MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	NIPPON PAPER INDUSTRIES CO., LTD
Registered Office :	Ochanomizu Solacity 4-6, Kanda Surugadai, Chiyoda-Ku, 101-0062
Country :	Japan
Financials (as on) :	31.03.2013
Date of Incorporation :	01.08.1949
Legal Form :	Public Subsidiary
Line of Business :	Paper Product Manufacturing
No. of Employees :	10,678

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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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

NIPPON PAPER INDUSTRIES CO., LTD

Ochanomizu Solacity

4-6, Kanda Surugadai

Chiyoda-Ku, 101-0062

Japan

Tel:	81-3-66651111
Fax:	81-3-66650300
www.nipponpapergroup.com

Employees:

10,678

Company Type:

Public Subsidiary

Corporate Family:

90 Companies

Ultimate Parent:

Nippon Paper Group Inc

Traded:

Tokyo Stock Exchange:

3863

Incorporation Date:

01-Aug-1949

Auditor:

Ernst & Young ShinNihon LLC

Financials in:	USD (In Millions)
Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	10,392.5 ^1
Net Income:	53.8
Total Assets:	15,200.0 ^2
Market Value:	1,683.5
	(19-Jul-2013)

Business Description

Nippon Paper Industries Co., Ltd. is a Japan-based paper manufacturing company. The Company operates in four business segments. The Paper and Pulp segment manufactures and sells western paper and pulp. The Paper-related segment manufactures and sells paper processed products, chemical products, adhesive products and paper containers. The Lumber, Construction Materials and Civil Engineering-related segment purchases and sells lumber and construction materials, manufactures and sells construction materials, as well as involves in the civil engineering business. The Others segment is engaged in the logistics, leisure and other businesses. As of March 31, 2012, the Company had 109 subsidiaries and 42 associated companies. For the fiscal year ended 31 March 2013, Nippon Paper Industries Co., Ltd revenues increased 3% to Y862.27B. Net income applicable to common stockholders totaled Y4.47B vs. loss of Y44.94B. Revenues reflect Pulp And Paper Business segment increase of 5% to Y676.11B, Paper-Related Businesses segment increase of 1% to Y97.57B, Japan segment increase of 4% to Y764.81B, Northern America segment increase of 40% to Y17.6B.

Industry

Industry	Paper Product Manufacturing
ANZSIC 2006:	1510 - Pulp, Paper and Paperboard Manufacturing
ISIC Rev 4:	1701 - Manufacture of pulp, paper and paperboard
NACE Rev 2:	1712 - Manufacture of paper and paperboard
NAICS 2012:	322121 - Paper (except Newsprint) Mills
UK SIC 2007:	1712 - Manufacture of paper and paperboard
US SIC 1987:	2621 - Paper Mills

Key Executives

Name	Title
Yoshio Haga	President, Representative Director
Fumihiro Noguchi	Senior Managing Director, Chief Director of Printing & Information Paper Sales
Tsuyoshi Yamashita	Vice President, Chief Director of Administration, Representative Director
Yasunori Nanri	Chief Director of Research & Development, Director
Ken Hamaoki	Nakoi Plant Manager, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Nippon Paper Industries Co Ltd Amends Consolidated Full-year Forecast for FY 2013	26-Apr-2013
Strategic Combinations	1	Nippon Paper Industries Co Ltd and Mitsubishi Corp to Build 21-MW Solar Plant in Japan- SeeNews	14-May-2013

* number of significant developments within the last 12 months

News

Title	Date
NIPPON PAPER GROUP INC. : Nippon Paper Industries to Establish International Sales Management & Planning Department (Nippon Paper Industries) 4 Traders (86 Words)	6-Aug-2013
Nippon Paper Industries to Establish International Sales Management & Planning Department (Nippon Paper Industries) Noodls (91 Words)	6-Aug-2013
JAPAN NEWS SCHEDULE (Tuesday, August 6) Nikkei English News (116 Words)	5-Aug-2013
National labor board issues complaint against Nippon mill Peninsula Daily News (621 Words)	3-Aug-2013
Union OKs 6-year contract with Port Angeles paper plant Peninsula Daily News (740 Words)	3-Aug-2013
Nippon Paper Industries to Launch ?NEW Heat-Resistant One Wrap? that Adheres Fast to Dishes (Nippon Paper Industries) Nippon Paper Group (104 Words)	2-Aug-2013

Stock Snapshot

Traded: Tokyo Stock Exchange: 3863

As of 19-Jul-2013

   Financials in: JPY

Recent Price	1,456.00	EPS	68.23
52 Week High	1,695.00	Price/Sales	0.20
52 Week Low	1,189.00	Price/Book	0.52
Avg. Volume (mil)	1.13
Market Value (mil)	169,267.10

	Price % Change	Rel S&P 500%
4 Week	4.15%	-5.52%
13 Week	19.44%	11.03%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855

Corporate Overview

Location
Ochanomizu Solacity
4-6, Kanda Surugadai
Chiyoda-Ku, 101-0062
Japan

Tel:	81-3-66651111
Fax:	81-3-66650300

www.nipponpapergroup.com

Quote Symbol - Exchange
3863 - Tokyo Stock Exchange
Sales JPY(mil):	862,272.0
Assets JPY(mil):	1,430,143.0
Employees:	10,678
Fiscal Year End:	31-Mar-2013

Industry:

Paper and Paper Products

Incorporation Date:	01-Aug-1949
Company Type:	Public Subsidiary
Quoted Status:	Quoted

President, Representative Director:	Yoshio Haga

Industry Codes

ANZSIC 2006 Codes:
1510	-	Pulp, Paper and Paperboard Manufacturing
4610	-	Road Freight Transport
9139	-	Amusement and Other Recreational Activities Not Elsewhere Classified
1915	-	Adhesive Manufacturing
3331	-	Timber Wholesaling
3109	-	Other Heavy and Civil Engineering Construction
3339	-	Other Hardware Goods Wholesaling
1916	-	Paint and Coatings Manufacturing

ISIC Rev 4 Codes:
1701	-	Manufacture of pulp, paper and paperboard
4923	-	Freight transport by road
9329	-	Other amusement and recreation activities n.e.c.
4663	-	Wholesale of construction materials, hardware, plumbing and heating equipment and supplies
4220	-	Construction of utility projects
2022	-	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
2029	-	Manufacture of other chemical products n.e.c.

NACE Rev 2 Codes:
1712	-	Manufacture of paper and paperboard
9329	-	Other amusement and recreation activities
4673	-	Wholesale of wood, construction materials and sanitary equipment
1711	-	Manufacture of pulp
4941	-	Freight transport by road
2052	-	Manufacture of glues
4221	-	Construction of utility projects for fluids
2030	-	Manufacture of paints, varnishes and similar coatings, printing ink and mastics

NAICS 2012 Codes:
322121	-	Paper (except Newsprint) Mills
325910	-	Printing Ink Manufacturing
322130	-	Paperboard Mills
325520	-	Adhesive Manufacturing
423310	-	Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers
423390	-	Other Construction Material Merchant Wholesalers
322110	-	Pulp Mills
713990	-	All Other Amusement and Recreation Industries
237990	-	Other Heavy and Civil Engineering Construction
484220	-	Specialized Freight (except Used Goods) Trucking, Local

US SIC 1987:
2621	-	Paper Mills
2631	-	Paperboard Mills
2611	-	Pulp Mills
7999	-	Amusement and Recreation Services, Not Elsewhere Classified
1629	-	Heavy Construction, Not Elsewhere Classified
5039	-	Construction Materials, Not Elsewhere Classified
4212	-	Local Trucking Without Storage
2893	-	Printing Ink
5031	-	Lumber, Plywood, Millwork, and Wood Panels
2891	-	Adhesives and Sealants

UK SIC 2007:
1712	-	Manufacture of paper and paperboard
9329	-	Other amusement and recreation activities
1711	-	Manufacture of pulp
4941	-	Freight transport by road
20302	-	Manufacture of printing ink
2052	-	Manufacture of glues
4221	-	Construction of utility projects for fluids
4673	-	Wholesale of wood, construction materials and sanitary equipment

Business Description

Nippon Paper Industries Co., Ltd. is a Japan-based paper manufacturing company. The Company operates in four business segments. The Paper and Pulp segment manufactures and sells western paper and pulp. The Paper-related segment manufactures and sells paper processed products, chemical products, adhesive products and paper containers. The Lumber, Construction Materials and Civil Engineering-related segment purchases and sells lumber and construction materials, manufactures and sells construction materials, as well as involves in the civil engineering business. The Others segment is engaged in the logistics, leisure and other businesses. As of March 31, 2012, the Company had 109 subsidiaries and 42 associated companies. For the fiscal year ended 31 March 2013, Nippon Paper Industries Co., Ltd revenues increased 3% to Y862.27B. Net income applicable to common stockholders totaled Y4.47B vs. loss of Y44.94B. Revenues reflect Pulp And Paper Business segment increase of 5% to Y676.11B, Paper-Related Businesses segment increase of 1% to Y97.57B, Japan segment increase of 4% to Y764.81B, Northern America segment increase of 40% to Y17.6B.

