MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	HANWA CO., LTD.
Registered Office :	6-18-2, Ginza Chuo-Ku, 104-8429
Country :	Japan
Financials (as on) :	31.03.2013
Date of Incorporation :	01.04.1947
Legal Form :	Public Parent
Line of Business :	Wholesale of metals and ores
No. of Employees :	2,201

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 :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Japan	A1	A1

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

JAPAN - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address

Top of Form

HANWA CO., LTD.

6-18-2, Ginza
Chuo-Ku, 104-8429
Japan
Tel:	81-3-35442171
Fax:	81-3-35442351
www.hanwa.co.jp

Employees:

2,201

Company Type:

Public Parent

Corporate Family:

34 Companies

Traded:

Tokyo Stock Exchange:

8078

Incorporation Date:

01-Apr-1947

Auditor:

KPMG AZSA LLC

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	18,215.2 ^1
Net Income:	56.9
Total Assets:	5,876.5 ^2
Market Value:	803.5
	(24-May-2013)

Business Description

HANWA CO., LTD. is a trading company. The Company operates in six business segments. The Steel segment is engaged in the processing, sale and maintenance of steel bars, steel plates, special alloy steel, wire rods, steel pipes and steel scraps, and the operation of construction works. The Metal Materials segment offers nickel, chromium, alloy iron and raw materials for solar batteries. The Non-ferrous Metals segment provides and recycles aluminum, copper and zinc. The Food Product segment mainly sells seafood. The Petroleum and Chemicals segment offers petroleum products, industrial medical and chemical products. The Others segment is engaged in the sale of lumber and machinery, as well as the operation and management of amusement facilities. As of March 31, 2012, the Company had 52 subsidiaries and 10 associated companies. For the fiscal year ended 31 March 2013, HANWA CO., LTD. revenues decreased 3% to Y1.511T. Net income applicable to common stockholders increased 2% to Y4.72B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net Income benefited from SP Val.Loss-Invest.Sec decrease of 64% to Y1.3B (expense), Loss On Sales Of Investment Securities decrease from Y1.07B (expense) to Y0K.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3322 - Metal and Mineral Wholesaling
NACE 2002:	5152 - Wholesale of metals and ores
NAICS 2002:	42351 - Metal Service Centers and Other Metal Merchant Wholesalers
UK SIC 2003:	5152 - Wholesale of metals and ores
UK SIC 2007:	4672 - Wholesale of metals and metal ores
US SIC 1987:	5051 - Metals Service Centers and Offices

Key Executives

Name	Title
Hironari Furukawa	President, Executive President, Representative Director
Yoichi Nakagawa	Director of Accounting
Teruo Asai	Standing Auditor
Shuji Kita	Chairman of the Board, Representative Director
Hiroshi Ebihara	Senior Managing Executive Officer, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Hanwa Co Ltd Lowers Consolidated Full-year Outlook and Announces Midterm Dividend Payment and Issues Year-end Dividend Outlook for FY Ending March 31, 2013	7-Nov-2012
Strategic Combinations	1	SMC Investment Trading JSC Cooperates with Hanwa Co., Ltd.	27-Jul-2012
Equity Investments	1	Hanwa Co Ltd Announces Stake Change in Nakayama Steel Works Ltd	28-Mar-2013
Positive Earnings Pre-Announcement	1	Hanwa Co Ltd Amends Consolidated Full-year Outlook for FY 2013; Reaffirms Year-end Dividend Forecast for FY 2013	12-Feb-2013
Dividends	1	Hanwa Co Ltd to Pay Year-end Dividend for FY 2013	13-May-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.35	2.95
Quick Ratio (MRQ)	1.05	1.63
Debt to Equity (MRQ)	1.99	0.67
Sales 5 Year Growth	0.05	8.01
Net Profit Margin (TTM) %	0.32	0.49
Return on Assets (TTM) %	0.84	0.76
Return on Equity (TTM) %	4.07	-0.76

Stock Snapshot

Traded: Tokyo Stock Exchange: 8078

As of 24-May-2013

   Financials in: JPY

Recent Price	387.00	EPS	29.72
52 Week High	428.00	Price/Sales	0.05
52 Week Low	250.00	Dividend Rate	12.00
Avg. Volume (mil)	1.07	Price/Earnings	14.89
Market Value (mil)	81,913.66	Price/Book	0.68
		Beta	1.24

	Price % Change	Rel S&P 500%
4 Week	3.75%	0.89%
13 Week	0.26%	-19.10%
52 Week	31.63%	-20.38%
Year to Date	15.18%	-17.07%

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

Corporate Overview

Location
6-18-2, Ginza
Chuo-Ku, 104-8429
Japan

Tel:	81-3-35442171
Fax:	81-3-35442351

www.hanwa.co.jp

Quote Symbol - Exchange
8078 - Tokyo Stock Exchange
Sales JPY(mil):	1,511,324.0
Assets JPY(mil):	552,908.0
Employees:	2,201
Fiscal Year End:	31-Mar-2013

Industry:

Miscellaneous Capital Goods

Incorporation Date:	01-Apr-1947
Company Type:	Public Parent
Quoted Status:	Quoted

President, Executive President, Representative Director:

Hironari Furukawa

Industry Codes

ANZSIC 2006 Codes:
3322	-	Metal and Mineral Wholesaling
3321	-	Petroleum Product Wholesaling
9131	-	Amusement Parks and Centres Operation
3601	-	General Line Grocery Wholesaling
3604	-	Fish and Seafood Wholesaling
3323	-	Industrial and Agricultural Chemical Product Wholesaling

NACE 2002 Codes:
5152	-	Wholesale of metals and ores
5138	-	Wholesale of other food including fish, crustaceans and molluscs
9233	-	Fair and amusement park activities
5151	-	Wholesale of solid, liquid and gaseous fuels and related products
5155	-	Wholesale of chemical products
5139	-	Non-specialised wholesale of food, beverages and tobacco

NAICS 2002 Codes:
42351	-	Metal Service Centers and Other Metal Merchant Wholesalers
713110	-	Amusement and Theme Parks
424460	-	Fish and Seafood Merchant Wholesalers
424710	-	Petroleum Bulk Stations and Terminals
424690	-	Other Chemical and Allied Products Merchant Wholesalers
424410	-	General Line Grocery Merchant Wholesalers
424720	-	Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

US SIC 1987:
5051	-	Metals Service Centers and Offices
5171	-	Petroleum Bulk stations and Terminals
7996	-	Amusement Parks
5146	-	Fish and Seafoods
5141	-	Groceries, General Line
5169	-	Chemicals and Allied Products, Not Elsewhere Classified
5172	-	Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals

UK SIC 2003:
5152	-	Wholesale of metals and ores
5138	-	Wholesale of other food including fish, crustaceans and molluscs
9233	-	Fair and amusement park activities
51511	-	Wholesale of petroleum and petroleum products
5155	-	Wholesale of chemical products
5139	-	Non-specialised wholesale of food, beverages and tobacco

UK SIC 2007:
4672	-	Wholesale of metals and metal ores
9321	-	Activities of amusement parks and theme parks
46711	-	Wholesale of petroleum and petroleum products
4638	-	Wholesale of other food, including fish, crustaceans and molluscs
4639	-	Non-specialised wholesale of food, beverages and tobacco
4675	-	Wholesale of chemical products

Business Description

HANWA CO., LTD. is a trading company. The Company operates in six business segments. The Steel segment is engaged in the processing, sale and maintenance of steel bars, steel plates, special alloy steel, wire rods, steel pipes and steel scraps, and the operation of construction works. The Metal Materials segment offers nickel, chromium, alloy iron and raw materials for solar batteries. The Non-ferrous Metals segment provides and recycles aluminum, copper and zinc. The Food Product segment mainly sells seafood. The Petroleum and Chemicals segment offers petroleum products, industrial medical and chemical products. The Others segment is engaged in the sale of lumber and machinery, as well as the operation and management of amusement facilities. As of March 31, 2012, the Company had 52 subsidiaries and 10 associated companies. For the fiscal year ended 31 March 2013, HANWA CO., LTD. revenues decreased 3% to Y1.511T. Net income applicable to common stockholders increased 2% to Y4.72B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net Income benefited from SP Val.Loss-Invest.Sec decrease of 64% to Y1.3B (expense), Loss On Sales Of Investment Securities decrease from Y1.07B (expense) to Y0K.

More Business Descriptions

Domestic and import-export business in iron and steel products, steel making raw materials, construction materials and housing materials, non-ferrous metals, recycled material, industrial machinery, information processing equipment, petroleum, chemicals, cement, seafood, poultry, wooden products and others; construction and engineering; research and development; restaurant

Import & Export Iron, Steel, Non-Ferrous Metals, Machinery, Oil, Seafood & Logs, Fuels & Chemicals

