MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	GSI CREOS CORPORATION
Formerly Known As :	Gunze Sangyo Inc
Registered Office :	2-3-1 Aoba Daiichi Building 2-3-1, Kudan-Minami, Chiyoda-ku Tokyo, 102-0074
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.1931
Legal Form :	Public Parent
Line of Business :	Manufacture of underwear
No. of Employees :	523

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

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

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

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

JAPAN - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address Top of Form

Bottom of Form

Top of Form

GSI Creos Corporation

2-3-1 Aoba Daiichi Building
2-3-1, Kudan-Minami, Chiyoda-ku
Tokyo, 102-0074
Japan
Tel:	81-3-52111800
Fax:	81-3-52111900
www.gsi.co.jp

Employees:

523

Company Type:

Public Parent

Corporate Family:

19 Companies

Traded:

Tokyo Stock Exchange:

8101

Incorporation Date:

31-Oct-1931

Auditor:

Yasumori Audit Corp.

Financials in	USD (mil)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	Japanese Yen
Annual Sales:	1,541.6 ^1
Net Income:	14.3
Total Assets:	693.0 ^2
Market Value:	90.9
	(11-Jan-2013)

Business Description

GSI Creos Corporation is a Japan-based company principally engaged in the textile-related business. The Company has two business segments. The Textile segment is involved in the import, export and domestic transactions of various textile products. Through its subsidiaries, this segment is also engaged in the design, manufacture and sale of women's inner cloth, the sale of original yarn for stockings and socks, the manufacture and sale of children's socks and apparel, the manufacture of crepe underwear, as well as the twisting processing of synthetic yarn. The Non-textile segment is involved in the manufacture and sale of paper cores, the import and sale of laboratory equipment and firework materials, the real estate management business, the processing and sale of resins, as well as the sale of textile machinery, among others. As of March 31, 2012, the Company had 24 subsidiaries and five associated companies. For the six months ended 30 September 2012, GSI Creos Corporation revenues decreased 32% to Y61.45B. Net income applicable to common stockholders decreased 38% to Y618M. Revenues reflect Industrial Product Related Business segment decrease of 4% to Y11.34B. Net income also reflects Textile-Related Business segment income decrease of 41% to Y570M. Basic Earnings per Share excluding Extraordinary Items decreased from Y15.52 to Y9.60.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	1351 - Clothing Manufacturing
NACE 2002:	1823 - Manufacture of underwear
NAICS 2002:	315231 - Women's and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing
UK SIC 2003:	18232 - Manufacture of women's underwear
UK SIC 2007:	14142 - Manufacture of women's underwear
US SIC 1987:	2341 - Women's, Misses', Children's, and Infants' Underwear and Nightwear

Key Executives

Name	Title
Yoshihiro Fukase	President, Representative Director
Masanori Tomita	Manager of Industrial Product Business Strategy Office, Director
Yasushi Araki	Director of Human Resources & General Affairs, Director
Yoshiaki Matsuo	Director of Finance & Accounting
Shigeru Yaniwa	Co-Managing Director

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.12	2.75
Quick Ratio (MRQ)	0.91	1.45
Debt to Equity (MRQ)	1.71	0.52
Sales 5 Year Growth	1.24	10.05
Net Profit Margin (TTM) %	0.88	7.39
Return on Assets (TTM) %	1.76	7.59
Return on Equity (TTM) %	9.18	15.09

Stock Snapshot

Traded: Tokyo Stock Exchange: 8101

As of 11-Jan-2013

   Financials in: JPY

Recent Price	124.00	EPS	19.56
52 Week High	143.00	Price/Sales	0.07
52 Week Low	93.00	Dividend Rate	2.00
Avg. Volume (mil)	0.20	Price/Earnings	6.18
Market Value (mil)	8,016.56	Price/Book	0.68
		Beta	1.16

	Price % Change	Rel S&P 500%
4 Week	13.76%	1.40%
13 Week	26.53%	1.14%
52 Week	16.98%	-5.35%
Year to Date	8.77%	4.07%

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
2-3-1 Aoba Daiichi Building
2-3-1, Kudan-Minami, Chiyoda-ku
Tokyo, 102-0074
Japan

Tel:	81-3-52111800
Fax:	81-3-52111900

www.gsi.co.jp

Quote Symbol - Exchange
8101 - Tokyo Stock Exchange
Sales JPY(mil):	121,728.0
Assets JPY(mil):	57,094.0
Employees:	523
Fiscal Year End:	31-Mar-2012

Industry:

Apparel and Accessories

Incorporation Date:	31-Oct-1931
Company Type:	Public Parent
Quoted Status:	Quoted
Previous Name:	Gunze Sangyo Inc

Co-Managing Director:

Shigeru Yaniwa

Industry Codes

ANZSIC 2006 Codes:
1351	-	Clothing Manufacturing
3491	-	Professional and Scientific Goods Wholesaling
1521	-	Corrugated Paperboard and Paperboard Container Manufacturing
1340	-	Knitted Product Manufacturing
6720	-	Real Estate Services
3419	-	Other Specialised Industrial Machinery and Equipment Wholesaling
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
1312	-	Natural Textile Manufacturing
3734	-	Toy and Sporting Goods Wholesaling

NACE 2002 Codes:
1823	-	Manufacture of underwear
2121	-	Manufacture of corrugated paper and paperboard and of containers of paper and paperboard
5187	-	Wholesale of other machinery for use in industry, trade and navigation
1772	-	Manufacture of knitted and crocheted pullovers, cardigans and similar articles
2416	-	Manufacture of plastics in primary forms
1771	-	Manufacture of knitted and crocheted hosiery
7031	-	Real estate agencies
5147	-	Wholesale of other household goods
171	-	Preparation and spinning of textile fibres

NAICS 2002 Codes:
315231	-	Women's and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing
313111	-	Yarn Spinning Mills
423920	-	Toy and Hobby Goods and Supplies Merchant Wholesalers
423830	-	Industrial Machinery and Equipment Merchant Wholesalers
325211	-	Plastics Material and Resin Manufacturing
315191	-	Outerwear Knitting Mills
315119	-	Other Hosiery and Sock Mills
531210	-	Offices of Real Estate Agents and Brokers
423490	-	Other Professional Equipment and Supplies Merchant Wholesalers
322214	-	Fiber Can, Tube, Drum, and Similar Products Manufacturing

US SIC 1987:
2341	-	Women's, Misses', Children's, and Infants' Underwear and Nightwear
2655	-	Fiber Cans, Tubes, Drums, and Similar Products
5084	-	Industrial Machinery and Equipment
2253	-	Knit Outerwear Mills
6531	-	Real Estate Agents and Managers
2281	-	Yarn Spinning Mills
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers
5049	-	Professional Equipment and Supplies, Not Elsewhere Classified
2252	-	Hosiery, Not Elsewhere Classified
5092	-	Toys and Hobby Goods and Supplies

UK SIC 2003:
18232	-	Manufacture of women's underwear
5187	-	Wholesale of other machinery for use in industry, trade and navigation
171	-	Preparation and spinning of textile fibres
2416	-	Manufacture of plastics in primary forms
51477	-	Wholesale of toys and games
1771	-	Manufacture of knitted and crocheted hosiery
7031	-	Real estate agencies
1772	-	Manufacture of knitted and crocheted pullovers, cardigans and similar articles
2121	-	Manufacture of corrugated paper and paperboard and of containers of paper and paperboard

UK SIC 2007:
14142	-	Manufacture of women's underwear
6831	-	Real estate agencies
46499	-	Wholesale of household goods (other than musical instruments) n.e.c.
2016	-	Manufacture of plastics in primary forms
4669	-	Wholesale of other machinery and equipment
1721	-	Manufacture of corrugated paper and paperboard and of containers of paper and paperboard
1439	-	Manufacture of other knitted and crocheted apparel
1431	-	Manufacture of knitted and crocheted hosiery
1310	-	Preparation and spinning of textile fibres

Business Description

GSI Creos Corporation is a Japan-based company principally engaged in the textile-related business. The Company has two business segments. The Textile segment is involved in the import, export and domestic transactions of various textile products. Through its subsidiaries, this segment is also engaged in the design, manufacture and sale of women's inner cloth, the sale of original yarn for stockings and socks, the manufacture and sale of children's socks and apparel, the manufacture of crepe underwear, as well as the twisting processing of synthetic yarn. The Non-textile segment is involved in the manufacture and sale of paper cores, the import and sale of laboratory equipment and firework materials, the real estate management business, the processing and sale of resins, as well as the sale of textile machinery, among others. As of March 31, 2012, the Company had 24 subsidiaries and five associated companies. For the six months ended 30 September 2012, GSI Creos Corporation revenues decreased 32% to Y61.45B. Net income applicable to common stockholders decreased 38% to Y618M. Revenues reflect Industrial Product Related Business segment decrease of 4% to Y11.34B. Net income also reflects Textile-Related Business segment income decrease of 41% to Y570M. Basic Earnings per Share excluding Extraordinary Items decreased from Y15.52 to Y9.60.

