MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	JMS CO., LTD.

Registered Office :	12-17, Kako-cho, Naka-ku, Hiroshima-Shi, 730-8652

Country :	Japan

Financials (as on) :	31.03.2012

Date of Incorporation :	12.06.1965

Legal Form :	Public Parent Company

Line of Business :	manufacture and distribution of medical equipment and drugs

No. of Employees :	4,933

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

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

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

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

Company name & address

JMS CO., LTD.

12-17, Kako-cho, Naka-ku

Hiroshima-Shi, 730-8652

Japan

Tel: 81-82-2435844

Fax: 81-82-2435997

Web: www.hello-jms.co.jp

Synthesis

Employees: 4,933

Company Type: Public Parent

Corporate Family: 10 Companies

Traded: Tokyo Stock Exchange: 7702

Incorporation Date: 12-Jun-1965

Auditor: KPMG LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: Japanese Yen

Annual Sales: 593.2 1

Net Income: 12.0

Total Assets: 551.3 2

Market Value: 139.8

(11-May-2012)

Business Description

JMS CO., LTD. is a Japan-based company primarily engaged in the manufacture and distribution of medical equipment and drugs. The Company primarily provides nonwoven products such as masks, medical gloves, pacemakers, infusion sets, extension tubes, dialyzers and blood separation devices, among others. The Company provides its products within domestic market and to overseas markets, including Germany, South Korea, the United States and others. As of March 31, 2011, the Company had eight subsidiaries. For the six months ended 30 September 2011, JMS CO., LTD.'s revenues increased less than 1% to Y22.44B. The Company's net income decreased 28% to Y286M. Revenues reflect higher sales due to effective operating strategy and increased market demands. Lower net income was offset by higher percentage of cost of sales and SG&A expenses, increased loss on abandonment of fixed assets, as well as the presence of assets impairment loss.

Industry

Industry Medical Equipment and Supplies

ANZSIC 2006: 2412 - Medical and Surgical Equipment Manufacturing

NACE 2002: 3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

NAICS 2002: 339112 - Surgical and Medical Instrument Manufacturing

UK SIC 2003: 3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

US SIC 1987: 3841 - Surgical and Medical Instruments and Apparatus

Key Executives

Name	Title
Hiroaki Okukubo	President, Representative Director
Yasuhiro Awane	Chief Director of Sales Promotion, Senior Director of Sales, Director
Kazuo Izumi	Senior Director of Research & Development, Director
Jun Kunitomi	Senior Director of Production, Director
Shigemi Morikawa	Senior Director of International Business, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	JMS CO., LTD. Lowers Full-year Consolidated Outlook for FY Ending March 31, 2012	8-Nov-2011

* number of significant developments within the last 12 months

News

Title	Date
JMS Co Expects This FY Group Net Profit Y1.55B Nikkei English News (60 Words)	10-May-2012
JMS Co FY Grp Net Pft Y942.00M Vs Y1.29B Pft Yr Earlier Nikkei English News (78 Words)	10-May-2012
JMS to Provide AV Fistula Needles to Fresenius Medical Care North America PR Web (171 Words)	23-Feb-2012
JMS Co 9Mos Grp Net Pft Y797.00M Vs Y977.00M Pft Yr Earlier Nikkei English News (57 Words)	3-Feb-2012
JMS Co Cuts FY Group Net Profit View To Y500.00M Nikkei English News (58 Words)	8-Nov-2011

Financial Summary

As of 31-Mar-2012

Key Ratios Company Industry

Current Ratio (MRQ) 1.73 2.84

Quick Ratio (MRQ) 1.17 1.96

Debt to Equity (MRQ) 0.28 0.37

Sales 5 Year Growth 1.70 13.75

Net Profit Margin (TTM) % 2.04 10.96

Return on Assets (TTM) % 2.14 7.42

Return on Equity (TTM) % 3.78 13.52

Stock Snapshot

Traded: Tokyo Stock Exchange: 7702

As of 11-May-2012

Financials in: JPY

Recent Price	255.00	EPS	23.21
52 Week High	297.00	Price/Sales	0.24
52 Week Low	214.00	Dividend Rate	8.00
Avg. Volume (mil)	0.02	Price/Earnings	12.42
Market Value (mil)	11,180.46	Price/Book	0.44
		Beta	0.45

	Price % Change	Rel S&P 500%
4 Week	2.41%	10.12%
13 Week	3.66%	6.49%
52 Week	-7.94%	3.10%
Year to Date	7.59%	3.36%

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

12-17, Kako-cho, Naka-ku

Hiroshima-Shi, 730-8652

Japan

Tel: 81-82-2435844

Fax: 81-82-2435997

Web: www.hello-jms.co.jp

Quote Symbol - Exchange

7702 - Tokyo Stock Exchange

Sales JPY(mil): 46,836.0

Assets JPY(mil): 45,423.0

Employees: 4,933

Fiscal Year End: 31-Mar-2012

Industry: Medical Equipment and Supplies

Incorporation Date: 12-Jun-1965

Company Type: Public Parent

Quoted Status: Quoted

President, Representative

Director: Hiroaki Okukubo

Company Web Links

Corporate History/Profile

Home Page

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

2412 - Medical and Surgical Equipment Manufacturing

NACE 2002 Codes:

3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

2442 - Manufacture of pharmaceutical preparations

NAICS 2002 Codes:

325412 - Pharmaceutical Preparation Manufacturing

334510 - Electromedical and Electrotherapeutic Apparatus Manufacturing

339112 - Surgical and Medical Instrument Manufacturing

339113 - Surgical Appliance and Supplies Manufacturing

US SIC 1987:

2834 - Pharmaceutical Preparations

3841 - Surgical and Medical Instruments and Apparatus

3842 - Orthopedic, Prosthetic, and Surgical Appliances and Supplies

3845 - Electromedical and Electrotherapeutic Apparatus

UK SIC 2003:

3310 - Manufacture of medical and surgical equipment and orthopaedic appliances

24421 - Manufacture of medicaments

Business Description

More Business Descriptions

Manufacture, sale, export and import of medical equipment, particularly transfusion fluid, artificial kidney systems and heart blood vessel systems

Medical Equipment & Pharmaceuticals Mfr & Sales

JMS CO., LTD. (JMS), specializes in the research, development, manufacture, selling, importing and exporting of high quality disposable medical equipments used in the prevention of infection. The company manages all the phases of production from design to sterilization of products. JMS extends its field to home medical care, such as CAPD system and patient management system software.The company operates through five business divisions, namely, the Clinical Care, Blood Management, Hemodialysis, Peritoneal Dialysis and Cardiovascular.The Clinical Care business division of JMS provides products categories such as, Infusion, Intensive care, Feeding, Drainage, Medical Gloves, Nonwoven Fabric and Others. The Infusion product offerings include infusion set, transfusion set, scalp vein, 3-way stop cock, connection set, multipurpose needleless injection port and disposable syringe and needle. The Intensive Care products include I.V. catheter, C.V. catheter, IVH (intravenous hyperalimentation) set, I.V. filter, needleless injection port, syringe and infusion pump, and extension tube. The Feeding product portfolio consist of feeding set, seal-tite feeding bag, feeding tube, ED (Elemental Diet) bottle, ED tube and injector. The company's Drainage products include drainage bag, bladder irrigation set, pediatric urine collector and drainage cather. The range of Medical Gloves includes latex surgeon's gloves, sterile plastic gloves and examination gloves. In addition, the Nonwoven Fabric category provides sheets, drape, surgical gown, mask, cap and OB (obstetric) set. Further, the other product category includes synthetic absorbable suture, synthetic absorbable pledget, surgical tape and transparent dressing.JMS through its Blood Management business division, offers blood bag, platelet storage bag, blood collection scale and mixer, and high-frequency tube sealer. JMS Hemodialysis business division manufactures and sells dialyzer, A.V. fistula needle set, hemodialysis tubing set, single patient dialysis system, console-type patient monitor, dialysate central supply system and RO unit.The companyâ€™s Peritonial Dialysis division provides devices such as PD solution, PD cycler and tubing connection assist device. In Cardiovascular business division, the company offers pacemaker, membrance oxygenater, angiography catheter, heat exchanger, arterial catheter, arterial blood filter, cardiopulmonary bypass tubing set, artificial heart/lung machine, hot/cold water tank and cardioplegia cooling system.JMS conducts its research and development (R&D) activities in two departments, namely, Central Research Laboratory (CRL) and Chiyoda Plant Medical Equipment (ME) Development Department. The companyâ€™s CRL department focuses on three key areas namely, dialysis, which includes hemodialysis and peritoneal dialysis; cardiovascular and disposable medical equipment. CRL works in close collaboration with experts, leading scientists, high-tech companies and university laboratories. The Chiyoda Plant ME Development Department is involved in R&D for medical equipment and information systems. The companyâ€™s information systems covers a broad range of healthcare sectors including, the home healthcare system, hospital equipment system and medical information systems.JMS products are exported over 60 countries across North and South America, Europe, Southeast Asia and Africa through domestic sales and overseas affiliate networks. Its products are FDA certified and CE marked.JMS operates through six overseas affiliates namely JMS SINGAPORE PTE LTD, Singapore; JMS DALIAN MEDICAL SUPPLY CO., LTD., China; J.M.S. (K) MEDICAL SUPPLY CO., LTD., Korea; PT. JMS BATAM, Indonesia; JMS NORTH AMERICA CORPORATION, the US; and BIONIC Medizintechnik GmbH, Germany.

JMS CO., LTD. (JMS) is engaged in the research, development, manufacture and distribution of medical equipments and pharmaceuticals. The company offers variety of products in Clinical Care, Blood Management, Hemodialysis, Peritoneal Dialysis and Cardiovascular product lines. JMS develops medical devices ranging from disposable infusion set and syringe to dialysis system and cardiovascular system products, based on its advanced manufacturing technology. The company's research and development (R&D) activity is focused into developing various pioneering medical devices under the advanced manufacturing technology. JMS have developed devices for a wide range of healthcare sectors including, home health care systems, hospital equipment system and medical information systems. The company distributes its products world wide through its affiliates in Japan, Singapore, China, Korea, North America and Germany. JMS is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY 45,587.00 million during the fiscal year ended March 2011, an increase of 1.03% over 2010. The operating profit of the company was JPY 1,420.00 million during the fiscal year 2011, a decrease of 33.05% from 2010. The net profit of the company was JPY 1,293.00 million during the fiscal year 2011, a decrease of 14.14% from 2010.

Pharmaceutical and Medicine Manufacturing

Financial Data

Financials in:	JPY(mil)

Revenue:	46,836.0
Net Income:	944.0
Assets:	45,423.0
Long Term Debt:	2,610.0
Total Liabilities:	20,294.0
Working Capital:	6.8

Date of Financial Data:	31-Mar-2012

1 Year Growth

2.7%

-27.0%

3.2%

Market Data

Quote Symbol:	7702
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	255.0
Stock Price Date:	05-11-2012
52 Week Price Change %:	-7.9
Market Value (mil):	11,180,460.0

SEDOL:	6640013
ISIN:	JP3386050003

Subsidiaries

Company	Percentage Owned	Country
JMS Singapore Pte Ltd		SINGAPORE

Shareholders

Major Shareholders

Kaneka Corporation (10%); Tsuchiya Foundation (8.6%)

Key Corporate Relationships

Auditor:	KPMG LLP

Auditor:	KPMG LLP

Strategic Initiatives

Product

JMS conducts its research and development (R&D) activities in two departments, namely, Central Research Laboratory (CRL) and Chiyoda Plant Medical Equipment (ME) Development Department. The companyâ€™s CRL department focuses on three key areas namely, dialysis, which includes hemodialysis and peritoneal dialysis; cardiovascular and disposable medical equipment. CRL works in close collaboration with experts, leading scientists, high-tech companies and university laboratories. The Chiyoda Plant ME Development Department is involved in R&D for medical equipment and information systems. The companyâ€™s information systems covers a broad range of healthcare sectors including, the home healthcare system, hospital equipment system and medical information systems.