HANWA Co., Ltd. (HANWA) is an industrial material trading company. The company imports and exports a range of products such as, steel products, steel making raw materials, construction materials, housing materials, non-ferrous metals, recycling materials, industrial machinery and information processing equipment, petroleum, chemicals, cement, seafood, poultry and lumber. It also provides various services, which include construction and engineering, research and development and amusement facility. HANWA operates through its subsidiaries in Japan and overseas.The company operates its business through six segments, namely, Steel, Foods, Metals and alloys, Non-ferrous metals, Petroleum and Chemicals, and Other businesses. Its Steel segment comprises steel bars, shapes and construction materials department, wire rods & steel department, and steel sheets department. Through these departments, the division offers various products such as, steel bars and shapes, steel plates and sheets, special steels, wire products, steel pipes and steel making raw materials. This division also sells raw materials for electric furnace steel makers. Its customer base includes manufacturers of automobile parts, light electric appliances, construction materials, metal fittings and construction machinery, shipbuilders, steel-frame-structure processors and environmental equipment manufacturer. For the fiscal year ended March 2012, the company’s Steel segment has reported revenue of JPY728,845 million, reflecting an increase of 8.09% over the revenue in 2011. The segment accounted for 46.59% of the company's total revenue. HANWA’s Metals and Alloys segment provides business of supplying metals which have no resources in Japan. The metals include Nickel, Chromium, Silicon, Manganese, and Solar cell Materials. The company imports these metals from various countries such as, South Africa, India, Turkey, Germany, Russia, Brazil, China, and Kazakhstan. For the fiscal year ended March 2012, the company’s Metals and Alloys segment has reported revenue of JPY124,134 million, reflecting an increase of 1.93% over the revenue in 2011. The segment accounted for 7.93% of the company's total revenue. The Non-ferrous Metals segment of the company offers the business of recycling aluminum, copper and zinc lead. It also imports waste materials, which are not recycled in overseas and recovers non-ferrous metals from them. It offers products such as, zinc, copper, aluminum, lead, tin, copper and precious metal scraps. For the fiscal year ended March 2012, the company’s Non-ferrous Metals segment has reported revenue of JPY60,475 million, reflecting an increase of 4.37% over the revenue in 2011. The segment accounted for 3.86% of the company's total revenue. Its Foods segment sells seafood and chicken. Hanwa is the marketer in most of the sea food items it handles. The company offers products, which include capelin, herring, horse mackerel, salmon, crab, prawns and chicken. It processes seafood and chicken in several countries such as, China, Thailand and Vietnam. For the fiscal year ended March 2012, the company’s Foods segment has reported revenue of JPY91,051 million, reflecting an increase of 14.41% over the revenue in 2011. The segment accounted for 5.82 % of the company's total revenue. HANWA’s Petroleum and Chemicals segment provides business of trading petroleum products, chemical products and paper materials. This segment offers products such as, fuel for ships, heavy oil, kerosene and gasoline. It supplies heavy oil and lubricants to the steel, chemical, and pulp industries in Japan. The company also exports synthetic resin raw materials to the US, Europe and Southeast Asia. It imports shopping bags, and garbage bags made of polyethylene synthetic resin raw materials from South East Asia. For the fiscal year ended March 2012, the company’s Petroleum and Chemicals segment has reported revenue of JPY456,876 million, reflecting an increase of 23.67% over the revenue in 2011. The segment accounted for 29.20 % of the company's total revenue. The company's Other business segment imports and sells lumber & plywood. Its customer base includes trading companies that are concentrating on packaging, wood processing, builders, house manufacturers, lumber wholesalers, authorized dealers, construction material manufacturers and construction materials. HANWA imports its products from the US, Canada, Chile, Finland, Sweden, Norway, Russia, Indonesia and China. For the fiscal year ended March 2012, the Other business segment has reported revenue of JPY102,867 million, reflecting an increase of 10.53% over the revenue in 2011. The segment accounted for 6.57% of the company's total revenue. It operates its business in Japan from Osaka, Tokyo, Nagoya, Hokkaido, Tohoku, Niigata, Chogoku, Kyushu, Kitakanto and Okinawa offices. HANWA has overseas offices in New York, Seattle, Houston, Los Angeles, Vancouver, Bogota in North and South America, Seoul, Busan, Beijing, Qingdao, Dalian, Shanghai, Chongqing,Wuhan,Fuzhou, Guangzhou,Zhongshan, Dongguan, Hong Kong, Taipei, Kaohsiung, Bangkok, Kuala Lumpur, Singapore, Tawau, Hanoi, Ho Chi Minh, Jakarta, Mumbai, NewDelhi in Asia, London, Wien, Kuwait, Riyadh, Jeddah, Dubai, Damman, Amsterdam, Johannesburg in Europe, Middle East and Africa.In September 2011, the HANWA started a new company, anwa Metals Co., Ltd., by taking a spin-off of the company's Nanko office in Osaka. The new company started its operation in October 2011. In the same year, the company opened new branch office in Shizuoka city as part of its expanding business strategy.In Apr 2012, ARAYA INDUSTRIAL CO., LTD. has announced that it has decided to establish an Indonesia-based joint venture with HANWA Co., Ltd.In July 2012, SMC Investment Trading JSC has announced that the Company has signed a cooperation agreement with Hanwa Co., Ltd. in the fields of steel import, export and distribution, and coil center processing.

HANWA Co., Ltd. (HANWA) is a leading trading company in Japan. The company operates through five business divisions such as Steel division, Non-Ferrous Metals division, Food Products division, Petroleum and Chemicals division, and Other division. It imports and exports steel products, steelmaking raw materials, construction materials, housing materials, non-ferrous metals, recycling materials, industrial machinery, amusement facility, information processing equipment, petroleum, chemicals,cement, seafood, poultry, lumber and others. HANWA is listed Tokyo Stock Exchange and Osaka Stock Exchange. Its distribution center include Hanwa Logistics Tokyo Co.,Ltd., Hanwa Logistics Osaka Co.,Ltd., and Hanwa Logistics Nagoya Co.,Ltd. The company was established in 1947.HANWA is headquartered in Chuo-ku, Osaka, Japan.The company reported revenues of (Yen) JPY 1,564,250.00 million during the fiscal year ended March 2012, an increase of 12.04% over 2011. The operating profit of the company was JPY 11,379.00 million during the fiscal year 2012, an increase of 9.73% over 2011. The net profit of the company was JPY 4,633.00 million during the fiscal year 2012, a decrease of 20.05% from 2011.

Metal Service Centers and Other Metal Merchant Wholesalers

Brand/Trade Names

Hanwa

Financial Data

Financials in:	JPY(mil)
Revenue:	1,511,324.0
Net Income:	4,722.0
Assets:	552,908.0
Long Term Debt:	100,625.0
Total Liabilities:	434,676.0
Working Capital:	53.9
Date of Financial Data:	31-Mar-2013

1 Year Growth

-3.4%

1.9%

-5.1%

Market Data

Quote Symbol:	8078
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	387.0
Stock Price Date:	05-24-2013
52 Week Price Change %:	31.6
Market Value (mil):	81,913,664.0
SEDOL:	6408824
ISIN:	JP3777800008
Equity and Dept Distribution:
FY'99-'02 all WAS were estimated. FY'04 & '05 Q1&Q3, DPS was estimated. FY'08 Q1&Q3 O/S=WAS.

Subsidiaries

Company	Percentage Owned	Country
Hanwa Singapore (Private) Limited		SINGAPORE

Shareholders

Major Shareholders

Japan Trustee Services Bank (8.7%); The Master Trust Bank of Japan Ltd (5.4%)

Key Corporate Relationships

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

Corporate Structure News

HANWA CO., LTD.
Total Corporate Family Members: 34

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
HANWA CO., LTD.	Parent	Chuo-Ku	Japan	Miscellaneous Capital Goods	18,215.2	2,201
HANWA STEEL SERVICE (THAILAND) CO., LTD.	Subsidiary	Chon Buri	Thailand	Iron and Steel		200
Chiyoda Co., Ltd.	Subsidiary	Warabi, Saitama	Japan	Electronic Instruments and Controls		100
Tohan Steel Co., Ltd.	Subsidiary	Funabashi, Chiba	Japan	Miscellaneous Fabricated Products		100
PT HANWA STEEL SERVICE INDONESIA	Subsidiary	Bekasi, West Java	Indonesia	Iron and Steel		92
Showa Metal Co., Ltd.	Subsidiary	Kawasaki, Kanagawa	Japan	Metal Mining		70
Hanwa Logistics Tokyo Co., Ltd.	Subsidiary	Narashino, Chiba	Japan	Miscellaneous Transportation		57
Hanwa Logistics Nagoya Co., Ltd.	Subsidiary	Aichi	Japan	Miscellaneous Transportation		52
Subaru Steel Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Miscellaneous Capital Goods	75.5	43
Hanwa Logistics Osaka Co., Ltd.	Subsidiary	Osaka	Japan	Miscellaneous Transportation		37
Hanwa American Corp.	Subsidiary	Fort Lee, NJ	United States	Miscellaneous Capital Goods	18.9	30
HANWA THAILAND CO., LTD.	Subsidiary	Bangkok	Thailand	Food Processing		30
HANWA (KOREA) CO., LTD.	Subsidiary	Seoul	Korea, Republic of	Iron and Steel		20
Hanwa Singapore (Private) Limited	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	243.1	11
HANWA INDIA PRIVATE LTD.	Subsidiary	Mumbai, Maharashtra	India	Miscellaneous Capital Goods		10
Hanwa American Corp.	Subsidiary	Irvine, CA	United States	Miscellaneous Capital Goods	10.8	6
HANWA CANADA CORP.	Subsidiary	Vancouver, BC	Canada	Food Processing	8.9	5
San Diego Vista Steel Service Corporation	Subsidiary	San Diego, CA	United States	Miscellaneous Fabricated Products	0.8	4
Hirochi Atsuen Kogyo K.K.	Subsidiary	Osaka, Osaka	Japan	Business Services	44.0
Kaneki, K.K.	Subsidiary	Kuse-Gun, Kyoto	Japan	Miscellaneous Capital Goods	40.9
Daikoh Steel Co., Ltd.	Subsidiary	Osaka	Japan	Iron and Steel
Santo Steel Co., Ltd.	Subsidiary	Osaka	Japan	Iron and Steel
HALOS Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products
Hanwa Logistics Tokyo Co., Ltd. - Sendai Factory	Unit	Miyagi	Japan	Construction - Supplies and Fixtures
Hanwa Eco Steel Corporation	Subsidiary	Shiroi, Chiba	Japan	Iron and Steel
HANWA STEEL SERVICE (DONGGUAN) CO., LTD.	Subsidiary	Dongguan, Guangdong	China	Iron and Steel
HANWA CO., (HONG KONG) LTD.	Subsidiary	Taikoo Shing	Hong Kong	Food Processing
Hanwa Europe B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Food Processing
S.K. Engineering Co., Ltd.	Subsidiary	Tokyo	Japan	Engineering Consultants
Chang Fu Stainless Steel Center (Suzhou) Co., Ltd.	Subsidiary	Taicang, Jiangsu	China	Miscellaneous Capital Goods
Fas-Link Co., Ltd.	Subsidiary	Osaka	Japan	Miscellaneous Fabricated Products
FABCON Kyushu Corporation	Subsidiary	Fukuoka	Japan	Construction - Supplies and Fixtures
Toyo Energy Co., Ltd.	Subsidiary	Osaka	Japan	Oil and Gas Operations
Hanwa Alpha Business Co., Ltd.	Subsidiary	Tokyo	Japan	Insurance (Life)

HANWA CO., LTD.

