MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	YAMAZEN CORPORATION
Registered Office :	2-3-16, Itachibori, Nishi-ku Osaka-Shi, 550-8660
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	30.05.1947
Legal Form :	Public Parent
Line of Business :	Wholesale of other machinery for use in industry, trade and navigation
No. of Employees :	2,114

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 :	Good
Payment Behaviour :	No Complaints
Litigation :	--

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2012

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

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

Top of Form

Bottom of Form

Company name and address

Yamazen Corporation

2-3-16, Itachibori, Nishi-ku
Osaka-Shi, 550-8660
Japan
Tel:	81-6-65343021
Fax:	81-6-65343162
www.yamazen.co.jp

Employees:

2,114

Company Type:

Public Parent

Corporate Family:

16 Companies

Traded:

Tokyo Stock Exchange:

8051

Incorporation Date:

30-May-1947

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	Japanese Yen
Annual Sales:	4,721.7 ^1
Net Income:	62.5
Total Assets:	1,912.4 ^2
Market Value:	772.1
	(01-Jun-2012)

Business Description

YAMAZEN CORPORATION is active in eight business divisions. The Domestic Production Good division operates businesses though three divisions. The machine tool division sells industrial robots, die cast machines, machining centers and others. The industrial systems division sells packaging equipment, automated storages, picking sorter systems, computer aided design systems and others. The industry machine division sells cutting tools, hydraulic tools, welders and others. The Household Building Material division sells system kitchens, bathrooms and sanitary equipment and solar energy generation systems. The Housing Equipment division sells home electric appliances, leisure and sports products, garden supplies and caring supplies. The International Operation division is involved in the export and import, technical cooperation and intermediate trade businesses. The Others division plans event managements buildings, among others. For the six months ended 30 September 2011, Yamazen Corporation's revenues increased 22% to Y181.01B. The Company's net income totaled Y3.31B, up from Y1.58B. Revenues reflect favorable sales volume due to increased demand of the market. Net income also benefited from lower percentage of cost of sales and SG&A expenses, the absence of loss on valuation of derivatives as well as the absence of loss on liquidation of business.

Industry

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

Key Executives

Name	Title
Toru Yoshii	President, Chief Executive Officer, Representative Director
Takashi Kakegawa	Chief Financial Officer, Managing Director, Senior Executive Officer, Chief Director of Administration
Akihide Onoyama	Senior Executive Officer, Deputy Director of Machinery Business, Director of Development
Akio Nishimura	Senior Executive Officer, Deputy Chif Director of Administration
Katsuhiko Seiki	Chief Operating Officer, Vice President, Representative Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	2	Yamazen Corporation to Sell Properties; Expects Extraordinary Loss for FY 2012	13-Mar-2012
Business Deals	1	Hon Hai Precision Industry Co., Ltd. Acquire Equipment	23-Jun-2011
Positive Earnings Pre-Announcement	2	Yamazen Corporation Raises Consolidated Mid-year and Full-year Outlook for FY 2012	26-Oct-2011
Dividends	1	Yamazen Corporation Amends Dividend Forecast for FY 2012	26-Oct-2011
Debt Ratings	1	R&I Affirms Rating on Yamazen Corporation at "BBB"; Rating Outlook Stable	31-Jan-2012

* number of significant developments within the last 12 months

News

Title	Date
Yamazen FY Grp Net Pft Y4.93B Vs Y4.36B Pft Yr Earlier Nikkei English News (77 Words)	9-May-2012
Yamazen Expects This FY Group Net Profit Y6.20B Nikkei English News (60 Words)	9-May-2012
MARKET SCRAMBLE: Solid Small Caps Reflect Market Uncertainty Nikkei English News (666 Words)	26-Apr-2012
Manufacturers Raise Output Of Energy-Efficient Heaters Nikkei English News (342 Words)	28-Nov-2011
Yamazen 1H Grp Net Pft Y3.31B Vs Y1.58B Pft Yr Earlier Nikkei English News (57 Words)	7-Nov-2011

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.22	1.95
Quick Ratio (MRQ)	1.08	1.03
Debt to Equity (MRQ)	0.13	0.45
Sales 5 Year Growth	-0.25	6.22
Net Profit Margin (TTM) %	1.33	7.96
Return on Assets (TTM) %	3.26	8.48
Return on Equity (TTM) %	11.86	17.58

Stock Snapshot

Traded: Tokyo Stock Exchange: 8051

As of 1-Jun-2012

   Financials in: JPY

Recent Price	645.00	EPS	66.84
52 Week High	741.00	Price/Sales	0.16
52 Week Low	484.00	Dividend Rate	15.00
Avg. Volume (mil)	0.16	Price/Earnings	13.12
Market Value (mil)	60,527.00	Price/Book	1.39
		Beta	1.12

	Price % Change	Rel S&P 500%
4 Week	-12.48%	-2.11%
13 Week	-0.15%	18.00%
52 Week	31.36%	53.01%
Year to Date	14.36%	17.53%

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
2-3-16, Itachibori, Nishi-ku
Osaka-Shi, 550-8660
Japan

Tel:	81-6-65343021
Fax:	81-6-65343162

www.yamazen.co.jp

Quote Symbol - Exchange
8051 - Tokyo Stock Exchange
Sales JPY(mil):	372,830.0
Assets JPY(mil):	157,554.0
Employees:	2,114
Fiscal Year End:	31-Mar-2012

Industry:	Miscellaneous Capital Goods

Incorporation Date:	30-May-1947
Company Type:	Public Parent
Quoted Status:	Quoted

President, Chief Executive Officer, Representative Director:	Toru Yoshii

Company Web Links

Corporate History/Profile

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3411	-	Agricultural and Construction Machinery Wholesaling
3494	-	Other Electrical and Electronic Goods Wholesaling
3419	-	Other Specialised Industrial Machinery and Equipment Wholesaling
3319	-	Other Agricultural Product Wholesaling
6712	-	Non-Residential Property Operators
3339	-	Other Hardware Goods Wholesaling

NACE 2002 Codes:
5121	-	Wholesale of grain, seeds and animal feeds
5182	-	Wholesale of mining, construction and civil engineering machinery
7020	-	Letting of own property
5187	-	Wholesale of other machinery for use in industry, trade and navigation
5143	-	Wholesale of electrical household appliances and radio and television goods
5153	-	Wholesale of wood, construction materials and sanitary equipment

NAICS 2002 Codes:
423610	-	Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
42383	-	Industrial Machinery and Equipment Merchant Wholesalers
531120	-	Lessors of Nonresidential Buildings (except Miniwarehouses)
424910	-	Farm Supplies Merchant Wholesalers
423620	-	Electrical and Electronic Appliance, Television, and Radio Set Merchant Wholesalers
423390	-	Other Construction Material Merchant Wholesalers
423810	-	Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers

US SIC 1987:
5082	-	Construction and Mining (Except Petroleum) Machinery and Equipment
6512	-	Operators of Nonresidential Buildings
5063	-	Electrical Apparatus and Equipment Wiring Supplies, and Construction Materials
5039	-	Construction Materials, Not Elsewhere Classified
5084	-	Industrial Machinery and Equipment
5064	-	Electrical Appliances, Television and Radio Sets
5191	-	Farm Supplies

UK SIC 2003:
5153	-	Wholesale of wood, construction materials and sanitary equipment
5121	-	Wholesale of grain, seeds and animal feeds
70209	-	Other letting of own property
5182	-	Wholesale of mining, construction and civil engineering machinery
5143	-	Wholesale of electrical household appliances and radio and television goods
5187	-	Wholesale of other machinery for use in industry, trade and navigation

Business Description

YAMAZEN CORPORATION is active in eight business divisions. The Domestic Production Good division operates businesses though three divisions. The machine tool division sells industrial robots, die cast machines, machining centers and others. The industrial systems division sells packaging equipment, automated storages, picking sorter systems, computer aided design systems and others. The industry machine division sells cutting tools, hydraulic tools, welders and others. The Household Building Material division sells system kitchens, bathrooms and sanitary equipment and solar energy generation systems. The Housing Equipment division sells home electric appliances, leisure and sports products, garden supplies and caring supplies. The International Operation division is involved in the export and import, technical cooperation and intermediate trade businesses. The Others division plans event managements buildings, among others. For the six months ended 30 September 2011, Yamazen Corporation's revenues increased 22% to Y181.01B. The Company's net income totaled Y3.31B, up from Y1.58B. Revenues reflect favorable sales volume due to increased demand of the market. Net income also benefited from lower percentage of cost of sales and SG&A expenses, the absence of loss on valuation of derivatives as well as the absence of loss on liquidation of business.

More Business Descriptions

Wholesale trade in metal working machines, machine tools, industrial machines, household equipment, construction materials for housing

Die Cast Machines Sales

This major group includes establishments engaged in manufacturing industrial and commercial machinery and equipment and computers. Included are the manufacture of engines and turbines; farm and garden machinery; construction, mining, and oil field machinery; elevators and conveying equipment; hoists, cranes, monorails, and industrial trucks and tractors; metalworking machinery; special industry machinery; general industrial machinery; computer and peripheral equipment and office machinery; and refrigeration and service industry machinery. Machines powered by built-in or detachable motors ordinarily are included in this major group.

Industrial Machinery and Equipment Merchant Wholesalers

Financial Data

Financials in:	JPY(mil)
Revenue:	372,830.0
Net Income:	4,935.0
Assets:	157,554.0
Long Term Debt:	322.0
Total Liabilities:	114,088.0
Working Capital:	16.0
Date of Financial Data:	31-Mar-2012

1 Year Growth

15.2%

13.1%

8.1%

Market Data

Quote Symbol:	8051
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	645.0
Stock Price Date:	06-01-2012
52 Week Price Change %:	31.4
Market Value (mil):	60,527,000.0
SEDOL:	6985587
ISIN:	JP3936800006
Equity and Dept Distribution:
FY'99-'02 WAS were estimated. FY'03-07 Q1 & Q3 WAS were estimated and used as O/S. 9/05:DPS is estimated. FY'08 Q1&3 WAS=O/S.

Shareholders

Major Shareholders

Customers' Stockholding Osaka (8.3%); Customers' Stockholding Tokyo (6.4%)

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Auditor:	Deloitte & Touche LLP

Corporate Structure News

Yamazen Corporation
Total Corporate Family Members: 16

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Yamazen Corporation	Parent	Osaka-Shi	Japan	Miscellaneous Capital Goods	4,721.7	2,114
Yamazen (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods		92
Yamazen Thai Engineering Company Limited	Subsidiary	Suan Luang, Bangkok	Thailand	Business Services	1.1	28
Nihon Butsuryu Shinbun Co., Ltd.	Subsidiary	Osaka	Japan	Printing and Publishing		50
Yamazen Inc.	Subsidiary	Schaumburg, IL	United States	Miscellaneous Capital Goods	130.0	40
P.T. Yamazen Indonesia	Subsidiary	Jakarta	Indonesia	Miscellaneous Capital Goods		30
Yamazen (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods		30
Yamazen Machinery & Tools India Private Ltd.	Subsidiary	New Delhi	India	Miscellaneous Capital Goods		30
Yamazen (Malaysia) Sdn. Bhd.	Subsidiary	Petaling Jaya, Selangor	Malaysia	Miscellaneous Capital Goods	8.8	15
PROCUEbyNET CORPORATION	Subsidiary	Osaka	Japan			15
Travel Topia Inc.	Subsidiary	Kawasaki, Kanagawa	Japan	Personal Services		10
Yamazen Europe GmbH	Subsidiary	Stuttgart, Baden-Wurttemberg	Germany	Engineering Consultants		10
Plustech Inc.	Subsidiary	Schaumburg, IL	United States	Miscellaneous Capital Goods	5.4	7
Ogaki Machine & Tool Company Limited	Subsidiary	Ohgaki	Japan	Personal and Household Products	1.0
Yamazen Hong Kong Ltd.	Subsidiary	Sheung Shui, New Territories	Hong Kong	Miscellaneous Capital Goods
Yamazen Co., Ltd.	Subsidiary	Taipei	Taiwan	Miscellaneous Capital Goods

Executives Report

Board of Directors

Name	Title	Function
Taichi Aso	Senior Executive Officer, Chief Director of Family Machinery Business, Director	Director/Board Member
Yoji Ikazuchi	Senior Executive Officer, Director of Housing Construction Business, Senior Manager of Western Japan, Director	Director/Board Member
Biography Mr. Yoji Ikazuchi was named Senior Executive Officer, Director of Housing Construction Business, Senior Manager of Western Japan and Director in YAMAZEN CORPORATION, effective April 1, 2012. He joined the Company in March 1971. He previously served as Executive Officer, Senior Director of Housing Construction Material and Director of Sales Promotion of the Company.
Takashi Kakegawa	Chief Financial Officer, Managing Director, Senior Executive Officer, Chief Director of Administration	Director/Board Member
Biography Mr. Takashi Kakegawa was named Chief Financial Officer, Managing Director, Senior Executive Officer and Chief Director of Administration in Yamazen Corporation effective June 27, 2012. He joined the Company in April 1972. He previously served as Executive Officer, Deputy Chief Director of Administration and Director of Finance in Main Administration Unit. Age: 63
Meguru Nakata	Senior Managing Director, Senior Executive Officer, Director of Machinery Engineering Business	Director/Board Member
Biography Mr. Meguru Nakata was named Senior Managing Director, Senior Executive Officer and Director of Machinery Engineering Business in Yamazen Corporation effective June 27, 2012. He joined the Company in March 1969. He previously served as Executive Officer, Senior Director of Tools, Senior Director of Marketing, Managing Director and President of Kyushu Office in the Company. Age: 65
Koji Nishio	Director	Director/Board Member
Yoji Rai	Senior VP	Director/Board Member
Shozo Sasai	Managing Director, Senior Executive Officer, Chief Director of Eastern Japan Sales	Director/Board Member
Biography Mr. Shozo Sasai was named Managing Director, Senior Executive Officer, Chief Director of Eastern Japan Sales in YAMAZEN CORPORATION, effective June 27, 2012. He joined the Company in March 1969. He previously served as Executive Officer, Deputy Chief Director of Eastern Japan Sales and Director in the Company. Age: 65
Syouzou Sasai	Senior VP	Director/Board Member
Katsuhiko Seiki	Chief Operating Officer, Vice President, Representative Director	Director/Board Member
Biography Mr. Katsuhiko Seiki was named Chief Operating Officer, Vice President and Representative Director in YAMAZEN CORPORATION effective June 27, 2012. He joined the Company in November 1968. His previous positions include Managing Director, Executive Officer, Managing Executive Officer, Senior Managing Director, Senior Executive Officer, Chief IT Officer and Chief Director of Business Planning. He obtained a Bachelor's degree in Economics from Kansai Gakuin University in March 1968. Age: 66 Education: Kansai Gakuin University, B (Economics)
Mitsuo Terasaka	Managing Director, Senior Executive Officer, Chief Director of Osaka Sales	Director/Board Member
Biography Mr. Mitsuo Terasaka was named Managing Director, Senior Executive Officer and Chief Director of Osaka Sales in Yamazen Corporation effective June 27, 2012. He joined the Company in April 1965. He previously served as Executive Officer, Chief Director of Nagoya Sales and President of North Kanto Office in the Company. Age: 65
Masami Yamamoto	Senior Managing Director, Senior Executive Officer, Chief Director of International Business, Chairman and CEO of Subsidiary	Director/Board Member
Biography Mr. Masami Yamamoto was named Senior Managing Director, Senior Executive Officer and Chief Director of International Business in YAMAZEN CORPORATION, as well as Chairman of the Board and Chief Executive Officer in its subsidiary, YAMAZEN INC., effective April 1, 2012. He joined the Company in April 1965. He previously served as Chief Director of Tokyo Sales, Managing Director and Managing Executive Officer. Age: 65
Toru Yoshii	President, Chief Executive Officer, Representative Director	Director/Board Member
Biography Mr. Toru Yoshii has been serving as Chief Executive Officer, President and Representative Director of YAMAZEN CORPORATION, since April 2003. He joined the Company in August 1963 and served as Director of Osaka Machinery, Managing Director, Senior Managing Director and Vice President. Age: 71

