-9.3	-1.1	-1.0	-0.3
Unrealized Gain (Loss)	73.3	65.5	61.0	38.4	50.9
Translation Adjustment	-156.8	-122.6	-72.6	-98.4	14.7
Other Equity, Total	-156.8	-122.6	-72.6	-98.4	14.7
Total Equity	1,030.2	1,020.8	893.9	783.0	887.7
Total Liabilities & Shareholders’ Equity	1,661.9	1,627.8	1,400.3	1,237.3	1,495.1
Shares Outstanding - Common Stock Primary Issue	64.7	64.9	65.4	65.4	65.4
Total Common Shares Outstanding	64.7	64.9	65.4	65.4	65.4
Treasury Shares - Common Stock Primary Issue	0.8	0.5	0.1	0.1	0.0
Employees	-	8,289	8,167	8,389	7,415
Number of Common Shareholders	-	16,396	17,443	22,342	16,332
Total Long Term Debt, Supplemental	-	8.6	0.6	0.7	0.5
Long Term Debt Maturing within 1 Year	-	0.2	0.2	0.2	0.1
Long Term Debt Maturing in Year 2	-	0.2	0.2	0.2	0.1
Long Term Debt Maturing in Year 3	-	0.2	0.2	0.2	0.1
Long Term Debt Maturing in Year 4	-	0.0	0.1	0.2	0.1
Long Term Debt Maturing in Year 5	-	8.1	0.0	0.1	0.1
Long Term Debt Maturing in 2-3 Years	-	0.3	0.3	0.3	0.2
Long Term Debt Maturing in 4-5 Years	-	8.1	0.1	0.3	0.2
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.1
Total Capital Leases, Supplemental	-	6.0	6.2	5.2	-
Capital Lease Payments Due in Year 1	-	2.8	1.9	1.1	-
Capital Lease Payments Due in Year 2	-	2.4	2.0	1.8	-
Capital Lease Payments Due in Year 3	-	0.3	1.8	1.4	-
Capital Lease Payments Due in Year 4	-	0.3	0.4	0.9	-
Capital Lease Payments Due in Year 5	-	0.2	0.0	-	-
Capital Lease Payments Due in 2-3 Years	-	2.7	3.8	3.2	-
Capital Lease Payments Due in 4-5 Years	-	0.5	0.5	0.9	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.1	-	-	-
Pension Obligation - Domestic	-	91.2	78.3	79.3	78.3
Plan Assets - Domestic	-	74.0	62.8	54.3	59.1
Funded Status - Domestic	-	-17.2	-15.4	-25.0	-19.2
Total Funded Status	-	-17.2	-15.4	-25.0	-19.2
Discount Rate - Domestic	-	2.10%	2.10%	1.50%	1.50%
Expected Rate of Return - Domestic	-	1.25%	1.25%	1.25%	0.75%
Prepaid Benefits - Domestic	-	0.0	0.0	0.2	0.5
Accrued Liabilities - Domestic	-	-17.8	-16.3	-13.8	-12.3
Other Assets, Net - Domestic	-	-0.6	-0.8	11.3	7.4
Net Assets Recognized on Balance Sheet	-	-18.4	-17.1	-2.3	-4.3
Total Plan Obligations	-	91.2	78.3	79.3	78.3
Total Plan Assets	-	74.0	62.8	54.3	59.1

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	125.6	142.0	64.7	105.5	195.8
Depreciation	103.2	100.1	107.2	110.4	93.9
Depreciation/Depletion	103.2	100.1	107.2	110.4	93.9
Amortization of Acquisition Costs	0.0	0.0	0.0	0.1	0.1
Amortization	0.0	0.0	0.0	0.1	0.1
Unusual Items	-18.7	1.4	1.5	1.1	-0.7
Equity in Net Earnings (Loss)	12.7	6.7	-0.1	-0.6	-3.9
Other Non-Cash Items	-4.4	-9.6	-8.1	-5.5	-11.5
Non-Cash Items	-10.4	-1.4	-6.6	-5.0	-16.2
Accounts Receivable	-51.9	-0.6	-56.7	76.4	-2.0
Inventories	-34.3	-20.1	31.4	-37.5	-31.7
Accounts Payable	31.7	13.3	6.9	-38.2	-15.6
Accrued Expenses	-0.4	0.6	-0.5	-0.7	0.0
Other Operating Cash Flow	-24.0	-13.6	3.9	-21.5	-53.6
Changes in Working Capital	-79.0	-20.3	-15.0	-21.5	-102.9
Cash from Operating Activities	139.4	220.2	150.3	189.5	170.6
Purchase of Fixed Assets	-138.1	-76.7	-65.4	-101.6	-178.7
Purchase/Acquisition of Intangibles	-5.1	-1.2	-1.7	-2.5	0.0
Capital Expenditures	-143.2	-78.0	-67.1	-104.1	-178.7
Sale of Fixed Assets	3.4	2.8	0.5	2.3	3.0
Sale/Maturity of Investment	20.9	5.7	8.5	2.6	10.2
Investment, Net	-14.2	-	-	-	-
Purchase of Investments	-2.6	-29.7	-1.7	-18.2	-16.5
Sale of Intangible Assets	0.3	0.0	-	-	-
Other Investing Cash Flow	-0.2	0.6	-2.0	-1.4	-1.5
Other Investing Cash Flow Items, Total	7.6	-20.6	5.4	-14.7	-4.7
Cash from Investing Activities	-135.6	-98.6	-61.7	-118.7	-183.4
Other Financing Cash Flow	-27.3	-18.4	-15.9	-22.5	-15.3
Financing Cash Flow Items	-27.3	-18.4	-15.9	-22.5	-15.3
Cash Dividends Paid - Common	-19.7	-14.5	-13.4	-23.4	-20.0
Total Cash Dividends Paid	-19.7	-14.5	-13.4	-23.4	-20.0
Short Term Debt, Net	-3.4	19.4	-25.0	-7.9	35.0
Long Term Debt Reduction	-1.4	-1.4	-1.3	-0.2	0.0
Long Term Debt, Net	-1.4	-1.4	-1.3	-0.2	0.0
Issuance (Retirement) of Debt, Net	-4.8	18.0	-26.4	-8.1	35.0
Cash from Financing Activities	-51.8	-14.9	-55.6	-54.1	-0.3
Foreign Exchange Effects	-18.6	-12.9	15.0	-50.6	-1.9
Net Change in Cash	-66.6	93.8	48.0	-33.9	-15.0
Net Cash - Beginning Balance	413.7	287.3	216.9	234.6	221.2
Net Cash - Ending Balance	347.0	381.2	264.9	200.7	206.2
Cash Interest Paid	0.7	0.6	1.0	1.3	0.4
Cash Taxes Paid	29.0	25.7	17.6	38.5	53.0

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net sales	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Total Revenue	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Cost of Sales	1,762.6	1,660.0	1,416.5	1,626.6	1,491.1
Total SGA	132.3	-	-	-	-
Shipping Cost	-	16.7	14.0	18.2	17.4
Export Cost	-	21.1	16.0	19.4	21.4
Salary	-	36.0	30.4	32.3	27.1
Accrued Retirement	-	1.2	1.7	1.8	1.4
Allowance for Directors' Retir. Benefits	-	0.0	0.2	0.7	0.7
Allowance for Directors' Bonus	-	0.8	-	0.5	1.1
Allowance for doubtful accounts	-	0.2	-	-	-
Other SGA	-	34.0	33.3	32.5	27.1
SP Gain-Prior Profit	-	-	-	0.0	-1.5
SP Reversal-reserve for doubtful account	0.0	-0.5	0.0	0.0	-0.1
SP Reversal-product warranty reserve	-	0.0	-0.5	0.0	-
SP Retire.-Fixed Assets	0.7	1.1	1.7	1.7	0.2
SP L on adj. for changes of acc. assets	0.0	0.5	0.0	-	-
SP Loss on disaster	1.6	1.1	0.0	-	-
SP Reserve for contingency loss	0.0	0.4	0.0	-	-
SP Impairment loss	1.8	0.0	0.0	0.3	0.9
SP Revalue. Invest. Sec	-	-	0.0	0.0	0.3
SP Product Repair	-	-	0.0	0.4	0.2
SP Reserve for product warranty	-	-	0.0	0.3	0.8
Non-Ope. Loss-Retirement of Inventory	-	-	-	-	0.0
NOP Depreciation exp.	-	0.6	0.7	0.0	-
Total Operating Expense	1,899.1	1,773.2	1,513.9	1,734.5	1,588.2
SP Sales of Fixed Asset	0.3	0.5	0.3	0.7	0.7
SP Gain-sale of LT investment securities	19.6	0.3	0.0	0.0	0.2
SP Loss Sale Fixed	0.0	-0.3	-0.2	0.0	-0.1
SP Loss-sale of LT investment secs.	-0.4	-0.8	0.0	-	-
NOP Interest Income	8.8	6.7	5.0	9.3	9.0
NOP Dividend Income	3.3	2.6	1.7	3.2	2.9
NOP Equity Gain	-	0.0	0.1	0.6	3.9
NOP Exchange Gain	-	0.0	5.5	0.0	-
NOP Subsidies Income	-	0.0	3.2	0.0	-
NOP Other Income	6.1	4.5	2.9	2.9	4.6
NOP Interest Expenses	-0.7	-0.6	-1.0	-1.3	-0.4
NOP Equity in losses of affiliates	-12.7	-6.7	0.0	-	-
NOP Exchange Loss	-10.0	-9.4	0.0	-25.8	-6.8
NOP Provision for doubtful accounts	-	0.0	-0.6	0.0	-
NOP Other Expenses	-4.5	-4.0	-2.1	-3.9	-1.6
Net Income Before Taxes	125.6	141.9	64.7	105.5	195.7
Provision for Income Taxes	36.1	33.1	20.9	29.5	43.9
Net Income After Taxes	89.5	108.9	43.9	76.0	151.9
Minority interest	-35.3	-31.4	-15.9	-34.0	-35.1
Net Income Before Extra. Items	54.2	77.5	27.9	42.0	116.8
Net Income	54.2	77.5	27.9	42.0	116.8
Miscell. Adjust	0.0	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	54.2	77.5	27.9	42.0	116.8
Income Available to Com Incl ExtraOrd	54.2	77.5	27.9	42.0	116.8
Basic Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Basic EPS Excluding ExtraOrdinary Items	0.84	1.19	0.43	0.64	1.78
Basic EPS Including ExtraOrdinary Item	0.84	1.19	0.43	0.64	1.78
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	54.2	77.5	27.9	42.0	116.8
Diluted Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Diluted EPS Excluding ExtraOrd Items	0.84	1.19	0.43	0.64	1.78
Diluted EPS Including ExtraOrd Items	0.84	1.19	0.43	0.64	1.78
DPS-Common Stock	0.30	0.28	0.15	0.30	0.31
Gross Dividends - Common Stock	19.7	18.3	9.9	19.5	20.6
Normalized Income Before Taxes	129.5	144.5	65.7	107.5	196.0
Inc Tax Ex Impact of Sp Items	37.2	33.7	21.2	30.1	43.9
Normalized Income After Taxes	92.3	110.8	44.5	77.5	152.1
Normalized Inc. Avail to Com.	57.0	79.4	28.6	43.5	117.0
Basic Normalized EPS	0.88	1.22	0.44	0.67	1.79
Diluted Normalized EPS	0.88	1.22	0.44	0.67	1.79
R & D Cost, (SGA&COGS)	-	71.9	62.7	68.5	64.0
Interest expense, supplemental	0.7	0.6	1.0	1.3	0.4
Depreciation, supplemental	103.2	100.1	107.2	110.4	93.9
Amort of goodwill	-	-	0.0	0.1	0.1
Amort of negative goodwill	0.0	0.0	0.0	0.0	-
Reported operating profit	120.0	152.4	52.0	122.6	184.0
Reported ordinary profit	110.4	144.9	65.8	107.5	195.7
Service Cost	-	12.8	11.6	11.3	9.9
Interest Cost	-	2.0	1.5	1.4	1.2
Expected Return on Plan Asset	-	-1.1	-0.9	-1.1	-0.6
Actuarial Gains & Losses	-	1.4	2.9	2.3	0.7
Prior Service Cost	-	-0.4	-0.4	-0.3	-0.3
Domestic Pension Plan Expense	-	14.9	14.8	13.6	10.9
Total Pension Expense	-	14.9	14.8	13.6	10.9
Discount rate	-	2.10%	2.10%	1.50%	1.50%
Expected Return on Plan Assets	-	1.25%	1.25%	1.25%	0.75%

