MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	KOA CORPORATION
Registered Office :	Earth Wing, Koa Pine Park 14016, Nakaminowa, Minowa-machi Kamiina-Gun, 399-4697
Country :	Japan
Financials (as on) :	31.03.2013
Date of Incorporation :	24.05.1947
Legal Form :	Public Parent
Line of Business :	Subject is engaged in the manufacture of electronic components
No. of Employees :	3,975

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

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

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

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

JAPAN - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

KOA CORPORATION

Earth Wing, Koa Pine Park
14016, Nakaminowa, Minowa-machi
Kamiina-Gun, 399-4697
Japan
Tel:	81-265-707171
Fax:	81-265-707711

Employees:

3,975

Company Type:

Public Parent

Corporate Family:

10 Companies

Traded:

Tokyo Stock Exchange:

6999

Incorporation Date:

24-May-1947

Auditor:

Grant Thornton Taiyo ASG

Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	469.6 ^1
Net Income:	19.2
Total Assets:	629.4 ^2
Market Value:	389.1
	(11-Oct-2013)

Business Description

KOA CORPORATION is a company engaged in the manufacture of electronic components. It is principally involved in the manufacture and sale of electronic components such as circuit components including resistors, integrated circuits (ICs) and composite parts. The Company also offers products including surface mount device (SMD) resistors, leaded resistors, network resistors, negative temperature coefficient/positive temperature coefficient (NTC/PTC) thermistors, thermal sensors, inductors, fuses, varistors, surge absorbers, low-temperature co-fired ceramic (LTCC) multilayer substrates and hybrid integrated circuits (ICs), among others. The Company operates throughout Japan, Asia, America and Europe. For the three months ended 30 June 2013, KOA CORPORATION revenues increased 11% to Y10.91B. Net income applicable to common stockholders increased from Y247M to Y524M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from NOP Other Non-op. Income increase of 88% to Y92M (income), NOP Other Non-op.Expense decrease of 79% to Y8M (expense).

Industry

Industry	Semiconductor and Other Electronic Component Manufacturing
ANZSIC 2006:	2429 - Other Electronic Equipment Manufacturing
ISIC Rev 4:	2610 - Manufacture of electronic components and boards
NACE Rev 2:	2611 - Manufacture of electronic components
NAICS 2012:	334416 - Capacitor, Resistor, Coil, Transformer, and Other Inductor Manufacturing
UK SIC 2007:	2611 - Manufacture of electronic components
US SIC 1987:	3676 - Electronic Resistors

  Key Executives

Name	Title
Tadao Hanagata	President, Representative Director
Katsuhiko Momose	General Manager of Business Strategy Center, Director
Hideaki Matsushita	General Manager of Tokyo Office
Koichi Mukaiyama	Chairman of the Board, President of Subsidiary, Representative Director
Kayoko Fukano	Managing Director

News

Title	Date
WIPO PUBLISHES PATENT OF KOA FOR "RESISTOR AND STRUCTURE FOR MOUNTING SAME" (JAPANESE INVENTORS) U.S. Fed News (208 Words)	5-Oct-2013
WIPO PUBLISHES PATENT OF KOA FOR "CHIP RESISTOR FOR INCORPORATION INTO SUBSTRATE AND METHOD FOR PRODUCING SAME" (JAPANESE INVENTORS) U.S. Fed News (316 Words)	20-Sep-2013
WIPO PUBLISHES PATENT OF KOA FOR "TERMINAL CONNECTION STRUCTURE FOR RESISTOR" (JAPANESE INVENTORS) U.S. Fed News (269 Words)	26-Aug-2013
- Long Beach Transforms Transit Mall to Transit "Gallery" Landscape Online (1190 Words)	7-Aug-2013
Council closes one change order, reviews a second Palos Verdes news (2241 Words)	18-Jul-2013
"Surface Mounting Varistor" in Patent Application Approval Process Electronics Newsweekly (1187 Words)	10-Jul-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	4.04	2.32
Quick Ratio (MRQ)	3.46	1.43
Debt to Equity (MRQ)	0.01	0.56
Sales 5 Year Growth	-6.02	8.07
Net Profit Margin (TTM) %	4.67	6.72
Return on Assets (TTM) %	3.20	5.54
Return on Equity (TTM) %	3.96	13.32

Stock Snapshot

Traded: Tokyo Stock Exchange: 6999

As of 11-Oct-2013

   Financials in: JPY

Recent Price	943.00	EPS	45.04
52 Week High	1,171.00	Price/Sales	0.98
52 Week Low	546.00	Dividend Rate	20.00
Avg. Volume (mil)	0.05	Price/Earnings	16.79
Market Value (mil)	38,172.38	Price/Book	0.72
		Beta	1.47

	Price % Change	Rel S&P 500%
4 Week	-0.74%	-1.72%
13 Week	-2.98%	-2.59%
52 Week	53.08%	-8.71%
Year to Date	35.88%	-2.41%

Key IDSM Number: 90987

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
Earth Wing, Koa Pine Park
14016, Nakaminowa, Minowa-machi
Kamiina-Gun, 399-4697
Japan

Tel:	81-265-707171
Fax:	81-265-707711

Quote Symbol - Exchange
6999 - Tokyo Stock Exchange
Sales JPY(mil):	38,962.0
Assets JPY(mil):	59,218.0
Employees:	3,975
Fiscal Year End:	31-Mar-2013

Industry:

Electronic Instruments and Controls

Incorporation Date:	24-May-1947
Company Type:	Public Parent
Quoted Status:	Quoted

President, Representative Director:

Tadao Hanagata

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing
3494	-	Other Electrical and Electronic Goods Wholesaling

ISIC Rev 4 Codes:
2610	-	Manufacture of electronic components and boards
4652	-	Wholesale of electronic and telecommunications equipment and parts

NACE Rev 2 Codes:
2611	-	Manufacture of electronic components
4652	-	Wholesale of electronic and telecommunications equipment and parts

NAICS 2012 Codes:
334416	-	Capacitor, Resistor, Coil, Transformer, and Other Inductor Manufacturing
334419	-	Other Electronic Component Manufacturing
423690	-	Other Electronic Parts and Equipment Merchant Wholesalers
334413	-	Semiconductor and Related Device Manufacturing

US SIC 1987:
3676	-	Electronic Resistors
3679	-	Electronic Components, Not Elsewhere Classified
5065	-	Electronic Parts and Equipment, Not Elsewhere Classified
3674	-	Semiconductors and Related Devices