More Business Descriptions

Manufacture and sale of paper products

Holding Company; Newsprint, Paper, Packaging Board, Pulp & Other Paper Products Mfr

Source: LexisNexis

Paper Mills

Financial Data

Financials in:	JPY(mil)
Revenue:	862,272.0
Net Income:	4,467.0
Assets:	1,430,143.0
Long Term Debt:	579,976.0
Total Liabilities:	1,106,104.0
Working Capital:	162.2
Date of Financial Data:	31-Mar-2013

1 Year Growth

3.1%

NA

1.8%

Key Corporate Relationships

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

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 90

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nippon Paper Group Inc	Parent	Tokyo	Japan	Paper Product Manufacturing	13,201.9	13,407
Nippon Paper Industries Co., Ltd	Subsidiary	Chiyoda-Ku	Japan	Paper Product Manufacturing	10,392.5	10,678
Nippon Daishowa Paperboard Co Ltd	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		1,020
Nippon Daishowa Paperboard Co., Ltd. - Akita Mill	Facility	Akita	Japan	Paper Product Manufacturing
Nippon Daishowa Paperboard Co., Ltd. - Ashikaga Mill	Facility	Ashikaga, Tochigi	Japan	Paper Product Manufacturing
Nippon Daishowa Paperboard Co., Ltd. - Yoshinaga Mill	Facility	Fuji, Shizuoka	Japan	Paper Product Manufacturing
Nippon Daishowa Paperboard Co., Ltd. - Soka Mill	Facility	Soka, Saitama	Japan	Paper Product Manufacturing
Nippon Daishowa Paperboard Co., Ltd. - Otake Mill	Facility	Otake, Hiroshima	Japan	Paper Product Manufacturing
Nippon Paper Crecia Co Ltd	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		619
Nippon Paper Crecia Co., Ltd. - Kyoto Mill	Facility	Fukuchiyama, Kyoto	Japan	Paper Product Manufacturing		260
Nippon Paper Crecia Co., Ltd. - Iwakuni Mill	Facility	Iwakuni, Yamaguchi	Japan	Paper Product Manufacturing		125
Crecia Manufacturing Technology West Japan Co.,Ltd.	Subsidiary	Fukuchiyama, Kyoto	Japan	Paper Product Manufacturing	21.5
Nippon Paper Crecia Co., Ltd. - Kaisei Mill	Facility	Kaisei, Kanagawa	Japan	Paper Product Manufacturing
Nippon Paper Crecia Co., Ltd. - Tokyo Mill	Facility	Soka, Saitama	Japan	Paper Product Manufacturing
NP Trading Co Ltd	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		500
Nishiki Shimbashi, K.K.	Subsidiary	Koto-Ku, Tokyo	Japan	Paper Wholesale	36.3	14
Seikosha Printing Co.,Ltd.	Subsidiary	Shizuoka, Shizuoka	Japan	Printing	77.6
Creators Club Algo, K.K.	Subsidiary	Shizuoka, Shizuoka	Japan	Miscellaneous Professional Services	3.2	20
Nippon Paper Papylia Co Ltd	Subsidiary	Tokyo	Japan	Paper Product Manufacturing	284.0	420
Nippon Paper Papylia Co., Ltd. - Harada Mill	Facility	Fuji, Shizuoka	Japan	Paper Product Manufacturing		150
Mishima Kako K.K.	Subsidiary	Fuji, Shizuoka	Japan	Paper Product Manufacturing	9.4	97
Sun Oak Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Paper Wholesale	57.2
Kochi Kako K.K.	Subsidiary	Agawa-Gun, Kochi	Japan	Paper Product Manufacturing	8.2
Nippon Paper Papylia Co., Ltd. - Kochi Mill	Facility	Kochi	Japan	Paper Product Manufacturing
Nippon Paper Papylia Co., Ltd. - Suita Mill	Facility	Osaka	Japan	Paper Product Manufacturing
Nippon Paper Chemicals Co Ltd	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		396
Flowric Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Chemical Manufacturing
Nippon Paper Chemicals Support Co., Ltd.	Subsidiary	Gotsu, Shimane	Japan	Miscellaneous Chemical Manufacturing
Nippon Paper Industries Co., Ltd. - Hokkaido Mill	Facility	Tomakomai, Hokkaido	Japan	Paper Product Manufacturing		300
Nippon Paper Industries Co., Ltd. - Iwanuma Mill	Facility	Iwanuma, 989-2492	Japan	Paper Product Manufacturing		300
Nippon Paper Industries Co., Ltd. - Fuji Mill	Facility	Fuji, Shizuoka	Japan	Paper Product Manufacturing		300
Nippon Paper Industries Co., Ltd. - Yatsushiro Mill	Facility	Yatsushiro, Kumamoto	Japan	Paper Product Manufacturing		300
Nippon Paper-Pak Co Ltd	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		258
Jujo Thermal Oy	Joint Venture	Kauttua	Finland	Paper Product Manufacturing	106.0	252
Nippon Seishi Iwakuni Support K.K.	Subsidiary	Iwakuni, Yamaguchi	Japan	Travel and Reservation Services	15.1	250
Everwealth Paper Industries (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Paper Product Manufacturing		200
I Mate, K.K.	Subsidiary	Ishinomaki, Miyagi	Japan	Paper Product Manufacturing	17.1	185
Nippon Paper Lumber Co Ltd	Subsidiary	Tokyo	Japan	Forestry and Logging		168
Nakoso Jujo Shiko K.K.	Subsidiary	Iwaki, Fukushima	Japan	Miscellaneous Transportation Services	10.0	165
Kushiro Np Shiko K.K.	Subsidiary	Kushiro, Hokkaido	Japan	Paper Product Manufacturing	13.7	150
Nippon Paper Industries Co., Ltd. - Nakoso Mill	Facility	Iwaki, Fukushima	Japan	Paper Product Manufacturing		150
Ishioka Kako K.K.	Subsidiary	Ishioka, Ibaraki	Japan	Paper Product Manufacturing	20.3	135
South East Fibre Exports Pty Ltd	Subsidiary	Eden, NSW	Australia	Construction and Hardware Materials Wholesale	8.3	80
Volterra S.A.	Subsidiary	Concepcion	Chile	Paper Product Manufacturing		15
Nippon Paper Development Co., Ltd.	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		12
Nippon Paper Industries USA Co., Ltd.	Subsidiary	Port Angeles, WA	United States	Paper Product Manufacturing	1.4	6
Nippon Paper Resources Australia Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Paper Product Manufacturing		6
San-Mic Trading (S) Pte. Ltd.	Subsidiary	Singapore	Singapore	Paper Wholesale		5
Hotoku Co., Ltd.	Subsidiary	Iwaki, Fukushima	Japan	Paper Product Manufacturing		3
Kyokushin Transport Corporation.	Subsidiary	Tomakomai, Hokkaido	Japan	Trucking	180.0
Nanko Unyu Co., Ltd.	Subsidiary	Ishinomaki, Miyagi	Japan	Trucking	163.8
Nihonseishi Ishinomaki Techno K.K.	Subsidiary	Ishinomaki, Miyagi	Japan	Specialty Construction Trade Contractors	157.9
Sakurai Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Paper Wholesale	148.5
Nippon Paper Unitec Co.,Ltd.	Subsidiary	Kita-Ku, Tokyo	Japan	Specialty Construction Trade Contractors	132.7
Flowlic Co.,Ltd.	Subsidiary	Toshima-Ku, Tokyo	Japan	Chemical Wholesale	105.9
Tosa Shigyo K.K.	Subsidiary	Osaka, Osaka	Japan	Paper Wholesale	51.7
Kokuei Shigyo K.K.	Subsidiary	Koto-Ku, Tokyo	Japan	Paper Wholesale	34.8
Ota Paper Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Paper Wholesale	34.5
Hotoku, K.K.	Subsidiary	Komatsushima, Tokushima	Japan	Trucking	26.6
Nihonseishi Hokkaido Shiko K.K.	Subsidiary	Shiraoi-Gun, Hokkaido	Japan	Miscellaneous Professional Services	23.8
Nippon Paper Asahikawa Support Co.,Ltd.	Subsidiary	Asahikawa, Hokkaido	Japan	Miscellaneous Professional Services	16.9
Nihonseishi Hokkaido Support K.K.	Subsidiary	Tomakomai, Hokkaido	Japan	Miscellaneous Professional Services	16.5
Kushiro Np Support K.K.	Subsidiary	Kushiro, Hokkaido	Japan	Miscellaneous Professional Services	11.5
Nichiita Geibo Sangyo K.K.	Subsidiary	Otake, Hiroshima	Japan	Construction and Hardware Materials Wholesale	10.8
Yatsushiro Shiko K.K.	Subsidiary	Yatsushiro, Kumamoto	Japan	Paper Product Manufacturing	9.0
Nippon Paper Buisiness Service Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Miscellaneous Professional Services	2.7
Shikoku Coca-Cola Bottling Co., Ltd.	Subsidiary	Takamatsu, Kagawa	Japan	Beverage Manufacturing
Shikoku Canteen Co.,Ltd.	Subsidiary	Takamatsu, Kagawa	Japan	Grocery Stores	122.6
Shikoku Customer Service Co.,Ltd.	Subsidiary	Takamatsu, Kagawa	Japan	Machinery Wholesale	16.8
Dina Flow, K.K.	Subsidiary	Takamatsu, Kagawa	Japan	Trucking	10.9
Amapá Florestal e Celulose S.A.	Subsidiary	Santana, AP	Brazil	Crop and Animal Production
Nippon Paper Industries Trading (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Paper Wholesale
Daishowa North America Corporation	Subsidiary	Vancouver, BC	Canada	Paper Product Manufacturing
Shouguang Liben Paper Making Co., Ltd.	Subsidiary	Shouguang, Shandong	China	Paper Product Manufacturing
Koyo Paper Mfg. Co., Ltd.	Subsidiary	Fuji, Shizuoka	Japan	Paper Product Manufacturing
Kitakami Paper Co., Ltd.	Subsidiary	Ichinoseki, Iwate	Japan	Paper Product Manufacturing
Kokusaku Kiko Co., Ltd.	Subsidiary	Tomakomai, Hokkaido	Japan	Paper Product Manufacturing
Daishowa Uniboard Co., Ltd.	Subsidiary	Iwanuma, Miyagi	Japan	Wood Product Manufacturing
Kunimoku House Co., Ltd.	Subsidiary	Sapporo	Japan	Miscellaneous Professional Services
Kyokushin Transport Co., Ltd.	Subsidiary	Asahikawa, Hokkaido	Japan	Trucking
Nippon Paper Industries Co., Ltd. - Kushiro Mill	Facility	Kushiro, Hokkaido	Japan	Paper Product Manufacturing
Nippon Paper Industries Co., Ltd. - Ishinomaki Mill	Facility	Ishinomaki, Miyagi	Japan	Paper Product Manufacturing
Nippon Paper Industries Co., Ltd. - Iwakuni Mill	Facility	Iwakuni, Yamaguchi	Japan	Paper Product Manufacturing
San-Mic Trading Co., (Shenzhen.) Ltd.	Subsidiary	Shenzhen	China	Paper Product Manufacturing
FRR Fax Roll	Subsidiary	Saint Petersburg	Russian Federation	Paper Product Manufacturing
San-Mic Trading Co., (H.K.) Ltd.	Subsidiary	Causeway Bay	Hong Kong	Paper Wholesale
Nanko Unyu Co., Ltd.	Subsidiary	Ishinomaki, Miyagi	Japan	Consulting Services
Nippon Paper Logistics Co., Ltd.	Subsidiary	Tokyo	Japan	Consulting Services
Nippon Seitai Corporation	Subsidiary	Tokyo	Japan	Paper Product Manufacturing
Australian Paper Pty. Ltd.	Subsidiary	Mt Waverley , VIC	Australia	Paper Product Manufacturing	819.9	5,000