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash and Deposit	339.8	400.3	266.2	209.4	241.1
Note&Acct. Receivable	310.2	266.9	249.9	175.4	286.1
Marketable Sec.	36.5	24.4	0.0	3.4	0.0
Merchandise & Finished goods	44.2	49.6	39.6	39.1	38.9
Work-in-process	29.4	26.1	20.1	21.8	26.2
Raw marterial & Supplies	167.0	140.0	126.1	134.5	127.6
Dfd. Tax Assets	18.0	14.8	8.7	10.3	12.7
Other Cur. Asset	34.5	30.6	29.2	33.9	39.9
Doubtful Account	-0.1	-0.2	-0.2	-0.1	-0.3
Total Current Assets	979.3	952.4	739.7	627.6	772.3
Bldg.& Structure	259.9	245.0	220.6	195.1	197.1
Accum. depr - bldg&struc	-134.1	-127.3	-106.6	-91.4	-89.1
Machinery&Equip.	979.5	938.5	845.7	748.7	768.0
Accum. depr - machin&vehicles	-729.9	-686.8	-576.1	-466.9	-464.7
Tool & Fixture	206.7	196.9	174.6	160.3	172.0
Accum. depr - tools, furn, fixtur	-184.7	-177.7	-154.8	-136.7	-139.9
Land	67.0	66.0	59.1	36.9	39.1
Lease assets, gross	10.5	8.8	7.1	5.9	0.0
Accum. depr - lease assets	-3.9	-4.1	-2.5	-0.8	0.0
Const. Progress	36.4	35.4	15.3	25.2	66.6
Goodwill	-	-	-	0.0	0.1
Intangible lease assets	0.0	0.0	0.0	0.0	0.0
Other Intangible	13.2	10.8	10.7	10.1	7.9
Investment Sec.	149.4	134.7	154.1	112.0	149.6
Equity secs.-nonconsolidated affil.	-	22.7	-	-	-
Investment in Closely-Held Capital	0.3	0.1	0.2	0.0	0.8
Long Term Loans	0.4	1.7	1.6	0.8	1.1
Def. Tax Asset	1.6	1.4	2.5	1.1	5.7
Other Assets	10.6	9.7	10.1	9.5	8.6
Doubtful Account	-0.4	-0.4	-1.0	-0.4	0.0
Total Assets	1,661.8	1,627.8	1,400.4	1,237.3	1,495.1
Note&Acct. Payable	229.6	212.1	195.4	176.1	239.5
Short Term Borrowings	30.1	33.3	11.8	35.8	44.4
Current lease obligations	3.2	2.8	1.9	1.1	0.0
Current Long Term Debt	-	0.2	0.2	0.2	-
Other Payable	56.6	53.9	41.3	32.6	60.0
Tax Payable	12.8	9.5	4.0	4.0	15.5
Reserve for Directors' Bonus	0.3	0.7	0.0	0.4	1.2
Reserve for disaster loss	0.0	0.4	0.0	-	-
Reserve for product warranty	9.2	0.0	0.0	0.5	0.9
Other Curr. Liab	34.0	36.0	27.6	20.1	24.9
Total Current Liabilities	375.7	348.8	282.1	270.8	386.5
Lease obligations	1.0	3.3	4.3	4.2	0.0
Total Long Term Debt	1.0	3.3	4.3	4.2	0.0
Defer. Tax Liab.	38.1	39.6	36.2	20.6	31.4
Allow.Accr.Retir	16.8	17.8	16.3	13.8	12.3
Allowance for Directors' Benefits	1.3	0.2	0.2	3.1	3.4
Asset retirement obligations	0.6	0.6	0.0	-	-
Negative Goodwill	0.0	0.1	0.1	0.1	0.0
Liabilities by equity methods	-	-	0.0	0.3	0.0
Other LT liabilities	11.9	12.5	4.5	1.8	1.1
Minor. Interest	186.2	184.2	162.8	139.7	172.7
Total Liabilities	631.7	607.0	506.4	454.3	607.4
Common Stock	44.8	44.6	39.5	37.4	37.1
Paid-In Capital	41.5	41.3	36.6	34.6	34.3
Retained Earning	1,040.1	1,001.4	830.4	771.9	751.0
Treasury Stock	-12.7	-9.3	-1.1	-1.0	-0.3
Unrealized Gain	73.3	65.5	61.4	38.5	50.9
Deferred hedge	0.0	0.0	-0.4	0.0	0.0
Translat Adjust	-156.8	-122.6	-72.6	-98.4	14.7
Total Equity	1,030.2	1,020.8	893.9	783.0	887.7
Total Liabilities & Shareholders' Equity	1,661.9	1,627.8	1,400.3	1,237.3	1,495.1
S/O-Common Stock	64.7	64.9	65.4	65.4	65.4
Total Common Shares Outstanding	64.7	64.9	65.4	65.4	65.4
T/S-Common Stock	0.8	0.5	0.1	0.1	0.0
Full-Time Employees	-	8,289	8,167	8,389	7,415
Number of Common Shareholders	-	16,396	17,443	22,342	16,332
LT Debt maturing within 1 yr.	-	0.2	0.2	0.2	0.1
LT Debt maturing in yr. 2	-	0.2	0.2	0.2	0.1
LT Debt maturing in yr. 3	-	0.2	0.2	0.2	0.1
LT Debt maturing in yr. 4	-	0.0	0.1	0.2	0.1
LT Debt maturing in yr. 5	-	8.1	0.0	0.1	0.1
LT Debt - Remaining Yr.	-	-	-	-	0.1
Total Long Term Debt, Supplemental	-	8.6	0.6	0.7	0.5
LT Lease maturing within 1 yr.	-	2.8	1.9	1.1	-
LT Lease maturing in yr.2	-	2.4	2.0	1.8	-
LT Lease maturing in yr.3	-	0.3	1.8	1.4	-
LT Lease maturing in yr.4	-	0.3	0.4	0.9	-
Capital Lease Payments Due in Year 5	-	0.2	0.0	-	-
Capital Leases - Remaining Maturities	-	0.1	-	-	-
Total Capital Leases	-	6.0	6.2	5.2	-
Pension Obligation	-	91.2	78.3	79.3	78.3
Fair Value of Plan Assets	-	74.0	62.8	54.3	59.1
Funded Status	-	-17.2	-15.4	-25.0	-19.2
Total Funded Status	-	-17.2	-15.4	-25.0	-19.2
Discount Rate	-	2.10%	2.10%	1.50%	1.50%
Expected Return on Plan Assets	-	1.25%	1.25%	1.25%	0.75%
Unrecognized Actuarial Gains & Losses	-	0.4	0.4	12.9	9.3
Unrecognized Prior Service Cost	-	-1.0	-1.2	-1.5	-1.8
Prepaid Pension Benefits	-	0.0	0.0	0.2	0.5
Accrued Pension Benefits	-	-17.8	-16.3	-13.8	-12.3
Net Assets Recognized on Balance Sheet	-	-18.4	-17.1	-2.3	-4.3

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income Bf Tax	125.6	142.0	64.7	105.5	195.8
Depreciation	103.2	100.1	107.2	110.4	93.9
Amort. of Goodwill	-	-	0.0	0.1	0.1
Amort. of negative goodwill	0.0	0.0	0.0	0.0	-
Doubtful Account	-0.1	-0.6	0.6	0.3	-0.4
Allowance director's bonus	-0.4	0.6	-0.5	-0.7	0.0
Reserve for products warranties	9.6	0.0	-0.5	-0.4	0.8
Reserve for disaster loss	-0.5	0.4	0.0	-	-
Allow Accr. Retire.	-0.9	-0.4	1.6	1.8	-0.2
Allowance for Directors' Benefits	1.1	0.0	-3.1	-0.3	-0.8
Interest & Dividend	-12.1	-9.4	-6.6	-12.5	-11.9
Interest Expense	0.7	0.6	1.0	1.3	0.4
Exchange Gain	-2.4	-0.3	-1.1	0.0	0.5
Invest. Gain-Equity	12.7	6.7	-0.1	-0.6	-3.9
Sales of Fixed-Gain	-0.2	-0.2	-0.2	-0.7	-0.7
Sales of Fixed-Loss	-	-	-	0.0	0.1
Retire. Fixed Assets	0.7	1.1	1.7	1.7	0.2
Gain-Sales Inv. Secs	-	-	-	0.0	-0.2
Loss-Sale Inv. Secs.	-19.2	0.5	0.0	-	-
Valu. Inv. Secs.	-	-	0.0	0.0	0.0
Accounts Receivable	-51.9	-0.6	-56.7	76.4	-2.0
Inventory	-34.3	-20.1	31.4	-37.5	-31.7
Accounts Payable	25.8	8.7	-0.4	-21.2	-7.6
Other payable	5.8	4.6	7.3	-17.0	-8.1
Director Bonus Paid	-	-	-	-	0.0
Other Operating Activities	-6.5	3.3	16.0	5.7	-12.2
Int & Divd. Received	12.2	9.5	6.6	12.6	12.1
Interest Paid	-0.7	-0.6	-1.0	-1.3	-0.4
Income Tax Paid	-29.0	-25.7	-17.6	-38.5	-53.0
Newly Consolidat.	-	-	-	4.2	0.0
Cash from Operating Activities	139.4	220.2	150.3	189.5	170.6
Time Deposit Made	-	-6.0	-1.7	-9.1	-5.5
Time Deposit Refund	-	3.8	8.5	2.6	6.5
Net change in time deposit	-1.5	-	-	-	-
Marketable securities, net	-12.7	-	-	-	-
Purch. Mktbl. Secs.	-	-23.3	0.0	-	-
Capital Expenditure	-138.1	-76.7	-65.4	-101.6	-178.7
Sale Fixed	3.4	2.8	0.5	2.3	3.0
Purch. Intangible	-5.1	-1.2	-1.7	-2.5	0.0
Sale of Intangible Assets	0.3	0.0	-	-	-
Inv. Sec. Bought	-2.6	-0.3	0.0	-0.2	-10.9
Sales of Inv. Secs.	20.9	1.9	0.0	0.0	3.7
Purchase of subsidiaries' secs.	-	-	0.0	-8.9	0.0
Loans Made	-	0.0	-1.6	0.0	-
Loans Collected	1.3	0.1	0.0	0.0	0.0
Other investing activities	-1.5	0.5	-0.4	-1.4	-1.5
Cash from Investing Activities	-135.6	-98.6	-61.7	-118.7	-183.4
Short Term Debt, Net	-3.4	19.4	-25.0	-7.9	35.0
Repayment of finance lease	-1.4	-1.4	-1.3	-0.2	0.0
Dividend Paid	-19.7	-14.5	-13.4	-23.4	-20.0
Divid. Paid-Minority	-21.7	-18.4	-15.7	-22.0	-15.7
Other Financing Activities	-5.6	0.0	-0.2	-0.5	0.5
Cash from Financing Activities	-51.8	-14.9	-55.6	-54.1	-0.3
Foreign Exchange Effects	-18.6	-12.9	15.0	-50.6	-1.9
Net Change in Cash	-66.6	93.8	48.0	-33.9	-15.0
Net Cash - Beginning Balance	413.7	287.3	216.9	234.6	221.2
Net Cash - Ending Balance	347.0	381.2	264.9	200.7	206.2
Cash Interest Paid	0.7	0.6	1.0	1.3	0.4
Cash Taxes Paid	29.0	25.7	17.6	38.5	53.0

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	564.4	10.39%	2,014.9	-3.42%	-5.13%	-3.27%
Operating Income1	58.2	114.52%	115.8	-28.47%	-8.80%	-14.69%
Income Available to Common Excl Extraord Items1	33.8	520.65%	54.2	-35.55%	0.44%	-19.14%
Basic EPS Excl Extraord Items1	0.52	525.91%	0.84	-34.91%	0.79%	-18.96%
Capital Expenditures2	143.2	69.24%	143.2	69.24%	2.63%	-4.25%
Cash from Operating Activities2	139.4	-41.68%	139.4	-41.68%	-16.70%	-15.89%
Free Cash Flow	-3.6	-	-3.6	-	-	-
Total Assets3	1,661.8	1.48%	1,661.8	1.48%	3.86%	-0.83%
Total Liabilities3	631.7	3.44%	631.7	3.44%	5.07%	-3.56%
Total Long Term Debt3	1.0	-69.12%	1.0	-69.12%	-41.05%	-
Total Common Shares Outstanding3	64.7	-0.34%	64.7	-0.34%	-0.35%	-0.22%
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	12.52%	13.65%	9.43%	12.29%	15.82%
Operating Margin	5.75%	7.76%	3.20%	6.47%	10.34%
Pretax Margin	6.23%	7.38%	4.14%	5.69%	11.05%
Net Profit Margin	2.69%	4.03%	1.79%	2.27%	6.59%
Financial Strength
Current Ratio	2.61	2.73	2.62	2.32	2.00
Long Term Debt/Equity	0.00	0.00	0.00	0.01	0.00
Total Debt/Equity	0.03	0.04	0.02	0.05	0.05
Management Effectiveness
Return on Assets	5.20%	7.02%	3.22%	5.63%	11.91%
Return on Equity	5.05%	7.90%	3.23%	5.10%	15.83%
Efficiency
Receivables Turnover	6.68	7.25	7.15	8.15	7.08
Inventory Turnover	7.38	8.07	7.18	8.49	9.52
Asset Turnover	1.17	1.24	1.15	1.38	1.39

