MIRA INFORM REPORT

Report Date :

06.03.2013

IDENTIFICATION DETAILS

Name :	AMADA CO., LTD.
Registered Office :	200, Ishida, Isehara-Shi, 259-1196
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	01.05.1948
Legal Form :	Public Parent Company
Line of Business :	manufacture, sale, leasing, repair and maintenance of plate products and press products, as well as the research and development of plate-related software
No. of Employees :	6,467 employees

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Japan	A1	A1

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

Japan - ECONOMIC OVERVIEW

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

Source : CIA

Company name & address

AMADA CO., LTD.

200, Ishida

Isehara-Shi, 259-1196

Japan

Tel: 81-46-3961111

Fax: 81 (463) 94-9781

Web: www.amada.co.jp

Synthesis

Employees: 6,467

Company Type: Public Parent

Corporate Family: 87 Companies

Traded: Tokyo Stock Exchange: 6113

Incorporation Date: 01-May-1948

Auditor: Deloitte Touche Tohmatsu

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: Japanese Yen

Annual Sales: 2,349.7 1

Net Income: 58.8

Total Assets: 5,702.9 2

Market Value: 1,740.9 (28-Sep-2012)

Business Description

AMADA CO., LTD. is a manufacturing company which is engaged in the manufacture, sale, leasing, repair and maintenance of plate products and press products, as well as the research and development of plate-related software. This segment’s major products include laser machines, numerical control turret punch press (NCT), punch and laser combined processing machines, press brakes, bending robots, shirring, plate processing system line, factory automation (FA) computers and software, among others. The Metal Machine Tool segment is engaged in the manufacture and sale of cutting machine tools. The major products of this segment include sawing machines, shaped steel cutting machines, drilling machines, cutting blades, lathes and grinding machines. The Others segment is engaged in the leasing of real estate and the operation of golf courses. For the three months ended 30 June 2012, AMADA CO., LTD. revenues increased 7% to Y37.08B. Net loss totaled Y1.17B vs. income of Y121M. Revenues reflect Metal processing Machine segment increase of 7% to Y27.4B, Metal worked Machine segment increase of 7% to Y9.24B, Other segment increase of 6% to Y433M. Net loss reflects Metal processing Machine segment loss increase from Y411M to Y1.03B.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2463 - Machine Tool and Parts Manufacturing

NACE 2002: 2942 - Manufacture of other metalworking machine tools

NAICS 2002: 333512 - Machine Tool (Metal Cutting Types) Manufacturing

UK SIC 2003: 2942 - Manufacture of other metalworking machine tools

UK SIC 2007: 2841 - Manufacture of metal forming machinery

US SIC 1987: 3541 - Machine Tools, Metal Cutting Types

Key Executives

Name	Title
Mitsuo Okamoto	President, Chief Executive Officer, Representative Director
Takaya Shigeta	Executive Officer, Director of Finance, Director
Nobuyuki Jinbo	Executive Officer, Chief Director of Domestic Marketing
Atsushige Abe	Managing Executive Officer, Director of General Affairs & Human Resources, Director
Yasuhiro Endo	Executive Officer, Chief Director of Sheet-Metal Machinery Manufacturing, President of Subsidiary

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Amada Co., Ltd. Lowers Consolidated Full-year Outlook for FY 2012	2-Nov-2011
Dividends	1	Amada Co., Ltd. Announces Mid-term Dividend Payment for FY 2012	2-Nov-2011

* number of significant developments within the last 12 months

News

Title	Date
Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (246 Words)	12-Oct-2012
Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (247 Words)	11-Oct-2012
Surveyors Report Spending More in Zagat Philadelphia Restaurant Survey Associated Press (1252 Words)	11-Oct-2012
Jose Luis Perales performs for thousands of fans in Chile EFE Ingles (275 Words)	7-Oct-2012
Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (245 Words)	3-Oct-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	3.71	1.95
Quick Ratio (MRQ)	2.67	1.03
Debt to Equity (MRQ)	0.03	0.45
Sales 5 Year Growth	-6.69	6.22
Net Profit Margin (TTM) %	1.90	7.96
Return on Assets (TTM) %	0.76	8.48
Return on Equity (TTM) %	0.90	17.58

Stock Snapshot

Traded: Tokyo Stock Exchange: 6113

As of 28-Sep-2012

   Financials in: JPY

Recent Price	342.00	EPS	11.60
52 Week High	604.00	Price/Sales	0.73
52 Week Low	335.00	Dividend Rate	12.00
Avg. Volume (mil)	2.36	Price/Earnings	53.20
Market Value (mil)	135,603.70	Price/Book	0.35
		Beta	1.23

	Price % Change	Rel S&P 500%
4 Week	-3.39%	-4.15%
13 Week	-26.92%	-23.68%
52 Week	-32.54%	-30.27%
Year to Date	-29.92%	-30.76%

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

200, Ishida

Isehara-Shi, 259-1196

Japan

Tel: 81-46-3961111

Fax: 81 (463) 94-9781

Web: www.amada.co.jp

Quote Symbol - Exchange

6113 - Tokyo Stock Exchange

Sales JPY(mil): 185,539.0

Assets JPY(mil): 469,836.0

Employees: 6,467

Fiscal Year End: 31-Mar-2012

Industry: Miscellaneous Capital Goods

Incorporation Date: 01-May-1948

Company Type: Public Parent

Quoted Status: Quoted

President,

Chief Executive Officer,

Representative Director: Mitsuo Okamoto

Company Web Links

Corporate History/Profile

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2463 - Machine Tool and Parts Manufacturing

9113 - Sports and Physical Recreation Venues, Grounds and Facilities Operation

5420 - Software Publishing

6712 - Non-Residential Property Operators

NACE 2002 Codes:

2942 - Manufacture of other metalworking machine tools

9261 - Operation of sports arenas and stadiums

7221 - Publishing of software

7020 - Letting of own property

NAICS 2002 Codes:

333512 - Machine Tool (Metal Cutting Types) Manufacturing

531120 - Lessors of Nonresidential Buildings (except Miniwarehouses)

713910 - Golf Courses and Country Clubs

511210 - Software Publishers

333513 - Machine Tool (Metal Forming Types) Manufacturing

US SIC 1987:

3541 - Machine Tools, Metal Cutting Types

7992 - Public Golf Courses

3542 - Machine Tools, Metal Forming Types

7372 - Prepackaged Software

6512 - Operators of Nonresidential Buildings

UK SIC 2003:

2942 - Manufacture of other metalworking machine tools

92619 - Operation of other sports arenas and stadiums not elsewhere classified

70209 - Other letting of own property

7221 - Publishing of software

UK SIC 2007:

2841 - Manufacture of metal forming machinery

5829 - Other software publishing

9311 - Operation of sports facilities

68209 - Letting and operating of own or leased real estate (other than Housing Association real estate and conference and exhibition services) n.e.c.

Business Description

AMADA CO., LTD. is a manufacturing company which is engaged in the manufacture, sale, leasing, repair and maintenance of plate products and press products, as well as the research and development of plate-related software. This segment’s major products include laser machines, numerical control turret punch press (NCT), punch and laser combined processing machines, press brakes, bending robots, shirring, plate processing system line, factory automation (FA) computers and software, among others. The Metal Machine Tool segment is engaged in the manufacture and sale of cutting machine tools. The major products of this segment include sawing machines, shaped steel cutting machines, drilling machines, cutting blades, lathes and grinding machines. The Others segment is engaged in the leasing of real estate and the operation of golf courses. For the three months ended 30 June 2012, AMADA CO., LTD. revenues increased 7% to Y37.08B. Net loss totaled Y1.17B vs. income of Y121M. Revenues reflect Metal processing Machine segment increase of 7% to Y27.4B, Metal worked Machine segment increase of 7% to Y9.24B, Other segment increase of 6% to Y433M. Net loss reflects Metal processing Machine segment loss increase from Y411M to Y1.03B.

More Business Descriptions

Manufacture of metalworking machinery including bandsaws, structural steel cutting machines and drilling machines; CAD and CAM systems; computers for FA application; CNC turret punch presses; corner shearing machines; press brakes; sheet metal bending robots; laser cutting machines, punch and laser combination machines

Metalworking Machines & Bandsaws Mfr

Other Industrial Machinery Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	185,539.0
Net Income:	4,643.0
Assets:	469,836.0
Long Term Debt:	1,623.0
Total Liabilities:	99,507.0
Working Capital:	147.7
Date of Financial Data:	31-Mar-2012

1 Year Growth

13.7%

70.9%

3.8%

Market Data

Quote Symbol:	6113
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	342.0
Stock Price Date:	09-28-2012
52 Week Price Change %:	-32.5
Market Value (mil):	135,603,696.0
SEDOL:	6022105
ISIN:	JP3122800000
Equity and Dept Distribution:
As of 4/00, Company merged with Amada Metrecs.Fins. from FY'00 reflect combination of both companies. FY'00:all shares'#=FY'01 pro forma. 94-02 WAS were estimated. FY'08 1Q&3Q WAS & DWAS estimated and WAS used as O/S.