Competitors Report

CompanyName	Location	Employees	Ownership
Itochu Corp	Minato-Ku, Japan	70,639	Public
JFE Shoji Holdings, Inc.	Tokyo, Japan	5,915	Public
JFE Shoji Trade Corporation	Tokyo, Japan	5,550	Public
KANEMATSU CORPORATION	Minato-Ku, Japan	4,770	Public
Kawasaki Heavy Industries, Ltd.	Kobe-Shi, Japan	33,267	Public
Kobe Steel, Ltd.	Kobe-Shi, Japan	35,496	Public
Marubeni Corp	Chiyoda-Ku, Japan	32,445	Public
Mitsui & Co. Ltd.	Chiyoda-Ku, Japan	44,805	Public
Nippon Light Metal Company Ltd	Tokyo, Japan	10,041	Public
Nippon Steel Trading Co., Ltd.	Chiyoda-Ku, Japan	2,231	Public
Nisshin Steel Co Ltd	Tokyo, Japan	5,989	Public
Shinsho Corporation	Osaka-Shi, Japan	1,190	Public
Sumikin Bussan Corporation	Minato-Ku, Japan	5,154	Public
Sumitomo Corp	Chuo-Ku, Japan	72,087	Public
Toyota Tsusho Corp	Minato-Ku, Japan	33,845	Public

Executives Report

Board of Directors

Name	Title	Function
Shuji Kita	Chairman of the Board, Representative Director	Chairman
Biography: Mr. Shuji Kita has been serving as Chairman of the Board and Representative Director of HANWA CO., LTD., since April 1, 2011. He is also serving as Director in Keihan Electric Railway Co.,Ltd. His previous titles include President and Managing Director in the Company. He has working experience in Ministry of International Trade and Industry. Age: 69
Tetsuro Akimoto	Executive Vice President, Director	Director/Board Member
Biography: Mr. Tetsuro Akimoto has been serivng as Executive Vice President and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1971. His previous titles include Senior Managing Director, Director of Fund and Managing Director in the Company. Age: 63
Hiroshi Ebihara	Senior Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Hiroshi Ebihara has been serving as Senior Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1977. His previous titles were Managing Director and Director of Overseas Sales. Age: 57
Yoichi Ejima	Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Yoichi Ejima has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He was in charge of Legal & Credit and Human Resources in the Company. He joined the Company in April 1972. Age: 62
Hironari Furukawa	President, Executive President, Representative Director	Director/Board Member
Biography: Mr. Hironari Furukawa has been serving as President, Executive President and Representative Director in HANWA CO., LTD., since April 1, 2012. He joined the Company in March 1969. His previous titles include Vice President, Senior Managing Director and Managing Director in the Company. He used to serve as Vice President in a Hong Kong-based subsidiary, and work for Hanwa Co., Ltd. Age: 65
Tadahiko Kaida	Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Tadahiko Kaida has been serving as Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He was in charge of Osaka HQ Steel Sheets, Automotive Steel Products, Stainless Steel & Alminum Sheet, Wire Products & Special Steel, Steel Service Business and assistant to director in charge of Steel Sheet International in the Company. He joined the Company in April 1977. Age: 58
Yasumichi Kato	Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Yasumichi Kato has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He was in charge of Osaka HQ Steel Plates, Structural Steel Sheets, Steel Sheets Sales, Machinery and China Office in the Company. He joined the Company in April 1978. Age: 57
Hideo Kawanishi	Senior Managing Executive Officer, Manager of Osaka Main Office, Director	Director/Board Member
Biography: Mr. Hideo Kawanishi has been serving as Senior Managing Executive Officer, Manager of Osaka Main Office and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1973. He used to be Managing Director in the Company. Age: 62
Takatoshi Kuchiishi	Executive Officer, Director	Director/Board Member
Biography: Mr. Takatoshi Kuchiishi has been serving as Executive Officer and Director in HANWA CO., LTD. since April 1, 2012. He was in charge of Tokyo HQ Steel Bars & Construction Materials, Ferrous Raw Materials, Steel Structure Marketing, Project Development, Distributor Sales, Tohoku Branch Office, Kitakanto Branch Office, Atsugi Sales Office and Mito Sales Office in the Company. He joined the Company in April 1981. Age: 53
Yoshiaki Matsuoka	Executive Officer, Director	Director/Board Member
Biography: Mr. Yoshiaki Matsuoka has been serving as Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He was in charge of Petroleum, Petroleum Products Trading and Chemical Product. He joined the Company in April 1977. He previously served as Director of Demand and Supply. Age: 60
Atsuhiro Moriguchi	Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Atsuhiro Moriguchi has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He was in charge of Accounting and Finance. He joined the Company in April 1975. Age: 65
Yoshifumi Nishi	Senior Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Yoshifumi Nishi has been serving as Senior Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1973. His previous titles include Director of Tokyo Fuels and Managing Director. Age: 62
Akihiko Ogasawara	Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Akihiko Ogasawara has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1976. He used to serve as Managing Director and Director of Metallic Raw Materials. Age: 58
Osamu Seki	Independent Director	Director/Board Member
Biography: Mr. Osamu Seki has been serving as Independent Director of HANWA CO., LTD., since June 2007. He used to serve as Independent Director in P.S. Mitsubishi Construction Co., Ltd., as well as Chairman of the Board and Representative Director in Nuclear Fuel Industries, Ltd. in the Company. Previously, he worked for the Ministry of International Trade and Industry. Age: 72
Hiroshi Serizawa	Senior Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Hiroshi Serizawa has been serving as Senior Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1975. His previous titles include Managing Director, Director of Stainless and Director of Thick Sheet and Steel Sheet Marketing. Age: 60
Naoyuki Togawa	Managing Executive Officer, President of Nagoya Office, Director	Director/Board Member
Biography: Mr. Naoyuki Togawa has been serving as Managing Executive Officer, President of Nagoya Office and Director in HANWA CO., LTD., since April 1, 2012. He joined the Company in March 1974. Age: 60
Masataka Toyoda	Executive Officer, Chairman of Subsidiary, Director	Director/Board Member
Biography: Mr. Masataka Toyoda has been serving as Executive Officer and Director of HANWA CO., LTD., as well as Chairman of the Board in a Shanghai-based subsidiary, Hanwa Trading (Shanghai) Co., Ltd., since April 1, 2012. He joined the Company in March 1974. Age: 62
Hiroaki Tsujinaka	Executive Officer, Director	Director/Board Member
Biography: Mr. Hiroaki Tsujinaka has been serving as Executive Officer and Director of HANWA CO., LTD. since April 1, 2012. He was in charge of Osaka HQ Steel Bars & Construction Materials, Ferrous Raw Materials, Steel Structure Marketing, Distributor Sales, Project , Ecology & Recycling Business, Kyushu Branch Office and Okinawa Branch Office in the Company. He was also serving as Chairman of the Board in a China-based company. He joined the Company in April 1975. Age: 60
Shiro Yabushita	Independent Director	Director/Board Member
Biography: Mr. Shiro Yabushita has been serving as Independent Director in HANWA CO., LTD. since June 2011. He is also a professor of Waseda University. He used to work for Tokyo Metropolitan University and Yokohama National University. He obtained his Ph.D.'s degree in Economics from Yale University in June 1972. Age: 78 Education: Yale University, PHD (Economics)

