MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	HITACHI TOOL ENGINEERING, LTD
Registered Office :	4-1-13 Toyo Central Bldg 4F Toyo Tokyo, 105-0023
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	23.09.1933
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of other metalworking machine tools
No. of Employees :	725

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

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

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Japan	A1	A1

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

JAPAN - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

Hitachi Tool Engineering, Ltd.

4-1-13 Toyo Central Bldg 4F
Toyo
Tokyo, 105-0023
Japan
Tel:	81-3-68582201
Fax:	81-3-68582231
www.hitachi-tool.co.jp
Factory (Narita Plant) 13-2, Shinziumi, Narita-Shi, 286-0825/Chiba-Ken

Employees:

725

Company Type:

Public Subsidiary

Corporate Family:

1062 Companies

Ultimate Parent:

Hitachi, Ltd.

Traded:

Tokyo Stock Exchange:

5963

Incorporation Date:

23-Sep-1933

Auditor:

Ernst & Young Shin Nihon LLC

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	Japanese Yen
Annual Sales:	216.7 ^1
Net Income:	19.2
Total Assets:	370.8 ^2
Market Value:	285.7
	(14-Sep-2012)

Business Description

Hitachi Tool Engineering, Ltd. is a Japan-based company mainly engaged in the manufacture and sale of industrial tools. The Company primarily provides chips, cutting tools and others. The Company has two reportable segments, including Japan and Germany. The Japan segment primarily provides its products within domestic market and to overseas markets, including Asia and North America. The Germany segment operates its business through its Germany subsidiary. The Company also offers its products to China. As of March 31, 2012, the Company had two sales subsidiaries. For the three months ended 30 June 2012, Hitachi Tool Engineering, Ltd. revenues decreased 5% to Y4.17B. Net income decreased 42% to Y314M. Revenues reflect Germany segment decrease of 16% to Y693M, Japan segment decrease of 3% to Y2.97B. Net income also reflects NOP Interest Income decrease of 17% to Y10M (income), NOP Gain on sales of scraps decrease of 4% to Y22M (income). Basic Earnings per Share excluding Extraordinary Items decreased from Y19.67

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2463 - Machine Tool and Parts Manufacturing
NACE 2002:	2942 - Manufacture of other metalworking machine tools
NAICS 2002:	333515 - Cutting Tool and Machine Tool Accessory Manufacturing
UK SIC 2003:	2942 - Manufacture of other metalworking machine tools
UK SIC 2007:	2841 - Manufacture of metal forming machinery
US SIC 1987:	3545 - Cutting Tools, Machine Tool Accessories, and Machinists' Precision Measuring Devices

Key Executives

Name	Title
Hirokazu Tanaka	President, Representative Director
Toshio Koizumi	Chief Director of Sales, Director
Koichiro Anzai	Senior Managing Director
Minoru Furukawa	President
Junnosuke Ban	Co-Auditor

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Hitachi Metals, Ltd. to Fully Acquire Hitachi Tool Engineering, Ltd. through Stock Swap	27-Jul-2012
Dividends	1	Hitachi Tool Engineering, Ltd. Reaffirms Midterm Dividend Outlook and Cancels Year-end Dividend Payment Plan for FY Ending March 2013	27-Jul-2012

* number of significant developments within the last 12 months

News

Title	Date
WIPO PUBLISHES PATENT OF HITACHI TOOL ENGINEERING FOR "EDGE REPLACEABLE BALL END MILL" (JAPANESE INVENTORS) U.S. Fed News (237 Words)	7-Sep-2012
Stocks Closing UPDATE1 Japan Economic Newswire (519 Words)	30-Jul-2012
Stocks Morning UPDATE1 Japan Economic Newswire (407 Words)	29-Jul-2012
Hitachi Metals To Take Full Control Of Hitachi Tool Nikkei English News (181 Words)	27-Jul-2012
Hitachi Tool Engineering Cuts FY Dividend Plan To Y10.00 Nikkei English News (38 Words)	27-Jul-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	4.22	1.95
Quick Ratio (MRQ)	3.45	1.03
Debt to Equity (MRQ)	0.0000	0.45
Sales 5 Year Growth	-6.59	6.22
Net Profit Margin (TTM) %	7.66	7.96
Return on Assets (TTM) %	4.37	8.48
Return on Equity (TTM) %	5.51	17.58

Stock Snapshot

Traded: Tokyo Stock Exchange: 5963

As of 14-Sep-2012

   Financials in: JPY

Recent Price	806.00	EPS	55.98
52 Week High	919.00	Price/Sales	1.30
52 Week Low	675.00	Dividend Rate	20.00
Avg. Volume (mil)	0.02	Price/Earnings	15.91
Market Value (mil)	22,176.93	Price/Book	0.93
		Beta	0.92

	Price % Change	Rel S&P 500%
4 Week	-10.74%	-9.68%
13 Week	11.94%	7.46%
52 Week	1.26%	0.58%
Year to Date	-1.83%	-5.50%

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
4-1-13 Toyo Central Bldg 4F
Toyo
Tokyo, 105-0023
Japan

Tel:	81-3-68582201
Fax:	81-3-68582231

www.hitachi-tool.co.jp

Quote Symbol - Exchange
5963 - Tokyo Stock Exchange
Sales JPY(mil):	17,113.0
Assets JPY(mil):	30,550.0
Employees:	725
Fiscal Year End:	31-Mar-2012

Industry:	Miscellaneous Capital Goods

Incorporation Date:	23-Sep-1933
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Senior Managing Director:	Koichiro Anzai

Company Web Links

Corporate History/Profile

Financial Information

Home Page

Investor Relations

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2463	-	Machine Tool and Parts Manufacturing

NACE 2002 Codes:
2942	-	Manufacture of other metalworking machine tools

NAICS 2002 Codes:
333515	-	Cutting Tool and Machine Tool Accessory Manufacturing
333518	-	Other Metalworking Machinery Manufacturing

US SIC 1987:
3545	-	Cutting Tools, Machine Tool Accessories, and Machinists' Precision Measuring Devices
3549	-	Metalworking Machinery, Not Elsewhere Classified

UK SIC 2003:
2942	-	Manufacture of other metalworking machine tools

UK SIC 2007:
2841	-	Manufacture of metal forming machinery

Business Description

Hitachi Tool Engineering, Ltd. is a Japan-based company mainly engaged in the manufacture and sale of industrial tools. The Company primarily provides chips, cutting tools and others. The Company has two reportable segments, including Japan and Germany. The Japan segment primarily provides its products within domestic market and to overseas markets, including Asia and North America. The Germany segment operates its business through its Germany subsidiary. The Company also offers its products to China. As of March 31, 2012, the Company had two sales subsidiaries. For the three months ended 30 June 2012, Hitachi Tool Engineering, Ltd. revenues decreased 5% to Y4.17B. Net income decreased 42% to Y314M. Revenues reflect Germany segment decrease of 16% to Y693M, Japan segment decrease of 3% to Y2.97B. Net income also reflects NOP Interest Income decrease of 17% to Y10M (income), NOP Gain on sales of scraps decrease of 4% to Y22M (income). Basic Earnings per Share excluding Extraordinary Items decreased from Y19.67

More Business Descriptions

Manufacture of cutting tools and associated precision cutting equipment

Machine Tools Mfr

Turned Product and Screw, Nut and Bolt Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	17,113.0
Net Income:	1,520.0
Assets:	30,550.0
Long Term Debt:	0.0
Total Liabilities:	6,686.0
Working Capital:	6.4
Date of Financial Data:	31-Mar-2012

1 Year Growth

6.0%

-5.7%

4.2%

Market Data

Quote Symbol:	5963
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	806.0
Stock Price Date:	09-14-2012
52 Week Price Change %:	1.3
Market Value (mil):	22,176,930.0
SEDOL:	6642644
ISIN:	JP3790000008
Equity and Dept Distribution:
Up to FY'02 WAS were estimated. 6&12/03&04:WAS=O/S(estimated). FY'06 Q1&Q3 WAS and O/S were estimated. FY'07 Q1 WAS and O/S were estimated. FY'08 Q2 WAS and o/s were estimated.FY'08 1Q reported EPS&DEPS=Y26.14 and WAS used as o/s.FY'09 Q2 reported EPS=Y67.76.

Shareholders

Major Shareholders

Hitachi Metals (51%); Union Tool (7.3%)

