MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	DAINIPPON SCREEN MFG. CO., LTD.

Registered Office :	1-1, Tenjinkita-machi, 4 Teranouchi-agaru, Horikawa-dori Kamigyo-ku Kyoto-Shi, 602-8585

Country :	Japan

Financials (as on) :	31.03.2013

Date of Incorporation :	11.10.1943

Legal Form :	Public Parent

Line of Business :	Manufacture and sale of semiconductor equipment

No. of Employees :	4,955

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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

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

DAINIPPON SCREEN MFG. CO., LTD.

1-1, Tenjinkita-machi, 4
Teranouchi-agaru, Horikawa-dori
Kamigyo-ku
Kyoto-Shi, 602-8585
Japan


Tel:	81-75-4147111
Fax:	81-75-4519603

Employees:

4,955

Company Type:

Public Parent

Corporate Family:

56 Companies

Traded:

Tokyo Stock Exchange:

7735

Incorporation Date:

11-Oct-1943

Auditor:

KPMG AZSA LLC


Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	2,289.0 ¹
Net Income:	(162.5)
Total Assets:	2,497.9 ²
Market Value:	1,313.9
	(13-Sep-2013)

Business Description

DAINIPPON SCREEN MFG. CO., LTD. is a Japan-based company mainly engaged in the manufacture and sale of semiconductor equipment. The Company operates in four business segments. The Semiconductor Equipment (SE) segment is engaged in the development, manufacture, sale and maintenance of semiconductor manufacturing equipment. The Flat Panel Display (FPD) Equipment (FE) segment provides FPD manufacturing equipment. The Media and Precision Technology (MP) segment is engaged in the development, manufacture, sale and maintenance of printing related equipment and printed circuit board related machinery. The Others segment is involved in the development of software, the planning and production of prints, as well as the production and sale of image materials. For the three months ended 30 June 2013, DAINIPPON SCREEN MFG. CO., LTD. revenues decreased 11% to Y59.32B. Net income applicable to common stockholders decreased 17% to Y1.69B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Basic Earnings per Share excluding Extraordinary Items decreased from Y8.60 to Y7.11.

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2469 - Other Specialised Machinery and Equipment Manufacturing
ISIC Rev 4:	2819 - Manufacture of other general-purpose machinery
NACE Rev 2:	2829 - Manufacture of other general-purpose machinery n.e.c.
NAICS 2012:	333242 - Semiconductor Machinery Manufacturing
UK SIC 2007:	2829 - Manufacture of other general-purpose machinery n.e.c.
US SIC 1987:	3559 - Special Industry Machinery, Not Elsewhere Classified

Key Executives

Name	Title	Source
Akira Ishida	Chairman of the Board, Chief Executive Officer, Representative Director	Reuters
Masahiro Hashimoto	President, Chief Operating Officer, Representative Director	Reuters
Yoichi Kondo	Chief Financial Officer, Senior Executive Officer, Assistant Manager of Business Service Center	Reuters
Soichi Nadahara	Senior Executive Officer, Chief Technology Officer, Manager of Technology Development Center	Reuters
Katsutoshi Oki	Assistant Manager of Business Service Center, Manager of Human Resources Group in Business Service Center, Director	Reuters

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Dainippon Screen Mfg Co Ltd Lowers Consolidated Full-year Outlook for FY 2013; Cancels Year-end Dividend for FY 2013	5-Nov-2012
Business Deals	11	Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from Companies including DAINIPPON SCREEN MFG.CO.,LTD.	10-Apr-2013

News

Title	Date
Dainippon Screen Introduces 3D Cell Scanner for Cancer Research Tech-On! (314 Words)	17-Sep-2013
Patent Issued for Substrate Transporting Apparatus, Substrate Platform Shelf and Substrate Processing Apparatus Life Science Weekly (4159 Words)	14-Aug-2013
New Robotics Study Results Reported from N. Sakagami et al Journal of Mathematics (354 Words)	17-Jul-2013
Findings on Thin Solid Films Discussed by S. Yamaguchi and Co-Researchers Journal of Technology (316 Words)	29-May-2013
DAINIPPON SCREEN MFG. CO., LTD. Receives Intel's Preferred Quality Supplier Award (Dainippon Screen Mfg Co Ltd) World News Network (88 Words)	9-Apr-2013
"Image Inspection Apparatus, Image Recording Apparatus, and Image Inspection Method" in Patent Application Approval Process Politics & Government Week (2022 Words)	21-Mar-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.42	3.90
Quick Ratio (MRQ)	0.87	3.02
Debt to Equity (MRQ)	0.98	0.21
Sales 5 Year Growth	-7.46	11.04
Net Profit Margin (TTM) %	-4.55	19.30
Return on Assets (TTM) %	-3.86	15.21
Return on Equity (TTM) %	-11.25	21.72

Stock Snapshot

Traded: Tokyo Stock Exchange: 7735

As of 13-Sep-2013

Financials in: JPY

Recent Price	513.00	EPS	-54.69
52 Week High	675.00	Price/Sales	0.69
52 Week Low	361.00	Price/Book	1.51
Avg. Volume (mil)	3.61	Beta	1.53
Market Value (mil)	130,288.80

	Price % Change	Rel S&P 500%
4 Week	11.52%	7.51%
13 Week	1.18%	-9.81%
52 Week	17.93%	-25.95%
Year to Date	-1.91%	-28.85%

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
1-1, Tenjinkita-machi, 4
Teranouchi-agaru, Horikawa-dori
Kamigyo-ku
Kyoto-Shi, 602-8585
Japan

Tel:	81-75-4147111
Fax:	81-75-4519603

www.screen.co.jp

Quote Symbol - Exchange
7735 - Tokyo Stock Exchange

Sales JPY(mil):	189,923.0
Assets JPY(mil):	235,022.0
Employees:	4,955
Fiscal Year End:	31-Mar-2013


Industry:	Miscellaneous Capital Goods

Incorporation Date:	11-Oct-1943
Company Type:	Public Parent
Quoted Status:	Quoted


Chairman of the Board, Chief Executive Officer, Representative Director:	Akira Ishida

Industry Codes

ANZSIC 2006 Codes:
2469	-	Other Specialised Machinery and Equipment Manufacturing
2429	-	Other Electronic Equipment Manufacturing
5420	-	Software Publishing
2411	-	Photographic, Optical and Ophthalmic Equipment Manufacturing

ISIC Rev 4 Codes:
2819	-	Manufacture of other general-purpose machinery
2670	-	Manufacture of optical instruments and photographic equipment
5820	-	Software publishing
2610	-	Manufacture of electronic components and boards

NACE Rev 2 Codes:
2829	-	Manufacture of other general-purpose machinery n.e.c.
2670	-	Manufacture of optical instruments and photographic equipment
2611	-	Manufacture of electronic components
5829	-	Other software publishing

NAICS 2012 Codes:
333242	-	Semiconductor Machinery Manufacturing
511210	-	Software Publishers
334412	-	Bare Printed Circuit Board Manufacturing
333316	-	Photographic and Photocopying Equipment Manufacturing

US SIC 1987:
3559	-	Special Industry Machinery, Not Elsewhere Classified
7372	-	Prepackaged Software
3861	-	Photographic Equipment and Supplies
3672	-	Printed Circuit Boards

UK SIC 2007:
2829	-	Manufacture of other general-purpose machinery n.e.c.
26702	-	Manufacture of photographic and cinematographic equipment
2611	-	Manufacture of electronic components
5829	-	Other software publishing

Business Description

More Business Descriptions

Manufacture of electronic colour scanners, electronic page makeup systems, automatic drafting and mask cutting systems, industrial cameras and image reproduction equipment for the graphic arts industry, manufacturing equipment for semiconductor devices and other electronic components

Electronic Component & Semiconductor Component & Inspection Systems Developer, Mfr & Whslr

Dainippon Screen Mfg. Co., Ltd. (Dainippon) is an electronic equipment and components manufacturer. It manufacturing operations are based on core technologies such as image recognition, processing, transfer and exposure. The company also manufactures flat panel display, printed circuit boards, and inkjet printers through the usage of Print on Demand technology, printing sphere technology and image processing technology. It produces digital printing equipment, CTP (plate recorders), and other printing and pre-press related equipment and fonts. The company classifies its business into four reportable segments, namely, Semiconductor Equipment (SE), FPD Equipment (FE), Media and Precision Technology (MP) (graphic arts equipment and printed circuit board-related equipment), and Others. Dainippon's SE segment develops and manufactures semiconductor production equipment and conducts sales and maintenance services. The semiconductor production equipment includes single wafer cleaning equipment, coater/developers, annealing system, batch-type cleaning equipment, wafer surface inspection and measurement system, flat panel display, and printed circuit boards. The company developed the SU-3200 single wafer cleaning system, designed for semiconductor manufacturersâ€™ cleaning processes, which results in high productivity and is compatible with ultrafine circuit patterns. It also established a basic technology for its SOKUDO DUO coater/developer. For the fiscal year ended March 2012, the segment reported revenue of JPY167,593m, showing a decrease of 3.8% over that in 2011. The company's FE segment develops, manufactures, and markets FPD production equipment, and also conducts maintenance services. The FPD production equipment includes coater/developers, etchers, strippers, exposure system and surface inspection systems. Various types of PCB production equipment that the company manufactures includes pattern inspection system, plotters, exposure system, automatic optical inspection system and pattern measurement system. It developed a new coating system for next-generation large-sized glass substrates utilizing levitated transfer technology. For the fiscal year ended March 2012, the segment reported revenue of JPY32,611m, showing a decrease of 0.3% over that in 2011. Dainippon's MP segment develops, manufactures, and sells graphic arts equipment and PCB related equipment. The segment commercialized flagship models that feature high levels of performance and quality. It also developed a model that delivers superior cost-performance, giving it a broad-based appeal. In PCB-related equipment, the company commercialized a direct patterning system that utilizes a new light source system to achieve increased patterning precision and productivity. For the fiscal year ended March 2012, the segment reported revenue of JPY49,164m, showing an increase of 3.9% over that in 2011. The companyâ€™s Other segment undertakes printing, leasing, logistics services and other businesses. For the fiscal year ended March 2012, the segment reported revenue of JPY722m, showing an increase of 10% over that in 2011. Dainippon's research and development (R&D) activities include the development of next-generation cleaning equipment, and a three-dimensional sight system for a robot developed using image-processing technology. In 2012, the company established the Green Technology Development Center to undertakes new technologies and create new businesses. In 2012, the company invested JPY13,889m in it R&D activities.The company operates in North America; Japan; and Asia & Oceania. Some of its sunsidiaries include Dainippon Screen Ireland Ltd.; Inca Digital Printers Ltd.; Dainippon Screen (U.K.) Ltd.; Dainippon Screen (Nederland) B.V.; Dainippon Screen (Deutschland) GmbH; Dainippon Screen Israel Ltd.; Dainippon Screen Italy S.R.L.; Dainippon Screen Electronics France Sarl; Dainippon Screen Electronics (Taiwan) Co., Ltd.; DNS Feats (Taiwan) Co., Ltd.; Dainippon Screen (Taiwan) Co., Ltd.; Dainippon Screen Singapore Pte. Ltd.; S. Ten Nines California, LLC; DNS Electronics, LLC; D.S. Venture Investments International, Incorporated; Silicon Light Machines Corporation; SOKUDO USA, LLC; Dainippon Screen (China) Ltd.; Dainippon Screen Mt (Hangzhou) Co., Ltd.; Dainippon Screen Mfg. Co., Ltd. China Representative Office; Dainippon Screen Electronics (Shanghai) Co., Ltd.; Screen Media Technology Ltd.; Dainippon Screen (Korea) Co., Ltd.; D.S. North America Holdings, Inc.; and Dainippon Screen Graphics (USA), LLC, and Others. Geographically, the company operates in seven regions, namely, Japan, Taiwan, South Korea, China, the US, Europe, and Others. For the fiscal year ended 2012, the company reported revenue of 24.8% from Japan, followed by 12.9% from Taiwan, 12% from South Korea, 8.3% from China, 21.1% from the US, 10.5% from Europe, and 10.4% from Others.In June 2012, Taiwan Semiconductor Manufacturing Co., Ltd. acquired a set of equipments from the company.