Executives

Name	Title	Function
Hironari Furukawa	President, Executive President, Representative Director	President
Biography: Mr. Hironari Furukawa has been serving as President, Executive President and Representative Director in HANWA CO., LTD., since April 1, 2012. He joined the Company in March 1969. His previous titles include Vice President, Senior Managing Director and Managing Director in the Company. He used to serve as Vice President in a Hong Kong-based subsidiary, and work for Hanwa Co., Ltd. Age: 65
Hiroshi Ebihara	Senior Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Hiroshi Ebihara has been serving as Senior Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1977. His previous titles were Managing Director and Director of Overseas Sales. Age: 57
Yoichi Ejima	Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Yoichi Ejima has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He was in charge of Legal & Credit and Human Resources in the Company. He joined the Company in April 1972. Age: 62
Chiro Ideriha	Executive Officer	Division Head Executive	Reuters
Tadahiko Kaida	Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Tadahiko Kaida has been serving as Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He was in charge of Osaka HQ Steel Sheets, Automotive Steel Products, Stainless Steel & Alminum Sheet, Wire Products & Special Steel, Steel Service Business and assistant to director in charge of Steel Sheet International in the Company. He joined the Company in April 1977. Age: 58
Yasumichi Kato	Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Yasumichi Kato has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He was in charge of Osaka HQ Steel Plates, Structural Steel Sheets, Steel Sheets Sales, Machinery and China Office in the Company. He joined the Company in April 1978. Age: 57
Hideo Kawanishi	Senior Managing Executive Officer, Manager of Osaka Main Office, Director	Division Head Executive
Biography: Mr. Hideo Kawanishi has been serving as Senior Managing Executive Officer, Manager of Osaka Main Office and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1973. He used to be Managing Director in the Company. Age: 62
Takatoshi Kuchiishi	Executive Officer, Director	Division Head Executive
Biography: Mr. Takatoshi Kuchiishi has been serving as Executive Officer and Director in HANWA CO., LTD. since April 1, 2012. He was in charge of Tokyo HQ Steel Bars & Construction Materials, Ferrous Raw Materials, Steel Structure Marketing, Project Development, Distributor Sales, Tohoku Branch Office, Kitakanto Branch Office, Atsugi Sales Office and Mito Sales Office in the Company. He joined the Company in April 1981. Age: 53
Yasuharu Kurata	Executive Officer, Chairman of Subsidiary	Division Head Executive
Yoshiaki Matsuoka	Executive Officer, Director	Division Head Executive
Biography: Mr. Yoshiaki Matsuoka has been serving as Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He was in charge of Petroleum, Petroleum Products Trading and Chemical Product. He joined the Company in April 1977. He previously served as Director of Demand and Supply. Age: 60
Atsuhiro Moriguchi	Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Atsuhiro Moriguchi has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He was in charge of Accounting and Finance. He joined the Company in April 1975. Age: 65
Hidemi Nagashima	Executive Officer	Division Head Executive
Yoshifumi Nishi	Senior Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Yoshifumi Nishi has been serving as Senior Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1973. His previous titles include Director of Tokyo Fuels and Managing Director. Age: 62
Akihiko Ogasawara	Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Akihiko Ogasawara has been serving as Managing Executive Officer and Director in HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1976. He used to serve as Managing Director and Director of Metallic Raw Materials. Age: 58
Kazuhiko Okada	Executive Officer	Division Head Executive
Hiroshi Serizawa	Senior Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Hiroshi Serizawa has been serving as Senior Managing Executive Officer and Director of HANWA CO., LTD., since April 1, 2012. He joined the Company in April 1975. His previous titles include Managing Director, Director of Stainless and Director of Thick Sheet and Steel Sheet Marketing. Age: 60
Naoyuki Togawa	Managing Executive Officer, President of Nagoya Office, Director	Division Head Executive
Biography: Mr. Naoyuki Togawa has been serving as Managing Executive Officer, President of Nagoya Office and Director in HANWA CO., LTD., since April 1, 2012. He joined the Company in March 1974. Age: 60
Masataka Toyoda	Executive Officer, Chairman of Subsidiary, Director	Division Head Executive
Biography: Mr. Masataka Toyoda has been serving as Executive Officer and Director of HANWA CO., LTD., as well as Chairman of the Board in a Shanghai-based subsidiary, Hanwa Trading (Shanghai) Co., Ltd., since April 1, 2012. He joined the Company in March 1974. Age: 62
Hiroaki Tsujinaka	Executive Officer, Director	Division Head Executive
Biography: Mr. Hiroaki Tsujinaka has been serving as Executive Officer and Director of HANWA CO., LTD. since April 1, 2012. He was in charge of Osaka HQ Steel Bars & Construction Materials, Ferrous Raw Materials, Steel Structure Marketing, Distributor Sales, Project , Ecology & Recycling Business, Kyushu Branch Office and Okinawa Branch Office in the Company. He was also serving as Chairman of the Board in a China-based company. He joined the Company in April 1975. Age: 60
Kozo Yamabe	Executive Officer, General Manager of New York Office, President of Subsidiary	Division Head Executive
Teruo Asai	Standing Auditor	Accounting Executive
Yasuo Naide	Corporate Auditor	Accounting Executive
Toshiaki Shirakawa	Corporate Auditor	Accounting Executive
Toshiaki Taguchi	Corporate Auditor	Accounting Executive
Hiroshige Wagatsuma	Corporate Auditor	Accounting Executive
Yoichi Nakagawa	Director of Accounting	Investor Relations Executive

Significant Developments

Hanwa Co Ltd to Pay Year-end Dividend for FY 2013

May 13, 2013

Hanwa Co Ltd announced that it will pay a year-end dividend of JPY 8.00 per share (JPY 1,657 million in total), above the latest dividend forecast of JPY 6.00 per share, to all the shareholders as a record of March 31, 2013, effective June 28, 2013.

Hanwa Co Ltd Announces Stake Change in Nakayama Steel Works Ltd

Mar 28, 2013

Nakayama Steel Works Ltd announced that it will issue up to 346,750,000 shares for no less than JPY 26 per share (JPY 9,015,500,000 in total), through private placement to Nippon Steel & Sumitomo Metal Corp, Hanwa Co Ltd, NIPPON STEEL TRADING CO., LTD., AIR WATER INC, Osaka Gas Co., Ltd. and Daiwa PI Partners Co. Ltd. on August 27, 2013. The funds will be used for business restructuring and facility investment. As a result, Hanwa Co Ltd will hold a 12.78% stake.

Hanwa Co Ltd Amends Consolidated Full-year Outlook for FY 2013; Reaffirms Year-end Dividend Forecast for FY 2013

Feb 12, 2013

Hanwa Co Ltd announced that it has reaffirmed the consolidated full-year outlook for revenue at JPY 1,486,000 million, operating profit at JPY 12,300 million, ordinary profit at JPY 10,600 million, and has raised the consolidated full-year outlook for net profit from JPY 3,900 million to JPY 6,000 million and earning per share from JPY 18.82 to JPY 28.95 for the fiscal year ending March 31, 2013. The positive net profit outlook is mainly due to the decrease of loss in securities. The Company has also announced that it has reaffirmed the year-end dividend forecast at JPY 6 per share, for the fiscal year ending March 31, 2013.

Hanwa Co Ltd Lowers Consolidated Full-year Outlook and Announces Midterm Dividend Payment and Issues Year-end Dividend Outlook for FY Ending March 31, 2013

Nov 07, 2012

Hanwa Co Ltd announced that it has lowered its consolidated full-year outlook for revenue from JPY 1,600,000 million to JPY 1,486,000 million, operating profit from JPY 18,000 million to JPY 12,300 million, ordinary profit from JPY 15,000 million to JPY 10,600 million, net profit from JPY 8,700 million to JPY 3,900 million and earning per share from JPY 41.97 to JPY 18.82 for the fiscal year ending March 31, 2013. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 1,675.00 billion and net profit of JPY 8.70 billion. The Company also issue its midterm dividend of JPY 4.00 per share, or JPY 829 million in total, effective December 5, 2012, down from a forecast of JPY 6.00 per share announced on August 7, 2012, from retained earnings to shareholders as of September 30, 2012. The Company also issued its year-end dividend outlook of JPY 6.00 per share, for the same fiscal year.

R&I Affirms Rating on Hanwa Co Ltd at "BBB+"; Rating Outlook Stable

Oct 16, 2012

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Hanwa Co Ltd at "BBB+". The rating outlook is stable.

SMC Investment Trading JSC Cooperates with Hanwa Co., Ltd.