Executives

Name	Title	Function
Ikuei Kimura	Co-Senior Managing Director	Chief Executive Officer
Yuzo Tani	Co-Senior Managing Director	Chief Executive Officer
Toru Yoshii	President, Chief Executive Officer, Representative Director	Chief Executive Officer
Biography Mr. Toru Yoshii has been serving as Chief Executive Officer, President and Representative Director of YAMAZEN CORPORATION, since April 2003. He joined the Company in August 1963 and served as Director of Osaka Machinery, Managing Director, Senior Managing Director and Vice President. Age: 71
Shinzo Nakamichi	President	President
Takashi Kakegawa	Chief Financial Officer, Managing Director, Senior Executive Officer, Chief Director of Administration	Managing Director
Biography Mr. Takashi Kakegawa was named Chief Financial Officer, Managing Director, Senior Executive Officer and Chief Director of Administration in Yamazen Corporation effective June 27, 2012. He joined the Company in April 1972. He previously served as Executive Officer, Deputy Chief Director of Administration and Director of Finance in Main Administration Unit. Age: 63
Meguru Nakata	Senior Managing Director, Senior Executive Officer, Director of Machinery Engineering Business	Managing Director
Biography Mr. Meguru Nakata was named Senior Managing Director, Senior Executive Officer and Director of Machinery Engineering Business in Yamazen Corporation effective June 27, 2012. He joined the Company in March 1969. He previously served as Executive Officer, Senior Director of Tools, Senior Director of Marketing, Managing Director and President of Kyushu Office in the Company. Age: 65
Shozo Sasai	Managing Director, Senior Executive Officer, Chief Director of Eastern Japan Sales	Managing Director
Biography Mr. Shozo Sasai was named Managing Director, Senior Executive Officer, Chief Director of Eastern Japan Sales in YAMAZEN CORPORATION, effective June 27, 2012. He joined the Company in March 1969. He previously served as Executive Officer, Deputy Chief Director of Eastern Japan Sales and Director in the Company. Age: 65
Mitsuo Terasaka	Managing Director, Senior Executive Officer, Chief Director of Osaka Sales	Managing Director
Biography Mr. Mitsuo Terasaka was named Managing Director, Senior Executive Officer and Chief Director of Osaka Sales in Yamazen Corporation effective June 27, 2012. He joined the Company in April 1965. He previously served as Executive Officer, Chief Director of Nagoya Sales and President of North Kanto Office in the Company. Age: 65
Masami Yamamoto	Senior Managing Director, Senior Executive Officer, Chief Director of International Business, Chairman and CEO of Subsidiary	Managing Director
Biography Mr. Masami Yamamoto was named Senior Managing Director, Senior Executive Officer and Chief Director of International Business in YAMAZEN CORPORATION, as well as Chairman of the Board and Chief Executive Officer in its subsidiary, YAMAZEN INC., effective April 1, 2012. He joined the Company in April 1965. He previously served as Chief Director of Tokyo Sales, Managing Director and Managing Executive Officer. Age: 65
Isao Moritake	Co-Executive Officer	Operations Executive
Katsuhiko Seiki	Chief Operating Officer, Vice President, Representative Director	Operations Executive
Biography Mr. Katsuhiko Seiki was named Chief Operating Officer, Vice President and Representative Director in YAMAZEN CORPORATION effective June 27, 2012. He joined the Company in November 1968. His previous positions include Managing Director, Executive Officer, Managing Executive Officer, Senior Managing Director, Senior Executive Officer, Chief IT Officer and Chief Director of Business Planning. He obtained a Bachelor's degree in Economics from Kansai Gakuin University in March 1968. Age: 66 Education: Kansai Gakuin University, B (Economics)
Akio Nishimura	Senior Executive Officer, Deputy Chif Director of Administration	Administration Executive
Isamu Iwaguchi	Auditor	Finance Executive
Yoshikazu Matsumura	Senior Executive Officer, Deputy Chief Director of Administration, Director of Finance and Accounting	Finance Executive
Takafumi Ueno	Executive Officer, Director of Human Resources	Human Resources Executive
Kazuo Ebata	Executive Officer, Deputy Chief Director of Kyushu Sales, Director of Kyushu Sales in Housing Construction Business Unit	Sales Executive
Hiroshi Fukuda	Senior Executive Officer, Chief Director of Kyushu Sales	Sales Executive
Tadashige Fukuoka	Senior Executive Officer, Chief Director of Hiroshima Sales	Sales Executive
Naotaka Ito	Executive Officer, Deputy Chief Director of East Japan Sales	Sales Executive
Shinichi Morizono	Senior Executive Officer, Chief Director of Nagoya Sales	Sales Executive
Toyomasa Ohta	Senior Executive Officer, Deputy Chief Director of Sales in Osaka Main Sales Unit	Sales Executive
Hirofumi Okumoto	Senior Executive Officer, Deputy Chief Director of Nagoya Sales	Sales Executive
Tetsushi Soga	Senior Executive Officer, Deputy Dir of Family Machinery Business, Senior Director of Sales, Director of 3rd Kanto Sales	Sales Executive
Toshihiko Oka	Senior Executive Officer, Deputy Chief Director of International Business	International Executive
Tadashi Shiraishi	Senior Executive Officer, Deputy Dir of Family Machinery Business, Senior Dir of Product, Dir of 2nd, 3rd and 4th Products, Dir of Overseas Product, Dir of Quality Management	International Executive
Manabu Kitai	Senior Executive Officer, Senior Manager of Western Japan in Machinery Engineering Business Unit, Senior Director of Marketing	Marketing Executive
Hideo Ohtani	Senior Executive Officer, Deputy Director of Machinery Engineering Business	Engineering/Technical Executive
Akihide Onoyama	Senior Executive Officer, Deputy Director of Machinery Business, Director of Development	Business Development Executive
Takehiro Hashi	Senior Executive Officer	Other
Biography Mr. Takehiro Hashi has been serving as Senior Executive Officer in YAMAZEN CORPORATION, since January 20, 2009. He joined the Company in March 1968. His previous titles include Managing Director and Managing Executive Officer in the Company. Age: 66
Sadaharu Kasahara		Other
Biography Mr. Sadaharu Kasahara resigned from the position of Senior Managing Director, Senior Executive Officer and Chief Director of Eastern Japan Sales of YAMAZEN CORPORATION, effective June 27, 2012. He joined the Company in March 1962. His previous positions include Senior Director of Industrial System, Senior Director of FA System and Senior Managing Executive Officer. Age: 68
Yuji Nagao	Executive Officer, Deputy Director of Housing Construction Business, Senior Manager of Eastern Japan	Other
Toshiyasu Noumi	Executive Officer, Senior Manager of Eastern Japan in Machinery Engineering Business Unit	Other
Fumiyoshi Ogata		Other
Biography Mr. Fumiyoshi Ogata resigned from the position of Vice President, Chief Operating Officer and Representative Director of YAMAZEN CORPORATION, effective June 27, 2012. He joined the Company in March 1964. He previously served as President of North Kanto Office, Managing Director and Senior Managing Director. Age: 70
Nobuo Sekiya	Senior Executive Officer, Director of Machinery Business	Other
Hideyuki Shizu	Executive Officer, Director of Product of Marketing Supervision Unit in Machinery Engineering Business Unit	Other
Shigeru Sunayama	Executive Officer, Chief Director of Business Planning, Director of Business Planning	Other
Takakuni Yamamoto	Executive Officer, President of SE Office, Director of Middle SE	Other
Kimiaki Yamasaki		Other

Significant Developments

Yamazen Corporation to Sell Properties; Expects Extraordinary Loss for FY 2012

Mar 13, 2012

Yamazen Corporation announced that it has decided to sell properties to HASEKO Corporation, for JPY 2,200 million, effective September 28, 2012. The Company expects JPY 2.4 billion extraordinary loss on impairment for the fiscal year ending March 2012.

Asia Precision PCL Announces Investment of Machines and Equipments from Yamazen (Thailand) Co Ltd and Yamazen Corporation

Feb 28, 2012

Asia Precision PCL announced the investment of machines and equipments from Yamazen (Thailand) Co Ltd and Yamazen Corporation, worth THB 163 million. The transaction date will be within the first quarter of 2012.

R&I Affirms Rating on Yamazen Corporation at "BBB"; Rating Outlook Stable

Jan 31, 2012

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Yamazen Corporation at "BBB". The rating outlook is stable.

Yamazen Corporation Amends Dividend Forecast for FY 2012

Oct 26, 2011

Yamazen Corporation announced that it has raised its mid-term dividend forecast from JPY 5.00 per share to JPY 7.00 per share and its year-end dividend forecast from JPY 7.00 per share to JPY 8.00 per share, for the fiscal year ending March 2012.

Yamazen Corporation Raises Consolidated Mid-year and Full-year Outlook for FY 2012

Oct 26, 2011

Yamazen Corporation announced that it has raised its consolidated mid-year outlook for revenue from JPY 175,000 million to JPY 181,000 million, operating profit from JPY 4,400 million to JPY 5,370 million, ordinary profit from JPY 4,700 million to JPY 5,570 million, net profit from JPY 2,900 million to JPY 3,300 million and earning per share from JPY 30.92 to JPY 35.18, for the fiscal year ending March 2012. In addition, the Company has also raised its consolidated full-year outlook for revenue from JPY 350,000 million to JPY 358,000 million, operating profit from JPY 8,500 million to JPY 9,300 million, ordinary profit from JPY 9,000 million to JPY 9,800 million, net profit from JPY 5,400 million to JPY 5,700 million and earning per share from JPY 57.57 to JPY 60.77, for the fiscal year ending March 2012. The Company raised the outlook due to the increased demands and the increased sales, among others.

Yamazen Corporation Raises Consolidated Mid-year and Full-year Outlook for FY 2012

Aug 04, 2011

Yamazen Corporation announced that it has raised its consolidated mid-year outlook for revenue from JPY 160,000 million to JPY 175,000 million, operating profit from JPY 2,700 million to JPY 4,400 million, ordinary profit from JPY 2,800 million to JPY 4,700 million, net profit from JPY 1,700 million to JPY 2,900 million and earning per share from JPY 18.12 to JPY 30.92, for the fiscal year ending March 2012. In addition, the Company has also raised its consolidated full-year outlook for revenue from JPY 340,000 million to JPY 350,000 million, operating profit from JPY 7,500 million to JPY 8,500 million, ordinary profit from JPY 7,700 million to JPY 9,000 million, net profit from JPY 4,500 million to JPY 5,400 million and earning per share from JPY 47.98 to JPY 57.57, for the fiscal year ending March 2012. The Company raised the outlook due to the increased sales, among others.

Hon Hai Precision Industry Co., Ltd. Acquire Equipment

Jun 23, 2011

Hon Hai Precision Industry Co., Ltd. announced that it has acquired 442 sets of equipment from FANUC LTD at NTD 803,996,501, as well as 1,309 sets of equipment from YAMAZEN CORPORATION at NTD 646,634,640.

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Revenue	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Total Revenue	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Cost of Revenue	4,119.2	3,310.8	2,274.5	2,865.3	2,920.1
Cost of Revenue, Total	4,119.2	3,310.8	2,274.5	2,865.3	2,920.1
Gross Profit	602.5	466.7	323.0	378.5	376.9
Selling/General/Administrative Expense	273.5	220.9	179.1	171.9	154.1
Labor & Related Expense	195.7	159.2	134.9	131.6	115.8
Total Selling/General/Administrative Expenses	469.1	380.2	314.0	303.5	269.9
Depreciation	-	-	-	7.3	6.1
Depreciation/Amortization	-	-	-	7.3	6.1
Impairment-Assets Held for Use	32.4	0.0	0.0	0.0	21.3
Impairment-Assets Held for Sale	-3.3	4.3	0.3	3.3	6.7
Other Unusual Expense (Income)	0.0	6.5	0.0	0.0	-1.4
Unusual Expense (Income)	29.1	10.8	0.3	3.3	26.6
Total Operating Expense	4,617.5	3,701.8	2,588.8	3,179.3	3,222.8
Operating Income	104.2	75.7	8.7	64.5	74.2
Interest Expense - Non-Operating	-18.4	-14.1	-11.6	-14.6	-13.4
Interest Expense, Net Non-Operating	-18.4	-14.1	-11.6	-14.6	-13.4
Interest Income - Non-Operating	16.7	14.6	10.7	13.8	12.8
Investment Income - Non-Operating	1.4	1.3	1.0	1.5	1.3
Interest/Investment Income - Non-Operating	18.1	15.9	11.7	15.3	14.1
Interest Income (Expense) - Net Non-Operating Total	-0.2	1.8	0.1	0.7	0.7
Gain (Loss) on Sale of Assets	-0.1	-0.1	-0.1	-0.1	-0.2
Other Non-Operating Income (Expense)	4.1	1.7	1.3	2.8	4.1
Other, Net	4.1	1.7	1.3	2.8	4.1
Income Before Tax	108.0	79.1	10.0	67.8	78.9
Total Income Tax	45.3	28.1	5.3	30.1	30.7
Income After Tax	62.7	51.0	4.7	37.7	48.1
Minority Interest	-0.2	0.0	-	-	-
Net Income Before Extraord Items	62.5	51.0	4.7	37.7	48.1
Net Income	62.5	51.0	4.7	37.7	48.1
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	62.5	50.9	4.7	37.7	48.1
Income Available to Common Incl Extraord Items	62.5	50.9	4.7	37.7	48.1
Basic/Primary Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Basic EPS Excl Extraord Items	0.67	0.54	0.05	0.40	0.51
Basic/Primary EPS Incl Extraord Items	0.67	0.54	0.05	0.40	0.51
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.5	50.9	4.7	37.7	48.1
Diluted Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Diluted EPS Excl Extraord Items	0.67	0.54	0.05	0.40	0.51
Diluted EPS Incl Extraord Items	0.67	0.54	0.05	0.40	0.51
Dividends per Share - Common Stock Primary Issue	0.19	0.14	0.11	0.12	0.11
Gross Dividends - Common Stock	17.8	13.1	10.1	11.7	10.2
Interest Expense, Supplemental	18.4	14.1	11.6	14.6	13.4
Depreciation, Supplemental	11.4	10.2	8.9	7.3	6.1
Total Special Items	29.2	10.9	0.4	3.4	26.8
Normalized Income Before Tax	137.2	90.0	10.4	71.3	105.7
Effect of Special Items on Income Taxes	12.2	3.9	0.2	1.5	10.4
Inc Tax Ex Impact of Sp Items	57.6	32.0	5.4	31.6	41.2
Normalized Income After Tax	79.6	58.0	4.9	39.6	64.5
Normalized Inc. Avail to Com.	79.4	57.9	4.9	39.6	64.5
Basic Normalized EPS	0.85	0.62	0.05	0.42	0.69
Diluted Normalized EPS	0.85	0.62	0.05	0.42	0.69
Rental Expenses	51.6	40.7	37.5	33.8	29.5
Reported Operating Profit	133.3	86.5	9.0	67.7	100.8
Reported Ordinary Profit	141.3	89.0	10.3	71.2	99.8
Normalized EBIT	133.3	86.5	9.0	67.8	100.8
Normalized EBITDA	144.7	96.7	17.9	75.0	107.0
Interest Cost - Domestic	-	3.5	3.4	3.1	2.8
Service Cost - Domestic	-	5.8	5.5	4.8	4.2
Expected Return on Assets - Domestic	-	-3.6	-3.1	-3.7	-3.8
Actuarial Gains and Losses - Domestic	-	8.9	8.9	5.7	3.3
Transition Costs - Domestic	-	0.0	1.3	1.2	1.1
Domestic Pension Plan Expense	-	14.6	16.0	11.2	7.5
Total Pension Expense	-	14.6	16.0	11.2	7.5
Discount Rate - Domestic	-	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	2.90%	2.90%	2.90%	2.90%
Total Plan Interest Cost	-	3.5	3.4	3.1	2.8
Total Plan Service Cost	-	5.8	5.5	4.8	4.2
Total Plan Expected Return	-	-3.6	-3.1	-3.7	-3.8

