MIRA INFORM REPORT

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	TOTOKU ELECTRIC CO LTD
Registered Office :	6-1-11, Shinbashi, Minato-Ku, 105-0004
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	22.11.1940
Legal Form :	Public Subsidiary Company
Line of Business :	· Manufacturer of cables, wires and related electrical and electronic components · Communication and Energy Wire and Cable Manufacturing
No. of Employees :	1960

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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 (31.03.2012)	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 & address

Totoku Electric Co Ltd

6-1-11, Shinbashi

Minato-Ku, 105-0004

Japan

Tel: 81-3-58602121

Fax: 81-3-58602134

Web: www.totoku.com

synthesis

Employees: 1,960

Company Type: Public Subsidiary

Corporate Family: 197 Companies

Ultimate Parent: LS Corp.

Traded: Tokyo Stock Exchange: 5807

Incorporation Date: 22-Nov-1940

Auditor: Ernst & Young ShinNihon LLC

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: Japanese Yen

Annual Sales: 340.7 1

Net Income: (40.4)

Total Assets: 263.8 2

Market Value: 77.4 (29-Mar-2013)

Business Description

TOTOKU ELECTRIC CO., LTD. is a manufacturer that is active in three business divisions. The Light, Electric Wire and Device division is involved in the manufacture and sale of products such as electric wires and devices, the provision of materials, and the purchase of products. The Information Equipment division in involved in the provision of materials, and the purchase of products. The Others segment is involved in the transportation of the Company’s products, as well as the service contract business. As of March 31, 2012, the Company had 12 subsidiaries and three affiliated companies. On March 28, 2012, the Furukawa Electric Co., Ltd. acquired additional 23.39% stake of the Company, and became the parent company of the Company. For the nine months ended 31 December 2012, Totoku Electric Co Ltd revenues decreased 22% to Y15.32B. Net income applicable to common stockholders totaled Y410M vs. loss of Y1.15B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net Income reflects Light, Electric Wire, Device Business segment income increase from Y167M to Y541M, Other segment income totaling Y7M vs. loss of Y2M.

Industry

Industry Electronic Instruments and Controls

ANZSIC 2006: 2431 - Electric Cable and Wire Manufacturing

NACE 2002: 3120 - Manufacture of electricity distribution and control apparatus

NAICS 2002: 335931 - Current-Carrying Wiring Device Manufacturing

UK SIC 2003: 3120 - Manufacture of electricity distribution and control apparatus

UK SIC 2007: 2712 - Manufacture of electricity distribution and control apparatus

US SIC 1987: 3643 - Current-Carrying Wiring Devices

Key Executives

Name	Title
Naoomi Tachikawa	President, Representative Director
Nariaki Goto	Executive Officer, Director of Kashiwazaki Manufacturing
Toyokichi Kitazawa	Executive Officer, Director of Administration
Hideyuki Inoue	Managing Executive Officer, Director of Information Machine Business, President of Subsidiary, Director
Hiroshi Ishikawa	Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	Totoku Electric Co Ltd to Sell Business and Subsidiary to JVC KENWOOD Corporation; Announces Early-retirement Program	14-Dec-2012
General Reorganization	2	Totoku Electric Co Ltd Announced the Outcome Of Early Retirement Program, Announces Extraordinary Loss for FY 2013	29-Mar-2013
Strategic Combinations	1	Totoku Electric Co Ltd to Transfer Business to Belton Totoku Technology	31-Aug-2012

* number of significant developments within the last 12 months

news

Title	Date
Totoku Electric Co Ltd Announced the Outcome Of Early Retirement Program, Announces Extraordinary Loss for FY 2013 UK (240 Words)	29-Mar-2013
Totoku Electric Co Ltd to Dissolve Overseas Subsidiary; Expects Extraordinary Profit for FY 2014 (51 Words)	1-Mar-2013
Totoku Electric 9Mos Grp Net Pft Y410.00M Vs Y1.15B Loss Yr Earlier Nikkei English News (89 Words)	6-Feb-2013
Totoku Electric Expects This FY Group Net Profit Y250.00M Nikkei English News (44 Words)	6-Feb-2013
Totoku Electric Co Ltd to Sell Business and Subsidiary to JVC KENWOOD Corporation; Announces Early-retirement Program UK (239 Words)	14-Dec-2012
Totoku Electric Co Ltd to Sell Business and Subsidiary to JVC KENWOOD Corporation UK (29 Words)	14-Dec-2012

Stock Snapshot

Traded: Tokyo Stock Exchange: 5807

As of 29-Mar-2013

   Financials in: JPY

Recent Price	107.00	EPS	-41.33
52 Week High	128.00	Price/Sales	0.27
52 Week Low	63.00	Price/Book	3.89
Avg. Volume (mil)	1.21	Beta	1.11
Market Value (mil)	7,285.40

	Price % Change	Rel S&P 500%
4 Week	-8.55%	-13.00%
13 Week	17.58%	-2.29%
52 Week	9.18%	-9.49%
Year to Date	17.58%	-2.29%

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

6-1-11, Shinbashi

Minato-Ku, 105-0004

Japan

Tel: 81-3-58602121

Fax: 81-3-58602134

Web: www.totoku.com

Quote Symbol - Exchange

5807 - Tokyo Stock Exchange

Sales JPY(mil): 26,899.0

Assets JPY(mil): 21,736.0

Employees: 1,960

Fiscal Year End: 31-Mar-2012

Industry: Electronic Instruments and Controls

Incorporation Date: 22-Nov-1940

Company Type: Public Subsidiary

Quoted Status: Quoted

President, Representative Director:

Naoomi Tachikawa

Industry Codes

ANZSIC 2006 Codes:

2431 - Electric Cable and Wire Manufacturing

2291 - Spring and Wire Product Manufacturing

2149 - Other Basic Non-Ferrous Metal Product Manufacturing

NACE 2002 Codes:

3120 - Manufacture of electricity distribution and control apparatus

2873 - Manufacture of wire products

2745 - Other non-ferrous metal production

NAICS 2002 Codes:

335931 - Current-Carrying Wiring Device Manufacturing

332618 - Other Fabricated Wire Product Manufacturing

331422 - Copper Wire (except Mechanical) Drawing

US SIC 1987:

3643 - Current-Carrying Wiring Devices

3357 - Drawing and Insulating of Nonferrous Wire

3496 - Miscellaneous Fabricated Wire Products

UK SIC 2003:

3120 - Manufacture of electricity distribution and control apparatus

2873 - Manufacture of wire products

2745 - Other non-ferrous metal production

UK SIC 2007:

2712 - Manufacture of electricity distribution and control apparatus

2445 - Other non-ferrous metal production

2593 - Manufacture of wire products, chain and springs

Business Description

TOTOKU ELECTRIC CO., LTD. is a manufacturer that is active in three business divisions. The Light, Electric Wire and Device division is involved in the manufacture and sale of products such as electric wires and devices, the provision of materials, and the purchase of products. The Information Equipment division in involved in the provision of materials, and the purchase of products. The Others segment is involved in the transportation of the Company’s products, as well as the service contract business. As of March 31, 2012, the Company had 12 subsidiaries and three affiliated companies. On March 28, 2012, the Furukawa Electric Co., Ltd. acquired additional 23.39% stake of the Company, and became the parent company of the Company. For the nine months ended 31 December 2012, Totoku Electric Co Ltd revenues decreased 22% to Y15.32B. Net income applicable to common stockholders totaled Y410M vs. loss of Y1.15B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net Income reflects Light, Electric Wire, Device Business segment income increase from Y167M to Y541M, Other segment income totaling Y7M vs. loss of Y2M.

More Business Descriptions

· Manufacture of cables, wires and related electrical and electronic components

· Communication and Energy Wire and Cable Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	26,899.0
Net Income:	-3,191.0
Assets:	21,736.0
Long Term Debt:	2,016.0
Total Liabilities:	18,018.0
Working Capital:	-0.2
Date of Financial Data:	31-Mar-2012

1 Year Growth

-18.6%

NA

-11.1%

Market Data

Quote Symbol:	5807
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	107.0
Stock Price Date:	03-29-2013
52 Week Price Change %:	9.2
Market Value (mil):	7,285,403.0
SEDOL:	6897422
ISIN:	JP3586200002
Equity and Dept Distribution:
FY'99-'02 WAS & FY'04-06 1&3Q WAS & O/S were estimated. FY'07-'08 Q1 WAS estimated and used as DWAS & o/s. FY'08 Q2&Q3 WAS =o/s

Shareholders

Major Shareholders

Furukawa Electric (56.5%)

Key Corporate Relationships

Auditor:	Ernst & Young ShinNihon LLC
Auditor:	Ernst & Young ShinNihon LLC

Corporate Family	Corporate Structure News:
	LS Corp. Totoku Electric Co Ltd
Totoku Electric Co Ltd Total Corporate Family Members: 197