Dainippon Screen Mfg. Co., Ltd. (Dainippon) manufactures semiconductors, flat panel displays (FPD) production equipments. It also offers maintenance and repair services, leasing, printing, and logistics services. The company classifies its business into three reportable segments, namely, Semiconductor Equipment, FPD Equipment, and Media and Precision Technology. It provides plate recorder (CTP), digital press machines, other printing and prepress machines, fonts, and maintenance and repair services through Graphic Arts Equipment. The company operates in Japan, the US, Europe, Asia and Oceania. Dainippon is headquartered in Kyoto, Japan. In 2012, the company established the Green Technology Development Center to pursuing new technologies and create new business opportunities for future growth.The company reported revenues of (Yen) JPY 189,923.00 million during the fiscal year ended March 2013, a decrease of 24.06% from 2012. The operating loss of the company was JPY 7,763.00 million during the fiscal year 2013, as against an operating income of JPY 8,455.00 million during 2012. The net loss of the company was JPY 13,485.00 million during the fiscal year 2013, as against a net profit of JPY 4,638.00 million during 2012.

Semiconductor and Other Electronic Component Manufacturing

Financial Data

Financials in:	JPY(mil)

Revenue:	189,923.0
Net Income:	-13,485.0
Assets:	235,022.0
Long Term Debt:	32,576.0
Total Liabilities:	154,411.0
Working Capital:	32.8

Date of Financial Data:	31-Mar-2013

1 Year Growth

-24.1%

-4.2%

Market Data

Quote Symbol:	7735
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	513.0
Stock Price Date:	09-13-2013
52 Week Price Change %:	17.9
Market Value (mil):	130,288,800.0

SEDOL:	6251028
ISIN:	JP3494600004

Equity and Dept Distribution:
FY'99-'02 WAS were estimated. FY'04-06 1Q's WAS & DPS & O/S were estimated. FY'08 Q1 WAS & O/S were estimated. FY'08 Q3 DWAS were estimated, BWAS=O/S.

Subsidiaries

Company	Percentage Owned	Country
Tech In Tech Co Ltd	100%	JAPAN
Dainippon Screen Israel Ltd	100%	ISRAEL
Dainippon Screen Ireland Ltd	100%	REPUBLIC OF IRELAND
Dainippon Screen Italy Srl	100%	ITALY
Dainippon Screen Electronics France SARL	100%	FRANCE
Scientific & Semiconductor Manufacturing Equ8pment Recycling Co Ltd	60%	JAPAN
Miyako Link Ring Co Ltd	100%	JAPAN
Gerant Co Ltd	100%	JAPAN
Dainippon Screen (Taiwan) Co Ltd	100%	TAIWAN
DS Finance Co Ltd	100%	JAPAN
Quartz Lead Co Ltd	100%	JAPAN
Initout Japan Co Ltd	100%	JAPAN
Transup Japan Co Ltd	100%	JAPAN
ReVersion 65 Co Ltd	100%	JAPAN
Sokudo USA LLC	52%	USA
Sokudo Co Ltd	81%	JAPAN
DNS Feats (Taiwan) Co Ltd	100%	TAIWAN
Fasse Co Ltd	100%	JAPAN
S Ten Nines Kyoto Co Ltd	100%	JAPAN
Dainipon Screen Graphics (USA) LLC	100%	USA
Dainippon Screen (UK) Ltd	100%	UK
Dainippon Screen (Nederland) BV	100%	NETHERLANDS
Dainippon Screen Electronics (Shanghai) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Dainippon Screen MT (Hangzhou) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Dainippon Screen (China) Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Dainippon Screen Electronics (Taiwan) Co Ltd	100%	TAIWAN
Dainippon Screen (Australia) Pty Ltd	100%	AUSTRALIA
Dainippon Screen (Korea) Co Ltd	95.6%	SOUTH KOREA
Media Technology Japan Co Ltd	100%	JAPAN
MT Service Japan West Co Ltd	100%	JAPAN
Tec Communications Co Ltd	100%	JAPAN
Sebacs Co Ltd	100%	JAPAN
Febacs Co Ltd	100%	JAPAN
MT Service Japan East Co Ltd	100%	JAPAN
Dainippon Screen (Deutschland) GmbH	100%	GERMANY
Dainippon Screen Singapore Pte Ltd	100%	SINGAPORE
Mebacs Co Ltd	100%	JAPAN

Shareholders

Major Shareholders

The Master Trust Bank of Japan Ltd (9.98%); Japan Trustee Services Bank (7.31%)

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Key Corporate Relationships

Auditor:	KPMG AZSA LLC

Auditor:	KPMG AZSA LLC

Strategic Initiatives

Partnerships

Corporate Family

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
DAINIPPON SCREEN MFG. CO., LTD.	Parent	Kyoto-Shi	Japan	Machinery and Equipment Manufacturing	2,289.0	4,955
Sokudo Co., Ltd.	Subsidiary	Kyoto	Japan	Semiconductor and Other Electronic Component Manufacturing		300
Sokudo USA, LLC	Subsidiary	Santa Clara, CA	United States	Semiconductor and Other Electronic Component Manufacturing		90
Dainippon Screen Electronics (Taiwan) Co., Ltd	Subsidiary	Hsin-chu	Taiwan	Machinery and Equipment Manufacturing		150
Dainippon Screen (Korea) Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Appliance Repair and Maintenance		150
Media Technology Japan Co., Ltd.	Subsidiary	Tokyo	Japan	Electronics Wholesale		120
Dainippon Screen Electronics (Shanghai) Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Electronics Wholesale	9.5	110
Tech In Tech Co., Ltd.	Subsidiary	Kyoto	Japan	Semiconductor and Other Electronic Component Manufacturing		110
Dainippon Screen (Deutschland) GmbH	Subsidiary	DÃ¼sseldorf, Nordrhein-Westfalen	Germany	Machinery Wholesale	77.7	80
Dainippon Screen Electronics France Sarl	Subsidiary	Paris	France	Miscellaneous Wholesale	2.5	23
Dainippon Screen Italy SRL	Subsidiary	Vimercate, Monza E Brianza	Italy	Miscellaneous Repair and Maintenance	1.8	11
Dainippon Screen Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Machinery Wholesale	123.3	75
Quartz Lead Co., Ltd.	Subsidiary	Koriyama, Fukushima	Japan	Semiconductor and Other Electronic Component Manufacturing		72
Reversion 65 Co.,Ltd.	Subsidiary	Kyoto, Kyoto	Japan	Miscellaneous Professional Services	3.0	63
FEBACS Co., Ltd.	Subsidiary	Kyoto	Japan	Industrial Machinery Repair and Maintenance		60
Dainippon Screen Graphics (USA), LLC	Subsidiary	Rolling Meadows, IL	United States	Semiconductor and Other Electronic Component Manufacturing	70.0	45
Dainippon Screen (China) Ltd.	Subsidiary	Tsuen Wan, New Territory	Hong Kong	Appliance Repair and Maintenance		45
Dainippon Screen Electronics (Shanghai) Co., Ltd	Subsidiary	Shanghai	China	Semiconductor and Other Electronic Component Manufacturing		40
INITOUT Japan Co., Ltd.	Subsidiary	Kyoto	Japan	Computer System Design Services		32
Silicon Light Machines Corp.	Subsidiary	San Jose, CA	United States	Semiconductor and Other Electronic Component Manufacturing	5.5	30
DNS Electronics, LLC	Subsidiary	Sunnyvale, CA	United States	Appliance Repair and Maintenance		30
Dns Electronics	Branch	Carrollton, TX	United States	Electronics Wholesale	9.6	7
Dns Electronics	Branch	New Windsor, NY	United States	Electronics Wholesale	9.1	7
Dns Electronics	Branch	Boise, ID	United States	Electronics Wholesale	9.0	7
Dns Electronics	Branch	Marlborough, MA	United States	Electronics Wholesale	8.6	7
Dns Electronics	Branch	Fremont, CA	United States	Electronics Wholesale	8.1	6
Dainippon Screen (Nederland) B.V.	Subsidiary	Amstelveen, Norrdhland	Netherlands	Appliance Repair and Maintenance	56.3	25
Dainippon Screen (UK) Ltd	Subsidiary	Milton Keynes	United Kingdom	Machinery and Equipment Manufacturing	21.5	36
Silicon Light Machines	Subsidiary	Sunnyvale, CA	United States	Research and Development Services		20
Scientific and Semiconductor Manufacturing Equipment Recycling Co., Ltd.	Subsidiary	Kyoto	Japan	Electronics and Appliances Stores		20
Dainippon Screen Electronics France Sarl	Subsidiary	Rousset	France	Semiconductor and Other Electronic Component Manufacturing		13
Dainippon Screen (Taiwan) Co., Ltd.	Subsidiary	Taipei	Taiwan	Appliance Repair and Maintenance		11
Dainippon Screen (Australia) Pty. Ltd.	Subsidiary	Sydney	Australia	Appliance Repair and Maintenance		11
Tec Communications Co., Ltd.	Subsidiary	Kyoto	Japan	Publishing		10
Media Technology Japan Co.,Ltd.	Subsidiary	Koto-Ku, Tokyo	Japan	Professional and Commercial Equipment Wholesale	157.9
SEBACS Co., Ltd.	Subsidiary	Kyoto	Japan	Industrial Machinery Repair and Maintenance
FASSE Co., Ltd.	Subsidiary	Toyama	Japan	Machinery and Equipment Manufacturing
MT Service Japan East Co., Ltd.	Subsidiary	Tokyo	Japan	Industrial Machinery Repair and Maintenance
MT Service Japan West Co., Ltd.	Subsidiary	Osaka	Japan	Industrial Machinery Repair and Maintenance
S. Ten Nines Kyoto Co., Ltd.	Subsidiary	Kyoto	Japan	Software
TRANSUP Japan Co., Ltd.	Subsidiary	Kyoto	Japan	Miscellaneous Transportation Services
Miyako LinkRing Co., Ltd.	Subsidiary	Kyoto	Japan	Employment Services
MEBACS Co., Ltd.	Subsidiary	Tokyo	Japan	Industrial Machinery Repair and Maintenance
Gerant Co., Ltd.	Subsidiary	Shiga	Japan	Facilities Management
DS Finance Co., Ltd.	Subsidiary	Kyoto	Japan	Accounting and Tax Preparation
Dainippon Screen Unterstuetzungskasse GmbH	Subsidiary	Dusseldorf	Germany	Machinery and Equipment Manufacturing
ReVersion 65 Co., Ltd.	Subsidiary	Kyoto	Japan	Machinery and Equipment Manufacturing
Screen Media Technology Ltd	Subsidiary	Shanghai	China	Machinery and Equipment Manufacturing
Dainippon Screen Mt (Hangzhou) Co., Ltd.	Subsidiary	Hangzhou, Zhejiang	China	Machinery and Equipment Manufacturing
Dainippon Screen Mfg. Co., Ltd. - Yasu Plant	Facility	Yasu, Shiga	Japan	Semiconductor and Other Electronic Component Manufacturing
Dainippon Screen Mfg. Co., Ltd. - Hikone Plant	Facility	Hikone, Shiga	Japan	Machinery and Equipment Manufacturing
Dainippon Screen Mfg. Co., Ltd. - Taga Plant	Facility	Shiga	Japan	Semiconductor and Other Electronic Component Manufacturing
DNS Feats (Taiwan) Co., Ltd	Subsidiary	Jhubei, Hsinchu	Taiwan	Machinery and Equipment Manufacturing
Dainippon Screen Mfg. Co., Ltd. - Rakusai Plant	Facility	Kyoto	Japan	Machinery and Equipment Manufacturing
Dainippon Screen Mfg. Co., Ltd. - Kuze Plant	Facility	Kyoto	Japan	Machinery and Equipment Manufacturing
Inca Digital Printers Ltd.	Subsidiary	Cambridge	United Kingdom	Machinery and Equipment Manufacturing	67.6	179