Subsidiaries

Company	Percentage Owned	Country
Amada Machine Tools Co Ltd	100%	JAPAN
Amada Machine Tools MFG Co Ltd	100%	JAPAN
Amada GmbH	100%	GERMANY
Amada International Industry & Trading (Shanghai) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Amada International Trading (Shenzhen) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Amada Singapore (1989) Pte Ltd	100%	SINGAPORE
Amada Europe SA	100%	FRANCE
Amada SA		FRANCE
Amada Machine Tools Europe GmbH	100%	GERMANY
Amada Vietnam Company Limited	100%	VIETNAM
Nicotec Co	100%	JAPAN
Amada Lease Co Ltd	100%	JAPAN
Amada Butsuryu Co Ltd	100%	JAPAN
Amada America Inc	100%	USA
Amada Austria GmbH	100%	AUSTRIA
Amada Italia Srl	100%	ITALY
Amada Taiwan Inc	100%	TAIWAN
Amada Hong Kong Co Ltd	100%	HONG KONG SAR
Beijing Amada Machine & Tooling Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Amada Lianyungang Machinery Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Amada (Shanghai) Machine Tech Co., Ltd.	100%	PEOPLE'S REPUBLIC OF CHINA
Amada (Thailand) Co Ltd	100%	THAILAND
Amada (Malaysia) Sdn Bhd	100%	MALAYSIA
Amada (India) Pvt Ltd	100%	INDIA
AmadaSoft (India) Pvt Ltd	100%	INDIA
Amada Oceania Pty Ltd	100%	AUSTRALIA
Amada North America Inc	100%	USA
Amada Tool America Inc	100%	USA
Amada Outillage SA	100%	FRANCE
Amada Lianyungang Machine Tool Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Amada Engineering Co Ltd	100%	JAPAN
Amada de Mexico S de RL de CV	100%	MEXICO
Amada Türkiye Makina Tecnoloji San ve Tic Ltd Sti	100%	TURKEY
Amada Soft Service Co Ltd	100%	JAPAN
Amada Ailink Service Co Ltd	100%	JAPAN
Amada Canada Ltd	100%	CANADA
Amada Sweden AB	100%	SWEDEN
Amada OOO	100%	RUSSIA
Amada United Kingdom Ltd	100%	UK

Shareholders

Major Shareholders

Japan Trustee Services Bank Ltd (17.2%); Master Trust Bank of Japan (7.5%)

Key Corporate Relationships

Auditor:	Deloitte Touche Tohmatsu
Auditor:	Deloitte Touche Tohmatsu, Deloitte Touche Tohmatsu

Corporate Family	Corporate Structure News:
	AMADA CO., LTD.
AMADA CO., LTD. Total Corporate Family Members: 87

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
AMADA CO., LTD.	Parent	Isehara-Shi	Japan	Miscellaneous Capital Goods	2,349.7	6,467
Amada Franchise Center Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Business Services	1.0	1,652
Amada Co., Ltd. Overseas Division	Division	Isehara, Kanagawa	Japan	Retail (Catalog and Mail Order)	1.0	800
Amada North America, Inc.	Subsidiary	Buena Park, CA	United States	Miscellaneous Capital Goods		310
Amada America Inc	Subsidiary	Buena Park, CA	United States	Software and Programming	75.0	300
Amada America Inc	Branch	Schaumburg, IL	United States	Miscellaneous Capital Goods	54.4	100
Amada Capital Corp	Subsidiary	Buena Park, CA	United States	Consumer Financial Services		100
Green River Golf Club	Subsidiary	Corona, CA	United States	Recreational Activities		74
Green River Golf Club	Branch	Yorba Linda, CA	United States	Recreational Activities	1.3	15
Amada America Inc	Branch	Irving, TX	United States	Miscellaneous Capital Goods	14.3	25
Amada America Inc	Branch	Covington, GA	United States	Miscellaneous Capital Goods	3.1	12
Amada America Inc	Branch	Byfield, MA	United States	Miscellaneous Capital Goods	3.4	6
Amada America Inc	Branch	Colville, WA	United States	Miscellaneous Capital Goods	2.2	4
Amada America Inc	Branch	Sandy, OR	United States	Miscellaneous Capital Goods	1.1	2
Amada SA	Subsidiary	Tremblay en France	France	Miscellaneous Capital Goods	108.9	216
Amada Tool Technica Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods		200
Amada United Kingdom Ltd.	Subsidiary	Kidderminster	United Kingdom	Miscellaneous Capital Goods	78.2	160
Amada Essex Ltd.	Subsidiary	Kidderminster	United Kingdom	Miscellaneous Capital Goods		100
Amada Midlands Ltd.	Subsidiary	Kidderminster	United Kingdom	Miscellaneous Capital Goods
Nicotec Co., Ltd.	Subsidiary	Tokyo	Japan	Appliance and Tool	1.0	150
Amada Austria GmbH	Subsidiary	Ternitz	Austria	Appliance and Tool	31.5	120
AMADA (INDIA) PVT. LTD.	Subsidiary	Mumbai	India	Miscellaneous Capital Goods	3.6	105
Ab LKI Kaldman Oy	Subsidiary	Bennas	Finland	Miscellaneous Capital Goods		100
Amada Taiwan, Inc.	Subsidiary	Taoyuan, Hsien	Taiwan	Miscellaneous Capital Goods	1.0	80
Amada Korea Co., Ltd.	Subsidiary	Incheon	Korea, Republic of	Appliance and Tool		80
Amada International Industry & Trading (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods	1.0	70
Amada Machine Tools Europe GmbH	Subsidiary	Haan	Germany	Miscellaneous Capital Goods		70
Amada Tool America, Inc.	Subsidiary	Batavia, NY	United States	Appliance and Tool	10.0	60
Amada (Thailand) Company Limited	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods	1.0	60
Amada (Thailand) Co., Ltd.	Subsidiary	Bangkok, Samutprakam	Thailand	Miscellaneous Capital Goods		59
Amada Butsuryu Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods	1.0	50
Amada Cutting Technologies, Inc.	Subsidiary	Rolling Meadows, IL	United States	Miscellaneous Capital Goods		45
Crea S.r.l.	Subsidiary	Santena, Torino	Italy	Miscellaneous Capital Goods	1.0	40
Amada Italia S.r.l.	Subsidiary	Vigolzone	Italy	Miscellaneous Capital Goods	1.0	35
Amada Canada Ltd.	Subsidiary	Granby, QC	Canada	Appliance and Tool	21.7	30
Amada Maquinaria S.I.	Subsidiary	Barcelona	Spain	Miscellaneous Capital Goods		27
Amada Sweden AB	Subsidiary	Alingsas	Sweden	Miscellaneous Capital Goods	13.1	23
Amada Techni-Scia S.a.r.l.	Subsidiary	Roissy-en-France, Cedex	France	Miscellaneous Fabricated Products		19
Amada Machine Tools America, Inc.	Subsidiary	Schaumburg, IL	United States	Miscellaneous Capital Goods		18
Amada Machine Tools America	Branch	La Mirada, CA	United States	Miscellaneous Capital Goods	10.9	20
Amada Engineering	Branch	La Mirada, CA	United States	Engineering Consultants	0.6	3
Amada Co., Ltd.	Subsidiary	Sapporo, Higashi Ku	Japan	Miscellaneous Capital Goods		16
Amada Laser America Inc.	Subsidiary	Covington, GA	United States	Business Services		13
Amada Singapore (1989) Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	1.0	12
Amada Lease Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Rental and Leasing	1.0	12
Amada Vietnam Co., Ltd.	Subsidiary	Hanoi	Viet Nam	Miscellaneous Capital Goods		10
Amada do Brasil Ltda.	Subsidiary	Sao Paulo, SP	Brazil	Miscellaneous Capital Goods		7
Amada Hong Kong Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Miscellaneous Capital Goods	1.0	6
Amada Oceania Pty. Ltd.	Subsidiary	Bella Vista, NSW	Australia	Miscellaneous Capital Goods	1.0	6
Amada Europe Software Support Call Cent	Subsidiary	Tremblay En France	France	Software and Programming	0.0	4
Amada Wasino Company Limited	Subsidiary	Komaki	Japan	Miscellaneous Capital Goods	213.1
Amada Korea Company Limited	Subsidiary	Namdong-Gu	Korea, Republic of	Miscellaneous Capital Goods	43.0
Amada Machine Tool Co.,Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods	22.3
Amada (Malaysia) Sdn. Bhd.	Subsidiary	Shah Alam, Selangor	Malaysia	Miscellaneous Capital Goods	4.6
Beijing Amada Machine & Tooling Co., Ltd.	Subsidiary	Beijing	China	Appliance and Tool	1.0
Amada Shanghai Punch & Shear Co., Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods	1.0
Amada Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods	1.0
Amada Europe SA	Subsidiary	Tremblay en France	France	Miscellaneous Capital Goods	119.5	374
Amada Soft India Private Limited	Branch	Chennai, Tamil Nadu	India	Software and Programming	1.0	250
Amada GmbH	Subsidiary	Haan, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	91.8	220
Amada Italia S.r.l.	Subsidiary	Pontenure, Piacenza	Italy	Miscellaneous Capital Goods	44.2	109
Amada Engineering Europe S.p.A.	Subsidiary	Pontenure, Piacenza	Italy	Software and Programming	10.5	54
Amada Outillage S.A.	Subsidiary	Auffay	France	Miscellaneous Capital Goods	8.0	46
Nicotec Co.,Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods	48.1
Amp Corporation (M) Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Communications Services	7.5
Amada (India) Private Limited	Branch	Mumbai, Maharashtra	India	Miscellaneous Capital Goods	0.6
Amada Machine Tools Mfg Co., Ltd.	Subsidiary	Komaki, Aichi	Japan	Miscellaneous Capital Goods
Amada Soft Service Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Software and Programming
Amada Turkiye Makina Teknoloji Sanayi Ve Ticaret Ltd.	Subsidiary	Istanbul	Turkey	Miscellaneous Capital Goods
Amada Lianyungang Machine Tool Co., Ltd	Subsidiary	Lianyungang, Jiangsu	China	Miscellaneous Capital Goods
Amada Ailink Service Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Business Services
Amada Machine Tools Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods
Amada Engineering Co., Ltd.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods
O.I.J. INC.	Subsidiary	Isehara, Kanagawa	Japan	Restaurants
AMADA SOFT (INDIA) PVT.LTD.	Subsidiary	Chennai	India	Software and Programming
AMADA TOOL PRECISION CO., LTD.	Subsidiary	Isehara, Kanagawa	Japan	Miscellaneous Capital Goods
AMADA PLANTECH CO., LTD.	Subsidiary	Isehara, Kanagawa	Japan	Personal Services
AMADA ASIA PTE LTD.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods
Amada Lianyungang Machinery Co., Ltd.	Subsidiary	Lianyungang, Jiangsu	China	Miscellaneous Capital Goods
AMADA MACHINE TOOLS (THAILAND) CO., LTD.	Subsidiary	Chon Buri	Thailand	Miscellaneous Capital Goods
Amada Toyo Co., Ltd.	Subsidiary	Yatomi, Aichi	Japan	Miscellaneous Capital Goods
Amada Co., Ltd. - Ono Plant	Facility	Ono, Hyogo	Japan	Appliance and Tool
Amada International Trading (Shenzhen) Co., Ltd	Subsidiary	Shenzhen	China	Miscellaneous Capital Goods
AMADA DOCUMECH CO., LTD.	Subsidiary	Isehara, Kanagawa	Japan	Business Services
Amada Europe Software Center, S.A.S	Subsidiary	Tremblay-les-Gonesse	France	Software and Programming
Amada De Mexico, S. de R.L. de C.V.	Subsidiary	Garza Garcia, Nuevo Leon	Mexico	Miscellaneous Capital Goods
AMADA SHANGHAI MACHINE TECH CO., LTD.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods

Executive report

Board of Directors

Name	Title	Function
Atsushige Abe	Managing Executive Officer, Director of General Affairs & Human Resources, Director	Director/Board Member
Biography: Mr. Atsushige Abe has been serving as Managing Executive Officer, Director of General Affairs & Human Resources and Director in AMADA CO., LTD. since June 2012. He joined the Company in April 2000. He used to serve as Manager of General Affairs and Human Resources. Age: 50
Tsutomu Isobe	Managing Executive Officer, Chief Director of Business Administration, Director	Director/Board Member
Biography: Mr. Tsutomu Isobe has been serving as Managing Executive Officer, Chief Director of Business Administration and Director in AMADA CO., LTD. since June 29, 2010. He joined the Company in April 2000 and used to serve as Executive Officer and Chief Director of Business Planning. Age: 51
Mitsuo Okamoto	President, Chief Executive Officer, Representative Director	Director/Board Member
Biography: Mr. Mitsuo Okamoto has been serving as President, Chief Executive Officer and Representative Director in AMADA CO., LTD. since April 1, 2011. He joined the Company in August 1972. His previous title was Chief Senior Director of Marketing. He used to join a company that merged with AMADA CO., LTD. in October 2003. Age: 69
Kotaro Shibata	Managing Executive Officer, Deputy Chief Director of Engineering Business, Director	Director/Board Member
Biography: Mr. Kotaro Shibata has been serving as Managing Executive Officer, Deputy Chief Director of Engineering Business and Director in AMADA CO., LTD. since June 2012. He joined the Company in January 1980 and used to serve as Executive Officer, Director of Punching Business, Deputy Chief Senior Director of Marketing and Senior Manager of Solution Marketing. Age: 59
Takaya Shigeta	Executive Officer, Director of Finance, Director	Director/Board Member
Biography: Mr. Takaya Shigeta has been serving as Executive Officer, Director of Finance and Director in AMADA CO., LTD. since June 29, 2010. He joined the Company in March 1974 and used to serve as Director of Capital. Age: 60
Chikahiro Sueoka	Director	Director/Board Member
Biography: Mr. Chikahiro Sueoka has been serving as Director in AMADA CO., LTD. since June 2009. He joined the Company in October 2003 and used to serve as Executive Officer and Chief Director of Sheet Metal Solution Development and Manufacturing. Age: 58
Toshio Takagi	Senior Managing Executive Officer, Chief Director of Overseas Business, Director	Director/Board Member
Biography: Mr. Toshio Takagi has been serving as Senior Managing Executive Officer, Chief Director of Overseas Business and Director in AMADA CO., LTD. since April 1, 2010. He joined the Company in April 1977 and used to serve as Chief Director of Marketing Business. He has working experience in another company that merged with AMADA CO., LTD. Age: 59
Yoshihiro Yamashita	Managing Executive Officer, Chief Director of Finance, Director	Director/Board Member
Biography: Mr. Yoshihiro Yamashita has been serving as Managing Executive Officer, Chief Director of Finance and Director in AMADA CO., LTD. since April 1, 2010. He joined the Company in October 2003. His previous titles include Manager of Finance Division, Executive Officer and Director of Accounting. He used to join a company that merged with AMADA CO., LTD. Age: 64

Executives

Name	Title	Function
Mitsuo Okamoto	President, Chief Executive Officer, Representative Director	Chief Executive Officer
Biography: Mr. Mitsuo Okamoto has been serving as President, Chief Executive Officer and Representative Director in AMADA CO., LTD. since April 1, 2011. He joined the Company in August 1972. His previous title was Chief Senior Director of Marketing. He used to join a company that merged with AMADA CO., LTD. in October 2003. Age: 69
Koshichi Kikuchi	Co-Auditor	Finance Executive
Takaya Shigeta	Executive Officer, Director of Finance, Director	Finance Executive
Biography: Mr. Takaya Shigeta has been serving as Executive Officer, Director of Finance and Director in AMADA CO., LTD. since June 29, 2010. He joined the Company in March 1974 and used to serve as Director of Capital. Age: 60
Chikara Shinozuka	Co-Auditor	Finance Executive
Takeshi Takahashi	Co-Auditor	Finance Executive
Yoshihiro Yamashita	Managing Executive Officer, Chief Director of Finance, Director	Finance Executive
Biography: Mr. Yoshihiro Yamashita has been serving as Managing Executive Officer, Chief Director of Finance and Director in AMADA CO., LTD. since April 1, 2010. He joined the Company in October 2003. His previous titles include Manager of Finance Division, Executive Officer and Director of Accounting. He used to join a company that merged with AMADA CO., LTD. Age: 64
Ryoichi Hashimoto	Corporate Auditor	Accounting Executive
Shoichi Nozaki	Corporate Auditor	Accounting Executive
Masanori Saito	Corporate Auditor	Accounting Executive
Katsuhiko Yasuda	Corporate Auditor	Accounting Executive
Atsushige Abe	Managing Executive Officer, Director of General Affairs & Human Resources, Director	Human Resources Executive
Biography: Mr. Atsushige Abe has been serving as Managing Executive Officer, Director of General Affairs & Human Resources and Director in AMADA CO., LTD. since June 2012. He joined the Company in April 2000. He used to serve as Manager of General Affairs and Human Resources. Age: 50
Nobuyuki Jinbo	Executive Officer, Chief Director of Domestic Marketing	Marketing Executive
Masaaki Oonuki	Corporate Officer-Engineering Service Business	Engineering/Technical Executive
Yasuhiro Endo	Executive Officer, Chief Director of Sheet-Metal Machinery Manufacturing, President of Subsidiary	Other
Yukihiro Fukui	Executive Officer, General Manager of Subsidiary	Other
Katsuhide Ito	Executive Officer, Manager of Automation Elements Development, Manager of Blank Development	Other
Yasuhiro Kawashita	Executive Officer, Chief Director of Global Engineering	Other
Naoki Orita	Executive Officer, Manager of Technology Research Institute	Other
Biography: Mr. Naoki Orita has been serving as Executive Officer and Manager of Technology Research Institute in AMADA CO., LTD. since June 26, 2009. He joined the Company in May 1974. His previous titles include Director of Administration and Director of Technology in the Company. Age: 60
Hidehiko Sakai	Executive Officer, Chief Director of Blade Manufacturing Business	Other
Kiyoshi Takeo	Executive Officer, Director of ICT System	Other
Hiroyuki Takeshita	Executive Officer, Manager of Business Management, Senior Manager of Marketing Management	Other

Significant Developments

Amada Co., Ltd. Announces Mid-term Dividend Payment for FY 2012 Nov 02, 2011

Amada Co., Ltd. announced that it has decided to pay a JPY 6 per share(JPY 2,291 million in total) mid-term dividend, in line with its latest dividend forecast of JPY 6 per share announced on May 12, 2011, to all the shareholders as a record of September 30, 2011. The dividend will be paid on December 8, 2011.