Executives Report

Board of Directors

Name	Title	Function
Masatomo Nakamura	Chairman of the Board, Representative Director	Chairman
Age: 72
Ryuichi Akatsu	Chief Director of Newspaper Sales, Director	Director/Board Member
Biography: Mr. Ryuichi Akatsu has been serving as Chief Director of Newspaper Sales and Director of Nippon Paper Industries Co., Ltd. since March 2011. He used to serve as President of Chubu Sales Office, Director of Newspaper Sales, President of Kansai Sales Office and Chief Director of Information & Industrial Paper Sales in the Company. He also worked for a paper sales company. Age: 60
Yoshimitsu Aoyama	Independent Director	Director/Board Member
Biography: Mr. Yoshimitsu Aoyama was named Independent Director in Nippon Paper Industries Co., Ltd. effective June 27, 2013. He is also Professor of Meiji University. He used to serve as Professor of University of Tokyo.
Natsuo Fujisaki	Managing Director, Chief Director of Disaster Recovery Policy	Director/Board Member
Biography: Mr. Natsuo Fujisaki has been serving as Managing Director and Chief Director of Disaster Recovery Policy of Nippon Paper Industries Co., Ltd. since March 2011. He used to serve as Director of Paper Making, Director of Production and Chief Director of Newspaper Sales in the Company. Age: 63
Haruo Fujisawa	Executive Officer & General Manager-Raw Material & Purchasing Division	Director/Board Member
Yoshio Haga	President, Representative Director	Director/Board Member
Biography: Mr. Yoshio Haga has been serving as President and Representative Director of Nippon Paper Industries Co., Ltd. since June 2008. He is also serving as President and Representative Director in Nippon Paper Group Inc. He used to serve as Director of Works, Komatsujima Plant Manager, Director of Business Planning Director, Chief Director of Planning and Managing Director in the Company. Age: 63 Education: Kumamoto University, M
Ken Hamaoki	Nakoi Plant Manager, Director	Director/Board Member
Biography: Mr. Ken Hamaoki has been serving as Nakoi Plant Manager and Director of Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Director of Paper Making in the Company. He also worked for another paper manufacturing company. Age: 59
Isamu Harada	Managing Director, Yatsushiro Plant Manager	Director/Board Member
Biography: Mr. Isamu Harada has been serving as Managing Director and Yatsushiro Plant Manager of Nippon Paper Industries Co., Ltd since June 2010. He used to serve as Director of Environment, Nakoso Plant Manager, Iwanuma Plant Manager and Director in the Company. Age: 64
Masayuki Hayashi	Vice President, Chief Director of Technology, Representative Director	Director/Board Member
Biography: Mr. Masayuki Hayashi has been serving as Vice President, Chief Director of Technology and Representative Director of Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Director in NIPPON PAPER PAPYLIA CO.,LTD., as well as Vice President, Chief Director of Technology Research Development and Representative Director in Nippon Paper Group Inc. He used to serve as Managing Director, Yatsushiro Plant Manager, Iwakuni Plant Manager and Senior Managing Director in the Company. He used to work for another paper manufacturing company. Age: 66 Education: Nagoya University, B (Engineering)
Hironori Iwase	Executive VP & General Manager-Paperboard Division	Director/Board Member
Hiromi Kurata	Senior Managing Director, Ishimaki Plant Manager, Iwanuma Plant Manager	Director/Board Member
Biography: Mr. Hiromi Kurata has been serving as Senior Managing Director, Ishimaki Plant Manager and Iwanuma Plant Manager in Nippon Paper Industries Co., Ltd since June 2010. He used to serve as Director of Manufacturing, Director of Works, Asahikawa Plant Manager, Managing Director, Yufutsu Plant Manager and Shiraoi Plant Manager. Age: 65
Fumio Manoshiro	Managing Director, Chief Director of Raw Materials	Director/Board Member
Biography: Mr. Fumio Manoshiro has been serving as Managing Director and Chief Director of Raw Materials in Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Executive Director in Nippon Paper Group Inc. He used to serve as Yatsushiro Plant Manager and Director in the Company. Age: 60
Shuhei Marukawa	Managing Director, Chief Director of General Affairs & Human Resources	Director/Board Member
Biography: Mr. Shuhei Marukawa has been serving as Managing Director and Chief Director of General Affairs & Human Resources of Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Chief Director of General Affairs & Human Resources and Director in Nippon Paper Group Inc. Age: 61
Masaru Motomura	Senior Managing Director, Chief Director of Planning	Director/Board Member
Biography: Mr. Masaru Motomura has been serving as Senior Managing Director and Chief Director of Planning in Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Director in NIPPON PAPER CRECIA Co., LTD, as well as Chief Director of Planning and Director in Nippon Paper Group Inc. He used to serve as Director of Associated Company, Director of Accounting, Chief Director of General Affairs & Human Resources and Managing Director in the Company. Age: 63
Tsutomu Naito	Kushiro Plant Manager, Director	Director/Board Member
Biography: Mr. Tsutomu Naito has been serving as Kushiro Plant Manager and Director of Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Manager of Technology Environment Office, Director of Raw Material, Director of Environment and Director of Environment Safety in the Company. He used to work for two other companies, including Nippon Paper Group Inc. Age: 59
Yasunori Nanri	Chief Director of Research & Development, Director	Director/Board Member
Biography: Mr. Yasunori Nanri has been serving as Chief Director of Research & Development and Director in Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Director of Technology Research Institute in the Company. He also worked for two other Japan-based companies. Age: 59
Fumihiro Noguchi	Senior Managing Director, Chief Director of Printing & Information Paper Sales	Director/Board Member
Biography: Mr. Fumihiro Noguchi has been serving as Senior Managing Director and Chief Director of Printing & Information Paper Sales of Nippon Paper Industries Co., Ltd since June 2011. He used to serve as Director, Chief Director of Information & Industrial Paper Sales, Managing Director and Chief Director of Western Paper Sales. Age: 63
Tetsumi Ohko	Managing Director, Iwakuni Plant Manager	Director/Board Member
Biography: Mr. Tetsumi Ohko has been serving as Managing Director and Iwakuni Plant Manager of Nippon Paper Industries Co., Ltd since June 2009. He used to serve as Iwanuma Plant Manager in the Company. Age: 62
Masahiko Ohta	Hikkaido Plant Manager, Director	Director/Board Member
Biography: Mr. Masahiko Ohta has been serving as Hikkaido Plant Manager and Director of Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Director of Works, Manager of Technology Environment Office, Director of Manufacturing, Director of Paper Making and Manager of Safety & Security Management Office. He used to serve as President and Representative Director in another paper manufacturing company. Age: 59
Kenji Sasaki	Director of Wholesale Merchant Sales, Director	Director/Board Member
Biography: Mr. Kenji Sasaki has been serving as Director of Wholesale Merchant Sales and Director of Nippon Paper Industries Co., Ltd. since July 2010. He used to serve as Director of Direct Need Sales, President of Kyushu Sales Office, Director of 2nd Newspaper Sales and President of Kansai Sales Office. He used to work for the Company's former entity. Age: 61
Shinichi Sato	Director	Director/Board Member
Biography: Mr. Shinichi Sato has been serving as Director in Nippon Paper Industries Co., Ltd. since June 2011. He used to serve as Director of Publishing Sales, Senior Director of Business and Chief Director of Overseas Marketing. Age: 59
Hidetsugu Yamada	Managing Director, Fuji Plant Manager	Director/Board Member
Biography: Mr. Hidetsugu Yamada has been serving as Managing Director and Fuji Plant Manager in Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Yoshinaga Plant Manager in another Japan-based company. He used to serve as Manager of Yatsushiro Plant Technology Office, Komatsujima Plant Manager and Chief Director of Research & Development in the Company. He also used to work for NIPPON PAPER CRECIA CO., LTD. Age: 64
Kazufumi Yamasaki	Executive Officer, Chief Director of Technology, Chief Director of Energy Business, Director	Director/Board Member
Biography: Mr. Kazufumi Yamasaki was named Executive Officer, Chief Director of Technology, Chief Director of Energy Business and Director of Nippon Paper Industries Co., Ltd. effective June 27, 2013. He used to serve as Director of 2nd Paper Making, Director of Paper Making and Manager of Safety & Security Management Office. He used to work for another Japan-based company. Age: 57
Tsuyoshi Yamashita	Vice President, Chief Director of Administration, Representative Director	Director/Board Member
Biography: Mr. Tsuyoshi Yamashita has been serving as Vice President, Chief Director of Administration and Representative Director of Nippon Paper Industries Co., Ltd since June 2011. He is also serving as Director in NIPPON DAISHOWA PAPERBOARD Co,. Ltd., as well as Vice President, Chief Director of CSR, Chief Director of Administration and Representative Director in Nippon Paper Group Inc. He used to serve as Director of Business, Chief Director of General Affairs & Human Resources, Managing Director, Chief Director of Newspaper Sales and Senior Managing Director in the Company. Age: 65 Education: Keio University, B (Economics)