Key Corporate Relationships

Auditor:	Ernst & Young Shin Nihon LLC
Auditor:	Ernst & Young Shin Nihon LLC

Corporate Structure News

Hitachi Tool Engineering, Ltd.
Total Corporate Family Members: 1062
Excluded Small Branches and/or Trading Addresses: 42 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Hitachi, Ltd.	Parent	Tokyo	Japan	Computer Peripherals	122,413.1	323,540
Hitachi Construction Machinery Co., Ltd.	Holding	Tokyo	Japan	Construction and Agriculture Machinery	10,348.7	21,814
TCM Corporation	Subsidiary	Osaka	Japan	Construction and Agriculture Machinery	1,398.7	2,227
Tcm Asia Distribution Company Limited	Subsidiary	Bangsaothong, Samut Prakan	Thailand	Miscellaneous Capital Goods		17
Tcm Europe	Subsidiary	Zaventem	Belgium	Business Services	30.7	11
TCM America, Inc.	Subsidiary	West Columbia, SC	United States	Construction and Agriculture Machinery
CIM Industrial Machinery Inc.	Subsidiary	Houston, TX	United States	Miscellaneous Capital Goods	22.5	20
PT Hexindo Adiperkasa Tbk	Subsidiary	Jakarta	Indonesia	Rental and Leasing	671.7	1,160
Hexindo Adiperkasa, Pt Tbk (Balikpapan)	Subsidiary	Balikpapan, East Kalimantan	Indonesia	Construction Services		100
Hexindo Adiperkasa, Pt Tbk (Banjarmasin)	Subsidiary	Banjarmasin, South Kalimantan	Indonesia	Construction Services		45
Hexindo Adiperkasa, Pt Tbk (Samarinda)	Subsidiary	East Kalimantan	Indonesia	Construction Services		42
Hexindo Adiperkasa, Pt Tbk (Medan)	Subsidiary	Medan, North Sumatra	Indonesia	Construction Services		35
Hexindo Adiperkasa, Pt Tbk	Subsidiary	Palembang, South Sumatra	Indonesia	Construction Services		23
Hexindo Adiperkasa, Pt Tbk (Padang)	Subsidiary	Padang, West Sumatra	Indonesia	Construction Services		20
Hexindo Adiperkasa, Pt Tbk (Batu Licin)	Subsidiary	South Kalimantan	Indonesia	Construction Services		20
Hexindo Adiperkasa, Pt Tbk (Sangatta)	Subsidiary	East Kalimantan	Indonesia	Construction Services		20
Hexindo Adiperkasa, Pt Tbk (Jambi)	Subsidiary	Jambi	Indonesia	Construction Services		20
Hexindo Adiperkasa, Pt Tbk (Sampit)	Subsidiary	Central Kalimantan	Indonesia	Construction Services		14
Hexindo Adiperkasa, Pt Tbk (Tarakan)	Subsidiary	East Kalimantan	Indonesia	Construction Services		13
Hexindo Adiperkasa, Pt Tbk (Palu)	Subsidiary	Central Sulawesi	Indonesia	Construction Services		8
Hexindo Adiperkasa, Pt Tbk (Banda Aceh)	Subsidiary	Aceh	Indonesia	Construction Services		8
Hexindo Adiperkasa, Pt Tbk (Tanjung Pandan)	Subsidiary	- -	Indonesia	Construction Services		8
Hitachi Construction Machinery (Australia) Pty Ltd	Subsidiary	Greystanes, NSW	Australia	Construction and Agriculture Machinery	588.9	830
Hitachi Construction Machinery Australia Pty. Ltd.	Subsidiary	Sydney, NSW	Australia	Construction and Agriculture Machinery		830
Hitachi Construction Machinery (Europe) NV	Subsidiary	Amsterdam	Netherlands	Construction and Agriculture Machinery	795.1	600
Hitachi Construc Machinery Sales	Subsidiary	Boulogne Billancourt	France	Retail (Specialty)	62.0	14
Hitachi Construction Machinery Southern Africa Company Limited	Subsidiary	Dunswart	South Africa	Construction and Agriculture Machinery		500
Hitachi Construction Machinery (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Construction and Agriculture Machinery		167
Hitachi Construction Machinery Asia And Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Construction and Agriculture Machinery	561.9	90
Hitachi Construction Machinery Co Ltd Istanbul Office	Branch	Zincirlikuyu, Istanbul	Turkey	Miscellaneous Capital Goods		50
Hitachi Construction Machinery Middle East Corporation FZE	Subsidiary	Dubai	United Arab Emirates	Construction and Agriculture Machinery		30
Hitachi Construction Machinery Sales and Service France S.A.S.	Subsidiary	Boulogne-Billancourt	France	Business Services		12
Hcl Co.,Ltd.	Subsidiary	Bunkyo-Ku, Tokyo	Japan	Rental and Leasing	105.8	8
CablePrice (NZ) Ltd.	Subsidiary	Lower Hutt	New Zealand	Auto and Truck Manufacturers	625.0
Hitachi Construction Machinery	Subsidiary	Osaka	Japan	Construction and Agriculture Machinery	587.4
Hitachi Construction Machinery Tierra Co.,Ltd.	Subsidiary	Koka, Shiga	Japan	Construction and Agriculture Machinery	522.9
Hitachi Kenki Logistics Technology Co.,Ltd.	Subsidiary	Tsuchiura, Ibaraki	Japan	Water Transportation	488.9
Hitachi Construction Machinery Japan Co., Ltd.	Subsidiary	Soka, Saitama	Japan	Rental and Leasing	413.3
Hitachi Construction Machinery Trading Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Construction and Agriculture Machinery	305.4
Tadakiko Co.,Ltd.	Subsidiary	Funabashi, Chiba	Japan	Miscellaneous Fabricated Products	100.0
Niigata Material,Ltd.	Subsidiary	Nagaoka, Niigata	Japan	Iron and Steel	43.3
Hitachi Construction Machinery N.V.	Subsidiary	Bristol	United Kingdom	Construction and Agriculture Machinery
Hitachi Construction Machinery Mozambique Limited	Subsidiary	Tete	Mozambique	Miscellaneous Capital Goods
Hitachi Construction Machinery Eurasia Sales LLC	Subsidiary	Moscow	Russian Federation	Construction and Agriculture Machinery
Hitachi Transport System, Ltd.	Subsidiary	Tokyo	Japan	Trucking	7,015.3	21,104
Vantec Corporation	Subsidiary	Kawasaki	Japan	Miscellaneous Transportation	1,539.5	5,302
Vantec Europe Ltd.	Subsidiary	Sunderland	United Kingdom	Miscellaneous Transportation	32.3	472
Vantec Company Limited	Branch	Tokyo	Japan	Fabricated Plastic and Rubber	1.0	210
Vantec World Transport (S) Pte Ltd	Subsidiary	Singapore	Singapore	Trucking	16.6	95
Vantec World Transport (Netherlands) B.V.	Subsidiary	Luchthaven Schiphol, Noord-Holland	Netherlands	Trucking		36
Sakae Unyu Company Limited	Subsidiary	Hyogo	Japan	Trucking		30
Vantec Logistics México, S.A. De C.V.	Subsidiary	Aguscalientes, Aguascalientes	Mexico	Miscellaneous Transportation	0.8	26
Vantec Central, K.K.	Subsidiary	Yokohama, Kanagawa	Japan	Trucking	412.1
Vantec East, K.K.	Subsidiary	Hiki-Gun, Saitama	Japan	Trucking	149.8
Vantec Kyushu Co.Ltd.	Subsidiary	Miyako-Gun, Fukuoka	Japan	Trucking	64.9
Vantec West, K.K.	Subsidiary	Osaka, Osaka	Japan	Trucking	57.5
Vantec World Transport (H.K.) Limited	Subsidiary	Kwai Chung, New Territories	Hong Kong	Miscellaneous Transportation	45.0
Ikeda Unyu Company Limited	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Transportation
VANTEC WORLD TRANSPORT (H.K.)	Subsidiary	Kwai Chung, N.T.	Hong Kong	Miscellaneous Transportation
LITI Research & Development Inc.	Subsidiary	Sapporo	Japan	Semiconductors
TCC Service Company Limited	Subsidiary	Tokyo	Japan	Business Services
VZ Butsuryu Corporation	Subsidiary	Saitama	Japan	Business Services
Logimate Corporation	Subsidiary	Saitama	Japan	Trucking
Kanagawa Vantec Corporation	Subsidiary	Yokohama, Kanagawa	Japan	Business Services
Nissan LT Kyushu Corporation	Subsidiary	Fukuoka	Japan	Trucking
Shonan Vantec Corporation	Subsidiary	Yokohama, Kanagawa	Japan	Trucking
Vantec Tokai Logistics Corporation	Subsidiary	Nagoya, Aichi	Japan	Trucking
Vantec East Japan Logistics Corporation	Subsidiary	Tochigi	Japan	Trucking
Tokiwa Kaiun Company Limited	Subsidiary	Yokohama, Kanagawa	Japan	Trucking
Vantec RF Solutions Corporation	Subsidiary	Tokyo	Japan	Software and Programming
Vantec Metropolitan Logistics Corporation	Subsidiary	Yokohama, Kanagawa	Japan	Trucking
Kanto Hitachi Transport Service Co., Ltd.	Subsidiary	Saitama, Saitama	Japan	Trucking	268.0	600
Hitachi Transport System (M) Sdn. Bhd.	Subsidiary	Petaling Jaya	Malaysia	Business Services	22.2	350
Hitachi Transport System (Thailand), Ltd.	Subsidiary	Tambol	Thailand	Business Services	57.0	200
Carter Logistics, LLC	Subsidiary	Anderson, IN	United States	Business Services	21.2	150
Hitachi Transport System (Asia) Pte. Ltd.	Subsidiary	Singapore	Singapore	Business Services		110
Hitachi Transport System (Europe) B.V.	Subsidiary	Waardenburg	Netherlands	Business Services	75.4	70
Manila International Freight Forwarders, Inc.	Subsidiary	Paranaque, Metro Manila	Philippines	Business Services		60
Hitachi Transport System (America), Ltd.	Subsidiary	Torrance, CA	United States	Business Services	73.6	18
Hitachi Transport System	Branch	Dallas, TX	United States	Trucking	12.1	81
Hitachi Transport Systems Limited	Branch	Burlingame, CA	United States	Trucking	2.1	14
Hitachi Transport System (Europe) GmbH	Subsidiary	Hamburg	Germany	Business Services		15
Hitachi Transport Systems (France) S.A.R.L.	Subsidiary	Ardon	France	Business Services		13
Hitachi Transport Systems S.A.R.L.	Subsidiary	Compans	France	Business Services		8
Hitachi Transport System (UK) Ltd.	Subsidiary	Basingstoke	United Kingdom	Business Services		7
Chubu Hitachi Transport Service Co.,Ltd.	Subsidiary	Nagoya, Aichi	Japan	Trucking	246.5
Hitachi Collabonext Transport System Co., Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Trucking	202.6
Hitachi Finext Transport System Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Trucking	190.2
Higashinihon Hitachi Butsuryu Service K.K.	Subsidiary	Hitachi, Ibaraki	Japan	Trucking	179.3
Nisshin Transportation Co., Ltd.	Subsidiary	Osaka, Osaka	Japan	Miscellaneous Transportation	164.4
Nisshin Trans Consolidator Co., Ltd.	Subsidiary	Osaka, Osaka	Japan	Trucking	57.2
Kyushu Hitachi Transport Service Co.,Ltd.	Subsidiary	Kasuya-Gun, Fukuoka	Japan	Trucking	147.8
Hitachi Distribution Software Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Software and Programming	127.8
Hitachi Auto Service. Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Auto and Truck Manufacturers	118.0
Minamikanto Hitachi Transport Service Co., Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Trucking	113.3
Hitachi Orientlogi Transport System Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Trucking	102.7
Shutoken Hitachi Transport Service Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Trucking	101.9
Hts Sea & Air Service Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Water Transportation	98.6
Nishinippon Hitachi Transport Service Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Trucking	75.1
Eternity Grand Logistics PCL	Subsidiary	Tambol Bangsaothong, Samutprakarn	Thailand	Trucking	33.0
Hitachi Butsuryu Direx K.K.	Subsidiary	Sapporo, Hokkaido	Japan	Trucking	31.5
Hitachi Travel Bureau, Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Personal Services	29.5
Hitachi Transport System (Hong Kong) Ltd.	Subsidiary	Hong Kong, Shatin	Hong Kong	Business Services
EHB Logistics Co., Ltd.	Subsidiary	Shenzhen	China	Business Services
Hitachi Distribution Software (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Business Services
Hitachi Xinxin Global Logistics (Henan) Co., Ltd	Subsidiary	Zhengzhou, Heana	China	Business Services
Nisshin Transportation (Qingdao) Co., Ltd.	Subsidiary	Qingdao	China	Business Services
Nisshin Transportation (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Business Services
Nisshin Unyu (SHANGHAI) Co., Ltd.	Subsidiary	Shanghai	China	Business Services
Shanghai Bondex Nisshin Logistics Co., Ltd.	Subsidiary	Shanghai, Nanhui	China	Business Services
Shanghai Xiexin Customs Declaration Co., Ltd.	Subsidiary	Shanghai	China	Business Services
Suzhou Bondex Nisshin Logistic Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Business Services
ESA s.r.o.	Subsidiary	Kladno	Czech Republic	Business Services
Hitachi Transport System India Pvt. Ltd.	Subsidiary	New Delhi	India	Business Services
HTS Forwarding Malaysia Sdn. Bhd.	Subsidiary	Petaling Jaya	Malaysia	Business Services
Miffi Logistics, Co. Inc.	Subsidiary	Laguna, Binan	Philippines	Business Services
TST Sunrise Service, Ltd.	Subsidiary	Tambol	Thailand	Business Services
Hitachi Transport System (Taiwan) Ltd.	Subsidiary	Taipei, Songshan	Taiwan	Business Services
Dahang International Transportation Co., Ltd.	Subsidiary	Shanghai	China	Business Services
Hitachi Collabonext Transport System Co., Ltd.	Subsidiary	Yokohama	Japan	Business Services
PT. Nisshin Kuwahara Indonesia	Subsidiary	Jakarta	Indonesia	Business Services
Hitachi Transport System (Australia) Pty. Ltd.	Subsidiary	Mount Waverley	Australia	Business Services
Flyjac Logistics Pvt. Ltd.	Subsidiary	Mumbai, Andheri	India	Business Services
Hitachi Transport System (Korea), Ltd.	Subsidiary	Seoul	Korea, Republic of	Business Services
Hitachi Transport System (Shanghai), Ltd	Subsidiary	Shanghai	China	Business Services
Hitachi Sistema de Transporte Mexico, S.A. de C.V.	Subsidiary	Tijuana	Mexico	Business Services
Manila International Freight Forwarders Inc	Subsidiary	Bgy San Dionisio, Paranaque	Philippines	Trucking
Hitachi Transport Systeem (Nederland) BV	Subsidiary	Waardenburg	Netherlands	Business Services
Hitachi Travel Bureau Shanghai Co., Ltd.	Subsidiary	Shanghai	China	Business Services
Hitachi Metals, Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products	7,053.0	18,056
Hitachi Metals America, Ltd.	Subsidiary	Purchase, NY	United States	Miscellaneous Capital Goods	618.0	2,078
Ward Manufacturing, Inc.	Subsidiary	Blossburg, PA	United States	Iron and Steel	411.4	989
Wisconsin Nipple & Fitting Corp.	Subsidiary	Milwaukee, WI	United States	Miscellaneous Fabricated Products	13.5	75
AAP St. Marys Corporation	Subsidiary	Saint Marys, OH	United States	Miscellaneous Capital Goods	513.0	500
Acp Manufacturing Co LLC	Branch	Tioga, PA	United States	Miscellaneous Capital Goods	46.8	200
Hitachi Metals Automotive Components, USA, LLC	Subsidiary	Effingham, IL	United States	Miscellaneous Capital Goods	58.2	180
Sinter Met LLC	Branch	Kittanning, PA	United States	Miscellaneous Fabricated Products	9.7	50
Hitachi Metals America Limited	Branch	Novi, MI	United States	Miscellaneous Capital Goods	34.2	30
Hitachi Metals America Limited	Branch	Arlington Hts, IL	United States	Miscellaneous Capital Goods	13.7	12
Hitachi Metals Automobile Cmpnnts	Branch	Wellsboro, PA	United States	Auto and Truck Parts	4.5	12
Hitachi Metals America Limited	Branch	San Jose, CA	United States	Semiconductors	5.7	10
Hitachi Metals America Limited	Branch	Charlotte, NC	United States	Miscellaneous Capital Goods	8.0	7
Hitachi Metals America Limited	Branch	Nashville, TN	United States	Auto and Truck Parts	3.1	7
Hitachi Metals, Ltd. - Kumagaya Division	Facility	Kumagaya, Saitama-ken	Japan	Miscellaneous Fabricated Products		1,000
Hitachi Metals Precision, Ltd.	Subsidiary	Tokyo	Japan	Construction - Supplies and Fixtures		574
Hitachi Metals Precision, Ltd. - Yasugi Works	Facility	Yasugi, Shimane	Japan	Construction - Supplies and Fixtures
Hitachi Metals Techno, Ltd.	Subsidiary	Tokyo	Japan	Construction - Supplies and Fixtures	311.6	383
Hitachi Maxco Ltd.	Subsidiary	Kennesaw, GA	United States	Miscellaneous Fabricated Products	10.0	30
Hitachi Maxco Limited	Branch	Portland, OR	United States	Electronic Instruments and Controls	5.3	7
Neomax Kinki K.K.	Subsidiary	Yabu, Hyogo	Japan	Electronic Instruments and Controls	641.3	287
Hitachi Metals (Thailand) Ltd	Subsidiary	Phra Nakhon Si Ayutthaya	Thailand	Miscellaneous Capital Goods	36.0	200
Luzon Electronics Technology Inc	Subsidiary	Javalera, General Trias, Cavite	Philippines	Miscellaneous Capital Goods		200
Hitachi Valve, Ltd.	Subsidiary	Mie	Japan	Miscellaneous Fabricated Products		200
Hitachi Metals, Ltd. - Moka Works	Facility	Mooka, Tochigi-ken	Japan	Miscellaneous Capital Goods		200
Pacific Metals Co., Ltd.	Subsidiary	Kumi, Kyongsangbuk-Do	Korea, Republic of	Electronic Instruments and Controls	54.4	197
Hitachi Metals Admet, Ltd.	Subsidiary	Tokyo	Japan	Semiconductors	908.2	183
Hitachi Metals Admit, Ltd. Korea Branch	Branch	Seoul, Seoul	Korea, Republic of	Furniture and Fixtures	63.5	11
Neomax Kyusyu Co.,Ltd.	Subsidiary	Takeo, Saga	Japan	Electronic Instruments and Controls	49.4	126
Kyushu Techno Metal, K.K.	Subsidiary	Miyako-Gun, Fukuoka	Japan	Miscellaneous Capital Goods	33.9	97
Five Ace Technology Co., Ltd.	Subsidiary	New Taipei City	Taiwan	Semiconductors		89
Nakasa, K.K.	Subsidiary	Yasugi, Shimane	Japan	Miscellaneous Fabricated Products	7.8	80
Auto-Tech,Ltd.	Subsidiary	Iwaki, Fukushima	Japan	Auto and Truck Parts	18.5	64
Hitachi Metals Europe GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Scientific and Technical Instruments	352.3	55
Neomax Materials Co., Ltd.	Subsidiary	Suita, Osaka	Japan	Miscellaneous Fabricated Products	282.0
Hmw,Ltd.	Subsidiary	Kitakyushu, Fukuoka	Japan	Miscellaneous Capital Goods	215.6
Neomax Engineering Co.,Ltd.	Subsidiary	Takasaki, Gunma	Japan	Engineering Consultants	151.9
Hmy, Ltd.	Subsidiary	Yasugi, Shimane	Japan	Miscellaneous Fabricated Products	132.5
Hitachi Metals Hong Kong Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Miscellaneous Capital Goods	130.7
Toyo Seihaku Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Miscellaneous Capital Goods	75.8
Seitan Inc.	Subsidiary	Minamiuonuma, Niigata	Japan	Iron and Steel	65.5
Namyang Metals Co., Ltd.	Subsidiary	Taegu, Taegu	Korea, Republic of	Auto and Truck Parts	55.8
Alucast, K.K.	Subsidiary	Kumagaya, Saitama	Japan	Forestry and Wood Products	55.3
Hitachi Kinzoku Finetech K.K.	Subsidiary	Kuwana, Mie	Japan	Construction - Supplies and Fixtures	38.5
Moriya Cutlery Laboratory, Ltd.	Subsidiary	Yasugi, Shimane	Japan	Miscellaneous Fabricated Products	38.2
Moka Technos, Ltd.	Subsidiary	Mooka, Tochigi	Japan	Recreational Products	37.1
Die And Mold Service Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Miscellaneous Capital Goods	31.9
Hitachi Metals Solutions,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Business Services	25.8
Hitachi Metglas (India) Private Limited	Subsidiary	Gurgaon, Haryana	India	Electronic Instruments and Controls	6.3
Hitachi Metals Tool Steel, Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products
Hitachi Metals Wakamatsu, Ltd.	Subsidiary	Wakamatsu-ku	Japan	Miscellaneous Fabricated Products
Hitachi Ferrite Electronics, Ltd.	Subsidiary	Tottori	Japan	Electronic Instruments and Controls
Hitachi Metals, Ltd. - Kuwana Works	Facility	Kuwana, Mie-ken	Japan	Miscellaneous Fabricated Products
Hitachi Metals, Ltd. - Saga Works	Facility	Saga	Japan	Miscellaneous Fabricated Products
Hitachi Metals FineTech, Ltd.	Subsidiary	Kuwana, Mie-ken	Japan	Miscellaneous Capital Goods
Hitachi Metals Wakamatsu, Ltd.	Subsidiary	Kitakyushu, Fukuoka	Japan	Iron and Steel
Hitachi Metals, Ltd. - Tottori Works	Facility	Tottori	Japan	Electronic Instruments and Controls
Hitachi Metals, Ltd. - Metglas Yasugi Works	Facility	Yasugi, Shimane-ken	Japan	Miscellaneous Capital Goods
Hitachi Chemical Company, Ltd.	Subsidiary	Tokyo	Japan	Chemical Manufacturing	5,991.2	16,713
Shin-Kobe Electric Machinery Co Ltd	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls	1,074.0	2,305
Hitachi Aic Inc.	Subsidiary	Mooka, Tochigi	Japan	Electronic Instruments and Controls	138.5
Shin Kobe Platechs Co.,Ltd.	Subsidiary	Hirakata, Osaka	Japan	Fabricated Plastic and Rubber	89.6
Hitachi Battery Sales & Service Co.,Ltd.	Subsidiary	Arakawa-Ku, Tokyo	Japan	Aerospace and Defense	85.3
Shinkobe Techno Service K.K.	Subsidiary	Fukaya, Saitama	Japan	Fabricated Plastic and Rubber	67.1
Japan Brake Industrial Co Ltd	Subsidiary	Hachioji	Japan	Auto and Truck Parts	249.0	1,099
Namie Japan Brake Co.,Ltd.	Subsidiary	Futaba-Gun, Fukushima	Japan	Auto and Truck Parts	72.5	250
Hitachi Powdered Metals Co Ltd	Subsidiary	Matsudo, Chiba Pref	Japan	Miscellaneous Fabricated Products	477.5	905
Sintering Technologies, Inc.	Subsidiary	Greensburg, IN	United States	Miscellaneous Capital Goods	31.2	140
Hitachi Powdered Metals (S) Pte Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Fabricated Products	22.1	100
Hitachi Powdered Metals (Thailand) Co., Ltd.	Subsidiary	Chachoengsao	Thailand	Miscellaneous Fabricated Products
Hitachi Chemical Mexico S.A. de C.V.	Subsidiary	Montemorelos, Nuevo Leon	Mexico	Auto and Truck Manufacturers	0.7	200
Hitachi Chemical Electronic Materials (Hong Kong) Limited	Subsidiary	Tai Po, New Territories	Hong Kong	Electronic Instruments and Controls		200
Hitachi Chemical Automotive Product (Thailand) Co Ltd	Subsidiary	Rayong	Thailand	Miscellaneous Capital Goods		154
Hitachi Chemical Electronic Materials (Korea) Co., Ltd.	Subsidiary	Ansan, Gyeonggi-Do	Korea, Republic of	Fabricated Plastic and Rubber		63
Hitachi Chemical International Co., (Taiwan) Ltd.	Subsidiary	Taipei	Taiwan	Chemical Manufacturing		50
Hitachi Chemical Electronic Materials Korea Co., Ltd.	Subsidiary	Ansan, Kyonggi-Do	Korea, Republic of	Chemical Manufacturing	54.0	48
Hitachi Chemical Co. America Ltd.	Subsidiary	Cupertino, CA	United States	Chemical Manufacturing	36.5	20
Hitachi Chemical Co America	Branch	Westborough, MA	United States	Electronic Instruments and Controls	6.1	6
Bioclone Australia	Subsidiary	Marrickville, NSW	Australia	Biotechnology and Drugs	1.7	17
Hitachi Chemical Europe GmbH (Germany)	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Electronic Instruments and Controls		15
Hitachi Kasei Shoji Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Electronic Instruments and Controls	717.5
Hitachi Kasei Shoji Co. Ltd	Branch	Singapore	Singapore	Chemical Manufacturing		6
Hitachi Chemical Co. (Hong Kong) Limited	Subsidiary	Tsuen Wan, New Territories	Hong Kong	Electronic Instruments and Controls	273.6
Hitachi Kasei Auto Motive Products K.K.	Subsidiary	Tagawa, Fukuoka	Japan	Fabricated Plastic and Rubber	268.2
Hitachi Chemical Techno Service Co.,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Business Services	215.7
Hitachi Chemical Electronics Co.,Ltd.	Subsidiary	Chikusei, Ibaraki	Japan	Electronic Instruments and Controls	158.9
Yamagisi Aic Co.,Ltd.	Subsidiary	Shimo Ina-Gun, Nagano	Japan	Electronic Instruments and Controls	77.4
Hitachi Kasei Polymer Co., Ltd.	Subsidiary	Shinjuku-Ku, Tokyo	Japan	Chemical Manufacturing	139.5
Hitachi Kasei Business Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Rental and Leasing	47.0
Namie Hitachi Chemical.Co.,Ltd.	Subsidiary	Futaba-Gun, Fukushima	Japan	Electronic Instruments and Controls	44.6
Hitachi Chemical (M) Sdn Bhd	Subsidiary	Prai, Penang	Malaysia	Chemicals - Plastics and Rubber	17.9
Foshan J B Automotive Products Co Ltd	Subsidiary	Foshan, Guangdong Province	China	Auto and Truck Parts
Beijing Hitachi Control Systems Co Ltd	Joint Venture	Beijing	China	Electronic Instruments and Controls
Hitachi Chemical (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Hitachi Powdered Metals (Dongguan) Co Ltd	Subsidiary	Chashan, Dongguan	China	Electronic Instruments and Controls
Hitachi Chemical (Dongguan) Co Ltd	Subsidiary	Dongguan, Guangdong Province	China	Electronic Instruments and Controls
Hitachi Chemical (Suzhou) Co Ltd	Subsidiary	Suzhou, Jangsu Province	China	Electronic Instruments and Controls
HITACHI CHEMICAL (YANTAI) CO., LTD	Subsidiary	Yantai, Shandong	China	Photography
Hitachi Chemical Co., Ltd. - Goi Works	Unit	Ichihara, Chiba	Japan	Semiconductors
Hitachi Chemical Co. (Hong Kong) Ltd.	Subsidiary	Tsuen Wan, New Territories	Hong Kong	Electronic Instruments and Controls
Hitachi Chemical Co., Ltd. - Shimodate Works	Unit	Chikusei, Ibaraki	Japan	Electronic Instruments and Controls
Hitachi Chemical (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods
Hitachi Chemical Co., Ltd. - Yamazaki Works	Unit	Hitachi, Ibaraki	Japan	Electronic Instruments and Controls
HITACHI CHEMICAL (CHINA) CO., LTD.	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Hitachi Cable, Ltd.	Subsidiary	Chiyoda-ku, JP	Japan	Electronic Instruments and Controls	5,477.9	14,142
Ahcl (Thailand) Company Limited	Subsidiary	Phan Thong, Chon Buri	Thailand	Auto and Truck Parts		800
Hitachi Cable Co Ltd, Shanghai	Subsidiary	Songjiang Industrial District, Shanghai	China	Communications Services	150.0	750
Hitachi Cable Philippines, Inc. - Lipa Plant	Facility	Lipa, Batangas	Philippines	Electronic Instruments and Controls		500
Hitachi Cable (Johor) Sdn Bh	Subsidiary	Senai, Johor	Malaysia	Electronic Instruments and Controls	48.8	481
Hitachi Cable (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Construction - Supplies and Fixtures	78.2	396
Hitachi Bangkok Cable Co Ltd	Joint Venture	Pathumwan, Bangkok	Thailand	Miscellaneous Capital Goods		280
Bangkok Polyester Public Company Limited	Subsidiary	Pathumwan, Bangkok	Thailand	Chemicals - Plastics and Rubber		20
Hitachi Magnet Wire Corp.	Subsidiary	Hitachi, Ibaraki	Japan	Construction - Supplies and Fixtures	370.3	220
Hitachi Wire & Rod Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Miscellaneous Fabricated Products	30.3	92
Giga Epitaxy Technology Corp.	Subsidiary	Yangmei City, Taoyuan	Taiwan	Semiconductors		80
Hitachi Querétaro, S.A. De C.V.	Subsidiary	Queretaro, Queretaro	Mexico	Electronic Instruments and Controls		35
Hitachi Cable Europe Ltd.	Subsidiary	Maidenhead	United Kingdom	Fabricated Plastic and Rubber	28.1	11
Hitachi Cable UK, Ltd.	Subsidiary	Ebbw Vale	United Kingdom	Fabricated Plastic and Rubber	17.3	28
Tonichi Kyosan Cable,Ltd.	Subsidiary	Ishioka, Ibaraki	Japan	Miscellaneous Fabricated Products	5,515.9
Hitachi Densen Shoji, Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Electronic Instruments and Controls	803.8
Hitachi Cable Fine Tech,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Miscellaneous Fabricated Products	370.2