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
LS Corp.	Parent	Seoul	Korea, Republic of	Miscellaneous Fabricated Products	10,543.7	53
LS Mtron Co., Ltd.	Subsidiary	Anyang-si, Gyeonggi-do	Korea, Republic of	Construction and Agriculture Machinery	801.1	3,533
Ls Electronic-Devices (Qingdao) Co., Ltd.	Subsidiary	Qingdao, Shandong	China	Electronic Instruments and Controls	19.0	400
Casco Co., Ltd.	Subsidiary	Chongjup, Chollabuk-Do	Korea, Republic of	Iron and Steel	47.7	100
Daesung Electric Co., Ltd.	Subsidiary	Ansan, Kyonggi-Do	Korea, Republic of	Auto and Truck Parts	341.5
Daesung Wuxi Electronics Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Auto and Truck Parts	38.1	685
Qingdao Daesung Electronic Co., Ltd.	Subsidiary	Qingdao, Shandong	China	Electronic Instruments and Controls	29.6
LS Industrial Systems Co Ltd	Subsidiary	Anyang	Korea, Republic of	Electronic Instruments and Controls	1,981.1	3,415
LS Metal Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Fabricated Products	238.8	270
Ls Meca Pion Co., Ltd.	Subsidiary	Taegu, Taegu	Korea, Republic of	Electronic Instruments and Controls	16.0	105
Ls Power Semitech Co., Ltd.	Subsidiary	Chonan, Chungchongnam-Do	Korea, Republic of	Semiconductors	7.2	101
Planet System Co., Ltd.	Subsidiary	Anyang, Kyonggi-Do	Korea, Republic of	Electronic Instruments and Controls		30
Ls Industrial Systems (Wuxi) Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Electronic Instruments and Controls	73.2
LS Cable Ltd.	Subsidiary	Anyang	Korea, Republic of	Miscellaneous Fabricated Products		2,338
Superior Essex, Inc.	Subsidiary	Atlanta, GA	United States	Miscellaneous Fabricated Products	5,000.0	4,500
Superior Essex Inc	Branch	Brownwood, TX	United States	Iron and Steel	398.4	430
Superior Essex Inc	Branch	Hoisington, KS	United States	Miscellaneous Fabricated Products	151.8	290
Superior Essex Inc	Branch	Tarboro, NC	United States	Construction - Supplies and Fixtures	73.4	253
Essex Italy SpA	Subsidiary	Quattordio, Alessandria	Italy	Electronic Instruments and Controls	373.6	251
Essex	Subsidiary	Compiegne	France	Metal Mining	455.1	224
Essex Portugal, Unipessoal, LDA	Subsidiary	Neiva, Viana Do Castelo	Portugal	Electronic Instruments and Controls	32.2	84
Superior Essex Inc	Branch	Franklin, TN	United States	Miscellaneous Fabricated Products	118.4	202
Superior Essex Communications LP	Subsidiary	Atlanta, GA	United States	Miscellaneous Fabricated Products	125.0	200
Essex Group, Inc.	Subsidiary	Fort Wayne, IN	United States	Metal Mining		200
Furukawa Electric Co Ltd	Subsidiary	Chiyoda-Ku	Japan	Electronic Instruments and Controls	11,636.2	45,425
Asia Vital Components Co Ltd	Subsidiary	Kaohsiung	Taiwan	Computer Peripherals	603.6	10,342
Nas Technologies Corp.	Subsidiary	Hsinchu City	Taiwan	Electronic Instruments and Controls		60
Asia Vital Components Co., Ltd. - AVC Taipei Factory	Facility	Taipei	Taiwan	Scientific and Technical Instruments
FCM CO., LTD.	Subsidiary	Osaka-Shi	Japan	Construction - Supplies and Fixtures	228.5	5,070
Furukawa-Sky Aluminum Corp.	Subsidiary	Chiyoda-Ku	Japan	Metal Mining	2,456.5	3,644
Furukawa Indal Aluminium, Pt	Subsidiary	Surabaya, East Java	Indonesia	Miscellaneous Fabricated Products	7.7	250
Furukawa-Sky Aluminum (Tianjin) Corporation	Subsidiary	Tianjin, Tianjin	China	Auto and Truck Parts	20.1	200
Furukawa-Sky Shiga Corp.	Subsidiary	Omihachiman, Shiga	Japan	Miscellaneous Fabricated Products	68.5	109
Lcompo Co.,Ltd.	Subsidiary	Fukaya, Saitama	Japan	Furniture and Fixtures	29.4	20
Nippon Foil Mfg.Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Miscellaneous Fabricated Products	198.9
Nippon Metal Foil Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Miscellaneous Fabricated Products	119.8
Ace21, K.K.	Subsidiary	Fukaya, Saitama	Japan	Miscellaneous Fabricated Products	76.3
Nikkei Kakoh Co., Ltd.	Subsidiary	Osaka, Osaka	Japan	Miscellaneous Fabricated Products	48.7
Furukawa Avc Electronics (Suzhou) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Miscellaneous Capital Goods	81.9	2,500
Furukawa Sky Aluminum Co., Ltd.	Subsidiary	Tokyo	Japan	Chemical Manufacturing		2,000
Totoku Electric Co Ltd	Subsidiary	Minato-Ku	Japan	Electronic Instruments and Controls	340.7	1,960
At Life Corporation	Subsidiary	Ueda, Nagano	Japan	Business Services	2.0	93
Totoku Nagaoka Corporation	Subsidiary	Nagaoka, Niigata	Japan	Electronic Instruments and Controls	72.2
Totoku (Malaysia) Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Electronic Instruments and Controls	19.6
The Furukawa Battery Co.,Ltd.	Subsidiary	Yokohama-Shi	Japan	Electronic Instruments and Controls	532.7	1,793
Kyushu Furukawa Denchi Hambai K.K.	Subsidiary	Fukuoka, Fukuoka	Japan	Auto and Truck Parts	10.8	8
Siam Furukawa Company Limited	Subsidiary	Nong Khae, Saraburi	Thailand	Electronic Instruments and Controls
Furukawa Mexico, S.A.DE C.V.	Subsidiary	Mexicali, Baja California	Mexico	Auto and Truck Parts		1,000
PT Supreme Cable Manufac.& Commerce Tbk.	Subsidiary	Jakarta	Indonesia	Miscellaneous Fabricated Products	383.9	984
OFS	Subsidiary	Avon, CT	United States	Miscellaneous Fabricated Products		700
OFS Specialty Photonics	Branch	Somerset, NJ	United States	Construction Services	10.4	40
Furukawa Electric Industrial Cable Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products		630
Furukawa Electric Industrial Cable Co., Ltd. - Kofu Plant	Facility	Kofu, Yamanashi	Japan	Miscellaneous Fabricated Products
Furukawa Electric Industrial Cable Co., Ltd. - Hokuriku Plant	Facility	Hakui, Ishikawa	Japan	Electronic Instruments and Controls
Wako Engineering Corp.	Subsidiary	Tokyo	Japan	Communications Services	74.4	595
Wako Ai Tec, K.K.	Subsidiary	Yachiyo, Chiba	Japan	Construction Services	60.6
Wako C Tech, K.K.	Subsidiary	Nerima-Ku, Tokyo	Japan	Construction Services	51.9
TROCELLEN Gesellschaft mit beschränkter Haftung	Subsidiary	Troisdorf, Nordrhein-Westfalen	Germany	Fabricated Plastic and Rubber	90.7	560
Polifoam Muanyagfeldolgozo Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Fabricated Plastic and Rubber	18.4	116
Furukawa Industrial S.A. Produtos Elétricos	Subsidiary	Curitiba, PR	Brazil	Electronic Instruments and Controls	253.8	450
Furukawa Industrial S.A. Produtos Eletricos	Subsidiary	Curitiba, PR	Brazil	Miscellaneous Fabricated Products	47.4	400
Metrocable Indústria E Comércio Ltda.	Subsidiary	Salto, Sao Paulo	Brazil	Miscellaneous Fabricated Products	5.9	75
Furukawa Industrial S/A. Produtos Elétricos.	Branch	Sao Paulo, Sao Paulo	Brazil	Miscellaneous Fabricated Products
Furukawa Circuit Foil Co., Ltd.	Subsidiary	Tochigi	Japan	Containers and Packaging		350
Furukawa Electric (Xi'an) Optical Communication Co., Ltd	Joint Venture	Xi'an, Shanxi Province	China	Semiconductors		340
PT Tembaga Mulia Semanan Tbk.	Subsidiary	Jakarta Barat	Indonesia	Metal Mining	692.4	332
P.T. Furukawa Indal Aluminum	Subsidiary	Gresik, Jawa Timur	Indonesia	Retail (Home Improvement)		300
Fitec Corp	Subsidiary	Tokyo	Japan	Software and Programming		280
Asahi Electric Works Co., Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Capital Goods	100.4	248
Furukawa Finance And Business Support Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Consumer Financial Services	32.8	245
Furukawa Precision Thailand Co., Ltd.	Subsidiary	Bangkok	Thailand	Retail (Home Improvement)		200
OFS Fitel LLC	Subsidiary	Norcross, GA	United States	Miscellaneous Fabricated Products		200
Ofs Fitel Netherlands B.V.	Subsidiary	Onbekend, Onbekend	Netherlands		1.6	3
OFS Brightwave	Subsidiary	Norcross, GA	United States	Miscellaneous Fabricated Products
OFS Brightwave Carrollton	Division	Carrollton, GA	United States	Business Services	80.0	400
OFS	Division	Sturbridge, MA	United States	Personal and Household Products	1.9	350
Furukawa Sangyo Kaisha, Ltd.	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls		200
Xin Furukawa Metal (Wuxi) Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Miscellaneous Capital Goods		188
Furukawa Techno Material Co., Ltd.	Subsidiary	Hiratsuka, Kanagawa	Japan	Communications Equipment		180
Furukawa Electric Autoparts Central Europe, s.r.o.(Face)	Subsidiary	Unhost	Czech Republic	Auto and Truck Parts		140
Thai Furukawa Unicomm Construction Co., Ltd.	Subsidiary	Bangkok	Thailand	Retail (Home Improvement)		130
Furukawa Finance Netherlands B.V.	Subsidiary	Amsterdam	Netherlands	Retail (Home Improvement)		130
OFS Fitel Deutschland GmbH	Subsidiary	Augsburg, Bayern	Germany	Personal and Household Products	51.5	120
Bangkok Telecom Co., Ltd.	Affiliates	Bangkok	Thailand	Auto and Truck Parts	9.2	120
Thai Fiber Optics Co., Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Fabricated Products		52
Shikoku Cable Co Ltd	Subsidiary	Sanuki, Kagawa	Japan	Miscellaneous Fabricated Products		118
Shikoku Cable (H.K.) Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Electronic Instruments and Controls	7.7	7
Alpha Industries Sdn Bhd	Subsidiary	Johor Bahru, Johor	Malaysia	Miscellaneous Fabricated Products	323.8	100
Trocellen Italia SpA	Subsidiary	Caponago, Monza E Brianza	Italy	Chemicals - Plastics and Rubber	53.3	100
Pcm SRL	Subsidiary	Urgnano, Bergamo	Italy	Miscellaneous Capital Goods	2.7	12
Riken Electric Wire Co., Ltd.	Subsidiary	Tokyo	Japan	Fabricated Plastic and Rubber		100
Furukawa C&B Co., Ltd.	Subsidiary	Yamato, Kanagawa	Japan	Communications Equipment		100
Circuit Foil Taiwan Corp.	Subsidiary	Taipei	Taiwan	Retail (Home Improvement)		100
KYOWA ELECTRIC WIRE CO.,LTD.	Subsidiary	Osaka	Japan	Miscellaneous Fabricated Products		92
Furukawa Optical Solutions Indonesia, Pt	Subsidiary	Tangerang	Indonesia	Miscellaneous Fabricated Products	11.0	90
Ntec Co.,Ltd.	Subsidiary	Yamato, Kanagawa	Japan	Electronic Instruments and Controls	34.8	83
CFT Vina Copper Co., Ltd.	Subsidiary	Bien Hoa, Dong Nai	Viet Nam	Retail (Home Improvement)		70
