MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	IHI CORPORATION
Registered Office :	Toyosu IHI Bldg., 3-1-1, Toyosu, Koto-ku Tokyo, 135-8710
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	17.01.1989
Legal Form :	Public Parent
Line of Business :	Subject provides design, manufacture, sale, repairs and maintenance services.
No. of Employees :	26,915

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

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

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

Country Name	Previous Rating (31.03.2012)	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 and address

IHI CORPORATION

Toyosu IHI Bldg., 3-1-1,
Toyosu, Koto-ku
Tokyo, 135-8710
Japan
Tel:	81-3-62047800
Fax:	81-3-62048800
www.ihi.co.jp

Employees:

26,915

Company Type:

Public Parent

Corporate Family:

84 Companies

Traded:

Tokyo Stock Exchange:

7013

Incorporation Date:

17-Jan-1889

Auditor:

Ernst & Young ShinNihon LLC

Financials in:	USD (In Millions)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	Japanese Yen
Annual Sales:	15,474.3 ^1
Net Income:	301.7
Total Assets:	16,242.3 ^2
Market Value:	3,793.2
	(01-Feb-2013)

Business Description

IHI Corporation provides design, manufacture, sale, repairs and maintenance services. The Resources and Energy division provides service for boilers, gas turbines, nuclear power equipment. The Ship and Offshore division provides service for tankers, container ships and bulk carriers. The Social Infrastructure division provides service for bridges, floodgates and construction materials, and engages in real estate business. The Logistics and Industrial Equipment division provides services for loading and unloading equipment and logistic systems. The Rotating and Mass Production Machinery division provides services for vehicle superchargers and compressors. The Aerospace division provides service for aviation engines and space development-related equipment. The Others division provides services for agricultural and industrial equipment. On January 1, 2013, the Company merged its subsidiary IHI Marine United Inc. into Universal Shipbuilding Corporation. For the six months ended 30 September 2012, IHI Corporation revenues increased 7% to Y564.99B. Net income increased from Y5.03B to Y11.84B. Revenues reflect Logistics and industrial machinery segment increase of 56% to Y79.69B, Aerospace Business segment increase of 15% to Y133.97B, Resources And Energy segment increase of 4% to Y124.4B. Net income benefited from Logistics and industrial machinery segment income totaling Y3.26B vs. loss of Y236M.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
NAICS 2002:	333611 - Turbine and Turbine Generator Set Units Manufacturing
UK SIC 2003:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
UK SIC 2007:	2811 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
US SIC 1987:	3511 - Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set Units

Key Executives

Name	Title
Kazuaki Kama	Chairman, Chief Executive Officer, Representative Director
Ichiro Terai	Managing Executive Officer, Director of Finance, Director
Hiroshi Iwamoto	Managing Executive Officer, Chief Director of Sales & Global Strategy, Director
Hideo Otaka	Corporate Auditor
Akinori Abe	Executive Officer, Manager of Ocean and Steel Structure Sector

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	5	Ihi Corp to Acquire Shares of Switzerland-based Company	27-Sep-2012
Divestitures	4	Ihi Corp Announces Date Change in Business Integration Plan	20-Nov-2012
Officer Changes	1	IHI Corporation Appoints New Chairman, President and CEO	20-Feb-2012
Strategic Combinations	4	Ihi Corp Announces Changes in Business Integration Plan	18-Sep-2012
Other Earnings Pre-Announcement	2	Ihi Corp Expects Extraordinary Profit for FY 2013	4-Feb-2013

* number of significant developments within the last 12 months

News

Title	Date
US Patent Issued to Ishikawajima-Harima Heavy Industries on Feb. 12 for "Cell Electrode Plate and Process for Producing the Same" (Japanese Inventor) U.S. Fed News (218 Words)	13-Feb-2013
Brazil's Transpetro Partially Lifts Suspension of EAS Shipyard Nikkei English News (323 Words)	16-Nov-2012
NTSB says fan-shaft fracture caused 787 engine failure Seattle Times (WA) (575 Words)	9-Aug-2012
NTSB says fan-shaft fracture caused 787 engine failure Seattle Times (WA) (575 Words)	8-Aug-2012
EAS rig deals still frozen despite Japanese partnership BNamericas (English) (303 Words)	6-Jul-2012

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.20	1.95
Quick Ratio (MRQ)	0.64	1.03
Debt to Equity (MRQ)	1.22	0.45
Sales 5 Year Growth	0.01	6.22
Net Profit Margin (TTM) %	2.57	7.96
Return on Assets (TTM) %	2.45	8.48
Return on Equity (TTM) %	12.35	17.58

Stock Snapshot

Traded: Tokyo Stock Exchange: 7013

As of 1-Feb-2013

   Financials in: JPY

Recent Price	236.00	EPS	15.82
52 Week High	250.00	Price/Sales	0.28
52 Week Low	150.00	Dividend Rate	4.00
Avg. Volume (mil)	10.25	Price/Earnings	8.31
Market Value (mil)	346,225.80	Price/Book	1.38
		Beta	1.41

	Price % Change	Rel S&P 500%
4 Week	1.72%	-4.12%
13 Week	38.82%	10.75%
52 Week	16.26%	-5.96%
Year to Date	6.31%	-3.04%

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
Toyosu IHI Bldg., 3-1-1,
Toyosu, Koto-ku
Tokyo, 135-8710
Japan

Tel:	81-3-62047800
Fax:	81-3-62048800

www.ihi.co.jp

Quote Symbol - Exchange
7013 - Tokyo Stock Exchange
Sales JPY(mil):	1,221,869.0
Assets JPY(mil):	1,338,131.0
Employees:	26,915
Fiscal Year End:	31-Mar-2012

Industry:	Miscellaneous Capital Goods

Incorporation Date:	17-Jan-1889
Company Type:	Public Parent
Quoted Status:	Quoted
Previous Name:	Ishikawajima-Harima Heavy Industries Co Ltd

President and Chief Executive Officer:	Tamotsu Saito

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
2463	-	Machine Tool and Parts Manufacturing
2461	-	Agricultural Machinery and Equipment Manufacturing
2394	-	Aircraft Manufacturing and Repair Services
2462	-	Mining and Construction Machinery Manufacturing
2391	-	Shipbuilding and Repair Services
6639	-	Other Goods and Equipment Rental and Hiring Not Elsewhere Classified

NACE 2002 Codes:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
7134	-	Renting of other machinery and equipment not elsewhere classified
2931	-	Manufacture of agricultural tractors
3530	-	Manufacture of aircraft and spacecraft
3511	-	Building and repairing of ships
2942	-	Manufacture of other metalworking machine tools
2952	-	Manufacture of machinery for mining, quarrying and construction

NAICS 2002 Codes:
333611	-	Turbine and Turbine Generator Set Units Manufacturing
333512	-	Machine Tool (Metal Cutting Types) Manufacturing
333618	-	Other Engine Equipment Manufacturing
333111	-	Farm Machinery and Equipment Manufacturing
532490	-	Other Commercial and Industrial Machinery and Equipment Rental and Leasing
336412	-	Aircraft Engine and Engine Parts Manufacturing
333513	-	Machine Tool (Metal Forming Types) Manufacturing
333120	-	Construction Machinery Manufacturing
336611	-	Ship Building and Repairing

US SIC 1987:
3511	-	Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set Units
7359	-	Equipment Rental and Leasing, Not Elsewhere Classified
3531	-	Construction Machinery and Equipment
3724	-	Aircraft Engines and Engine Parts
3541	-	Machine Tools, Metal Cutting Types
3523	-	Farm Machinery and Equipment
3542	-	Machine Tools, Metal Forming Types
3519	-	Internal Combustion Engines, Not Elsewhere Classified
3731	-	Ship Building and Repairing

UK SIC 2003:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
7134	-	Renting of other machinery and equipment not elsewhere classified
3511	-	Building and repairing of ships
2931	-	Manufacture of agricultural tractors
2952	-	Manufacture of machinery for mining, quarrying and construction
3530	-	Manufacture of aircraft and spacecraft
2942	-	Manufacture of other metalworking machine tools

UK SIC 2007:
2811	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
7739	-	Renting and leasing of other machinery, equipment and tangible goods n.e.c.
28301	-	Manufacture of agricultural tractors
3011	-	Building of ships and floating structures
2841	-	Manufacture of metal forming machinery
2892	-	Manufacture of machinery for mining, quarrying and construction
3030	-	Manufacture of air and spacecraft and related machinery

Business Description

IHI Corporation provides design, manufacture, sale, repairs and maintenance services. The Resources and Energy division provides service for boilers, gas turbines, nuclear power equipment. The Ship and Offshore division provides service for tankers, container ships and bulk carriers. The Social Infrastructure division provides service for bridges, floodgates and construction materials, and engages in real estate business. The Logistics and Industrial Equipment division provides services for loading and unloading equipment and logistic systems. The Rotating and Mass Production Machinery division provides services for vehicle superchargers and compressors. The Aerospace division provides service for aviation engines and space development-related equipment. The Others division provides services for agricultural and industrial equipment. On January 1, 2013, the Company merged its subsidiary IHI Marine United Inc. into Universal Shipbuilding Corporation. For the six months ended 30 September 2012, IHI Corporation revenues increased 7% to Y564.99B. Net income increased from Y5.03B to Y11.84B. Revenues reflect Logistics and industrial machinery segment increase of 56% to Y79.69B, Aerospace Business segment increase of 15% to Y133.97B, Resources And Energy segment increase of 4% to Y124.4B. Net income benefited from Logistics and industrial machinery segment income totaling Y3.26B vs. loss of Y236M.

More Business Descriptions

Machinery and structures; power, cement, press, iron, steel and paper plants; industrial machinery; materials handling equipment; standardised machinery; shipbuilding; civil engineering; offshore facilities; environmental protection; jet engines and space development

Industrial Machinery & Power Plant Mfr

IHI Corporation (IHI) provides engineering, procurement and construction solutions for aerospace, power, oil and gas, social infrastructure, agriculture, pulp and paper, and shipping industries. The group manufactures material handling equipment, compressors, separators, aero engines, rolling mills, boilers, gas engines, gas turbines, marine diesel engines, steel furnaces, agricultural machines, turbochargers, superchargers, and environmental preservation systems. It operates 187 subsidiaries, 18 domestic offices, 14 overseas offices and 10 manufacturing facilities. The company classifies its operations into seven reportable segments, namely, Energy & Resources; Ship & Offshore Facilities; Social Infrastructure; Rotating & Mass Production Machinery; Logistics Systems & Industrial Machinery; Aero Engine & Space; and Others. IHI operates through six geographical segments, namely, Japan, Europe, Asia, the US, Central & South America, and Others. For the fiscal year ended March 2012, Japan, Europe, Asia, the US, Central & South America, and Others accounted for 56.4%, 8.1%, 15.4%, 10.3%, 6.7% and 2.1% respectively of the total revenue.In May 2012, the company, together with CTCI Corporation, Sumitomo Corporation, Steam Turbine / Generator supplied by Toshiba Corporation, secured an engineering, procurement and construction contract from Taiwan Power Company for two power generating units with power block buildings and facilities at Talin Thermal Power Plant by replacing existing facilities at the plant. In April 2012, IHI entered into a joint venture agreement with Kyocera Corporation and Mizuho Corporate Bank, Ltd. for the construction, ownership and operation of a 70 MW solar power plant in Kagoshima City, southern Japan. In April 2012, the company signed an agreement with WiTricity, which authorizes the company to manufacture and supply wireless charging systems for automotive and industrial applications on a global basis. In March 2012, IHI's joint venture company, UNIGEN Inc., announced the launch of construction of a biopharmaceutical manufacturing plant in Ikeda. In March 2012, IHI acquired 30.2% of the issued shares of IHI Transport Machinery Co., Ltd. and acquired 38.9% of the issued shares of Ishikawajima Construction Materials Co., Ltd. In January 2012, IHI Infrastructure Systems Co., Ltd. (IIS) delivered the Ohkouzu River movable barrage, a large floodgate built in the city of Tsubame, Niigata Prefecture that was ordered by the Ministry of Land, Infrastructure, Transport and Tourism‘s Hokuriku Regional Development Bureau.

IHI Corporation (IHI) is one of the leading engineering groups in the world. It provides engineering, procurement and construction services for space operations, pharmaceutical plants, process plants, LNG liquefaction terminals, transportation systems, parking systems, urban developments, ships and offshore facilities. The group classifies its business into seven segments, namely, Energy & Resources; Ship & Offshore Facilities; Social Infrastructure; Rotating & Mass Production Machinery; Logistics Systems & Industrial Machinery; Aero Engine & Space; and Others. It has 18 branch offices in Japan and 14 overseas offices. IHI is headquartered in Tokyo, Japan.IHI is in the process of constructing liquefied natural gas (LNG) storage tanks in Kochi, India. The company's subsidiary, IHI Marine United Inc., would integrate with the Universal Shipbuilding Corporation in October 2012 and form a new company named Japan Marine United Corporation.The company reported revenues of (Yen) JPY 1,221,869.00 million during the fiscal year ended March 2012, an increase of 2.91% over 2011. The operating profit of the company was JPY 37,258.00 million during the fiscal year 2012, a decrease of 34.71% from 2011. The net profit of the company was JPY 23,823.00 million during the fiscal year 2012, a decrease of 19.96% from 2011.

Construction Machinery Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	1,221,869.0
Net Income:	23,823.0
Assets:	1,338,131.0
Long Term Debt:	195,417.0
Total Liabilities:	1,087,530.0
Working Capital:	154.7
Date of Financial Data:	31-Mar-2012

1 Year Growth

2.9%

-20.0%

-1.7%

Market Data

Quote Symbol:	7013
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	236.0
Stock Price Date:	02-01-2013
52 Week Price Change %:	16.3
Market Value (mil):	346,225,792.0
SEDOL:	6466985
ISIN:	JP3134800006
Equity and Dept Distribution:
FY'05 &'07: 1Q & 3Q's WAS & o/s are estimated. FY'04 3Q: non-detail. 07/2007, Company name changed from Ishikawajima-Harima Heavy Industries Co.