Executives

Name	Title	Function
Yoshio Haga	President, Representative Director	President
Biography: Mr. Yoshio Haga has been serving as President and Representative Director of Nippon Paper Industries Co., Ltd. since June 2008. He is also serving as President and Representative Director in Nippon Paper Group Inc. He used to serve as Director of Works, Komatsujima Plant Manager, Director of Business Planning Director, Chief Director of Planning and Managing Director in the Company. Age: 63 Source: Reuters Education: Kumamoto University, M
Haruo Fujisawa	Executive Officer & General Manager-Raw Material & Purchasing Division	Division Head Executive
Hironori Iwase	Executive VP & General Manager-Paperboard Division	Division Head Executive
Kazufumi Yamasaki	Executive Officer, Chief Director of Technology, Chief Director of Energy Business, Director	Division Head Executive
Biography: Mr. Kazufumi Yamasaki was named Executive Officer, Chief Director of Technology, Chief Director of Energy Business and Director of Nippon Paper Industries Co., Ltd. effective June 27, 2013. He used to serve as Director of 2nd Paper Making, Director of Paper Making and Manager of Safety & Security Management Office. He used to work for another Japan-based company. Age: 57
Natsuo Fujisaki	Managing Director, Chief Director of Disaster Recovery Policy	Managing Director
Biography: Mr. Natsuo Fujisaki has been serving as Managing Director and Chief Director of Disaster Recovery Policy of Nippon Paper Industries Co., Ltd. since March 2011. He used to serve as Director of Paper Making, Director of Production and Chief Director of Newspaper Sales in the Company. Age: 63
Isamu Harada	Managing Director, Yatsushiro Plant Manager	Managing Director
Biography: Mr. Isamu Harada has been serving as Managing Director and Yatsushiro Plant Manager of Nippon Paper Industries Co., Ltd since June 2010. He used to serve as Director of Environment, Nakoso Plant Manager, Iwanuma Plant Manager and Director in the Company. Age: 64
Hiromi Kurata	Senior Managing Director, Ishimaki Plant Manager, Iwanuma Plant Manager	Managing Director
Biography: Mr. Hiromi Kurata has been serving as Senior Managing Director, Ishimaki Plant Manager and Iwanuma Plant Manager in Nippon Paper Industries Co., Ltd since June 2010. He used to serve as Director of Manufacturing, Director of Works, Asahikawa Plant Manager, Managing Director, Yufutsu Plant Manager and Shiraoi Plant Manager. Age: 65
Fumio Manoshiro	Managing Director, Chief Director of Raw Materials	Managing Director
Biography: Mr. Fumio Manoshiro has been serving as Managing Director and Chief Director of Raw Materials in Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Executive Director in Nippon Paper Group Inc. He used to serve as Yatsushiro Plant Manager and Director in the Company. Age: 60
Shuhei Marukawa	Managing Director, Chief Director of General Affairs & Human Resources	Managing Director
Biography: Mr. Shuhei Marukawa has been serving as Managing Director and Chief Director of General Affairs & Human Resources of Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Chief Director of General Affairs & Human Resources and Director in Nippon Paper Group Inc. Age: 61
Masaru Motomura	Senior Managing Director, Chief Director of Planning	Managing Director
Biography: Mr. Masaru Motomura has been serving as Senior Managing Director and Chief Director of Planning in Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Director in NIPPON PAPER CRECIA Co., LTD, as well as Chief Director of Planning and Director in Nippon Paper Group Inc. He used to serve as Director of Associated Company, Director of Accounting, Chief Director of General Affairs & Human Resources and Managing Director in the Company. Age: 63
Fumihiro Noguchi	Senior Managing Director, Chief Director of Printing & Information Paper Sales	Managing Director
Biography: Mr. Fumihiro Noguchi has been serving as Senior Managing Director and Chief Director of Printing & Information Paper Sales of Nippon Paper Industries Co., Ltd since June 2011. He used to serve as Director, Chief Director of Information & Industrial Paper Sales, Managing Director and Chief Director of Western Paper Sales. Age: 63
Tetsumi Ohko	Managing Director, Iwakuni Plant Manager	Managing Director
Biography: Mr. Tetsumi Ohko has been serving as Managing Director and Iwakuni Plant Manager of Nippon Paper Industries Co., Ltd since June 2009. He used to serve as Iwanuma Plant Manager in the Company. Age: 62
Hidetsugu Yamada	Managing Director, Fuji Plant Manager	Managing Director
Biography: Mr. Hidetsugu Yamada has been serving as Managing Director and Fuji Plant Manager in Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Yoshinaga Plant Manager in another Japan-based company. He used to serve as Manager of Yatsushiro Plant Technology Office, Komatsujima Plant Manager and Chief Director of Research & Development in the Company. He also used to work for NIPPON PAPER CRECIA CO., LTD. Age: 64
Masami Yamaki	Managing Director	Managing Director
Tsuyoshi Yamashita	Vice President, Chief Director of Administration, Representative Director	Administration Executive
Biography: Mr. Tsuyoshi Yamashita has been serving as Vice President, Chief Director of Administration and Representative Director of Nippon Paper Industries Co., Ltd since June 2011. He is also serving as Director in NIPPON DAISHOWA PAPERBOARD Co,. Ltd., as well as Vice President, Chief Director of CSR, Chief Director of Administration and Representative Director in Nippon Paper Group Inc. He used to serve as Director of Business, Chief Director of General Affairs & Human Resources, Managing Director, Chief Director of Newspaper Sales and Senior Managing Director in the Company. Source: Reuters Age: 65 Education: Keio University, B (Economics)
Seiichi Fusamura	Corporate Auditor	Accounting Executive
Akito Hamashima	Senior Corporate Auditor	Accounting Executive
Kunio Sakamoto	Corporate Auditor	Accounting Executive
Makoto Terao	Corporate Auditor	Accounting Executive
Ryuichi Akatsu	Chief Director of Newspaper Sales, Director	Sales Executive
Biography: Mr. Ryuichi Akatsu has been serving as Chief Director of Newspaper Sales and Director of Nippon Paper Industries Co., Ltd. since March 2011. He used to serve as President of Chubu Sales Office, Director of Newspaper Sales, President of Kansai Sales Office and Chief Director of Information & Industrial Paper Sales in the Company. He also worked for a paper sales company. Age: 60
Kenji Sasaki	Director of Wholesale Merchant Sales, Director	Sales Executive
Biography: Mr. Kenji Sasaki has been serving as Director of Wholesale Merchant Sales and Director of Nippon Paper Industries Co., Ltd. since July 2010. He used to serve as Director of Direct Need Sales, President of Kyushu Sales Office, Director of 2nd Newspaper Sales and President of Kansai Sales Office. He used to work for the Company's former entity. Age: 61
Toru Nozawa	Director of Accounting	Investor Relations Executive
Masayuki Hayashi	Vice President, Chief Director of Technology, Representative Director	Engineering/Technical Executive
Biography: Mr. Masayuki Hayashi has been serving as Vice President, Chief Director of Technology and Representative Director of Nippon Paper Industries Co., Ltd since June 2010. He is also serving as Director in NIPPON PAPER PAPYLIA CO.,LTD., as well as Vice President, Chief Director of Technology Research Development and Representative Director in Nippon Paper Group Inc. He used to serve as Managing Director, Yatsushiro Plant Manager, Iwakuni Plant Manager and Senior Managing Director in the Company. He used to work for another paper manufacturing company. Age: 66 Education: Nagoya University, B (Engineering)
Yasunori Nanri	Chief Director of Research & Development, Director	Research & Development Executive
Biography: Mr. Yasunori Nanri has been serving as Chief Director of Research & Development and Director in Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Director of Technology Research Institute in the Company. He also worked for two other Japan-based companies. Age: 59
Ken Hamaoki	Nakoi Plant Manager, Director	Manufacturing Executive
Biography: Mr. Ken Hamaoki has been serving as Nakoi Plant Manager and Director of Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Director of Paper Making in the Company. He also worked for another paper manufacturing company. Age: 59
Tsutomu Naito	Kushiro Plant Manager, Director	Manufacturing Executive
Biography: Mr. Tsutomu Naito has been serving as Kushiro Plant Manager and Director of Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Manager of Technology Environment Office, Director of Raw Material, Director of Environment and Director of Environment Safety in the Company. He used to work for two other companies, including Nippon Paper Group Inc. Age: 59
Masahiko Ohta	Hikkaido Plant Manager, Director	Manufacturing Executive
Biography: Mr. Masahiko Ohta has been serving as Hikkaido Plant Manager and Director of Nippon Paper Industries Co., Ltd. since June 2010. He used to serve as Director of Works, Manager of Technology Environment Office, Director of Manufacturing, Director of Paper Making and Manager of Safety & Security Management Office. He used to serve as President and Representative Director in another paper manufacturing company. Age: 59