UK SIC 2007:
2611	-	Manufacture of electronic components
4652	-	Wholesale of electronic and telecommunications equipment and parts

Business Description

KOA CORPORATION is a company engaged in the manufacture of electronic components. It is principally involved in the manufacture and sale of electronic components such as circuit components including resistors, integrated circuits (ICs) and composite parts. The Company also offers products including surface mount device (SMD) resistors, leaded resistors, network resistors, negative temperature coefficient/positive temperature coefficient (NTC/PTC) thermistors, thermal sensors, inductors, fuses, varistors, surge absorbers, low-temperature co-fired ceramic (LTCC) multilayer substrates and hybrid integrated circuits (ICs), among others. The Company operates throughout Japan, Asia, America and Europe. For the three months ended 30 June 2013, KOA CORPORATION revenues increased 11% to Y10.91B. Net income applicable to common stockholders increased from Y247M to Y524M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from NOP Other Non-op. Income increase of 88% to Y92M (income), NOP Other Non-op.Expense decrease of 79% to Y8M (expense).

More Business Descriptions

Manufacture of resistors, semiconductors, magnetic discs

Electronic Components Development Mfr & Sales

Semiconductor and Other Electronic Component Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	38,962.0
Net Income:	1,590.0
Assets:	59,218.0
Long Term Debt:	53.0
Total Liabilities:	11,321.0
Working Capital:	24.8
Date of Financial Data:	31-Mar-2013

1 Year Growth

-3.9%

-3.8%

3.5%

Market Data

Quote Symbol:	6999
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	943.0
Stock Price Date:	10-11-2013
52 Week Price Change %:	53.1
Market Value (mil):	38,172,380.0
SEDOL:	6495860
ISIN:	JP3283400004
Equity and Dept Distribution:
All FY'99-'02 WAS. 8/1/2001, 1,453,500 shs. issd. for stock swaps with Tama Denki Co., Ltd. FY'04-07 Q1&Q3, DPS, WAS, and O/S were estimated. FY'06 Q2 & FY'07 Q2 WAS were estimated to reflect reported EPS. FY'08 Q1&Q3 WAS was used as o/s.

Subsidiaries

Company	Percentage Owned	Country
Koa Denko (Malaysia) Sdn Bhd	100%	MALAYSIA
Koa Denko (S) Pte Ltd		SINGAPORE

Shareholders

Major Shareholders

Credit Suisse (11.7%); Company's Trust Stock (9.3%); Nippon Life Insurance (5.5%); Company's Trust Stock (5.4%)

Key Corporate Relationships

Auditor:	Grant Thornton Taiyo ASG
Auditor:	Grant Thornton Taiyo ASG

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
KOA CORPORATION	Parent	Kamiina-Gun	Japan	Semiconductor and Other Electronic Component Manufacturing	469.6	3,975
Koa Denko (Malaysia) Sdn Bhd	Subsidiary	Melaka	Malaysia	Semiconductor and Other Electronic Component Manufacturing	26.1	500
Koa Denko (S) Pte Ltd	Subsidiary	Singapore	Singapore	Electronics Wholesale		115
KOA Speer Electronics Inc.	Subsidiary	Bradford, PA	United States	Electronics Wholesale	34.8	100
Wuxi Koa Electroceramics Co.,Ltd.	Subsidiary	Yixing, Jiangsu	China	Electronics Wholesale		100
Dah Hsing Electric Co.,Ltd.	Subsidiary	Taipei	Taiwan	Electronics Wholesale		50
Shanghai Koa Electronics Trading Co.,Ltd.	Subsidiary	Shanghai	China	Electronics Wholesale		45
Koa Electronics (H.K.) Ltd.	Subsidiary	Kowloon	Hong Kong	Electronics Wholesale		30
KOA KAOHSIUNG CORPORATION	Subsidiary	Kaohsiung	Taiwan	Semiconductor and Other Electronic Component Manufacturing
KOA ELECTRONICS (TAICANG) CO., LTD.	Subsidiary	Taicang, Jiangsu	China	Semiconductor and Other Electronic Component Manufacturing

Executives Report

Board of Directors

Name	Title	Function
Koichi Mukaiyama	Chairman of the Board, President of Subsidiary, Representative Director	Chairman
Biography: Mr. Koichi Mukaiyama has been serving as Chairman of the Board and Representative Director in KOA CORPORATION, as well as President and Representative Director in a subsidiary, since April 1, 2013. He joined the Company in March 1972. He also used to serve as Director in another subsidiary, KOA Electronics Co., Ltd. Age: 64
Kayoko Fukano	Managing Director	Director/Board Member
Biography: Ms. Kayoko Fukano has been serving as Managing Director in KOA CORPORATION since June 2011. She is also in charge of eight subsidiaries, including KOA SPEER HOLDING CORP, KOA Europe GmbH and KOA DENKO(S)PTE.LTD. She is also working for Inadani Community System Research Institute. Age: 55
Tadao Hanagata	President, Representative Director	Director/Board Member
Biography: Mr. Tadao Hanagata has been serving as President and Representative Director in KOA CORPORATION since April 1, 2013. He is also in charge of two subsidiaries of the Company. He joined the Company in March 1979. He previously served as General Manager of Quality Improvement Center. He holds a Bachelor of Engineering from Tokai University. Age: 57 Education: Tokai University, BE
Takuo Hayashi	Executive Director	Director/Board Member
Biography: Mr. Takuo Hayashi has been serving as Executive Director in KOA CORPORATION since June 2004. He is also in charge of Business Structure Reform Initiative and Japan Sales Business Field. He joined the Company in March 1974. His previous titles include Chief General Manager of Thin-membrane Parts Workshop and General Manager of Technological Creation Center. Age: 61
Michael John Korver	Independent Director	Director/Board Member
Biography: Mr. Michael John Korver has been serving as Independent Director in KOA CORPORATION since June 2008. He is now a Professor in Hitotsubashi University, and Representative Director in Global Venture Capital inc. and another company. Age: 58 Education: University of California, Berkeley, MA (Economics) University of California, Berkeley, BA
Katsuhiko Momose	General Manager of Business Strategy Center, Director	Director/Board Member
Biography: Mr. Katsuhiko Momose has been serving as General Manager of Business Strategy Center and Director in KOA CORPORATION since June 2011. He joined the Company in March 1985. His previous title was General Manager of Main KPS Unit. Age: 83
Noriaki Nakata	Executive Director	Director/Board Member
Biography: Mr. Noriaki Nakata has been serving as Executive Director in KOA CORPORATION, since June 2004. He joined the Company in March 1967. He is also in charge of Quality Assurance Imitative, Manufacturing Initiative, China Business Field and Subsidiaries. His previous titles include General Manager of Quality Assurance Center, General Manager of Quality Improvement Center and General Manager of Procurement Management Center. He also used to serve as Senior Managing Director and Representative Director in the subsidiary Tohoku Electronic Co., Ltd. Age: 65
Akira Nonomura	Executive Director	Director/Board Member
Biography: Mr. Akira Nonomura has been serving as Executive Director in KOA CORPORATION since June 2012. He is also in charge of Business Structure Reform Initiative of the Company. He used to be General Manager of Marketing Center in the Company, as well as Managing Director in a subsidiary KOA DENKO(S) PTE.LTD. He joined the Company in March 1984. Age: 52
Etsuji Yamaoka	Executive Director	Director/Board Member
Biography: Mr. Etsuji Yamaoka has been serving as Executive Director in KOA CORPORATION since April 2013. He is also in charge of Shimoina Business Field and Minowa Business Field in the Company. He joined the Company in April 1986. He used to serve as General Manager of Basic Technology Industrialization Center in the Company. Age: 49