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	271.9	242.7	131.9	151.7	293.6
Short Term Investments	24.3	48.3	43.0	32.7	86.2
Cash and Short Term Investments	296.1	291.0	174.9	184.3	379.8
Accounts Receivable - Trade, Gross	1,127.2	1,003.7	720.8	706.6	972.0
Provision for Doubtful Accounts	-14.0	-9.5	-9.1	-7.0	-7.8
Trade Accounts Receivable - Net	1,113.1	994.2	711.7	699.6	964.2
Total Receivables, Net	1,113.1	994.2	711.7	699.6	964.2
Inventories - Finished Goods	193.4	152.4	116.1	134.8	-
Total Inventory	193.4	152.4	116.1	134.8	114.5
Deferred Income Tax - Current Asset	29.7	16.2	8.0	8.7	9.4
Other Current Assets	36.5	38.1	16.0	18.6	22.4
Other Current Assets, Total	66.2	54.3	24.0	27.3	31.8
Total Current Assets	1,668.9	1,491.9	1,026.7	1,046.1	1,490.3
Buildings	116.0	124.1	111.0	103.3	101.3
Land/Improvements	85.2	94.8	84.5	79.9	76.7
Machinery/Equipment	22.5	20.0	17.9	17.2	16.9
Other Property/Plant/Equipment	1.9	2.0	1.2	0.2	-
Property/Plant/Equipment - Gross	225.7	241.0	214.6	200.6	195.0
Accumulated Depreciation	-100.3	-96.1	-82.8	-75.2	-72.3
Property/Plant/Equipment - Net	125.4	144.9	131.9	125.4	122.7
Intangibles, Net	15.6	13.9	17.5	15.6	14.6
LT Investment - Affiliate Companies	4.6	7.4	-	-	-
LT Investments - Other	67.2	67.0	76.5	53.3	80.9
Long Term Investments	71.8	74.4	76.5	53.3	80.9
Note Receivable - Long Term	3.2	3.8	5.4	5.8	5.5
Pension Benefits - Overfunded	9.9	15.2	17.8	22.3	24.3
Deferred Income Tax - Long Term Asset	0.4	0.3	0.2	0.1	0.2
Other Long Term Assets	17.2	14.2	10.7	10.5	11.5
Other Long Term Assets, Total	27.4	29.7	28.7	32.9	36.1
Total Assets	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
Accounts Payable	1,147.1	1,025.2	731.6	737.8	1,139.0
Accrued Expenses	27.9	23.7	13.9	14.1	17.8
Notes Payable/Short Term Debt	63.0	86.4	70.1	52.6	114.4
Current Portion - Long Term Debt/Capital Leases	-	6.1	0.6	26.1	0.0
Income Taxes Payable	40.0	29.4	9.7	14.7	10.2
Other Current Liabilities	85.2	87.5	34.4	38.2	40.6
Other Current liabilities, Total	125.3	116.9	44.2	52.9	50.9
Total Current Liabilities	1,363.2	1,258.3	860.3	883.6	1,322.1
Long Term Debt	3.9	0.0	5.4	5.2	31.1
Capital Lease Obligations	-	-	1.4	-	-
Total Long Term Debt	3.9	0.0	6.8	5.2	31.1
Total Debt	66.9	92.5	77.6	84.0	145.5
Deferred Income Tax - LT Liability	3.2	5.4	6.8	3.7	15.3
Deferred Income Tax	3.2	5.4	6.8	3.7	15.3
Minority Interest	0.6	0.0	-	-	-
Pension Benefits - Underfunded	1.2	0.3	0.4	0.5	0.7
Other Long Term Liabilities	12.7	15.3	14.8	12.8	14.7
Other Liabilities, Total	13.9	15.6	15.2	13.3	15.4
Total Liabilities	1,384.8	1,279.4	889.2	905.9	1,383.9
Common Stock	96.0	95.4	84.6	80.1	79.5
Common Stock	96.0	95.4	84.6	80.1	79.5
Additional Paid-In Capital	73.8	73.4	65.1	61.6	61.1
Retained Earnings (Accumulated Deficit)	377.6	330.4	256.4	250.0	221.8
Treasury Stock - Common	-0.2	-0.2	-0.2	-0.2	-0.2
Unrealized Gain (Loss)	9.6	9.2	12.6	1.6	17.1
Translation Adjustment	-29.3	-29.0	-21.1	-19.9	-13.2
Other Equity, Total	-29.3	-29.0	-21.1	-19.9	-13.2
Total Equity	527.6	479.2	397.5	373.1	366.1
Total Liabilities & Shareholders’ Equity	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
Shares Outstanding - Common Stock Primary Issue	93.8	93.8	93.8	93.8	93.8
Total Common Shares Outstanding	93.8	93.8	93.8	93.8	93.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	2,114	2,070	2,060	1,955
Number of Common Shareholders	-	6,055	6,240	6,445	6,525
Total Long Term Debt, Supplemental	-	6.1	5.5	31.3	45.5
Long Term Debt Maturing within 1 Year	-	6.1	0.1	26.1	14.4
Long Term Debt Maturing in Year 2	-	-	5.4	0.1	25.9
Long Term Debt Maturing in Year 3	-	-	0.0	5.1	0.1
Long Term Debt Maturing in Year 4	-	-	0.0	0.0	5.1
Long Term Debt Maturing in Year 5	-	-	0.0	0.0	0.0
Long Term Debt Maturing in 2-3 Years	-	-	5.4	5.2	26.0
Long Term Debt Maturing in 4-5 Years	-	-	0.0	0.0	5.1
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	2.1	1.9	0.3	-
Capital Lease Payments Due in Year 1	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 2	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 3	-	0.5	0.5	0.1	-
Capital Lease Payments Due in Year 4	-	0.1	0.4	0.1	-
Capital Lease Payments Due in Year 5	-	0.1	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	-	1.2	1.0	0.1	-
Capital Lease Payments Due in 4-5 Years	-	0.2	0.4	0.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.1	0.0	0.0	-
Pension Obligation - Domestic	-	181.9	164.7	158.8	157.7
Plan Assets - Domestic	-	123.7	115.8	100.3	127.4
Funded Status - Domestic	-	-58.2	-48.9	-58.5	-30.2
Total Funded Status	-	-58.2	-48.9	-58.5	-30.2
Discount Rate - Domestic	-	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	2.90%	2.90%	2.90%	2.90%
Accrued Liabilities - Domestic	-	-0.3	-0.4	-0.5	-0.7
Other Assets, Net - Domestic	-	88.3	84.0	102.5	78.2
Net Assets Recognized on Balance Sheet	-	88.0	83.6	102.0	77.5
Total Plan Obligations	-	181.9	164.7	158.8	157.7
Total Plan Assets	-	123.7	115.8	100.3	127.4

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	108.0	79.1	10.0	67.8	78.8
Depreciation	11.4	10.2	8.9	7.3	6.1
Depreciation/Depletion	11.4	10.2	8.9	7.3	6.1
Unusual Items	33.2	4.0	0.3	3.3	22.4
Other Non-Cash Items	2.2	9.4	0.5	-4.1	-4.5
Non-Cash Items	35.5	13.4	0.8	-0.8	17.9
Accounts Receivable	-108.3	-187.8	26.6	264.5	70.7
Inventories	-38.3	-22.3	26.2	-20.6	10.1
Prepaid Expenses	5.6	4.7	5.8	2.2	-0.4
Accounts Payable	99.7	196.3	-48.6	-400.3	-83.2
Other Operating Cash Flow	-50.3	5.7	-14.9	-24.5	-42.9
Changes in Working Capital	-91.5	-3.5	-4.9	-178.7	-45.7
Cash from Operating Activities	63.4	99.1	14.8	-104.4	57.2
Purchase of Fixed Assets	-15.5	-2.3	-8.0	-10.8	-7.4
Capital Expenditures	-15.5	-2.3	-8.0	-10.8	-7.4
Sale of Fixed Assets	0.3	0.0	0.0	0.1	13.8
Sale/Maturity of Investment	5.8	2.1	0.8	9.1	3.1
Purchase of Investments	-4.7	-3.6	-3.2	-3.7	-10.6
Other Investing Cash Flow	17.7	15.8	12.8	14.9	14.0
Other Investing Cash Flow Items, Total	19.1	14.3	10.5	20.4	20.4
Cash from Investing Activities	3.6	12.0	2.5	9.6	13.0
Other Financing Cash Flow	-18.3	-14.1	-11.6	-14.4	-14.1
Financing Cash Flow Items	-18.3	-14.1	-11.6	-14.4	-14.1
Cash Dividends Paid - Common	-16.6	-10.9	-12.6	-11.7	-14.4
Total Cash Dividends Paid	-16.6	-10.9	-12.6	-11.7	-14.4
Short Term Debt, Net	-25.5	7.5	14.5	-47.3	33.2
Long Term Debt Issued	3.8	0.0	-	0.0	21.9
Long Term Debt Reduction	-11.2	-0.1	-27.7	-14.2	-95.6
Long Term Debt, Net	-7.4	-0.1	-27.7	-14.2	-73.7
Issuance (Retirement) of Debt, Net	-32.9	7.4	-13.2	-61.6	-40.5
Cash from Financing Activities	-67.8	-17.7	-37.4	-87.6	-68.9
Foreign Exchange Effects	0.1	-3.4	-0.4	-3.6	-2.6
Net Change in Cash	-0.7	90.0	-20.5	-186.1	-1.3
Net Cash - Beginning Balance	309.2	187.4	193.4	364.9	322.1
Net Cash - Ending Balance	308.5	277.4	172.8	178.8	320.8
Cash Interest Paid	18.3	14.1	11.6	14.4	14.1
Cash Taxes Paid	51.9	16.4	15.3	27.8	53.9

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Total Revenue	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Cost of Sales	4,119.2	3,310.8	2,274.5	2,865.3	2,920.1
Commission Expenses	-	-	-	24.9	23.8
Lease & Storage	51.6	40.7	37.5	33.8	29.5
Shipping	69.9	55.0	42.9	40.7	34.8
Salary &Bonus	149.6	121.7	104.9	106.5	92.6
Bonus Allowance	29.0	23.0	13.9	13.9	15.7
Doubtful Debt Allow.	4.2	0.0	2.6	1.0	0.0
Periodic retirement benefit costs	17.0	14.6	16.0	11.2	7.5
Directors' Allowance	-	-	-	-	0.0
Depreciation	-	-	-	7.3	6.1
Prov. for Collection of Products	-3.8	0.0	-	-	-
Other Selling & Gen.	151.5	125.2	96.2	71.5	66.1
SP Reversal G on allow.doubt.accounts	0.0	-0.8	0.0	0.0	-1.4
SP L. on retire. of fixed assets	0.5	0.0	0.0	0.0	-
Impairment Loss	31.9	-	-	0.0	21.3
SP L on val.affil.secs.	-	-	-	-	0.0
SP L on val. of LT inv't. secs.	1.0	1.8	0.0	3.3	1.2
SP L on val. of stocks of affiliate.	0.0	1.9	0.3	0.0	-
Provision for voluntary recall of goods	0.0	5.6	0.0	-	-
SP Other Special Losses	0.0	1.6	0.0	0.0	0.0
NOP G on valuation of derivatives	-4.2	0.0	-	-	-
NOP L on valuation of derivatives	0.0	0.6	-	0.0	5.6
Total Operating Expense	4,617.5	3,701.8	2,588.8	3,179.3	3,222.8
SP Gain-Fix. Asset Sold	0.0	0.0	0.0	0.0	0.0
SP Gain-Inv. Sec. Sold	0.1	0.4	-	0.0	0.1
SP L on sale of fixed assets	0.0	-0.1	0.0	0.0	-
SP L on sale/retire. of fixed assets	-	-	-	0.0	0.0
NOP Interest Income	16.7	14.6	10.7	13.8	12.8
NOP Dividend Income	1.3	0.9	1.0	1.5	1.3
NOP Other Income	5.3	3.2	2.8	4.1	4.5
NOP Interest Expenses	-18.4	-14.1	-11.6	-14.6	-13.4
NOP Loss Note Sold	-0.1	0.0	-0.1	-0.1	-0.2
NOP Other Expenses	-1.2	-1.4	-1.5	-1.3	-0.4
Net Income Before Taxes	108.0	79.1	10.0	67.8	78.9
Provision for Income Taxes	45.3	28.1	5.3	30.1	30.7
Net Income After Taxes	62.7	51.0	4.7	37.7	48.1
Minority Interest	-0.2	0.0	-	-	-
Net Income Before Extra. Items	62.5	51.0	4.7	37.7	48.1
Net Income	62.5	51.0	4.7	37.7	48.1
Rounding Adjustment	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	62.5	50.9	4.7	37.7	48.1
Income Available to Com Incl ExtraOrd	62.5	50.9	4.7	37.7	48.1
Basic Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Basic EPS Excluding ExtraOrdinary Items	0.67	0.54	0.05	0.40	0.51
Basic EPS Including ExtraOrdinary Item	0.67	0.54	0.05	0.40	0.51
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.5	50.9	4.7	37.7	48.1
Diluted Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Diluted EPS Excluding ExtraOrd Items	0.67	0.54	0.05	0.40	0.51
Diluted EPS Including ExtraOrd Items	0.67	0.54	0.05	0.40	0.51
DPS-Common Stock	0.19	0.14	0.11	0.12	0.11
Gross Dividends - Common Stock	17.8	13.1	10.1	11.7	10.2
Normalized Income Before Taxes	137.2	90.0	10.4	71.3	105.7
Inc Tax Ex Impact of Sp Items	57.6	32.0	5.4	31.6	41.2
Normalized Income After Taxes	79.6	58.0	4.9	39.6	64.5
Normalized Inc. Avail to Com.	79.4	57.9	4.9	39.6	64.5
Basic Normalized EPS	0.85	0.62	0.05	0.42	0.69
Diluted Normalized EPS	0.85	0.62	0.05	0.42	0.69
Interest Expense	18.4	14.1	11.6	14.6	13.4
Rental Expense	51.6	40.7	37.5	33.8	29.5
Depreciation	11.4	10.2	8.9	7.3	6.1
Reported Operating Profit	133.3	86.5	9.0	67.7	100.8
Reported Ordinary Profit	141.3	89.0	10.3	71.2	99.8
Service Cost	-	5.8	5.5	4.8	4.2
Interest Cost	-	3.5	3.4	3.1	2.8
Expected return on plan assets	-	-3.6	-3.1	-3.7	-3.8
Pension exp.due to acct,changes	-	0.0	1.3	1.2	1.1
Actuarial G&L	-	8.9	8.9	5.7	3.3
Domestic Pension Plan Expense	-	14.6	16.0	11.2	7.5
Total Pension Expense	-	14.6	16.0	11.2	7.5
Discount Rate	-	2.00%	2.00%	2.00%	2.00%
Expected rate of return	-	2.90%	2.90%	2.90%	2.90%

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	271.9	242.7	131.9	151.7	293.6
Note & A/C Rcvbl	1,127.2	1,003.7	720.8	706.6	972.0
Securities	24.3	48.3	43.0	32.7	86.2
Inventories	-	-	-	-	114.5
Finished Goods&Merchandise	193.4	152.4	116.1	134.8	-
Defer. Tax Asset	29.7	16.2	8.0	8.7	9.4
Others	36.5	38.1	16.0	18.6	22.4
Doubt Debt Allow	-14.0	-9.5	-9.1	-7.0	-7.8
Total Current Assets	1,668.9	1,491.9	1,026.7	1,046.1	1,490.3
Bldg & Structure	116.0	124.1	111.0	103.3	101.3
Accum. depr - bldg&struc	-81.0	-78.1	-67.4	-61.3	-58.3
Machineries	10.0	9.3	8.2	8.0	7.7
Accum. depr - machin&vehicles	-8.8	-8.1	-6.9	-6.5	-6.3
Tools & Supplies	12.5	10.8	9.7	9.2	9.3
Accum. depr - tools, furn, fixtur	-9.5	-9.3	-8.3	-7.5	-7.8
Land	85.2	94.8	84.5	79.9	76.7
Other PPE	1.9	2.0	1.2	0.2	-
Accum. depr - other PPE	-0.9	-0.6	-0.2	0.0	-
Intangible assets,net	15.6	13.9	17.5	-	-
Software	-	-	-	10.3	11.6
Other Intangible	-	-	-	5.3	3.0
Inv. Securities	67.2	67.0	76.5	53.3	80.9
Affiliate Stock	4.6	7.4	-	-	-
Long Term Loans	-	0.1	0.3	0.5	0.9
Claims provable in bankruptcy, claims pr	3.2	3.8	5.1	5.3	4.6
Prepaid pension plan	9.9	15.2	17.8	22.3	24.3
Defer. Tax Asset	0.4	0.3	0.2	0.1	0.2
Others	22.0	20.0	17.6	17.0	17.5
Doubt Debt Allow	-4.8	-5.8	-6.9	-6.6	-6.0
Rounding Adjustm	-	-	-	0.0	-
Total Assets	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
Note & A/C Pybl.	1,147.1	1,025.2	731.6	737.8	1,139.0
Short Term Debt	63.0	86.4	70.1	52.6	114.4
LT borrowings (current)	-	6.1	0.1	26.1	-
Curr. Corp. Debt	-	-	-	-	0.0
Lease	-	-	0.5	-	-
Income Tax Pybl.	40.0	29.4	9.7	14.7	10.2
Bonus Allowance	27.9	23.7	13.9	14.1	17.8
Provision for voluntary recall of goods	0.0	5.8	0.0	-	-
Other	85.2	81.6	34.4	38.2	40.6
Total Current Liabilities	1,363.2	1,258.3	860.3	883.6	1,322.1
Long Term Debt	3.9	0.0	5.4	5.2	31.1
Lease	-	-	1.4	-	-
Total Long Term Debt	3.9	0.0	6.8	5.2	31.1
Dfrd. tax liab.	3.2	5.4	6.8	3.7	15.3
Accrued Retirem.	1.2	0.3	0.4	0.5	0.7
Directors' Allow	-	-	-	-	0.0
Other	12.7	15.3	14.8	12.8	14.7
Min. Interest	0.6	0.0	-	-	-
Total Liabilities	1,384.8	1,279.4	889.2	905.9	1,383.9
Common Stock	96.0	95.4	84.6	80.1	79.5
Paid In Capital	73.8	73.4	65.1	61.6	61.1
Retained Earning	377.6	330.4	256.4	250.0	221.8
Treasury Stock	-0.2	-0.2	-0.2	-0.2	-0.2
Unreal Gain-Sec.	9.3	9.0	12.6	1.6	17.8
Deferred hedge	0.3	0.2	0.0	-0.1	-0.7
Currency Adjustm	-29.3	-29.0	-21.1	-19.9	-13.2
Total Equity	527.6	479.2	397.5	373.1	366.1
Total Liabilities & Shareholders' Equity	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
S/O-Common Stock	93.8	93.8	93.8	93.8	93.8
Total Common Shares Outstanding	93.8	93.8	93.8	93.8	93.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	-	2,114	2,070	2,060	1,955
Number of Common Shareholders	-	6,055	6,240	6,445	6,525
Long Term Debt Maturing within 1 Yr	-	6.1	0.1	26.1	14.4
Long Term Debt Maturing within 2 Yr	-	-	5.4	0.1	25.9
Long Term Debt Maturing within 3 Yr	-	-	0.0	5.1	0.1
Long Term Debt Maturing within 4 Yr	-	-	0.0	0.0	5.1
Long Term Debt Maturing within 5 Yr	-	-	0.0	0.0	0.0
Long Term Debt Remaining Maturity	-	-	-	0.0	0.0
Total Long Term Debt, Supplemental	-	6.1	5.5	31.3	45.5
Capital Lease Payments Due within 1 Year	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 2	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 3	-	0.5	0.5	0.1	-
Capital Lease Payments Due in Year 4	-	0.1	0.4	0.1	-
Capital Lease Payments Due in Year 5	-	0.1	0.0	0.0	-
Captial Lease-Remaining Maturities	-	0.1	0.0	0.0	-
Total Capital Leases	-	2.1	1.9	0.3	-
Pension Obligation	-	181.9	164.7	158.8	157.7
Fair value of plan assets	-	123.7	115.8	100.3	127.4
Funded Status	-	-58.2	-48.9	-58.5	-30.2
Total Funded Status	-	-58.2	-48.9	-58.5	-30.2
Discount Rate	-	2.00%	2.00%	2.00%	2.00%
Expected rate of return	-	2.90%	2.90%	2.90%	2.90%
Expense unrecog.for acct.changes	-	-	0.0	1.3	2.5
Unrecog.actuarial G&L	-	73.1	66.3	79.0	51.3
Prepaid pension Benefits	-	15.2	17.8	22.3	24.3
Accrued Pension Liabilities	-	-0.3	-0.4	-0.5	-0.7
Net Assets Recognized on Balance Sheet	-	88.0	83.6	102.0	77.5