Subsidiaries

Company	Percentage Owned	Country
Cilegon Fabricators, PT	100%	INDONESIA
IHI Philippines Inc	100%	PHILIPPINES
IHI Turbo America Co	100%	USA
Niigata Power Systems (Singapore) Pte Ltd		SINGAPORE
IHI Transport Machinery Co Ltd		JAPAN
IHI Aerospace Co Ltd	100%	JAPAN
IHI (HK) Ltd	100%	HONG KONG SAR
IHI Engineering Australia Pty Ltd	100%	AUSTRALIA
IHI Inc	100%	USA
IHI Europe Ltd	100%	UK
IHI Charging Systems International GmbH	100%	GERMANY
IHI Technical Consulting Co Ltd	100%	TAIWAN
IHI Turbo (Thailand) Co Ltd	100%	THAILAND
IHI Southwest Technologies Inc	100%	USA
Ishikawajima-Harima Sul-America Ltda	100%	BRAZIL
IHI-Sullair Compression Technology (Suzhou) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
IHI Power System Malaysia Sdn Bhd	100%	MALAYSIA
Jiang Su Ishi Turbo Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Changchun Fawer-IHI Turbo Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Hauzer Techno Coating BV	100%	NETHERLANDS

Key Corporate Relationships

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

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Partnerships

The Callide Oxyfuel Project is a joint venture between the Australian Coal Association, CS Energy, Xstrata Coal, Schlumberger and Mitsui, J-POWER, and IHI.Nov 09, 2012IHI Unveils Algae Biofuel Production Test Facility In Yokohama, JapanIHI Corporation unveiled an algae biofuel test facility in Yokohama, Japan, Yomiuri Shimbun reported quoting Jiji Press. The company expects large production of the biofuel for use in jet fuel. The company plans to decrease the production costs to JPY100 per liter compared with the present JPY1,000 by partnering with a start-up company linked to Kobe University. The company will sell by-products as livestock feed and fertilizer.Nov 02, 2012IHI Reports Revenue Of JPY565 Billion In H1 Fiscal 2013IHI Corporation reported net sales of JPY565 billion for the first half of fiscal 2013, compared with the net sales of JPY525.9 billion in the year-ago period.
Source: GlobalData, January 24, 2013

37 per diluted share, for the fiscal 2012, compared with the net income of JPY29.8 billion, or JPY20.28 per diluted share, in the previous fiscal year.Apr 25, 2012IHI And WiTricity Sign collaboration Agreement For Wireless Electric Charging SystemsIHI Corp. (IHI) entered into a long-term collaboration and commercialization agreement with WiTricity Corporation (WiTricity). As a result of this agreement, IHI is licensed by WiTricity to manufacture and supply wireless charging systems for automotive and industrial applications on a global basis. In addition, the companies will collaborate to accelerate the development of the technology, and to promote international standards for wireless charging systems.WiTricity is the inventor of wireless energy transfer technology based on highly coupled magnetic resonance.
Source: GlobalData, January 24, 2013

According to the terms of the agreement, the companies will collaborate in the research development, testing, and commercialization of the electric vehicle wireless charging systems. The agreement could enable the group to consolidate its presence in the electric vehicle industry. Furthermore, in April 2012, IHI entered a long-term collaboration and commercialization agreement with WiTricity. According to the agreement, the company is licensed by WiTricity to manufacture and supply wireless charging systems for automotive and industrial applications for the global marketplace.Infrastructure ProjectIHI focuses on the development of manufacturing facilities in Japan. In March 2012, IHI's joint venture company, UNIGEN Inc., commenced construction of biopharmaceutical manufacturing plant in Ikeda, Gifu prefecture.
Source: GlobalData, January 24, 2013

Resource Management

In the current fiscal year, we will focus on the following initiatives in order to attain the target in the near term. First, in order to secure more orders, we will promote comprehensive operating activity across multiple business divisions and enhance our competitiveness to handle large-scale projects by restructuring organizations responsible for project engineering, procurement and construction (EPC) in a unified manner in Energy & Resources Operations. We will also develop a growth strategy for new energy and resources fields in line with changes in energy policy and market trends, and that also draws on the strengths of the IHI Group. We will accelerate our shift to a global operating framework by expanding business overseas, particularly in emerging markets, and by stepping up global procurement activities. In the current fiscal year, I plan to use these and other initiatives to focus on transforming IHI into a corporate group with real growth potential, underpinned by a stable operating base.
Source: GlobalData, January 24, 2013

We will also develop a growth strategy for new energy and resources fields in line with changes in energy policy and market trends, and that also draws on the strengths of the IHI Group. We will accelerate our shift to a global operating framework by expanding business overseas, particularly in emerging markets, and by stepping up global procurement activities. In the current fiscal year, I plan to use these and other initiatives to focus on transforming IHI into a corporate group with real growth potential, underpinned by a stable operating base. My main goal is to deliver a new era of growth and further expand the IHI Group by refocusing on one of our core management principles—contributing to the development of society through technology—to create world-leading technology, and by pursuing steady improvements in productivity. To achieve this goal, we will need to lift profits even higher.GlobalData uses a range of research techniques to gather and verify its information and analysis.
Source: GlobalData, January 24, 2013

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Diversified Products · Sturdy Research and Development Activities · International Presence	Weaknesses · High Operating Costs affecting Margins · Declined Liquidity
External Origin (attributes of the environment)	Opportunities · Electric Vehicle Charging Stations · Infrastructure Project · Solar Energy Initiatives	Threats · Political Unrest in Middle East and Africa · Nuclear Operations · Global Economic Scenario

Overview

IHI Corporation (IHI) is one of the leading engineering companies in Japan. It provides state-of-the-art products to various industries including aerospace, power, oil & gas, social infrastructure, agricultural, pulp & paper, and shipping industries. It undertakes various research and development projects for efficient and sustainable solutions. The group’s strong diversified product offerings and global operational presence strengthen its market presence. The group participates in major renewable energy projects through its agreements with notable companies such as Kyocera Corporation, Mitsubishi Motors Corporation and WiTricity Corporation. Weak economic scenario could hamper its growth prospects.

Strengths

Diversified Products

IHI provides an extensive range of products for aerospace, power, oil & gas, social infrastructure, agricultural, pulp & paper, and shipping industries. It manufactures aero engines, boilers, gas engines, gas turbines, materials handling equipment, rolling mills, steel furnaces, environmental preservation systems, marine diesel engines, turbochargers, superchargers, compressors, separators, and agricultural machines. It undertakes engineering, procurement and construction contracts for space operations, pharmaceutical plants, process plants, LNG liquefaction terminals, transportation systems, parking systems, urban developments, shipbuilding and offshore facilities. The group's comprehensive product offering enables it to become a one-stop solution provider for its clients.

Sturdy Research and Development Activities

IHI's focus on research and development activities gives it a competitive edge over its peers. The group endeavors to increase reliability, efficiency and durability of its products for reducing the carbon footprint. It follows three guiding principles for its R&D activities: advancing common fundamental technologies; pioneering new fields of leading-edge technologies; and integrating technologies to develop new types of products. The group undertook development of energy saving devices for ships; ultrasonic testing for detection of unfilled parts of concrete; development of Twin IHI Gasifier; development of robot system for multi-product assembly; development of laser and fillet welding technology; development of production technology for SPB LNG tanks; study on neutron beam imaging technology; development of new superalloys; development of surface treatment technology employing microwave plasma; and development of confined gas heater in 2011. For the fiscal year ended March 2012, the group’s R&D expenditure was JPY27.23 billion, indicating an increase of 10.53% over that of 2010. Superior R&D capabilities enable the group to develop innovative products.

International Presence

IHI manufactures and distributes machinery and equipment for various industries throughout the world. The group has offices in the UK, France, Russia, the US, Brazil, India, Indonesia, Japan, Malaysia, Hong Kong, China, Australia, Taiwan, Vietnam, South Korea, Bahrain and Algeria. IHI operates through six geographical segments, namely, Japan, Europe, Asia, USA, Central and South America, and Others. It operates 10 manufacturing facilities in Japan. For the fiscal year ended March 2012, the group generated 57.4% of its total revenue from Japan, followed by Asia (15.4%), USA (10.3%), Europe (8.1%), Central & South America (6.7%), and Others (2.1%). Its strong presence in international markets enables it to participate in major infrastructure projects and mitigate risk involved in operating in a single segment.

Weaknesses

High Operating Costs affecting Margins

IHI reported high operating costs in the fiscal year ended March 2012, which has affected its margins. The company's operating costs (as a percentage of sales) increased from 95.2% during 2011 to 96.5% during 2012. Its cost of revenue (as a percentage of sales) also rose to 83.9% in 2012 from 82.28% in 2011. Due to such increase in costs, the group’s operating income and net income declined by 34.7% and 19.9% respectively during the fiscal year 2012. Thus, its gross margin, operating margin and net profit margin declined to 16.04%, 3.05% and 1.95% in 2012, as compared to 17.7%, 4.8% and 2.5% in 2011, respectively.

Declined Liquidity

IHI reported a decline in its liquidity for the fiscal year ended March 2012. The company's cash and equivalents as on March 31, 2012, declined to JPY63,914m from JPY116,422m in the previous comparative period. While its cash and equivalents (as a percentage of total current assets) declined from 13.6% in 2011 to 7.6% in 2012; the company’s trade receivables (as a percentage of total current assets) increased to 40.55% in 2012 from 33.1% in 2011. The company's cash ratio also declined to 0.097 in 2012 from 0.170 in 2011. Moreover, IHI’s cash flow from operations decreased to JPY26,016m for the fiscal year ended March 2012, as compared to JPY95,565m in 2011. Declining liquidity is an area of concern to the company as it indicates that it could face difficulties in meeting short-term obligations and thereby increase it dependence on external sources to fund its operational flow.

Opportunities

Electric Vehicle Charging Stations

In light of the rising oil and gas prices and environmental concerns, automobile companies are introducing electric vehicles. Automobile companies and electricity distribution companies are entering into agreements for installation of electric vehicle charging stations. According to in-house research, the global demand for electric vehicle charging stations is expected to grow at CAGR of 155% during 2011-2020. In September 2011, IHI entered into a joint venture agreement with Mitsubishi Motors Corporation (MMC) and WiTricity Corporation (WiTricity) for joint research and development of electric vehicle wireless charging systems. The companies plan to develop charging systems which are compatible with the electricity grid. According to the terms of the agreement, the companies will collaborate in the research development, testing, and commercialization of the electric vehicle wireless charging systems. The agreement could enable the group to consolidate its presence in the electric vehicle industry. Furthermore, in April 2012, IHI entered a long-term collaboration and commercialization agreement with WiTricity. According to the agreement, the company is licensed by WiTricity to manufacture and supply wireless charging systems for automotive and industrial applications for the global marketplace.

Infrastructure Project

IHI focuses on the development of manufacturing facilities in Japan. In March 2012, IHI's joint venture company, UNIGEN Inc., commenced construction of biopharmaceutical manufacturing plant in Ikeda, Gifu prefecture. The 5-story plant is expected to contain multiple 21,000-L bioreactors. The plant will produce recombinant proteins through Baculovirus Expression Vector System. It could enable UNIGEN to offer outsourcing services ranging from drug development of commercial production to biopharmaceutical companies.

Solar Energy Initiatives

IHI focuses on the development of solar power generation facilities to reduce its carbon footprint. In April 2012, the group, Mizuho Corporate Bank, Ltd. (Mizuho CB) and Kyocera Corporation (Kyocera) signed a joint venture agreement for construction, ownership and operation of 70 MW solar power plant in Kagoshima City, southern Japan. According to the terms of the agreement, Kyocera will provide the solar modules; IHI will participate in the project's operations; and Mizuho CB will undertake the financial planning of the project. The three companies will establish a special-purpose company in June 2012, which will be responsible for business operations of the solar project. The site covers an area of approximately 314 acres. The project will supply electricity to nearly 22,000 households. Construction is expected to commence in July 2012. The project could enhance the group's presence in the solar energy industry in Japan.

Threats

Political Unrest in Middle East and Africa

The recent political situation in various Middle Eastern and African countries could affect the business operations of the company. Due to the tense political situation in the region, some government projects could be delayed. The Middle East experienced significant political turmoil during 2011. The Arab Spring involved protests across Libya, Egypt and Tunisia, which led to the overthrowing of governments. These protests spread to Kuwait, Bahrain, Morocco, Oman, Lebanon and Saudi Arabia. Political disorder in the Middle-East and Northern African countries including Egypt, Libya, Iran and Iraq resulted in uncertainty of crude oil supply in recent times. The high risk environment in Iraq is among the major threats to the oil & gas and power sector. Political instability and civil wars could pose serious challenges to the company. The civil wars and political unrest in the past continue to plague Iraq. The political situation in Algeria has been historically volatile. There have been many instances of civil unrest in Algeria, which resulted in massacres. In 2011, the political situation in Libya was very fragile due to civil unrest in several Libyan cities. This promoted one of the largest international military interventions in the region since the Iraq war. Since then, the situation in the county has remained very fragile. Such volatile political situation in the Middle East and Africa could affect the company’s operations as its growth plans could be severely affected.

Nuclear Operations

The group’s operations are subject to various national and international regulations that are becoming increasingly stringent in the areas of nuclear and environmental safety. In light of the Fukushima Daichi disaster after the earthquake in Japan, regulatory bodies such as the International Atomic Energy Agency (IAEA) have tightened their controls over the development, operation, shut-down and decommissioning of nuclear power plants. Several governments reviewed their nuclear energy policy. Any amendment to existing nuclear regulations or introduction of new nuclear regulations could have a significant impact on the group's operations. IHI needs to adopt suitable strategies for maintaining its stronghold in the nuclear power industry.

Global Economic Scenario

The global economic downturn and the uneven recovery are likely to pose challenges to the company in the next few years. The global recovery is facing challenges related to tough economic environment in the Euro area and weak business environment elsewhere. According to recent world economic outlook (WEO) report by IMF, global output is projected to expand 3.25% in 2012, a downward revision of about 0.75% point relative to the September 2011 WEO forecast. The primary reason for the downward revision is the situations in the Euro region, which is expected to record a mild recession in 2012, due to the increment in sovereign yields, fiscal consolidation, and the effects of deleveraging by banks. The growth in emerging economies is also expected to slow down, due to the declining external environment and weak internal demand. According to the report, the world output is expected to decline from 3.8% in 2011, to 3.3% in 2012, and is expected to register an increase of 3.9% in 2013. The output of advanced economies is projected to decline from 1.6% in 2011 to 1.2% in 2012, and the output of emerging and developing economies is expected to decline from 6.2% in 2011 to 5.4% in 2012. Growth in advanced economies is expected to be lower, mainly due to adverse spillovers from the Euro region. The World Bank also lowered its world economic growth to 2.5% in 2012 and 3.1% in 2013, well below the 3.6 % growth for each year projected in June 2011. According to the World Bank estimates, high income economies across the world are expected to expand nearly 1.4% in 2012 as the euro area shrinks 0.3%, as it recorded sharp downward revisions from growth forecasts last June of 2.7% and 1.8%, respectively. It also lowered the growth forecast for developing economies to 5.4% for 2012 from its previous forecast of 6.2%, as the expansion in Brazil and India, Russia, South Africa and Turkey became slow. According to experts, the global economy is expected to record sluggish growth in 2013, with output growth dragged down by a weak performance anticipated in the Euro zone. Such sluggish growth could result in the inability of some of the company’s customers to comply with the terms of their contracts.