Amada Co., Ltd. Lowers Consolidated Full-year Outlook for FY 2012 Nov 02, 2011

Amada Co., Ltd. announced that it has maintained its consolidated full-year outlook for revenue of JPY 190,000 million, operating profit of JPY 11,000 million, but lowered the outlook for ordinary profit from JPY 14,000 million to JPY 11,500 million, net profit from JPY 8,000 million to JPY 6,500 million and earning per share from JPY 20.95 to JPY 17.02, for the fiscal year ending March 2012. The Company lowered the outlook due to the impact of the higher yen, among others. According to I/B/E/S Estimates, analysts were expecting the Company to report full-year revenue of JPY 192.27 billion and earning per share of JPY 24.93.

news

Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (246 Words)	12-Oct-2012
Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (247 Words)	11-Oct-2012
Surveyors Report Spending More in Zagat Philadelphia Restaurant Survey Associated Press (1252 Words)	11-Oct-2012
Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (245 Words)	11-Oct-2012
Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (248 Words)	10-Oct-2012
Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (247 Words)	10-Oct-2012
Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (247 Words)	09-Oct-2012
Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (247 Words)	09-Oct-2012
Jose Luis Perales performs for thousands of fans in Chile EFE Ingles (275 Words)	07-Oct-2012
Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (248 Words)	01-Oct-2012

Annual income statement

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor	Deloitte Touche Tohmatsu	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	2,349.7	1,904.0	1,463.1	2,247.0	2,486.5
Revenue	2,349.7	1,904.0	1,463.1	2,247.0	2,486.5
Total Revenue	2,349.7	1,904.0	1,463.1	2,247.0	2,486.5
Cost of Revenue	1,386.9	1,154.8	961.6	1,312.3	1,369.3
Cost of Revenue, Total	1,386.9	1,154.8	961.6	1,312.3	1,369.3
Gross Profit	962.9	749.1	501.4	934.7	1,117.3
Selling/General/Administrative Expense	442.2	387.0	340.3	450.9	432.8
Labor & Related Expense	274.1	222.6	206.0	228.0	200.8
Total Selling/General/Administrative Expenses	716.3	609.6	546.3	678.9	633.6
Research & Development	88.9	73.6	58.7	59.5	60.5
Depreciation	47.6	45.4	42.2	39.4	30.1
Amortization of Acquisition Costs	-3.3	-3.1	-3.1	-7.4	0.0
Depreciation/Amortization	44.3	42.3	39.1	31.9	30.1
Litigation	-	-	-	0.0	0.2
Impairment-Assets Held for Use	5.5	2.1	7.3	1.0	2.8
Impairment-Assets Held for Sale	0.1	2.6	2.2	3.6	0.5
Other Unusual Expense (Income)	-6.0	4.1	7.1	-14.2	0.7
Unusual Expense (Income)	-0.3	8.9	16.6	-9.6	4.1
Other, Net	-5.8	-30.2	-42.0	-29.3	-0.2
Other Operating Expenses, Total	-5.8	-30.2	-42.0	-29.3	-0.2
Total Operating Expense	2,230.2	1,858.9	1,580.4	2,043.8	2,097.5
Operating Income	119.6	45.0	-117.3	203.2	389.1
Interest Expense - Non-Operating	-3.2	-3.4	-3.8	-4.8	-6.5
Interest Expense, Net Non-Operating	-3.2	-3.4	-3.8	-4.8	-6.5
Interest Income - Non-Operating	21.0	21.9	26.3	32.2	32.0
Investment Income - Non-Operating	-16.0	-7.5	19.8	-50.4	-11.8
Interest/Investment Income - Non-Operating	5.1	14.4	46.0	-18.2	20.1
Interest Income (Expense) - Net Non-Operating Total	1.9	11.1	42.2	-23.0	13.6
Gain (Loss) on Sale of Assets	-1.7	3.7	4.7	-0.5	-1.5
Other Non-Operating Income (Expense)	9.5	12.2	16.3	6.4	15.0
Other, Net	9.5	12.2	16.3	6.4	15.0
Income Before Tax	129.3	72.0	-54.1	186.1	416.1
Total Income Tax	67.5	38.1	-15.1	96.8	159.8
Income After Tax	61.8	33.9	-38.9	89.3	256.3
Minority Interest	-3.0	-	-1.3	-4.7	-8.3
Equity In Affiliates	-	-2.2	-	-	-
Net Income Before Extraord Items	58.8	31.7	-40.2	84.5	248.0
Net Income	58.8	31.7	-40.2	84.5	248.0
Miscellaneous Earnings Adjustment	-	0.0	0.0	-0.1	0.0
Total Adjustments to Net Income	-	0.0	0.0	-0.1	0.0
Income Available to Common Excl Extraord Items	58.8	31.7	-40.2	84.5	247.9
Income Available to Common Incl Extraord Items	58.8	31.7	-40.2	84.5	247.9
Basic/Primary Weighted Average Shares	381.8	381.9	382.0	383.8	389.1
Basic EPS Excl Extraord Items	0.15	0.08	-0.11	0.22	0.64
Basic/Primary EPS Incl Extraord Items	0.15	0.08	-0.11	0.22	0.64
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	58.8	31.7	-40.2	84.5	247.9
Diluted Weighted Average Shares	381.8	381.9	382.0	383.8	389.3
Diluted EPS Excl Extraord Items	0.15	0.08	-0.11	0.22	0.64
Diluted EPS Incl Extraord Items	0.15	0.08	-0.11	0.22	0.64
Dividends per Share - Common Stock Primary Issue	0.15	0.12	0.11	0.16	0.19
Gross Dividends - Common Stock	58.0	44.6	41.1	60.8	74.8
Interest Expense, Supplemental	3.2	3.4	3.8	4.8	6.5
Depreciation, Supplemental	97.7	89.1	88.8	85.3	87.9
Total Special Items	-2.0	2.1	8.8	-16.6	5.7
Normalized Income Before Tax	127.3	74.1	-45.3	169.5	421.8
Effect of Special Items on Income Taxes	0.7	2.8	4.2	-4.7	2.2
Inc Tax Ex Impact of Sp Items	68.2	40.8	-11.0	92.1	162.0
Normalized Income After Tax	59.1	33.3	-34.3	77.4	259.8
Normalized Inc. Avail to Com.	56.1	31.1	-35.6	72.6	251.4
Basic Normalized EPS	0.15	0.08	-0.09	0.19	0.65
Diluted Normalized EPS	0.15	0.08	-0.09	0.19	0.65
Amort of Acquisition Costs, Supplemental	-3.3	-3.1	-3.1	-7.4	0.0
Research & Development Exp, Supplemental	88.9	73.6	58.7	59.5	60.5
Reported Operating Profit	115.9	50.8	-103.9	186.1	393.2
Reported Ordinary Profit	132.2	78.9	-47.5	174.7	417.4
Normalized EBIT	119.2	53.9	-100.7	193.6	393.2
Normalized EBITDA	213.5	140.0	-15.0	271.5	481.0
Current Tax - Total	28.7	-	-	-	-
Current Tax - Total	28.7	-	-	-	-
Deferred Tax - Total	39.6	-	-	-	-
Deferred Tax - Total	39.6	-	-	-	-
Income Tax - Total	68.3	-	-	-	-
Interest Cost - Domestic	12.2	11.1	10.0	8.2	7.5
Service Cost - Domestic	17.6	14.8	20.3	11.5	9.1
Prior Service Cost - Domestic	-14.4	-12.8	-11.3	-10.5	-9.3
Expected Return on Assets - Domestic	-8.1	-7.2	-5.5	-5.8	-5.6
Actuarial Gains and Losses - Domestic	17.1	19.8	20.8	11.1	7.8
Domestic Pension Plan Expense	24.3	25.5	34.2	14.5	9.5
Total Pension Expense	24.3	25.5	34.2	14.5	9.5
Discount Rate - Domestic	2.00%	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	12.2	11.1	10.0	8.2	7.5
Total Plan Service Cost	17.6	14.8	20.3	11.5	9.1
Total Plan Expected Return	-8.1	-7.2	-5.5	-5.8	-5.6