More Business Descriptions

Sale of textile materials, textile fabrics, textile made-up goods, machinery, chemicals, hobby equipment, furniture and scientific instruments

Textiles & Chemicals Mfr & Distr

Fiber, Yarn, and Thread Mills

Financial Data

Financials in:	JPY(mil)
Revenue:	121,728.0
Net Income:	1,128.0
Assets:	57,094.0
Long Term Debt:	3,674.0
Total Liabilities:	45,310.0
Working Capital:	0.0
Date of Financial Data:	31-Mar-2012

1 Year Growth

4.9%

36.0%

3.8%

Market Data

Quote Symbol:	8101
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	124.0
Stock Price Date:	01-11-2013
52 Week Price Change %:	17.0
Market Value (mil):	8,016,564.0
SEDOL:	6398754
ISIN:	JP3276000001
Equity and Dept Distribution:
Up to FY'02 WAS were estimated. FY'05-07 1Q & 3Q's WAS & O/S were estimated. FY'04 3Q: Non-detail. FY'07 Q1 WAS & O/S were estimated. FY'08 Q1 O/S=WAS. FY'08 Q3 WAS was used as o/s.

Shareholders

Major Shareholders

Gunze Ltd (14.4%)

Key Corporate Relationships

Auditor:	Yasumori Audit Corp.
Auditor:	Yasumori Audit Corp.

Corporate Structure News

GSI Creos Corporation
Total Corporate Family Members: 19

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
GSI Creos Corporation	Parent	Tokyo	Japan	Apparel and Accessories	1,541.6	523
GSI (Beijing) Hosiery Co., Ltd.	Joint Venture	Beijing	China	Apparel and Accessories		200
Marsiling Ltd.	Joint Venture	Kowloon	Hong Kong	Apparel and Accessories		100
GSI Trading Hong Kong Limited	Subsidiary	Kowloon	Hong Kong	Business Services		20
GSI Exim America Inc.	Subsidiary	New York, NY	United States	Chemical Manufacturing	36.4	16
World Fashion Hosiery, Inc.	Joint Venture	Kowloon	Hong Kong	Textiles - Non Apparel		15
GSI Europe-Import & Export GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Textiles - Non Apparel	19.3	9
GSI Creos Korea Co.,Ltd.	Subsidiary	Seoul	Korea, Republic of	Apparel and Accessories		5
GSI Creos Brasil Ltda	Subsidiary	Cerqueira Cesar, Sao Paulo	Brazil	Apparel and Accessories	1.0	4
Gunsan Exportadora E Importadora Ltda.	Subsidiary	Sao Paulo, SP	Brazil	Business Services		4
GSI Holding Corporation	Subsidiary	New York, NY	United States	Apparel and Accessories		4
Izumi, K.K.	Subsidiary	Osaka, Osaka	Japan	Apparel and Accessories	69.2
Maruichi Sangyo Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Textiles - Non Apparel	38.0
GSI (Shanghai) Limited	Subsidiary	Shanghai	China	Textiles - Non Apparel
Wuxi Sanwa Plastics Co., Ltd.	Joint Venture	Wuxi	China	Apparel and Accessories
Wuxi Okuda Garment Co., Ltd.	Joint Venture	Wuxi	China	Apparel and Accessories
Citic GSI Tomida Group Co., Ltd.	Joint Venture	Beijing	China	Textiles - Non Apparel
GSI Shanghai Engineering Plastic Processing Co., Ltd.	Subsidiary	Shanghai	China	Fabricated Plastic and Rubber
GSI Creos (Beijing) Co., Ltd	Subsidiary	Beijing	China	Textiles - Non Apparel

Executives Report

Board of Directors

Name	Title	Function
Yasushi Araki	Director of Human Resources & General Affairs, Director	Director/Board Member
Biography: Mr. Yasushi Araki has been serving as Director of Human Resources & General Affairs and Director in GSI Creos Corporation since June 2012. He joined the Company in April 1981 and used to serve as Director of Hobby Business and Executive Officer in the Company. Age: 54
Yoshihiro Fukase	President, Representative Director	Director/Board Member
Biography: Mr. Yoshihiro Fukase has been serving as President and Representative Director in GSI Creos Corporation since June 26, 2009. He joined the Company in April 1972. He previously served as Director of Life Industry in Industrial Product Business Main Unit, Executive Director and Chief Director of Industrial Product Business. Age: 63
Yasuhiko Matsushita	Managing Director	Director/Board Member
Biography: Mr. Yasuhiko Matsushita has been serving as Managing Director of GSI Creos Corporation since June 2011. He joined the Company in April 1978 and previously served as Director of Business Planning in Main Functional Staff Unit, Executive Officer, Director of Business Planning and Director. Age: 56
Mitsuru Miyazaki	Managing Director, Manager of Osaka Office	Director/Board Member
Biography: Mr. Mitsuru Miyazaki has been serving as Managing Director and Manager of Osaka Office of GSI Creos Corporation since June 2009. He joined the Company in April 1977 and previously served as Director of 3rd Textile, Director of 1st Fiber Material in Fiber Material Business Main Unit, Executive Officer and Director of 3rd Textile in Main Fiber Business Unit. Age: 59
Koji Nakashima	Senior Managing Director, Representative Director	Director/Board Member
Biography: Mr. Koji Nakashima has been serving as Senior Managing Director and Representative Director of GSI Creos Corporation since June 2011. He joined the Company in April 1974. He previously served as Director of Business Administration in Functional Staff Main Unit and Managing Director. Age: 60
Masateru Nakayama	Executive Director	Director/Board Member
Biography: Mr. Masateru Nakayama has been serving as Executive Director in GSI Creos Corporation since June 2012. He is also in charge of Fiber Business Division in the Company. He joined the Company in April 1980, and served as Executive Officer, Director of 3rd Fiber Material in Main Fiber Material Business Unit and Director of 1st Textile. Age: 54
Kazuo Niimi	Director of 3rd Textile, Director	Director/Board Member
Age: 55
Masamichi Tanaka	Executive Director	Director/Board Member
Biography: Mr. Masamichi Tanaka has been serving as Executive Director in GSI Creos Corporation since April 2012. He is also in charge of Industry Product Business Division in the Company. He joined the Company in April 1977, and served as Executive Officer and Manager of Industry Product Business Strategy Office in the Company. Age: 60
Masanori Tomita	Manager of Industrial Product Business Strategy Office, Director	Director/Board Member
Biography: Mr. Masanori Tomita has been serving as Manager of Industrial Product Business Strategy Office and Director in GSI Creos Corporation since June 2012. He joined the Company in April 1978 and used to serve as Director of Chemical Product in the Company. Age: 58
Tadaaki Yoshinaga	Managing Director	Director/Board Member
Biography: Mr. Tadaaki Yoshinaga has been serving as Managing Director of GSI Creos Corporation since June 2012. He is also serving as Chairman of the Board in Exim America,Inc. He joined the Company in April 1979 and previously served as Executive Officer. Age: 56

