MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	TORAY INDUSTRIES INC

Registered Office :	25F, Nihombashi Mitsui Tower, 2-1-1, Nihombashi-Muromachi Chuo-Ku, 103-8666

Country :	Japan

Financials (as on) :	31.03.2013

Date of Incorporation :	12.01.1926

Legal Form :	Public Parent

Line of Business :	Subject operates in seven business segments. The Textile segment manufactures, processes and sells textile and apparel products. The Plastic and Chemical segment offers plastic, films and chemical products. The Information Communication Materials and Equipment segment offers plastic, films, copy materials, color filters for liquid crystal and optical fibers. The Carbon Fiber Composite Material segment manufactures and sells carbon fibers and carbon fiber composite materials. The Environment and Engineering segment offers functional film and machines, as well as materials for housing, construction and civil works. This segment is also engaged in real estate, engineering and precision machine manufacturing businesses. The Life Science segment manufactures and sells medical, pharmaceutical and optical products. The Others segment provides various services.

No. of Employees :	42,584

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – 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

TORAY INDUSTRIES INC

25F, Nihombashi Mitsui Tower, 2-1-1, Nihombashi-Muromachi Chuo-Ku, 103-8666

Japan



Tel:	81-3-32455111
Fax:	81-3-32455054

www.toray.com

Employees:

42,584

Company Type:

Public Parent

Corporate Family:

208 Companies

Traded:

Tokyo Stock Exchange:

3402

Incorporation Date:

12-Jan-1926

Auditor:

Ernst & Young ShinNihon LLC

Financials in:	USD (In Millions)
Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	19,190.9 ¹
Net Income:	584.3
Total Assets:	18,406.4 ²
Market Value:	10,310.1
	(11-Oct-2013)

Business Description

TORAY INDUSTRIES, INC. operates in seven business segments. The Textile segment manufactures, processes and sells textile and apparel products. The Plastic and Chemical segment offers plastic, films and chemical products. The Information Communication Materials and Equipment segment offers plastic, films, copy materials, color filters for liquid crystal and optical fibers. The Carbon Fiber Composite Material segment manufactures and sells carbon fibers and carbon fiber composite materials. The Environment and Engineering segment offers functional film and machines, as well as materials for housing, construction and civil works. This segment is also engaged in real estate, engineering and precision machine manufacturing businesses. The Life Science segment manufactures and sells medical, pharmaceutical and optical products. The Others segment provides various services. Effective July 17, 2013, Toray Industries Inc acquired a 20% interest in Plasan Carbon Composites Inc. For the three months ended 30 June 2013, Toray Industries Inc revenues increased 11% to Y402.75B. Net income increased 32% to Y13.26B. Revenues reflect Fibers and Textiles segment increase of 13% to Y153.14B, Plastics and Chemicals segment increase of 17% to Y113.41B, Carbon Fiber segment increase of 33% to Y24.4B. Net income benefited from Fibers and Textiles segment income increase of 18% to Y10.29B.

Industry

Industry	Textile Manufacturing
ANZSIC 2006:	1332 - Rope, Cordage and Twine Manufacturing
ISIC Rev 4:	1399 - Manufacture of other textiles n.e.c.
NACE Rev 2:	1396 - Manufacture of other technical and industrial textiles
NAICS 2012:	313310 - Textile and Fabric Finishing Mills
UK SIC 2007:	1396 - Manufacture of other technical and industrial textiles
US SIC 1987:	2299 - Textile goods, Not Elsewhere Classified

Key Executives

Name	Title
Akihiro Nikkaku	President, Chief Executive Officer, Chief Operating Officer, Representative Director
Satoru Masuzaki	Chairman, President
Hirofumi Kobayashi	Chief Director of Electron Information Materials Business, Manager of FPD Materials Business, Director
Kiyoshi Fukuchi	Corporate Auditor
Kunihiko Yoshida	Manager of Human Resources and Labor, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Zoltek Companies Inc Announces Agreement And Plan Of Merger With TORAY INDUSTRIES INC	27-Sep-2013
Divestitures	1	Toray Industries Inc's Toray Advanced Materials Korea Inc Secures Preferential Negotiating Right Regarding Share Acquisition Of Woongjin Chemical Co., Ltd	3-Oct-2013
Other Earnings Pre-Announcement	1	TORAY INDUSTRIES INC Issues Consolidated Full-year Outlook for FY 2014; Issues Dividend Forecast for FY 2014	10-May-2013
Equity Investments	2	TORAY INDUSTRIES INC to Acquire 20% Stake in Plasan Carbon Composites-Nikkei	17-Jul-2013
Debt Ratings	1	R&I Affirms Toray Industries, Inc.'s Rating at "A+"; Rating Outlook Stable	17-Dec-2012

* number of significant developments within the last 12 months

News

Title	Date
GRAPHENE POWDER, PRODUCTION METHOD THEREOF, AND ELECTROCHEMICAL DEVICE COMPRISING SAME European Patents (199 Words)	21-Oct-2013
METHOD FOR PRODUCING CADAVERINE European Patents (118 Words)	21-Oct-2013
METHOD FOR PRODUCING CHEMICAL BY CONTINUOUS FERMENTATION European Patents (176 Words)	21-Oct-2013
METHOD FOR PRODUCING CONCENTRATED AQUEOUS SUGAR SOLUTION European Patents (262 Words)	21-Oct-2013
IMMUNOLOGICAL cofilin-1 PROTEIN MEASUREMENT METHOD European Patents (155 Words)	21-Oct-2013
BIODEGRADABLE PARTICLES, VASCULAR OCCLUSION MATERIAL, AND METHOD FOR PRODUCING BIODEGRADABLE PARTICLES European Patents (123 Words)	21-Oct-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.47	2.15
Quick Ratio (MRQ)	0.85	1.45
Debt to Equity (MRQ)	0.74	0.55
Sales 5 Year Growth	-0.71	7.30
Net Profit Margin (TTM) %	3.36	13.42
Return on Assets (TTM) %	3.20	11.38
Return on Equity (TTM) %	7.38	25.06

Stock Snapshot

Traded: Tokyo Stock Exchange: 3402

As of 11-Oct-2013

Financials in: JPY

Recent Price	620.00	EPS	34.88
52 Week High	786.00	Price/Sales	0.64
52 Week Low	423.00	Dividend Rate	10.00
Avg. Volume (mil)	7.22	Price/Earnings	20.25
Market Value (mil)	1,011,519.00	Price/Book	1.39
		Beta	0.87

	Price % Change	Rel S&P 500%
4 Week	-0.96%	-1.94%
13 Week	-5.92%	-5.54%
52 Week	46.57%	-12.59%
Year to Date	17.65%	-15.51%

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
25F, Nihombashi Mitsui Tower
2-1-1, Nihombashi-Muromachi
Chuo-Ku, 103-8666
Japan

Tel:	81-3-32455111
Fax:	81-3-32455054

www.toray.com

Quote Symbol - Exchange
3402 - Tokyo Stock Exchange

Sales JPY(mil):	1,592,279.0
Assets JPY(mil):	1,731,830.0
Employees:	42,584
Fiscal Year End:	31-Mar-2013

Industry:

Textiles - Non Apparel

Incorporation Date:	12-Jan-1926
Company Type:	Public Parent
Quoted Status:	Quoted


President, Chief Executive Officer, Chief Operating Officer, Representative Director:	Akihiro Nikkaku

Industry Codes

ANZSIC 2006 Codes:
1332	-	Rope, Cordage and Twine Manufacturing
2439	-	Other Electrical Equipment Manufacturing
2412	-	Medical and Surgical Equipment Manufacturing
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
6923	-	Engineering Design and Engineering Consulting Services
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing
2429	-	Other Electronic Equipment Manufacturing
1522	-	Paper Bag Manufacturing

ISIC Rev 4 Codes:
1399	-	Manufacture of other textiles n.e.c.
3250	-	Manufacture of medical and dental instruments and supplies
2013	-	Manufacture of plastics and synthetic rubber in primary forms
2610	-	Manufacture of electronic components and boards
1701	-	Manufacture of pulp, paper and paperboard
2790	-	Manufacture of other electrical equipment
2100	-	Manufacture of pharmaceuticals, medicinal chemical and botanical products
7110	-	Architectural and engineering activities and related technical consultancy

NACE Rev 2 Codes:
1396	-	Manufacture of other technical and industrial textiles
3250	-	Manufacture of medical and dental instruments and supplies
2016	-	Manufacture of plastics in primary forms
2611	-	Manufacture of electronic components
1712	-	Manufacture of paper and paperboard
2790	-	Manufacture of other electrical equipment
2120	-	Manufacture of pharmaceutical preparations
7112	-	Engineering activities and related technical consultancy

NAICS 2012 Codes:
313310	-	Textile and Fabric Finishing Mills
339113	-	Surgical Appliance and Supplies Manufacturing
325211	-	Plastics Material and Resin Manufacturing
334419	-	Other Electronic Component Manufacturing
322220	-	Paper Bag and Coated and Treated Paper Manufacturing
335991	-	Carbon and Graphite Product Manufacturing
325412	-	Pharmaceutical Preparation Manufacturing
541330	-	Engineering Services

US SIC 1987:
2299	-	Textile goods, Not Elsewhere Classified
3842	-	Orthopedic, Prosthetic, and Surgical Appliances and Supplies
3624	-	Carbon and Graphite Products
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers
8711	-	Engineering Services
2834	-	Pharmaceutical Preparations
3679	-	Electronic Components, Not Elsewhere Classified
2671	-	Packaging Paper and Plastics Film, Coated and Laminated

UK SIC 2007:
1396	-	Manufacture of other technical and industrial textiles
3250	-	Manufacture of medical and dental instruments and supplies
2016	-	Manufacture of plastics in primary forms
2611	-	Manufacture of electronic components
1712	-	Manufacture of paper and paperboard
2790	-	Manufacture of other electrical equipment
2120	-	Manufacture of pharmaceutical preparations
71129	-	Other engineering activities (not including engineering design for industrial process and production or engineering related scientific and technical consulting activities)

Business Description

More Business Descriptions

Manufacture of synthetic fibres, textiles and other polymer products; plastics; chemicals; engineering and construction products including artificial turf, water permeable paving materials, home water purifiers; carbon fibres and advanced composite materials; pharmaceuticals and medical products including artificial kidneys; electronics and information related products including films and resins for magnetic recording materials and electronic components

Mfr of Synthetic Fibers & Textiles, Synthetic Plastics & Chemicals; Real Estate & Engineering Services; Pharmaceutical & Medical Products; Electronics & Information Related Products

Toray Industries, Inc. (Toray) manufactures and sells a wide range of chemical products. The company manufactures, processes and sells fibers, polymers, pharmaceutical products, textile products, plastics, chemicals and other related products. The company classified its operations into seven segments, namely, Fibers and Textiles, Plastics and Chemicals, IT-related Products, Carbon Fiber Composite Materials, Environment and Engineering, Life Science, and Others. The companyâ€™s Fibers and Textiles segment carries out the manufacture, processing and sale of textile and fiber products. The segment manufactures a wide range of synthetic fibers such as nylon, polyester and acrylic. It offers filament yarns, staple fibers, textiles and garments. The products find application in apparel, industrial materials, car airbags, seat belts and bag filters. Toray markets these products under brands such as Torex Quup, Lycra Fiber, Foresse, Torcon, Ecodear, Axtar among others. For the fiscal year ended March 2013, the company reported revenue of JPY632,150m from the Fibers and Textiles segment, reflecting a decrease of 0.98% over revenue in 2012. The segment accounted for 39.7% of the total revenue in 2013. The Plastics and Chemicals segment of the company provides plastic resins, films and chemicals. The segment also offers ABS Resin, polyester elastomer, flurorine fim, polyimide film, chiral compounds, cellulose sponge, silicone among others. Its major brands include Toyolac, Amilan, Toraycon, Lumirror, Torelina, Mictron, Coatax, Intercat, Toraymicron among others. For the fiscal year ended March 2013, the company reported revenue of JPY395,835m from the Plastics and Chemicals segment, reflecting a decrease of 0.50% over revenue in 2012. The segment accounted for 24.9% of the total revenue in 2013. The IT-related Products segment's product portfolio includes electronics circuit materials, semiconductor materials, optical fibers, plastic optical fibers, printing materials, waterless plates, ceramic, liquid crystal color filter and processed film products. Its major brands include Toretec, Metaloyal, Torayceram, Raytela, Toptical, Torelief, Siveras, Lumirror, Toretec, Raytela, Toptical, Torelief among others. For the fiscal year ended March 2013, the company reported revenue of JPY237,593m from the IT-related Products segment, reflecting a decrease of 2.39% over revenue in 2012. The segment accounted for 14.9% of the company's total revenue in 2013. Toray's Carbon Fiber Composite Materials segment carries out the manufacture and sale of carbon fibers and carbon fiber composite materials. The company markets products under the brand name of Torayca. For the fiscal year ended March 2013, the company reported revenue of JPY77,620m from the Carbon Fiber Composite Materials segment, reflecting an increase of 11.02% over revenue in 2012. The segment accounted for 4.9% of the company's total revenue in 2013. The company's Environment and Engineering segment conducts real estate business, and engineering and precision machine manufacturing. It provides water treatment membranes, water treatment systems, seawater desalination systems, wastewater recycling systems, water purifier, materials for housing, construction and civil works. The segmentâ€™s major brands include Romembra, TorayfiL, Membray, Torayclean and Torayvino. For the fiscal year ended March 2013, the company reported revenue of JPY178,355m from the Environment and Engineering segment, reflecting an increase of 4.76% over revenue in 2012. The segment accounted for 11.2% of the company's total revenue in 2013. Torayâ€™s Life Science segment offers pharmaceuticals and medical products. It provides biotools such as DNA chip; medical devices such as contact lenses; amenity products such as Microfiber Cleaning Cloth, home water purifiers. For the fiscal year ended March 2013, the company reported revenue of JPY56,599m from the Life Science segment, reflecting an increase of 1.88% over revenue in 2012. The segment accounted for 3.6% of the total revenue in 2013. The companyâ€™s Others segment provides services including consulting services, system integration services, e-commerce business, integrated insurance services and temporary staffing services, analytical and physical evaluation services, and computer solution services. For the fiscal year ended March 2013, the company reported revenue of JPY 14,127m from the Others segment, reflecting a decrease of 6.26% over revenue in 2012. The segment accounted for 0.8% of the company's total revenue in 2013. Toray's research and development (R&D) activities focus on areas such as environment, water-related and energy; information, telecommunications and electronics; automobiles and aircraft, and life sciences. Geographically, the company classified its operations into three regions, namely Japan; Asia; and North America, Europe and others. For the fiscal year ended 2013, Japan accounted for 54.7% of the company's total revenue, followed by Asia with 30.8% and North America, Europe and others with 14.5% revenue. The company's major subsidiaries include Toray Textiles Europe Ltd., Toray International Europe GmbH, Toray Textiles Central Europe s.r.o., Toray International America Inc., Toray Plastics (America), Inc. and Toray Industries (China) Co., Ltd. In July 2013, the company completed the purchase of 20% stake in Plasan Carbon Composites, Inc a U.S. manufacturer and distributor of auto parts based on carbon fiber reinforced plastics. In june 2013, the company announced its decision to expand the high-performance polypropylene spunbond production facility in China at their subsidiary Toray Polytech (Nantong) Co., Ltd. In April 2013, Toray took decision to increase its production capacity of nylon fiber used for automobile airbags in Thailand. In the same month, it unveiled ecodear Integrated Brand for biomass-based polymer materials and products. In March 2013, the company purchased the entire stake in DOME CARBON MAGIC LTD. from DOME Group.