Gougler Industries, Inc.	Subsidiary	Kent, OH	United States	Appliance and Tool		50
Okumura Metals Co., Ltd.	Subsidiary	Osaka	Japan	Chemical Manufacturing		40
Furukawa Electric Technologiai Intezet Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Biotechnology and Drugs	3.4	34
Furukawa Electric Europe Ltd	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods	42.5	27
Furukawa Industrial S.A.	Subsidiary	Sao Paulo	Brazil	Electronic Instruments and Controls	2.7	25
Taho Engineering Co., Ltd.	Subsidiary	T'ainan	Taiwan	Retail (Home Improvement)		23
Furukawa Electric Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	459.7	20
Furukawa Electric Institute of Technology Co., Ltd.	Subsidiary	Budapest	Hungary	Retail (Home Improvement)		20
Furukawa Electric Hong Kong Ltd.	Subsidiary	Causeway Bay	Hong Kong	Electronic Instruments and Controls		14
Furukawa Electric Technologies, Incorporated	Subsidiary	Norcross, GA	United States	Miscellaneous Capital Goods	29.6	8
Furukawa Wiring Systems México, S.A. De C.V.	Subsidiary	Ciudad Juarez, Chihuahua	Mexico	Apparel and Accessories		1,400
Furukawa Wiring Systems America Inc.	Subsidiary	El Paso, TX	United States	Miscellaneous Capital Goods		6
American Furukawa, Inc.	Subsidiary	Plymouth, MI	United States	Electronic Instruments and Controls	0.6	4
Furukawa Sangyo Kaisha, Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Electronic Instruments and Controls	1,047.1
Furukawa Sangyo Kaisha (Hk) Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Electronic Instruments and Controls	35.3	5
Furukawa Sangyo Kaisha Philippines Inc.	Subsidiary	Makati, Manila	Philippines	Auto and Truck Parts
Furukawa Automotive Systems Inc.	Subsidiary	Inukami-Gun, Shiga	Japan	Auto and Truck Parts	1,017.6
Miharu Communication Co. Ltd.	Subsidiary	Kamakura, Kanagawa	Japan	Communications Equipment	99.0
Furukawa Electric Power Systems Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Fabricated Products	85.9
Myojyodenki Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Electronic Instruments and Controls	61.7
Furukawa Life Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	54.9
FE Magnet Wire (Malaysia) Sdn. Bhd.	Subsidiary	Kelang, Selangor Darul Ehsan	Malaysia	Miscellaneous Fabricated Products	45.5
Ofs Svyazstroi 1 Vokk Zao	Subsidiary	Voronezh G.	Russian Federation	Construction - Supplies and Fixtures	34.7
Furukawa Electric Advanced Engineering Co.,Ltd.	Subsidiary	Ichihara, Chiba	Japan	Communications Equipment	32.4
Permintex Furukawa Autoparts Malaysia Sdn. Bhd.	Subsidiary	Jitra, Kedah	Malaysia	Auto and Truck Parts	30.9
Furukawa (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls	21.1
Foam Kasei Co., Ltd., The	Subsidiary	Aiko-Gun, Kanagawa	Japan	Containers and Packaging	12.4
Shenyang Furukawa Cable Co Ltd	Subsidiary	Shenyang	China	Electronic Instruments and Controls
Hirakawa Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Retail (Home Improvement)
Furukawa Research & Engineering Europe Ltd.	Subsidiary	London	United Kingdom	Retail (Home Improvement)
Furukawa Circuit Foil Taiwan Corporation	Subsidiary	Yun-lin, Yun Lin	Taiwan	Electronic Instruments and Controls
STF Co., Ltd.	Subsidiary	Cheonan, Chungchongnam-Do	Korea, Republic of	Electronic Instruments and Controls
Furukawa Auto Parts(HK) Ltd.	Subsidiary	Hong Kong	Hong Kong	Auto and Truck Parts
Furukawa Shanghai Ltd.	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Furukawa Electric Autoparts(Philippines)Inc.	Subsidiary	Binan, Laguna	Philippines	Auto and Truck Parts
Yunnan Copper Furukawa Electric Co.,Ltd.	Subsidiary	Kunming, Yunnan	China	Miscellaneous Fabricated Products
Fitel Photomatrix Inc.	Subsidiary	Ottawa, ON	Canada	Retail (Home Improvement)
Furukawa America Inc - MIE WORKS, MAGNET WIRE PLANT	Facility	Kameyama, Mie	Japan	Miscellaneous Fabricated Products
Furukawa Network Solution Corporation	Subsidiary	Hiratsuka	Japan	Communications Equipment
Furukawa Precision Engineering Co., Ltd.	Subsidiary	Nikko	Japan	Miscellaneous Fabricated Products
Nippon Foil Mfg. Co., Ltd. - Nogi Plant	Facility	Tochigi	Japan	Miscellaneous Fabricated Products
Furukawa America Inc - HIRATSUKA WORKS MAGNET WIRE PLANT	Facility	Hiratsuka	Japan	Miscellaneous Fabricated Products
Furukawa Dengyo(Tianjin) Co., Ltd.	Subsidiary	Tianjin	China	Construction and Agriculture Machinery
Furukawa Electric Trading SZ Ltd.	Subsidiary	Shenzhen	China	Auto and Truck Parts
Nippon Foil Mfg. Co., Ltd. - Shiga Plant	Facility	Kusatsu, Shiga	Japan	Miscellaneous Fabricated Products
Furukawa Electric Industrial Cable Co., Ltd. - Tochigi Plant	Facility	Tochigi	Japan	Electronic Instruments and Controls
Furukawa Circuit Foil (Hong Kong) Co., Ltd.	Subsidiary	Causeway Bay	Hong Kong	Electronic Instruments and Controls
Furukawa FITEL (Thailand) Co., Ltd.	Subsidiary	Ayutthaya	Thailand	Miscellaneous Fabricated Products
Furukawa Electric (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen	China	Miscellaneous Capital Goods
Furukawa Industrial Plastics Co., Ltd.	Subsidiary	Chiba	Japan	Fabricated Plastic and Rubber
C.M. Furukawa Philippines Inc.	Subsidiary	Manila	Philippines	Retail (Home Improvement)
Europtics Limited	Subsidiary	London	United Kingdom	Retail (Home Improvement)
Furukawa Electric North America Inc.	Subsidiary	Santa Clara, CA	United States	Miscellaneous Capital Goods
Shin Chang Connector Co., Ltd.	Subsidiary	Ansan, Kyungki-do	Korea, Republic of	Retail (Home Improvement)
P.T. Furukawa Permintex Autoparts Indonesia	Subsidiary	Bekasi	Indonesia	Auto and Truck Parts
Furukawa Magnet Wire Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products
Access Cable Company	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products
Leoni Furukawa Wiring Systems SAS	Subsidiary	Montigny-le-Bretonneux	France	Auto and Truck Parts
Furukawa Elecom Co., Ltd.	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls
Shin Manden Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Electronic Instruments and Controls	139.4
Essex Brownell	Division	Fort Wayne, IN	United States	Electronic Instruments and Controls	145.2	500
Grupo Essex De México, S. De R.L. De C.V.	Subsidiary	Torreon, Coahuila	Mexico	Miscellaneous Fabricated Products	19.2	200
Essex Group Inc	Branch	Kendallville, IN	United States	Miscellaneous Fabricated Products	75.8	119
Essex Group Inc	Branch	Edison, NJ	United States	Advertising	3.7	15
Brownell Electro	Subsidiary	Denver, CO	United States	Electronic Instruments and Controls	7.6	10
Essex Brownell	Branch	Memphis, TN	United States	Semiconductors	5.6	10
Essex Group Inc	Branch	El Paso, TX	United States	Miscellaneous Capital Goods	27.4	8
Essex Group Inc	Branch	Columbia City, IN	United States	Miscellaneous Capital Goods	17.9	8
Essex Express	Branch	Charlotte, NC	United States	Electronic Instruments and Controls	3.0	8
Essex Group Inc	Branch	Ontario, CA	United States	Electronic Instruments and Controls	9.5	7
Essex Group Inc	Branch	Bensalem, PA	United States	Retail (Technology)	0.8	6
Essex Brownell	Branch	Fort Wayne, IN	United States	Electronic Instruments and Controls	5.9	5
Essex Brownell	Branch	Charlotte, NC	United States	Electronic Instruments and Controls	1.9	5
Essex Group Inc	Branch	Mcallen, TX	United States	Miscellaneous Capital Goods	13.7	4
Essex Brownell	Branch	Lubbock, TX	United States	Electronic Instruments and Controls	5.5	4
Essex Brownell	Branch	Tempe, AZ	United States	Electronic Instruments and Controls	3.9	3
Essex Group Inc	Branch	Addison, IL	United States	Advertising	0.8	3
Essex Group Inc	Branch	Portland, OR	United States	Advertising	0.5	3
Essex Group Inc	Branch	Tampa, FL	United States	Miscellaneous Capital Goods	5.1	2
Essex Group Inc	Branch	Oklahoma City, OK	United States	Miscellaneous Capital Goods	5.0	2
Essex Brownell	Branch	Salt Lake City, UT	United States	Water Transportation	0.8	2
Superior Essex Inc	Branch	Franklin, IN	United States	Construction - Supplies and Fixtures	17.7	60
Essex Active Industries	Subsidiary	Fort Wayne, IN	United States	Electronic Instruments and Controls		50
Superior Essex Inc	Branch	Amherst, NH	United States	Miscellaneous Fabricated Products	7.0	20
Superior Essex Inc	Branch	Northfield, OH	United States	Electronic Instruments and Controls	2.0	6
Superior Essex Inc	Branch	Tempe, AZ	United States	Electronic Instruments and Controls	6.4	5
LS Cable & System Ltd	Subsidiary	Anyang	Korea, Republic of	Miscellaneous Fabricated Products	7,982.4	2,213
LS-Nikko Copper Inc	Subsidiary	Ulsan	Korea, Republic of	Metal Mining	8,290.1	758
Torecom Co., Ltd.	Subsidiary	Asan, Chungchongnam-Do	Korea, Republic of	Metal Mining	191.0	69
Whachang Co., Ltd.	Subsidiary	Haman	Korea, Republic of	Metal Mining	67.7	60
Recytech Korea Co., Ltd.	Subsidiary	Chonan, Chungchongnam-Do	Korea, Republic of	Metal Mining	29.0	37
JS Cable Co Ltd	Subsidiary	Cheonan	Korea, Republic of	Electronic Instruments and Controls	516.5	337
Alutek Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Construction Services	100.0	159
Global Cable Inc.	Subsidiary	Chungju, Chungchongbuk-Do	Korea, Republic of	Miscellaneous Fabricated Products		114
Pountek Ltd.	Subsidiary	Chungju, Chungchongbuk-Do	Korea, Republic of	Chemicals - Plastics and Rubber	85.0	70
Kospace Co., Ltd.	Subsidiary	Anyang, Kyonggi-Do	Korea, Republic of	Electronic Instruments and Controls	6.9	41
Ls International (Shanghai) Ltd.	Subsidiary	Shanghai, Shanghai	China	Electronic Instruments and Controls	32.1	35
Ls Cable (Wuxi) Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Miscellaneous Fabricated Products	88.7
Ls Hong Qi Cable & System(Hubei) Co.,Ltd	Subsidiary	Yichang, Hubei	China	Miscellaneous Fabricated Products
LS Global Incorporated Ltd	Subsidiary	Anyang-si, Gyeonggi-do	Korea, Republic of	Miscellaneous Capital Goods	671.7	10

