MIRA INFORM REPORT

Report Date :

20.01.2013

IDENTIFICATION DETAILS

Name :	MITSUBISHI ELECTRIC CORPORATION

Registered Office :	Tokyo Bldg., 2-7-3, Marunouchi, Chiyoda-ku Tokyo, 100-8310

Country :	Japan

Financials (as on) :	31.03.2012

Date of Incorporation :	15.01.1921

Legal Form :	Public Parent

Line of Business :	Subject is engaged in developing, manufacturing, sale and distribution of a range of electrical and electronic equipment.

No. of Employees :	117,314

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 687 Million
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

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

MITSUBISHI ELECTRIC CORPORATION

Tokyo Bldg.,

2-7-3, Marunouchi, Chiyoda-ku

Tokyo, 100-8310

Japan

Tel: 81-33-2182111

Fax: 81 (3) 3218-2185

Website: www.mitsubishielectric.com

Employees: 117,314

Company Type: Public Parent

Corporate Family: 241 Companies

Traded: Tokyo Stock Exchange: 6503

Over The Counter: MIELY

Incorporation Date: 15-Jan-1921

Auditor: KPMG AZSA LLC

Financials in: USD (In Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: Japanese Yen

Annual Sales: 46,091.8 ¹

Net Income: 1,419.2

Total Assets: 41,168.1 ²

Market Value: 18,622.2

(04-Jan-2013)

Business Description

Mitsubishi Electric Corporation is engaged in developing, manufacturing, sale and distribution of a range of electrical and electronic equipment. The Company operates in six business segments. The Heavy Electric Machinery System manufactures and sells turbine generators, electric motors, transformers, power electronics equipment and switchgears. The Industrial Mechatronic segment manufactures and sells programmable controllers, inverters, servo, factory automation systems and hoists. The Information Communication System segment manufactures and sells wireless and satellite communication equipment, mobile phones and radar apparatus. The Electronic Device segment manufactures and sells power modules, high frequency devices and liquid crystal display devices. The Household Appliances segment manufactures and sells color televisions (TVs), projection TV, microwave ovens and packaged air conditioners. The Others segment provides financial, logistics, real estate and advertising services. For the six months ended 30 September 2012, Mitsubishi Electric Corporation revenues decreased 3% to Y1.696T. Net income decreased 37% to Y43.62B. Revenues reflect Home Appliances segment decrease of 9% to Y409.86B, Industrial Automation segment decrease of 6% to Y452.14B, Electronic Devices Business segment decrease of 20% to Y70.27B, Japan segment decrease of 2% to Y1.213T, Europe segment decrease of 13% to Y139.4B.

Industry

Industry	Electronic Instruments and Controls
ANZSIC 2006:	2439 - Other Electrical Equipment Manufacturing
NACE 2002:	3110 - Manufacture of electric motors, generators and transformers
NAICS 2002:	335312 - Motor and Generator Manufacturing
UK SIC 2003:	3110 - Manufacture of electric motors, generators and transformers
UK SIC 2007:	2711 - Manufacture of electric motors, generators and transformers
US SIC 1987:	3621 - Motors and Generators

Key Executives

Name	Title
Kenichiro Yamanishi	President and Chief Executive Officer
Kei Uruma	President
Mitsuo Muneyuki	Executive Vice President, Representative Executive Officer
Yukihiro Sato	Executive Vice President-Accounting & Finance
Takahiko Kondo	Executive Vice President-Export Control & Information Systems

Significant Developments

Topic	#*	Most Recent Headline	Date
Corporate Litigation	1	Mitsubishi Electric Corp Files Lawsuit Against European Commission - Denki Shimbun	14-Sep-2012
Regulatory / Company Investigation	3	Mitsubishi Electric Corp Receives Cease and Desist Order and Surcharge Order from Japan Fair Trade Commission	22-Nov-2012
Mergers & Acquisitions	2	Mitsubishi Electric Corporation to Strengthen Industrial Automation Systems Business in India through Acquisition of Messung Group -Journal of India	6-Feb-2012
Divestitures	1	Kang Yong Electric PCL Announces Asset Acquisition from Mitsubishi Electric Corp's Subsidiary	8-Nov-2012
Negative Earnings Pre-Announcement	1	Mitsubishi Electric Corp Lowers Consolidated Full-year Outlook for FY Ending March 2013	21-Dec-2012

* number of significant developments within the last 12 months

News

Title	Date
Mitsubishi Electric Completes Refund Payments for Overcharged Expenses in Space Systems Business Business Wire (304 Words)	18-Jan-2013
Tokyo Closing Stock Prices(1) Nikkei English News (922 Words)	18-Jan-2013
WIPO PUBLISHES PATENT OF MITSUBISHI ELECTRIC FOR "ELECTROMAGNETIC CONTROL DEVICE" (JAPANESE INVENTORS) U.S. Fed News (253 Words)	18-Jan-2013
WIPO PUBLISHES PATENT OF MITSUBISHI ELECTRIC FOR "POWER CONVERSION DEVICE" (JAPANESE INVENTOR) U.S. Fed News (249 Words)	18-Jan-2013
Controversies around solar-car at global energy event Xinhua News Agency (311 Words)	17-Jan-2013

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.56	2.32
Quick Ratio (MRQ)	1.12	1.43
Debt to Equity (MRQ)	0.57	0.56
Sales 5 Year Growth	-1.15	8.07
Net Profit Margin (TTM) %	2.53	6.72
Return on Assets (TTM) %	2.74	5.54
Return on Equity (TTM) %	7.90	13.32

Stock Snapshot

Traded: Tokyo Stock Exchange: 6503

As of 4-Jan-2013

Financials in: JPY

Recent Price	754.00	EPS	53.13
52 Week High	790.00	Price/Sales	0.44
52 Week Low	557.00	Dividend Rate	11.00
Avg. Volume (mil)	8.01	Price/Earnings	14.36
Market Value (mil)	1,618,990.00	Price/Book	1.43
		Beta	1.34

	Price % Change	Rel S&P 500%
4 Week	13.38%	0.84%
13 Week	26.51%	4.95%
52 Week	2.59%	-14.99%
Year to Date	3.15%	-0.18%

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
Tokyo Bldg.,
2-7-3, Marunouchi, Chiyoda-ku
Tokyo, 100-8310
Japan

Tel: 81-33-2182111

Fax: 81 (3) 3218-2185

Website: www.mitsubishielectric.com

Quote Symbol – Exchange 6503 - Tokyo Stock Exchange

Sales JPY(mil): 3,639,468.0

Assets JPY(mil): 3,391,651.0

Employees: 117,314

Fiscal Year End: 31-Mar-2012

Industry: Electronic Instruments and Controls

Incorporation Date: 15-Jan-1921

Company Type: Public Parent

Quoted Status: Quoted

President and Chief Executive Officer: Kenichiro Yamanishi

Industry Codes

ANZSIC 2006 Codes:
2439	-	Other Electrical Equipment Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
2429	-	Other Electronic Equipment Manufacturing
2419	-	Other Professional and Scientific Equipment Manufacturing
6940	-	Advertising Services

NACE 2002 Codes:
3110	-	Manufacture of electric motors, generators and transformers
3120	-	Manufacture of electricity distribution and control apparatus
3230	-	Manufacture of television and radio receivers, sound or video recording or reproducing apparatus and associated goods
3162	-	Manufacture of other electrical equipment not elsewhere classified
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
7440	-	Advertising
3210	-	Manufacture of electronic valves and tubes and other electronic components

NAICS 2002 Codes:
335312	-	Motor and Generator Manufacturing
334419	-	Other Electronic Component Manufacturing
334416	-	Electronic Coil, Transformer, and Other Inductor Manufacturing
333611	-	Turbine and Turbine Generator Set Units Manufacturing
541810	-	Advertising Agencies
334513	-	Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable
335999	-	All Other Miscellaneous Electrical Equipment and Component Manufacturing
335313	-	Switchgear and Switchboard Apparatus Manufacturing
334310	-	Audio and Video Equipment Manufacturing

US SIC 1987:
3621	-	Motors and Generators
3511	-	Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set Units
7311	-	Advertising Agencies
3823	-	Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products
3679	-	Electronic Components, Not Elsewhere Classified
3699	-	Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified
3651	-	Household Audio and Video Equipment
3677	-	Electronic Coils, Transformers, and Other Inductors
3613	-	Switchgear and Switchboard Apparatus

UK SIC 2003:
3110	-	Manufacture of electric motors, generators and transformers
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
3162	-	Manufacture of other electrical equipment not elsewhere classified
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
7440	-	Advertising
3210	-	Manufacture of electronic valves and tubes and other electronic components
3230	-	Manufacture of television and radio receivers, sound or video recording or reproducing apparatus and associated goods
3120	-	Manufacture of electricity distribution and control apparatus

UK SIC 2007:
2711	-	Manufacture of electric motors, generators and transformers
2640	-	Manufacture of consumer electronics
2790	-	Manufacture of other electrical equipment
2611	-	Manufacture of electronic components
731	-	Advertising
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation
2712	-	Manufacture of electricity distribution and control apparatus
2811	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Business Description

Mitsubishi Electric Corporation, incorporated on January 15, 1921, is engaged in developing, manufacturing, selling and distribution of a range of electrical and electronic equipment in fields. Manufacturing operations are conducted principally at 23 sites located in Japan and at overseas sites located in the United States, United Kingdom, Thailand, Malaysia, China and other countries. The Company and its subsidiaries are organized in six segments: Energy and Electric Systems, Industrial Automation Systems, Information and Communication System, Electronic Devices, Home Appliances and Others. During the fiscal year ended March 31, 2010 (fiscal 2010), the Energy and Electric Systems segment accounted for 24.8% of total sales, Industrial Automation Systems segment accounted for 22.3% of total sales, Information and Communication Systems accounted for 11.7% of total sales, Electronic Devices segment accounted for 4.2% of total sales, Home Appliances segment accounted for 22.3% of total sales and Other segment accounted for 14.7% of total sales.

Energy and Electric Systems

The Energy and Electric Systems segmentâ€™s products include turbine generators, hydraulic turbine generators, nuclear power plant equipment, motors, transformers, power electronics equipment, circuit breakers, gas insulated switches, switch control devices, surveillance-system control and security systems, large display devices, electrical equipment for locomotives and rolling stock, elevators, escalators, building security systems, particle beam treatment systems and others. The Company is engaged in the field of power systems, transportation systems, elevators/escalators building security systems, particle beam treatment systems and others.

Industrial Automation Systems

The Industrial Automation Systems segmentâ€™s products include programmable logic controllers, inverters, servomotors, displays, motors, hoists, magnetic switches, no-fuse circuit breakers, short-circuit breakers, transformers for electricity distribution, time and power meters, uninterruptible power supply devices, industrial blowers, computerized numerical controllers, electrical-discharge machines, laser processing machines, industrial robots, clutches, automotive electric and electronic components, car electronic and mechatronic devices, car multimedia equipment, and others.

Information and Communication System

The Information and Communication Systems segmentâ€™s products include wireless communications equipment, cable communication systems, surveillance cameras, satellite communications equipment, artificial satellites, radar equipment, antennas, missile systems, fire-control systems, broadcasting equipment, data transmission devices, network security systems, information systems and systems integration equipment and others.

Electronic Devices

The Electronic Devices segmentâ€™s products include power modules, high-frequency devices, optical devices, liquid crystal display (LCD) devices, microcomputers, system lead system integrators (LSIs) and others. The Company, through Electronic Devices segment, is engaged in the field of power devices, high frequency and optical devices, and LCD modules.

Home Appliances and Others

The Home Appliances segment includes Color televisions, projection TVs, display monitors, video projectors, digital versatile disc (DVD), room air conditioners, package air conditioners, heat pump water heating systems, refrigerators, electric fans, ventilators, photovoltaic power generation systems, hot water supply systems, fluorescent lamps, indoor lighting, compressors, chillers, humidifiers, dehumidifiers, air purifiers, showcases, cleaners, microwave ovens, induction heating (IH) cooking heaters, and others. Others segment is engaged in procurement, logistics, real estate, advertising, finance and other services

More Business Descriptions

Manufacture and sale of information, telecommunication and electronic systems and devices; heavy machinery including generators, nuclear-power equipment and sub-stations, electric propulsion equipment, locomotives and elevators; industrial products and automation equipment including computerised numerical controllers, laser processing machines, electrical discharge machines, inverters, alternators and starters, electromagnetic clutches and brakes; consumer electrics including televisions, video recorders, speakers systems, air conditioners, washing machines, vacuum cleaners, refrigerators and microwave ovens

Semiconductor Devices, Satellite Communication Systems, Electric Propulsion Equipment, Locomotives, Railway Equipment, Elevators, Escalators, Industrial Products & Automation Equipment & Consumer Products Mfr

Mitsubishi Electric Corporation (Mitsubishi Electric Corp.) carries out development, manufacturing and sale of electric and electronic equipment for residential, commercial and industrial applications worldwide. It provides solar power products such as photovoltaic inverters and photovoltaic modules that gather energy from the sun and release it as electricity to power the consumersâ€™ home or office. The company classifies its business into six reportable segments, namely, Energy and Electric Systems (EES), Industrial Automation Systems (IAS), Information and Communication Systems (ICS), Electronic Devices (ED), Home Appliances (HA), and Others. Mitsubishi Electric Corp.s' EES segment, provides power, transportation, and supervisory products besides elevators and escalators. It offers turbine and hydraulic turbine generators, nuclear power plant equipment, motors, transformers, power electronics equipment, circuit breakers, gas insulated switches, switch control devices, surveillance system controls, and security systems. For the fiscal year ended March 2012, the segment reported revenue of JPY1,027,115m, showing a decrease of 0.065 over that in 2011. The company's IAS segment offers measurement and control system products; automotive electric and electronic products and car multimedia system; and automation products. It supplies programmable logic controllers, inverters, servomotors, motors, hoists, magnetic switches, circuit breakers, transformers, time and power meters, industrial sewing machines, computerized numerical controllers, electrical-discharge and laser processing machines, industrial robots, clutches, car audio equipment, car navigation systems, automotive electrical and electronic equipment. For the fiscal year ended March 2012, the segment reported revenue of JPY978,380m, showing an increase of 5.5% over that in 2011.Mitsubishi Electric Corp.s' ICS segment, offers wireless and wired communications systems, surveillance cameras, satellite communications equipment, satellites, radar equipment, antennas, missile systems, fire control systems, broadcasting equipment, data transmission devices, network security systems, information systems equipment, systems integration. For the fiscal year ended March 2012, the segment reported revenue of JPY516,354m, indicating an increase of 5.8% over that in 2011. The company's ED segment, offers power modules, high-frequency and optical devices, LCD devices, PCBs and system LSIs. During 2009, NEC Electronics Corporation and Renesas Technology Corp. integrated its semiconductor business. Both the companies provide a wide variety of semiconductor solutions, mainly specializing in microcontroller units (MCUs). For the fiscal year ended March 2012, the segment reported revenue of JPY175,910m, showing an increase of 14.2% over that in 2011.Mitsubishi Electric Corp.s' HA segment, offers televisions, display monitors, video projectors, VCRs, DVDs, room and package air conditioners, refrigerators, electric fans, washing machines, solar power generation systems, hot water supply systems, fluorescent lamps, indoor lighting, air heaters, compressors, chillers, humidifiers, dehumidifiers, air purifiers, cleaners, and microwave ovens. Besides, the company improved its worldâ€™s highest conversion efficiency rate for a 150 x 150 millimeter practical-size multi-crystalline silicon photovoltaic (PV) cell by 0.3 points from 18.6% to 18.9%. For the fiscal year ended March 2012, the segment reported revenue of JPY849,274m, indicating a decrease of 8.1% over that in 2011.The company's Other segment, provides finance, logistics, real estate, advertising, and procurement services with affiliate companies. For the fiscal year ended March 2012, the segment reported generated revenue of JPY611,619m, showing an increase of 0.4% over that in 2011.Mitsubishi Electric Corp.s' also has Research and Development Centers in Japan and overseas, namely, Mitsubishi Electric Research Laboratories, and Mitsubishi Electric R&D Center Europe B.V., which undertake research on advanced technology, information technology, and industrial design. The company classifies its geographical locations into four regions, namely, Japan, North America, Asia (excluding Japan), Europe and others which include South and Central America, Oceania, and Africa. For the fiscal year ended March 2012, the company reported revenue of JPY3,186,719m, JPY222,543m, JPY582,888m, JPY309,997m and JPY40,184m from Japan, North America, Asia (excluding Japan), Europe and others respectively. The company operates through subsidiaries which includes Tada Electric Co., Ltd., Toyo Electric Corporation, Mitsubishi Electric Power Products, Inc., Toshiba Mitsubishi-Electric Industrial Systems Corporation, Mitsubishi Hitachi Home Elevator Corporation, Shanghai Mitsubishi Elevator Co., Ltd., Mitsubishi Electric Building Techno-Service Co., Ltd., Mitsubishi Electric Plant Engineering Corporation, Ryoden Elevator Construction, Ltd., Mitsubishi Electric Control Software Co., Mitsubishi Elevator Korea Co., Ltd. and Mitsubishi Elevator Hong Kong Co., Ltd. Meiryo Technica Co., Ltd., DB Seiko Co., Ltd., Mitsubishi Electric FA Industrial Products Corporation, Mitsubishi Electric TOKKI Systems Corporation, Mitsubishi Precision Co., Ltd., Melco Display Technology Inc., Mitsubishi Electric Metecs Co., Ltd., Mitsubishi Electric Home Appliance Co., Ltd., Nihon Kentetsu Co., Ltd., Mitsubishi Electric Lighting Corp. and others. In August 2012, the company received orders for the installation of 88 high-speed elevators in Chengdu Hilton International Square and Chengdu International Mart, two building complexes currently under construction and scheduled to be opened in 2013 in Chengdu City, Sichuan Province, China. It established a new company in Sao Paulo, Brazil to strengthen its computerized numerical controller (CNC) business in the Brazilian market. In July, the company was selected by Volvo Car Corporation as its partner to develop automotive infotainment systems for all Volvo vehicles launched from November 2013 onwards. It also established a new company in Korea, Mitsubishi Electric Korea Co., Ltd., to function as a local purchasing base for the Mitsubishi Electric Group. The company annuonced to build a new production facility for factory automation products at the company's Nagoya Works, located in Aichi Prefecture, Japan. In June 2012, the company's affiliate Mitsubishi Electric Power Products, Inc., opened a 50,900 square-foot factory that will produce heating, ventilation and air conditioning systems for the railroad industry. In February, the company received an order from Ahuja Constructions for the installation of nine elevator units in the 53-story residential Ahuja Tower, under construction in Mumbai, India.In January, Mitsubishi Electric Corporation acquired Messung Group of companies. The transaction allows Mitsubishi Electric to accelerate its industrial automation systems business in India and strengthen local sales and solutions.