Toray Industries, Inc. (Toray) is a chemical manufacturing company. The company's product portfolio includes fibers, fashion apparel, plastics, chemicals, IT-related products, composite materials, life sciences products, and medical, pharmaceutical and optical products. It provides information processing services, functional film and machines; and materials for housing, construction and civil works. The company markets its products under brands such as Foresse, Axtar, Kallight, Teflon, Toraysee, Metaloyal, Membray, Lumirror, Toretec, RaytelA, Torelief, Romembra, TorayfiL, Torayceram and Torayvino among others. Geographically, the company operates in various countries across Asia Pacific, North America, South America and Europe. Toray is headquartered in Chuo-ku, Japan. The company plans to expand its business to meet the growing demand in the global dialysis market. To this end, the company and its subsidiary Toray Medical Co., Ltd. plan to build a new facility to manufacture artificial kidneys at Toray Medical (Qingdao) Co., Ltd.The company reported revenues of (Yen) JPY 1,592,279.00 million during the fiscal year ended March 2013, an increase of 0.23% over 2012. The operating profit of the company was JPY 77,356.00 million during the fiscal year 2013, a decrease of 25.15% from 2012. The net profit of the company was JPY 48,477.00 million during the fiscal year 2013, a decrease of 24.51% from 2012.

Artificial and Synthetic Fibers and Filaments Manufacturing

Financial Data

Financials in:	JPY(mil)

Revenue:	1,592,279.0
Net Income:	48,477.0
Assets:	1,731,830.0
Long Term Debt:	302,739.0
Total Liabilities:	1,006,287.0
Working Capital:	126.5

Date of Financial Data:	31-Mar-2013

1 Year Growth

0.2%

-24.5%

9.5%

Market Data

Quote Symbol:	3402
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	620.0
Stock Price Date:	10-11-2013
52 Week Price Change %:	46.6
Market Value (mil):	1,011,518,976.0

SEDOL:	6897143
ISIN:	JP3621000003

Equity and Dept Distribution:
FY'94-02 WAS & FY'04-'07 1&3Q WAS & O/S were estimated. FY'08 1Q & 3Q's WAS were estimated and WAS=O/S.FY11Q3 DWAS was estimated.

Subsidiaries

Company	Percentage Owned	Country
Toray International UK Limited		UK
Toray Textiles Europe Ltd	100%	UK
Toray Advanced Materials Korea Inc		SOUTH KOREA
Suido Kiko Kaisha Ltd	51%	JAPAN
Chori Co Ltd	53.4%	JAPAN
Alcantara SpA		ITALY
Penfabric Sdn Bhd	100%	MALAYSIA
Penfibre Sdn Bhd	100%	MALAYSIA
Thai Toray Synthetics Co Ltd	51%	THAILAND
Thai Toray Textile Mills PCL	100%	THAILAND
Toray International (Singapore) Pte Ltd	100%	SINGAPORE
SociÃ©tÃ© des Fibres de Carbone SA		FRANCE
Indonesia Toray Synthetics, PT	100%	INDONESIA
Luckytex (Thailand) Public Company Ltd	100%	THAILAND
Toray Sakai Weaving & Dyeing (Nantong) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Toray Fibers (Nantong) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Toray Plastics (America) Inc	100%	USA
Toray Research Center Inc	100%	JAPAN
Toray Systems Center Inc	100%	JAPAN
Toray Resin Co	100%	USA
Toray Membrane USA Inc	100%	USA
Toray Diplomode Inc	100%	JAPAN
Toray International Inc	100%	JAPAN
Toray Fine Chemicals Co Ltd	100%	JAPAN
Toray Engineering Co Ltd	100%	JAPAN
Indonesia Synthetic Textile Mills, PT	100%	INDONESIA
Acryl Textile Mills, PT	100%	INDONESIA
Easternex, PT	100%	INDONESIA
Century Textile Industry, PT	100%	INDONESIA
Toray Sanko Precision (Zhongshan) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Toray Sanko Precision (Hong Kong) Co Ltd	100%	HONG KONG SAR
Toray Composites (America) Inc	100%	USA
Toray Carbon Fibers America Inc	100%	USA
STEMCO Ltd	100%	SOUTH KOREA
Toray Enterprise Corp	100%	JAPAN
Toray Plastics (Malaysia) Sdn Bhd		MALAYSIA

Shareholders

Major Shareholders

The Master Trust Bank of Japan, Ltd. (Trust account) (6.56%); Japan Trustee Services Bank, Ltd. (Trust account) (5.41%)

Key Corporate Relationships

Auditor:	Ernst & Young ShinNihon LLC

Auditor:	Ernst & Young ShinNihon LLC, Ernst & Young ShinNihon LLC

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

Strategic Initiatives

Planning
22 billion in 2012, indicating a decrease of 24.51% than previous year. Its operating margin decreased to 5.2% in 2013 as compared to 6.8% in 2012; net margin also decreased to 3% in 2013 as compared to 4% test and its return on equity decreased to 7.2% from 10.5%. The company's weak profitability position highlights its operational inefficiency.strategic initiativesThe company expanded its existing operational activities with diverse strategic initiatives. In April 2013, it intends to increase the production capacity of nylon fiber used for automobile airbags in Thailand. Toray will raise the production capacity of Nylon 66 fiber for automobile airbag application at the Ayutthaya Plant of its subsidiary Thai Toray Synthetics Co.
Product
, Inc, a global manufacturer of processed foods, beverages, pharmaceuticals and specialty chemicals, for the joint research and manufacture of nylon raw material 1,5-pentanediamine (1,5-PD) from the amino acid lysine. In January 2012, the company signed a technical partnership agreement with the UK-based Gordon Murray Design Limited for mutual cooperation in promotion of iStream and research and development of materials and techniques related to automotive sector. Such strategic initiatives are expected to provide significant opportunities for the company to enhance its services and revenue.Growing Market for Water Treatment TechnologiesToray is likely to benefit from the growing market for water treatment technologies. The global water supply and sewage business is currently valued at approximately JPY60 trillion, and is expected to grow to JPY100 trillion by 2025. The regions, which are currently affected by serious water shortage include the Middle East and North Africa.
Resource Management
The Japanese economy recovered at a gradual pace on the back of reconstruction demand related to the Great East Japan earthquake and the effect of stimulus measures for automobile consumption. The recovery, however, leveled off since summer reflecting the global economic slowdown and the prolonged appreciation of the yen against major currencies. Under such circumstances, Toray group has been implementing the growth strategy with focus on pursuing business expansion in growth business fields and growth regions and further bolstering its total cost competitiveness in accordance with the medium-term management program â€œProject AP-G 2013.â€ As of September 30, 2012, Torayâ€™s total assets stood at JPY1,602.8 billion ($20,655m), up JPY21.3 billion compared with the end of the previous fiscal year, due primarily to higher inventory and property, plant and equipment.
8 billion (US$4,207 million (MM)) and operating income fell 33.2% to JPY18.3 billion (US$194 MM). New Businesses and New Investments Under â€œProject AP-G 2013,â€ Toray group has been implementing a growth strategy with emphasis on â€œbusiness expansion in growth business fields and growth regions.â€ In the Fibers and Textiles segment, Toray decided to increase the production capacity of Nylon 66 fiber used for automobile airbags at the Ayutthaya plant of its subsidiary Thai Toray Synthetics Co., Ltd. (TTS).

Strengths/Weaknesses (SWOT)

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

· Wide Geographical Presence

· Established Technical Expertise

· Diversified Business Portfolio

Weaknesses

· Operational Inefficiency

External Origin
(attributes of the environment)

Opportunities

· New Product Launches

· Growing Market for Water Treatment Technologies

· Strategic Initiatives

Threats

· Stringent Regulations

· Competitive Pressure

· Raw Material Procurement Risks

Overview

Toray Industries, Inc. (Toray) manufactures and sells plastics, chemicals, fibers, textiles, IT-related products, environmental and engineering products, carbon fiber composite materials, and life sciences products. A diversified product portfolio helps the company minimize the impact of market volatility in a particular product segment and provides it growth opportunities. However, its business operations are subject to various environmental regulations, which may hamper its growth prospects.

Strengths

Wide Geographical Presence

The company maintains vast geographical presence across countries. The company has global network which it maintains In Asia, Europe and the Americas. Geographically, the company classified its operations into three regions, namely Japan; Asia; and North America, Europe and others. For the fiscal year ended 2013, Japan accounted for 54.7% of the company's total revenue, followed by Asia with 30.8% and North America, Europe and others with 14.5% revenue. Such broad geographical presence helps the company to save it from downturn of a particular economy.

Established Technical Expertise

Torayâ€™s technical expertise gives it an advantage in launching new products in the market. The company has expertise in four core technologies, which consist of organic synthetic chemistry, polymer chemistry, biotechnology, and nanotechnology. The company's advanced materials such as fibers and textiles, plastic resins, films, and carbon fibers are widely employed in automotive applications. Toray has world-class expertise in membrane technologies. It is one of the few comprehensive membrane manufacturers in the world, providing all types of high-performance water treatment separation membranes. The company is a global manufacturer of artificial kidneys and drugs for the treatment of chronic diseases such as hepatitis C compensated cirrhosis and pulmonary arterial hypertension. The companyâ€™s strong technical capabilities are evident from its innovations. Toray is the first company in the world to start commercial production of carbon fiber and carbon fiber prepreg. It is also the worldâ€™s leading producer of carbon fiber composite materials in both qualitative and quantitative terms. Toray is the only RO (reverse osmosis) membrane manufacturer in the world accepting orders for large-scale seawater desalination plants with capacities to produce 100,000 m3 per day or more from the Caribbean, the Middle East, and East Asian markets. Such strong technical expertise differentiates Toray from its competitors.

Diversified Business Portfolio

Toray has a wide range of business operations, which mitigates the risks related to overdependence on a particular market segment. Toray classified its operations into seven segments: Fibers and Textiles, Plastics and Chemicals, IT-related Products, Carbon Fiber Composite Materials, Environment and Engineering, Life Science, and Others. Fibers and Textiles segment manufactures a wide range of synthetic fibers such as nylon, polyester and acrylic, filament yarns, staple fibers, textiles and garments; Plastics and Chemicals segment offers Resin, polyester elastomer, flurorine fim, polyimide film, chiral compounds, cellulose sponge, silicone among others; IT-related Products segment's product portfolio includes electronics circuit materials, semiconductor materials, optical fibers, plastic optical fibers, printing materials, waterless plates among others; Carbon Fiber Composite Materials segment carries out the manufacture and sale of carbon fibers and carbon fiber composite materials; Environment and Engineering segment provides water treatment membranes, water treatment systems, seawater desalination systems, wastewater recycling systems, water purifier, materials for housing, construction and civil works; Life Science segment offers biotools such as DNA chip, medical devices such as contact lenses, amenity products such as Microfiber Cleaning Cloth, home water purifiers; Others segment provides services including consulting services, system integration services, e-commerce business, integrated insurance services and temporary staffing services, analytical and physical evaluation services, and computer solution services.

Weaknesses

Operational Inefficiency

The companyâ€™s revenue in 2013 was increased with 0.23% to JPY1,592.28 billion in 2013 from JPY1,588.60 billion in 2012. The companyâ€™s operating income also decreased to JPY83.44 billion in 2013 as compared to JPY107.72 billion in 2012, indicating a decrease of 22.54% than previous year. Also the companyâ€™s net income decreased to JPY48.48 billion in 2013 as against JPY64.22 billion in 2012, indicating a decrease of 24.51% than previous year. Its operating margin decreased to 5.2% in 2013 as compared to 6.8% in 2012; net margin also decreased to 3% in 2013 as compared to 4% test and its return on equity decreased to 7.2% from 10.5%. The company's weak profitability position highlights its operational inefficiency.

Opportunities

New Product Launches

With its innovative abilities, the company has been introducing new products to meet the changing requirements of the market, which will help it increase its revenue and profitability. In March 2012, the company developed an innovative anti-thrombogenic material based on proprietary functional polymer design technology. In January 2012, Toray developed the worldâ€™s first positive-tone photosensitive polyimide curable at 170Â°C. It has a residual stress of nearly 13MPa. The company intends to commercialize the new material under the LT Series, a new line of photosensitive polyimide coating PHOTONEECE. Its innovative material is widely applicable in next-generation semiconductors which require low-temperature curing and low residual stress. The company developed and launched TEEWAVE AR1, a next-generation concept electric vehicle that utilizes its green innovative product including advanced environmentally friendly materials and technologies. Successful product launches enable the company to grow organically, generate adequate revenue and provide enough opportunities to improve its market share.

Growing Market for Water Treatment Technologies

Toray is likely to benefit from the growing market for water treatment technologies. The global water supply and sewage business is currently valued at approximately JPY60 trillion, and is expected to grow to JPY100 trillion by 2025. The regions, which are currently affected by serious water shortage include the Middle East and North Africa. China, India, Europe, Australia and North America are also expected to face this problem in future. This would create the need for more large-scale sea water desalination plants to be built in these regions. The increasing water shortage problem would highlight the need for membrane-based treatments, which can be used to tackle the twin issues of wastewater treatment and water shortage. Besides, the RO membranes market is expected to grow at an annual rate of 8% on the back of increasing water shortages globally. With expanded production facilities for RO elements at the Ehime plant in Japan, the company is well positioned to meet the sharp rise in demand for these products. The expansion resulted in increasing Torayâ€™s total RO membrane production capacity by 1.8 times, to a total of 7.25 million cubic meters per day in terms of desalination plant capacity. The company is planning to expand its offerings in this segment to include membrane process technologies and systems. It also intends to expand its water treatment business to JPY100 billion by 2015. Thus, the rise in these markets will increase the demand for the companyâ€™s products and translate into revenue growth.

Strategic Initiatives

The company expanded its existing operational activities with diverse strategic initiatives. In April 2013, it intends to increase the production capacity of nylon fiber used for automobile airbags in Thailand. Toray will raise the production capacity of Nylon 66 fiber for automobile airbag application at the Ayutthaya Plant of its subsidiary Thai Toray Synthetics Co., Ltd. (TTS) by building an additional production facility. In October 2012, the company announced plans to establish a new resin compounding base at P.T. Indonesia Toray Synthetics in Indonesia. Toray plans to invest approximately JPY600m for installing the nylon and PBT resin compounding facility with an annual capacity of 6,000 tons. The expansion is in line with its Asia and Emerging Country Business Expansion Project to pursue business expansion in rapidly growing countries and territories. In August 2012, the company established a representative office in Istanbul, Republic of Turkey, to expand its business operations. Through the expansion, the company aims to capture the expected leap in economic growth in Asia and emerging countries. In July 2012, the company announced plans to construct a waterless plate manufacturing plant at Toray Textiles Central Europe s.r.o. in Czech Republic. Toray will invest approximately JPY5 billion in the construction of the plant, which is expected to start production in 2014. The facility will double the company's production capability. In April 2012, the company entered into an agreement with Fresenius Medical Care AG & Co. KGaA, a leading provider of dialysis products and services, to develop and market an innovative antipruritic agent in Europe. In February 2012, the company entered into an agreement with Ajinomoto Co., Inc, a global manufacturer of processed foods, beverages, pharmaceuticals and specialty chemicals, for the joint research and manufacture of nylon raw material 1,5-pentanediamine (1,5-PD) from the amino acid lysine. In January 2012, the company signed a technical partnership agreement with the UK-based Gordon Murray Design Limited for mutual cooperation in promotion of iStream and research and development of materials and techniques related to automotive sector. Such strategic initiatives are expected to provide significant opportunities for the company to enhance its services and revenue.