Executives

Name	Title	Function
Tadao Hanagata	President, Representative Director	President
Biography: Mr. Tadao Hanagata has been serving as President and Representative Director in KOA CORPORATION since April 1, 2013. He is also in charge of two subsidiaries of the Company. He joined the Company in March 1979. He previously served as General Manager of Quality Improvement Center. He holds a Bachelor of Engineering from Tokai University. Age: 57 Education: Tokai University, BE
Katsuhiko Momose	General Manager of Business Strategy Center, Director	Division Head Executive
Biography: Mr. Katsuhiko Momose has been serving as General Manager of Business Strategy Center and Director in KOA CORPORATION since June 2011. He joined the Company in March 1985. His previous title was General Manager of Main KPS Unit. Age: 83
Kayoko Fukano	Managing Director	Managing Director
Biography: Ms. Kayoko Fukano has been serving as Managing Director in KOA CORPORATION since June 2011. She is also in charge of eight subsidiaries, including KOA SPEER HOLDING CORP, KOA Europe GmbH and KOA DENKO(S)PTE.LTD. She is also working for Inadani Community System Research Institute. Age: 55
Hideaki Matsushita	General Manager of Tokyo Office	Investor Relations Executive

Significant Developments

Koa Corp Issues Mid-year Consolidated Outlook and Mid-term Dividend Forecast for FY 2014

Jul 24, 2013

Koa Corp announced that it has issued its mid-year consolidated outlook for revenue of JPY 22,000 million, operating profit of JPY 1,300 million, ordinary profit of JPY 1,700 million, net profit of JPY 1,200 million, and earnings per share of JPY 32.72, for the fiscal year ending March 2014. The Company also has issued its mid-term dividend forecast of JPY 10.00 per share, for the same fiscal year.

Koa Corp Announces Officer Change

Feb 27, 2013

Koa Corp announced that it has appointed Koichi Mukaiyama as Chairman of the Board and Representative Director, Tadao Hanagata as President and Representative Director, effective April 1, 2013.

Koa Corp Announces Consolidated Full-year Outlook and Year-end Dividend Forecast for FY 2013

Jan 25, 2013

Koa Corp announced its consolidated full-year outlook for revenue of JPY 38,600 million, operating profit of JPY 1,530 million, ordinary profit of JPY 1,830 million, net profit of JPY 1,380 million and earning per share of JPY 37.62, for the fiscal year ending March 2013. The Company has also announced its year-end dividend forecast of JPY 10.00 per share, for the fiscal year ending March 2013.

Koa Corp Raises Consolidated Q1-Q3 Outlook for FY 2013

Jan 23, 2013

Koa Corp announced that it has raised its consolidated outlook for revenue from JPY 28,900 million to JPY 29,103 million, operating profit from JPY 1,100 million to JPY 1,225 million, ordinary profit from JPY 1,110 million to JPY 1,601 million, net profit from JPY 780 million to JPY 1,137 million and earning per share from JPY 21.27 to JPY 31.02, for the period from the first quarter to the third quarter of the fiscal year ending March 2013.