Jul 27, 2012

SMC Investment Trading JSC announced that on July 24, 2012, the Company has signed a cooperation agreement with Hanwa Co., Ltd. in the fields of steel import, export and distribution, as well as coil center processing.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor		KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	18,215.2	19,810.4	16,292.2	12,014.4	15,318.6
Revenue	18,215.2	19,810.4	16,292.2	12,014.4	15,318.6
Total Revenue	18,215.2	19,810.4	16,292.2	12,014.4	15,318.6
Cost of Revenue	17,675.7	19,223.4	15,781.7	11,577.6	14,843.8
Cost of Revenue, Total	17,675.7	19,223.4	15,781.7	11,577.6	14,843.8
Gross Profit	539.5	586.9	510.5	436.7	474.8
Selling/General/Administrative Expense	388.9	242.0	212.9	192.1	191.1
Labor & Related Expense	-	155.2	135.9	121.8	110.0
Total Selling/General/Administrative Expenses	388.9	397.3	348.8	313.8	301.1
Impairment-Assets Held for Use	3.1	-	5.0	35.2	0.0
Impairment-Assets Held for Sale	17.1	45.6	32.6	0.0	24.9
Other Unusual Expense (Income)	0.0	0.0	3.1	0.0	-
Unusual Expense (Income)	20.2	45.6	40.7	35.2	24.9
Total Operating Expense	18,084.9	19,666.2	16,171.2	11,926.7	15,169.9
Operating Income	130.3	144.1	121.0	87.7	148.7
Interest Expense - Non-Operating	-35.0	-38.5	-32.9	-34.6	-43.2
Interest Expense, Net Non-Operating	-35.0	-38.5	-32.9	-34.6	-43.2
Interest Income - Non-Operating	9.4	10.0	7.8	5.9	10.5
Investment Income - Non-Operating	-8.1	0.5	23.9	20.4	17.7
Interest/Investment Income - Non-Operating	1.2	10.5	31.8	26.3	28.1
Interest Income (Expense) - Net Non-Operating Total	-33.8	-28.0	-1.2	-8.3	-15.0
Gain (Loss) on Sale of Assets	-4.5	0.0	-	0.0	-2.1
Other Non-Operating Income (Expense)	-9.8	-9.1	-3.1	-13.3	-18.4
Other, Net	-9.8	-9.1	-3.1	-13.3	-18.4
Income Before Tax	82.2	107.0	116.8	66.1	113.3
Total Income Tax	24.5	47.0	48.5	-58.1	53.3
Income After Tax	57.7	60.0	68.3	124.2	60.0
Minority Interest	-0.7	-1.3	-0.7	0.3	-0.3
Net Income Before Extraord Items	56.9	58.7	67.6	124.6	59.7
Net Income	56.9	58.7	67.6	124.6	59.7
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	56.9	58.7	67.6	124.6	59.7
Income Available to Common Incl Extraord Items	56.9	58.7	67.6	124.6	59.7
Basic/Primary Weighted Average Shares	207.3	207.3	207.3	208.8	210.6
Basic EPS Excl Extraord Items	0.27	0.28	0.33	0.60	0.28
Basic/Primary EPS Incl Extraord Items	0.27	0.28	0.33	0.60	0.28
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	56.9	58.7	67.6	124.6	59.7
Diluted Weighted Average Shares	207.3	207.3	207.3	208.8	210.6
Diluted EPS Excl Extraord Items	0.27	0.28	0.33	0.60	0.28
Diluted EPS Incl Extraord Items	0.27	0.28	0.33	0.60	0.28
Dividends per Share - Common Stock Primary Issue	0.14	0.15	0.14	0.13	0.12
Gross Dividends - Common Stock	-	31.5	29.0	26.9	25.1
Interest Expense, Supplemental	35.0	38.5	32.9	34.6	43.2
Depreciation, Supplemental	39.8	34.4	31.6	27.5	23.5
Total Special Items	24.7	45.6	40.7	35.2	27.0
Normalized Income Before Tax	106.9	152.5	157.4	101.3	140.3
Effect of Special Items on Income Taxes	7.4	20.0	16.9	12.3	12.7
Inc Tax Ex Impact of Sp Items	31.9	67.0	65.4	-45.8	66.0
Normalized Income After Tax	75.0	85.5	92.1	147.1	74.3
Normalized Inc. Avail to Com.	74.3	84.2	91.4	147.5	74.0
Basic Normalized EPS	0.36	0.41	0.44	0.71	0.35
Diluted Normalized EPS	0.36	0.41	0.44	0.71	0.35
Reported Operating Profit	150.5	189.7	161.7	122.9	173.7
Reported Ordinary Profit	106.9	166.1	157.4	101.3	149.3
Normalized EBIT	150.5	189.7	161.7	122.9	173.7
Normalized EBITDA	190.4	224.1	193.2	150.4	197.1
Current Tax - Total	44.4	24.0	-	-	-
Current Tax - Total	44.4	24.0	-	-	-
Deferred Tax - Total	-19.9	23.0	-	-	-
Deferred Tax - Total	-19.9	23.0	-	-	-
Income Tax - Total	24.5	47.0	-	-	-
Interest Cost - Domestic	-	4.1	5.3	4.6	3.9
Service Cost - Domestic	-	12.8	11.2	9.4	7.6
Prior Service Cost - Domestic	-	1.0	0.9	0.9	0.8
Expected Return on Assets - Domestic	-	-8.1	-7.3	-5.3	-5.1
Actuarial Gains and Losses - Domestic	-	11.7	9.8	10.2	5.9
Other Pension, Net - Domestic	-	0.0	0.0	0.2	0.2
Domestic Pension Plan Expense	-	21.5	20.0	20.0	13.3
Total Pension Expense	-	21.5	20.0	20.0	13.3
Discount Rate - Domestic	-	1.40%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	3.00%	3.00%	3.00%	3.00%
Total Plan Interest Cost	-	4.1	5.3	4.6	3.9
Total Plan Service Cost	-	12.8	11.2	9.4	7.6
Total Plan Expected Return	-	-8.1	-7.3	-5.3	-5.1
Total Plan Other Expense	-	0.0	0.0	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor		KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	247.5	285.8	249.8	264.0	356.4
Cash and Short Term Investments	247.5	285.8	249.8	264.0	356.4
Accounts Receivable - Trade, Gross	3,122.1	3,654.0	3,310.2	2,294.7	2,361.9
Provision for Doubtful Accounts	-9.1	-11.3	-12.9	-9.5	-7.9
Trade Accounts Receivable - Net	3,113.0	3,642.6	3,297.3	2,285.1	2,354.0
Total Receivables, Net	3,113.0	3,642.6	3,297.3	2,285.1	2,354.0
Inventories - Finished Goods	977.0	1,284.2	1,155.8	736.3	865.7
Inventories - Work In Progress	1.4	2.0	7.5	3.6	14.2
Inventories - Raw Materials	48.4	59.9	59.6	34.4	38.9
Inventories - Other	-	0.0	-	-	-
Total Inventory	1,026.8	1,346.2	1,222.8	774.3	918.9
Deferred Income Tax - Current Asset	23.0	14.5	38.1	35.9	15.8
Other Current Assets	216.2	391.2	298.2	206.2	258.4
Other Current Assets, Total	239.2	405.7	336.2	242.1	274.2
Total Current Assets	4,626.5	5,680.4	5,106.2	3,565.5	3,903.5
Buildings	342.8	385.8	279.7	251.1	239.5
Land/Improvements	314.4	370.0	352.9	302.8	283.1
Other Property/Plant/Equipment	194.6	202.7	180.6	153.5	138.6
Property/Plant/Equipment - Gross	851.8	958.5	813.2	707.4	661.3
Accumulated Depreciation	-266.6	-274.1	-245.6	-211.9	-191.4
Property/Plant/Equipment - Net	585.3	684.4	567.6	495.5	469.8
Intangibles, Net	7.8	7.6	8.3	8.1	7.4
LT Investment - Affiliate Companies	-	102.6	-	-	-
LT Investments - Other	417.9	377.3	501.1	432.4	283.7
Long Term Investments	417.9	479.9	501.1	432.4	283.7
Note Receivable - Long Term	1.4	1.8	2.3	2.7	2.2
Deferred Income Tax - Long Term Asset	3.2	2.8	1.1	28.4	8.9
Other Long Term Assets	234.4	212.2	242.0	213.1	177.8
Other Long Term Assets, Total	237.6	215.1	243.1	241.5	186.7
Total Assets	5,876.5	7,069.3	6,428.5	4,745.7	4,853.4
Accounts Payable	1,746.2	2,267.5	1,888.8	1,442.6	1,323.5
Accrued Expenses	20.1	23.3	21.3	19.9	18.1
Notes Payable/Short Term Debt	1,323.2	1,279.5	1,177.7	284.9	665.1
Current Portion - Long Term Debt/Capital Leases	106.8	0.4	139.8	365.0	239.7
Income Taxes Payable	31.6	20.2	5.3	2.5	1.9
Other Current Liabilities	194.0	290.1	242.8	187.0	308.0
Other Current liabilities, Total	225.5	310.3	248.2	189.5	310.0
Total Current Liabilities	3,421.9	3,881.0	3,475.8	2,301.9	2,556.3
Long Term Debt	1,069.5	1,660.3	1,509.1	1,223.8	1,267.1
Total Long Term Debt	1,069.5	1,660.3	1,509.1	1,223.8	1,267.1
Total Debt	2,499.5	2,940.3	2,826.6	1,873.7	2,171.8
Deferred Income Tax - LT Liability	48.5	60.5	54.1	28.7	27.2
Deferred Income Tax	48.5	60.5	54.1	28.7	27.2
Minority Interest	26.0	28.2	8.2	7.3	7.2
Pension Benefits - Underfunded	2.3	2.3	1.6	0.2	0.3
Other Long Term Liabilities	51.7	57.6	55.1	47.5	41.7
Other Liabilities, Total	54.0	60.0	56.7	47.7	41.9
Total Liabilities	4,619.9	5,690.0	5,103.9	3,609.5	3,899.7
Common Stock	485.2	554.1	550.8	488.6	462.2
Common Stock	485.2	554.1	550.8	488.6	462.2
Additional Paid-In Capital	0.0	0.0	0.0	0.0	0.0
Retained Earnings (Accumulated Deficit)	774.5	849.4	815.7	688.2	553.3
Treasury Stock - Common	-15.2	-17.3	-17.2	-15.1	-7.6
Unrealized Gain (Loss)	29.6	27.1	9.3	7.6	-34.4
Translation Adjustment	-18.7	-38.5	-35.4	-24.7	-17.3
Other Equity	0.0	0.0	-	-	-
Other Comprehensive Income	1.3	4.3	1.3	-8.3	-2.5
Other Equity, Total	-17.4	-34.1	-34.1	-33.0	-19.8
Total Equity	1,256.6	1,379.2	1,324.6	1,136.2	953.7
Total Liabilities & Shareholders’ Equity	5,876.5	7,069.2	6,428.5	4,745.7	4,853.5
Shares Outstanding - Common Stock Primary Issue	207.2	207.3	207.3	207.3	209.3
Total Common Shares Outstanding	207.2	207.3	207.3	207.3	209.3
Treasury Shares - Common Stock Primary Issue	4.4	4.4	4.4	4.4	2.4
Employees	-	2,201	2,060	1,952	1,818
Number of Common Shareholders	-	11,702	12,332	12,815	13,599
Total Long Term Debt, Supplemental	-	1,784.4	1,648.9	1,588.8	1,506.8
Long Term Debt Maturing within 1 Year	-	124.0	1,123.9	472.0	353.1
Long Term Debt Maturing in Year 2	-	990.8	122.3	119.9	339.7
Long Term Debt Maturing in Year 3	-	372.2	107.1	376.7	0.0
Long Term Debt Maturing in Year 4	-	189.7	107.1	376.7	0.0
Long Term Debt Maturing in Year 5	-	107.5	188.5	190.0	712.8
Long Term Debt Maturing in 2-3 Years	-	1,362.9	229.4	496.6	339.7
Long Term Debt Maturing in 4-5 Years	-	297.2	295.6	566.7	712.8
Long Term Debt Matur. in Year 6 & Beyond	-	0.2	0.0	53.5	101.2
Total Capital Leases, Supplemental	-	11.0	11.3	5.3	3.2
Capital Lease Payments Due in Year 1	-	4.6	4.4	2.2	1.1
Capital Lease Payments Due in Year 2	-	3.4	3.1	1.8	1.1
Capital Lease Payments Due in Year 3	-	1.8	2.0	0.8	0.8
Capital Lease Payments Due in Year 4	-	0.8	0.9	0.3	0.2
Capital Lease Payments Due in Year 5	-	0.4	0.5	0.2	0.1
Capital Lease Payments Due in 2-3 Years	-	5.2	5.2	2.6	1.9
Capital Lease Payments Due in 4-5 Years	-	1.1	1.5	0.5	0.2
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.1	0.3	0.1	0.0
Pension Obligation - Domestic	-	335.8	287.7	245.2	220.9
Plan Assets - Domestic	-	257.4	260.0	226.4	167.2
Funded Status - Domestic	-	-78.3	-27.7	-18.8	-53.7
Total Funded Status	-	-78.3	-27.7	-18.8	-53.7
Discount Rate - Domestic	-	1.40%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	-	3.00%	3.00%	3.00%	3.00%
Prepaid Benefits - Domestic	-	74.7	77.4	70.7	56.5
Accrued Liabilities - Domestic	-	-2.3	-1.6	-0.2	-0.3
Other Assets, Net - Domestic	-	150.7	103.5	89.3	109.9
Net Assets Recognized on Balance Sheet	-	223.2	179.2	159.7	166.2
Total Plan Obligations	-	335.8	287.7	245.2	220.9
Total Plan Assets	-	257.4	260.0	226.4	167.2