Threats

Stringent Regulations

As a provider of plastics, chemicals, fibers and water treatment membranes, the company could be affected by the regulations governing the global chemical industry. Torayâ€™s operations are subject to Industrial Safety and Health Law (ISHL), Japanese Chemical Substances Control Law (CSCL), Strategic Approach to International Chemicals Management (SAICM) and Poisonous and Deleterious Substance Control Law (PDSCL). It is also subject to environmental regulations such as REACH (Registration Evaluation and Authorization of Chemicals), in Europe, which is an example of the stringent environmental regulations that impact chemical producers. REACH regulates the products manufactured and marketed in Europe. Such regulations could impede the launch of new products as the process is time-consuming and expensive. It may also result in phasing out many existing chemicals from the market, which are regarded as toxic and hazardous. REACH applies directly to over 30,000 different chemical substances that are produced or sold in Europe and its implementation is expected to cost European chemical industry about $3 billion. Other countries too are expected to model their regulations on the principles of REACH. In the US, the company operations are monitored and regulated by Occupational Safety and Health Administration (OSHA), Environmental Protection Agency (EPA), Toxic Substances Control Act, Safe Chemicals Act and others. China has its own version: RoHS (Restriction of Hazardous Substances), which restricts the use of certain chemicals in the market. Such stringent environmental regulations are set to get tightened in the future, affecting both the existing and new products of the company.

Competitive Pressure

Toray is part of a highly competitive chemical industry. It operates in a progressively more complex and challenging marketplace with ever-changing dynamics. Technological and operational advances by any domestic or international player in the market could render its present or future products uneconomical. The existing market includes companies of varying sizes; some more specialized than Toray and some with greater financial resources. Its major competitors include Asahi Kasei Corporation, Kuraray Co., Ltd, Unitika Ltd, Teijin Limited and Toyobo Co., Ltd among others. It competes on the basis of many factors, including price, quality, service, and distribution. Such increased competition may compel the company to reduce its prices, hampering its margins.

Raw Material Procurement Risks

Increasing raw material prices is a major risk for Torayâ€™s operations and growth. As a result of increasing raw material prices, the company could face major financial hurdles. The prices of these raw materials are subject to constant fluctuation. Increase in crude oil prices would simultaneously lead to an increase in the raw material costs. Competition limits the option of increasing product prices to compensate for the higher production costs. The continuous supply of the raw materials could be affected by weather conditions, national emergencies, strikes, governmental controls, natural disasters, supply shortages or other events. Thus, price fluctuations and non-availability of these raw materials could have a material effect on product costs and the operations of the company.

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 208

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Toray Industries Inc	Parent	Chuo-Ku	Japan	Textile Manufacturing	19,190.9	42,584
Acquisition of Zoltek Companies, Inc. proposed/announced.See corporate structure news on Toray Industries Inc for details
Luckytex (Thailand) PCL	Subsidiary	Bangkok	Thailand	Textile Manufacturing	252.0	2,448
Penfabric Sdn Bhd	Subsidiary	Prai, Penang	Malaysia	Textile Manufacturing	137.8	2,000
Toray Engineering Co., Ltd.	Subsidiary	Tokyo, Chuo-ku	Japan	Machinery and Equipment Manufacturing		1,524
Tek Korea Co., Ltd.	Subsidiary	Songnam, Kyonggi-Do	Korea, Republic of	Machinery Wholesale	14.3	51
Chubu Tek Co.,Ltd.	Subsidiary	Nagoya, Aichi	Japan	Specialty Construction Trade Contractors	233.2
Kansai Tek Co.,Ltd.	Subsidiary	Otsu, Shiga	Japan	Specialty Construction Trade Contractors	148.8
Kanto Tek K.K.	Subsidiary	Mishima, Shizuoka	Japan	Specialty Construction Trade Contractors	61.9
Chori Co Ltd	Subsidiary	Osaka-Shi	Japan	Textile Manufacturing	2,673.8	1,286
Shanghai Xindie Tianzhong Garments Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Clothing and Apparel Manufacturing	11.4	120
Chori Shanghai Ltd.	Subsidiary	Shanghai	China	Investment Services		90
Thai Chori Company Limited	Subsidiary	Bang Rak, Bangkok	Thailand	Clothing and Apparel Wholesale		31
Chori America, Inc.	Subsidiary	Jersey City, NJ	United States	Clothing and Apparel Wholesale		30
Thai Chori Co., Ltd.	Subsidiary	Bangkok	Thailand	Textile Manufacturing		20
Chori (Dalian) Trading Co., Ltd.	Subsidiary	Dalian	China	Clothing and Apparel Wholesale		20
P.T. Chori Indonesia	Subsidiary	Jakarta	Indonesia	Miscellaneous Professional Services		14
Chori Company, Ltd. Taipei Branch (Japan)	Branch	Taipei City, Taipei	Taiwan	Clothing and Apparel Wholesale		10
Chori Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Textile Manufacturing	26.8	9
Chori Trading Malaysia Sdn Bhd	Subsidiary	Kuala Lumpur	Malaysia	Textile Manufacturing	2.8	5
Chori Australia Pty Ltd.	Subsidiary	Sydney	Australia	Investment Services		3
Chori Europe GmbH	Subsidiary	Frankfurt	Germany	Textile Manufacturing		3
Fieltex Industria Textil Ltda	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Textile Manufacturing	5.4	1
Pti Japan Ltd.	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Chemical Wholesale	38.8
Dijion Co., Ltd	Subsidiary	Tokyo	Japan	Clothing and Apparel Wholesale
Chori Imaging Corporation	Subsidiary	Yokohama	Japan	Electronics Wholesale
Tohcho Co., Limited	Subsidiary	Tokyo	Japan	Chemical Wholesale
Chori (Tianjin) Co., Ltd.	Subsidiary	Tianjin	China	Textile Manufacturing
Red Butterfly Strontium Industry Co., Ltd.	Subsidiary	Chongqing, Dazu	China	Non-Metallic Mineral Product Manufacturing
Chori Fashion Network Co., Ltd.	Subsidiary	Hong Kong	Hong Kong	Commodities
Shanghai Beidie Adornment Co., Ltd.	Joint Venture	Shanghai	China	Clothing and Apparel Manufacturing
Hangzhou Itokin Fashion Co., Ltd.	Joint Venture	Hangzhou	China	Clothing and Apparel Manufacturing
Tokyo Kutsushita Co., Ltd.	Subsidiary	Tokyo	Japan	Clothing and Apparel Manufacturing
Chori MODA Co., Ltd.	Subsidiary	Tokyo	Japan	Clothing and Apparel Stores
Chori Urban Development Co., Ltd.	Subsidiary	Tokyo	Japan	Real Estate Agents and Brokers
Chori Co. (Hong Kong) Ltd.	Subsidiary	Kowloon	Hong Kong	Commodities
Dieli (Guangzhou) Trade Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Clothing and Apparel Wholesale	4.1	12
Dalian Anchor Business Service Co., Ltd.	Subsidiary	Dalian	China	Miscellaneous Professional Services
Business Anchor Corporation	Subsidiary	Osaka	Japan	Miscellaneous Professional Services
Shanghai Xindie Tanaka Garments Co., Ltd.	Joint Venture	Shanghai	China	Clothing and Apparel Manufacturing
Chori Middle East FZE	Subsidiary	Dubai	United Arab Emirates	Miscellaneous Chemical Manufacturing
Toray Advanced Materials Korea Inc	Subsidiary	Gumi-si, Gyeongsangbuk-do	Korea, Republic of	Synthetic Chemical Manufacturing	1,157.1	1,190
Toyo Jitsugyo Co., Ltd.	Subsidiary	Otsu, Shiga	Japan	Waste Management		1,000
Toyo Logistics Co.,Ltd.	Subsidiary	Otsu, Shiga	Japan	Trucking	74.7
Toray Sakai Weaving & Dyeing (Nantong) Co., Ltd. (TSD)	Subsidiary	Nantong, Jiangsu	China	Basic Chemical Manufacturing		1,000
P.T. Indonesia Synthetic Textile Mills	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		900
Pentex Sdn. Berhad	Subsidiary	Prai, Penang	Malaysia	Synthetic Chemical Manufacturing		900
Toray Advanced Film Co., Ltd.	Subsidiary	Tokyo	Japan	Paper Product Manufacturing		860
Toray Advanced Film Kaohsiung Co., Ltd.	Subsidiary	Kaohsiung	Taiwan	Machinery and Equipment Manufacturing
Toyo Shinko Co., Ltd	Subsidiary	Mishima, Shizuoka	Japan	Paper Product Manufacturing
Toyo Shinko Co., Ltd - Nagaoka Factory	Facility	Izunokuni, Shizuoka	Japan	Rubber and Plastic Product Manufacturing
Toray Plastics (America), Inc.	Subsidiary	North Kingstown, RI	United States	Rubber and Plastic Product Manufacturing		800
Toray Plastics America	Branch	Front Royal, VA	United States	Rubber and Plastic Product Manufacturing	34.2	90
Toray Plastics America	Branch	Granville, OH	United States	Rubber and Plastic Product Manufacturing	4.4	10
Toray Plastics America	Branch	Lawrenceville, GA	United States	Rubber and Plastic Product Manufacturing	0.4	1
Toray Sanko Precision (Zhongshan) Ltd.	Subsidiary	Zhongshan, Guangdong	China	Rubber and Plastic Product Manufacturing		800
Thai Toray Textile Mills Public Co. Ltd.	Subsidiary	Bangkok	Thailand	Textile Manufacturing	47.6	693
Cmt Dyeing Company Limited	Subsidiary	Nakhon Chaisi, Nakhon Pathom	Thailand	Textile Manufacturing		55
Indonesia Toray Synthetics, PT	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		645
Toray Plastics Europe S.A.	Subsidiary	Miribel, Cedex	France	Rubber and Plastic Product Manufacturing		600
Penfibre Sdn Bhd	Subsidiary	Prai, Penang	Malaysia	Textile Manufacturing	152.9	561
Thai Toray Synthetics Co Ltd	Subsidiary	Bangkok	Thailand	Textile Manufacturing		550
Toray Medical Co., Ltd.	Subsidiary	Urayasu, Chiba	Japan	Electromedical and Control Instruments Manufacturing	356.0	500
Ichimura Sangyo Co., Ltd.	Subsidiary	Osaka	Japan	Textile Manufacturing	192.1	497
Ichimura (Shanghai) Trading Co.,Ltd	Subsidiary	Shanghai	China	Textile Manufacturing
Toray Films Europe	Subsidiary	St Maurice De Beynost	France	Rubber and Plastic Product Manufacturing	214.7	454
Toray Films Europe S.A.S.	Subsidiary	Saint-Maurice-de-Beynost	France	Rubber and Plastic Product Manufacturing		450
Toray International, Inc.	Subsidiary	Tokyo	Japan	Textile Manufacturing	5,251.0	444
Toray International Taipei Inc.	Subsidiary	Taipei City, Taipei	Taiwan	Machinery Wholesale		75
Toray International Europe GmbH	Subsidiary	Neu-Isenburg, Hessen	Germany	Chemical Wholesale	225.4	60
Toray International Italy S.r.l.	Subsidiary	Milan	Italy	Professional and Commercial Equipment Wholesale	36.7	9
Toray International America Inc.	Subsidiary	New York, NY	United States	Clothing and Apparel Wholesale		19
Toray International America	Branch	Houston, TX	United States	Paper Product Manufacturing	23.9	40
Toray International America	Branch	Durango, CO	United States	Paper Product Manufacturing	12.1	40
Toray International America	Branch	Blackstone, MA	United States	Paper Product Manufacturing	10.8	40
Toray International America	Branch	Fort Mill, SC	United States	Paper Product Manufacturing	3.8	11
Toray International America	Branch	San Mateo, CA	United States	Paper Product Manufacturing	1.5	5
Toray International America	Branch	Simpsonville, SC	United States	Paper Product Manufacturing	0.3	1
Toray Alphart Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Clothing and Apparel Wholesale	151.8
PT Century Textile Industry Tbk	Subsidiary	Jakarta	Indonesia	Textile Manufacturing	28.5	444
Soda Aromatic Co., Ltd.	Subsidiary	Chuo-Ku	Japan	Basic Chemical Manufacturing	175.2	415
Alcantara SpA	Subsidiary	Milano, MI	Italy	Synthetic Chemical Manufacturing	132.6	415
Toray Research Center, Inc.	Subsidiary	Tokyo	Japan	Investigation and Security Services		400
Toray Fibers (Nantong) Co., Ltd. (TFNL)	Subsidiary	Nantong, Jiangsu	China	Synthetic Chemical Manufacturing		400
Toray Fine Chemicals Co., Ltd.	Subsidiary	Urayasu, Chiba	Japan	Basic Chemical Manufacturing	223.2	366
SUIDO KIKO KAISHA, LTD.	Subsidiary	Setagaya-Ku	Japan	Machinery and Equipment Manufacturing	196.2	333
Suiki Technos Co.,Ltd.	Subsidiary	Setagaya-Ku, Tokyo	Japan	Specialty Construction Trade Contractors	45.9
Toray Composites (America), Inc.	Subsidiary	Tacoma, WA	United States	Synthetic Chemical Manufacturing		300
P.T. Acryl Textile Mills	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		300
Ten Fabric Mill 1 Sdn. Bhd.	Subsidiary	Penang	Malaysia	Synthetic Chemical Manufacturing		297
SociÃ©tÃ© des Fibres de Carbone SA	Subsidiary	Abidos	France	Synthetic Chemical Manufacturing	220.3	285
Toray Plastics (Malaysia) Sdn Bhd	Subsidiary	Prai, Penang	Malaysia	Synthetic Chemical Manufacturing	560.2	270
Toray Textiles Central Europe s.r.o.	Subsidiary	Prostejov	Czech Republic	Synthetic Chemical Manufacturing		260
Toray Coatex Co., Ltd.	Subsidiary	Kyoto	Japan	Textile Manufacturing		200
Toray Enterprise Corp.	Subsidiary	Tokyo	Japan	Real Estate Agents and Brokers		200
Thai Toray Synthetic Co., Ltd.	Subsidiary	Bangkok	Thailand	Synthetic Chemical Manufacturing		200
Toray Monofilament Co., Ltd.	Subsidiary	Okazaki, Aichi	Japan	Miscellaneous Manufacturing		199
Mishima Shokusan Co.,Ltd.	Subsidiary	Sunto-Gun, Shizuoka	Japan	Miscellaneous Professional Services	32.6	191
Toray Diplomode, Inc.	Subsidiary	Tokyo	Japan	Clothing and Apparel Manufacturing		160
Okazaki Shokusan Co.,Ltd.	Subsidiary	Okazaki, Aichi	Japan	Miscellaneous Professional Services	20.3	158
OKAZAKI GOSEN CO., LTD	Subsidiary	Okazaki, Aichi	Japan	Synthetic Chemical Manufacturing		150
Toray Precision Co., Ltd.	Subsidiary	Otsu, Shiga	Japan	Metal Products Manufacturing		150
Dongli Precision Technology (Suzhou) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Metal Products Manufacturing	1.3	30
Toray Capital (Europe) B.V.	Subsidiary	Amsterdam	Netherlands	Mortgage and Credit		130
Toray Trading (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Synthetic Chemical Manufacturing		120
LIBI Plastic Compounding (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen, Guangdong	China	Synthetic Chemical Manufacturing		110
TAL Knits Ltd.	Subsidiary	Kowloon	Hong Kong	Synthetic Chemical Manufacturing		100
LIBI Plastic Compounding (Hong Kong) Co., Ltd.	Subsidiary	Kowloon, Hong Kong	Hong Kong	Synthetic Chemical Manufacturing		100
KTP Industries, Inc.	Subsidiary	Kimch'on, Gyungsanbuk Do	Korea, Republic of	Synthetic Chemical Manufacturing		85
P.T. Jabato International	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		75
Toray Industries (H.K.) Ltd.	Subsidiary	Kowloon	Hong Kong	Textile Manufacturing		75
Toray Resin Co. - Indiana Factory	Facility	Shelbyville, IN	United States	Synthetic Chemical Manufacturing	150.0	70
P.T. OST Fibre Industries	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		50
Toray Industries (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Textile Manufacturing		41
Toray Fluorofibers (America), Inc.	Subsidiary	Decatur, AL	United States	Textile Manufacturing		40
Toray Marketing and Sales (America), Inc.	Subsidiary	New York, NY	United States	Electronics Wholesale		40
Toray Industries (America), Inc.	Subsidiary	New York, NY	United States	Holding Companies		38
Toray Carbon Fibers America	Subsidiary	Decatur, AL	United States	Paper Product Manufacturing		150
Toray Europe Ltd.	Subsidiary	London	United Kingdom	Textile Manufacturing		37
Toray Deutschland GmbH	Subsidiary	Neu-Isenburg	Germany	Textile Manufacturing		55
Toray International Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Clothing and Apparel Wholesale	504.4	36
TORAY MEMBRANE EUROPE AG	Subsidiary	MÃ¼nchenstein, Basle Country	Switzerland	Machinery and Equipment Manufacturing		35
Hong Kong Finance Services Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Clothing and Apparel Wholesale		35
Tong Shing, Inc.	Subsidiary	Taipei	Taiwan	Textile Manufacturing		30
Toray Industries (Thailand) Co., Ltd. (TTH)	Subsidiary	Bangkok	Thailand	Textile Manufacturing		30
Toray Travel Co., Ltd.	Subsidiary	Tokyo	Japan	Travel and Reservation Services		30
Toray Corporate Business Research, Inc.	Subsidiary	Urayasu, Chiba	Japan	Consulting Services		25
P.T. Toray International Indonesia	Subsidiary	Jakarta	Indonesia	Chemical Wholesale		18
Toray International U.K. Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Wholesale	70.3	16
Toray Resin Company	Subsidiary	Troy, MI	United States	Synthetic Chemical Manufacturing		15
Toray International (Thailand) Limited	Subsidiary	Bang Rak, Bangkok	Thailand	Chemical Wholesale		15
P.T. Easterntex	Subsidiary	Jakarta	Indonesia	Textile Manufacturing		12
Toray Carbon Fibers America, Inc.	Subsidiary	Flower Mound, TX	United States	Electrical Equipment and Appliances Manufacturing	6.0	10
Toray Italia S.r.l.	Subsidiary	Milan	Italy	Textile Manufacturing		9
Toray Marketing e Vendas (Brasil) Ltda.	Subsidiary	Sao Paulo	Brazil	Research and Development Services		7
Toray Industries Indonesia, Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Holding Companies		6
Toray Sanko Precision (Hong Kong) Ltd.	Subsidiary	Kowloon	Hong Kong	Synthetic Chemical Manufacturing		5
Toray Membrane USA, Inc.	Subsidiary	Poway, CA	United States	Machinery and Equipment Manufacturing		3
Toray Membrane USA Inc	Branch	Poway, CA	United States	Specialty Construction Trade Contractors	2.6	7
Toray Membrane USA Inc	Branch	Poway, CA	United States	Specialty Construction Trade Contractors	2.6	7
Toray Membrane USA Inc	Branch	Venice, FL	United States	Specialty Construction Trade Contractors	0.8	3
Toray Membrane USA Inc	Branch	Mound, MN	United States	Specialty Construction Trade Contractors	0.4	1
Toray Membrane USA Inc	Branch	Bastrop, TX	United States	Specialty Construction Trade Contractors	0.3	1
Chori Europe GmbH	Subsidiary	Neu-Isenburg, Hessen	Germany	Chemical Wholesale		3
Eitopia Co., Ltd.	Subsidiary	Tokyo	Japan	Data Processing		1
Toray Fine Chemicals Co.,Ltd.	Subsidiary	Urayasu, Chiba	Japan	Miscellaneous Chemical Manufacturing	206.7
Toray Industries (H.K.) Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Clothing and Apparel Wholesale	146.4
Toyo Plastic Seiko Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Rubber and Plastic Product Manufacturing	128.6
Toray Amenity And Civil Engineering Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Home Furnishings Wholesale	92.1
Toray Textiles. Inc.	Subsidiary	Inazawa, Aichi	Japan	Textile Manufacturing	60.7
Toray Plastics Precision (Hong Kong) Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Chemical Wholesale	51.6
Meinan Service Corp.	Subsidiary	Nagoya, Aichi	Japan	Miscellaneous Professional Services	28.0
Towa Orimono Co., Ltd.	Subsidiary	Tondabayashi, Osaka	Japan	Textile Manufacturing
Marusa Co., Ltd.	Subsidiary	Gifu	Japan	Miscellaneous Wholesale
Altamoda Co.,Ltd.	Subsidiary	Gifu, Gifu	Japan	Clothing and Apparel Manufacturing	23.1
Toray Construction Co., Ltd.	Subsidiary	Osaka	Japan	Architecture and Engineering
Toyo Community Service Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Real Estate Agents and Brokers	32.8
P.T. Petnesia Resindo	Joint Venture	Tangerang, Banten	Indonesia	Synthetic Chemical Manufacturing
Ogaki Fuso Spinning Co., Ltd.	Subsidiary	Ogaki, Gifu	Japan	Textile Manufacturing
Toray Industries (China) Co., Ltd.	Subsidiary	Shanghai	China	Miscellaneous Professional Services
Daehan Precision Co., Ltd.	Subsidiary	Ch'onan, Chungnam	Korea, Republic of	Synthetic Chemical Manufacturing
Toray Industries (Malaysia) Sdn. Berhad	Subsidiary	Prai, Penang	Malaysia	Miscellaneous Professional Services
Toray Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Consulting Services
Toray Fibers & Textiles Research Laboratories (China) Co., Ltd.	Subsidiary	Nantong, Jiangsu	China	Research and Development Services
Toray Film Products (Zhougshan) Ltd.	Subsidiary	Zhongshan, Guangdong	China	Rubber and Plastic Product Manufacturing
Toray Industries, Inc. - Seta Plant	Facility	Otsu, Shiga	Japan	Miscellaneous Chemical Manufacturing
Toray Industries, Inc. - Ehime Plant	Facility	Matsuyama	Japan	Miscellaneous Chemical Manufacturing
Toray Industries, Inc. - Nagoya Plant	Facility	Nagoya	Japan	Motor Vehicle Parts Manufacturing
Toray Industries, Inc. - Tokai Plant	Facility	Tokai, Aichi	Japan	Miscellaneous Chemical Manufacturing
Toray Industries, Inc. - Aichi Plant	Facility	Nagoya	Japan	Synthetic Chemical Manufacturing
Toray Industries, Inc. - Okazaki Plant	Facility	Okazaki, Aichi	Japan	Textile Manufacturing
Toray Industries, Inc. - Chiba Plant	Facility	Ichihara, Chiba	Japan	Synthetic Chemical Manufacturing
Toray Industries, Inc. - Gifu Plant	Facility	Gifu	Japan	Paper Product Manufacturing
Toray Industries, Inc. - Ishikawa Plant	Facility	Nomi, Ishikawa	Japan	Textile Manufacturing
Toray PEF Products Inc.	Subsidiary	Konan, Shiga	Japan	Synthetic Chemical Manufacturing
Toray KP Films Inc.	Subsidiary	Kakogawa, Hyogo	Japan	Rubber and Plastic Product Manufacturing
Toray Fine Chemicals Co., Ltd. - Moriyama Plant	Facility	Moriyama, Shiga	Japan	Computer and Peripheral Equipment Manufacturing
Toray Fine Chemicals Co., Ltd. - Matsuyama Plant	Facility	Matsuyama, Ehime	Japan	Synthetic Chemical Manufacturing
Toray Fine Chemicals Co., Ltd. - Chiba Plant	Facility	Ichihara, Chiba	Japan	Synthetic Chemical Manufacturing
Toray Fine Chemicals Co., Ltd. - Tokai Plant	Facility	Tokai, Aichi	Japan	Synthetic Chemical Manufacturing
Toray Membrane (Beijing) Co.,Ltd.	Subsidiary	Beijing	China	Water and Sewage Services
Toray Plastics (SuZhou) Co., Ltd.	Subsidiary	Suzhou	China	Synthetic Chemical Manufacturing
Advanced Sporting Composites, Inc.	Subsidiary	Taichung	Taiwan	Synthetic Chemical Manufacturing
Chiba Shokusan Inc.	Subsidiary	Ichihara, Chiba	Japan	Construction and Hardware Materials Wholesale
Kamakura Techno-Science Inc.	Subsidiary	Kamakura, Kanagawa	Japan	Basic Chemical Manufacturing
Sunrich Mode Inc.	Subsidiary	Tokyo	Japan	Clothing and Apparel Manufacturing
Toray ACE Co., Ltd.	Subsidiary	Tokyo	Japan	Non-Metallic Mineral Product Manufacturing
Toray Advanced Computer Solution, Inc.	Subsidiary	Tokyo	Japan	Computer Programming
Toray ECSAINE Plaza, Inc.	Subsidiary	Tokyo	Japan	Clothing and Apparel Manufacturing
Toray Systems Center, Inc.	Subsidiary	Urayasu, Chiba	Japan	Computer Programming
Sysco Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Computer Programming	22.8
Tsuchiura Shokusan Inc.	Subsidiary	Tsuchiura, Ibaraki	Japan	Miscellaneous Professional Services
Toray Textiles Inc.	Subsidiary	Inazawa, Aichi	Japan	Textile Manufacturing
Toyo Tire Cord Co., Ltd.	Subsidiary	Nishio, Aichi	Japan	Textile Manufacturing
Totai Service, K.K.	Subsidiary	Nishio, Aichi	Japan	Miscellaneous Professional Services	4.7	95
Toyo Shokusan Inc.	Subsidiary	Matsuyama	Japan	Paper Product Manufacturing
STEMCO, Ltd.	Subsidiary	Cheongwon, Chungcheongbuk-do	Korea, Republic of	Paper Product Manufacturing
Inami Textiles Inc.	Subsidiary	Toyama	Japan	Textile Manufacturing
Toray Industries, Inc. - Shiga Plant	Facility	Otsu, Shiga	Japan	Synthetic Chemical Manufacturing
Toyo Business Support Inc.	Subsidiary	Tokyo	Japan	Miscellaneous Professional Services
Toray International Taipei Inc.	Subsidiary	Taipei	Taiwan	Clothing and Apparel Wholesale
Toray Industries (South China) Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Miscellaneous Professional Services
Toray Plastics (China) Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Chemical Wholesale
Toray Plastics (Shenzhen) Ltd.	Subsidiary	Shenzhen, Guangdong	China	Synthetic Chemical Manufacturing
Toray Saehan Inc.	Subsidiary	Seoul	Korea, Republic of	Textile Manufacturing
Japan Apparel System Science Inc.	Subsidiary	Tokyo	Japan	Machinery Wholesale
Toray Film Products (Hong Kong) Ltd.	Subsidiary	Kowloon	Hong Kong	Professional and Commercial Equipment Wholesale
Toray Industries Inc	Branch
Toray Textiles Europe Ltd.	Subsidiary	Mansfield	United Kingdom	Textile Manufacturing	21.1	155