Significant Developments

Nippon Paper Industries Co Ltd and Mitsubishi Corp to Build 21-MW Solar Plant in Japan- SeeNews

May 14, 2013

SeeNews reported that Nippon Paper Industries Co Ltd announced that it will construct a 21-MW solar plant on Japan's island of Shikoku, together with Mitsubishi Corp. Through a 50/50 joint venture the two companies will build the solar installation on land owned by Nippon Paper in Japan's Tokushima Prefecture. Construction of the plant is slated to begin in autumn 2013, with electricity sales to start in the second half of 2014. Its output will be sold to utility Shikoku Electric Power.

Nippon Paper Industries Co Ltd Amends Consolidated Full-year Forecast for FY 2013

Apr 26, 2013

Nippon Paper Industries Co Ltd announced that it has lowered the consolidated full-year forecast for revenue from JPY 1,030,000 million to JPY 1,025,000 million, operating profit from JPY 27,000 million to JPY 25,000 million, but raised the forecast for ordinary profit from JPY 20,000 million to JPY 23,000 million, net profit from JPY 6,000 million to JPY 10,500 million and earning per share from JPY 51.82 to JPY 90.68 for the fiscal year ended March 31, 2013. The Company amended the consolidated full-year outlook due to the aggravated order environment and decreased costs.

News

NIPPON PAPER GROUP INC. : Nippon Paper Industries to Establish International Sales Management & Planning Department (Nippon Paper Industries) 4 Traders (86 Words)	06-Aug-2013
Nippon Paper Industries to Establish International Sales Management & Planning Department (Nippon Paper Industries) Noodls (91 Words)	06-Aug-2013
JAPAN NEWS SCHEDULE (Tuesday, August 6) Nikkei English News (116 Words)	05-Aug-2013
National labor board issues complaint against Nippon mill Peninsula Daily News (621 Words)	03-Aug-2013
Union OKs 6-year contract with Port Angeles paper plant Peninsula Daily News (740 Words)	03-Aug-2013
Nippon Paper Industries to Launch ?NEW Heat-Resistant One Wrap? that Adheres Fast to Dishes (Nippon Paper Industries) Nippon Paper Group (104 Words)	02-Aug-2013
New contract for Nippon Paper workers News Radio 1450-KNOP (126 Words)	02-Aug-2013
Weekly News Schedule (Tuesday, August 6) Nikkei English News (88 Words)	02-Aug-2013
Nippon Paper Industries to Launch ?NEW Heat-Resistant One Wrap?? that Adheres Fast to Dishes (Nippon Paper Industries) Noodls (210 Words)	02-Aug-2013
Nippon Paper Industries Shelf Reg.: R&I Assigns A- Noodls (409 Words)	02-Aug-2013
UPDATE Union OKs new 6-year contract at Nippon paper mill in Port Angeles avoiding possible strike Big News Network (36 Words)	02-Aug-2013