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	108.0	79.1	10.0	67.8	78.8
Depreciation	11.4	10.2	8.9	7.3	6.1
Impairment losses on assets	31.9	0.6	-	0.0	21.3
Doubt Debt Allowance	3.6	-2.5	1.6	-0.4	-4.0
Other Allowance	-1.7	13.4	-1.3	-3.8	-3.9
Prepaid expense	5.6	4.7	5.8	2.2	-0.4
Interest & Dividend	-18.0	-15.5	-11.7	-14.7	-14.1
Interest Expenses	18.4	14.1	11.6	14.6	13.4
Currency Gain/Losses	-0.1	-0.1	0.2	0.1	-0.1
Inv. Security Sold	-0.1	-0.4	0.0	0.0	-0.1
G/L on val. LT inv't in secs.	1.0	1.8	0.0	3.3	1.2
L on val.stocks. affil.secs.	0.0	1.9	0.3	0.0	0.0
Fixed Asset Retired	0.5	0.0	0.0	0.0	0.0
Fixed Asset Sold	0.0	0.1	0.0	0.0	0.0
Accounts Receivable	-108.3	-187.8	26.6	264.5	70.7
Inventories	-38.3	-22.3	26.2	-20.6	10.1
Accounts Payable	99.7	196.3	-48.6	-400.3	-83.2
Others, net	1.6	22.1	0.4	3.3	11.0
Taxes Paid	-51.9	-16.4	-15.3	-27.8	-53.9
Newly Consol. Cash	-	-	-	0.0	4.1
Cash from Operating Activities	63.4	99.1	14.8	-104.4	57.2
Time Deposit Made	-0.6	-1.6	-0.5	-0.5	-5.0
Time Deposit Matured	4.2	0.6	0.3	3.6	2.6
Securities Sold	0.0	0.2	0.0	5.0	0.0
Inv. Sec. Bought	-2.4	-1.3	-2.2	-2.6	-5.0
Inv. Security Sold	0.2	0.9	0.0	0.0	0.2
Loans Made	-0.6	-0.2	-0.2	-1.9	-1.0
Loans Returned	0.3	0.5	1.3	2.1	1.0
Other Inv. Made	-1.7	-0.8	-0.4	-0.5	-0.6
Other Inv. Sold	1.3	0.5	0.5	0.5	0.4
Capital Expenditure	-15.5	-2.3	-8.0	-10.8	-7.4
Fixed Asset Sold	0.3	0.0	0.0	0.1	13.8
Interest & Dividend	18.0	15.5	11.7	14.6	14.1
Cash from Investing Activities	3.6	12.0	2.5	9.6	13.0
Short Term Debt, net	-25.5	7.5	14.5	-47.3	33.2
LT Debt Proceed	3.8	0.0	-	0.0	21.9
LT Debt Repaid	-11.2	-0.1	-27.7	-14.2	-86.0
Redempt Corp. Bond	-	-	-	0.0	-9.6
Dividend Paid	-16.6	-10.9	-12.6	-11.7	-14.4
Interest Paid	-18.3	-14.1	-11.6	-14.4	-14.1
Other financing activities	0.0	0.0	0.0	0.0	0.0
Cash from Financing Activities	-67.8	-17.7	-37.4	-87.6	-68.9
Foreign Exchange Effects	0.1	-3.4	-0.4	-3.6	-2.6
Net Change in Cash	-0.7	90.0	-20.5	-186.1	-1.3
Net Cash - Beginning Balance	309.2	187.4	193.4	364.9	322.1
Net Cash - Ending Balance	308.5	277.4	172.8	178.8	320.8
Cash Interest Paid	18.3	14.1	11.6	14.4	14.1
Cash Taxes Paid	51.9	16.4	15.3	27.8	53.9

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	1,222.7	10.63%	4,721.7	15.18%	4.58%	-0.25%
Operating Income1	0.0	-99.83%	104.2	26.79%	8.31%	-7.65%
Income Available to Common Excl Extraord Items1	-1.6	-	62.5	13.06%	9.17%	-8.05%
Basic EPS Excl Extraord Items1	-0.02	-	0.67	13.06%	9.17%	-8.05%
Capital Expenditures2	15.5	-	15.5	513.00%	4.16%	8.67%
Cash from Operating Activities2	63.4	-	63.4	-41.06%	-	-3.71%
Free Cash Flow	45.9	-	45.9	-54.43%	-	-6.31%
Total Assets3	1,912.4	8.10%	1,912.4	8.10%	7.64%	-3.69%
Total Liabilities3	1,384.8	7.60%	1,384.8	7.60%	8.44%	-5.99%
Total Long Term Debt3	3.9	-	3.9	-	-14.66%	-30.78%
Total Common Shares Outstanding3	93.8	0.00%	93.8	0.00%	0.00%	0.00%
1-ExchangeRate: JPY to USD Average for Period	79.208816	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	78.961215	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	82.385362	Â	82.385362	Â	Â	Â

Key Ratios
Â	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Profitability
Gross Margin	12.76%	12.35%	12.43%	11.67%	11.43%
Operating Margin	2.21%	2.01%	0.33%	1.99%	2.25%
Pretax Margin	2.29%	2.09%	0.38%	2.09%	2.39%
Net Profit Margin	1.32%	1.35%	0.18%	1.16%	1.46%
Financial Strength
Current Ratio	1.22	1.19	1.19	1.18	1.13
Long Term Debt/Equity	0.01	0.00	0.02	0.01	0.09
Total Debt/Equity	0.13	0.19	0.20	0.23	0.40
Management Effectiveness
Return on Assets	3.26%	3.28%	0.36%	2.52%	3.02%
Return on Equity	11.86%	11.35%	1.18%	10.34%	15.43%
Efficiency
Receivables Turnover	4.28	4.35	3.56	3.95	3.78
Inventory Turnover	22.77	24.16	17.50	23.30	27.55
Asset Turnover	2.46	2.43	1.96	2.17	2.07

Market Valuation USD (mil)
P/E (TTM)	12.26	.	Enterprise Value2	506.0
Price/Sales (TTM)	0.16	.	Enterprise Value/Revenue (TTM)	0.11
Price/Book (MRQ)	1.39	.	Enterprise Value/EBITDA (TTM)	4.57
Market Cap as of 01-Jun-20121		.
1-ExchangeRate: JPY to USD on 1-Jun-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	1.22	1.19	1.19	1.18	1.13
Quick/Acid Test Ratio	1.03	1.02	1.03	1.00	1.02
Working Capital1	305.7	233.6	166.4	162.5	168.2
Long Term Debt/Equity	0.01	0.00	0.02	0.01	0.09
Total Debt/Equity	0.13	0.19	0.20	0.23	0.40
Long Term Debt/Total Capital	0.01	0.00	0.01	0.01	0.06
Total Debt/Total Capital	0.11	0.16	0.16	0.18	0.28
Payout Ratio	28.52%	25.80%	214.15%	30.93%	21.33%
Effective Tax Rate	41.96%	35.58%	52.59%	44.36%	38.96%
Total Capital1	594.5	571.7	475.0	457.1	511.6
Efficiency
Asset Turnover	2.46	2.43	1.96	2.17	2.07
Inventory Turnover	22.77	24.16	17.50	23.30	27.55
Days In Inventory	16.03	15.11	20.86	15.66	13.25
Receivables Turnover	4.28	4.35	3.56	3.95	3.78
Days Receivables Outstanding	85.23	83.95	102.51	92.43	96.67
Revenue/Employee2	-	1,847,532	1,248,108	1,601,971	1,936,637
Operating Income/Employee2	-	37,047	4,177	31,833	43,589
EBITDA/Employee2	-	42,019	8,458	35,416	47,196
Profitability
Gross Margin	12.76%	12.35%	12.43%	11.67%	11.43%
Operating Margin	2.21%	2.01%	0.33%	1.99%	2.25%
EBITDA Margin	2.45%	2.27%	0.68%	2.21%	2.44%
EBIT Margin	2.21%	2.01%	0.33%	1.99%	2.25%
Pretax Margin	2.29%	2.09%	0.38%	2.09%	2.39%
Net Profit Margin	1.32%	1.35%	0.18%	1.16%	1.46%
COGS/Revenue	87.24%	87.65%	87.57%	88.33%	88.57%
SG&A Expense/Revenue	9.94%	10.06%	12.09%	9.36%	8.19%
Management Effectiveness
Return on Assets	3.26%	3.28%	0.36%	2.52%	3.02%
Return on Equity	11.86%	11.35%	1.18%	10.34%	15.43%
Valuation
Free Cash Flow/Share2	0.49	1.07	0.07	-1.25	0.61
Operating Cash Flow/Share 2	0.65	1.09	0.16	-1.13	0.70
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)	12.27
Market Cap/Equity (MRQ)	1.39
Market Cap/Revenue (TTM)	0.16
Market Cap/EBIT (TTM)	7.35
Market Cap/EBITDA (TTM)	6.63
Enterprise Value/Earnings (TTM)	8.45
Enterprise Value/Equity (MRQ)	0.96
Enterprise Value/Revenue (TTM)	0.11
Enterprise Value/EBIT (TTM)	5.06
Enterprise Value/EBITDA (TTM)	4.56

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Revenue	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Total Revenue	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Cost of Revenue	4,119.2	3,310.8	2,274.5	2,865.3	2,920.1
Cost of Revenue, Total	4,119.2	3,310.8	2,274.5	2,865.3	2,920.1
Gross Profit	602.5	466.7	323.0	378.5	376.9
Selling/General/Administrative Expense	273.5	220.9	179.1	171.9	154.1
Labor & Related Expense	195.7	159.2	134.9	131.6	115.8
Total Selling/General/Administrative Expenses	469.1	380.2	314.0	303.5	269.9
Depreciation	-	-	-	7.3	6.1
Depreciation/Amortization	-	-	-	7.3	6.1
Impairment-Assets Held for Use	32.4	0.0	0.0	0.0	21.3
Impairment-Assets Held for Sale	-3.3	4.3	0.3	3.3	6.7
Other Unusual Expense (Income)	0.0	6.5	0.0	0.0	-1.4
Unusual Expense (Income)	29.1	10.8	0.3	3.3	26.6
Total Operating Expense	4,617.5	3,701.8	2,588.8	3,179.3	3,222.8
Operating Income	104.2	75.7	8.7	64.5	74.2
Interest Expense - Non-Operating	-18.4	-14.1	-11.6	-14.6	-13.4
Interest Expense, Net Non-Operating	-18.4	-14.1	-11.6	-14.6	-13.4
Interest Income - Non-Operating	16.7	14.6	10.7	13.8	12.8
Investment Income - Non-Operating	1.4	1.3	1.0	1.5	1.3
Interest/Investment Income - Non-Operating	18.1	15.9	11.7	15.3	14.1
Interest Income (Expense) - Net Non-Operating Total	-0.2	1.8	0.1	0.7	0.7
Gain (Loss) on Sale of Assets	-0.1	-0.1	-0.1	-0.1	-0.2
Other Non-Operating Income (Expense)	4.1	1.7	1.3	2.8	4.1
Other, Net	4.1	1.7	1.3	2.8	4.1
Income Before Tax	108.0	79.1	10.0	67.8	78.9
Total Income Tax	45.3	28.1	5.3	30.1	30.7
Income After Tax	62.7	51.0	4.7	37.7	48.1
Minority Interest	-0.2	0.0	-	-	-
Net Income Before Extraord Items	62.5	51.0	4.7	37.7	48.1
Net Income	62.5	51.0	4.7	37.7	48.1
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	62.5	50.9	4.7	37.7	48.1
Income Available to Common Incl Extraord Items	62.5	50.9	4.7	37.7	48.1
Basic/Primary Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Basic EPS Excl Extraord Items	0.67	0.54	0.05	0.40	0.51
Basic/Primary EPS Incl Extraord Items	0.67	0.54	0.05	0.40	0.51
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.5	50.9	4.7	37.7	48.1
Diluted Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Diluted EPS Excl Extraord Items	0.67	0.54	0.05	0.40	0.51
Diluted EPS Incl Extraord Items	0.67	0.54	0.05	0.40	0.51
Dividends per Share - Common Stock Primary Issue	0.19	0.14	0.11	0.12	0.11
Gross Dividends - Common Stock	17.8	13.1	10.1	11.7	10.2
Interest Expense, Supplemental	18.4	14.1	11.6	14.6	13.4
Depreciation, Supplemental	11.4	10.2	8.9	7.3	6.1
Total Special Items	29.2	10.9	0.4	3.4	26.8
Normalized Income Before Tax	137.2	90.0	10.4	71.3	105.7
Effect of Special Items on Income Taxes	12.2	3.9	0.2	1.5	10.4
Inc Tax Ex Impact of Sp Items	57.6	32.0	5.4	31.6	41.2
Normalized Income After Tax	79.6	58.0	4.9	39.6	64.5
Normalized Inc. Avail to Com.	79.4	57.9	4.9	39.6	64.5
Basic Normalized EPS	0.85	0.62	0.05	0.42	0.69
Diluted Normalized EPS	0.85	0.62	0.05	0.42	0.69
Rental Expenses	51.6	40.7	37.5	33.8	29.5
Reported Operating Profit	133.3	86.5	9.0	67.7	100.8
Reported Ordinary Profit	141.3	89.0	10.3	71.2	99.8
Normalized EBIT	133.3	86.5	9.0	67.8	100.8
Normalized EBITDA	144.7	96.7	17.9	75.0	107.0
Interest Cost - Domestic	-	3.5	3.4	3.1	2.8
Service Cost - Domestic	-	5.8	5.5	4.8	4.2
Expected Return on Assets - Domestic	-	-3.6	-3.1	-3.7	-3.8
Actuarial Gains and Losses - Domestic	-	8.9	8.9	5.7	3.3
Transition Costs - Domestic	-	0.0	1.3	1.2	1.1
Domestic Pension Plan Expense	-	14.6	16.0	11.2	7.5
Total Pension Expense	-	14.6	16.0	11.2	7.5
Discount Rate - Domestic	-	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	2.90%	2.90%	2.90%	2.90%
Total Plan Interest Cost	-	3.5	3.4	3.1	2.8
Total Plan Service Cost	-	5.8	5.5	4.8	4.2
Total Plan Expected Return	-	-3.6	-3.1	-3.7	-3.8