Executive report

Board of Directors

Name	Title	Function
Hideyuki Inoue	Managing Executive Officer, Director of Information Machine Business, President of Subsidiary, Director	Director/Board Member
Biography: Mr. Hideyuki Inoue has been serving as Managing Executive Officer, Director of Information Machine Business and Director in TOTOKU ELECTRIC CO., LTD., as well as President and Representative Director in a subsidiary, since October 1, 2011. He joined the Company in April 1973 and used to serve as Director of Coil Device Business, Chief Director of Information Machine Production, Chief Director of Information Machine and Executive Officer. He used to serve as President and Director in two other subsidiaries. Age: 62
Hiroshi Ishikawa	Independent Director	Director/Board Member
Biography: Mr. Hiroshi Ishikawa has been serving as Independent Director in TOTOKU ELECTRIC CO., LTD. since June 2008. He previously served as President and Representative Director in NTT-ME CORPORATION and NTT Advanced Technology Corporation. He previously worked for a company that is under the new name Nippon Telegraph and Telephone Corporation. Age: 70
Hisashi Koaizawa	Executive Officer, Director of Research & Development, Director	Director/Board Member
Biography: Mr. Hisashi Koaizawa has been serving as Executive Officer, Director of Research & Development and Director in TOTOKU ELECTRIC CO., LTD. since March 21, 2013. He used to work in Furukawa Electric Co., Ltd. Age: 53
Ken Maki	Executive Officer, Director of Business Planning, Director	Director/Board Member
Biography: Mr. Ken Maki has been serving as Executive Officer, Director of Business Planning and Director in TOTOKU ELECTRIC CO., LTD. since March 21, 2013. He used to work in Furukawa Electric Co., Ltd. Age: 52
Katsushi Nakayama	Independent Director	Director/Board Member
Biography: Mr. Katsushi Nakayama has been serving as Independent Director in TOTOKU ELECTRIC CO., LTD. since June 2011. He used to serve as Vice President and Representative Director in a company that is under the new name of FUJI ELECTRIC CO., LTD. He also used to work for another company that now known as FUJI ELECTRIC CO., LTD. Age: 66
Naoomi Tachikawa	President, Representative Director	Director/Board Member
Biography: Mr. Naoomi Tachikawa has been serving as President and Representative Director in TOTOKU ELECTRIC CO LTD since June 24, 2010. He used to work for The Furukawa Electric Co., Ltd. Mr. Tachikawa obtained his Bachelor's degree in Pedagogy (Education) from Hokkaido University, Japan in March 1975. Age: 61 Education: Hokkaido University, B (Education)

Executives

Name	Title	Function
Naoomi Tachikawa	President, Representative Director	President
Biography: Mr. Naoomi Tachikawa has been serving as President and Representative Director in TOTOKU ELECTRIC CO LTD since June 24, 2010. He used to work for The Furukawa Electric Co., Ltd. Mr. Tachikawa obtained his Bachelor's degree in Pedagogy (Education) from Hokkaido University, Japan in March 1975. Age: 61 Education: Hokkaido University, B (Education)
Nariaki Goto	Executive Officer, Director of Kashiwazaki Manufacturing	Other
Biography: Mr. Nariaki Goto has been serving as Executive Officer and Director of Kashiwazaki Manufacturing in TOTOKU ELECTRIC CO., LTD. since November 1, 2012. He joined the Company in April 1982 and used to serve as Deputy Director of Electric Parts Business, Chief Director of Light & Electric Cable & Device Production and Deputy Chief Director of Light, Electric Cable and Device Production and Director of Electric Cable Business in the Company. He used to serve as President and Director in two subsidiaries, TOTOKU PHILIPPINES, INC. and TOTOKU (THAILAND) CO., LTD. Age: 55
Toyokichi Kitazawa	Executive Officer, Director of Administration	Other
Atsushi Kobata	Director of Accounting	Other
Hidetoshi Komiyama	Executive Officer, Director of Electric Cable & Device Business	Other

Significant Developments

Totoku Electric Co Ltd Announced the Outcome Of Early Retirement Program, Announces Extraordinary Loss for FY 2013 Mar 29, 2013

Totoku Electric Co Ltd announced the outcome of an early retirement program, which was offered during the period from January 2013 to February 2013. 58 of its employees took the offer and will retire on March 20, 2013.The employees will be offered retirement pay, additional benefits and outplacement support. As a result, the Company will record a JPY 263 million extraordinary loss on the retirement payment, for the fiscal year ending March 2013.

Totoku Electric Co Ltd to Dissolve Overseas Subsidiary; Expects Extraordinary Profit for FY 2014 Mar 01, 2013

Totoku Electric Co Ltd announced that it has decided to dissolve a wholly owned overseas subsidiary, TOTO KU (THAILAND)CO.,LTD. The liquidation is expected to be completed by May 31, 2013. The Company expects JPY 30 million extraordinary profit on reversal of allowance for impairment for the fiscal year ending March 2014.

Totoku Electric Co Ltd to Sell Business and Subsidiary to JVC KENWOOD Corporation; Announces Early-retirement Program Dec 14, 2012

Totoku Electric Co Ltd announced that it has decided to sell information equipment business and all 6,000 shares (100% stake) of the subsidiary which is engaged in this business to JVC KENWOOD Corporation. The Company has decided to offer an early-retirement program, during the period from January to February 2013. The Company expects approximately 40 employees to take up the offer. The Company will provide retirement payment, special allowance and reemployment support.

Totoku Electric Co Ltd to Transfer Business to Belton Totoku Technology Aug 31, 2012

Totoku Electric Co Ltd announced that it has decided to transfer its coil processed product business to Belton Totoku Technology (BTT), which is a newly established limited liability company, on November 1, 2012. According to a Contribution Agreement with Belton Storage Solution Limited (Belton), Belton's wholly owned subsidiary, BELTONTOTOKU Technology Limited (BVI) and BVI's wholly owned subsidiary, BELTONTOTOKU Technology HK Limited (HK Co), Totoku Electric will transfer BTT and its subsidiary Totoku Philippines, Inc's stakes to HK Co. Totoku Electric will acquire new shares issued by BVI. After the transactions, Totoku Electric will hold a 39% stake in BVI and form business alliance with Belton.