Competitors Report

CompanyName	Location	Employees	Ownership
Asahi Kasei Corporation	Tokyo, Japan	25,085	Public
Kuraray Co Ltd	Chiyoda-Ku, Japan	7,332	Public
Teijin Ltd	Chuo-ku, Osaka, Japan	16,637	Public
Toyobo Co Ltd	Osaka-Shi, Japan	10,566	Public
Unitika Ltd	Osaka-Shi, Japan	4,534	Public

Executives Report

Board of Directors

Name

Title

Function

Satoru Masuzaki

Chairman, President

Chairman

Sadayuki Sakakibara

Chairman of the Board, Representative Director

Chairman

Biography:

Mr. Sadayuki Sakakibara has been serving as Chairman of the Board and Representative Director in TORAY INDUSTRIES, INC. since June 2010. He joined the Company in April 1967. His previous titles include President, Chief Operating Officer, Manager of 1st Business Planning Office, Managing Director, Senior Managing Director and Vice President in the Company.

Age: 70

Education:

University of Rhode Island, Doctorate

Koichi Abe

Senior Managing Director, Manager of Technology Center, Manager of E & E Center, Representative Director

Director/Board Member

Biography:

Mr. Koichi Abe has been serving as Senior Managing Director, Manager of Technology Center, Manager of E & E Center and Representative Director in TORAY INDUSTRIES, INC. since June 26, 2013. He joined the Company in April 1977, and served as Aichi Plant Manager and Managing Director.

Age: 60

Toshiyuki Asakura

Senior Vice President, Chief Director of Resin and Chemical Business

Director/Board Member

Yukichi Deguchi

Senior Vice President

Director/Board Member

Biography:

Mr. Yukichi Deguchi has been serving as Managing Director, Chief Director of Research and Manager of Basic Research Center in TORAY INDUSTRIES, INC. since June 2012. He joined the Company in April 1973. His previous titles include Deputy Chief Director of Research and Director. He used to work for Panasonic Plasma Display Co., Ltd.

Age: 63

Junichi Fujikawa

Executive Vice President, Manager of Business Planning Office, Manager of IT Business SBU , Representative Director

Director/Board Member

Biography:

Mr. Junichi Fujikawa has been serving as Vice President, Manager of Business Planning Office, Manager of IT Business SBU and Representative Director in TORAY INDUSTRIES, INC, since June 2010. He joined the Company in April 1970. His previous titles include Manager of 2nd Business Planning Office, Senior Managing Director and Managing Director in the Company.

Age: 67

Toru Fukazawa

Manager of Finance and Accounting, President of Subsidiaries, Director

Director/Board Member

Biography:

Mr. Toru Fukazawa has been serving as Manager of Finance and Accounting and Director in TORAY INDUSTRIES, INC., as well as President of three subsidiaries, since June 2012. He joined the Company in April 1978. His previous title was Director of Accounting.

Age: 58

Kiyoshi Fukuchi

Corporate Auditor

Director/Board Member

Shiki Hagiwara

Manager of Industrial Material Business, Chairman of Subsidiary, Director

Director/Board Member

Biography:

Mr. Shiki Hagiwara has been serving as Manager of Industrial Material Business and Director in TORAY INDUSTRIES, INC., as well as Chairman of a subsidiary, since June 2012. He joined the Company in April 1981. His previous titles include Director of 2nd Production Technology and Gifu Plant Manager.

Age: 56

Satoru Hagiwara

Board Member

Director/Board Member

Kazushi Hashimoto

Senior Vice President, Board Member

Director/Board Member

Biography:

Mr. Kazushi Hashimoto has been serving as Senior Managing Director in TORAY INDUSTRIES, INC, as well as Chairman and General Manager of a China-based subsidiary, since June 2013. He joined the Company in April 1972. His previous titles were Manager of Fiber Business, Manager of Textile Recycle, Deputy Chief Director of Fiber Business and Osaka Business Plant Manager in the Company.

Age: 64

Osamu Inoue

Vice President

Director/Board Member

Education:

Tokyo Institute of Technology, Master's (Electronic Physical Engineering)

Source: OneSourceWeb

Hirofumi Kobayashi

Chief Director of Electron Information Materials Business, Manager of FPD Materials Business, Director

Director/Board Member

Biography:

Mr. Hirofumi Kobayashi has been serving as Chief Director of Electron Information Materials Business, Manager of FPD Materials Business and Director in TORAY INDUSTRIES, INC. since June 2013. He joined the Company in April 1983. His previous titles include Manager of Technology Office in Liquid Materials Business Unit and Manager of Liquid Materials Business in the Company.