Executives

Name	Title	Function
Shigeru Yaniwa	Co-Managing Director	Chief Executive Officer
Yoshihiro Fukase	President, Representative Director	President
Biography: Mr. Yoshihiro Fukase has been serving as President and Representative Director in GSI Creos Corporation since June 26, 2009. He joined the Company in April 1972. He previously served as Director of Life Industry in Industrial Product Business Main Unit, Executive Director and Chief Director of Industrial Product Business. Age: 63
Motonobu Kato	Chairman & President	President
Yasuhiko Matsushita	Managing Director	Managing Director
Biography: Mr. Yasuhiko Matsushita has been serving as Managing Director of GSI Creos Corporation since June 2011. He joined the Company in April 1978 and previously served as Director of Business Planning in Main Functional Staff Unit, Executive Officer, Director of Business Planning and Director. Age: 56
Mitsuru Miyazaki	Managing Director, Manager of Osaka Office	Managing Director
Biography: Mr. Mitsuru Miyazaki has been serving as Managing Director and Manager of Osaka Office of GSI Creos Corporation since June 2009. He joined the Company in April 1977 and previously served as Director of 3rd Textile, Director of 1st Fiber Material in Fiber Material Business Main Unit, Executive Officer and Director of 3rd Textile in Main Fiber Business Unit. Age: 59
Koji Nakashima	Senior Managing Director, Representative Director	Managing Director
Biography: Mr. Koji Nakashima has been serving as Senior Managing Director and Representative Director of GSI Creos Corporation since June 2011. He joined the Company in April 1974. He previously served as Director of Business Administration in Functional Staff Main Unit and Managing Director. Age: 60
Tadaaki Yoshinaga	Managing Director	Managing Director
Biography: Mr. Tadaaki Yoshinaga has been serving as Managing Director of GSI Creos Corporation since June 2012. He is also serving as Chairman of the Board in Exim America,Inc. He joined the Company in April 1979 and previously served as Executive Officer. Age: 56
Mikio Asano	Co-Executive Officer	Operations Executive
Nobuo Tanaka	Co-Executive Officer	Operations Executive
Hiroshi Urayama	Co-Executive Officer	Operations Executive
Hitoshi Ishikawa	Auditor	Finance Executive
Yasushi Araki	Director of Human Resources & General Affairs, Director	Human Resources Executive
Biography: Mr. Yasushi Araki has been serving as Director of Human Resources & General Affairs and Director in GSI Creos Corporation since June 2012. He joined the Company in April 1981 and used to serve as Director of Hobby Business and Executive Officer in the Company. Age: 54
A. Tanimura	Manager-Human Resources	Human Resources Executive
Masanori Tomita	Manager of Industrial Product Business Strategy Office, Director	Product Management Executive
Biography: Mr. Masanori Tomita has been serving as Manager of Industrial Product Business Strategy Office and Director in GSI Creos Corporation since June 2012. He joined the Company in April 1978 and used to serve as Director of Chemical Product in the Company. Age: 58
Yoshiaki Matsuo	Director of Finance & Accounting	Other
Yoji Okita	Corporate Officer	Other