Competitors report

CompanyName	Location	Employees	Ownership
Applied Materials, Inc.	Santa Clara, California, United States	14,500	Public
Axcelis Technologies Inc	Beverly, Massachusetts, United States	879	Public
CANON INC.	Ohta-Ku, Suzhou, Japan	196,968	Public
Hewlett-Packard Company	Palo Alto, California, United States	331,800	Public
Hitachi Kokusai Electronic Inc.	Chiyoda-Ku, Japan	5,193	Public
NIKON CORPORATION	Chiyoda-Ku, Japan	24,047	Public
Novellus Systems, Inc.	San Jose, California, United States	2,855	Public
Oce Document Printing Systems	Trumbull, Connecticut, United States	8,000	Private
Varian Semiconductor Equipment Associates, Inc.	Gloucester, Massachusetts, United States	1,462	Public

Executives Report

Board of Directors

Name

Title

Function

Akira Ishida

Chairman of the Board, Chief Executive Officer, Representative Director

Chairman

Biography:

Mr. Akira Ishida has been serving as Chairman of the Board, Chief Executive Officer and Representative Director in DAINIPPON SCREEN MFG. CO., LTD., since April 2002. He used to work for KYOTO INDUSTRIAL SUPPORT ORGANIZATION 21. His previous titles include Vice President, Managing Director, Senior Managing Director and President in the Company.

Age: 70

Masashi Arita

CTO

Director/Board Member

Biography:

Mr. Arita has been the chief technology officer and a director of the company since 2010. Previously, he served as executive officer, manager of intellectual property center and president of technology development company. He also served in Nissan Motor Co., Ltd.

Age: 64

Masahiro Hashimoto

President, Chief Operating Officer, Representative Director

Director/Board Member

Biography:

Mr. Masahiro Hashimoto has been serving as President, Chief Operating Officer and Representative Director in DAINIPPON SCREEN MFG. CO., LTD., since June 2005. He joined the Company in May 2001. His previous titles include Managing Director, Chief Director of Finance, Manager of Financial Strategy Office and Senior Managing Director in the Company. He used to work for a bank that is under the new name, Resona Bank, Limited, The Daiwa Bank, Limited and another company.

Age: 64

Takeshi Isayama

Board Member

Director/Board Member

Age: 69

Eiji Kakiuchi

Executive Director

Director/Board Member

Biography:

Mr. Eiji Kakiuchi has been serving as Executive Director in DAINIPPON SCREEN MFG. CO., LTD. since June 2011. He is also in charge of Public Relations, IR, GPS and G10 of the Company. He joined the Company in April 1981. His previous titles include Executive Officer, Senior Executive Officer, Managing Executive Officer, President of Media Technology Company and President of Semiconductor Equipment Company in the Company. He used to serve as President in a subsidiary, DAINIPPON SCREEN GRAPHICS (USA), LLC.

Age: 59

Toru Matsumoto

Board Member

Director/Board Member

Age: 50

Shin Minamishima

Chief Director of Business Strategy, Manager of Business Service Center, President of Subsidiary, Director

Director/Board Member

Biography:

Mr. Shin Minamishima has been serving as Chief Director of Business Strategy, Manager of Business Service Center and Director in DAINIPPON SCREEN MFG. CO., LTD., as well as President and Representative Director of a subsidiary, since May 2013. He joined the Company in April 1978. His previous titles include Director of Accounting and Executive Officer in the Company.

Age: 57

Shosaku Murayama

Independent Director

Director/Board Member

Biography:

Mr. Shosaku Murayama has been serving as Independent Director of DAINIPPON SCREEN MFG. CO., LTD., since June 2013. He is also serving as President and Representative Director in iPS Academia Japan, Inc. He used to serve as President and Representative Director in Teikoku Seiyaku Company, Limited, as well as work for Bank of Japan and Shikoku Chemicals Corporation.

Age: 63

Katsutoshi Oki

Assistant Manager of Business Service Center, Manager of Human Resources Group in Business Service Center, Director

Director/Board Member

Biography:

Mr. Katsutoshi Oki has been serving as Assistant Manager of Business Service Center, Manager of Human Resources Group in Business Service Center and Director in DAINIPPON SCREEN MFG. CO., LTD., since June 2013. He joined the Company in April 2011 and used to serve as Managing Executive Officer. He used to work for Nippon Life Insurance Company.

Age: 55

Osamu Ryonai

Senior Managing Director, Chief Financial Officer

Director/Board Member

Biography:

Mr. Osamu Ryonai has been serving as Senior Managing Director and Chief Financial Officer in DAINIPPON SCREEN MFG. CO., LTD., since April 2011. He joined the Company in June 2004. His previous titles include Chief Director of Business Strategy, Manager of Business Service Center and Managing Director in the Company. He used to work for The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Age: 62

Shigeru Saito

Independent Director

Director/Board Member

Biography:

Mr. Shigeru Saito has been serving as Independent Director of DAINIPPON SCREEN MFG. CO., LTD., since June 2013. He is also serving as President, Chief Executive Officer and Representative Director in TOSE CO., LTD.

Age: 56

Yoshio Tateishi

Independent Director

Director/Board Member

Biography:

Mr. Yoshio Tateishi has been serving as Independent Director of DAINIPPON SCREEN MFG. CO., LTD., since June 2006. He is also serving as Honorary Chairman of OMRON Corporation, as well as working for Kyoto Chamber of Commerce and Industry.

Age: 73

Executives

Name

Title

Function

Akira Ishida

Chairman of the Board, Chief Executive Officer, Representative Director

Chief Executive Officer

Biography:

Age: 70

Masahiro Hashimoto

President, Chief Operating Officer, Representative Director

President

Biography:

Age: 64

Kimito Ando

Executive Officer, Vice President of Semiconductor Equipment Company

Division Head Executive

Katsuhiko Aoki

Senior Executive Officer, President of Media and Precision Technology Company

Division Head Executive

Masato Goto

Executive Officer, Vice President of Semiconductor Equipment Company

Division Head Executive

Hayato Hayashi

Managing Executive Officer, President of FPD Equipment Company

Division Head Executive

Toshio Hiroe

Senior Executive Officer, Manager of Energy Technology Development Promotion Center

Division Head Executive

Yoichi Kondo

Chief Financial Officer, Senior Executive Officer, Assistant Manager of Business Service Center

Division Head Executive

Shin Minamishima

Chief Director of Business Strategy, Manager of Business Service Center, President of Subsidiary, Director

Division Head Executive

Biography:

Age: 57

Soichi Nadahara

Senior Executive Officer, Chief Technology Officer, Manager of Technology Development Center

Division Head Executive

Katsutoshi Oki

Assistant Manager of Business Service Center, Manager of Human Resources Group in Business Service Center, Director

Division Head Executive

Biography:

Age: 55

Katsumi Shimaji

Executive Officer, Chief Director of Manufacturing

Division Head Executive

Tadahiro Suhara

Senior Managing Executive Officer, President of Semiconductor Equipment Company

Division Head Executive

Yoshinori Tsuruya

Executive Officer, Vice President of Media and Precision Technology Company

Division Head Executive

Hirofumi Uchida

Senior Executive Officer, Vice President of Semiconductor Equipment Company

Division Head Executive

Hirotaka Wada

Executive Officer, Manager of Legal Affairs & Intellectual Property Center

Division Head Executive

Hitoshi Yamamoto

Executive Officer, Vice resident of Media and Precision Technology Company

Division Head Executive

Osamu Ryonai

Senior Managing Director, Chief Financial Officer

Managing Director

Biography:

Age: 62

Hisao Nishizawa

Corporate Officer

Administration Executive

Masahiro Tateyama

Corporate Officer

Administration Executive

Tatsuo Miyawaki

Senior Corporate Auditor

Accounting Executive

Mikio Mori

Corporate Auditor

Accounting Executive

Kazuya Noguri

Senior Corporate Auditor

Accounting Executive

Katsuyuki Toyobe

Substitute Corporate Auditor

Accounting Executive

Tsutomu Tsutsumi

Corporate Auditor

Accounting Executive

Yuji Ohta

Director of Accounting

Investor Relations Executive

Masashi Arita

CTO

Engineering/Technical Executive

Biography:

Age: 64

Shunichi Kadowaki

Corporate Officer

Other

Significant Developments

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from Companies including DAINIPPON SCREEN MFG.CO.,LTD.