Age: 54

Shinichi Koizumi

Executive Vice President, Representative Director

Director/Board Member

Age: 64

Kojiro Maeda

Vice President, Director

Director/Board Member

Kazuhiro Maruyama

Senior Vice President

Director/Board Member

Age: 64

Shogo Masuda

Senior Vice President

Director/Board Member

Biography:

Mr. Shogo Masuda has been serving as Managing Director and Chief Director of Related Business in TORAY INDUSTRIES, INC. since June 2011. He joined the Company in April 1975. He previously served as Deputy Chief Director of Related Business and Director in the Company.

Age: 62

Kazuo Morimoto

Vice President, Director

Director/Board Member

Hiroshi Murakami

Vice President, Director

Director/Board Member

Biography:

Mr. Hiroshi Murakami has been serving as Managing Director and Manager of International Business in TORAY INDUSTRIES, INC. since June 2013. He joined the Company in April 1975. He used to serve as Director of Water Processing Business Planning Promotion, Manager of Legal Affairs, Director of Legal Affairs and Manager of General Affairs in the Company. He used to serve as Chairman and President of overseas subsidiaries.

Age: 61

Ryo Murayama

Senior Vice President

Director/Board Member

Biography:

Mr. Ryo Murayama has been serving as Senior Managing Director and Chief Director of Medicine & Medical Services Business in TORAY INDUSTRIES, INC. since June 2013. He joined the Company in April 1973. His previous titles include Manager of Liquid Crystal Material Business and Director in the Company.

Age: 63

Osamu Nakatani

Senior Vice President

Director/Board Member

Akihiro Nikkaku

President, Chief Executive Officer, Chief Operating Officer, Representative Director

Director/Board Member

Biography:

Mr. Akihiro Nikkaku has been serving as President, Chief Executive Officer, Chief Operating Officer and Representative Director in TORAY INDUSTRIES, INC. since June 2010. He joined the Company in April 1973. His previous titles include Manager of Engineering Ring Division, Senior Managing Director and Managing Director in the Company. He obtained his Master's degree in Industrial Machinery from The University of Tokyo in March 1973.

Age: 64

Education:

University of Tokyo, M

Moriyuki Ohnishi

Senior Vice President (Member of the Executive Committee)

Director/Board Member

Biography:

Mr. Moriyuki Ohnishi has been serving as Senior Managing Director, Chief Director of Composite Material Business and Manager of China Office in TORAY INDUSTRIES, INC., as well as Chairman of two United States-based subsidiaries, since June 2012. He joined the Company in April 1972 and previously served as Managing Director.

Age: 65

Hiroshi Ohtani

Vice President

Director/Board Member

Biography:

Mr. Hiroshi Ohtani has been serving as Chief Director of Water Processing & Environment Business and Director in TORAY INDUSTRIES, INC., as well as Chairman of a subsidiary, TORAY ASIA PTE LTD, since June 2011. He joined the Company in April 1978. Mr. Ohtani used to serve as President and Representative Director in another subsidiary.

Age: 60

Mitsuo Ohya

Deputy Chief Director of Fibre Business, Manager of Textile Business, Director

Director/Board Member

Biography:

Mr. Mitsuo Ohya has been serving as Deputy Chief Director of Fibre Business, Manager of Textile Business and Director in TORAY INDUSTRIES, INC. since June 2012. He joined the Company in April 1980. His previous titles include Director of Long Fibre and Manager of Fibre Recycle Office.

Age: 57

Shinichi Okuda

Senior Vice President, Board Member

Director/Board Member

Biography:

Mr. Shinichi Okuda has been serving as Senior Managing Director and Manager of Engineering in TORAY INDUSTRIES, INC. since June 2012. He joined the Company in April 1974. He used to serve as Director of Engineering in Ehime Plant, Managing Director, Director of 1st Engineering and Director in the Company.

Age: 65

Hisae Sasaki

Vice President, Director

Director/Board Member

Biography:

Mr. Hisae Sasaki has been serving as Executive Director in TORAY INDUSTRIES, INC. since June 2010. He is also in charge of Main Production Unit (High Level Processing, Textile and Functional Material Development Center) of the Company. He joined the Company in April 1977. He used to serve as Director of Fiber Processing Technology and Manager of Textile Development Center.

Age: 60

Akio Sato

Managing Director, Chief Director of Resin and Chemical Business

Director/Board Member

Biography:

Mr. Akio Sato has been serving as Managing Director and Chief Director of Resin and Chemical Business in TORAY INDUSTRIES, INC. since June 2013. He joined the Company in April 1976. He used to work for President, General Manager and Chairman of subsidiaries.

Age: 62

Yasuo Suga

Manager of Composite Business, Manager of A&A Center, Chairman of Subsidiary, Director

Director/Board Member

Biography:

Mr. Yasuo Suga has been serving as Manager of Composite Business, Manager of A&A Center and Director in TORAY INDUSTRIES, INC., as well as Chairman and Representative Director of a subsidiary, since June 2013. He joined the Company in April 1980.

Age: 58

Yukihiko Sugimoto

Executive Vice President, Representative Director

Director/Board Member

Nobuo Suzui

Executive Vice President and Representative Member of the Board

Director/Board Member

Biography:

Mr. Nobuo Suzui has been serving as Vice President, Chief Director of Production and Representative Director in TORAY INDUSTRIES, INC., since June 22, 2012. He joined the Company in April 1971, and served as Managing Director, Chief Director of Film Business, Manager of Industry Material Business Unit, Senior Managing Director and Chief Director of Production in the Company.

Age: 67

Eizo Tanaka

Executive Vice President And Representative Member - Board

Director/Board Member

Biography:

Mr. Eizo Tanaka has been serving as Vice President, Chief Director of Fiber Business, Manager of Osaka Business Office and Representative Director in TORAY INDUSTRIES, INC. since June 2011. He joined the Company in April 1970. His previous titles were Managing Director and Senior Managing Director in the Company. He used to serve as Vice Chairman in a Nantong-based subsidiary, President and Representative Director in a Japan-based subsidiary.

Age: 65

Akira Uchida

Senior Vice President, Board Member

Director/Board Member

Biography:

Mr. Akira Uchida has been serving as Managing Director and Manager of Tokyo Business Office in TORAY INDUSTRIES, INC. since June 2009. He joined the Company in April 1975. His previous titles include Manager of Finance and Accounting and Director in the Company.

Age: 62

Akira Umeda

Senior Vice President , Director

Director/Board Member

Biography:

Mr. Akira Umeda has been serving as Managing Director, Deputy Chief Director of Medicine and Medical Care Business, Manager of CMC and Director of Medicine and Medical Care Business Project Management in TORAY INDUSTRIES, INC. since June 2012. He joined the Company in April 1975 and used to serve as Director of 4th Production Technology and Director in the Company.

Age: 62

Susumu Yamaguchi

Senior Vice President

Director/Board Member

Biography:

Mr. Susumu Yamaguchi has been serving as Managing Director and Chief Director of Film Business in TORAY INDUSTRIES, INC. since June 2011. He joined the Company in April 1972. He used to serve as President and Representative Director in a subsidiary.

Age: 65

Kunihiko Yoshida

Manager of Human Resources and Labor, Director

Director/Board Member

Biography:

Mr. Kunihiko Yoshida has been serving as Manager of Human Resources and Labor and Director in TORAY INDUSTRIES, INC. since June 2012. He joined the Company in April 1978. His previous titles include Director of Human Resources, Director of Labor and Director of International Labor.

Age: 58

Minoru Yoshinaga

Vice President, Director

Director/Board Member

Biography:

Mr. Minoru Yoshinaga has been serving as Executive Director in TORAY INDUSTRIES, INC. since June 2011. He is also in charge of Main Production Unit (Composite Material Technology & Production, as well as ACM Technology Unit) in the Company. He joined the Company in April 1979. Mr. Yoshinaga used to serve as President in a United States-based subsidiary.

Age: 58

Executives

Name

Title

Function

Akihiro Nikkaku

President, Chief Executive Officer, Chief Operating Officer, Representative Director

Chief Executive Officer

Biography:

Age: 64

Education:

University of Tokyo, M

Satoru Masuzaki

Chairman, President

President

Toru Fukazawa

Manager of Finance and Accounting, President of Subsidiaries, Director

Division Head Executive

Biography:

Age: 58

Shiki Hagiwara

Manager of Industrial Material Business, Chairman of Subsidiary, Director

Division Head Executive

Biography:

Age: 56

Yasuo Suga

Manager of Composite Business, Manager of A&A Center, Chairman of Subsidiary, Director

Division Head Executive

Biography:

Age: 58

Koichi Abe

Senior Managing Director, Manager of Technology Center, Manager of E & E Center, Representative Director

Managing Director

Biography:

Age: 60

Toshiyuki Asakura

Senior Vice President, Chief Director of Resin and Chemical Business

Managing Director

Jun Kobayashi

Managing Director

Osamu Nakatani

Senior Vice President

Managing Director

Akio Sato

Managing Director, Chief Director of Resin and Chemical Business

Managing Director

Biography:

Age: 62

Junichi Fujikawa

Executive Vice President, Manager of Business Planning Office, Manager of IT Business SBU , Representative Director

Administration Executive

Biography:

Age: 67

Hirofumi Kobayashi

Chief Director of Electron Information Materials Business, Manager of FPD Materials Business, Director

Administration Executive

Biography:

Age: 54

Mitsuo Ohya

Deputy Chief Director of Fibre Business, Manager of Textile Business, Director

Administration Executive

Biography:

Age: 57

Kiyoshi Fukuchi

Corporate Auditor

Accounting Executive

Makoto Matsuo

Corporate Auditor

Accounting Executive

Kazuo Sonoya

Corporate Auditor

Accounting Executive

Mitsuaki Yahagi

Corporate Auditor

Accounting Executive

Kunihiko Yoshida

Manager of Human Resources and Labor, Director

Human Resources Executive

Biography:

Age: 58

Yuichiro Kato

Director of Accounting

Investor Relations Executive

Chiaki Tanaka

Executive Vice President

Other

Significant Developments

Toray Industries Inc's Toray Advanced Materials Korea Inc Secures Preferential Negotiating Right Regarding Share Acquisition Of Woongjin Chemical Co., Ltd

Oct 03, 2013

Toray Industries Inc announced that its consolidated subsidiary Toray Advanced Materials Korea Inc. secured, on September 27, preferential negotiating right in the auction sale of an approximately 56.2% stake in Woongjin Chemical Co., Ltd. (headquarters: Seoul, Republic of Korea; President Park Chankoo). Woongjin Chemical Co., Ltd is into manufacture and distribution of high-performance fibers, water treatment filter, A-PET sheets (cast film), etc.

Zoltek Companies Inc Announces Agreement And Plan Of Merger With TORAY INDUSTRIES INC

Sep 27, 2013

Zoltek Companies Inc announced that it has entered into a merger agreement with TORAY INDUSTRIES INC. Under the terms of the agreement, Toray will acquire all of Zoltek Companies' outstanding shares for $16.75 per share in cash, for a total equity value of approximately $584 million. In connection with the execution of the merger agreement, Zsolt Rumy, Zoltek Companies' Chairman and Chief Executive Officer, entered into a voting agreement with Toray, in which Mr. Rumy agreed to vote his Company stock, representing approximately 18% of Zoltek Companies' outstanding shares, in favor of the merger. Following the closing of the transaction, Zoltek Companies will be a wholly owned subsidiary of Toray and operate as a separate business unit. The transaction is not subject to any financing condition and the parties are targeting a late 2013 or early 2014 closing. Zoltek Companies' Board of Directors unanimously approved the transaction.

TORAY INDUSTRIES INC to Acquire 20% Stake in Plasan Carbon Composites-Nikkei

Jul 17, 2013

Nikkei reported that TORAY INDUSTRIES INC will purchase a 20% stake in Plasan Carbon Composites, an American supplier of automotive carbon fiber materials, aiming to develop, produce and market them in the United States. TORAY INDUSTRIES INC will spend an estimated JPY 1-3 billion for the stake in Plasan Carbon Composites, dispatching senior managers and engineers there.

TORAY INDUSTRIES INC Issues Consolidated Full-year Outlook for FY 2014; Issues Dividend Forecast for FY 2014

May 10, 2013

TORAY INDUSTRIES INC announced the consolidated full-year outlook for revenue at JPY 1,840 billion, operating profit at JPY 120 billion, ordinary profit at JPY 120 billion, net profit at JPY 65 billion and earning per share at JPY 39.9 for the fiscal year ending March 2014. The Company has also issued the dividend forecast at JPY 10 per share, for the year ending March 2014.

Spectral Diagnostics Inc Closes $5.6 Million Offering With Toray Industries Inc

Apr 02, 2013

Spectral Diagnostics Inc and Toray Industries, Inc. (Toray) announced the completion of the previously announced $5.6 million private placement of the Company, comprised of a total of 18,666,667 common shares in the capital of the Company (Common Shares), at a price of $0.30 per Common Share (the Private Placement). Toray acquired 16,666,667 Common Shares in the Private Placement, at a price of $0.30 per Common Share, for $5 million. Following completion of the Private Placement, Toray's 16,666,667 Common Shares represent approximately 12.6% of the issued and outstanding Common Shares, calculated on a non-diluted basis. The net proceeds of the Private Placement will be used to continue to support the Company's Phase III EUPHRATES clinical trialand for general corporate purposes. The acquisition of the Common Shares by Toray was made for investment purposes only, and not with the purpose of influencing control or direction over Spectral. Toray may acquire further Common Shares, or dispose of its holdings of Common Shares, as investment conditions warrant.

R&I Affirms Toray Industries, Inc.'s Rating at "A+"; Rating Outlook Stable

Dec 17, 2012

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Toray Industries, Inc. at "A+". The rating outlook is stable.