Hitachi Cable Logi-Tech,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Trucking	172.9
Hitachi Cable Mec-Tech,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Fabricated Plastic and Rubber	161.3
Hitachi Alloy,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Miscellaneous Fabricated Products	128.7
Hitachi Cable Precision Co.,Ltd.	Subsidiary	Yonezawa, Yamagata	Japan	Semiconductors	119.2
Hitachi Cable Networks,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Software and Programming	111.7
Hitachi Cable Film Device, Ltd.	Subsidiary	Chuo, Yamanashi	Japan	Electronic Instruments and Controls	53.5
Tohoku Rubber Co.,Ltd.	Subsidiary	Sendai, Miyagi	Japan	Fabricated Plastic and Rubber	47.0
Hokkai Hitachi Densen Kihan K.K.	Subsidiary	Sapporo, Hokkaido	Japan	Electronic Instruments and Controls	44.2
Hitachi Cable Philippines, Inc.	Subsidiary	Makati City	Philippines	Miscellaneous Fabricated Products
Hitachi Cable Vietnam Co., Ltd.	Subsidiary	Hai Duong	Viet Nam	Electronic Instruments and Controls
Hitachi Cable Trading (Dalian F.T.Z.) Co., Ltd.	Subsidiary	Dalian	China	Electronic Instruments and Controls
Hitachi Cable (Suzhou) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Miscellaneous Fabricated Products
Hitachi Cable Asia Limited	Subsidiary
Hitachi Solutions Ltd	Subsidiary	Tokyo	Japan	Software and Programming		10,388
Hitachi Solutions Design,Ltd	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Software and Programming	50.7	545
DACS Co., Ltd	Subsidiary	Osaka	Japan	Computer Services	42.6	195
Hitachi Solutions Value,Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Software and Programming	120.7
Hitachi Solutions Kyushu, Ltd.	Subsidiary	Fukuoka, Fukuoka	Japan	Software and Programming	79.8
Hitachi High-Technologies Corporation	Holding	Tokyo	Japan	Scientific and Technical Instruments	8,179.5	10,340
Hitachi High-Tech Fielding Corporation	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls		960
Hitachi High-Tech Instruments Co Ltd	Subsidiary	Kumagaya, Saitama Pref	Japan	Electronic Instruments and Controls		470
Hitachi High-Technologies Korea Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Semiconductors		153
Hitachi High Technologies Europe GmbH	Subsidiary	Krefeld, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	729.5	100
Hitachi High-Technologies Corporation - France	Subsidiary	Velizy-Villacoublay	France	Miscellaneous Capital Goods	36.5	10
Hitachi High Technologies America, Inc.	Subsidiary	Schaumburg, IL	United States	Miscellaneous Capital Goods	724.0	60
Hitachi High Technologies America	Branch	Pleasanton, CA	United States	Semiconductors		100
Hitachi High Technology Americas Inc	Branch	Hillsboro, OR	United States	Semiconductors	17.1	30
Hitachi High Technology	Branch	Scottsdale, AZ	United States	Semiconductors		15
Hitachi High Technology Americas Inc	Branch	Dallas, TX	United States	Semiconductors	5.7	10
Hitachi High Technology Americas Inc	Branch	Huntsville, AL	United States	Electronic Instruments and Controls	7.1	7
Hitachi High Technology Americas Inc	Branch	Gaithersburg, MD	United States	Electronic Instruments and Controls	5.3	7
Hitachi High Technology Americas Inc	Branch	Gaithersburg, MD	United States	Electronic Instruments and Controls	5.3	7
Hitachi High Technologies America	Branch	Dallas, TX	United States	Miscellaneous Capital Goods	4.0	7
Hitachi High Technologies America	Branch	Lexington, KY	United States	Miscellaneous Capital Goods	4.7	6
Hitachi High Technologies America	Branch	New Brunswick, NJ	United States	Miscellaneous Capital Goods		2
Hitachi High-Technologies Corporation - UK	Subsidiary	London	United Kingdom	Scientific and Technical Instruments		17
Hitachi High-Technologies Canada Inc.	Subsidiary	Etobicoke, ON	Canada	Electronic Instruments and Controls	13.0	15
H.H.T.A. Semiconductor Equipment Israel Ltd	Subsidiary	Ramat Gan	Israel	Business Services		14
Hitachi High Technologies Ireland Limited	Subsidiary	Dublin	Ireland	Business Services		5
Hitachi High-Technologies Canada Inc.	Subsidiary	Richmond, BC	Canada	Scientific and Technical Instruments		2
Hitachi High-Technologies Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Engineering Consultants	8,186.1
Hitachi Higt-Tech Engineering Service Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Business Services	97.4
Hitachi High-Tech Solutions Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Scientific and Technical Instruments	488.0
Hitachi High-Tech Materials Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Business Services	483.9
Hitachi High-Tech Manufacturing&Service Corporation	Subsidiary	Hitachinaka, Ibaraki	Japan	Business Services	370.2
Hitachi High-Tech Control Systems Corporation	Subsidiary	Mito, Ibaraki	Japan	Scientific and Technical Instruments	286.9
Hitachi High-Tech Solutions Corp.	Subsidiary	Kawasaki	Japan	Business Services
Hitachi High-Technologies (China)	Subsidiary	Shanghai	China	Business Services
Hitachi High-Technologies (Shenzhen)	Subsidiary	Shenzhen	China	Business Services
Hitachi High-Technologies Hong Kong	Subsidiary	Hong Kong	China	Business Services
Hitachi Instrument (Dalian) Co., Ltd.	Subsidiary	Dalian, Liaoning	China	Scientific and Technical Instruments
Clarion Co Ltd	Holding	Saitama-Shi	Japan	Audio and Video Equipment	2,364.6	9,975
Dongguan Clarion Orient Electronics Co., Ltd.	Subsidiary	Dongguan, Guangdong	China	Audio and Video Equipment		2,600
Electrónica Clarion, S.A. de C.V.	Subsidiary	México, D.F.	Mexico	Audio and Video Equipment	175.0	1,440
Electronica Clarion, S.A. de C.V.	Facility	San Juan del Rio, Queretaro	Mexico	Audio and Video Equipment		15
Xiamen Clarion Electrical Enterprise Co., Ltd.	Subsidiary	Xiamen, Fujian	China	Audio and Video Equipment		1,031
Clarion Manufacturing Corporation of the Philippines	Subsidiary	Rosario	Philippines	Audio and Video Equipment	17.8	900
Clarion Hungary Electronics Kft	Subsidiary	Nagykata	Hungary	Audio and Video Equipment	120.0	600
Clarion (Malaysia) Sdn. Bhd.	Subsidiary	Bayan Lepas, Pinang	Malaysia	Audio and Video Equipment	63.9	500
Callian Asia (Thailand) Company Limited	Subsidiary	Pluak Daeng, Rayong	Thailand	Auto and Truck Parts		60
Clarion Corporation of America	Subsidiary	Gardena, CA	United States	Appliance and Tool	4.1	250
Clarion Corp.	Branch	Charlotte, NC	United States	Biotechnology and Drugs		2,000
Clarion (HK) Industries Co., Ltd	Subsidiary	Kowloon	Hong Kong	Audio and Video Equipment	1.0	100
Clarion Orient Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Audio and Video Equipment		100
Clarion Manufacturing Corporation of America	Subsidiary	Walton, KY	United States	Audio and Video Equipment	103.0	65
Clarion Canada, Inc.	Subsidiary	Oakville, ON	Canada	Communications Services	32.1	30
Clarion Australia Pty. Ltd.	Subsidiary	Moorabbin, VIC	Australia	Audio and Video Equipment	13.4	30
Clarion (G.B.) Ltd	Subsidiary	Swindon	United Kingdom	Miscellaneous Capital Goods	9.4	23
Electrónica Clarión, S.A. De C.V.	Subsidiary	San Juan Del Rio, Queretaro	Mexico	Electronic Instruments and Controls	158.7	22
Clarion Do Brasil Industria De Alimentos Ltda	Subsidiary	Santa Maria, Rio Grande Do Sul	Brazil	Electronic Instruments and Controls		20
Clarion Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Audio and Video Equipment		12
Ungo Security Corporation	Subsidiary	Hayward, CA	United States	Audio and Video Equipment		3
Clarion Sales&Marketing Co.,Ltd.	Subsidiary	Saitama, Saitama	Japan	Electronic Instruments and Controls	135.8
Clarion Manufacturing And Service Co.,Ltd.	Subsidiary	Kooriyama, Fukushima	Japan	Auto and Truck Parts	101.7
Crystal Precision (M) Sdn Bhd	Subsidiary	Bayan Lepas, Pulau Pinang	Malaysia	Electronic Instruments and Controls	21.4
Clarion (Taiwan) Manufacturing Co., Ltd.	Subsidiary	Taipei, Hsien	Taiwan	Audio and Video Equipment	1.0
Clarion Associe Co., Ltd.	Subsidiary	Saitama-shi	Japan	Business Services
Clarion Sales & Marketing Co., Ltd.	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls
Clarion Service Co., Ltd.	Subsidiary	Koriyama-shi	Japan	Appliance and Tool
Clarion Mitsuwa Philippines, Inc.	Subsidiary	Cavite	Philippines	Audio and Video Equipment
Clarion Sales Corporation	Subsidiary	Gardena, CA	United States	Appliance and Tool
Hitachi Plant Technologies Ltd	Subsidiary	Tokyo	Japan	Construction Services	3,509.5	6,500
Hitachi Plant Technologies Ltd - CSR Promotion Division	Division	Tokyo	Japan	Construction Services		2,000
Hitachi Kiden Kogyo, Ltd.	Branch	Amagasaki, Osaka	Japan	Construction and Agriculture Machinery	250.0	630
Ltd Hitachi Plant Technologies	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	108.1	500
Hitachi Plant Construction Soft Co., Ltd.	Subsidiary	Tokyo	Japan	Construction Services		500
Hitachi Nico Transmission Co., Ltd.	Subsidiary	Saitama	Japan	Electronic Instruments and Controls	205.9	496
Hitachi Plant Technologies Ltd	Subsidiary	Singapore	Singapore	Metal Mining		350
Hitachi Plant Mechanics Co., Ltd.	Subsidiary	Kudamatsu, Yamaguchi	Japan	Miscellaneous Transportation		300
Sanki Technos Co., Ltd.	Subsidiary	Kudamatsu, Yamaguchi	Japan	Miscellaneous Capital Goods		300
Phpc Co. Ltd. Inc.	Subsidiary	Makati	Philippines	Construction Services	8.0	200
Hokkaido Eco Recycle Systems Co., Ltd.	Subsidiary	Tomakomai	Japan	Business Services		120
Hitachi Plant Technologies Company Ltd	Subsidiary	Makati , Metro Manila	Philippines	Construction Services		100
Stella Chemifa Singapore Pte. Ltd.	Division	Singapore	Singapore	Semiconductors	19.2	50
Hitachi Environmental Technology (Yixing) Co., Ltd.	Subsidiary	Yixing, Jiangsu	China	Miscellaneous Capital Goods		50
MHPT Engineering Sdn. Bhd.	Subsidiary	Kuala Lumpur	Malaysia	Miscellaneous Capital Goods		50
Nanjing Hitachi Techno. Co., Ltd.	Subsidiary	Nanjing	China	Computer Peripherals		40
Aqua-Tech Engineering and Supplies Pte. Ltd.	Subsidiary	Singapore	Singapore	Waste Management Services		30
Hpc Engineering (Thailand) Company Limited	Subsidiary	Sathon, Bangkok	Thailand	Engineering Consultants		15
Hitachi Operation & Maintenance - Egypt S.A.E.	Subsidiary	Cairo	Egypt	Business Services		5
Hitachi Plant Engineering & Services,Ltd.	Subsidiary	Toshima-Ku, Tokyo	Japan	Construction Services	265.4
Hitachi Plant Services Co.,Ltd.	Subsidiary	Toshima-Ku, Tokyo	Japan	Construction Services	213.0
Hitachi Plant Services Co. Ltd	Subsidiary	Singapore	Singapore	Engineering Consultants		25
HPC Australia Pty. Ltd.	Subsidiary	Brisbane, QLD	Australia	Engineering Consultants
Hitachi Plant Engineering & Construction (Suzhou) Co., Ltd.	Subsidiary	Suzhou	China	Construction Services
Hitachi Pump Manufacture (Wuxi) Co.,	Subsidiary	Wuxi	China	Miscellaneous Capital Goods
Hitachi Operation & Maintenance	Subsidiary	Giza	Jordan	Engineering Consultants
HPC Venezuela C.A.	Subsidiary	Puerto Ordaz	Venezuela	Engineering Consultants
Tokyo Eco Recycle Co., Ltd.	Subsidiary	Tokyo	Japan	Trucking
Hitachi Technologies and Services Ltd.	Subsidiary	Tsuchiura, Ibaraki	Japan	Miscellaneous Capital Goods
Nichiwa Sougou Setsubi Co., Ltd.	Subsidiary	Tokyo	Japan	Construction Services
Hitachi Plant Engineering Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods
Jiaxing Tianri Plant Technologies Co., Ltd.	Subsidiary	Jiaxing, Zhejiang	China	Electronic Instruments and Controls
Hitachi Critical Facilities Protection Pte. Ltd.	Subsidiary	Singapore	Singapore	Engineering Consultants
Hitachi Kokusai Electronic Inc.	Subsidiary	Tokyo	Japan	Communications Equipment	1,864.0	5,477
Hitachi Kokusai Electric Services Inc.	Subsidiary	Tokyo	Japan	Communications Equipment		400
Hitachi Kokusai Denki Engineering Co., Ltd.	Subsidiary	Tokyo	Japan	Communications Services		378
Goyo Electron Co.,Ltd.	Subsidiary	Katagami, Akita	Japan	Communications Equipment	63.6	287
Kokusai Electric Semiconductor Service Inc.	Subsidiary	Hamura	Japan	Miscellaneous Capital Goods		242
Kook Je Electric Korea Co., Ltd.	Subsidiary	Cheonan	Korea, Republic of	Miscellaneous Capital Goods	126.6	226
Hitachi Denshi Technosystems, Ltd.	Subsidiary	Tokyo	Japan	Communications Services		194
Hitachi Kokusai Electric Europe GmbH	Subsidiary	Erkrath, Nordrhein-Westfalen	Germany	Appliance and Tool	15.0	43
Hitachi Kokusai Electric America, Ltd.	Subsidiary	Woodbury, NY	United States	Motion Pictures		15
Kokusai Semiconductor Equipment Corporation	Subsidiary	San Jose, CA	United States	Electronic Instruments and Controls		90
Kokusai Semiconductor Equipment	Branch	Vancouver, WA	United States	Semiconductors	17.1	30
Kokusai Electric Europe GmbH	Subsidiary	Erkrath	Germany	Semiconductors	7.1	12
Hitachi Kokusai Electric Europe GmbH	Subsidiary	Erkrath	Germany	Communications Services		11
Hitachi Kokusai Electric Canada, Ltd.	Subsidiary	Scarborough, ON	Canada	Communications Equipment	2.6	4
Yagi Antenna Inc.	Subsidiary	Saitama, Saitama	Japan	Construction Services	171.5
Yagi Denshi K.K.	Subsidiary	Nikaho, Akita	Japan	Communications Equipment	9.0
Hitachi Kokusai Electric Services Inc.	Subsidiary	Kodaira, Tokyo	Japan	Electronic Instruments and Controls	91.3
Kokusai Electric Semiconducutor Service Inc.	Subsidiary	Toyama, Toyama	Japan	Business Services	70.6
Kokusai Electric Techno Service Co.,Ltd.	Subsidiary	Kodaira, Tokyo	Japan	Electronic Instruments and Controls	47.7
Hs Services Inc.	Subsidiary	Shinjuku-Ku, Tokyo	Japan	Electronic Instruments and Controls	24.6
Kokusai Denki Technoart Co.,Ltd.	Subsidiary	Hamura, Tokyo	Japan	Construction Services	3.5
Hitachi Kokusai Electric (Shanghai)	Subsidiary	Shanghai	China	Appliance and Tool
Hitachi Kokusai Electric Europe GmbH	Subsidiary	Erkrath	Japan	Appliance and Tool
Yagi Electronics Co., Ltd.	Subsidiary	Nikaho-shi	Japan	Electronic Instruments and Controls
Kokusai Electric Asia Pacific Co., Ltd.	Subsidiary	Hsin-chu	Taiwan	Semiconductors
Ltd Kokusai Electric Asia Pacific Co.	Branch	Singapore	Singapore	Miscellaneous Capital Goods		5
Yagi Antenna Inc	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products
Kokusai Electric Korea Co., Ltd.	Subsidiary	Cheonan-Si	Korea, Republic of	Appliance and Tool
Hitachi Medical Corporation	Subsidiary	Tokyo	Japan	Medical Equipment and Supplies	2,105.3	5,416
Hitachi Medical Computer Systems,Inc.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Software and Programming	63.9
Hitachi Medical Systems (Beijing)	Subsidiary	Beijing	China	Medical Equipment and Supplies
Hitachi Information Systems Limited	Subsidiary	Tokyo	Japan	Business Services	2,058.1	5,035
Hitachi Systems Engineering And Solutions, Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Business Services	146.7
Chugoku Hitachi Systems Ltd.	Subsidiary	Hiroshima, Hiroshima	Japan	Software and Programming	12.2
Hokkaido Hitachi Information Systems	Subsidiary	Sapporo-shi	Japan	Software and Programming
Kyushu Hitachi Information Systems	Subsidiary	Fukuoka-shi	Japan	Software and Programming
Shikoku Hitachi Information Systems	Subsidiary	Imabari-shi	Japan	Software and Programming
Hitachi (China) Ltd	Subsidiary	Chaoyang District, Beijing	China	Electronic Instruments and Controls	1,000.0	5,000
Hitachi Industrial Equipment Systems Co., Ltd.	Subsidiary	Tokyo	Japan	Scientific and Technical Instruments		5,000
Yuji Sugai	Division	Tainai, Niigata-ken	Japan	Electronic Instruments and Controls		500
Hitachi Ke Systems, Ltd.	Subsidiary	Narashino, Chiba	Japan	Business Services	76.3
Sanki Techno Service Co.,Ltd.	Subsidiary	Amagasaki, Hyogo	Japan	Business Services	56.1
Shuwa Industry Corp.	Subsidiary	Narashino, Chiba	Japan	Engineering Consultants	54.9
Hitachi Industrial Equipment Systems Co., Ltd. - Sagami Division	Division	Ayase, Kanagawa-ken	Japan	Miscellaneous Capital Goods
Hitachi Industrial Equipment Systems Co., Ltd. - Ebina Division	Division	Ebina, Kanagawa-ken	Japan	Miscellaneous Capital Goods
Hitachi Industrial Equipment Systems Co., Ltd. - Narashino Division	Division	Narashino, Chiba	Japan	Miscellaneous Capital Goods
Hitachi Industrial Equipment Systems Co., Ltd. - Air Compressor System Division	Division	Shizuoka	Japan	Miscellaneous Capital Goods
Neomax Co., Ltd.	Holding	Osaka	Japan	Business Services		5,000
Hitachi Capital Corporation	Subsidiary	Tokyo	Japan	Consumer Financial Services	1,177.7	4,693
Hitachi Capital (UK) PLC	Subsidiary	Hounslow	United Kingdom	Consumer Financial Services	471.0	543
Hitachi Capital Vehicle Solutions Ltd	Subsidiary	Newbury	United Kingdom	Rental and Leasing	257.6	259
Hitachi Capital (UK) PLC - Hitachi Capital Commercial Vehicle Services Division	Division	Trowbridge	United Kingdom	Consumer Financial Services		50
Hitachi Capital Invoice Finance, Ltd.	Subsidiary	Telford	United Kingdom	Investment Services		47
Hitachi Capital Insurance Europe Limited	Subsidiary	Dublin	Ireland	Insurance (Accident and Health)	15.1	2
Hitachi Capital America Corp.	Subsidiary	Norwalk, CT	United States	Investment Services		100
Hitachi Capital Insurance Corp.	Subsidiary	Tokyo	Japan	Insurance (Property and Casualty)		100
Hitachi Capital (Hong Kong) Limited	Subsidiary	Mongkok, Kowloon	Hong Kong	Business Services	11.2	70
Hitachi Capital Leasing (China) Co., Ltd.	Subsidiary	Beijing	China	Consumer Financial Services		60
Hitachi Capital Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Miscellaneous Financial Services	1,064.5
Okinawa Hitachi Capital Corp.	Subsidiary	Naha, Okinawa	Japan	Retail (Specialty)	51.5	19
Hitachi Capital Auto Lease Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Rental and Leasing	473.2
Sekisui Leasing Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Rental and Leasing	144.7
Hitachi Capital Services Co., Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	79.4
Hitachi Capital Servicer Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Business Services	33.1
Hitachi Capital Insurance Corp.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Insurance (Property and Casualty)
Okinawa Hitachi Capital Corporation	Subsidiary	Naha	China	Business Services
Hitachi Capital Securities Co., Ltd	Subsidiary	Tokyo	Japan	Investment Services
Financial Bridge Corporation	Subsidiary	Tokyo	Japan	Business Services
Hitachi Triple Win Corp.	Subsidiary	Tokyo	Japan	Business Services
Hitachi Capital (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Rental and Leasing
Hitachi America Limited	Subsidiary	Tarrytown, NY	United States	Electronic Instruments and Controls	81,664.3	4,400
Hitachi Consumer Products De Mexico, S.A. De C.V.	Subsidiary	Tijuana, Baja California	Mexico	Audio and Video Equipment	75.0	300
Hitachi America Limited	Branch	Chula Vista, CA	United States	Medical Equipment and Supplies	40.3	125
Hitachi America Limited	Branch	Woodbury, NY	United States	Medical Equipment and Supplies	9.7	30
Mechanical Dynamics & Analysis	Subsidiary	Latham, NY	United States	Construction Services		30
Mechanical Dynamics & Analysis	Branch	St Louis, MO	United States	Engineering Consultants	6.2	30
Power Generation Services	Branch	Anoka, MN	United States	Miscellaneous Capital Goods	23.1	20
Turbo Parts LLC	Branch	Clifton Park, NY	United States	Electronic Instruments and Controls	15.3	20
Renewal Parts Maintenance	Branch	Willoughby, OH	United States	Miscellaneous Fabricated Products	11.4	20
Hitachi America Limited	Branch	Charlotte, NC	United States	Miscellaneous Capital Goods	7.4	13
Hitachi America Limited	Branch	Carrollton, TX	United States	Semiconductors	5.7	10
Hitachi Electronic Devices Inc	Subsidiary	Lawrenceville, GA	United States	Computer Hardware		10
Hitachi America Limited	Branch	Brookfield, WI	United States	Electronic Instruments and Controls	7.1	7
Hitachi America Limited	Branch	Princeton, NJ	United States	Electronic Instruments and Controls	5.3	7
Hitachi America Limited	Branch	Houston, TX	United States	Miscellaneous Capital Goods	3.3	6
Hitachi Solutions America Limited	Subsidiary	S San Francisco, CA	United States	Business Services
Hitachi Consumer Marketing Inc	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods		3,050
Hitachi Maxell Ltd	Subsidiary	Osaka	Japan	Audio and Video Equipment	1,718.2	2,618
Maxell Europe Ltd.	Subsidiary	Telford	United Kingdom	Audio and Video Equipment	184.9	171
Maxell Latin America S.A.	Subsidiary	Panama	Panama	Electronic Instruments and Controls		40
Maxell Corporation of America	Subsidiary	Woodland Park, NJ	United States	Audio and Video Equipment	700.0	30
Maxell Corporation of America-Computer Products Div.	Division	Woodland Park, NJ	United States	Miscellaneous Capital Goods		60
Maxell Corporation-Battery Products Div.	Division	Woodland Park, NJ	United States	Miscellaneous Capital Goods		20
Maxell Deutschland GmbH	Subsidiary	Meerbusch	Germany	Appliance and Tool	98.4	28
Maxell Taiwan, Ltd.	Subsidiary	Taipei	Taiwan	Electronic Instruments and Controls		17
Maxell Asia (Singapore) Pte Ltd.	Subsidiary	Singapore	Singapore	Audio and Video Equipment	73.4	14
Maxell Hungary KFT	Subsidiary	Budapest	Hungary	Electronic Instruments and Controls	10.9	10
Maxell Spain Sa	Subsidiary	Barcelona	Spain	Computer Peripherals	4.1	5
Maxell Canada	Subsidiary	Concord, ON	Canada	Audio and Video Equipment	3.8	3
Maxell Tohshin (Malaysia) Sdn Bhd	Subsidiary	Batu Berendam, Melaka	Malaysia	Fabricated Plastic and Rubber	23.4
Maxell Asia, Ltd.	Subsidiary	Kowloon	Hong Kong	Audio and Video Equipment
Maxell S.A.	Subsidiary	Cergy Pontoise	France	Electronic Instruments and Controls
Maxell (Shanghai) Trading Co., Ltd.	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Hitachi Brasil Representacoes Ltda	Subsidiary	São Paulo , São Paulo	Brazil	Miscellaneous Capital Goods	489.0	2,600
Hitachi Information & Control Solutions, Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Software and Programming		2,600
Ibaraki Hitachi Information Service Co.,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Software and Programming	128.4
Hitachi Medical Corporation	Subsidiary	Tokyo	Japan	Business Services		2,300
Hitachi Aloka Medical Ltd	Subsidiary	Tokyo	Japan	Medical Equipment and Supplies	485.5	1,712
Hitachi Aloka Medical Limited	Subsidiary	Wallingford, CT	United States	Medical Equipment and Supplies	6.4	20
Hitachi Medical Systems UK Ltd.	Subsidiary	Wellingborough	United Kingdom	Retail (Specialty)	3.6	21
HITACHI MEDICAL (GUANGZHOU) CO., LTD	Subsidiary	Guangzhou	China	Medical Equipment and Supplies
Hitachi Elevator (China) Co Ltd	Subsidiary	Guangzhou, Guangdong Province	China	Miscellaneous Capital Goods	1,031.7	1,900
PT. Hitachi Construction Machinery Indonesia	Subsidiary	Bekasi, West Java	Indonesia	Construction and Agriculture Machinery		1,870
Hitachi Power Europe GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	39.7	1,619
DONGES STEELTEC GmbH	Subsidiary	Darmstadt, Hessen	Germany	Engineering Consultants	101.9	350
XERVON Energy GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Engineering Consultants	30.8	232
Siegfried Schlüßler Feuerungsbau GmbH	Subsidiary	Bispingen, Niedersachsen	Germany	Construction Services	28.8	110
Meeraner Dampfkesselbau GmbH	Subsidiary	Meerane, Sachsen	Germany	Miscellaneous Capital Goods		150
Hitachi Communication Technologies	Subsidiary	Tokyo	Japan	Computer Hardware	1,036.4	1,529
Hitachi Electronic Products (M) Sdn Bhd	Subsidiary	Bandar Baru Bangi, Selangor	Malaysia	Appliance and Tool	449.3	1,500
Hitachi-GE Nuclear Energy, Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Miscellaneous Capital Goods		1,500
Hitachi Koki Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods	1,462.3	1,321
Hitachi Koki (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	63.8	320
Hitachi Koki Gulf Branch	Subsidiary	Dubai	United Arab Emirates	Construction Services
Nikko Solutions.Co., Ltd.	Subsidiary	Tokyo	Japan	Software and Programming		175
Hitachi Koki USA, Ltd.	Subsidiary	Norcross, GA	United States	Miscellaneous Capital Goods		150
Hitachi Koki USA, Ltd. - Pendergrass	Division	Pendergrass, GA	United States	Miscellaneous Capital Goods	31.5	175
Hitachi Koki Taiwan Co., Ltd.	Subsidiary	Taichung City	Taiwan	Appliance and Tool		90
Hitachi Power Tools Europe GmbH	Subsidiary	Willich, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	45.9	65
Hitachi Power Tools Norway AS	Subsidiary	Kjeller	Norway	Miscellaneous Capital Goods	63.3	62
Hitachi Koki Haramachi Co., Ltd.	Facility	Haramachi, Fukushima	Japan	Appliance and Tool	1.0	55
Hitachi Power Tools France S.A.	Subsidiary	Evry	France	Miscellaneous Capital Goods	65.4	49
Hitachi Power Tools (U.K.) Ltd.	Subsidiary	Milton Keynes	United Kingdom	Construction and Agriculture Machinery	27.5	41
Hitachi Power Tools Sweden AB	Subsidiary	Sollentuna	Sweden	Miscellaneous Capital Goods	33.5	32
Hitachi Power Tools Australia	Subsidiary	Seven Hills, NSW	Australia	Miscellaneous Capital Goods	12.5	23
Hitachi Koki India Ltd.	Subsidiary	Bengaluru	India	Miscellaneous Capital Goods		23
Hitachi Power Tools Belgium	Subsidiary	Wemmel	Belgium	Appliance and Tool	22.0	22
HITACHI POWER TOOLS DENMARK A/S	Subsidiary	Esbjerg N	Denmark	Miscellaneous Capital Goods	13.4	11
Hitachi Power Tools Finland Oy	Subsidiary	Lahti	Finland	Miscellaneous Capital Goods	8.7	10
Hitachi Koki Canada, Co.	Subsidiary	Mississauga, ON	Canada	Miscellaneous Capital Goods	3.7	3
Hitachi Koki Asia Co., Ltd.	Subsidiary	Tsuen Wan	Hong Kong	Miscellaneous Capital Goods	1.0