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	1,222.7	1,228.6	1,158.1	1,114.7	1,064.5
Revenue	1,222.7	1,228.6	1,158.1	1,114.7	1,064.5
Total Revenue	1,222.7	1,228.6	1,158.1	1,114.7	1,064.5
Cost of Revenue	1,072.3	1,071.2	1,011.7	966.4	936.0
Cost of Revenue, Total	1,072.3	1,071.2	1,011.7	966.4	936.0
Gross Profit	150.4	157.4	146.4	148.3	128.5
Selling/General/Administrative Expense	121.7	120.1	113.5	113.8	51.1
Labor & Related Expense	-	-	-	-	50.1
Total Selling/General/Administrative Expenses	121.7	120.1	113.5	113.8	101.3
Impairment-Assets Held for Use	0.5	0.0	0.0	0.0	0.0
Impairment-Assets Held for Sale	-2.1	-0.7	0.2	-0.2	0.0
Other Unusual Expense (Income)	30.3	0.7	0.3	0.0	5.7
Unusual Expense (Income)	28.6	0.0	0.5	-0.2	5.8
Total Operating Expense	1,222.6	1,191.3	1,125.7	1,080.0	1,043.0
Operating Income	0.0	37.3	32.4	34.7	21.5
Interest Expense - Non-Operating	-4.4	-5.0	-4.7	-4.3	-3.8
Interest Expense, Net Non-Operating	-4.4	-5.0	-4.7	-4.3	-3.8
Interest Income - Non-Operating	4.0	4.4	4.4	4.0	3.7
Investment Income - Non-Operating	0.1	0.5	0.1	0.6	0.5
Interest/Investment Income - Non-Operating	4.0	4.9	4.5	4.6	4.2
Interest Income (Expense) - Net Non-Operating Total	-0.4	-0.1	-0.2	0.3	0.4
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	-0.1
Other Non-Operating Income (Expense)	1.2	1.4	1.0	0.5	-0.8
Other, Net	1.2	1.4	1.0	0.5	-0.8
Income Before Tax	0.8	38.6	33.3	35.5	21.0
Total Income Tax	2.3	16.0	14.0	13.1	8.2
Income After Tax	-1.5	22.6	19.2	22.4	12.9
Minority Interest	0.0	-0.1	0.0	-0.1	-
Net Income Before Extraord Items	-1.6	22.6	19.2	22.3	12.9
Net Income	-1.6	22.6	19.2	22.3	12.9
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	-1.6	22.6	19.2	22.3	12.8
Income Available to Common Incl Extraord Items	-1.6	22.6	19.2	22.3	12.8
Basic/Primary Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Basic EPS Excl Extraord Items	-0.02	0.24	0.20	0.24	0.14
Basic/Primary EPS Incl Extraord Items	-0.02	0.24	0.20	0.24	0.14
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-1.6	22.6	19.2	22.3	12.8
Diluted Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Diluted EPS Excl Extraord Items	-0.02	0.24	0.20	0.24	0.14
Diluted EPS Incl Extraord Items	-0.02	0.24	0.20	0.24	0.14
Dividends per Share - Common Stock Primary Issue	0.10	0.00	0.09	0.00	0.09
Gross Dividends - Common Stock	9.5	0.0	8.4	0.0	8.0
Interest Expense, Supplemental	4.4	5.0	4.7	4.3	3.8
Depreciation, Supplemental	3.0	3.0	2.7	2.6	2.7
Total Special Items	28.7	0.0	0.5	-0.2	5.8
Normalized Income Before Tax	29.4	38.6	33.8	35.3	26.9
Effect of Special Items on Income Taxes	10.0	0.0	0.2	-0.1	2.3
Inc Tax Ex Impact of Sp Items	12.3	16.0	14.3	13.0	10.4
Normalized Income After Tax	17.1	22.6	19.5	22.3	16.4
Normalized Inc. Avail to Com.	17.1	22.6	19.5	22.1	16.4
Basic Normalized EPS	0.18	0.24	0.21	0.24	0.17
Diluted Normalized EPS	0.18	0.24	0.21	0.24	0.17
Reported Operating Profit	28.7	37.3	32.9	34.5	27.3
Reported Ordinary Profit	31.5	39.9	33.9	36.0	29.0
Normalized EBIT	28.7	37.3	32.9	34.5	27.3
Normalized EBITDA	31.7	40.2	35.6	37.2	29.9

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	271.9	242.7	131.9	151.7	293.6
Short Term Investments	24.3	48.3	43.0	32.7	86.2
Cash and Short Term Investments	296.1	291.0	174.9	184.3	379.8
Accounts Receivable - Trade, Gross	1,127.2	1,003.7	720.8	706.6	972.0
Provision for Doubtful Accounts	-14.0	-9.5	-9.1	-7.0	-7.8
Trade Accounts Receivable - Net	1,113.1	994.2	711.7	699.6	964.2
Total Receivables, Net	1,113.1	994.2	711.7	699.6	964.2
Inventories - Finished Goods	193.4	152.4	116.1	134.8	-
Total Inventory	193.4	152.4	116.1	134.8	114.5
Deferred Income Tax - Current Asset	29.7	16.2	8.0	8.7	9.4
Other Current Assets	36.5	38.1	16.0	18.6	22.4
Other Current Assets, Total	66.2	54.3	24.0	27.3	31.8
Total Current Assets	1,668.9	1,491.9	1,026.7	1,046.1	1,490.3
Buildings	116.0	124.1	111.0	103.3	101.3
Land/Improvements	85.2	94.8	84.5	79.9	76.7
Machinery/Equipment	22.5	20.0	17.9	17.2	16.9
Other Property/Plant/Equipment	1.9	2.0	1.2	0.2	-
Property/Plant/Equipment - Gross	225.7	241.0	214.6	200.6	195.0
Accumulated Depreciation	-100.3	-96.1	-82.8	-75.2	-72.3
Property/Plant/Equipment - Net	125.4	144.9	131.9	125.4	122.7
Intangibles, Net	15.6	13.9	17.5	15.6	14.6
LT Investment - Affiliate Companies	4.6	7.4	-	-	-
LT Investments - Other	67.2	67.0	76.5	53.3	80.9
Long Term Investments	71.8	74.4	76.5	53.3	80.9
Note Receivable - Long Term	3.2	3.8	5.4	5.8	5.5
Pension Benefits - Overfunded	9.9	15.2	17.8	22.3	24.3
Deferred Income Tax - Long Term Asset	0.4	0.3	0.2	0.1	0.2
Other Long Term Assets	17.2	14.2	10.7	10.5	11.5
Other Long Term Assets, Total	27.4	29.7	28.7	32.9	36.1
Total Assets	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
Accounts Payable	1,147.1	1,025.2	731.6	737.8	1,139.0
Accrued Expenses	27.9	23.7	13.9	14.1	17.8
Notes Payable/Short Term Debt	63.0	86.4	70.1	52.6	114.4
Current Portion - Long Term Debt/Capital Leases	-	6.1	0.6	26.1	0.0
Income Taxes Payable	40.0	29.4	9.7	14.7	10.2
Other Current Liabilities	85.2	87.5	34.4	38.2	40.6
Other Current liabilities, Total	125.3	116.9	44.2	52.9	50.9
Total Current Liabilities	1,363.2	1,258.3	860.3	883.6	1,322.1
Long Term Debt	3.9	0.0	5.4	5.2	31.1
Capital Lease Obligations	-	-	1.4	-	-
Total Long Term Debt	3.9	0.0	6.8	5.2	31.1
Total Debt	66.9	92.5	77.6	84.0	145.5
Deferred Income Tax - LT Liability	3.2	5.4	6.8	3.7	15.3
Deferred Income Tax	3.2	5.4	6.8	3.7	15.3
Minority Interest	0.6	0.0	-	-	-
Pension Benefits - Underfunded	1.2	0.3	0.4	0.5	0.7
Other Long Term Liabilities	12.7	15.3	14.8	12.8	14.7
Other Liabilities, Total	13.9	15.6	15.2	13.3	15.4
Total Liabilities	1,384.8	1,279.4	889.2	905.9	1,383.9
Common Stock	96.0	95.4	84.6	80.1	79.5
Common Stock	96.0	95.4	84.6	80.1	79.5
Additional Paid-In Capital	73.8	73.4	65.1	61.6	61.1
Retained Earnings (Accumulated Deficit)	377.6	330.4	256.4	250.0	221.8
Treasury Stock - Common	-0.2	-0.2	-0.2	-0.2	-0.2
Unrealized Gain (Loss)	9.6	9.2	12.6	1.6	17.1
Translation Adjustment	-29.3	-29.0	-21.1	-19.9	-13.2
Other Equity, Total	-29.3	-29.0	-21.1	-19.9	-13.2
Total Equity	527.6	479.2	397.5	373.1	366.1
Total Liabilities & Shareholders’ Equity	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
Shares Outstanding - Common Stock Primary Issue	93.8	93.8	93.8	93.8	93.8
Total Common Shares Outstanding	93.8	93.8	93.8	93.8	93.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	2,114	2,070	2,060	1,955
Number of Common Shareholders	-	6,055	6,240	6,445	6,525
Total Long Term Debt, Supplemental	-	6.1	5.5	31.3	45.5
Long Term Debt Maturing within 1 Year	-	6.1	0.1	26.1	14.4
Long Term Debt Maturing in Year 2	-	-	5.4	0.1	25.9
Long Term Debt Maturing in Year 3	-	-	0.0	5.1	0.1
Long Term Debt Maturing in Year 4	-	-	0.0	0.0	5.1
Long Term Debt Maturing in Year 5	-	-	0.0	0.0	0.0
Long Term Debt Maturing in 2-3 Years	-	-	5.4	5.2	26.0
Long Term Debt Maturing in 4-5 Years	-	-	0.0	0.0	5.1
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	2.1	1.9	0.3	-
Capital Lease Payments Due in Year 1	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 2	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 3	-	0.5	0.5	0.1	-
Capital Lease Payments Due in Year 4	-	0.1	0.4	0.1	-
Capital Lease Payments Due in Year 5	-	0.1	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	-	1.2	1.0	0.1	-
Capital Lease Payments Due in 4-5 Years	-	0.2	0.4	0.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.1	0.0	0.0	-
Pension Obligation - Domestic	-	181.9	164.7	158.8	157.7
Plan Assets - Domestic	-	123.7	115.8	100.3	127.4
Funded Status - Domestic	-	-58.2	-48.9	-58.5	-30.2
Total Funded Status	-	-58.2	-48.9	-58.5	-30.2
Discount Rate - Domestic	-	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	2.90%	2.90%	2.90%	2.90%
Accrued Liabilities - Domestic	-	-0.3	-0.4	-0.5	-0.7
Other Assets, Net - Domestic	-	88.3	84.0	102.5	78.2
Net Assets Recognized on Balance Sheet	-	88.0	83.6	102.0	77.5
Total Plan Obligations	-	181.9	164.7	158.8	157.7
Total Plan Assets	-	123.7	115.8	100.3	127.4

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	271.9	211.1	294.5	218.0	242.7
Short Term Investments	24.3	26.0	25.9	37.1	48.3
Cash and Short Term Investments	296.1	237.1	320.4	255.1	291.0
Accounts Receivable - Trade, Gross	1,127.2	1,195.7	1,056.3	1,055.6	1,003.7
Provision for Doubtful Accounts	-14.0	-10.6	-10.0	-9.7	-9.5
Trade Accounts Receivable - Net	1,113.1	1,185.1	1,046.3	1,045.9	994.2
Total Receivables, Net	1,113.1	1,185.1	1,046.3	1,045.9	994.2
Inventories - Finished Goods	193.4	262.4	236.4	221.7	152.4
Total Inventory	193.4	262.4	236.4	221.7	152.4
Deferred Income Tax - Current Asset	29.7	11.7	16.6	10.1	16.2
Other Current Assets	36.5	27.2	30.3	26.6	38.1
Other Current Assets, Total	66.2	38.9	46.9	36.8	54.3
Total Current Assets	1,668.9	1,723.5	1,650.0	1,559.5	1,491.9
Property/Plant/Equipment - Net	125.4	161.3	161.9	155.7	144.8
Intangibles, Net	15.6	16.3	15.5	14.7	13.9
LT Investments - Other	71.8	64.3	64.9	75.2	74.4
Long Term Investments	71.8	64.3	64.9	75.2	74.4
Note Receivable - Long Term	3.2	4.2	4.2	4.2	3.8
Pension Benefits - Overfunded	9.9	12.0	13.4	14.2	15.2
Deferred Income Tax - Long Term Asset	0.4	2.2	1.5	0.4	0.3
Other Long Term Assets	17.2	16.2	15.9	14.8	14.2
Other Long Term Assets, Total	27.4	30.4	30.8	29.4	29.7
Total Assets	1,912.4	1,999.9	1,927.3	1,838.7	1,758.6
Accounts Payable	1,147.1	1,211.6	1,141.7	1,086.5	1,025.2
Accrued Expenses	27.9	13.9	26.2	12.2	23.7
Notes Payable/Short Term Debt	63.0	85.4	86.7	98.1	86.4
Current Portion - Long Term Debt/Capital Leases	-	-	-	-	6.1
Income Taxes Payable	40.0	22.8	27.0	12.0	29.4
Other Current Liabilities	85.2	95.4	91.2	96.9	87.5
Other Current liabilities, Total	125.3	118.2	118.1	108.9	116.9
Total Current Liabilities	1,363.2	1,429.2	1,372.8	1,305.7	1,258.3
Long Term Debt	3.9	4.9	4.9	4.7	0.0
Total Long Term Debt	3.9	4.9	4.9	4.7	0.0
Total Debt	66.9	90.3	91.7	102.8	92.5
Deferred Income Tax - LT Liability	3.2	0.4	0.5	5.8	5.4
Deferred Income Tax	3.2	0.4	0.5	5.8	5.4
Minority Interest	0.6	0.6	0.5	0.5	-
Reserves	1.2	0.8	0.8	0.7	0.3
Other Long Term Liabilities	12.7	15.8	16.4	15.4	15.3
Other Liabilities, Total	13.9	16.6	17.2	16.1	15.6
Total Liabilities	1,384.8	1,451.6	1,395.9	1,332.9	1,279.4
Common Stock	96.0	102.8	102.6	97.9	95.4
Common Stock	96.0	102.8	102.6	97.9	95.4
Additional Paid-In Capital	73.8	79.0	78.9	75.3	73.4
Retained Earnings (Accumulated Deficit)	377.6	405.9	391.0	354.7	330.4
Treasury Stock - Common	-0.2	-0.2	-0.2	-0.2	-0.2
Unrealized Gain (Loss)	9.6	1.6	1.5	10.1	9.2
Translation Adjustment	-29.3	-40.8	-42.3	-32.0	-29.0
Other Equity, Total	-29.3	-40.8	-42.3	-32.0	-29.0
Total Equity	527.6	548.4	531.5	505.8	479.2
Total Liabilities & Shareholders’ Equity	1,912.4	2,000.0	1,927.3	1,838.7	1,758.6
Shares Outstanding - Common Stock Primary Issue	93.8	93.8	93.8	93.8	93.8
Total Common Shares Outstanding	93.8	93.8	93.8	93.8	93.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	-	-	-	2,114

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	108.0	79.1	10.0	67.8	78.8
Depreciation	11.4	10.2	8.9	7.3	6.1
Depreciation/Depletion	11.4	10.2	8.9	7.3	6.1
Unusual Items	33.2	4.0	0.3	3.3	22.4
Other Non-Cash Items	2.2	9.4	0.5	-4.1	-4.5
Non-Cash Items	35.5	13.4	0.8	-0.8	17.9
Accounts Receivable	-108.3	-187.8	26.6	264.5	70.7
Inventories	-38.3	-22.3	26.2	-20.6	10.1
Prepaid Expenses	5.6	4.7	5.8	2.2	-0.4
Accounts Payable	99.7	196.3	-48.6	-400.3	-83.2
Other Operating Cash Flow	-50.3	5.7	-14.9	-24.5	-42.9
Changes in Working Capital	-91.5	-3.5	-4.9	-178.7	-45.7
Cash from Operating Activities	63.4	99.1	14.8	-104.4	57.2
Purchase of Fixed Assets	-15.5	-2.3	-8.0	-10.8	-7.4
Capital Expenditures	-15.5	-2.3	-8.0	-10.8	-7.4
Sale of Fixed Assets	0.3	0.0	0.0	0.1	13.8
Sale/Maturity of Investment	5.8	2.1	0.8	9.1	3.1
Purchase of Investments	-4.7	-3.6	-3.2	-3.7	-10.6
Other Investing Cash Flow	17.7	15.8	12.8	14.9	14.0
Other Investing Cash Flow Items, Total	19.1	14.3	10.5	20.4	20.4
Cash from Investing Activities	3.6	12.0	2.5	9.6	13.0
Other Financing Cash Flow	-18.3	-14.1	-11.6	-14.4	-14.1
Financing Cash Flow Items	-18.3	-14.1	-11.6	-14.4	-14.1
Cash Dividends Paid - Common	-16.6	-10.9	-12.6	-11.7	-14.4
Total Cash Dividends Paid	-16.6	-10.9	-12.6	-11.7	-14.4
Short Term Debt, Net	-25.5	7.5	14.5	-47.3	33.2
Long Term Debt Issued	3.8	0.0	-	0.0	21.9
Long Term Debt Reduction	-11.2	-0.1	-27.7	-14.2	-95.6
Long Term Debt, Net	-7.4	-0.1	-27.7	-14.2	-73.7
Issuance (Retirement) of Debt, Net	-32.9	7.4	-13.2	-61.6	-40.5
Cash from Financing Activities	-67.8	-17.7	-37.4	-87.6	-68.9
Foreign Exchange Effects	0.1	-3.4	-0.4	-3.6	-2.6
Net Change in Cash	-0.7	90.0	-20.5	-186.1	-1.3
Net Cash - Beginning Balance	309.2	187.4	193.4	364.9	322.1
Net Cash - Ending Balance	308.5	277.4	172.8	178.8	320.8
Cash Interest Paid	18.3	14.1	11.6	14.4	14.1
Cash Taxes Paid	51.9	16.4	15.3	27.8	53.9