Significant Developments

There were no significant developments matching your query for KeyID 90802

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,541.6	1,354.0	1,205.5	1,072.0	1,005.5
Revenue	1,541.6	1,354.0	1,205.5	1,072.0	1,005.5
Total Revenue	1,541.6	1,354.0	1,205.5	1,072.0	1,005.5
Cost of Revenue	1,375.0	1,204.6	1,068.1	939.3	886.5
Cost of Revenue, Total	1,375.0	1,204.6	1,068.1	939.3	886.5
Gross Profit	166.7	149.3	137.3	132.7	119.0
Selling/General/Administrative Expense	99.4	89.3	83.8	85.4	79.3
Labor & Related Expense	41.1	36.8	34.3	29.9	26.0
Total Selling/General/Administrative Expenses	140.5	126.1	118.1	115.3	105.2
Depreciation	1.4	1.1	0.9	0.8	0.7
Amortization of Acquisition Costs	0.0	-0.4	-0.3	-0.5	-0.4
Depreciation/Amortization	1.4	0.7	0.6	0.2	0.3
Restructuring Charge	-	-	-	-	0.0
Impairment-Assets Held for Use	1.2	0.2	0.1	0.4	0.1
Impairment-Assets Held for Sale	0.4	0.5	0.6	3.5	1.3
Other Unusual Expense (Income)	0.7	2.8	0.2	4.2	1.7
Unusual Expense (Income)	2.3	3.5	0.9	8.2	3.0
Other Operating Expense	0.0	-	-	-	-
Other Operating Expenses, Total	0.0	-	-	-	-
Total Operating Expense	1,519.2	1,335.0	1,187.7	1,063.0	995.1
Operating Income	22.4	19.0	17.7	9.0	10.4
Interest Expense - Non-Operating	-5.1	-4.6	-4.7	-5.4	-5.3
Interest Expense, Net Non-Operating	-5.1	-4.6	-4.7	-5.4	-5.3
Interest Income - Non-Operating	0.3	0.4	0.5	0.7	0.6
Investment Income - Non-Operating	1.6	-2.4	-1.7	0.4	0.0
Interest/Investment Income - Non-Operating	1.9	-2.0	-1.1	1.1	0.6
Interest Income (Expense) - Net Non-Operating Total	-3.2	-6.6	-5.8	-4.3	-4.7
Gain (Loss) on Sale of Assets	0.0	-0.3	0.0	0.0	1.1
Other Non-Operating Income (Expense)	-0.3	0.8	0.3	0.5	-1.0
Other, Net	-0.3	0.8	0.3	0.5	-1.0
Income Before Tax	18.9	12.9	12.2	5.2	5.9
Total Income Tax	4.7	3.1	3.2	0.1	1.7
Income After Tax	14.3	9.8	9.0	5.1	4.2
Minority Interest	0.0	0.0	0.0	-0.9	-0.2
Net Income Before Extraord Items	14.3	9.7	9.0	4.2	3.9
Net Income	14.3	9.7	9.0	4.2	3.9
Miscellaneous Earnings Adjustment	0.0	-0.1	-0.1	0.0	0.0
Total Adjustments to Net Income	0.0	-0.1	-0.1	0.0	0.0
Income Available to Common Excl Extraord Items	14.3	9.7	8.9	4.1	3.9
Income Available to Common Incl Extraord Items	14.3	9.7	8.9	4.1	3.9
Basic/Primary Weighted Average Shares	64.4	64.4	64.4	64.4	64.4
Basic EPS Excl Extraord Items	0.22	0.15	0.14	0.06	0.06
Basic/Primary EPS Incl Extraord Items	0.22	0.15	0.14	0.06	0.06
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	14.3	9.7	8.9	4.1	3.9
Diluted Weighted Average Shares	64.4	64.4	64.4	64.4	64.4
Diluted EPS Excl Extraord Items	0.22	0.15	0.14	0.06	0.06
Diluted EPS Incl Extraord Items	0.22	0.15	0.14	0.06	0.06
Dividends per Share - Common Stock Primary Issue	0.03	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	1.6	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	5.1	4.6	4.7	5.4	5.3
Depreciation, Supplemental	2.9	2.7	2.2	1.8	1.9
Total Special Items	2.2	3.5	1.2	8.3	2.0
Normalized Income Before Tax	21.2	16.4	13.4	13.5	7.9
Effect of Special Items on Income Taxes	0.5	0.9	0.2	0.2	0.5
Inc Tax Ex Impact of Sp Items	5.2	4.0	3.4	0.3	2.3
Normalized Income After Tax	16.0	12.3	10.0	13.2	5.7
Normalized Inc. Avail to Com.	15.9	12.2	9.9	12.2	5.4
Basic Normalized EPS	0.25	0.19	0.15	0.19	0.08
Diluted Normalized EPS	0.25	0.19	0.15	0.19	0.08
Amort of Acquisition Costs, Supplemental	0.0	-0.4	0.3	0.1	0.2
Reported Operating Profit	24.7	22.1	18.2	16.6	13.0
Reported Ordinary Profit	21.2	16.7	13.0	12.6	6.6
Normalized EBIT	24.7	22.5	18.6	17.1	13.5
Normalized EBITDA	27.6	24.8	21.1	19.1	15.5
Current Tax - Total	3.2	-	-	-	-
Current Tax - Total	3.2	-	-	-	-
Deferred Tax - Total	1.5	-	-	-	-
Deferred Tax - Total	1.5	-	-	-	-
Income Tax - Total	4.7	-	-	-	-
Interest Cost - Domestic	0.7	0.6	0.6	0.6	0.6
Service Cost - Domestic	1.1	1.0	1.0	1.0	1.0
Prior Service Cost - Domestic	-0.4	0.8	-0.1	-0.1	-0.1
Expected Return on Assets - Domestic	-0.3	-0.3	-0.2	-0.3	-0.3
Actuarial Gains and Losses - Domestic	0.7	-	0.8	0.4	0.3
Transition Costs - Domestic	-	-0.4	0.8	0.8	0.7
Domestic Pension Plan Expense	1.7	1.8	2.9	2.4	2.3
Total Pension Expense	1.7	1.8	2.9	2.4	2.3
Discount Rate - Domestic	1.50%	2.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.50%	2.50%	2.50%	2.50%	2.50%
Total Plan Interest Cost	0.7	0.6	0.6	0.6	0.6
Total Plan Service Cost	1.1	1.0	1.0	1.0	1.0
Total Plan Expected Return	-0.3	-0.3	-0.2	-0.3	-0.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	102.4	113.7	105.3	84.9	87.3
Short Term Investments	-	-	-	0.0	-
Cash and Short Term Investments	102.4	113.7	105.3	84.9	87.3
Accounts Receivable - Trade, Gross	335.5	311.2	264.4	246.6	260.7
Provision for Doubtful Accounts	-6.3	-5.6	-4.9	-4.8	-5.6
Trade Accounts Receivable - Net	329.1	305.6	259.5	241.8	255.1
Total Receivables, Net	329.1	305.6	259.5	241.8	255.1
Inventories - Finished Goods	113.6	100.5	83.2	90.7	85.2
Total Inventory	113.6	100.5	83.2	90.7	85.2
Deferred Income Tax - Current Asset	4.1	5.5	4.8	4.5	3.6
Other Current Assets	11.1	10.2	7.0	10.5	11.7
Other Current Assets, Total	15.2	15.7	11.8	14.9	15.4
Total Current Assets	560.3	535.5	459.8	432.4	443.0
Buildings	55.0	55.0	48.6	46.2	45.8
Land/Improvements	42.9	43.6	38.7	36.8	36.5
Machinery/Equipment	46.5	46.0	42.7	40.7	40.4
Other Property/Plant/Equipment	1.9	1.8	1.3	0.1	0.0
Property/Plant/Equipment - Gross	146.4	146.5	131.3	123.8	122.7
Accumulated Depreciation	-80.9	-79.0	-70.4	-66.2	-64.8
Property/Plant/Equipment - Net	65.6	67.5	60.9	57.6	57.9
Goodwill, Net	-	-	0.0	0.6	1.3
Intangibles, Net	3.9	1.4	0.9	0.8	0.6
LT Investment - Affiliate Companies	21.8	20.5	-	-	-
LT Investments - Other	27.9	24.9	42.5	37.7	45.6
Long Term Investments	49.8	45.4	42.5	37.7	45.6
Note Receivable - Long Term	1.6	1.8	1.9	7.4	3.5
Deferred Income Tax - Long Term Asset	0.6	0.6	0.7	1.0	0.8
Other Long Term Assets	11.2	11.7	10.8	8.7	9.5
Other Long Term Assets, Total	11.8	12.3	11.6	9.7	10.3
Total Assets	693.0	663.9	577.5	546.2	562.1
Accounts Payable	243.4	227.2	180.5	164.2	171.8
Accrued Expenses	4.7	4.2	3.7	3.0	2.1
Notes Payable/Short Term Debt	195.1	189.1	232.7	236.3	238.9
Current Portion - Long Term Debt/Capital Leases	15.9	14.1	1.7	0.9	0.8
Income Taxes Payable	2.2	1.8	2.5	1.1	1.9
Other Current Liabilities	30.0	25.8	22.3	26.7	23.4
Other Current liabilities, Total	32.3	27.6	24.8	27.8	25.3
Total Current Liabilities	491.4	462.1	443.5	432.2	439.0
Long Term Debt	43.4	54.1	6.2	5.3	5.4
Capital Lease Obligations	1.2	1.1	1.2	0.4	0.0
Total Long Term Debt	44.6	55.2	7.4	5.8	5.4
Total Debt	255.6	258.3	241.9	243.0	245.1
Deferred Income Tax - LT Liability	0.1	0.1	0.1	0.4	1.1
Deferred Income Tax	0.1	0.1	0.1	0.4	1.1
Minority Interest	0.6	0.9	1.0	0.9	2.3
Reserves	0.1	0.1	0.0	-	-
Pension Benefits - Underfunded	13.2	14.5	14.1	13.1	13.4
Other Long Term Liabilities	0.0	0.0	0.3	0.7	2.5
Other Liabilities, Total	13.3	14.6	14.4	13.8	15.9
Total Liabilities	550.0	532.9	466.5	453.1	463.7
Common Stock	87.2	86.7	76.9	72.8	72.2
Common Stock	87.2	86.7	76.9	72.8	72.2
Additional Paid-In Capital	11.0	11.0	9.7	9.2	9.1
Retained Earnings (Accumulated Deficit)	63.3	49.4	34.9	24.7	20.3
Treasury Stock - Common	-0.7	-0.7	-0.6	-0.5	-0.5
Unrealized Gain (Loss)	-8.5	-6.9	-4.3	-7.4	-1.1
Translation Adjustment	-9.4	-8.5	-5.7	-5.6	-1.7
Other Equity	0.0	-	-	-	-
Other Equity, Total	-9.4	-8.5	-5.7	-5.6	-1.7
Total Equity	143.0	131.0	111.0	93.1	98.3
Total Liabilities & Shareholders’ Equity	693.0	663.9	577.5	546.2	562.0
Shares Outstanding - Common Stock Primary Issue	64.4	64.4	64.4	64.4	64.4
Total Common Shares Outstanding	64.4	64.4	64.4	64.4	64.4
Treasury Shares - Common Stock Primary Issue	0.3	0.3	0.3	0.3	0.2
Employees	523	517	504	488	497
Number of Common Shareholders	5,512	5,793	6,228	6,593	6,852
Total Long Term Debt, Supplemental	58.8	67.7	7.5	6.1	13.8
Long Term Debt Maturing within 1 Year	15.4	13.7	1.3	0.8	3.2
Long Term Debt Maturing in Year 2	26.5	13.0	1.2	1.0	3.4
Long Term Debt Maturing in Year 3	7.4	25.1	1.0	0.7	3.2
Long Term Debt Maturing in Year 4	7.0	7.1	1.0	0.5	2.1
Long Term Debt Maturing in Year 5	1.0	8.8	1.0	0.5	1.3
Long Term Debt Maturing in 2-3 Years	33.9	38.2	2.2	1.7	6.6
Long Term Debt Maturing in 4-5 Years	8.0	15.9	2.0	1.1	3.5
Long Term Debt Matur. in Year 6 & Beyond	1.4	0.0	2.1	2.6	0.5
Total Capital Leases, Supplemental	1.7	1.7	1.6	0.6	-
Capital Lease Payments Due in Year 1	0.5	0.5	0.4	0.1	-
Capital Lease Payments Due in Year 2	0.4	0.3	0.4	0.1	-
Capital Lease Payments Due in Year 3	0.3	0.3	0.3	0.1	-
Capital Lease Payments Due in Year 4	0.3	0.2	0.2	0.1	-
Capital Lease Payments Due in Year 5	0.2	0.3	0.1	0.1	-
Capital Lease Payments Due in 2-3 Years	0.7	0.6	0.7	0.2	-
Capital Lease Payments Due in 4-5 Years	0.5	0.5	0.3	0.2	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.2	0.0	-
Pension Obligation - Domestic	28.3	26.8	24.6	25.1	24.9
Plan Assets - Domestic	12.4	12.0	10.4	8.9	10.7
Funded Status - Domestic	-15.9	-14.8	-14.2	-16.2	-14.2
Total Funded Status	-15.9	-14.8	-14.2	-16.2	-14.2
Discount Rate - Domestic	1.50%	2.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.50%	2.50%	2.50%	2.50%	2.50%
Accrued Liabilities - Domestic	-13.2	-14.5	-14.1	-13.1	-12.8
Other Assets, Net - Domestic	2.7	0.2	0.1	3.1	1.4
Net Assets Recognized on Balance Sheet	-10.5	-14.3	-14.0	-10.0	-11.4
Total Plan Obligations	28.3	26.8	24.6	25.1	24.9
Total Plan Assets	12.4	12.0	10.4	8.9	10.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	18.9	12.8	12.2	5.2	5.8
Depreciation	2.9	2.7	2.2	1.8	1.9
Depreciation/Depletion	2.9	2.7	2.2	1.8	1.9
Amortization of Acquisition Costs	0.0	-0.4	0.3	0.1	0.2
Amortization	0.0	-0.4	0.3	0.1	0.2
Unusual Items	1.5	1.0	1.5	3.4	-7.5
Other Non-Cash Items	0.0	3.4	-4.0	5.5	4.1
Non-Cash Items	1.5	4.4	-2.6	8.9	-3.4
Accounts Receivable	-26.3	-17.8	-0.4	5.9	32.6
Inventories	-13.5	-6.9	12.9	-5.9	10.7
Other Assets	-0.6	-2.9	6.0	-0.5	-1.7
Accounts Payable	18.8	29.4	6.6	-4.1	-34.8
Other Liabilities	6.7	-2.6	0.9	1.3	-3.8
Other Operating Cash Flow	-7.0	-6.5	-4.4	-7.6	-4.6
Changes in Working Capital	-21.9	-7.3	21.7	-11.0	-1.6
Cash from Operating Activities	1.4	12.2	33.8	5.1	2.9
Purchase of Fixed Assets	-0.9	-1.2	-1.3	-1.1	-0.8
Capital Expenditures	-0.9	-1.2	-1.3	-1.1	-0.8
Sale of Business	-	0.0	0.4	0.0	-
Sale of Fixed Assets	0.1	0.1	0.0	0.0	1.6
Sale/Maturity of Investment	0.1	1.2	0.1	0.5	5.2
Purchase of Investments	-6.2	-0.3	-0.4	-5.4	-2.8
Other Investing Cash Flow	-2.1	-1.8	-0.6	-0.2	-0.9
Other Investing Cash Flow Items, Total	-8.1	-0.8	-0.4	-5.0	3.2
Cash from Investing Activities	-9.0	-2.1	-1.7	-6.1	2.4
Other Financing Cash Flow	-0.6	-0.7	-0.4	-0.1	-0.1
Financing Cash Flow Items	-0.6	-0.7	-0.4	-0.1	-0.1
Short Term Debt, Net	5.4	-70.4	-17.3	-2.6	-17.1
Long Term Debt Issued	5.3	64.5	7.5	0.8	0.1
Long Term Debt Reduction	-14.9	-7.4	-6.4	-1.0	-0.9
Long Term Debt, Net	-9.6	57.2	1.1	-0.2	-0.8
Issuance (Retirement) of Debt, Net	-4.2	-13.2	-16.2	-2.8	-18.0
Cash from Financing Activities	-4.9	-13.9	-16.7	-2.9	-18.0
Foreign Exchange Effects	-0.1	-1.0	0.2	-1.1	-0.1
Net Change in Cash	-12.5	-4.8	15.6	-5.0	-12.8
Net Cash - Beginning Balance	119.4	114.8	90.3	88.5	90.6
Net Cash - Ending Balance	106.8	110.0	105.9	83.5	77.8
Cash Interest Paid	5.1	4.5	4.8	5.3	5.3
Cash Taxes Paid	2.5	3.8	1.8	2.8	1.3