Market Valuation USD (mil)
P/E (TTM)	16.68	.	Enterprise Value2	720.6
Price/Sales (TTM)	0.45	.	Enterprise Value/Revenue (TTM)	0.37
Price/Book (MRQ)	0.84	.	Enterprise Value/EBITDA (TTM)	3.43
Market Cap as of 25-May-20121		.
1-ExchangeRate: JPY to USD on 25-May-2012	Â
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	2.61	2.73	2.62	2.32	2.00
Quick/Acid Test Ratio	1.83	1.98	1.83	1.43	1.36
Working Capital1	603.6	603.6	457.6	356.8	385.8
Long Term Debt/Equity	0.00	0.00	0.00	0.01	0.00
Total Debt/Equity	0.03	0.04	0.02	0.05	0.05
Long Term Debt/Total Capital	0.00	0.00	0.00	0.01	0.00
Total Debt/Total Capital	0.03	0.04	0.02	0.05	0.05
Payout Ratio	36.30%	23.63%	35.25%	46.46%	17.64%
Effective Tax Rate	28.75%	23.29%	32.22%	27.98%	22.42%
Total Capital1	1,064.5	1,060.4	912.0	824.2	932.1
Efficiency
Asset Turnover	1.17	1.24	1.15	1.38	1.39
Inventory Turnover	7.38	8.07	7.18	8.49	9.52
Days In Inventory	49.43	45.21	50.82	42.97	38.35
Receivables Turnover	6.68	7.25	7.15	8.15	7.08
Days Receivables Outstanding	54.66	50.34	51.03	44.81	51.55
Revenue/Employee2	-	239,789	190,471	224,898	274,329
Operating Income/Employee2	-	18,606	6,093	14,545	28,369
EBITDA/Employee2	-	31,092	19,154	27,939	42,912
Profitability
Gross Margin	12.52%	13.65%	9.43%	12.29%	15.82%
Operating Margin	5.75%	7.76%	3.20%	6.47%	10.34%
EBITDA Margin	10.87%	12.97%	10.06%	12.42%	15.64%
EBIT Margin	5.75%	7.76%	3.20%	6.47%	10.34%
Pretax Margin	6.23%	7.38%	4.14%	5.69%	11.05%
Net Profit Margin	2.69%	4.03%	1.79%	2.27%	6.59%
COGS/Revenue	87.48%	86.35%	90.57%	87.71%	84.18%
SG&A Expense/Revenue	6.57%	5.72%	6.11%	5.68%	5.43%
Management Effectiveness
Return on Assets	5.20%	7.02%	3.22%	5.63%	11.91%
Return on Equity	5.05%	7.90%	3.23%	5.10%	15.83%
Valuation
Free Cash Flow/Share2	-0.06	2.27	1.27	1.33	-0.14
Operating Cash Flow/Share 2	2.07	3.51	2.29	2.95	3.00
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)	16.88
Market Cap/Equity (MRQ)	0.85
Market Cap/Revenue (TTM)	0.45
Market Cap/EBIT (TTM)	6.77
Market Cap/EBITDA (TTM)	3.84
Enterprise Value/Earnings (TTM)	13.88
Enterprise Value/Equity (MRQ)	0.70
Enterprise Value/Revenue (TTM)	0.37
Enterprise Value/EBIT (TTM)	5.57
Enterprise Value/EBITDA (TTM)	3.16

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Revenue	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Total Revenue	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Cost of Revenue	1,762.6	1,660.0	1,416.5	1,626.6	1,491.1
Cost of Revenue, Total	1,762.6	1,660.0	1,416.5	1,626.6	1,491.1
Gross Profit	252.3	262.4	147.4	227.9	280.2
Selling/General/Administrative Expense	132.3	71.8	63.2	70.1	65.9
Labor & Related Expense	-	38.1	32.2	35.3	30.4
Total Selling/General/Administrative Expenses	132.3	109.9	95.5	105.3	96.2
Depreciation	-	0.6	0.7	0.0	-
Depreciation/Amortization	-	0.6	0.7	0.0	-
Impairment-Assets Held for Use	0.7	1.1	1.7	1.7	0.2
Impairment-Assets Held for Sale	1.8	0.0	0.0	0.3	1.2
Other Unusual Expense (Income)	1.6	1.6	-0.5	0.6	-0.6
Unusual Expense (Income)	4.2	2.7	1.2	2.6	0.8
Total Operating Expense	1,899.1	1,773.2	1,513.9	1,734.5	1,588.2
Operating Income	115.8	149.2	50.0	119.9	183.2
Interest Expense - Non-Operating	-0.7	-0.6	-1.0	-1.3	-0.4
Interest Expense, Net Non-Operating	-0.7	-0.6	-1.0	-1.3	-0.4
Interest Income - Non-Operating	8.8	6.7	5.0	9.3	9.0
Investment Income - Non-Operating	-0.2	-13.9	7.2	-22.0	0.3
Interest/Investment Income - Non-Operating	8.6	-7.2	12.2	-12.7	9.3
Interest Income (Expense) - Net Non-Operating Total	7.9	-7.8	11.2	-14.1	8.9
Gain (Loss) on Sale of Assets	0.2	0.2	0.2	0.7	0.6
Other Non-Operating Income (Expense)	1.6	0.5	3.3	-1.0	3.1
Other, Net	1.6	0.5	3.3	-1.0	3.1
Income Before Tax	125.6	141.9	64.7	105.5	195.7
Total Income Tax	36.1	33.1	20.9	29.5	43.9
Income After Tax	89.5	108.9	43.9	76.0	151.9
Minority Interest	-35.3	-31.4	-15.9	-34.0	-35.1
Net Income Before Extraord Items	54.2	77.5	27.9	42.0	116.8
Net Income	54.2	77.5	27.9	42.0	116.8
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	54.2	77.5	27.9	42.0	116.8
Income Available to Common Incl Extraord Items	54.2	77.5	27.9	42.0	116.8
Basic/Primary Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Basic EPS Excl Extraord Items	0.84	1.19	0.43	0.64	1.78
Basic/Primary EPS Incl Extraord Items	0.84	1.19	0.43	0.64	1.78
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	54.2	77.5	27.9	42.0	116.8
Diluted Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Diluted EPS Excl Extraord Items	0.84	1.19	0.43	0.64	1.78
Diluted EPS Incl Extraord Items	0.84	1.19	0.43	0.64	1.78
Dividends per Share - Common Stock Primary Issue	0.30	0.28	0.15	0.30	0.31
Gross Dividends - Common Stock	19.7	18.3	9.9	19.5	20.6
Interest Expense, Supplemental	0.7	0.6	1.0	1.3	0.4
Depreciation, Supplemental	103.2	100.1	107.2	110.4	93.9
Total Special Items	3.9	2.6	1.0	2.1	0.3
Normalized Income Before Tax	129.5	144.5	65.7	107.5	196.0
Effect of Special Items on Income Taxes	1.1	0.6	0.3	0.6	0.0
Inc Tax Ex Impact of Sp Items	37.2	33.7	21.2	30.1	43.9
Normalized Income After Tax	92.3	110.8	44.5	77.5	152.1
Normalized Inc. Avail to Com.	57.0	79.4	28.6	43.5	117.0
Basic Normalized EPS	0.88	1.22	0.44	0.67	1.79
Diluted Normalized EPS	0.88	1.22	0.44	0.67	1.79
Amort of Acquisition Costs, Supplemental	0.0	0.0	0.0	0.1	0.1
Research & Development Exp, Supplemental	-	71.9	62.7	68.5	64.0
Reported Operating Profit	120.0	152.4	52.0	122.6	184.0
Reported Ordinary Profit	110.4	144.9	65.8	107.5	195.7
Normalized EBIT	120.0	151.9	51.2	122.6	184.0
Normalized EBITDA	223.2	252.0	158.5	233.1	278.0
Interest Cost - Domestic	-	2.0	1.5	1.4	1.2
Service Cost - Domestic	-	12.8	11.6	11.3	9.9
Prior Service Cost - Domestic	-	-0.4	-0.4	-0.3	-0.3
Expected Return on Assets - Domestic	-	-1.1	-0.9	-1.1	-0.6
Actuarial Gains and Losses - Domestic	-	1.4	2.9	2.3	0.7
Domestic Pension Plan Expense	-	14.9	14.8	13.6	10.9
Total Pension Expense	-	14.9	14.8	13.6	10.9
Discount Rate - Domestic	-	2.10%	2.10%	1.50%	1.50%
Expected Rate of Return - Domestic	-	1.25%	1.25%	1.25%	0.75%
Total Plan Interest Cost	-	2.0	1.5	1.4	1.2
Total Plan Service Cost	-	12.8	11.6	11.3	9.9
Total Plan Expected Return	-	-1.1	-0.9	-1.1	-0.6

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	564.4	543.8	483.8	425.6	492.5
Revenue	564.4	543.8	483.8	425.6	492.5
Total Revenue	564.4	543.8	483.8	425.6	492.5
Cost of Revenue	492.5	473.9	423.9	374.7	433.0
Cost of Revenue, Total	492.5	473.9	423.9	374.7	433.0
Gross Profit	72.0	69.8	60.0	50.9	59.5
Selling/General/Administrative Expense	32.6	32.5	40.9	26.7	20.4
Labor & Related Expense	-	-	-	-	10.4
Total Selling/General/Administrative Expenses	32.6	32.5	40.9	26.7	30.8
Impairment-Assets Held for Use	0.3	0.1	0.3	0.0	0.5
Other Unusual Expense (Income)	-19.1	1.9	0.0	1.6	2.0
Unusual Expense (Income)	-18.8	2.0	0.3	1.6	2.5
Total Operating Expense	506.2	508.4	465.1	403.0	466.3
Operating Income	58.2	35.4	18.8	22.7	26.1
Interest Expense - Non-Operating	-0.2	-0.2	-0.1	-0.2	-0.1
Interest Expense, Net Non-Operating	-0.2	-0.2	-0.1	-0.2	-0.1
Interest Income - Non-Operating	1.6	2.4	2.5	2.3	2.0
Investment Income - Non-Operating	-1.8	-10.1	-8.5	-0.9	-7.4
Interest/Investment Income - Non-Operating	-0.1	-7.7	-6.0	1.4	-5.4
Interest Income (Expense) - Net Non-Operating Total	-0.3	-7.9	-6.2	1.2	-5.6
Gain (Loss) on Sale of Assets	0.0	0.1	0.1	0.1	0.4
Other Non-Operating Income (Expense)	1.2	0.2	0.6	1.3	0.0
Other, Net	1.2	0.2	0.6	1.3	0.0
Income Before Tax	59.1	27.8	13.2	25.2	21.0
Total Income Tax	19.3	8.8	1.3	6.6	8.2
Income After Tax	39.8	19.0	11.9	18.6	12.8
Minority Interest	-6.1	-11.0	-7.3	-10.9	-7.6
Net Income Before Extraord Items	33.7	8.0	4.6	7.7	5.2
Net Income	33.7	8.0	4.6	7.7	5.2
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	33.8	8.0	4.6	7.7	5.2
Income Available to Common Incl Extraord Items	33.8	8.0	4.6	7.7	5.2
Basic/Primary Weighted Average Shares	64.7	64.7	64.7	64.8	65.2
Basic EPS Excl Extraord Items	0.52	0.12	0.07	0.12	0.08
Basic/Primary EPS Incl Extraord Items	0.52	0.12	0.07	0.12	0.08
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	33.8	8.0	4.6	7.7	5.2
Diluted Weighted Average Shares	64.7	64.7	64.7	64.8	65.2
Diluted EPS Excl Extraord Items	0.52	0.12	0.07	0.12	0.08
Diluted EPS Incl Extraord Items	0.52	0.12	0.07	0.12	0.08
Dividends per Share - Common Stock Primary Issue	0.15	0.00	0.15	0.00	0.15
Gross Dividends - Common Stock	9.8	0.0	10.0	0.0	9.5
Interest Expense, Supplemental	0.2	0.2	0.1	0.2	0.1
Depreciation, Supplemental	27.9	26.5	25.5	23.5	26.8
Total Special Items	-18.8	1.9	0.3	1.5	2.2
Normalized Income Before Tax	40.3	29.7	13.5	26.7	23.1
Effect of Special Items on Income Taxes	-6.2	0.6	0.0	0.4	0.8
Inc Tax Ex Impact of Sp Items	13.2	9.4	1.4	7.0	9.0
Normalized Income After Tax	27.1	20.3	12.1	19.7	14.1
Normalized Inc. Avail to Com.	21.1	9.3	4.8	8.8	6.6
Basic Normalized EPS	0.33	0.14	0.07	0.14	0.10
Diluted Normalized EPS	0.33	0.14	0.07	0.14	0.10
Reported Operating Profit	39.4	37.4	19.1	24.3	28.7
Reported Ordinary Profit	40.3	29.6	13.5	26.7	22.9
Normalized EBIT	39.4	37.4	19.1	24.2	28.6
Normalized EBITDA	67.3	63.9	44.6	47.7	55.4