Apr 10, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has respectively acquired a set of equipment from CARL ZEISS SMS GmbH, TOKYO ELECTRON LTD., DAINIPPON SCREEN MFG.CO.,LTD., Lam Research International Sarl and Advanced Ion Beam Technology, as well as a set of facilities from United Integrated Services Co Ltd, for NTD 625,080,000, NTD 1,069,770,784, NTD 1,335,601,036, NTD 651,672,500, NTD 721,050,000 and NTD 565,620,478.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from DAINIPPON SCREEN MFG.CO.,LTD.

Apr 03, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment and facilities from MARKETECH INTERNATIONAL CORP. for NTD 309,513,363, a set of machinery equipment from DAINIPPON SCREEN MFG.CO.,LTD. for NTD 1,156,619,209., and a set of equipment form Varian SEMI. EQUIP. Associates GmbH for NTD 655,721,000. The Company also acquired a set of machinery equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD for NTD 806,408,000.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from TOKYO ELECTRON LTD and DAINIPPON SCREEN MFG.CO.,LTD

Mar 19, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from TOKYO ELECTRON LTD for NTD 994,111,268, and a set of machinery equipment from DAINIPPON SCREEN MFG.CO.,LTD for NTD 574,136,147.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from DAINIPPON SCREEN MFG.CO.,LTD; Lam Research International Sarl and APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD

Mar 12, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from DAINIPPON SCREEN MFG.CO.,LTD for NTD 1,314,711,458, a set of equipment from Lam Research International Sarl for NTD 1,625,210,200 and a set of equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD for NTD 905,677,900.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from DAINIPPON SCREEN MFG.CO.,LTD and APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD

Mar 05, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from DAINIPPON SCREEN MFG.CO.,LTD. for NTD 1,742,291,562, and a set of equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD for NTD 2,029,062,900.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from TOKYO ELECTRON LTD and DAINIPPON SCREEN MFG.CO.,LTD

Feb 07, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from TOKYO ELECTRON LTD for NTD 811,600,079 and a set of equipment from DAINIPPON SCREEN MFG.CO.,LTD for NTD 960,002,314.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from Companies including DAINIPPON SCREEN MFG. CO. LTD

Jan 02, 2013

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment form KLA-TENCOR CORP for NTD 631,762,500. It has also acquired a set of equipment from DAINIPPON SCREEN MFG. CO. LTD. for NTD 2,110,128,822, and a set of equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD. for NTD 973,693,750.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from DAINIPPON SCREEN MFG. CO. LTD; APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD and HITACHI KOKUSAI ELECTRIC INC

Dec 14, 2012

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from DAINIPPON SCREEN MFG. CO. LTD for NTD 528,643,611, a set of equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD. for NTD 614,337,500 and a set of equipment from HITACHI KOKUSAI ELECTRIC INC for NTD 504,768,570.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from TOKYO ELECTRON LTD; ASML HONG KONG, LTD and DAINIPPON SCREEN MFG. CO., LTD

Dec 12, 2012

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from TOKYO ELECTRON LTD for NTD 1,326,768,561, a set of equipment from ASML HONG KONG, LTD for NTD 9,400,860,000 and a set of equipment from DAINIPPON SCREEN MFG. CO., LTD for NTD 501,549,000.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from DAINIPPON SCREEN MFG. CO. LTD

Dec 11, 2012

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from DAINIPPON SCREEN MFG. CO. LTD for NTD 1,343,355,849.

Dainippon Screen Mfg Co Ltd Lowers Consolidated Full-year Outlook for FY 2013; Cancels Year-end Dividend for FY 2013

Nov 05, 2012

Dainippon Screen Mfg Co Ltd announced that it has lowered the consolidated full-year outlook for revenue from JPY 213,000 million to JPY 190,000 million, operating profit (loss) from JPY 3,500 million to JPY (7,000 million), ordinary profit (loss) from JPY 2,500 million to JPY (7,500 million), net profit (loss) from JPY 500 million to JPY (14,000 million) and earning (loss) per share from JPY 2.11 to JPY (58.98) for the fiscal year ending March 31, 2013. The negative outlook is mainly due to less-than-expected profit of semiconductor machine business. The Company also announced that it has decided to cancel the year-end dividend forecast for the fiscal year ending March 31, 2013. The latest dividend forecast was JPY 5 per share.

Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from DAINIPPON SCREEN MFG.CO.,LTD

Oct 15, 2012

Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from DAINIPPON SCREEN MFG.CO.,LTD for NTD 571,696,735.

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Annual Income Statement

	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 AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Sales	2,289.0	3,167.2	2,975.2	1,765.9	2,179.9
Revenue	2,289.0	3,167.2	2,975.2	1,765.9	2,179.9
Total Revenue	2,289.0	3,167.2	2,975.2	1,765.9	2,179.9

Cost of Revenue	1,808.7	2,372.4	2,135.5	1,482.9	1,709.9
Cost of Revenue, Total	1,808.7	2,372.4	2,135.5	1,482.9	1,709.9
Gross Profit	480.3	794.9	839.8	283.0	470.0

Selling/General/Administrative Expense	244.0	277.0	236.6	184.8	249.0
Labor & Related Expense	239.5	255.2	227.3	181.2	188.4
Advertising Expense	-	5.0	5.6	4.4	9.5
Total Selling/General/Administrative Expenses	483.4	537.2	469.4	370.5	447.0
Research & Development	50.4	57.5	27.5	27.5	41.9
Depreciation	30.6	29.2	29.9	36.1	39.7
Amortization of Acquisition Costs	-	-	-	0.0	23.5
Depreciation/Amortization	30.6	29.2	29.9	36.1	63.2
Restructuring Charge	-	0.0	7.6	14.0	72.4
Impairment-Assets Held for Use	0.0	36.3	20.6	8.7	15.2
Impairment-Assets Held for Sale	9.3	10.5	4.0	0.5	16.8
Other Unusual Expense (Income)	0.0	17.1	1.5	-59.3	0.0
Unusual Expense (Income)	9.4	63.9	33.7	-36.1	104.4
Other, Net	-	-	-	-	0.0
Other Operating Expenses, Total	-	-	-	-	0.0
Total Operating Expense	2,382.6	3,060.2	2,696.1	1,881.0	2,366.4

Operating Income	-93.6	107.1	279.1	-115.1	-186.4

Interest Expense - Non-Operating	-12.6	-18.9	-20.9	-25.8	-14.8
Interest Expense, Net Non-Operating	-12.6	-18.9	-20.9	-25.8	-14.8
Interest Income - Non-Operating	1.4	1.6	1.2	1.3	2.9
Investment Income - Non-Operating	8.1	1.6	8.4	24.4	-67.2
Interest/Investment Income - Non-Operating	9.5	3.1	9.6	25.7	-64.3
Interest Income (Expense) - Net Non-Operating Total	-3.1	-15.8	-11.3	-0.1	-79.2
Gain (Loss) on Sale of Assets	-	4.9	9.1	-0.6	-1.8
Other Non-Operating Income (Expense)	4.7	-4.0	8.3	-3.8	9.9
Other, Net	4.7	-4.0	8.3	-3.8	9.9
Income Before Tax	-91.9	92.2	285.1	-119.6	-257.5

Total Income Tax	69.9	32.7	-15.3	-27.8	122.5
Income After Tax	-161.9	59.5	300.4	-91.8	-380.0

Minority Interest	-0.7	-0.7	-0.7	5.7	0.0
Net Income Before Extraord Items	-162.5	58.7	299.7	-86.1	-380.0
Net Income	-162.5	58.7	299.7	-86.1	-380.0

Miscellaneous Earnings Adjustment	0.0	0.0	-	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	-	0.0	0.0
Income Available to Common Excl Extraord Items	-162.5	58.7	299.7	-86.1	-380.1

Income Available to Common Incl Extraord Items	-162.5	58.7	299.7	-86.1	-380.1

Basic/Primary Weighted Average Shares	237.4	237.4	237.4	237.4	237.4
Basic EPS Excl Extraord Items	-0.68	0.25	1.26	-0.36	-1.60
Basic/Primary EPS Incl Extraord Items	-0.68	0.25	1.26	-0.36	-1.60
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	-162.5	58.7	299.7	-86.1	-380.1
Diluted Weighted Average Shares	237.4	237.4	237.4	237.4	237.4
Diluted EPS Excl Extraord Items	-0.68	0.25	1.26	-0.36	-1.60
Diluted EPS Incl Extraord Items	-0.68	0.25	1.26	-0.36	-1.60
Dividends per Share - Common Stock Primary Issue	0.00	0.06	0.06	0.00	0.00
Gross Dividends - Common Stock	0.0	15.0	13.8	0.0	0.0
Interest Expense, Supplemental	12.6	18.9	20.9	25.8	14.8
Depreciation, Supplemental	57.0	63.1	67.7	75.4	83.7
Total Special Items	9.4	59.0	24.7	-35.5	129.7
Normalized Income Before Tax	-82.6	151.1	309.8	-155.1	-127.8

Effect of Special Items on Income Taxes	3.3	20.9	8.6	-12.4	37.1
Inc Tax Ex Impact of Sp Items	73.2	53.6	-6.6	-40.2	159.7
Normalized Income After Tax	-155.8	97.5	316.5	-114.8	-287.5

Normalized Inc. Avail to Com.	-156.5	96.8	315.8	-109.2	-287.5

Basic Normalized EPS	-0.66	0.41	1.33	-0.46	-1.21
Diluted Normalized EPS	-0.66	0.41	1.33	-0.46	-1.21
Amort of Acquisition Costs, Supplemental	-	-	-	0.0	23.5
Advertising Expense, Supplemental	-	5.0	5.6	4.4	9.5
Research & Development Exp, Supplemental	152.9	175.9	141.5	125.0	159.9
Reported Operating Profit	-84.2	170.9	312.9	-151.1	-44.9
Reported Ordinary Profit	-86.8	155.6	309.6	-185.7	-116.9
Normalized EBIT	-84.2	171.0	312.9	-151.1	-82.1
Normalized EBITDA	-27.2	234.1	380.6	-75.7	25.2
Current Tax - Total	18.5	25.8	-	-	-
Current Tax - Total	18.5	25.8	-	-	-
Deferred Tax - Total	51.4	6.9	-	-	-
Deferred Tax - Total	51.4	6.9	-	-	-
Income Tax - Total	69.9	32.7	-	-	-
Interest Cost - Domestic	6.4	6.6	6.1	6.4	6.0
Service Cost - Domestic	13.7	17.2	12.9	14.6	14.2
Expected Return on Assets - Domestic	-8.1	-7.9	-9.2	-12.3	-13.7
Actuarial Gains and Losses - Domestic	11.4	11.7	10.1	11.1	5.9
Other Pension, Net - Domestic	5.8	35.1	-	-	-
Domestic Pension Plan Expense	29.2	62.6	19.8	19.8	12.4
Defined Contribution Expense - Domestic	-	-	6.7	6.4	7.2
Total Pension Expense	29.2	62.6	26.5	26.2	19.5
Discount Rate - Domestic	0.90%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	3.00%	3.00%	3.90%	5.70%	5.70%
Total Plan Interest Cost	6.4	6.6	6.1	6.4	6.0
Total Plan Service Cost	13.7	17.2	12.9	14.6	14.2
Total Plan Expected Return	-8.1	-7.9	-9.2	-12.3	-13.7
Total Plan Other Expense	5.8	35.1	-	-	-