Corporate Structure News

IHI Corporation
Total Corporate Family Members: 84

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
IHI Corporation	Parent	Tokyo	Japan	Miscellaneous Capital Goods	15,474.3	26,915
Acquisition of IonBond AG proposed/announced.See corporate structure news on IHI Corporation for details
Ihi Marine United Inc.	Subsidiary	Tokyo	Japan	Oil Well Services and Equipment	2,044.0	2,665
Merger with Universal Shipbuilding Corporation proposed/announced.See corporate structure news on IHI Corporation for details
Ihi Amtec Co.,Ltd.	Subsidiary	Aioi, Hyogo	Japan	Water Transportation	194.9	421
IHI Marine B.V.	Subsidiary	Capelle aan den IJssel	Netherlands	Aerospace and Defense		17
Ihi Marine Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Miscellaneous Capital Goods	83.0
IHI Transport Machinery Co Ltd	Subsidiary	Tokyo	Japan	Business Services	629.8	1,505
Ihi Fuso Engineering Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	64.2
IHI Aerospace Co Ltd	Subsidiary	Tokyo	Japan	Aerospace and Defense		1,000
Niigata Power Systems Co., Ltd.	Subsidiary	Tokyo, Chuo-ku	Japan	Auto and Truck Parts		1,000
Nico Precision Co.,Inc.	Subsidiary	Minamiuonuma, Niigata	Japan	Miscellaneous Capital Goods	41.3	70
Niigata Power Systems (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	88.6	7
PT CILEGON FABRICATORS	Subsidiary	Serang, Banten	Indonesia	Miscellaneous Capital Goods		700
Ihi Turbo (Thailand) Company Limited	Subsidiary	Phan Thong, Chon Buri	Thailand	Auto and Truck Parts	217.7	650
IHI Inspection & Instrumentation Co., Ltd.	Subsidiary	Tokyo, Shinagawa-ku	Japan	Miscellaneous Capital Goods		450
Meisei Electric Co Ltd	Subsidiary	Isesaki-Shi	Japan	Scientific and Technical Instruments	114.3	331
Meisei Electric (Hk) Co. Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Electronic Instruments and Controls	14.1	5
Jurong Engineering Ltd.	Joint Venture	Singapore	Singapore	Engineering Consultants	280.8	300
IHI Charging Systems International GmbH	Subsidiary	Heidelberg, Baden-Württemberg	Germany	Miscellaneous Capital Goods	394.8	240
IHI Charging Systems International S.p.A.	Subsidiary	Cernusco Lombardone, Lecco	Italy	Electronic Instruments and Controls	350.6	354
IHI Charging Systems International Germany GmbH	Subsidiary	Ichtershausen, Thüringen	Germany	Auto and Truck Parts		150
Felguera I H I Sa	Joint Venture	Las Rozas De Madrid, Madrid	Spain	Miscellaneous Capital Goods	113.5	169
INC Engineering Co., Ltd.	Subsidiary	Tokyo	Japan	Scientific and Technical Instruments		150
IHI Logistics System Technology Shanghai Co., Ltd.	Subsidiary	Shanghai	China	Business Services		150
PRIMUS PROCESSAMENTO DE TUBOS S.A	Subsidiary	Rio de Janeiro	Brazil	Miscellaneous Fabricated Products		100
IHI Metaltech Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods		91
Hauzer Techno Coating B.V.	Subsidiary	Venlo	Netherlands	Miscellaneous Fabricated Products		80
Hauzer Techno-Coating Production B.V.	Subsidiary	Venlo, Limburg	Netherlands	Miscellaneous Fabricated Products		40
Hauzer Techno-Coating Engineering B.V.	Subsidiary	Venlo, Limburg	Netherlands	Miscellaneous Fabricated Products		33
IHI Turbo America Co.	Holding	Shelbyville, IL	United States	Miscellaneous Capital Goods	103.6	60
IHI Marine Engineering (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Engineering Consultants		60
IHI Corporation	Subsidiary	Singapore	Singapore	Engineering Consultants		56
IHI Philippines, Inc.	Subsidiary	Pasig, Metro Manila	Philippines	Engineering Consultants	0.7	55
I H I Engineering Australia Pty Ltd	Subsidiary	North Sydney, NSW	Australia	Engineering Consultants		50
IHI Southwest Technologies Inc.	Subsidiary	San Antonio, TX	United States	Engineering Consultants	6.0	38
IHI Oxyfuel Australia Pty.Ltd.	Subsidiary	Sydney, NSW	Australia	Aerospace and Defense		33
Ihi Master Metal Co.,Ltd.	Subsidiary	Aioi, Hyogo	Japan	Miscellaneous Fabricated Products	96.6	23
IHI POWER SYSTEM MALAYSIA SDN. BHD.	Subsidiary	Kuala Lumpur	Malaysia	Engineering Consultants		20
IHI INFRASTRUCTURE ASIA CO., LTD.	Subsidiary	Haiphong	Viet Nam	Construction Services		19
COMPACT EXCAVATOR SALES, LLC	Subsidiary	Elizabethtown, KY	United States	Construction and Agriculture Machinery		18
IHI Inc.	Holding	New York, NY	United States	Miscellaneous Capital Goods	15.5	17
IHI Engineering Australia Pty. Ltd.	Subsidiary	Sydney, NSW	Australia	Aerospace and Defense	20.9	15
IHI Europe Ltd.	Subsidiary	London	United Kingdom	Aerospace and Defense		15
IHI PRESS TECHNOLOGY AMERICA, INC	Subsidiary	Auburn Hills, MI	United States	Printing and Publishing	1.7	11
IHI (HK) Ltd.	Subsidiary	Causeway Bay	Hong Kong	Engineering Consultants		9
Ihi Chita E & M Co., Ltd.	Subsidiary	Chita, Aichi	Japan	Waste Management Services	5.1	6
NIIGATA POWER SYSTEMS (EUROPE) B.V.	Subsidiary	Rotterdam	Netherlands	Miscellaneous Capital Goods		5
Ihi Aerospace Co.,Ltd.	Subsidiary	Tomioka, Gunma	Japan	Aerospace and Defense	598.2
Ihi Aerospace Engineering Co.,Ltd.	Subsidiary	Tomioka, Gunma	Japan	Business Services	34.6
Ihi Infrastructure Systems Co., Ltd.	Subsidiary	Sakai, Osaka	Japan	Construction Services	544.8
Ihi Structure Maintenance And Improvement Company.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	174.9
Ihi Compressor And Machinery Co., Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Miscellaneous Capital Goods	515.5
Ihi Turbo Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Auto and Truck Parts	488.0
Ihi Plant Construction Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	407.6
Ihi Shibaura Machinery Corporation	Subsidiary	Matsumoto, Nagano	Japan	Construction and Agriculture Machinery	329.8
Jurong Engineering Limited	Subsidiary	Singapore	Singapore	Construction Services	295.7
Jurong Engineering (Overseas) Pte. Ltd.	Subsidiary	Singapore	Singapore	Construction Services		200
JEL Maintenance Pte Ltd	Subsidiary	Singapore	Singapore	Computer Services	26.8	15
Ihi Business Support Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Real Estate Operations	256.1
Ihi Trading,Inc.	Subsidiary	Chuo-Ku, Tokyo	Japan	Miscellaneous Capital Goods	254.4
Ihi Scube Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Software and Programming	227.7
Ihi Machinery And Furnace Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Miscellaneous Capital Goods	199.7
Ihi Construction Machinery Limited	Subsidiary	Yokohama, Kanagawa	Japan	Construction and Agriculture Machinery	193.9
Diesel United,Ltd.	Subsidiary	Aioi, Hyogo	Japan	Miscellaneous Capital Goods	187.3
Diesel United,Ltd.	Branch	Chiyoda-Ku, Tokyo	Japan	Miscellaneous Capital Goods
Ihi Jet Service Co.,Ltd.	Subsidiary	Akishima, Tokyo	Japan	Business Services	185.0
Ihi Kankyo Engineering Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	181.0
Ihi Logitec Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	154.9
Niigata Transys Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Railroads	148.1
Ihi Plant Engineering Corporation	Subsidiary	Koto-Ku, Tokyo	Japan	Engineering Consultants	128.9
Ishikawajima Construction Materials Co.,Ltd.	Subsidiary	Sumida-Ku, Tokyo	Japan	Construction - Supplies and Fixtures	107.4
Kanto Segment Co., Ltd.	Subsidiary	Namegata, Ibaraki	Japan	Construction - Raw Materials	40.7
Ihi Castings Co.,Ltd.	Subsidiary	Akishima, Tokyo	Japan	Miscellaneous Fabricated Products	102.6
Japan Tunnel Systems Corporation	Subsidiary	Yokohama, Kanagawa	Japan	Construction and Agriculture Machinery	97.5
Ihi Packaged Boiler Co., Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Miscellaneous Capital Goods	77.1
Ihi Aero Manufacturing Co.,Ltd.	Subsidiary	Kami Ina-Gun, Nagano	Japan	Aerospace and Defense	76.7
Ihi Star Machinery Corporation	Subsidiary	Chitose, Hokkaido	Japan	Construction and Agriculture Machinery	74.9
Voith Ihi Paper Technology Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Miscellaneous Capital Goods	74.5
Voith Ihi Paper Technology Co.,Ltd.	Branch	Chuo-Ku, Tokyo	Japan	Miscellaneous Capital Goods
Pc Bridge Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Construction Services	41.6
Central Conveyor Company,Ltd.	Subsidiary	Nukata-Gun, Aichi	Japan	Miscellaneous Capital Goods	34.2
Central Conveyor Co., Ltd.	Subsidiary	Nagoya	Japan	Miscellaneous Capital Goods	27.6
NIIGATA POWER SYSTEMS PHILIPPINES, INC.	Subsidiary	Paranaque	Philippines	Business Services
IHI do Brasil Representacoes Ltda.	Subsidiary	Rio de Janeiro	Brazil	Miscellaneous Capital Goods
Wuxi IHI Turbo Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Auto and Truck Parts

Competitors Report

CompanyName	Location	Employees	Ownership
Bechtel Corp	San Francisco, California, United States	52,700	Private
Bharat Heavy Electricals Limited	New Delhi, India	49,390	Public
Eaton Corp PLC	Cleveland, Ohio, United States	74,000	Public
EBARA CORPORATION	Tokyo, Japan	14,695	Public
Halliburton Company	Houston, Texas, United States	70,000	Public
Hitachi, Ltd.	Tokyo, Japan	323,540	Public
Idemitsu Kosan Co., Ltd.	Tokyo, Japan	8,243	Public
Itochu Corp	Tokyo, Japan	70,639	Public
JGC CORPORATION	Tokyo, Japan	6,524	Public
Kawasaki Heavy Industries, Ltd.	Kobe-Shi, Japan	33,267	Public
Keppel Corporation Limited	Singapore, Singapore	31,914	Public
Kubota Corp	Osaka-Shi, Japan	29,185	Public
Marubeni Corporation	Chiyoda-Ku, Japan	32,445	Public
Meidensha Corp	Tokyo, Japan	7,145	Public
Mitsubishi Heavy Industries, Ltd.	Tokyo, Japan	68,887	Public
Oceaneering International	Houston, Texas, United States	9,600	Public
Siemens AG	Muenchen, Germany	365,000	Public
Sumitomo Corp	Tokyo, Japan	72,087	Public
Sumitomo Heavy Industries, Ltd.	Tokyo, Shinagawa-ku, Japan	18,139	Public
Yokogawa Electric Corporation	Musashino-Shi, Japan	19,437	Public