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 ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Sales	340.7	385.8	403.5	427.2	456.1
Revenue	340.7	385.8	403.5	427.2	456.1
Total Revenue	340.7	385.8	403.5	427.2	456.1
Cost of Revenue	300.7	349.7	363.4	392.3	403.7
Cost of Revenue, Total	300.7	349.7	363.4	392.3	403.7
Gross Profit	40.0	36.2	40.1	34.9	52.5
Selling/General/Administrative Expense	19.4	21.6	20.3	28.5	21.0
Labor & Related Expense	14.6	15.5	14.6	15.2	18.5
Total Selling/General/Administrative Expenses	34.0	37.0	34.9	43.7	39.5
Research & Development	4.1	4.6	4.3	5.8	5.8
Restructuring Charge	15.2	1.0	15.2	1.1	0.0
Impairment-Assets Held for Use	0.4	1.0	8.2	0.7	2.8
Impairment-Assets Held for Sale	0.0	0.0	0.0	0.9	0.0
Other Unusual Expense (Income)	11.7	-0.8	0.0	0.2	1.3
Unusual Expense (Income)	27.4	1.1	23.5	2.8	4.2
Other Operating Expense	0.0	-	-	-	-
Other Operating Expenses, Total	0.0	-	-	-	-
Total Operating Expense	366.2	392.4	426.1	444.7	453.1
Operating Income	-25.5	-6.6	-22.6	-17.5	3.0
Interest Expense - Non-Operating	-4.0	-3.7	-3.7	-3.3	-3.5
Interest Expense, Net Non-Operating	-4.0	-3.7	-3.7	-3.3	-3.5
Interest Income - Non-Operating	0.1	0.0	0.1	0.4	0.4
Investment Income - Non-Operating	-6.9	-2.1	-2.0	-2.4	-1.6
Interest/Investment Income - Non-Operating	-6.8	-2.1	-1.9	-2.0	-1.3
Interest Income (Expense) - Net Non-Operating Total	-10.8	-5.7	-5.5	-5.3	-4.7
Gain (Loss) on Sale of Assets	0.9	-0.4	5.7	4.6	-0.7
Other Non-Operating Income (Expense)	-1.6	0.6	0.9	1.4	0.4
Other, Net	-1.6	0.6	0.9	1.4	0.4
Income Before Tax	-37.0	-12.1	-21.6	-16.8	-2.0
Total Income Tax	3.0	1.4	1.6	12.5	6.3
Income After Tax	-40.0	-13.5	-23.2	-29.3	-8.3
Minority Interest	-0.4	-0.5	-0.5	0.7	0.8
Net Income Before Extraord Items	-40.4	-14.1	-23.7	-28.6	-7.6
Net Income	-40.4	-14.1	-23.7	-28.6	-7.6
Miscellaneous Earnings Adjustment	0.0	0.0	-0.1	0.0	-
Total Adjustments to Net Income	0.0	0.0	-0.1	0.0	-
Income Available to Common Excl Extraord Items	-40.4	-14.1	-23.8	-28.6	-7.6
Income Available to Common Incl Extraord Items	-40.4	-14.1	-23.8	-28.6	-7.6
Basic/Primary Weighted Average Shares	44.4	44.2	44.1	44.2	44.2
Basic EPS Excl Extraord Items	-0.91	-0.32	-0.54	-0.65	-0.17
Basic/Primary EPS Incl Extraord Items	-0.91	-0.32	-0.54	-0.65	-0.17
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-40.4	-14.1	-23.8	-28.6	-7.6
Diluted Weighted Average Shares	44.4	44.2	44.1	44.2	44.2
Diluted EPS Excl Extraord Items	-0.91	-0.32	-0.54	-0.65	-0.17
Diluted EPS Incl Extraord Items	-0.91	-0.32	-0.54	-0.65	-0.17
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	4.0	3.7	3.7	3.3	3.5
Depreciation, Supplemental	12.0	14.4	16.4	17.8	15.6
Total Special Items	26.4	1.5	17.8	-1.8	4.9
Normalized Income Before Tax	-10.6	-10.6	-3.8	-18.6	2.9
Effect of Special Items on Income Taxes	9.3	0.5	6.2	-0.6	1.7
Inc Tax Ex Impact of Sp Items	12.2	2.0	7.8	11.9	8.0
Normalized Income After Tax	-22.8	-12.6	-11.6	-30.5	-5.2
Normalized Inc. Avail to Com.	-23.2	-13.1	-12.2	-29.8	-4.4
Basic Normalized EPS	-0.52	-0.30	-0.28	-0.67	-0.10
Diluted Normalized EPS	-0.52	-0.30	-0.28	-0.67	-0.10
Research & Development Exp, Supplemental	4.1	4.6	4.3	5.8	5.8
Reported Operating Profit	1.8	-5.5	0.9	-14.7	7.2
Reported Ordinary Profit	-4.0	-10.7	-4.2	-18.9	2.7
Normalized EBIT	1.8	-5.5	0.9	-14.7	7.2
Normalized EBITDA	13.9	8.9	17.3	3.1	22.7
Current Tax - Total	2.7	-	-	-	-
Current Tax - Total	2.7	-	-	-	-
Deferred Tax - Total	0.2	-	-	-	-
Deferred Tax - Total	0.2	-	-	-	-
Income Tax - Total	2.9	-	-	-	-
Interest Cost - Domestic	1.1	1.0	0.9	1.3	1.1
Service Cost - Domestic	2.0	2.5	1.5	2.3	2.0
Prior Service Cost - Domestic	-0.1	-0.1	-0.4	-0.1	-0.1
Expected Return on Assets - Domestic	-0.8	-0.4	-0.7	-0.7	-0.6
Actuarial Gains and Losses - Domestic	1.9	1.6	6.3	1.5	1.1
Other Pension, Net - Domestic	0.8	0.7	2.6	0.9	0.8
Domestic Pension Plan Expense	4.9	5.3	10.2	5.1	4.3
Total Pension Expense	4.9	5.3	10.2	5.1	4.3
Discount Rate - Domestic	1.40%	2.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	8.60%	4.10%	4.10%	6.60%	6.30%
Total Plan Interest Cost	1.1	1.0	0.9	1.3	1.1
Total Plan Service Cost	2.0	2.5	1.5	2.3	2.0
Total Plan Expected Return	-0.8	-0.4	-0.7	-0.7	-0.6
Total Plan Other Expense	0.8	0.7	2.6	0.9	0.8

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 ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Cash & Equivalents	52.0	38.3	37.2	37.2	40.0
Cash and Short Term Investments	52.0	38.3	37.2	37.2	40.0
Accounts Receivable - Trade, Gross	74.5	86.9	95.1	71.6	120.1
Provision for Doubtful Accounts	-0.3	-0.3	-0.2	-0.1	-0.3
Trade Accounts Receivable - Net	74.2	86.5	94.9	71.5	119.8
Other Receivables	18.0	2.7	-	-	-
Total Receivables, Net	92.1	89.3	94.9	71.5	119.8
Inventories - Finished Goods	6.8	9.1	12.0	10.9	12.5
Inventories - Work In Progress	4.8	7.5	8.5	7.0	13.6
Inventories - Raw Materials	8.7	16.8	17.3	19.5	19.5
Total Inventory	20.3	33.3	37.8	37.4	45.6
Deferred Income Tax - Current Asset	0.4	0.5	0.5	0.5	3.6
Other Current Assets	2.1	2.6	5.1	6.9	8.3
Other Current Assets, Total	2.5	3.1	5.6	7.3	11.9
Total Current Assets	166.8	164.0	175.4	153.5	217.4
Buildings	116.6	124.0	109.4	107.0	128.3
Land/Improvements	27.3	29.8	24.6	23.3	42.9
Machinery/Equipment	182.7	222.1	204.7	221.8	231.0
Construction in Progress	-	-	-	0.0	1.9
Leases	-	2.4	-	0.4	0.0
Other Property/Plant/Equipment	3.9	0.9	1.9	-	-
Property/Plant/Equipment - Gross	330.6	379.2	340.6	352.5	404.1
Accumulated Depreciation	-254.2	-284.1	-255.8	-254.5	-268.0
Property/Plant/Equipment - Net	76.4	95.1	84.8	98.0	136.1
Intangibles, Net	1.1	1.2	0.9	1.6	1.5
LT Investment - Affiliate Companies	1.7	21.3	19.5	-	-
LT Investments - Other	14.2	9.6	9.4	26.8	35.8
Long Term Investments	15.9	30.9	28.9	26.8	35.8
Deferred Income Tax - Long Term Asset	0.6	0.7	1.1	1.8	9.4
Other Long Term Assets	3.1	3.1	2.7	4.2	3.9
Other Long Term Assets, Total	3.7	3.8	3.9	6.1	13.3
Total Assets	263.8	295.0	293.9	286.0	404.0
Accounts Payable	54.9	65.7	66.5	48.6	91.3
Accrued Expenses	11.0	10.2	14.7	9.9	13.4
Notes Payable/Short Term Debt	38.1	66.7	78.4	58.5	69.8
Current Portion - Long Term Debt/Capital Leases	39.7	19.0	20.9	26.2	25.9
Income Taxes Payable	1.1	0.9	0.5	0.5	0.6
Other Current Liabilities	7.3	4.6	7.6	7.0	14.7
Other Current liabilities, Total	8.4	5.5	8.1	7.5	15.2
Total Current Liabilities	152.1	167.1	188.7	150.6	215.5
Long Term Debt	24.5	65.9	36.1	42.4	49.5
Capital Lease Obligations	-	2.6	0.4	0.3	0.0
Total Long Term Debt	24.5	68.5	36.4	42.6	49.5
Total Debt	102.3	154.1	135.8	127.3	145.1
Deferred Income Tax - LT Liability	0.0	0.3	1.0	0.5	0.3
Deferred Income Tax	0.0	0.3	1.0	0.5	0.3
Minority Interest	8.6	8.9	7.7	6.3	7.5
Reserves	13.1	0.0	-	-	-
Pension Benefits - Underfunded	17.3	15.7	14.0	22.0	22.1
Other Long Term Liabilities	3.2	2.1	1.1	0.9	1.8
Other Liabilities, Total	33.6	17.7	15.1	22.9	23.8
Total Liabilities	218.7	262.5	249.0	223.0	296.6
Redeemable Convertible Preferred Stock	22.5	-	-	-	-
Redeemable Preferred Stock	22.5	-	-	-	-
Common Stock	12.1	74.2	65.8	62.2	61.7
Common Stock	12.1	74.2	65.8	62.2	61.7
Additional Paid-In Capital	38.2	28.1	24.9	23.5	29.4
Retained Earnings (Accumulated Deficit)	-15.8	-50.6	-30.9	-6.9	16.1
Treasury Stock - Common	-0.2	-0.2	-0.2	-0.2	-0.2
Unrealized Gain (Loss)	-0.2	0.8	1.0	0.2	1.0
Translation Adjustment	-11.4	-19.7	-15.6	-16.0	-0.7
Other Equity	0.0	-	-	-	-
Other Equity, Total	-11.4	-19.7	-15.6	-16.0	-0.7
Total Equity	45.1	32.5	44.9	62.9	107.4
Total Liabilities & Shareholders’ Equity	263.8	294.9	293.9	285.9	404.0
Shares Outstanding - Common Stock Primary Issue	67.9	44.2	44.1	44.2	44.2
Total Common Shares Outstanding	67.9	44.2	44.1	44.2	44.2
Treasury Shares - Common Stock Primary Issue	0.2	0.1	0.1	0.1	0.1
Shares Outstanding - Preferred Stock Primary Issue	0.0	-	-	-	-
Total Preferred Stock Outstanding	0.0	-	-	-	-
Treasury Shares - Preferred Primary Issue	0.0	-	-	-	-
Employees	1,960	3,594	4,233	4,994	4,202
Number of Common Shareholders	4,922	5,103	5,129	4,065	4,142
Total Long Term Debt, Supplemental	64.1	84.1	57.4	68.5	75.4
Long Term Debt Maturing within 1 Year	39.7	18.2	20.8	26.1	25.9
Long Term Debt Maturing in Year 2	13.7	51.4	13.6	15.6	21.7
Long Term Debt Maturing in Year 3	3.5	7.8	18.7	9.5	9.3
Long Term Debt Maturing in Year 4	5.4	4.1	3.2	15.1	5.3
Long Term Debt Maturing in Year 5	0.5	2.2	0.8	2.2	11.7
Long Term Debt Maturing in 2-3 Years	17.2	59.2	32.3	25.1	30.9
Long Term Debt Maturing in 4-5 Years	5.9	6.3	4.0	17.3	16.9
Long Term Debt Matur. in Year 6 & Beyond	1.4	0.4	0.3	0.0	1.7
Total Capital Leases, Supplemental	3.1	3.3	0.5	0.3	-
Capital Lease Payments Due in Year 1	0.9	0.7	0.1	0.1	-
Capital Lease Payments Due in Year 2	0.9	0.7	0.1	0.1	-
Capital Lease Payments Due in Year 3	0.8	0.7	0.1	0.1	-
Capital Lease Payments Due in Year 4	0.4	0.7	0.1	0.1	-
Capital Lease Payments Due in Year 5	0.1	0.4	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	1.7	1.4	0.3	0.1	-
Capital Lease Payments Due in 4-5 Years	0.5	1.0	0.1	0.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.1	0.0	0.0	-
Pension Obligation - Domestic	52.4	46.9	41.7	53.8	56.0
Plan Assets - Domestic	12.2	12.1	11.6	12.2	13.9
Funded Status - Domestic	-40.2	-34.9	-30.1	-41.6	-42.1
Total Funded Status	-40.2	-34.9	-30.1	-41.6	-42.1
Discount Rate - Domestic	1.40%	2.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	8.60%	4.10%	4.10%	6.60%	6.30%
Accrued Liabilities - Domestic	-17.3	-15.7	-14.0	-22.0	-22.1
Other Assets, Net - Domestic	22.9	19.2	16.1	19.6	20.1
Net Assets Recognized on Balance Sheet	5.6	3.5	2.1	-2.4	-2.0
Total Plan Obligations	52.4	46.9	41.7	53.8	56.0
Total Plan Assets	12.2	12.1	11.6	12.2	13.9