Fujian Hitachi Industry Machinery Co.,Ltd.	Subsidiary	Fuzhou City, Fu Jian	China	Appliance and Tool	75.3	881
Guangdong Hitachi Industry Machinery Co.,Ltd.	Subsidiary	Guangzhou City, Guang Dong	China	Appliance and Tool	198.8	648
Hitachi Koki Sales Co., Ltd.	Subsidiary	Tokyo	Japan	Appliance and Tool	1.0
Hitachi Koki Company Limited-Sawa	Subsidiary	Hitachinaka	Japan	Personal and Household Products	1.0
Carat International B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Miscellaneous Financial Services
Carat Nederland B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Construction and Agriculture Machinery		19
Carat France	Subsidiary	Decines Charpieu	France	Construction and Agriculture Machinery	3.6	7
Hitachi-Omron Terminal Solutions, Corp.	Subsidiary	Owariasahi, Aichi	Japan	Computer Peripherals		1,267
Hitachi Terminals Mechatronics Philippines Corporation	Subsidiary	Subic	Philippines	Computer Hardware
Hitachi Advanced Digital Inc	Subsidiary	Yokohama, Kanagawa Pref	Japan	Software and Programming		1,250
Hitachi Business Solution Co., Ltd	Subsidiary	Yokohama-Shi	Japan	Software and Programming	142.3	1,174
Babcock-Hitachi K.K.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods	1.0	1,153
Babcock Hitachi (Philippines), Inc.	Subsidiary	Bauan, Batangas	Philippines	Miscellaneous Capital Goods	18.9	558
Babcock Hitachi (Philippines) Inc.	Subsidiary	Makati	Philippines	Metal Mining	12.0	350
Bab-Hitachi Business Corporation	Subsidiary	Kure, Hiroshima	Japan	Software and Programming	57.6
Hitachi ULSI Systems Co Ltd	Subsidiary	Kokubunji	Japan	Semiconductors	197.0	1,142
Akita Electronics Systems Co.,Ltd.	Subsidiary	Akita, Akita	Japan	Electronic Instruments and Controls	19.3	151
Hitachi Ulsi Systems Co.,Ltd.	Branch	Nagoya, Aichi	Japan	Semiconductors
Hitachi Consulting Corporation	Subsidiary	Dallas, TX	United States	Business Services	213.0	835
Hitachi Consulting	Branch	Seattle, WA	United States	Business Services	47.8	200
Hitachi Consulting	Branch	Irvine, CA	United States	Business Services	47.8	200
Hitachi Consulting	Branch	San Francisco, CA	United States	Business Services	28.7	120
Hitachi Consulting	Branch	Denver, CO	United States	Business Services	26.8	112
Hitachi Consulting	Branch	Houston, TX	United States	Business Services	21.5	90
Hitachi Consulting	Branch	Los Angeles, CA	United States	Business Services	17.9	75
Experio Solutions Corp	Branch	Chicago, IL	United States	Retail (Technology)	17.2	50
PRIZIM Inc.	Subsidiary	Gaithersburg, MD	United States	Business Services		49
Hitachi Consulting	Branch	Boston, MA	United States	Business Services	4.8	20
Hitachi Consulting	Branch	Atlanta, GA	United States	Business Services	3.6	15
Hitachi Consulting	Subsidiary	Newark, CA	United States	Business Services	2.9	12
Hitachi Consulting	Branch	Bellevue, WA	United States	Business Services	2.9	12
Hitachi Consulting	Branch	Waltham, MA	United States	Business Services	2.9	12
Hitachi Consulting	Branch	Edison, NJ	United States	Business Services	2.4	10
Impact Plus Holdings	Subsidiary	London	United Kingdom	Computer Services
Impact Plus	Subsidiary	London	United Kingdom	Computer Services		70
Hitachi Via Mechanics, Ltd.	Subsidiary	Ebina, Kanagawa	Japan	Electronic Instruments and Controls	406.0	800
Hitachi Via Mechanics USA Inc	Subsidiary	San Jose, CA	United States	Electronic Instruments and Controls		17
Hitachi Via Mechanics USA Inc	Branch	Londonderry, NH	United States	Electronic Instruments and Controls	6.0	30
Hitachi Via Mechanics (USA), Inc.	Subsidiary	San Jose, CA	United States	Electronic Instruments and Controls		3
Unisia Mexicana, S.A. de C.V.	Subsidiary	Lerma, Estado de México	Mexico	Auto and Truck Parts		800
Hitachi Air Conditioning Products (M) Sdn Bhd	Subsidiary	Bandar Baru Bangi, Selangor	Malaysia	Miscellaneous Capital Goods	113.8	750
Hitachi Tool Engineering, Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods	216.7	725
Hitachi Tool Engineering Europe GmbH	Subsidiary	Hilden, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods		55
Hitachi Consumer Electronics Co., Ltd.	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls	2,230.6	700
Hitachi Joei Tech Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Electronic Instruments and Controls	198.8	559
Hitachi Consumer Electronics Co., Ltd. - Yokohama Works	Facility	Yokohama	Japan	Appliance and Tool
Hitachi Metglas (India) Pvt. Ltd.	Subsidiary	Gurgaon	India	Electronic Instruments and Controls		700
Hitachi Home & Life Solutions India Ltd.	Subsidiary	Mehsana	India	Appliance and Tool	166.8	694
Hitachi Appliances, Inc.	Branch	Tokyo	Japan	Appliance and Tool	3,750.0	17,700
Hitachi Home Appliances (Wuhu) Co.,Ltd.	Subsidiary	Wuhu City, An Hui	China	Miscellaneous Fabricated Products	122.4	1,300
Hitachi Softec Co., Ltd.	Subsidiary	Tokyo	Japan	Software and Programming		210
Hitachi Compressor (Thailand), Ltd.	Subsidiary	Ayutthaya	Thailand	Miscellaneous Capital Goods	38.0	200
Kanto Eco Recycle Co., Ltd.	Subsidiary	Tochigi, Tochigi	Japan	Waste Management Services	60.3	83
Hitachi Ar Condicionado Do Brasil Ltda.	Subsidiary	Manaus, Amazonas	Brazil	Miscellaneous Capital Goods	37.4	50
Hitachi Reftechno Inc.	Subsidiary	Tochigi, Tochigi	Japan	Miscellaneous Capital Goods	266.7
Hitachi Air Conditioning Kanto Co., Ltd.	Subsidiary	Nerima-Ku, Tokyo	Japan	Miscellaneous Capital Goods	173.6
Niigata Hitachi Co.,Ltd.	Subsidiary	Niigata, Niigata	Japan	Miscellaneous Capital Goods	92.0
Kyushu Hitachi Kucho K.K.	Subsidiary	Fukuoka, Fukuoka	Japan	Miscellaneous Capital Goods	48.7
Hitachi Kucho Kansai K.K.	Subsidiary	Osaka, Osaka	Japan	Miscellaneous Capital Goods	45.2
Shizuoka Hitachi Reinetsu Co., Ltd.	Subsidiary	Shizuoka, Shizuoka	Japan	Construction Services	40.8
Hitachi Kucho Techno Service K.K.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	14.1
Qingdao Hisense Hitachi Air-Conditioning Systems Co.,Ltd.	Subsidiary	Qingdao, Shan Dong	China	Miscellaneous Capital Goods	0.0
Shanghai Hitachi Household	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Hitachi Air-Conditioning	Subsidiary	Guangzhou	China	Miscellaneous Capital Goods
Hitachi Air-Conditioning Systems	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Hitachi Consulting Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	98.4	630
Hitachi Joei Tech Co Ltd	Subsidiary	Yokohama	Japan	Furniture and Fixtures		605
Dalian Hitachi Machinery & Equipment Co. Ltd.	Subsidiary	Dalian	China	Electronic Instruments and Controls	54.3	604
Hitachi Highly Automotive Products (Shanghai) Ltd.	Subsidiary	Shanghai	China	Auto and Truck Parts		600
Hitachi Construction Machinery Indonesia, PT	Subsidiary	Bekasi	Indonesia	Construction and Agriculture Machinery	211.0	595
Hitachi Setsubi Engineering Co.,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Miscellaneous Capital Goods	160.3	591
Siam Hitachi Automotive Products Ltd.	Subsidiary	Chon Buri	Thailand	Auto and Truck Parts		580
Hitachi Power Engineering Co., Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Miscellaneous Capital Goods		570
Chuo Shoji, Ltd.	Subsidiary	Tokyo	Japan	Real Estate Operations	416.9	450
Nakajo Engineering Co.,Ltd.	Subsidiary	Tainai, Niigata	Japan	Electronic Instruments and Controls	29.9	210
Koyoshoji Company.Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Retail (Specialty)	12.8	190
Atago Corporation Co.,Ltd.	Subsidiary	Toshima-Ku, Tokyo	Japan	Business Services	138.8
Hitachi-Kucho Se,Ltd.	Subsidiary	Shizuoka, Shizuoka	Japan	Miscellaneous Capital Goods	60.3
Hitachi Advanced Systems Corporation	Subsidiary	Yokohama, Kanagawa	Japan	Software and Programming	75.2	409
Hitachi Asia Ltd	Subsidiary	Singapore	Singapore	Computer Services	894.0	400
Hitachi Asia Ltd	Branch	Makati , Metro Manila	Philippines	Miscellaneous Capital Goods	267.0	100
Hitachi Asia (Malaysia) Sdn Bhd	Subsidiary	Kuala Lumpur, Wilayah Persekutuan	Malaysia	Miscellaneous Capital Goods	23.0	100
Hitachi Asia (Thailand) Co Ltd	Subsidiary	Suriyawong, Bangrak, Bangkok	Thailand	Miscellaneous Capital Goods	19.0	100
Hitachi Asia Ltd	Subsidiary	Singapore	Singapore	Computer Peripherals	884.1	400
Hitachi Chemical (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	125.5	800
Hitachi Elevator Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	92.1	361
Hitachi Aqua-Tech Engineering Pte. Ltd.	Subsidiary	Singapore	Singapore	Water Utilities		243
Hitachi Construction Machinery Asia and Pacific Pte Ltd.	Subsidiary	Singapore	Singapore	Construction and Agriculture Machinery		100
Hitachi High-Technologies (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	223.0	85
Hitachi High Technologies (Singapore) Pte Ltd	Subsidiary	Makati, NC	Philippines	Miscellaneous Capital Goods	19.0	100
Hitachi Capital Singapore Pte Ltd.	Subsidiary	Singapore	Singapore	Investment Services		70
Hitachi Cable Asia Pacific (Hcap) Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	226.2	60
Hitachi Home Electronics Asia (S) Pte. Ltd.	Subsidiary	Singapore	Singapore	Audio and Video Equipment	115.5	49
Hitachi Metals Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	201.6	47
Hitachi Data Systems Pte Ltd.	Subsidiary	Singapore	Singapore	Computer Networks	76.5	41
Hitachi Chemical Asia-Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Chemical Manufacturing	179.9	34
Hitachi Via Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	78.7	26
Hitachi Via Asia Pte. Ltd.	Branch	Tsim Sha Tsui, Kowloon	Hong Kong	Miscellaneous Capital Goods		13
Hitachi Via (Asia) Pte Ltd	Branch	Muntinlupa	Philippines	Business Services		4
Hitachi Data Systems India Pvt. Ltd.	Subsidiary	Bangalore	India	Appliance and Tool	1.0	22
Hitachi International Treasury Ltd.	Subsidiary	Singapore	Singapore	Public Sector and Government		18
Hitachi Medical Systems (S) Pte Ltd.	Subsidiary	Singapore	Singapore	Medical Equipment and Supplies		11
Hitachi Consulting Singapore Pte Ltd.	Subsidiary	Singapore	Singapore	Computer Networks		10
Babcock-Hitachi Dongfang Boiler Co., LTD	Subsidiary	Jiaxing, Zhejiang	China	Construction - Supplies and Fixtures		400
Bab-Hitachi Software	Subsidiary	Kure	Japan	Software and Programming		392
Siam-Hitachi Elevator Co., Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods		390
Siam-Hitachi Elevator Co., Ltd. - Chonburi Factory	Facility	Chon Buri	Thailand	Miscellaneous Capital Goods		170
Guangzhou Hitachi Refrigerating Machine Co.,Ltd.	Subsidiary	Guangzhou City, Guang Dong	China	Miscellaneous Capital Goods	37.7	377
Thai Hitachi Enamel Wire Co., Ltd.	Subsidiary	Chachoengsao	Thailand	Electronic Instruments and Controls		360
Hitachi Consulting India Private Limited	Subsidiary	Pune	India	Computer Networks		350
Hitachi Data Systems Ltd.	Subsidiary	Slough	United Kingdom	Computer Services	939.5	336
Tokai Tec Co.,Ltd.	Subsidiary	Hitachinaka, Ibaraki	Japan	Communications Equipment	77.6	320
Hitachi Canadian Industries Ltd	Subsidiary	Saskatoon, SK	Canada	Miscellaneous Capital Goods	4.4	300
Hitachi Power Tools RUS LLC	Subsidiary	Moscow	Russian Federation	Miscellaneous Capital Goods	18.0	296
Hitachi Plant Construction & Services Co., Ltd	Subsidiary	Shibuya-Ku	Japan	Waste Management Services	201.6	295
Hitachi Air Conditioning Products Europe Sa	Subsidiary	Vacarisses, Barcelona	Spain	Miscellaneous Capital Goods	90.1	272
Changsha Hitachi Auto Electric Apparatus Co.,Ltd.	Joint Venture	Changsha City, Hu Nan	China	Electronic Instruments and Controls	54.9	272
eBworx Berhad	Subsidiary	Petaling Jaya, Selangor	Malaysia	Computer Services	10.2	261
eBworx International Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Financial Services	1.9	10
Hitachi Consulting UK Ltd.	Subsidiary	London	United Kingdom	Computer Services	30.8	260
Edenbrook Ltd.	Subsidiary	London	United Kingdom	Computer Services	31.1	42
Hitachi Technical Communications Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Computer Services	31.2	246
Hitachi Computer Products (Europe) SAS	Subsidiary	Olivet	France	Computer Hardware	355.3	224
Hitachi Europe Ltd.	Subsidiary	Maidenhead	United Kingdom	Business Services	451.2	216
Hitachi Power Europe GmbH	Subsidiary	Duisburg	Germany	Miscellaneous Capital Goods	180.8	1,100
NEM BV	Subsidiary	Leiden	Netherlands	Miscellaneous Capital Goods		500
Hitachi Power Africa Pty Ltd.	Subsidiary	Johannesburg	South Africa	Electric Utilities		300
Hitachi Home Electronics (Europe) Ltd.	Subsidiary	London	United Kingdom	Electronic Instruments and Controls		383
Hitachi Capital Consumer Finance	Subsidiary	Leeds	United Kingdom	Investment Services		200
Hitachi Automotive Systems Europe Ltd	Subsidiary	Bolton	United Kingdom	Recreational Products	148.6	136
Hitachi Europe Gesellschaft mit beschränkter Haftung	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Appliance and Tool	53.9	80
Hitachi Europe	Subsidiary	Milano, Milano	Italy	Business Services		47
Hitachi Sales Europa GmbH	Subsidiary	Düsseldorf	Germany	Appliance and Tool	175.0
Hitachi Europe S.A.S.	Subsidiary	Lyon	France	Furniture and Fixtures	6,633.0
Hitachi Tool Engineering Europe (UK) Ltd.	Subsidiary	Nuneaton	United Kingdom	Miscellaneous Capital Goods
Hitachi Europe Ltd. - Air Conditioning and Refrigeration Group Division	Division	Maidenhead	United Kingdom	Miscellaneous Capital Goods
Hitachi Europe Ltd. - Digital Media Group Division	Division	Maidenhead	United Kingdom	Electronic Instruments and Controls
Hitachi Europe Ltd. - Information Systems Group Division	Division	Maidenhead	United Kingdom	Computer Networks
Hitachi Europe Ltd. - Power Device Division	Division	Maidenhead	United Kingdom	Semiconductors
SCAI S.p.A	Subsidiary	Bastia Umbra, Perugia	Italy	Construction and Agriculture Machinery	193.5	203
Al.Ma.S. SRL	Subsidiary	Pace Del Mela, Messina	Italy	Business Services	2.4	6
Hi Eles Industrial Corporation	Joint Venture	Queezon	Philippines	Construction Services	2.0	200
HITACHI (SHANGHAI) TRADING CO. LTD	Subsidiary	Shanghai	China	Miscellaneous Capital Goods		200
Hitachi Elevator Engineering Co (Hong Kong) Ltd	Subsidiary	Kowloon	Hong Kong	Miscellaneous Capital Goods		200
PHCP, Inc.	Subsidiary	Dasmarinas, Cavite	Philippines	Electronic Instruments and Controls		192
Hitachi Construction Machinery (Europe) B. V.	Subsidiary	London	United Kingdom			187
Hitachi Automotive Systems Europe GmbH	Subsidiary	Oberding, Bayern	Germany	Auto and Truck Parts	327.0	186
Hitachi Automotive Systems Europe GmbH - Dusseldorf	Branch	Dusseldorf	Germany	Auto and Truck Parts		9
Hitachi Cable Manchester Inc	Subsidiary	Manchester, NH	United States	Construction Services	26.2	160
Hitachi Air Conditioning Products (Phils.) Inc.	Subsidiary	Subic	Philippines	Miscellaneous Capital Goods		152
Hitachi Air Conditioning Products (Phils.) Inc. - Subic Bay Plant	Facility	Subic	Philippines	Miscellaneous Capital Goods		160
Techna Co. Ltd.	Subsidiary	Toyohashi, Aichi Ken	Japan	Furniture and Fixtures	44.1	150
Hitachi Consulting Europe Ltd.	Subsidiary	London	United Kingdom	Personal Services	2.0	150
Clarion Europe SASU	Subsidiary	Custines	France	Appliance and Tool	114.2	149
Hitachi Data Systems SAS	Subsidiary	Antony	France	Computer Hardware	87.5	149
Hitachi Rail Europe Ltd.	Subsidiary	London	United Kingdom	Railroads	25.2	140
Hitachi ID Systems, Inc.	Subsidiary	Calgary, AB	Canada	Software and Programming		140
Shoden Data Systems (Pty) Ltd	Subsidiary	Bryanston	South Africa	Computer Hardware	75.0	135
Hitachi Sales Corporation Of Taiwan	Subsidiary	Taipei City, Taipei	Taiwan	Appliance and Tool		125
Hitachi High-Technologies Europe GmbH (Italy)	Subsidiary	Brugherio	Italy	Electronic Instruments and Controls		120
Hitachi Industrial Machinery Phils. Corp.	Subsidiary	Dasmarinas, Cavite	Philippines	Miscellaneous Capital Goods	26.0	119
Hitachi Air Conditioning Europe SAS	Subsidiary	Velizy-Villacoublay	France	Miscellaneous Capital Goods	266.6	116
Hitachi Public Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	5.8	111
Hitachi High-Technologies Taiwan Corporation	Subsidiary	Taipei	Taiwan	Electronic Instruments and Controls		110
Neuron Electronics, Inc.	Subsidiary	Torrance, CA	United States	Computer Peripherals		110
Hm Plant Ltd.	Subsidiary	Hebburn	United Kingdom	Construction and Agriculture Machinery	127.3	103
Hitachi East Asia Ltd	Subsidiary	Kowloon, Kowloon	Hong Kong	Miscellaneous Capital Goods	350.0	100
Hitachi Sales (Thailand), Ltd.	Subsidiary	Bangkok	Thailand	Appliance and Tool	60.0	100
Shin Din Cable Ltd	Subsidiary	Kwai Fong	Hong Kong	Miscellaneous Capital Goods	60.0	100
Shin Ho Cable (China) Company Limited	Subsidiary	Kwai Fong, New Territories	Hong Kong	Electronic Instruments and Controls		40
Shin Ho Metal Company Limited	Subsidiary	Kwai Fong, New Territories	Hong Kong	Miscellaneous Capital Goods		30
Hitachi America, Ltd.	Subsidiary	Brisbane, CA	United States	Miscellaneous Financial Services	57.1	100
Hitachi Data Systems Corporation	Subsidiary	Santa Clara, CA	United States	Computer Hardware	1,900.0	2,500
BlueArc Corporation	Subsidiary	San Jose, CA	United States	Computer Storage Devices	85.6	296
Hitachi Data Systems	Branch	Plainfield, IN	United States	Computer Hardware	179.4	200
Hitachi Data Systems	Branch	San Diego, CA	United States	Computer Hardware	134.6	150
Hitachi Data Systems Ltd.	Subsidiary	Causeway Bay	Hong Kong	Computer Networks	1.0	100
Hitachi Data Systems	Branch	Hanover, MD	United States	Software and Programming	4.7	30
Hitachi Data Systems	Branch	Reston, VA	United States	Electronic Instruments and Controls	5.7	28
Hitachi Data Systems Inc.	Subsidiary	Montreal, QC	Canada	Retail (Technology)	11.4	25
Hitachi Data Systems	Branch	Kirkland, WA	United States	Retail (Technology)	8.6	25
Hitachi Data Systems India Pvt. Ltd.	Subsidiary	Mumbai	India	Computer Services	1.0	25
Hitachi Data Systems India Pvt. Ltd.	Branch	Bangalore	India	Computer Services	1.0	20
Hitachi Data Systems	Branch	Rancho Cordova, CA	United States	Computer Hardware	17.6	15
Hitachi Data Systems	Branch	Atlanta, GA	United States	Computer Hardware	16.4	14
Hitachi Data Systems	Branch	Southfield, MI	United States	Retail (Technology)	3.8	11
Hitachi Data Systems	Branch	Denver, CO	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Farmington, CT	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Bloomington, MN	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Dallas, TX	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Durham, NC	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	St Louis, MO	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Piscataway, NJ	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Glendale, WI	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Zionsville, IN	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Schaumburg, IL	United States	Computer Hardware	6.3	7
Hitachi Data Systems	Branch	Waltham, MA	United States	Retail (Technology)	2.1	6
Hitachi Data Systems	Branch	Des Moines, IA	United States	Computer Hardware	4.5	5
Hitachi Data Systems	Branch	Westerville, OH	United States	Communications Services	2.1	5
Hitachi Data Systems Inc	Subsidiary	Toronto, ON	Canada	Software and Programming		5
Hitachi Data Systems	Branch	North York, ON	Canada	Retail (Technology)	20.6	45
Hitachi Data Systems	Branch	Ottawa, ON	Canada	Retail (Technology)	5.0	11
Hitachi Data Systems	Branch	Calgary, AB	Canada	Retail (Technology)	2.3	5
Hitachi Data Systems	Branch	Quebec, QC	Canada	Retail (Technology)	2.3	5
Hitachi Data System (Thailand)	Subsidiary	Pathum Wan, Bangkok	Thailand	Computer Services	1.0	4
Shoden Data Systems (Pty) Ltd	Subsidiary	Johannesburg, Gauteng	South Africa	Computer Services	69.1
Hitachi Data Systems	Subsidiary	Canberra, ACT	Australia	Computer Services	1.0
Hitachi Data Systems NZ Limited	Subsidiary	Auckland	New Zealand	Computer Services	1.0
Hitachi Data Systems Limited	Subsidiary	Beijing	China	Computer Services	1.0
Hitachi Data Systems Limited	Branch	Shanghai	China	Computer Services	1.0	25
Hitachi Data Systems Limited	Branch	Guangzhou	China	Computer Services	1.0
Hitachi Computer Products (America), Inc.	Subsidiary	Norman, OK	United States	Computer Hardware		500
Hitachi Computer Products	Branch	Waltham, MA	United States	Retail (Technology)	2.1	6
Hitachi Chemical Diagnostics, Inc.	Subsidiary	Mountain View, CA	United States	Healthcare Facilities		375
Hitachi Power Systems America, Ltd.	Branch	Basking Ridge, NJ	United States	Electronic Instruments and Controls		200
Hitachi Medical Systems America, Inc.	Subsidiary	Twinsburg, OH	United States	Medical Equipment and Supplies	186.0	140
HVBAE Power Systems Inc.	Joint Venture	Suwanee, GA	United States	Electronic Instruments and Controls	49.1	80
Hitachi Telecom (USA), Inc.	Subsidiary	Norcross, GA	United States	Communications Equipment	200.0	70
Hitachi Metals North Carolina, Ltd.	Subsidiary	China Grove, NC	United States	Miscellaneous Capital Goods	14.5	70
Hitachi Electronics Engineering America	Subsidiary	San Jose, CA	United States	Electronic Instruments and Controls		20
Hitachi Chemical Research Center, Inc.	Subsidiary	Irvine, CA	United States	Business Services		15
Professional Industrial Sales	Subsidiary	Fair Lawn, NJ	United States	Retail (Technology)
HITACHI DATA SYSTEMS HOLDING CORP.	Subsidiary	Santa Clara, CA	United States	Investment Services
HITACHI DATA SYSTEMS CREDIT CORP.	Subsidiary	Santa Clara, CA	United States	Investment Services
Hitachi Cable Automotive Products USA, Inc.	Subsidiary	Pensacola, FL	United States	Fabricated Plastic and Rubber
Hitachi Europe GmbH	Subsidiary	Düsseldorf	Germany	Electronic Instruments and Controls	54.1	100
Hitachi Europe GmbH - European Procurement and Sourcing Group Division	Division	Dusseldorf	Germany	Business Services		80
Hitachi Europe GmbH - Digital Media Group Division	Division	Dusseldorf	Germany	Communications Equipment
Hitachi de Venezuela CA	Subsidiary	Caracas	Venezuela	Miscellaneous Capital Goods	20.0	100
Hitachi High-Technologies (IPC) M Sdn Bhd	Subsidiary	Jakarta	Indonesia	Miscellaneous Capital Goods	16.0	100
Hitachi Cable PS Techno (M) Sdn Bhd	Subsidiary	Seremban, Negeri Sembilan	Malaysia	Electronic Instruments and Controls	5.6	100
Hitachi Lighting, Ltd.	Subsidiary	Tokyo	Japan	Furniture and Fixtures	1.0	100
PT. NX Indonesia	Subsidiary	Cilegon, Banten	Indonesia	Miscellaneous Capital Goods		100
Hitachi High-Technologiesh Europe GmbH	Subsidiary	Budapest	Hungary	Miscellaneous Capital Goods		100
Taiwan Hitachi Asia Pacific Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Business Services		100
Hitachi (Hong Kong) Limited	Subsidiary	New Territories	Hong Kong	Miscellaneous Financial Services		100
Suzhou Hitachi Cable Precision Co., Ltd	Subsidiary	Suzhou	China	Electronic Instruments and Controls		100
Hitachi Elevator Philippines Corporation	Subsidiary	Quezon City	Philippines	Construction Services		100
Hitachi Foods & Logistics Systems Inc.	Subsidiary	Chuo-Ku, Tokyo	Japan	Software and Programming	57.5	98
Hitachi Data Systems Asia Pacific Pty Ltd	Subsidiary	North Ryde, NSW	Australia	Computer Hardware	91.3	90
Iteration2	Subsidiary	Irvine, CA	United States	Software and Programming	13.3	85
Hitachi Medical Systems S.A.S.	Subsidiary	Villebon-sur-Yvette	France	Medical Equipment and Supplies	28.9	71
Hitachi India Pvt. Ltd.	Subsidiary	New Delhi	India	Appliance and Tool		70
Hitachi Data Systems AG	Subsidiary	Dübendorf	Switzerland	Computer Hardware	90.3	60
Hitachi Data Systems B.V.	Subsidiary	Amsterdam	Netherlands	Computer Networks	41.6	60
Salira Systems, Inc.	Subsidiary	Santa Clara, CA	United States	Communications Equipment	20.5	60
PT. Hitachi Modern Sales Indonesia	Subsidiary	Jakarta	Indonesia	Appliance and Tool	123.0	50
Hitachi Argentina S.A.	Subsidiary	Buenos Aires	Argentina	Audio and Video Equipment	2.0	50
Hitachi Data Systems Nederland BV	Subsidiary	Amsterdam	Netherlands	Computer Networks		50
PT Hitachi Plant Technologies	Subsidiary	Jakarta	Indonesia	Construction Services		50
Hitachi High-Technologies (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls	19.0	46
Hitachi Europe S.r.l.	Subsidiary	Milan	Italy	Miscellaneous Capital Goods	10.3	45
Hitachi Consulting Portugal S.A.	Subsidiary	Lisbon	Portugal	Computer Networks	5.6	45
Hitachi Data Systems Computadores do Brasil Ltda	Subsidiary	São Paulo , São Paulo	Brazil	Computer Services		45
Beijing Hitachi Elevator Sales & Marketing Co., Ltd.	Subsidiary	Beijing	China	Miscellaneous Capital Goods		45
Hitachi Lift India Pvt. Ltd.	Subsidiary	New Delhi	India	Miscellaneous Capital Goods	1.0	40
Hitachi Canada Ltd.	Subsidiary	Mississauga, ON	Canada	Electronic Instruments and Controls		40
Hitachi Construction Truck Manufacturing, Ltd.	Subsidiary	Guelph, ON	Canada	Auto and Truck Manufacturers	154.9	300
Hitachi Canada LTD	Branch	Calgary, AB	Canada	Electronic Instruments and Controls	11.9	12
Hitachi Canada Ltd. - Calgary Power and Industry Division	Division	Calgary, AB	Canada	Electronic Instruments and Controls		10
Hitachi Fercad Power Tools Italia S.P.A.	Subsidiary	Altavilla Vicentina, Vicenza	Italy	Miscellaneous Capital Goods	35.1	37
Hitachi Data Systems A/S	Subsidiary	Nærum	Denmark	Computer Hardware	27.9	35
Hitachi Medical Systems Europe Holding AG	Subsidiary	Zug	Switzerland	Medical Equipment and Supplies		35