Board of Directors

Name	Title	Function
Kazuaki Kama	Chairman, Chief Executive Officer, Representative Director	Chairman
Biography: Mr. Kazuaki Kama has been serving as Chairman of the Board and Representative Director in IHI Corporation, since April 1, 2012. He joined the Company in July 1971. His previous titles include Executive Officer, Director of Finance, Managing Executive Officer, President and Chief Executive Officer in the Company. Mr. Kama obtained his Bachelor's degree in Economics from University of Tokyo. Age: 63 Education: University of Tokyo, B (Economics)
Sadao Degawa	Vice President, Representative Director	Director/Board Member
Biography: Mr. Sadao Degawa has been serving as Vice President and Representative Director in IHI Corporation, since April 1, 2012. He joined the Company in April 1977. His previous titles include Executive Officer, Director of Control System Development, Manager of Project Center in Main Technology Development Unit, Deputy Chief Director of Technology Development, Managing Executive Officer, Chief Director of Technology Development and Director in the Company. He graduated from Osaka University with a Master's degree in Foundation Engineering. Age: 60 Education: Osaka University, M
Tomokazu Hamaguchi	Independent Director	Director/Board Member
Biography: Mr. Tomokazu Hamaguchi has been serving as Independent Director in IHI Corporation since April 2008. He is also working for NTT DATA CORPORATION. He used to serve as Vice President, President and Representative Director in NTT DATA CORPORATION, and worked for Nippon Telegraph and Telephone Corporation. Age: 68
Hiromitsu Hamamura	Executive Officer, Manager of Energy Sector, Director	Director/Board Member
Biography: Mr. Hiromitsu Hamamura has bees serving as Executive Officer, Manager of Energy Sector and Director in IHI Corporation since June 2012. He joined the Company in April 1976 and used to serve as Director of Procurement Planning in Main Procurement Management Unit, Deputy Chief Director of Energy Business and Manager of Energy System Sector. Age: 58
Izumi Imoto	Managing Executive Officer, Chief Director of Manufacturing Reform Promotion, Manager of Social Foundation Sector, Director	Director/Board Member
Biography: Mr. Izumi Imoto has been serving as Managing Executive Officer, Chief Director of Manufacturing Reform Promotion, Manager of Social Foundation Sector and Director in IHI Corporation since April 2012. He joined the Company in April 1978, and served as Executive Officer, Director of Bridge Business in Main Logistics and Steel Structure Business Unit and Deputy Chief Director of Logistics and Steel Structure Business. Age: 59
Hiroshi Iwamoto	Managing Executive Officer, Chief Director of Sales & Global Strategy, Director	Director/Board Member
Biography: Mr. Hiroshi Iwamoto has been serving as Managing Executive Officer, Chief Director of Sales and Global Strategy and Director in IHI Corporation since June 2012. He joined the Company in April 1976 and used to serve as Director of Human Resources, Executive Officer and Deputy Chief Director of Sales and Global Strategy. Age: 59
Tatsumi Kawaratani	Managing Executive Officer, Manager of Industrial, Environment and Logistics Sector, Director	Director/Board Member
Biography: Mr. Tatsumi Kawaratani has been serving as Managing Executive Officer, Manager of Industrial, Environment and Logistics Sector and Director in IHI Corporation since April 2011. He joined the Company in August 1987, and served as Deputy Chief Director of Machinery Business, Executive Officer and Manager of Industrial System Sector Age: 59
Fusayoshi Nakamura	Vice President, Representative Director	Director/Board Member
Biography: Mr. Fusayoshi Nakamura has been serving as Vice President and Representative Director in IHI Corporation since April 1, 2012. He joined the Company in April 1974. He previously served as Managing Executive Officer, Executive Vice President, Manager of Vehicle Supercharger Sector, Director of Design and Director of Vehicle Supercharger Business in Main Machinery Business Unit. Age: 60
Tadashi Okamura	Independent Director	Director/Board Member
Biography: Mr. Tadashi Okamura has been serving as Independent Director in IHI Corporation since June 2010. He is also working for TOSHIBA CORPORATION. He used to serve as Chairman, President, Managing Director and Representative Executive Officer in TOSHIBA CORPORATION. Age: 73
Joji Sakamoto	Director	Director/Board Member
Biography: Mr. Joji Sakamoto has been serving as Director in IHI Corporation, since June 2009. He joined the Company in April 1976. His previous titles include Director of General Affairs, Manager of Public Relations Office, Senior Manager of Compliance Officer, Director of Contract Legal Affairs, Executive Officer, Manager of Structure Improvement Project Office in the Company. Age: 59
Toshinori Sekido	Managing Executive Officer, Chief Director of Aerospace Business, Director	Director/Board Member
Biography: Mr. Toshinori Sekido has been serving as Managing Executive Officer, Chief Director of Aerospace Business and Director in IHI Corporation since June 2011. He joined the Company in April 1978 and previously served as Executive Officer, Deputy Chief Director of Aerospace Business and Director of Commercial Engine Business in Main Aerospace Business Unit. Age: 58
Makoto Serizawa	Director	Director/Board Member
Biography: Mr. Makoto Serizawa has been serving as Director in IHI Corporation since June 2007. He joined the Company in April 1976. His previous titles include Executive Officer, Director of Finance, Manager of Internal Control Office and Manager of Internal Control Correspondence Promotion Office in the Company. Age: 58
Ichiro Terai	Managing Executive Officer, Director of Finance, Director	Director/Board Member
Biography: Mr. Ichiro Terai has been serving as Managing Executive Officer, Director of Finance and Director in IHI Corporation, since April 1, 2012. He joined the Company in April 1976. His previous titles include Director of Tax and Facility Group in Finance Unit and Assistant Manager of Finance Unit. Age: 58
Kazuo Tsukahara	Vice President, Representative Director	Director/Board Member
Biography: Mr. Kazuo Tsukahara has been serving as Vice President and Representative Director in IHI Corporation, since April 1, 2012. He joined the Company in April 1974 and used to serve as Managing Executive Officer, Director of Business Planning, Director of Human Resources, Director of General Planning Group and Director in the Company. He graduated from University of Tokyo with a Bachelor's degree in Economics. Age: 62 Education: University of Tokyo, B (Economics)

Executives

Name	Title	Function
Kazuaki Kama	Chairman, Chief Executive Officer, Representative Director	Chief Executive Officer
Biography: Mr. Kazuaki Kama has been serving as Chairman of the Board and Representative Director in IHI Corporation, since April 1, 2012. He joined the Company in July 1971. His previous titles include Executive Officer, Director of Finance, Managing Executive Officer, President and Chief Executive Officer in the Company. Mr. Kama obtained his Bachelor's degree in Economics from University of Tokyo. Age: 63 Education: University of Tokyo, B (Economics)
Tamotsu Saito	President and Chief Executive Officer	Chief Executive Officer
Biography: Mr. Tamotsu Saito has been serving as President, Chief Executive Officer and Representative Director in IHI Corporation, since April 1, 2012. He joined the Company in April 1975 and used to serve as Vice President, Managing Executive Officer, Chief Director of Aerospace Business, Director of Administration and Deputy Chief Director of Aerospace Business in the Company. Mr. Saito obtained his Bachelor's degree in Engineering from University of Tokyo. Age: 59 Education: University of Tokyo, B (Engineering)
A Hayasaka	General Manager Defense Project Collaboration Div.	Division Head Executive
H Hirano	General Manager Agricultural Machinery Business Administration	Division Head Executive
H Ikeda	Deputy General Manager, Corporate Research & Development	Division Head Executive
S Imaizumi	General Manager Legal Div.	Division Head Executive
A Kashiwazaki	Deputy General Manager, Corporate Research & Development	Division Head Executive
T Komonguchi	General Manager Corporate Audit Div.	Division Head Executive
N Mizumoto	General Manager Corporate Social Responsibility Div.	Division Head Executive
T Suga	General Manager Corporate Business Development Division	Division Head Executive
S Takayanagi	General Manager Public Relations	Division Head Executive
H Takeuchi	General Manager Secretariat Div	Division Head Executive
Y Toizumi	General Manager Information Systems Division	Division Head Executive
Y Yamamoto	Deputy General Manager, Corporate Business Development Division	Division Head Executive
I Asakura	Vice President Nuclear Power Operations	Operations Executive
Y Fudamoto	Vice President Machinery, Environmental & Logistics Systems Operations	Operations Executive
K Iwata	Vice President Rotating Machinery Operations	Operations Executive
Y Kawasaki	Vice President Machinery, Environmental & Logistics Systems Operations	Operations Executive
Y Kouda	Vice President Plant Engineering Operations	Operations Executive
T Kunihiro	Vice President Nuclear Power Operations	Operations Executive
K Mitsunaga	Vice President Vehicular Turbocharger Operations	Operations Executive
M Nitta	Vice President Plant Engineering Operations	Operations Executive
T Nogaku	Vice President Vehicular Turbocharger Operations	Operations Executive
T Nozawa	Vice President Rotating Machinery Operations	Operations Executive
A Ohno	Vice President Nuclear Power Operations	Operations Executive
S Ooga	Vice President Offshore Project & Steel Structures Operations	Operations Executive
M Tamano	Vice President Nuclear Power Operations	Operations Executive
T Terasawa	Vice President Offshore Project & Steel Structures Operations	Operations Executive
Stephen Gross	Chief Financial Officer IHI Power Services Corp.	Finance Executive
Ichiro Terai	Managing Executive Officer, Director of Finance, Director	Finance Executive
Biography: Mr. Ichiro Terai has been serving as Managing Executive Officer, Director of Finance and Director in IHI Corporation, since April 1, 2012. He joined the Company in April 1976. His previous titles include Director of Tax and Facility Group in Finance Unit and Assistant Manager of Finance Unit. Age: 58
Nobuo Gohara	Corporate Auditor	Accounting Executive
Takeo Inokuchi	Corporate Auditor	Accounting Executive
Masakazu Maruyama	Corporate Auditor	Accounting Executive
Hisatsugu Nonaka	Corporate Auditor	Accounting Executive
Hideo Ootaka	Corporate Auditor	Accounting Executive
Hideo Otaka	Corporate Auditor	Accounting Executive
Hiroshi Iwamoto	Managing Executive Officer, Chief Director of Sales & Global Strategy, Director	Sales Executive
Biography: Mr. Hiroshi Iwamoto has been serving as Managing Executive Officer, Chief Director of Sales and Global Strategy and Director in IHI Corporation since June 2012. He joined the Company in April 1976 and used to serve as Director of Human Resources, Executive Officer and Deputy Chief Director of Sales and Global Strategy. Age: 59
Eiichi Yoshida	Managing Executive Officer, Deputy Chief Director of Sales and Global Strategy	Sales Executive
Age: 59
Akinori Abe	Executive Officer, Manager of Ocean and Steel Structure Sector	Other
Osamu Abiko	Managing Executive Officer, Manager of Nuclear Energy Sector	Other
Hiroshi Asakura	Executive Officer, Chief Director of Technology Development	Other
Naoya Domoto	Executive Officer, Assistant Manager of Energy Sector	Other
Hiromu Furukawa	Executive Officer, Manager of Vehicle Supercharger Sector	Other
Akira Inoue	Executive Officer, Manager of City Development Sector	Other
Kazuyoshi Matsui	Executive Officer, Manager of Plant Sector	Other
Tsugio Mitsuoka	Executive Officer, Deputy Chief Director of Aerospace Business	Other
Mikio Mochizuki	Executive Officer, President of Subsidiary	Other
Ichiro Murai	Executive Officer, Assistant Manager of Industrial, Environment and Logistics Sector	Other
Hiroyuki Ohtani	Executive Officer, Assistant Manager of Energy Sector	Other
Junichi Sakaki	Executive Officer, Manager of Rotary Machinery Sector	Other
Naruto Takata	Managing Executive Officer, Chief Director of Procurement Management	Other
Akira Tateno	Executive Officer, Deputy Chief Director of Aerospace Business	Other
Hideyuki Yamane	Director of Finance and Settlement Group in Finance Unit	Other

Significant Developments

Ihi Corp Expects Extraordinary Profit for FY 2013

Feb 04, 2013

Ihi Corp announced that it expects JPY 11.8 billion extraordinary profit on change of stake in subsidiary after the subsidiary merged with another company for the fiscal year ending March 2013.

Ihi Corp Announces Date Change in Business Integration Plan

Nov 20, 2012

Ihi Corp announced that it has delayed the effective date from December 1, 2012 to January 1, 2013 of the business integration plan regarding the merger of IHI Marine United Inc., which is a wholly owned subsidiary of IHI Corporation, and Universal Shipbuilding Corporation, which is 84.93% owned by JFE Holdings, Inc. and 15.07% owned by Hitachi Zosen Corporation.

Ihi Corp Amends Consolidated Mid-year Outlook for FY 2013

Oct 29, 2012

Ihi Corp announced that it has lowered its consolidated mid-year outlook for revenue from JPY 580,000 million to JPY 564,900 million, but raised the outlook for operating profit from JPY 10,000 million to JPY 14,500 million, ordinary profit from JPY 5,000 million to JPY 11,600 million, net profit from JPY 11,000 million to JPY 11,800 million and earning per share from JPY 7.51 to JPY 8.06, for the fiscal year ending March 2013. The Company lowered the revenue outlook due to the decreased sales, and raised the profit outlook due to the delayed record of some cost, among others.

Ihi Corp Announces Business Integration Plan

Oct 22, 2012

Ihi Corp announced that there are some changes in the business integration plan, which was announced on August 27, 2012. Ihi Corp and JFE Holdings Inc reached a final agreement on the business integration between IHI Marine United Inc., which is a wholly owned subsidiary of IHI Corporation, and Universal Shipbuilding Corporation, which is 84.93% owned by JFE Holdings, Inc. and 15.07% owned by Hitachi Zosen Corporation, effective October 1, 2012. In the business integration, Universal Shipbuilding Corporation will be the surviving company and will change its name into Japan Marine United Corporation. IHI Corporation, JFE Holdings, Inc. and Hitachi Zosen Corporation will hold a 45.93%, 45.93% and 8.15% stake in the new company, respectively. Ihi Corp changed the effective date from November 1, 2012 to December 1, 2012.

Ihi Corp to Acquire Shares of Switzerland-based Company

Sep 27, 2012

Ihi Corp announced that it has decided to acquire all the shares of Ionbond, a Switzerland-based company engaged in the surface treatment coating technologies, from its shareholders including Barclays Ventures and Credit Suisse AG.

Ihi Corp Announces Changes in Business Integration Plan

Sep 18, 2012

Ihi Corp announced that there are some changes in the business integration plan, which was announced on August 27, 2012. Ihi Corp and JFE Holdings Inc reached a final agreement on the business integration between IHI Marine United Inc., which is a wholly owned subsidiary of IHI Corporation, and Universal Shipbuilding Corporation, which is 84.93% owned by JFE Holdings, Inc. and 15.07% owned by Hitachi Zosen Corporation, effective October 1, 2012. In the business integration, Universal Shipbuilding Corporation will be the surviving company and will change its name into Japan Marine United Corporation. IHI Corporation, JFE Holdings, Inc. and Hitachi Zosen Corporation will hold a 45.93%, 45.93% and 8.15% stake in the new company, respectively. Ihi Corp changed the effective date from October 1, 2012 to November 1, 2012.

Ihi Corp to Joint Venture with Paul Wurth S.A.

Aug 31, 2012

Ihi Corp announced that it has decided to establish a joint venture Paul Wurth IHI (Japan) Co., Ltd., which will be engaged in the sale, design, installation and after service of iron and steel making equipment business, with Paul Wurth S.A. on November 1, 2012. The joint venture will be capitalized at JPY 400 million, the Company and Paul Wurth will each hold a 50% stake in the joint venture.

IHI Corporation and JFE Holdings, Inc. Announces Agreement Signing on Business Integration of Universal Shipbuilding Corporation and IHI Marine United Inc.

Aug 27, 2012

IHI Corporation and JFE Holdings, Inc. announced that it has reached a final agreement on the business integration between IHI Marine United Inc., which is a wholly owned subsidiary of IHI Corporation, and Universal Shipbuilding Corporation, which is 84.93% owned by JFE Holdings, Inc. and 15.07% owned by Hitachi Zosen Corporation, effective October 1, 2012. In the business integration, Universal Shipbuilding Corporation will be the surviving company and will change its name into Japan Marine United Corporation. IHI Corporation, JFE Holdings, Inc. and Hitachi Zosen Corporation will hold a 45.93%, 45.93% and 8.15% stake in the new company, respectively.

R&I Upgrades Rating on Ihi Corp to "BBB+"; Rating Outlook Stable

Aug 22, 2012

Rating and Investment Information, Inc. (R&I) announced that it has upgraded the rating on Ihi Corp from "BBB" to "BBB+". The rating outlook is stable.