Corporate Family	Corporate Structure News:
	JMS CO., LTD.
JMS CO., LTD. Total Corporate Family Members: 10

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
JMS CO., LTD.	Parent	Hiroshima-Shi	Japan	Medical Equipment and Supplies	593.2	4,933
JMS Dalian Medical Supply Co., Ltd.	Subsidiary	Dalian, Liaoning	China	Medical Equipment and Supplies		700
Jms Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Medical Equipment and Supplies	112.6	546
JMS CO. LTD. - Chiyoda Plant	Facility	Yamagata, Hiroshima	Japan	Medical Equipment and Supplies		150
BIONIC Medizintechnik GmbH	Subsidiary	Friedrichsdorf, Hessen	Germany	Medical Equipment and Supplies		30
JMS CO. LTD. - Ono Plant	Facility	Hatsukaichi, Hiroshima	Japan	Medical Equipment and Supplies		15
JMS North America Corporation	Subsidiary	Hayward, CA	United States	Medical Equipment and Supplies	9.0	10
JMS CO. LTD. - Miyoshi Plant	Facility	Miyoshi, Hiroshima	Japan	Medical Equipment and Supplies
JMS CO. LTD. - Izumo Plant	Facility	Izumo, Shimane	Japan	Medical Equipment and Supplies
Japan Medical Supply Pt	Subsidiary	Batam, Batam	Indonesia	Medical Equipment and Supplies

Competitors Report

Company Name	Location	Employees	Ownership
ASAHI INTECC CO., LTD.	Nagoya-Shi, Japan	2,855	Public
Covidien Vision Group Japan	Shibuya-Ku, Japan	621	Private
Japan Medical Dynamic Marketing, INC.	Tokyo, Japan	313	Public
MEDIKIT CO., LTD.	Tokyo, Japan	821	Public
Terumo Corp	Tokyo, Japan	14,761	Public

Significant Developments

JMS CO., LTD. Lowers Full-year Consolidated Outlook for FY Ending March 31, 2012 Nov 08, 2011

JMS CO., LTD. announced that it has lowered its full-year consolidated outlook for revenue from JPY 48,100 million to JPY 46,500 million, operating profit from JPY 2,150 million to JPY 1,000 million, ordinary profit from JPY 2,250 million to JPY 1,100 million, net profit from JPY 1,400 million to JPY 500 million, and earning per share from JPY 32.44 to JPY 11.59, for the fiscal year ending March 31, 2012. The Company lowered its full-year consolidated outlook mainly due to the appreciation of the yen.

Executive report

Board of Directors

Name

Title

Function

Hiroshi Tanimitsu

Chairman of the Board

Chairman

Mr. Hiroshi Tanimitsu has been serving as Chairman of the Board of JMS CO., LTD., since June 2011. He joined the Company in April 1967. He joined the Company in April 1967. His previous titles include President, Director of Administration, Director of Overseas, Chief Director of Overseas, Chief Director of General Affairs, Senior Managing Director and Vice President.

Age: 68

Yasuhiro Awane

Chief Director of Sales Promotion, Senior Director of Sales, Director

Director/Board Member

Mr. Yasuhiro Awane has been serving as Chief Director of Sales Promotion, Senior Director of Sales and Director in JMS CO., LTD. since June 22, 2011. He joined the Company in April 1984. He obtained his Bachelor Degree in Engineering and Science from Nihon University.

Age: 50

Education:

Nihon University, B (Science and Technology)

Shigeo Furuyoshi

Director

Director/Board Member

Kazuo Izumi

Senior Director of Research & Development, Director

Director/Board Member

Mr. Kazuo Izumi has been serving as Senior Director of Research & Development and Director of JMS CO., LTD., since June 22, 2011. He is also in charge of Medical Business and Quality Assurance in the Company. He joined the Company in November 1983. His previous titles include Executive Officer, Senior Director of Production, Director of Central Research Institute, Director of Technology and Director of Pharmaceuticals and Quality Assurance. He obtained his Masters degree in Industrial Chemical from Shizuoka University.

Age: 62

Education:

Shizuoka University, M

Jun Kunitomi

Senior Director of Production, Director

Director/Board Member

Mr. Jun Kunitomi has been serving as Senior Director of Production and Director of JMS CO., LTD., since June 22, 2011. He joined the Company in March 1975. His previous titles include Deputy Senior Director of Sales, Senior Director of Overseas Business and Director of Trading in the Company.

Age: 60

Shigemi Morikawa

Senior Director of International Business, Director

Director/Board Member

Mr. Shigemi Morikawa has been serving as Senior Director of International Business and Director of JMS CO., LTD., since June 22, 2011. He joined the Company in August 1977. His previous titles include Executive Officer, Director of 1st Sales Promotion in Main Sales Unit, Director of General Planning and Sales Planning, Senior Director of Sales and Director of Healthcare Business. He obtained his Bachelor's degree in Economics from Yamaguchi University.

Age: 58

Education:

Yamaguchi University, B (Economics)

Katsuhiro Murakami

Senior Managing Director

Director/Board Member

Mr. Katsuhiro Murakami has been serving as Senior Managing Director of JMS CO., LTD., since June 22, 2007. He joined the Company in May 2002 and served as Director of Business Planning and Senior Director of Business Administration. He used to work for Mizuho Corporate Bank, Ltd.

Age: 58

Hiroaki Okukubo

President, Representative Director

Director/Board Member

Mr. Hiroaki Okukubo has been serving as President and Representative Director of JMS CO., LTD., since June 2011. He joined the Company in April 1978. His previous titles include Managing Director, Senior Director of Business Management, Deputy Senior Director of Business Administration, Manager of President's Office and Director of Operation Reform Promotion. He obtained his Bachelor Degree in Law from Keio University.

Age: 55

Education:

Keio University, LLB

Toshihiro Suzuki

Independent Director

Director/Board Member

Mr. Toshihiro Suzuki has been serving as Independent Dirctor in JMS CO., LTD. since June 23, 2009. He is also serving as Senior Managing Executive Officer and Director in KANEKA CORPORATION.

Age: 64

Executives

Name

Title

Function

Hiroaki Okukubo

President, Representative Director

President

Age: 55

Education:

Keio University, LLB

Katsuhiro Murakami

Senior Managing Director

Managing Director

Age: 58

Yasushi Takigawa

Co-Executive Officer

Operations Executive

Education:

Clark University, MBA

Takashi Funatsu

Co-Auditor

Finance Executive

Yasuzou Hayashibara

Co-Auditor

Finance Executive

Yasuhiro Awane

Chief Director of Sales Promotion, Senior Director of Sales, Director

Sales Executive

Age: 50

Education:

Nihon University, B (Science and Technology)

Shigemi Morikawa

Senior Director of International Business, Director

International Executive

Age: 58

Education:

Yamaguchi University, B (Economics)

Kazuo Izumi

Senior Director of Research & Development, Director

Research & Development Executive

Age: 62

Education:

Shizuoka University, M

Ryo Yamada

Director

Research & Development Executive

Jun Kunitomi

Senior Director of Production, Director

Manufacturing Executive

Age: 60

Hiroyuki Doi

Executive Officer, Izumo Plant Manager

Other

Masaki Endo

Executive Officer, Chief Director of Business Administration

Other

Shoichi Fujii

Executive Officer

Other

Haruhisa Hirata

Executive Officer

Other

Minoru Iwata

Executive Officer, Senior Director of Pharmaceuticals and Quality Assurance

Other

Ryuji Katsura

Executive Officer, Director of Business Planning

Other

Yoshio Kondo

Executive Officer

Other

Masayuki Naito

Executive Officer, Director of Western Japan Business

Other

Yoshihiko Nakanishi

Executive Officer, Director of Eastern Japan Business

Other

Masafumi Sato

Executive Officer, Director of Chuo Research Institute

Other

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	593.2	532.0	485.5	441.9	381.0
Revenue	593.2	532.0	485.5	441.9	381.0
Total Revenue	593.2	532.0	485.5	441.9	381.0

Cost of Revenue	431.8	377.6	339.0	312.4	272.3
Cost of Revenue, Total	431.8	377.6	339.0	312.4	272.3
Gross Profit	161.3	154.4	146.5	129.5	108.7

Selling/General/Administrative Expense	148.0	66.3	59.7	53.1	47.9
Labor & Related Expense	-	45.5	41.0	40.2	36.7
Total Selling/General/Administrative Expenses	148.0	111.8	100.8	93.3	84.6
Research & Development	-	17.3	15.6	13.3	12.2
Depreciation	-	5.3	4.6	4.8	5.9
Depreciation/Amortization	-	5.3	4.6	4.8	5.9
Litigation	-	-	-	-	0.0
Impairment-Assets Held for Use	1.1	0.5	2.8	0.7	1.0
Impairment-Assets Held for Sale	0.0	0.9	0.0	0.3	0.4
Other Unusual Expense (Income)	0.0	2.0	0.0	0.0	-1.1
Unusual Expense (Income)	1.1	3.4	2.8	1.0	0.4
Total Operating Expense	580.9	515.4	462.7	424.8	375.3

Operating Income	12.2	16.6	22.8	17.1	5.6

Interest Expense - Non-Operating	-1.1	-1.2	-1.3	-1.3	-1.5
Interest Expense, Net Non-Operating	-1.1	-1.2	-1.3	-1.3	-1.5
Interest Income - Non-Operating	0.4	0.1	0.2	0.3	0.5
Investment Income - Non-Operating	4.2	2.3	0.4	-0.1	-2.1
Interest/Investment Income - Non-Operating	4.5	2.4	0.6	0.2	-1.6
Interest Income (Expense) - Net Non-Operating Total	3.4	1.2	-0.7	-1.1	-3.0
Gain (Loss) on Sale of Assets	0.1	0.0	-0.1	0.0	12.7
Other Non-Operating Income (Expense)	0.7	0.3	1.3	-0.3	-1.0
Other, Net	0.7	0.3	1.3	-0.3	-1.0
Income Before Tax	16.5	18.1	23.3	15.6	14.3

Total Income Tax	4.4	2.8	7.0	3.8	5.3
Income After Tax	12.1	15.2	16.3	11.8	9.0

Minority Interest	-0.2	-0.2	-0.1	0.0	-0.1
Net Income Before Extraord Items	12.0	15.1	16.2	11.7	8.9
Net Income	12.0	15.1	16.2	11.7	8.9

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	11.9	15.1	16.2	11.7	8.9

Income Available to Common Incl Extraord Items	11.9	15.1	16.2	11.7	8.9

Basic/Primary Weighted Average Shares	43.2	43.2	43.2	43.2	43.3
Basic EPS Excl Extraord Items	0.28	0.35	0.37	0.27	0.21
Basic/Primary EPS Incl Extraord Items	0.28	0.35	0.37	0.27	0.21
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	11.9	15.1	16.2	11.7	8.9
Diluted Weighted Average Shares	43.2	43.2	43.2	43.2	43.3
Diluted EPS Excl Extraord Items	0.28	0.35	0.37	0.27	0.21
Diluted EPS Incl Extraord Items	0.28	0.35	0.37	0.27	0.21
Dividends per Share - Common Stock Primary Issue	0.10	0.09	0.08	0.06	0.04
Gross Dividends - Common Stock	4.4	3.8	3.2	2.6	1.9
Interest Expense, Supplemental	1.1	1.2	1.3	1.3	1.5
Depreciation, Supplemental	32.6	30.4	26.7	22.3	20.9
Total Special Items	1.0	3.4	2.9	1.0	-12.3
Normalized Income Before Tax	17.5	21.4	26.2	16.7	2.0

Effect of Special Items on Income Taxes	0.3	0.5	0.9	0.3	-4.6
Inc Tax Ex Impact of Sp Items	4.6	3.4	7.9	4.1	0.8
Normalized Income After Tax	12.9	18.1	18.3	12.6	1.3

Normalized Inc. Avail to Com.	12.7	17.9	18.2	12.5	1.2

Basic Normalized EPS	0.29	0.42	0.42	0.29	0.03
Diluted Normalized EPS	0.29	0.42	0.42	0.29	0.03
Research & Development Exp, Supplemental	-	17.4	15.6	14.0	13.0
Reported Operating Profit	13.3	19.9	25.6	18.8	8.9
Reported Ordinary Profit	17.5	21.4	26.2	17.3	1.4
Normalized EBIT	13.3	19.9	25.6	18.1	6.0
Normalized EBITDA	45.9	50.3	52.3	40.4	26.9
Interest Cost - Domestic	-	0.1	0.2	0.1	0.0
Service Cost - Domestic	-	0.4	0.4	0.7	0.5
Prior Service Cost - Domestic	-	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	-	0.0	0.0	0.0	0.0
Actuarial Gains and Losses - Domestic	-	0.0	0.1	-0.1	0.0
Domestic Pension Plan Expense	-	0.5	0.7	0.7	0.5
Defined Contribution Expense - Domestic	-	3.0	2.8	2.6	2.5
Total Pension Expense	-	3.6	3.6	3.3	2.9
Discount Rate - Domestic	-	4.90%	5.30%	6.70%	-
Expected Rate of Return - Domestic	-	3.70%	4.20%	4.30%	-
Total Plan Interest Cost	-	0.1	0.2	0.1	0.0
Total Plan Service Cost	-	0.4	0.4	0.7	0.5
Total Plan Expected Return	-	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Cash & Equivalents	42.2	60.2	48.7	28.0	38.4
Short Term Investments	-	0.0	0.6	0.5	0.5
Cash and Short Term Investments	42.2	60.2	49.3	28.5	38.9
Accounts Receivable - Trade, Gross	182.0	160.2	139.2	131.3	127.7
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	-0.2	-0.1
Trade Accounts Receivable - Net	181.9	160.1	139.0	131.2	127.6
Total Receivables, Net	181.9	160.1	139.0	131.2	127.6
Inventories - Finished Goods	58.3	54.1	46.8	48.2	47.1
Inventories - Work In Progress	21.2	17.8	17.5	15.0	14.4
Inventories - Raw Materials	32.4	32.5	26.1	25.5	23.9
Total Inventory	111.9	104.5	90.5	88.6	85.4
Deferred Income Tax - Current Asset	4.8	3.1	0.9	0.5	0.4
Other Current Assets	5.9	6.0	5.6	6.1	5.7
Other Current Assets, Total	10.7	9.2	6.5	6.6	6.1
Total Current Assets	346.7	333.9	285.2	254.9	257.9