Annual Income Statement

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Sales	469.6	513.4	509.2	390.3	407.3
Revenue	469.6	513.4	509.2	390.3	407.3
Total Revenue	469.6	513.4	509.2	390.3	407.3
Cost of Revenue	353.2	383.4	364.5	295.1	334.8
Cost of Revenue, Total	353.2	383.4	364.5	295.1	334.8
Gross Profit	116.4	130.0	144.7	95.2	72.5
Selling/General/Administrative Expense	44.2	48.0	44.3	33.7	43.8
Labor & Related Expense	49.5	47.3	44.9	38.2	44.2
Total Selling/General/Administrative Expenses	93.7	95.3	89.2	71.9	88.0
Depreciation	2.2	2.5	2.5	2.3	2.5
Amortization of Acquisition Costs	-	0.0	0.0	-0.1	-0.1
Depreciation/Amortization	2.2	2.5	2.5	2.2	2.4
Litigation	-	-	-	-	0.0
Impairment-Assets Held for Use	1.2	0.2	0.2	0.1	5.4
Impairment-Assets Held for Sale	0.6	0.4	0.0	0.3	0.5
Other Unusual Expense (Income)	0.0	0.0	2.9	-1.3	-0.1
Unusual Expense (Income)	1.8	0.7	3.0	-0.9	5.8
Total Operating Expense	450.9	482.0	459.3	368.4	431.0
Operating Income	18.7	31.5	49.9	21.9	-23.7
Interest Expense - Non-Operating	-0.4	-0.3	-0.3	-0.3	-0.4
Interest Expense, Net Non-Operating	-0.4	-0.3	-0.3	-0.3	-0.4
Interest Income - Non-Operating	0.6	0.8	0.7	0.9	1.6
Investment Income - Non-Operating	6.3	1.3	-4.5	-2.3	-2.0
Interest/Investment Income - Non-Operating	6.8	2.0	-3.8	-1.3	-0.4
Interest Income (Expense) - Net Non-Operating Total	6.4	1.7	-4.1	-1.7	-0.9
Gain (Loss) on Sale of Assets	0.8	0.7	0.4	0.3	-1.1
Other Non-Operating Income (Expense)	0.0	0.0	0.3	-0.5	2.1
Other, Net	0.0	0.0	0.3	-0.5	2.1
Income Before Tax	26.0	33.9	46.5	20.0	-23.5
Total Income Tax	6.8	13.0	15.4	6.9	-4.4
Income After Tax	19.2	20.9	31.1	13.1	-19.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	19.2	20.9	31.1	13.1	-19.2
Net Income	19.2	20.9	31.1	13.1	-19.2
Miscellaneous Earnings Adjustment	0.0	-	0.0	-0.1	0.0
Total Adjustments to Net Income	0.0	-	0.0	-0.1	0.0
Income Available to Common Excl Extraord Items	19.2	20.9	31.1	13.0	-19.2
Income Available to Common Incl Extraord Items	19.2	20.9	31.1	13.0	-19.2
Basic/Primary Weighted Average Shares	36.7	36.7	36.7	37.2	39.2
Basic EPS Excl Extraord Items	0.52	0.57	0.85	0.35	-0.49
Basic/Primary EPS Incl Extraord Items	0.52	0.57	0.85	0.35	-0.49
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	19.2	20.9	31.1	13.0	-19.2
Diluted Weighted Average Shares	36.7	36.7	36.7	37.2	39.2
Diluted EPS Excl Extraord Items	0.52	0.57	0.85	0.35	-0.49
Diluted EPS Incl Extraord Items	0.52	0.57	0.85	0.35	-0.49
Dividends per Share - Common Stock Primary Issue	0.24	0.25	0.21	0.12	0.09
Gross Dividends - Common Stock	8.8	9.3	7.7	4.4	3.6
Interest Expense, Supplemental	0.4	0.3	0.3	0.3	0.4
Depreciation, Supplemental	22.5	23.7	22.8	25.5	25.8
Total Special Items	1.0	0.1	2.7	-0.9	7.6
Normalized Income Before Tax	27.0	34.0	49.2	19.1	-15.9
Effect of Special Items on Income Taxes	0.3	0.0	0.9	-0.4	2.4
Inc Tax Ex Impact of Sp Items	7.0	13.0	16.3	6.5	-2.0
Normalized Income After Tax	19.9	21.0	32.9	12.6	-14.0
Normalized Inc. Avail to Com.	19.9	21.0	32.9	12.5	-14.0
Basic Normalized EPS	0.54	0.57	0.90	0.34	-0.36
Diluted Normalized EPS	0.54	0.57	0.90	0.34	-0.36
Amort of Acquisition Costs, Supplemental	0.0	0.1	0.1	0.2	0.7
Rental Expenses	-	-	3.0	-	-
Research & Development Exp, Supplemental	15.2	16.1	15.5	13.0	15.3
Reported Operating Profit	20.5	32.2	52.9	20.9	-15.8
Reported Ordinary Profit	27.0	34.7	49.8	20.4	-15.2
Normalized EBIT	20.5	32.2	53.0	21.1	-17.9
Normalized EBITDA	43.0	56.1	75.8	46.8	8.6
Current Tax - Total	8.4	11.1	-	-	-
Current Tax - Total	8.4	11.1	-	-	-
Deferred Tax - Total	-1.6	1.8	-	-	-
Deferred Tax - Total	-1.6	1.8	-	-	-
Income Tax - Total	6.8	12.9	-	-	-
Interest Cost - Domestic	1.5	1.6	1.3	1.5	1.4
Service Cost - Domestic	4.3	5.1	4.0	3.5	3.1
Prior Service Cost - Domestic	-0.3	-0.4	-0.3	-0.2	-0.2
Expected Return on Assets - Domestic	-0.8	-0.8	-0.7	-0.7	-0.6
Actuarial Gains and Losses - Domestic	1.0	1.5	1.3	1.0	0.4
Other Pension, Net - Domestic	0.7	0.8	0.7	0.6	0.6
Domestic Pension Plan Expense	6.4	7.9	6.3	5.8	4.7
Total Pension Expense	6.4	7.9	6.3	5.8	4.7
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.50%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Total Plan Interest Cost	1.5	1.6	1.3	1.5	1.4
Total Plan Service Cost	4.3	5.1	4.0	3.5	3.1
Total Plan Expected Return	-0.8	-0.8	-0.7	-0.7	-0.6
Total Plan Other Expense	0.7	0.8	0.7	0.6	0.6