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	30-Sep-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	12 Months	6 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	79.672811	85.691434	86.812446	88.962162
Net Income/Starting Line	108.0	68.8	79.1	58.2	26.1
Depreciation	11.4	5.4	10.2	7.5	4.9
Depreciation/Depletion	11.4	5.4	10.2	7.5	4.9
Unusual Items	33.2	1.2	4.0	2.2	0.9
Other Non-Cash Items	2.2	-2.7	9.4	-5.2	1.8
Non-Cash Items	35.5	-1.6	13.4	-3.0	2.7
Accounts Receivable	-108.3	31.0	-187.8	-206.0	-63.6
Inventories	-38.3	-70.5	-22.3	-20.0	-14.8
Prepaid Expenses	5.6	2.8	4.7	3.5	2.3
Accounts Payable	99.7	22.2	196.3	159.2	66.7
Other Operating Cash Flow	-50.3	-24.6	5.7	13.8	9.9
Changes in Working Capital	-91.5	-39.2	-3.5	-49.5	0.6
Cash from Operating Activities	63.4	33.4	99.1	13.2	34.3
Purchase of Fixed Assets	-15.5	-4.2	-2.3	-1.5	-1.0
Capital Expenditures	-15.5	-4.2	-2.3	-1.5	-1.0
Sale of Fixed Assets	0.3	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	5.8	2.1	2.1	0.7	0.1
Purchase of Investments	-4.7	-1.5	-3.6	-4.2	-3.7
Other Investing Cash Flow	17.7	9.5	15.8	11.6	7.2
Other Investing Cash Flow Items, Total	19.1	10.1	14.3	8.1	3.6
Cash from Investing Activities	3.6	5.8	12.0	6.5	2.6
Other Financing Cash Flow	-18.3	-8.9	-14.1	-10.2	-6.4
Financing Cash Flow Items	-18.3	-8.9	-14.1	-10.2	-6.4
Cash Dividends Paid - Common	-16.6	-8.2	-10.9	-10.8	-5.3
Total Cash Dividends Paid	-16.6	-8.2	-10.9	-10.8	-5.3
Short Term Debt, Net	-25.5	-12.6	7.5	1.2	1.2
Long Term Debt Issued	3.8	-	0.0	-	-
Long Term Debt Reduction	-11.2	-0.2	-0.1	-0.1	-0.1
Long Term Debt, Net	-7.4	-0.2	-0.1	-0.1	-0.1
Issuance (Retirement) of Debt, Net	-32.9	-12.8	7.4	1.1	1.1
Cash from Financing Activities	-67.8	-30.0	-17.7	-19.9	-10.5
Foreign Exchange Effects	0.1	-7.8	-3.4	-4.8	-3.6
Net Change in Cash	-0.7	1.4	90.0	-5.0	22.8
Net Cash - Beginning Balance	309.2	306.5	187.4	185.0	180.5
Net Cash - Ending Balance	308.5	307.9	277.4	180.0	203.3
Cash Interest Paid	18.3	8.9	14.1	10.2	6.4
Cash Taxes Paid	51.9	32.7	16.4	15.6	9.4

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Total Revenue	4,721.7	3,777.5	2,597.5	3,243.8	3,297.0
Cost of Sales	4,119.2	3,310.8	2,274.5	2,865.3	2,920.1
Commission Expenses	-	-	-	24.9	23.8
Lease & Storage	51.6	40.7	37.5	33.8	29.5
Shipping	69.9	55.0	42.9	40.7	34.8
Salary &Bonus	149.6	121.7	104.9	106.5	92.6
Bonus Allowance	29.0	23.0	13.9	13.9	15.7
Doubtful Debt Allow.	4.2	0.0	2.6	1.0	0.0
Periodic retirement benefit costs	17.0	14.6	16.0	11.2	7.5
Directors' Allowance	-	-	-	-	0.0
Depreciation	-	-	-	7.3	6.1
Prov. for Collection of Products	-3.8	0.0	-	-	-
Other Selling & Gen.	151.5	125.2	96.2	71.5	66.1
SP Reversal G on allow.doubt.accounts	0.0	-0.8	0.0	0.0	-1.4
SP L. on retire. of fixed assets	0.5	0.0	0.0	0.0	-
Impairment Loss	31.9	-	-	0.0	21.3
SP L on val.affil.secs.	-	-	-	-	0.0
SP L on val. of LT inv't. secs.	1.0	1.8	0.0	3.3	1.2
SP L on val. of stocks of affiliate.	0.0	1.9	0.3	0.0	-
Provision for voluntary recall of goods	0.0	5.6	0.0	-	-
SP Other Special Losses	0.0	1.6	0.0	0.0	0.0
NOP G on valuation of derivatives	-4.2	0.0	-	-	-
NOP L on valuation of derivatives	0.0	0.6	-	0.0	5.6
Total Operating Expense	4,617.5	3,701.8	2,588.8	3,179.3	3,222.8
SP Gain-Fix. Asset Sold	0.0	0.0	0.0	0.0	0.0
SP Gain-Inv. Sec. Sold	0.1	0.4	-	0.0	0.1
SP L on sale of fixed assets	0.0	-0.1	0.0	0.0	-
SP L on sale/retire. of fixed assets	-	-	-	0.0	0.0
NOP Interest Income	16.7	14.6	10.7	13.8	12.8
NOP Dividend Income	1.3	0.9	1.0	1.5	1.3
NOP Other Income	5.3	3.2	2.8	4.1	4.5
NOP Interest Expenses	-18.4	-14.1	-11.6	-14.6	-13.4
NOP Loss Note Sold	-0.1	0.0	-0.1	-0.1	-0.2
NOP Other Expenses	-1.2	-1.4	-1.5	-1.3	-0.4
Net Income Before Taxes	108.0	79.1	10.0	67.8	78.9
Provision for Income Taxes	45.3	28.1	5.3	30.1	30.7
Net Income After Taxes	62.7	51.0	4.7	37.7	48.1
Minority Interest	-0.2	0.0	-	-	-
Net Income Before Extra. Items	62.5	51.0	4.7	37.7	48.1
Net Income	62.5	51.0	4.7	37.7	48.1
Rounding Adjustment	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	62.5	50.9	4.7	37.7	48.1
Income Available to Com Incl ExtraOrd	62.5	50.9	4.7	37.7	48.1
Basic Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Basic EPS Excluding ExtraOrdinary Items	0.67	0.54	0.05	0.40	0.51
Basic EPS Including ExtraOrdinary Item	0.67	0.54	0.05	0.40	0.51
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.5	50.9	4.7	37.7	48.1
Diluted Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Diluted EPS Excluding ExtraOrd Items	0.67	0.54	0.05	0.40	0.51
Diluted EPS Including ExtraOrd Items	0.67	0.54	0.05	0.40	0.51
DPS-Common Stock	0.19	0.14	0.11	0.12	0.11
Gross Dividends - Common Stock	17.8	13.1	10.1	11.7	10.2
Normalized Income Before Taxes	137.2	90.0	10.4	71.3	105.7
Inc Tax Ex Impact of Sp Items	57.6	32.0	5.4	31.6	41.2
Normalized Income After Taxes	79.6	58.0	4.9	39.6	64.5
Normalized Inc. Avail to Com.	79.4	57.9	4.9	39.6	64.5
Basic Normalized EPS	0.85	0.62	0.05	0.42	0.69
Diluted Normalized EPS	0.85	0.62	0.05	0.42	0.69
Interest Expense	18.4	14.1	11.6	14.6	13.4
Rental Expense	51.6	40.7	37.5	33.8	29.5
Depreciation	11.4	10.2	8.9	7.3	6.1
Reported Operating Profit	133.3	86.5	9.0	67.7	100.8
Reported Ordinary Profit	141.3	89.0	10.3	71.2	99.8
Service Cost	-	5.8	5.5	4.8	4.2
Interest Cost	-	3.5	3.4	3.1	2.8
Expected return on plan assets	-	-3.6	-3.1	-3.7	-3.8
Pension exp.due to acct,changes	-	0.0	1.3	1.2	1.1
Actuarial G&L	-	8.9	8.9	5.7	3.3
Domestic Pension Plan Expense	-	14.6	16.0	11.2	7.5
Total Pension Expense	-	14.6	16.0	11.2	7.5
Discount Rate	-	2.00%	2.00%	2.00%	2.00%
Expected rate of return	-	2.90%	2.90%	2.90%	2.90%

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	1,222.7	1,228.6	1,158.1	1,114.7	1,064.5
Total Revenue	1,222.7	1,228.6	1,158.1	1,114.7	1,064.5
Cost of Sales	1,072.3	1,071.2	1,011.7	966.4	936.0
Selling, general and administrative exp.	121.7	120.1	113.5	113.8	-
Salary & Bonuses	-	-	-	-	46.4
Accrued Retirement	-	-	-	-	3.7
Other Selling & Gen.	-	-	-	-	51.1
SP Reversal G on allow.doubt.accounts	-	-	-	-	-0.8
SP Other Special Gains	0.0	-0.1	-	-	-
SP L on retirement of fixed assets	0.5	0.0	0.0	0.0	0.0
SP Reval.-Inv. Security	-	0.5	0.3	0.5	1.9
SP L-adjust. for changes of acct. assets	0.0	0.0	0.0	0.0	-
SP L on val. of stocks of affiliated sec	-	-	-	-	0.7
SP Other Special Losses	30.3	0.8	0.3	0.0	6.5
NOP G on valuation of derivatives	-2.1	-1.3	-0.1	-0.7	-2.6
NOP L on valuation of derivatives	0.0	0.0	0.0	0.0	-
Total Operating Expense	1,222.6	1,191.3	1,125.7	1,080.0	1,043.0
NOP Interest Income	4.0	4.4	4.4	4.0	3.7
NOP Dividends received	0.1	0.5	0.1	0.6	0.0
NOP Other Income	1.8	1.5	1.2	0.7	1.0
NOP Interest Expenses	-4.4	-5.0	-4.7	-4.3	-3.8
NOP Loss Note Sold	0.0	0.0	0.0	0.0	0.0
NOP Other Expenses	-0.6	-0.1	-0.2	-0.2	-1.9
SP Gain on sales of fixed assets	0.0	0.0	0.0	0.0	0.0
SP Gain Sale Inv.Secs	-	-	-	-	0.4
SP Loss on sales of fixed assets	0.0	0.0	0.0	0.0	-0.1
Net Income Before Taxes	0.8	38.6	33.3	35.5	21.0
Provision for Income Taxes	2.3	16.0	14.0	13.1	8.2
Net Income After Taxes	-1.5	22.6	19.2	22.4	12.9
Minority Interest	0.0	-0.1	0.0	-0.1	-
Net Income Before Extra. Items	-1.6	22.6	19.2	22.3	12.9
Net Income	-1.6	22.6	19.2	22.3	12.9
Rounding Adjustment	0.0	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	-1.6	22.6	19.2	22.3	12.8
Income Available to Com Incl ExtraOrd	-1.6	22.6	19.2	22.3	12.8
Basic Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Basic EPS Excluding ExtraOrdinary Items	-0.02	0.24	0.20	0.24	0.14
Basic EPS Including ExtraOrdinary Item	-0.02	0.24	0.20	0.24	0.14
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-1.6	22.6	19.2	22.3	12.8
Diluted Weighted Average Shares	93.8	93.8	93.8	93.8	93.8
Diluted EPS Excluding ExtraOrd Items	-0.02	0.24	0.20	0.24	0.14
Diluted EPS Including ExtraOrd Items	-0.02	0.24	0.20	0.24	0.14
DPS-Common Stock	0.10	0.00	0.09	0.00	0.09
Gross Dividends - Common Stock	9.5	0.0	8.4	0.0	8.0
Normalized Income Before Taxes	29.4	38.6	33.8	35.3	26.9
Inc Tax Ex Impact of Sp Items	12.3	16.0	14.3	13.0	10.4
Normalized Income After Taxes	17.1	22.6	19.5	22.3	16.4
Normalized Inc. Avail to Com.	17.1	22.6	19.5	22.1	16.4
Basic Normalized EPS	0.18	0.24	0.21	0.24	0.17
Diluted Normalized EPS	0.18	0.24	0.21	0.24	0.17
Interest expense, supplemental	4.4	5.0	4.7	4.3	3.8
Depreciation, supplemental	3.0	3.0	2.7	2.6	2.7
Reported Operating Profit	28.7	37.3	32.9	34.5	27.3
Reported Ordinary Profit	31.5	39.9	33.9	36.0	29.0

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	271.9	242.7	131.9	151.7	293.6
Note & A/C Rcvbl	1,127.2	1,003.7	720.8	706.6	972.0
Securities	24.3	48.3	43.0	32.7	86.2
Inventories	-	-	-	-	114.5
Finished Goods&Merchandise	193.4	152.4	116.1	134.8	-
Defer. Tax Asset	29.7	16.2	8.0	8.7	9.4
Others	36.5	38.1	16.0	18.6	22.4
Doubt Debt Allow	-14.0	-9.5	-9.1	-7.0	-7.8
Total Current Assets	1,668.9	1,491.9	1,026.7	1,046.1	1,490.3
Bldg & Structure	116.0	124.1	111.0	103.3	101.3
Accum. depr - bldg&struc	-81.0	-78.1	-67.4	-61.3	-58.3
Machineries	10.0	9.3	8.2	8.0	7.7
Accum. depr - machin&vehicles	-8.8	-8.1	-6.9	-6.5	-6.3
Tools & Supplies	12.5	10.8	9.7	9.2	9.3
Accum. depr - tools, furn, fixtur	-9.5	-9.3	-8.3	-7.5	-7.8
Land	85.2	94.8	84.5	79.9	76.7
Other PPE	1.9	2.0	1.2	0.2	-
Accum. depr - other PPE	-0.9	-0.6	-0.2	0.0	-
Intangible assets,net	15.6	13.9	17.5	-	-
Software	-	-	-	10.3	11.6
Other Intangible	-	-	-	5.3	3.0
Inv. Securities	67.2	67.0	76.5	53.3	80.9
Affiliate Stock	4.6	7.4	-	-	-
Long Term Loans	-	0.1	0.3	0.5	0.9
Claims provable in bankruptcy, claims pr	3.2	3.8	5.1	5.3	4.6
Prepaid pension plan	9.9	15.2	17.8	22.3	24.3
Defer. Tax Asset	0.4	0.3	0.2	0.1	0.2
Others	22.0	20.0	17.6	17.0	17.5
Doubt Debt Allow	-4.8	-5.8	-6.9	-6.6	-6.0
Rounding Adjustm	-	-	-	0.0	-
Total Assets	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
Note & A/C Pybl.	1,147.1	1,025.2	731.6	737.8	1,139.0
Short Term Debt	63.0	86.4	70.1	52.6	114.4
LT borrowings (current)	-	6.1	0.1	26.1	-
Curr. Corp. Debt	-	-	-	-	0.0
Lease	-	-	0.5	-	-
Income Tax Pybl.	40.0	29.4	9.7	14.7	10.2
Bonus Allowance	27.9	23.7	13.9	14.1	17.8
Provision for voluntary recall of goods	0.0	5.8	0.0	-	-
Other	85.2	81.6	34.4	38.2	40.6
Total Current Liabilities	1,363.2	1,258.3	860.3	883.6	1,322.1
Long Term Debt	3.9	0.0	5.4	5.2	31.1
Lease	-	-	1.4	-	-
Total Long Term Debt	3.9	0.0	6.8	5.2	31.1
Dfrd. tax liab.	3.2	5.4	6.8	3.7	15.3
Accrued Retirem.	1.2	0.3	0.4	0.5	0.7
Directors' Allow	-	-	-	-	0.0
Other	12.7	15.3	14.8	12.8	14.7
Min. Interest	0.6	0.0	-	-	-
Total Liabilities	1,384.8	1,279.4	889.2	905.9	1,383.9
Common Stock	96.0	95.4	84.6	80.1	79.5
Paid In Capital	73.8	73.4	65.1	61.6	61.1
Retained Earning	377.6	330.4	256.4	250.0	221.8
Treasury Stock	-0.2	-0.2	-0.2	-0.2	-0.2
Unreal Gain-Sec.	9.3	9.0	12.6	1.6	17.8
Deferred hedge	0.3	0.2	0.0	-0.1	-0.7
Currency Adjustm	-29.3	-29.0	-21.1	-19.9	-13.2
Total Equity	527.6	479.2	397.5	373.1	366.1
Total Liabilities & Shareholders' Equity	1,912.4	1,758.6	1,286.7	1,279.0	1,750.0
S/O-Common Stock	93.8	93.8	93.8	93.8	93.8
Total Common Shares Outstanding	93.8	93.8	93.8	93.8	93.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	-	2,114	2,070	2,060	1,955
Number of Common Shareholders	-	6,055	6,240	6,445	6,525
Long Term Debt Maturing within 1 Yr	-	6.1	0.1	26.1	14.4
Long Term Debt Maturing within 2 Yr	-	-	5.4	0.1	25.9
Long Term Debt Maturing within 3 Yr	-	-	0.0	5.1	0.1
Long Term Debt Maturing within 4 Yr	-	-	0.0	0.0	5.1
Long Term Debt Maturing within 5 Yr	-	-	0.0	0.0	0.0
Long Term Debt Remaining Maturity	-	-	-	0.0	0.0
Total Long Term Debt, Supplemental	-	6.1	5.5	31.3	45.5
Capital Lease Payments Due within 1 Year	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 2	-	0.7	0.5	0.1	-
Capital Lease Payments Due in Year 3	-	0.5	0.5	0.1	-
Capital Lease Payments Due in Year 4	-	0.1	0.4	0.1	-
Capital Lease Payments Due in Year 5	-	0.1	0.0	0.0	-
Captial Lease-Remaining Maturities	-	0.1	0.0	0.0	-
Total Capital Leases	-	2.1	1.9	0.3	-
Pension Obligation	-	181.9	164.7	158.8	157.7
Fair value of plan assets	-	123.7	115.8	100.3	127.4
Funded Status	-	-58.2	-48.9	-58.5	-30.2
Total Funded Status	-	-58.2	-48.9	-58.5	-30.2
Discount Rate	-	2.00%	2.00%	2.00%	2.00%
Expected rate of return	-	2.90%	2.90%	2.90%	2.90%
Expense unrecog.for acct.changes	-	-	0.0	1.3	2.5
Unrecog.actuarial G&L	-	73.1	66.3	79.0	51.3
Prepaid pension Benefits	-	15.2	17.8	22.3	24.3
Accrued Pension Liabilities	-	-0.3	-0.4	-0.5	-0.7
Net Assets Recognized on Balance Sheet	-	88.0	83.6	102.0	77.5