Buildings	166.9	165.1	146.0	132.1	133.3
Land/Improvements	33.0	33.0	29.7	30.0	30.3
Machinery/Equipment	349.8	335.3	289.1	255.5	253.9
Construction in Progress	9.4	6.9	8.5	10.9	8.9
Property/Plant/Equipment - Gross	559.2	540.3	473.3	428.5	426.4
Accumulated Depreciation	-400.5	-386.1	-329.5	-295.3	-293.2
Property/Plant/Equipment - Net	158.7	154.2	143.8	133.2	133.2
Goodwill, Net	-	-	0.0	0.0	0.9
Intangibles, Net	8.6	7.6	7.2	7.5	8.4
LT Investment - Affiliate Companies	-	13.1	-	-	-
LT Investments - Other	28.0	11.6	20.0	15.4	18.1
Long Term Investments	28.0	24.7	20.0	15.4	18.1
Note Receivable - Long Term	-	-	0.8	1.0	1.3
Deferred Income Tax - Long Term Asset	0.9	0.9	0.8	0.9	0.5
Other Long Term Assets	8.5	9.8	9.4	9.7	9.7
Other Long Term Assets, Total	9.4	10.7	10.2	10.6	10.3
Total Assets	551.3	531.0	467.3	422.6	430.1

Accounts Payable	88.3	83.5	74.2	69.0	67.3
Accrued Expenses	12.0	9.2	8.3	7.7	7.3
Notes Payable/Short Term Debt	40.1	40.5	38.3	36.7	39.4
Current Portion - Long Term Debt/Capital Leases	15.0	17.0	16.0	13.7	12.8
Income Taxes Payable	4.0	3.7	3.7	2.5	3.0
Other Payables	29.7	27.3	21.9	-	-
Deferred Income Tax - Current Liability	-	0.0	0.0	0.0	0.0
Other Current Liabilities	10.7	6.4	7.8	26.1	26.4
Other Current liabilities, Total	44.4	37.4	33.3	28.5	29.4
Total Current Liabilities	199.8	187.5	170.2	155.5	156.2

Long Term Debt	31.7	30.0	25.8	28.0	31.6
Total Long Term Debt	31.7	30.0	25.8	28.0	31.6
Total Debt	86.8	87.4	80.2	78.3	83.8

Deferred Income Tax - LT Liability	4.2	5.3	4.1	1.7	2.6
Deferred Income Tax	4.2	5.3	4.1	1.7	2.6
Minority Interest	0.7	0.6	0.4	0.2	0.2
Reserves	2.0	2.2	0.0	-	-
Pension Benefits - Underfunded	3.1	2.9	2.5	3.2	3.9
Other Long Term Liabilities	4.9	4.9	4.3	4.0	4.4
Other Liabilities, Total	10.0	10.0	6.8	7.1	8.3
Total Liabilities	246.3	233.3	207.2	192.5	198.8

Common Stock	79.2	78.7	69.8	66.0	65.5
Common Stock	79.2	78.7	69.8	66.0	65.5
Additional Paid-In Capital	115.0	114.3	101.4	95.9	95.2
Retained Earnings (Accumulated Deficit)	142.7	134.6	109.1	90.8	80.2
Treasury Stock - Common	-3.3	-3.2	-2.8	-2.5	-2.4
Unrealized Gain (Loss)	0.4	0.1	0.4	-0.3	1.4
Translation Adjustment	-28.9	-26.7	-17.7	-19.9	-8.7
Other Equity, Total	-28.9	-26.7	-17.7	-19.9	-8.7
Total Equity	305.0	297.7	260.1	230.1	231.2

Total Liabilities & Shareholdersâ€™ Equity	551.3	531.0	467.3	422.6	430.1

Shares Outstanding - Common Stock Primary Issue	43.2	43.2	43.2	43.2	43.3
Total Common Shares Outstanding	43.2	43.2	43.2	43.2	43.3
Treasury Shares - Common Stock Primary Issue	0.7	0.7	0.7	0.6	0.6
Employees	-	4,933	4,852	4,858	4,538
Number of Common Shareholders	-	3,861	3,775	3,905	4,459
Total Long Term Debt, Supplemental	-	46.9	41.8	41.6	44.4
Long Term Debt Maturing within 1 Year	-	17.0	16.0	13.7	12.8
Long Term Debt Maturing in Year 2	-	11.5	11.4	12.4	11.3
Long Term Debt Maturing in Year 3	-	10.2	6.6	8.3	10.9
Long Term Debt Maturing in Year 4	-	6.3	5.5	3.7	6.2
Long Term Debt Maturing in Year 5	-	1.9	2.2	2.7	1.7
Long Term Debt Maturing in 2-3 Years	-	21.7	18.0	20.7	22.1
Long Term Debt Maturing in 4-5 Years	-	8.2	7.7	6.5	7.9
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.8	1.6
Pension Obligation - Domestic	-	3.0	2.7	2.0	2.9
Plan Assets - Domestic	-	0.4	0.4	0.3	0.4
Funded Status - Domestic	-	-2.5	-2.2	-1.6	-2.4
Total Funded Status	-	-2.5	-2.2	-1.6	-2.4
Expected Rate of Return - Domestic	-	3.70%	4.20%	4.30%	-
Expected Rate of Return - Foreign	-	4.90%	5.30%	6.70%	-
Accrued Liabilities - Domestic	-	-2.5	-2.2	-1.6	-2.4
Other Assets, Net - Domestic	-	0.0	0.0	0.0	0.0
Net Assets Recognized on Balance Sheet	-	-2.5	-2.2	-1.6	-2.4
Total Plan Obligations	-	3.0	2.7	2.0	2.9
Total Plan Assets	-	0.4	0.4	0.3	0.4

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	16.5	18.0	23.3	15.6	14.3
Depreciation	32.6	30.4	26.7	22.3	20.9
Depreciation/Depletion	32.6	30.4	26.7	22.3	20.9
Unusual Items	-1.9	0.2	1.1	1.4	-11.5
Other Non-Cash Items	1.1	2.1	0.0	1.1	-5.7
Non-Cash Items	-0.8	2.3	1.1	2.4	-17.2
Accounts Receivable	-22.2	-5.2	0.4	-6.2	4.8
Inventories	-7.6	-3.9	4.0	-6.0	1.1
Other Assets	0.4	0.6	3.1	-1.0	-1.0
Accounts Payable	4.6	-0.1	1.0	2.1	-1.4
Taxes Payable	-0.7	-0.6	0.9	0.1	-0.2
Other Liabilities	6.7	1.8	0.3	-1.1	2.9
Other Operating Cash Flow	-7.2	-5.1	-3.6	-4.6	2.9
Changes in Working Capital	-26.0	-12.5	6.1	-16.5	9.1
Cash from Operating Activities	22.2	38.3	57.2	23.8	27.1

Purchase of Fixed Assets	-32.2	-23.9	-29.5	-23.4	-19.0
Purchase/Acquisition of Intangibles	-2.5	-2.3	-2.2	-1.7	-2.5
Capital Expenditures	-34.7	-26.2	-31.7	-25.1	-21.5
Sale of Fixed Assets	0.1	0.6	0.2	0.2	23.0
Sale/Maturity of Investment	2.1	0.9	0.0	0.4	0.1
Investment, Net	-	-	-	0.0	0.0
Purchase of Investments	-0.1	-2.4	-1.2	-0.4	-0.3
Sale of Intangible Assets	-	-	0.0	0.0	0.0
Other Investing Cash Flow	-0.4	0.6	0.2	0.5	0.0
Other Investing Cash Flow Items, Total	1.7	-0.3	-0.9	0.6	22.8
Cash from Investing Activities	-33.0	-26.5	-32.6	-24.5	1.3

Cash Dividends Paid - Common	-4.4	-3.8	-3.0	-2.2	-1.9
Total Cash Dividends Paid	-4.4	-3.8	-3.0	-2.2	-1.9
Sale/Issuance of Common	-	0.0	0.0	0.0	0.0
Repurchase/Retirement of Common	0.0	-0.1	-0.2	-0.1	-0.1
Common Stock, Net	0.0	-0.1	-0.2	-0.1	-0.1
Issuance (Retirement) of Stock, Net	0.0	-0.1	-0.2	-0.1	-0.1
Short Term Debt Issued	188.7	192.9	157.3	153.6	146.8
Short Term Debt Reduction	-189.2	-195.4	-158.0	-156.2	-159.9
Short Term Debt, Net	-0.5	-2.6	-0.6	-2.6	-13.1
Long Term Debt Issued	19.0	19.3	13.4	10.0	7.9
Long Term Debt Reduction	-19.6	-19.3	-15.9	-12.4	-12.6
Long Term Debt, Net	-0.6	0.0	-2.5	-2.4	-4.8
Issuance (Retirement) of Debt, Net	-1.1	-2.6	-3.1	-5.0	-17.9
Cash from Financing Activities	-5.4	-6.4	-6.4	-7.3	-19.8

Foreign Exchange Effects	-0.9	-2.0	0.9	-2.1	-1.3
Net Change in Cash	-17.1	3.3	19.2	-10.1	7.3

Net Cash - Beginning Balance	61.0	52.9	29.6	37.4	25.6
Net Cash - Ending Balance	43.9	56.2	48.8	27.4	32.9
Cash Interest Paid	1.1	1.2	1.3	1.3	1.5
Cash Taxes Paid	7.9	5.9	4.5	5.6	3.6

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net sales	593.2	532.0	485.5	441.9	381.0
Total Revenue	593.2	532.0	485.5	441.9	381.0

Cost of Sales	431.8	377.6	339.0	311.6	269.4
Selling,Gen.&Admin.	148.0	-	-	-	-
Salary/Bonus	-	41.2	37.1	36.5	33.3
Shipping	-	15.0	14.1	13.1	12.3
Researchh&Development	-	17.3	15.6	13.3	12.2
Allowance Bonus	-	2.6	2.4	2.2	1.9
Depreciation	-	5.3	4.6	4.8	5.9
Accured Retirement	-	1.6	1.4	1.3	1.1
Director's retirement	-	0.1	0.1	0.1	0.4
Other SGA	-	51.3	45.7	40.0	35.6
SP Rev.-reserve for doubtful account	0.0	0.0	0.0	0.0	0.0
SP Reversal damage compensation	-	-	-	-	0.0
SP G on reversal of retire. reserve	-	-	-	0.0	-0.6
SP Subsidiaries	-	-	-	0.0	-2.1
SP L on abandonment of fixed asset	0.9	0.5	0.7	0.7	1.0
SP Impairment Loss	0.2	0.0	2.1	0.0	0.0
SP Loss on disaster	0.0	0.3	0.0	-	-
SP L on valuation of investment sec.	0.0	0.9	0.0	0.3	0.4
SP L on adjust for change of accts asset	0.0	1.7	0.0	-	-
Litigation Expense	-	-	-	-	0.0
Reserve director's retire	-	-	-	-	0.0
Retire material	-	-	-	-	0.0
SP Loss on valuation of inventories	-	-	0.0	0.7	0.0
Prior year tax	-	-	-	-	0.0
Loss on Piror Retirement benefits	-	-	-	0.0	0.8
SP Special Text Expenses	-	-	-	0.0	0.7
NOP Writedown Inventory	-	-	-	0.0	2.8
Total Operating Expense	580.9	515.4	462.7	424.8	375.3