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	339.8	400.3	266.2	209.4	241.1
Short Term Investments	36.5	24.4	0.0	3.4	0.0
Cash and Short Term Investments	376.2	424.7	266.2	212.7	241.1
Accounts Receivable - Trade, Gross	310.2	266.9	249.9	175.4	286.1
Provision for Doubtful Accounts	-0.1	-0.2	-0.2	-0.1	-0.3
Trade Accounts Receivable - Net	310.1	266.7	249.8	175.2	285.8
Total Receivables, Net	310.1	266.7	249.8	175.2	285.8
Inventories - Finished Goods	44.2	49.6	39.6	39.1	38.9
Inventories - Work In Progress	29.4	26.1	20.1	21.8	26.2
Inventories - Raw Materials	167.0	140.0	126.1	134.5	127.6
Total Inventory	240.6	215.7	185.8	195.4	192.7
Deferred Income Tax - Current Asset	18.0	14.8	8.7	10.3	12.7
Other Current Assets	34.5	30.6	29.2	33.9	39.9
Other Current Assets, Total	52.5	45.4	37.9	44.3	52.6
Total Current Assets	979.3	952.4	739.7	627.6	772.3
Buildings	259.9	245.0	220.6	195.1	197.1
Land/Improvements	67.0	66.0	59.1	36.9	39.1
Machinery/Equipment	1,186.3	1,135.4	1,020.3	909.1	940.0
Construction in Progress	36.4	35.4	15.3	25.2	66.6
Leases	10.5	8.8	7.1	5.9	0.0
Property/Plant/Equipment - Gross	1,560.0	1,490.5	1,322.3	1,172.2	1,242.7
Accumulated Depreciation	-1,052.7	-995.8	-840.0	-695.7	-693.7
Property/Plant/Equipment - Net	507.4	494.8	482.4	476.5	549.1
Goodwill, Net	-	-	-	0.0	0.1
Intangibles, Net	13.2	10.8	10.7	10.1	7.9
LT Investment - Affiliate Companies	-	22.7	-	-	-
LT Investments - Other	149.7	134.8	154.3	112.0	150.4
Long Term Investments	149.7	157.4	154.3	112.0	150.4
Note Receivable - Long Term	0.4	1.7	1.6	0.8	1.1
Deferred Income Tax - Long Term Asset	1.6	1.4	2.5	1.1	5.7
Other Long Term Assets	10.1	9.2	9.2	9.1	8.6
Other Long Term Assets, Total	11.7	10.7	11.7	10.3	14.3
Total Assets	1,661.8	1,627.8	1,400.4	1,237.3	1,495.1
Accounts Payable	229.6	212.1	195.4	176.1	239.5
Accrued Expenses	0.3	0.7	0.0	0.4	1.2
Notes Payable/Short Term Debt	30.1	33.3	11.8	35.8	44.4
Current Portion - Long Term Debt/Capital Leases	3.2	2.9	2.1	1.2	0.0
Income Taxes Payable	12.8	9.5	4.0	4.0	15.5
Other Payables	56.6	53.9	41.3	32.6	60.0
Other Current Liabilities	43.2	36.4	27.6	20.6	25.9
Other Current liabilities, Total	112.6	99.8	72.9	57.2	101.4
Total Current Liabilities	375.7	348.8	282.1	270.8	386.5
Capital Lease Obligations	1.0	3.3	4.3	4.2	0.0
Total Long Term Debt	1.0	3.3	4.3	4.2	0.0
Total Debt	34.3	39.6	18.1	41.2	44.4
Deferred Income Tax - LT Liability	38.1	39.6	36.2	20.6	31.4
Deferred Income Tax	38.1	39.6	36.2	20.6	31.4
Minority Interest	186.2	184.2	162.8	139.7	172.7
Reserves	0.6	0.6	0.0	-	-
Pension Benefits - Underfunded	18.1	18.0	16.4	16.8	15.7
Other Long Term Liabilities	11.9	12.6	4.6	2.2	1.1
Other Liabilities, Total	30.6	31.2	21.1	19.0	16.8
Total Liabilities	631.7	607.0	506.4	454.3	607.4
Common Stock	44.8	44.6	39.5	37.4	37.1
Common Stock	44.8	44.6	39.5	37.4	37.1
Additional Paid-In Capital	41.5	41.3	36.6	34.6	34.3
Retained Earnings (Accumulated Deficit)	1,040.1	1,001.4	830.4	771.9	751.0
Treasury Stock - Common	-12.7	-9.3	-1.1	-1.0	-0.3
Unrealized Gain (Loss)	73.3	65.5	61.0	38.4	50.9
Translation Adjustment	-156.8	-122.6	-72.6	-98.4	14.7
Other Equity, Total	-156.8	-122.6	-72.6	-98.4	14.7
Total Equity	1,030.2	1,020.8	893.9	783.0	887.7
Total Liabilities & Shareholders’ Equity	1,661.9	1,627.8	1,400.3	1,237.3	1,495.1
Shares Outstanding - Common Stock Primary Issue	64.7	64.9	65.4	65.4	65.4
Total Common Shares Outstanding	64.7	64.9	65.4	65.4	65.4
Treasury Shares - Common Stock Primary Issue	0.8	0.5	0.1	0.1	0.0
Employees	-	8,289	8,167	8,389	7,415
Number of Common Shareholders	-	16,396	17,443	22,342	16,332
Total Long Term Debt, Supplemental	-	8.6	0.6	0.7	0.5
Long Term Debt Maturing within 1 Year	-	0.2	0.2	0.2	0.1
Long Term Debt Maturing in Year 2	-	0.2	0.2	0.2	0.1
Long Term Debt Maturing in Year 3	-	0.2	0.2	0.2	0.1
Long Term Debt Maturing in Year 4	-	0.0	0.1	0.2	0.1
Long Term Debt Maturing in Year 5	-	8.1	0.0	0.1	0.1
Long Term Debt Maturing in 2-3 Years	-	0.3	0.3	0.3	0.2
Long Term Debt Maturing in 4-5 Years	-	8.1	0.1	0.3	0.2
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.1
Total Capital Leases, Supplemental	-	6.0	6.2	5.2	-
Capital Lease Payments Due in Year 1	-	2.8	1.9	1.1	-
Capital Lease Payments Due in Year 2	-	2.4	2.0	1.8	-
Capital Lease Payments Due in Year 3	-	0.3	1.8	1.4	-
Capital Lease Payments Due in Year 4	-	0.3	0.4	0.9	-
Capital Lease Payments Due in Year 5	-	0.2	0.0	-	-
Capital Lease Payments Due in 2-3 Years	-	2.7	3.8	3.2	-
Capital Lease Payments Due in 4-5 Years	-	0.5	0.5	0.9	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.1	-	-	-
Pension Obligation - Domestic	-	91.2	78.3	79.3	78.3
Plan Assets - Domestic	-	74.0	62.8	54.3	59.1
Funded Status - Domestic	-	-17.2	-15.4	-25.0	-19.2
Total Funded Status	-	-17.2	-15.4	-25.0	-19.2
Discount Rate - Domestic	-	2.10%	2.10%	1.50%	1.50%
Expected Rate of Return - Domestic	-	1.25%	1.25%	1.25%	0.75%
Prepaid Benefits - Domestic	-	0.0	0.0	0.2	0.5
Accrued Liabilities - Domestic	-	-17.8	-16.3	-13.8	-12.3
Other Assets, Net - Domestic	-	-0.6	-0.8	11.3	7.4
Net Assets Recognized on Balance Sheet	-	-18.4	-17.1	-2.3	-4.3
Total Plan Obligations	-	91.2	78.3	79.3	78.3
Total Plan Assets	-	74.0	62.8	54.3	59.1

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	339.8	403.1	431.3	423.0	400.3
Short Term Investments	36.5	2.0	0.0	24.8	-
Cash and Short Term Investments	376.2	405.2	431.3	447.7	400.3
Accounts Receivable - Trade, Gross	310.2	305.8	274.2	263.9	266.9
Provision for Doubtful Accounts	-0.1	-0.2	-0.2	-0.2	-0.2
Trade Accounts Receivable - Net	310.1	305.6	274.1	263.8	266.7
Total Receivables, Net	310.1	305.6	274.1	263.8	266.7
Inventories - Finished Goods	44.2	40.3	44.9	45.0	49.6
Inventories - Work In Progress	29.4	27.6	28.6	26.3	26.1
Inventories - Raw Materials	167.0	170.2	158.6	144.5	140.0
Total Inventory	240.6	238.1	232.1	215.8	215.7
Deferred Income Tax - Current Asset	18.0	-	-	-	14.8
Other Current Assets	34.5	55.2	57.7	48.9	55.0
Other Current Assets, Total	52.5	55.2	57.7	48.9	69.8
Total Current Assets	979.3	1,004.1	995.3	976.2	952.4
Property/Plant/Equipment - Net	507.4	528.2	543.9	514.6	494.8
Intangibles, Net	13.2	12.5	11.8	11.3	10.8
LT Investments - Other	149.4	127.5	131.1	159.5	157.4
Long Term Investments	149.4	127.5	131.1	159.5	157.4
Other Long Term Assets	12.5	11.2	12.6	12.3	12.4
Other Long Term Assets, Total	12.5	11.2	12.6	12.3	12.4
Total Assets	1,661.8	1,683.4	1,694.6	1,674.0	1,627.8
Accounts Payable	229.6	224.2	204.9	193.4	212.1
Notes Payable/Short Term Debt	30.1	50.9	39.0	39.5	33.5
Current Portion - Long Term Debt/Capital Leases	3.2	-	-	-	2.8
Income Taxes Payable	12.8	5.6	5.3	11.4	9.5
Other Payables	56.6	52.9	51.6	69.8	53.9
Other Current Liabilities	43.5	48.3	46.8	33.1	37.1
Other Current liabilities, Total	112.8	106.8	103.7	114.3	100.4
Total Current Liabilities	375.7	381.9	347.7	347.2	348.8
Capital Lease Obligations	1.0	-	-	-	3.3
Total Long Term Debt	1.0	0.0	0.0	0.0	3.3
Total Debt	34.3	50.9	39.0	39.5	39.6
Minority Interest	186.2	209.8	211.5	204.7	184.2
Reserves	1.9	0.8	0.6	0.6	0.8
Pension Benefits - Underfunded	16.8	16.8	17.9	17.9	17.8
Other Long Term Liabilities	50.0	38.7	43.3	55.3	52.2
Other Liabilities, Total	68.7	56.3	61.9	73.8	70.7
Total Liabilities	631.7	648.1	621.0	625.8	607.0
Common Stock	44.8	48.0	47.9	45.7	44.6
Common Stock	44.8	48.0	47.9	45.7	44.6
Additional Paid-In Capital	41.5	44.4	44.4	42.3	41.3
Retained Earnings (Accumulated Deficit)	1,040.1	1,079.0	1,079.3	1,025.8	1,001.4
Treasury Stock - Common	-12.7	-14.0	-14.6	-14.4	-9.3
Unrealized Gain (Loss)	73.3	55.0	50.1	66.5	65.5
Translation Adjustment	-156.8	-177.2	-133.5	-117.8	-122.6
Other Comprehensive Income	0.0	0.0	0.0	0.0	0.0
Other Equity, Total	-156.8	-177.2	-133.5	-117.8	-122.6
Total Equity	1,030.2	1,035.3	1,073.5	1,048.2	1,020.8
Total Liabilities & Shareholders’ Equity	1,661.9	1,683.4	1,694.6	1,674.0	1,627.8
Shares Outstanding - Common Stock Primary Issue	64.7	64.7	64.6	64.6	64.9
Total Common Shares Outstanding	64.7	64.7	64.6	64.6	64.9
Treasury Shares - Common Stock Primary Issue	0.8	0.8	0.8	0.8	0.5
Employees	-	-	-	-	8,289