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	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Cash & Equivalents	130.5	191.6	201.0	170.0	138.3
Short Term Investments	26.3	15.8	11.7	6.1	4.7
Cash and Short Term Investments	156.8	207.5	212.7	176.1	143.1
Accounts Receivable - Trade, Gross	122.2	140.0	146.9	123.5	86.9
Provision for Doubtful Accounts	-0.5	-0.8	-1.5	-1.1	-1.1
Trade Accounts Receivable - Net	121.7	139.3	145.4	122.4	85.8
Other Receivables	0.3	0.3	1.9	2.3	9.6
Total Receivables, Net	122.0	139.6	147.3	124.6	95.3
Inventories - Finished Goods	20.5	21.0	25.2	17.2	16.4
Inventories - Work In Progress	22.9	23.0	21.1	14.9	14.0
Inventories - Raw Materials	8.5	9.1	9.5	7.0	7.8
Total Inventory	51.9	53.1	55.9	39.1	38.2
Prepaid Expenses	1.1	1.0	1.1	0.8	0.9
Deferred Income Tax - Current Asset	8.3	8.0	10.0	9.6	7.1
Other Current Assets	3.6	3.1	4.8	2.0	3.5
Other Current Assets, Total	11.9	11.2	14.8	11.7	10.6
Total Current Assets	343.8	412.4	431.7	352.2	288.2
Buildings	174.2	155.2	152.6	134.6	126.9
Land/Improvements	68.7	78.3	75.8	67.3	63.7
Machinery/Equipment	384.2	423.6	416.4	355.3	341.3
Construction in Progress	12.9	16.8	6.8	5.9	5.9
Property/Plant/Equipment - Gross	640.0	673.9	651.6	563.1	537.8
Accumulated Depreciation	-423.3	-464.7	-449.0	-388.7	-357.8
Property/Plant/Equipment - Net	216.7	209.2	202.6	174.4	180.0
Intangibles, Net	4.4	4.1	4.0	3.9	4.0
LT Investment - Affiliate Companies	8.6	9.0	-	-	-
LT Investments - Other	20.0	21.6	32.5	29.0	26.3
Long Term Investments	28.6	30.6	32.5	29.0	26.3
Note Receivable - Long Term	-	-	0.0	0.6	7.9
Deferred Income Tax - Long Term Asset	1.0	1.3	1.3	1.5	7.4
Other Long Term Assets	34.9	36.8	36.9	29.8	22.5
Other Long Term Assets, Total	35.9	38.1	38.2	31.2	29.9
Total Assets	629.4	694.3	708.9	591.4	536.4
Accounts Payable	39.7	45.0	54.3	45.4	29.3
Accrued Expenses	23.0	26.5	26.0	21.3	17.5
Notes Payable/Short Term Debt	5.2	3.9	2.1	3.6	4.8
Current Portion - Long Term Debt/Capital Leases	-	3.5	0.6	0.8	1.0
Income Taxes Payable	3.0	3.5	12.6	2.5	1.2
Other Payables	5.9	9.2	16.3	4.5	4.0
Other Current Liabilities	6.6	2.6	3.6	2.3	1.8
Other Current liabilities, Total	15.5	15.2	32.6	9.3	7.0
Total Current Liabilities	83.4	94.1	115.6	80.4	59.7
Long Term Debt	0.6	2.7	9.7	7.2	7.6
Total Long Term Debt	0.6	2.7	9.7	7.2	7.6
Total Debt	5.7	10.1	12.4	11.6	13.4
Deferred Income Tax - LT Liability	11.6	13.5	13.9	12.3	8.4
Deferred Income Tax	11.6	13.5	13.9	12.3	8.4
Minority Interest	0.8	0.7	0.7	0.7	0.7
Reserves	0.0	1.0	1.0	0.0	-
Pension Benefits - Underfunded	20.5	22.7	21.2	18.2	17.5
Other Long Term Liabilities	3.4	6.8	6.9	5.9	7.1
Other Liabilities, Total	24.0	30.5	29.1	24.1	24.6
Total Liabilities	120.3	141.5	168.9	124.7	101.0
Common Stock	64.1	73.2	72.8	64.6	61.1
Common Stock	64.1	73.2	72.8	64.6	61.1
Additional Paid-In Capital	95.8	109.4	108.7	96.4	91.2
Retained Earnings (Accumulated Deficit)	397.8	443.9	430.2	359.1	329.1
Treasury Stock - Common	-28.2	-32.2	-32.0	-28.4	-21.6
Unrealized Gain (Loss)	4.7	4.4	3.8	3.8	1.5
Translation Adjustment	-25.2	-45.9	-43.5	-28.8	-26.0
Other Equity	0.0	-	-	-	-
Other Equity, Total	-25.2	-45.9	-43.5	-28.8	-26.0
Total Equity	509.1	552.8	540.0	466.7	435.3
Total Liabilities & Shareholders’ Equity	629.4	694.3	708.9	591.4	536.4
Shares Outstanding - Common Stock Primary Issue	36.7	36.7	36.7	36.7	37.6
Total Common Shares Outstanding	36.7	36.7	36.7	36.7	37.6
Treasury Shares - Common Stock Primary Issue	3.8	3.8	3.8	3.8	2.9
Employees	3,975	3,821	3,826	3,724	3,689
Number of Common Shareholders	6,888	7,057	7,378	7,670	8,523
Total Long Term Debt, Supplemental	5.4	9.3	13.3	10.6	11.1
Long Term Debt Maturing within 1 Year	4.8	3.5	0.6	0.8	1.0
Long Term Debt Maturing in Year 2	0.3	5.3	2.4	1.8	1.9
Long Term Debt Maturing in Year 3	0.2	0.2	5.4	1.8	1.9
Long Term Debt Maturing in Year 4	0.1	0.2	2.4	4.5	1.9
Long Term Debt Maturing in Year 5	0.1	0.0	2.4	1.8	4.5
Long Term Debt Maturing in 2-3 Years	0.4	5.5	7.8	3.6	3.8
Long Term Debt Maturing in 4-5 Years	0.1	0.2	4.8	6.3	6.4
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	0.5	0.3	0.4	0.4	-
Capital Lease Payments Due in Year 1	0.1	0.1	0.1	0.1	-
Capital Lease Payments Due in Year 2	0.1	0.1	0.1	0.1	-
Capital Lease Payments Due in Year 3	0.1	0.0	0.1	0.1	-
Capital Lease Payments Due in Year 4	0.1	0.0	0.1	0.1	-
Capital Lease Payments Due in Year 5	0.0	0.0	0.1	0.1	-
Capital Lease Payments Due in 2-3 Years	0.2	0.1	0.1	0.1	-
Capital Lease Payments Due in 4-5 Years	0.1	0.0	0.1	0.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	-	-
Pension Obligation - Domestic	75.1	77.3	74.1	63.7	57.1
Plan Assets - Domestic	53.3	54.7	51.0	44.2	37.7
Funded Status - Domestic	-21.8	-22.7	-23.2	-19.5	-19.4
Total Funded Status	-21.8	-22.7	-23.2	-19.5	-19.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.50%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Prepaid Benefits - Domestic	0.1	0.1	0.6	0.9	1.1
Accrued Liabilities - Domestic	-12.9	-14.4	-13.0	-11.1	-11.1
Other Assets, Net - Domestic	8.9	8.4	10.8	9.3	9.4
Net Assets Recognized on Balance Sheet	-4.0	-5.8	-1.7	-0.9	-0.6
Total Plan Obligations	75.1	77.3	74.1	63.7	57.1
Total Plan Assets	53.3	54.7	51.0	44.2	37.7