NOP Interest Income	0.4	0.1	0.2	0.3	0.5
NOP Dividends income	0.3	0.2	0.2	0.2	0.2
NOP Equity in earnings of affiliates	3.0	2.9	1.8	0.0	-
NOP Rental income from housing	0.2	0.2	0.1	0.1	0.1
NOP Compensation received	-	0.0	1.6	0.0	-
NOP Exchange Gain	1.0	0.0	-	-	-
NOP Other non-operating income	1.3	1.1	1.5	0.9	0.4
NOP Interest expenses	-1.1	-1.2	-1.3	-1.3	-1.5
NOP Loss-trade notes receivables sale	-	-	0.0	0.0	0.0
NOP Equity in losses of affiliates	-	-	0.0	-0.4	-1.7
NOP Foreign exchange losses	0.0	-0.9	-1.6	0.0	-1.1
NOP Taxes, other than income taxes	-	-	0.0	-0.5	0.0
NOP Commission fee	-0.5	-0.7	-1.7	-0.4	0.0
NOP Other non-operating expense	-0.3	-0.2	-0.3	-0.5	-1.5
SP Gain-sale of fixed assets	0.1	0.3	0.2	0.1	12.9
SP Gain-sale of LT investment securities	0.0	0.0	0.0	0.0	0.0
SP Gain Sale of affiliate stock	-	-	-	0.0	0.0
SP G on liqui. of affiliated company	-	-	-	0.0	0.5
SP L. sale affiliate stock	-	-	-	-	0.0
SP Loss-sale of fixed assets.	0.0	-0.3	-0.2	-0.1	-0.2
SP Loss-sale of LT investment secs.	0.0	0.0	0.0	-	-
Net Income Before Taxes	16.5	18.1	23.3	15.6	14.3

Provision for Income Taxes	4.4	2.8	7.0	3.8	5.3
Net Income After Taxes	12.1	15.2	16.3	11.8	9.0

Minority Interest	-0.2	-0.2	-0.1	0.0	-0.1
Net Income Before Extra. Items	12.0	15.1	16.2	11.7	8.9
Net Income	12.0	15.1	16.2	11.7	8.9

Earning Adjustment	0.0	0.0	-	0.0	0.0
Income Available to Com Excl ExtraOrd	11.9	15.1	16.2	11.7	8.9

Income Available to Com Incl ExtraOrd	11.9	15.1	16.2	11.7	8.9

Basic Weighted Average Shares	43.2	43.2	43.2	43.2	43.3
Basic EPS Excluding ExtraOrdinary Items	0.28	0.35	0.37	0.27	0.21
Basic EPS Including ExtraOrdinary Item	0.28	0.35	0.37	0.27	0.21
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	11.9	15.1	16.2	11.7	8.9
Diluted Weighted Average Shares	43.2	43.2	43.2	43.2	43.3
Diluted EPS Excluding ExtraOrd Items	0.28	0.35	0.37	0.27	0.21
Diluted EPS Including ExtraOrd Items	0.28	0.35	0.37	0.27	0.21
DPS-Common Stock	0.10	0.09	0.08	0.06	0.04
Gross Dividends - Common Stock	4.4	3.8	3.2	2.6	1.9
Normalized Income Before Taxes	17.5	21.4	26.2	16.7	2.0

Inc Tax Ex Impact of Sp Items	4.6	3.4	7.9	4.1	0.8
Normalized Income After Taxes	12.9	18.1	18.3	12.6	1.3

Normalized Inc. Avail to Com.	12.7	17.9	18.2	12.5	1.2

Basic Normalized EPS	0.29	0.42	0.42	0.29	0.03
Diluted Normalized EPS	0.29	0.42	0.42	0.29	0.03
R&D Expenses (SG&A)	-	17.3	15.6	13.3	12.2
R & D Expenses (COGS)	-	0.0	0.0	0.7	0.9
Interest expense, supplemental	1.1	1.2	1.3	1.3	1.5
Depreciation, supplemental	32.6	30.4	26.7	22.3	20.9
Reported operating profit	13.3	19.9	25.6	18.8	8.9
Reported ordinary profit	17.5	21.4	26.2	17.3	1.4
Service cost	-	0.4	0.4	0.7	0.5
Interest cost	-	0.1	0.2	0.1	0.0
Expected return on plan asset	-	0.0	0.0	0.0	0.0
Actuarial G/L	-	0.0	0.1	-0.1	0.0
Prior service cost	-	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	-	0.5	0.7	0.7	0.5
Defined Contribution Expense - Domestic	-	3.0	2.8	2.6	2.5
Total Pension Expense	-	3.6	3.6	3.3	2.9
Discount rate	-	4.90%	5.30%	6.70%	-
Expected rate of return	-	3.70%	4.20%	4.30%	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Cash and deposits	42.2	60.2	48.7	28.0	38.4
Notes and accounts receivable-trade	182.0	160.2	139.2	131.3	127.7
Short-term investment securities	-	0.0	0.6	0.5	0.5
Merchandise and finished goods	58.3	54.1	46.8	48.2	47.1
Work in process	21.2	17.8	17.5	15.0	14.4
Raw materials and supplies	32.4	32.5	26.1	25.5	23.9
Deferred tax assets, current	4.8	3.1	0.9	0.5	0.4
Other current assets	5.9	6.0	5.6	6.1	5.7
Allowance for doubtful accounts, current	-0.1	-0.1	-0.1	-0.2	-0.1
Total Current Assets	346.7	333.9	285.2	254.9	257.9

Buildings and structures	166.9	165.1	146.0	132.1	133.3
Buildings and structures- depreciation	-119.7	-115.6	-100.0	-90.5	-89.2
Machinery, equipment and vehicles	244.6	234.8	203.4	179.1	182.4
Machinery, equipment and vehicles- depre	-195.2	-190.2	-162.1	-145.7	-147.8
Tools, furniture and fixtures	105.2	100.5	85.6	76.4	71.5
Tools, furniture and fixtures-depreciati	-85.5	-80.3	-67.3	-59.1	-56.2
Land	33.0	33.0	29.7	30.0	30.3
Construction in progress	9.4	6.9	8.5	10.9	8.9
Goodwill	-	-	0.0	0.0	0.9
Other intangible assets	-	-	7.2	7.5	8.4
Total intangible assets	8.6	7.6	-	-	-
Investment securities	28.0	11.6	20.0	15.4	18.1
Investment securities-stock	-	13.1	-	-	-
Deferred tax assets	0.9	0.9	0.8	0.9	0.5
Other long-term Assets	8.6	9.9	9.5	9.8	10.2
Allowance for doubtful accounts	-0.1	-0.1	-0.1	-0.1	-0.4
Long-term loans receivable	-	-	0.8	1.0	1.3
Adjustment	-	-	0.0	-	-
Total Assets	551.3	531.0	467.3	422.6	430.1

Notes and accounts payable-trade	88.3	83.5	74.2	69.0	67.3
Short-term Debt	40.1	40.5	38.3	36.7	39.4
Current portion of LT Debt	15.0	17.0	16.0	13.7	12.8
Accounts payable-other	29.7	27.3	21.9	-	-
Accrued income taxes	4.0	3.7	3.7	2.5	3.0
Deferred tax liabilities, current	-	0.0	0.0	0.0	0.0
Reserve for product warranties	0.1	0.1	0.1	0.1	0.1
Reserve for bonuses	12.0	9.2	8.3	7.7	7.3
Assets Retirement Obligations	0.3	0.0	-	-	-
Other current liabilities	10.3	6.3	7.7	26.0	26.3
Total Current Liabilities	199.8	187.5	170.2	155.5	156.2

Long-term loans payable	31.7	30.0	25.8	28.0	31.6
Total Long Term Debt	31.7	30.0	25.8	28.0	31.6

Deferred tax liabilities	4.2	5.3	4.1	1.7	2.6
Reserve for retirement benefits	2.7	2.5	2.2	1.6	2.4
Reserve for directors' retirement benefi	0.4	0.3	0.2	1.5	1.4
Assets Retirement Obligations	2.0	2.2	0.0	-	-
Other Long-term liabilities	4.9	4.9	4.3	4.0	4.4
Minority interests	0.7	0.6	0.4	0.2	0.2
Total Liabilities	246.3	233.3	207.2	192.5	198.8

Capital stock	79.2	78.7	69.8	66.0	65.5
Capital surplus	115.0	114.3	101.4	95.9	95.2
Retained earnings	142.7	134.6	109.1	90.8	80.2
Reserve by val. of investment sec.	0.4	0.1	0.4	-0.3	1.4
Foreign currency translation adjustment	-28.9	-26.7	-17.7	-19.9	-8.7
Treasury Stock	-3.3	-3.2	-2.8	-2.5	-2.4
Total Equity	305.0	297.7	260.1	230.1	231.2

Total Liabilities & Shareholders' Equity	551.3	531.0	467.3	422.6	430.1

S/O-Common Stock	43.2	43.2	43.2	43.2	43.3
Total Common Shares Outstanding	43.2	43.2	43.2	43.2	43.3
T/S-Common Stock	0.7	0.7	0.7	0.6	0.6
Full-Time Employees	-	4,933	4,852	4,858	4,538
Number of Common Shareholders	-	3,861	3,775	3,905	4,459
Long Term Debt Maturing Within 1 Year	-	17.0	16.0	13.7	12.8
Long Term Debt Maturing Within 2 Year	-	11.5	11.4	12.4	11.3
Long Term Debt Maturing Within 3 Year	-	10.2	6.6	8.3	10.9
Long Term Debt Maturing Within 4 Year	-	6.3	5.5	3.7	6.2
Long Term Debt Maturing Within 5 Year	-	1.9	2.2	2.7	1.7
Long Term Debt Remaining Maturities	-	0.0	0.0	0.8	1.6
Total Long Term Debt, Supplemental	-	46.9	41.8	41.6	44.4
Pension obligation	-	3.0	2.7	2.0	2.9
Fair value of plan asset	-	0.4	0.4	0.3	0.4
Funded status	-	-2.5	-2.2	-1.6	-2.4
Total Funded Status	-	-2.5	-2.2	-1.6	-2.4
Discount rate	-	4.90%	5.30%	6.70%	-
Expected rate of return	-	3.70%	4.20%	4.30%	-
Unrecog. actuarial G/L	-	0.0	0.0	0.0	0.0
Accrued pension benefit	-	-2.5	-2.2	-1.6	-2.4
Net Assets Recognized on Balance Sheet	-	-2.5	-2.2	-1.6	-2.4

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net Income Bf. Tax	16.5	18.0	23.3	15.6	14.3
Depreciation	32.6	30.4	26.7	22.3	20.9
Impairment loss	0.2	0.0	2.1	0.0	0.0
Allowance for doubtful accts.	-0.1	0.0	-0.1	-0.2	-0.8
Res. Compensation Loss	-	-	-	-	0.0
Reserve for retirement benefits	0.3	0.2	0.2	-0.2	-5.0
Reserve for director retirement	0.1	0.2	-1.4	0.1	-0.5
Interest and dividends income	-0.6	-0.4	-0.4	-0.5	-0.7
Interest expenses	1.1	1.2	1.3	1.3	1.5
Loss on sales of notes receivable-trade	-	-	0.0	0.0	0.0
Foreign exchange losses (gains)	0.3	1.0	0.3	0.6	-0.1
Equity in affiliates	-3.0	-2.9	-1.8	0.4	1.7
Sale of Assets Gain	-	-	-	0.0	-12.9
Sale of Assets Loss	-	-	-	0.0	0.2
Sale of Assets Gain/Loss	-0.1	0.0	0.1	0.0	0.0
Loss on abandonment of fixed asset	0.9	0.5	0.7	0.7	1.0
Gain Sale Inv.Sec.	0.0	0.0	0.0	0.0	0.0
Loss on sales of investment sec.	-	-	-	0.0	-
G/L on valuation of investment sec.	0.0	0.9	0.0	0.3	0.4
L on adjust for change of accts asset	0.0	1.7	0.0	-	-
Loss sale affiliate stock	-	-	-	-	0.0
Litigation Expense	-	-	-	-	0.0
Prior year tax	-	-	-	-	0.0
Subsidiaries	-	-	-	0.0	-2.1
Notes and accounts Rcvbl.	-22.2	-5.2	0.4	-6.2	4.8
Decrease (increase) in inventories	-7.6	-3.9	4.0	-6.0	1.1
Notes and accounts pybl.	4.6	-0.1	1.0	2.1	-1.4
Accrued consumption tax	-0.7	-0.6	0.9	0.1	-0.2
Oher current assets	0.4	0.6	3.1	-1.0	-1.0
Other current liabilities	6.7	1.8	0.3	-1.1	2.9
Other operating activities	1.1	1.6	1.9	1.8	3.9
Interest and dividends income received	0.6	0.4	0.4	0.5	0.7
Interest expenses paid	-1.1	-1.2	-1.3	-1.3	-1.5
Insurance Rcvd.	-	-	-	0.0	1.4
Litigation Expense	-	-	-	-	0.0
Product Warranty	-	-	-	-	0.0
Proir year tax	-	-	-	-	0.0
Subsidiaries Received	-	-	-	0.0	2.1
Income taxes paid, cash basis	-7.9	-6.5	-4.9	-5.6	-3.6
Income taxes refund, cash basis	0.0	0.5	0.3	0.0	-
Cash to change in consol. scope	-	-	-	-	0.0
Adjustment	-	-	0.0	-	-
Cash from Operating Activities	22.2	38.3	57.2	23.8	27.1