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	76.94	77.08	80.76	82.88
Cash & Deposit	271.9	211.1	294.5	218.0	242.7
Note & A/C Rcvbl	1,127.2	1,195.7	1,056.3	1,055.6	1,003.7
Marketable Securities	24.3	26.0	25.9	37.1	48.3
Merchandise and finished goods	193.4	262.4	236.4	221.7	152.4
Deferred tax assets	29.7	11.7	16.6	10.1	16.2
Other	36.5	27.2	30.3	26.6	38.1
Allowance for doubtful accounts	-14.0	-10.6	-10.0	-9.7	-9.5
Total Current Assets	1,668.9	1,723.5	1,650.0	1,559.5	1,491.9
Bldg & Struct,Net	35.0	47.8	49.1	47.8	45.9
Machinery&Equipment & Vehicles	1.3	1.3	1.4	1.4	1.2
Tools,Furnitures&Fixtures	3.0	2.8	2.0	1.6	1.4
Land	85.2	108.3	108.1	103.4	94.8
Other PPE, net	1.0	1.2	1.3	1.5	1.4
Software	-	-	-	-	13.9
Intangibles, net	15.6	16.3	15.5	14.7	-
Inv. Securities	71.8	64.3	64.9	75.2	74.4
Long Term Loan	-	0.6	0.6	0.4	0.1
Claims bankruptcy & others	3.2	3.6	3.7	3.8	3.8
Prepaid Pension	9.9	12.0	13.4	14.2	15.2
Deferred tax assets	0.4	2.2	1.5	0.4	0.3
Other	22.0	21.6	21.4	20.4	20.0
Allowance for doubtful accounts	-4.8	-5.4	-5.5	-5.6	-5.8
Total Assets	1,912.4	1,999.9	1,927.3	1,838.7	1,758.6
Note & A/C Pybl.	1,147.1	1,211.6	1,141.7	1,086.5	1,025.2
Short Term Debt	63.0	85.4	86.7	98.1	86.4
LT borrowings (current)	-	-	-	-	6.1
Income Tax Payable	40.0	22.8	27.0	12.0	29.4
Allowances for Bonus	27.9	13.9	26.2	12.2	23.7
Provision for voluntary recall of goods	0.0	3.8	3.8	3.6	-
Other	85.2	91.6	87.4	93.3	87.5
Total Current Liabilities	1,363.2	1,429.2	1,372.8	1,305.7	1,258.3
Long Term Debt	3.9	4.9	4.9	4.7	0.0
Total Long Term Debt	3.9	4.9	4.9	4.7	0.0
Allowances	1.2	0.8	0.8	0.7	0.3
Deferred Tax	3.2	0.4	0.5	5.8	5.4
Other	12.7	15.8	16.4	15.4	15.3
Min. Interest	0.6	0.6	0.5	0.5	-
Total Liabilities	1,384.8	1,451.6	1,395.9	1,332.9	1,279.4
Common Stock	96.0	102.8	102.6	97.9	95.4
Paid In Capital	73.8	79.0	78.9	75.3	73.4
Retained earnings	377.6	405.9	391.0	354.7	330.4
Treasury Stock	-0.2	-0.2	-0.2	-0.2	-0.2
Unreal Gain-Sec.	9.3	2.7	2.6	10.2	9.0
Deferred hedge	0.3	-1.1	-1.2	-0.1	0.2
Currency Adjustment	-29.3	-40.8	-42.3	-32.0	-29.0
Total Equity	527.6	548.4	531.5	505.8	479.2
Total Liabilities & Shareholders' Equity	1,912.4	2,000.0	1,927.3	1,838.7	1,758.6
S/O-Common Stock	93.8	93.8	93.8	93.8	93.8
Total Common Shares Outstanding	93.8	93.8	93.8	93.8	93.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	-	-	-	-	2,114

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		Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	108.0	79.1	10.0	67.8	78.8
Depreciation	11.4	10.2	8.9	7.3	6.1
Impairment losses on assets	31.9	0.6	-	0.0	21.3
Doubt Debt Allowance	3.6	-2.5	1.6	-0.4	-4.0
Other Allowance	-1.7	13.4	-1.3	-3.8	-3.9
Prepaid expense	5.6	4.7	5.8	2.2	-0.4
Interest & Dividend	-18.0	-15.5	-11.7	-14.7	-14.1
Interest Expenses	18.4	14.1	11.6	14.6	13.4
Currency Gain/Losses	-0.1	-0.1	0.2	0.1	-0.1
Inv. Security Sold	-0.1	-0.4	0.0	0.0	-0.1
G/L on val. LT inv't in secs.	1.0	1.8	0.0	3.3	1.2
L on val.stocks. affil.secs.	0.0	1.9	0.3	0.0	0.0
Fixed Asset Retired	0.5	0.0	0.0	0.0	0.0
Fixed Asset Sold	0.0	0.1	0.0	0.0	0.0
Accounts Receivable	-108.3	-187.8	26.6	264.5	70.7
Inventories	-38.3	-22.3	26.2	-20.6	10.1
Accounts Payable	99.7	196.3	-48.6	-400.3	-83.2
Others, net	1.6	22.1	0.4	3.3	11.0
Taxes Paid	-51.9	-16.4	-15.3	-27.8	-53.9
Newly Consol. Cash	-	-	-	0.0	4.1
Cash from Operating Activities	63.4	99.1	14.8	-104.4	57.2
Time Deposit Made	-0.6	-1.6	-0.5	-0.5	-5.0
Time Deposit Matured	4.2	0.6	0.3	3.6	2.6
Securities Sold	0.0	0.2	0.0	5.0	0.0
Inv. Sec. Bought	-2.4	-1.3	-2.2	-2.6	-5.0
Inv. Security Sold	0.2	0.9	0.0	0.0	0.2
Loans Made	-0.6	-0.2	-0.2	-1.9	-1.0
Loans Returned	0.3	0.5	1.3	2.1	1.0
Other Inv. Made	-1.7	-0.8	-0.4	-0.5	-0.6
Other Inv. Sold	1.3	0.5	0.5	0.5	0.4
Capital Expenditure	-15.5	-2.3	-8.0	-10.8	-7.4
Fixed Asset Sold	0.3	0.0	0.0	0.1	13.8
Interest & Dividend	18.0	15.5	11.7	14.6	14.1
Cash from Investing Activities	3.6	12.0	2.5	9.6	13.0
Short Term Debt, net	-25.5	7.5	14.5	-47.3	33.2
LT Debt Proceed	3.8	0.0	-	0.0	21.9
LT Debt Repaid	-11.2	-0.1	-27.7	-14.2	-86.0
Redempt Corp. Bond	-	-	-	0.0	-9.6
Dividend Paid	-16.6	-10.9	-12.6	-11.7	-14.4
Interest Paid	-18.3	-14.1	-11.6	-14.4	-14.1
Other financing activities	0.0	0.0	0.0	0.0	0.0
Cash from Financing Activities	-67.8	-17.7	-37.4	-87.6	-68.9
Foreign Exchange Effects	0.1	-3.4	-0.4	-3.6	-2.6
Net Change in Cash	-0.7	90.0	-20.5	-186.1	-1.3
Net Cash - Beginning Balance	309.2	187.4	193.4	364.9	322.1
Net Cash - Ending Balance	308.5	277.4	172.8	178.8	320.8
Cash Interest Paid	18.3	14.1	11.6	14.4	14.1
Cash Taxes Paid	51.9	16.4	15.3	27.8	53.9

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	30-Sep-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	12 Months	6 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	79.672811	85.691434	86.812446	88.962162
Net Income Before Tax	108.0	68.8	79.1	58.2	26.1
Depreciation	11.4	5.4	10.2	7.5	4.9
Impairment losses on assets	31.9	0.3	0.6	-	0.0
Allowance for Doubtful Account	3.6	-0.6	-2.5	0.0	-0.2
Other Allowance	-1.7	-1.8	13.4	-3.7	3.2
Prepaid Pension Funds	5.6	2.8	4.7	3.5	2.3
Interest & Dividend Income	-18.0	-9.1	-15.5	-11.7	-7.4
Interest Expenses	18.4	8.9	14.1	10.4	6.4
Exchange gains/losses	-0.1	-0.2	-0.1	-0.1	-0.1
G/L Inv. Security Sold	-0.1	0.0	-0.4	0.0	0.0
Reval.-Inv. Security	1.0	0.9	1.8	0.0	0.0
Loss Valuaiton Affiliate Stock	0.0	-	1.9	1.2	-
Loss Liquidation of Business	-	0.0	-	0.9	0.8
G/L Fixed Assets Retired	0.5	0.0	0.0	0.0	0.0
G/L-Fixed Asset Sold	0.0	0.0	0.1	0.0	0.0
Accounts Receivable	-108.3	31.0	-187.8	-206.0	-63.6
Inventories	-38.3	-70.5	-22.3	-20.0	-14.8
Accounts Payable	99.7	22.2	196.3	159.2	66.7
L-adjust. for changes of acct. assets	-	0.0	-	0.1	0.1
Others, net	1.6	8.0	22.1	29.4	19.3
Income taxes paid, cash basis	-51.9	-32.7	-16.4	-15.6	-9.4
Rounding Adjustment	-	-	-	0.0	0.0
Cash from Operating Activities	63.4	33.4	99.1	13.2	34.3
Time Deposit Made	-0.6	-0.2	-1.6	-3.5	-3.1
Time Deposit Matured	4.2	2.1	0.6	0.5	0.1
Marketable Securities Sold	0.0	-	0.2	0.2	0.0
Purchase of LT inv't in sec.	-2.4	-1.4	-1.3	-0.7	-0.6
Inv. Security Sold	0.2	0.0	0.9	0.0	0.0
Loans Made	-0.6	-0.6	-0.2	-0.1	0.0
Loans Returned	0.3	0.2	0.5	0.3	0.1
Other Inv. Made	-1.7	-	-0.8	-	-
Other Inv. Sold	1.3	-	0.5	-	-
Capital Expenditure	-15.5	-4.2	-2.3	-1.5	-1.0
Fixed Assets Sold	0.3	0.0	0.0	0.0	0.0
Interest & Dividend Received	18.0	9.1	15.5	11.7	7.4
Others	-	0.8	-	-0.4	-0.3
Cash from Investing Activities	3.6	5.8	12.0	6.5	2.6
Short Term Debt, net	-25.5	-12.6	7.5	1.2	1.2
LT Debt Proceed	3.8	-	0.0	-	-
LT Debt Repaid	-11.2	-0.2	-0.1	-0.1	-0.1
Dividend Paid	-16.6	-8.2	-10.9	-10.8	-5.3
Interest Paid	-18.3	-8.9	-14.1	-10.2	-6.4
Other financing activities	0.0	0.0	0.0	0.0	0.0
Cash from Financing Activities	-67.8	-30.0	-17.7	-19.9	-10.5
Foreign Exchange Effects	0.1	-7.8	-3.4	-4.8	-3.6
Net Change in Cash	-0.7	1.4	90.0	-5.0	22.8
Net Cash - Beginning Balance	309.2	306.5	187.4	185.0	180.5
Net Cash - Ending Balance	308.5	307.9	277.4	180.0	203.3
Cash Interest Paid	18.3	8.9	14.1	10.2	6.4
Cash Taxes Paid	51.9	32.7	16.4	15.6	9.4

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Mar-10			31-Mar-09		31-Mar-08			31-Mar-07			31-Mar-06
Japan	2,468.8		95 %	3,101.2	95.6 %	3,148.8	95.5 %		3,099.9		96 %	2,902.6	96.1 %
North America	27.0		1 %	46.5	1.4 %	39.3	1.2 %		41.4		1.3 %	44.1	1.5 %
Other Foreign	101.6		3.9 %	96.0	3 %	108.8	3.3 %		87.7		2.7 %	73.5	2.4 %
Segment Total	2,597.4		100 %	3,243.7	100 %	3,297.0	100 %		3,229.0		100 %	3,020.2	100 %
Elimination & Corporate	0.0		0 %	0.0	0 %	0.0	0 %		0.0		0 %	0.0	0 %
Consolidated Total	2,597.4		100 %	3,243.7	100 %	3,297.0	100 %		3,229.0		100 %	3,020.2	100 %
Exchange Rate: JPY to USD	92.941082			100.484331		114.302336			116.944303			113.166257
Intersegment Revenue   USD (mil)
	31-Mar-10			31-Mar-09		31-Mar-08		31-Mar-07				31-Mar-06
Japan	32.3	60.9 %		53.2	66.9 %	43.1	58.5 %	41.8		73.4 %		40.1	72.2 %
North America	0.0	0 %		0.0	0 %	0.0	0 %	0.0		0 %		0.1	0.2 %
Other Foreign	20.7	39.1 %		26.3	33.1 %	30.6	41.5 %	15.2		26.6 %		15.3	27.6 %
Segment Total	53.0	100 %		79.5	100 %	73.8	100 %	57.1		100 %		55.5	100 %
Elimination & Corporate	-53.0	-100 %		-79.5	-100 %	-73.8	-100 %	-57.1		-100 %		-55.5	-100 %
Consolidated Total	0.0	0 %		0.0	0 %	0.0	0 %	0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	92.941082			100.484331		114.302336		116.944303				113.166257

Total Revenue   USD (mil)
	31-Mar-10		31-Mar-09		31-Mar-08		31-Mar-07		31-Mar-06
Japan	2,501.1	94.4 %	3,154.3	94.9 %	3,192.0	94.7 %	3,141.7	95.6 %	2,942.6	95.7 %
North America	27.0	1 %	46.6	1.4 %	39.3	1.2 %	41.4	1.3 %	44.2	1.4 %
Other Foreign	122.3	4.6 %	122.3	3.7 %	139.4	4.1 %	102.9	3.1 %	88.9	2.9 %
Segment Total	2,650.4	100 %	3,323.3	100 %	3,370.7	100 %	3,286.0	100 %	3,075.7	100 %
Elimination & Corporate	-53.0	-2 %	-79.5	-2.4 %	-73.8	-2.2 %	-57.1	-1.7 %	-55.5	-1.8 %
Consolidated Total	2,597.4	98 %	3,243.7	97.6 %	3,297.0	97.8 %	3,229.0	98.3 %	3,020.2	98.2 %
Exchange Rate: JPY to USD	92.941082		100.484331		114.302336		116.944303		113.166257
Total Operating Expense   USD (mil)
	31-Mar-10		31-Mar-09		31-Mar-08		31-Mar-07		31-Mar-06
Japan	2,492.3	94.3 %	3,091.6	95 %	3,105.3	95 %	3,046.9	95.8 %	2,867.3	95.8 %
North America	28.4	1.1 %	45.3	1.4 %	37.1	1.1 %	39.7	1.2 %	42.7	1.4 %
Other Foreign	121.2	4.6 %	118.9	3.7 %	127.8	3.9 %	94.0	3 %	84.3	2.8 %
Segment Total	2,641.9	100 %	3,255.9	100 %	3,270.1	100 %	3,180.5	100 %	2,994.2	100 %
Elimination & Corporate	-53.5	-2 %	-79.9	-2.5 %	-73.9	-2.3 %	-56.9	-1.8 %	-55.5	-1.9 %
Consolidated Total	2,588.4	98 %	3,176.0	97.5 %	3,196.2	97.7 %	3,123.6	98.2 %	2,938.7	98.1 %
Exchange Rate: JPY to USD	92.941082		100.484331		114.302336		116.944303		113.166257