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	125.6	142.0	64.7	105.5	195.8
Depreciation	103.2	100.1	107.2	110.4	93.9
Depreciation/Depletion	103.2	100.1	107.2	110.4	93.9
Amortization of Acquisition Costs	0.0	0.0	0.0	0.1	0.1
Amortization	0.0	0.0	0.0	0.1	0.1
Unusual Items	-18.7	1.4	1.5	1.1	-0.7
Equity in Net Earnings (Loss)	12.7	6.7	-0.1	-0.6	-3.9
Other Non-Cash Items	-4.4	-9.6	-8.1	-5.5	-11.5
Non-Cash Items	-10.4	-1.4	-6.6	-5.0	-16.2
Accounts Receivable	-51.9	-0.6	-56.7	76.4	-2.0
Inventories	-34.3	-20.1	31.4	-37.5	-31.7
Accounts Payable	31.7	13.3	6.9	-38.2	-15.6
Accrued Expenses	-0.4	0.6	-0.5	-0.7	0.0
Other Operating Cash Flow	-24.0	-13.6	3.9	-21.5	-53.6
Changes in Working Capital	-79.0	-20.3	-15.0	-21.5	-102.9
Cash from Operating Activities	139.4	220.2	150.3	189.5	170.6
Purchase of Fixed Assets	-138.1	-76.7	-65.4	-101.6	-178.7
Purchase/Acquisition of Intangibles	-5.1	-1.2	-1.7	-2.5	0.0
Capital Expenditures	-143.2	-78.0	-67.1	-104.1	-178.7
Sale of Fixed Assets	3.4	2.8	0.5	2.3	3.0
Sale/Maturity of Investment	20.9	5.7	8.5	2.6	10.2
Investment, Net	-14.2	-	-	-	-
Purchase of Investments	-2.6	-29.7	-1.7	-18.2	-16.5
Sale of Intangible Assets	0.3	0.0	-	-	-
Other Investing Cash Flow	-0.2	0.6	-2.0	-1.4	-1.5
Other Investing Cash Flow Items, Total	7.6	-20.6	5.4	-14.7	-4.7
Cash from Investing Activities	-135.6	-98.6	-61.7	-118.7	-183.4
Other Financing Cash Flow	-27.3	-18.4	-15.9	-22.5	-15.3
Financing Cash Flow Items	-27.3	-18.4	-15.9	-22.5	-15.3
Cash Dividends Paid - Common	-19.7	-14.5	-13.4	-23.4	-20.0
Total Cash Dividends Paid	-19.7	-14.5	-13.4	-23.4	-20.0
Short Term Debt, Net	-3.4	19.4	-25.0	-7.9	35.0
Long Term Debt Reduction	-1.4	-1.4	-1.3	-0.2	0.0
Long Term Debt, Net	-1.4	-1.4	-1.3	-0.2	0.0
Issuance (Retirement) of Debt, Net	-4.8	18.0	-26.4	-8.1	35.0
Cash from Financing Activities	-51.8	-14.9	-55.6	-54.1	-0.3
Foreign Exchange Effects	-18.6	-12.9	15.0	-50.6	-1.9
Net Change in Cash	-66.6	93.8	48.0	-33.9	-15.0
Net Cash - Beginning Balance	413.7	287.3	216.9	234.6	221.2
Net Cash - Ending Balance	347.0	381.2	264.9	200.7	206.2
Cash Interest Paid	0.7	0.6	1.0	1.3	0.4
Cash Taxes Paid	29.0	25.7	17.6	38.5	53.0

Interim Cash Flows

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	12 Months	9 Months	6 Months	3 Months	12 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)	78.961215	78.871359	79.672811	81.605269	85.691434
Net Income/Starting Line	125.6	66.4	38.8	25.2	142.0
Depreciation	103.2	75.3	48.9	23.5	100.1
Depreciation/Depletion	103.2	75.3	48.9	23.5	100.1
Amortization of Acquisition Costs	0.0	-	-	-	0.0
Amortization	0.0	-	-	-	0.0
Unusual Items	-18.7	-	-	-	1.4
Equity in Net Earnings (Loss)	12.7	-	-	-	6.7
Other Non-Cash Items	-4.4	-	-	-	-9.6
Non-Cash Items	-10.4	-	-	-	-1.4
Accounts Receivable	-51.9	-31.2	9.8	12.5	-0.6
Inventories	-34.3	-18.7	-2.8	7.1	-20.1
Accounts Payable	31.7	8.7	-21.8	-33.6	13.3
Accrued Expenses	-0.4	-	-	-	0.6
Other Operating Cash Flow	-24.0	-11.0	-13.1	-12.6	-13.6
Changes in Working Capital	-79.0	-52.2	-27.9	-26.7	-20.3
Cash from Operating Activities	139.4	89.5	59.7	22.0	220.2
Purchase of Fixed Assets	-138.1	-104.9	-69.0	-31.0	-76.7
Purchase/Acquisition of Intangibles	-5.1	-	-	-	-1.2
Capital Expenditures	-143.2	-104.9	-69.0	-31.0	-78.0
Sale of Fixed Assets	3.4	3.2	1.8	1.4	2.8
Sale/Maturity of Investment	20.9	32.0	28.8	28.1	5.7
Investment, Net	-14.2	-	-	-	-
Purchase of Investments	-2.6	-11.5	-11.3	-2.5	-29.7
Sale of Intangible Assets	0.3	-	-	-	0.0
Other Investing Cash Flow	-0.2	-1.0	0.2	-0.1	0.6
Other Investing Cash Flow Items, Total	7.6	22.7	19.5	27.0	-20.6
Cash from Investing Activities	-135.6	-82.3	-49.5	-4.0	-98.6
Other Financing Cash Flow	-27.3	-5.5	-5.3	-0.3	-18.4
Financing Cash Flow Items	-27.3	-5.5	-5.3	-0.3	-18.4
Cash Dividends Paid - Common	-19.7	-19.7	-9.8	-9.5	-14.5
Total Cash Dividends Paid	-19.7	-19.7	-9.8	-9.5	-14.5
Repurchase/Retirement of Common	-	-5.5	-5.4	-5.3	-
Common Stock, Net	-	-5.5	-5.4	-5.3	-
Issuance (Retirement) of Stock, Net	-	-5.5	-5.4	-5.3	-
Short Term Debt, Net	-3.4	16.2	4.7	5.4	19.4
Long Term Debt Reduction	-1.4	-	-	-	-1.4
Long Term Debt, Net	-1.4	-	-	-	-1.4
Issuance (Retirement) of Debt, Net	-4.8	16.2	4.7	5.4	18.0
Cash from Financing Activities	-51.8	-14.4	-15.8	-9.7	-14.9
Foreign Exchange Effects	-18.6	-20.1	1.3	7.0	-12.9
Net Change in Cash	-66.6	-27.2	-4.2	15.4	93.8
Net Cash - Beginning Balance	413.7	414.1	410.0	400.3	287.3
Net Cash - Ending Balance	347.0	386.9	405.7	415.6	381.2
Cash Interest Paid	0.7	0.5	0.4	0.2	0.6
Cash Taxes Paid	29.0	24.4	17.9	6.6	25.7

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net sales	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Total Revenue	2,014.9	1,922.4	1,563.9	1,854.5	1,771.3
Cost of Sales	1,762.6	1,660.0	1,416.5	1,626.6	1,491.1
Total SGA	132.3	-	-	-	-
Shipping Cost	-	16.7	14.0	18.2	17.4
Export Cost	-	21.1	16.0	19.4	21.4
Salary	-	36.0	30.4	32.3	27.1
Accrued Retirement	-	1.2	1.7	1.8	1.4
Allowance for Directors' Retir. Benefits	-	0.0	0.2	0.7	0.7
Allowance for Directors' Bonus	-	0.8	-	0.5	1.1
Allowance for doubtful accounts	-	0.2	-	-	-
Other SGA	-	34.0	33.3	32.5	27.1
SP Gain-Prior Profit	-	-	-	0.0	-1.5
SP Reversal-reserve for doubtful account	0.0	-0.5	0.0	0.0	-0.1
SP Reversal-product warranty reserve	-	0.0	-0.5	0.0	-
SP Retire.-Fixed Assets	0.7	1.1	1.7	1.7	0.2
SP L on adj. for changes of acc. assets	0.0	0.5	0.0	-	-
SP Loss on disaster	1.6	1.1	0.0	-	-
SP Reserve for contingency loss	0.0	0.4	0.0	-	-
SP Impairment loss	1.8	0.0	0.0	0.3	0.9
SP Revalue. Invest. Sec	-	-	0.0	0.0	0.3
SP Product Repair	-	-	0.0	0.4	0.2
SP Reserve for product warranty	-	-	0.0	0.3	0.8
Non-Ope. Loss-Retirement of Inventory	-	-	-	-	0.0
NOP Depreciation exp.	-	0.6	0.7	0.0	-
Total Operating Expense	1,899.1	1,773.2	1,513.9	1,734.5	1,588.2
SP Sales of Fixed Asset	0.3	0.5	0.3	0.7	0.7
SP Gain-sale of LT investment securities	19.6	0.3	0.0	0.0	0.2
SP Loss Sale Fixed	0.0	-0.3	-0.2	0.0	-0.1
SP Loss-sale of LT investment secs.	-0.4	-0.8	0.0	-	-
NOP Interest Income	8.8	6.7	5.0	9.3	9.0
NOP Dividend Income	3.3	2.6	1.7	3.2	2.9
NOP Equity Gain	-	0.0	0.1	0.6	3.9
NOP Exchange Gain	-	0.0	5.5	0.0	-
NOP Subsidies Income	-	0.0	3.2	0.0	-
NOP Other Income	6.1	4.5	2.9	2.9	4.6
NOP Interest Expenses	-0.7	-0.6	-1.0	-1.3	-0.4
NOP Equity in losses of affiliates	-12.7	-6.7	0.0	-	-
NOP Exchange Loss	-10.0	-9.4	0.0	-25.8	-6.8
NOP Provision for doubtful accounts	-	0.0	-0.6	0.0	-
NOP Other Expenses	-4.5	-4.0	-2.1	-3.9	-1.6
Net Income Before Taxes	125.6	141.9	64.7	105.5	195.7
Provision for Income Taxes	36.1	33.1	20.9	29.5	43.9
Net Income After Taxes	89.5	108.9	43.9	76.0	151.9
Minority interest	-35.3	-31.4	-15.9	-34.0	-35.1
Net Income Before Extra. Items	54.2	77.5	27.9	42.0	116.8
Net Income	54.2	77.5	27.9	42.0	116.8
Miscell. Adjust	0.0	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	54.2	77.5	27.9	42.0	116.8
Income Available to Com Incl ExtraOrd	54.2	77.5	27.9	42.0	116.8
Basic Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Basic EPS Excluding ExtraOrdinary Items	0.84	1.19	0.43	0.64	1.78
Basic EPS Including ExtraOrdinary Item	0.84	1.19	0.43	0.64	1.78
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	54.2	77.5	27.9	42.0	116.8
Diluted Weighted Average Shares	64.7	65.3	65.4	65.4	65.4
Diluted EPS Excluding ExtraOrd Items	0.84	1.19	0.43	0.64	1.78
Diluted EPS Including ExtraOrd Items	0.84	1.19	0.43	0.64	1.78
DPS-Common Stock	0.30	0.28	0.15	0.30	0.31
Gross Dividends - Common Stock	19.7	18.3	9.9	19.5	20.6
Normalized Income Before Taxes	129.5	144.5	65.7	107.5	196.0
Inc Tax Ex Impact of Sp Items	37.2	33.7	21.2	30.1	43.9
Normalized Income After Taxes	92.3	110.8	44.5	77.5	152.1
Normalized Inc. Avail to Com.	57.0	79.4	28.6	43.5	117.0
Basic Normalized EPS	0.88	1.22	0.44	0.67	1.79
Diluted Normalized EPS	0.88	1.22	0.44	0.67	1.79
R & D Cost, (SGA&COGS)	-	71.9	62.7	68.5	64.0
Interest expense, supplemental	0.7	0.6	1.0	1.3	0.4
Depreciation, supplemental	103.2	100.1	107.2	110.4	93.9
Amort of goodwill	-	-	0.0	0.1	0.1
Amort of negative goodwill	0.0	0.0	0.0	0.0	-
Reported operating profit	120.0	152.4	52.0	122.6	184.0
Reported ordinary profit	110.4	144.9	65.8	107.5	195.7
Service Cost	-	12.8	11.6	11.3	9.9
Interest Cost	-	2.0	1.5	1.4	1.2
Expected Return on Plan Asset	-	-1.1	-0.9	-1.1	-0.6
Actuarial Gains & Losses	-	1.4	2.9	2.3	0.7
Prior Service Cost	-	-0.4	-0.4	-0.3	-0.3
Domestic Pension Plan Expense	-	14.9	14.8	13.6	10.9
Total Pension Expense	-	14.9	14.8	13.6	10.9
Discount rate	-	2.10%	2.10%	1.50%	1.50%
Expected Return on Plan Assets	-	1.25%	1.25%	1.25%	0.75%