Payments into time deposits	-0.1	-2.0	0.0	-0.1	0.0
Withdrawal of time deposits	2.1	0.7	0.0	0.3	0.1
Redemption of Market. Sec	0.0	0.1	0.0	-	-
Capital expenditure	-32.2	-23.9	-29.5	-23.4	-19.0
Sale of PPE	0.1	0.6	0.2	0.2	23.0
Purchase of intangible assets	-2.5	-2.3	-2.2	-1.7	-2.5
Sales of intangible assets	-	-	0.0	0.0	0.0
Purchase of investment securities	0.0	-0.4	-1.2	-0.4	-0.3
Sales of investment securities	0.0	0.1	0.0	0.1	0.0
Sale subsidiary stock	-	-	-	0.0	0.0
Loans Made	-	-	-	-	0.0
Collection of loans receivable	0.3	0.3	0.3	0.3	0.2
Loan affiliate	-	-	-	-	0.0
Other investing activities	-0.7	0.3	-0.1	0.2	-0.3
Cash from Investing Activities	-33.0	-26.5	-32.6	-24.5	1.3

ST Debt issued	188.7	192.9	157.3	153.6	146.8
Repay. of STD	-189.2	-195.4	-158.0	-156.2	-159.9
Proc. from LTD	19.0	19.3	13.4	10.0	7.9
Repay. of LTD	-19.6	-19.3	-15.9	-12.4	-12.6
Issuance of stock	-	-	-	-	0.0
Proceeds from sales of treasury stock	-	0.0	0.0	0.0	0.0
Purchase of treasury stock	0.0	-0.1	-0.2	-0.1	-0.1
Cash dividends paid	-4.4	-3.8	-3.0	-2.2	-1.9
Cash from Financing Activities	-5.4	-6.4	-6.4	-7.3	-19.8

Foreign Exchange Effects	-0.9	-2.0	0.9	-2.1	-1.3
Net Change in Cash	-17.1	3.3	19.2	-10.1	7.3

Net Cash-Beginning Balance	61.0	52.9	29.6	37.4	25.6
Net Cash-Ending Balance	43.9	56.2	48.8	27.4	32.9
Cash Interest Paid	1.1	1.2	1.3	1.3	1.5
Cash Taxes Paid	7.9	5.9	4.5	5.6	3.6

Financial Health

Financials in: USD (mil)

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

Key IndicatorsÂ 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	153.2	4.85%	593.2	2.74%	1.80%	1.70%
Operating Income1	1.6	-36.59%	12.2	-31.90%	-17.41%	2.22%
Income Available to Common Excl Extraord Items1	1.8	-53.97%	11.9	-27.03%	-7.24%	57.89%
Basic EPS Excl Extraord Items1	0.04	-53.96%	0.28	-27.02%	-7.17%	53.86%
Capital Expenditures2	34.7	-	34.7	21.95%	2.78%	1.18%
Cash from Operating Activities2	22.2	-	22.2	-46.52%	-9.87%	-
Free Cash Flow	-12.0	-	-12.0	-	-	-
Total Assets3	551.3	3.22%	551.3	3.21%	2.86%	-0.21%
Total Liabilities3	246.3	4.98%	246.3	4.98%	2.20%	-2.40%
Total Long Term Debt3	31.7	5.03%	31.7	5.03%	-1.88%	-5.23%
Total Common Shares Outstanding3	43.2	-0.01%	43.2	-0.01%	-0.06%	-0.06%
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	27.20%	29.01%	30.18%	29.31%	28.54%
Operating Margin	2.06%	3.11%	4.70%	3.87%	1.48%
Pretax Margin	2.78%	3.40%	4.80%	3.54%	3.75%
Net Profit Margin	2.01%	2.83%	3.34%	2.66%	2.33%
Financial Strength
Current Ratio	1.74	1.78	1.68	1.64	1.65
Long Term Debt/Equity	0.10	0.10	0.10	0.12	0.14
Total Debt/Equity	0.28	0.29	0.31	0.34	0.36
Management Effectiveness
Return on Assets	2.14%	2.98%	3.55%	2.80%	2.31%
Return on Equity	3.78%	5.27%	6.41%	5.16%	4.42%
Efficiency
Receivables Turnover	3.32	3.47	3.48	3.46	3.35
Inventory Turnover	3.81	3.78	3.66	3.64	3.61
Asset Turnover	1.05	1.04	1.06	1.05	0.98

Market ValuationÂ USD (mil)
P/E (TTM)	11.68	.	Enterprise Value2	181.0
Price/Sales (TTM)	0.24	.	Enterprise Value/Revenue (TTM)	0.32
Price/Book (MRQ)	0.44	.	Enterprise Value/EBITDA (TTM)	4.21
Market Cap as of 11-May-20121		.
1-ExchangeRate: JPY to USD on 11-May-2012	Â
2-ExchangeRate: JPY to USD on 31-Mar-2012	82.385362

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Financial Strength
Current Ratio	1.74	1.78	1.68	1.64	1.65
Quick/Acid Test Ratio	1.12	1.17	1.11	1.03	1.07
Working Capital1	146.9	146.4	115.0	99.4	101.8
Long Term Debt/Equity	0.10	0.10	0.10	0.12	0.14
Total Debt/Equity	0.28	0.29	0.31	0.34	0.36
Long Term Debt/Total Capital	0.08	0.08	0.08	0.09	0.10
Total Debt/Total Capital	0.22	0.23	0.24	0.25	0.27
Payout Ratio	36.65%	25.08%	20.09%	21.99%	21.30%
Effective Tax Rate	26.46%	15.63%	30.00%	24.55%	37.33%
Total Capital1	391.8	385.1	340.2	308.4	315.1

Efficiency
Asset Turnover	1.05	1.04	1.06	1.05	0.98
Inventory Turnover	3.81	3.78	3.66	3.64	3.61
Days In Inventory	95.71	96.50	99.67	100.31	101.04
Receivables Turnover	3.32	3.47	3.48	3.46	3.35
Days Receivables Outstanding	110.08	105.11	104.93	105.45	108.93
Revenue/Employee2	-	111,501	99,530	92,534	96,406
Operating Income/Employee2	-	3,473	4,678	3,577	1,423
EBITDA/Employee2	-	9,845	10,153	8,243	6,712

Profitability
Gross Margin	27.20%	29.01%	30.18%	29.31%	28.54%
Operating Margin	2.06%	3.11%	4.70%	3.87%	1.48%
EBITDA Margin	7.56%	8.83%	10.20%	8.91%	6.96%
EBIT Margin	2.06%	3.11%	4.70%	3.87%	1.48%
Pretax Margin	2.78%	3.40%	4.80%	3.54%	3.75%
Net Profit Margin	2.01%	2.83%	3.34%	2.66%	2.33%
R&D Expense/Revenue	-	3.25%	3.20%	3.01%	3.19%
COGS/Revenue	72.80%	70.99%	69.82%	70.69%	71.46%
SG&A Expense/Revenue	24.95%	21.01%	20.76%	21.11%	22.21%

Management Effectiveness
Return on Assets	2.14%	2.98%	3.55%	2.80%	2.31%
Return on Equity	3.78%	5.27%	6.41%	5.16%	4.42%

Valuation
Free Cash Flow/Share2	-0.28	0.29	0.59	-0.03	0.15
Operating Cash Flow/Share 2	0.49	0.92	1.32	0.56	0.72
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)	11.87
Market Cap/Equity (MRQ)	0.44
Market Cap/Revenue (TTM)	0.24
Market Cap/EBIT (TTM)	11.56
Market Cap/EBITDA (TTM)	3.16
Enterprise Value/Earnings (TTM)	15.83
Enterprise Value/Equity (MRQ)	0.59
Enterprise Value/Revenue (TTM)	0.32
Enterprise Value/EBIT (TTM)	15.42
Enterprise Value/EBITDA (TTM)	4.21

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	593.2	532.0	485.5	441.9	381.0
Revenue	593.2	532.0	485.5	441.9	381.0
Total Revenue	593.2	532.0	485.5	441.9	381.0

Cost of Revenue	431.8	377.6	339.0	312.4	272.3
Cost of Revenue, Total	431.8	377.6	339.0	312.4	272.3
Gross Profit	161.3	154.4	146.5	129.5	108.7

Selling/General/Administrative Expense	148.0	66.3	59.7	53.1	47.9
Labor & Related Expense	-	45.5	41.0	40.2	36.7
Total Selling/General/Administrative Expenses	148.0	111.8	100.8	93.3	84.6
Research & Development	-	17.3	15.6	13.3	12.2
Depreciation	-	5.3	4.6	4.8	5.9
Depreciation/Amortization	-	5.3	4.6	4.8	5.9
Litigation	-	-	-	-	0.0
Impairment-Assets Held for Use	1.1	0.5	2.8	0.7	1.0
Impairment-Assets Held for Sale	0.0	0.9	0.0	0.3	0.4
Other Unusual Expense (Income)	0.0	2.0	0.0	0.0	-1.1
Unusual Expense (Income)	1.1	3.4	2.8	1.0	0.4
Total Operating Expense	580.9	515.4	462.7	424.8	375.3

Operating Income	12.2	16.6	22.8	17.1	5.6

Interest Expense - Non-Operating	-1.1	-1.2	-1.3	-1.3	-1.5
Interest Expense, Net Non-Operating	-1.1	-1.2	-1.3	-1.3	-1.5
Interest Income - Non-Operating	0.4	0.1	0.2	0.3	0.5
Investment Income - Non-Operating	4.2	2.3	0.4	-0.1	-2.1
Interest/Investment Income - Non-Operating	4.5	2.4	0.6	0.2	-1.6
Interest Income (Expense) - Net Non-Operating Total	3.4	1.2	-0.7	-1.1	-3.0
Gain (Loss) on Sale of Assets	0.1	0.0	-0.1	0.0	12.7
Other Non-Operating Income (Expense)	0.7	0.3	1.3	-0.3	-1.0
Other, Net	0.7	0.3	1.3	-0.3	-1.0
Income Before Tax	16.5	18.1	23.3	15.6	14.3

Total Income Tax	4.4	2.8	7.0	3.8	5.3
Income After Tax	12.1	15.2	16.3	11.8	9.0

Minority Interest	-0.2	-0.2	-0.1	0.0	-0.1
Net Income Before Extraord Items	12.0	15.1	16.2	11.7	8.9
Net Income	12.0	15.1	16.2	11.7	8.9

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	11.9	15.1	16.2	11.7	8.9

Income Available to Common Incl Extraord Items	11.9	15.1	16.2	11.7	8.9

Basic/Primary Weighted Average Shares	43.2	43.2	43.2	43.2	43.3
Basic EPS Excl Extraord Items	0.28	0.35	0.37	0.27	0.21
Basic/Primary EPS Incl Extraord Items	0.28	0.35	0.37	0.27	0.21
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	11.9	15.1	16.2	11.7	8.9
Diluted Weighted Average Shares	43.2	43.2	43.2	43.2	43.3
Diluted EPS Excl Extraord Items	0.28	0.35	0.37	0.27	0.21
Diluted EPS Incl Extraord Items	0.28	0.35	0.37	0.27	0.21
Dividends per Share - Common Stock Primary Issue	0.10	0.09	0.08	0.06	0.04
Gross Dividends - Common Stock	4.4	3.8	3.2	2.6	1.9
Interest Expense, Supplemental	1.1	1.2	1.3	1.3	1.5
Depreciation, Supplemental	32.6	30.4	26.7	22.3	20.9
Total Special Items	1.0	3.4	2.9	1.0	-12.3
Normalized Income Before Tax	17.5	21.4	26.2	16.7	2.0

Effect of Special Items on Income Taxes	0.3	0.5	0.9	0.3	-4.6
Inc Tax Ex Impact of Sp Items	4.6	3.4	7.9	4.1	0.8
Normalized Income After Tax	12.9	18.1	18.3	12.6	1.3

Normalized Inc. Avail to Com.	12.7	17.9	18.2	12.5	1.2

Basic Normalized EPS	0.29	0.42	0.42	0.29	0.03
Diluted Normalized EPS	0.29	0.42	0.42	0.29	0.03
Research & Development Exp, Supplemental	-	17.4	15.6	14.0	13.0
Reported Operating Profit	13.3	19.9	25.6	18.8	8.9
Reported Ordinary Profit	17.5	21.4	26.2	17.3	1.4
Normalized EBIT	13.3	19.9	25.6	18.1	6.0
Normalized EBITDA	45.9	50.3	52.3	40.4	26.9
Interest Cost - Domestic	-	0.1	0.2	0.1	0.0
Service Cost - Domestic	-	0.4	0.4	0.7	0.5
Prior Service Cost - Domestic	-	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	-	0.0	0.0	0.0	0.0
Actuarial Gains and Losses - Domestic	-	0.0	0.1	-0.1	0.0
Domestic Pension Plan Expense	-	0.5	0.7	0.7	0.5
Defined Contribution Expense - Domestic	-	3.0	2.8	2.6	2.5
Total Pension Expense	-	3.6	3.6	3.3	2.9
Discount Rate - Domestic	-	4.90%	5.30%	6.70%	-
Expected Rate of Return - Domestic	-	3.70%	4.20%	4.30%	-
Total Plan Interest Cost	-	0.1	0.2	0.1	0.0
Total Plan Service Cost	-	0.4	0.4	0.7	0.5
Total Plan Expected Return	-	0.0	0.0	0.0	0.0