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	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Income/Starting Line	26.0	33.9	46.4	20.0	-23.5
Depreciation	22.5	23.7	23.0	25.5	25.8
Depreciation/Depletion	22.5	23.7	23.0	25.5	25.8
Amortization of Acquisition Costs	0.0	0.1	0.1	0.2	0.7
Amortization	0.0	0.1	0.1	0.2	0.7
Unusual Items	1.2	0.4	0.5	0.0	5.5
Equity in Net Earnings (Loss)	-0.6	-0.7	-0.4	0.7	0.9
Other Non-Cash Items	-0.3	-0.3	-0.1	-1.6	-1.6
Non-Cash Items	0.3	-0.6	0.0	-0.8	4.8
Accounts Receivable	7.9	6.7	-12.2	-30.2	45.4
Inventories	-1.9	2.6	-12.9	1.0	15.7
Accounts Payable	-8.3	-8.1	8.6	15.2	-27.3
Accrued Expenses	-0.4	-0.3	2.2	1.3	-2.3
Other Operating Cash Flow	-9.6	-17.4	-2.6	15.0	0.6
Changes in Working Capital	-12.3	-16.6	-16.9	2.3	32.1
Cash from Operating Activities	36.5	40.6	52.7	47.2	39.9
Purchase of Fixed Assets	-55.7	-37.4	-20.5	-5.0	-36.0
Capital Expenditures	-55.7	-37.4	-20.5	-5.0	-36.0
Sale of Fixed Assets	0.3	0.2	0.1	0.1	0.2
Sale/Maturity of Investment	45.3	47.0	20.4	4.9	4.5
Purchase of Investments	-45.9	-37.0	-29.6	-16.6	-15.7
Other Investing Cash Flow	-1.0	-0.5	-1.0	-0.6	-4.3
Other Investing Cash Flow Items, Total	-1.3	9.7	-10.1	-12.2	-15.2
Cash from Investing Activities	-56.9	-27.7	-30.6	-17.2	-51.2
Other Financing Cash Flow	-0.2	-0.1	2.3	5.0	2.5
Financing Cash Flow Items	-0.2	-0.1	2.3	5.0	2.5
Cash Dividends Paid - Common	-8.8	-9.3	-6.2	-1.8	-7.6
Total Cash Dividends Paid	-8.8	-9.3	-6.2	-1.8	-7.6
Repurchase/Retirement of Common	0.0	0.0	0.0	-5.6	-14.9
Common Stock, Net	0.0	0.0	0.0	-5.6	-14.9
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	-5.6	-14.9
Short Term Debt Issued	7.1	12.4	-	-	-
Short Term Debt Reduction	-8.0	-9.8	-5.1	-6.6	-3.4
Short Term Debt, Net	-0.9	2.6	-5.1	-6.6	-3.4
Long Term Debt Issued	0.8	0.0	5.1	1.0	7.7
Long Term Debt Reduction	-4.0	-4.0	-3.0	-3.5	-1.0
Long Term Debt, Net	-3.2	-4.0	2.0	-2.6	6.7
Issuance (Retirement) of Debt, Net	-4.1	-1.4	-3.0	-9.2	3.3
Cash from Financing Activities	-13.1	-10.8	-6.9	-11.5	-16.8
Foreign Exchange Effects	7.1	-1.3	-5.0	-0.8	-2.1
Net Change in Cash	-26.5	0.9	10.2	17.7	-30.2
Net Cash - Beginning Balance	180.0	188.3	163.3	132.9	153.1
Net Cash - Ending Balance	153.6	189.2	173.5	150.5	122.9
Cash Interest Paid	0.4	0.3	0.4	0.4	0.4
Cash Taxes Paid	7.7	19.7	4.3	-6.2	2.4