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net sales	1,541.6	1,354.0	1,205.5	1,072.0	1,005.5
Total Revenue	1,541.6	1,354.0	1,205.5	1,072.0	1,005.5
Rounding adjustment Income Statement	0.0	-	-	-	-
Cost of Sales	1,375.0	1,204.6	1,068.1	939.3	886.5
Logistics Expenses	22.5	-	-	-	-
Sales Related Expenses	24.6	-	-	-	-
Other	39.9	-	-	-	-
Bad Debt Exp&Prov of Allow.-Dbt Acct-SGA	1.6	-	-	-	-
Other Selling/General/Admin. Expense	0.0	-	-	-	-
Distribution Cost	-	20.9	18.7	17.9	16.7
Sales Charge	-	23.5	22.3	24.4	22.3
Doubt. Acc. Revers.	-	0.0	-	0.0	1.3
Directors' compensations and salaries	30.8	-	-	-	-
Provision For Bonuses	4.7	-	-	-	-
Retirement Benefit Expenses	1.7	-	-	-	-
Director's remuneration/Payrolls	-	28.0	25.1	22.3	20.6
Employees'' bonuses	4.0	3.3	2.9	2.5	1.3
Accrd. Bonus	-	3.8	3.5	2.8	1.6
Accrued Retirement	-	1.7	2.8	2.4	2.3
Director Pension	-	-	-	0.0	0.1
Other Salary	10.9	9.7	8.8	10.3	8.5
Depreciation	1.4	1.1	0.9	0.8	0.7
Other SGA	-	35.2	34.0	32.8	30.5
SP Liqui. G on res. officers retirement	-	-	-	-	0.0
SP Reversal G on allow.doubt.accounts	0.0	-0.3	-0.6	-0.3	0.0
SP Amort. Negative goodwill	-	-	0.0	-0.2	0.0
SP Governments Subsidy	-	-	-	-	0.0
SP G on reversal of restructuring res.	-	-	-	0.0	-0.9
L on Val of Inv Secs & Inv in Cap	0.4	-	-	-	-
SP Bad debts	-	0.0	0.8	0.0	2.6
SP Provision for doubtful debts	-	-	0.0	0.6	0.0
Impairment Loss	1.0	-	-	-	-
SP Loss on retirement of fixed assets	0.2	0.2	0.1	0.4	0.1
SP L-Accel. Depr.Fixed Assets	-	-	-	-	0.0
SP Impairment loss	-	0.0	-	-	-
SP Revalu. Inv. Secs.	-	0.0	0.6	3.5	0.3
SP L on val.(res.) of affil. secs.	-	-	-	0.0	0.7
SP L on val of closely-held invt	-	-	-	0.0	0.2
SP Factory relocation expenses	-	-	-	-	0.0
SP Restructuring	-	-	-	-	0.0
SP Special loss-business pullback	-	-	0.0	3.9	0.0
SP L-adjustment for changes of accoun	0.0	0.1	0.0	-	-
SP Business pull out	0.7	3.0	0.0	-	-
SP L on val. of affil. secs.	0.0	0.5	0.0	-	-
NOP Amortization of negative goodwill	0.0	-0.4	-0.3	-0.3	-0.4
Total Operating Expense	1,519.2	1,335.0	1,187.7	1,063.0	995.1
Foreign Exchange Gain	0.9	-	-	-	-
SP Gain on sales of fixed assets	0.0	0.0	0.0	0.0	1.1
SP Gain on sale of LT investment secs.	-	0.0	0.0	0.4	1.2
SP Sales of closely-held investment	-	-	0.0	0.1	0.0
SP Loss on sales of fixed assets	0.0	0.0	0.0	0.0	0.0
SP Loss Liquid.Affiliate	0.0	-0.3	0.0	-	-
NOP Interest Income	0.3	0.4	0.5	0.7	0.6
NOP Dividend Income	0.6	0.4	0.5	1.0	0.5
Other Non-Operating Income (Expense)	0.0	-	-	-	-
NOP Rent Income	0.1	0.1	0.1	0.1	0.1
NOP Foreign exchange gain	-	0.0	-	-	0.0
NOP Equity earnings	0.2	0.1	0.1	1.1	0.0
NOP Other Income	0.6	1.9	1.5	1.4	1.0
NOP Interest expenses	-5.1	-4.6	-4.7	-5.4	-5.3
NOP Equity loss	0.0	-1.3	-1.2	0.0	-
NOP Exchange Loss	0.0	-1.6	-1.0	-2.2	-1.7
NOP Other Expense	-1.0	-1.2	-1.3	-1.0	-2.1
Net Income Before Taxes	18.9	12.9	12.2	5.2	5.9
Provision for Income Taxes	4.7	3.1	3.2	0.1	1.7
Net Income After Taxes	14.3	9.8	9.0	5.1	4.2
Minority interests in income	0.0	0.0	0.0	-0.9	-0.2
Net Income Before Extra. Items	14.3	9.7	9.0	4.2	3.9
Net Income	14.3	9.7	9.0	4.2	3.9
Miscellaneous Earnings Adjustment	0.0	-	-	-	-
Adjustment	-	-0.1	-0.1	0.0	0.0
Income Available to Com Excl ExtraOrd	14.3	9.7	8.9	4.1	3.9
Income Available to Com Incl ExtraOrd	14.3	9.7	8.9	4.1	3.9
Basic Weighted Average Shares	64.4	64.4	64.4	64.4	64.4
Basic EPS Excluding ExtraOrdinary Items	0.22	0.15	0.14	0.06	0.06
Basic EPS Including ExtraOrdinary Item	0.22	0.15	0.14	0.06	0.06
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	14.3	9.7	8.9	4.1	3.9
Diluted Weighted Average Shares	64.4	64.4	64.4	64.4	64.4
Diluted EPS Excluding ExtraOrd Items	0.22	0.15	0.14	0.06	0.06
Diluted EPS Including ExtraOrd Items	0.22	0.15	0.14	0.06	0.06
DPS-Common Stock	0.03	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	1.6	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	21.2	16.4	13.4	13.5	7.9
Inc Tax Ex Impact of Sp Items	5.2	4.0	3.4	0.3	2.3
Normalized Income After Taxes	16.0	12.3	10.0	13.2	5.7
Normalized Inc. Avail to Com.	15.9	12.2	9.9	12.2	5.4
Basic Normalized EPS	0.25	0.19	0.15	0.19	0.08
Diluted Normalized EPS	0.25	0.19	0.15	0.19	0.08
Interest Expense	5.1	4.6	4.7	5.4	5.3
Amort of goodwill	0.0	-0.4	0.3	0.1	0.2
Depreciation of Tangible Assets	2.9	-	-	-	-
Depreciation	-	2.7	2.2	1.8	1.9
Income taxes-current	3.2	-	-	-	-
Current Tax - Total	3.2	-	-	-	-
Income taxes-deferred	1.5	-	-	-	-
Deferred Tax - Total	1.5	-	-	-	-
Income Tax - Total	4.7	-	-	-	-
Reported operating profit	24.7	22.1	18.2	16.6	13.0
Reported ordinary profit	21.2	16.7	13.0	12.6	6.6
Service cost	1.1	1.0	1.0	1.0	1.0
Interest cost	0.7	0.6	0.6	0.6	0.6
Expected return on plan assets	-0.3	-0.3	-0.2	-0.3	-0.3
Pension exp. due to acct. changes	-	-0.4	0.8	0.8	0.7
Prior service cost	-0.4	0.8	-0.1	-0.1	-0.1
Actuarial gains and losses	0.7	-	0.8	0.4	0.3
Domestic Pension Plan Expense	1.7	1.8	2.9	2.4	2.3
Total Pension Expense	1.7	1.8	2.9	2.4	2.3
Discount Rate(MIN)-Retirement Cost(Domes	1.50%	-	-	-	-
Discount rate	-	2.50%	2.50%	2.50%	2.50%
Expected return on assets(MIN)-Retiremen	2.50%	-	-	-	-
Expected rate of return	-	2.50%	2.50%	2.50%	2.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash&Equivalent	102.4	113.7	105.3	84.9	87.3
Notes and accounts receivable-trade	335.5	311.2	264.4	246.6	260.7
Marketable Secs.	-	-	-	0.0	-
Merchandise	112.1	97.6	83.1	90.4	84.0
Inventories - stock in transit	1.5	2.9	0.1	0.3	1.2
Deferred Tax	4.1	5.5	4.8	4.5	3.6
Rounding adjustment Assets	0.0	-	-	-	-
Other Asset	11.0	10.2	7.0	10.5	11.7
Allowance	-6.3	-5.6	-4.9	-4.8	-5.6
Total Current Assets	560.3	535.5	459.8	432.4	443.0
Buildings & structures, gross	55.0	55.0	48.6	46.2	45.8
Accum Dep & Impairment Loss of Buildings	-37.1	-36.5	-31.7	-29.4	-28.4
Machinery, equipment and vehicles	31.4	31.3	29.9	28.9	28.5
Acc. Depre&Impair-Machine,Equip&Vehicle	-29.4	-28.9	-27.4	-26.3	-25.9
Tools, furniture and fixtures	15.1	14.7	12.8	11.8	11.8
Acc. Depre&Impair-Tool,Furniture&Fixture	-13.5	-13.0	-11.1	-10.4	-10.5
Land	42.9	43.6	38.7	36.8	36.5
Lease assets	1.9	1.8	1.3	0.1	0.0
Accumulated depreciation-Lease Assets	-0.9	-0.6	-0.2	0.0	-
Goodwill	-	-	0.0	0.6	1.3
Other Total Intangible Assets, Net	0.0	-	-	-	-
Lease assets	0.5	0.3	0.3	0.3	0.0
Other Intangible	3.4	1.1	0.5	0.4	0.6
Invt Secs Noncons, Asc, Affd Cos	1.0	-	-	-	-
Invts in Capital Noncons, Ascd, Affd Cos	20.8	-	-	-	-
Equity secs.-nonconsolidated affil.	-	0.7	-	-	-
Inv't partnership-nonconsol.affil.	-	19.8	-	-	-
Other Investment Securities	25.3	-	-	-	-
Other Investments in Capital	2.6	-	-	-	-
Investment Secs.	-	22.6	23.4	19.6	27.6
Invest. Contrib.	-	2.3	19.0	18.1	18.0
Long-term loans receivable	1.6	1.8	1.9	2.4	3.5
Long-term other receivables	-	-	-	5.0	-
Deferred tax assets	0.6	0.6	0.7	1.0	0.8
Rounding adjustment Assets	0.0	-	-	-	-
Other Other Long Term Assets	0.0	-	-	-	-
Other Assets	15.5	16.3	16.7	19.0	19.7
Allowance Doubt. Acct.	-4.3	-4.6	-5.9	-10.3	-10.2
Adjustment	-	-	-	-	0.0
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Total Assets	693.0	663.9	577.5	546.2	562.1
Notes and accounts payable-trade	243.4	227.2	180.5	164.2	171.8
Short-term loans payable	195.1	189.1	232.7	236.3	238.9
Loans Payable Maturing within a Year	15.4	-	-	-	-
Curr.LT Debt	-	13.5	1.3	0.8	0.8
Curr. Corp. Bond	-	-	-	-	0.0
Lease obligations	0.5	0.5	0.4	0.1	0.0
Tax Payable	2.2	1.8	2.5	1.1	1.9
Reserve for bonuses	4.3	3.8	3.5	2.8	2.1
Provision for directors'' bonuses	0.4	0.4	0.2	0.3	0.1
Rounding adjustment Liability	0.0	-	-	-	-
Provision for loss on liquidation of sub	0.0	0.8	0.0	-	-
Provision for extraordinary loss on busi	0.5	3.6	0.5	3.0	0.0
Reserve for restructuring expenses	-	-	-	-	0.0
Other Liabs.	29.4	21.4	21.7	23.7	23.4
Rounding adjustment Liability	0.0	-	-	-	-
Total Current Liabilities	491.4	462.1	443.5	432.2	439.0
Long-term loans payable	43.4	54.1	6.2	5.3	5.4
Lease obligations	1.2	1.1	1.2	0.4	0.0
Total Long Term Debt	44.6	55.2	7.4	5.8	5.4
Deferred Tax	0.1	0.1	0.1	0.4	1.1
Asset retirement obligations	0.1	0.1	0.0	-	-
Accrd. Pension	13.2	14.5	14.1	13.1	12.8
Director Pension	-	-	-	0.0	0.7
Other Long Term Liabilities	0.0	-	-	-	-
LT other payable	-	-	-	-	0.0
Negative goodwill	0.0	0.0	0.3	0.6	0.9
Other Liabs.	-	0.0	0.0	0.0	1.6
Minority Int.	0.6	0.9	1.0	0.9	2.3
Total Liabilities	550.0	532.9	466.5	453.1	463.7
Rounding adjustment Equity	0.0	-	-	-	-
Common Stock	87.2	86.7	76.9	72.8	72.2
Paid in Capital	11.0	11.0	9.7	9.2	9.1
Accum. Deficit	63.3	49.4	34.9	24.7	20.3
Treasury Stock	-0.7	-0.7	-0.6	-0.5	-0.5
Valuation difference on available-for-sa	-8.0	-6.7	-4.4	-7.2	-0.2
Deferred hedge gain/loss	-0.4	-0.2	0.0	-0.2	-1.0
Translation	-9.4	-8.5	-5.7	-5.6	-1.7
Total Equity	143.0	131.0	111.0	93.1	98.3
Total Liabilities & Shareholders' Equity	693.0	663.9	577.5	546.2	562.0
S/O-Common Stock	64.4	64.4	64.4	64.4	64.4
Total Common Shares Outstanding	64.4	64.4	64.4	64.4	64.4
T/S-Common Stock	0.3	0.3	0.3	0.3	0.2
Full-Time Employees	523	517	504	488	497
Total Number of Shareholders	5,512	-	-	-	-
Number of Common Shareholders	-	5,793	6,228	6,593	6,852
Loans Payable Maturing within a Year	15.4	13.7	1.3	0.8	3.2
Lns Pble Maturing over a Yr within 2 Yrs	26.5	-	-	-	-
LT Debt & Bond mat. by 2 yr.	-	13.0	1.2	1.0	3.4
Lns Pble Maturg over 2 Yrs within 3 Yrs	7.4	-	-	-	-
LT Debt & Bond mat. by 3 yr.	-	25.1	1.0	0.7	3.2
Lns Pble Maturg over 3 Yrs within 4 Yrs	7.0	-	-	-	-
LT Debt & Bond mat. by 4 yr.	-	7.1	1.0	0.5	2.1
Lns Pble Maturg over 4 Yrs within 5 Yrs	1.0	-	-	-	-
LT Debt & Bond mat. by 5 yr.	-	8.8	1.0	0.5	1.3
Other Loans Payable Remaining	1.4	-	-	-	-
LT Debt & Bond mat. after 5 yr.	-	0.0	2.1	2.6	0.5
Total Long Term Debt, Supplemental	58.8	67.7	7.5	6.1	13.8
Capital Lease Maturing within a Year	0.5	0.5	0.4	0.1	-
Cap Lease Maturg over a Yr within 2 Yrs	0.4	-	-	-	-
Capital Lease Maturing within a Year	-	0.3	0.4	0.1	-
Cap Lease Maturg over 2 Yr within 3 Yrs	0.3	-	-	-	-
Capital Lease Payments Due in Year 3	-	0.3	0.3	0.1	-
Cap Lease Maturg over 3 Yr within 4 Yrs	0.3	-	-	-	-
Capital Lease Payments Due in Year 4	-	0.2	0.2	0.1	-
Cap Lease Maturg over 4 Yr within 5 Yrs	0.2	-	-	-	-
Capital Lease Payments Due in Year 5	-	0.3	0.1	0.1	-
Other Capital Lease Remaining	0.0	-	-	-	-
Capital Leases - Remaining Maturities	-	0.0	0.2	0.0	-
Total Capital Leases	1.7	1.7	1.6	0.6	-
Pension obligation	28.3	26.8	24.6	25.1	24.9
Fair value of plan asset	12.4	12.0	10.4	8.9	10.7
Funded status	-15.9	-14.8	-14.2	-16.2	-14.2
Total Funded Status	-15.9	-14.8	-14.2	-16.2	-14.2
Discount rate	1.50%	2.50%	2.50%	2.50%	2.50%
Expected rate of return	2.50%	2.50%	2.50%	2.50%	2.50%
Unrecognized prior service cost	-1.9	-2.2	-2.3	-1.6	-1.7
Expense unrecog. for acc. changes	-	-	0.0	0.8	1.7
Unrecognized actuarial gains and losses	4.5	2.4	2.4	3.9	1.4
Reserve for accrued retirement benefits	-13.2	-14.5	-14.1	-13.1	-12.8
Net Assets Recognized on Balance Sheet	-10.5	-14.3	-14.0	-10.0	-11.4