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	564.4	543.8	483.8	425.6	492.5
Total Revenue	564.4	543.8	483.8	425.6	492.5
Cost of Sales	492.5	473.9	423.9	374.7	433.0
Total SG&A Expenses	32.6	32.5	40.9	26.7	-
Export Cost	-	-	-	-	16.4
Salary	-	-	-	-	10.4
Other SGA	-	-	-	-	4.0
SP Rev. of allowance for doubtful accou	0.0	0.0	0.0	0.0	-0.4
SP Other Speical Income	-19.5	-	-	-	0.0
SP L on adj. for changes of acc. assets	0.0	0.0	0.0	0.0	0.0
SP Retire.-Fixed Assets	0.3	0.1	0.3	0.0	0.5
SP Loss on disaster	0.0	0.0	0.0	1.6	-
SP Other Speical Losses	0.4	1.9	-	-	2.4
Total Operating Expense	506.2	508.4	465.1	403.0	466.3
SP Gain-sale of fixed assets	0.0	0.1	0.1	0.1	0.4
SP Gain-Inv. Sec. Sold	-	-	-	-	0.3
SP Loss on sales of fixed assets	0.0	0.0	0.0	0.0	0.0
Non-Op Interest Income	1.6	2.4	2.5	2.3	2.0
Non-Op Dividend Income	0.7	0.8	1.1	0.7	0.7
NOP Equity in earnings of affiliates	0.0	0.0	-	-	-
NOP Foreign exchange gains	-	-	-	1.7	0.0
Non-Op Other Income	3.7	0.8	1.5	1.7	1.8
Non-Op Interest Expenses	-0.2	-0.2	-0.1	-0.2	-0.1
NOP Equity in losses of affiliates	-2.4	-4.3	-2.6	-3.3	-7.1
Non-Op Exchange Loss	-	-6.6	-7.0	0.0	-1.3
Non-Op Other Expenses	-2.6	-0.6	-1.0	-0.4	-1.8
Net Income Before Taxes	59.1	27.8	13.2	25.2	21.0
Provision for Income Taxes	19.3	8.8	1.3	6.6	8.2
Net Income After Taxes	39.8	19.0	11.9	18.6	12.8
Minority Interest	-6.1	-11.0	-7.3	-10.9	-7.6
Net Income Before Extra. Items	33.7	8.0	4.6	7.7	5.2
Net Income	33.7	8.0	4.6	7.7	5.2
Miscell. Adjust	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	33.8	8.0	4.6	7.7	5.2
Income Available to Com Incl ExtraOrd	33.8	8.0	4.6	7.7	5.2
Basic Weighted Average Shares	64.7	64.7	64.7	64.8	65.2
Basic EPS Excluding ExtraOrdinary Items	0.52	0.12	0.07	0.12	0.08
Basic EPS Including ExtraOrdinary Item	0.52	0.12	0.07	0.12	0.08
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	33.8	8.0	4.6	7.7	5.2
Diluted Weighted Average Shares	64.7	64.7	64.7	64.8	65.2
Diluted EPS Excluding ExtraOrd Items	0.52	0.12	0.07	0.12	0.08
Diluted EPS Including ExtraOrd Items	0.52	0.12	0.07	0.12	0.08
DPS-Common Stock	0.15	0.00	0.15	0.00	0.15
Gross Dividends - Common Stock	9.8	0.0	10.0	0.0	9.5
Normalized Income Before Taxes	40.3	29.7	13.5	26.7	23.1
Inc Tax Ex Impact of Sp Items	13.2	9.4	1.4	7.0	9.0
Normalized Income After Taxes	27.1	20.3	12.1	19.7	14.1
Normalized Inc. Avail to Com.	21.1	9.3	4.8	8.8	6.6
Basic Normalized EPS	0.33	0.14	0.07	0.14	0.10
Diluted Normalized EPS	0.33	0.14	0.07	0.14	0.10
Interest Expense	0.2	0.2	0.1	0.2	0.1
Depreciation, supplemental	27.9	26.5	25.5	23.5	26.8
Reported Operaitng Profit	39.4	37.4	19.1	24.3	28.7
Reported Ordinary Profit	40.3	29.6	13.5	26.7	22.9

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash and Deposit	339.8	400.3	266.2	209.4	241.1
Note&Acct. Receivable	310.2	266.9	249.9	175.4	286.1
Marketable Sec.	36.5	24.4	0.0	3.4	0.0
Merchandise & Finished goods	44.2	49.6	39.6	39.1	38.9
Work-in-process	29.4	26.1	20.1	21.8	26.2
Raw marterial & Supplies	167.0	140.0	126.1	134.5	127.6
Dfd. Tax Assets	18.0	14.8	8.7	10.3	12.7
Other Cur. Asset	34.5	30.6	29.2	33.9	39.9
Doubtful Account	-0.1	-0.2	-0.2	-0.1	-0.3
Total Current Assets	979.3	952.4	739.7	627.6	772.3
Bldg.& Structure	259.9	245.0	220.6	195.1	197.1
Accum. depr - bldg&struc	-134.1	-127.3	-106.6	-91.4	-89.1
Machinery&Equip.	979.5	938.5	845.7	748.7	768.0
Accum. depr - machin&vehicles	-729.9	-686.8	-576.1	-466.9	-464.7
Tool & Fixture	206.7	196.9	174.6	160.3	172.0
Accum. depr - tools, furn, fixtur	-184.7	-177.7	-154.8	-136.7	-139.9
Land	67.0	66.0	59.1	36.9	39.1
Lease assets, gross	10.5	8.8	7.1	5.9	0.0
Accum. depr - lease assets	-3.9	-4.1	-2.5	-0.8	0.0
Const. Progress	36.4	35.4	15.3	25.2	66.6
Goodwill	-	-	-	0.0	0.1
Intangible lease assets	0.0	0.0	0.0	0.0	0.0
Other Intangible	13.2	10.8	10.7	10.1	7.9
Investment Sec.	149.4	134.7	154.1	112.0	149.6
Equity secs.-nonconsolidated affil.	-	22.7	-	-	-
Investment in Closely-Held Capital	0.3	0.1	0.2	0.0	0.8
Long Term Loans	0.4	1.7	1.6	0.8	1.1
Def. Tax Asset	1.6	1.4	2.5	1.1	5.7
Other Assets	10.6	9.7	10.1	9.5	8.6
Doubtful Account	-0.4	-0.4	-1.0	-0.4	0.0
Total Assets	1,661.8	1,627.8	1,400.4	1,237.3	1,495.1
Note&Acct. Payable	229.6	212.1	195.4	176.1	239.5
Short Term Borrowings	30.1	33.3	11.8	35.8	44.4
Current lease obligations	3.2	2.8	1.9	1.1	0.0
Current Long Term Debt	-	0.2	0.2	0.2	-
Other Payable	56.6	53.9	41.3	32.6	60.0
Tax Payable	12.8	9.5	4.0	4.0	15.5
Reserve for Directors' Bonus	0.3	0.7	0.0	0.4	1.2
Reserve for disaster loss	0.0	0.4	0.0	-	-
Reserve for product warranty	9.2	0.0	0.0	0.5	0.9
Other Curr. Liab	34.0	36.0	27.6	20.1	24.9
Total Current Liabilities	375.7	348.8	282.1	270.8	386.5
Lease obligations	1.0	3.3	4.3	4.2	0.0
Total Long Term Debt	1.0	3.3	4.3	4.2	0.0
Defer. Tax Liab.	38.1	39.6	36.2	20.6	31.4
Allow.Accr.Retir	16.8	17.8	16.3	13.8	12.3
Allowance for Directors' Benefits	1.3	0.2	0.2	3.1	3.4
Asset retirement obligations	0.6	0.6	0.0	-	-
Negative Goodwill	0.0	0.1	0.1	0.1	0.0
Liabilities by equity methods	-	-	0.0	0.3	0.0
Other LT liabilities	11.9	12.5	4.5	1.8	1.1
Minor. Interest	186.2	184.2	162.8	139.7	172.7
Total Liabilities	631.7	607.0	506.4	454.3	607.4
Common Stock	44.8	44.6	39.5	37.4	37.1
Paid-In Capital	41.5	41.3	36.6	34.6	34.3
Retained Earning	1,040.1	1,001.4	830.4	771.9	751.0
Treasury Stock	-12.7	-9.3	-1.1	-1.0	-0.3
Unrealized Gain	73.3	65.5	61.4	38.5	50.9
Deferred hedge	0.0	0.0	-0.4	0.0	0.0
Translat Adjust	-156.8	-122.6	-72.6	-98.4	14.7
Total Equity	1,030.2	1,020.8	893.9	783.0	887.7
Total Liabilities & Shareholders' Equity	1,661.9	1,627.8	1,400.3	1,237.3	1,495.1
S/O-Common Stock	64.7	64.9	65.4	65.4	65.4
Total Common Shares Outstanding	64.7	64.9	65.4	65.4	65.4
T/S-Common Stock	0.8	0.5	0.1	0.1	0.0
Full-Time Employees	-	8,289	8,167	8,389	7,415
Number of Common Shareholders	-	16,396	17,443	22,342	16,332
LT Debt maturing within 1 yr.	-	0.2	0.2	0.2	0.1
LT Debt maturing in yr. 2	-	0.2	0.2	0.2	0.1
LT Debt maturing in yr. 3	-	0.2	0.2	0.2	0.1
LT Debt maturing in yr. 4	-	0.0	0.1	0.2	0.1
LT Debt maturing in yr. 5	-	8.1	0.0	0.1	0.1
LT Debt - Remaining Yr.	-	-	-	-	0.1
Total Long Term Debt, Supplemental	-	8.6	0.6	0.7	0.5
LT Lease maturing within 1 yr.	-	2.8	1.9	1.1	-
LT Lease maturing in yr.2	-	2.4	2.0	1.8	-
LT Lease maturing in yr.3	-	0.3	1.8	1.4	-
LT Lease maturing in yr.4	-	0.3	0.4	0.9	-
Capital Lease Payments Due in Year 5	-	0.2	0.0	-	-
Capital Leases - Remaining Maturities	-	0.1	-	-	-
Total Capital Leases	-	6.0	6.2	5.2	-
Pension Obligation	-	91.2	78.3	79.3	78.3
Fair Value of Plan Assets	-	74.0	62.8	54.3	59.1
Funded Status	-	-17.2	-15.4	-25.0	-19.2
Total Funded Status	-	-17.2	-15.4	-25.0	-19.2
Discount Rate	-	2.10%	2.10%	1.50%	1.50%
Expected Return on Plan Assets	-	1.25%	1.25%	1.25%	0.75%
Unrecognized Actuarial Gains & Losses	-	0.4	0.4	12.9	9.3
Unrecognized Prior Service Cost	-	-1.0	-1.2	-1.5	-1.8
Prepaid Pension Benefits	-	0.0	0.0	0.2	0.5
Accrued Pension Benefits	-	-17.8	-16.3	-13.8	-12.3
Net Assets Recognized on Balance Sheet	-	-18.4	-17.1	-2.3	-4.3