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Income/Starting Line	-37.0	-12.1	-21.6	-16.8	-2.0
Depreciation	12.0	14.4	16.4	17.8	15.6
Depreciation/Depletion	12.0	14.4	16.4	17.8	15.6
Unusual Items	19.6	2.2	15.5	-3.3	3.4
Equity in Net Earnings (Loss)	-0.5	-1.0	0.8	1.8	-0.7
Other Non-Cash Items	18.9	2.8	-6.6	3.6	2.8
Non-Cash Items	38.0	4.1	9.7	2.1	5.5
Accounts Receivable	7.4	17.7	-18.8	41.0	-2.0
Inventories	2.8	7.5	2.2	5.2	-5.0
Accounts Payable	2.2	-6.5	14.7	-36.6	11.8
Accrued Expenses	-	-	-	-1.1	0.0
Other Operating Cash Flow	-11.6	-11.2	-11.3	-11.0	3.2
Changes in Working Capital	0.7	7.6	-13.3	-2.7	8.1
Cash from Operating Activities	13.8	13.9	-8.9	0.5	27.1
Purchase of Fixed Assets	-9.2	-16.5	-8.3	-19.7	-15.5
Capital Expenditures	-9.2	-16.5	-8.3	-19.7	-15.5
Acquisition of Business	-3.0	-	-	-	-
Sale of Business	-	0.0	10.9	0.0	-
Sale of Fixed Assets	1.2	0.8	0.6	34.3	4.2
Sale/Maturity of Investment	18.0	2.5	2.7	33.0	49.1
Investment, Net	-	0.0	-	-	-
Purchase of Investments	-1.9	-2.3	-1.7	-32.7	-44.8
Other Investing Cash Flow	-0.6	-0.3	0.3	-0.4	-0.8
Other Investing Cash Flow Items, Total	13.6	0.8	12.8	34.3	7.7
Cash from Investing Activities	4.4	-15.7	4.5	14.5	-7.8
Other Financing Cash Flow	-1.5	-0.8	-0.2	-0.4	-0.3
Financing Cash Flow Items	-1.5	-0.8	-0.2	-0.4	-0.3
Cash Dividends Paid - Common	-	-	-	0.0	-0.8
Total Cash Dividends Paid	-	-	-	0.0	-0.8
Sale/Issuance of Common	48.4	0.0	-	-	-
Common Stock, Net	48.4	0.0	-	-	-
Issuance (Retirement) of Stock, Net	48.4	0.0	-	-	-
Short Term Debt, Net	-29.4	-19.8	16.8	-7.9	-15.6
Long Term Debt Issued	8.1	38.8	10.9	23.8	34.5
Long Term Debt Reduction	-28.0	-19.6	-26.1	-29.8	-40.8
Long Term Debt, Net	-19.9	19.2	-15.2	-6.0	-6.3
Issuance (Retirement) of Debt, Net	-49.3	-0.6	1.6	-13.9	-22.0
Cash from Financing Activities	-2.5	-1.4	1.4	-14.2	-23.1
Foreign Exchange Effects	-0.7	-0.4	0.6	-4.2	-0.1
Net Change in Cash	14.9	-3.5	-2.4	-3.5	-4.0
Net Cash - Beginning Balance	36.5	37.1	36.6	37.3	36.8
Net Cash - Ending Balance	51.5	33.6	34.2	33.9	32.8
Cash Interest Paid	4.0	3.6	3.8	3.3	3.4
Cash Taxes Paid	2.2	0.8	0.8	1.0	0.9