Mitsubishi Electric Corporation (Mitsubishi Electric) is an electrical and electronics company. It carries out development, manufacture and sales of electric and electronic equipment for residential, commercial and industrial applications worldwide. The company also offers solar power products such as photovoltaic inverters and photovoltaic modules. It classifies its business into six reportable business segments, namely, Energy and Electric Systems (EES), Industrial Automation Systems (IAS), Information and Communication Systems (ICS), Electronic Devices (ED), Home Appliances (HA), and Others. The company also provides other services which includes logistics, real estate, advertising, procurement, finance and others. It operates across the five continents through its subsidiaries and affiliates. Mitsubishi Electric is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY 3,639,468.00 million during the fiscal year ended March 2012, a decrease of 0.16% from 2011. The operating profit of the company was JPY 225,444.00 million during the fiscal year 2012, a decrease of 3.56% from 2011. The net profit of the company was JPY 112,063.00 million during the fiscal year 2012, a decrease of 10.01% from 2011.

Electrical - Diversified (Major)

Financial Data

Financials in:	JPY(mil)	1 Year Growth
Revenue:	3,639,468.0	-0.2%
Net Income:	112,063.0	-10.0%
Assets:	3,391,651.0	1.8%
Long Term Debt:	341,789.0
Total Liabilities:	2,259,186.0
Working Capital:	763.9
Date of Financial Data:	31-Mar-2012

Market Data

Quote Symbol:	6503
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	754.0
Stock Price Date:	01-04-2013
52 Week Price Change %:	2.6
Market Value (mil):	1,618,989,952.0
SEDOL:	6597045
ISIN:	JP3902400005
Equity and Dept Distribution:
FY'94 fins. N/A. FY'95-'99 WAS estimated. FY'04 & '05 1st & 3rd Qs. WAS were estimated. FY'05-'06 1&3Q o/s was taken from WAS. FY'08 1Q & Q3 BWAS & DWAS were estimated and BWAS =o/s.

Subsidiaries

Company	Percentage Owned	Country
Mitsubishi Electric Kang Yong Watana Co Ltd	100%	THAILAND
SPC Electronics Corporation	100%	JAPAN
Mitsubishi Electric Taiwan Co Ltd		TAIWAN
Mitsubishi Electric Corporation		UNITED ARAB EMIRATES
Ryoden (Malaysia) Sdn Bhd	100%	MALAYSIA
Mitsulift and Equipment SAL		LEBANON
Mitsubishi Elevator (Thailand) Co Ltd	100%	THAILAND
Mitsubishi Corporation (Shanghai) Limited		PEOPLE'S REPUBLIC OF CHINA
Mitsubishi Electric Saudi Ltd		SAUDI ARABIA
Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Mitsubishi Electric Europe BV		ITALY
Mitsubishi Electric Europe BV	100%	RUSSIA
Mitsubishi Elevator (Singapore) Pte Ltd		SINGAPORE
Mitsubishi Electric Europe BV		PORTUGAL
Mitsubishi Corporation Services Office		SAUDI ARABIA
Mitsubishi Electric Automotive Europe	100%	NETHERLANDS
Mitsubishi Elevator Europe BV	51%	NETHERLANDS
Mitsubishi Electric Australia Pty Ltd	100%	AUSTRALIA
Laguna Auto-Parts Manufacturing Corporation	100%	PHILIPPINES
Mitsubishi Electric Ryoden Air-conditioning & Visual Information Systems (Hong Kong) Ltd		HONG KONG SAR
Mitsubishi Electric Air Conditioning Systems Europe Ltd	100%	UK
Mitsubishi Electric Finance Europe PLC	100%	UK
Mitsubishi Electric Europe, B.V. Sucursal en EspaÃ±a		SPAIN
Mitsubishi Electric Europe BV		GERMANY
Lippo Melco Auto-Parts, PT	100%	INDONESIA
Mitsubishi Electric Automotive India Private Limited	100%	INDIA
Mitsubishi Electric Corporation	100%	INDIA
Mitsubishi Electric Hong Kong Group Limited		HONG KONG SAR
Melcoinda, PT		INDONESIA
Mitsubishi Jaya Elevator & Escalator, PT	100%	INDONESIA
Melco Elevator (South Africa) (Pty) Ltd		SOUTH AFRICA
Mitsubishi Electric Asia Pte Ltd		SINGAPORE
International Elevator & Equipment Inc	100%	PHILIPPINES
Mitsubishi Electric Automation (Thailand) Co Ltd	52%	THAILAND
Middle East Electric Co WLL Kuwait		KUWAIT
Mitsubishi Electric Corporation		KUWAIT
Mitsubishi Electric (Malaysia) Sdn Bhd	100%	MALAYSIA
Mitsubishi Electric de MÃ©xico, S.A. de C.V.		MEXICO
Mitsubishi Electric & Electronics (Shanghai) Co Ltd		PEOPLE'S REPUBLIC OF CHINA
MELCO-TEC Rep. Com. e Assessoria Tecnica Ltda.		BRAZIL
Ascenseurs Mitsubishi France SAS		FRANCE
Siam Compresssor Industry Co Ltd	100%	THAILAND
Mitsubishi Electric (China) Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Mitsubishi Electric Dalian Industrial Products Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Mitsubishi Electric (Guangzhou) Compressor Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Keling Electric (Shanghai) Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Mitsubishi Electric Consumer Products (Thailand) Co Ltd	100%	THAILAND
Mitsubishi Electric Corporation	100%	THAILAND
Mitsubishi Electric Thai Auto-Parts Co Ltd	100%	THAILAND
Mitsubishi Elevator Asia Co Ltd	100%	THAILAND
Melco-Mec Egypt for Elevators & Escalators		EGYPT
Mitsubishi Electric & Electronics USA Inc	100%	USA
Mitsubishi Electric Power Products Inc	100%	USA
Mitsubishi Electric Automation Inc	100%	USA
Powerex Inc	100%	USA
Mitsubishi Electric Europe BV	100%	UK
Mitsubishi Electric Europe BV	100%	REPUBLIC OF IRELAND
ETA-Melco Elevator Co LLC	100%	UNITED ARAB EMIRATES
Mitsubishi Elevator Korea Co Ltd	100%	SOUTH KOREA
Melco de Colombia Ltda		COLOMBIA
MITSUBISHI ELECTRIC AUTOMOTIVE CZECH s.r.o.	100%	CZECH REPUBLIC
XD-Mitsubishi Electric Switchgear Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Xi Ling Electric Power Products Manufacturing Co Ltd		PEOPLE'S REPUBLIC OF CHINA

Shareholders

Major Shareholders

Master Trust Bank of Japan Ltd (7.3%); Japan Trustee Services Bank Ltd (Trust Account) (6%)

Key Corporate Relationships

Auditor:	KPMG AZSA LLC
Auditor:	KPMG AZSA LLC, KPMG Azsa & Co

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

Strategic Initiatives

Partnerships
The framework also helps to enhance the competitiveness of Mitsubishi Electric in marketing and related services. Also, the strong synergistic corporate network framework helps the company to improve the synergies between business segments. The corporate strategies of the company enable it to derive synergies across the companyâ€™s support functions and promote global management in collaboration with parent factories in Japan and facilities overseas. The corporate strategies of Mitsubishi Electric Corp. also develop a link between regional strategies and business and product-line strategies. The growth strategy of the company helps Mitsubishi Electric Corp. to strengthen its business operations.
The corporate strategies of the company enable it to derive synergies across the companyâ€™s support functions and promote global management in collaboration with parent factories in Japan and facilities overseas. The corporate strategies of Mitsubishi Electric Corp. also develop a link between regional strategies and business and product-line strategies. The growth strategy of the company helps Mitsubishi Electric Corp. to strengthen its business operations. It encompasses a variety of growth strategies including VI strategy and AD strategy. The VI strategy of the company focuses on making strong businesses stronger whereas AD strategy is designed to reinforce solutions centered on strong businesses.
Its electric power systems segment is engaged in the generation, transmission and distribution of electricity. The segment also provides other energy-related services such as particle beam treatment systems and information and telecommunications systems for power utilities. The company is planning to increase its global presence for global switchgear business as well as its power transformer and power electronics businesses, principally in the US. The growing markets for electric power systems along with expansion of markets would allow the company to boost its revenues.Strategic Alliance with ITC Holdings Corp.Mitsubishi Electric could significantly benefit through its alliance with ITC Holdings Corp. (ITC). The agreement would favor expanding the companyâ€™s existing business alliance to develop and produce extra high voltage 765 kilovolt (kV) circuit breakers and 765 kV power transformers.
Product
The VI strategy of the company focuses on making strong businesses stronger whereas AD strategy is designed to reinforce solutions centered on strong businesses. Under VI strategy, the company diversifies its business operations into different categories, including air conditioning and household equipment, transportation systems, power systems, satellites, optical broadband access systems, elevators and escalators, FA/mechatronics products, network security systems, electric and electronic products for automobiles, and power semiconductors. The AD strategy of the company reinforces various solutions and businesses, which are centered on its core business operations. The companyâ€™s AD strategy focuses on development of competitive products and services through enhancing the broad-ranging technologies and technical know-how to develop solutions businesses through product synergies. This policy significantly supports the company's business operations and contributed to its growth.Robust Research and Development BaseOperating in technology intensive businesses, Mitsubishi Electric prioritizes research and development (R&D) activity as it creates a competitive advantage.
Under VI strategy, the company diversifies its business operations into different categories, including air conditioning and household equipment, transportation systems, power systems, satellites, optical broadband access systems, elevators and escalators, FA/mechatronics products, network security systems, electric and electronic products for automobiles, and power semiconductors. The AD strategy of the company reinforces various solutions and businesses, which are centered on its core business operations. The companyâ€™s AD strategy focuses on development of competitive products and services through enhancing the broad-ranging technologies and technical know-how to develop solutions businesses through product synergies. This policy significantly supports the company's business operations and contributed to its growth.Robust Research and Development BaseOperating in technology intensive businesses, Mitsubishi Electric prioritizes research and development (R&D) activity as it creates a competitive advantage. Currently, the company holds approximately 38,000 patents and about 11,000 new applications filed each year in Japan and overseas.
Resource Management
The corporate strategies of Mitsubishi Electric Corp. also develop a link between regional strategies and business and product-line strategies. The growth strategy of the company helps Mitsubishi Electric Corp. to strengthen its business operations. It encompasses a variety of growth strategies including VI strategy and AD strategy. The VI strategy of the company focuses on making strong businesses stronger whereas AD strategy is designed to reinforce solutions centered on strong businesses. Under VI strategy, the company diversifies its business operations into different categories, including air conditioning and household equipment, transportation systems, power systems, satellites, optical broadband access systems, elevators and escalators, FA/mechatronics products, network security systems, electric and electronic products for automobiles, and power semiconductors.
The growth strategy of the company helps Mitsubishi Electric Corp. to strengthen its business operations. It encompasses a variety of growth strategies including VI strategy and AD strategy. The VI strategy of the company focuses on making strong businesses stronger whereas AD strategy is designed to reinforce solutions centered on strong businesses. Under VI strategy, the company diversifies its business operations into different categories, including air conditioning and household equipment, transportation systems, power systems, satellites, optical broadband access systems, elevators and escalators, FA/mechatronics products, network security systems, electric and electronic products for automobiles, and power semiconductors. The AD strategy of the company reinforces various solutions and businesses, which are centered on its core business operations.
Sales and Distribution
Mitsubishi Electric was strengthening factory automation equipment sales in recent years, in addition to providing after-sales services for electrical equipment at power and industrial plants through its wholly owned subsidiary, MELCO-TEC Representacao Comercial e Assesoria Tecnica Ltda. (MELCO-TEC). Melco CNC do Brasil S.A. was established in July through MELCO-TEC's 91% acquisition of a local distributor's computerized numerical controller sales and service division. Positioning Brazil as a priority market, Mitsubishi Electric decided to strengthen its sales networks by establishing the new sales company, which will incorporate the operations and workforce of MELCO-TEC. Mitsubishi Electric do Brasil will strengthen links with distributors and build sales channels primarily for factory automation equipment, and pursue sales opportunities for other Mitsubishi Electric products as well.

Strengths/Weaknesses (SWOT)

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

· Significant Market Position: Solar Business

· Balanced Corporate Management Policy

· Robust Research and Development Base

· Extensive Range of Products

Weaknesses

· Long Term Liabilities

· Increasing Accounts Receivable

External Origin
(attributes of the environment)

Opportunities

· Enlarging Power Business

· Strategic Alliance with ITC Holdings Corp.

· Recovery in Energy Consumption

· Expanding Solar PV Capacity

Threats

· Currency Risk

· Government Regulations & Environmental Compliance

· Increasing Players in Solar PV Market

Overview

Mitsubishi Electric Corporation (Mitsubishi Electric) is a leading global electrical and electronics company that engages in the manufacture, marketing and selling of electrical and electronic equipment for use in various residential, commercial and industrial applications worldwide. Its balanced corporate management policy helps it in strengthening its management resources and improving its financial position. The companyâ€™s solar products have high efficiency, which contributes for its profitable growth. However, declining revenues and profitability are few areas of concern to the company. Nonetheless, the company could explore multiple opportunities amidst the growing demand for solar PV cells. However, growing competition in the technology and communication as well as solar markets and changing regulations could challenge the company in growing with ease.

Strengths

Significant Market Position: Solar Business

A strong position in one of its existing and emerging businesses helped Mitsubishi Electric achieve profitable growth and successful expansion of its portfolio. Mitsubishi Electric has been involved in solar power business for more than 35 years. The company provides photovoltaic modules that are used for both domestic and commercial applications. It also provides solar PV inverters available only in Europe. The companyâ€™s PV modules are available in three series including the 156 x 156mm Cell Type (TD/TE series), 156 x 156mm Cell Type (AD/AE series), and 150 x 150mm cell type that meet the respective international quality standards such as UL 1703, IEC 61215, and TUV Safety Class II. The PV Inverters produced by the company are available in two basic models, namely, GER model and ITA model. The company markets solar products under the home appliances segments whose contribution to total net sales reflected at 23.3% in 2012. The segments performance has streamlined in light of strong demand for solar products in overseas markets. The companyâ€™s solar products have unique features, including high efficiency, high reliability, high safety, ecological, ease in installation, which increases their demand across the growing renewable energy industry. In the past, the companyâ€™s multi-crystalline silicon PV cell achieved worldâ€™s highest photoelectric conversion efficiency (18.9%). In line with its PV inverters, the company boasts the highest conversion efficiency in Japan of 97.5%.

Balanced Corporate Management Policy

Mitsubishi Electric employs a policy of Balanced Corporate Management (BCM) that strengthens its business operations. The companyâ€™s BCM prioritizes growth strategies, strengthening management resources and improving financial position. Its initiatives are focused on two frameworks, namely, Front-line Priority Framework and Strong Synergistic Corporate Network Framework. BCMâ€™s Front-line Priority Framework focuses on increasing the competitiveness of the companyâ€™s operation in the areas of quality, costs, manufacturing technologies, research and development, and intellectual properties (IP). The framework also helps to enhance the competitiveness of Mitsubishi Electric in marketing and related services. Also, the strong synergistic corporate network framework helps the company to improve the synergies between business segments. The corporate strategies of the company enable it to derive synergies across the companyâ€™s support functions and promote global management in collaboration with parent factories in Japan and facilities overseas. The corporate strategies of Mitsubishi Electric Corp. also develop a link between regional strategies and business and product-line strategies. The growth strategy of the company helps Mitsubishi Electric Corp. to strengthen its business operations. It encompasses a variety of growth strategies including VI strategy and AD strategy. The VI Strategy of the company focuses on making strong businesses stronger whereas AD strategy is designed to reinforce solutions centered on strong businesses. Under VI strategy, the company diversifies its business operations into different categories, including air conditioning and household equipment, transportation systems, power systems, satellites, optical broadband access systems, elevators and escalators, FA/mechatronics products, network security systems, electric and electronic products for automobiles, and power semiconductors. The AD strategy of the company reinforces various solutions and businesses, which are centered on its core business operations. The companyâ€™s AD strategy focuses on development of competitive products and services through enhancing the broad-ranging technologies and technical know-how to develop solutions businesses through product synergies. This policy significantly supports the company's business operations and contributed to its growth.

Robust Research and Development Base

Operating in technology intensive businesses, Mitsubishi Electric prioritizes research and development (R&D) activity as it creates a competitive advantage. Currently, the company holds approximately 38,000 patents and about 11,000 new applications filed each year in Japan and overseas. The companyâ€™s R&D initiatives focus on fundamental through advanced applications as well as product commercialization to manufacturing technologies. In Energy and Electric Systems segment, the companyâ€™s R&D activity focuses on increasing its competitiveness of core products, including rotating machines for generators, electric motors, and other machinery, switches and transformers; other power transmission/distribution/reception equipment and systems; transportation systems; and elevators and escalators. Its other R&D activities for the segment include IT-application systems for supervision and control, power information systems, and building management systems. In the Industrial Automation Systems segment, the companyâ€™s R&D activity focuses on boosting the competitiveness of its products, including motors and related products; mechatronics equipment; FA control equipment and systems; automotive electric and electronic components; electric power steering (EPS) and related products; and car multimedia systems. Under the Information and Communication Systems segment, Mitsubishi Electric Corpâ€™s R&D activities pursue research related to the development of information and communication technology systems, including network systems for telecommunication operators and network solutions equipment as well as satellite-related systems. Mitsubishi Electric carries out its R&D practices in its facilities, including corporate laboratories in Japan and laboratories in the US and Europe as well as in the R&D departments of factories and consolidated subsidiaries. The company also pursues advanced and wide range of R&D activities in partnership with universities and research institutions both in Japan and overseas. Such a strong R&D base reflects the company's focus on innovation, which would allow it to optimize existing product line as well as introduce breakthrough products that will enhance its competitive position.

Extensive Range of Products

Wide range of offerings enabling to serve diverse markets helps the company to serve substantial customer base and generate significant revenue. The companyâ€™s product portfolio comprises energy and electric systems, electronic devices, industrial automation systems, information and communication systems, and home appliances. The companyâ€™s energy and electric Systems include turbine and hydraulic turbine generators, nuclear power plant equipment, motors, transformers, power electronics equipment, circuit breakers, gas insulated switches, switch control devices, surveillance system controls, and security systems. Its electronic devices include power modules, high-frequency and optical devices, LCD devices, PCBs and system LSIs. The companyâ€™s industrial automation systems include programmable logic controllers, inverters, servomotors, motors, hoists, magnetic switches, circuit breakers, transformers, time and power meters, industrial sewing machines, computerized numerical controllers, electrical-discharge and laser processing machines, industrial robots, clutches, car audio equipment, car navigation systems, automotive electrical and electronic equipment. The companyâ€™s information and communication systems include wireless and wired communications systems, surveillance cameras, satellite communications equipment, satellites, radar equipment, antennas, missile systems, fire control systems, broadcasting equipment, data transmission devices, network security systems, information systems equipment, systems integration. The companyâ€™s home appliances products include televisions, display monitors, video projectors, VCRs, DVDs, room and package air conditioners, refrigerators, electric fans, washing machines, solar power generation systems, hot water supply systems, fluorescent lamps, indoor lighting, air heaters, compressors, chillers, humidifiers, dehumidifiers, air purifiers, cleaners, and microwave ovens. The companyâ€™s products allow it serve diverse markets such as energy, electronics, industrial, Technology, Telecommunication, Healthcare and several others. Diversity of end-use customer base helps the company in reducing potential impacts of volatility in any individual market segment.