Hitachi Medical Systems GesmbH	Subsidiary	Wien	Austria	Medical Equipment and Supplies
Hitachi Medical Systems SpA	Subsidiary	Assago, Milano	Italy	Miscellaneous Capital Goods	19.6	34
Hitachi High-Technologies IPC (M) Sdn. Bhd.	Subsidiary	Kuala Lumpur	Malaysia	Miscellaneous Capital Goods	47.1	30
AccSys Technology, Inc.	Subsidiary	Pleasanton, CA	United States	Electronic Instruments and Controls	2.5	30
Hitachi Metals Hong Kong Ltd.	Subsidiary	Kowloon	Hong Kong	Electronic Instruments and Controls		30
Hitachi Metals Hong Kong Ltd. - Panyu Factory	Facility	Guangzhou, Guang Dong	China	Miscellaneous Fabricated Products
Clarion Europa GmbH	Subsidiary	Mörfelden-Walldorf, Hessen	Germany	Electronic Instruments and Controls		30
Yungtay-Hitachi Construction Machinery Co., Ltd.	Subsidiary	Taoyuan	Taiwan	Construction and Agriculture Machinery		30
Hitachi Power Tools Iberica Sa	Subsidiary	Terrassa, Barcelona	Spain	Miscellaneous Capital Goods	17.3	28
HITACHI DATA SYSTEMS (ISRAEL) LTD.	Subsidiary	Herzliyya	Israel	Computer Hardware	29.0	24
Hitachi Australia Pty Ltd.	Subsidiary	Sydney, NSW	Australia	Electronic Instruments and Controls	3.3	23
Hitachi Data Systems Belgium	Subsidiary	Sint-Stevens-Woluwe	Belgium	Computer Networks	12.7	22
Hitachi Brasil Ltda.	Subsidiary	Sao Paulo	Brazil	Electronic Instruments and Controls		22
Hitachi High Technologies do Brasil Ltda.	Subsidiary	Sao Paulo	Brazil	Medical Equipment and Supplies		150
Hitachi Sistemas Medicos do Brasil Ltda.	Subsidiary	Sao Paulo	Brazil	Medical Equipment and Supplies		6
Hitachi Ar Condicionado do Brasil Ltda.	Subsidiary	Sao Paulo	Brazil	Miscellaneous Capital Goods
Hitachi Kokusai Linear Equipamentos Eletronicos S/A	Subsidiary	Santa Rita do Sapucai, Minas Gerais	Brazil	Electronic Instruments and Controls
Hitachi Power Tools Austria GmbH	Subsidiary	Wiener Neudorf	Austria	Appliance and Tool	115.0	20
Hitachi Medical Systems Sl	Subsidiary	Madrid	Spain	Medical Equipment and Supplies	8.8	20
Hitachi Data Systems Limited	Subsidiary	Taipei	Taiwan	Computer Networks	1.0	20
Hitachi Europe A.B. (GREECE)	Subsidiary	Halandri	Greece	Appliance and Tool		16
HITACHI DRIVES & AUTOMATIONS GMBH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Electronic Instruments and Controls		15
Hitachi Automotive Systems (S) Pte Ltd.	Subsidiary	Singapore	Singapore	Auto and Truck Parts		14
Hitachi Data Systems AS	Subsidiary	Lysaker	Norway	Appliance and Tool	17.6	13
HITACHI MEXICO S.A. DE C.V.	Subsidiary	Mexico	Mexico	Electronic Instruments and Controls	3.0	12
Hitachi Data Systems (Chile) Limitada	Subsidiary	Las Condes, Santiago	Chile	Computer Networks		12
Hitachi Cable America, Inc.	Subsidiary	White Plains, NY	United States	Electronic Instruments and Controls	88.3	11
Hitachi Cable America, Inc. - Manchester Plant	Facility	Manchester, NH	United States	Miscellaneous Fabricated Products		170
Hitachi Cable America Inc	Branch	San Jose, CA	United States	Miscellaneous Capital Goods	8.0	7
Hitachi Cable Indiana Inc	Branch	New Albany, IN	United States	Miscellaneous Capital Goods	5.7	5
Hitachi Cable America, Inc. - Florida Plant	Facility	Pensacola, FL	United States	Auto and Truck Parts
Hitachi Cable America, Inc. - Indiana Plant	Facility	New Albany, IN	United States	Auto and Truck Parts
Hitachi Power Tools Hungary Kft.	Subsidiary	Budapest	Hungary	Appliance and Tool		11
Hitachi Europe, S.A.	Subsidiary	Barcelona	Spain	Appliance and Tool	2.3	10
Hitachi Data Systems (Polska) Sp. z.o.o.	Subsidiary	Warsaw	Poland	Computer Networks		10
Hong Kong AIC Limited	Subsidiary	Kowloon	Hong Kong	Electronic Instruments and Controls		10
Hitachi High-Technologies France S.A.R.L.	Subsidiary	Velizy-Villacoublay	France	Electronic Instruments and Controls	40.0	9
Hitachi Kokusai Electric U.K. Ltd.	Subsidiary	Waltham Cross	United Kingdom	Communications Equipment		9
Hitachi High-Technologies Hong Kong Ltd.	Subsidiary	Sheung Shui, New Territories	Hong Kong	Electronic Instruments and Controls		8
Hitachi Software Engineering France Sa	Subsidiary	Paris	France	Miscellaneous Capital Goods	0.8	7
Hitachi Medical Systems	Subsidiary	Mechelen	Belgium	Medical Equipment and Supplies	0.0	6
Hitachi Medical Systems BV	Subsidiary	Reeuwijk	Netherlands	Medical Equipment and Supplies		6
Hitachi Brasil Representações Ltda.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Electronic Instruments and Controls		6
Hitachi Solutions Europe A.G.	Subsidiary	Berlin	Germany	Computer Networks		6
Hitachi Solutions Europe S.A.S	Subsidiary	Paris	France	Computer Networks		6
Hitachi Medical Systems Kft.	Subsidiary	Budapest	Hungary	Medical Equipment and Supplies		5
Hitachi Data Systems AB (Gothenburg)	Subsidiary	Gothenburg	Sweden	Computer Networks	45.2	4
Hitachi Mobile Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods		3
Maxell Scandinavia AB	Subsidiary	Sollentuna, Stockholm	Sweden	Electronic Instruments and Controls	18.7	2
Hitachi Automotive Systems, Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Financial Services	9,031.9
Tokico (Thailand) Ltd.	Subsidiary	Nakhon Ratchasima	Thailand	Auto and Truck Parts	1.0	870
Hitachi Automotive Systems Czech, S.R.O.	Subsidiary	Velemysleves	Czech Republic	Communications Equipment	1.0	800
Hitachi Automotive Systems Americas, Inc.	Subsidiary	Harrodsburg, KY	United States	Miscellaneous Capital Goods	400.0	750
Hitachi Automotive Systems Americas, Inc. - Berea Plant	Facility	Berea, KY	United States	Auto and Truck Parts	374.0	903
Hitachi Automotive Systems Americas, Inc. - Farmington Hills	Branch	Farmington Hills, MI	United States	Auto and Truck Parts	29.9	200
Hitachi Automotive Systems Americas, Inc. - Georgia Plant	Facility	Monroe, GA	United States	Auto and Truck Parts	84.2	175
Hitachi Automotive Systems	Branch	Torrance, CA	United States	Auto and Truck Parts	48.6	130
Hitachi Automotive Systems Americas, Inc. - Los Angeles	Branch	Cypress, CA	United States	Auto and Truck Parts	340.0	40
Hitachi Automotive Systems Americas, Inc. - Allen Park	Branch	Allen Park, MI	United States	Auto and Truck Parts	3.7	40
Hitachi Automotive Systems	Branch	El Segundo, CA	United States	Auto and Truck Parts	3.7	10
Hitachi Automotive Systems Kyushu, Ltd.	Subsidiary	Chikujo-Gun, Fukuoka	Japan	Miscellaneous Fabricated Products	61.9	291
Hitachi Automotive Systems Steering, Ltd.	Subsidiary	Hiki-Gun, Saitama	Japan	Auto and Truck Parts	602.1
Hitachi Car Engineering Co.,Ltd.	Subsidiary	Hitachinaka, Ibaraki	Japan	Auto and Truck Parts	262.9
Tokico Technology Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Capital Goods	201.2
Hias Corporation	Subsidiary	Atsugi, Kanagawa	Japan	Food Processing	189.0
Tokiko Nagano Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Scientific and Technical Instruments	53.5
Palenet Co.,Ltd.	Subsidiary	Atsugi, Kanagawa	Japan	Rental and Leasing	39.2
JECS Corp.	Subsidiary	Isesaki, Gunma-ken	Japan	Auto and Truck Parts
Hitachi Consumer Marketing,Inc.	Subsidiary	Minato-Ku, Tokyo	Japan	Appliance and Tool	4,466.9
Hitachi Systems Co., Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Computer Services	3,005.3
Hitachi Systems Field And Facility Services, Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	124.4
Hitachi Systems Techno Services,Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Computer Services	96.5
Kyushu Hitachi Systems, K.K.	Subsidiary	Fukuoka, Fukuoka	Japan	Electronic Instruments and Controls	50.5
Hokkaido Hitachi Systems, K.K.	Subsidiary	Sapporo, Hokkaido	Japan	Construction Services	39.4
Shikoku Hitachi Systems, Ltd.	Subsidiary	Takamatsu, Kagawa	Japan	Electronic Instruments and Controls	36.7
Hitachi Global Storage Technologies (Thailand)	Subsidiary	Prachinburi	Thailand	Computer Peripherals	2,059.3
Hitachi Building Systems Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods	1,953.7
Hitachi Elevator Engineering (M) Sdn Bhd	Subsidiary	Kuala Lumpur, Wilayah Persekutuan	Malaysia	Miscellaneous Capital Goods	13.3	200
Building Technos Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Business Services	255.7
Seishin Service Corporation.	Subsidiary	Adachi-Ku, Tokyo	Japan	Business Services	145.6
Buil Care Business.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Real Estate Operations	70.6
Ele Technos, K.K.	Subsidiary	Adachi-Ku, Tokyo	Japan	Business Services	68.4
Okinawa Hitachi, K.K.	Subsidiary	Naha, Okinawa	Japan	Miscellaneous Capital Goods	46.6
Hitachi Software Engineering Co.	Subsidiary	Tokyo	Japan	Software and Programming	1,926.8
Hitachi Software Engineering America	Subsidiary	Alameda, CA	United States	Software and Programming		65
Hitachi Solutions Europe Ltd	Subsidiary	London	United Kingdom	Computer Hardware	13.2	25
Hitachi Software Engineering Europe	Subsidiary	Berlin	Germany	Engineering Consultants
Hitachi Software Engineering UK Ltd.	Subsidiary	London	Germany	Engineering Consultants
Japan Display East, K.K.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Electronic Instruments and Controls	1,661.9
Hitachi Monitors & Displays (Suzhou) Co.,Ltd.	Subsidiary	Suzhou City, Jiang Su	China	Electronic Instruments and Controls	1,155.5	7,156
Kaohsiung Opto-Electronics Inc.	Subsidiary	Kaohsiung City	Taiwan	Electronic Instruments and Controls		980
Mobara Atecs. Ltd.	Subsidiary	Mobara, Chiba	Japan	Electronic Instruments and Controls	36.3
Shenzhen Hitachi Displays Co Ltd	Subsidiary	Shenzhen	China	Electronic Instruments and Controls
IPS Alpha Technology, Ltd.	Subsidiary	Mobara-shi	Japan	Electronic Instruments and Controls
Taiwan Hitachi Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Electronic Instruments and Controls
Taiwan Hitachi Aircondition Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Appliance and Tool
Hitachi-Omron Terminal Solutions, Corp.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Office Equipment	987.8
Hgst Japan, Ltd.	Subsidiary	Odawara, Kanagawa	Japan	Computer Storage Devices	850.4
Hitachi Media Electronics Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Electronic Instruments and Controls	823.5
Kabushiki Kaisha Hitachi Media Electronics	Branch	Tsim Sha Tsui, Kowloon	Hong Kong	Electronic Instruments and Controls	254.2	13
Hitachi-Lg Data Storage,Inc.	Subsidiary	Minato-Ku, Tokyo	Japan	Electronic Instruments and Controls	818.1
Hitachi LG Data Storage Korea Inc.	Subsidiary	Seoul	Korea, Republic of	Computer Hardware	653.5	349
Hitachi Auto Parts & Service Co., Ltd.	Subsidiary	Kawasaki, Kanagawa	Japan	Auto and Truck Parts	671.7
Hitachi Information & Communication Engineering, Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Computer Networks	641.9
Nikkyo Create,Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Restaurants	405.9
Hitachi AIC Inc.	Subsidiary	Haga Gun	Japan	Electronic Instruments and Controls	395.2
Alaxala Networks Corporation	Subsidiary	Kawasaki, Kanagawa	Japan	Electronic Instruments and Controls	342.3
Hitachi Computer Peripherals Co.,Ltd.	Subsidiary	Ashigara Kami-Gun, Kanagawa	Japan	Computer Hardware	234.8
Bab-Hitachi Industrial Co.	Subsidiary	Kure, Hiroshima	Japan	Business Services	212.6
Hitachi Icc Co., Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Business Services	197.3
Hitachi Electronics Services Co., Ltd.	Subsidiary	Tokyo	Japan	Communications Services	188.1
Hitachi Intermedix Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Printing Services	185.2
H P Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Printing Services	66.1
Hitachi Government&Public Corporation System Engineering,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Software and Programming	176.0
Hitachi Transportation Technologies Ltd.	Subsidiary	Kudamatsu, Yamaguchi	Japan	Engineering Consultants	163.5
Hitachi East Japan Solutions,Ltd.	Subsidiary	Sendai, Miyagi	Japan	Software and Programming	162.7
Kansai Hitachi ,Ltd.	Subsidiary	Osaka, Osaka	Japan	Electronic Instruments and Controls	151.3
Hitachi Systems & Services Limited	Subsidiary	Tokyo	Japan	Software and Programming	145.3
Hitachi Chugoku Solutions,Ltd.	Subsidiary	Hiroshima, Hiroshima	Japan	Software and Programming	143.2
Hitachi Electric Systems Co., Ltd.	Subsidiary	Hitachinaka, Ibaraki	Japan	Electronic Instruments and Controls	142.2
Hitachi Automotive Systems High Castt, Ltd.	Subsidiary	Kitakami, Iwate	Japan	Auto and Truck Parts	138.8
Hitachi Haramachi Electronics Co.,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Semiconductors	138.1
Hitachi Ins Software,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Computer Networks	132.2
Acs Co., Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Software and Programming	15.3	117
Okinawa Hitachi Network Systems, Ltd.	Subsidiary	Naha, Okinawa	Japan	Software and Programming	19.0
Hitachi Ie Systems Co.,Ltd.	Subsidiary	Inazawa, Aichi	Japan	Electronic Instruments and Controls	131.8
Ie-Mechatronics Co.,Ltd.	Subsidiary	Toyokawa, Aichi	Japan	Computer Hardware	327.1
Ie Solution Service Co.,Ltd.	Subsidiary	Inazawa, Aichi	Japan	Electronic Instruments and Controls	46.1
Tokyo Hitachi Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Electronic Instruments and Controls	123.7
Kanto Hitachi Co., Ltd.	Subsidiary	Saitama, Saitama	Japan	Electronic Instruments and Controls	110.1
Shizuoka Hitachi Co., Ltd.	Subsidiary	Shizuoka, Shizuoka	Japan	Electronic Instruments and Controls	109.1
Hitachi Hi-System21 Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Software and Programming	105.9
Ouu Hitachi Co., Ltd.	Subsidiary	Aomori, Aomori	Japan	Electronic Instruments and Controls	100.6
Hitachi Procurement Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Office Supplies	95.4
Hitachi Business International,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	91.6
Hokkaido Hitachi, K.K.	Subsidiary	Sapporo, Hokkaido	Japan	Electronic Instruments and Controls	89.1
Hitachi Insphama.Ltd.	Subsidiary	Osaka, Osaka	Japan	Computer Services	84.5
Hitachi Security Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Security Systems and Services	83.4
Hitachi Communication Networks,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Electronic Instruments and Controls	80.9
Chiugoku Hitachi Co., Ltd.	Subsidiary	Aki-Gun, Hiroshima	Japan	Electronic Instruments and Controls	74.5
Hitachi Mito Engineering Co.,Ltd.	Subsidiary	Hitachinaka, Ibaraki	Japan	Engineering Consultants	69.4
Shikoku Hitachi, K.K.	Subsidiary	Tokushima, Tokushima	Japan	Electronic Instruments and Controls	67.2
Kyushu Hitachi, K.K.	Subsidiary	Fukuoka, Fukuoka	Japan	Miscellaneous Capital Goods	66.4
Hitachi Power Tools Netherlands B.V.	Subsidiary	Nieuwegein	Netherlands	Appliance and Tool	60.2
Hitachi Architects & Engineers Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Engineering Consultants	56.0
Touhoku Hitachi Co., Ltd.	Subsidiary	Yamagata, Yamagata	Japan	Electronic Instruments and Controls	48.9
Mie Hitachi Co., Ltd.	Subsidiary	Yokkaichi, Mie	Japan	Miscellaneous Capital Goods	48.6
Hitachi Sc,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Software and Programming	48.6
Hitachi Institute Of Management Development	Subsidiary	Abiko, Chiba	Japan	Business Services	42.6
Kondo Shoji K.K.	Subsidiary	Kudamatsu, Yamaguchi	Japan	Electronic Instruments and Controls	40.6
Hitachi Techno-Information Services Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Computer Services	35.9
Hitachi Kashiwa Reysol Co., Ltd.	Subsidiary	Kashiwa, Chiba	Japan	Recreational Activities	31.2
Hitachi Ibaragi Technical Service Co.,Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Business Services	29.5
Maxell Benelux B.V.	Subsidiary	Onbekend, Onbekend	Netherlands	Miscellaneous Financial Services	17.6
Hitachi Global Storage Technologies Asia Pte Ltd	Subsidiary	Singapore	Singapore	Computer Storage Devices	11.7
Hitachi Plasma Display Limited	Subsidiary	Higashimorokata-Gun, Miyazaki	Japan	Communications Equipment	9.9
Fhp Engineering Limited	Subsidiary	Akashi, Hyogo	Japan	Electronic Instruments and Controls	5.4	103
Tokico (Malaysia) Sdn Bhd	Subsidiary	Pelabuhan Klang, Selangor	Malaysia	Miscellaneous Capital Goods	4.7
Hitachi International Treasury (Malaysia) Sdn Bhd	Subsidiary	Kuala Lumpur, Wilayah Persekutuan	Malaysia	Business Services	1.8
Hitachi Metals (India) Pvt. Ltd.	Subsidiary	Gurgaon, Haryana	India	Miscellaneous Capital Goods	1.8
Hitachi Data Systems Korea Limited	Subsidiary	Seoul	Korea, Republic of	Computer Networks	1.0
Japan AE Power Systems Corporation	Subsidiary	Tokyo	Japan	Electric Utilities	1.0
Hitachi Engineering & Services Co., Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Electronic Instruments and Controls	1.0
Hitachi,Ltd. - Sucursal Em Portugal	Subsidiary	Lisboa, Lisboa	Portugal	Business Services	0.3
Hitachi High-Technologies Europe GmbH (Hungary)	Subsidiary	Budapest	Hungary	Electronic Instruments and Controls
Hitachi Life, Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Real Estate Operations
Nichiwa Service, Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Retail (Specialty)	144.2
Nichimoku Sangyo, Ltd.	Subsidiary	Hitachi, Ibaraki	Japan	Engineering Consultants	117.7
HITACHI SALES (MACAU) LTD.	Subsidiary	Macau	Macau	Appliance and Tool
BEIJING HITACHI ELEVATOR SERVICE CO., LTD.	Subsidiary	Beijing	China	Business Services
PT. Hitachi High Technologies Indonesia	Subsidiary	Jakarta	Indonesia	Scientific and Technical Instruments
Hitachi Electronics Ltd	Subsidiary	Chiyoda-ku, Tokyo	Japan	Miscellaneous Capital Goods
HITACHI AUTOMOTIVE SYSTEMS (CHINA) LTD.	Subsidiary	Guangzhou	China	Auto and Truck Parts
BAOSTEEL HITACHI ROLLS (NANTONG) LTD.	Subsidiary	Nantong, Jiangsu	China	Construction - Supplies and Fixtures
HITACHI METALS (SUZHOU) TECHNOLOGY, LTD.	Subsidiary	Suzhou, Jiangsu	China	Iron and Steel
HITACHI METALS (SUZHOU) TECHNOLOGY, LTD. - Specialty Steel Division	Division	Suzhou, Jiangsu	China	Iron and Steel		70
Hitachi (China), Ltd.	Subsidiary	Tsim Tsa Tsui	Hong Kong	Miscellaneous Capital Goods
Guangzhou Hitachi Unisia Automotive Parts Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Auto and Truck Parts
Hitachi Global Storage Products (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen, Guangdong	China	Computer Storage Devices
Hitachi Asia (M) Sdn Bhd	Subsidiary	Kuala Lumpur	Malaysia	Electronic Instruments and Controls
Hitachi Data Systems Sdn Bhd	Subsidiary	Kuala Lumpur	Malaysia	Computer Networks	1.0	300
Hitachi Koki (M) Sdn Bhd	Subsidiary	Senai, Johor Darul Takzim	Malaysia	Appliance and Tool		270
Hitachi Chemical (Johor) Sdn Bhd	Subsidiary	Pasir Gudang, Johor Darul Takzim	Malaysia	Chemical Manufacturing	53.8	250
Hitachi Construction Machinery (M) Sdn Bhd	Subsidiary	Subang Jaya, Selangor	Malaysia	Construction and Agriculture Machinery	51.5	100
Hitachi Sales (M) Sdn Bhd	Subsidiary	Bandar Baru Bangi, Selangor Darul Ehsan	Malaysia	Appliance and Tool
Hitachi Global Storage Products (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen, Guangdong	China	Computer Storage Devices
Hitachi Data Systems India Pvt. Ltd.	Subsidiary	Bengaluru	India	Computer Networks
HITACHI ARCHITECTS & ENGINEERS (SHANGHAI) CO., LTD.	Subsidiary	Shanghai	China	Engineering Consultants
Hitachi Tool Engineering (Shanghai) Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Hitachi Automotive Products (Suzhou) LTD.	Subsidiary	Suzhou	China	Auto and Truck Parts
Hitachi Power Tools (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Appliance and Tool
Hitachi Tochigi Electronics (Thailand) Co., Ltd.	Subsidiary	Rayong	Thailand	Electronic Instruments and Controls
Hitachi Industrial Technology (Thailand), Ltd.	Subsidiary	Tambol Dong-Kee-Lek	Thailand	Electronic Instruments and Controls
Hitachi Electronic Devices (Wujiang) Co., Ltd.	Subsidiary	Wujiang, Jiangsu	China	Electronic Instruments and Controls
Hitachi Sales (M) Sdn Bhd	Subsidiary	Senai	Malaysia	Electronic Instruments and Controls
Hitachi Ltd	Subsidiary	Dubai	United Arab Emirates	Miscellaneous Capital Goods
Hitachi Digital Products China Co., Ltd.	Subsidiary	Fuzhou	China	Electronic Instruments and Controls
Hitachi Information Systems (Shanghai), Ltd	Subsidiary	Shanghai	China	Computer Networks
Hitachi Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods
HCAS Thai Trading Co., Ltd.	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls
Hitachi Demshi Kabushiki Kaisha	Subsidiary
Hitachi Cable, Ltd.	Subsidiary	London	United Kingdom
Hitachi Global Storage Technologies Netherlands B.V.	Subsidiary	Amsterdam	Netherlands	Computer Storage Devices
Hitachi Global Storage Technologies Singapore, Pte. Ltd.	Subsidiary	Singapore	Singapore	Computer Storage Devices	5,914.7	2,477
TCM France S.A.S.	Subsidiary	Genas	France	Construction and Agriculture Machinery
Hitachi Consumer Products (Thailand) Ltd	Subsidiary	Prachinburi	Thailand	Appliance and Tool
Hitachi Information & Control	Subsidiary	Tokyo	Japan	Engineering Consultants
Hitachi-Omron Terminal Solutions	Subsidiary	Tokyo	Japan	Appliance and Tool
Hitachi Global Storage Technologies Malaysia Sdn. Bhd.	Subsidiary	Kuching, Sarawak	Malaysia	Computer Storage Devices
Hitachi Air Conditioning Products	Subsidiary	Quezon City	Philippines	Miscellaneous Capital Goods
Hitachi Compressor Products (Guangzhou) Co., Ltd.	Subsidiary	Conghua, Guangzhou	China	Miscellaneous Capital Goods
Hitachi Air-Conditioning Systems (Hong Kong) Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Miscellaneous Capital Goods
PT. Berdiri Matahari Logistik	Subsidiary	Jakarta	Indonesia	Business Services
Hitachi Power Tools de Mexico SA de CV	Subsidiary	Mexico, Mexico	Mexico	Miscellaneous Capital Goods
Hitachi Ict Business Services, Ltd.	Subsidiary	Kamikurata	Japan	Business Services
Hitachi Kasei Shoji Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Chemical Manufacturing
HPC Engineering (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Engineering Consultants
Hitachi Medical Systems GmbH (Germany)	Subsidiary	Wiesbaden	Germany	Medical Equipment and Supplies
Hainan Hitachi Elevator Service Co., Ltd.	Subsidiary	Haikou	China	Business Services
Hitachi Media Electronics Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Electronic Instruments and Controls
Hitachi Plant Technologies, Ltd.	Subsidiary	Abu Dhabi	United Arab Emirates	Miscellaneous Capital Goods
Hitachi Global Storage Technologies Consulting (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Computer Storage Devices
Hitachi Via Mechanics (Shanghai) Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Hitachi Metals (Shanghai) Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Hitachi Automotive Systems Europe (France)	Subsidiary	Velizy-Villacoublay	France	Miscellaneous Capital Goods
Taiwan Hitachi Co., Ltd.	Subsidiary	Taipei	Taiwan	Miscellaneous Capital Goods
Hitachi Cable International, Ltd.	Subsidiary	London	United Kingdom
HITACHI INTERNATIONAL (HOLLAND) B.V.	Subsidiary	Amsterdam	Netherlands	Electronic Instruments and Controls
Hitachi Construction Machinery (Europe) N. V.	Subsidiary	Bath	United Kingdom
SHANGHAI HITACHI ELECTRICAL APPLIANCES CO., LTD.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Hitachi Europe SA - Digital Media Group	Subsidiary	Chalandri	Greece	Miscellaneous Capital Goods
Hitachi Ltd	Subsidiary	Moscow	Russian Federation	Miscellaneous Capital Goods
HMP (Thailand) Ltd.	Subsidiary	Ayutthaya	Thailand	Miscellaneous Fabricated Products
PT. Sliontec Ekadharma Indonesia	Subsidiary	Bekasi	Indonesia	Chemical Manufacturing
Hitachi Terminal Mechatronics, Corp.	Subsidiary	Owariasahi, Aichi	Japan	Electronic Instruments and Controls
Shanghai Hitachi Household Appliances Co., Ltd.	Subsidiary	Shanghai	China	Appliance and Tool
HMF Technology Korea Co., Ltd.	Subsidiary	Pyeongtaek, Gyeonggi-Do	Korea, Republic of	Chemical Manufacturing
Hitachi Qiandian (Hangzhou) Transformer Co., Ltd.	Subsidiary	Hangzhou	China	Electronic Instruments and Controls
Hitachi Storage Battery (Thailand) Co., Ltd.	Subsidiary	Chachoengsao	Thailand	Electronic Instruments and Controls
S.C. Hitachi Power Tools Romania S.R.L.	Subsidiary	Pantelimon, Ilfov	Romania	Appliance and Tool
Hitachi Automotive Systems Asia, Ltd.	Subsidiary	Chachoengsao	Thailand	Auto and Truck Parts
Hitachi Metals (Dong Guan) Specialty Steel Co., Ltd.	Subsidiary	Dongguan, Guangdong	China	Iron and Steel
Hitachi Global Storage Technologies (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen, Guangdong	China	Computer Storage Devices
PT. Japan AE Power Systems Indonesia	Subsidiary	Bekasi	Indonesia	Miscellaneous Capital Goods
Hitachi Keiyo Engineering and Systems Ltd.	Subsidiary	Narashino, Chiba-ken	Japan	Computer Networks
Hitachi Air Conditioning Products Brazil, Ltd.	Subsidiary	Sao Paulo	Brazil	Miscellaneous Capital Goods
Hitachi ID Systems Holding, Inc	Subsidiary	Calgary, AB	Canada	Investment Services
HITACHI DE VENEZUELA, C.A.	Subsidiary	Caracas	Venezuela	Electronic Instruments and Controls
Hitachi Digital Media Group (Russia)	Subsidiary	Moscow	Russian Federation	Electronic Instruments and Controls
Hitachi Solutions (China) Co., Ltd.	Subsidiary	Beijing	China	Computer Networks
Hitachi Via Asia (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods
Hitachi Consulting (China) Co., Ltd.	Subsidiary	Shanghai	China	Computer Networks