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.	Yasumori Audit Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income bf. Tax	18.9	12.8	12.2	5.2	5.8
Depreciation	2.9	2.7	2.2	1.8	1.9
Loss (gain) on sales of property, plant	0.0	-	-	-	-
Impairment Loss - Cash Flow	1.0	-	-	-	-
G/L on Val of Secs and Invt in Capital	0.4	-	-	-	-
Amortization of goodwill	0.0	-0.4	0.3	0.1	0.2
Increase (decrease) in allowance for dou	0.4	-1.9	-5.2	-0.6	1.0
Increase (decrease) in provision for ret	-1.5	-1.3	0.2	0.3	-1.4
Restructuring Prov.	-	-	-	0.0	-5.7
Increase (decrease) in provision for ext	-3.2	2.9	-2.7	3.0	0.0
Interest Div. Income	-0.8	-0.8	-1.0	-1.6	-1.1
Interest Expense	5.1	4.6	4.7	5.4	5.3
Foreign exchange losses (gains)	0.0	-0.1	0.0	-0.3	0.3
Bad debts expenses	-	0.0	0.8	0.0	-
Sale of Fixed assets	-	0.0	0.0	0.0	-
Sale/deduct. of Asset	-	-	-	-	-1.1
Loss on retirement of property, plant an	0.2	0.2	0.1	0.4	-
Gov't Subsidy	-	-	-	-	0.0
Loss Liquid.Affiliates	0.0	0.3	0.0	-	-
Factory relocation expenses	-	-	-	-	0.0
Gain Sale Inv. Sec.	-	0.0	0.0	-0.4	-1.2
Revalu. Inv. Secs.	-	0.0	0.6	3.5	0.3
G on sale of closely held investment	-	-	0.0	-0.1	0.0
L on val. of inv't in Affiliated company	0.0	0.5	0.0	0.0	0.2
Restructuring loss	-	-	-	-	0.0
Decrease (increase) in notes and account	-26.3	-17.8	-0.4	5.9	32.6
Decrease (increase) in inventories	-13.5	-6.9	12.9	-5.9	10.7
Decrease (increase) in other assets	-0.6	-2.9	6.0	-0.5	-1.7
Increase (decrease) in notes and account	18.8	29.4	6.6	-4.1	-34.8
Increase (decrease) in other liabilities	6.7	-2.6	0.9	1.3	-3.8
Rounding adjustment Cash flow	0.0	-	-	-	-
Director Bonus	-	-	-	-	0.0
Other, net	-0.3	1.0	1.3	-1.2	1.0
Interest Div. Rcvd.	0.9	0.9	0.9	1.8	1.0
Interest Paid	-5.1	-4.5	-4.8	-5.3	-5.3
Tax Paid	-2.5	-3.8	-1.8	-2.8	-1.3
Consoidate	-	-	0.0	-0.6	0.0
Cash from Operating Activities	1.4	12.2	33.8	5.1	2.9
Purchase Of Investments In Subsidiaries	-0.2	-	-	-	-
Payments For Investments In Capital	-1.5	-	-	-	-
Purchase of property, plant and equipmen	-0.9	-1.2	-1.3	-1.1	-0.8
Proceeds from sales of property, plant a	0.1	0.1	0.0	0.0	1.6
Purch. Inv. Secs.	-4.5	-0.3	-0.4	-3.3	-1.8
Sale of Inv. Secs.	0.1	1.2	0.1	0.5	5.2
G on liquid. of affiliates	-	0.0	0.4	0.0	-
Purch. Subs. Stk.	-	-	0.0	-2.0	-0.1
Closely held investment	-	0.0	-	0.0	-0.9
Rounding adjustment Cash flow	0.0	-	-	-	-
Loan Made	-1.3	-0.6	-0.8	-2.5	-2.6
Loan Collected	1.2	0.7	0.4	3.3	0.3
Other, net	-2.0	-1.8	-0.1	-1.0	1.5
Adjustment	-	-	-	0.0	-
Cash from Investing Activities	-9.0	-2.1	-1.7	-6.1	2.4
Net increase (decrease) in short-term lo	5.4	-70.4	-17.3	-2.6	-17.1
Proceeds from long-term loans payable	5.3	64.5	7.5	0.8	0.1
Repayment of long-term loans payable	-14.9	-7.4	-6.4	-1.0	-0.8
Bond Redeemed	-	-	-	0.0	-0.1
Minority Div.	0.0	-0.2	-0.1	0.0	0.0
Other, net	-0.6	-0.5	-0.3	-0.1	0.0
Cash from Financing Activities	-4.9	-13.9	-16.7	-2.9	-18.0
Foreign Exchange Effects	-0.1	-1.0	0.2	-1.1	-0.1
Net Change in Cash	-12.5	-4.8	15.6	-5.0	-12.8
Net Cash - Beginning Balance	119.4	114.8	90.3	88.5	90.6
Net Cash - Ending Balance	106.8	110.0	105.9	83.5	77.8
Cash Interest Paid	5.1	4.5	4.8	5.3	5.3
Cash Taxes Paid	2.5	3.8	1.8	2.8	1.3