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor		KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	82.2	107.0	116.8	66.1	113.3
Depreciation	39.8	34.4	31.6	27.5	23.5
Depreciation/Depletion	39.8	34.4	31.6	27.5	23.5
Unusual Items	24.7	59.1	40.7	35.2	36.1
Other Non-Cash Items	24.6	17.7	17.4	22.9	46.5
Non-Cash Items	49.3	76.9	58.1	58.1	82.5
Accounts Receivable	173.4	-313.1	-651.4	150.0	284.0
Inventories	218.1	-95.3	-341.9	247.6	11.6
Accounts Payable	-312.9	383.6	224.8	47.3	-362.9
Other Liabilities	-	-	-	0.0	-83.2
Other Operating Cash Flow	-10.8	-23.7	14.2	-99.0	-125.9
Changes in Working Capital	67.7	-48.4	-754.3	345.9	-276.4
Cash from Operating Activities	239.0	169.8	-547.9	497.6	-57.2
Purchase of Fixed Assets	-48.5	-114.8	-37.7	-83.2	-64.8
Capital Expenditures	-48.5	-114.8	-37.7	-83.2	-64.8
Sale of Business	-	0.0	15.0	0.0	-
Sale of Fixed Assets	11.1	1.9	0.3	38.7	5.1
Sale/Maturity of Investment	36.2	63.2	6.2	5.9	24.1
Investment, Net	-6.8	-8.0	-17.8	-13.9	1.2
Purchase of Investments	-39.0	-87.0	-38.8	-75.7	-158.6
Other Investing Cash Flow	-14.5	-7.4	-16.1	-11.5	-1.3
Other Investing Cash Flow Items, Total	-13.0	-37.3	-51.2	-56.6	-129.6
Cash from Investing Activities	-61.5	-152.1	-88.8	-139.8	-194.4
Other Financing Cash Flow	-5.4	-5.0	-3.3	-8.7	-6.7
Financing Cash Flow Items	-5.4	-5.0	-3.3	-8.7	-6.7
Cash Dividends Paid - Common	-25.0	-31.5	-29.0	-27.0	-25.3
Total Cash Dividends Paid	-25.0	-31.5	-29.0	-27.0	-25.3
Short Term Debt, Net	-365.9	-69.8	791.6	-430.3	228.2
Long Term Debt Issued	547.8	274.9	242.4	172.8	603.8
Long Term Debt Reduction	-348.7	-148.3	-403.3	-176.7	-336.4
Long Term Debt, Net	199.2	126.6	-160.9	-3.9	267.5
Issuance (Retirement) of Debt, Net	-166.8	56.7	630.7	-434.1	495.7
Cash from Financing Activities	-197.2	20.2	598.3	-469.8	463.7
Foreign Exchange Effects	17.2	-2.2	-7.5	-2.8	-4.4
Net Change in Cash	-2.6	35.8	-45.8	-114.8	207.7
Net Cash - Beginning Balance	282.2	260.7	286.1	378.6	141.1
Net Cash - Ending Balance	279.6	296.5	240.2	263.8	348.8
Cash Interest Paid	35.1	37.9	33.1	36.0	41.5
Cash Taxes Paid	25.8	8.3	-22.8	17.7	91.2