Exelon Corp Sells Stake In Five California Power Plants To IHI Corporation-Reuters

Aug 21, 2012

Reuters reported that Exelon Corp sold stakes in five California power plants, acquired as part of its merger with Constellation Energy Group, to Japan's IHI Corporation. The two coal-powered and three biomass-based plants - with a total generation capacity of 70 megawatts (MW) - came into Exelon's fold following the completion of the Constellation deal in March. IHI acquired Exelon's 50% stake in four power plants and 45% stake in one plant. Financial terms of the deal were not undisclosed.

Kvaerner ASA Divests EPC Center Houston to IHI Corporation Subsidiary-Reuters

Jul 13, 2012

Reuters reported that Kvaerner ASA has signed an agreement to divest the assets and the on-going operations of EPC Center Houston to IHI E&C International Corp, a US subsidiary of the Japanese company IHI Corporation for an undisclosed amount. All rights and obligations under contracts for executed projects will be retained by the Company. Closing of the transaction is expected during the third quarter of 2012.

IHI Corporation to Sell Property; Expects Extraordinary Profit for FY Ending March 2013

Jun 25, 2012

IHI Corporation announced that it will sell a property located in Kotoku, Japan, at the price of JPY 14,083 million in total, in July 2012. As a result, the Company expects to record JPY 13,482 million gain on sale of fixed assets as extraordinary profit for the fiscal year ending March 2013.

IHI Corporation Announces Outcome of Takeover Bid for Shares of Meisei Electric Co., Ltd.

Jun 07, 2012

IHI Corporation announced that 80,352,423 shares were accepted in the takeover bid for shares of Meisei Electric Co., Ltd., at the price of JPY 90 per share, during the period from May 9, 2012 to June 6, 2012. The settlement will start on June 12, 2012.

IHI Corporation to Form Business Alliance with Meisei Electric Co., Ltd.

May 08, 2012

IHI Corporation announced that it has decided to form a business alliance with Meisei Electric Co., Ltd., regarding collaboration in general businesses.

JFE Holdings, Inc. Announces Joint Venture Name in the Business Integration of JFE Holdings, Inc., IHI Corporation and Hitachi Zosen Corporation

Apr 23, 2012

JFE Holdings, Inc. announced that the joint venture's name was decided as Japan Marine United Corporation. The original news was disclosed on January 30, 2012. IHI Corporation, JFE Holdings, Inc. and Hitachi Zosen Corporation holds a 45.93%, 45.93% and 8.15% stake in joint venture, respectively.

IHI Corporation Announces Outcome of Takeover Bid for Shares of Ishikawajima Constr. Material. Co., Ltd. and IHI Transport Machinery Co., Ltd.

Mar 17, 2012

IHI Corporation announced that it has completed to acquire 8,576,948 shares of IHI Transport Machinery Co., Ltd. for JPY 670 per share during the period from February 6, 2012 to March 16, 2012. IHI Corporation will hold 27,632 voting rights (97.20%) of IHI Transport Machinery, up from 19,055 voting rights (67.03%). IHI Corporation has also completed to acquire 8,185,554 shares of Ishikawajima Constr. Material. Co., Ltd. for JPY 175 per share during the period from February 6, 2012 to March 16, 2012. IHI Corporation will hold 19,275 voting rights (93.18%) of IHI Transport Machinery, up from 11,090 voting rights (53.61%). The payments will be conducted on March 23, 2012.

IHI Corporation Raises Year-end Dividend Forecast for FY 2012; Announces Officer Changes

Feb 27, 2012

IHI Corporation announced that it has raised the year-end dividend forecast from JPY 3 per share, disclosed on May 6, 2011, to JPY 4 per share, for the fiscal year ending March 31, 2012. The Company also announced that it has appointed Kazuaki Kama as Chairman of the Board and Representative Director, Tamotsu Saito as President, Chief Executive Officer and Representative Director of the Company, effective April 1, 2012.

IHI Corporation Appoints New Chairman, President and CEO

Feb 20, 2012

IHI Corporation announced that it has appointed Kazuaki Kama as Chairman of the Board, and has appointed Tamotsu Saito to replace Kazuaki Kama as President and Chief Executive Officer of the Company, effective April 1, 2012.

News

Brazil's Transpetro Partially Lifts Suspension of EAS Shipyard Nikkei English News (323 Words)	16-Nov-2012
NTSB says fan-shaft fracture caused 787 engine failure By Dominic Gates, The Seattle Times, Seattle Times (WA) (575 Words)	09-Aug-2012
NTSB says fan-shaft fracture caused 787 engine failure By Dominic Gates, The Seattle Times, Seattle Times (WA) (575 Words)	08-Aug-2012
EAS rig deals still frozen despite Japanese partnership BNamericas (English) (303 Words)	06-Jul-2012
MARUBENI, UNIV OF TOKYO SPEARHEAD OFFSHORE WIND POWER PROJECT Asia Pulse Businesswire (275 Words)	07-Mar-2012
Marubeni, Univ Of Tokyo Spearhead Offshore Wind Power Project Nikkei English News (262 Words)	06-Mar-2012

Articles

Castrip LLC Receives Patent for Method of and Apparatus for Casting Metal Strip Indian Patent News (189 Words) (1 Page)	25-Apr-2012
Mitsubishi Denki Kabushiki Kaisha and Ishikawajima Harima Heavy Industries Co Ltd Receive Patent for an Electrode for Discharge Surface Treatment, a Discharge Surface Treatment Method and Apparatus Indian Patent News (331 Words) (1 Page)	05-Apr-2012

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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	15,474.3	13,855.4	13,370.8	13,813.5	11,815.7
Revenue	15,474.3	13,855.4	13,370.8	13,813.5	11,815.7
Total Revenue	15,474.3	13,855.4	13,370.8	13,813.5	11,815.7
Cost of Revenue	12,992.3	11,399.6	11,285.4	12,157.2	10,805.6
Cost of Revenue, Total	12,992.3	11,399.6	11,285.4	12,157.2	10,805.6
Gross Profit	2,482.0	2,455.9	2,085.5	1,656.3	1,010.1
Selling/General/Administrative Expense	788.8	741.7	698.8	608.4	491.0
Labor & Related Expense	739.8	654.3	585.5	494.6	435.1
Total Selling/General/Administrative Expenses	1,528.7	1,396.1	1,284.3	1,102.9	926.0
Research & Development	345.0	287.6	233.5	212.1	179.1
Depreciation	59.6	55.8	60.4	85.7	52.0
Amortization of Acquisition Costs	-	-6.9	-43.1	0.0	-
Depreciation/Amortization	59.6	48.9	17.4	85.7	52.0
Restructuring Charge	0.0	4.6	0.0	30.4	0.0
Litigation	-	-	0.0	21.2	3.6
Impairment-Assets Held for Use	27.6	20.8	2.7	1.0	87.3
Impairment-Assets Held for Sale	23.6	2.9	17.2	22.6	5.2
Other Unusual Expense (Income)	25.7	29.1	110.2	136.8	19.1
Unusual Expense (Income)	76.9	57.4	130.0	211.9	115.2
Total Operating Expense	15,002.4	13,189.5	12,950.5	13,769.9	12,078.0
Operating Income	471.9	665.9	420.4	43.6	-262.2
Interest Expense - Non-Operating	-66.6	-70.2	-71.3	-61.2	-51.9
Interest Expense, Net Non-Operating	-66.6	-70.2	-71.3	-61.2	-51.9
Interest Income - Non-Operating	11.2	6.9	7.6	14.5	16.6
Investment Income - Non-Operating	218.9	-5.7	47.6	6.4	-3.8
Interest/Investment Income - Non-Operating	230.1	1.2	55.2	21.0	12.8
Interest Income (Expense) - Net Non-Operating Total	163.5	-69.0	-16.1	-40.3	-39.0
Gain (Loss) on Sale of Assets	57.9	10.5	12.4	144.7	764.4
Other Non-Operating Income (Expense)	-5.4	-53.5	-171.2	-63.1	-53.8
Other, Net	-5.4	-53.5	-171.2	-63.1	-53.8
Income Before Tax	687.9	553.9	245.5	84.9	409.4
Total Income Tax	369.1	196.9	56.9	160.7	189.5
Income After Tax	318.7	357.0	188.6	-75.8	219.9
Minority Interest	-17.0	-9.7	-1.6	2.1	0.5
Net Income Before Extraord Items	301.7	347.3	187.0	-73.7	220.4
Net Income	301.7	347.3	187.0	-73.7	220.4
Miscellaneous Earnings Adjustment	-	-	0.0	0.0	0.0
Total Adjustments to Net Income	-	-	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	301.7	347.3	187.0	-73.7	220.4
Income Available to Common Incl Extraord Items	301.7	347.3	187.0	-73.7	220.4
Basic/Primary Weighted Average Shares	1,465.3	1,466.6	1,466.4	1,466.4	1,466.6
Basic EPS Excl Extraord Items	0.21	0.24	0.13	-0.05	0.15
Basic/Primary EPS Incl Extraord Items	0.21	0.24	0.13	-0.05	0.15
Dilution Adjustment	-0.9	-0.1	0.0	0.0	0.0
Diluted Net Income	300.8	347.3	187.0	-73.7	220.4
Diluted Weighted Average Shares	1,545.7	1,467.6	1,466.4	1,466.4	1,466.6
Diluted EPS Excl Extraord Items	0.19	0.24	0.13	-0.05	0.15
Diluted EPS Incl Extraord Items	0.19	0.24	0.13	-0.05	0.15
Dividends per Share - Common Stock Primary Issue	0.05	0.04	0.02	0.00	0.03
Gross Dividends - Common Stock	74.2	51.3	31.6	0.0	51.3
Interest Expense, Supplemental	66.6	70.2	71.3	61.2	51.9
Depreciation, Supplemental	585.3	523.7	444.6	456.6	337.0
Total Special Items	19.0	40.0	74.5	67.2	-649.2
Normalized Income Before Tax	706.9	593.9	320.0	152.2	-239.8
Effect of Special Items on Income Taxes	10.2	16.7	27.3	23.5	-227.2
Inc Tax Ex Impact of Sp Items	379.4	213.6	84.2	184.3	-37.7
Normalized Income After Tax	327.6	380.3	235.8	-32.1	-202.1
Normalized Inc. Avail to Com.	310.5	370.7	234.2	-30.0	-201.6
Basic Normalized EPS	0.21	0.25	0.16	-0.02	-0.14
Diluted Normalized EPS	0.20	0.25	0.16	-0.02	-0.14
Amort of Acquisition Costs, Supplemental	-	-6.9	-43.1	0.0	-
Research & Development Exp, Supplemental	380.6	341.5	274.3	250.1	211.0
Reported Operating Profit	548.8	716.4	507.3	255.6	-147.0
Reported Ordinary Profit	528.3	600.8	355.4	134.6	-269.6
Normalized EBIT	548.8	723.3	550.3	255.6	-147.0
Normalized EBITDA	1,134.1	1,240.1	951.8	712.1	190.0
Current Tax - Total	202.7	-	-	-	-
Current Tax - Total	202.7	-	-	-	-
Deferred Tax - Total	166.5	-	-	-	-
Deferred Tax - Total	166.5	-	-	-	-
Income Tax - Total	369.1	-	-	-	-
Interest Cost - Domestic	37.4	35.7	33.3	31.0	28.5
Service Cost - Domestic	104.2	101.7	92.7	84.8	71.8
Prior Service Cost - Domestic	5.6	3.4	2.5	2.1	1.9
Expected Return on Assets - Domestic	0.0	-0.1	-0.2	0.2	-0.3
Actuarial Gains and Losses - Domestic	44.2	38.6	34.7	29.5	26.1
Transition Costs - Domestic	-	1.1	2.9	-	-
Other Pension, Net - Domestic	-	2.2	0.5	3.8	2.1
Domestic Pension Plan Expense	191.4	182.7	166.5	151.5	130.0
Defined Contribution Expense - Domestic	2.1	1.9	-	-	-
Total Pension Expense	193.5	184.5	166.5	151.5	130.0
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Total Plan Interest Cost	37.4	35.7	33.3	31.0	28.5
Total Plan Service Cost	104.2	101.7	92.7	84.8	71.8
Total Plan Expected Return	0.0	-0.1	-0.2	0.2	-0.3
Total Plan Other Expense	-	2.2	0.5	3.8	2.1