 Annual Income Statement

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Sales	469.6	513.4	509.2	390.3	407.3
Total Revenue	469.6	513.4	509.2	390.3	407.3
Cost of Sales	353.2	383.4	364.5	295.1	332.7
Other Selling/General/Admin. Expense	0.0	0.0	-	-	-
Transport&Shipping	7.1	7.0	7.8	5.7	6.5
Salaries	46.1	43.7	41.6	36.1	42.4
Allowance-Bonus	3.4	3.6	3.3	2.1	1.8
Depreciation	2.2	2.5	2.5	2.3	2.5
Allowance-Doubt.	0.0	0.0	0.5	0.0	0.1
Sales commission	-	-	3.6	-	-
Traveling expense	-	-	2.6	-	-
Rent expenses	-	-	3.0	-	-
Stationery expenses	-	-	1.5	-	-
Communication expenses	-	-	1.1	-	-
Other SGA Expenses	37.1	41.0	24.3	27.9	37.2
Rounding adjustment Income Statement	0.0	-	-	-	-
SP Rev-Doubt.Acct.Allow	-	0.0	-0.3	-1.3	-0.1
SP Other Special Gain	-	-	-	0.0	0.0
L on valuation of forward exchange contr	0.6	-	-	-	-
SP Revalue.-Invest. Sec	0.0	0.4	0.0	0.3	0.5
SP L on val. of inventories	-	-	-	0.0	2.2
SP L on val. of memberships	-	-	-	0.0	0.0
SP Litigaton Expense	-	-	-	-	0.0
SP Impairment Loss	1.2	0.2	0.2	0.1	5.4
SP Reserve directors' retir.bene.	-	-	-	-	0.0
SP Compensation for damage	-	0.0	2.3	0.0	-
Loss on adjustment for changes of accoun	-	0.0	0.9	0.0	-
SP Other Special Loss	0.0	0.0	0.0	0.0	-
NOP Amortization of Negative Goodwill	-	0.0	0.0	-0.1	-0.1
Total Operating Expense	450.9	482.0	459.3	368.4	431.0
Gain On Disposal Of Material Scraps	0.8	0.9	-	-	-
SP Gain-Fixed Assets	0.2	0.1	0.0	0.1	0.0
Gain On Sales Of Investment Securities	0.2	-	-	-	-
Foreign Exchange Gains	4.9	-	-	-	-
Equity in earnings of affiliates	0.6	0.7	-	-	-
Gain Sale Investment Secs	-	-	-	0.0	0.8
SP L on sale of fixed assets.	-	-	-	0.0	0.0
SP L on liquidation of subs.	-	-	-	0.0	-0.2
SP Disposal Loss-Assets	-0.1	-0.3	-0.4	-0.2	-0.9
SP Loss on sale of invesment secs.	-	-	0.0	-1.2	0.0
NOP Interest Income	0.6	0.8	0.7	0.9	1.6
NOP Dividend Income	0.6	0.5	0.4	0.2	0.4
Temporal Exp from relocation of facility	-0.6	-	-	-	-
Reversal Of Allowance For Doubtful Accou	0.3	0.7	-	-	-
Other Non-Operating Income (Expense)	0.0	0.0	-	-	-
NOP Rental Income	0.1	0.1	0.2	0.1	0.7
NOP Equity Gain-Subs.	-	-	-	-	0.0
NOP Waste Disposal Gain	-	-	0.7	0.4	0.2
Insurance income received etc	0.7	0.9	0.9	0.8	1.7
NOP Subsidy income	-	-	0.0	1.3	0.0
NOP Other Non-op. Income	1.4	1.2	1.7	1.0	1.5
NOP Interest Expense	-0.4	-0.3	-0.3	-0.3	-0.4
NOP Manage Fee-Rent Asst	-	0.0	-0.1	-0.3	-0.3
NOP Exchange Loss	-	0.0	-5.0	-0.5	-2.3
NOP Equity losses	-	-	0.0	-0.7	-0.9
NOP Disp.Loss-Inventory	-	-	-	0.0	-0.2
NOP Loss from Spoilage	-0.2	-1.6	-0.4	-1.1	-0.2
NOP Layoff expenses	-	-	0.0	-1.2	0.0
NOP Other Non-op Expense	-1.6	-1.4	-2.0	-1.3	-1.3
Net Income Before Taxes	26.0	33.9	46.5	20.0	-23.5
Provision for Income Taxes	6.8	13.0	15.4	6.9	-4.4
Net Income After Taxes	19.2	20.9	31.1	13.1	-19.1
Minority interests in loss	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	19.2	20.9	31.1	13.1	-19.2
Net Income	19.2	20.9	31.1	13.1	-19.2
Rounding adjustment Income Statement	0.0	-	-	-	-
Adjustment	-	-	0.0	-0.1	0.0
Income Available to Com Excl ExtraOrd	19.2	20.9	31.1	13.0	-19.2
Income Available to Com Incl ExtraOrd	19.2	20.9	31.1	13.0	-19.2
Basic Weighted Average Shares	36.7	36.7	36.7	37.2	39.2
Basic EPS Excluding ExtraOrdinary Items	0.52	0.57	0.85	0.35	-0.49
Basic EPS Including ExtraOrdinary Items	0.52	0.57	0.85	0.35	-0.49
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	19.2	20.9	31.1	13.0	-19.2
Diluted Weighted Average Shares	36.7	36.7	36.7	37.2	39.2
Diluted EPS Excluding ExtraOrd Items	0.52	0.57	0.85	0.35	-0.49
Diluted EPS Including ExtraOrd Items	0.52	0.57	0.85	0.35	-0.49
DPS-Ordinary Shares	0.24	0.25	0.21	0.12	0.09
Gross Dividends - Common Stock	8.8	9.3	7.7	4.4	3.6
Normalized Income Before Taxes	27.0	34.0	49.2	19.1	-15.9
Inc Tax Ex Impact of Sp Items	7.0	13.0	16.3	6.5	-2.0
Normalized Income After Taxes	19.9	21.0	32.9	12.6	-14.0
Normalized Inc. Avail to Com.	19.9	21.0	32.9	12.5	-14.0
Basic Normalized EPS	0.54	0.57	0.90	0.34	-0.36
Diluted Normalized EPS	0.54	0.57	0.90	0.34	-0.36
Total Research And Development Expense	15.2	16.1	15.5	13.0	15.3
Rental Expense, Supplemental	-	-	3.0	-	-
Interest Expense	0.4	0.3	0.3	0.3	0.4
BC - Depreciation of Goodwill	0.0	0.1	-	-	-
Amort of Goodwill	-	-	0.1	0.4	0.8
Amort. of neg. goodwill	-	-	0.0	-0.1	-0.1
BC - Depreciation of Fixed Assets	22.5	23.7	-	-	-
Depreciation	-	-	22.8	25.5	25.8
Income taxes-current	8.4	11.1	-	-	-
Current Tax - Total	8.4	11.1	-	-	-
Income taxes-deferred	-1.6	1.8	-	-	-
Deferred Tax - Total	-1.6	1.8	-	-	-
Income Tax - Total	6.8	12.9	-	-	-
Reported Operating Profit	20.5	32.2	52.9	20.9	-15.8
Reported Ordinary Profit	27.0	34.7	49.8	20.4	-15.2
Service Cost	4.3	5.1	4.0	3.5	3.1
Interest Cost	1.5	1.6	1.3	1.5	1.4
Expected Return on Plan Assets	-0.8	-0.8	-0.7	-0.7	-0.6
Pension Exp. due to Acct. Changes	0.7	-	-	-	-
Pension Exp. due to Acct. Changes	-	0.8	0.7	0.6	0.6
Actuarial Gains and Losses	1.0	1.5	1.3	1.0	0.4
Prior Service Cost	-0.3	-0.4	-0.3	-0.2	-0.2
Domestic Pension Plan Expense	6.4	7.9	6.3	5.8	4.7
Total Pension Expense	6.4	7.9	6.3	5.8	4.7
Discount Rate(MIN)-Retirement Cost(Domes	2.00%	2.00%	-	-	-
Discount Rate	-	-	2.00%	2.00%	2.50%
Expected return on assets(MIN)-Retiremen	1.50%	1.50%	-	-	-
Expected Rate of Return	-	-	1.50%	1.50%	1.50%