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	153.2	158.6	143.4	138.4	140.7
Total Revenue	153.2	158.6	143.4	138.4	140.7

Cost of Sales	113.5	114.5	105.3	98.8	101.1
Total SGA	38.0	37.6	37.3	35.2	-
Payrolls	-	-	-	-	10.8
Depreciation	-	-	-	-	1.5
Periodic retirement benefit costs	-	-	-	-	0.4
Other SGA	-	-	-	-	23.9
SP Reversal doubtful accounts	0.0	0.0	0.0	0.0	0.0
SP L on abandonment of fixed assets	0.2	0.1	0.5	0.1	0.2
SP L on adjust for change of accts asset	0.0	0.0	0.0	0.0	0.0
SP Impairment Loss	0.0	0.0	0.0	0.2	-
SP L on val. of LT inv't. secs.	-	0.1	0.0	0.0	-
SP Other special losses	-	-	-	-	0.4
SP Other special gain	-0.1	-	-	-	-
Total Operating Expense	151.6	152.4	143.1	134.3	138.2

NOP Interest Income	0.0	0.1	0.0	0.2	0.1
NOP Dividend Income	0.0	0.1	0.0	0.1	0.0
NOP Equity Gains	0.7	0.8	0.6	0.9	0.9
NOP Exchange Gain	-	1.2	0.4	-	-
NOP Compensation income	-	-	-	-	0.0
NOP Other Income	0.3	-	0.8	0.4	0.4
NOP Interest Expense	-0.3	-0.3	-0.3	-0.3	-0.3
NOP Exchange Loss	-0.2	-	-	-0.4	-0.4
NOP Commission fee	-	-	-	-	-0.3
NOP Other expenses	-0.3	-0.2	-0.1	-0.1	-
SP Gain-sale of fixed assets	0.0	0.0	0.0	0.0	0.3
SP Gain Sale Inv.Sec.	0.0	0.0	0.0	0.0	0.0
SP Sale of Assets Loss	0.0	0.0	0.0	0.0	0.0
SP Loss Sale Inv.Sec.	0.0	0.0	0.0	0.0	0.0
Net Income Before Taxes	2.0	8.0	1.6	4.9	3.1

Provision for Income Taxes	0.1	1.4	0.9	2.0	-0.7
Net Income After Taxes	1.9	6.6	0.8	2.9	3.9

Minority Interest	0.0	-0.1	0.0	0.0	-0.1
Net Income Before Extra. Items	1.8	6.6	0.8	2.8	3.8
Net Income	1.8	6.6	0.8	2.8	3.8

Earning Adjustment	0.0	0.0	0.0	0.0	0.1
Income Available to Com Excl ExtraOrd	1.8	6.6	0.7	2.8	3.8

Income Available to Com Incl ExtraOrd	1.8	6.6	0.7	2.8	3.8

Basic Weighted Average Shares	43.2	43.2	43.2	43.2	43.2
Basic EPS Excluding ExtraOrdinary Items	0.04	0.15	0.02	0.07	0.09
Basic EPS Including ExtraOrdinary Item	0.04	0.15	0.02	0.07	0.09
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.8	6.6	0.7	2.8	3.8
Diluted Weighted Average Shares	43.2	43.2	43.2	43.2	43.2
Diluted EPS Excluding ExtraOrd Items	0.04	0.15	0.02	0.07	0.09
Diluted EPS Including ExtraOrd Items	0.04	0.15	0.02	0.07	0.09
DPS-Common Stock	0.05	0.00	0.05	0.00	0.05
Gross Dividends - Common Stock	2.2	0.0	2.2	0.0	2.1
Normalized Income Before Taxes	2.0	8.3	2.1	5.2	3.5

Inc Tax Ex Impact of Sp Items	0.1	1.4	1.1	2.1	-0.6
Normalized Income After Taxes	1.9	6.9	1.0	3.0	4.1

Normalized Inc. Avail to Com.	1.8	6.8	1.0	3.0	4.0

Basic Normalized EPS	0.04	0.16	0.02	0.07	0.09
Diluted Normalized EPS	0.04	0.16	0.02	0.07	0.09
Interest expense, supplemental	0.3	0.3	0.3	0.3	0.3
Depreciation, supplemental	9.0	8.6	7.9	7.1	8.7
Reported operating profit	1.7	6.5	0.8	4.4	3.1
Reported ordinary profit	2.0	8.3	2.1	5.2	3.4

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Cash and deposits	42.2	60.2	48.7	28.0	38.4
Notes and accounts receivable-trade	182.0	160.2	139.2	131.3	127.7
Short-term investment securities	-	0.0	0.6	0.5	0.5
Merchandise and finished goods	58.3	54.1	46.8	48.2	47.1
Work in process	21.2	17.8	17.5	15.0	14.4
Raw materials and supplies	32.4	32.5	26.1	25.5	23.9
Deferred tax assets, current	4.8	3.1	0.9	0.5	0.4
Other current assets	5.9	6.0	5.6	6.1	5.7
Allowance for doubtful accounts, current	-0.1	-0.1	-0.1	-0.2	-0.1
Total Current Assets	346.7	333.9	285.2	254.9	257.9

Buildings and structures	166.9	165.1	146.0	132.1	133.3
Buildings and structures- depreciation	-119.7	-115.6	-100.0	-90.5	-89.2
Machinery, equipment and vehicles	244.6	234.8	203.4	179.1	182.4
Machinery, equipment and vehicles- depre	-195.2	-190.2	-162.1	-145.7	-147.8
Tools, furniture and fixtures	105.2	100.5	85.6	76.4	71.5
Tools, furniture and fixtures-depreciati	-85.5	-80.3	-67.3	-59.1	-56.2
Land	33.0	33.0	29.7	30.0	30.3
Construction in progress	9.4	6.9	8.5	10.9	8.9
Goodwill	-	-	0.0	0.0	0.9
Other intangible assets	-	-	7.2	7.5	8.4
Total intangible assets	8.6	7.6	-	-	-
Investment securities	28.0	11.6	20.0	15.4	18.1
Investment securities-stock	-	13.1	-	-	-
Deferred tax assets	0.9	0.9	0.8	0.9	0.5
Other long-term Assets	8.6	9.9	9.5	9.8	10.2
Allowance for doubtful accounts	-0.1	-0.1	-0.1	-0.1	-0.4
Long-term loans receivable	-	-	0.8	1.0	1.3
Adjustment	-	-	0.0	-	-
Total Assets	551.3	531.0	467.3	422.6	430.1

Notes and accounts payable-trade	88.3	83.5	74.2	69.0	67.3
Short-term Debt	40.1	40.5	38.3	36.7	39.4
Current portion of LT Debt	15.0	17.0	16.0	13.7	12.8
Accounts payable-other	29.7	27.3	21.9	-	-
Accrued income taxes	4.0	3.7	3.7	2.5	3.0
Deferred tax liabilities, current	-	0.0	0.0	0.0	0.0
Reserve for product warranties	0.1	0.1	0.1	0.1	0.1
Reserve for bonuses	12.0	9.2	8.3	7.7	7.3
Assets Retirement Obligations	0.3	0.0	-	-	-
Other current liabilities	10.3	6.3	7.7	26.0	26.3
Total Current Liabilities	199.8	187.5	170.2	155.5	156.2

Long-term loans payable	31.7	30.0	25.8	28.0	31.6
Total Long Term Debt	31.7	30.0	25.8	28.0	31.6

Deferred tax liabilities	4.2	5.3	4.1	1.7	2.6
Reserve for retirement benefits	2.7	2.5	2.2	1.6	2.4
Reserve for directors' retirement benefi	0.4	0.3	0.2	1.5	1.4
Assets Retirement Obligations	2.0	2.2	0.0	-	-
Other Long-term liabilities	4.9	4.9	4.3	4.0	4.4
Minority interests	0.7	0.6	0.4	0.2	0.2
Total Liabilities	246.3	233.3	207.2	192.5	198.8

Capital stock	79.2	78.7	69.8	66.0	65.5
Capital surplus	115.0	114.3	101.4	95.9	95.2
Retained earnings	142.7	134.6	109.1	90.8	80.2
Reserve by val. of investment sec.	0.4	0.1	0.4	-0.3	1.4
Foreign currency translation adjustment	-28.9	-26.7	-17.7	-19.9	-8.7
Treasury Stock	-3.3	-3.2	-2.8	-2.5	-2.4
Total Equity	305.0	297.7	260.1	230.1	231.2

Total Liabilities & Shareholders' Equity	551.3	531.0	467.3	422.6	430.1

S/O-Common Stock	43.2	43.2	43.2	43.2	43.3
Total Common Shares Outstanding	43.2	43.2	43.2	43.2	43.3
T/S-Common Stock	0.7	0.7	0.7	0.6	0.6
Full-Time Employees	-	4,933	4,852	4,858	4,538
Number of Common Shareholders	-	3,861	3,775	3,905	4,459
Long Term Debt Maturing Within 1 Year	-	17.0	16.0	13.7	12.8
Long Term Debt Maturing Within 2 Year	-	11.5	11.4	12.4	11.3
Long Term Debt Maturing Within 3 Year	-	10.2	6.6	8.3	10.9
Long Term Debt Maturing Within 4 Year	-	6.3	5.5	3.7	6.2
Long Term Debt Maturing Within 5 Year	-	1.9	2.2	2.7	1.7
Long Term Debt Remaining Maturities	-	0.0	0.0	0.8	1.6
Total Long Term Debt, Supplemental	-	46.9	41.8	41.6	44.4
Pension obligation	-	3.0	2.7	2.0	2.9
Fair value of plan asset	-	0.4	0.4	0.3	0.4
Funded status	-	-2.5	-2.2	-1.6	-2.4
Total Funded Status	-	-2.5	-2.2	-1.6	-2.4
Discount rate	-	4.90%	5.30%	6.70%	-
Expected rate of return	-	3.70%	4.20%	4.30%	-
Unrecog. actuarial G/L	-	0.0	0.0	0.0	0.0
Accrued pension benefit	-	-2.5	-2.2	-1.6	-2.4
Net Assets Recognized on Balance Sheet	-	-2.5	-2.2	-1.6	-2.4

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	42.2	62.9	72.3	58.4	60.2
Notes&Accts Rcvb	182.0	185.0	162.4	160.3	160.2
Marketable Secs.	-	-	-	-	0.0
Invent.- merchandise & finished goods	58.3	62.6	65.8	58.2	54.1
Inventories - work-in-process	21.2	20.6	20.6	19.5	17.8
Inventories - raw materials & supplies	32.4	33.4	31.6	31.1	32.5
Other	10.7	8.4	7.1	9.1	9.2
Allowance for doubtful accounts	-0.1	-0.1	-0.1	-0.1	-0.1
Total Current Assets	346.7	372.8	359.7	336.5	333.9

PP&E, Net	158.7	166.8	167.6	161.5	-
Bldg & Structure	-	-	-	-	49.5
Other, prop., plants, & equip., net	-	-	-	-	104.7
Total intangible	8.6	8.7	8.2	7.9	7.6
Investments and other assets, gross	37.4	38.5	38.3	36.6	-
Inv. Securities & Other	-	-	-	-	24.7
Other	-	-	-	-	10.8
Allowance for doubtful accounts	-0.1	-0.1	-0.1	-0.1	-0.1
Adjustment	-	-	0.0	0.0	-
Total Assets	551.3	586.7	573.6	542.4	531.0

Notes&Acctg Rcvb	88.3	96.0	89.2	84.8	83.5
ST Debt	40.1	51.0	47.2	39.3	40.5
Curr. Port. Debt	15.0	18.2	18.5	17.0	17.0
Accrued income taxes	4.0	1.1	0.9	1.2	3.7
Reserve for product warranties	0.1	0.1	0.1	0.1	0.1
Asset retirement obligations	0.3	0.3	0.3	0.3	0.0
Reserve for bonuses	12.0	5.4	10.6	5.5	9.2
Other	40.1	41.1	34.7	42.3	33.6
Total Current Liabilities	199.8	213.1	201.4	190.3	187.5

LT Debt	31.7	39.7	41.3	29.0	30.0
Total Long Term Debt	31.7	39.7	41.3	29.0	30.0

Reserve for retirement benefits	2.7	2.7	2.5	2.7	2.5
Reserve for directors' retirement benefi	0.4	0.4	0.4	0.4	0.3
Asset retirement obligations	2.0	2.1	2.1	2.0	2.2
Other	9.0	10.7	10.6	10.4	10.1
Minority Interest	0.7	0.6	0.6	0.6	0.6
Total Liabilities	246.3	269.3	258.9	235.4	233.3