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor		KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	18,215.2	19,810.4	16,292.2	12,014.4	15,318.6
Total Revenue	18,215.2	19,810.4	16,292.2	12,014.4	15,318.6
Total	17,675.7	19,223.4	15,781.7	11,577.6	14,843.8
Selling, general and administrative expe	388.9	-	-	-	-
Other Selling/General/Admin. Expense	-	242.0	-	-	-
Payrolls	-	132.0	115.8	102.4	92.9
Reserve for bonus	-	23.3	20.1	19.4	17.1
Doubful acct. allow.	-	-	-	9.5	24.0
Other SG&A expenses	-	-	212.9	182.5	167.1
Rounding adjustment Income Statement	0.0	-	-	-	-
Loss On Valuation Of Investments In Capi	1.5	-	-	-	-
SP Impairment loss	3.1	-	5.0	35.2	0.0
SP Loss on disaster	-	0.0	3.1	0.0	-
SP Val.Loss-Invest.Sec	15.6	45.6	32.6	0.0	24.9
Total Operating Expense	18,084.9	19,666.2	16,171.2	11,926.7	15,169.9
Foreign exchange losses	-14.9	-	-	-	-
Loss On Sales Of Investment Securities	0.0	-13.6	-	-	-
SP G on sale of LT inv't. secs.	-	-	-	-	0.0
Loss on disposal of noncurrent assets	-4.5	-	-	-	-
Impairment Loss	-	0.0	-	-	-
SP Sale Loss-Invest.Sec	-	-	0.0	-	-
SP Sale Loss-Fixed Assets	-	-	-	0.0	-2.1
SP Exchange L-Dec. Capital in Affiliate	-	-	-	0.0	-9.0
NOP Interest Income	9.4	10.0	7.8	5.9	10.5
NOP Dividend Income	6.8	4.9	6.1	4.8	9.3
NOP Exchange Gain	0.0	9.2	17.8	15.6	17.4
Other Non-Operating Income (Expense)	0.0	0.0	-	-	-
NOP Other non-operating income	9.3	13.9	16.4	6.4	5.2
NOP Interest expenses	-35.0	-38.5	-32.9	-34.6	-43.2
NOP Other non-operating expenses	-19.1	-23.0	-19.5	-19.7	-23.6
Net Income Before Taxes	82.2	107.0	116.8	66.1	113.3
Provision for Income Taxes	24.5	47.0	48.5	-58.1	53.3
Net Income After Taxes	57.7	60.0	68.3	124.2	60.0
Minority interests in income	-0.7	-1.3	-0.7	0.3	-0.3
Net Income Before Extra. Items	56.9	58.7	67.6	124.6	59.7
Net Income	56.9	58.7	67.6	124.6	59.7
Miscellaneous Earnings Adjustment	0.0	-	-	-	-
Rounding adjustment Income Statement	-	0.0	-	-	-
Earning Adjustment	-	-	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	56.9	58.7	67.6	124.6	59.7
Income Available to Com Incl ExtraOrd	56.9	58.7	67.6	124.6	59.7
Basic Weighted Average Shares	207.3	207.3	207.3	208.8	210.6
Basic EPS Excluding ExtraOrdinary Items	0.27	0.28	0.33	0.60	0.28
Basic EPS Including ExtraOrdinary Items	0.27	0.28	0.33	0.60	0.28
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	56.9	58.7	67.6	124.6	59.7
Diluted Weighted Average Shares	207.3	207.3	207.3	208.8	210.6
Diluted EPS Excluding ExtraOrd Items	0.27	0.28	0.33	0.60	0.28
Diluted EPS Including ExtraOrd Items	0.27	0.28	0.33	0.60	0.28
DPS-Common Stock	0.14	0.15	0.14	0.13	0.12
Gross Dividends - Common Stock	-	31.5	29.0	26.9	25.1
Normalized Income Before Taxes	106.9	152.5	157.4	101.3	140.3
Inc Tax Ex Impact of Sp Items	31.9	67.0	65.4	-45.8	66.0
Normalized Income After Taxes	75.0	85.5	92.1	147.1	74.3
Normalized Inc. Avail to Com.	74.3	84.2	91.4	147.5	74.0
Basic Normalized EPS	0.36	0.41	0.44	0.71	0.35
Diluted Normalized EPS	0.36	0.41	0.44	0.71	0.35
Interest Expense	35.0	38.5	32.9	34.6	43.2
BC - Depreciation of Fixed Assets	39.8	-	-	-	-
Amort of Tangible Assets-Current Portion	-	34.4	-	-	-
Depreciation	-	-	31.6	27.5	23.5
Income taxes-current	44.4	24.0	-	-	-
Current Tax - Total	44.4	24.0	-	-	-
Income taxes-deferred	-19.9	23.0	-	-	-
Deferred Tax - Total	-19.9	23.0	-	-	-
Income Tax - Total	24.5	47.0	-	-	-
Reported operating profit	150.5	189.7	161.7	122.9	173.7
Reported ordinary profit	106.9	166.1	157.4	101.3	149.3
Service cost	-	12.8	11.2	9.4	7.6
Interest cost	-	4.1	5.3	4.6	3.9
Expected return on plan assets	-	-8.1	-7.3	-5.3	-5.1
Actuarial gains and losses	-	11.7	9.8	10.2	5.9
Prior service cost	-	1.0	0.9	0.9	0.8
Additional retirement benefit costs	-	0.0	0.0	0.2	0.2
Domestic Pension Plan Expense	-	21.5	20.0	20.0	13.3
Total Pension Expense	-	21.5	20.0	20.0	13.3
Discount Rate(MIN)-Retirement Cost(Domes	-	1.40%	-	-	-
Discount rate	-	-	2.00%	2.00%	2.00%
Expected return on assets(MIN)-Retiremen	-	3.00%	-	-	-
Expected rate of return	-	-	3.00%	3.00%	3.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor		KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash and Deposit	247.5	285.8	249.8	264.0	356.4
Notes and accounts receivable-trade	3,122.1	3,654.0	3,310.2	2,294.7	2,361.9
Finished Goods and Merchandise	977.0	1,284.2	-	-	-
Inventories - merch.&finished goods	-	-	1,155.8	736.3	865.7
Work in Process	1.4	2.0	-	-	-
Inventories - work-in-process	-	-	7.5	3.6	14.2
Raw Materials and Supplies	48.4	59.9	-	-	-
Inventories - raw materials&supplies	-	-	59.6	34.4	38.9
Deferred income taxes (current)	23.0	14.5	38.1	35.9	15.8
Rounding adjustment Assets	0.0	0.0	-	-	-
Other current assets	216.2	391.2	298.2	206.2	258.4
Doubtful Account	-9.1	-11.3	-12.9	-9.5	-7.9
Other Inventory	-	0.0	-	-	-
Total Current Assets	4,626.5	5,680.4	5,106.2	3,565.5	3,903.5
Bldg.&Structure	342.8	385.8	279.7	251.1	239.5
Accumulated depreciation(1)	-153.9	-159.3	-142.9	-122.5	-114.7
Land	314.4	370.0	352.9	302.8	283.1
Other PP&E	194.6	202.7	180.6	153.5	138.6
Accumulated depreciation	-112.6	-114.8	-102.7	-89.4	-76.8
Total intangible assets	7.8	7.6	8.3	8.1	7.4
Other LT Investments	-	377.3	-	-	-
Investment Sec.	417.9	-	501.1	432.4	283.7
Long-term loans receivable	1.4	1.8	2.3	2.7	2.2
Deferred tax assets	3.2	2.8	1.1	28.4	8.9
Other Total investments and other assets	0.0	-	-	-	-
Rounding adjustment Assets	0.0	0.0	-	-	-
Other Other Long Term Assets(1)	-	240.7	-	-	-
Other Other Long Term Assets	-	0.0	-	-	-
Other Assets	267.1	-	274.3	244.9	210.0
Allowance doubt.accounts (non-current)	-32.7	-28.5	-32.3	-31.8	-32.3
Adjustment	-	-	-	-	0.0
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Other Other Tangible Fixed Assets, Net	-	0.0	-	-	-
Other Total Property/Plant/Equipment, Ne	-	0.0	-	-	-
Invt Secs Noncons, Asc, Affd Cos	-	68.9	-	-	-
Invts in Capital Noncons, Ascd, Affd Cos	-	33.6	-	-	-
Total Assets	5,876.5	7,069.3	6,428.5	4,745.7	4,853.4
Notes and accounts payable-trade	1,746.2	2,267.5	1,888.8	1,442.6	1,323.5
Short-term loans payable	1,206.3	1,097.4	960.5	274.2	665.1
Long-term borrowings (current portion)	-	-	136.7	257.9	239.7
Commercial papers	116.9	182.1	217.2	10.7	0.0
Straight bonds (current portion)	106.8	0.4	3.0	107.0	0.0
Income taxes payable	31.6	20.2	5.3	2.5	1.9
Accrued Bonus	20.1	23.3	21.3	19.9	18.1
Rounding adjustment Liability	0.0	-	-	-	-
Other Liabilities	193.9	290.1	242.8	187.0	308.0
Total Current Liabilities	3,421.9	3,881.0	3,475.8	2,301.9	2,556.3
Bonds payable	212.6	243.4	120.7	0.0	101.2
Long-term loans payable	856.9	1,417.0	1,388.5	1,223.8	1,165.8
Total Long Term Debt	1,069.5	1,660.3	1,509.1	1,223.8	1,267.1
Deferred tax liabilities (non-current)	23.1	32.0	21.8	0.0	0.0
Revaluation-Deferred Tax Liabilities	25.3	28.5	32.4	28.7	27.2
Reserve for accrued retirement benefits	2.3	2.3	1.6	0.2	0.3
Other Long Term Liabilities	0.0	0.0	-	-	-
Other long-term liabilities	51.7	57.6	55.1	47.5	41.7
Minority interests	26.0	28.2	8.2	7.3	7.2
Total Liabilities	4,619.9	5,690.0	5,103.9	3,609.5	3,899.7
Other Equity	0.0	0.0	-	-	-
Common Stock	485.2	554.1	550.8	488.6	462.2
Total capital surpluses	0.0	0.0	0.0	0.0	0.0
Total retained earnings	774.5	849.4	815.7	688.2	553.3
Treasury Stock	-15.2	-17.3	-17.2	-15.1	-7.6
Valuation difference on available-for-sa	28.3	25.3	11.5	9.5	-32.5
Deferred hedge gain/loss	1.3	4.3	1.3	-8.3	-2.5
Reserve by valuation of land	1.2	1.8	-2.2	-2.0	-1.8
Cumulative translation adjustments	-18.7	-38.5	-35.4	-24.7	-17.3
Total Equity	1,256.6	1,379.2	1,324.6	1,136.2	953.7
Total Liabilities & Shareholders' Equity	5,876.5	7,069.2	6,428.5	4,745.7	4,853.5
S/O-Common Stock	207.2	207.3	207.3	207.3	209.3
Total Common Shares Outstanding	207.2	207.3	207.3	207.3	209.3
T/S-Common Stock	4.4	4.4	4.4	4.4	2.4
Full-Time Employees	-	2,201	2,060	1,952	1,818
Total Number of Shareholders	-	11,702	-	-	-
Number of Common Shareholders	-	-	12,332	12,815	13,599
Division And End Of Current Period Remai	-	123.6	-	-	-
Long Term Debt Maturing Within 1 Year	-	-	139.8	365.0	239.7
Bond Redemp Amts over a Yr within 2 Yrs	-	122.0	-	-	-
Lns Pble Maturing over a Yr within 2 Yrs	-	868.8	-	-	-
Long Term Debt Maturing Within 2 Year	-	-	122.3	119.9	339.7
Over Two Years And Within Three Years	-	121.4	-	-	-
Lns Pble Maturg over 2 Yrs within 3 Yrs	-	250.8	-	-	-
Long Term Debt Maturing Within 3 Year	-	0.4	984.1	107.0	113.4
Lns Pble Maturg over 3 Yrs within 4 Yrs	-	189.7	-	-	-
Long Term Debt Maturing Within 4 Year	-	-	214.2	753.4	0.0
Lns Pble Maturg over 4 Yrs within 5 Yrs	-	107.5	-	-	-
Long Term Debt Maturing Within 5 Year	-	-	188.5	190.0	712.8
Other LT Debt-Remaining	-	0.2	-	-	-
Long-term debt over 5 years	-	-	0.0	53.5	101.2
Total Long Term Debt, Supplemental	-	1,784.4	1,648.9	1,588.8	1,506.8
Lease Maturing Within 1 Year	-	4.6	4.4	2.2	1.1
Cap Lease Maturg over a Yr within 2 Yrs	-	3.4	-	-	-
Lease Maturing Within 2 Year	-	-	3.1	1.8	1.1
Cap Lease Maturg over 2 Yr within 3 Yrs	-	1.8	-	-	-
Lease Maturing Within 3 Year	-	-	2.0	0.8	0.8
Cap Lease Maturg over 3 Yr within 4 Yrs	-	0.8	-	-	-
Lease Maturing Within 4 Year	-	-	0.9	0.3	0.2
Cap Lease Maturg over 4 Yr within 5 Yrs	-	0.4	-	-	-
Lease Maturing Within 5 Year	-	-	0.5	0.2	0.1
Other Capital Leases	-	0.1	-	-	-
Lease over 5 years	-	-	0.3	0.1	0.0
Total Capital Leases, Supplemental	-	11.0	11.3	5.3	3.2
Pension obligation	-	335.8	287.7	245.2	220.9
Fair value of plan asset	-	257.4	260.0	226.4	167.2
Funded status	-	-78.3	-27.7	-18.8	-53.7
Total Funded Status	-	-78.3	-27.7	-18.8	-53.7
Discount rate	-	1.40%	2.00%	2.00%	2.00%
Expected rate of return	-	3.00%	3.00%	3.00%	3.00%
Unrecognized actuarial gains and losses	-	144.1	95.9	81.7	102.0
Unrecognized prior service cost	-	6.6	7.5	7.6	8.0
Prepaid pension benefits	-	74.7	77.4	70.7	56.5
Reserve for accrued retirement benefits	-	-2.3	-1.6	-0.2	-0.3
Net Assets Recognized on Balance Sheet	-	223.2	179.2	159.7	166.2