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	Deloitte Touche Tohmatsu	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	702.0	806.2	712.9	592.7	663.8
Short Term Investments	352.2	321.8	310.1	233.4	353.3
Cash and Short Term Investments	1,054.2	1,128.0	1,023.0	826.0	1,017.1
Accounts Receivable - Trade, Gross	1,326.0	1,209.2	1,065.2	1,046.6	1,442.4
Provision for Doubtful Accounts	-28.5	-27.8	-32.1	-24.5	-25.2
Trade Accounts Receivable - Net	1,297.5	1,181.4	1,033.1	1,022.2	1,417.1
Total Receivables, Net	1,297.5	1,181.4	1,033.1	1,022.2	1,417.1
Inventories - Finished Goods	594.8	437.5	447.1	598.1	538.8
Inventories - Work In Progress	75.4	73.3	50.7	37.9	64.9
Inventories - Raw Materials	179.1	121.4	104.3	128.7	110.5
Total Inventory	849.3	632.2	602.2	764.7	714.2
Deferred Income Tax - Current Asset	56.9	49.1	35.7	50.3	61.9
Other Current Assets	202.1	188.8	178.8	208.2	72.2
Other Current Assets, Total	259.0	237.9	214.5	258.4	134.2
Total Current Assets	3,460.0	3,179.5	2,872.8	2,871.3	3,282.6
Buildings	1,454.8	1,342.2	1,202.9	1,067.1	1,046.2
Land/Improvements	440.2	433.0	382.0	356.2	328.8
Machinery/Equipment	551.3	526.4	491.2	455.9	445.8
Construction in Progress	28.5	74.0	29.4	34.8	49.9
Leases	218.4	232.3	218.3	237.4	226.6
Other Property/Plant/Equipment	13.4	14.8	15.0	10.4	255.7
Property/Plant/Equipment - Gross	2,706.5	2,622.6	2,338.8	2,161.8	2,353.1
Accumulated Depreciation	-1,376.8	-1,343.8	-1,197.4	-1,111.2	-1,189.3
Property/Plant/Equipment - Net	1,329.8	1,278.8	1,141.4	1,050.6	1,163.7
Goodwill, Net	42.3	45.1	38.9	29.1	33.7
Intangibles, Net	35.3	38.9	43.3	43.9	39.3
LT Investment - Affiliate Companies	34.6	43.4	37.0	-	-
LT Investments - Other	536.7	572.6	599.9	597.6	725.5
Long Term Investments	571.3	616.0	636.9	597.6	725.5
Note Receivable - Long Term	1.4	1.8	3.1	3.1	3.2
Deferred Income Tax - Long Term Asset	120.1	173.5	168.4	138.7	126.1
Other Long Term Assets	142.7	129.6	105.5	124.8	86.5
Other Long Term Assets, Total	262.8	303.1	273.9	263.5	212.6
Total Assets	5,702.9	5,463.1	5,010.4	4,859.2	5,460.7
Accounts Payable	173.3	148.4	97.8	172.9	291.5
Accrued Expenses	32.1	24.0	17.7	22.3	24.1
Notes Payable/Short Term Debt	116.8	64.4	111.0	47.4	57.7
Current Portion - Long Term Debt/Capital Leases	5.3	20.9	15.3	6.2	2.3
Income Taxes Payable	17.8	18.4	8.3	9.6	78.7
Deferred Income Tax - Current Liability	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	586.1	373.9	328.7	382.4	439.5
Other Current liabilities, Total	603.9	392.3	337.0	392.0	518.2
Total Current Liabilities	931.3	650.0	578.8	640.7	893.8
Long Term Debt	14.9	19.6	22.4	6.0	3.1
Capital Lease Obligations	4.8	6.9	9.4	7.3	0.0
Total Long Term Debt	19.7	26.5	31.9	13.2	3.1
Total Debt	141.7	111.8	158.1	66.8	63.1
Deferred Income Tax - LT Liability	12.5	16.7	4.4	3.2	3.7
Deferred Income Tax	12.5	16.7	4.4	3.2	3.7
Minority Interest	19.9	19.8	19.5	25.7	32.4
Pension Benefits - Underfunded	129.7	142.9	136.2	130.0	146.0
Other Long Term Liabilities	94.7	100.4	99.6	96.8	138.3
Other Liabilities, Total	224.4	243.3	235.8	226.7	284.3
Total Liabilities	1,207.8	956.3	870.3	909.6	1,217.3
Common Stock	664.8	660.8	586.1	554.5	550.2
Common Stock	664.8	660.8	586.1	554.5	550.2
Additional Paid-In Capital	1,983.7	1,970.1	1,746.6	1,652.3	1,639.6
Retained Earnings (Accumulated Deficit)	2,475.9	2,455.2	2,181.8	2,140.6	2,164.6
Treasury Stock - Common	-111.1	-110.2	-97.2	-91.4	-81.3
Unrealized Gain (Loss)	-187.6	-185.6	-128.3	-138.2	-83.9
Translation Adjustment	-330.6	-283.6	-148.9	-168.2	54.1
Other Equity	0.0	-	-	-	-
Other Equity, Total	-330.6	-283.6	-148.9	-168.2	54.1
Total Equity	4,495.1	4,506.8	4,140.1	3,949.6	4,243.4
Total Liabilities & Shareholders’ Equity	5,702.9	5,463.1	5,010.4	4,859.2	5,460.7
Shares Outstanding - Common Stock Primary Issue	381.8	381.9	381.9	382.0	388.7
Total Common Shares Outstanding	381.8	381.9	381.9	382.0	388.7
Treasury Shares - Common Stock Primary Issue	14.7	14.6	14.6	14.5	14.4
Employees	6,467	5,899	5,870	6,005	5,747
Number of Common Shareholders	18,424	17,864	18,111	19,736	19,650
Deferred Revenue - Current	182.0	185.2	189.8	214.9	204.1
Total Long Term Debt, Supplemental	20.2	34.7	31.3	6.9	5.4
Long Term Debt Maturing within 1 Year	5.3	15.1	8.9	0.9	2.3
Long Term Debt Maturing in Year 2	11.7	4.2	13.9	0.6	1.3
Long Term Debt Maturing in Year 3	1.1	12.2	3.7	5.0	0.8
Long Term Debt Maturing in Year 4	0.8	1.1	1.9	0.4	0.5
Long Term Debt Maturing in Year 5	0.5	0.8	1.0	0.0	0.5
Long Term Debt Maturing in 2-3 Years	12.8	16.3	17.6	5.6	2.1
Long Term Debt Maturing in 4-5 Years	1.3	1.9	2.9	0.4	1.0
Long Term Debt Matur. in Year 6 & Beyond	0.8	1.3	1.9	0.0	0.0
Total Capital Leases, Supplemental	-	12.7	15.8	12.5	-
Capital Lease Payments Due in Year 1	-	5.8	6.4	5.2	-
Capital Lease Payments Due in Year 2	-	4.2	4.4	3.7	-
Capital Lease Payments Due in Year 3	-	2.3	3.3	2.1	-
Capital Lease Payments Due in Year 4	-	0.3	1.6	1.1	-
Capital Lease Payments Due in Year 5	-	0.1	0.1	0.4	-
Capital Lease Payments Due in 2-3 Years	-	6.5	7.7	5.8	-
Capital Lease Payments Due in 4-5 Years	-	0.4	1.7	1.5	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	0.0	-
Pension Obligation - Domestic	532.9	475.8	418.7	384.6	342.6
Plan Assets - Domestic	335.3	309.5	268.7	208.1	235.4
Funded Status - Domestic	-197.5	-166.3	-150.1	-176.5	-107.2
Total Funded Status	-197.5	-166.3	-150.1	-176.5	-107.2
Discount Rate - Domestic	2.00%	2.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.50%	2.50%	2.50%	2.50%	2.50%
Prepaid Benefits - Domestic	-	-	-	0.0	0.0
Accrued Liabilities - Domestic	-128.6	-142.2	-135.2	-129.6	-143.7
Other Assets, Net - Domestic	68.9	24.1	14.8	46.8	-36.5
Net Assets Recognized on Balance Sheet	-59.7	-118.1	-120.4	-82.8	-180.3
Total Plan Obligations	532.9	475.8	418.7	384.6	342.6
Total Plan Assets	335.3	309.5	268.7	208.1	235.4

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	Deloitte Touche Tohmatsu	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	129.3	71.9	-54.1	186.1	416.1
Depreciation	97.7	89.1	88.8	85.3	87.9
Depreciation/Depletion	97.7	89.1	88.8	85.3	87.9
Unusual Items	10.2	-2.3	-10.3	-7.0	-7.8
Equity in Net Earnings (Loss)	-1.7	-6.6	-1.2	2.2	-1.9
Other Non-Cash Items	-42.7	-36.1	-37.3	-49.5	-47.8
Non-Cash Items	-34.3	-44.9	-48.8	-54.3	-57.5
Accounts Receivable	-141.3	-70.0	67.9	250.3	-10.0
Inventories	-249.0	1.6	227.0	-164.8	-95.2
Other Assets	-2.1	-17.1	-25.7	-21.8	-0.2
Accounts Payable	40.6	69.0	-104.1	-12.0	10.8
Taxes Payable	-15.1	-14.2	12.9	-6.2	-1.7
Other Operating Cash Flow	271.5	56.7	32.1	-152.9	-119.7
Changes in Working Capital	-95.5	26.0	210.0	-107.5	-216.0
Cash from Operating Activities	97.2	142.2	196.0	109.6	230.4
Purchase of Fixed Assets	-161.4	-80.4	-116.9	-121.0	-171.9
Purchase/Acquisition of Intangibles	-12.5	-13.0	-15.1	-17.2	-19.5
Capital Expenditures	-173.9	-93.5	-131.9	-138.2	-191.4
Acquisition of Business	0.0	-5.3	-4.4	0.0	-
Sale of Fixed Assets	5.0	23.9	11.1	2.0	1.9
Sale/Maturity of Investment	234.4	333.9	263.2	235.6	174.5
Purchase of Investments	-237.1	-261.4	-243.6	-142.8	-123.5
Other Investing Cash Flow	2.0	-5.1	-0.5	-2.2	-11.7
Other Investing Cash Flow Items, Total	4.2	85.9	25.7	92.6	41.2
Cash from Investing Activities	-169.7	-7.5	-106.2	-45.6	-150.2
Other Financing Cash Flow	-1.7	-3.4	-1.6	-1.7	-3.0
Financing Cash Flow Items	-1.7	-3.4	-1.6	-1.7	-3.0
Cash Dividends Paid - Common	-53.3	-44.7	-41.2	-84.3	-75.0
Total Cash Dividends Paid	-53.3	-44.7	-41.2	-84.3	-75.0
Repurchase/Retirement of Common	-	-	0.0	-49.7	-43.7
Common Stock, Net	-	-	0.0	-49.7	-43.7
Issuance (Retirement) of Stock, Net	-	-	0.0	-49.7	-43.7
Short Term Debt, Net	56.4	-46.2	58.7	2.1	-33.7
Long Term Debt Issued	0.0	10.7	10.8	5.1	0.1
Long Term Debt Reduction	-22.1	-16.9	-10.2	-8.2	-3.3
Long Term Debt, Net	-22.1	-6.3	0.5	-3.1	-3.3
Issuance (Retirement) of Debt, Net	34.4	-52.5	59.3	-1.0	-37.0
Cash from Financing Activities	-20.6	-100.5	16.5	-136.7	-158.7
Foreign Exchange Effects	-16.1	-34.1	11.3	-73.5	2.3
Net Change in Cash	-109.1	0.0	117.5	-146.3	-76.2
Net Cash - Beginning Balance	1,051.7	969.2	776.0	864.0	835.8
Net Cash - Ending Balance	942.6	969.1	893.6	717.8	759.6
Cash Interest Paid	3.1	3.5	3.7	4.4	7.3
Cash Taxes Paid	27.9	2.0	-14.4	161.2	178.3