Common Stock	79.2	84.8	84.6	80.8	78.7
Paid-In-Capital	115.0	123.1	122.9	117.3	114.3
Retained earnings	142.7	150.9	146.2	138.9	134.6
Treasury Stock	-3.3	-3.5	-3.5	-3.3	-3.2
Reserve by val. of investment sec.	0.4	-0.9	-0.5	-0.2	0.1
Translation Adj.	-28.9	-37.1	-35.0	-26.4	-26.7
Total Equity	305.0	317.3	314.7	306.9	297.7

Total Liabilities & Shareholders' Equity	551.3	586.7	573.6	542.4	531.0

S/O-Common Stock	43.2	43.2	43.2	43.2	43.2
Total Common Shares Outstanding	43.2	43.2	43.2	43.2	43.2
T/S-Common Stock	0.7	0.7	0.7	0.7	0.7
Full-Time Employees	-	-	-	-	4,933

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net Income Bf. Tax	16.5	18.0	23.3	15.6	14.3
Depreciation	32.6	30.4	26.7	22.3	20.9
Impairment loss	0.2	0.0	2.1	0.0	0.0
Allowance for doubtful accts.	-0.1	0.0	-0.1	-0.2	-0.8
Res. Compensation Loss	-	-	-	-	0.0
Reserve for retirement benefits	0.3	0.2	0.2	-0.2	-5.0
Reserve for director retirement	0.1	0.2	-1.4	0.1	-0.5
Interest and dividends income	-0.6	-0.4	-0.4	-0.5	-0.7
Interest expenses	1.1	1.2	1.3	1.3	1.5
Loss on sales of notes receivable-trade	-	-	0.0	0.0	0.0
Foreign exchange losses (gains)	0.3	1.0	0.3	0.6	-0.1
Equity in affiliates	-3.0	-2.9	-1.8	0.4	1.7
Sale of Assets Gain	-	-	-	0.0	-12.9
Sale of Assets Loss	-	-	-	0.0	0.2
Sale of Assets Gain/Loss	-0.1	0.0	0.1	0.0	0.0
Loss on abandonment of fixed asset	0.9	0.5	0.7	0.7	1.0
Gain Sale Inv.Sec.	0.0	0.0	0.0	0.0	0.0
Loss on sales of investment sec.	-	-	-	0.0	-
G/L on valuation of investment sec.	0.0	0.9	0.0	0.3	0.4
L on adjust for change of accts asset	0.0	1.7	0.0	-	-
Loss sale affiliate stock	-	-	-	-	0.0
Litigation Expense	-	-	-	-	0.0
Prior year tax	-	-	-	-	0.0
Subsidiaries	-	-	-	0.0	-2.1
Notes and accounts Rcvbl.	-22.2	-5.2	0.4	-6.2	4.8
Decrease (increase) in inventories	-7.6	-3.9	4.0	-6.0	1.1
Notes and accounts pybl.	4.6	-0.1	1.0	2.1	-1.4
Accrued consumption tax	-0.7	-0.6	0.9	0.1	-0.2
Oher current assets	0.4	0.6	3.1	-1.0	-1.0
Other current liabilities	6.7	1.8	0.3	-1.1	2.9
Other operating activities	1.1	1.6	1.9	1.8	3.9
Interest and dividends income received	0.6	0.4	0.4	0.5	0.7
Interest expenses paid	-1.1	-1.2	-1.3	-1.3	-1.5
Insurance Rcvd.	-	-	-	0.0	1.4
Litigation Expense	-	-	-	-	0.0
Product Warranty	-	-	-	-	0.0
Proir year tax	-	-	-	-	0.0
Subsidiaries Received	-	-	-	0.0	2.1
Income taxes paid, cash basis	-7.9	-6.5	-4.9	-5.6	-3.6
Income taxes refund, cash basis	0.0	0.5	0.3	0.0	-
Cash to change in consol. scope	-	-	-	-	0.0
Adjustment	-	-	0.0	-	-
Cash from Operating Activities	22.2	38.3	57.2	23.8	27.1

Payments into time deposits	-0.1	-2.0	0.0	-0.1	0.0
Withdrawal of time deposits	2.1	0.7	0.0	0.3	0.1
Redemption of Market. Sec	0.0	0.1	0.0	-	-
Capital expenditure	-32.2	-23.9	-29.5	-23.4	-19.0
Sale of PPE	0.1	0.6	0.2	0.2	23.0
Purchase of intangible assets	-2.5	-2.3	-2.2	-1.7	-2.5
Sales of intangible assets	-	-	0.0	0.0	0.0
Purchase of investment securities	0.0	-0.4	-1.2	-0.4	-0.3
Sales of investment securities	0.0	0.1	0.0	0.1	0.0
Sale subsidiary stock	-	-	-	0.0	0.0
Loans Made	-	-	-	-	0.0
Collection of loans receivable	0.3	0.3	0.3	0.3	0.2
Loan affiliate	-	-	-	-	0.0
Other investing activities	-0.7	0.3	-0.1	0.2	-0.3
Cash from Investing Activities	-33.0	-26.5	-32.6	-24.5	1.3

ST Debt issued	188.7	192.9	157.3	153.6	146.8
Repay. of STD	-189.2	-195.4	-158.0	-156.2	-159.9
Proc. from LTD	19.0	19.3	13.4	10.0	7.9
Repay. of LTD	-19.6	-19.3	-15.9	-12.4	-12.6
Issuance of stock	-	-	-	-	0.0
Proceeds from sales of treasury stock	-	0.0	0.0	0.0	0.0
Purchase of treasury stock	0.0	-0.1	-0.2	-0.1	-0.1
Cash dividends paid	-4.4	-3.8	-3.0	-2.2	-1.9
Cash from Financing Activities	-5.4	-6.4	-6.4	-7.3	-19.8

Foreign Exchange Effects	-0.9	-2.0	0.9	-2.1	-1.3
Net Change in Cash	-17.1	3.3	19.2	-10.1	7.3

Net Cash-Beginning Balance	61.0	52.9	29.6	37.4	25.6
Net Cash-Ending Balance	43.9	56.2	48.8	27.4	32.9
Cash Interest Paid	1.1	1.2	1.3	1.3	1.5
Cash Taxes Paid	7.9	5.9	4.5	5.6	3.6

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	30-Sep-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	12 Months	6 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	79.672811	85.691434	86.812446	88.962162

Net Income Bf. Tax	16.5	6.6	18.0	14.8	6.7
Depreciation	32.6	15.0	30.4	21.8	13.9
Impairment loss	0.2	0.2	0.0	-	-
Doubtful Acct. Allow	-0.1	0.0	0.0	0.0	0.0
Reserve for retirement benefits	0.3	-	0.2	0.2	0.1
Reserve for director retirement	0.1	0.1	0.2	0.0	0.0
Int. & Div. Income	-0.6	-0.4	-0.4	-0.3	-0.2
Interest Expense	1.1	0.6	1.2	0.9	0.6
Sale of Notes	-	-	-	0.0	0.0
Exchange Gain/Loss	0.3	0.1	1.0	0.6	0.6
Equity Gain/Loss	-3.0	-1.4	-2.9	-2.0	-1.1
Lo on abandonment of fixed asset	0.9	0.6	0.5	0.4	0.3
Gain on sales of non-current assets	-	0.0	-	-	-
Loss on sales of non-current assets	-0.1	-	0.0	0.3	0.0
Gain Sale Inv.Sec.	0.0	0.0	0.0	0.0	0.0
Revalu. Secs Loss	0.0	0.0	0.9	0.7	0.8
L on adjust for change of accts asset	0.0	0.0	1.7	1.7	1.6
Accounts Rcvbl.	-22.2	7.9	-5.2	-11.6	0.6
Inventories	-7.6	-7.4	-3.9	-4.4	-2.2
Accounts Payable	4.6	0.0	-0.1	1.5	-3.6
Sales Tax Pay.	-0.7	-0.5	-0.6	-0.5	-0.6
Other Current Assets	0.4	2.5	0.6	-1.2	1.2
Other Current Liabs.	6.7	-1.9	1.8	-1.6	-0.5
Other operating activities	1.1	0.2	1.6	1.2	0.8
Int. & Div. Rcvd.	0.6	0.4	0.4	0.3	0.2
Interest Paid	-1.1	-0.6	-1.2	-0.8	-0.6
Income taxes paid, cash basis	-7.9	-6.1	-6.5	-5.0	-3.4
Income taxes refund, cash basis	0.0	0.0	0.5	0.5	0.5
Cash from Operating Activities	22.2	15.8	38.3	17.3	15.6

Deposit Made	-0.1	0.0	-2.0	-1.9	0.0
Deposit Matured	2.1	2.0	0.7	0.0	0.0
Redemption of Marketable Secs.	0.0	-	0.1	0.1	-
Capital Expenditure	-32.2	-15.9	-23.9	-17.0	-12.0
Sale of PPE	0.1	0.1	0.6	0.1	0.0
Purch. of Intangible	-2.5	-0.9	-2.3	-1.8	-1.1
Purch. of Inv. Secs.	0.0	0.0	-0.4	0.0	0.0
Sale of Inv. Secs.	0.0	0.0	0.1	0.1	0.1
Loans Collected	0.3	0.2	0.3	0.1	0.1
Other investing activities	-0.7	-0.2	0.3	0.1	-0.1
Cash from Investing Activities	-33.0	-14.7	-26.5	-20.3	-13.0

Proc. from STD	188.7	97.3	192.9	154.4	92.2
Repay. of STD	-189.2	-93.4	-195.4	-151.8	-95.3
Proc. from LTD	19.0	18.8	19.3	19.0	18.5
Repay. of LTD	-19.6	-9.8	-19.3	-9.5	-7.9
Sale Treasury	-	-	0.0	0.0	0.0
Purchase Treasury	0.0	0.0	-0.1	0.0	0.0
Dividend Paid	-4.4	-2.2	-3.8	-3.5	-1.9
Cash from Financing Activities	-5.4	10.7	-6.4	8.6	5.6

Foreign Exchange Effects	-0.9	-2.4	-2.0	-2.6	-2.0
Net Change in Cash	-17.1	9.4	3.3	3.0	6.1

Net Cash-Beginning Balance	61.0	60.5	52.9	52.2	51.0
Net Cash-Ending Balance	43.9	69.9	56.2	55.2	57.1
Cash Interest Paid	1.1	0.6	1.2	0.8	0.6
Cash Taxes Paid	7.9	6.1	5.9	4.5	2.9

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
		31-Mar-11				31-Mar-10				31-Mar-09				31-Mar-08			31-Mar-07
Japan		388.0		72.9 %		343.0		70.7 %		315.4		71.4 %		263.2		69.1 %	263.8		71.7 %
Singapore		63.1		11.9 %		68.4		14.1 %		-		-		-		-	-		-
China		9.1		1.7 %		7.3		1.5 %		-		-		-		-	-		-
Germany		34.1		6.4 %		32.6		6.7 %		-		-		-		-	-		-
Others		37.6		7.1 %		34.2		7 %		-		-		-		-	-		-
Asia		-		-		87.0		17.9 %		70.5		15.9 %		64.4		16.9 %	59.1		16.1 %
Europe		-		-		32.6		6.7 %		32.7		7.4 %		33.4		8.8 %	30.7		8.3 %
Other		-		-		22.9		4.7 %		23.3		5.3 %		20.0		5.3 %	14.6		4 %
Segment Total		532.0		100 %		485.5		100 %		441.9		100 %		381.0		100 %	368.2		100 %
Intercompany Eliminations/Other		-		-		0.0		0 %		0.0		0 %		0.0		0 %	0.0		0 %
Consolidated Total		532.0		100 %		485.5		100 %		441.9		100 %		381.0		100 %	368.2		100 %
Exchange Rate: JPY to USD		85.691434				92.941082				100.484331				114.302336			116.944303
Intersegment Revenue USD (mil)
	31-Mar-11				31-Mar-10				31-Mar-09				31-Mar-08				31-Mar-07
Japan	52.6		41.4 %		41.0		38.2 %		46.4		44.7 %		37.2		42.4 %		33.6	41.9 %
Singapore	52.8		41.5 %		47.6		44.4 %		-		-		-		-		-	-
China	21.6		17 %		18.7		17.4 %		-		-		-		-		-	-
Germany	0.0		0 %		0.0		0 %		-		-		-		-		-	-
Others	0.0		0 %		0.0		0 %		-		-		-		-		-	-
Asia	-		-		64.1		59.7 %		57.4		55.2 %		50.5		57.5 %		46.3	57.8 %
Europe	-		-		0.0		0 %		0.0		0 %		0.0		0.1 %		0.0	0 %
Other	-		-		0.0		0 %		0.1		0.1 %		0.0		0.1 %		0.2	0.2 %
Segment Total	127.0		100 %		107.3		100 %		103.9		100 %		87.8		100 %		80.1	100 %
Intercompany Eliminations/Other	-127.0		-100 %		-107.3		-100 %		-103.9		-100 %		-87.8		-100 %		-80.1	-100 %
Consolidated Total	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	85.691434				92.941082				100.484331				114.302336				116.944303