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	401.8	-6.54%	1,541.6	4.92%	4.16%	1.24%
Operating Income1 (?)	4.4	-45.11%	22.4	8.79%	25.17%	-
Income Available to Common Excl Extraord Items1 (?)	4.1	-10.68%	14.3	35.99%	39.48%	-
Basic EPS Excl Extraord Items1 (?)	0.06	-10.67%	0.22	36.01%	39.51%	-
Capital Expenditures2 (?)	0.9	-	0.9	-33.96%	-13.19%	-12.69%
Cash from Operating Activities2 (?)	3.0	-	1.4	-89.32%	-39.86%	-33.91%
Free Cash Flow (?)	2.1	-	0.5	-95.55%	-53.13%	-43.81%
Total Assets3 (?)	771.7	-0.83%	693.0	3.76%	1.91%	-2.33%
Total Liabilities3 (?)	619.6	-2.17%	550.0	2.59%	0.42%	-3.43%
Total Long Term Debt3 (?)	39.3	-26.30%	44.6	-19.69%	85.99%	43.11%
Employees3 (?)	-	-	523	1.16%	2.34%	-1.88%
Total Common Shares Outstanding3 (?)	64.3	-0.02%	64.4	-0.01%	-0.02%	-0.03%
1-ExchangeRate: JPY to USD Average for Period	78.747210	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	79.542859	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	77.891271	Â	82.385362	Â	Â	Â