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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	775.8	1,404.7	820.2	886.4	724.2
Short Term Investments	33.2	14.3	330.6	138.2	466.7
Cash and Short Term Investments	809.0	1,419.0	1,150.8	1,024.6	1,190.9
Accounts Receivable - Trade, Gross	4,232.2	3,511.5	3,427.1	3,572.3	3,606.2
Provision for Doubtful Accounts	-76.3	-101.7	-91.4	-69.6	-40.8
Trade Accounts Receivable - Net	4,155.9	3,409.8	3,335.6	3,502.7	3,565.4
Total Receivables, Net	4,155.9	3,409.8	3,335.6	3,502.7	3,565.4
Inventories - Finished Goods	283.1	250.2	222.8	232.2	202.0
Inventories - Work In Progress	2,648.8	2,793.9	2,973.0	3,406.4	3,351.5
Inventories - Raw Materials	1,329.1	1,336.9	1,132.7	1,131.6	1,026.7
Total Inventory	4,261.0	4,381.0	4,328.5	4,770.3	4,580.1
Deferred Income Tax - Current Asset	359.3	424.4	453.6	289.1	340.5
Other Current Assets	663.8	662.7	810.0	906.6	1,200.0
Other Current Assets, Total	1,023.0	1,087.1	1,263.6	1,195.7	1,540.4
Total Current Assets	10,249.0	10,296.9	10,078.6	10,493.3	10,876.8
Buildings	-	-	3,094.5	2,783.5	2,672.0
Land/Improvements	-	-	976.2	796.3	781.2
Machinery/Equipment	-	-	3,318.8	2,942.4	2,892.1
Construction in Progress	-	-	77.9	105.3	53.5
Other Property/Plant/Equipment	-	-	1,197.2	1,031.4	990.1
Property/Plant/Equipment - Gross	-	-	8,664.6	7,659.0	7,389.0
Accumulated Depreciation	-	-	-5,551.3	-4,885.2	-4,759.1
Property/Plant/Equipment - Net	4,063.2	3,966.4	3,113.3	2,773.8	2,629.8
Goodwill, Net	61.6	47.5	50.7	55.2	14.6
Intangibles, Net	225.0	206.6	196.7	191.3	195.9
LT Investment - Affiliate Companies	144.4	169.9	150.1	-	-
LT Investments - Other	718.9	895.6	810.4	777.4	974.1
Long Term Investments	863.4	1,065.5	960.6	777.4	974.1
Deferred Income Tax - Long Term Asset	521.3	555.9	452.2	503.2	351.3
Other Long Term Assets	259.0	287.9	263.8	284.7	452.6
Other Long Term Assets, Total	780.2	843.8	716.0	787.9	803.8
Total Assets	16,242.3	16,426.7	15,115.8	15,078.9	15,495.0
Accounts Payable	3,562.4	3,251.0	2,581.2	2,985.4	3,164.8
Accrued Expenses	794.3	736.4	662.1	600.3	849.0
Notes Payable/Short Term Debt	1,507.5	991.7	1,406.6	1,544.5	1,323.2
Current Portion - Long Term Debt/Capital Leases	121.4	756.5	669.9	774.9	281.3
Customer Advances	1,267.1	1,491.3	1,830.8	2,150.1	2,279.0
Income Taxes Payable	160.3	124.0	120.4	102.6	162.6
Other Current Liabilities	958.5	988.1	842.9	935.9	968.8
Other Current liabilities, Total	2,386.0	2,603.4	2,794.1	3,188.5	3,410.5
Total Current Liabilities	8,371.5	8,338.9	8,113.9	9,093.7	9,028.8
Long Term Debt	2,372.0	2,602.8	2,399.3	1,909.7	2,091.9
Total Long Term Debt	2,372.0	2,602.8	2,399.3	1,909.7	2,091.9
Total Debt	4,000.8	4,350.9	4,475.8	4,229.1	3,696.4
Deferred Income Tax - LT Liability	70.5	80.4	71.3	34.2	31.5
Deferred Income Tax	70.5	80.4	71.3	34.2	31.5
Minority Interest	95.6	183.0	156.3	138.7	144.4
Reserves	53.3	53.9	19.6	19.4	0.0
Pension Benefits - Underfunded	1,566.3	1,596.9	1,447.1	1,395.1	1,410.6
Other Long Term Liabilities	671.3	693.5	634.6	541.6	577.2
Other Liabilities, Total	2,290.9	2,344.3	2,101.3	1,956.1	1,987.8
Total Liabilities	13,200.5	13,549.3	12,842.0	13,132.5	13,284.4
Common Stock	1,162.4	1,155.4	1,024.9	969.5	962.1
Common Stock	1,162.4	1,155.4	1,024.9	969.5	962.1
Additional Paid-In Capital	528.1	524.0	463.7	437.8	433.5
Retained Earnings (Accumulated Deficit)	1,409.0	1,158.0	705.6	490.3	562.7
Treasury Stock - Common	-6.6	-1.1	-1.1	-1.6	-1.4
Unrealized Gain (Loss)	51.6	124.3	142.8	94.9	275.4
Translation Adjustment	-102.6	-83.3	-62.1	-44.5	-21.8
Other Equity, Total	-102.6	-83.3	-62.1	-44.5	-21.8
Total Equity	3,041.8	2,877.3	2,273.8	1,946.4	2,210.6
Total Liabilities & Shareholders’ Equity	16,242.3	16,426.7	15,115.8	15,078.9	15,495.0
Shares Outstanding - Common Stock Primary Issue	1,464.2	1,466.7	1,466.6	1,466.4	1,466.5
Total Common Shares Outstanding	1,464.2	1,466.7	1,466.6	1,466.4	1,466.5
Treasury Shares - Common Stock Primary Issue	2.9	0.4	0.5	0.7	0.5
Employees	26,915	26,035	24,890	24,348	23,722
Number of Common Shareholders	99,604	108,858	115,879	118,911	115,884
Deferred Revenue - Current	1,267.1	1,491.3	1,830.8	2,150.1	2,279.0
Total Long Term Debt, Supplemental	3,347.3	3,359.2	3,069.2	2,684.7	2,649.2
Long Term Debt Maturing within 1 Year	980.8	756.5	669.9	774.9	557.3
Long Term Debt Maturing in Year 2	603.3	979.8	722.2	621.2	777.1
Long Term Debt Maturing in Year 3	752.7	579.3	873.1	542.5	589.0
Long Term Debt Maturing in Year 4	636.2	503.6	352.2	267.6	223.0
Long Term Debt Maturing in Year 5	353.1	505.1	441.3	234.3	258.9
Long Term Debt Maturing in 2-3 Years	1,356.0	1,559.1	1,595.3	1,163.7	1,366.2
Long Term Debt Maturing in 4-5 Years	989.4	1,008.7	793.5	501.8	481.9
Long Term Debt Matur. in Year 6 & Beyond	21.2	34.9	10.5	244.2	243.8
Total Capital Leases, Supplemental	189.7	154.3	147.9	95.8	-
Capital Lease Payments Due in Year 1	39.1	29.3	33.5	25.8	-
Capital Lease Payments Due in Year 2	34.9	28.6	26.1	19.8	-
Capital Lease Payments Due in Year 3	29.5	25.6	22.0	12.5	-
Capital Lease Payments Due in Year 4	31.9	18.9	21.4	9.8	-
Capital Lease Payments Due in Year 5	22.5	21.3	14.7	10.5	-
Capital Lease Payments Due in 2-3 Years	64.4	54.2	48.2	32.3	-
Capital Lease Payments Due in 4-5 Years	54.4	40.1	36.1	20.2	-
Cap. Lease Pymts. Due in Year 6 & Beyond	31.8	30.7	30.2	17.4	-
Pension Obligation - Domestic	1,777.5	1,843.9	1,676.5	1,628.9	1,662.1
Plan Assets - Domestic	2.3	12.6	12.1	27.0	28.4
Funded Status - Domestic	-1,775.2	-1,831.3	-1,664.5	-1,601.9	-1,633.7
Total Funded Status	-1,775.2	-1,831.3	-1,664.5	-1,601.9	-1,633.7
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Accrued Liabilities - Domestic	-1,566.3	-1,596.9	-1,447.1	-1,395.1	-1,410.6
Other Assets, Net - Domestic	208.9	234.4	217.4	206.8	223.1
Net Assets Recognized on Balance Sheet	-1,357.3	-1,362.4	-1,229.7	-1,188.3	-1,187.6
Total Plan Obligations	1,777.5	1,843.9	1,676.5	1,628.9	1,662.1
Total Plan Assets	2.3	12.6	12.1	27.0	28.4

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	687.9	553.9	245.5	84.9	409.4
Depreciation	585.3	523.7	444.6	456.6	337.0
Depreciation/Depletion	585.3	523.7	444.6	456.6	337.0
Unusual Items	-29.3	134.9	100.2	-55.2	-700.7
Equity in Net Earnings (Loss)	-7.8	-4.5	-4.8	-7.8	-1.3
Other Non-Cash Items	-138.4	17.0	-19.3	140.7	134.2
Non-Cash Items	-175.4	147.4	76.1	77.7	-567.9
Accounts Receivable	-737.4	242.8	616.7	-31.2	-84.5
Inventories	140.7	453.9	726.6	-167.1	-151.9
Prepaid Expenses	-53.7	-27.2	126.4	210.1	-8.5
Other Assets	18.5	20.3	15.3	18.7	-9.3
Accounts Payable	268.2	-52.2	-670.3	-200.9	-18.6
Accrued Expenses	2.1	41.7	20.5	-193.3	77.0
Other Liabilities	-287.8	-627.7	-606.4	-187.1	173.2
Other Operating Cash Flow	-118.8	-161.3	-169.6	-243.2	-121.2
Changes in Working Capital	-768.2	-109.7	59.2	-794.0	-143.8
Cash from Operating Activities	329.5	1,115.2	825.3	-174.8	34.8
Purchase of Fixed Assets	-650.4	-599.8	-565.8	-467.6	-403.7
Capital Expenditures	-650.4	-599.8	-565.8	-467.6	-403.7
Acquisition of Business	-130.1	0.0	-72.9	-	0.0
Sale of Business	0.0	18.0	0.0	2.8	0.0
Sale of Fixed Assets	89.8	15.4	45.5	166.9	789.3
Sale/Maturity of Investment	270.4	231.5	32.7	45.2	101.4
Investment, Net	5.9	-24.2	-22.8	-17.8	-57.5
Purchase of Investments	-46.3	-46.1	-37.4	-155.6	-12.8
Other Investing Cash Flow	-16.9	-502.7	-54.5	10.8	-7.4
Other Investing Cash Flow Items, Total	172.7	-308.1	-109.4	52.3	813.0
Cash from Investing Activities	-477.7	-907.9	-675.2	-415.3	409.3
Other Financing Cash Flow	-6.3	-3.1	-5.2	2.0	-5.7
Financing Cash Flow Items	-6.3	-3.1	-5.2	2.0	-5.7
Cash Dividends Paid - Common	-55.4	-34.0	-0.1	-58.0	-50.7
Total Cash Dividends Paid	-55.4	-34.0	-0.1	-58.0	-50.7
Sale/Issuance of Common	-	-	-	-	0.0
Repurchase/Retirement of Common	-	-	-	-	-0.5
Common Stock, Net	-6.1	-0.1	0.5	-0.2	-0.5
Issuance (Retirement) of Stock, Net	-6.1	-0.1	0.5	-0.2	-0.5
Short Term Debt, Net	-359.2	-213.2	-301.8	483.7	89.5
Long Term Debt Issued	776.1	687.5	1,198.7	582.5	548.4
Long Term Debt Reduction	-837.1	-739.5	-911.4	-583.9	-1,007.8
Long Term Debt, Net	-61.1	-52.0	287.3	-1.4	-459.4
Issuance (Retirement) of Debt, Net	-420.2	-265.2	-14.5	482.3	-369.9
Cash from Financing Activities	-488.1	-302.3	-19.4	426.1	-426.8
Foreign Exchange Effects	-16.2	-23.6	4.6	-62.0	-13.0
Net Change in Cash	-652.6	-118.6	135.3	-226.0	4.3
Net Cash - Beginning Balance	1,456.7	1,460.9	1,208.2	1,298.0	1,136.8
Net Cash - Ending Balance	804.2	1,342.3	1,343.5	1,072.0	1,141.1
Cash Interest Paid	65.0	71.8	70.9	60.2	52.9
Cash Taxes Paid	117.7	154.6	145.1	229.0	120.7