Weaknesses

Long Term Liabilities

The company reported highly leveraged capital structure, which could affect its expansion and growth plans. Up to the end of fiscal 2012, the company reported total long term debt obligation of JPY341,789m, consisting of bank borrowings, commercial paper and Japanese Yen bonds at rates varying from 0.40% to 8% due by 2012 to 2017. It also has short term debts and accounts payable of JPY111,670m in 2012, as compared to JPY64,905m in 2011. As a result, the company reported substantially high debt to equity ratio of 47.89% and debt to capital ratio of 27.69% for fiscal year ended March 2012. The company incurred this debt to meet its working capital and capital expenditure needs. If it fails to comply with any of the debt service requirements, the debt could become due and payable prior to its scheduled maturity. Any reduction in revenue and operating cash flows could hinder the companyâ€™s ability to repay interest and principal, resulting in default. Hence, such huge debt increases the financial burden on the company, limiting the availability of cash for its growth.

Increasing Accounts Receivable

The companyâ€™s increasing accounts receivables affects its competitive and profitability position. The companyâ€™s total accounts receivable increased to JPY950,736m in 2012 from JPY790,991m in 2011, showing an increase of 20.2% over the period. The company under its operational efficiency, entered into several factoring agreements with trade debtors as per the trade settlements. The company reported JPY8,341m of doubtful accounts allowance for receivables in 2012. The increasing doubtful debts, along with accounts receivables, reflect the inefficient credit management by the company. In the backdrop of growing economic recession, the probability of defaults by any of creditors increased, which may impact the overall financial position as well as profitability of the company.

Opportunities

Enlarging Power Business

Mitsubishi Electric is aiming to expand its power business to enhance its competitiveness and revenue from the segment. Mitsubishi Electric Corp. has targeted to generate annual sales of JPY 400 billion during the period between 2014 and 2016 (April 2013 to March 2016). Its electric power systems segment is engaged in the generation, transmission and distribution of electricity. The segment also provides other energy-related services such as particle beam treatment systems and information and telecommunications systems for power utilities. The company is planning to increase its global presence for global switchgear business as well as its power transformer and power electronics businesses, principally in the US. The growing markets for electric power systems along with expansion of markets would allow the company to boost its revenues.

Strategic Alliance with ITC Holdings Corp.

Mitsubishi Electric could significantly benefit through its alliance with ITC Holdings Corp. (ITC). The agreement would favor expanding the companyâ€™s existing business alliance to develop and produce extra high voltage 765 kilovolt (kV) circuit breakers and 765 kV power transformers. The strategic alliance will concentrate on improving product development lead times, efficiency, technical design, material standardization and life cycle costs. The company will manufacture 765 kV transformers, which will be used in ITCâ€™s Green Power Express project, a 3,000-mile long network of transmission lines that will move renewable energy from remote areas in the Upper Midwest to major Midwest and East Coast population centers. The company along with Mitsubishi Electric Power Products has successfully supplied many sulfur hexafluoride (SF6) power circuit breakers and gas insulated substations (GIS) during last five years. In addition, ITC and Mitsubishi Electric Power Products agreed to work jointly on the development of a 765 kV cirvuit breaker that will go into production by 2011. The strategic alliance will help the company to capitalize its products across the nation for other projects.

Recovery in Energy Consumption

With the economy showing signs of recovery, the global energy consumption is expected to recover in the near future, which indicates a positive sign foe the company's electrical offerings. The economic downturn, which began in 2008, had a negative impact on energy consumption. In 2009, world energy consumption decreased for the first time in 30 years as a result of the financial and economic crisis. Lack of demand in major energy consuming sectors and a generally unhealthy environment for consumer spending has had a negative effect on the growth of energy consumption from the second half of 2008. The US total energy consumption declined in 2008, which continued in 2009. Similarly, many European economies, including Denmark, Portugal, the UK and Asia Pacific economies such as Japan, Taiwan and Australia also consumed less energy. However, Global energy consumption in 2010 slightly increased and is expected to be 21.0 trillion kWh at an annual growth rate of 1.2 % from 2008. With the global economy expected to recover in the near future, energy consumption in the OECD economies is expected to grow. The improving economic conditions combined with expected recovery would further drive the growth in energy consumption in these economies and boost the companyâ€™s sales.

Expanding Solar PV Capacity

The companyâ€™s expansion in its solar PV capacity would allow it to meet the growing demand in solar photovoltaic market. The solar PV market is rapidly growing solar PV market and the growth in this sector is augmented by various effective supporting policies and sharp cost reduction in the recent past. According to in-house data, prices of solar PV systems decreased 40% between 2008 and 2009. The global cumulative installed solar PV power capacity led to substantial growth, reaching 14 GW in 2008 from 0.1 GW in 1992, recording average annual growth rate of 40% for the period. The global cumulative installed solar PV power capacity is expected to reach 200 GW by 2020, growing at an average annual rate of 17%. Germany is the largest solar PV market with a cumulative installed solar PV capacity of 5.3 GW, with 36% of the global market, followed by Spain with 3.2 GW, Japan (2.1 GW) and the US (1.2 GW). These major countries hold about 80% of the global cumulative installed PV capacity. Other potential solar PV markets include countries such as Australia, China, France, Greece, India, Italy, Korea, and Portugal. In the US, the Solar PV market is estimated to grow at CAGR of 43.03% from 2009-2020. In the light of this growth trend, the company completed construction of its second solar PV cell plant in 2010 at its Nakatsugawa Works Iida Factory in Nagano Prefecture, Japan. It planned to raise its annual solar PV cell / module production capacity by 50 MW to 270 MW and targeted to reach 600 MW of annual solar PV production capacity by 2012 or later. The rapidly growing solar market worldwide will stimulate the growth of the company and drive its revenues and profitability.

Threats

Currency Risk

Fluctuations in foreign currency markets may affect the company sales of exported products and purchases of imported materials that are denominated in the US dollars or Euros, as well as its Asian production bases' sales of exported products and purchases of imported materials that are denominated in foreign currencies. In spite of economic recovery in fiscal year 2010, the company experienced decrease in its financial performance due to the Yen appreciation against the US dollar compared to the previous fiscal year. Such fluctuations in the currency could pose threat to the business environment of the company.

Government Regulations & Environmental Compliance

Mitsubishi Electric is subject to comply with numerous federal, state, and local government and environment laws and regulations related to the electric utility industry and the production and discharge of materials into the environment. The electric utility regulations principally relate to electricity pricing and technical interconnection of customer-owned electricity generation. The environmental laws relate to the discharge of harmful materials into the environment. These regulations are frequently modified and the investments made by various energy companies might get deterred by such changing regulations. Furthermore, the costs for making such changes may be higher and harmful to the business prospects, results of operation and financial position of the company. Thus, such kinds of changing regulations along with higher costs can unfavorably affect the business operations and the profitability of the company.

Increasing Players in Solar PV Market

The PV solar market is rapidly evolving and has many industrial players entering into it. Mitsubishi Electric competes with specialized suppliers of silicon wafers and ingots in the solar cell industry. Few of the key competitors of the company include Hitachi Ltd. and Sony Corporation. There is high encouragement from the governments to setup renewable production capacities for generating renewable energy. Due to such support, there are low entry barriers due to which many big players having huge financial resources are entering into this evolving market, thus increasing the competition. Mitsubishi Electric is also expanding its production capacities and presence across other parts of the value chain and geographies to earn major market shares and facing tough competition with such competitors. Such competition would increase the fight for raw material suppliers and distributing its products to the customers.