Executives Report

Board of Directors

Name	Title	Function
Shigetoshi Andoh	Chairman	Chairman
Yuichi Hayakata	Director	Director/Board Member
Akitoshi Hiraki	Independent Director	Director/Board Member
Biography: Mr. Akitoshi Hiraki has been serving as Independent Director in Hitachi Tool Engineering, Ltd. since June 2012. He is also serving as Managing Executive Officer, President of High-grade Steel Company, Director of Special Steel Business and Assistant Manager of Export Management Office in Hitachi Metals, Ltd., Representative Director in HMF Technology Korea Co., Ltd., as well as Director in Japan Aeroforge,Ltd. Age: 51
Toshio Koizumi	Chief Director of Sales, Director	Director/Board Member
Biography: Mr. Toshio Koizumi has been serving as Chief Director of Sales and Director in Hitachi Tool Engineering, Ltd. since June 2012. He joined the Company in March 1996. His prevoius titles include Manager of Tokyo Business Sales Office, Director of Eastern Area Sales and Senior DIrector of Metal Pattern Parts Sales. Age: 56
Hisao Matsuwake	Director	Director/Board Member
Osamu Noda	Managing Director, Yasu Plant Manager	Director/Board Member
Biography: Mr. Osamu Noda has been serving as Managing Director and Yasu Plant Manager in Hitachi Tool Engineering, Ltd. since June 2012. He joined the Company in April 1971 and used to serve as Manager of Production Management Center in Yasu Plant and Director. Age: 59
Kazuyoshi Shimizu	General Manager of Subsidiary, Director	Director/Board Member
Biography: Mr. Kazuyoshi Shimizu has been serving as in Hitachi Tool Engineering, Ltd., as well as General Manager in a China-based subsidiary, since April 2012. He joined the Company in April 1982. His previous titles include Manager of Osaka Sales Center and Director of International Sales in the Company. Age: 53
Hirokazu Tanaka	President, Representative Director	Director/Board Member
Biography: Mr. Hirokazu Tanaka has been serving as President and Representative Director in Hitachi Tool Engineering, Ltd., since June 2010. He used to work for Hitachi Metals, Ltd., Hitachi Metals America, LTD. and Hitachi Metals Europe GmbH. He obtained his Bachelor's degree of Economics from Keio University in March 1972. Age: 62 Education: Keio University, B (Economics)
Seiichiro Tsurisaki	Director	Director/Board Member
Toru Yamaguchi	President and Chairman of Subsidiaries, Director	Director/Board Member
Biography: Mr. Toru Yamaguchi has been serving as Director in Hitachi Tool Engineering, Ltd., President and Representative Director in its subsidiary Hitachi Tool Engineering Europe GmbH, as well as Chairman of the Board in a China-based subsidiary, since April 2012. He used to work for Hitachi Metals, Ltd., San Technology, INC. and other companies. Age: 55