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 and Deposit	339.8	403.1	431.3	423.0	400.3
Note&Acct. Receivable	310.2	305.8	274.2	263.9	266.9
Marketable Sec.	36.5	2.0	0.0	24.8	-
Inventories - merchandise&finished goods	44.2	40.3	44.9	45.0	49.6
Inventories - work-in-process	29.4	27.6	28.6	26.3	26.1
Inventories - raw materials&supplies	167.0	170.2	158.6	144.5	140.0
Dfd. Tax Assets	18.0	-	-	-	14.8
Other current assets	34.5	55.2	57.7	48.9	55.0
Allowance for doubtful accounts	-0.1	-0.2	-0.2	-0.2	-0.2
Total Current Assets	979.3	1,004.1	995.3	976.2	952.4
Build.&Structure	125.8	124.6	127.5	122.3	117.8
Machine&Vehicle	249.6	260.2	270.9	263.5	251.8
Tools & Fixtures	22.1	18.4	21.3	20.1	19.2
Land	67.0	71.5	71.8	68.7	66.0
Lease assets, net	6.5	5.3	4.5	4.7	4.7
Const. Progress	36.4	48.2	47.9	35.4	35.4
Intangible assets	13.2	12.5	11.8	11.3	10.8
Investment Sec.	149.4	127.5	131.1	159.5	157.4
Other long-term Assets	13.0	11.7	13.1	12.8	12.9
Allowance for doubtful accounts	-0.4	-0.5	-0.5	-0.5	-0.4
Adjustment	-	-	-	-	0.0
Total Assets	1,661.8	1,683.4	1,694.6	1,674.0	1,627.8
Note&Acct. Payable	229.6	224.2	204.9	193.4	212.1
Short Term Borrowings	30.1	50.9	39.0	39.5	33.5
Current lease obligations	3.2	-	-	-	2.8
Other Payable	56.6	52.9	51.6	69.8	53.9
Tax Payable	12.8	5.6	5.3	11.4	9.5
Provision	9.5	9.3	9.3	0.4	1.1
Other	34.0	39.0	37.5	32.7	36.0
Total Current Liabilities	375.7	381.9	347.7	347.2	348.8
Lease obligations	1.0	-	-	-	3.3
Total Long Term Debt	1.0	-	-	-	3.3
Provision for retirement benefits	16.8	16.8	17.9	17.9	17.8
Other provision	1.3	0.2	0.0	0.0	0.2
Asset retirement obligations	0.6	0.6	0.6	0.6	0.6
Other Long-term liabilities	50.0	38.7	43.3	55.3	52.2
Minor. Interest	186.2	209.8	211.5	204.7	184.2
Total Liabilities	631.7	648.1	621.0	625.8	607.0
Common Stock	44.8	48.0	47.9	45.7	44.6
Paid-In Capital	41.5	44.4	44.4	42.3	41.3
Retained earnings	1,040.1	1,079.0	1,079.3	1,025.8	1,001.4
Treasury Stock	-12.7	-14.0	-14.6	-14.4	-9.3
Reserve by val. of investment sec.	73.3	55.0	50.1	66.5	65.5
Deferred hedge gain/loss	0.0	0.0	0.0	0.0	0.0
Translat Adjust	-156.8	-177.2	-133.5	-117.8	-122.6
Total Equity	1,030.2	1,035.3	1,073.5	1,048.2	1,020.8
Total Liabilities & Shareholders' Equity	1,661.9	1,683.4	1,694.6	1,674.0	1,627.8
S/O-Common Stock	64.7	64.7	64.6	64.6	64.9
Total Common Shares Outstanding	64.7	64.7	64.6	64.6	64.9
T/S-Common Stock	0.8	0.8	0.8	0.8	0.5
Full-Time Employees	-	-	-	-	8,289

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		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income Bf Tax	125.6	142.0	64.7	105.5	195.8
Depreciation	103.2	100.1	107.2	110.4	93.9
Amort. of Goodwill	-	-	0.0	0.1	0.1
Amort. of negative goodwill	0.0	0.0	0.0	0.0	-
Doubtful Account	-0.1	-0.6	0.6	0.3	-0.4
Allowance director's bonus	-0.4	0.6	-0.5	-0.7	0.0
Reserve for products warranties	9.6	0.0	-0.5	-0.4	0.8
Reserve for disaster loss	-0.5	0.4	0.0	-	-
Allow Accr. Retire.	-0.9	-0.4	1.6	1.8	-0.2
Allowance for Directors' Benefits	1.1	0.0	-3.1	-0.3	-0.8
Interest & Dividend	-12.1	-9.4	-6.6	-12.5	-11.9
Interest Expense	0.7	0.6	1.0	1.3	0.4
Exchange Gain	-2.4	-0.3	-1.1	0.0	0.5
Invest. Gain-Equity	12.7	6.7	-0.1	-0.6	-3.9
Sales of Fixed-Gain	-0.2	-0.2	-0.2	-0.7	-0.7
Sales of Fixed-Loss	-	-	-	0.0	0.1
Retire. Fixed Assets	0.7	1.1	1.7	1.7	0.2
Gain-Sales Inv. Secs	-	-	-	0.0	-0.2
Loss-Sale Inv. Secs.	-19.2	0.5	0.0	-	-
Valu. Inv. Secs.	-	-	0.0	0.0	0.0
Accounts Receivable	-51.9	-0.6	-56.7	76.4	-2.0
Inventory	-34.3	-20.1	31.4	-37.5	-31.7
Accounts Payable	25.8	8.7	-0.4	-21.2	-7.6
Other payable	5.8	4.6	7.3	-17.0	-8.1
Director Bonus Paid	-	-	-	-	0.0
Other Operating Activities	-6.5	3.3	16.0	5.7	-12.2
Int & Divd. Received	12.2	9.5	6.6	12.6	12.1
Interest Paid	-0.7	-0.6	-1.0	-1.3	-0.4
Income Tax Paid	-29.0	-25.7	-17.6	-38.5	-53.0
Newly Consolidat.	-	-	-	4.2	0.0
Cash from Operating Activities	139.4	220.2	150.3	189.5	170.6
Time Deposit Made	-	-6.0	-1.7	-9.1	-5.5
Time Deposit Refund	-	3.8	8.5	2.6	6.5
Net change in time deposit	-1.5	-	-	-	-
Marketable securities, net	-12.7	-	-	-	-
Purch. Mktbl. Secs.	-	-23.3	0.0	-	-
Capital Expenditure	-138.1	-76.7	-65.4	-101.6	-178.7
Sale Fixed	3.4	2.8	0.5	2.3	3.0
Purch. Intangible	-5.1	-1.2	-1.7	-2.5	0.0
Sale of Intangible Assets	0.3	0.0	-	-	-
Inv. Sec. Bought	-2.6	-0.3	0.0	-0.2	-10.9
Sales of Inv. Secs.	20.9	1.9	0.0	0.0	3.7
Purchase of subsidiaries' secs.	-	-	0.0	-8.9	0.0
Loans Made	-	0.0	-1.6	0.0	-
Loans Collected	1.3	0.1	0.0	0.0	0.0
Other investing activities	-1.5	0.5	-0.4	-1.4	-1.5
Cash from Investing Activities	-135.6	-98.6	-61.7	-118.7	-183.4
Short Term Debt, Net	-3.4	19.4	-25.0	-7.9	35.0
Repayment of finance lease	-1.4	-1.4	-1.3	-0.2	0.0
Dividend Paid	-19.7	-14.5	-13.4	-23.4	-20.0
Divid. Paid-Minority	-21.7	-18.4	-15.7	-22.0	-15.7
Other Financing Activities	-5.6	0.0	-0.2	-0.5	0.5
Cash from Financing Activities	-51.8	-14.9	-55.6	-54.1	-0.3
Foreign Exchange Effects	-18.6	-12.9	15.0	-50.6	-1.9
Net Change in Cash	-66.6	93.8	48.0	-33.9	-15.0
Net Cash - Beginning Balance	413.7	287.3	216.9	234.6	221.2
Net Cash - Ending Balance	347.0	381.2	264.9	200.7	206.2
Cash Interest Paid	0.7	0.6	1.0	1.3	0.4
Cash Taxes Paid	29.0	25.7	17.6	38.5	53.0

Interim Cash Flows

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	12 Months	9 Months	6 Months	3 Months	12 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)	78.961215	78.871359	79.672811	81.605269	85.691434
Net Income Bf Tax	125.6	66.4	38.8	25.2	142.0
Depreciation	103.2	75.3	48.9	23.5	100.1
Amortization of negative goodwill	0.0	-	-	-	0.0
Doubtful Account	-0.1	-	-	-	-0.6
Allowance for Director Bonus	-0.4	-	-	-	0.6
Reserve for products warranties	9.6	-	-	-	0.0
Reserve for disaster loss	-0.5	-	-	-	0.4
Allow Accr. Retire.	-0.9	-	-	-	-0.4
Allow. Directors' Benefits	1.1	-	-	-	0.0
Interest & Dividend	-12.1	-	-	-	-9.4
Interest Expense	0.7	-	-	-	0.6
Exchange G/L	-2.4	-	-	-	-0.3
Invest. Gain-Equity	12.7	-	-	-	6.7
Sales of Fixed-Gain	-0.2	-	-	-	-0.2
Retire. Fixed Assets	0.7	-	-	-	1.1
Loss-Sale Inv. Secs.	-19.2	-	-	-	0.5
Accounts Receivable	-51.9	-31.2	9.8	12.5	-0.6
Inventory	-34.3	-18.7	-2.8	7.1	-20.1
Accounts Payable	25.8	10.0	-18.9	-26.2	8.7
Inc (Dec) other payables	5.8	-1.2	-2.9	-7.4	4.6
Other Operating Activities	-6.5	4.1	-1.5	-8.8	3.3
Int & Divd. Received	12.2	9.8	6.7	3.1	9.5
Interest Paid	-0.7	-0.5	-0.4	-0.2	-0.6
Income Tax Paid	-29.0	-24.4	-17.9	-6.6	-25.7
Cash from Operating Activities	139.4	89.5	59.7	22.0	220.2
Time Deposit Made	-	-8.9	-8.8	-	-6.0
Time Deposit Refund	-	6.6	3.7	3.6	3.8
Net change in time deposit	-1.5	-	-	-	-
Marketable securities, net	-12.7	-	-	-	-
Sale Mktbl. Secs.	-	25.4	25.1	24.5	-
Purchase of Mktbl.Secs	-	-	-	-	-23.3
Capital Expenditure	-138.1	-104.9	-69.0	-31.0	-76.7
Sale Fixed	3.4	3.2	1.8	1.4	2.8
Purch. Intangible	-5.1	-	-	-	-1.2
Sale of Intangible Assets	0.3	-	-	-	0.0
LT Inv. Sec. Bought	-2.6	-2.6	-2.5	-2.5	-0.3
Sales of LT Inv. Secs.	20.9	-	-	-	1.9
Loans made	-	-	-	-	0.0
Loans Collected	1.3	-	-	-	0.1
Other Investing Activities	-1.5	-1.0	0.2	-0.1	0.5
Cash from Investing Activities	-135.6	-82.3	-49.5	-4.0	-98.6
Short Term Debt, Net	-3.4	16.2	4.7	5.4	19.4
Repayment of finance lease	-1.4	-	-	-	-1.4
Dividend Paid	-19.7	-19.7	-9.8	-9.5	-14.5
Divid. Paid-Minority	-21.7	-4.5	-4.5	0.0	-18.4
Purchase of treasury stock	-	-5.5	-5.4	-5.3	-
Other financing activities	-5.6	-1.0	-0.8	-0.3	0.0
Cash from Financing Activities	-51.8	-14.4	-15.8	-9.7	-14.9
Foreign Exchange Effects	-18.6	-20.1	1.3	7.0	-12.9
Net Change in Cash	-66.6	-27.2	-4.2	15.4	93.8
Net Cash - Beginning Balance	413.7	414.1	410.0	400.3	287.3
Net Cash - Ending Balance	347.0	386.9	405.7	415.6	381.2
Cash Interest Paid	0.7	0.5	0.4	0.2	0.6
Cash Taxes Paid	29.0	24.4	17.9	6.6	25.7

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Mar-11			31-Mar-10				31-Mar-09				31-Mar-08			31-Mar-07
Japan	566.7	29.5 %		491.5		31.4 %		640.1		34.5 %		696.4		39.3 %	646.2	40.2 %
North America	389.3	20.3 %		341.6		21.8 %		394.3		21.3 %		447.2		25.2 %	436.1	27.1 %
Asia	772.9	40.2 %		573.9		36.7 %		642.4		34.6 %		486.1		27.4 %	419.2	26.1 %
South America&Europe	193.5	10.1 %		157.0		10 %		177.6		9.6 %		141.7		8 %	105.1	6.5 %
Segment Total	1,922.4	100 %		1,563.9		100 %		1,854.5		100 %		1,771.3		100 %	1,606.6	100 %
Eliminations/Corporate	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	1,922.4	100 %		1,563.9		100 %		1,854.5		100 %		1,771.3		100 %	1,606.6	100 %
Exchange Rate: JPY to USD	85.691434			92.941082				100.484331				114.302336			116.944303
Intersegment Revenue   USD (mil)
	31-Mar-11		31-Mar-10				31-Mar-09				31-Mar-08				31-Mar-07
Japan	437.5	89.2 %	354.2		90 %		352.2		86.9 %		393.6		90.1 %		329.9	90.9 %
North America	4.7	1 %	0.4		0.1 %		1.3		0.3 %		0.7		0.2 %		1.1	0.3 %
Asia	47.5	9.7 %	37.9		9.6 %		51.1		12.6 %		41.2		9.4 %		31.3	8.6 %
South America&Europe	0.7	0.1 %	0.9		0.2 %		0.7		0.2 %		1.5		0.3 %		0.5	0.1 %
Segment Total	490.5	100 %	393.4		100 %		405.2		100 %		437.0		100 %		362.9	100 %
Eliminations/Corporate	-490.5	-100 %	-393.4		-100 %		-405.2		-100 %		-437.0		-100 %		-362.9	-100 %
Consolidated Total	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	85.691434		92.941082				100.484331				114.302336				116.944303