Corporate Structure News

Mitsubishi Electric Corporation
Total Corporate Family Members: 241

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Mitsubishi Electric Corporation	Parent	Tokyo	Japan	Electronic Instruments and Controls	46,091.8	117,314
Mitsubishi Electric (Guangzhou) Compressor Co Ltd	Subsidiary	Guangzhou	China	Electronic Instruments and Controls		4,500
Mitsubishi Electric & Electronics USA, Inc.	Subsidiary	Cypress, CA	United States	Electronic Instruments and Controls	2,200.0	2,500
Mitsubishi Electric Power Products, Inc.	Subsidiary	Warrendale, PA	United States	Electronic Instruments and Controls		430
Diamond Vision Systems Division	Division	Warrendale, PA	United States	Miscellaneous Capital Goods	13.7	40
Mitsubishi Wireless Communications, Inc.	Subsidiary	Cypress, CA	United States	Electronic Instruments and Controls
Mitsubishi Electric Automotive America, Inc.	Subsidiary	Mason, OH	United States	Auto and Truck Parts	100.0	400
Powerex Inc.	Joint Venture	Youngwood, PA	United States	Semiconductors	62.0	325
Mitsubishi Electric Manufacturing	Subsidiary	Maysville, KY	United States	Electronic Instruments and Controls	8.2	245
Mitsubishi Electric Automation, Inc.	Subsidiary	Vernon Hills, IL	United States	Miscellaneous Capital Goods	40.4	200
Mitsubishi Elevators & Escltrs	Branch	Cypress, CA	United States	Electronic Instruments and Controls	176.2	130
Mitsubishi Elevators & Escltrs	Branch	Countryside, IL	United States	Electronic Instruments and Controls	51.9	40
Mitsubishi Electric & Electronics	Branch	Santa Clara, CA	United States	Electronic Instruments and Controls	14.9	11
Mitsubishi Digital Electronics	Branch	Calexico, CA	United States	Electronic Instruments and Controls	14.9	11
Mitsubishi Electric & Electronics	Branch	El Monte, CA	United States	Electronic Instruments and Controls	14.9	11
Mitsubishi Electric Transport	Branch	New York, NY	United States	Electronic Instruments and Controls	14.3	11
Mitsubishi Electric & Electronics	Branch	Durham, NC	United States	Electronic Instruments and Controls	13.5	11
Mitsubishi Electric & Electronics	Branch	Irvine, CA	United States	Electronic Instruments and Controls	9.5	7
Mitsubishi Electric & Electronics	Subsidiary	New York, NY	United States	Electronic Instruments and Controls	14.3	6
Mitsubishi Elevator & Escltrs	Branch	San Diego, CA	United States	Electronic Instruments and Controls	6.8	5
Mitsubishi Electric & Electronics	Branch	Oakland, CA	United States	Electronic Instruments and Controls	4.1	3
Mitsubishi Electronics America	Branch	Aiea, HI	United States	Electronic Instruments and Controls	3.7	3
Mitsubishi Electric America Foundation	Subsidiary	Arlington , VA	United States	Personal Services		3
Mitsubishi Electric Finance America, Inc.	Subsidiary	Cypress, CA	United States	Consumer Financial Services		2
Mitsubishi Electric Thai Auto-Parts Co Ltd	Subsidiary	Pluakdaeng, Rayong	Thailand	Auto and Truck Parts		2,300
Siam Compressor Industry Co., Ltd.	Subsidiary	Si Racha, Chon Buri	Thailand	Miscellaneous Capital Goods	1.0	2,239
Siam Compresssor Industry Co Ltd	Subsidiary	Chonburi	Thailand	Miscellaneous Capital Goods		2,239
Mitsubishi Electric Europe B. V.	Subsidiary	Manchester	United Kingdom	Miscellaneous Capital Goods		1,979
Toshiba Mitsubishi-Electric Industrial Systems Corporation	Joint Venture	Tokyo	Japan	Construction Services		1,943
Tmeic Europe Ltd.	Subsidiary	Luton	United Kingdom	Business Services	22.7	16
Tmeic Europe Ltd.	Subsidiary	Bari, Bari	Italy	Construction and Agriculture Machinery	9.5	9
Mitsubishi Electric Information Network Corporation	Subsidiary	Tokyo	Japan	Software and Programming		1,708
Mitsubishi Elevator Asia Co Ltd	Subsidiary	Chonburi	Thailand	Miscellaneous Capital Goods		1,700
Mitsubishi Electric Automation (Thailand) Co Ltd	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls		1,650
Taiwan Mitsubishi Elevator Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Miscellaneous Capital Goods	1.0	1,400
Mitsubishi Electric Consumer Products (Thailand) Co Ltd	Subsidiary	Chonburi	Thailand	Miscellaneous Capital Goods	716.1	1,200
Kang Yong Electric PCL	Joint Venture	Samut Prakan	Thailand	Appliance and Tool	307.1	1,162
Mitsubishi Electric Dalian Industrial Products Co Ltd	Subsidiary	Dalian, Liaoning Province	China	Electronic Instruments and Controls		1,000
Mitsubishi Electric Home Appliance Co., Ltd.	Subsidiary	Fukaya, Saitama	Japan	Appliance and Tool		1,000
Mitsubishi Space Software Co., Ltd.	Subsidiary	Tokyo	Japan	Software and Programming	212.4	939
Nippon Advanced Technology Co.,Ltd.	Subsidiary	Kamakura, Kanagawa	Japan	Software and Programming	21.5
Mitsubishi Electric Consumer Products (Thailand) Company Limited	Subsidiary	Muang, Chon Buri	Thailand	Nonclassifiable Industries		850
NEC Display Solutions	Joint Venture	Tokyo	Japan	Computer Hardware		700
NEC-Mitsubishi Electronics	Subsidiary	Itasca, IL	United States	Computer Hardware	112.3	100
Mitsubishi Elevator Hong Kong Co., Ltd.	Subsidiary	Hong Kong	Hong Kong	Miscellaneous Capital Goods		700
Ryoden Lift Services Limited	Subsidiary	North Point, Hong Kong	Hong Kong	Business Services		100
Mitsubishi Electric Micro-Computer Application Software Co., Ltd.	Subsidiary	Amagasaki, Hyogo	Japan	Software and Programming		660
The Kodensha Co., Ltd.	Subsidiary	Tokyo	Japan	Construction Services	433.3	644
Ryowa Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Audio and Video Equipment	863.6	582
Mitsubishi Electric Saudi Ltd	Subsidiary	Riyadh	Saudi Arabia	Miscellaneous Capital Goods	40.2	500
Mitsubishi Electric Lighting Co., Ltd.	Subsidiary	Kamakura, Kanagawa	Japan	Furniture and Fixtures		500
Mitsubishi Electric Air Conditioning Systems Europe Ltd.	Subsidiary	Hatfield	United Kingdom	Appliance and Tool	117.9	454
Mitsubishi Elevator (Thailand) Co Ltd	Subsidiary	Bangplee, Samutprakarn	Thailand	Miscellaneous Capital Goods		400
Mitsubishi Electric Automotive India Private Limited	Subsidiary	Gurgaon	India	Electronic Instruments and Controls		400
Mitsubishi Digital Electronics America, Inc.	Subsidiary	Irvine, CA	United States	Audio and Video Equipment	406.7	360
Osram-Melco Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Electronic Instruments and Controls	1.0	350
Tada Electric Co., Ltd.	Subsidiary	Amagasaki, Hyogo	Japan	Miscellaneous Capital Goods	168.9	327
Ryosai Technica Co., Ltd.	Subsidiary	Amagasaki, Hyogo	Japan	Miscellaneous Fabricated Products	75.0
Tada Electric Co., Ltd. - Heat Exchanger Works	Unit	Setouchi, Okayama	Japan	Construction - Supplies and Fixtures
SPC Electronics Corporation	Subsidiary	Chofu	Japan	Communications Equipment	135.7	325
Mitusbishi Elevator (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	53.1	320
Sanryo Technica Corporation	Subsidiary	Fukuyama, Hiroshima	Japan	Electronic Instruments and Controls	41.4	300
Mitsubishi Electric Automotive Indonesia, Pt	Subsidiary	Bekasi, West Java	Indonesia	Auto and Truck Parts		300
Mitsubishi Electric de MÃ©xico, S.A. de C.V.	Subsidiary	Tlalnepantla, Estado de MÃ©xico	Mexico	Miscellaneous Capital Goods	20.0	250
Mitsubishi Electric de Mexico S.A. de C.V. - San Juan Del Rio Factory	Facility	San Juan del Rio, Edo de Queretaro	Mexico	Auto and Truck Parts
Melco Elevator (South Africa) (Pty) Ltd	Subsidiary	Johannesburg	South Africa	Electronic Instruments and Controls		250
Koryo Electric Co.,Ltd.	Subsidiary	Ako-Gun, Hyogo	Japan	Electronic Instruments and Controls	90.0	230
MITSUBISHI ELECTRIC AUTOMOTIVE CZECH s.r.o.	Subsidiary	SlanÃ½	Czech Republic	Auto and Truck Parts	114.8	221
Mitsubishi Electric Automotive Czech s.r.o. - Automation Factory	Facility	Prague	Czech Republic	Auto and Truck Parts
Mitsulift and Equipment SAL	Subsidiary	Dbayeh	Lebanon	Miscellaneous Capital Goods		220
Mitsubishi Electric Australia Pty Ltd	Subsidiary	Rydalmere, NSW	Australia	Office Equipment	224.1	205
Mitsubishi Electric Europe Bv Sucursal En EspaÃ±a	Branch	Sant Cugat Del Valles, Barcelona	Spain	Electronic Instruments and Controls	2,097.1	200
Mitsubishi Elevator (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods		200
MELCO Display Devices Mexico, S. de R.L de C.V.	Subsidiary	Mexicali, CP 21370	Mexico	Electronic Instruments and Controls		200
Melco de Mexico S.A. de C.V.	Subsidiary	Tlalnepantla	Mexico	Miscellaneous Capital Goods		100
Electric Powersteering Components Europe S.R.O.	Subsidiary	Slany	Czech Republic	Auto and Truck Parts	146.6	180
Tsuryo Technica Corporation	Subsidiary	Amagasaki, Hyogo	Japan	Communications Equipment	88.2	171
Ryoden Asahi Technica Co., Ltd.	Subsidiary	Kikugawa, Shizuoka	Japan	Electronic Instruments and Controls	115.2	152
Sanwa Electric Co., Ltd.	Subsidiary	Itami, Hyogo	Japan	Communications Equipment	202.5	150
Mitsubishi Elevator Europe BV	Subsidiary	Veenendaal	Netherlands	Miscellaneous Capital Goods		150
Internacional de Elevadores, S.A. de C.V.	Subsidiary	Rosarito, Baja Cfa	Mexico	Miscellaneous Financial Services	4.0	140
Melco Advanced Device Corporation	Subsidiary	Isahaya, Nagasaki	Japan	Semiconductors	67.1	134
Mitsubishi Electric Asia Pte Ltd	Subsidiary	Singapore	Singapore	Appliance and Tool	278.1	133
Mitsubishi Electric India Pvt. Ltd.	Subsidiary	Gurgaon	India	Appliance and Tool		130
Ryoden Koki Engineering Co., Ltd.	Subsidiary	Nagoya, Aichi	Japan	Business Services	223.2	124
Mitsubishi Electric Automation Korea Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods	1.0	120
Meldas System Engineering Corporation	Subsidiary	Nagoya, Aichi	Japan	Miscellaneous Capital Goods		120
Mitsubishi Electric Taiwan Co Ltd	Subsidiary	Taipei	Taiwan	Electronic Instruments and Controls	1.0	100
Mitsubishi Elevator Malaysia Sdn. Bhd.	Subsidiary	Petaling Jaya, Selangor Darul Ehsan	Malaysia	Construction Services		100
Mitsubishi Electric Ryoden Air-conditioning & Visual Information Systems (Hong Kong) Ltd	Subsidiary	North Point	Hong Kong	Electronic Instruments and Controls		90
Mitsubishi Electric OSRAM Ltd	Subsidiary	Yokohama	Japan	Electronic Instruments and Controls		90
Mitsubishi Electric Research Laboratories	Subsidiary	Cambridge, MA	United States	Business Services	1.5	80
Ryoden Sitch Gia K.K.	Subsidiary	Marugame, Kagawa	Japan	Electronic Instruments and Controls	19.7	68
Melco Sales Malaysia Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Electronic Instruments and Controls	14.3	60
Mitsubishi Electric R&D Centre Europe B. V.	Subsidiary	Schiphol-Rijk, North Holland	Netherlands	Computer Hardware		58
Mitsubishi Electric Sales Canada, Inc.	Subsidiary	Markham, ON	Canada	Electronic Instruments and Controls	252.3	50
Mitsubishi Corporation Services Office	Subsidiary	Al Khobar	Saudi Arabia	Construction Services		50
Mitsubishi Electric Automotive Europe	Subsidiary	Schiphol-Rijk	Netherlands	Electronic Instruments and Controls	19.4	47
Tokan Co.,Ltd.	Subsidiary	Matsudo, Chiba	Japan	Miscellaneous Capital Goods	10.0	47
Vincotech GmbH	Subsidiary	Unterhaching, Bayern	Germany	Electronic Instruments and Controls	85.7	40
Hyogo Mitsubishi Electric Light Machinery Sales	Subsidiary	Himeji, Hyogo	Japan	Electronic Instruments and Controls	39.2	39
Ascenseurs Mitsubishi France SAS	Subsidiary	Nanterre	France	Miscellaneous Capital Goods	12.7	34
Fukui Mitsubishi Electric Light Machinery Sales Co.,Ltd.	Subsidiary	Fukui, Fukui	Japan	Electronic Instruments and Controls	36.9	33
Mitsubishi Electric Corporation Korea	Branch	Seoul, Seoul	Korea, Republic of	Miscellaneous Capital Goods	4.2	33
MITSUBISHI ELECTRIC VIETNAM COMPANY LIMITED	Subsidiary	Ho Chi Minh City	Viet Nam	Appliance and Tool		32
Mitsubishi Electric Europe B.V.	Subsidiary	Uxbridge	United Kingdom	Miscellaneous Financial Services		30
Mitsubishi Electric Europe BV	Branch	Carnaxide, Lisboa	Portugal	Electronic Instruments and Controls		28
Melhan Computer System Co., Ltd.	Subsidiary	Oita, Oita	Japan	Software and Programming	5.6	27
Mitsubishi Electric Corporation	Subsidiary	Dubai	United Arab Emirates	Electronic Instruments and Controls		25
Mitsubishi Electric Asia Pte. Ltd.	Subsidiary	New Delhi	India	Electronic Instruments and Controls	1.0	15
Melco-Tec RepresentaÃ§Ã£o Comercial E Assessoria TÃ©cnica Ltda.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Miscellaneous Capital Goods	2.6	10
Mitsubishi Electric Finance Europe PLC	Subsidiary	Uxbridge	United Kingdom	Commercial Banks	6.1	4
Mitsubishi Electric Europe BV	Subsidiary	Ratingen, Nordrhein-Westfalen	Germany	Electronic Instruments and Controls	1,059.9	550
Mitsubishi Electric Europe Bv	Subsidiary	Nanterre	France	Miscellaneous Capital Goods	125.0	180
Mib Administracao De Bens Proprios Ltda	Subsidiary	Monte Claros, Minas Gerais	Brazil	Electronic Instruments and Controls	8.2	1
Mitsubishi Electric Building Techno-Service Co.,Ltd.	Subsidiary	Arakawa-Ku, Tokyo	Japan	Construction Services	3,658.6
Kansai-Meltec Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Business Services	14.6	231
Chubu Meltec Co.,Ltd.	Subsidiary	Nagoya, Aichi	Japan	Business Services	12.7	118
Meltec Business Co.,Ltd.	Subsidiary	Arakawa-Ku, Tokyo	Japan	Business Services	57.0
Toko Build System Co., Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Construction Services	49.9
Kyushu-Builware Co.,Ltd.	Subsidiary	Fukuoka, Fukuoka	Japan	Miscellaneous Capital Goods	15.8
Chugoku Building Ware K.K.	Subsidiary	Hiroshima, Hiroshima	Japan	Business Services	13.9
Higashinihon Mertech K.K.	Subsidiary	Shinjuku-Ku, Tokyo	Japan	Business Services	12.0
Mitsubishi Electric Europe B.V.	Subsidiary	Schiphol-Rijk, Noord-Holland	Netherlands	Miscellaneous Financial Services	3,560.0
Mitsubishi Electric Europe BV	Subsidiary	Agrate Brianza, MI	Italy	Appliance and Tool	2,964.2	216
Mitsubishi Electric Living Environment Systems Corporation	Subsidiary	Taito-Ku, Tokyo	Japan	Appliance and Tool	2,922.8
Meruko Facilities K.K.	Subsidiary	Mitaka, Tokyo	Japan	Construction Services	157.6
Okinawa Mitsubishi Denki Hambai K.K.	Subsidiary	Ginowan, Okinawa	Japan	Appliance and Tool	72.1
Mitsubishi Electric Life Network Corporation	Subsidiary	Koto-Ku, Tokyo	Japan	Appliance and Tool	1,603.8
Mitsubishi Electric Logistics Corporation	Subsidiary	Shibuya-Ku, Tokyo	Japan	Trucking	1,079.5
Md Rogis Higashi Nihon Service, K.K.	Subsidiary	Ichikawa, Chiba	Japan	Miscellaneous Transportation	21.2	234
Giyu Kaiun Co.,Ltd.	Subsidiary	Kobe, Hyogo	Japan	Water Transportation	135.6
Giyu Techno K.K.	Subsidiary	Kobe, Hyogo	Japan	Trucking	6.6	11
Giyu Kaiun (Hong Kong) Company Limited	Subsidiary	North Point, Hong Kong	Hong Kong	Miscellaneous Transportation		6
Md Logis Chubu Service, K.K.	Subsidiary	Nagoya, Aichi	Japan	Miscellaneous Transportation	23.4
Ryoun Express, K.K.	Subsidiary	Shibuya-Ku, Tokyo	Japan	Trucking	16.0
Mitsubishi Electric System & Service Co.,Ltd.	Subsidiary	Setagaya-Ku, Tokyo	Japan	Business Services	893.2
Mitsubishi Electric System & Service Co., Ltd.	Subsidiary	Tokyo	Japan	Software and Programming	872.9
Mitsubishi Electric Information Systems Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Software and Programming	794.1
Diamondtelecom,Inc.	Subsidiary	Chuo-Ku, Tokyo	Japan	Electronic Instruments and Controls	777.9
Mitsubishi Electric Engineering Co., Ltd.	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls	750.0
Diamond Personnel Company Limited.	Subsidiary	Bunkyo-Ku, Tokyo	Japan	Business Services	57.5
Mitsubishi Electric Information Network Corporation.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Computer Networks	651.8
Mitsubishi Electric Information Technology Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Computer Services	404.2
Melco Techno Yokohama Corporation	Subsidiary	Kamakura, Kanagawa	Japan	Communications Equipment	16.8
Ryoden Elevator Construction, Ltd.	Subsidiary	Tokyo	Japan	Construction and Agriculture Machinery	369.5
Mitsubishi Electric Logistics Support Co.,Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Communications Equipment	351.1
Meiryo Technica Corporation	Subsidiary	Nagoya, Aichi	Japan	Miscellaneous Capital Goods	322.7
Mitsubishi Electric (Hong Kong) Limited	Subsidiary	North Point, Hong Kong	Hong Kong	Electronic Instruments and Controls	289.3
Nihon Kentetsu Co., Ltd.	Subsidiary	Funabashi, Chiba	Japan	Appliance and Tool	250.0
Mitsubishi Electric Lighting Corporation	Subsidiary	Kamakura, Kanagawa	Japan	Furniture and Fixtures	228.1
Mitsubishi Precision Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Electronic Instruments and Controls	216.7
Seiryo Community, K.K.	Subsidiary	Kamakura, Kanagawa	Japan	Business Services	20.4	114
Mitsubishi Electric Metecs Co.,Ltd.	Subsidiary	Sagamihara, Kanagawa	Japan	Miscellaneous Fabricated Products	210.7
I Planet Incorporated.	Subsidiary	Minato-Ku, Tokyo	Japan	Advertising	197.0
Chiyoda Mitsubishi Electric Light Machinery Sales Co.,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Electronic Instruments and Controls	193.3
Kyushu Mitsubishi Electric Corporation	Subsidiary	Fukuoka, Fukuoka	Japan	Miscellaneous Capital Goods	160.9
Toyo Electric Corporation	Subsidiary	Tamba, Hyogo	Japan	Electronic Instruments and Controls	143.2
Ryoko, K.K.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Aerospace and Defense	140.0
Mitsubishi Electric Mechatronics Software Corporation	Subsidiary	Nagoya, Aichi	Japan	Software and Programming	140.0
Mitsubishi Denki Fa Industrial Instrument Co. Ltd.	Subsidiary	Fukuoka, Fukuoka	Japan	Miscellaneous Capital Goods	139.8
Seikosha, K.K.	Subsidiary	Yokohama, Kanagawa	Japan	Auto and Truck Parts	128.3
Mitsubishi Electric Light Machinery Sales(Chubu) Co.,Ltd.	Subsidiary	Nagoya, Aichi	Japan	Electronic Instruments and Controls	127.4
Inaryo Technica Co.,Ltd.	Subsidiary	Inazawa, Aichi	Japan	Aerospace and Defense	125.5
Chugoku Mitsubishi Electric Sales Corporation.	Subsidiary	Hiroshima, Hiroshima	Japan	Electronic Instruments and Controls	109.1
Sanin Mitsubishi Denki Kiki Hambai K.K.	Subsidiary	Matsue, Shimane	Japan	Electronic Instruments and Controls	33.0
Ryoshin Technica K.K.	Subsidiary	Kobe, Hyogo	Japan	Miscellaneous Capital Goods	107.4
Ryoden Shonan Electronics	Subsidiary	Kamakura, Kanagawa	Japan	Electronic Instruments and Controls	101.6
Mitsubishi Denki Reinetsu Oyo System K.K.	Subsidiary	Wakayama, Wakayama	Japan	Miscellaneous Capital Goods	82.4
Ryoei Technica Co.,Ltd.	Subsidiary	Kamakura, Kanagawa	Japan	Construction Services	80.7
Kohshin Electric Corporation	Subsidiary	Kasaoka, Okayama	Japan	Scientific and Technical Instruments	79.2
Nagasaki Ryoden Technica Co.,Ltd.	Subsidiary	Nishi Sonogi-Gun, Nagasaki	Japan	Electronic Instruments and Controls	77.6
Ryosan Industry Corporation	Subsidiary	Kobe, Hyogo	Japan	Miscellaneous Fabricated Products	71.8
Himeryo Technica Company Co.,Ltd.	Subsidiary	Himeji, Hyogo	Japan	Auto and Truck Parts	67.4
Shikoku Mitsubishi Denki Hambai K.K.	Subsidiary	Takamatsu, Kagawa	Japan	Electronic Instruments and Controls	66.1
Melco Airtec Corporation	Subsidiary	Nakatsugawa, Gifu	Japan	Miscellaneous Capital Goods	65.9
Meruko Fan Products K.K.	Subsidiary	Nakatsugawa, Gifu	Japan	Appliance and Tool	28.3	100
Hokkaido Mitsubishi Denki Hambai K.K.	Subsidiary	Sapporo, Hokkaido	Japan	Construction Services	64.8
Sowa Technica Inc.	Subsidiary	Nakatsugawa, Gifu	Japan	Appliance and Tool	63.4
Shimbishi Electric Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Construction Services	60.6
Melco Control Products Corporation	Subsidiary	Himeji, Hyogo	Japan	Electronic Instruments and Controls	59.5
Laguna Auto-Parts Manufacturing Corporation	Subsidiary	Santa Rosa	Philippines	Electronic Instruments and Controls	59.1
Hyper Cycle Systems Corp.	Subsidiary	Ichikawa, Chiba	Japan	Waste Management Services	58.6
Melco de Colombia Ltda	Subsidiary	BogotÃ¡ DC	Colombia	Miscellaneous Capital Goods	51.9
Mitsubishi Electric (Malaysia) Sdn Bhd	Subsidiary	Senai, Johor	Malaysia	Audio and Video Equipment	48.8
Seiryo Technica Co.,Ltd.	Subsidiary	Shizuoka, Shizuoka	Japan	Electronic Instruments and Controls	45.6
Melco Semiconductor Engineering Co.,Ltd.	Subsidiary	Fukuoka, Fukuoka	Japan	Business Services	42.2
Melco Power Systems Corp.	Subsidiary	Kobe, Hyogo	Japan	Software and Programming	41.0
Melco Travel Co,Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Personal Services	39.3
Mitsubishi Electric Building Techno-Service Co.,Ltd.	Subsidiary	Toyota, Aichi	Japan	Business Services	35.4
Toyo Engineering Co., Ltd.	Subsidiary	Shimabara, Nagasaki	Japan	Miscellaneous Capital Goods	32.4
Ryoden (Malaysia) Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Miscellaneous Capital Goods	31.4
Bcc, K.K.	Subsidiary	Fukuyama, Hiroshima	Japan	Software and Programming	30.1
International Elevator & Equipment Inc	Subsidiary	Metro Manila	Philippines	Miscellaneous Capital Goods	26.7
Churyo Technica Co.,Ltd.	Subsidiary	Nakatsugawa, Gifu	Japan	Business Services	22.7
Uemori Electric Co., Ltd.	Subsidiary	Mitoyo, Kagawa	Japan	Electronic Instruments and Controls	18.5
Rakuryo Technica Co., Ltd.	Subsidiary	Nagaokakyo, Kyoto	Japan	Business Services	13.6
Melfis Corp.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Business Services	10.1
Mitsubishi Electric Hong Kong Group Limited	Subsidiary	Hong Kong	Hong Kong	Electronic Instruments and Controls	1.0
Ryoden International Limited	Subsidiary	North Point, Hong Kong	Hong Kong	Electronic Instruments and Controls	38.5
Mitsubishi Electric & Electronics (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Electronic Instruments and Controls	1.0
XD-Mitsubishi Electric Switchgear Co Ltd	Subsidiary	Shanxi, Shaanxi Province	China	Electronic Instruments and Controls	0.0
Mitsubishi Electric Corporation	Subsidiary	Salmiya	Kuwait	Electronic Instruments and Controls
Mitsubishi Electric Kang Yong Watana Co Ltd	Subsidiary	Bangkok	Thailand	Appliance and Tool
MELCO-TEC Rep. Com. e Assessoria Tecnica Ltda.	Subsidiary	Rio de Janeiro, RJ	Brazil	Electronic Instruments and Controls
Mitsubishi Electric Corporation	Subsidiary	New Delhi	India	Electronic Instruments and Controls
MELCO MEC Egypt for Elevators & Esca SAE	Subsidiary	Giza	Egypt	Miscellaneous Fabricated Products
Middle East Electric Co WLL Kuwait	Subsidiary	Salmiya	Kuwait	Electronic Instruments and Controls
Keling Electric (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Mitsubishi Electric (China) Co Ltd	Subsidiary	Beijing	China	Electronic Instruments and Controls
Xi Ling Electric Power Products Manufacturing Co Ltd	Subsidiary	Shanxi, Shaanxi Province	China	Electronic Instruments and Controls
Mitsubishi Jaya Elevator & Escalator, PT	Subsidiary	Jakarta Pusat	Indonesia	Miscellaneous Capital Goods
Mitsubishi Jaya Elevator & Escalator, Pt (Medan)	Subsidiary	Medan, North Sumatra	Indonesia	Miscellaneous Capital Goods		10
Mitsubishi Electric Corporation	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls
MELCO TRADING (THAILAND) CO., LTD.	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls		26
Mitsubishi Electric Europe BV	Subsidiary	Moscow	Russian Federation	Electronic Instruments and Controls
Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co Ltd	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Ryowa Corporation	Subsidiary	Osaka	Japan	Auto and Truck Parts
Mitsubishi Elevator Korea Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods
Mitsubishi Electric Automation (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Electronic Instruments and Controls
DB Seiko Co., Ltd.	Subsidiary	Himeji, Hyogo	Japan	Auto and Truck Parts
IT Semicon Co., Ltd.	Subsidiary	Tanba, Hyogo	Japan	Semiconductors
Melco Display Technology Inc.	Subsidiary	Koshi, Kumamoto	Japan	Computer Peripherals
RYO-SA BUILWARE Co., Ltd.	Subsidiary	Tokyo	Japan	Personal Services
Mitsubishi Electric Control Software Corporation	Subsidiary	Kobe, Hyogo	Japan	Software and Programming
Mitsubishi Electric Business Systems Co., Ltd	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls
Mitsubishi Electric Air Conditioning & Refrigeration Systems Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods
Request System Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Engineering Consultants	21.6
Mitsubishi Electric Life Service Corporation	Subsidiary	Tokyo	Japan	Real Estate Operations
Melco Estate Service Company Limited	Subsidiary	Minato-Ku, Tokyo	Japan	Real Estate Operations	29.1
Melco Resort Service Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Hotels and Motels	20.3
Mitsubishi Electric Plant Engineering Corporation	Subsidiary	Tokyo	Japan	Computer Networks
Mitsubishi Electric Trading Corporation	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls
Mitsubishi Electric Air Conditioning & Refrigeration Equipment Sales Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods
Chiyoda Mitsubishi Electric Co., Ltd.	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls
Mitsubishi Electric Life Network Co., Ltd.	Subsidiary	Tokyo	Japan	Appliance and Tool
Mitsubishi Electric (H.K.) Ltd.	Subsidiary	Hong Kong	Hong Kong	Electronic Instruments and Controls
Mitsubishi Electric Visual Solutions America, Inc.	Subsidiary	Irvine, CA	United States	Electronic Instruments and Controls
Mitsubishi Electric TOKKI Systems Corporation	Subsidiary	Tokyo	Japan	Electronic Instruments and Controls
Mitsubishi Electric Automation (China) Ltd.	Subsidiary	Shanghai	China	Electronic Instruments and Controls
Mitsubishi Electric Automation (Hong Kong) Ltd.	Subsidiary	Hong Kong	Hong Kong	Miscellaneous Capital Goods

Competitors Report

CompanyName	Location	Employees	Ownership
Denso Corporation	Kariya-Shi, Japan	126,036	Public
Ericsson	Stockholm, Sweden	109,214	Public
FUJITSU LIMITED	Tokyo, Japan	173,155	Public
Hitachi, Ltd.	Tokyo, Japan	323,540	Public
Intel Corporation	Santa Clara, California, United States	104,700	Public
KONE Corporation	Espoo, Finland	38,902	Public
Koninklijke Philips Electronics NV	Amsterdam, Netherlands	121,254	Public
KYOCERA CORPORATION	Kyoto-Shi, Japan	71,489	Public
LG Electronics Inc.	Seoul, Korea, Republic of	36,226	Public
Motorola Solutions Inc	Schaumburg, Illinois, United States	21,000	Public
NEC Corp	Tokyo, Japan	109,102	Public
Nokia Oyj	Espoo, Finland	105,265	Public
Panasonic Corporation	Kadoma-Shi, Japan	327,512	Public
Philips Consumer Electronic Services B.V.	Eindhoven, Netherlands	10,000	Private
Samsung Electronics Co., Ltd.	Suwon, Korea, Republic of	90,254	Public
Samsung Group	Seoul, Korea, Republic of	263,000	Private
Sanyo Electric Co Ltd	Moriguchi, Osaka Pref, Japan	92,675	Public
Siemens AG	Muenchen, Germany	370,000	Public
SONY CORPORATION	Tokyo, Japan	162,700	Public
Toshiba Corp	Tokyo, Japan	209,784	Public
Turbo Power Systems Inc.	Middlesex, United Kingdom	148	Public
United Technologies Corporation	Hartford, Connecticut, United States	199,900	Public

Board of Directors

Name

Title

Function

Setsuhiro Shimomura

Chairman

Biography:

Mr. Setsuhiro Shimomura has been serving as Chairman of the Board of Mitsubishi Electric Corporation since April 1, 2010. He joined the Company in April 1969. His previous titles include Executive President, Representative Executive Officer, Managing Director, Chief Managing Executive Officer and Vice President.