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2013	31-Mar-2012
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2013
Filed Currency	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation
Net Sales	10,392.5	10,589.0
Revenue	10,392.5	10,589.0
Total Revenue	10,392.5	10,589.0
Cost of Revenue	8,277.7	8,392.5
Cost of Revenue, Total	8,277.7	8,392.5
Gross Profit	2,114.8	2,196.5
Selling/General/Administrative Expense	1,501.6	1,438.2
Labor & Related Expense	372.1	401.8
Total Selling/General/Administrative Expenses	1,873.8	1,840.0
Depreciation	20.1	21.1
Depreciation/Amortization	20.1	21.1
Restructuring Charge	23.5	298.0
Impairment-Assets Held for Use	26.9	24.3
Impairment-Assets Held for Sale	17.1	1.8
Other Unusual Expense (Income)	15.0	256.7
Unusual Expense (Income)	82.6	580.9
Other Operating Expense	-	0.0
Other Operating Expenses, Total	-	0.0
Total Operating Expense	10,254.1	10,834.5
Operating Income	138.4	-245.5
Interest Expense - Non-Operating	-146.1	-152.7
Interest Expense, Net Non-Operating	-146.1	-152.7
Interest Income - Non-Operating	17.8	31.4
Investment Income - Non-Operating	72.9	-228.5
Interest/Investment Income - Non-Operating	90.7	-197.0
Interest Income (Expense) - Net Non-Operating Total	-55.4	-349.8
Gain (Loss) on Sale of Assets	2.6	56.4
Other Non-Operating Income (Expense)	28.6	0.8
Other, Net	28.6	0.8
Income Before Tax	114.2	-538.1
Total Income Tax	60.4	31.9
Income After Tax	53.8	-570.0
Minority Interest	0.0	0.8
Net Income Before Extraord Items	53.8	-569.2
Net Income	53.8	-569.2
Miscellaneous Earnings Adjustment	0.0	0.0
Total Adjustments to Net Income	0.0	0.0
Income Available to Common Excl Extraord Items	53.9	-569.2
Income Available to Common Incl Extraord Items	53.9	-569.2
Basic/Primary Weighted Average Shares	116.3	116.3
Basic EPS Excl Extraord Items	0.46	-4.90
Basic/Primary EPS Incl Extraord Items	0.46	-4.90
Diluted Net Income	53.9	-569.2
Diluted Weighted Average Shares	116.3	116.3
Diluted EPS Excl Extraord Items	0.46	-4.90
Diluted EPS Incl Extraord Items	0.46	-4.90
Dividends per Share - Common Stock Primary Issue	0.36	0.00
Gross Dividends - Common Stock	41.9	0.0
Interest Expense, Supplemental	146.1	152.7
Depreciation, Supplemental	652.7	710.7
Total Special Items	84.0	528.9
Normalized Income Before Tax	198.2	-9.2
Effect of Special Items on Income Taxes	42.3	183.6
Inc Tax Ex Impact of Sp Items	102.6	215.5
Normalized Income After Tax	95.6	-224.7
Normalized Inc. Avail to Com.	95.6	-223.9
Basic Normalized EPS	0.82	-1.93
Diluted Normalized EPS	0.82	-1.93
Amort of Acquisition Costs, Supplemental	4.1	4.3
Research & Development Exp, Supplemental	71.1	76.3
Reported Operating Profit	220.9	33.5
Reported Ordinary Profit	188.0	-44.6
Normalized EBIT	220.9	335.5
Normalized EBITDA	877.7	1,050.5
Current Tax - Total	42.9	68.2
Current Tax - Total	42.9	68.2
Deferred Tax - Total	17.4	-36.3
Deferred Tax - Total	17.4	-36.3
Income Tax - Total	60.4	31.9
Interest Cost - Domestic	32.6	42.0
Service Cost - Domestic	44.3	49.9
Prior Service Cost - Domestic	-5.4	-7.2
Expected Return on Assets - Domestic	-29.4	-32.5
Actuarial Gains and Losses - Domestic	48.5	59.0
Domestic Pension Plan Expense	90.6	111.2
Total Pension Expense	90.6	111.2
Discount Rate - Domestic	1.80%	1.80%
Expected Rate of Return - Domestic	2.00%	2.00%
Total Plan Interest Cost	32.6	42.0
Total Plan Service Cost	44.3	49.9
Total Plan Expected Return	-29.4	-32.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2013
Filed Currency	JPY	JPY
Exchange Rate	94.088557	82.385362
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	1,167.7	1,446.0
Cash and Short Term Investments	1,167.7	1,446.0
Accounts Receivable - Trade, Gross	1,969.3	2,038.4
Provision for Doubtful Accounts	-6.8	-9.2
Trade Accounts Receivable - Net	1,962.6	2,029.2
Notes Receivable - Short Term	482.3	1,969.5
Total Receivables, Net	2,444.8	3,998.7
Inventories - Finished Goods	753.8	807.1
Inventories - Work In Progress	173.7	183.3
Inventories - Raw Materials	505.4	495.4
Total Inventory	1,432.9	1,485.8
Deferred Income Tax - Current Asset	71.3	286.0
Other Current Assets	323.6	589.2
Other Current Assets, Total	394.9	875.2
Total Current Assets	5,440.3	7,805.8
Buildings	4,702.5	4,391.4
Land/Improvements	2,075.2	1,999.2
Machinery/Equipment	21,294.4	19,546.5
Construction in Progress	185.2	315.6
Other Property/Plant/Equipment	445.1	438.7
Property/Plant/Equipment - Gross	28,702.4	26,691.4
Accumulated Depreciation	-21,703.0	-20,033.2
Property/Plant/Equipment - Net	7,237.3	6,928.7
Goodwill, Net	-	88.8
Intangibles, Net	81.4	-
LT Investment - Affiliate Companies	1,372.7	1,282.3
LT Investments - Other	571.0	563.1
Long Term Investments	1,943.7	1,845.4
Deferred Income Tax - Long Term Asset	408.5	279.1
Other Long Term Assets	88.8	107.8
Other Long Term Assets, Total	497.3	387.0
Total Assets	15,200.0	17,055.6
Accounts Payable	1,354.6	1,496.7
Notes Payable/Short Term Debt	2,732.4	2,938.3
Income Taxes Payable	29.1	57.4
Other Current Liabilities	811.9	1,344.9
Other Current liabilities, Total	840.9	1,402.3
Total Current Liabilities	4,927.9	5,837.3
Long Term Debt	6,164.2	7,329.6
Total Long Term Debt	6,164.2	7,329.6
Total Debt	8,896.6	10,267.8
Deferred Income Tax - LT Liability	344.4	394.5
Deferred Income Tax	344.4	394.5
Minority Interest	39.1	42.6
Reserves	4.2	3.2
Pension Benefits - Underfunded	182.9	150.3
Other Long Term Liabilities	93.4	99.2
Other Liabilities, Total	280.5	252.6
Total Liabilities	11,756.0	13,856.6
Common Stock	522.3	1,273.0
Common Stock	522.3	1,273.0
Additional Paid-In Capital	1,951.8	1,449.0
Retained Earnings (Accumulated Deficit)	775.2	512.7
Unrealized Gain (Loss)	265.6	245.2
Translation Adjustment	-90.2	-285.5
Other Equity	0.0	0.0
Other Comprehensive Income	19.2	4.6
Other Equity, Total	-71.0	-280.9
Total Equity	3,444.0	3,199.0
Total Liabilities & Shareholders’ Equity	15,200.0	17,055.6
Shares Outstanding - Common Stock Primary Issue	116.3	1,080.7
Total Common Shares Outstanding	116.3	1,080.7
Treasury Shares - Common Stock Primary Issue	0.0	0.0
Employees	10,678	-
Number of Common Shareholders	1	-
Total Long Term Debt, Supplemental	6,969.8	8,211.1
Long Term Debt Maturing within 1 Year	788.5	864.3
Long Term Debt Maturing in Year 2	1,106.9	-
Long Term Debt Maturing in Year 3	704.1	-
Long Term Debt Maturing in Year 4	703.8	-
Long Term Debt Maturing in Year 5	698.0	-
Long Term Debt Maturing in 2-3 Years	1,811.0	-
Long Term Debt Maturing in 4-5 Years	1,401.9	-
Long Term Debt Matur. in Year 6 & Beyond	2,968.4	7,346.8
Total Capital Leases, Supplemental	20.3	27.3
Capital Lease Payments Due in Year 1	7.7	13.3
Capital Lease Payments Due in Year 2	4.8	-
Capital Lease Payments Due in Year 3	3.7	-
Capital Lease Payments Due in Year 4	2.2	-
Capital Lease Payments Due in Year 5	1.1	-
Capital Lease Payments Due in 2-3 Years	8.5	-
Capital Lease Payments Due in 4-5 Years	3.4	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.8	14.0
Pension Obligation - Domestic	1,612.6	1,762.8
Plan Assets - Domestic	1,192.5	1,189.6
Funded Status - Domestic	-420.1	-573.2
Total Funded Status	-420.1	-573.2
Discount Rate - Domestic	1.80%	1.80%
Expected Rate of Return - Domestic	2.00%	2.00%
Prepaid Benefits - Domestic	5.9	8.8
Accrued Liabilities - Domestic	-182.9	-150.3
Other Assets, Net - Domestic	243.1	431.7
Net Assets Recognized on Balance Sheet	66.2	290.3
Total Plan Obligations	1,612.6	1,762.8
Total Plan Assets	1,192.5	1,189.6

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2013
Filed Currency	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	114.2	-538.1
Depreciation	652.7	710.7
Depreciation/Depletion	652.7	710.7
Amortization of Acquisition Costs	4.1	4.3
Amortization	4.1	4.3
Unusual Items	58.7	236.7
Equity in Net Earnings (Loss)	-47.7	281.9
Other Non-Cash Items	-26.7	-364.5
Non-Cash Items	-15.7	154.1
Accounts Receivable	115.4	-39.6
Inventories	107.5	-150.5
Accounts Payable	100.7	193.8
Other Operating Cash Flow	-464.9	-117.4
Changes in Working Capital	-141.3	-113.6
Cash from Operating Activities	614.1	217.4
Purchase of Fixed Assets	-585.9	-418.7
Capital Expenditures	-585.9	-418.7
Sale of Business	0.0	12.7
Sale of Fixed Assets	12.0	68.7
Sale/Maturity of Investment	10.8	22.9
Investment, Net	-15.0	370.8
Purchase of Investments	-22.8	-132.4
Other Investing Cash Flow	1.2	14.8
Other Investing Cash Flow Items, Total	-13.8	357.6
Cash from Investing Activities	-599.7	-61.1
Other Financing Cash Flow	-1.0	-1.6
Financing Cash Flow Items	-1.0	-1.6
Short Term Debt, Net	143.2	-831.4
Long Term Debt Issued	518.8	1,756.5
Long Term Debt Reduction	-799.0	-869.7
Long Term Debt, Net	-280.2	886.9
Issuance (Retirement) of Debt, Net	-137.0	55.4
Cash from Financing Activities	-137.9	53.8
Foreign Exchange Effects	11.9	-8.0
Net Change in Cash	-111.6	202.0
Net Cash - Beginning Balance	1,435.8	1,306.7
Net Cash - Ending Balance	1,324.2	1,508.7
Cash Interest Paid	146.1	148.5
Cash Taxes Paid	46.6	57.4