Total Revenue   USD (mil)
	31-Mar-11		31-Mar-10			31-Mar-09			31-Mar-08			31-Mar-07
Japan	1,004.2	41.6 %	845.6	43.2 %		992.3	43.9 %		1,090.0		49.4 %	976.1		49.6 %
North America	394.0	16.3 %	342.1	17.5 %		395.6	17.5 %		447.9		20.3 %	437.2		22.2 %
Asia	820.4	34 %	611.8	31.3 %		693.5	30.7 %		527.3		23.9 %	450.5		22.9 %
South America&Europe	194.2	8 %	157.8	8.1 %		178.3	7.9 %		143.2		6.5 %	105.6		5.4 %
Segment Total	2,412.9	100 %	1,957.3	100 %		2,259.7	100 %		2,208.4		100 %	1,969.4		100 %
Eliminations/Corporate	-490.5	-20.3 %	-393.4	-20.1 %		-405.2	-17.9 %		-437.0		-19.8 %	-362.9		-18.4 %
Consolidated Total	1,922.4	79.7 %	1,563.9	79.9 %		1,854.5	82.1 %		1,771.3		80.2 %	1,606.6		81.6 %
Exchange Rate: JPY to USD	85.691434		92.941082			100.484331			114.302336			116.944303
Depreciation   USD (mil)
					31-Mar-11					31-Mar-10
Japan					37.2			36 %		43.8			39.6 %
North America					17.7			17.1 %		19.5			17.7 %
Asia					39.3			38.1 %		39.1			35.4 %
South America&Europe					9.0			8.8 %		8.0			7.2 %
Segment Total					103.2			100 %		110.4			100 %
Eliminations/Corporate					-3.1			-3 %		-3.2			-2.9 %
Consolidated Total					100.1			97 %		107.2			97.1 %
Exchange Rate: JPY to USD					85.691434					92.941082

Total Operating Expense   USD (mil)
	31-Mar-10				31-Mar-09			31-Mar-08				31-Mar-07
Japan	851.6		44.7 %		994.0	46.2 %		1,029.0		50.7 %		915.1	51 %
North America	345.0		18.1 %		400.9	18.7 %		441.0		21.7 %		420.4	23.4 %
Asia	564.8		29.6 %		598.5	27.8 %		440.4		21.7 %		370.7	20.7 %
South America&Europe	144.9		7.6 %		155.9	7.3 %		118.1		5.8 %		87.9	4.9 %
Segment Total	1,906.2		100 %		2,149.3	100 %		2,028.6		100 %		1,794.0	100 %
Eliminations/Corporate	-394.2		-20.7 %		-417.4	-19.4 %		-441.2		-21.7 %		-364.2	-20.3 %
Consolidated Total	1,511.9		79.3 %		1,731.9	80.6 %		1,587.4		78.3 %		1,429.8	79.7 %
Exchange Rate: JPY to USD	92.941082				100.484331			114.302336				116.944303
Operating Income/Loss   USD (mil)
	31-Mar-11			31-Mar-10		31-Mar-09			31-Mar-08			31-Mar-07
Japan	29.2	19.8 %		-5.9	-11.6 %	-1.7	-1.5 %		61.0		33.9 %	61.0	34.8 %
North America	4.3	2.9 %		-2.9	-5.7 %	-5.4	-4.9 %		6.9		3.8 %	16.8	9.6 %
Asia	88.0	59.7 %		47.0	92 %	95.0	86.1 %		86.9		48.3 %	79.8	45.5 %
South America&Europe	25.9	17.6 %		12.9	25.3 %	22.4	20.3 %		25.1		13.9 %	17.8	10.1 %
Segment Total	147.2	100 %		51.1	100 %	110.4	100 %		179.8		100 %	175.4	100 %
Eliminations/Corporate	5.1	3.5 %		0.8	1.6 %	12.2	11 %		4.2		2.3 %	1.3	0.8 %
Consolidated Total	152.4	103.5 %		52.0	101.6 %	122.6	111 %		184.0		102.3 %	176.7	100.8 %
Exchange Rate: JPY to USD	85.691434			92.941082		100.484331			114.302336			116.944303

Operating Margin (%)
		31-Mar-11			31-Mar-10			31-Mar-09				31-Mar-08			31-Mar-07
Japan		2.9		-	-0.7		-	-0.2			-	5.6		-	6.3		-
North America		1.1		-	-0.8		-	-1.4			-	1.5		-	3.8		-
Asia		10.7		-	7.7		-	13.7			-	16.5		-	17.7		-
South America&Europe		13.3		-	8.2		-	12.6			-	17.5		-	16.8		-
Segment Total		6.1		-	2.6		-	4.9			-	8.1		-	8.9		-
Eliminations/Corporate		-1.0		-	-0.2		-	-3.0			-	-1.0		-	-0.4		-
Consolidated Total		7.9		-	3.3		-	6.6			-	10.4		-	11.0		-
Total Assets   USD (mil)
	31-Mar-11		31-Mar-10			31-Mar-09				31-Mar-08				31-Mar-07
Japan	1,002.2	52.2 %	867.1		52.4 %	774.1			52.6 %	916.5			53.2 %	808.7		58.1 %
North America	186.3	9.7 %	169.1		10.2 %	174.9			11.9 %	220.1			12.8 %	182.5		13.1 %
Asia	587.3	30.6 %	501.0		30.3 %	435.8			29.6 %	489.7			28.4 %	350.7		25.2 %
South America&Europe	143.1	7.5 %	116.8		7.1 %	87.1			5.9 %	95.3			5.5 %	50.2		3.6 %
Segment Total	1,919.0	100 %	1,654.0		100 %	1,471.8			100 %	1,721.5			100 %	1,392.0		100 %
Eliminations/Corporate	-291.2	-15.2 %	-253.6		-15.3 %	-234.5			-15.9 %	-226.4			-13.1 %	-183.4		-13.2 %
Consolidated Total	1,627.9	84.8 %	1,400.4		84.7 %	1,237.3			84.1 %	1,495.1			86.9 %	1,208.6		86.8 %
Exchange Rate: JPY to USD	82.880000		93.440000			98.770000				99.535000				118.075000

Operating Return on Assets (%)
	31-Mar-11			31-Mar-10		31-Mar-09				31-Mar-08		31-Mar-07
Japan	3.0	-		-0.7	-	-0.2		-		7.6	-	7.5		-
North America	2.4	-		-1.7	-	-3.1		-		3.6	-	9.1		-
Asia	15.5	-		9.3	-	22.2		-		20.4	-	22.5		-
South America&Europe	18.7	-		11.0	-	26.2		-		30.2	-	35.0		-
Segment Total	7.9	-		3.1	-	7.6		-		12.0	-	12.5		-
Eliminations/Corporate	-1.8	-		-0.3	-	-5.3		-		-2.1	-	-0.7		-
Consolidated Total	9.7	-		3.7	-	10.1		-		14.1	-	14.5		-
Purchase of Fixed Assets   USD (mil)
			31-Mar-11						31-Mar-10
Japan			14.8				17.4 %		26.8				40.1 %
North America			30.2				35.4 %		5.7				8.6 %
Asia			32.7				38.4 %		26.1				39 %
South America&Europe			7.5				8.9 %		8.2				12.3 %
Segment Total			85.2				100 %		66.9				100 %
Eliminations/Corporate			-3.7				-4.3 %		-0.2				-0.3 %
Consolidated Total			81.5				95.7 %		66.7				99.7 %
Exchange Rate: JPY to USD			85.691434						92.941082

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-11				30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10
Japan	158.5		29.1 %		150.1		31 %		91.2		21.4 %		132.1		26.8 %		152.1	30.7 %
North America	104.4		19.2 %		95.5		19.7 %		64.9		15.3 %		103.8		21.1 %		89.5	18 %
Asia	229.4		42.2 %		186.3		38.5 %		214.9		50.5 %		204.9		41.6 %		201.2	40.6 %
South America&Europe	51.4		9.5 %		51.9		10.7 %		54.6		12.8 %		51.6		10.5 %		53.1	10.7 %
Segment Total	543.8		100 %		483.8		100 %		425.6		100 %		492.4		100 %		495.9	100 %
Consolidated Total	543.8		100 %		483.8		100 %		425.6		100 %		492.4		100 %		495.9	100 %
Exchange Rate: JPY to USD	77.302742				77.752043				81.605269				82.241044				82.567473
Intersegment Revenue   USD (mil)
		31-Dec-11				30-Sep-11				30-Jun-11				31-Mar-11			31-Dec-10
Japan		121.0		89.3 %		113.2		92.2 %		84.6		84.9 %		108.1		88.8 %	118.5	91.3 %
North America		0.8		0.6 %		0.2		0.2 %		0.1		0.1 %		0.6		0.5 %	0.1	0 %
Asia		13.3		9.8 %		9.2		7.5 %		14.7		14.8 %		12.9		10.6 %	11.2	8.6 %
South America&Europe		0.3		0.2 %		0.2		0.1 %		0.2		0.2 %		0.1		0.1 %	0.1	0.1 %
Segment Total		135.4		100 %		122.8		100 %		99.6		100 %		121.7		100 %	129.8	100 %
Eliminations/Corporate		-135.4		-100 %		-122.8		-100 %		-99.6		-100 %		-121.7		-100 %	-129.8	-100 %
Consolidated Total		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Exchange Rate: JPY to USD		77.302742				77.752043				81.605269				82.241044			82.567473

Total Revenue   USD (mil)
	31-Dec-11			30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10
Japan	279.5	41.2 %		263.3		43.4 %		175.8		33.5 %		240.2		39.1 %		270.6		43.2 %
North America	105.2	15.5 %		95.8		15.8 %		65.0		12.4 %		104.4		17 %		89.5		14.3 %
Asia	242.7	35.7 %		195.5		32.2 %		229.6		43.7 %		217.8		35.5 %		212.3		33.9 %
South America&Europe	51.7	7.6 %		52.0		8.6 %		54.8		10.4 %		51.7		8.4 %		53.2		8.5 %
Segment Total	679.2	100 %		606.6		100 %		525.2		100 %		614.2		100 %		625.7		100 %
Eliminations/Corporate	-135.4	-19.9 %		-122.8		-20.2 %		-99.6		-19 %		-121.7		-19.8 %		-129.8		-20.7 %
Consolidated Total	543.8	80.1 %		483.8		79.8 %		425.6		81 %		492.4		80.2 %		495.9		79.3 %
Exchange Rate: JPY to USD	77.302742			77.752043				81.605269				82.241044				82.567473
Operating Income/Loss   USD (mil)
	31-Dec-11		30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10
Japan	4.4	12.4 %	-1.8		-9.6 %		-12.3		-60.3 %		0.5		1.7 %		10.7		27.9 %
North America	-0.7	-1.9 %	0.2		0.8 %		-1.8		-8.9 %		0.0		-0.2 %		-0.2		-0.5 %
Asia	27.6	77.5 %	15.2		80.5 %		27.9		136.4 %		23.0		83.2 %		19.6		51 %
South America&Europe	4.3	12 %	5.3		28.3 %		6.7		32.7 %		4.2		15.3 %		8.3		21.6 %
Segment Total	35.6	100 %	18.8		100 %		20.4		100 %		27.7		100 %		38.5		100 %
Eliminations/Corporate	1.8	5 %	0.3		1.6 %		3.8		18.6 %		1.0		3.6 %		1.5		3.9 %
Consolidated Total	37.4	105 %	19.1		101.6 %		24.2		118.6 %		28.6		103.6 %		40.0		103.9 %
Exchange Rate: JPY to USD	77.302742		77.752043				81.605269				82.241044				82.567473

Operating Margin (%)
	31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Japan	1.6	-	-0.7	-	-7.0	-	0.2	-	4.0	-
North America	-0.6	-	0.2	-	-2.8	-	0.0	-	-0.2	-
Asia	11.4	-	7.7	-	12.1	-	10.6	-	9.3	-
South America&Europe	8.3	-	10.3	-	12.2	-	8.2	-	15.6	-
Segment Total	5.2	-	3.1	-	3.9	-	4.5	-	6.2	-
Eliminations/Corporate	-1.3	-	-0.2	-	-3.8	-	-0.8	-	-1.2	-
Consolidated Total	6.9	-	4.0	-	5.7	-	5.8	-	8.1	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

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.