Executives

Name	Title	Function
Koichiro Anzai	Senior Managing Director	Chief Executive Officer
Minoru Furukawa	President	President
Hirokazu Tanaka	President, Representative Director	President
Biography: Mr. Hirokazu Tanaka has been serving as President and Representative Director in Hitachi Tool Engineering, Ltd., since June 2010. He used to work for Hitachi Metals, Ltd., Hitachi Metals America, LTD. and Hitachi Metals Europe GmbH. He obtained his Bachelor's degree of Economics from Keio University in March 1972. Age: 62 Education: Keio University, B (Economics)
Takio Sassa	Co-Executive Officer	Division Head Executive
Toru Shimizu	Co-Executive Officer	Division Head Executive
Kazuyoshi Shimizu	General Manager of Subsidiary, Director	Division Head Executive
Biography: Mr. Kazuyoshi Shimizu has been serving as in Hitachi Tool Engineering, Ltd., as well as General Manager in a China-based subsidiary, since April 2012. He joined the Company in April 1982. His previous titles include Manager of Osaka Sales Center and Director of International Sales in the Company. Age: 53
Shosaku Umezawa	Co-Executive Officer	Division Head Executive
Toru Yamaguchi	President and Chairman of Subsidiaries, Director	Division Head Executive
Biography: Mr. Toru Yamaguchi has been serving as Director in Hitachi Tool Engineering, Ltd., President and Representative Director in its subsidiary Hitachi Tool Engineering Europe GmbH, as well as Chairman of the Board in a China-based subsidiary, since April 2012. He used to work for Hitachi Metals, Ltd., San Technology, INC. and other companies. Age: 55
Toru Yoshioka	Co-Executive Officer	Division Head Executive
Motohiro Fujii	Co-Managing Director	Managing Director
Masaharu Furutera	Co-Managing Director	Managing Director
Shizuo Honda	Managing Executive Officer	Managing Director
Akifumi Mitani	Co-Managing Director	Managing Director
Osamu Noda	Managing Director, Yasu Plant Manager	Managing Director
Biography: Mr. Osamu Noda has been serving as Managing Director and Yasu Plant Manager in Hitachi Tool Engineering, Ltd. since June 2012. He joined the Company in April 1971 and used to serve as Manager of Production Management Center in Yasu Plant and Director. Age: 59
Yasuo Ogawa	Co-Managing Director	Managing Director
Junnosuke Ban	Co-Auditor	Finance Executive
Sakae Kanno	Co-Auditor	Finance Executive
Hiromitsu Miyasaka	Co-Auditor	Finance Executive
Tadao Shimauchi	Co-Auditor	Finance Executive
Toshio Koizumi	Chief Director of Sales, Director	Sales Executive
Biography: Mr. Toshio Koizumi has been serving as Chief Director of Sales and Director in Hitachi Tool Engineering, Ltd. since June 2012. He joined the Company in March 1996. His prevoius titles include Manager of Tokyo Business Sales Office, Director of Eastern Area Sales and Senior DIrector of Metal Pattern Parts Sales. Age: 56

Significant Developments

Hitachi Tool Engineering, Ltd. Reaffirms Midterm Dividend Outlook and Cancels Year-end Dividend Payment Plan for FY Ending March 2013

Jul 27, 2012

Hitachi Tool Engineering, Ltd. announced that it has reaffirmed its midterm dividend outlook of JPY 10.00 per share, which was announced on April 24, 2012, and resolved to cancel its year-end dividend of JPY 10.00 per share, which was announced on April 24, 2012, for the fiscal year ending March 2013. The Company lowered its annual dividend outlook from JPY 20.00 per share, which was announced on April 24, 2012, to JPY 10.00 per share, for the same fiscal year.

Hitachi Metals, Ltd. to Fully Acquire Hitachi Tool Engineering, Ltd. through Stock Swap

Jul 27, 2012

Hitachi Metals, Ltd. announced that Hitachi Metals, Ltd. will be fully acquiring Hitachi Tool Engineering, Ltd. through stock swap. One share of Hitachi Tool Engineering, Ltd.'s stock will be exchanged with evenly one share with Hitachi Metals, Ltd.'s stock, and Hitachi Metals, Ltd. will trade 13,423,947 shares of its stock, effective November 1, 2012. Hitachi Tool Engineering, Ltd.'s stock will be delisted from Tokyo Stock Exchange and Osaka Securities Exchange on October 29, 2012.

WIPO PUBLISHES PATENT OF HITACHI TOOL ENGINEERING FOR "EDGE REPLACEABLE BALL END MILL" (JAPANESE INVENTORS)

U.S. Fed News: 07 September 2012
[What follows is the full text of the news story.]

GENEVA, Sept. 7 -- Publication No. WO/2012/118222 was published on Sept. 7.

Title of the invention: "EDGE REPLACEABLE BALL END MILL."

Applicants: Hitachi Tool Engineering Ltd. (JP).

Inventors: Yoshimitsu Nagashima (JP), Yoshiyuki Kobayashi (JP), Haruhisa Higasayama (JP) and Seiji Niwa (JP).

According to the abstract posted by the World Intellectual Property Organization: "An edge replaceable ball end mill configured so that first to third inserts having circular arc-shaped cutting edges are respectively removably mounted, by means of first to third screws, to first to third mounding seats provided at the hemispherical tip of a tool body. A first screw hole for the first screw obliquely penetrates through the first mounting seat having a slit shape. The first insert has a hole tilted so as to avoid the interference between the first screw and the second and third screws. At least a part of the hole of the first insert and at least a part of the first screw have finished surfaces, and this configuration allows, when the first screw penetrates through the first insert mounted on the first mounting seat, the first insert to be accurately positioned by the close engagement between both the finished surfaces."

The patent was filed on March 5 under Application No. PCT/JP2012/055562.

For further information please visit: http://www.wipo.int/patentscope/search/en/detail.jsf?docId=WO2012118222

For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

Hitachi Metals To Take Full Control Of Hitachi Tool

Nikkei English News: 27 July 2012
[What follows is the full text of the news story.]

TOKYO (Nikkei)--Hitachi Metals Ltd. (5486) said Friday that it will turn consolidated subsidiary Hitachi Tool Engineering Ltd. (5963) into a wholly owned unit to bundle the two firms' products for sale in emerging markets.

Under a stock swap, each Hitachi Tool share will be exchanged for one Hitachi Metals share starting Nov. 1. Hitachi Tool will be delisted Oct. 29.

Hitachi Metals controls about 40% of the domestic market in tool steel for making molds used by automakers, electronics manufacturers and others. But its global market share amounts to less than 10% because the company was slow to move into emerging markets. Plans call for selling the material together with tools made by Hitachi Tool.

"We will enhance global competitiveness by offering total solutions for molds instead of selling just the materials," Hitachi Metals President Hiroyuki Fujii said.

Hitachi Metals had tried to collaborate with its subsidiary in the past. But to maintain its independence as a publicly traded firm, Hitachi Tool cannot fully disclose its marketing data, R&D and technologies to the parent.

(The Nikkei, July 28 morning edition)

Hitachi Tool Engineering Cuts FY Dividend Plan To Y10.00

Nikkei English News: 27 July 2012
[What follows is the full text of the news story.]

Hitachi Tool Engineering Ltd. (5963.TO)

GROUP Latest Revision Previous

For Year To Mar 2013 Plan

Midyear 10.00 10.00

Year-end 0.00 10.00

Annual 10.00 20.00

Results are based on Japanese accounting standards.

Hitachi Tool Engineering 1Q Grp Net Pft Y286.00M Vs Y540.00M Pft Yr Earlier

Nikkei English News: 27 July 2012
[What follows is the full text of the news story.]

Hitachi Tool Engineering Ltd. (5963.TO)

Japan

1st Quarter Ended June 30

GROUP 2012 2011

Revenue Y4.17 blnY4.40 bln

Operating Profit 606.00 mln 901.00 mln

Pretax Profit 577.00 mln 911.00 mln

Net Profit 286.00 mln 540.00 mln

Per share

Earnings 10.42 19.70

Results are based on Japanese accounting standards.

Order free Annual Report for HITACHI TOOL ENGINEERING LTD

Visit http://djnweurope.ar.wilink.com/?ticker=JP3790000008 or call +44 (0)208 391 6028

Hitachi Tool Engineering Expects This FY Grp Net Pft Y1.56B

Nikkei English News: 27 July 2012
[What follows is the full text of the news story.]

Hitachi Tool Engineering Ltd. also released the following forecasts:

GROUP 1st Half To Year Ending

Sep 2012Mar 2013

Revenue Y8.20 blnY17.00 bln

Operating Profit 1.20 bln 2.58 bln

Pretax Profit 1.12 bln 2.34 bln

Net Profit 700.00 mln 1.56 bln

Per share

Earnings 25.49 56.82

Results are based on Japanese accounting standards.

Hitachi Tool Engineering FY Grp Net Pft Y1.52B Vs Y1.61B Pft Yr Earlier

Nikkei English News: 24 April 2012
[What follows is the full text of the news story.]

Hitachi Tool Engineering Ltd. (5963.TO)

Japan

Year Ended March 31

Group 2012 2011

Revenue Y17.11 blnY16.14 bln

Operating Profit 2.77 bln 2.54 bln

Pretax Profit 2.63 bln 2.40 bln

Net Profit 1.52 bln 1.61 bln

Per share

Earnings 55.37 58.75

Results are based on Japanese accounting standards.

Hitachi Tool Engineering Expects This FY Grp Net Pft Y1.46B

Nikkei English News: 24 April 2012
[What follows is the full text of the news story.]

Hitachi Tool Engineering Ltd. also released the following forecasts:

GROUP 1st Half To Year Ending

Sep 2012Mar 2013

Revenue Y8.20 blnY17.00 bln

Operating Profit 1.12 bln 2.42 bln

Pretax Profit 1.00 bln 2.18 bln

Net Profit 670.00 mln 1.46 bln

Per share

Earnings 24.40 53.17

Results are based on Japanese accounting standards.

Hitachi Tool Engineering 9Mos Grp Net Pft Y1.18B Vs Y1.18B Pft Yr Earlier

Nikkei English News: 30 January 2012
[What follows is the full text of the news story.]

Hitachi Tool Engineering Ltd. (5963.TO)

Japan

9 Months Ended December 31

GROUP 2011 2010

Revenue Y12.70 blnY11.71 bln

Operating Profit 2.00 bln 1.74 bln

Pretax Profit 2.03 bln 1.73 bln

Net Profit 1.18 bln 1.18 bln

Per share

Earnings 42.95 42.88

Results are based on Japanese accounting standards.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young Shin Nihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	216.7	188.4	143.8	192.6	220.2
Revenue	216.7	188.4	143.8	192.6	220.2
Total Revenue	216.7	188.4	143.8	192.6	220.2
Cost of Revenue	125.9	108.4	93.2	125.2	120.7
Cost of Revenue, Total	125.9	108.4	93.2	125.2	120.7
Gross Profit	90.8	79.9	50.5	67.4	99.5
Selling/General/Administrative Expense	23.1	21.0	17.3	20.5	21.2
Labor & Related Expense	30.8	27.1	22.7	25.3	23.9
Total Selling/General/Administrative Expenses	54.0	48.0	40.0	45.8	45.2
Depreciation	1.8	2.2	1.5	0.4	0.4
Depreciation/Amortization	1.8	2.2	1.5	0.4	0.4
Impairment-Assets Held for Use	0.1	0.2	2.8	1.7	0.3
Other Unusual Expense (Income)	0.6	0.1	0.0	8.3	0.0
Unusual Expense (Income)	0.7	0.3	2.8	10.0	0.3
Total Operating Expense	182.4	159.0	137.5	181.4	166.5
Operating Income	34.4	29.4	6.3	11.1	53.7
Interest Income - Non-Operating	0.6	0.5	0.5	1.2	0.6
Investment Income - Non-Operating	-1.1	-1.1	0.3	0.9	0.5
Interest/Investment Income - Non-Operating	-0.5	-0.6	0.8	2.1	1.1
Interest Income (Expense) - Net Non-Operating Total	-0.5	-0.6	0.8	2.1	1.1
Gain (Loss) on Sale of Assets	0.3	1.7	0.1	0.0	0.2
Other Non-Operating Income (Expense)	-1.5	-1.9	-1.9	-2.3	-3.4
Other, Net	-1.5	-1.9	-1.9	-2.3	-3.4
Income Before Tax	32.7	28.6	5.2	10.9	51.5
Total Income Tax	13.5	9.8	2.7	4.8	20.4
Income After Tax	19.2	18.8	2.5	6.2	31.1
Minority Interest	-	0.0	0.0	-	-
Net Income Before Extraord Items	19.2	18.8	2.5	6.2	31.1
Net Income	19.2	18.8	2.5	6.2	31.1
Miscellaneous Earnings Adjustment	-	0.0	0.0	0.0	-
Total Adjustments to Net Income	-	0.0	0.0	0.0	-
Income Available to Common Excl Extraord Items	19.2	18.8	2.5	6.1	31.1
Income Available to Common Incl Extraord Items	19.2	18.8	2.5	6.1	31.1
Basic/Primary Weighted Average Shares	27.5	27.5	27.5	27.5	27.5
Basic EPS Excl Extraord Items	0.70	0.69	0.09	0.22	1.13
Basic/Primary EPS Incl Extraord Items	0.70	0.69	0.09	0.22	1.13
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	19.2	18.8	2.5	6.1	31.1
Diluted Weighted Average Shares	27.5	27.5	27.5	27.5	27.5
Diluted EPS Excl Extraord Items	0.70	0.69	0.09	0.22	1.13
Diluted EPS Incl Extraord Items	0.70	0.69	0.09	0.22	1.13
Dividends per Share - Common Stock Primary Issue	0.25	0.16	0.15	0.28	0.26
Gross Dividends - Common Stock	6.9	4.5	4.1	7.6	7.2
Depreciation, Supplemental	1.8	20.7	22.9	23.1	20.2
Total Special Items	0.4	-1.4	2.7	10.0	0.1
Normalized Income Before Tax	33.1	27.2	7.9	20.9	51.6
Effect of Special Items on Income Taxes	0.2	-0.5	1.4	4.4	0.0
Inc Tax Ex Impact of Sp Items	13.6	9.3	4.2	9.1	20.5
Normalized Income After Tax	19.5	17.9	3.8	11.8	31.2
Normalized Inc. Avail to Com.	19.5	17.9	3.8	11.8	31.2
Basic Normalized EPS	0.71	0.65	0.14	0.43	1.13
Diluted Normalized EPS	0.71	0.65	0.14	0.43	1.13
Rental Expenses	3.5	3.5	3.8	3.6	2.7
Research & Development Exp, Supplemental	11.2	11.6	10.4	10.5	10.0
Reported Operating Profit	35.1	29.7	9.0	21.1	54.0
Reported Ordinary Profit	33.4	28.1	5.8	19.8	51.5
Normalized EBIT	35.1	29.7	9.0	21.1	54.0
Normalized EBITDA	36.9	50.4	32.0	44.3	74.2
Current Tax - Total	11.6	-	-	-	-
Current Tax - Total	11.6	-	-	-	-
Deferred Tax - Total	1.8	-	-	-	-
Deferred Tax - Total	1.8	-	-	-	-
Income Tax - Total	13.4	-	-	-	-
Interest Cost - Domestic	0.5	0.5	0.5	0.6	0.4
Service Cost - Domestic	1.6	1.5	1.5	1.2	1.0
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Actuarial Gains and Losses - Domestic	0.7	0.7	0.6	0.4	0.3
Transition Costs - Domestic	0.0	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	2.4	1.9	1.7	2.1	1.8
Domestic Pension Plan Expense	5.3	4.6	4.3	4.3	3.6
Defined Contribution Expense - Domestic	0.5	0.5	0.5	0.5	0.4
Total Pension Expense	5.9	5.1	4.8	4.7	4.0
Discount Rate - Domestic	1.47%	1.80%	1.91%	1.73%	2.50%
Expected Rate of Return - Domestic	-	0.00%	0.00%	0.00%	0.00%
Total Plan Interest Cost	0.5	0.5	0.5	0.6	0.4
Total Plan Service Cost	1.6	1.5	1.5	1.2	1.0
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0
Total Plan Other Expense	2.4	1.9	1.7	2.1	1.8

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	Ernst & Young Shin Nihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	40.1	34.4	25.1	18.5	14.2
Cash and Short Term Investments	40.1	34.4	25.1	18.5	14.2
Accounts Receivable - Trade, Gross	26.7	24.7	18.9	9.3	32.8
Provision for Doubtful Accounts	-0.4	-0.5	-0.4	-0.3	-0.7
Trade Accounts Receivable - Net	26.3	24.2	18.6	9.0	32.1
Other Receivables	-	-	0.0	10.9	0.0
Total Receivables, Net	26.3	24.2	18.6	19.9	32.1
Inventories - Finished Goods	23.1	17.0	13.7	11.3	-
Inventories - Work In Progress	6.4	5.6	4.8	4.2	-
Inventories - Raw Materials	6.9	4.4	2.9	3.9	-
Total Inventory	36.4	27.0	21.5	19.4	22.2
Deferred Income Tax - Current Asset	4.1	5.3	3.8	4.6	6.9
Other Current Assets	112.8	120.2	80.5	71.9	83.8
Other Current Assets, Total	116.9	125.5	84.3	76.5	90.7
Total Current Assets	219.8	211.1	149.5	134.3	159.1
Buildings	79.8	78.5	70.7	64.9	63.4
Land/Improvements	39.5	39.3	35.2	33.4	33.2
Machinery/Equipment	273.0	253.2	226.6	230.6	223.4
Construction in Progress	3.6	2.2	0.0	1.4	2.4
Other Property/Plant/Equipment	29.5	27.9	23.8	23.8	23.8
Property/Plant/Equipment - Gross	425.5	401.1	356.5	354.1	346.2
Accumulated Depreciation	-289.3	-274.2	-231.6	-219.2	-212.1
Property/Plant/Equipment - Net	136.1	127.0	124.9	134.9	134.1
Intangibles, Net	1.2	1.3	1.1	1.3	1.1
LT Investments - Other	3.6	3.9	3.7	5.9	13.7
Long Term Investments	3.6	3.9	3.7	5.9	13.7
Note Receivable - Long Term	-	-	-	0.0	0.2
Deferred Income Tax - Long Term Asset	8.5	8.8	7.2	5.8	4.2
Other Long Term Assets	1.7	1.8	1.9	2.3	2.1
Other Long Term Assets, Total	10.2	10.6	9.1	8.2	6.4
Total Assets	370.8	353.9	288.2	284.5	314.5
Accounts Payable	7.9	7.5	5.4	6.9	11.7
Accrued Expenses	9.4	11.5	8.6	11.6	13.3
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Security Deposits	19.1	18.0	15.7	14.3	12.3
Income Taxes Payable	5.9	10.6	0.8	1.3	14.5
Other Payables	14.9	6.4	4.7	5.3	11.0
Other Current Liabilities	0.4	0.3	0.4	0.5	0.6
Other Current liabilities, Total	40.2	35.3	21.7	21.4	38.4
Total Current Liabilities	57.4	54.3	35.7	39.8	63.4
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	-	-	-	0.0	0.0
Deferred Income Tax	-	-	-	0.0	0.0
Pension Benefits - Underfunded	23.3	22.3	18.3	18.0	18.8
Other Long Term Liabilities	0.4	0.4	0.4	0.4	0.4
Other Liabilities, Total	23.7	22.7	18.7	18.4	19.2
Total Liabilities	81.2	77.0	54.4	58.2	82.6
Common Stock	17.7	17.6	15.6	14.7	14.6
Common Stock	17.7	17.6	15.6	14.7	14.6
Additional Paid-In Capital	9.8	9.7	8.6	8.2	8.1
Retained Earnings (Accumulated Deficit)	267.5	253.1	211.4	203.2	203.6
Treasury Stock - Common	-0.8	-0.8	-0.7	-0.7	-0.7
Unrealized Gain (Loss)	0.7	0.9	0.9	2.2	4.7
Translation Adjustment	-5.1	-3.6	-1.9	-1.4	1.5
Other Equity, Total	-5.1	-3.6	-1.9	-1.4	1.5
Total Equity	289.7	276.8	233.8	226.3	231.9
Total Liabilities & Shareholders’ Equity	370.8	353.8	288.2	284.5	314.5
Shares Outstanding - Common Stock Primary Issue	27.5	27.5	27.5	27.5	27.5
Total Common Shares Outstanding	27.5	27.5	27.5	27.5	27.5
Treasury Shares - Common Stock Primary Issue	0.1	0.1	0.1	0.1	0.1
Employees	725	737	743	803	858
Number of Common Shareholders	5,640	5,868	6,165	7,185	6,817
Pension Obligation - Domestic	31.1	29.5	25.4	25.7	22.8
Plan Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Funded Status - Domestic	-31.1	-29.5	-25.4	-25.7	-22.8
Total Funded Status	-31.1	-29.5	-25.4	-25.7	-22.8
Discount Rate - Domestic	1.47%	1.80%	1.91%	1.73%	2.50%
Expected Rate of Return - Domestic	-	0.00%	0.00%	0.00%	0.00%
Accrued Liabilities - Domestic	-22.7	-21.6	-17.6	-17.4	-17.9
Other Assets, Net - Domestic	8.4	7.9	7.8	8.2	4.9
Net Assets Recognized on Balance Sheet	-14.3	-13.7	-9.8	-9.2	-13.0
Total Plan Obligations	31.1	29.5	25.4	25.7	22.8
Total Plan Assets	0.0	0.0	0.0	0.0	0.0