News

GRAPHENE POWDER, PRODUCTION METHOD THEREOF, AND ELECTROCHEMICAL DEVICE COMPRISING SAME European Patents (199 Words)	21-Oct-2013
METHOD FOR PRODUCING CADAVERINE European Patents (118 Words)	21-Oct-2013
METHOD FOR PRODUCING CHEMICAL BY CONTINUOUS FERMENTATION European Patents (176 Words)	21-Oct-2013
METHOD FOR PRODUCING CONCENTRATED AQUEOUS SUGAR SOLUTION European Patents (262 Words)	21-Oct-2013
IMMUNOLOGICAL cofilin-1 PROTEIN MEASUREMENT METHOD European Patents (155 Words)	21-Oct-2013
BIODEGRADABLE PARTICLES, VASCULAR OCCLUSION MATERIAL, AND METHOD FOR PRODUCING BIODEGRADABLE PARTICLES European Patents (123 Words)	21-Oct-2013
CHEMICAL CLEANING METHOD FOR IMMERSED MEMBRANE ELEMENT European Patents (246 Words)	21-Oct-2013
COMPOSITE SEMIPERMEABLE MEMBRANE AND METHOD FOR PRODUCING SAME European Patents (210 Words)	21-Oct-2013
COATED SOLID PREPARATION European Patents (41 Words)	21-Oct-2013
White film and backlight using same U.S. Patents (169 Words)	21-Oct-2013
Fine bubble diffusing pipe, fine bubble diffusing apparatus, and submerged membrane separation apparatus U.S. Patents (217 Words)	21-Oct-2013

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation

Net Sales	19,190.9	20,118.8	17,967.9	14,629.0	14,644.7
Revenue	19,190.9	20,118.8	17,967.9	14,629.0	14,644.7
Total Revenue	19,190.9	20,118.8	17,967.9	14,629.0	14,644.7

Cost of Revenue	15,435.0	15,971.3	14,339.6	11,996.8	12,034.2
Cost of Revenue, Total	15,435.0	15,971.3	14,339.6	11,996.8	12,034.2
Gross Profit	3,755.9	4,147.5	3,628.3	2,632.2	2,610.5

Selling/General/Administrative Expense	1,318.2	1,330.9	1,187.4	1,051.6	1,122.9
Labor & Related Expense	734.0	747.6	677.6	603.2	597.6
Total Selling/General/Administrative Expenses	2,052.2	2,078.5	1,865.0	1,654.7	1,720.5
Research & Development	632.6	641.3	534.9	488.4	487.2
Depreciation	65.5	63.4	60.4	57.6	56.3
Depreciation/Amortization	65.5	63.4	60.4	57.6	56.3
Restructuring Charge	3.5	20.6	51.5	15.0	9.7
Litigation	-	-	-	-	0.0
Impairment-Assets Held for Use	23.8	2.9	25.7	33.3	122.0
Impairment-Assets Held for Sale	16.6	2.6	40.7	24.9	137.0
Other Unusual Expense (Income)	29.5	29.2	45.8	12.5	16.0
Unusual Expense (Income)	73.3	55.4	163.7	85.8	284.8
Total Operating Expense	18,258.6	18,810.0	16,963.6	14,283.3	14,583.0

Operating Income	932.3	1,308.8	1,004.3	345.7	61.7

Interest Expense - Non-Operating	-65.8	-73.0	-74.6	-96.3	-117.7
Interest Expense, Net Non-Operating	-65.8	-73.0	-74.6	-96.3	-117.7
Interest Income - Non-Operating	10.1	10.8	8.5	8.1	15.4
Investment Income - Non-Operating	119.8	97.5	110.3	-140.2	-36.6
Interest/Investment Income - Non-Operating	130.0	108.3	118.9	-132.1	-21.1
Interest Income (Expense) - Net Non-Operating Total	64.2	35.3	44.3	-228.4	-138.8
Gain (Loss) on Sale of Assets	-53.6	-57.5	-36.1	-35.1	-63.9
Other Non-Operating Income (Expense)	-4.9	-6.3	-45.2	-108.1	-55.5
Other, Net	-4.9	-6.3	-45.2	-108.1	-55.5
Income Before Tax	938.0	1,280.3	967.3	-26.0	-196.6

Total Income Tax	322.4	422.1	239.6	98.8	-54.9
Income After Tax	615.7	858.2	727.8	-124.7	-141.7

Minority Interest	-31.4	-44.9	-51.8	-27.6	-20.8
Net Income Before Extraord Items	584.3	813.3	676.0	-152.3	-162.5
Net Income	584.3	813.3	676.0	-152.3	-162.5

Income Available to Common Excl Extraord Items	584.3	813.3	676.0	-152.3	-162.5

Income Available to Common Incl Extraord Items	584.3	813.3	676.0	-152.3	-162.5

Basic/Primary Weighted Average Shares	1,629.4	1,629.3	1,591.0	1,399.4	1,399.8
Basic EPS Excl Extraord Items	0.36	0.50	0.42	-0.11	-0.12
Basic/Primary EPS Incl Extraord Items	0.36	0.50	0.42	-0.11	-0.12
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	584.3	813.3	676.0	-152.3	-162.5
Diluted Weighted Average Shares	1,677.2	1,714.1	1,682.6	1,399.4	1,399.8
Diluted EPS Excl Extraord Items	0.35	0.47	0.40	-0.11	-0.12
Diluted EPS Incl Extraord Items	0.35	0.47	0.40	-0.11	-0.12
Dividends per Share - Common Stock Primary Issue	0.12	0.13	0.09	0.05	0.07
Gross Dividends - Common Stock	196.5	206.5	142.7	75.3	104.5
Interest Expense, Supplemental	65.8	73.0	74.6	96.3	117.7
Depreciation, Supplemental	814.6	854.1	822.5	805.9	833.6
Total Special Items	164.5	111.9	199.1	119.9	346.9
Normalized Income Before Tax	1,102.5	1,392.2	1,166.4	93.9	150.3

Effect of Special Items on Income Taxes	43.6	37.2	49.5	42.3	122.0
Inc Tax Ex Impact of Sp Items	365.9	459.3	289.0	141.1	67.2
Normalized Income After Tax	736.6	932.9	877.3	-47.2	83.2

Normalized Inc. Avail to Com.	705.2	888.0	825.5	-74.8	62.4

Basic Normalized EPS	0.43	0.54	0.52	-0.05	0.04
Diluted Normalized EPS	0.42	0.52	0.49	-0.05	0.04
Amort of Acquisition Costs, Supplemental	37.6	-1.0	-0.7	-1.1	-1.8
Rental Expenses	112.5	112.5	107.3	103.5	103.3
Research & Development Exp, Supplemental	642.9	651.6	543.4	497.0	497.1
Reported Operating Profit	1,005.6	1,364.2	1,168.0	431.5	358.3
Reported Ordinary Profit	1,063.6	1,391.2	1,154.0	96.9	204.2
Normalized EBIT	1,005.6	1,364.2	1,168.0	431.5	346.4
Normalized EBITDA	1,857.9	2,217.4	1,989.7	1,236.4	1,178.2
Current Tax - Total	215.5	236.1	-	-	-
Current Tax - Total	215.5	236.1	-	-	-
Deferred Tax - Total	106.9	186.0	-	-	-
Deferred Tax - Total	106.9	186.0	-	-	-
Income Tax - Total	322.4	422.1	-	-	-
Interest Cost - Domestic	45.6	48.9	53.8	50.9	48.8
Service Cost - Domestic	66.9	72.5	71.6	69.1	60.3
Prior Service Cost - Domestic	-34.6	-37.6	-34.5	-31.3	-28.4
Expected Return on Assets - Domestic	-40.5	-45.3	-48.1	-40.6	-52.5
Actuarial Gains and Losses - Domestic	84.1	86.5	76.1	78.8	41.8
Other Pension, Net - Domestic	56.7	-	-	-	-
Domestic Pension Plan Expense	178.2	125.2	118.9	127.0	70.0
Defined Contribution Expense - Domestic	-	46.3	50.7	46.2	40.1
Total Pension Expense	178.2	171.5	169.5	173.2	110.0
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	3.00%	3.00%	3.00%	3.00%	3.00%
Total Plan Interest Cost	45.6	48.9	53.8	50.9	48.8
Total Plan Service Cost	66.9	72.5	71.6	69.1	60.3
Total Plan Expected Return	-40.5	-45.3	-48.1	-40.6	-52.5
Total Plan Other Expense	56.7	-	-	-	-

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	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation

Cash & Equivalents	1,154.9	988.0	1,270.8	689.0	630.7
Short Term Investments	-	-	-	-	0.0
Cash and Short Term Investments	1,154.9	988.0	1,270.8	689.0	630.7
Accounts Receivable - Trade, Gross	3,276.0	3,442.7	3,419.4	2,771.1	2,228.7
Provision for Doubtful Accounts	-22.6	-27.5	-30.1	-27.1	-24.0
Trade Accounts Receivable - Net	3,253.3	3,415.2	3,389.3	2,744.1	2,204.7
Total Receivables, Net	3,253.3	3,415.2	3,389.3	2,744.1	2,204.7
Inventories - Finished Goods	1,865.8	1,963.4	1,648.9	1,509.1	1,777.6
Inventories - Work In Progress	745.3	886.5	916.4	723.9	876.0
Inventories - Raw Materials	723.1	739.9	692.5	598.3	585.9
Total Inventory	3,334.2	3,589.8	3,257.8	2,831.4	3,239.5
Deferred Income Tax - Current Asset	227.5	221.2	335.6	181.4	197.7
Other Current Assets	498.0	601.0	482.8	408.5	367.9
Other Current Assets, Total	725.5	822.2	818.5	589.9	565.7
Total Current Assets	8,467.9	8,815.1	8,736.5	6,854.4	6,640.5

Buildings	5,201.5	5,517.3	5,409.0	4,865.0	4,576.6
Land/Improvements	740.5	844.7	834.6	753.1	707.3
Machinery/Equipment	15,798.5	16,511.2	16,155.2	14,621.6	13,767.9
Construction in Progress	669.6	934.3	499.2	589.1	630.9
Other Property/Plant/Equipment	918.7	959.4	1,022.3	941.7	905.4
Property/Plant/Equipment - Gross	23,328.8	24,766.9	23,920.3	21,770.5	20,588.2
Accumulated Depreciation	-16,662.3	-17,946.2	-17,506.3	-15,559.6	-14,551.3
Property/Plant/Equipment - Net	6,666.5	6,820.7	6,414.0	6,210.9	6,036.9
Goodwill, Net	316.4	386.7	0.0	-	-
Intangibles, Net	136.6	130.6	112.0	110.9	106.5
LT Investment - Affiliate Companies	829.3	874.2	1,457.7	1,290.0	-
LT Investments - Other	1,137.8	1,201.1	1,220.1	1,174.8	1,581.3
Long Term Investments	1,967.1	2,075.3	2,677.8	2,464.8	1,581.3
Note Receivable - Long Term	9.9	15.0	17.6	17.7	12.0
Deferred Income Tax - Long Term Asset	206.2	413.5	397.2	516.2	489.3
Other Long Term Assets	635.8	539.5	557.4	486.1	559.2
Other Long Term Assets, Total	842.0	953.0	954.6	1,002.2	1,048.5
Total Assets	18,406.4	19,196.4	18,912.5	16,660.9	15,425.8

Accounts Payable	1,976.1	2,210.0	2,198.2	1,744.4	1,520.3
Accrued Expenses	171.5	199.1	203.0	165.9	152.4
Notes Payable/Short Term Debt	1,367.1	1,538.6	902.1	1,669.7	1,500.4
Current Portion - Long Term Debt/Capital Leases	1,044.0	682.7	1,051.3	452.0	539.7
Income Taxes Payable	103.8	151.7	178.4	135.2	66.2
Other Current Liabilities	1,186.1	1,479.1	1,535.5	1,333.3	886.0
Other Current liabilities, Total	1,289.8	1,630.8	1,713.9	1,468.5	952.2
Total Current Liabilities	5,848.5	6,261.2	6,068.4	5,500.5	4,664.9

Long Term Debt	3,217.6	3,592.4	3,975.3	4,611.8	4,618.0
Total Long Term Debt	3,217.6	3,592.4	3,975.3	4,611.8	4,618.0
Total Debt	5,628.7	5,813.7	5,928.7	6,733.4	6,658.1

Deferred Income Tax - LT Liability	97.9	68.9	40.4	28.8	26.9
Deferred Income Tax	97.9	68.9	40.4	28.8	26.9
Minority Interest	574.7	567.5	579.7	504.1	442.9
Pension Benefits - Underfunded	740.6	819.6	861.6	762.6	720.9
Other Long Term Liabilities	215.8	271.5	233.1	211.3	205.0
Other Liabilities, Total	956.4	1,091.1	1,094.7	973.9	925.9
Total Liabilities	10,695.1	11,581.0	11,758.5	11,619.1	10,678.8

Common Stock	1,571.6	1,794.9	1,784.2	1,037.4	981.4
Common Stock	1,571.6	1,794.9	1,784.2	1,037.4	981.4
Additional Paid-In Capital	1,459.4	1,663.2	1,649.8	918.3	868.7
Retained Earnings (Accumulated Deficit)	4,916.0	5,223.8	4,614.6	3,554.2	3,576.2
Treasury Stock - Common	-12.4	-14.5	-14.0	-12.2	-11.4
Unrealized Gain (Loss)	376.1	250.8	255.4	258.3	97.7
Translation Adjustment	-590.0	-1,301.9	-1,137.2	-712.5	-761.4
Other Comprehensive Income	-9.4	-0.9	1.3	-1.7	-4.3
Other Equity, Total	-599.4	-1,302.8	-1,135.9	-714.2	-765.7
Total Equity	7,711.3	7,615.4	7,154.0	5,041.8	4,747.0

Total Liabilities & Shareholdersâ€™ Equity	18,406.4	19,196.4	18,912.5	16,660.9	15,425.8

Shares Outstanding - Common Stock Primary Issue	1,629.4	1,629.3	1,629.4	1,399.4	1,399.4
Total Common Shares Outstanding	1,629.4	1,629.3	1,629.4	1,399.4	1,399.4
Treasury Shares - Common Stock Primary Issue	2.1	2.2	2.1	2.1	2.1
Employees	42,584	40,227	38,740	37,936	37,924
Number of Common Shareholders	173,688	174,112	176,978	176,902	189,041
Total Long Term Debt, Supplemental	3,730.1	4,275.1	5,026.6	5,063.8	3,234.0
Long Term Debt Maturing within 1 Year	725.1	682.7	1,051.3	452.0	134.7
Long Term Debt Maturing in Year 2	729.9	1,173.2	681.2	993.9	330.1
Long Term Debt Maturing in Year 3	605.7	792.9	1,163.0	754.8	228.3
Long Term Debt Maturing in Year 4	325.3	630.0	728.3	1,032.8	601.2
Long Term Debt Maturing in Year 5	626.7	359.1	612.3	660.3	313.0
Long Term Debt Maturing in 2-3 Years	1,335.6	1,966.1	1,844.2	1,748.7	558.4
Long Term Debt Maturing in 4-5 Years	952.0	989.0	1,340.6	1,693.0	914.2
Long Term Debt Matur. in Year 6 & Beyond	717.4	637.2	790.5	1,170.0	1,626.7
Total Capital Leases, Supplemental	25.6	35.7	25.8	32.0	64.1
Capital Lease Payments Due in Year 1	9.5	9.7	7.3	5.2	11.9
Capital Lease Payments Due in Year 2	9.3	9.8	4.7	4.8	4.7
Capital Lease Payments Due in Year 3	3.2	9.6	4.7	5.4	4.7
Capital Lease Payments Due in Year 4	0.5	3.3	4.4	7.0	5.5
Capital Lease Payments Due in Year 5	0.4	0.4	0.5	4.6	7.2
Capital Lease Payments Due in 2-3 Years	12.5	19.4	9.4	10.2	9.5
Capital Lease Payments Due in 4-5 Years	0.9	3.6	4.9	11.7	12.6
Cap. Lease Pymts. Due in Year 6 & Beyond	2.7	3.0	4.2	4.9	30.0
Pension Obligation - Domestic	1,931.5	2,314.3	2,514.3	2,323.2	2,287.1
Plan Assets - Domestic	1,250.5	1,398.0	1,567.9	1,474.6	1,302.6
Funded Status - Domestic	-681.0	-916.3	-946.4	-848.6	-984.5
Total Funded Status	-681.0	-916.3	-946.4	-848.6	-984.5
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	3.00%	3.00%	3.00%	3.00%	3.00%
Prepaid Benefits - Domestic	308.3	338.7	323.2	270.8	244.4
Accrued Liabilities - Domestic	-723.8	-797.3	-806.9	-717.7	-677.1
Other Assets, Net - Domestic	265.5	457.8	462.8	401.7	551.7
Net Assets Recognized on Balance Sheet	-150.0	-0.8	-20.9	-45.3	119.0
Total Plan Obligations	1,931.5	2,314.3	2,514.3	2,323.2	2,287.1
Total Plan Assets	1,250.5	1,398.0	1,567.9	1,474.6	1,302.6

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	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation

Net Income/Starting Line	938.0	1,280.3	967.3	-26.0	-196.6
Depreciation	814.6	854.1	822.5	805.9	833.6
Depreciation/Depletion	814.6	854.1	822.5	805.9	833.6
Amortization of Acquisition Costs	37.6	-1.0	-0.7	-1.1	-1.8
Amortization	37.6	-1.0	-0.7	-1.1	-1.8
Unusual Items	94.7	55.1	83.2	91.8	308.7
Equity in Net Earnings (Loss)	-89.6	-65.8	-73.6	155.7	-38.1
Other Non-Cash Items	39.6	11.2	47.2	61.7	105.3
Non-Cash Items	44.7	0.5	56.8	309.1	375.9
Accounts Receivable	-123.2	-29.1	-386.9	-383.4	468.7
Inventories	-53.9	-331.9	-156.5	635.7	-161.3
Prepaid Expenses	-13.3	-14.1	-17.7	-12.4	-47.0
Other Assets	4.4	-31.7	-69.1	24.4	-1.2
Accounts Payable	-62.3	22.9	303.9	132.5	-565.7
Other Liabilities	-160.8	-202.9	32.7	410.3	-105.2
Other Operating Cash Flow	-209.2	-212.9	-44.3	-106.8	-216.0
Changes in Working Capital	-618.3	-799.8	-338.0	700.4	-627.8
Cash from Operating Activities	1,216.7	1,334.0	1,507.9	1,788.4	383.4