Age: 67

Ryosuke Fujimoto

Director

Director/Board Member

Biography:

Mr. Ryosuke Fujimoto has been serving as Director in Mitsubishi Electric Corporation since June 2010. He is also a member of Audit Committee. He joined the Company in April 1973 and used to serve as Director of Audit. He used to serve as President and Director in TOKAN Co., Ltd.

Age: 63

Noritomo Hashimoto

Senior Managing Executive Officer, Director

Director/Board Member

Biography:

Mr. Noritomo Hashimoto has been serving as Senior Managing Executive Officer and Director in Mitsubishi Electric Corporation since April 1, 2012. He is also member of Nominating Committee in the Company. He joined the Company in April 1977. He used to serve as Senior Director of Liquid Cristal Business, Senior Director of Semiconductor and Device Business and Director of Human Resources. He obtained his Bachelor's degree from Waseda University in March 1977.

Age: 57

Education:

Waseda University, B (Education)

Fujiatsu Makino

Independent Director

Director/Board Member

Biography:

Mr. Fujiatsu Makino has been serving as Independent Director in Mitsubishi Electric Corporation since June 2011. He is also a member of Audit and Compensation Committees. He is also working for The Toho Bank, Ltd. He registered as a Certified Public Accountant in March 1971, as well as Certified Tax Agent in March 1973.

Age: 70

Shigemitsu Miki

Independent Director

Director/Board Member

Biography:

Mr. Shigemitsu Miki has been serving as Independent Director in Mitsubishi Electric Corporation since June 2007. He is a member of Nominating and Audit Committees. He is now working for The Bank of Tokyo-Mitsubishi UFJ, Ltd. He served as President and Director in a company that is under the new name, Mitsubishi UFJ Financial Group, Inc., as well as Chairman of the Board in The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Age: 77

Hiroyoshi Murayama

Independent Director

Director/Board Member

Biography:

Mr. Hiroyoshi Murayama has been serving as Independent Director in Mitsubishi Electric Corporation since June 2003. He is a member of Nominating and Audit Committees. He is a registered lawyer. Mr. Murayama used to serve as a superintendent public prosecutor in The Tokyo High Public Prosecutors Office.

Age: 75

Nobuyuki Ohkuma

Managing Executive Officer, Director

Director/Board Member

Biography:

Mr. Nobuyuki Ohkuma has been serving as Managing Executive Officer and Director in Mitsubishi Electric Corporation since June 2012. He joined the Company in April 1983 and Director of FA System Operation. Mr. Ohkuma obtained his Bachelor's degree in Law from Kyoto in March 1982.

Age: 53

Education:

Kyoto University, B (Law)

Masanori Saito

Director

Director/Board Member

Biography:

Mr. Masanori Saito has been serving as Director in Mitsubishi Electric Corporation since April 2009. He is Chairman of Audit Committee. He joined the Company in April 1971. His previous titles include Senior Managing Executive Officer, Director of Human Resources, Managing Executive Officer and Chief Managing Executive Officer.

Age: 64

Mikio Sasaki

Independent Director

Director/Board Member

Biography:

Mr. Mikio Sasaki has been serving as Independent Director in Mitsubishi Electric Corporation since June 2006. He is a member of Compensation Committee. He is also working in Mitsubishi Corporation. He used to serve as Chairman of the Board and President in Mitsubishi Corporation.

Age: 75

Education:

Waseda University, B (Science)

Kazuo Sawamoto

Director

Director/Board Member

Osamu Shigeta

Director

Director/Board Member

Kunio Tomita

Director

Director/Board Member

Mitoji Yabunaka

Independent Director

Director/Board Member

Biography:

Mr. Mitoji Yabunaka has been serving as Independent Director in Mitsubishi Electric Corporation since June 2012. He is also member of Nominating and Compensation Committees in the Company, as well as working for Nomura Research Institute. He used to serve for Ministry of Foreign Affairs of Japan.

Age: 64

Kenichiro Yamanishi

President and Chief Executive Officer

Director/Board Member

Biography:

Mr. Kenichiro Yamanishi has been serving as Executive President, Representative Executive Officer and Director in Mitsubishi Electric Corporation since June 2010. He joined the Company in April 1975. His previous titles include Chief Managing Executive Officer, Director of Manufacturing 2 at Saijo Plant, Assistant Manager of Production Technology Center, Manager of Production Technology Center and Managing Executive Officer. He obtained his Bachelors' Degree of Engineering from Kyoto University in March 1975.

Age: 61

Education:

Kyoto University, B (Engineering)

Shunji Yanai

Director

Director/Board Member

Hiroki Yoshimatsu

Managing Executive Officer, Director

Director/Board Member

Biography:

Mr. Hiroki Yoshimatsu has been serving as Managing Executive Officer and Director in Mitsubishi Electric Corporation since June 2009. He is also a member of Compensation Committee. He joined the Company in April 1976. He obtained his Bachelor's degree from Nagoya University in March 1976.

Age: 58

Education:

Nagoya University, B (Economics)

Executives

Name

Title

Function

Kenichiro Yamanishi

President and Chief Executive Officer

Chief Executive Officer

Biography:

Age: 61

Education:

Kyoto University, B (Engineering)

Kei Uruma

President

Makoto Kondo

Senior Executive Officer-Building Systems

Division Head Executive

Noboru Kurihara

Senior Executive Officer-Electronic Systems

Division Head Executive

Motoyuki Nakamura

Executive Officer-Communication Systems

Division Head Executive

Kazuyuki Nakamura

Senior Executive Officer-Living Environment & Digital Media

Division Head Executive

Toshiaki Yoshizumi

Executive Officer-Productivity Management & Environment

Environment/Safety Executive

Yukihiro Sato

Executive Vice President-Accounting & Finance

Finance Executive

Ryo Tokunaga

Senior Executive Officer-Auditing & Legal Affairs

Finance Executive

Takahiko Kondo

Executive Vice President-Export Control & Information Systems

Sales Executive

Akira Sugiyama

Senior Executive Officer-Export Control & Intellectual Property

Sales Executive

Ken Matsumaru

Executive Officer-Marketing

Marketing Executive

Kazuo Kyuma

Senior Executive Officer-Research & Development

Research & Development Executive

Yasuji Nagayama

Senior Executive Officer-Purchasing

Purchasing Executive

Masayuki Ichige

Managing Executive Officer

Other

Biography:

Mr. Masayuki Ichige has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2012. He joined the Company in April 1975. His previous titles include Manager of Strategy Business Development Office, Director of Business Promotion, Director of Electricity Power & Industry System Operation, Director of Power & Industry System Technology and President of Kansai Office. Mr. Ichige obtained his Bachelor's degree in Engineering from Keio University in March 1975.

Age: 59

Education:

Keio University, B (Engineering)

Isao Iguchi

Managing Executive Officer

Other

Biography:

Mr. Isao Iguchi has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2012. He joined the Company in April 1977 and previously served as Director of Machinery Business and President of Chubu Office. Mr. Iguchi obtained his Bachelor's degree in Commerce from Waseda University in March 1977.

Age: 57

Education:

Waseda University, B (Commerce)

Homare Ikeda

Section Chief of Accounting Unit

Other

Kenji Kuroda

Executive Officer

Other

Masaharu Moriyasu

Managing Executive Officer

Other

Biography:

Mr. Masaharu Moriyasu has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2010. He joined the Company in April 1980. His previous title was Manager of Production Technology Center. He obtained his Masters' Degree of Engineering from Osaka University in March 1980.

Age: 58

Education:

Osaka University, M (Engineering)

Mitsuo Muneyuki

Executive Vice President, Representative Executive Officer

Other

Biography:

Mr. Mitsuo Muneyuki has been serving as Executive Vice President and Representative Executive Officer in Mitsubishi Electric Corporation since June 2010. He joined the Company in April 1974. His previous titles include Director, Senior Managing Executive Officer, Director of Traffic Business and Managing Executive Officer. He obtained his Master's degree from Kyoto University in March 1974.

Age: 62

Education:

Kyoto University, ME

Tsuyoshi Nakamura

Managing Executive Officer

Other

Biography:

Mr. Tsuyoshi Nakamura has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2010. He joined the Company in April 1977. His previous titles include Director of Public Relations, Director of Intellectual Assets & External Affairs and Director of Legal Affairs in the Company. He obtained his Bachelors' degree of Literature from University of Tokyo in March 1977.

Age: 58

Education:

University of Tokyo, B (Literature)

Yasuyuki Nakanishi

Managing Executive Officer

Other

Biography:

Mr. Yasuyuki Nakanishi has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2011. He joined the Company in April 1977. He used to serve as Manager of Mita Manufacturing Center and Assistant Manager of Mita Manufacturing Center. He graduated from Kobe University in March 1977.

Age: 58

Education:

Kobe University, B (Engineering)

Yoshiaki Nakatani

Managing Executive Officer

Other

Biography:

Mr. Yoshiaki Nakatani has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2010. He joined the Company in April 1978. His previous titles include Assistant Manager of Electricity & Society System Business Center, Assistant Manager of Kobe Manufacturing Center, Manager of Electricity Distribution and Manager of Systematic Electricity Transformer in the Company. He obtained his Masters' degree of Science from Waseda University in March 1978.

Age: 58

Education:

Waseda University, M (Science)

Eiji Nakayama

Senior VP

Other

Hideyasu Nonaka

Senior VP

Other

Yutaka Ohashi

Managing Executive Officer

Other

Biography:

Mr. Yutaka Ohashi has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2012. He joined the Company in April 1980 and previously served as Manager of Himeji Manufacturing Center and Deputy Chief Director of Automobile Machinery Business. Mr. Ohashi obtained his Master's degree in Electronics Engineering from Nagoya Institute of Technology in March 1980.

Age: 56

Education:

Nagoya Institute of Technology, M (Electronics Engineering)

Hideyuki Ohkubo

Managing Executive Officer

Other

Biography:

Mr. Hideyuki Ohkubo has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2012. He joined the Company in April 1979 and previously served as Manager of Nagoya Manufacturing Office and Deputy Chief Director of FA System Business. Mr. Ohkubo obtained his Master's degree in Engineering from Keio University in March 1979.

Age: 57

Education:

Keio University, M (Engineering)

Shoichi Sakata

Managing Executive Officer

Other

Biography:

Mr. Shoichi Sakata has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since October 1, 2009. He joined the Company in April 1975 and used to serve as Director of Materials and Assistant Manager of Materials Unit.

Age: 61

Masaki Sakuyama

Executive Vice President, Representative Executive Officer

Other

Biography:

Mr. Masaki Sakuyama has been serving as Executive Vice President and Representative Executive Officer in Mitsubishi Electric Corporation since June 2012. He joined the Company in April 1977, and previously served as Managing Executive Officer, Manager of Electricity Receiving and Distribution Manufacturing Center, Manager of Electricity System Manufacturing Center, Deputy Chief Director of Electricity and Industrial System Business, Senior Managing Executive Officer and Director. Mr. Sakuyama obtained his Master's degree in Engineering from The University of Tokyo in March 1976.

Age: 60

Education:

University of Tokyo, B (Engineering)

Takashi Sasakawa

Senior Managing Executive Officer

Other

Biography:

Mr. Takashi Sasakawa has been serving as Senior Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2011. He joined the Company in April 1972. He used to serve as Managing Executive Officer in the Company. Mr. Sasakawa used to serve as President and Director in a Europe-based subsidiary.

Age: 62

Education:

Kwansei Gakuin University, LLB (Law)

Susumu Shikata

Senior Managing Executive Officer

Other

Biography:

Mr. Susumu Shikata has been serving as Senior Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2012. He joined the Company in April 1975, and previously served as Director of Traffic Business, Deputy Chief Director of Social Systems Business and Managing Executive Officer.

Age: 61

Takayuki Sueki

Managing Executive Officer, Chairman & General Manager of Subsidiaries

Other

Biography:

Mr. Takayuki Sueki has been serving as Managing Executive Officer in Mitsubishi Electric Corporation, as well as Chairman & General Manager of a China-based subsidiary, Chairman of a Shanghai-based subsidiary, since March 1, 2012. He joined the Company in April 1973 and used to serve as Deputy Director of Electric Power Business, Director of Social Infrastructure Overseas Business and Director of Electricity Power Overseas Business. Mr. Sueki obtained his Bachelor's degree in Engineering from Tokyo Denki University.

Age: 62

Education:

Tokyo Denki University, B (Engineering)

Kazuhiko Tsutsumi

Managing Executive Officer

Other

Biography:

Mr. Kazuhiko Tsutsumi has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2010. He joined the Company in April 1982. His previous titles include Assistant Manager of Frontier Technology Research Center and Manager of Frontier Technology Research Center in the Company. He obtained his Masters' degree of Engineering from Osaka University in March 1978.

Age: 59

Education:

Osaka University, M (Engineering)

Hiroyuki Umemura

Managing Executive Officer

Other

Biography:

Mr. Hiroyuki Umemura has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2011. He joined the Company in April 1974. He used to serve as Assistant Manager of Shizuoka Manufacturing Center, Manager of Shizuoka Manufacturing Center, Manager of Nakatsu Manufacturing Center and Deputy Chief Director of Living & Digital Media Business in the Company. He obtained his Bachelor's degree in Engineering from Osaka University in March 1974.

Age: 60

Education:

Osaka University, B (Engineering)

Toru Yoshinaga

Managing Executive Officer

Other

Biography:

Mr. Toru Yoshinaga has been serving as Managing Executive Officer in Mitsubishi Electric Corporation since April 1, 2012. He joined the Company in April 1978 and previously served as Manager of Fukuyama Manufacturing Center and Deputy Chief Director of Information System Business Promotion. Mr. Yoshinaga obtained his Bachelor's degree in Engineering from Kyushu University in March 1978.

Age: 56

Education:

Kyushu University, B (Engineering)

Significant Developments

Mitsubishi Electric Corp Establishes Elevator and Escalator JV In India

Dec 26, 2012

Mitsubishi Electric Corp announced that it has established a joint venture (JV) company, Mitsubishi Elevator ETA India Private Limited, to sell, manufacture, install and provide maintenance for elevators and escalators in India. Headquartered in Chennai, the joint venture was formed with UAE-based ETA Ascon Holding LLC and will start business in January 2013.

Mitsubishi Electric Corp Lowers Consolidated Full-year Outlook for FY Ending March 2013

Dec 21, 2012

Mitsubishi Electric Corp announced that it has lowered its consolidated full-year outlook for revenue from JPY 3,640,000 million to JPY 3,520,000 million, operating profit from JPY 200,000 million to JPY 150,000 million, ordinary profit from JPY 180,000 million to JPY 40,000 million, net profit from JPY 120,000 million to JPY 50,000 million and earning per share from JPY 55.89 to JPY 23.29 for the fiscal year ending March 31, 2013.

Mitsubishi Electric Corp to Decrease Voting Rights in Renesas Electronics Corp

Dec 10, 2012

Renesas Electronics Corp announced that it has decided to issue 1,152,917,000 new shares of its common stock to Innovation Network Corporation of Japan, 41,666,600 new shares of its common stock to Toyota Motor Corp, 25,000,000 new shares of its common stock to Nissan Motor Co Ltd, 8,333,300 new shares of its common stock to Keihin Corporation, 4,166,600 new shares of its common stock to CANON INC, 4,166,600 new shares of its common stock to Nikon Corporation, 4,166,600 new shares of its common stock to Panasonic Corporation and 1,250,000 new shares of its common stock to Yaskawa Electric Corporation, at the price of JPY 120 per share or JPY 150,000,000,000 in total, through a private placement, during the period from February 23, 2013 to September 30, 2013. As a result, Mitsubishi Electric Corp's voting rights in Renesas Electronics will become 6.27%, down from 25.05%.

Mitsubishi Electric Corp Receives Cease and Desist Order and Surcharge Order from Japan Fair Trade Commission

Nov 22, 2012

Mitsubishi Electric Corp announced that it has received a cease and desist order as well as a surcharge order with an amount of JPY 1,410,310,000 from Japan Fair Trade Commission, due to the violation of antitrust law in alternator starter trading. The Company was orders to pay the surcharge by February 25, 2013.

Kang Yong Electric PCL Announces Asset Acquisition from Mitsubishi Electric Corp's Subsidiary

Nov 08, 2012

Kang Yong Electric PCL announced that it will acquire molds and die categories for developing new technology of injection molded of component part for electric fan, exhaust fan and fan motor, from Mitsubishi Electric Trading Corporation (MT), a 95.8% owned subsidiary of Mitsubishi Electric Corp, worth JPY 47,548,448 (THB 18,543,895). The transaction will be within November 2012 to April 2013.

Mitsubishi Electric Corp Secures FACTS Equipment Order From Oncor For Brown Switching Station In Texas

Oct 23, 2012

Mitsubishi Electric Corp and US affiliate Mitsubishi Electric Power Products, Inc. of Warrendale, Penn. announced the award of an order for more than $45 million from Texas-based electric delivery company Oncor for two large Static VAR Compensator (SVC) systems at the Brown Switching Station near Brownwood, Texas. The SVC systems will use their total capacity of over 1100 controlled Mvar. to provide post-contingency support and voltage regulation for the Oncor power system. The Oncor SVCs will be placed into commercial operation in January of 2014.

Mitsubishi Electric Corp Determines Mid-year Dividend Forecast for FY 2013

Sep 24, 2012

Mitsubishi Electric Corp announced that it has determined the mid-year dividend forecast of JPY 5 per share for the fiscal year ending March 31, 2013. The year-end dividend forecast is still undetermined.

Mitsubishi Electric Corp Files Lawsuit Against European Commission - Denki Shimbun

Sep 14, 2012

Denki Shimbun reported that Mitsubishi Electric Corp announced that it has filed a lawsuit to European General Court against European Commission on September 12, 2012, for the surcharge order the Company received from European Commission in June 2012, of EUR 74,817,000 for single responsibility as well as EUR 4,650,000 for collective responsibility due to the violation of European Union competition law in the sale of gas insulated switchgear (GIS). The surcharge payment was ordered during the pendency of the appeal filed by Mitsubishi Electric against European Commission for claim of doubt in the surcharge order.