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 AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Cash & Equivalents	429.6	457.1	482.4	334.5	262.2
Cash and Short Term Investments	429.6	457.1	482.4	334.5	262.2
Accounts Receivable - Trade, Gross	610.3	885.5	856.4	556.8	668.2
Provision for Doubtful Accounts	-9.9	-13.7	-12.2	-15.3	-13.8
Trade Accounts Receivable - Net	600.3	871.8	844.3	541.5	654.4
Total Receivables, Net	600.3	871.8	844.3	541.5	654.4
Inventories - Finished Goods	297.9	342.0	305.3	240.6	366.5
Inventories - Work In Progress	271.5	283.8	377.7	229.2	283.5
Inventories - Raw Materials	62.4	67.5	55.6	59.6	81.2
Total Inventory	631.8	693.3	738.6	529.4	731.3
Deferred Income Tax - Current Asset	42.3	87.6	91.8	43.1	12.1
Other Current Assets	41.5	45.2	57.2	49.6	42.8
Other Current Assets, Total	83.9	132.8	149.0	92.7	54.9
Total Current Assets	1,745.7	2,155.0	2,214.3	1,498.1	1,702.8

Buildings	548.3	618.2	642.7	584.7	557.8
Land/Improvements	104.3	118.2	111.6	100.8	98.1
Machinery/Equipment	354.1	355.4	350.1	338.0	341.2
Construction in Progress	13.4	18.9	13.4	2.1	2.9
Other Property/Plant/Equipment	178.2	210.6	216.6	203.1	169.5
Property/Plant/Equipment - Gross	1,198.2	1,321.3	1,334.4	1,228.7	1,169.6
Accumulated Depreciation	-774.1	-852.0	-843.4	-742.7	-653.7
Property/Plant/Equipment - Net	424.1	469.4	491.1	486.0	515.9
Goodwill, Net	-	-	-	-	0.0
Intangibles, Net	27.9	26.0	14.3	14.5	17.7
LT Investment - Affiliate Companies	0.4	0.4	0.5	-	-
LT Investments - Other	231.7	256.2	267.2	254.1	204.6
Long Term Investments	232.1	256.7	267.7	254.1	204.6
Note Receivable - Long Term	0.5	0.7	0.7	0.8	1.0
Deferred Income Tax - Long Term Asset	3.9	7.1	7.5	6.1	9.7
Other Long Term Assets	63.8	63.5	58.5	58.6	48.2
Other Long Term Assets, Total	67.7	70.6	66.0	64.7	57.8
Total Assets	2,497.9	2,978.5	3,054.0	2,318.2	2,499.8

Accounts Payable	645.7	988.7	988.7	560.7	433.2
Accrued Expenses	0.4	0.7	0.8	0.2	0.4
Notes Payable/Short Term Debt	360.2	105.1	6.6	0.3	398.8
Current Portion - Long Term Debt/Capital Leases	43.4	121.3	477.6	242.2	248.0
Income Taxes Payable	9.0	19.3	27.1	11.1	9.2
Other Current Liabilities	198.5	260.6	286.4	190.0	251.3
Other Current liabilities, Total	207.4	279.9	313.5	201.1	260.5
Total Current Liabilities	1,257.2	1,495.7	1,787.2	1,004.6	1,340.7

Long Term Debt	315.0	315.4	128.3	515.8	333.8
Capital Lease Obligations	31.2	44.2	58.7	68.4	61.0
Total Long Term Debt	346.2	359.6	187.0	584.1	394.8
Total Debt	749.8	586.0	671.3	826.7	1,041.5

Deferred Income Tax - LT Liability	22.8	10.1	10.1	18.8	13.6
Deferred Income Tax	22.8	10.1	10.1	18.8	13.6
Minority Interest	6.4	6.4	5.8	4.6	3.7
Reserves	0.5	0.6	0.6	0.4	0.5
Pension Benefits - Underfunded	2.4	5.1	4.7	6.5	8.0
Other Long Term Liabilities	5.5	7.6	7.4	7.8	36.4
Other Liabilities, Total	8.5	13.4	12.7	14.7	44.9
Total Liabilities	1,641.1	1,885.2	2,002.9	1,626.8	1,797.7

Common Stock	574.4	656.0	652.1	578.4	547.2
Common Stock	574.4	656.0	652.1	578.4	547.2
Additional Paid-In Capital	48.7	55.6	363.8	322.7	305.3
Retained Earnings (Accumulated Deficit)	433.3	672.9	318.8	7.8	88.4
Treasury Stock - Common	-130.1	-148.6	-147.6	-130.8	-123.7
Unrealized Gain (Loss)	28.9	16.8	15.7	35.7	1.7
Translation Adjustment	-98.4	-159.5	-151.6	-122.3	-116.8
Other Equity	0.0	0.0	-	-	-
Other Equity, Total	-98.3	-159.5	-151.6	-122.3	-116.8
Total Equity	856.8	1,093.2	1,051.1	691.4	702.1

Total Liabilities & Shareholdersâ€™ Equity	2,497.9	2,978.4	3,054.0	2,318.2	2,499.8

Shares Outstanding - Common Stock Primary Issue	237.4	237.4	237.4	237.4	237.4
Total Common Shares Outstanding	237.4	237.4	237.4	237.4	237.4
Treasury Shares - Common Stock Primary Issue	16.6	16.6	16.6	16.6	16.6
Employees	4,955	4,890	4,732	4,679	4,992
Number of Common Shareholders	14,473	13,006	14,106	16,693	18,532
Total Long Term Debt, Supplemental	552.6	420.4	581.5	653.4	564.8
Long Term Debt Maturing within 1 Year	35.6	105.0	453.2	137.6	231.1
Long Term Debt Maturing in Year 2	173.2	23.6	100.9	402.0	164.7
Long Term Debt Maturing in Year 3	17.9	180.8	20.0	89.5	61.4
Long Term Debt Maturing in Year 4	71.1	3.5	7.4	17.8	84.6
Long Term Debt Maturing in Year 5	17.9	64.1	0.0	6.6	17.3
Long Term Debt Maturing in 2-3 Years	191.1	204.5	120.9	491.4	226.1
Long Term Debt Maturing in 4-5 Years	89.0	67.6	7.4	24.3	101.9
Long Term Debt Matur. in Year 6 & Beyond	236.9	43.4	0.0	0.0	5.8
Total Capital Leases, Supplemental	31.2	44.2	83.2	99.0	77.9
Capital Lease Payments Due in Year 1	7.8	16.3	24.4	30.6	16.9
Capital Lease Payments Due in Year 2	8.4	8.8	15.5	20.5	19.3
Capital Lease Payments Due in Year 3	3.4	9.5	8.5	12.4	8.9
Capital Lease Payments Due in Year 4	3.3	3.8	9.2	6.3	6.0
Capital Lease Payments Due in Year 5	3.1	3.7	3.6	7.0	3.9
Capital Lease Payments Due in 2-3 Years	11.7	18.3	24.1	32.8	28.2
Capital Lease Payments Due in 4-5 Years	6.4	7.4	12.8	13.2	10.0
Cap. Lease Pymts. Due in Year 6 & Beyond	5.3	2.1	21.9	22.3	22.8
Pension Obligation - Domestic	353.5	344.8	335.8	298.2	320.7
Plan Assets - Domestic	295.5	289.3	268.1	229.4	213.8
Funded Status - Domestic	-58.0	-55.5	-67.7	-68.8	-106.9
Total Funded Status	-58.0	-55.5	-67.7	-68.8	-106.9
Discount Rate - Domestic	0.90%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	3.00%	3.00%	3.90%	5.70%	5.70%
Prepaid Benefits - Domestic	30.5	28.8	23.4	14.0	7.1
Accrued Liabilities - Domestic	-1.6	-	-3.4	-5.2	-6.7
Other Assets, Net - Domestic	58.0	-	87.7	77.6	107.3
Net Assets Recognized on Balance Sheet	86.9	28.8	107.7	86.4	107.6
Total Plan Obligations	353.5	344.8	335.8	298.2	320.7
Total Plan Assets	295.5	289.3	268.1	229.4	213.8

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 AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income/Starting Line	-91.9	92.2	285.1	-119.6	-257.5
Depreciation	57.0	63.1	67.7	75.4	83.7
Depreciation/Depletion	57.0	63.1	67.7	75.4	83.7
Amortization of Acquisition Costs	-	-	-	0.0	23.5
Amortization	-	-	-	0.0	23.5
Unusual Items	5.1	41.5	20.2	-34.6	104.4
Equity in Net Earnings (Loss)	-	0.0	-5.1	4.7	59.3
Other Non-Cash Items	-4.4	5.1	38.5	-8.2	3.1
Non-Cash Items	0.7	46.5	53.5	-38.1	166.7
Accounts Receivable	182.7	-23.2	-215.7	151.4	182.9
Inventories	-11.1	38.4	-145.8	247.0	-18.3
Other Assets	1.6	7.9	-2.5	-0.7	6.3
Accounts Payable	-254.8	-7.6	336.0	104.3	-302.7
Accrued Expenses	-5.0	-8.1	8.8	-1.2	-18.8
Other Liabilities	-19.0	-26.6	53.1	-18.2	-66.8
Other Operating Cash Flow	-44.7	-39.7	-40.1	-130.1	-44.7
Changes in Working Capital	-150.4	-59.0	-6.1	352.4	-262.1
Cash from Operating Activities	-184.7	142.8	400.3	270.2	-245.7

Purchase of Fixed Assets	-72.7	-56.9	-28.6	-10.8	-49.1
Capital Expenditures	-72.7	-56.9	-28.6	-10.8	-49.1
Acquisition of Business	0.0	-4.0	0.0	28.1	-12.7
Sale of Fixed Assets	4.4	23.5	8.3	21.3	0.7
Sale/Maturity of Investment	11.4	1.6	49.7	45.3	0.0
Investment, Net	-0.3	-6.2	-4.1	-5.6	1.8
Purchase of Investments	-1.0	-0.2	-46.9	-0.1	-5.1
Other Investing Cash Flow	-11.3	-10.6	-4.0	-4.2	-4.5
Other Investing Cash Flow Items, Total	3.2	4.2	3.0	84.9	-19.8
Cash from Investing Activities	-69.5	-52.7	-25.6	74.1	-68.9