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2013	31-Mar-2012
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2013
Filed Currency	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation
Net Sales	10,392.5	10,589.0
Total Revenue	10,392.5	10,589.0
Loss on Valuation of Investment Securiti	17.1	1.8
Rounding adjustment Income Statement	-	0.0
Cost Of Sales	8,277.7	8,392.5
Provision for Retirement Benefits - SGA	49.3	56.4
Other Salaries and allowances	322.8	345.3
Depreciation - SGA	20.1	21.1
Loss On Retirement Of Noncurrent Assets	16.9	15.3
Impairment Loss	10.0	9.0
Other Other SGA	233.1	241.7
Other Selling/General/Admin. Expense	0.0	-
Freightage Related Expenses	569.1	495.7
Sales Related Expenses	699.3	700.8
Loss on Business Structural reforms	23.5	298.0
Other Unusual Expense (Income)	0.0	-
Rounding adjustment Income Statement	-	0.0
Subsidy	-6.8	0.0
Other Extraordinary Income	-3.0	-12.7
Earthquake loss	0.0	242.3
Other Extraordinary Loss	24.8	27.1
Total Operating Expense	10,254.1	10,834.5
Interest income	17.8	31.4
Interest Expenses	-146.1	-152.7
Equity In Earnings Of Affiliates	47.7	0.0
Equity In Losses Of Affiliates	0.0	-281.9
Dividends income	19.0	22.4
Gain On Sales Of Investment Securities	6.2	31.1
Vehicles sublease loss	-25.4	-3.9
Reversal of Earthquake loss	36.6	0.0
Rent income	17.0	20.8
Other Non-operating income	32.9	22.4
Cost Of Equipment For Rent	-13.7	-17.8
Other Non Operating Expenses	-18.9	-20.7
Other Non-Operating Income (Expense)	0.0	0.0
Gain On Sales Of Noncurrent Assets	2.6	56.4
Net Income Before Taxes	114.2	-538.1
Provision for Income Taxes	60.4	31.9
Net Income After Taxes	53.8	-570.0
Minority interest	0.0	0.8
Net Income Before Extra. Items	53.8	-569.2
Net Income	53.8	-569.2
Balanc.item-net incom aft extradnry item	0.0	0.0
Income Available to Com Excl ExtraOrd	53.9	-569.2
Income Available to Com Incl ExtraOrd	53.9	-569.2
Basic Weighted Average Shares	116.3	116.3
Basic EPS Excluding ExtraOrdinary Items	0.46	-4.90
Basic EPS Including ExtraOrdinary Items	0.46	-4.90
Diluted Net Income	53.9	-569.2
Diluted Weighted Average Shares	116.3	116.3
Diluted EPS Excluding ExtraOrd Items	0.46	-4.90
Diluted EPS Including ExtraOrd Items	0.46	-4.90
DPS-Ordinary Shares	0.36	0.00
Gross Dividends - Common Stock	41.9	0.0
Normalized Income Before Taxes	198.2	-9.2
Inc Tax Ex Impact of Sp Items	102.6	215.5
Normalized Income After Taxes	95.6	-224.7
Normalized Inc. Avail to Com.	95.6	-223.9
Basic Normalized EPS	0.82	-1.93
Diluted Normalized EPS	0.82	-1.93
Total Research and Development Expense	71.1	76.3
BC - Depreciation of Goodwill	4.1	4.3
Interest Expenses	146.1	152.7
BC - Depreciation of Fixed Assets	652.7	710.7
Current Tax - Total	42.9	68.2
Current Tax - Total	42.9	68.2
Deferred Tax - Total	17.4	-36.3
Deferred Tax - Total	17.4	-36.3
Income Tax - Total	60.4	31.9
Reported Operating Profit	220.9	33.5
Reported Ordinary Profit	188.0	-44.6
Retirement Benefit Expenses Service Cost	44.3	49.9
Retirement Benefit Expenses Interest Cos	32.6	42.0
Retirement Benefit Expenses Expected Ret	-29.4	-32.5
Retirement Benefit Expenses Actuarial Ga	48.5	59.0
Retirement Benefit Expenses Prior Servic	-5.4	-7.2
Domestic Pension Plan Expense	90.6	111.2
Total Pension Expense	90.6	111.2
Discount Rate(MIN)-Domestic	1.80%	1.80%
Expected return on assets(MIN)-Domestic	2.00%	2.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2013
Filed Currency	JPY	JPY
Exchange Rate	94.088557	82.385362
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation
Stocks of Parent Company	2.9	3.8
Rounding adjustment Assets	0.1	0.0
Other	320.7	585.3
Allowance For Doubtful Accounts	-6.8	-9.2
Short Term Loans Receivable	482.3	1,969.5
Deferred Tax Assets	71.3	286.0
Work in Process	173.7	183.3
Raw Materials and Supplies	505.4	495.4
Finished Goods and Merchandise	753.8	807.1
Notes And Accounts Receivable Trade	1,969.3	2,038.4
Cash And Deposits	1,167.7	1,446.0
Total Current Assets	5,440.3	7,805.8
Mountain Forests And Afforestations	237.8	270.5
Property/Plant/Equipment, Total - Net	0.0	0.0
Rounding adjustment Assets	0.0	-
Other Long Term Assets	-	0.0
Other - Balancing value	-	125.3
Other Other	98.7	-
Other Total Investments And Other Assets	0.0	0.0
Allowance For Doubtful Accounts	-10.0	-17.5
Accum Dep of Buildings&structures	-3,297.9	-3,080.8
Acc. Depre&Impair-Machine,Equip&Vehicle	-18,019.3	-16,572.0
Accmulated Depreciation-other PPE	-385.7	-380.4
Other	445.1	438.7
Deferred Tax Assets Non Current	408.5	279.1
Invt Secs Noncons, Asc, Affd Cos	1,360.2	1,272.8
Invts in Capital Noncons, Ascd, Affd Cos	12.5	9.6
Investment Securities - Balancing value	-	563.1
Other Investment Securities	571.0	-
Construction In Progress	185.2	315.6
Land	2,075.2	1,999.2
Machinery Equipment And Vehicles	21,294.4	19,546.5
Buildings And Structures	4,702.5	4,391.4
Goodwill	-	88.8
Other	81.4	-
Total Assets	15,200.0	17,055.6
Rounding adjustment Liability	0.0	0.0
Provision for earthquake losses	0.0	121.7
Other	811.9	1,223.2
Income Taxes Payable	29.1	57.4
Short Term Loans Payable	2,732.4	2,938.3
Notes And Accounts Payable Trade	1,354.6	1,496.7
Total Current Liabilities	4,927.9	5,837.3
Long Term Loans Payable	6,164.2	7,329.6
Total Long Term Debt	6,164.2	7,329.6
Other	93.4	99.1
Other Long Term Liabilities	0.1	0.0
Provision For Environmental Measures	4.2	3.2
Provision For Retirement Benefits	182.9	150.3
Deferred Tax Liabilities For Land Revalu	318.7	364.2
Deferred Tax Liabilities	25.7	30.3
Minority Interests	39.1	42.6
Total Liabilities	11,756.0	13,856.6
Foreign Currency Translation Adjustment	-90.2	-285.5
Capital Stock	522.3	1,273.0
Capital Surplus	1,951.8	1,449.0
Revaluation Reserve For Land	200.1	229.0
Valuation Difference On Available For Sa	65.5	16.2
Deferred Gains On Hedges	19.2	4.6
Other Equity	0.0	0.0
Retained Earnings	775.2	512.7
Total Equity	3,444.0	3,199.0
Total Liabilities & Shareholders' Equity	15,200.0	17,055.6
S/O-Ordinary Shares	116.3	1,080.7
Total Common Shares Outstanding	116.3	1,080.7
T/S-Ordinary Shares	0.0	0.0
Number Of Employees	10,678	-
Total Number of Shareholders	1	-
Division And End Of Current Period Remai	788.5	864.3
Lns Pble Maturing over a Yr within 2 Yrs	1,106.9	-
Lns Pble Maturg over 2 Yrs within 3 Yrs	704.1	-
Lns Pble Maturg over 3 Yrs within 4 Yrs	703.8	-
Lns Pble Maturg over 4 Yrs within 5 Yrs	698.0	-
Division And End Of Current Period Remai	-	7,329.6
Import usance bill	17.2	17.3
Other LT debt remaining	2,951.3	-
Total Long Term Debt, Supplemental	6,969.8	8,211.1
Capital Lease Maturing within a Year	7.7	13.3
Cap Lease Maturg over a Yr within 2 Yrs	4.8	-
Cap Lease Maturg over 2 Yr within 3 Yrs	3.7	-
Cap Lease Maturg over 3 Yr within 4 Yrs	2.2	-
Cap Lease Maturg over 4 Yr within 5 Yrs	1.1	-
Capital Lease Remaining excluded 1 year	-	14.0
Other capital lease remaining	0.8	-
Total Capital Leases, Supplemental	20.3	27.3
Retirement Benefit Expenses Pension Obli	1,612.6	1,762.8
Retirement Benefit Expenses Plan Assets	1,192.5	1,189.6
Retirement Benefit Expenses Funded Statu	-420.1	-573.2
Total Funded Status	-420.1	-573.2
Discount Ration	1.80%	1.80%
Expected Return Rate	2.00%	2.00%
Retirement Benefit Expenses Unrecognized	285.5	486.7
Retirement Benefit Expenses Unrecognized	-42.4	-55.0
Retirement Benefit Expenses Prepaid Pens	5.9	8.8
Retirement Benefit Expenses Reserve For	-182.9	-150.3
Net Assets Recognized on Balance Sheet	66.2	290.3