Purchase of Fixed Assets	-1,211.8	-1,100.7	-603.7	-619.7	-981.5
Purchase/Acquisition of Intangibles	-54.8	-42.7	-25.5	-29.5	-27.1
Capital Expenditures	-1,266.6	-1,143.4	-629.3	-649.1	-1,008.6
Sale of Fixed Assets	19.7	15.7	33.0	30.8	15.5
Sale/Maturity of Investment	4.8	6.0	24.8	11.8	32.9
Investment, Net	-	-	-	-	0.0
Purchase of Investments	-28.5	-125.8	-21.6	-662.0	-145.7
Other Investing Cash Flow	-25.3	-69.5	1.0	-41.2	-22.2
Other Investing Cash Flow Items, Total	-29.3	-173.7	37.2	-660.5	-119.6
Cash from Investing Activities	-1,295.9	-1,317.1	-592.1	-1,309.7	-1,128.3

Other Financing Cash Flow	5.7	-10.1	-7.5	-38.8	-18.2
Financing Cash Flow Items	5.7	-10.1	-7.5	-38.8	-18.2
Cash Dividends Paid - Common	-196.2	-206.3	-88.6	-75.5	-139.2
Total Cash Dividends Paid	-196.2	-206.3	-88.6	-75.5	-139.2
Sale/Issuance of Common	-	0.0	1,181.7	0.0	-
Common Stock, Net	-	0.0	1,181.7	0.0	-
Issuance (Retirement) of Stock, Net	-	0.0	1,181.7	0.0	-
Short Term Debt, Net	-69.8	711.7	-872.1	54.7	298.5
Long Term Debt Issued	1,224.1	282.9	160.6	186.5	1,122.5
Long Term Debt Reduction	-648.5	-1,077.7	-759.7	-593.4	-376.7
Long Term Debt, Net	575.6	-794.7	-599.0	-407.0	745.8
Issuance (Retirement) of Debt, Net	505.9	-83.0	-1,471.1	-352.3	1,044.3
Cash from Financing Activities	315.4	-299.5	-385.6	-466.5	886.9

Foreign Exchange Effects	82.1	-21.0	-52.8	10.7	-85.7
Net Change in Cash	318.2	-303.5	477.5	22.9	56.2

Net Cash - Beginning Balance	979.7	1,333.0	750.9	669.2	562.3
Net Cash - Ending Balance	1,297.9	1,029.5	1,228.3	692.1	618.6
Cash Interest Paid	67.1	74.7	76.4	104.8	119.1
Cash Taxes Paid	252.3	274.1	112.5	89.3	167.5

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation

Net Sales	19,190.9	20,118.8	17,967.9	14,629.0	14,644.7
Total Revenue	19,190.9	20,118.8	17,967.9	14,629.0	14,644.7

Cost of sales	15,435.0	15,971.3	14,339.6	11,996.8	12,022.3
Storage And Haulage Expense	312.3	325.0	300.5	257.8	281.5
alaries And Bonuses And Allowance	613.3	618.8	557.5	493.8	505.0
Provision Of Reserve For Bonus	64.9	70.4	64.0	52.1	51.8
Retirement Benefits Expenses	55.8	58.3	56.1	57.3	40.9
Rent expense	112.5	112.5	107.3	103.5	103.3
Traveling & communication exp.	114.4	115.9	101.1	84.3	101.0
Depreciation expense	65.5	63.4	60.4	57.6	56.3
Research And Development Expenses	632.6	641.3	534.9	488.4	487.2
Other	779.1	777.5	678.5	606.1	637.1
Insurance Income	-3.3	-	-	-	-
Loss on step acquisitions	-	12.7	-	-	-
SP G on rev.of retire. /foreign subsid.	-	-	-	-	0.0
SP G on legal settlements/foreign subsid	-	-	-	-	0.0
SP Other Special Gain	0.0	-0.6	0.0	-0.7	0.0
SP Impairment loss	23.8	2.9	25.7	33.3	122.0
SP Loss on disaster	20.2	15.7	21.8	0.0	-
SP Reval.-Inv Security	16.6	2.6	40.7	24.9	137.0
SP Restructuring Cost	3.5	20.6	51.5	15.0	9.7
SP L on adj. for changes of acct. asset	-	0.0	16.5	0.0	-
SP Loss on step acquisitions	-	-	0.0	-	-
SP Environment Expenses	-	-	0.0	10.5	0.0
SP L on val. of inventories	-	-	-	0.0	11.9
SP Settlement expenses	-	-	-	-	0.0
SP Other Special Loss	12.6	1.4	7.5	2.7	16.0
Inventory Reval&Sold	-	-	-	-	0.0
Total Operating Expense	18,258.6	18,810.0	16,963.6	14,283.3	14,583.0

NOP Interest Income	10.1	10.8	8.5	8.1	15.4
Loss On Business Of Subsidiaries And Aff	-	-6.1	-	-	-
NOP Dividend Income	29.0	29.7	23.6	17.8	23.3
NOP Equity Gains	89.6	65.8	73.6	0.0	38.1
Operational Expenses For New Production	-17.0	-	-	-	-
NOP Rental Income	-	-	9.9	9.5	9.5
NOP Other Income	80.5	73.4	52.6	39.8	41.4
NOP Interest Expenses	-65.8	-73.0	-74.6	-96.3	-117.7
NOP Equity in losses	-	-	0.0	-155.7	0.0
NOP related exp. for assets-disc.ops.	-22.3	-19.2	-28.3	-74.2	-10.0
NOP Exchange Loss	-	-	-	-0.4	-57.7
NOP Other Expenses	-46.2	-60.6	-79.3	-83.2	-96.3
SP Gain-Fix Asset Sold	11.6	6.3	16.3	17.5	10.1
SP Gain-Inv Sec Sold	1.3	2.0	19.4	1.7	16.6
SP G on sale of affiliated securities	-	-	-	-	0.0
SP Fix Asset Ret & Sold	-65.2	-57.7	-52.4	-52.7	-74.0
SP Affiliated business losses	-	-	-6.3	-3.6	-56.9
Net Income Before Taxes	938.0	1,280.3	967.3	-26.0	-196.6

Total income taxes	322.4	422.1	239.6	98.8	-54.9
Net Income After Taxes	615.7	858.2	727.8	-124.7	-141.7

Minority interests in income	-31.4	-44.9	-51.8	-27.6	-20.8
Net Income Before Extra. Items	584.3	813.3	676.0	-152.3	-162.5
Net Income	584.3	813.3	676.0	-152.3	-162.5

Income Available to Com Excl ExtraOrd	584.3	813.3	676.0	-152.3	-162.5

Income Available to Com Incl ExtraOrd	584.3	813.3	676.0	-152.3	-162.5

Basic Weighted Average Shares	1,629.4	1,629.3	1,591.0	1,399.4	1,399.8
Basic EPS Excluding ExtraOrdinary Items	0.36	0.50	0.42	-0.11	-0.12
Basic EPS Including ExtraOrdinary Items	0.36	0.50	0.42	-0.11	-0.12
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	584.3	813.3	676.0	-152.3	-162.5
Diluted Weighted Average Shares	1,677.2	1,714.1	1,682.6	1,399.4	1,399.8
Diluted EPS Excluding ExtraOrd Items	0.35	0.47	0.40	-0.11	-0.12
Diluted EPS Including ExtraOrd Items	0.35	0.47	0.40	-0.11	-0.12
DPS-Ordinary Shares	0.12	0.13	0.09	0.05	0.07
Gross Dividends - Common Stock	196.5	206.5	142.7	75.3	104.5
Normalized Income Before Taxes	1,102.5	1,392.2	1,166.4	93.9	150.3

Inc Tax Ex Impact of Sp Items	365.9	459.3	289.0	141.1	67.2
Normalized Income After Taxes	736.6	932.9	877.3	-47.2	83.2

Normalized Inc. Avail to Com.	705.2	888.0	825.5	-74.8	62.4

Basic Normalized EPS	0.43	0.54	0.52	-0.05	0.04
Diluted Normalized EPS	0.42	0.52	0.49	-0.05	0.04
Interest Expense	65.8	73.0	74.6	96.3	117.7
BC - Depreciation of Fixed Assets	814.6	-	-	-	-
Depreciation	-	854.1	-	-	-
Depreciation	-	-	822.5	805.9	833.6
BC - Depreciation of Goodwill	37.6	-	-	-	-
Amortization of Goodwill - footnote	-	-1.0	-	-	-
Amort of Goodwill	-	-	-0.7	-1.1	-1.8
Rental Expenses	112.5	112.5	107.3	103.5	103.3
Research and Development Expenses(COGS)	10.3	-	-	-	-
Total Research and Development Expenses	632.6	651.6	-	-	-
Research And Development Expenses	-	-	534.9	488.4	487.2
R&D Expense(COGS)	-	-	8.5	8.6	10.0
Income taxes-current	215.5	236.1	-	-	-
Current Tax - Total	215.5	236.1	-	-	-
Income taxes-deferred	106.9	186.0	-	-	-
Deferred Tax - Total	106.9	186.0	-	-	-
Income Tax - Total	322.4	422.1	-	-	-
Reported operating profit	1,005.6	1,364.2	1,168.0	431.5	358.3
Reported ordinary profit	1,063.6	1,391.2	1,154.0	96.9	204.2
Service cost	66.9	72.5	71.6	69.1	60.3
Interest cost	45.6	48.9	53.8	50.9	48.8
Expected return on plan assets	-40.5	-45.3	-48.1	-40.6	-52.5
Actuarial G&L	84.1	86.5	76.1	78.8	41.8
Prior service cost	-34.6	-37.6	-34.5	-31.3	-28.4
Retirement Benefit Expenses Other Extrao	56.7	-	-	-	-
Domestic Pension Plan Expense	178.2	125.2	118.9	127.0	70.0
Defined Contribution Expense	-	46.3	50.7	46.2	40.1
Total Pension Expense	178.2	171.5	169.5	173.2	110.0
Discount Rate(MIN)-Retirement Cost(Domes	2.00%	2.00%	-	-	-
Discount Rate	-	-	2.00%	2.00%	2.00%
Expected return on assets(MIN)-Retiremen	3.00%	3.00%	-	-	-
Expected Rate of Return	-	-	3.00%	3.00%	3.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation

Cash & Deposit	1,154.9	988.0	1,270.8	689.0	630.7
Notes and accounts receivable-trade	3,276.0	3,442.7	3,419.4	2,771.1	2,228.7
Marketable securities	-	-	-	-	0.0
Inventories - merchandise/finished goods	1,865.8	1,963.4	1,648.9	1,509.1	1,777.6
Inventories - work-in-process	745.3	886.5	916.4	723.9	876.0
Inventories - raw materials/supplies	723.1	739.9	692.5	598.3	585.9
Defer Tax Asset	227.5	221.2	335.6	181.4	197.7
Other Current	498.0	601.0	482.8	408.5	367.9
Doubt Debt Allow	-22.6	-27.5	-30.1	-27.1	-24.0
Total Current Assets	8,467.9	8,815.1	8,736.5	6,854.4	6,640.5

Buildings & structures, gross	5,201.5	5,517.3	5,409.0	4,865.0	4,576.6
Accumulated depreciation	-3,124.9	-3,396.5	-3,279.3	-2,860.5	-2,692.3
Machinery, equipment and vehicles	15,798.5	16,511.2	16,155.2	14,621.6	13,767.9
Accumulated depreciation(1)	-12,816.3	-13,775.3	-13,385.2	-11,939.1	-11,138.1
Land	740.5	844.7	834.6	753.1	707.3
Constr in Progr	669.6	934.3	499.2	589.1	630.9
Other PPE	918.7	959.4	1,022.3	941.7	905.4
Accum. depr - Other PPE	-721.1	-774.4	-841.8	-759.9	-720.8
Total intangible assets(1)	136.6	130.6	-	110.9	106.5
Goodwill(1)	316.4	386.7	-	-	-
Goodwill	-	-	0.0	-	-
Total intangible assets	-	-	112.0	-	-
Other Investment Securities	1,137.8	-	-	-	-
Other LT inv't	-	1,201.1	-	-	-
Inv Securities	-	-	1,220.1	1,174.8	1,581.3
Stocks Of Subsidiaries And Affiliates	682.7	-	-	-	-
Investments In Capital Of Subsidiaries A	146.6	-	-	-	-
Invt Secs Noncons, Asc, Affd Cos	-	743.2	-	-	-
Invts in Capital Noncons, Ascd, Affd Cos	-	131.1	-	-	-
Inv. Securities.affiliates&sub.	-	-	661.7	549.5	-
Long-term loans receivable	9.9	15.0	17.6	17.7	12.0
Deferred tax assets	206.2	413.5	397.2	516.2	489.3
Inv't partnership-nonconsol.affil.&sub.	-	-	796.0	740.5	-
Allowance For Doubtful Accounts	-22.5	-	-	-	-
Other Other Long Term Assets	-	568.5	-	-	-
Other LT Asset	658.3	-	588.4	516.1	588.5
Doubt Debt Allow	-	-29.0	-31.0	-30.0	-29.3
Total Assets	18,406.4	19,196.4	18,912.5	16,660.9	15,425.8

Notes and accounts payable-trade	1,976.1	2,210.0	2,198.2	1,744.4	1,520.3
Short-term loans payable	1,048.3	1,235.1	902.1	1,434.2	1,297.9
Current portion of long-term loans payab	406.3	561.3	206.7	345.0	134.7
Commercial Paper	318.8	303.5	0.0	235.4	202.5
Current Corp Debt	637.7	121.4	844.6	107.0	405.0
Income Tax Pybl.	103.8	151.7	178.4	135.2	66.2
Bonus Allowance	169.9	196.9	201.1	165.8	152.2
Provision for directors'' bonuses	1.5	2.2	2.0	0.1	0.1
Accrued Expenses	-	-	-	0.0	-
Other Current	1,186.1	1,479.1	1,535.5	1,333.3	886.0
Total Current Liabilities	5,848.5	6,261.2	6,068.4	5,500.5	4,664.9

Corp Debt	212.6	728.3	844.6	1,498.3	1,518.7
Long-term loans payable	3,005.0	2,864.1	3,130.7	3,113.5	3,099.3
Total Long Term Debt	3,217.6	3,592.4	3,975.3	4,611.8	4,618.0

Defer Tax Liab	97.9	68.9	40.4	28.8	26.9
Accrued Retirem. Allow.	723.8	797.3	806.9	717.7	677.1
Provision for directors'' retirement ben	16.8	22.3	54.7	44.8	43.7
Other LT Liab	215.8	271.5	233.1	211.3	205.0
Minority Int.	574.7	567.5	579.7	504.1	442.9
Total Liabilities	10,695.1	11,581.0	11,758.5	11,619.1	10,678.8

Common Stock	1,571.6	1,794.9	1,784.2	1,037.4	981.4
Subscription Rights To Shares(1)	6.0	3.5	-	-	-
Total capital surpluses	1,453.4	1,659.8	1,649.8	918.3	868.7
Total retained earnings	4,916.0	5,223.8	4,614.6	3,554.2	3,576.2
Valuation difference on available-for-sa	376.1	250.8	255.4	258.3	97.7
Currency Adjustm	-590.0	-1,301.9	-1,137.2	-712.5	-761.4
Treasury Stock	-12.4	-14.5	-14.0	-12.2	-11.4
Hedge	-9.4	-0.9	1.3	-1.7	-4.3
Subscription rights to shares	-	-	0.0	-	-
Total Equity	7,711.3	7,615.4	7,154.0	5,041.8	4,747.0