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	15,474.3	13,855.4	13,370.8	13,813.5	11,815.7
Total Revenue	15,474.3	13,855.4	13,370.8	13,813.5	11,815.7
Cost of sales	12,992.3	11,399.6	11,285.4	12,157.2	10,805.6
Inquiry Expense	192.4	182.6	144.0	120.8	89.3
Allow.Doubt.Acct.	-22.4	2.5	58.5	28.9	1.7
Salaries for directors and employees	739.8	654.3	585.5	494.6	-
Travel, Transportat.	72.5	62.4	54.3	53.5	47.1
Research & Developm.	345.0	287.6	233.5	212.1	179.1
Outsourcing expenses	82.1	70.6	62.5	56.9	48.4
Intersegment Expense	51.8	47.3	38.1	30.2	24.4
Depreciation	59.6	55.8	60.4	85.7	52.0
Provision for bonuses	-	-	-	-	76.1
Prov. for retire. benefits reserve	-	-	-	-	49.0
Salary, Dir.Compens.	-	-	-	-	310.0
Other SG&A	412.3	376.4	341.3	318.1	280.1
Proceeds from accident insurance	-25.3	-	-	-	-
Gain on negative goodwill	-17.9	-	-	-	-
Cost of environment conservation measure	52.6	-	-	-	-
Other Non Rec. I/E - Non Business Activ.	16.3	-	-	-	-
SP Gain on received accident insurance	-	0.0	-	-	-
SP Gain on negative goodwill	-	0.0	-	-	-
Distribution from undisclosed associatio	-	-231.6	0.0	-	-
SP L on environment conservation measure	-	0.0	-	-	-
SP Impairment Loss	27.6	20.8	2.7	1.0	3.3
SP Loss Value Inv Secs.	23.6	2.9	17.2	3.3	0.0
SP Pro. for L on business of subsidary	-	25.4	0.0	-	-
SP Loss on disaster	0.0	123.6	0.0	-	-
Loss arising from the project taken over	0.0	108.2	0.0	-	-
SP Space related business asset val. L	-	-	-	0.0	55.2
SP Litigation settlement	-	-	-	-	0.0
SP Prov. Retire Prior	-	-	-	0.0	8.3
SP L-Retir.Fixed Assets	-	-	-	0.0	28.8
SP Enviro. preservation measures exp.	-	-	-	0.0	10.8
SP Restructuring Cost	0.0	4.6	0.0	30.4	0.0
SP L on adj for changes of acct assets	0.0	3.4	0.0	-	-
SP Anti.Finance Law Penalty	-	-	0.0	15.9	0.0
SP L-Val. Affiliate Stk	-	-	0.0	1.7	5.2
SP Anti-Trust Law Penalty	-	-	0.0	5.3	3.6
SP Allw.Doubt.Act.	-	-	0.0	136.8	0.0
SP L on Cancellation of GX project	-	0.0	110.2	0.0	-
NOP Amort. of negative goodwill	-	-6.9	-43.1	0.0	-
NOP L on valuation of derivatives	-	-	0.0	17.6	0.0
Total Operating Expense	15,002.4	13,189.5	12,950.5	13,769.9	12,078.0
NOP Interest Income	11.2	6.9	7.6	14.5	16.6
Foreign Exchange Gains	0.7	-	-	-	-
Distribution from undisclosed associatio	0.0	-	-	-	-
NOP Dividend Income	31.8	39.8	38.0	29.2	22.1
NOP Inv. Gain-Equity Method	7.8	4.5	4.8	7.8	1.3
NOP Exchange Gain	-	0.0	-	-	-
Contribution to research and development	29.1	-	-	-	-
Other	99.4	-	-	-	-
NOP Gain on R&D Receipts	-	0.0	-	-	-
NOP Other Non-ops. Inc.	-	87.2	73.5	53.9	34.8
NOP Interest Expense	-66.6	-70.2	-71.3	-61.2	-51.9
NOP Wage Diff. for Dispatched Workers	-	-	-	0.0	-9.5
NOP Idle Asset Managemnt	-	-	-	0.0	-8.8
NOP Expenses for delayed delivery	-	-33.5	-55.5	0.0	-
NOP Compensation for damage	-	-5.8	-41.7	0.0	-21.2
NOP Exchange Loss	0.0	-50.0	-2.9	-30.6	-57.0
Other	-133.8	-101.4	-147.3	-117.0	-49.1
SP Gain Sale Fixed Assets	43.9	0.0	12.4	144.5	0.0
SP Gain on transfer of business	-	-	0.0	2.8	0.0
SP Gain Liquid.Affiliat	-	-	0.0	1.5	0.0
SP Gain Sale of Land	-	-	-	0.0	764.4
SP G-Sale Inv. Sec.	178.6	0.0	7.7	0.0	29.7
Gain on sales of subsidiaries and affili	14.0	10.5	0.0	-	-
SP Loss Liquid.Affiliat	-	-	0.0	-4.1	0.0
Net Income Before Taxes	687.9	553.9	245.5	84.9	409.4
Total income taxes	369.1	196.9	56.9	160.7	189.5
Net Income After Taxes	318.7	357.0	188.6	-75.8	219.9
Minority interests in income	-17.0	-9.7	-1.6	2.1	0.5
Net Income Before Extra. Items	301.7	347.3	187.0	-73.7	220.4
Net Income	301.7	347.3	187.0	-73.7	220.4
Director Bonus	-	-	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	301.7	347.3	187.0	-73.7	220.4
Income Available to Com Incl ExtraOrd	301.7	347.3	187.0	-73.7	220.4
Basic Weighted Average Shares	1,465.3	1,466.6	1,466.4	1,466.4	1,466.6
Basic EPS Excluding ExtraOrdinary Items	0.21	0.24	0.13	-0.05	0.15
Basic EPS Including ExtraOrdinary Item	0.21	0.24	0.13	-0.05	0.15
Dilution Adjustment	-0.9	-0.1	0.0	0.0	0.0
Diluted Net Income	300.8	347.3	187.0	-73.7	220.4
Diluted Weighted Average Shares	1,545.7	1,467.6	1,466.4	1,466.4	1,466.6
Diluted EPS Excluding ExtraOrd Items	0.19	0.24	0.13	-0.05	0.15
Diluted EPS Including ExtraOrd Items	0.19	0.24	0.13	-0.05	0.15
DPS-Common Stock	0.05	0.04	0.02	0.00	0.03
Gross Dividends - Common Stock	74.2	51.3	31.6	0.0	51.3
Normalized Income Before Taxes	706.9	593.9	320.0	152.2	-239.8
Inc Tax Ex Impact of Sp Items	379.4	213.6	84.2	184.3	-37.7
Normalized Income After Taxes	327.6	380.3	235.8	-32.1	-202.1
Normalized Inc. Avail to Com.	310.5	370.7	234.2	-30.0	-201.6
Basic Normalized EPS	0.21	0.25	0.16	-0.02	-0.14
Diluted Normalized EPS	0.20	0.25	0.16	-0.02	-0.14
Research and Development Expenses(SGA)	345.0	-	-	-	-
Research and Development Expenses(COG)	35.6	-	-	-	-
Research & Development Exp(SGA)	-	287.6	233.5	212.1	179.1
Research & Development Exp(COGS)	-	53.9	40.9	38.0	31.9
Interest Expense	66.6	70.2	71.3	61.2	51.9
Amort of Goodwill	-	-6.9	-43.1	0.0	-
Amort of Tangible Assets-Current Portion	585.3	-	-	-	-
Depreciation	-	523.7	444.6	456.6	337.0
Income taxes-current	202.7	-	-	-	-
Current Tax - Total	202.7	-	-	-	-
Income taxes-deferred	166.5	-	-	-	-
Deferred Tax - Total	166.5	-	-	-	-
Income Tax - Total	369.1	-	-	-	-
Reported operating profit	548.8	716.4	507.3	255.6	-147.0
Reported ordinary profit	528.3	600.8	355.4	134.6	-269.6
Service cost	104.2	101.7	92.7	84.8	71.8
Interest cost	37.4	35.7	33.3	31.0	28.5
Expected return on plan assets	0.0	-0.1	-0.2	0.2	-0.3
Actuarial gains and losses	44.2	38.6	34.7	29.5	26.1
Prior service cost	5.6	3.4	2.5	2.1	1.9
Additional retire. benefits	-	2.2	0.5	3.8	2.1
Transition Costs - Domestic	-	1.1	2.9	-	-
Domestic Pension Plan Expense	191.4	182.7	166.5	151.5	130.0
Defined Contribution Expense	2.1	-	-	-	-
Defined Contribution Expense - Domestic	-	1.9	-	-	-
Total Pension Expense	193.5	184.5	166.5	151.5	130.0
Discount Rate(MIN)-Retirement Cost(Domes	2.00%	-	-	-	-
Discount rate	-	2.00%	2.00%	2.00%	2.00%
Expected return on assets(MIN)-Retiremen	1.50%	-	-	-	-
Plan asset expected rate of return	-	1.50%	1.50%	1.50%	1.50%

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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Deposits	775.8	1,404.7	820.2	886.4	724.2
Notes and accounts receivable-trade	4,232.2	3,511.5	3,427.1	3,572.3	3,606.2
Short-term investment securities	33.2	14.3	330.6	138.2	466.7
Inventories - merchandise&finished goods	283.1	250.2	222.8	232.2	202.0
Inventories - construc.-in-process	-	-	0.0	2,935.4	2,911.4
Inventories - work-in-process	2,648.8	2,793.9	2,973.0	471.1	440.0
Inventories - raw materials&supplies	1,329.1	1,336.9	1,132.7	1,131.6	1,026.7
Deferred Taxes	359.3	424.4	453.6	289.1	340.5
Other Assets	663.8	662.7	810.0	906.6	1,200.0
Doubtful Account	-76.3	-101.7	-91.4	-69.6	-40.8
Total Current Assets	10,249.0	10,296.9	10,078.6	10,493.3	10,876.8
Buildings & structures, gross	-	-	3,094.5	2,783.5	2,672.0
Accum. depr - bldg&struc	-	-	-1,942.8	-1,728.6	-1,655.1
Lease assets, net	170.3	-	-	-	-
Buildings and structures, net	1,864.4	1,868.4	-	-	-
Mach. & Equip.&vehicle	-	-	3,318.8	2,942.4	2,892.1
Accum. depr - machin.equip.&vehicles	-	-	-2,683.4	-2,368.7	-2,304.9
Machinery, equipment and vehicles, net	718.7	638.3	-	-	-
Land	-	-	976.2	796.3	781.2
Land,net	1,077.8	1,065.1	-	-	-
Lease assets	-	140.0	-	-	-
Construction-in-progress	-	-	77.9	105.3	53.5
Construction-in-progress,net	71.8	107.9	-	-	-
Other PP&E	-	-	1,197.2	1,031.4	990.1
Accum. depr - other PPE	-	-	-925.1	-787.9	-799.1
Other, net	160.2	146.7	-	-	-
Other	45.6	-	-	-	-
Patents	-	-	-	24.0	30.5
Goodwill	61.6	47.5	50.7	55.2	14.6
Software	179.4	171.8	158.1	145.2	144.2
Other Intangible	-	34.8	38.6	22.1	21.1
Other LT Investment	718.9	-	-	-	-
Inv. Securities	-	895.6	810.4	777.4	974.1
Equity secs.-nonconsol affil.&sub.	113.3	124.2	104.1	-	-
Inv't partnership-nonconsol.affil.&subs.	31.1	45.7	46.1	-	-
Deferred tax assets	521.3	555.9	452.2	503.2	351.3
Other Long Term Assets	333.6	-	-	-	-
Other Assets	-	413.6	527.0	508.5	547.7
Allowance for doubtful accounts	-74.6	-125.7	-263.3	-223.8	-95.2
Total Assets	16,242.3	16,426.7	15,115.8	15,078.9	15,495.0
Notes and accounts payable-trade	3,562.4	3,251.0	2,581.2	2,985.4	3,164.8
Short-term loans payable	1,507.5	991.7	1,406.6	1,493.8	1,323.2
Cur.Port.LT Borrowings	-	635.8	450.5	521.8	-
Commercial Paper	-	-	0.0	50.6	0.0
Cur.Port.Bond	121.4	120.7	219.4	253.1	281.3
Accrued Expenses	494.5	433.9	419.9	392.6	633.8
Corp.Tax Pybls.	160.3	124.0	120.4	102.6	162.6
Adv. Customers	1,267.1	1,491.3	1,830.8	2,150.1	2,279.0
Allow.for Bonus	299.8	302.5	242.3	207.8	215.2
Res Guarant. Contr.	188.5	193.5	200.2	202.7	192.1
Prov. Ordering Constr.Loss	354.3	376.9	182.7	302.6	328.4
Provision for loss on disaster	4.7	58.7	-	-	-
Other Allowance	5.9	6.5	2.4	2.6	0.0
Other Liabs.	405.2	352.5	457.6	428.0	448.3
Total Current Liabilities	8,371.5	8,338.9	8,113.9	9,093.7	9,028.8
Corp.Bond	648.8	646.3	428.1	607.5	854.0
Long-term loans payable	1,723.2	1,956.5	1,971.2	1,302.3	1,237.9
Total Long Term Debt	2,372.0	2,602.8	2,399.3	1,909.7	2,091.9
Deferred tax liabilities revaluation	70.5	80.4	71.3	34.2	31.5
Res.Accrd.Retir.	1,566.3	1,596.9	1,447.1	1,395.1	1,410.6
Other Allowance	53.3	53.9	19.6	19.4	0.0
Other LT Liabs.	671.3	693.5	634.6	541.6	577.2
Minority Int.	95.6	183.0	156.3	138.7	144.4
Total Liabilities	13,200.5	13,549.3	12,842.0	13,132.5	13,284.4
Common Stock	1,162.4	1,155.4	1,024.9	969.5	962.1
Total capital surpluses	522.5	519.3	460.5	435.7	432.4
Total retained earnings	1,409.0	1,158.0	705.6	490.3	562.7
Treasury Stock	-6.6	-1.1	-1.1	-1.6	-1.4
Valuation difference on available-for-sa	-4.4	78.5	101.3	47.4	222.1
Unrealized Gain/Loss on Hedge	-0.7	-0.9	0.4	9.2	15.3
Reval. Excess	56.6	46.7	41.1	38.3	38.0
Translation Adj.	-102.6	-83.3	-62.1	-44.5	-21.8
New Stock Subscription Right	5.6	4.7	3.2	2.1	1.1
Total Equity	3,041.8	2,877.3	2,273.8	1,946.4	2,210.6
Total Liabilities & Shareholders' Equity	16,242.3	16,426.7	15,115.8	15,078.9	15,495.0
S/O-Common Stock	1,464.2	1,466.6	1,466.6	1,466.4	1,466.5
Total Common Shares Outstanding	1,464.2	1,466.6	1,466.6	1,466.4	1,466.5
T/S-Common Stock	2.9	0.4	0.5	0.7	0.5
Adv. Customers	1,267.1	1,491.3	1,830.8	2,150.1	2,279.0
Full-Time Employees	26,915	26,035	24,890	24,348	23,722
Total Number of Shareholders	99,604	-	-	-	-
Number of Common Shareholders	-	108,858	115,879	118,911	115,884
Within One Year	121.4	-	-	-	-
Division And End Of Current Period Remai	859.4	-	-	-	-
LT Debt&bond, mat. within 1 yr.	-	756.5	669.9	774.9	557.3
Over One Year And Within Two Years	0.0	-	-	-	-
Lns Pble Maturing over a Yr within 2 Yrs	603.3	-	-	-	-
LT Debt&bond, mat. b/w 1 & 2 yr.	-	979.8	722.2	621.2	777.1
Over Two Years And Within Three Years	242.8	-	-	-	-
Lns Pble Maturg over 2 Yrs within 3 Yrs	509.9	-	-	-	-
LT Debt&bond, mat. b/w. 2 & 3 yr.	-	579.3	873.1	542.5	589.0
Over Three Years And Within Four Years	279.2	-	-	-	-
Over Four Years And Within Five Years	121.4	-	-	-	-
Lns Pble Maturg over 3 Yrs within 4 Yrs	235.7	-	-	-	-
LT Debt&bond, mat. b/w. 3 & 4 yr.	-	503.6	352.2	267.6	223.0
Lns Pble Maturg over 4 Yrs within 5 Yrs	353.1	-	-	-	-
LT Debt&bond, mat. b/w. 4 & 5 yr.	-	505.1	441.3	234.3	258.9
Loans Payable Remaining	21.2	-	-	-	-
Remaining, LT Debt&bond	-	34.9	10.5	244.2	243.8
Total Long Term Debt, Supplemental	3,347.3	3,359.2	3,069.2	2,684.7	2,649.2
Capital Lease Within 1 Year	39.1	29.3	33.5	25.8	-
Cap Lease Maturg over a Yr within 2 Yrs	34.9	-	-	-	-
Capital Lease Within 2 Years	-	28.6	26.1	19.8	-
Cap Lease Maturg over 2 Yr within 3 Yrs	29.5	-	-	-	-
Capital Lease Within 3 Years	-	25.6	22.0	12.5	-
Cap Lease Maturg over 3 Yr within 4 Yrs	31.9	-	-	-	-
Capital Lease Within 4 Years	-	18.9	21.4	9.8	-
Cap Lease Maturg over 4 Yr within 5 Yrs	22.5	-	-	-	-
Capital Lease Within 5 Years	-	21.3	14.7	10.5	-
Capital Lease Remaining	31.8	-	-	-	-
Capital Lease remaining	-	30.7	30.2	17.4	-
Total Capital Leases	189.7	154.3	147.9	95.8	-
Pension obligation	1,777.5	1,843.9	1,676.5	1,628.9	1,662.1
Fair value of plan asset	2.3	12.6	12.1	27.0	28.4
Funded status	-1,775.2	-1,831.3	-1,664.5	-1,601.9	-1,633.7
Total Funded Status	-1,775.2	-1,831.3	-1,664.5	-1,601.9	-1,633.7
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	1.50%	1.50%	1.50%	1.50%	1.50%
Unrecognized actuarial gains and losses	192.1	212.9	192.0	192.0	197.9
Unrecognized prior service cost	16.8	21.5	25.3	14.7	25.2
Reserve for accrued retirement benefits	-1,566.3	-1,596.9	-1,447.1	-1,395.1	-1,410.6
Net Assets Recognized on Balance Sheet	-1,357.3	-1,362.4	-1,229.7	-1,188.3	-1,187.6