Total Revenue USD (mil)
	31-Mar-11		31-Mar-10			31-Mar-09			31-Mar-08			31-Mar-07
Japan	440.7	66.9 %	384.0	64.8 %		361.8	66.3 %		300.4		64.1 %	297.4		66.4 %
Singapore	115.9	17.6 %	116.0	19.6 %		-	-		-		-	-		-
China	30.7	4.7 %	25.9	4.4 %		-	-		-		-	-		-
Germany	34.1	5.2 %	32.6	5.5 %		-	-		-		-	-		-
Others	37.6	5.7 %	34.2	5.8 %		-	-		-		-	-		-
Asia	-	-	151.0	25.5 %		127.9	23.4 %		114.9		24.5 %	105.4		23.5 %
Europe	-	-	32.6	5.5 %		32.7	6 %		33.5		7.1 %	30.7		6.8 %
Other	-	-	22.9	3.9 %		23.4	4.3 %		20.1		4.3 %	14.7		3.3 %
Segment Total	659.0	100 %	592.7	100 %		545.8	100 %		468.8		100 %	448.3		100 %
Intercompany Eliminations/Other	-127.0	-19.3 %	-107.3	-18.1 %		-103.9	-19 %		-87.8		-18.7 %	-80.1		-17.9 %
Consolidated Total	532.0	80.7 %	485.5	81.9 %		441.9	81 %		381.0		81.3 %	368.2		82.1 %
Exchange Rate: JPY to USD	85.691434		92.941082			100.484331			114.302336			116.944303
Depreciation USD (mil)
					31-Mar-11					31-Mar-10
Japan					20.7			81.4 %		17.3			78.5 %
Singapore					3.0			11.8 %		3.0			13.5 %
China					1.4			5.6 %		1.5			6.8 %
Germany					0.3			1.1 %		0.3			1.2 %
Others					0.0			0 %		0.0			0 %
Segment Total					25.4			100 %		22.1			100 %
Intercompany Eliminations/Other					2.3			9.2 %		2.1			9.7 %
Consolidated Total					27.8			109.2 %		24.2			109.7 %
Exchange Rate: JPY to USD					85.691434					92.941082

Total Operating Expense USD (mil)
	31-Mar-10		31-Mar-09			31-Mar-08				31-Mar-07
Japan	378.6	66.9 %	358.1	68 %		306.4		66.6 %		294.8		67.4 %
Asia	136.9	24.2 %	119.2	22.6 %		106.8		23.2 %		101.6		23.2 %
Europe	28.9	5.1 %	27.2	5.2 %		27.5		6 %		26.2		6 %
Other	21.4	3.8 %	22.5	4.3 %		19.4		4.2 %		14.6		3.3 %
Segment Total	565.9	100 %	527.0	100 %		460.1		100 %		437.2		100 %
Intercompany Eliminations/Other	-106.0	-18.7 %	-104.0	-19.7 %		-88.0		-19.1 %		-81.0		-18.5 %
Consolidated Total	459.9	81.3 %	423.0	80.3 %		372.1		80.9 %		356.1		81.5 %
Exchange Rate: JPY to USD	92.941082		100.484331			114.302336				116.944303
Operating Income/Loss USD (mil)
	31-Mar-10		31-Mar-09		31-Mar-08				31-Mar-07
Japan	5.3	21.4 %	3.7	19.8 %	-6.0		-69.5 %		2.6		23.5 %
Asia	14.1	57.6 %	8.6	46.1 %	8.1		93.5 %		3.8		34.6 %
Europe	3.7	14.9 %	5.5	29.5 %	5.9		68.4 %		4.5		40.6 %
Other	1.5	6.1 %	0.9	4.7 %	0.7		7.6 %		0.1		1.2 %
Segment Total	24.6	100 %	18.7	100 %	8.7		100 %		11.1		100 %
Intercompany Eliminations/Other	1.0	4.2 %	0.1	0.5 %	0.2		2.5 %		1.0		8.6 %
Consolidated Total	25.6	104.2 %	18.8	100.5 %	8.9		102.5 %		12.0		108.6 %
Exchange Rate: JPY to USD	92.941082		100.484331		114.302336				116.944303

Operating Margin (%)
	31-Mar-10			31-Mar-09			31-Mar-08			31-Mar-07
Japan	1.4		-	1.0		-	-2.0		-	0.9		-
Asia	9.4		-	6.8		-	7.0		-	3.6		-
Europe	11.2		-	16.9		-	17.7		-	14.7		-
Other	6.5		-	3.8		-	3.3		-	0.9		-
Segment Total	4.2		-	3.4		-	1.8		-	2.5		-
Intercompany Eliminations/Other	-1.0		-	-0.1		-	-0.3		-	-1.2		-
Consolidated Total	5.3		-	4.3		-	2.3		-	3.3		-
Interest Income (Expense) - Net Non-Operating USD (mil)
		31-Mar-11						31-Mar-10
Japan		-1.0			104.8 %			-1.1			105.3 %
Singapore		0.0			-1.2 %			0.0			0 %
China		0.0			-3.6 %			0.0			-3.2 %
Germany		0.0			0 %			0.0			-2.1 %
Others		0.0			0 %			0.0			0 %
Segment Total		-1.0			100 %			-1.0			100 %
Intercompany Eliminations/Other		-0.1			9.5 %			-0.1			11.6 %
Consolidated Total		-1.1			109.5 %			-1.1			111.6 %
Exchange Rate: JPY to USD		85.691434						92.941082

Equity In Affiliates USD (mil)
					31-Mar-11					31-Mar-10
Japan					2.9			100 %		1.8			100 %
Singapore					0.0			0 %		0.0			0 %
China					0.0			0 %		0.0			0 %
Germany					0.0			0 %		0.0			0 %
Others					0.0			0 %		0.0			0 %
Segment Total					2.9			100 %		1.8			100 %
Intercompany Eliminations/Other					0.0			0 %		0.0			0 %
Consolidated Total					2.9			100 %		1.8			100 %
Exchange Rate: JPY to USD					85.691434					92.941082
Total Assets USD (mil)
	31-Mar-11		31-Mar-10			31-Mar-09			31-Mar-08			31-Mar-07
Japan	467.2	74.1 %	406.3	73.3 %		380.9	77.3 %		380.2		76.1 %	348.4		77.5 %
Singapore	80.6	12.8 %	73.3	13.2 %		-	-		-		-	-		-
China	26.5	4.2 %	23.9	4.3 %		-	-		-		-	-		-
Germany	16.8	2.7 %	16.8	3 %		-	-		-		-	-		-
Others	39.2	6.2 %	34.1	6.1 %		-	-		-		-	-		-
Asia	-	-	110.7	20 %		90.3	18.3 %		92.7		18.6 %	78.3		17.4 %
Europe	-	-	16.1	2.9 %		13.8	2.8 %		18.8		3.8 %	15.2		3.4 %
Other	-	-	10.3	1.9 %		7.9	1.6 %		8.0		1.6 %	7.5		1.7 %
Segment Total	630.3	100 %	554.4	100 %		492.9	100 %		499.7		100 %	449.5		100 %
Intercompany Eliminations/Other	-99.2	-15.7 %	-87.0	-15.7 %		-70.3	-14.3 %		-69.7		-13.9 %	-60.6		-13.5 %
Consolidated Total	531.0	84.3 %	467.4	84.3 %		422.6	85.7 %		430.1		86.1 %	388.9		86.5 %
Exchange Rate: JPY to USD	82.880000		93.440000			98.770000			99.535000			118.075000

Operating Return on Assets (%)
	31-Mar-10			31-Mar-09			31-Mar-08			31-Mar-07
Japan	1.3		-	1.0		-	-1.8		-	0.7		-
Asia	12.7		-	9.7		-	10.0		-	4.9		-
Europe	22.6		-	40.7		-	36.1		-	29.3		-
Other	14.4		-	11.4		-	9.4		-	1.8		-
Segment Total	4.5		-	3.9		-	2.0		-	2.4		-
Intercompany Eliminations/Other	-1.3		-	-0.1		-	-0.4		-	-1.6		-
Consolidated Total	5.4		-	4.5		-	2.4		-	3.1		-
Purchase of Fixed Assets USD (mil)
		31-Mar-11						31-Mar-10
Japan		17.8			79.2 %			21.4			78.4 %
Singapore		2.6			11.5 %			4.7			17.2 %
China		1.7			7.6 %			0.5			1.7 %
Germany		0.4			1.8 %			0.7			2.7 %
Others		0.0			0 %			0.0			0 %
Segment Total		22.5			100 %			27.3			100 %
Intercompany Eliminations/Other		1.8			7.9 %			5.4			20 %
Consolidated Total		24.3			107.9 %			32.7			120 %
Exchange Rate: JPY to USD		85.691434						92.941082

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Dec-11				30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10
Japan	117.5		74.1 %		206.3		73.3 %		101.8		73.6 %		99.7		70.8 %		106.2	74.3 %
Singapore	-		-		-		-		14.6		10.5 %		17.2		12.2 %		16.1	11.3 %
China	2.9		1.9 %		5.5		1.9 %		2.6		1.9 %		2.7		1.9 %		2.1	1.5 %
Germany	8.8		5.6 %		18.6		6.6 %		8.8		6.4 %		9.9		7 %		9.2	6.4 %
Southeast Asia	19.1		12.1 %		30.5		10.8 %		-		-		-		-		16.1	11.3 %
America	6.5		4.1 %		13.9		4.9 %		-		-		-		-		6.5	4.5 %
Others	3.7		2.3 %		6.8		2.4 %		10.5		7.6 %		11.3		8 %		2.8	1.9 %
Segment Total	158.6		100 %		281.6		100 %		138.4		100 %		140.8		100 %		142.9	100 %
Consolidated Total	158.6		100 %		281.6		100 %		138.4		100 %		140.8		100 %		142.9	100 %
Exchange Rate: JPY to USD	77.302742				79.672811				81.605269				82.241044				82.567473
Intersegment Revenue USD (mil)
		31-Dec-11				30-Sep-11				30-Jun-11				31-Mar-11			31-Dec-10
Japan		15.7		35.9 %		26.4		32.9 %		13.3		39 %		15.1		41.3 %	14.4	37.8 %
Singapore		-		-		-		-		14.9		43.7 %		14.5		39.8 %	13.0	34.1 %
China		7.1		16.1 %		12.0		14.9 %		5.9		17.3 %		6.9		18.9 %	5.4	14 %
Germany		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Southeast Asia		21.1		48.1 %		41.8		52.1 %		-		-		-		-	18.4	48.2 %
America		0.0		0 %		0.0		0 %		-		-		-		-	0.0	0 %
Others		0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Segment Total		43.9		100 %		80.3		100 %		34.1		100 %		36.5		100 %	38.2	100 %
Eliminations/corporate		-43.9		-100 %		-80.3		-100 %		-34.1		-100 %		-36.5		-100 %	-38.2	-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				79.672811				81.605269				82.241044			82.567473

Total Revenue USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Japan	133.2	65.8 %	232.8	64.3 %	115.1	66.7 %	114.8	64.7 %	120.7	66.6 %
Singapore	-	-	-	-	29.5	17.1 %	31.7	17.9 %	29.2	16.1 %
China	10.0	4.9 %	17.5	4.8 %	8.5	4.9 %	9.6	5.4 %	7.4	4.1 %
Germany	8.8	4.4 %	18.6	5.2 %	8.8	5.1 %	9.9	5.6 %	9.2	5.1 %
Southeast Asia	40.2	19.9 %	72.3	20 %	-	-	-	-	34.5	19.1 %
America	6.5	3.2 %	13.9	3.8 %	-	-	-	-	6.5	3.6 %
Others	3.7	1.8 %	6.8	1.9 %	10.5	6.1 %	11.3	6.4 %	2.8	1.5 %
Segment Total	202.5	100 %	361.9	100 %	172.4	100 %	177.3	100 %	181.1	100 %
Eliminations/corporate	-43.9	-21.7 %	-80.3	-22.2 %	-34.1	-19.8 %	-36.5	-20.6 %	-38.2	-21.1 %
Consolidated Total	158.6	78.3 %	281.6	77.8 %	138.4	80.2 %	140.8	79.4 %	142.9	78.9 %
Exchange Rate: JPY to USD	77.302742		79.672811		81.605269		82.241044		82.567473

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

MNL

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.