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	Deloitte Touche Tohmatsu	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Total net sales	2,349.7	1,904.0	1,463.1	2,247.0	2,486.5
Total Revenue	2,349.7	1,904.0	1,463.1	2,247.0	2,486.5
Total cost of sales	1,386.9	1,154.8	961.6	1,312.3	1,369.3
Carryback of deferrted profit on install	-67.3	-76.1	-82.2	-84.6	-56.8
Deferred unrealized profit on installmen	61.5	45.9	40.2	55.3	56.6
Other Selling/General/Admin. Expense	0.0	-	-	-	-
Sale Commissions	71.4	87.1	72.7	92.5	98.6
Shipping Costs	88.2	71.3	49.7	87.0	84.2
Directors'' compensations	6.6	5.7	4.9	5.0	5.9
Allowance doubtful account	5.8	0.0	11.6	10.1	2.2
Salary Costs	228.0	187.3	174.9	198.9	171.7
Bonus Allowance	23.1	15.3	10.9	12.9	15.6
Provision for directors'' bonuses	1.5	0.7	0.9	1.5	1.9
Depreciation	47.6	45.4	42.2	39.4	30.1
R & D Expenses	88.9	73.6	58.7	59.5	60.5
Periodic retirement cost	14.9	13.6	14.4	9.7	5.7
Other SGA	276.8	228.5	206.4	261.2	247.7
SP Rev.Doubtful Acct.	0.0	-1.0	0.0	-	-
SP G on applicable lease principle	-	-	0.0	-11.1	0.0
SP G on collection of wriiten-off bond	-	0.0	-2.6	0.0	-
Subsidy	-6.4	-0.4	-0.5	-3.1	0.0
SP step gain	0.0	-1.1	0.0	-	-
SP Other Special Income	-0.1	0.0	-0.6	0.0	-
SP Write Off Fixed	0.6	1.7	6.6	1.0	2.8
SP Impairment Loss	4.9	0.4	0.7	0.0	-
SP Loss Valu. Inv. Secs. SP	0.1	2.6	0.0	1.4	0.5
SP L on retirement of invest. secs.	-	0.0	0.3	0.0	-
SP Land contamination treatment cost	-	0.0	0.8	0.0	0.7
SP Litigation expenses	-	-	-	0.0	0.2
SP Special Retirement	0.0	2.0	9.2	0.0	-
SP Penalty expense on contract cancell.	-	0.0	0.7	0.0	-
SP Loss on disaster	0.0	3.4	0.0	-	-
SP Other Special Loss	0.6	1.2	0.2	0.0	-
NOP Amort. of negative goodwill	-3.3	-3.1	-3.1	-7.4	0.0
NOP Loss Valu. Inv. Secs.	-	0.0	1.9	2.2	0.0
Total Operating Expense	2,230.2	1,858.9	1,580.4	2,043.8	2,097.5
SP Gain-Sale Fixed	0.3	5.1	5.5	0.3	0.4
Gain on sales of investment securities	0.0	-	-	-	-
SP Gain Sale Inv. Secs.	-	0.0	4.3	0.0	4.2
SP Gain Sale Affiliate Contribution	-	-	-	0.0	0.2
SP Loss-Sale Fixed	-2.0	-1.4	-0.7	-0.7	-1.9
SP Loss Sale Affiliate Contribution	-	-	-	-	0.0
SP Loss-Sale Inv. Secs.	-	-	-	0.0	-
SP L on liquidation of affiliates	-1.6	-1.7	-0.9	0.0	-
NOP Interest Income	21.0	21.9	26.3	32.2	32.0
NOP Dividend Income	10.9	8.6	8.2	7.4	10.3
Other Non-Operating Income (Expense)	0.0	-	-	-	-
NOP Commission Income	1.4	3.6	3.4	4.8	4.7
NOP Gain-Sale Inv. Secs.	0.0	1.9	1.3	0.0	4.7
NOP Equity Gain	1.7	6.6	1.2	0.0	1.9
NOP Exchange Gain	-	0.0	5.6	0.0	-
NOP Other Income	12.2	11.0	17.0	13.1	12.4
NOP Interest Expense	-3.2	-3.4	-3.8	-4.8	-6.5
NOP Loss Sale Mktbl.Secs	-	-	-	0.0	-1.0
NOP Loss-Sale Inv. Secs.	-8.7	0.0	-0.1	0.0	-0.1
NOP Equity Loss	-	-	0.0	-2.2	0.0
NOP Provision for doubtful accounts	-	0.0	-0.3	-9.0	0.0
NOP Exchange Loss	-18.3	-22.9	0.0	-55.6	-32.1
NOP Other Expense	-4.0	-2.5	-3.8	-2.4	-2.2
Net Income Before Taxes	129.3	72.0	-54.1	186.1	416.1
Provision for Income Taxes	67.5	38.1	-15.1	96.8	159.8
Net Income After Taxes	61.8	33.9	-38.9	89.3	256.3
Equity Gain/Loss	-	-2.2	-	-	-
Minority interests in income	-3.0	-	-1.3	-4.7	-8.3
Net Income Before Extra. Items	58.8	31.7	-40.2	84.5	248.0
Net Income	58.8	31.7	-40.2	84.5	248.0
Adjustment	-	0.0	0.0	-0.1	0.0
Income Available to Com Excl ExtraOrd	58.8	31.7	-40.2	84.5	247.9
Income Available to Com Incl ExtraOrd	58.8	31.7	-40.2	84.5	247.9
Basic Weighted Average Shares	381.8	381.9	382.0	383.8	389.1
Basic EPS Excluding ExtraOrdinary Items	0.15	0.08	-0.11	0.22	0.64
Basic EPS Including ExtraOrdinary Item	0.15	0.08	-0.11	0.22	0.64
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	58.8	31.7	-40.2	84.5	247.9
Diluted Weighted Average Shares	381.8	381.9	382.0	383.8	389.3
Diluted EPS Excluding ExtraOrd Items	0.15	0.08	-0.11	0.22	0.64
Diluted EPS Including ExtraOrd Items	0.15	0.08	-0.11	0.22	0.64
DPS-Common Stock	0.15	0.12	0.11	0.16	0.19
Gross Dividends - Common Stock	58.0	44.6	41.1	60.8	74.8
Normalized Income Before Taxes	127.3	74.1	-45.3	169.5	421.8
Inc Tax Ex Impact of Sp Items	68.2	40.8	-11.0	92.1	162.0
Normalized Income After Taxes	59.1	33.3	-34.3	77.4	259.8
Normalized Inc. Avail to Com.	56.1	31.1	-35.6	72.6	251.4
Basic Normalized EPS	0.15	0.08	-0.09	0.19	0.65
Diluted Normalized EPS	0.15	0.08	-0.09	0.19	0.65
Research & Development Exp	88.9	73.6	58.7	59.5	60.5
Interest Expense	3.2	3.4	3.8	4.8	6.5
Depreciation	97.7	-	-	-	-
Depreciation	-	89.1	88.8	85.3	87.9
Amort. of negative goodwill	-3.3	-3.1	-3.1	-7.4	0.0
Income taxes-current	28.7	-	-	-	-
Current Tax - Total	28.7	-	-	-	-
Income taxes-deferred	39.6	-	-	-	-
Deferred Tax - Total	39.6	-	-	-	-
Income Tax - Total	68.3	-	-	-	-
Reported Operating Profit	115.9	50.8	-103.9	186.1	393.2
Reported Ordinary Profit	132.2	78.9	-47.5	174.7	417.4
Service cost	17.6	14.8	20.3	11.5	9.1
Interest cost	12.2	11.1	10.0	8.2	7.5
Expected return on plan asset	-8.1	-7.2	-5.5	-5.8	-5.6
Actuarial G/L	17.1	19.8	20.8	11.1	7.8
Prior service cost	-14.4	-12.8	-11.3	-10.5	-9.3
Domestic Pension Plan Expense	24.3	25.5	34.2	14.5	9.5
Total Pension Expense	24.3	25.5	34.2	14.5	9.5
Discount Rate(MIN)-Retirement Cost(Domes	2.00%	-	-	-	-
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	Deloitte Touche Tohmatsu	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	702.0	806.2	712.9	592.7	663.8
Notes and accounts receivable-trade	1,326.0	1,209.2	1,065.2	1,046.6	1,442.4
Rounding adjustment Assets	0.0	-	-	-	-
Leases investment assts	117.4	118.8	114.2	119.9	0.0
Short-term investment securities	352.2	321.8	310.1	233.4	353.3
Inventories - merchandise&finished goods	594.8	437.5	447.1	598.1	538.8
Inventories - work-in-process	75.4	73.3	50.7	37.9	64.9
Inventories - raw materials&supplies	179.1	121.4	104.3	128.7	110.5
Deferred Tax	56.9	49.1	35.7	50.3	61.9
Other Cur. Asset	84.6	70.0	64.6	88.3	72.2
Doubtful Account	-28.5	-27.8	-32.1	-24.5	-25.2
Total Current Assets	3,460.0	3,179.5	2,872.8	2,871.3	3,282.6
Build.&Structure	1,454.8	1,342.2	1,202.9	1,067.1	1,046.2
Accum Dep & Impair Loss of Build&Structu	-850.4	-812.9	-711.0	-647.0	-637.9
Machinery, equipment and vehicles	422.8	405.8	379.6	348.8	341.6
Acc. Depre&Impair-Machine,Equip&Vehicle	-325.8	-320.9	-289.5	-252.1	-253.8
Tools, furniture and fixtures	128.5	120.6	111.7	107.1	104.2
Acc. Depre&Impair-Tool,Furniture&Fixture	-98.0	-93.5	-83.2	-77.6	-78.4
Rent Assets	218.4	232.3	218.3	237.4	226.6
Accum Dep & Impair L of Assets for Rent	-94.4	-108.6	-108.1	-131.5	-38.5
Lease Assets	13.4	14.8	15.0	10.4	255.7
Accumulated depreciation, Lease Assets	-8.2	-7.8	-5.6	-3.1	-180.7
Land	440.2	433.0	382.0	356.2	328.8
Const. Progress	28.5	74.0	29.4	34.8	49.9
Goodwill	42.3	45.1	38.9	29.1	33.7
Software	30.0	33.1	37.4	37.0	33.0
Leases	0.3	0.6	0.8	1.4	0.0
Other Intangible	5.0	5.2	5.1	5.5	6.3
Other LT Inv	536.7	-	-	-	-
Investment Secs.	-	572.6	599.9	597.6	725.5
Invt Secs Noncons, Asc, Affd Cos	34.1	-	-	-	-
Invts in Capital Noncons, Ascd, Affd Cos	0.5	-	-	-	-
Equity secs.-nonconsol affil.&sub.	-	42.6	33.4	-	-
Inv't partnership-nonconsol.affil.&subs.	-	0.7	3.7	-	-
Long-term loans receivable	1.4	1.8	3.1	3.1	3.2
Other Long Term Assets	0.0	-	-	-	-
Other Other Long Term Assets	0.0	-	-	-	-
Deferred tax assets	120.1	173.5	168.4	138.7	126.1
Other Assets	147.5	134.5	121.8	138.6	88.2
Doubtful Account	-4.9	-4.9	-16.3	-13.8	-1.7
Adjustment	-	-	-	-	0.0
Other Buildings, Net	0.0	-	-	-	-
Other PPE Leased out Operating Lease, Ne	0.0	-	-	-	-
Other PPE,net	0.0	-	-	-	-
Total Assets	5,702.9	5,463.1	5,010.4	4,859.2	5,460.7
Notes and accounts payable-trade	173.3	148.4	97.8	172.9	291.5
Short-term loans payable	116.8	64.4	111.0	47.4	57.7
LT borrowings (current)	-	15.1	8.9	0.9	2.3
Lease obligations	5.3	5.8	6.4	5.2	0.0
Tax Payable	17.8	18.4	8.3	9.6	78.7
Deferred Tax	0.0	0.0	0.0	0.0	0.0
Bonus Allowance	30.7	23.2	16.8	20.8	21.9
Provision for directors'' bonuses	1.4	0.8	0.9	1.6	2.2
Rounding adjustment Liability	0.0	-	-	-	-
Deferred profit on installment sales	182.0	185.2	189.8	214.9	204.1
Provision for loss on disaster	0.0	2.9	-	-	-
Other Liability	404.0	185.9	138.9	167.4	235.4
Total Current Liabilities	931.3	650.0	578.8	640.7	893.8
Long-term loans payable	14.9	19.6	22.4	6.0	3.1
Lease obligations	4.8	6.9	9.4	7.3	0.0
Total Long Term Debt	19.7	26.5	31.9	13.2	3.1
Deferred Tax	4.1	6.8	4.4	3.2	3.7
Allow.Accr.Retir	128.6	142.2	135.2	129.6	143.7
Rounding adjustment Liability	0.1	-	-	-	-
Provision for directors'' retirement ben	1.1	0.7	1.0	0.4	2.2
Long-term guarantee deposited	41.7	42.8	39.1	38.1	74.5
Negative Goodwill	3.2	6.4	8.5	9.1	11.2
Other Liability	49.7	51.2	52.0	49.6	52.6
Deferred tax liabilities for land revalu	8.4	9.9	0.0	-	-
Minor. Interest	19.9	19.8	19.5	25.7	32.4
Total Liabilities	1,207.8	956.3	870.3	909.6	1,217.3
Common Stock	664.8	660.8	586.1	554.5	550.2
Total capital surpluses	1,980.9	1,969.1	1,746.6	1,652.3	1,639.6
Total retained earnings	2,475.9	2,455.2	2,181.8	2,140.6	2,164.6
Treasury Stock	-111.1	-110.2	-97.2	-91.4	-81.3
Valuation difference on available-for-sa	-68.1	-69.4	-43.5	-57.9	-4.3
Hedging gain/loss	-5.0	-1.8	0.0	0.0	-
Valu. Differ.-land	-114.5	-114.3	-84.8	-80.3	-79.6
Trans. Adjust.	-330.6	-283.6	-148.9	-168.2	54.1
Rounding adjustment Equity	0.0	-	-	-	-
Subscription rights to shares	2.7	1.0	0.0	-	-
Total Equity	4,495.1	4,506.8	4,140.1	3,949.6	4,243.4
Total Liabilities & Shareholders' Equity	5,702.9	5,463.1	5,010.4	4,859.2	5,460.7
S/O-Common Stock	381.8	381.9	381.9	382.0	388.7
Total Common Shares Outstanding	381.8	381.9	381.9	382.0	388.7
T/S-Common Stock	14.7	14.6	14.6	14.5	14.4
Deferred profit on installment sales	182.0	185.2	189.8	214.9	204.1
Full-Time Employees	6,467	5,899	5,870	6,005	5,747
Total Number of Shareholders	18,424	-	-	-	-
Number of Common Shareholders	-	17,864	18,111	19,736	19,650
LT Debt <1Yr.	5.3	15.1	8.9	0.9	2.3
Lns Pble Maturing over a Yr within 2 Yrs	11.7	-	-	-	-
LT Debt <2Yr.	-	4.2	13.9	0.6	1.3
Lns Pble Maturg over 2 Yrs within 3 Yrs	1.1	-	-	-	-
LT Debt <3Yr.	-	12.2	3.7	5.0	0.8
Lns Pble Maturg over 3 Yrs within 4 Yrs	0.8	-	-	-	-
LT Debt <4Yr.	-	1.1	1.9	0.4	0.5
Lns Pble Maturg over 4 Yrs within 5 Yrs	0.5	-	-	-	-
LT Debt <5Yr.	-	0.8	1.0	0.0	0.5
Other Long Term Debt Remaining Maturit	0.8	-	-	-	-
LT Debt Remaining	-	1.3	1.9	0.0	-
Total Long Term Debt, Supplemental	20.2	34.7	31.3	6.9	5.4
Capital Lease Payments Due Within 1 Year	-	5.8	6.4	5.2	-
Capital Lease Payments Due in Year 2	-	4.2	4.4	3.7	-
Capital Lease Payments Due in Year 3	-	2.3	3.3	2.1	-
Capital Lease Payments Due in Year 4	-	0.3	1.6	1.1	-
Capital Lease Payments Due in Year 5	-	0.1	0.1	0.4	-
Capital Lease - Remaining Maturities	-	0.0	0.0	0.0	-
Total Capital Leases	-	12.7	15.8	12.5	-
Pension obligation	532.9	475.8	418.7	384.6	342.6
Fair value of plan asset	335.3	309.5	268.7	208.1	235.4
Funded status	-197.5	-166.3	-150.1	-176.5	-107.2
Total Funded Status	-197.5	-166.3	-150.1	-176.5	-107.2
Discount Rate(MIN)-Retirement Benefit Ob	2.00%	-	-	-	-
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%
Unrecog. actuarial G/L	92.9	62.1	60.3	100.5	27.3
Unrecog. prior service cost	-23.9	-38.0	-45.4	-53.7	-63.8
Prepaid pension	-	-	-	0.0	0.0
Reserve Accured pension benefit	-128.6	-142.2	-135.2	-129.6	-143.7
Net Assets Recognized on Balance Sheet	-59.7	-118.1	-120.4	-82.8	-180.3