Other Financing Cash Flow	-0.1	-0.1	0.0	0.0	-0.1
Financing Cash Flow Items	-0.1	-0.1	0.0	0.0	-0.1
Cash Dividends Paid - Common	-14.3	-15.0	-	0.0	-23.6
Total Cash Dividends Paid	-14.3	-15.0	-	0.0	-23.6
Common Stock, Net	0.0	-0.1	-0.1	-0.1	0.0
Issuance (Retirement) of Stock, Net	0.0	-0.1	-0.1	-0.1	0.0
Short Term Debt, Net	310.1	95.6	5.8	-415.2	271.6
Long Term Debt Issued	84.4	302.6	0.0	609.3	173.7
Long Term Debt Reduction	-120.5	-502.9	-265.3	-485.8	-82.5
Long Term Debt, Net	-36.1	-200.3	-265.3	123.5	91.2
Issuance (Retirement) of Debt, Net	274.0	-104.7	-259.4	-291.7	362.8
Cash from Financing Activities	259.5	-119.9	-259.6	-291.8	339.1

Foreign Exchange Effects	23.5	-5.1	-16.1	-0.9	-23.2
Net Change in Cash	28.9	-34.8	98.9	51.6	1.3

Net Cash - Beginning Balance	429.4	486.1	349.0	270.2	248.6
Net Cash - Ending Balance	458.3	451.2	447.9	321.8	249.9
Cash Interest Paid	12.6	18.9	21.2	26.0	15.2
Cash Taxes Paid	29.8	25.2	10.6	15.8	21.7

Annual Income Statement

	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 AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Total net sales	2,289.0	3,167.2	2,975.2	1,765.9	2,179.9
Total Revenue	2,289.0	3,167.2	2,975.2	1,765.9	2,179.9

Total cost of sales	1,808.7	2,372.4	2,135.5	1,482.9	1,685.7
Installment Sale Adj.	-	-	-	-	0.0
Other Selling/General/Admin. Expense	195.1	211.2	-	-	-
Traveling Expense	20.3	22.2	18.7	13.6	20.6
Packing & freight-out costs	28.6	43.6	36.4	20.9	33.9
Provision for Doubtful Accounts	-	-	-	-	13.1
Reserve for directors' retirement bene.	0.5	0.5	0.5	0.5	0.6
Reserve for directors' bonuses	0.4	0.5	0.9	0.3	0.4
Directors' remuneration	10.4	11.2	9.1	7.4	9.4
Payrolls & bonuses	206.9	221.0	201.5	157.8	170.5
Selling General And Administrative Expen	50.4	-	-	-	-
Research & Develop	-	57.5	27.5	27.5	41.9
Depreciation	30.6	29.2	29.9	36.1	39.7
Advertisement	-	5.0	5.6	4.4	9.5
Periodic retirement benefit costs	21.2	21.8	15.4	15.3	7.6
Amort. goodwill	-	-	-	-	10.5
Other	-	-	181.4	150.3	181.4
Rounding adjustment Income Statement	0.0	-	-	-	-
Other	0.0	0.1	-	-	-
Provision of allowance for doubtful acco	0.0	16.8	-	-	-
SP Amort. Past Accrued Retire Liab.	-	-	-	-	0.0
SP G on change to pension system	-	-	-	-	0.0
SP G on adj. prior years' rental expense	-	-	-	-	0.0
SP Rev-Allow Doubt Acc.	-	0.0	-2.5	-0.9	-
SP Gain on step acquisitions	-	-	0.0	-28.1	0.0
SP Gain on negative goodwill	-	-	0.0	-26.6	0.0
SP G on rev. of debt guarantee loss	-	-	-	0.0	0.0
SP Other Special Gain	-	0.0	0.0	-3.7	0.0
SP Business Restructuring Exp.	-	0.0	7.6	14.0	72.4
SP Impairment Loss	0.0	36.3	19.3	8.4	14.3
SP Prov. of allowance for doubtful acc.	-	-	0.0	-	-
SP Loss Val. Inv.Secs.	9.3	10.5	4.0	0.5	16.8
SP Loss Val. Contribute	-	-	-	-	0.0
SP Loss on disaster	0.0	0.2	0.5	0.0	-
SP L on Adj. for Acct. changes-Assets	-	-	3.5	0.0	-
SP L on val. of inventories	-	-	-	0.0	24.1
SP Goodwill -nonrecuring amortization	-	-	-	0.0	13.0
NOP Retire Inventory	-	-	-	-	0.0
NOP Loss Retire Fix Asset	-	-	1.3	0.3	0.8
Total Operating Expense	2,382.6	3,060.2	2,696.1	1,881.0	2,366.4

Gain on sales of subsidiaries and affili	-	0.0	6.1	0.0	-
SP Gain Sale Inv.Secs.	4.2	0.5	1.9	29.7	0.0
SP Gain change in equity	-	-	-	0.0	0.1
SP Loss Sale Inv.Secs.	-	-	-	-	0.0
NOP Interest Income	1.4	1.6	1.2	1.3	2.9
NOP Dividend Income	4.6	4.9	3.3	3.2	4.3
Other Non-Operating Income (Expense)	0.0	0.0	-	-	-
Sales discounts	-1.3	-4.2	-	-	-
NOP Equity Gain	0.0	0.0	5.1	0.0	-
NOP Subsidy income	1.9	-	3.0	4.3	7.5
NOP Rental Income	2.9	2.5	3.2	3.3	4.3
Gain on sales of noncurrent assets	-	4.9	3.0	0.0	-
NOP Contract business	-	-	0.4	1.2	7.1
NOP Insurance income	3.7	-	0.8	0.8	1.2
NOP Other Income	4.3	6.3	9.7	3.7	8.0
NOP Interest Expenses	-12.6	-18.9	-20.9	-25.8	-14.8
NOP L.Sale Rcvbl.	-	-	-0.1	-0.6	-1.8
NOP Equity Loss	-	-	0.0	-4.7	-59.3
NOP Exchange Loss	-0.8	-3.8	-1.9	-3.8	-12.4
NOP Rental Expenses	-	-	-	0.0	-4.4
NOP Other Expenses	-6.7	-8.6	-8.7	-17.1	-13.7
Net Income Before Taxes	-91.9	92.2	285.1	-119.6	-257.5

Total income taxes	69.9	32.7	-15.3	-27.8	122.5
Net Income After Taxes	-161.9	59.5	300.4	-91.8	-380.0

Minority interests in income	-0.7	-0.7	-0.7	5.7	0.0
Net Income Before Extra. Items	-162.5	58.7	299.7	-86.1	-380.0
Net Income	-162.5	58.7	299.7	-86.1	-380.0

Rounding adjustment Income Statement	0.0	-	-	-	-
Rounding adjustment Income Statement	-	0.0	-	-	-
Directors' Bonuses	-	-	-	-	0.0
Earning Adjustment	-	-	-	0.0	0.0
Income Available to Com Excl ExtraOrd	-162.5	58.7	299.7	-86.1	-380.1

Income Available to Com Incl ExtraOrd	-162.5	58.7	299.7	-86.1	-380.1

Basic Weighted Average Shares	237.4	237.4	237.4	237.4	237.4
Basic EPS Excluding ExtraOrdinary Items	-0.68	0.25	1.26	-0.36	-1.60
Basic EPS Including ExtraOrdinary Items	-0.68	0.25	1.26	-0.36	-1.60
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	-162.5	58.7	299.7	-86.1	-380.1
Diluted Weighted Average Shares	237.4	237.4	237.4	237.4	237.4
Diluted EPS Excluding ExtraOrd Items	-0.68	0.25	1.26	-0.36	-1.60
Diluted EPS Including ExtraOrd Items	-0.68	0.25	1.26	-0.36	-1.60
DPS-Ordinary Shares	0.00	0.06	0.06	0.00	0.00
Gross Dividends - Common Stock	0.0	15.0	13.8	0.0	0.0
Normalized Income Before Taxes	-82.6	151.1	309.8	-155.1	-127.8

Inc Tax Ex Impact of Sp Items	73.2	53.6	-6.6	-40.2	159.7
Normalized Income After Taxes	-155.8	97.5	316.5	-114.8	-287.5

Normalized Inc. Avail to Com.	-156.5	96.8	315.8	-109.2	-287.5

Basic Normalized EPS	-0.66	0.41	1.33	-0.46	-1.21
Diluted Normalized EPS	-0.66	0.41	1.33	-0.46	-1.21
Total Search And Development Expense	152.9	175.9	-	-	-
Research&Development(SGA)	-	-	27.5	27.5	41.9
Research&Development(COGS)	-	-	114.0	97.4	118.0
Advertisement	-	5.0	5.6	4.4	9.5
Interest Expense	12.6	18.9	20.9	25.8	14.8
Amort of Goodwill	-	-	-	0.0	10.5
Goodwill -nonrecuring amortization	-	-	-	0.0	13.0
Depreciation	57.0	63.1	67.7	75.4	83.7
Income taxes-current	18.5	25.8	-	-	-
Current Tax - Total	18.5	25.8	-	-	-
Income taxes-deferred	51.4	6.9	-	-	-
Deferred Tax - Total	51.4	6.9	-	-	-
Income Tax - Total	69.9	32.7	-	-	-
Reported operating profit	-84.2	170.9	312.9	-151.1	-44.9
Reported ordinary profit	-86.8	155.6	309.6	-185.7	-116.9
Retirement Benefit Expenses Retirement B	-	27.6	-	-	-
Retirement Benefit Expenses Other Extrao	5.8	7.5	-	-	-
Service cost	13.7	17.2	12.9	14.6	14.2
Interest cost	6.4	6.6	6.1	6.4	6.0
Expected return on plan asset	-8.1	-7.9	-9.2	-12.3	-13.7
Actuarial G/L	11.4	11.7	10.1	11.1	5.9
Domestic Pension Plan Expense	29.2	62.6	19.8	19.8	12.4
Defined Contribution Expense	-	-	6.7	6.4	7.2
Total Pension Expense	29.2	62.6	26.5	26.2	19.5
Discount Rate(MIN)-Retirement Cost(Domes	0.90%	2.00%	-	-	-
Discount Rate	-	-	2.00%	2.00%	2.00%
Expected return on assets(MIN)-Retiremen	3.00%	3.00%	-	-	-
Expected Rate of Return	-	-	3.90%	5.70%	5.70%

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 AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Cash & Deposit	429.6	457.1	482.4	334.5	262.2
Notes and accounts receivable-trade	610.3	885.5	856.4	556.8	668.2
Merchandise & Finished goods	297.9	342.0	305.3	240.6	366.5
Inventories-Work-in-progress	271.5	283.8	377.7	229.2	283.5
Raw materials & Supplies	62.4	67.5	55.6	59.6	81.2
Deferred Inc.Tax	42.3	87.6	91.8	43.1	12.1
Rounding adjustment Assets	0.0	0.0	-	-	-
Other Cur. Asset	41.5	45.2	57.2	49.6	42.8
Allow Doubt Acc.	-9.9	-13.7	-12.2	-15.3	-13.8
Total Current Assets	1,745.7	2,155.0	2,214.3	1,498.1	1,702.8