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor		KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	82.2	107.0	116.8	66.1	113.3
Depreciation	39.8	34.4	31.6	27.5	23.5
Loss on disposal of fixed assets	4.5	-	-	-	-
Loss On Valuation Of Investments In Capi	1.5	-	-	-	-
Loss on sales of investment securities	0.0	13.6	-	-	-
Impairment Loss	3.1	0.0	5.0	35.2	0.0
Increase (decrease) in allowance for dou	5.7	-5.9	-1.5	-1.0	23.1
Int. and Div. Income	-16.2	-14.9	-14.0	-10.7	-19.8
Loss on disaster	-	0.0	3.1	0.0	-
Interest Expense	35.0	38.5	32.9	34.6	43.2
G on sale of LT inv't in secs.	-	-	-	-	0.0
Sale Loss-Fixed Assets	-	-	-	0.0	2.1
Val.Loss-Invest.Sec	15.6	45.6	32.6	0.0	24.9
Exch.Loss-Decreased Capital in Affiliate	-	-	-	0.0	9.0
Sale Loss-Invest.Sec	-	-	0.0	-	-
Decrease (increase) in notes and account	173.4	-313.1	-651.4	150.0	284.0
Decrease (increase) in inventories	218.1	-95.3	-341.9	247.6	11.6
Increase (decrease) in notes and account	-312.9	383.6	224.8	47.3	-362.9
Deposits Received	-	-	-	0.0	-83.2
Rounding adjustment Cash flow	0.0	-	-	-	-
Increase in cash and cash equivalents re	0.3	-	-	-	-
Increase In Cash And Cash Equivalents Fr	5.1	18.2	-	-	-
Other Operating Cash Flow	-	0.0	-	-	-
Other, net	28.4	-10.3	10.6	-55.9	-12.6
Interest & div.received(cash basis)	16.3	14.6	14.0	10.7	19.5
Interest paid (cash basis)	-35.1	-37.9	-33.1	-36.0	-41.5
Income taxes (paid) refund	-25.8	-8.3	22.8	-17.7	-91.2
Cash from Operating Activities	239.0	169.8	-547.9	497.6	-57.2
Time deposit made	-4.8	-5.7	-3.1	-3.3	-3.5
Time deposit matured	5.4	7.4	3.4	3.3	2.1
Purchase of property, plant and equipmen	-48.5	-114.8	-37.7	-83.2	-64.8
Proceeds from sales of property, plant a	11.1	1.9	0.3	38.7	5.1
Purch-Investment Sec	-34.1	-81.3	-35.7	-72.3	-154.8
Proceeds from purchase of investments in	-	0.0	15.0	0.0	-
Redemp&Sale-Inv.Sec	30.3	55.0	1.8	2.0	21.2
Net decrease (increase) in short-term lo	-6.8	-8.0	-17.8	-13.9	1.2
Payments of long-term loans receivable	-0.1	-0.1	-0.1	-0.1	-0.3
Collection of long-term loans receivable	0.4	0.7	1.1	0.6	0.8
Rounding adjustment Cash flow	0.0	-	-	-	-
Other, net	-14.5	-7.4	-16.1	-11.5	-1.3
Cash from Investing Activities	-61.5	-152.1	-88.8	-139.8	-194.4
Net increase (decrease) in short-term lo	-317.7	-31.9	593.2	-441.0	397.4
Net increase (decrease) in commercial pa	-48.2	-38.0	198.4	10.8	-169.2
Proceeds from long-term loans payable	427.9	148.8	126.3	172.8	603.8
Repayment of long-term loans payable	-348.3	-144.3	-284.1	-176.7	-236.9
Bond issued	120.0	126.1	116.2	0.0	0.0
Redemp-Corporat.Bond	-0.4	-4.0	-119.1	0.0	-99.5
Dividend Paid	-25.0	-31.5	-29.0	-27.0	-25.3
Rounding adjustment Cash flow	0.0	0.0	-	-	-
Dividends paid to minority shareholders	-0.5	-0.6	0.0	0.0	0.0
Other, net	-5.0	-4.4	-3.3	-8.7	-6.7
Cash from Financing Activities	-197.2	20.2	598.3	-469.8	463.7
Foreign Exchange Effects	17.2	-2.2	-7.5	-2.8	-4.4
Net Change in Cash	-2.6	35.8	-45.8	-114.8	207.7
Net Cash - Beginning Balance	282.2	260.7	286.1	378.6	141.1
Net Cash - Ending Balance	279.6	296.5	240.2	263.8	348.8
Cash Interest Paid	35.1	37.9	33.1	36.0	41.5
Cash Taxes Paid	25.8	8.3	-22.8	17.7	91.2

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	4,303.3	1.10%	18,215.2	-3.38%	10.62%	0.05%
Operating Income1 (?)	37.8	-30.81%	130.3	-4.97%	9.88%	-14.53%
Income Available to Common Excl Extraord Items1 (?)	15.3	-34.10%	56.9	1.90%	-25.85%	-18.49%
Basic EPS Excl Extraord Items1 (?)	0.07	-34.09%	0.27	1.90%	-25.67%	-18.17%
Capital Expenditures2 (?)	48.5	-	48.5	-55.56%	-19.54%	0.18%
Cash from Operating Activities2 (?)	239.0	-	239.0	47.87%	-24.60%	-1.54%
Free Cash Flow (?)	167.9	-	167.9	263.55%	-25.70%	-1.95%
Total Assets3 (?)	5,876.5	-5.06%	5,876.5	-5.06%	7.63%	2.78%
Total Liabilities3 (?)	4,619.9	-7.27%	4,619.9	-7.27%	8.83%	2.62%
Total Long Term Debt3 (?)	1,069.5	-26.44%	1,069.5	-26.44%	-4.17%	2.41%
Total Common Shares Outstanding3 (?)	207.2	-0.01%	207.2	-0.01%	-0.01%	-0.39%
1-ExchangeRate: JPY to USD Average for Period	92.002316	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	82.970472	Â	82.970472	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	94.088557	Â	94.088557	Â	Â	Â

Key Ratios
Â	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Profitability
Gross Margin (?)	2.96%	2.96%	3.13%	3.64%	3.10%
Operating Margin (?)	0.72%	0.73%	0.74%	0.73%	0.97%
Pretax Margin (?)	0.45%	0.54%	0.72%	0.55%	0.74%
Net Profit Margin (?)	0.31%	0.30%	0.41%	1.04%	0.39%
Financial Strength
Current Ratio (?)	1.35	1.46	1.47	1.55	1.53
Long Term Debt/Equity (?)	0.85	1.20	1.14	1.08	1.33
Total Debt/Equity (?)	1.99	2.13	2.13	1.65	2.28
Management Effectiveness
Return on Assets (?)	0.84%	0.85%	1.20%	2.50%	1.25%
Return on Equity (?)	4.07%	4.15%	5.37%	11.56%	6.17%
Efficiency
Receivables Turnover (?)	5.10	5.46	5.74	5.01	6.22
Inventory Turnover (?)	14.13	14.30	15.57	13.19	16.24
Asset Turnover (?)	2.66	2.81	2.86	2.42	3.20

Market Valuation USD (mil)
P/E (TTM) (?)	16.99	.	Enterprise Value2 (?)	3,148.6
Price/Sales (TTM) (?)	0.05	.	Enterprise Value/Revenue (TTM) (?)	0.20
Price/Book (MRQ) (?)	0.68	.	Enterprise Value/EBITDA (TTM) (?)	18.76
Market Cap as of 24-May-20131 (?)	803.5	.
1-ExchangeRate: JPY to USD on 24-May-2013	101.942831
2-ExchangeRate: JPY to USD on 31-Mar-2013	94.088557

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Financial Strength
Current Ratio (?)	1.35	1.46	1.47	1.55	1.53
Quick/Acid Test Ratio (?)	0.98	1.01	1.02	1.11	1.06
Working Capital1 (?)	1,204.6	1,799.4	1,630.4	1,263.7	1,347.2
Long Term Debt/Equity (?)	0.85	1.20	1.14	1.08	1.33
Total Debt/Equity (?)	1.99	2.13	2.13	1.65	2.28
Long Term Debt/Total Capital (?)	0.28	0.38	0.36	0.41	0.41
Total Debt/Total Capital (?)	0.67	0.68	0.68	0.62	0.69
Payout Ratio (?)	52.69%	53.70%	42.94%	21.64%	42.15%
Effective Tax Rate (?)	29.82%	43.93%	41.52%	-87.98%	47.05%
Total Capital1 (?)	3,756.1	4,319.5	4,151.1	3,009.9	3,125.6
Efficiency
Asset Turnover (?)	2.66	2.81	2.86	2.42	3.20
Inventory Turnover (?)	14.13	14.30	15.57	13.19	16.24
Days In Inventory (?)	25.82	25.52	23.44	27.66	22.48
Receivables Turnover (?)	5.10	5.46	5.74	5.01	6.22
Days Receivables Outstanding (?)	71.61	66.90	63.64	72.90	58.66
Revenue/Employee2 (?)	-	8,626,529	8,177,122	6,122,036	8,572,332
Operating Income/Employee2 (?)	-	62,753	60,738	44,683	83,235
EBITDA/Employee2 (?)	-	77,737	76,576	58,719	96,367
Profitability
Gross Margin (?)	2.96%	2.96%	3.13%	3.64%	3.10%
Operating Margin (?)	0.72%	0.73%	0.74%	0.73%	0.97%
EBITDA Margin (?)	0.93%	0.90%	0.94%	0.96%	1.12%
EBIT Margin (?)	0.72%	0.73%	0.74%	0.73%	0.97%
Pretax Margin (?)	0.45%	0.54%	0.72%	0.55%	0.74%
Net Profit Margin (?)	0.31%	0.30%	0.41%	1.04%	0.39%
COGS/Revenue (?)	97.04%	97.04%	96.87%	96.37%	96.90%
SG&A Expense/Revenue (?)	2.14%	2.01%	2.14%	2.61%	1.97%
Management Effectiveness
Return on Assets (?)	0.84%	0.85%	1.20%	2.50%	1.25%
Return on Equity (?)	4.07%	4.15%	5.37%	11.56%	6.17%
Valuation
Free Cash Flow/Share2 (?)	0.81	0.25	-2.92	1.99	-0.59
Operating Cash Flow/Share 2 (?)	1.02	0.79	-2.73	2.39	-0.28
1-ExchangeRate: JPY to USD Period End Date	94.088557	82.385362	82.88	93.44	98.77
2-ExchangeRate: JPY to USD Average for Period	94.088557	82.385362	82.88	93.44	98.77

Current Market Multiples
Market Cap/Earnings (TTM) (?)	17.36
Market Cap/Equity (MRQ) (?)	0.69
Market Cap/Revenue (TTM) (?)	0.05
Market Cap/EBIT (TTM) (?)	6.56
Market Cap/EBITDA (TTM) (?)	5.50
Enterprise Value/Earnings (TTM) (?)	62.77
Enterprise Value/Equity (MRQ) (?)	2.51
Enterprise Value/Revenue (TTM) (?)	0.20
Enterprise Value/EBIT (TTM) (?)	23.72
Enterprise Value/EBITDA (TTM) (?)	19.88

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.51

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%)

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