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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income bf. Tax	687.9	553.9	245.5	84.9	409.4
Depreciation	585.3	523.7	444.6	456.6	337.0
Increase (decrease) in provision for los	-56.7	-	-	-	-
Amortiz. LT Prepaid	-	-	-	-	45.2
Other Amortiz.	57.7	67.5	68.0	53.5	-
Restructuring loss	0.0	-	-	-	-
Cost of environment conservation measure	52.6	-	-	-	-
Impairment Loss	27.6	20.8	2.7	1.0	3.3
Charges under Cancellation of GX project	-	0.0	110.2	0.0	-
Loss on adjustment for changes of accoun	0.0	3.4	0.0	-	-
Loss arising from the project taken over	0.0	108.2	0.0	-	-
Distribution from undisclosed associatio	0.0	-231.6	0.0	-	-
Loss on disaster	0.0	123.6	0.0	-	-
Environment conservation measure	-	0.0	-	-	-
Restructuring loss	-	4.6	0.0	-	-
Increase (decrease) in allowance for dou	-27.1	-7.1	42.3	164.6	-3.8
Increase (decrease) in provision for bon	-6.0	28.7	19.8	-9.5	7.2
Increase (decrease) in provision for con	-6.4	-30.4	-14.3	8.0	57.7
Increase (decrease) in provision for los	-25.4	58.3	-140.7	-26.2	49.0
Provision for loss on disaster	-	0.0	-	-	-
Increase (decrease) in provision for ret	-45.9	-33.1	-41.9	-25.5	-33.9
Int. & Div. Income	-43.0	-46.6	-45.6	-43.7	-38.7
Interest Expense	66.6	70.2	71.3	61.2	51.9
Foreign exchange losses (gains)	-0.5	5.7	-0.6	1.5	1.3
Loss (gain) on sales of short-term and l	-192.6	-13.7	-7.9	0.1	-29.7
Loss (gain) on valuation of short-term a	41.2	30.4	25.2	8.7	6.2
Equity in (earnings) losses of affiliate	-7.8	-4.5	-4.8	-7.8	-1.3
Loss on disposal of property , plant and	-16.0	21.6	12.2	-115.7	-735.6
Space related business asset val. loss	-	-	-	0.0	55.2
Business transfer loss/gain	-	-	0.0	-2.8	0.0
Decrease (increase) in notes and account	-696.2	318.4	465.3	20.5	-117.9
Increase (decrease) in advances received	-230.1	-516.4	-487.3	-100.8	231.2
Decrease (increase) in advance payments	-53.7	-27.2	126.4	210.1	-8.5
Decrease (increase) in inventories	140.7	453.9	726.6	-167.1	-151.9
Increase (decrease) in notes and account	268.2	-52.2	-670.3	-200.9	-18.6
Increase (decrease) in accrued expenses	8.1	13.0	0.7	-183.8	69.8
Guran.Deposit, Net	-	-	0.0	-30.0	-48.9
Decrease (increase) in other current ass	18.5	20.3	15.3	18.7	-9.3
Increase (decrease) in other current lia	-57.7	-111.3	-119.1	-56.3	-9.1
Decrease (increase) in consumption taxes	-41.2	-75.7	151.4	-51.8	33.4
Increase in cash and cash equivalents du	16.1	-	-	-	-
Increase in cash and cash equivalents re	0.0	-	-	-	-
Directors' Bonuses	-	-	-	-	0.0
Other, net	-5.2	20.2	0.0	2.6	14.4
Int. & Div. Received	53.0	44.9	46.4	43.4	37.9
Interest Paid	-65.0	-71.8	-70.9	-60.2	-52.9
Income Taxes Paid	-117.7	-154.6	-145.1	-229.0	-120.7
Cash Consolidate Sub	-	-	-	0.0	5.3
Increase due to mergers in subsid.	-	-	-	0.8	0.3
Cash from Operating Activities	329.5	1,115.2	825.3	-174.8	34.8
Net decrease (increase) in time deposits	12.6	-11.6	1.0	1.3	0.4
Purchase of short-term and long term inv	-46.3	-46.1	-37.4	-84.9	-12.8
Purchase of subs.' securities	-	0.0	-	-70.7	0.0
Proceeds from sales and redemption of sh	270.4	46.2	32.7	45.2	101.4
Purchase of property, plant and equipmen	-650.4	-599.8	-565.8	-467.6	-403.7
Proceeds from sales of property, plant a	89.8	15.4	45.5	166.9	789.3
Payments for retirement of property, pla	-9.9	-7.3	-2.5	-9.4	-2.7
Inv.&Mark.Sec.Loan Inc.	-	-	-	-	0.0
Transfer Busin.	-	-	0.0	2.8	0.0
Purchase of investments in subsidiaries	-92.7	-	-	-	-
Purch.Sub.Stk.-Cons.	-37.4	0.0	-72.9	-	-
Sale of consolidated subsidiary	0.0	18.0	0.0	-	-
Purchase of trust beneficiary right	0.0	-475.6	0.0	-	-
Income by divvy according to anonymous u	0.0	185.2	0.0	-	-
Net decrease (increase) in short-term lo	4.2	-2.6	-37.3	-52.3	1.5
Payments of long-term loans receivable	-0.3	-1.2	-1.2	-1.3	-6.5
Purchase of Jurong Engineering Ltd.	-	-	-	-	0.0
Disposal of businesses invested	-	-	-	-	0.0
Collection of long-term loans receivable	2.0	1.9	3.7	2.3	4.8
Rev. LT Merchan.	-	-	0.0	101.1	0.0
Decrease (increase) in other investments	-6.8	-12.5	-23.8	-19.1	-57.9
(Decrease)increase in other fixed liabil	-6.5	-17.1	-10.6	-29.8	-4.4
Other, net	-6.5	-0.9	-6.5	0.2	0.0
Cash from Investing Activities	-477.7	-907.9	-675.2	-415.3	409.3
Net increase (decrease) in short-term lo	-359.2	-213.2	-248.0	433.9	89.5
Commercial Paper,Net	-	0.0	-53.8	49.8	0.0
Proceeds from long-term loans payable	649.4	419.1	1,198.7	582.5	285.9
Repayment of long-term loans payable	-674.5	-469.0	-610.5	-278.6	-832.8
Proc. Debentures	-	-	-	0.0	262.5
Proceeds from issuance of bonds payable	126.6	268.4	0.0	-	-
Bond redemption	-126.6	-239.2	-269.0	-278.7	-175.0
Repayment of lease liab.	-35.9	-31.3	-31.9	-26.7	0.0
Purch. Treasury Stk	-	-	-	-	-0.5
Sale of parent company shares	-	-	-	-	0.0
Decrease (increase) in treasury stock	-6.1	-0.1	0.5	-0.2	-
Dividends Paid	-55.4	-34.0	-0.1	-58.0	-50.7
Div. to Minority	-6.3	-6.1	-5.4	-4.9	-5.7
Proceed from minorities' payment	0.0	1.8	0.3	8.2	0.0
Stock issued to minority shareholders	-	-	-	-	0.0
Stocks issuance income	-	-	-	-	0.0
Other, net	0.0	1.2	0.0	-1.2	0.0
Cash from Financing Activities	-488.1	-302.3	-19.4	426.1	-426.8
Foreign Exchange Effects	-16.2	-23.6	4.6	-62.0	-13.0
Net Change in Cash	-652.6	-118.6	135.3	-226.0	4.3
Net Cash - Beginning Balance	1,456.7	1,460.9	1,208.2	1,298.0	1,136.8
Net Cash - Ending Balance	804.2	1,342.3	1,343.5	1,072.0	1,141.1
Cash Interest Paid	65.0	71.8	70.9	60.2	52.9
Cash Taxes Paid	117.7	154.6	145.1	229.0	120.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	3,709.9	6.40%	15,474.3	2.91%	-4.16%	0.01%
Research & Development1 (?)	-	-	345.0	10.53%	8.52%	6.50%
Operating Income1 (?)	27.4	-40.45%	471.9	-34.71%	104.10%	-
Income Available to Common Excl Extraord Items1 (?)	95.1	-	301.7	-19.96%	-	-
Basic EPS Excl Extraord Items1 (?)	0.06	-	0.21	-19.89%	-	-
Capital Expenditures2 (?)	351.5	-	650.4	-0.08%	3.01%	-5.51%
Cash from Operating Activities2 (?)	619.3	-	329.5	-72.78%	-	-6.29%
Free Cash Flow (?)	273.5	-	-307.6	-	-	-
Total Assets3 (?)	16,913.4	-1.17%	16,242.3	-1.71%	-3.51%	-2.72%
Total Liabilities3 (?)	13,620.1	-2.99%	13,200.5	-3.16%	-5.70%	-3.86%
Total Long Term Debt3 (?)	2,227.2	-18.56%	2,372.0	-9.41%	1.19%	-0.98%
Employees3 (?)	-	-	26915	3.38%	3.40%	3.02%
Total Common Shares Outstanding3 (?)	1,463.3	-0.06%	1,464.2	-0.17%	-0.05%	-0.03%
1-ExchangeRate: JPY to USD Average for Period	78.747210	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	79.542859	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	77.891271	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 (?)	16.04%	17.72%	15.60%	11.99%	8.55%
Operating Margin (?)	3.05%	4.81%	3.14%	0.32%	-2.22%
Pretax Margin (?)	4.45%	4.00%	1.84%	0.61%	3.46%
Net Profit Margin (?)	1.95%	2.51%	1.40%	-0.53%	1.87%
Financial Strength
Current Ratio (?)	1.22	1.23	1.24	1.15	1.20
Long Term Debt/Equity (?)	0.78	0.90	1.06	0.98	0.95
Total Debt/Equity (?)	1.32	1.51	1.97	2.17	1.67
Management Effectiveness
Return on Assets (?)	1.86%	2.21%	1.21%	-0.50%	1.63%
Return on Equity (?)	9.74%	13.20%	8.59%	-3.59%	11.66%
Efficiency
Receivables Turnover (?)	3.91	4.00	3.78	3.96	3.82
Inventory Turnover (?)	2.87	2.55	2.40	2.64	2.76
Asset Turnover (?)	0.91	0.86	0.86	0.92	0.88

Market Valuation USD (mil)
P/E (TTM) (?)	12.16	.	Enterprise Value2 (?)	7,685.5
Price/Sales (TTM) (?)	0.27	.	Enterprise Value/Revenue (TTM) (?)	0.47
Price/Book (MRQ) (?)	1.35	.	Enterprise Value/EBITDA (TTM) (?)	6.01
Market Cap as of 01-Feb-20131 (?)	3,793.2	.
1-ExchangeRate: JPY to USD on 1-Feb-2013	91.275395
2-ExchangeRate: JPY to USD on 30-Sep-2012	77.891271

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Financial Strength
Current Ratio (?)	1.22	1.23	1.24	1.15	1.20
Quick/Acid Test Ratio (?)	0.59	0.58	0.55	0.50	0.53
Working Capital1 (?)	1,877.4	1,957.9	1,964.7	1,399.7	1,848.0
Long Term Debt/Equity (?)	0.78	0.90	1.06	0.98	0.95
Total Debt/Equity (?)	1.32	1.51	1.97	2.17	1.67
Long Term Debt/Total Capital (?)	0.34	0.36	0.36	0.31	0.35
Total Debt/Total Capital (?)	0.57	0.60	0.66	0.68	0.63
Payout Ratio (?)	24.60%	14.78%	16.88%	0.00%	23.28%
Effective Tax Rate (?)	53.66%	35.55%	23.19%	189.27%	46.29%
Total Capital1 (?)	7,042.7	7,228.2	6,749.6	6,175.5	5,907.0
Efficiency
Asset Turnover (?)	0.91	0.86	0.86	0.92	0.88
Inventory Turnover (?)	2.87	2.55	2.40	2.64	2.76
Days In Inventory (?)	127.04	143.40	152.35	138.49	132.06
Receivables Turnover (?)	3.91	4.00	3.78	3.96	3.82
Days Receivables Outstanding (?)	93.35	91.35	96.58	92.15	95.65
Revenue/Employee2 (?)	551,036	550,238	534,329	577,184	571,991
Operating Income/Employee2 (?)	16,803	26,445	16,799	1,822	-12,695
EBITDA/Employee2 (?)	37,644	47,242	34,564	20,900	3,619
Profitability
Gross Margin (?)	16.04%	17.72%	15.60%	11.99%	8.55%
Operating Margin (?)	3.05%	4.81%	3.14%	0.32%	-2.22%
EBITDA Margin (?)	6.83%	8.59%	6.47%	3.62%	0.63%
EBIT Margin (?)	3.05%	4.81%	3.14%	0.32%	-2.22%
Pretax Margin (?)	4.45%	4.00%	1.84%	0.61%	3.46%
Net Profit Margin (?)	1.95%	2.51%	1.40%	-0.53%	1.87%
R&D Expense/Revenue (?)	2.23%	2.08%	1.75%	1.54%	1.52%
COGS/Revenue (?)	83.96%	82.28%	84.40%	88.01%	91.45%
SG&A Expense/Revenue (?)	9.88%	10.08%	9.61%	7.98%	7.84%
Management Effectiveness
Return on Assets (?)	1.86%	2.21%	1.21%	-0.50%	1.63%
Return on Equity (?)	9.74%	13.20%	8.59%	-3.59%	11.66%
Valuation
Free Cash Flow/Share2 (?)	-0.21	0.36	0.18	-0.45	-0.29
Operating Cash Flow/Share 2 (?)	0.22	0.79	0.56	-0.12	0.03
1-ExchangeRate: JPY to USD Period End Date	82.385362	82.88	93.44	98.77	99.535
2-ExchangeRate: JPY to USD Average for Period	82.385362	82.88	93.44	98.77	99.535

Current Market Multiples
Market Cap/Earnings (TTM) (?)	12.19
Market Cap/Equity (MRQ) (?)	1.35
Market Cap/Revenue (TTM) (?)	0.27
Market Cap/EBIT (TTM) (?)	6.79
Market Cap/EBITDA (TTM) (?)	3.48
Enterprise Value/Earnings (TTM) (?)	21.08
Enterprise Value/Equity (MRQ) (?)	2.33
Enterprise Value/Revenue (TTM) (?)	0.47
Enterprise Value/EBIT (TTM) (?)	11.74
Enterprise Value/EBITDA (TTM) (?)	6.01

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.28
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

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%)

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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.