Mitsubishi Electric Corp To Install High-Speed Elevators In Two Chengdu Skyscrapers

Aug 07, 2012

Mitsubishi Electric Corp announced that it has received orders for the installation of high-speed elevators in Chengdu Hilton International Square and Chengdu International Mart, two building complexes currently under construction and scheduled to be opened in 2013 in Chengdu City, Sichuan Province, China. A total of 88 units of elevators and escalators are planned for these projects. The order was placed by Chengdu George Seaton Real Estate Co., Ltd.

Mitsubishi Electric Corp Receives Surcharge Order from European Commission

Jun 28, 2012

Mitsubishi Electric Corp announced that it has received a surcharge order from European Commission with an amount of EUR 74,817,000 for single responsibility as well as an amount of EUR 4,650,000 for collective responsibility, due to the doubtful violation of European Union competition law in the selling of gas Insulated switchgear.

Volvo Selects Mitsubishi Electric Corp To Develop Advanced Infotainment Technology

May 22, 2012

Mitsubishi Electric Corporation announced that it has been chosen by Volvo Car Corporation as a partner to develop automotive infotainment systems for all Volvo vehicles launched from November 2013 onwards.

Mitsubishi Electric Corp Declares Dividend

May 08, 2012

Mitsubishi Electric Corp announced that the Company has decided to pay a year end retained earnings dividend of JPY0.06 per share for fiscal 2012. Adding the interim dividend of JPY0.06 per share, the total annual dividend will be JPY0.12 per share. Payment is planned to begin on June 4, 2012.

R&I Affirms Mitsubishi Electric Corporation's Rating at "AA-"; Rating Outlook Stable

Apr 09, 2012

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Mitsubishi Electric Corporation at "AA-". The rating outlook is stable.

Mitsubishi Electric Corporation Amends Year-end Dividend Forecast for FY 2012

Mar 26, 2012

Mitsubishi Electric Corporation announced that it has amended the year-end dividend forecast from an undetermined value to JPY 6 per share for the fiscal year ending March 2012.

Mitsubishi Electric Corporation Receives Restriction Order from Ministry of Internal Affairs and Communications

Mar 02, 2012

Mitsubishi Electric Corporation announced that it has received a restriction order from Ministry of Internal Affairs and Communications, to restrict its eligibility of competitive bid for three months, from March 2, 2012 to June 1, 2012.

Mitsubishi Electric Corporation Receives An Order From Ahuja Constructions For Installation Of Nine Elevator Units in The 53-Story Residential Ahuja Tower

Feb 29, 2012

Mitsubishi Electric Corporation announced that it has received an order from Ahuja Constructions for the installation of nine elevator units in the 53-story residential Ahuja Tower currently under construction in Mumbai, India. Of the nine units, four will travel at 6 meters per second, or 21.6 kph.

Mitsubishi Electric Corporation to Strengthen Industrial Automation Systems Business in India through Acquisition of Messung Group -Journal of India

Feb 06, 2012

Journal of India reported that Mitsubishi Electric Corporation has acquired the Messung Group, a manufacturer of programmable logic controllers (PLCs) and human machine interfaces (HMIs) and one of Mitsubishi Electric's sales and distribution partners in India. The acquisition will allow Mitsubishi Electric to accelerate its industrial automation systems business in India and strengthen local sales and solutions, aiming at sales of JPY 15 billion by the fiscal year ending March 2016. The Messung Group, which has partnered Mitsubishi Electric for around 15 years, will be merged with Mitsubishi Electric India Pvt. Ltd. A business transfer agreement signed by Mitsubishi Electric and the Messung Group in December 2011 is expected to be completed by the end of March 2012 to finalize the acquisition. Operations of the consolidated business will commence in April.

Mitsubishi Electric Corporation to Acquire India-based Company-MAINHQ

Jan 24, 2012

Mainichi Newspapers Co. Ltd. reported that Mitsubishi Electric Corporation has decided to acquire an India-based company, which engages in the manufacture of industrial machinery, for several billion of JPY. The acquisition of the India-based company aims at the expansion of factory automation business.

News

Mitsubishi Electric Completes Refund Payments for Overcharged Expenses in Space Systems Business Business Wire (304 Words)	18-Jan-2013
Tokyo Closing Stock Prices(1) Nikkei English News (922 Words)	18-Jan-2013
WIPO PUBLISHES PATENT OF MITSUBISHI ELECTRIC FOR "ELECTROMAGNETIC CONTROL DEVICE" (JAPANESE INVENTORS) U.S. Fed News (253 Words)	18-Jan-2013
WIPO PUBLISHES PATENT OF MITSUBISHI ELECTRIC FOR "POWER CONVERSION DEVICE" (JAPANESE INVENTOR) U.S. Fed News (249 Words)	18-Jan-2013
Controversies around solar-car at global energy event Xinhua News Agency (311 Words)	17-Jan-2013
Researchers Submit Patent Application, "Totally-Enclosed Horizontal Rotating Electric Machine", for Approval Politics & Government Week (1087 Words)	17-Jan-2013
Researchers Submit Patent Application, "Numerical Control Device and Numerical Control Method", for Approval Politics & Government Week (861 Words)	17-Jan-2013
Researchers Submit Patent Application, "Binarization Circuit for Binarizing Detection Signal Representing Rotation Or Movement of Object", for... Politics & Government Week (2080 Words)	17-Jan-2013
Patent Application Titled "Radio Communication Base Station Device and Correlation Setting Method" Under Review Politics & Government Week (1105 Words)	17-Jan-2013
Patent Application Titled "Terminal Block and Electronics Device Unit" Under Review Politics & Government Week (546 Words)	17-Jan-2013

Articles

Mitsubishi Denki Kabushiki Kaisha Receives Patent for Method and System of Searching for an Object in an Image Indian Patent News (212 Words) (1 Page)	16-Jan-2013
JAPAN: Mitsubishi Electric establishes direct presence in Turkey just-auto.com (168 Words) (1 Page)	14-Jan-2013
Kyodo news summary -3- Japan Weekly Monitor (355 Words) (1 Page)	14-Jan-2013
United States : SUPPLYONE INC buys MELCO TendersInfo News (177 Words) (1 Page)	14-Jan-2013
Turkey : MITSUBISHI ELECTRIC expands in TURKEY with the opening of new company TendersInfo News (144 Words) (1 Page)	12-Jan-2013
Turkey : MITSUBISHI ELECTRIC ventures into TURKEY TendersInfo News (83 Words) (1 Page)	09-Jan-2013
Japan,Turkey : Mitsubishi Electric Establishes Direct Presence in Turkey TendersInfo News (160 Words) (1 Page)	09-Jan-2013
Mitsubishi Electric Establishes Direct Presence in Turkey M2 EquityBites (EQB) (166 Words) (1 Page)	08-Jan-2013
Mitsubishi Electric Corp Files Patent Application for Power Converting Apparatus for Electric Motor Vehicle Propulsion Indian Patent News (301 Words) (1 Page)	05-Jan-2013
Mitsubishi Electric Corp Files Patent Application for Electric Power Converter of Electric Rolling Stock Indian Patent News (239 Words) (1 Page)	05-Jan-2013

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	Reclassified Normal 31-Mar-2010	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified

Net Sales	46,091.8	42,540.2	36,079.8	36,474.5	35,430.8
Revenue	46,091.8	42,540.2	36,079.8	36,474.5	35,430.8
Total Revenue	46,091.8	42,540.2	36,079.8	36,474.5	35,430.8

Cost of Revenue	33,294.4	30,609.3	26,953.6	26,979.1	25,871.6
Cost of Revenue, Total	33,294.4	30,609.3	26,953.6	26,979.1	25,871.6
Gross Profit	12,797.5	11,930.9	9,126.2	9,495.4	9,559.1

Selling/General/Administrative Expense	7,918.9	7,536.1	6,607.0	6,473.2	6,020.3
Total Selling/General/Administrative Expenses	7,918.9	7,536.1	6,607.0	6,473.2	6,020.3
Research & Development	1,975.6	1,620.1	1,322.3	1,325.8	1,201.1
Impairment-Assets Held for Use	-	46.7	182.3	305.9	27.9
Loss (Gain) on Sale of Assets - Operating	47.9	-	-	-	-
Unusual Expense (Income)	47.9	46.7	182.3	305.9	27.9
Total Operating Expense	43,236.7	39,812.3	35,065.2	35,084.0	33,121.0

Operating Income	2,855.1	2,727.9	1,014.6	1,390.5	2,309.8

Interest Expense - Non-Operating	-86.3	-90.4	-100.5	-109.6	-84.2
Interest Expense, Net Non-Operating	-86.3	-90.4	-100.5	-109.6	-84.2
Interest Income - Non-Operating	105.5	95.2	96.0	128.9	127.2
Investment Income - Non-Operating	-68.0	-236.7	-374.4	-673.9	-
Interest/Investment Income - Non-Operating	37.6	-141.5	-278.5	-545.0	127.2
Interest Income (Expense) - Net Non-Operating Total	-48.8	-231.9	-379.0	-654.6	43.0
Other Non-Operating Income (Expense)	31.5	-42.6	55.8	-298.7	-370.2
Other, Net	31.5	-42.6	55.8	-298.7	-370.2
Income Before Tax	2,837.8	2,453.4	691.4	437.2	1,982.6

Total Income Tax	1,340.1	899.7	337.7	279.1	693.9
Income After Tax	1,497.8	1,553.7	353.7	158.1	1,288.7

Minority Interest	-78.5	-100.5	-49.4	-37.0	-
Equity In Affiliates	-	-	-	-	93.4
Net Income Before Extraord Items	1,419.2	1,453.2	304.3	121.1	1,382.1
Net Income	1,419.2	1,453.2	304.3	121.1	1,382.1

Income Available to Common Excl Extraord Items	1,419.2	1,453.2	304.3	121.1	1,382.1

Income Available to Common Incl Extraord Items	1,419.2	1,453.2	304.3	121.1	1,382.1

Basic/Primary Weighted Average Shares	2,146.9	2,147.0	2,146.1	2,146.4	2,146.5
Basic EPS Excl Extraord Items	0.66	0.68	0.14	0.06	0.64
Basic/Primary EPS Incl Extraord Items	0.66	0.68	0.14	0.06	0.64
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1,419.2	1,453.2	304.3	121.1	1,382.1
Diluted Weighted Average Shares	2,146.9	2,147.0	2,146.1	2,146.4	2,146.6
Diluted EPS Excl Extraord Items	0.66	0.68	0.14	0.06	0.64
Diluted EPS Incl Extraord Items	0.66	0.68	0.14	0.06	0.64
Dividends per Share - Common Stock Primary Issue	0.15	0.14	0.04	0.06	0.11
Gross Dividends - Common Stock	326.3	300.6	92.3	128.2	244.1
Interest Expense, Supplemental	86.3	90.4	100.5	109.6	84.2
Depreciation, Supplemental	1,611.5	1,228.6	1,465.3	1,758.7	1,218.9
Total Special Items	47.9	46.7	182.3	305.9	27.9
Normalized Income Before Tax	2,885.7	2,500.2	873.7	743.2	2,010.5

Effect of Special Items on Income Taxes	22.6	17.1	89.0	107.1	9.8
Inc Tax Ex Impact of Sp Items	1,362.7	916.8	426.8	386.2	703.6
Normalized Income After Tax	1,523.0	1,583.3	446.9	357.0	1,306.8

Normalized Inc. Avail to Com.	1,444.5	1,482.8	397.5	319.9	1,400.2

Basic Normalized EPS	0.67	0.69	0.19	0.15	0.65
Diluted Normalized EPS	0.67	0.69	0.19	0.15	0.65
Advertising Expense, Supplemental	-	199.0	177.1	216.2	214.1
Research & Development Exp, Supplemental	1,975.6	1,620.1	1,322.3	1,325.8	1,201.1
Reported Operating Profit	2,855.1	2,727.9	1,014.6	1,390.5	2,337.7
Normalized EBIT	2,903.0	2,774.7	1,196.9	1,696.5	2,337.7
Normalized EBITDA	4,514.5	4,003.3	2,662.2	3,455.2	3,556.6
Current Tax - Total	534.3	-	-	-	-
Current Tax - Total	534.3	-	-	-	-
Deferred Tax - Total	805.8	-	-	-	-
Deferred Tax - Total	805.8	-	-	-	-
Income Tax - Total	1,340.1	-	-	-	-
Interest Cost - Domestic	276.6	260.8	248.6	233.8	251.0
Service Cost - Domestic	384.1	350.7	350.0	373.5	310.9
Prior Service Cost - Domestic	-215.9	-198.3	-167.1	-154.3	-127.8
Expected Return on Assets - Domestic	-162.5	-140.7	-111.6	-121.0	-136.4
Actuarial Gains and Losses - Domestic	353.4	409.7	454.3	311.2	152.7
Other Pension, Net - Domestic	-14.0	-13.2	-12.6	-12.1	-10.8
Domestic Pension Plan Expense	621.6	669.0	761.6	631.2	439.5
Total Pension Expense	621.6	669.0	761.6	631.2	439.5
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.50%
Expected Rate of Return - Domestic	2.50%	2.50%	2.50%	2.50%	3.00%
Compensation Rate - Domestic	1.70%	1.70%	1.70%	1.70%	1.70%
Total Plan Interest Cost	276.6	260.8	248.6	233.8	251.0
Total Plan Service Cost	384.1	350.7	350.0	373.5	310.9
Total Plan Expected Return	-162.5	-140.7	-111.6	-121.0	-136.4
Total Plan Other Expense	-14.0	-13.2	-12.6	-12.1	-10.8

Annual Balance Sheet

Financials in: USD (mil)

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

Cash & Equivalents	4,760.3	5,695.8	4,185.8	3,630.8	3,358.7
Short Term Investments	36.4	121.0	102.1	134.4	95.5
Cash and Short Term Investments	4,796.7	5,816.8	4,287.9	3,765.2	3,454.2
Accounts Receivable - Trade, Gross	11,540.1	8,933.8	8,031.9	7,388.4	8,613.2
Provision for Doubtful Accounts	-	-101.0	-97.5	-104.9	-62.6
Trade Accounts Receivable - Net	11,540.1	8,832.8	7,934.4	7,283.5	8,550.6
Notes Receivable - Short Term	-	711.0	528.3	481.9	613.8
Total Receivables, Net	11,540.1	9,543.8	8,462.7	7,765.3	9,164.3
Inventories - Finished Goods	2,827.1	2,596.5	1,850.7	2,099.8	1,978.8
Inventories - Work In Progress	3,362.5	2,811.0	2,414.5	2,505.6	2,549.6
Inventories - Raw Materials	1,098.1	957.2	809.8	776.8	737.7
Inventories - Other	-294.0	-	-	-	-
Total Inventory	6,993.7	6,364.7	5,075.0	5,382.2	5,266.1
Prepaid Expenses	3,341.5	3,287.5	2,802.4	2,727.9	2,817.9
Total Current Assets	26,672.0	25,012.8	20,627.9	19,640.7	20,702.5

Buildings	7,580.2	7,379.0	6,464.2	5,979.4	5,816.6
Land/Improvements	1,241.7	1,199.8	1,054.0	1,009.9	1,031.0
Machinery/Equipment	18,707.7	17,806.7	15,637.9	14,606.5	14,318.5
Construction in Progress	502.1	324.1	240.5	222.5	258.5
Property/Plant/Equipment - Gross	28,031.6	26,709.6	23,396.6	21,818.3	21,424.6
Accumulated Depreciation	-21,272.6	-20,345.6	-17,857.9	-16,205.0	-15,376.2
Property/Plant/Equipment - Net	6,759.0	6,364.1	5,538.7	5,613.3	6,048.4
LT Investment - Affiliate Companies	2,173.2	2,289.9	1,855.4	1,888.1	2,475.7
LT Investments - Other	2,918.8	3,127.0	3,128.0	2,772.9	2,938.7
Long Term Investments	5,091.9	5,416.9	4,983.4	4,661.0	5,414.4
Note Receivable - Long Term	12.3	25.2	16.7	96.2	4.8
Other Long Term Assets	2,632.8	3,391.9	3,241.4	3,745.2	2,843.5
Other Long Term Assets, Total	2,632.8	3,391.9	3,241.4	3,745.2	2,843.5
Total Assets	41,168.1	40,210.9	34,408.1	33,756.4	35,013.6

Accounts Payable	8,499.8	8,419.3	6,781.6	6,197.5	7,611.5
Accrued Expenses	4,257.3	4,440.1	3,817.5	3,489.4	3,669.7
Notes Payable/Short Term Debt	1,355.5	783.1	760.1	2,090.9	872.8
Current Portion - Long Term Debt/Capital Leases	1,078.2	1,663.3	620.5	1,056.7	1,086.8
Income Taxes Payable	192.6	572.1	248.1	248.0	703.0
Other Current Liabilities	2,016.5	1,863.2	1,330.9	1,223.6	1,185.6
Other Current liabilities, Total	2,209.1	2,435.4	1,578.9	1,471.6	1,888.6
Total Current Liabilities	17,399.9	17,741.2	13,558.5	14,306.1	15,129.4

Long Term Debt	4,148.7	3,397.6	4,371.8	3,715.5	3,574.0
Total Long Term Debt	4,148.7	3,397.6	4,371.8	3,715.5	3,574.0
Total Debt	6,582.4	5,844.0	5,752.4	6,863.1	5,533.7

Minority Interest	710.7	708.1	605.8	531.2	600.6
Pension Benefits - Underfunded	4,516.4	5,055.6	4,909.7	6,028.9	4,784.5
Other Long Term Liabilities	646.5	635.5	639.2	574.2	562.6
Other Liabilities, Total	5,162.8	5,691.1	5,548.9	6,603.1	5,347.1
Total Liabilities	27,422.2	27,537.9	24,085.1	25,155.9	24,651.0

Common Stock	2,134.1	2,121.4	1,881.6	1,780.1	1,766.4
Common Stock	2,134.1	2,121.4	1,881.6	1,780.1	1,766.4
Additional Paid-In Capital	2,504.6	2,517.7	2,247.5	2,135.1	2,118.8
Retained Earnings (Accumulated Deficit)	11,726.9	10,641.6	8,313.0	7,578.1	7,677.9
Treasury Stock - Common	-2.7	-2.4	-16.0	-6.5	-5.1
Unrealized Gain (Loss)	148.2	70.8	178.6	-42.5	244.8
Translation Adjustment	-821.2	-716.7	-444.4	-480.9	49.1
Minimum Pension Liability Adjustment	-1,944.0	-1,959.3	-1,837.3	-2,362.8	-1,489.4
Other Equity, Total	-2,765.2	-2,676.0	-2,281.7	-2,843.7	-1,440.3
Total Equity	13,745.9	12,673.0	10,323.0	8,600.5	10,362.6

Total Liabilities & Shareholdersâ€™ Equity	41,168.1	40,210.9	34,408.1	33,756.4	35,013.6