Buildings And Structures	548.3	-	-	-	-
Buildings&Structures, gross	-	618.2	642.7	584.7	557.8
Accmulated Depreciation	-381.8	-420.5	-428.3	-373.7	-339.6
Machinery, equipment and vehicles	354.1	-	-	-	-
Machinery, equipment and vehicles	-	355.4	350.1	338.0	341.2
Acc. Depre&Impair-Machine,Equip&Vehicle	-265.4	-285.3	-274.5	-253.5	-224.6
Land	104.3	118.2	111.6	100.8	98.1
Lease assets, gross	66.9	89.7	103.1	100.8	71.6
Accumulated depreciation-Lease Assets	-32.4	-43.4	-38.3	-26.0	-9.9
Const-in Prog.	13.4	18.9	13.4	2.1	2.9
Other PPE	111.3	120.9	113.5	102.3	97.9
Accumulated depreciation-Other	-94.6	-102.8	-102.3	-89.6	-79.7
Goodwill	-	-	-	-	0.0
Other Total Intangible Assets, Net	-	0.0	-	-	-
Lease assets	2.9	5.8	9.4	8.9	12.6
Other Intangible	25.0	20.2	4.9	5.6	5.1
Investment Securities - Balancing value	231.7	-	-	-	-
Other LT Invest.(held for sale/to matur)	-	256.2	-	-	-
Investment Secs.	-	-	267.2	254.1	204.6
Invt Secs Noncons, Asc, Affd Cos	0.4	0.4	-	-	-
Equity secs.-nonconsolidated affil.	-	-	0.5	-	-
Long-term loans receivable	0.5	0.7	0.7	0.8	1.0
Deferred tax assets	3.9	7.1	7.5	6.1	9.7
Rounding adjustment Assets	0.0	-	-	-	-
Other Other Long Term Assets	-	0.0	-	-	-
Other Assets	75.0	81.3	59.4	60.1	55.5
Allow Doubt Acc.	-11.2	-17.8	-0.9	-1.4	-7.3
Adjustment	-	-	-0.1	-	0.0
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Other Other Tangible Fixed Assets, Net	-	0.0	-	-	-
Other Total PPE Net	-	0.0	-	-	-
Total Assets	2,497.9	2,978.5	3,054.0	2,318.2	2,499.8

Notes and accounts payable-trade	645.7	988.7	988.7	560.7	433.2
Short-term loans payable	359.1	97.7	6.0	0.0	395.8
Current portion of long-term loans payab	35.6	20.0	423.0	104.6	79.2
Cur. Corp Bond	0.0	85.0	30.2	107.0	0.0
Bonds w/stock warrants (current)	-	-	-	0.0	151.9
Lease debt	7.8	16.3	24.4	30.6	16.9
Inc Tax Payable	9.0	19.3	27.1	11.1	9.2
Notes payable-facilities	1.2	7.4	0.6	0.3	2.9
Provision for directors'' bonuses	0.4	0.7	0.8	0.2	0.4
Rounding adjustment Liability	0.1	0.0	-	-	-
Res.Product Warranty	52.5	67.0	73.1	40.8	40.1
Res. business restructuring expenses	-	-	-	0.0	61.5
Asset retirement obligations	-	0.0	0.4	0.0	-
Res. Ordering Loss	1.4	3.0	4.1	5.5	3.3
Other Cur. Liabs	144.5	190.5	208.9	143.7	146.3
Total Current Liabilities	1,257.2	1,495.7	1,787.2	1,004.6	1,340.7

Corporate Bond	201.9	230.6	84.5	101.7	197.4
Subscript-Bond	-	-	-	-	0.0
Long-term loans payable	113.1	84.8	43.8	414.1	136.3
Lease Liab.	31.2	44.2	58.7	68.4	61.0
Total Long Term Debt	346.2	359.6	187.0	584.1	394.8

Accrued Retire.	1.6	3.8	3.4	5.2	6.7
Provision for directors'' retirement ben	0.8	1.3	1.3	1.3	1.3
Asset retirement obligations	0.5	0.6	0.6	0.0	-
Res. Guarantee Loss	-	-	0.0	0.4	0.5
Deferred Tax	22.8	10.1	10.1	18.8	13.6
Other Long Term Liabilities	0.0	0.0	-	-	-
Other LT Liabs.	5.5	7.6	7.4	7.8	36.4
Minority Int.	6.4	6.4	5.8	4.6	3.7
Total Liabilities	1,641.1	1,885.2	2,002.9	1,626.8	1,797.7

Other Equity	0.0	0.0	-	-	-
Common Stock	574.4	656.0	652.1	578.4	547.2
Total capital surpluses	48.7	55.6	363.8	322.7	305.3
Total retained earnings	433.3	672.9	318.8	7.8	88.4
Treasury Stock	-130.1	-148.6	-147.6	-130.8	-123.7
Valuation difference on available-for-sa	28.9	16.8	16.2	36.4	1.8
Deferred hedge	-	0.0	-0.5	-0.7	0.0
Translate Adjust	-98.4	-159.5	-151.6	-122.3	-116.8
Total Equity	856.8	1,093.2	1,051.1	691.4	702.1

Total Liabilities & Shareholders' Equity	2,497.9	2,978.4	3,054.0	2,318.2	2,499.8

S/O-Ordinary Shares	237.4	237.4	237.4	237.4	237.4
Total Common Shares Outstanding	237.4	237.4	237.4	237.4	237.4
T/S-Ordinary Shares	16.6	16.6	16.6	16.6	16.6
Full-Time Employees	4,955	4,890	4,732	4,679	4,992
Total Number of Shareholders	14,473	13,006	-	-	-
Number of Common Shareholders	-	-	14,106	16,693	18,532
Bond Redemption Amounts within A Year	0.0	85.0	-	-	-
Loans Payable Maturing within a Year	35.6	20.0	-	-	-
LT Debts<1Yr.	-	-	453.2	137.6	231.1
Bond Redemp Amts over a Yr within 2 Yrs	148.8	-	-	-	-
Lns Pble Maturing over a Yr within 2 Yrs	24.4	23.6	-	-	-
LT Debts<2Yr.	-	-	100.9	402.0	164.7
Bond Redemp Amts over 2 Yrs within 3 Yrs	0.0	169.9	-	-	-
Lns Pble Maturg over 2 Yrs within 3 Yrs	17.9	10.9	-	-	-
LT Debts<3Yr.	-	-	20.0	89.5	61.4
Bond Redemp Amts over 3 Yrs within 4 Yrs	53.1	-	-	-	-
Lns Pble Maturg over 3 Yrs within 4 Yrs	17.9	3.5	-	-	-
LT Debts<4Yr.	-	-	7.4	17.8	84.6
Bond Redemp Amts over 4 Yrs within 5 Yrs	0.0	60.7	-	-	-
Lns Pble Maturg over 4 Yrs within 5 Yrs	17.9	3.5	-	-	-
LT Debts<5Yr.	-	-	0.0	6.6	17.3
Total Bond Redemption Amounts-Balancing	201.9	-	-	-	-
Other LT debt- Remaining Maturities	34.9	43.4	-	-	-
LT Debts Remaining	-	-	0.0	0.0	5.8
Total Long Term Debt, Supplemental	552.6	420.4	581.5	653.4	564.8
Capital Lease Maturing within a Year	7.8	16.3	-	-	-
Capital Lease Within 1 Year	-	-	24.4	30.6	16.9
Cap Lease Maturg over a Yr within 2 Yrs	8.4	8.8	-	-	-
Capital Lease Within 2 Years	-	-	15.5	20.5	19.3
Cap Lease Maturg over 2 Yr within 3 Yrs	3.4	9.5	-	-	-
Capital Lease Within 3 Years	-	-	8.5	12.4	8.9
Cap Lease Maturg over 3 Yr within 4 Yrs	3.3	3.8	-	-	-
Capital Lease Within 4 Years	-	-	9.2	6.3	6.0
Cap Lease Maturg over 4 Yr within 5 Yrs	3.1	3.7	-	-	-
Capital Lease Within 5 Years	-	-	3.6	7.0	3.9
Capital lease- remaining	5.3	2.1	-	-	-
Capital Lease remaining	-	-	21.9	22.3	22.8
Total Capital Leases, Supplemental	31.2	44.2	83.2	99.0	77.9
Pension obligation	353.5	344.8	335.8	298.2	320.7
Fair value of plan asset	295.5	289.3	268.1	229.4	213.8
Funded status	-58.0	-55.5	-67.7	-68.8	-106.9
Total Funded Status	-58.0	-55.5	-67.7	-68.8	-106.9
Discount rate	0.90%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	3.00%	3.00%	3.90%	5.70%	5.70%
Unrecognized Prior Service Cost	-28.9	-	-	-	-
Unrecog. actuairal G/L	86.9	-	87.7	77.6	107.3
Prepaid Pension Expense	30.5	-	-	-	-
Prepaid Pension Benefits	-	28.8	23.4	14.0	7.1
Retirement Benefit Expenses Reserve For	-1.6	-	-	-	-
Reserve retire benefit	-	-	-3.4	-5.2	-6.7
Net Assets Recognized on Balance Sheet	86.9	28.8	107.7	86.4	107.6