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	Deloitte Touche Tohmatsu	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income Bf. Tax	129.3	71.9	-54.1	186.1	416.1
Depreciation	97.7	89.1	88.8	85.3	87.9
G on applicable lease principle	-	-	0.0	-11.1	0.0
Increase (decrease) in provision for dir	0.4	-0.4	-0.7	-1.9	-2.2
Increase (decrease) in provision for ret	-14.4	-8.6	-5.8	-12.8	-9.8
Loss (gain) on sales of noncurrent asset	1.6	-3.7	-4.7	0.5	-0.4
Loss (gain) on sales of investment secur	8.7	-1.3	-5.6	0.0	-8.9
Loss (gain) on sales of securities	-0.2	0.0	-1.9	0.0	1.0
Loss (gain) on valuation of investment s	0.1	2.6	1.9	3.6	0.5
Equity in (earnings) losses of affiliate	-1.7	-6.6	-1.2	2.2	-1.9
Interest & Dividend	-31.9	-30.5	-34.5	-39.6	-42.3
Interest Expense	3.2	3.4	3.8	4.8	6.5
Decrease (increase) in notes and account	-141.3	-70.0	67.9	250.3	-10.0
Decrease (increase) in lease investment	3.7	13.1	16.3	7.5	0.0
Decrease (increase) in inventories	-249.0	1.6	227.0	-164.8	-95.2
Increase (decrease) in notes and account	40.6	69.0	-104.1	-12.0	10.8
Increase (decrease) in deferred profit o	-5.8	-30.2	-42.0	-29.3	-0.2
Increase (decrease) in accrued consumpti	-15.1	-14.2	12.9	-6.2	-1.7
Increase In Cash And Cash Equivalents Re	2.8	-	-	-	-
Rounding adjustment Cash flow	0.0	-	-	-	-
Other, net	265.9	30.4	-12.9	-29.1	21.4
Int.&Divid. Received	33.8	31.8	34.3	41.8	44.5
Interest Paid	-3.1	-3.5	-3.7	-4.4	-7.3
Tax Paid	-	-	-	-	-178.3
Income taxes paid	-27.9	-2.0	14.4	-161.2	-
Newly Consolidated	-	-	-	0.0	0.1
Adjustment	-	-	0.0	0.0	0.0
Cash from Operating Activities	97.2	142.2	196.0	109.6	230.4
Time Deposit Made	-58.1	-66.6	-50.2	-42.6	-7.7
Time Deposit Matured	58.6	63.2	72.2	51.7	13.6
Purchase of short-term investment securi	-16.5	0.0	-26.8	-8.0	-8.7
Sale/redemption Mktbl. Secs.	93.1	126.9	89.9	118.3	53.4
Purch. Inv. Secs.	-145.1	-170.8	-148.8	-92.2	-89.5
Sale/redemption Inv. Secs.	82.7	143.8	90.3	65.6	106.6
Purch. LR CD Deposit	-	-	-	0.0	-17.5
Payments into long-term time deposits	-17.5	-23.3	-10.8	0.0	-
LT deposits matured	-	0.0	10.8	0.0	-
Purchase of property, plant and equipmen	-161.4	-80.4	-116.9	-121.0	-171.9
Proceeds from sales of property, plant a	5.0	23.9	11.1	2.0	1.9
Purch. Intangible	-12.5	-13.0	-15.1	-17.2	-19.5
Rounding adjustment Cash flow	0.0	-	-	-	-
Decrease (increase) in short-term loans	0.3	-0.1	0.7	-0.1	0.1
Payments of long-term loans receivable	0.0	-0.3	-0.2	-0.1	0.0
Collection of long-term loans receivable	0.6	1.3	0.2	0.0	0.2
Purchase of Min. shareholders' equity	0.0	-4.5	-6.4	-0.3	-9.2
Purch.Consoli.Sub.Sk	-	-	-	-	0.0
Purch.Consoli.Sub.Sk	0.0	-5.3	-4.4	0.0	-
Sale subsidiaries' securities	-	-	-	0.0	0.9
Purchase of stocks of affiliates compan	0.0	-0.6	-7.2	0.0	-
Insurance Fund Return	-	-	-	-	0.0
Other, net	1.1	-1.5	5.2	-1.8	-2.9
Cash from Investing Activities	-169.7	-7.5	-106.2	-45.6	-150.2
Net increase (decrease) in short-term lo	56.4	-46.2	58.7	2.1	-33.7
Proceeds from long-term loans payable	0.0	10.7	10.8	5.1	0.1
Repayment of long-term loans payable	-15.5	-9.7	-3.3	-2.0	-3.3
Treasury stock purchased	-	-	0.0	-49.7	-43.7
Dividend Paid	-53.3	-44.7	-41.2	-84.3	-75.0
Rounding adjustment Cash flow	0.0	-	-	-	-
Divid. Paid to Minor	-1.4	-2.8	-1.0	-1.2	-1.0
Repayment of finance lease	-6.6	-7.3	-7.0	-6.2	0.0
Other, net	-0.3	-0.6	-0.5	-0.5	-2.0
Cash from Financing Activities	-20.6	-100.5	16.5	-136.7	-158.7
Foreign Exchange Effects	-16.1	-34.1	11.3	-73.5	2.3
Net Change in Cash	-109.1	0.0	117.5	-146.3	-76.2
Net Cash - Beginning Balance	1,051.7	969.2	776.0	864.0	835.8
Net Cash - Ending Balance	942.6	969.1	893.6	717.8	759.6
Cash Interest Paid	3.1	3.5	3.7	4.4	7.3
Cash Taxes Paid	27.9	2.0	-14.4	161.2	178.3