Shares Outstanding - Common Stock Primary Issue	2,146.9	2,146.9	2,145.2	2,146.4	2,146.5
Total Common Shares Outstanding	2,146.9	2,146.9	2,145.2	2,146.4	2,146.5
Treasury Shares - Common Stock Primary Issue	0.3	0.3	2.0	0.8	0.7
Employees	117,314	114,443	109,565	106,931	105,651
Number of Common Shareholders	114,762	112,666	120,128	130,341	119,063
Total Long Term Debt, Supplemental	5,226.9	5,060.9	4,992.3	4,772.1	4,660.9
Long Term Debt Maturing within 1 Year	1,078.2	1,663.3	620.5	1,056.7	1,086.8
Long Term Debt Maturing in Year 2	1,240.4	1,065.4	1,461.2	581.6	1,006.6
Long Term Debt Maturing in Year 3	996.8	1,183.2	895.7	1,349.0	534.1
Long Term Debt Maturing in Year 4	677.1	411.3	1,020.8	808.3	693.2
Long Term Debt Maturing in Year 5	543.9	90.1	347.0	552.8	785.7
Long Term Debt Maturing in 2-3 Years	2,237.2	2,248.6	2,356.8	1,930.6	1,540.7
Long Term Debt Maturing in 4-5 Years	1,221.1	501.4	1,367.7	1,361.1	1,479.0
Long Term Debt Matur. in Year 6 & Beyond	690.4	647.6	647.2	423.9	554.3
Total Capital Leases, Supplemental	362.1	368.7	326.7	374.9	355.0
Capital Lease Payments Due in Year 1	134.1	139.3	125.5	142.2	123.7
Capital Lease Payments Due in Year 2	115.4	119.4	101.6	110.3	94.3
Capital Lease Payments Due in Year 3	65.3	67.3	59.8	65.8	65.2
Capital Lease Payments Due in Year 4	36.5	28.8	27.9	35.4	34.8
Capital Lease Payments Due in Year 5	9.9	11.8	7.7	15.5	18.5
Capital Lease Payments Due in 2-3 Years	180.7	186.7	161.4	176.0	159.5
Capital Lease Payments Due in 4-5 Years	46.3	40.6	35.6	50.9	53.3
Cap. Lease Pymts. Due in Year 6 & Beyond	0.9	2.0	4.2	5.8	18.5
Total Operating Leases, Supplemental	157.2	157.9	121.7	125.0	54.4
Operating Lease Payments Due in Year 1	54.7	55.3	48.9	45.1	25.8
Operating Lease Payments Due in Year 2	39.2	40.4	33.4	35.8	15.1
Operating Lease Payments Due in Year 3	28.6	26.2	21.4	23.8	10.7
Operating Lease Payments Due in Year 4	16.6	14.9	10.5	12.8	2.1
Operating Lease Payments Due in Year 5	9.9	9.1	4.7	4.8	0.3
Operating Lease Pymts. Due in 2-3 Years	67.8	66.6	54.9	59.7	25.8
Operating Lease Pymts. Due in 4-5 Years	26.4	24.0	15.2	17.6	2.4
Oper. Lse. Pymts. Due in Year 6 & Beyond	8.2	12.0	2.7	2.6	0.4
Pension Obligation - Domestic	12,781.0	12,935.4	11,725.7	11,504.3	11,639.4
Plan Assets - Domestic	8,293.4	7,910.1	6,824.9	5,492.6	6,903.6
Funded Status - Domestic	-4,487.6	-5,025.3	-4,900.8	-6,011.6	-4,735.8
Total Funded Status	-4,487.6	-5,025.3	-4,900.8	-6,011.6	-4,735.8
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Compensation Rate - Domestic	1.70%	1.70%	1.70%	1.70%	1.70%
Other Assets, Net - Domestic	-3,585.8	-3,589.9	-3,140.3	-4,089.6	-2,558.6
Net Assets Recognized on Balance Sheet	-3,585.8	-3,589.9	-3,140.3	-4,089.6	-2,558.6
Total Plan Obligations	12,781.0	12,935.4	11,725.7	11,504.3	11,639.4
Total Plan Assets	8,293.4	7,910.1	6,824.9	5,492.6	6,903.6

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	Reclassified Normal 31-Mar-2010	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified

Net Income/Starting Line	1,497.8	1,553.7	353.7	158.1	1,382.1
Depreciation	1,611.5	1,228.6	1,288.6	1,473.0	1,192.3
Depreciation/Depletion	1,611.5	1,228.6	1,288.6	1,473.0	1,192.3
Deferred Taxes	-	265.9	80.0	200.4	47.6
Unusual Items	120.1	67.1	188.5	482.5	39.9
Equity in Net Earnings (Loss)	42.6	236.7	374.4	673.9	-93.4
Other Non-Cash Items	805.8	-	-	-	-
Non-Cash Items	968.5	303.9	563.0	1,156.4	-53.5
Accounts Receivable	-2,103.5	-170.3	-174.0	1,082.0	-261.9
Inventories	-705.9	-764.5	606.4	-375.4	-144.6
Other Assets	-222.3	29.1	118.1	-87.6	-40.1
Accrued Expenses	-658.5	433.6	347.8	-1,762.9	162.5
Other Liabilities	-92.6	509.4	76.1	-388.9	-110.1
Other Operating Cash Flow	657.1	434.1	293.7	347.5	90.4
Changes in Working Capital	-3,125.6	471.4	1,268.1	-1,185.3	-303.7
Cash from Operating Activities	952.1	3,823.5	3,553.2	1,802.7	2,264.8

Purchase of Fixed Assets	-2,018.0	-1,256.1	-1,173.5	-1,407.5	-1,265.3
Capital Expenditures	-2,018.0	-1,256.1	-1,173.5	-1,407.5	-1,265.3
Sale of Fixed Assets	64.4	52.6	68.3	43.2	28.8
Sale/Maturity of Investment	202.1	220.5	216.8	136.3	281.6
Purchase of Investments	-149.0	-602.6	-496.1	-863.3	-369.0
Other Investing Cash Flow	-77.4	-113.8	-62.5	-47.7	165.9
Other Investing Cash Flow Items, Total	40.2	-443.4	-273.5	-731.5	107.4
Cash from Investing Activities	-1,977.9	-1,699.5	-1,447.1	-2,139.0	-1,157.9

Other Financing Cash Flow	-128.9	-30.5	-42.9	0.0	0.0
Financing Cash Flow Items	-128.9	-30.5	-42.9	0.0	0.0
Cash Dividends Paid - Common	-353.5	-225.4	0.0	-277.7	-225.3
Total Cash Dividends Paid	-353.5	-225.4	0.0	-277.7	-225.3
Sale/Issuance of Common	0.0	0.1	0.1	0.6	0.6
Repurchase/Retirement of Common	-0.3	-0.5	-9.4	-2.0	-1.2
Common Stock, Net	-0.2	-0.5	-9.2	-1.5	-0.6
Issuance (Retirement) of Stock, Net	-0.2	-0.5	-9.2	-1.5	-0.6
Short Term Debt, Net	590.5	-59.7	-1,576.1	1,214.4	-442.1
Long Term Debt Issued	1,751.3	1.2	997.5	1,024.4	556.6
Long Term Debt Reduction	-1,770.2	-726.4	-1,146.8	-1,114.8	-936.3
Long Term Debt, Net	-18.9	-725.3	-149.3	-90.4	-379.7
Issuance (Retirement) of Debt, Net	571.6	-784.9	-1,725.4	1,124.0	-821.7
Cash from Financing Activities	89.0	-1,041.3	-1,777.5	844.8	-1,047.7

Foreign Exchange Effects	-75.0	-138.1	21.1	-266.6	-132.0
Net Change in Cash	-1,011.7	944.7	349.7	241.9	-72.9

Net Cash - Beginning Balance	5,978.5	4,564.3	3,858.5	3,327.0	2,997.7
Net Cash - Ending Balance	4,966.8	5,508.9	4,208.2	3,568.9	2,924.8
Cash Interest Paid	81.2	90.1	94.1	112.2	86.1
Cash Taxes Paid	-834.6	398.7	189.3	676.9	544.6

Annual Income Statement

Financials in: USD (mil)

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

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

Net Sales	46,091.8	42,540.2	36,079.8	36,474.5	35,430.8
Total Revenue	46,091.8	42,540.2	36,079.8	36,474.5	35,430.8

Impairment Loss On Noncurrent Assets	47.9	-	-	-	-
Cost of Sales	33,294.4	30,609.3	26,953.6	26,979.1	25,871.6
Sell./Gen./Admin.	7,918.9	7,536.1	6,607.0	6,473.2	6,020.3
Research/Development	1,975.6	1,620.1	1,322.3	1,325.8	1,201.1
Impairment loss	-	46.7	182.3	305.9	27.9
Total Operating Expense	43,236.7	39,812.3	35,065.2	35,084.0	33,121.0

Int.& Dividend Inc.	105.5	95.2	96.0	128.9	127.2
Equity In Earnings Of Affiliates	0.0	-	-	-	-
NOP Foreign Exc Loss	-25.3	-	-	-	-
Other Non-Operating Income	281.1	-	-	-	-
Other-Other NOP Expense	-249.6	-	-	-	-
Other Income	-	327.2	196.7	209.1	136.4
Interest Expense	-86.3	-90.4	-100.5	-109.6	-84.2
Equity losses	-42.6	-236.7	-374.4	-673.9	-
Other Expenses	-	-369.8	-140.9	-507.8	-506.7
Net Income Before Taxes	2,837.8	2,453.4	691.4	437.2	1,982.6

Provision for Income Taxes	1,340.1	899.7	337.7	279.1	693.9
Net Income After Taxes	1,497.8	1,553.7	353.7	158.1	1,288.7

Equity in Affils.	-	-	-	-	93.4
Minority interest	-78.5	-100.5	-49.4	-37.0	-
Net Income Before Extra. Items	1,419.2	1,453.2	304.3	121.1	1,382.1
Net Income	1,419.2	1,453.2	304.3	121.1	1,382.1

Income Available to Com Excl ExtraOrd	1,419.2	1,453.2	304.3	121.1	1,382.1

Income Available to Com Incl ExtraOrd	1,419.2	1,453.2	304.3	121.1	1,382.1

Basic Weighted Average Shares	2,146.9	2,147.0	2,146.1	2,146.4	2,146.5
Basic EPS Excluding ExtraOrdinary Items	0.66	0.68	0.14	0.06	0.64
Basic EPS Including ExtraOrdinary Item	0.66	0.68	0.14	0.06	0.64
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1,419.2	1,453.2	304.3	121.1	1,382.1
Diluted Weighted Average Shares	2,146.9	2,147.0	2,146.1	2,146.4	2,146.6
Diluted EPS Excluding ExtraOrd Items	0.66	0.68	0.14	0.06	0.64
Diluted EPS Including ExtraOrd Items	0.66	0.68	0.14	0.06	0.64
DPS-Common Stock	0.15	0.14	0.04	0.06	0.11
Gross Dividends - Common Stock	326.3	300.6	92.3	128.2	244.1
Normalized Income Before Taxes	2,885.7	2,500.2	873.7	743.2	2,010.5

Inc Tax Ex Impact of Sp Items	1,362.7	916.8	426.8	386.2	703.6
Normalized Income After Taxes	1,523.0	1,583.3	446.9	357.0	1,306.8

Normalized Inc. Avail to Com.	1,444.5	1,482.8	397.5	319.9	1,400.2

Basic Normalized EPS	0.67	0.69	0.19	0.15	0.65
Diluted Normalized EPS	0.67	0.69	0.19	0.15	0.65
Research & Development Exp	1,975.6	1,620.1	1,322.3	1,325.8	1,201.1
Interest Expense	86.3	90.4	100.5	109.6	84.2
Advertising Expenses	-	199.0	177.1	216.2	214.1
Amort of Tangible Assets-Current Portion	1,611.5	-	-	-	-
Depreciation	-	1,228.6	1,465.3	1,758.7	1,218.9
Income taxes-current	534.3	-	-	-	-
Current Tax - Total	534.3	-	-	-	-
Income Taxes Deferred	805.8	-	-	-	-
Deferred Tax - Total	805.8	-	-	-	-
Income Tax - Total	1,340.1	-	-	-	-
Reported operating profit	2,855.1	2,727.9	1,014.6	1,390.5	2,337.7
Service cost	384.1	350.7	350.0	373.5	310.9
Interest cost	276.6	260.8	248.6	233.8	251.0
Expected return on plan asset	-162.5	-140.7	-111.6	-121.0	-136.4
Amort. prior service	-215.9	-198.3	-167.1	-154.3	-127.8
Amort. actuarial G/L	353.4	409.7	454.3	311.2	152.7
Employee Contribution	-14.0	-	-	-	-
Emplyee contribution	-	-13.2	-12.6	-12.1	-10.8
Domestic Pension Plan Expense	621.6	669.0	761.6	631.2	439.5
Total Pension Expense	621.6	669.0	761.6	631.2	439.5
Discount rate	2.00%	2.00%	2.00%	2.00%	2.50%
Assumed Wage increase Rate (MAX)-Retirem	1.70%	-	-	-	-
Compensation rate	-	1.70%	1.70%	1.70%	1.70%
Expected rate of return	2.50%	2.50%	2.50%	2.50%	3.00%

Annual Balance Sheet

Financials in: USD (mil)

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

Cash/Equivalents	4,760.3	5,695.8	4,185.8	3,630.8	3,358.7
Marketable securities	36.4	121.0	102.1	134.4	95.5
Notes Receivable	-	711.0	528.3	481.9	613.8
Notes And Accounts Receivable Trade	11,540.1	-	-	-	-
Accounts Rcvbl.	-	8,933.8	8,031.9	7,388.4	8,613.2
Doubtful Accnts.	-	-101.0	-97.5	-104.9	-62.6
Work in process	3,362.5	-	-	-	-
Work in Progress	-	3,006.4	2,640.0	2,776.9	2,826.9
Accum. Billings	-	-195.4	-225.5	-271.3	-277.3
Raw materials	1,098.1	-	-	-	-
Raw Materials	-	957.2	809.8	776.8	737.7
Prepaid expense & Other Cur. Assets	3,341.5	3,287.5	2,802.4	2,727.9	2,817.9
Finished goods	2,827.1	-	-	-	-
Finished Goods	-	2,596.5	1,850.7	2,099.8	1,978.8
Advanced received	-294.0	-	-	-	-
Total Current Assets	26,672.0	25,012.8	20,627.9	19,640.7	20,702.5

LT Trade Loan	12.3	25.2	16.7	96.2	4.8
Invest. Secs.	2,918.8	3,127.0	3,128.0	2,772.9	2,938.7
Invest. Affils.	2,173.2	2,289.9	1,855.4	1,888.1	2,475.7
Land	1,241.7	1,199.8	1,054.0	1,009.9	1,031.0
Buildings	7,580.2	7,379.0	6,464.2	5,979.4	5,816.6
Machinery/Equip.	18,707.7	17,806.7	15,637.9	14,606.5	14,318.5
Const. in Progr.	502.1	324.1	240.5	222.5	258.5
Accumulated Depreciation	-21,272.6	-	-	-	-
Depreciation	-	-20,345.6	-17,857.9	-16,205.0	-15,376.2
Other Assets	2,632.8	3,391.9	3,241.4	3,745.2	2,843.5
Total Assets	41,168.1	40,210.9	34,408.1	33,756.4	35,013.6

Short-term loans payable	1,355.5	783.1	760.1	2,090.9	872.8
Cur.Port.LT Debt	1,078.2	1,663.3	620.5	1,056.7	1,086.8
Acc.& Note Payab	8,499.8	8,419.3	6,781.6	6,197.5	7,611.5
Accrued Expenses	4,257.3	4,440.1	3,817.5	3,489.4	3,669.7
Accrued Taxes	192.6	572.1	248.1	248.0	703.0
Other	2,016.5	1,863.2	1,330.9	1,223.6	1,185.6
Total Current Liabilities	17,399.9	17,741.2	13,558.5	14,306.1	15,129.4

LT Debt/ Bond	4,148.7	3,397.6	4,371.8	3,715.5	3,574.0
Total Long Term Debt	4,148.7	3,397.6	4,371.8	3,715.5	3,574.0

Retire. Benefits	4,516.4	5,055.6	4,909.7	6,028.9	4,784.5
Other	646.5	635.5	639.2	574.2	562.6
Equity Minority Interests	710.7	-	-	-	-
Minority Intrst.	-	708.1	605.8	531.2	600.6
Total Liabilities	27,422.2	27,537.9	24,085.1	25,155.9	24,651.0

Common Stock	2,134.1	-	-	-	-
Common Stock	-	2,121.4	1,881.6	1,780.1	1,766.4
Capital Surplus	2,504.6	2,517.7	2,247.5	2,135.1	2,118.8
Legal Reserve	740.9	714.6	623.7	579.4	564.5
Other retained earnings	10,986.0	9,927.0	7,689.2	6,998.7	7,113.4
Treasury Stock	-2.7	-2.4	-16.0	-6.5	-5.1
Translation Adjustment	-821.2	-716.7	-444.4	-480.9	49.1
Minimum Pension Liability	-1,944.0	-1,959.3	-1,837.3	-2,362.8	-1,489.4
G/L on val.of unrealized securities	148.6	71.9	177.7	-41.5	246.3
G/L on val.of unrealized derivatives	-0.4	-1.0	1.0	-1.0	-1.4
Total Equity	13,745.9	12,673.0	10,323.0	8,600.5	10,362.6

Total Liabilities & Shareholders' Equity	41,168.1	40,210.9	34,408.1	33,756.4	35,013.6