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 AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income Bf. Tax	-91.9	92.2	285.1	-119.6	-257.5
Depreciation	57.0	63.1	67.7	75.4	83.7
Increase (decrease) in accrued expenses	-4.8	-	-	-	-
Loss (gain) on sales of noncurrent asset	-	-4.9	-	-	-
Impairment losses on assets	0.0	36.3	19.3	8.4	14.3
Amort. of Goodwill	-	-	-	0.0	10.5
Goodwill -nonrecuring amortization	-	-	-	0.0	13.0
Equity in (earnings) losses of affiliate	-	0.0	-5.1	4.7	59.3
Gain on negative goodwill	-	-	0.0	-26.6	0.0
Loss (gain) on step acquisitions	-	-	0.0	-28.1	0.0
Loss (gain) on valuation of investment s	9.3	10.5	4.0	0.5	16.8
Loss (gain) on sales of investment secur	-4.2	-0.5	-1.9	-29.7	0.0
Loss (gain) on sales of stocks of subsid	-	-	-6.1	0.0	-
L on retire. of fixed assets	-	-	0.0	0.3	0.8
L on sale of inv't in secs.	-	-	-	-	0.0
Increase (decrease) in provision for ret	-2.0	0.4	-2.4	-1.9	-6.3
Increase (decrease) in provision for dir	-0.2	-0.1	0.5	-0.2	-0.6
G on change to pension system	-	-	-	-	0.0
Increase (decrease) in provision for pro	-7.7	-6.8	26.5	-3.0	-0.6
Increase (decrease) in provision for los	-1.4	-1.1	-2.1	2.1	3.2
Res. business restructuring expenses	-	0.0	7.6	14.0	72.4
Int.& Dividend Inc.	-6.0	-6.4	-4.4	-4.5	-7.2
Interest Expenses	12.6	18.9	20.9	25.8	14.8
Gain Sale Fix.Assets	-	-	-2.7	-	-
Decrease (increase) in notes and account	182.7	-23.2	-215.7	151.4	182.9
Decrease (increase) in inventories	-11.1	38.4	-145.8	247.0	-18.3
Decrease (increase) in other current ass	1.6	7.9	-2.5	-0.7	6.3
Increase (decrease) in notes and account	-254.8	-7.6	336.0	104.3	-302.7
Increase (decrease) in accrued expenses	-	-8.0	8.3	-1.0	-18.2
Increase (decrease) in other current lia	-19.0	-26.6	53.1	-18.2	-66.8
Other Operating Cash Flow	0.0	-	-	-	-
Rounding adjustment Cash flow	-	-0.1	-	-	-
Other, net	-8.0	-1.1	-0.5	-9.5	-3.2
Int.& Dividend Rcv'd	6.0	6.3	4.3	4.6	7.4
Interest Paid	-12.6	-18.9	-21.2	-26.0	-15.2
Contribution in connection with the shif	-0.2	-0.7	-10.2	-10.9	-9.4
Payment of the business structure improv	-	0.0	-1.9	-72.5	-2.6
Tax Paid	-29.8	-25.2	-10.6	-15.8	-21.7
Cash to change in consol. scopeonci	-	-	-	-	-0.9
Adjustment	-	-	-	0.0	-
Cash from Operating Activities	-184.7	142.8	400.3	270.2	-245.7

Decrease (increase) in time deposits	-0.3	-6.2	-4.1	-5.5	1.8
Purchase of property, plant and equipmen	-72.7	-56.9	-28.6	-10.8	-49.1
Proceeds from sales of property, plant a	4.4	23.5	8.3	21.3	0.7
Purch of Inv.Secs.	-1.0	-0.2	-46.9	-0.1	-2.1
Sale of Inv.Secs.	11.4	1.6	6.1	45.3	0.0
Proceeds from sales of stocks of subsidi	-	0.0	43.6	0.0	-
Purch.Subsid.Secs.-outflow	-	-	0.0	0.0	-3.0
Purchase Of Investments In Subsidiaries	0.0	-4.0	-	-	-
Purchase Subsid. Consolidation Stock	-	-	0.0	28.1	-12.7
Exp.-Sale Subsid.Secs.	-	-	0.0	-0.1	0.0
Rounding adjustment Cash flow	-	0.0	-	-	-
Other, net	-11.3	-10.6	-4.0	-4.2	-4.5
Cash from Investing Activities	-69.5	-52.7	-25.6	74.1	-68.9

Net increase (decrease) in short-term lo	310.1	95.6	5.8	-415.2	271.6
Proceeds from long-term loans payable	84.4	63.3	0.0	591.8	149.3
Repayment of long-term loans payable	-19.8	-446.1	-114.0	-299.4	-63.4
Proceed from sale and lease back	-	-	0.0	17.5	0.0
Repayment of finance lease	-16.3	-25.1	-34.5	-25.1	-19.1
Redem. of bonds w/stock warrants	-	-	0.0	-161.4	0.0
Bond Issue	0.0	239.3	-	0.0	24.4
Redemption of bonds	-84.4	-31.7	-116.7	0.0	-
Decrease (increase) in treasury stock	0.0	-0.1	-0.1	-0.1	0.0
Rounding adjustment Cash flow	0.0	0.0	-	-	-
Dividend Paid	-14.3	-15.0	-	0.0	-23.6
Dividend Paid-Minor.	0.0	-0.1	0.0	0.0	-0.1
Cash from Financing Activities	259.5	-119.9	-259.6	-291.8	339.1

Foreign Exchange Effects	23.5	-5.1	-16.1	-0.9	-23.2
Net Change in Cash	28.9	-34.8	98.9	51.6	1.3

Net Cash - Beginning Balance	429.4	486.1	349.0	270.2	248.6
Net Cash - Ending Balance	458.3	451.2	447.9	321.8	249.9
Cash Interest Paid	12.6	18.9	21.2	26.0	15.2
Cash Taxes Paid	29.8	25.2	10.6	15.8	21.7

Financial Health

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	601.8	-10.97%	2,289.0	-24.06%	4.99%	-7.46%
Research & Development1 (?)	-	-	50.4	-7.80%	17.82%	-1.72%
Operating Income1 (?)	22.4	-9.53%	-93.6	-	-	-
Income Available to Common Excl Extraord Items1 (?)	17.1	-17.34%	-162.5	-	-	-
Basic EPS Excl Extraord Items1 (?)	0.07	-17.33%	-0.68	-	-	-
Capital Expenditures2 (?)	14.4	-35.18%	72.7	34.40%	81.95%	-16.24%
Cash from Operating Activities2 (?)	79.4	400.77%	-184.7	-	-	-
Free Cash Flow (?)	65.2	-	-227.0	-	-	-
Total Assets3 (?)	2,578.6	12.91%	2,497.9	-4.22%	2.76%	-4.19%
Total Liabilities3 (?)	1,756.3	22.98%	1,641.1	-0.58%	0.52%	-1.79%
Total Long Term Debt3 (?)	415.8	38.64%	346.2	9.95%	-15.81%	-4.33%
Employees3 (?)	-	-	4955	1.33%	1.93%	-0.34%
Total Common Shares Outstanding3 (?)	237.4	0.00%	237.4	0.00%	0.00%	0.00%
1-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	98.239969	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 (?)	20.98%	25.10%	28.23%	16.03%	21.56%
Operating Margin (?)	-4.09%	3.38%	9.38%	-6.52%	-8.55%
Pretax Margin (?)	-4.02%	2.91%	9.58%	-6.77%	-11.81%
Net Profit Margin (?)	-7.10%	1.85%	10.07%	-4.88%	-17.43%
Financial Strength
Current Ratio (?)	1.39	1.44	1.24	1.49	1.27
Long Term Debt/Equity (?)	0.40	0.33	0.18	0.84	0.56
Total Debt/Equity (?)	0.88	0.54	0.64	1.20	1.48
Management Effectiveness
Return on Assets (?)	-5.59%	1.88%	10.96%	-3.68%	-14.19%
Return on Equity (?)	-15.80%	5.23%	33.86%	-11.95%	-39.90%
Efficiency
Receivables Turnover (?)	2.96	3.53	4.23	2.85	2.93
Inventory Turnover (?)	2.57	3.17	3.31	2.27	2.35
Asset Turnover (?)	0.79	1.00	1.09	0.71	0.81

Market ValuationÂ USD (mil)
Enterprise Value2 (?)	1,566.9	.	Price/Sales (TTM)(?)	0.64
Enterprise Value/Revenue (TTM) (?)	0.76	.	Price/Book (MRQ)(?)	1.51
Enterprise Value/EBITDA (TTM) (?)	94.55	.	Market Cap1 (?)	1,313.9
1-ExchangeRate: JPY to USD on 13-Sep-2013	99.162551
2-ExchangeRate: JPY to USD on 30-Jun-2013	98.239969

Annual Ratios

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Financial Strength
Current Ratio (?)	1.39	1.44	1.24	1.49	1.27
Quick/Acid Test Ratio (?)	0.82	0.89	0.74	0.87	0.68
Working Capital1 (?)	488.5	659.3	427.0	493.5	362.1
Long Term Debt/Equity (?)	0.40	0.33	0.18	0.84	0.56
Total Debt/Equity (?)	0.88	0.54	0.64	1.20	1.48
Long Term Debt/Total Capital (?)	0.22	0.21	0.11	0.38	0.23
Total Debt/Total Capital (?)	0.47	0.35	0.39	0.54	0.60
Payout Ratio (?)	0.00%	25.60%	4.62%	0.00%	0.00%
Effective Tax Rate (?)	-	35.48%	-5.36%	-	-
Total Capital1 (?)	1,606.6	1,679.3	1,722.4	1,518.1	1,743.6

Efficiency
Asset Turnover (?)	0.79	1.00	1.09	0.71	0.81
Inventory Turnover (?)	2.57	3.17	3.31	2.27	2.35
Days In Inventory (?)	141.75	115.28	110.38	161.14	155.24
Receivables Turnover (?)	2.96	3.53	4.23	2.85	2.93
Days Receivables Outstanding (?)	123.29	103.47	86.31	128.14	124.70
Revenue/Employee2 (?)	407,378	620,777	650,076	375,402	444,265
Operating Income/Employee2 (?)	-16,651	20,987	60,989	-24,458	-37,993
EBITDA/Employee2 (?)	-6,504	33,361	75,790	-8,422	-20,931

Profitability
Gross Margin (?)	20.98%	25.10%	28.23%	16.03%	21.56%
Operating Margin (?)	-4.09%	3.38%	9.38%	-6.52%	-8.55%
EBITDA Margin (?)	-1.60%	5.37%	11.66%	-2.24%	-4.71%
EBIT Margin (?)	-4.09%	3.38%	9.38%	-6.52%	-8.55%
Pretax Margin (?)	-4.02%	2.91%	9.58%	-6.77%	-11.81%
Net Profit Margin (?)	-7.10%	1.85%	10.07%	-4.88%	-17.43%
R&D Expense/Revenue (?)	2.20%	1.82%	0.93%	1.56%	1.92%
COGS/Revenue (?)	79.02%	74.90%	71.77%	83.97%	78.44%
SG&A Expense/Revenue (?)	21.12%	16.96%	15.78%	20.98%	20.50%

Management Effectiveness
Return on Assets (?)	-5.59%	1.88%	10.96%	-3.68%	-14.19%
Return on Equity (?)	-15.80%	5.23%	33.86%	-11.95%	-39.90%

Valuation
Free Cash Flow/Share2 (?)	-0.96	0.35	1.62	1.09	-1.26
Operating Cash Flow/Share 2 (?)	-0.69	0.58	1.74	1.13	-1.05
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) (?)	-14.05
Market Cap/Equity (MRQ) (?)	1.61
Market Cap/Revenue (TTM) (?)	0.64
Market Cap/EBIT (TTM) (?)	-43.49
Market Cap/EBITDA (TTM) (?)	80.03
Enterprise Value/Earnings (TTM) (?)	-16.60
Enterprise Value/Equity (MRQ) (?)	1.91
Enterprise Value/Revenue (TTM) (?)	0.76
Enterprise Value/EBIT (TTM) (?)	-51.38
Enterprise Value/EBITDA (TTM) (?)	94.55

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.5

INFORMATION DETAILS

Report Prepared by :

NIS

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.