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Sales	340.7	385.8	403.5	427.2	456.1
Total Revenue	340.7	385.8	403.5	427.2	456.1
Rounding adjustment Income Statement	0.0	-	-	-	-
Cost of sales	300.7	349.7	363.4	392.3	403.7
Other Selling/General/Admin. Expense	19.4	-	-	-	-
Commission Paid	-	-	-	-	2.6
Freight Cost & Transportation Cost	-	-	-	-	4.9
Payroll & Other Benefits	12.8	13.7	13.4	13.6	17.1
Retirement Benefit	1.8	1.7	1.2	1.7	1.4
R & D Expense	4.1	4.6	4.3	5.8	5.8
Other SG&A Expenses	-	21.6	20.3	28.5	13.5
Other	-0.1	-	-	-	-
gain of insurance	-11.6	-	-	-	-
Loss on disaster	9.8	-	-	-	-
Environmental expenses PCB	13.6	-	-	-	-
SP Insurance Income	-	0.0	-	-	-
SP Subsidy income	0.0	-0.8	0.0	-	-
SP Gain on forgiveness of debts	0.0	-0.3	0.0	-	-
Gain on share of investment securities	-	-0.2	0.0	-	-
SP Rev. Allow.Doubt.	-	0.0	0.0	0.0	0.0
SP Other Special Income	-	0.0	0.0	-	0.0
SP Fixed assets impairment losses	0.1	1.0	7.9	0.0	0.8
SP Loss on disaster	-	0.0	-	-	-
Business structure improvement expenses	15.2	1.0	15.1	0.0	-
SP Res.for environment measurement	-	0.0	-	-	-
SP Loss Reti.Fix.Asset	0.4	-	0.3	0.7	2.0
SP L on adj. for change of acct. asset	0.0	0.4	0.0	-	-
SP L on val.of Inv.Sec.	0.0	0.0	0.0	0.9	0.0
SP Reserve for business restructuring	-	0.0	0.2	1.1	0.0
SP Other Special Loss	0.0	0.0	0.1	0.2	0.1
Soil Pollution Treatment	-	-	-	0.0	1.3
Total Operating Expense	366.2	392.4	426.1	444.7	453.1
NOP Interest Income	0.1	0.0	0.1	0.4	0.4
Gain on share of investment securities	0.0	-	-	-	-
Loss on sales of investment securities	-6.8	-	-	-	-
NOP Dividend Income	0.4	0.3	0.3	0.3	0.8
NOP Equity Earning	0.5	1.0	0.0	0.0	0.7
NOP Exchange Gain	-	-	-	-	0.0
Other Non-Operating Income (Expense)	0.0	-	-	-	-
Stock issuance cost	-2.2	-	-	-	-
NOP Other Non Op. Income	1.2	1.0	1.3	2.1	1.4
NOP Interest Expense	-4.0	-3.7	-3.7	-3.3	-3.5
NOP Exchange Loss	-1.1	-3.5	-1.8	-1.3	-3.3
NOP Stock issuance cost	-	0.0	-	-	-
NOP Equity Loss	-	0.0	-0.8	-1.8	0.0
NOP Other Non Op. Expense	-0.6	-0.4	-0.4	-0.7	-0.9
Gain On Transfer Of Business	0.6	-	-	-	-
Gain on sales of subsidiaries and affili	0.1	-	-	-	-
Loss on sales of noncurrent assets	-0.1	-	-	-	-
SP G on sales of Affiliates' secs.	-	0.0	-	-	-
SP Gain Sale Fix.Asset	0.4	0.2	0.0	4.6	0.1
SP Gain Sale of Inv. Sec.	0.2	0.1	0.4	0.3	0.1
SP Gain on transfer of business	-	0.0	5.7	0.0	-
SP L on sales/retir. of fixed asset	-	-0.5	-	-	-
SP Loss Sale Inv.Sec.	-	0.0	-	-	-
SP L on business reviewing liquid.	-	-	-	0.0	-0.8
SP L on disp. of inventories	-	-	-	-	0.0
Net Income Before Taxes	-37.0	-12.1	-21.6	-16.8	-2.0
Provision for Income Taxes	3.0	1.4	1.6	12.5	6.3
Net Income After Taxes	-40.0	-13.5	-23.2	-29.3	-8.3
Minority interests in income	-0.4	-0.5	-0.5	0.7	0.8
Net Income Before Extra. Items	-40.4	-14.1	-23.7	-28.6	-7.6
Net Income	-40.4	-14.1	-23.7	-28.6	-7.6
Rounding adjustment Income Statement	0.0	-	-	-	-
Earning Adjustment	-	0.0	-0.1	0.0	-
Income Available to Com Excl ExtraOrd	-40.4	-14.1	-23.8	-28.6	-7.6
Income Available to Com Incl ExtraOrd	-40.4	-14.1	-23.8	-28.6	-7.6
Basic Weighted Average Shares	44.4	44.2	44.1	44.2	44.2
Basic EPS Excluding ExtraOrdinary Items	-0.91	-0.32	-0.54	-0.65	-0.17
Basic EPS Including ExtraOrdinary Item	-0.91	-0.32	-0.54	-0.65	-0.17
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-40.4	-14.1	-23.8	-28.6	-7.6
Diluted Weighted Average Shares	44.4	44.2	44.1	44.2	44.2
Diluted EPS Excluding ExtraOrd Items	-0.91	-0.32	-0.54	-0.65	-0.17
Diluted EPS Including ExtraOrd Items	-0.91	-0.32	-0.54	-0.65	-0.17
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-10.6	-10.6	-3.8	-18.6	2.9
Inc Tax Ex Impact of Sp Items	12.2	2.0	7.8	11.9	8.0
Normalized Income After Taxes	-22.8	-12.6	-11.6	-30.5	-5.2
Normalized Inc. Avail to Com.	-23.2	-13.1	-12.2	-29.8	-4.4
Basic Normalized EPS	-0.52	-0.30	-0.28	-0.67	-0.10
Diluted Normalized EPS	-0.52	-0.30	-0.28	-0.67	-0.10
Interest Expense	4.0	3.7	3.7	3.3	3.5
Amort of Tangible Assets-Current Portion	12.0	-	-	-	-
Depreciation	-	14.4	16.4	17.8	15.6
R&D Expenses	4.1	4.6	4.3	5.8	5.8
Income taxes-current	2.7	-	-	-	-
Current Tax - Total	2.7	-	-	-	-
Income taxes-deferred	0.2	-	-	-	-
Deferred Tax - Total	0.2	-	-	-	-
Income Tax - Total	2.9	-	-	-	-
Reported Operating Profit	1.8	-5.5	0.9	-14.7	7.2
Reported Ordinary Profit	-4.0	-10.7	-4.2	-18.9	2.7
Service cost	2.0	2.5	1.5	2.3	2.0
Interest cost	1.1	1.0	0.9	1.3	1.1
Expected return on plan assets	-0.8	-0.4	-0.7	-0.7	-0.6
Pension exp. Due to acct. changes	0.8	0.7	2.6	0.9	0.8
Actuarial gains and losses	1.9	1.6	6.3	1.5	1.1
Prior service cost	-0.1	-0.1	-0.4	-0.1	-0.1
Domestic Pension Plan Expense	4.9	5.3	10.2	5.1	4.3
Total Pension Expense	4.9	5.3	10.2	5.1	4.3
Discount Rate(MIN)-Retirement Cost(Domes	1.40%	-	-	-	-
Discount rate	-	2.50%	2.50%	2.50%	2.50%
Expected return on assets(MIN)-Retiremen	8.60%	-	-	-	-
Expected rate of return	-	4.10%	4.10%	6.60%	6.30%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Cash and Deposit	52.0	38.3	37.2	37.2	40.0
Notes and accounts receivable-trade	74.5	86.9	95.1	71.6	120.1
Inventories - merchandise/finished goods	6.8	9.1	12.0	10.9	12.5
Inventories - work-in-process	4.8	7.5	8.5	7.0	13.6
Inventories - raw materials/supplies	8.7	16.8	17.3	19.5	19.5
Accounts receivable-other(1)	18.0	-	-	-	-
Accounts receivable-other	-	2.7	-	-	-
Deferred Tax	0.4	0.5	0.5	0.5	3.6
Rounding adjustment Assets	0.0	-	-	-	-
Other	2.1	2.6	5.1	6.9	8.3
Allow.Doubt.Act.	-0.3	-0.3	-0.2	-0.1	-0.3
Total Current Assets	166.8	164.0	175.4	153.5	217.4
Bldg.& Structure, gross	116.6	124.0	109.4	107.0	128.3
Machinery, equipment and vehicles	141.7	165.5	154.8	176.0	184.8
Tools, furniture and fixtures	41.0	56.6	49.9	45.8	46.2
Land	27.3	29.8	24.6	23.3	42.9
Lease assets	-	2.4	-	-	-
Lease Assets	2.9	-	-	-	-
Other PPE, gross	1.1	0.9	1.9	-	-
Lease assets, gross	-	-	-	0.4	0.0
Const.Progress	-	-	-	0.0	1.9
Rounding adjustment Assets	0.0	-	-	-	-
Other Other Long Term Assets	0.0	-	-	-	-
Other asset(1)	-	-	-	1.1	0.0
Depreciation	-254.2	-284.1	-255.8	-254.5	-268.0
Total intangible assets	1.1	1.2	0.9	1.6	1.5
Investment Sec.	14.2	9.6	9.4	26.8	35.8
Equity secs.-nonconsolidated affil.	1.7	21.3	19.5	-	-
Deferred tax assets	0.6	0.7	1.1	1.8	9.4
Other Asset	3.7	3.8	3.4	5.2	5.9
Allow.Doubt.Act.	-0.6	-0.6	-0.7	-2.1	-2.0
Adjustment	-	-	-	-	0.0
Other Total PPE,net	0.0	-	-	-	-
Total Assets	263.8	295.0	293.9	286.0	404.0
Notes and accounts payable-trade	54.9	65.7	66.5	48.6	91.3
Short-term loans payable	38.1	66.7	78.4	58.1	68.6
Current portion of long-term loans payab	39.7	17.6	20.8	26.1	25.6
Lease Obligations	-	0.7	0.1	0.1	0.0
Straight bonds (current)	-	0.6	0.0	-	0.2
Income Tax Pay.	1.1	0.9	0.5	0.5	0.6
Accrued Expense	11.0	10.2	14.7	9.9	13.4
Note Facility	-	-	-	0.4	1.1
Rounding adjustment Liability	0.0	-	-	-	-
Provision for business restructure impro	0.4	0.2	0.5	1.1	0.0
Other	6.9	4.4	7.1	5.9	14.7
Total Current Liabilities	152.1	167.1	188.7	150.6	215.5
Long-term loans payable	24.5	65.9	36.1	41.9	49.0
Lease Obligations	-	2.6	0.4	0.3	0.0
Straight bonds	-	0.0	-	0.5	0.5
Total Long Term Debt	24.5	68.5	36.4	42.6	49.5
Deferred Tax	0.0	0.3	1.0	0.5	0.3
Provision for environmental measures(1)	13.1	-	-	-	-
Provision for environmental measures	-	0.0	-	-	-
Rsv.Acd.Retire.	17.3	15.7	14.0	22.0	22.1
Other Long Term Liabilities	0.0	-	-	-	-
Negative Goodwill	-	-	-	0.1	0.0
Other	3.2	2.1	1.1	0.8	1.8
Minority Int.	8.6	8.9	7.7	6.3	7.5
Total Liabilities	218.7	262.5	249.0	223.0	296.6
Redeemable Convertible Preferred Stock	22.5	-	-	-	-
Common Stock	12.1	74.2	65.8	62.2	61.7
Total capital surpluses	38.2	28.1	24.9	23.5	29.4
Total retained earnings	-15.8	-50.6	-30.9	-6.9	16.1
Treasury Stock	-0.2	-0.2	-0.2	-0.2	-0.2
Valuation difference on available-for-sa	-0.2	0.8	1.0	0.2	1.0
Translation Adj.	-11.4	-19.7	-15.6	-16.0	-0.7
Other Equity	0.0	-	-	-	-
Total Equity	45.1	32.5	44.9	62.9	107.4
Total Liabilities & Shareholders' Equity	263.8	294.9	293.9	285.9	404.0
S/O-Common Stock	67.9	44.2	44.1	44.2	44.2
Total Common Shares Outstanding	67.9	44.2	44.1	44.2	44.2
T/S-Common Stock	0.2	0.1	0.1	0.1	0.1
S/O-Preferred Stock A	0.0	-	-	-	-
Total Preferred Shares Outstanding	0.0	-	-	-	-
T/S-Preferred Stock A	0.0	-	-	-	-
Full-Time Employees	1,960	3,594	4,233	4,994	4,202
Total Number of Shareholders	4,922	-	-	-	-
Number of Common Shareholders	-	5,103	5,129	4,065	4,142
LT Debts<1Yr.	39.7	18.2	20.8	26.1	25.9
Lns Pble Maturing over a Yr within 2 Yrs	13.7	-	-	-	-
LT Debts<2Yr.	-	51.4	13.6	15.6	21.7
Lns Pble Maturg over 2 Yrs within 3 Yrs	3.5	-	-	-	-
LT Debts<3Yr.	-	7.8	18.7	9.5	9.3
Lns Pble Maturg over 3 Yrs within 4 Yrs	5.4	-	-	-	-
LT Debts<4Yr.	-	4.1	3.2	15.1	5.3
Lns Pble Maturg over 4 Yrs within 5 Yrs	0.5	-	-	-	-
LT Debts<5Yr.	-	2.2	0.8	2.2	11.7
Other LT debt within 1 year	1.4	-	-	-	-
LT Debts Remaining	-	0.4	0.3	0.0	1.7
Total Long Term Debt, Supplemental	64.1	84.1	57.4	68.5	75.4
Capital Lease Payment due in 1 Yr.	0.9	0.7	0.1	0.1	-
Cap Lease Maturg over a Yr within 2 Yrs	0.9	-	-	-	-
Capital Lease Payment due in 2 Yr.	-	0.7	0.1	0.1	-
Cap Lease Maturg over 2 Yr within 3 Yrs	0.8	-	-	-	-
Capital Lease Payment due in 3 Yr.	-	0.7	0.1	0.1	-
Cap Lease Maturg over 3 Yr within 4 Yrs	0.4	-	-	-	-
Capital Lease Payment due in 4 Yr.	-	0.7	0.1	0.1	-
Cap Lease Maturg over 4 Yr within 5 Yrs	0.1	-	-	-	-
Capital Lease Payment due in 5 Yr.	-	0.4	0.0	0.0	-
Other capital leases remaining	0.0	-	-	-	-
Remainings	-	0.1	0.0	0.0	-
Total Capital Leases	3.1	3.3	0.5	0.3	-
Pension obligation	52.4	46.9	41.7	53.8	56.0
Fair value of plan asset	12.2	12.1	11.6	12.2	13.9
Funded status	-40.2	-34.9	-30.1	-41.6	-42.1
Total Funded Status	-40.2	-34.9	-30.1	-41.6	-42.1
Discount rate	1.40%	2.50%	2.50%	2.50%	2.50%
Expected rate of return	8.60%	4.10%	4.10%	6.60%	6.30%
Expense unrecog. for acc. Changes	2.2	3.0	3.3	5.5	6.4
Unrecognized actuarial gains and losses	21.5	17.2	13.4	15.0	14.7
Unrecognized prior service cost	-0.9	-1.0	-0.6	-0.9	-1.0
Provision for pension	-17.3	-15.7	-14.0	-22.0	-22.1
Net Assets Recognized on Balance Sheet	5.6	3.5	2.1	-2.4	-2.0