S/O-Common Stock	2,146.9	2,146.9	2,145.2	2,146.4	2,146.5
Total Common Shares Outstanding	2,146.9	2,146.9	2,145.2	2,146.4	2,146.5
T/S-Common Stock	0.3	0.3	2.0	0.8	0.7
Total Number of Employee	117,314	-	-	-	-
Full-Time Employees	-	114,443	109,565	106,931	105,651
Total Number of Shareholders	114,762	-	-	-	-
Number of Common Shareholders	-	112,666	120,128	130,341	119,063
LT Debt Maturing within 1Yr	1,078.2	1,663.3	620.5	1,056.7	1,086.8
Lns Pble Maturing over a Yr within 2 Yrs	1,240.4	-	-	-	-
LT Debt Maturing within 2Yr	-	1,065.4	1,461.2	581.6	1,006.6
Lns Pble Maturg over 2 Yrs within 3 Yrs	996.8	-	-	-	-
LT Debt Maturing within 3Yr	-	1,183.2	895.7	1,349.0	534.1
Lns Pble Maturg over 3 Yrs within 4 Yrs	677.1	-	-	-	-
LT Debt Maturing within 4Yr	-	411.3	1,020.8	808.3	693.2
Lns Pble Maturg over 4 Yrs within 5 Yrs	543.9	-	-	-	-
LT Debt Maturing within 5Yr	-	90.1	347.0	552.8	785.7
Loans Payable Remaining	690.4	-	-	-	-
LT Debt Maturing thereafter	-	647.6	647.2	423.9	554.3
Total Long Term Debt, Supplemental	5,226.9	5,060.9	4,992.3	4,772.1	4,660.9
Capital Lease Maturing within a Year	134.1	-	-	-	-
Capital Lease Due within 1Yr	-	139.3	125.5	142.2	123.7
Cap Lease Maturg over a Yr within 2 Yrs	115.4	-	-	-	-
Capital Lease Due within 2Yr	-	119.4	101.6	110.3	94.3
Cap Lease Maturg over 2 Yr within 3 Yrs	65.3	-	-	-	-
Capital Lease Due within 3Yr	-	67.3	59.8	65.8	65.2
Cap Lease Maturg over 3 Yr within 4 Yrs	36.5	-	-	-	-
Capital Lease Due within 4Yr	-	28.8	27.9	35.4	34.8
Cap Lease Maturg over 4 Yr within 5 Yrs	9.9	-	-	-	-
Capital Lease Due within 5Yr	-	11.8	7.7	15.5	18.5
Capital Lease Remaining	0.9	-	-	-	-
Capital Lease Due thereafter	-	2.0	4.2	5.8	18.5
Total Capital Leases	362.1	368.7	326.7	374.9	355.0
Operating Lease Due within 1Yr	54.7	55.3	48.9	45.1	25.8
Operating Lease Due within 2Yr	39.2	40.4	33.4	35.8	15.1
Operating Lease Due within 3 Yr	28.6	26.2	21.4	23.8	10.7
Operating Lease Due within 4Yr	16.6	14.9	10.5	12.8	2.1
Operating Lease Due within 5Yr	9.9	9.1	4.7	4.8	0.3
Operating Lease Due thereafter	8.2	12.0	2.7	2.6	0.4
Total Operating Leases	157.2	157.9	121.7	125.0	54.4
Pension obligation	12,781.0	12,935.4	11,725.7	11,504.3	11,639.4
Plan Assets at Fair Value	8,293.4	-	-	-	-
Fair value of plan assset	-	7,910.1	6,824.9	5,492.6	6,903.6
Unfunded Retirement Benefit Obligation	-4,487.6	-	-	-	-
Funded status	-	-5,025.3	-4,900.8	-6,011.6	-4,735.8
Total Funded Status	-4,487.6	-5,025.3	-4,900.8	-6,011.6	-4,735.8
Discount Rate(MIN)-Retirement Benefit Ob	2.00%	-	-	-	-
Discount rate	-	2.00%	2.00%	2.00%	2.00%
Assumed Wage increase Rate (MAX)-Retirem	1.70%	-	-	-	-
Compensation rate	-	1.70%	1.70%	1.70%	1.70%
Unrecognized Prior Service Cost	1,216.5	-	-	-	-
Unrecog. actuarial G/L	-4,802.3	-5,004.7	-4,571.0	-5,498.6	-4,109.6
Unrecog. prior service cost	-	1,414.9	1,430.7	1,409.1	1,551.0
Net Assets Recognized on Balance Sheet	-3,585.8	-3,589.9	-3,140.3	-4,089.6	-2,558.6

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	Reclassified Normal 31-Mar-2010	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified

Net Income	1,497.8	1,553.7	353.7	158.1	1,382.1
Depreciation	1,611.5	1,228.6	1,288.6	1,473.0	1,192.3
Adjustment Of Allocation Of Income Tax	805.8	-	-	-	-
Impairment Loss	42.6	41.3	176.7	285.7	26.6
Gain/Loss Sale/Retire Fixed Assets	10.6	-5.4	-11.4	18.2	22.3
Deferred Taxes	-	265.9	80.0	200.4	47.6
Gain/Loss Sale Mark. Secs.	-21.3	-15.2	-10.2	-6.0	-18.9
Loss Value Mark. Secs.	88.2	46.4	33.3	184.7	9.9
Equity Gain	42.6	236.7	374.4	673.9	-93.4
Notes & Trade Receivables	-2,103.5	-170.3	-174.0	1,082.0	-261.9
Inventories	-705.9	-764.5	606.4	-375.4	-144.6
Other Assets	-222.3	29.1	118.1	-87.6	-40.1
Notes & Trade Payables	115.4	772.3	488.2	-1,333.1	235.3
Accrued Expenses	-773.9	-338.6	-140.4	-429.8	-72.7
Other Liabilities	-92.6	509.4	76.1	-388.9	-110.1
Other, Net	657.1	434.1	293.7	347.5	90.4
Cash from Operating Activities	952.1	3,823.5	3,553.2	1,802.7	2,264.8

Capital Expenditures	-2,018.0	-1,256.1	-1,173.5	-1,407.5	-1,265.3
Sale of PPE	64.4	52.6	68.3	43.2	28.8
Purchase of marketable sec.	-149.0	-602.6	-496.1	-863.3	-369.0
Sale/Redemption of marketable sec.	202.1	220.5	216.8	136.3	281.6
Loan,net	-	-	-	1.5	187.3
Other, Net	-77.4	-113.8	-62.5	-49.1	-21.4
Cash from Investing Activities	-1,977.9	-1,699.5	-1,447.1	-2,139.0	-1,157.9

Proceeds LT Debt&bond	1,751.3	1.2	997.5	1,024.4	556.6
Repay LT Debt&bond	-1,770.2	-726.4	-1,146.8	-1,114.8	-936.3
ST Debts, Net	590.5	-59.7	-1,576.1	1,214.4	-442.1
Dividends Paid	-353.5	-225.4	0.0	-277.7	-225.3
Purch. of Treasury Stock	-0.3	-0.5	-9.4	-2.0	-1.2
Disp Treasury	0.0	0.1	0.1	0.6	0.6
Other	-128.9	-30.5	-42.9	0.0	0.0
Cash from Financing Activities	89.0	-1,041.3	-1,777.5	844.8	-1,047.7

Foreign Exchange Effects	-75.0	-138.1	21.1	-266.6	-132.0
Net Change in Cash	-1,011.7	944.7	349.7	241.9	-72.9

Net Cash - Beginning Balance	5,978.5	4,564.3	3,858.5	3,327.0	2,997.7
Net Cash - Ending Balance	4,966.8	5,508.9	4,208.2	3,568.9	2,924.8
Cash Interest Paid	81.2	90.1	94.1	112.2	86.1
Cash Taxes Paid	-834.6	398.7	189.3	676.9	544.6

Financial Health

Financials in: USD (mil)

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

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	11,597.5	-1.79%	46,091.8	-0.16%	-0.23%	-1.15%
Research & Development1 (?)	537.0	7.29%	1,975.6	12.37%	5.40%	4.74%
Operating Income1 (?)	546.7	-29.86%	2,855.1	-3.56%	17.29%	-0.66%
Income Available to Common Excl Extraord Items1 (?)	167.2	-68.94%	1,419.2	-10.01%	109.62%	-1.86%
Basic EPS Excl Extraord Items1 (?)	0.08	-68.94%	0.66	-10.01%	109.60%	-1.86%
Capital Expenditures2 (?)	922.4	10.22%	2,018.0	48.04%	4.05%	2.54%
Cash from Operating Activities2 (?)	637.8	-54.14%	952.1	-77.05%	-25.41%	-22.83%
Free Cash Flow (?)	-290.6	-	-1,021.6	-	-	-
Total Assets3 (?)	43,067.4	1.75%	41,168.1	1.77%	0.57%	-0.35%
Total Liabilities3 (?)	28,598.8	-0.71%	27,422.2	-1.01%	-3.12%	-1.14%
Total Long Term Debt3 (?)	4,446.1	27.98%	4,148.7	21.38%	-2.34%	-2.50%
Employees3 (?)	-	-	117314	2.51%	3.14%	2.67%
Total Common Shares Outstanding3 (?)	2,146.9	0.00%	2,146.9	0.00%	0.01%	0.00%
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 (?)	27.77%	28.05%	25.29%	26.03%	26.98%
Operating Margin (?)	6.19%	6.41%	2.81%	3.81%	6.52%
Pretax Margin (?)	6.16%	5.77%	1.92%	1.20%	5.60%
Net Profit Margin (?)	3.08%	3.42%	0.84%	0.33%	3.90%
Financial Strength
Current Ratio (?)	1.53	1.41	1.52	1.37	1.37
Long Term Debt/Equity (?)	0.30	0.27	0.42	0.43	0.34
Total Debt/Equity (?)	0.48	0.46	0.56	0.80	0.53
Management Effectiveness
Return on Assets (?)	3.52%	4.07%	1.00%	0.47%	4.25%
Return on Equity (?)	10.27%	12.36%	3.12%	1.29%	15.11%
Efficiency
Receivables Turnover (?)	4.18	4.61	4.31	4.37	4.49
Inventory Turnover (?)	4.76	5.24	4.98	5.14	5.66
Asset Turnover (?)	1.08	1.11	1.02	1.07	1.17

Market ValuationÂ USD (mil)
P/E (TTM) (?)	18.80	.	Enterprise Value2 (?)	24,155.1
Price/Sales (TTM) (?)	0.45	.	Enterprise Value/Revenue (TTM) (?)	0.52
Price/Book (MRQ) (?)	1.44	.	Enterprise Value/EBITDA (TTM) (?)	5.71
Market Cap as of 04-Jan-20131 (?)	18,622.2	.
1-ExchangeRate: JPY to USD on 4-Jan-2013	86.938822
2-ExchangeRate: JPY to USD on 30-Sep-2012	77.891271

Ratio Comparisons

Traded:	Financials in: USD (actual units)
Industry: Electronic Instr. & Controls	As of 04-Jan-2013
Sector: Technology

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM) (?)	18.80	23.11	22.09	19.68
P/E High Excluding Extraordinary - Last 5 Yrs (?)	77.80	38.44	42.91	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs (?)	11.71	7.26	12.36	10.71
Beta (?)	1.34	1.51	1.19	1.00
Price/Revenue (TTM) (?)	0.45	1.99	4.07	2.57
Price/Book (MRQ) (?)	1.44	2.85	4.73	3.67
Price to Tangible Book (MRQ) (?)	1.44	6.68	6.85	5.21
Price to Cash Flow Per Share (TTM) (?)	7.38	15.56	17.48	14.22
Price to Free Cash Flow Per Share (TTM) (?)	-	26.15	23.00	26.26

Dividends
Dividend Yield (?)	1.46%	1.56%	1.65%	2.26%
Dividend Per Share - 5 Yr Avg (?)	9.40	0.88	0.71	1.99
Dividend 5 Yr Growth (?)	3.71%	-2.92%	7.13%	0.08%
Payout Ratio (TTM) (?)	27.43%	14.56%	10.38%	25.98%

Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago (?)	-1.79%	24.30%	28.50%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago (?)	-2.32%	18.15%	18.25%	17.69%
Revenue 5 Yr Growth (?)	-1.15%	8.07%	16.94%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago (?)	-68.94%	28.64%	41.24%	19.49%
EPS (TTM) vs TTM 1 Yr Ago (?)	-29.90%	52.59%	49.53%	32.55%
EPS 5 Yr Growth (?)	-1.86%	8.68%	20.44%	9.86%
Capital Spending 5 Yr Growth (?)	2.54%	-8.11%	9.78%	-2.04%

Financial Strength
Quick Ratio (MRQ) (?)	1.12	1.43	1.98	1.24
Current Ratio (MRQ) (?)	1.56	2.32	2.38	1.79
LT Debt/Equity (MRQ) (?)	0.31	0.47	0.31	0.64
Total Debt/Equity (MRQ) (?)	0.57	0.56	0.36	0.73
Interest Coverage (TTM) (?)	11.24	8.11	11.30	13.80

Profitability Ratios (%)
Gross Margin (TTM) (?)	27.83%	29.75%	55.32%	45.21%
Gross Margin - 5 Yr Avg (?)	26.85%	28.96%	53.24%	44.91%
EBITD Margin (TTM) (?)	9.18%	11.29%	25.78%	24.43%
EBITD Margin - 5 Yr Avg (?)	8.95%	9.83%	21.39%	22.84%
Operating Margin (TTM) (?)	5.61%	9.24%	22.29%	20.63%
Operating Margin - 5 Yr Avg (?)	5.22%	5.89%	17.62%	18.28%
Pretax Margin (TTM) (?)	5.32%	8.67%	22.54%	17.95%
Pretax Margin - 5 Yr Avg (?)	4.19%	5.28%	18.75%	17.10%
Net Profit Margin (TTM) (?)	2.53%	6.72%	17.35%	13.65%
Net Profit Margin - 5 Yr Avg (?)	2.44%	3.54%	12.72%	12.10%
Effective Tax Rate (TTM) (?)	52.33%	22.71%	23.73%	28.45%
Effective Tax rate - 5 Yr Avg (?)	41.82%	26.45%	24.82%	29.92%

Management Effectiveness (%)
Return on Assets (TTM) (?)	2.74%	5.54%	12.89%	8.54%
Return on Assets - 5 Yr Avg (?)	2.67%	4.03%	10.70%	8.40%
Return on Investment (TTM) (?)	4.89%	4.69%	13.09%	7.90%
Return on Investment - 5 Yr Avg (?)	4.78%	2.88%	11.50%	8.27%
Return on Equity (TTM) (?)	7.90%	13.32%	25.23%	19.72%
Return on Equity - 5 Yr Avg (?)	8.71%	13.44%	21.05%	20.06%

Efficiency
Revenue/Employee (TTM) (?)	30,617,730.00	348,696.31	617,868.03	927,613.77
Net Income/Employee (TTM) (?)	776,054.00	18,436.29	132,630.14	116,121.92
Receivables Turnover (TTM) (?)	4.57	6.20	8.08	13.25
Inventory Turnover (TTM) (?)	4.23	6.90	19.61	14.53
Asset Turnover (TTM) (?)	1.08	1.06	0.75	0.93

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 (?)	1.53	1.41	1.52	1.37	1.37
Quick/Acid Test Ratio (?)	0.94	0.87	0.94	0.81	0.83
Working Capital1 (?)	9,272.1	7,271.7	7,069.4	5,334.6	5,573.2
Long Term Debt/Equity (?)	0.30	0.27	0.42	0.43	0.34
Total Debt/Equity (?)	0.48	0.46	0.56	0.80	0.53
Long Term Debt/Total Capital (?)	0.20	0.18	0.27	0.24	0.22
Total Debt/Total Capital (?)	0.32	0.32	0.36	0.44	0.35
Payout Ratio (?)	22.99%	20.69%	30.36%	105.85%	17.66%
Effective Tax Rate (?)	47.22%	36.67%	48.85%	63.84%	35.00%
Total Capital1 (?)	20,328.3	18,517.0	16,075.4	15,463.6	15,896.3

Efficiency
Asset Turnover (?)	1.08	1.11	1.02	1.07	1.17
Inventory Turnover (?)	4.76	5.24	4.98	5.14	5.66
Days In Inventory (?)	76.62	69.70	73.27	71.07	64.45
Receivables Turnover (?)	4.18	4.61	4.31	4.37	4.49
Days Receivables Outstanding (?)	87.34	79.19	84.78	83.61	81.27
Revenue/Employee2 (?)	376,563	384,324	327,542	347,024	385,111
Operating Income/Employee2 (?)	23,326	24,645	9,211	13,230	25,106
EBITDA/Employee2 (?)	36,491	35,745	22,514	29,962	38,355

Profitability
Gross Margin (?)	27.77%	28.05%	25.29%	26.03%	26.98%
Operating Margin (?)	6.19%	6.41%	2.81%	3.81%	6.52%
EBITDA Margin (?)	9.69%	9.30%	6.87%	8.63%	9.96%
EBIT Margin (?)	6.19%	6.41%	2.81%	3.81%	6.52%
Pretax Margin (?)	6.16%	5.77%	1.92%	1.20%	5.60%
Net Profit Margin (?)	3.08%	3.42%	0.84%	0.33%	3.90%
R&D Expense/Revenue (?)	4.29%	3.81%	3.67%	3.63%	3.39%
COGS/Revenue (?)	72.23%	71.95%	74.71%	73.97%	73.02%
SG&A Expense/Revenue (?)	17.18%	17.72%	18.31%	17.75%	16.99%

Management Effectiveness
Return on Assets (?)	3.52%	4.07%	1.00%	0.47%	4.25%
Return on Equity (?)	10.27%	12.36%	3.12%	1.29%	15.11%

Valuation
Free Cash Flow/Share2 (?)	-0.48	1.24	1.10	0.19	0.53
Operating Cash Flow/Share 2 (?)	0.43	1.84	1.65	0.85	1.21
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) (?)	18.80
Market Cap/Equity (MRQ) (?)	1.44
Market Cap/Revenue (TTM) (?)	0.45
Market Cap/EBIT (TTM) (?)	8.04
Market Cap/EBITDA (TTM) (?)	4.91
Enterprise Value/Earnings (TTM) (?)	21.85
Enterprise Value/Equity (MRQ) (?)	1.67
Enterprise Value/Revenue (TTM) (?)	0.52
Enterprise Value/EBIT (TTM) (?)	9.34
Enterprise Value/EBITDA (TTM) (?)	5.71

Stock Snapshot

Traded:

As of 4-Jan-2013 US Dollars

Recent Price	$754.00	EPS	$53.13
52 Week High	$790.00	Price/Sales	0.44
52 Week Low	$557.00	Dividend Rate	$11.00
Avg. Volume (mil)	8.01	Price/Earnings	14.36
Market Value (mil)	$1,618,990.00	Price/Book	1.43
		Beta	1.34

	Price % Change	Rel S&P 500%
4 Week	13.38%	0.84%
13 Week	26.51%	4.95%
52 Week	2.59%	-14.99%
Year to Date	3.15%	-0.18%

Source: Reuters

2 Year Weekly End Price & Volume

Stock History

Market Cap History
	30-Sep-12	% Chg	30-Jun-12	% Chg	31-Mar-12	% Chg	31-Dec-11	% Chg	30-Sep-11	% Chg
Total Common Shares Outstanding	2,147	0.0	2,147	0.0	2,147	0.0	2,147	0.0	2,147	0.0

Yearly Price History
	2013	% Chg	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg
High Price	17.50	-14.5	20.46	-17.5	24.80	18.3	20.96	28.8	16.27	-31.8
Low Price	17.23	22.5	14.07	-12.1	16.00	5.7	15.14	106.3	7.34	-21.9
Year End Price	17.24	1.5	16.99	-11.2	19.13	-8.4	20.88	40.1	14.90	22.2

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
04-Jan-13	17.31	17.50	17.23	17.24	47,403
31-Dec-12	16.01	18.35	15.85	16.99	85,983
30-Nov-12	15.10	16.03	14.07	15.70	54,226
26-Oct-12	14.91	16.24	14.50	15.00	21,476
28-Sep-12	16.32	16.83	14.65	14.69	11,698
31-Aug-12	16.00	17.35	15.85	16.59	18,768
31-Jul-12	16.73	16.73	14.88	15.70	35,883
29-Jun-12	14.75	16.43	14.66	16.43	32,996
31-May-12	16.89	16.89	14.76	15.35	45,204
30-Apr-12	17.96	18.05	16.25	17.60	105,148
30-Mar-12	17.89	17.89	16.71	17.78	23,819
29-Feb-12	17.69	18.46	17.25	18.21	77,445
31-Jan-12	19.94	20.46	16.79	17.74	176,694

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.94
UK Pound	1	Rs.86.24
Euro	1	Rs.72.20

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%)

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

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