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young Shin Nihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	32.7	28.6	5.2	10.9	51.5
Depreciation	21.7	20.7	22.9	23.1	20.2
Depreciation/Depletion	21.7	20.7	22.9	23.1	20.2
Unusual Items	-0.3	-1.6	2.8	10.0	0.3
Other Non-Cash Items	0.6	1.2	-1.4	-1.9	0.9
Non-Cash Items	0.4	-0.4	1.4	8.1	1.2
Accounts Receivable	-3.0	-3.6	-9.2	22.1	-2.0
Inventories	-9.9	-3.1	-1.1	1.7	-0.7
Accounts Payable	0.4	1.6	-1.9	-3.6	0.4
Other Operating Cash Flow	-17.4	1.4	7.3	-35.0	-14.3
Changes in Working Capital	-29.9	-3.7	-4.9	-14.9	-16.7
Cash from Operating Activities	24.8	45.2	24.7	27.3	56.2
Purchase of Fixed Assets	-23.0	-7.2	-8.2	-28.5	-28.8
Purchase/Acquisition of Intangibles	-0.3	-0.4	-0.1	-0.5	-0.5
Capital Expenditures	-23.3	-7.7	-8.3	-28.9	-29.4
Sale of Fixed Assets	0.5	2.4	0.0	-	-
Sale/Maturity of Investment	-	-	0.0	3.0	0.2
Purchase of Investments	0.0	0.0	0.0	0.0	-3.2
Other Investing Cash Flow	0.1	0.2	0.7	0.2	0.0
Other Investing Cash Flow Items, Total	0.5	2.6	0.7	3.2	-3.0
Cash from Investing Activities	-22.8	-5.1	-7.6	-25.8	-32.4
Cash Dividends Paid - Common	-5.9	-4.5	-5.9	-8.2	-7.2
Total Cash Dividends Paid	-5.9	-4.5	-5.9	-8.2	-7.2
Repurchase/Retirement of Common	0.0	0.0	0.0	0.0	-0.5
Common Stock, Net	0.0	0.0	0.0	0.0	-0.5
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	0.0	-0.5
Cash from Financing Activities	-5.9	-4.5	-5.9	-8.2	-7.7
Foreign Exchange Effects	-0.2	-0.9	-0.3	-1.2	0.0
Net Change in Cash	-4.1	34.7	10.8	-7.9	16.2
Net Cash - Beginning Balance	161.1	113.7	94.1	94.9	67.3
Net Cash - Ending Balance	157.0	148.5	104.9	87.0	83.4
Cash Taxes Paid	16.5	2.1	-9.3	25.0	17.7

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young Shin Nihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	216.7	188.4	143.8	192.6	220.2
Total Revenue	216.7	188.4	143.8	192.6	220.2
Cost of Sales	125.9	108.4	93.2	125.2	120.7
Other Selling/General/Admin. Expense	11.6	-	-	-	-
Packing & delivery expenses	2.0	1.7	1.4	1.7	1.9
Commission expenses	3.0	2.5	1.4	2.9	4.8
Payroll	23.5	20.4	17.1	20.4	19.4
Welfare expenses	5.5	4.7	3.9	3.5	3.1
Periodic retirement benefit costs	1.6	1.5	1.4	1.2	1.0
Traveling exp.	3.0	2.5	2.0	2.6	2.6
Rent expenses	3.5	3.5	3.8	3.6	2.7
Depreciation expenses	1.8	2.2	1.5	0.4	0.4
Reserve for officers retirement	0.1	0.1	0.1	0.1	0.2
Provision for officers bonus	0.1	0.4	0.2	0.1	0.2
Provision for doubtful accounts(SGA)	0.0	0.1	0.1	-	-
Other SGA	-	10.7	8.6	9.7	9.3
Special Retirement Expenses	0.3	-	-	-	-
Loss on business withdrawal	0.4	-	-	-	-
SP Assets impairment losses	-	0.0	0.5	0.6	0.0
SP L Special retirement benefits	-	-	0.0	8.3	0.0
Support expenses for disaster	0.0	0.1	0.0	-	-
NOP Loss-Retire.Inventory.	-	-	-	-	0.0
NOP Loss on retirement of fixed assets	0.1	0.2	2.2	1.1	0.3
Total Operating Expense	182.4	159.0	137.5	181.4	166.5
SPGain on sales of noncurrent assets	0.0	0.7	0.0	-	-
SP Loss on business withdrawal	-	0.0	-	-	-
NOP Interest Income	0.6	0.5	0.5	1.2	0.6
NOP Dividend Income	0.0	0.0	0.1	0.1	0.0
NOP Exchange Gain	-	0.0	0.2	0.8	0.3
Gain on sales of scraps	0.8	-	-	-	-
Other Non-Operating Income (Expense)	0.0	-	-	-	-
NOP Reversal G on allow.doubt.accounts	-	-	0.0	0.4	0.1
NOP Gain on sale of LT investment secs.	-	-	-	0.0	0.2
NOP Gain on sale of scrap	-	-	-	0.0	0.2
NOP Subsidies income	0.4	0.0	0.2	0.4	0.0
NOP Patent fee income	-	0.4	0.2	0.3	0.2
NOP Income tax refunds	-	0.0	0.3	0.0	-
NOP Gain on sales of fixed assets	0.3	1.1	0.1	-	-
NOP Other Income	0.8	1.0	0.7	0.6	1.0
NOP Sales Discount	-2.7	-2.4	-1.6	-3.0	-3.2
NOP Exchange Loss	-1.1	-1.1	0.0	-	-
NOP Other Expense	-0.8	-1.0	-1.8	-1.1	-1.5
Net Income Before Taxes	32.7	28.6	5.2	10.9	51.5
Total income taxes	13.5	9.8	2.7	4.8	20.4
Net Income After Taxes	19.2	18.8	2.5	6.2	31.1
Minority interests in income	-	0.0	0.0	-	-
Net Income Before Extra. Items	19.2	18.8	2.5	6.2	31.1
Net Income	19.2	18.8	2.5	6.2	31.1
Adjustment	-	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	19.2	18.8	2.5	6.1	31.1
Income Available to Com Incl ExtraOrd	19.2	18.8	2.5	6.1	31.1
Basic Weighted Average Shares	27.5	27.5	27.5	27.5	27.5
Basic EPS Excluding ExtraOrdinary Items	0.70	0.69	0.09	0.22	1.13
Basic EPS Including ExtraOrdinary Item	0.70	0.69	0.09	0.22	1.13
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	19.2	18.8	2.5	6.1	31.1
Diluted Weighted Average Shares	27.5	27.5	27.5	27.5	27.5
Diluted EPS Excluding ExtraOrd Items	0.70	0.69	0.09	0.22	1.13
Diluted EPS Including ExtraOrd Items	0.70	0.69	0.09	0.22	1.13
DPS-Common Stock	0.25	0.16	0.15	0.28	0.26
Gross Dividends - Common Stock	6.9	4.5	4.1	7.6	7.2
Normalized Income Before Taxes	33.1	27.2	7.9	20.9	51.6
Inc Tax Ex Impact of Sp Items	13.6	9.3	4.2	9.1	20.5
Normalized Income After Taxes	19.5	17.9	3.8	11.8	31.2
Normalized Inc. Avail to Com.	19.5	17.9	3.8	11.8	31.2
Basic Normalized EPS	0.71	0.65	0.14	0.43	1.13
Diluted Normalized EPS	0.71	0.65	0.14	0.43	1.13
Rental Expense	3.5	3.5	3.8	3.6	2.7
Total Research And Development Expense	11.2	11.6	10.4	10.5	10.0
Selling General And Administrative Expen	1.8	-	-	-	-
Depreciation, supplemental	-	20.7	22.9	23.1	20.2
Income taxes-current	11.6	-	-	-	-
Current Tax - Total	11.6	-	-	-	-
Income taxes-deferred	1.8	-	-	-	-
Deferred Tax - Total	1.8	-	-	-	-
Income Tax - Total	13.4	-	-	-	-
Reported operating profit	35.1	29.7	9.0	21.1	54.0
Reported ordinary profit	33.4	28.1	5.8	19.8	51.5
Service cost	1.6	1.5	1.5	1.2	1.0
Interest cost	0.5	0.5	0.5	0.6	0.4
Expected return on plan assets	0.0	0.0	0.0	0.0	0.0
Pension exp. due to acct. changes	0.0	0.0	0.0	0.0	0.0
Actuarial gains and losses	0.7	0.7	0.6	0.4	0.3
Retirement Benefit Expenses Premium Seve	0.3	-	-	-	-
Welfare Pension Plan	2.2	1.9	1.7	2.1	1.8
Domestic Pension Plan Expense	5.3	4.6	4.3	4.3	3.6
Defined contribution expenses	0.5	0.5	0.5	0.5	0.4
Total Pension Expense	5.9	5.1	4.8	4.7	4.0
Discount Rate(MIN)-Retirement Cost(Domes	1.47%	-	-	-	-
Discount rate	-	1.80%	1.91%	1.73%	2.50%
Expected rate of return	-	0.00%	0.00%	0.00%	0.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor	Ernst & Young Shin Nihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash&Deposits	40.1	34.4	25.1	18.5	14.2
Notes and accounts receivable-trade	26.7	24.7	18.9	9.3	32.8
Inventories	-	-	-	-	22.2
Inventories-Merchandise&Finished goods	23.1	17.0	13.7	11.3	-
Inventories - work-in-process	6.4	5.6	4.8	4.2	-
Inventories - raw materials&supplies	6.9	4.4	2.9	3.9	-
Returned Income Tax Rcyb.	-	-	0.0	10.9	0.0
Cash pooling deposit	110.4	119.1	79.1	70.0	81.6
Dfrd. Tax Asset	4.1	5.3	3.8	4.6	6.9
Rounding adjustment Assets	0.0	-	-	-	-
Other Cur. Asset	2.4	1.1	1.3	1.9	2.1
Doubtful Acct.	-0.4	-0.5	-0.4	-0.3	-0.7
Total Current Assets	219.8	211.1	149.5	134.3	159.1
Buildings & structures, gross	79.8	78.5	70.7	64.9	63.4
Accum Dep of Mchy & Equipt	-48.3	-45.7	-39.3	-34.9	-32.0
Machinery, equipment and vehicles	273.0	253.2	226.6	230.6	223.4
Acc. Depre-Machine,Equip&Vehicle	-214.3	-203.3	-170.8	-163.7	-160.4
Land	39.5	39.3	35.2	33.4	33.2
Constr. in Prog.	3.6	2.2	0.0	1.4	2.4
Other PP&E, gross	29.5	27.9	23.8	23.8	23.8
Accumulated Depreciation-Other	-26.7	-25.2	-21.5	-20.5	-19.7
Total intangible assets	1.2	1.3	1.1	1.3	1.1
Investment Secs.	3.6	3.9	3.7	5.9	13.7
Long Term Loan	-	-	-	0.0	0.2
Deferred tax assets	8.5	8.8	7.2	5.8	4.2
Allowance For Doubtful Accounts	0.0	-	-	-	-
Rounding adjustment Assets	0.0	-	-	-	-
Other Assets	1.7	1.8	1.9	2.3	2.1
Doubtful Acct.	-	0.0	0.0	0.0	0.0
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Total Assets	370.8	353.9	288.2	284.5	314.5
Accounts payable-trade	7.9	7.5	5.4	6.9	11.7
Accounts payable-other	14.9	6.4	4.7	5.3	11.0
Accrd. Expense	9.2	10.1	8.4	11.5	12.3
Tax Payable	5.9	10.6	0.8	1.3	14.5
Accrued consumption taxes	0.0	1.0	0.0	0.0	0.7
Security Deposit	-	-	0.0	14.3	12.3
Guarantee deposited	19.1	18.0	15.7	0.0	-
Provision for directors'' bonuses	0.1	0.4	0.2	0.1	0.3
Rounding adjustment Liability	0.1	-	-	-	-
Other Cur. Liab.	0.3	0.3	0.4	0.5	0.6
Total Current Liabilities	57.4	54.3	35.7	39.8	63.4
Accrd. Retire.	22.7	21.6	17.6	17.4	17.9
Provision for directors'' retirement ben	0.6	0.7	0.7	0.6	0.9
Rounding adjustment Liability	0.0	-	-	-	-
Deferred tax liabilities (non-current)	-	-	-	0.0	0.0
Other Liability	0.4	0.4	0.4	0.4	0.4
Total Liabilities	81.2	77.0	54.4	58.2	82.6
Common Stock	17.7	17.6	15.6	14.7	14.6
Total capital surpluses	9.8	9.7	8.6	8.2	8.1
Total retained earnings	267.5	253.1	211.4	203.2	203.6
Treasury Stock	-0.8	-0.8	-0.7	-0.7	-0.7
Valuation difference on available-for-sa	0.7	0.9	0.9	2.2	4.7
Trans. Adjust.	-5.1	-3.6	-1.9	-1.4	1.5
Total Equity	289.7	276.8	233.8	226.3	231.9
Total Liabilities & Shareholders' Equity	370.8	353.8	288.2	284.5	314.5
S/O-Common Stock	27.5	27.5	27.5	27.5	27.5
Total Common Shares Outstanding	27.5	27.5	27.5	27.5	27.5
T/S-Common Stock	0.1	0.1	0.1	0.1	0.1
Full-Time Employees	725	737	743	803	858
Total Number of Shareholders	5,640	-	-	-	-
Number of Common Shareholders	-	5,868	6,165	7,185	6,817
Pension obligation	31.1	29.5	25.4	25.7	22.8
Fair value of plan asset	0.0	0.0	0.0	0.0	0.0
Funded status	-31.1	-29.5	-25.4	-25.7	-22.8
Total Funded Status	-31.1	-29.5	-25.4	-25.7	-22.8
Discount rate	1.47%	1.80%	1.91%	1.73%	2.50%
Expected rate of return	-	0.00%	0.00%	0.00%	0.00%
Expense unrecog. for acc. changes	-	0.0	0.0	0.0	0.0
Unrecognized actuarial gains and losses	8.4	7.9	7.8	8.2	4.9
Reserve for accrued retirement benefits	-22.7	-21.6	-17.6	-17.4	-17.9
Net Assets Recognized on Balance Sheet	-14.3	-13.7	-9.8	-9.2	-13.0

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young Shin Nihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	32.7	28.6	5.2	10.9	51.5
Depreciation	21.7	20.7	22.9	23.1	20.2
Impairment losses on assets	-	0.0	0.5	0.6	0.0
Extra Retirement Payment	0.3	-	-	-	-
Increase (decrease) in provision for ret	1.0	1.7	-0.8	-0.6	1.7
Changes in reserve for doubtful accounts	-	-	-	-	-0.1
Interest and dividends income	-0.6	-0.5	-0.6	-1.3	-0.6
Write-off Fixed Assets	0.1	0.2	2.2	1.1	0.3
Loss (gain) on sales of noncurrent asset	-0.3	-1.8	0.0	-	-
Decrease (increase) in notes and account	-3.0	-3.6	-9.2	22.1	-2.0
Decrease (increase) in inventories	-9.9	-3.1	-1.1	1.7	-0.7
Increase (decrease) in notes and account	0.4	1.6	-1.9	-3.6	0.4
Special retirement benefits	-	-	0.0	8.3	0.0
Other Operating Cash Flow	0.0	-	-	-	-
Other, net	-1.2	3.0	2.1	-7.2	2.8
Interest and dividends income received	0.6	0.5	0.6	1.3	0.6
Income taxes paid, cash basis	-16.5	-2.2	-2.3	-25.0	-17.7
Income taxes refund, cash basis	0.0	0.1	11.6	0.0	-
Special retirement paid	-0.3	0.0	-4.6	-4.1	0.0
Cash from Operating Activities	24.8	45.2	24.7	27.3	56.2
Purch. Inv. Secs.	0.0	0.0	0.0	0.0	-3.2
Sale Inv. Secs.	-	-	0.0	3.0	0.2
Purchase of property, plant and equipmen	-23.0	-7.2	-8.2	-28.5	-28.8
Proceeds from sales of property, plant a	0.5	2.4	0.0	-	-
Intangible Bought	-0.3	-0.4	-0.1	-0.5	-0.5
Rounding adjustment Cash flow	0.0	-	-	-	-
Other, net	0.1	0.2	0.7	0.2	0.0
Cash from Investing Activities	-22.8	-5.1	-7.6	-25.8	-32.4
Dividend Paid	-5.9	-4.5	-5.9	-8.2	-7.2
Purchase Of Treasury Stock	0.0	-	-	-	-
Purchase of treasury stock	-	0.0	0.0	0.0	-0.5
Cash from Financing Activities	-5.9	-4.5	-5.9	-8.2	-7.7
Foreign Exchange Effects	-0.2	-0.9	-0.3	-1.2	0.0
Net Change in Cash	-4.1	34.7	10.8	-7.9	16.2
Net Cash - Beginning Balance	161.1	113.7	94.1	94.9	67.3
Net Cash - Ending Balance	157.0	148.5	104.9	87.0	83.4
Cash Taxes Paid	16.5	2.1	-9.3	25.0	17.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	52.0	-5.29%	216.7	6.03%	-4.01%	-6.59%
Operating Income1	7.6	-32.71%	34.4	7.83%	34.36%	-13.31%
Income Available to Common Excl Extraord Items1	3.9	-41.85%	19.2	-5.71%	35.20%	-13.52%
Basic EPS Excl Extraord Items1	0.14	-41.85%	0.70	-5.71%	35.21%	-13.50%
Capital Expenditures2	23.3	-	23.3	179.94%	-14.11%	-10.49%
Cash from Operating Activities2	24.8	-	24.8	-49.42%	-10.54%	-13.76%
Free Cash Flow	1.4	-	1.4	-96.30%	-	-33.35%
Total Assets3	374.8	1.26%	370.8	4.17%	2.83%	1.76%
Total Liabilities3	76.9	0.05%	81.2	4.78%	5.14%	-2.32%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Employees3	-	-	725	-1.63%	-3.35%	-3.49%
Total Common Shares Outstanding3	27.5	0.00%	27.5	0.00%	0.00%	-0.03%
1-ExchangeRate: JPY to USD Average for Period	80.197711	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	79.390941	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	41.90%	42.43%	35.15%	34.98%	45.20%
Operating Margin	15.86%	15.59%	4.36%	5.78%	24.39%
Pretax Margin	15.09%	15.20%	3.63%	5.66%	23.39%
Net Profit Margin	8.88%	9.99%	1.74%	3.18%	14.13%
Financial Strength
Current Ratio	3.83	3.89	4.19	3.37	2.51
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets	5.08%	5.74%	0.84%	2.08%	11.99%
Return on Equity	6.49%	7.20%	1.05%	2.71%	16.33%
Efficiency
Receivables Turnover	8.20	8.63	7.22	7.50	8.20
Inventory Turnover	3.80	4.38	4.41	6.10	6.38
Asset Turnover	0.57	0.57	0.49	0.65	0.85

Market Valuation USD (mil)
P/E (TTM)	17.10	.	Enterprise Value2	241.3
Price/Sales (TTM)	1.31	.	Enterprise Value/Revenue (TTM)	1.13
Price/Book (MRQ)	0.94	.	Enterprise Value/EBITDA (TTM)	4.65
Market Cap as of 14-Sep-20121	285.7	.
1-ExchangeRate: JPY to USD on 14-Sep-2012	77.620505
2-ExchangeRate: JPY to USD on 30-Jun-2012	79.390941

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	3.83	3.89	4.19	3.37	2.51
Quick/Acid Test Ratio	1.16	1.08	1.22	0.96	0.73
Working Capital1	162.4	156.8	113.8	94.5	95.7
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital	0.00	0.00	0.00	0.00	0.00
Payout Ratio	36.13%	23.85%	165.69%	125.01%	23.20%
Effective Tax Rate	41.15%	34.20%	52.37%	43.61%	39.62%
Total Capital1	289.7	276.8	233.8	226.3	231.9
Efficiency
Asset Turnover	0.57	0.57	0.49	0.65	0.85
Inventory Turnover	3.80	4.38	4.41	6.10	6.38
Days In Inventory	96.10	83.42	82.71	59.85	57.21
Receivables Turnover	8.20	8.63	7.22	7.50	8.20
Days Receivables Outstanding	44.51	42.28	50.56	48.68	44.50
Revenue/Employee2	286,509	264,233	192,464	243,972	294,786
Operating Income/Employee2	45,438	41,207	8,383	14,109	71,896
EBITDA/Employee2	47,832	70,298	39,078	43,423	98,875
Profitability
Gross Margin	41.90%	42.43%	35.15%	34.98%	45.20%
Operating Margin	15.86%	15.59%	4.36%	5.78%	24.39%
EBITDA Margin	16.69%	26.60%	20.30%	17.80%	33.54%
EBIT Margin	15.86%	15.59%	4.36%	5.78%	24.39%
Pretax Margin	15.09%	15.20%	3.63%	5.66%	23.39%
Net Profit Margin	8.88%	9.99%	1.74%	3.18%	14.13%
COGS/Revenue	58.10%	57.57%	64.85%	65.02%	54.80%
SG&A Expense/Revenue	24.89%	25.50%	27.83%	23.79%	20.51%
Management Effectiveness
Return on Assets	5.08%	5.74%	0.84%	2.08%	11.99%
Return on Equity	6.49%	7.20%	1.05%	2.71%	16.33%
Valuation
Free Cash Flow/Share2	0.05	1.41	0.59	-0.06	1.12
Operating Cash Flow/Share 2	0.87	1.70	0.89	1.01	2.35
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)	17.14
Market Cap/Equity (MRQ)	0.94
Market Cap/Revenue (TTM)	1.31
Market Cap/EBIT (TTM)	9.15
Market Cap/EBITDA (TTM)	5.38
Enterprise Value/Earnings (TTM)	14.80
Enterprise Value/Equity (MRQ)	0.81
Enterprise Value/Revenue (TTM)	1.13
Enterprise Value/EBIT (TTM)	7.91
Enterprise Value/EBITDA (TTM)	4.65

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

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

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

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

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

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

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