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 ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Income Bf. Tax	-37.0	-12.1	-21.6	-16.8	-2.0
Depreciation	12.0	14.4	16.4	17.8	15.6
Increase (decrease) in provision for env	13.6	-	-	-	-
Increase (decrease) in provision for ret	-	0.0	-9.3	-0.2	0.5
Int.&Div.Income	-0.5	-0.4	-0.4	-0.7	-1.1
Interest Expense	4.0	3.7	3.7	3.3	3.5
Loss (gain) on sales of property, plant	-0.3	-0.2	0.0	-4.6	-0.1
Loss (gain) on sales of stocks of subsid	-0.1	-	-	-	-
Loss (gain) on transfer of business(1)	-0.6	-	-	-	-
insurance profit	-11.6	-	-	-	-
damage lose	9.8	-	-	-	-
Loss on retirement of property, plant an	0.4	0.5	0.3	0.7	2.0
Loss (gain) on sales of investment secur	6.6	-0.1	-0.4	-0.2	-0.1
G/L on sales of stocks of Affiliates	-	0.0	-	-	-
Impairment losses on fixed assets	0.1	1.0	7.9	0.0	0.8
Loss (gain) on valuation of investment s	0.0	0.0	0.0	0.9	0.0
Increase(decrease)in provision for busin	0.2	-0.4	-0.6	1.1	0.0
Business restructure improvement expense	15.2	1.0	13.3	0.0	-
Insurance income	-	0.0	-	-	-
Provision for environment measures	-	0.0	-	-	-
Disaster lose	-	0.0	-	-	-
Loss (gain) on transfer of business	-	0.0	-5.7	0.0	-
Equity in (earnings) losses of affiliate	-0.5	-1.0	0.8	1.8	-0.7
L on business reviewing liquid.	-	-	-	0.0	0.8
Dec. on reserve for bonuses	-	-	-	-1.1	0.0
Decrease (increase) in notes and account	7.4	17.7	-18.8	41.0	-2.0
Decrease (increase) in inventories	2.8	7.5	2.2	5.2	-5.0
Increase (decrease) in notes and account	2.2	-6.5	14.7	-36.6	11.8
Other Operating Cash Flow	0.0	-	-	-	-
payment of lose	-2.6	-	-	-	-
Proceeds from insurance income(1)	2.1	-	-	-	-
Other, net	-5.4	1.8	6.3	-7.7	6.0
Payment of loss on disaster	-	0.0	-	-	-
Payments for extra retirement	-0.1	-8.9	-13.3	0.0	-
Proceeds from insurance income	-	0.0	-	-	-
Int.&Div.Recvd.	0.5	0.4	0.3	0.9	1.5
Interest Paid	-4.0	-3.6	-3.8	-3.3	-3.4
Taxes Paid	-2.2	-0.8	-0.8	-1.0	-0.9
Increase (decrease) in provision for ret	1.6	0.0	-	0.2	0.0
Cash from Operating Activities	13.8	13.9	-8.9	0.5	27.1
Payments For Sales Of Investments In Sub	-3.0	-	-	-	-
Time Deposit Made	-1.9	-2.2	-1.6	-32.4	-44.2
Time Deposit Matured	2.8	2.3	1.4	32.0	44.6
Purchase of property, plant and equipmen	-9.2	-16.5	-8.3	-19.7	-15.5
Proceeds from sales of property, plant a	1.2	0.8	0.6	34.3	4.2
Purch. Inv.Sec.	-0.1	0.0	0.0	-0.3	-0.6
Sale Inv. Sec.	15.2	0.2	1.4	1.0	4.5
Outflow-Sales of sub. secs.-consol.	-	0.0	-	-	-
Proceed from curl cord business transfer	-	0.0	10.9	0.0	-
Rounding adjustment Cash flow	0.0	-	-	-	-
Other, net	-0.6	-0.3	0.3	-0.4	-0.8
Cash from Investing Activities	4.4	-15.7	4.5	14.5	-7.8
Net increase (decrease) in short-term lo	-29.4	-19.8	16.8	-7.9	-15.6
Proceeds from long-term loans payable	8.1	38.8	10.9	23.8	34.5
Repayment of long-term loans payable	-28.0	-19.6	-26.1	-29.8	-40.8
Proceeds from issuance of common stock	48.4	-	-	-	-
Issuance of common stock	-	0.0	-	-	-
Dividend Paid	-	-	-	0.0	-0.8
Rounding adjustment Cash flow	0.0	-	-	-	-
Dividend Minority	-0.2	-0.1	-0.1	-0.2	-0.1
Other, net	-1.4	-0.8	-0.1	-0.2	-0.3
Cash from Financing Activities	-2.5	-1.4	1.4	-14.2	-23.1
Foreign Exchange Effects	-0.7	-0.4	0.6	-4.2	-0.1
Net Change in Cash	14.9	-3.5	-2.4	-3.5	-4.0
Net Cash - Beginning Balance	36.5	37.1	36.6	37.3	36.8
Net Cash - Ending Balance	51.5	33.6	34.2	33.9	32.8
Cash Interest Paid	4.0	3.6	3.8	3.3	3.4
Cash Taxes Paid	2.2	0.8	0.8	1.0	0.9

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	62.6	-26.94%	340.7	-18.64%	-14.43%	-11.01%
Research & Development1	-	-	4.1	-18.32%	-18.22%	-
Operating Income1	-1.4	-	-25.5	-	-	-
Income Available to Common Excl Extraord Items1	0.3	-	-40.4	-	-	-
Basic EPS Excl Extraord Items1	0.00	-	-0.91	-	-	-
Capital Expenditures2	-	-	9.2	-48.65%	-28.50%	-12.90%
Cash from Operating Activities2	-	-	13.8	-9.12%	180.90%	-6.29%
Free Cash Flow	-	-	4.4	-	-	43.74%
Total Assets3	227.1	-10.22%	263.8	-11.09%	-8.36%	-12.19%
Total Liabilities3	177.3	-23.77%	218.7	-17.17%	-6.47%	-9.65%
Total Long Term Debt3	8.5	-58.98%	24.5	-64.48%	-21.77%	-14.54%
Employees3	-	-	1960	-45.46%	-26.78%	-13.05%
Total Common Shares Outstanding3	67.9	53.95%	67.9	53.86%	15.44%	8.99%
1-ExchangeRate: JPY to USD Average for Period	81.131791	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	Â	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	85.870003	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	11.73%	9.37%	9.94%	8.16%	11.50%
Operating Margin	-7.49%	-1.71%	-5.60%	-4.09%	0.66%
Pretax Margin	-10.87%	-3.13%	-5.35%	-3.93%	-0.44%
Net Profit Margin	-11.87%	-3.64%	-5.89%	-6.69%	-1.66%
Financial Strength
Current Ratio	1.10	0.98	0.93	1.02	1.01
Long Term Debt/Equity	0.54	2.11	0.81	0.68	0.46
Total Debt/Equity	2.27	4.75	3.02	2.02	1.35
Management Effectiveness
Return on Assets	-13.68%	-4.47%	-7.74%	-8.60%	-2.33%
Return on Equity	-140.03%	-34.96%	-42.43%	-33.98%	-7.74%
Efficiency
Receivables Turnover	3.59	4.07	4.71	4.52	4.43
Inventory Turnover	10.71	9.52	9.34	9.57	10.77
Asset Turnover	1.16	1.27	1.35	1.25	1.27

Market Valuation USD (mil)
Enterprise Value2	161.1	.	Price/Sales (TTM)	0.32
Enterprise Value/Revenue (TTM)	0.62	.	Price/Book (MRQ)	3.00
Market Cap as of 29-Mar-20131	77.4	.
1-ExchangeRate: JPY to USD on 29-Mar-2013	94.088557
2-ExchangeRate: JPY to USD on 31-Dec-2012	85.870003

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Financial Strength
Current Ratio	1.10	0.98	0.93	1.02	1.01
Quick/Acid Test Ratio	0.95	0.76	0.70	0.72	0.74
Working Capital1	14.7	-3.1	-13.3	2.9	1.8
Long Term Debt/Equity	0.54	2.11	0.81	0.68	0.46
Total Debt/Equity	2.27	4.75	3.02	2.02	1.35
Long Term Debt/Total Capital	0.17	0.37	0.20	0.22	0.20
Total Debt/Total Capital	0.69	0.83	0.75	0.67	0.57
Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Total Capital1	147.4	186.6	180.7	190.2	252.5
Efficiency
Asset Turnover	1.16	1.27	1.35	1.25	1.27
Inventory Turnover	10.71	9.52	9.34	9.57	10.77
Days In Inventory	34.07	38.34	39.07	38.13	33.89
Receivables Turnover	3.59	4.07	4.71	4.52	4.43
Days Receivables Outstanding	101.68	89.77	77.51	80.73	82.46
Revenue/Employee2	166,583	110,994	94,809	87,030	124,656
Operating Income/Employee2	-12,479	-1,893	-5,307	-3,558	822
EBITDA/Employee2	-6,602	2,236	-1,464	73	5,074
Profitability
Gross Margin	11.73%	9.37%	9.94%	8.16%	11.50%
Operating Margin	-7.49%	-1.71%	-5.60%	-4.09%	0.66%
EBITDA Margin	-3.96%	2.01%	-1.54%	0.08%	4.07%
EBIT Margin	-7.49%	-1.71%	-5.60%	-4.09%	0.66%
Pretax Margin	-10.87%	-3.13%	-5.35%	-3.93%	-0.44%
Net Profit Margin	-11.87%	-3.64%	-5.89%	-6.69%	-1.66%
R&D Expense/Revenue	1.19%	1.19%	1.07%	1.37%	1.28%
COGS/Revenue	88.27%	90.63%	90.06%	91.84%	88.50%
SG&A Expense/Revenue	9.99%	9.60%	8.65%	10.23%	8.65%
Management Effectiveness
Return on Assets	-13.68%	-4.47%	-7.74%	-8.60%	-2.33%
Return on Equity	-140.03%	-34.96%	-42.43%	-33.98%	-7.74%
Valuation
Free Cash Flow/Share2	0.06	-0.06	-0.39	-0.44	0.30
Operating Cash Flow/Share 2	0.19	0.33	-0.20	0.01	0.71
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)	-2.65
Market Cap/Equity (MRQ)	1.70
Market Cap/Revenue (TTM)	0.32
Market Cap/EBIT (TTM)	-5.40
Market Cap/EBITDA (TTM)	-12.80
Enterprise Value/Earnings (TTM)	-5.04
Enterprise Value/Equity (MRQ)	3.23
Enterprise Value/Revenue (TTM)	0.62
Enterprise Value/EBIT (TTM)	-10.25
Enterprise Value/EBITDA (TTM)	-24.31

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

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