Key Ratios
Â	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Profitability
Gross Margin (?)	10.81%	11.03%	11.39%	12.37%	11.84%
Operating Margin (?)	1.45%	1.40%	1.47%	0.84%	1.04%
Pretax Margin (?)	1.23%	0.95%	1.01%	0.49%	0.58%
Net Profit Margin (?)	0.93%	0.71%	0.74%	0.39%	0.39%
Financial Strength
Current Ratio (?)	1.14	1.16	1.04	1.00	1.01
Long Term Debt/Equity (?)	0.31	0.42	0.07	0.06	0.06
Total Debt/Equity (?)	1.79	1.97	2.18	2.61	2.49
Management Effectiveness
Return on Assets (?)	2.01%	1.53%	1.55%	0.93%	0.79%
Return on Equity (?)	9.95%	7.80%	8.45%	4.37%	4.43%
Efficiency
Receivables Turnover (?)	4.64	4.68	4.66	4.37	4.21
Inventory Turnover (?)	12.27	12.82	11.86	10.82	11.11
Asset Turnover (?)	2.17	2.13	2.08	1.96	1.91

Market Valuation USD (mil)
P/E (TTM) (?)	7.51	.	Enterprise Value2 (?)	268.3
Price/Sales (TTM) (?)	0.07	.	Enterprise Value/Revenue (TTM) (?)	0.17
Price/Book (MRQ) (?)	0.67	.	Enterprise Value/EBITDA (TTM) (?)	11.91
Market Cap as of 11-Jan-20131 (?)	90.9	.
1-ExchangeRate: JPY to USD on 11-Jan-2013	88.162355
2-ExchangeRate: JPY to USD on 30-Sep-2012	77.891271

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Financial Strength
Current Ratio (?)	1.14	1.16	1.04	1.00	1.01
Quick/Acid Test Ratio (?)	0.88	0.91	0.82	0.76	0.78
Working Capital1 (?)	69.0	73.4	16.3	0.2	4.0
Long Term Debt/Equity (?)	0.31	0.42	0.07	0.06	0.06
Total Debt/Equity (?)	1.79	1.97	2.18	2.61	2.49
Long Term Debt/Total Capital (?)	0.11	0.14	0.02	0.02	0.02
Total Debt/Total Capital (?)	0.64	0.66	0.69	0.72	0.71
Payout Ratio (?)	11.43%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	24.60%	24.21%	26.26%	2.47%	29.06%
Total Capital1 (?)	398.6	389.3	352.9	336.1	343.5
Efficiency
Asset Turnover (?)	2.17	2.13	2.08	1.96	1.91
Inventory Turnover (?)	12.27	12.82	11.86	10.82	11.11
Days In Inventory (?)	29.74	28.48	30.77	33.73	32.85
Receivables Turnover (?)	4.64	4.68	4.66	4.37	4.21
Days Receivables Outstanding (?)	78.62	77.98	78.40	83.49	86.78
Revenue/Employee2 (?)	2,825,132	2,707,744	2,379,020	2,234,845	2,323,319
Operating Income/Employee2 (?)	41,056	37,947	34,994	18,714	24,136
EBITDA/Employee2 (?)	46,371	43,292	39,283	22,552	28,462
Profitability
Gross Margin (?)	10.81%	11.03%	11.39%	12.37%	11.84%
Operating Margin (?)	1.45%	1.40%	1.47%	0.84%	1.04%
EBITDA Margin (?)	1.64%	1.60%	1.65%	1.01%	1.23%
EBIT Margin (?)	1.45%	1.40%	1.47%	0.84%	1.04%
Pretax Margin (?)	1.23%	0.95%	1.01%	0.49%	0.58%
Net Profit Margin (?)	0.93%	0.71%	0.74%	0.39%	0.39%
COGS/Revenue (?)	89.19%	88.97%	88.61%	87.63%	88.16%
SG&A Expense/Revenue (?)	9.12%	9.31%	9.80%	10.75%	10.47%
Management Effectiveness
Return on Assets (?)	2.01%	1.53%	1.55%	0.93%	0.79%
Return on Equity (?)	9.95%	7.80%	8.45%	4.37%	4.43%
Valuation
Free Cash Flow/Share2 (?)	0.01	0.18	0.50	0.06	0.04
Operating Cash Flow/Share 2 (?)	0.02	0.20	0.52	0.08	0.05
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) (?)	7.55
Market Cap/Equity (MRQ) (?)	0.68
Market Cap/Revenue (TTM) (?)	0.07
Market Cap/EBIT (TTM) (?)	5.32
Market Cap/EBITDA (TTM) (?)	4.57
Enterprise Value/Earnings (TTM) (?)	19.68
Enterprise Value/Equity (MRQ) (?)	1.76
Enterprise Value/Revenue (TTM) (?)	0.17
Enterprise Value/EBIT (TTM) (?)	13.87
Enterprise Value/EBITDA (TTM) (?)	11.91

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

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

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

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

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

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

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