Operating Income/Loss   USD (mil)
	31-Mar-10		31-Mar-09					31-Mar-08				31-Mar-07					31-Mar-06
Japan	8.8	103.9 %	62.7		93.1 %			86.7		86.2 %		94.9			90 %		75.4		92.5 %
North America	-1.4	-16.8 %	1.3		1.9 %			2.2		2.2 %		1.7			1.6 %		1.6		1.9 %
Other Foreign	1.1	12.9 %	3.4		5.1 %			11.7		11.6 %		8.8			8.4 %		4.6		5.6 %
Segment Total	8.5	100 %	67.4		100 %			100.6		100 %		105.5			100 %		81.5		100 %
Elimination & Corporate	0.5	5.7 %	0.4		0.5 %			0.1		0.1 %		-0.1			-0.1 %		0.0		0 %
Consolidated Total	9.0	105.7 %	67.7		100.5 %			100.8		100.1 %		105.3			99.9 %		81.5		100 %
Exchange Rate: JPY to USD	92.941082		100.484331					114.302336				116.944303					113.166257
Operating Margin (%)
				31-Mar-10			31-Mar-09				31-Mar-08			31-Mar-07				31-Mar-06
Japan				0.4		-	2.0		-		2.7		-	3.0		-		2.6		-
North America				-5.3		-	2.7		-		5.7		-	4.2		-		3.5		-
Other Foreign				0.9		-	2.8		-		8.4		-	8.6		-		5.2		-
Segment Total				0.3		-	2.0		-		3.0		-	3.2		-		2.6		-
Elimination & Corporate				-0.9		-	-0.5		-		-0.2		-	0.3		-		0.0		-
Consolidated Total				0.3		-	2.1		-		3.1		-	3.3		-		2.7		-

Total Assets   USD (mil)
	31-Mar-10		31-Mar-09					31-Mar-08				31-Mar-07				31-Mar-06
Japan	1,231.2	91.8 %	1,225.4		92.4 %			1,690.8		93.6 %		1,564.9			94.8 %	1,519.5			95.3 %
North America	32.6	2.4 %	36.6		2.8 %			34.0		1.9 %		30.5			1.8 %	33.6			2.1 %
Other Foreign	76.7	5.7 %	64.1		4.8 %			81.2		4.5 %		55.1			3.3 %	41.4			2.6 %
Segment Total	1,340.5	100 %	1,326.1		100 %			1,806.0		100 %		1,650.5			100 %	1,594.5			100 %
Elimination & Corporate	-53.8	-4 %	-47.0		-3.5 %			-56.0		-3.1 %		-40.0			-2.4 %	-40.5			-2.5 %
Consolidated Total	1,286.7	96 %	1,279.1		96.5 %			1,750.0		96.9 %		1,610.5			97.6 %	1,554.0			97.5 %
Exchange Rate: JPY to USD	93.440000		98.770000					99.535000				118.075000				117.990000
Operating Return on Assets (%)
				31-Mar-10			31-Mar-09				31-Mar-08			31-Mar-07				31-Mar-06
Japan				0.7		-	5.2		-		5.9		-	6.0			-	4.8		-
North America				-4.4		-	3.5		-		7.6		-	5.6			-	4.4		-
Other Foreign				1.4		-	5.4		-		16.5		-	15.9			-	10.6		-
Segment Total				0.6		-	5.2		-		6.4		-	6.3			-	4.9		-
Elimination & Corporate				-0.9		-	-0.8		-		-0.3		-	0.4			-	0.1		-
Consolidated Total				0.7		-	5.4		-		6.6		-	6.5			-	5.0		-

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Mar-10				31-Dec-09				30-Sep-09			30-Jun-09		31-Mar-09
Japan	1,384.9		94.8 %		1,762.5		95.2 %		1,092.3		95.3 %	503.4	95.3 %	1,410.9	96.2 %
North America	14.1		1 %		17.7		1 %		12.9		1.1 %	6.8	1.3 %	22.9	1.6 %
Asia	61.3		4.2 %		70.4		3.8 %		40.9		3.6 %	18.2	3.4 %	33.2	2.3 %
Segment Total	1,460.4		100 %		1,850.6		100 %		1,146.0		100 %	528.4	100 %	1,467.0	100 %
Elimination & Corporate	0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %	0.0	0 %
Consolidated Total	1,460.4		100 %		1,850.6		100 %		1,146.0		100 %	528.4	100 %	1,467.0	100 %
Exchange Rate: JPY to USD	90.324863				93.645436				95.546168			97.475000		94.889044
Intersegment Revenue   USD (mil)
	31-Mar-10			31-Dec-09				30-Sep-09				30-Jun-09		31-Mar-09
Japan	20.1	58 %		20.8		63.8 %		12.3		66 %		6.0	68 %	19.3	65 %
North America	0.0	0 %		0.0		0 %		0.0		0 %		0.0	0 %	0.0	0 %
Asia	14.6	42 %		11.8		36.2 %		6.4		34 %		2.8	32 %	10.4	35 %
Segment Total	34.7	100 %		32.6		100 %		18.7		100 %		8.8	100 %	29.8	100 %
Elimination & Corporate	-34.7	-100 %		-32.6		-100 %		-18.7		-100 %		-8.8	-100 %	-29.8	-100 %
Consolidated Total	0.0	0 %		0.0		0 %		0.0		0 %		0.0	0 %	0.0	0 %
Exchange Rate: JPY to USD	90.324863			93.645436				95.546168				97.475000		94.889044

Total Revenue   USD (mil)
	31-Mar-10			31-Dec-09		30-Sep-09			30-Jun-09				31-Mar-09
Japan	1,405.1		94 %	1,783.3	94.7 %	1,104.6		94.8 %	509.3		94.8 %		1,430.2		95.6 %
North America	14.1		0.9 %	17.7	0.9 %	12.9		1.1 %	6.8		1.3 %		22.9		1.5 %
Asia	75.9		5.1 %	82.2	4.4 %	47.2		4.1 %	21.0		3.9 %		43.7		2.9 %
Segment Total	1,495.1		100 %	1,883.2	100 %	1,164.7		100 %	537.2		100 %		1,496.8		100 %
Elimination & Corporate	-34.7		-2.3 %	-32.6	-1.7 %	-18.7		-1.6 %	-8.8		-1.6 %		-29.8		-2 %
Consolidated Total	1,460.4		97.7 %	1,850.6	98.3 %	1,146.0		98.4 %	528.4		98.4 %		1,467.0		98 %
Exchange Rate: JPY to USD	90.324863			93.645436		95.546168			97.475000				94.889044
Operating Income/Loss   USD (mil)
	31-Mar-10			31-Dec-09			30-Sep-09		30-Jun-09			31-Mar-09
Japan	12.7	80.4 %		-0.1	4.9 %		-3.4	51 %	-9.2	84.2 %		24.5		112.8 %
North America	-0.7	-4.4 %		-1.3	50.2 %		-0.7	11.2 %	-0.2	1.4 %		0.3		1.3 %
Asia	3.8	24 %		-1.2	44.9 %		-2.5	37.8 %	-1.6	14.4 %		-3.1		-14.1 %
Segment Total	15.8	100 %		-2.6	100 %		-6.6	100 %	-11.0	100 %		21.8		100 %
Elimination & Corporate	0.2	1.2 %		0.4	-15.1 %		0.3	-4.4 %	0.0	0 %		0.4		1.9 %
Consolidated Total	16.0	101.2 %		-2.2	84.9 %		-6.4	95.6 %	-11.0	100 %		22.2		101.9 %
Exchange Rate: JPY to USD	90.324863			93.645436			95.546168		97.475000			94.889044

Operating Margin (%)
	31-Mar-10		31-Dec-09		30-Sep-09		30-Jun-09		31-Mar-09
Japan	0.9	-	0.0	-	-0.3	-	-1.8	-	1.7	-
North America	-4.9	-	-7.4	-	-5.8	-	-2.3	-	1.2	-
Asia	5.0	-	-1.4	-	-5.3	-	-7.5	-	-7.0	-
Segment Total	1.1	-	-0.1	-	-0.6	-	-2.0	-	1.5	-
Elimination & Corporate	-0.5	-	-1.2	-	-1.6	-	0.0	-	-1.4	-
Consolidated Total	1.1	-	-0.1	-	-0.6	-	-2.1	-	1.5	-

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Mar-11		31-Mar-10
Domestic Productive Properties	1,580.1	41.8 %	1,126.2	43.4 %
Home Furnishing Wholesalers	591.0	15.6 %	513.8	19.8 %
Housing Equipments	705.5	18.7 %	580.4	22.3 %
International Operation	860.0	22.8 %	343.0	13.2 %
Other businesses	40.9	1.1 %	34.1	1.3 %
Segment Total	3,777.5	100 %	2,597.4	100 %
Eliminations/Other	0.0	0 %	0.0	0 %
Consolidated Total	3,777.5	100 %	2,597.4	100 %
Exchange Rate: JPY to USD	85.691434		92.941082
Intersegment Revenue   USD (mil)
	31-Mar-11		31-Mar-10
Domestic Productive Properties	0.0	0 %	0.0	0 %
Home Furnishing Wholesalers	0.0	0 %	0.0	0 %
Housing Equipments	0.0	0 %	0.0	0 %
International Operation	8.6	9.6 %	7.9	10.7 %
Other businesses	80.7	90.4 %	65.7	89.3 %
Segment Total	89.3	100 %	73.6	100 %
Eliminations/Other	-89.3	-100 %	-73.6	-100 %
Consolidated Total	0.0	0 %	0.0	0 %
Exchange Rate: JPY to USD	85.691434		92.941082

Total Revenue   USD (mil)
	31-Mar-11		31-Mar-10
Domestic Productive Properties	1,580.1	40.9 %	1,126.2	42.2 %
Home Furnishing Wholesalers	591.0	15.3 %	513.8	19.2 %
Housing Equipments	705.5	18.2 %	580.4	21.7 %
International Operation	868.6	22.5 %	350.9	13.1 %
Other businesses	121.6	3.1 %	99.8	3.7 %
Segment Total	3,866.8	100 %	2,671.0	100 %
Eliminations/Other	-89.3	-2.3 %	-73.6	-2.8 %
Consolidated Total	3,777.5	97.7 %	2,597.4	97.2 %
Exchange Rate: JPY to USD	85.691434		92.941082
Depreciation   USD (mil)
	31-Mar-11		31-Mar-10
Domestic Productive Properties	1.2	11.6 %	1.1	11.9 %
Home Furnishing Wholesalers	0.4	4.4 %	0.4	4.5 %
Housing Equipments	1.5	14.6 %	0.9	10.3 %
International Operation	0.9	8.7 %	0.8	9.5 %
Other businesses	6.1	60.6 %	5.7	63.9 %
Segment Total	10.1	100 %	8.9	100 %
Eliminations/Other	0.0	0 %	0.0	0 %
Consolidated Total	10.1	100 %	8.9	100 %
Exchange Rate: JPY to USD	85.691434		92.941082

Operating Income/Loss   USD (mil)
	31-Mar-11			31-Mar-10
Domestic Productive Properties	31.9		37.2 %	3.9		46 %
Home Furnishing Wholesalers	15.8		18.5 %	9.0		106.1 %
Housing Equipments	26.0		30.4 %	28.0		328.4 %
International Operation	42.4		49.4 %	-0.7		-8.6 %
Other businesses	-30.4		-35.5 %	-31.7		-371.9 %
Segment Total	85.8		100 %	8.5		100 %
Eliminations/Other	0.7		0.8 %	0.5		5.6 %
Consolidated Total	86.5		100.8 %	9.0		105.6 %
Exchange Rate: JPY to USD	85.691434			92.941082
Operating Margin (%)
		31-Mar-11			31-Mar-10
Domestic Productive Properties		2.0		-	0.3		-
Home Furnishing Wholesalers		2.7		-	1.8		-
Housing Equipments		3.7		-	4.8		-
International Operation		4.9		-	-0.2		-
Other businesses		-25.0		-	-31.7		-
Segment Total		2.2		-	0.3		-
Eliminations/Other		-0.8		-	-0.6		-
Consolidated Total		2.3		-	0.3		-

Total Assets   USD (mil)
	31-Mar-11			31-Mar-10
Domestic Productive Properties	588.6		32.9 %	441.0		33.5 %
Home Furnishing Wholesalers	142.0		7.9 %	121.0		9.2 %
Housing Equipments	190.4		10.6 %	153.0		11.6 %
International Operation	270.5		15.1 %	140.2		10.7 %
Other businesses	598.6		33.4 %	460.3		35 %
Segment Total	1,790.2		100 %	1,315.5		100 %
Eliminations/Other	-31.5		-1.8 %	-28.8		-2.2 %
Consolidated Total	1,758.7		98.2 %	1,286.7		97.8 %
Exchange Rate: JPY to USD	82.880000			93.440000
Operating Return on Assets (%)
		31-Mar-11			31-Mar-10
Domestic Productive Properties		5.6		-	0.9		-
Home Furnishing Wholesalers		11.5		-	7.4		-
Housing Equipments		14.1		-	18.2		-
International Operation		16.2		-	-0.5		-
Other businesses		-5.3		-	-6.8		-
Segment Total		5.0		-	0.6		-
Eliminations/Other		-2.3		-	-1.6		-
Consolidated Total		5.1		-	0.7		-

Business 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
Domestic Productive Properties	518.2		42.2 %		509.7		44 %		433.4		38.9 %		468.1		44 %	399.0	37.4 %
Household Building Materials	165.6		13.5 %		166.4		14.4 %		144.9		13 %		158.1		14.9 %	163.0	15.3 %
Housing Equipments	312.1		25.4 %		234.5		20.2 %		249.5		22.4 %		154.7		14.5 %	244.7	23 %
International Operation	212.2		17.3 %		228.3		19.7 %		269.1		24.1 %		275.6		25.9 %	247.1	23.2 %
Other Businesses	20.6		1.7 %		19.2		1.7 %		17.8		1.6 %		8.0		0.8 %	12.4	1.2 %
Segment Total	1,228.6		100 %		1,158.1		100 %		1,114.7		100 %		1,064.5		100 %	1,066.1	100 %
Eliminations/Other	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	1,228.6		100 %		1,158.1		100 %		1,114.7		100 %		1,064.5		100 %	1,066.1	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
Domestic Productive Properties	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Household Building Materials	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Housing Equipments	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
International Operation	3.2	9.8 %		2.3		8 %		3.1		11.6 %		3.1		14.5 %		2.3	8.1 %
Other Businesses	29.9	90.2 %		26.8		92 %		23.6		88.4 %		18.1		85.5 %		25.8	91.9 %
Segment Total	33.1	100 %		29.1		100 %		26.7		100 %		21.2		100 %		28.1	100 %
Eliminations/Other	-33.1	-100 %		-29.1		-100 %		-26.7		-100 %		-21.2		-100 %		-28.1	-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
Domestic Productive Properties	518.2		41.1 %		509.7		42.9 %		433.4		38 %		468.1		43.1 %		399.0		36.5 %
Household Building Materials	165.6		13.1 %		166.4		14 %		144.9		12.7 %		158.1		14.6 %		163.0		14.9 %
Housing Equipments	312.1		24.7 %		234.5		19.8 %		249.5		21.9 %		154.7		14.3 %		244.7		22.4 %
International Operation	215.4		17.1 %		230.6		19.4 %		272.2		23.8 %		278.7		25.7 %		249.4		22.8 %
Other Businesses	50.4		4 %		46.0		3.9 %		41.4		3.6 %		26.1		2.4 %		38.2		3.5 %
Segment Total	1,261.7		100 %		1,187.2		100 %		1,141.4		100 %		1,085.7		100 %		1,094.2		100 %
Eliminations/Other	-33.1		-2.6 %		-29.1		-2.5 %		-26.7		-2.3 %		-21.2		-1.9 %		-28.1		-2.6 %
Consolidated Total	1,228.6		97.4 %		1,158.1		97.5 %		1,114.7		97.7 %		1,064.5		98.1 %		1,066.1		97.4 %
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
Domestic Productive Properties	13.0	34.8 %		16.4		49.9 %		8.1		23.5 %		12.8		47.5 %		5.9		17.9 %
Household Building Materials	3.8	10.1 %		4.3		13.2 %		2.7		7.8 %		5.7		21 %		4.6		13.8 %
Housing Equipments	13.2	35.5 %		13.3		40.5 %		13.3		38.6 %		7.8		28.9 %		8.7		26.1 %
International Operation	10.5	28.2 %		10.9		33.1 %		15.0		43.3 %		13.7		50.9 %		17.2		51.6 %
Other Businesses	-3.2	-8.5 %		-12.1		-36.7 %		-4.6		-13.2 %		-13.0		-48.3 %		-3.1		-9.4 %
Segment Total	37.3	100 %		32.9		100 %		34.5		100 %		27.0		100 %		33.3		100 %
Eliminations/Other	-0.1	-0.1 %		0.0		-0.1 %		0.0		0 %		0.3		1.3 %		0.1		0.3 %
Consolidated Total	37.3	99.9 %		32.9		99.9 %		34.5		100 %		27.3		101.3 %		33.4		100.3 %
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
Domestic Productive Properties	2.5	-	3.2	-	1.9	-	2.7	-	1.5	-
Household Building Materials	2.3	-	2.6	-	1.9	-	3.6	-	2.8	-
Housing Equipments	4.2	-	5.7	-	5.3	-	5.0	-	3.5	-
International Operation	4.9	-	4.7	-	5.5	-	4.9	-	6.9	-
Other Businesses	-6.3	-	-26.3	-	-11.0	-	-50.0	-	-8.2	-
Segment Total	3.0	-	2.8	-	3.0	-	2.5	-	3.0	-
Eliminations/Other	0.2	-	0.1	-	0.0	-	-1.6	-	-0.3	-
Consolidated Total	3.0	-	2.8	-	3.1	-	2.6	-	3.1	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

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

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

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

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

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