Total Liabilities & Shareholders' Equity	18,406.4	19,196.4	18,912.5	16,660.9	15,425.8

S/O-Ordinary Shares	1,629.4	1,629.3	1,629.4	1,399.4	1,399.4
Total Common Shares Outstanding	1,629.4	1,629.3	1,629.4	1,399.4	1,399.4
T/S-Ordinary Shares	2.1	2.2	2.1	2.1	2.1
Full-Time Employees	42,584	40,227	38,740	37,936	37,924
Total Number of Shareholders	173,688	174,112	-	-	-
Number of Common Shareholders	-	-	176,978	176,902	189,041
Division And End Of Current Period Remai	318.8	-	-	-	-
Within One Year	-	121.4	-	-	-
Division And End Of Current Period Remai	406.3	561.3	-	-	-
LT Debts Maturing within 1yr.	-	-	1,051.3	452.0	134.7
Over One Year And Within Two Years	-	728.3	-	-	-
Lns Pble Maturing over a Yr within 2 Yrs	729.9	444.9	-	-	-
LT Debts Maturing within 2yr.	-	-	681.2	993.9	330.1
Lns Pble Maturg over 2 Yrs within 3 Yrs	605.7	792.9	-	-	-
LT Debts Maturing within 3yr.	-	-	1,163.0	754.8	228.3
Lns Pble Maturg over 3 Yrs within 4 Yrs	325.3	630.0	-	-	-
LT Debts Maturing within 4yr.	-	-	728.3	1,032.8	601.2
Lns Pble Maturg over 4 Yrs within 5 Yrs	626.7	359.1	-	-	-
LT Debts Maturing within 5yr.	-	-	612.3	660.3	313.0
other remaining	717.4	-	-	-	-
Loans Payable Remaining	-	637.2	-	-	-
Remaining	-	-	790.5	1,170.0	1,626.7
Total Long Term Debt, Supplemental	3,730.1	4,275.1	5,026.6	5,063.8	3,234.0
Capital Lease Payment due in 1 Yr.	9.5	9.7	7.3	5.2	11.9
Cap Lease Maturg over a Yr within 2 Yrs	9.3	9.8	-	-	-
Capital Lease Payment due in 2 Yr.	-	-	4.7	4.8	4.7
Cap Lease Maturg over 2 Yr within 3 Yrs	3.2	9.6	-	-	-
Capital Lease Payment due in 3 Yr.	-	-	4.7	5.4	4.7
Cap Lease Maturg over 3 Yr within 4 Yrs	0.5	3.3	-	-	-
Capital Lease Payment due in 4 Yr.	-	-	4.4	7.0	5.5
Cap Lease Maturg over 4 Yr within 5 Yrs	0.4	0.4	-	-	-
Capital Lease Payment due in 5 Yr.	-	-	0.5	4.6	7.2
Other Capital Lease Remaining	2.7	-	-	-	-
Capital Lease Remaining	-	3.0	-	-	-
Remainings	-	-	4.2	4.9	30.0
Total Capital Leases, Supplemental	25.6	35.7	25.8	32.0	64.1
Pension obligation	1,931.5	2,314.3	2,514.3	2,323.2	2,287.1
Fair value of plan assets	1,250.5	1,398.0	1,567.9	1,474.6	1,302.6
Funded Status	-681.0	-916.3	-946.4	-848.6	-984.5
Total Funded Status	-681.0	-916.3	-946.4	-848.6	-984.5
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	3.00%	3.00%	3.00%	3.00%	3.00%
Unrecognized Actuarial Gains and Losses	469.8	726.9	766.1	701.5	860.5
Unrecognized Prior Service Cost	-204.3	-269.1	-303.3	-299.9	-308.8
Prepaid Pension Benefits	308.3	338.7	323.2	270.8	244.4
Reserve for Accrued Retirement Benefits	-723.8	-797.3	-806.9	-717.7	-677.1
Net Assets Recognized on Balance Sheet	-150.0	-0.8	-20.9	-45.3	119.0

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	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation

Income before income taxes	938.0	1,280.3	967.3	-26.0	-196.6
Depreciation	814.6	854.1	822.5	805.9	833.6
Impairment asset	23.8	2.9	25.7	33.3	122.0
Amort.-Goodwill	37.6	-1.0	-0.7	-1.1	-1.8
Increase (decrease) in allowance for dou	-5.7	-4.7	-5.8	1.2	-3.8
Reserve for retirement benefit.	22.2	-14.1	2.9	-0.6	1.8
Interest & Dividend	-39.1	-40.5	-32.1	-25.9	-38.7
Interest Expenses	65.8	73.0	74.6	96.3	117.7
Foreign exchange losses (gains)	-3.6	-2.5	7.7	-9.4	27.5
Equity in (earnings) losses of affiliate	-89.6	-65.8	-73.6	155.7	-38.1
Loss (gain) on disposal of property, pla	53.6	51.5	36.1	35.1	63.9
Loss (gain) on sales and valuation of in	17.4	0.7	21.4	23.3	122.8
Decrease (increase) in notes and account	-123.2	-29.1	-386.9	-383.4	468.7
Decrease (increase) in inventories	-53.9	-331.9	-156.5	635.7	-161.3
Increase (decrease) in notes and account	-62.3	22.9	303.9	132.5	-565.7
Decrease (increase) in other current ass	4.4	-31.7	-69.1	24.4	-1.2
Increase (decrease) in other current lia	-160.8	-202.9	32.7	410.3	-105.2
Increase (decrease) in cash and cash equ	1.6	11.7	-	-	-
Decrease (increase) in prepaid pension c	-13.3	-14.1	-17.7	-12.4	-47.0
Other, net	-7.6	28.3	81.8	38.9	18.4
Interest & Dividend	116.3	95.9	80.0	48.3	78.3
Interest Paid	-67.1	-74.7	-76.4	-104.8	-119.1
Arbitral award paid	-	0.0	-17.1	0.0	-
Settlement charges	-	-	-	0.0	-26.2
Taxes Paid	-252.3	-274.1	-112.5	-89.3	-167.5
Consolidated Cash	-	-	-	-	0.7
Cash from Operating Activities	1,216.7	1,334.0	1,507.9	1,788.4	383.4

Time Deposit,net	-	-	-	-	0.0
Securities Sold	-	-	-	-	0.0
Purchase of property, plant and equipmen	-1,211.8	-1,100.7	-603.7	-619.7	-981.5
Proceeds from sales of property, plant a	19.7	15.7	33.0	30.8	15.5
Intangibles Bought	-54.8	-42.7	-25.5	-29.5	-27.1
Inv Sec Bought	-23.5	-69.8	-6.9	-12.6	-138.7
Inv Sec Sold	3.1	3.8	21.8	10.7	30.9
Purchase of subsid.secs.	-4.5	-55.6	-12.4	-0.3	-1.4
Payments for inv'ts in capital of affi.	-	-	0.0	-646.6	0.0
Payments of long-term loans receivable	-0.4	-0.5	-2.3	-2.5	-5.7
Collection of long-term loans receivable	1.7	2.2	3.0	1.2	2.0
Other, net	-25.3	-69.5	1.0	-41.2	-22.2
Cash from Investing Activities	-1,295.9	-1,317.1	-592.1	-1,309.7	-1,128.3

Net increase (decrease) in short-term lo	-130.0	395.1	-615.3	33.2	198.9
Net increase (decrease) in commercial pa	60.3	316.6	-256.7	21.5	99.5
Proceeds From Issuance Of Bonds	241.0	-	-	-	-
Proceeds from long-term loans payable	983.1	282.9	160.6	186.5	1,122.5
Repayment of long-term loans payable	-528.0	-191.2	-643.0	-163.0	-277.1
Corp Debt Repaid	-120.5	-886.5	-116.7	-430.4	-99.5
Issuance of stock	-	0.0	1,181.7	0.0	-
Dividend Paid	-196.2	-206.3	-88.6	-75.5	-139.2
Minority Dividend	-11.2	-9.8	-8.7	-15.3	-7.2
Outflow--extingush. of subsid. Treasury	-	-	-	-	0.0
Minority Paid-In	27.0	9.5	6.7	7.9	2.8
Other, net	-10.1	-9.8	-5.5	-31.4	-13.8
Cash from Financing Activities	315.4	-299.5	-385.6	-466.5	886.9

Foreign Exchange Effects	82.1	-21.0	-52.8	10.7	-85.7
Net increase (decrease) in cash and cash	318.2	-303.5	477.5	22.9	56.2

Net Cash - Beginning Balance	979.7	1,333.0	750.9	669.2	562.3
Net Cash - Ending Balance	1,297.9	1,029.5	1,228.3	692.1	618.6
Cash Interest Paid	67.1	74.7	76.4	104.8	119.1
Cash Taxes Paid	252.3	274.1	112.5	89.3	167.5

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	4,086.1	10.62%	19,190.9	0.23%	5.41%	-0.71%
Research & Development1 (?)	-	-	632.6	3.64%	4.96%	3.31%
Operating Income1 (?)	185.2	21.77%	932.3	-25.15%	34.03%	-2.58%
Income Available to Common Excl Extraord Items1 (?)	134.5	31.52%	584.3	-24.51%	-	0.17%
Basic EPS Excl Extraord Items1 (?)	0.08	31.55%	0.36	-24.51%	-	-2.83%
Capital Expenditures2 (?)	-	-	1,266.6	16.40%	20.32%	-6.23%
Cash from Operating Activities2 (?)	-	-	1,216.7	-4.17%	-15.31%	-1.77%
Free Cash Flow (?)	-	-	-44.1	-	-	-
Total Assets3 (?)	18,392.4	11.80%	18,406.4	9.51%	3.62%	0.39%
Total Liabilities3 (?)	10,648.4	7.05%	10,695.1	5.47%	-2.50%	-1.86%
Total Long Term Debt3 (?)	3,209.0	7.34%	3,217.6	2.29%	-11.10%	-6.08%
Employees3 (?)	-	-	42584	5.86%	3.93%	2.00%
Total Common Shares Outstanding3 (?)	1,629.1	-0.02%	1,629.4	0.00%	5.20%	3.09%
1-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	Â	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 (?)	19.57%	20.62%	20.19%	17.99%	17.83%
Operating Margin (?)	4.86%	6.51%	5.59%	2.36%	0.42%
Pretax Margin (?)	4.89%	6.36%	5.38%	-0.18%	-1.34%
Net Profit Margin (?)	3.04%	4.04%	3.76%	-1.04%	-1.11%
Financial Strength
Current Ratio (?)	1.45	1.41	1.44	1.25	1.42
Long Term Debt/Equity (?)	0.42	0.47	0.56	0.91	0.97
Total Debt/Equity (?)	0.73	0.76	0.83	1.34	1.40
Management Effectiveness
Return on Assets (?)	3.08%	4.30%	3.99%	-0.75%	-0.88%
Return on Equity (?)	7.17%	10.52%	10.89%	-3.01%	-3.07%
Efficiency
Receivables Turnover (?)	5.42	5.65	5.73	5.73	5.82
Inventory Turnover (?)	4.20	4.46	4.60	3.82	3.73
Asset Turnover (?)	0.96	1.01	0.99	0.88	0.91

Market ValuationÂ USD (mil)
P/E (TTM) (?)	20.13	.	Enterprise Value2 (?)	15,559.1
Price/Sales (TTM) (?)	0.62	.	Enterprise Value/Revenue (TTM) (?)	0.94
Price/Book (MRQ) (?)	1.33	.	Enterprise Value/EBITDA (TTM) (?)	9.67
Market Cap as of 11-Oct-20131 (?)	10,310.1	.
1-ExchangeRate: JPY to USD on 11-Oct-2013	98.109887
2-ExchangeRate: JPY to USD on 30-Jun-2013	98.239969

Annual Ratios

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Financial Strength
Current Ratio (?)	1.45	1.41	1.44	1.25	1.42
Quick/Acid Test Ratio (?)	0.75	0.70	0.77	0.62	0.61
Working Capital1 (?)	2,619.4	2,554.0	2,668.0	1,353.9	1,975.6
Long Term Debt/Equity (?)	0.42	0.47	0.56	0.91	0.97
Total Debt/Equity (?)	0.73	0.76	0.83	1.34	1.40
Long Term Debt/Total Capital (?)	0.24	0.27	0.30	0.39	0.40
Total Debt/Total Capital (?)	0.42	0.43	0.45	0.57	0.58
Payout Ratio (?)	33.61%	25.37%	20.60%	-49.42%	-64.30%
Effective Tax Rate (?)	34.37%	32.97%	24.77%	-	-
Total Capital1 (?)	13,340.0	13,429.1	13,082.6	11,775.3	11,405.1

Efficiency
Asset Turnover (?)	0.96	1.01	0.99	0.88	0.91
Inventory Turnover (?)	4.20	4.46	4.60	3.82	3.73
Days In Inventory (?)	86.85	81.87	79.40	95.67	97.86
Receivables Turnover (?)	5.42	5.65	5.73	5.73	5.82
Days Receivables Outstanding (?)	67.33	64.59	63.69	63.65	62.70
Revenue/Employee2 (?)	397,407	479,345	479,540	383,563	392,861
Operating Income/Employee2 (?)	19,307	31,184	26,803	9,064	1,654
EBITDA/Employee2 (?)	36,176	51,534	48,753	30,195	24,017

Profitability
Gross Margin (?)	19.57%	20.62%	20.19%	17.99%	17.83%
Operating Margin (?)	4.86%	6.51%	5.59%	2.36%	0.42%
EBITDA Margin (?)	9.10%	10.75%	10.17%	7.87%	6.11%
EBIT Margin (?)	4.86%	6.51%	5.59%	2.36%	0.42%
Pretax Margin (?)	4.89%	6.36%	5.38%	-0.18%	-1.34%
Net Profit Margin (?)	3.04%	4.04%	3.76%	-1.04%	-1.11%
R&D Expense/Revenue (?)	3.30%	3.19%	2.98%	3.34%	3.33%
COGS/Revenue (?)	80.43%	79.39%	79.81%	82.01%	82.17%
SG&A Expense/Revenue (?)	10.69%	10.33%	10.38%	11.31%	11.75%

Management Effectiveness
Return on Assets (?)	3.08%	4.30%	3.99%	-0.75%	-0.88%
Return on Equity (?)	7.17%	10.52%	10.89%	-3.01%	-3.07%

Valuation
Free Cash Flow/Share2 (?)	-0.03	0.11	0.56	0.81	-0.45
Operating Cash Flow/Share 2 (?)	0.66	0.78	0.96	1.27	0.28
1-ExchangeRate: JPY to USD Period End Date	94.088557	82.385362	82.88	93.44	98.77
2-ExchangeRate: JPY to USD Average for Period	94.088557	82.385362	82.88	93.44	98.77

Current Market Multiples
Market Cap/Earnings (TTM) (?)	20.16
Market Cap/Equity (MRQ) (?)	1.33
Market Cap/Revenue (TTM) (?)	0.62
Market Cap/EBIT (TTM) (?)	12.01
Market Cap/EBITDA (TTM) (?)	6.40
Enterprise Value/Earnings (TTM) (?)	30.47
Enterprise Value/Equity (MRQ) (?)	2.01
Enterprise Value/Revenue (TTM) (?)	0.94
Enterprise Value/EBIT (TTM) (?)	18.15
Enterprise Value/EBITDA (TTM) (?)	9.67

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

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

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

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

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

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