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2013
Filed Currency	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation
Net Income	114.2	-538.1
Depreciation	652.7	710.7
Gain On Investment Of Equity Method	-47.7	281.9
Decrease In Notes And Accounts Receivabl	115.4	-39.6
Decrease Increase In Inventories	107.5	-150.5
Increase Decrease In Notes And Accounts	100.7	193.8
Amortization of Goodwill	4.1	4.3
Increase In Allowance For Doubtful Accou	-2.0	1.5
Inc./dec. in prvs for retire. benefit	-12.7	-12.7
Increase In Provision For Environmental	-0.4	0.0
Interest And Dividends Income	-36.9	-53.8
Interest Expenses	146.1	152.7
Incr/Decr in Prov for Contingent Loss CF	-120.8	-452.3
G/L on Val of LT Invt Secs	17.1	1.8
Amortization Of Negative Goodwill	10.0	9.0
Loss On Retirement Of Noncurrent Assets	16.9	15.3
Gain On Sale Of Investment Securities	-6.2	-31.1
G/L on Sales of Noncurrent Assets-CF	-2.6	-56.4
Buisiness structure reform expenses	23.5	298.0
Increase In Cash And Cash Equivalents Re	0.2	0.0
Rounding adjustment Cash flow	-	0.0
Other	-293.0	40.7
Interest And Dividends Income Received	58.0	72.2
Payments For Loss On Litigation	-146.1	-148.5
Payments For Special Retirement Expenses	-37.4	-28.9
Income Taxes Paid	-46.6	-57.4
Loss On Disaster	0.0	-0.5
Cash & Cash Eqv Result fr Cons Scp Chng	0.0	5.1
Cash from Operating Activities	614.1	217.4
Proceeds From Sales Of Investments In Su	0.0	12.7
Purchase Of Noncurrent Assets	-585.9	-418.7
Proceeds From Sales Of Noncurrent Assets	12.0	68.7
Purchase Of Investment Securities	-21.5	-119.9
Payments Of Long Term Loans Receivable	-1.2	-12.5
Other Net	1.2	14.8
Proceeds From Sales Of Investment Securi	8.0	21.2
Collection Of Long Term Loans Receivable	2.8	1.6
Incr /Decr in Short-term General Loans	-15.0	370.8
Cash from Investing Activities	-599.7	-61.1
Increase Decrease In Short Term Loans Pa	143.2	-831.4
Proceeds From Long Term Loans Payable	518.8	1,756.5
Repayment Of Long Term Loans Payable	-783.3	-769.7
Repayments Of Finance Lease Obligations	-15.7	-100.0
Cash Dividends Paid To Minority Sharehol	-1.0	-1.6
Rounding adjustment Cash flow	-	0.0
Cash from Financing Activities	-137.9	53.8
Foreign Exchange Effects	11.9	-8.0
Net Change in Cash	-111.6	202.0
Net Cash - Beginning Balance	1,435.8	1,306.7
Net Cash - Ending Balance	1,324.2	1,508.7
Cash Interest Paid	146.1	148.5
Cash Taxes Paid	46.6	57.4

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	-	-	10,392.5	3.13%	-	-
Operating Income1 (?)	-	-	138.4	-	-	-
Income Available to Common Excl Extraord Items1 (?)	-	-	53.9	-	-	-
Basic EPS Excl Extraord Items1 (?)	-	-	0.46	-	-	-
Capital Expenditures2 (?)	-	-	585.9	47.05%	-	-
Cash from Operating Activities2 (?)	-	-	614.1	196.82%	-	-
Free Cash Flow (?)	-	-	24.8	-	-	-
Total Assets3 (?)	-	-	15,200.0	1.78%	-	-
Total Liabilities3 (?)	-	-	11,756.0	-3.11%	-	-
Total Long Term Debt3 (?)	-	-	6,164.2	-3.95%	-	-
Employees3 (?)	-	-	10678	-	-	-
Total Common Shares Outstanding3 (?)	-	-	116.3	-89.24%	-	-
1-ExchangeRate: JPY to USD Average for Period	Â	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	Â	Â	82.970472	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	Â	Â	94.088557	Â	Â	Â

Key Ratios
Â	31-Mar-2013	31-Mar-2012
Profitability
Gross Margin (?)	20.35%	20.74%
Operating Margin (?)	1.33%	-2.32%
Pretax Margin (?)	1.10%	-5.08%
Net Profit Margin (?)	0.52%	-5.38%
Financial Strength
Current Ratio (?)	1.10	1.34
Long Term Debt/Equity (?)	1.79	2.29
Total Debt/Equity (?)	2.58	3.21
Management Effectiveness
Return on Assets (?)	0.32%	-
Return on Equity (?)	1.52%	-
Efficiency
Receivables Turnover (?)	3.08	-
Inventory Turnover (?)	5.34	-
Asset Turnover (?)	0.61	-

Market Valuation USD (mil)
Enterprise Value2 (?)	8,952.4	.	Enterprise Value/Revenue (TTM) (?)	1.04
Enterprise Value/EBITDA (TTM) (?)	12.36	.	Market Cap1 (?)	1,683.5
1-ExchangeRate: JPY to USD on 19-Jul-2013	100.547528
2-ExchangeRate: JPY to USD on 19-Jul-2013	100.547528

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2013	31-Mar-2012
Financial Strength
Current Ratio (?)	1.10	1.34
Quick/Acid Test Ratio (?)	0.73	0.93
Working Capital1 (?)	512.4	1,968.5
Long Term Debt/Equity (?)	1.79	2.29
Total Debt/Equity (?)	2.58	3.21
Long Term Debt/Total Capital (?)	0.50	0.54
Total Debt/Total Capital (?)	0.72	0.76
Payout Ratio (?)	78.06%	0.00%
Effective Tax Rate (?)	52.87%	-
Total Capital1 (?)	12,340.5	13,466.8
Efficiency
Asset Turnover (?)	0.61	-
Inventory Turnover (?)	5.34	-
Days In Inventory (?)	68.35	-
Receivables Turnover (?)	3.08	-
Days Receivables Outstanding (?)	118.41	-
Revenue/Employee2 (?)	858,257	-
Operating Income/Employee2 (?)	11,428	-
EBITDA/Employee2 (?)	65,330	-
Profitability
Gross Margin (?)	20.35%	20.74%
Operating Margin (?)	1.33%	-2.32%
EBITDA Margin (?)	7.61%	4.39%
EBIT Margin (?)	1.33%	-2.32%
Pretax Margin (?)	1.10%	-5.08%
Net Profit Margin (?)	0.52%	-5.38%
COGS/Revenue (?)	79.65%	79.26%
SG&A Expense/Revenue (?)	18.03%	17.38%
Management Effectiveness
Return on Assets (?)	0.32%	-
Return on Equity (?)	1.52%	-
Valuation
Free Cash Flow/Share2 (?)	0.21	-0.18
Operating Cash Flow/Share 2 (?)	4.66	0.19
1-ExchangeRate: JPY to USD Period End Date	94.088557	82.385362
2-ExchangeRate: JPY to USD Average for Period	94.088557	82.385362

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

INFORMATION DETAILS

Report Prepared by :

SDA

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%)