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-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	462.4	6.76%	2,349.7	13.72%	-6.33%	-6.69%
Research & Development1	-	-	88.9	11.39%	5.49%	1.96%
Operating Income1	-11.0	-	119.6	144.56%	-22.67%	-24.56%
Income Available to Common Excl Extraord Items1	-14.6	-	58.8	70.95%	-18.22%	-29.94%
Basic EPS Excl Extraord Items1	-0.04	-	0.15	70.97%	-18.08%	-29.58%
Capital Expenditures2	173.9	-	173.9	71.50%	-0.37%	0.79%
Cash from Operating Activities2	97.2	-	97.2	-36.99%	-11.33%	-18.34%
Free Cash Flow	-73.5	-	-73.5	-	-	-
Total Assets3	5,959.8	0.95%	5,702.9	3.77%	-0.71%	-2.94%
Total Liabilities3	1,274.6	8.31%	1,207.8	25.54%	3.47%	-5.37%
Total Long Term Debt3	25.7	37.48%	19.7	-26.03%	7.46%	14.41%
Employees3	-	-	6467	9.63%	2.50%	3.23%
Total Common Shares Outstanding3	381.8	-0.01%	381.8	-0.01%	-0.02%	-0.53%
1-ExchangeRate: JPY to USD Average for Period	80.197711	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	78.961215	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	79.390941	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	40.98%	39.35%	34.27%	41.60%	44.93%
Operating Margin	5.09%	2.37%	-8.02%	9.04%	15.65%
Pretax Margin	5.50%	3.78%	-3.69%	8.28%	16.74%
Net Profit Margin	2.50%	1.66%	-2.75%	3.76%	9.97%
Financial Strength
Current Ratio	3.72	4.89	4.96	4.48	3.67
Long Term Debt/Equity	0.00	0.01	0.01	0.00	0.00
Total Debt/Equity	0.03	0.02	0.04	0.02	0.01
Management Effectiveness
Return on Assets	1.06%	0.63%	-0.76%	1.75%	5.38%
Return on Equity	1.25%	0.71%	-0.96%	2.09%	6.77%
Efficiency
Receivables Turnover	1.81	1.68	1.38	1.87	2.03
Inventory Turnover	1.79	1.82	1.36	1.80	2.39
Asset Turnover	0.40	0.35	0.29	0.44	0.52

Market Valuation USD (mil)
P/E (TTM)	38.88	.	Enterprise Value2	748.9
Price/Sales (TTM)	0.72	.	Enterprise Value/Revenue (TTM)	0.32
Price/Book (MRQ)	0.35	.	Enterprise Value/EBITDA (TTM)	3.67
Market Cap as of 28-Sep-20121	1,740.9	.
1-ExchangeRate: JPY to USD on 28-Sep-2012	77.891271
2-ExchangeRate: JPY to USD on 30-Jun-2012	79.390941

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	3.72	4.89	4.96	4.48	3.67
Quick/Acid Test Ratio	2.53	3.55	3.55	2.88	2.72
Working Capital1	2,528.7	2,529.4	2,294.0	2,230.6	2,388.8
Long Term Debt/Equity	0.00	0.01	0.01	0.00	0.00
Total Debt/Equity	0.03	0.02	0.04	0.02	0.01
Long Term Debt/Total Capital	0.00	0.01	0.01	0.00	0.00
Total Debt/Total Capital	0.03	0.02	0.04	0.02	0.01
Payout Ratio	98.69%	140.61%	-102.16%	72.35%	30.21%
Effective Tax Rate	52.21%	52.86%	-	52.03%	38.41%
Total Capital1	4,636.8	4,618.5	4,298.2	4,016.4	4,306.5
Efficiency
Asset Turnover	0.40	0.35	0.29	0.44	0.52
Inventory Turnover	1.79	1.82	1.36	1.80	2.39
Days In Inventory	203.92	200.40	269.13	202.91	152.46
Receivables Turnover	1.81	1.68	1.38	1.87	2.03
Days Receivables Outstanding	201.45	217.50	265.06	195.61	179.64
Revenue/Employee2	348,243	333,708	247,914	380,684	496,861
Operating Income/Employee2	17,718	7,895	-19,876	34,423	77,743
EBITDA/Employee2	32,191	23,518	-4,824	48,881	95,298
Profitability
Gross Margin	40.98%	39.35%	34.27%	41.60%	44.93%
Operating Margin	5.09%	2.37%	-8.02%	9.04%	15.65%
EBITDA Margin	9.24%	7.05%	-1.95%	12.84%	19.18%
EBIT Margin	5.09%	2.37%	-8.02%	9.04%	15.65%
Pretax Margin	5.50%	3.78%	-3.69%	8.28%	16.74%
Net Profit Margin	2.50%	1.66%	-2.75%	3.76%	9.97%
R&D Expense/Revenue	3.78%	3.86%	4.01%	2.65%	2.43%
COGS/Revenue	59.02%	60.65%	65.73%	58.40%	55.07%
SG&A Expense/Revenue	30.48%	32.02%	37.34%	30.22%	25.48%
Management Effectiveness
Return on Assets	1.06%	0.63%	-0.76%	1.75%	5.38%
Return on Equity	1.25%	0.71%	-0.96%	2.09%	6.77%
Valuation
Free Cash Flow/Share2	-0.19	0.13	0.17	-0.08	0.12
Operating Cash Flow/Share 2	0.24	0.38	0.51	0.29	0.68
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)	40.37
Market Cap/Equity (MRQ)	0.36
Market Cap/Revenue (TTM)	0.72
Market Cap/EBIT (TTM)	16.37
Market Cap/EBITDA (TTM)	8.36
Enterprise Value/Earnings (TTM)	17.70
Enterprise Value/Equity (MRQ)	0.16
Enterprise Value/Revenue (TTM)	0.32
Enterprise Value/EBIT (TTM)	7.18
Enterprise Value/EBITDA (TTM)	3.67

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.84.42
Euro	1	Rs.72.40

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.