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	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Cash&Equivalent	130.5	191.6	201.0	170.0	138.3
Notes and accounts receivable-trade	122.2	140.0	146.9	123.5	86.9
Short-term investment securities	26.3	15.8	11.7	6.1	4.7
Inventories-merchandise & finished goods	20.5	21.0	25.2	17.2	16.4
Inventories - work-in-process	22.9	23.0	21.1	14.9	14.0
Inventories - raw materials & supplies	8.5	9.1	9.5	7.0	7.8
Prepayments	1.1	1.0	1.1	0.8	0.9
Deferred Tax	8.3	8.0	10.0	9.6	7.1
Income tax refund receivable	0.3	0.3	1.9	2.3	9.6
Rounding adjustment Assets	0.0	0.0	-	-	-
Other Current	3.6	3.1	4.8	2.0	3.5
Allowance-Doubt.	-0.5	-0.8	-1.5	-1.1	-1.1
Total Current Assets	343.8	412.4	431.7	352.2	288.2
Build.&Structure	174.2	155.2	152.6	134.6	126.9
Accumulated impairment loss	0.0	0.0	-	-	-
Depreciation-Build. & Structure	-102.6	-111.1	-106.7	-92.0	-83.6
Impairment loss-Build. & Structure	-0.7	-0.1	-0.1	-0.1	-0.1
Machinery, equipment and vehicles	360.3	398.5	392.0	332.8	319.8
Depreciation-Machine. & Vehicle	-296.1	-327.7	-317.2	-273.6	-252.2
Impairment loss-Machine. & Vehicle	-3.5	-3.7	-3.7	-3.7	-3.8
Tools, furniture and fixtures	23.9	25.1	24.4	22.5	21.5
Depreciation-Tools & Fixtures	-20.4	-22.1	-21.3	-19.2	-18.1
Construction In Progress	12.9	-	-	-	-
Construction in Progress	-	16.8	6.8	5.9	5.9
Land	68.7	-	-	-	-
Land	-	78.3	75.8	67.3	63.7
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Other Buildings, Net	-	0.0	-	-	-
Other PPE	-	0.0	-	-	-
Other Plant/machinery, Net	-	0.0	-	-	-
Intangible	4.4	4.1	4.0	3.9	4.0
Other Investment Securities	20.0	-	-	-	-
Other LT Investments (Held for Sale / He	-	21.6	-	-	-
Invest. Security	-	-	32.5	29.0	26.3
LT Loans	-	-	0.0	0.6	7.9
Deferred tax assets	1.0	1.3	1.3	1.5	7.4
Other Long Term Assets	0.0	0.0	-	-	-
Other Assets	35.2	37.1	37.2	30.2	32.7
Allowance-Doubt.	-0.3	-0.3	-0.3	-0.5	-10.2
Invt Secs Noncons, Asc, Affd Cos	8.6	9.0	-	-	-
Total Assets	629.4	694.3	708.9	591.4	536.4
Notes and accounts payable-trade	39.7	45.0	54.3	45.4	29.3
Short-term loans payable	4.7	3.6	1.3	3.4	4.7
LT borrowings (current)	-	3.5	0.6	0.8	1.0
Tax Payable	3.0	3.5	12.6	2.5	1.2
Accrued Expenses	11.2	12.8	12.1	11.0	9.0
Notes payable-trade of equipment purchas	0.4	0.3	0.9	0.2	0.1
Accounts payable-other	5.9	9.2	16.3	4.5	4.0
Accrued Bonus	11.8	13.7	13.9	10.3	8.6
Asset retirement obligations	0.8	-	-	-	-
Rounding adjustment Liability	0.0	0.0	-	-	-
Other Current	5.8	2.5	3.6	2.3	1.8
Total Current Liabilities	83.4	94.1	115.6	80.4	59.7
Long-term loans payable	0.6	2.7	9.7	7.2	7.6
Total Long Term Debt	0.6	2.7	9.7	7.2	7.6
Deferred Tax	11.6	13.5	13.9	12.3	8.4
Accr. Retirement	12.9	14.4	13.0	11.1	11.1
Other Long Term Liabilities	0.0	0.0	-	-	-
Provision for directors'' retirement ben	7.6	8.3	8.2	7.1	6.4
Asset retirement obligations	0.0	1.0	1.0	0.0	-
Other LT Liab.	3.4	6.8	6.9	5.9	7.1
Minor. Interest	0.8	0.7	0.7	0.7	0.7
Total Liabilities	120.3	141.5	168.9	124.7	101.0
Rounding adjustment Equity	0.0	-	-	-	-
Common Stock	64.1	73.2	72.8	64.6	61.1
Total capital surpluses	95.8	109.4	108.7	96.4	91.2
Total retained earnings	397.8	443.9	430.2	359.1	329.1
Valuation difference on available-for-sa	4.7	4.4	3.8	3.8	1.5
Translation Adj.	-25.2	-45.9	-43.5	-28.8	-26.0
Treas. Stock	-28.2	-32.2	-32.0	-28.4	-21.6
Total Equity	509.1	552.8	540.0	466.7	435.3
Total Liabilities & Shareholders' Equity	629.4	694.3	708.9	591.4	536.4
S/O-Ordinary Shares	36.7	36.7	36.7	36.7	37.6
Total Common Shares Outstanding	36.7	36.7	36.7	36.7	37.6
T/S-Ordinary Shares	3.8	3.8	3.8	3.8	2.9
Full-Time Employees	3,975	3,821	3,826	3,724	3,689
Total Number of Shareholders	6,888	7,057	-	-	-
Number of Common Shareholders	-	-	7,378	7,670	8,523
Bond Redemption Amounts within A Year	2.7	-	-	-	-
Loans Payable Maturing within a Year	2.2	3.5	0.6	0.8	1.0
Bond Redemp Amts over a Yr within 2 Yrs	-	3.0	-	-	-
Lns Pble Maturing over a Yr within 2 Yrs	0.3	2.3	-	-	-
Long Term Debt Maturing within 2 Yr	-	-	2.4	1.8	1.9
Lns Pble Maturg over 2 Yrs within 3 Yrs	0.2	0.2	-	-	-
Long Term Debt Maturing within 3 Yr	-	-	5.4	1.8	1.9
Lns Pble Maturg over 3 Yrs within 4 Yrs	0.1	0.2	-	-	-
Long Term Debt Maturing within 4 Yr	-	-	2.4	4.5	1.9
Lns Pble Maturg over 4 Yrs within 5 Yrs	0.1	0.0	-	-	-
Long Term Debt Maturing within 5 Yr	-	-	2.4	1.8	4.5
Other Loans Payable Remaining	0.0	-	-	-	-
Loans Payable Remaining	-	0.0	-	-	-
Long Term Debt Maturing after 5 Yr	-	-	-	0.0	-
Total Long Term Debt, Supplemental	5.4	9.3	13.3	10.6	11.1
Capital Lease Maturing within a Year	0.1	0.1	0.1	0.1	-
Cap Lease Maturg over a Yr within 2 Yrs	0.1	0.1	-	-	-
Capital Lease Payments Due in Year 2	-	-	0.1	0.1	-
Cap Lease Maturg over 2 Yr within 3 Yrs	0.1	0.0	-	-	-
Capital Lease Payments Due in Year 3	-	-	0.1	0.1	-
Cap Lease Maturg over 3 Yr within 4 Yrs	0.1	0.0	-	-	-
Capital Lease Payments Due in Year 4	-	-	0.1	0.1	-
Cap Lease Maturg over 4 Yr within 5 Yrs	0.0	0.0	-	-	-
Capital Lease Payments Due in Year 5	-	-	0.1	0.1	-
Other Capital Lease Remaining	0.0	-	-	-	-
Capital Lease Remaining	-	0.0	-	-	-
Capital Leases - Remaining Maturities	-	-	0.0	-	-
Total Capital Leases, Supplemental	0.5	0.3	0.4	0.4	-
Pension Obligation	75.1	77.3	74.1	63.7	57.1
Fair Value of Plan Assets	53.3	54.7	51.0	44.2	37.7
Funded Status	-21.8	-	-	-	-
Funded Status	-	-22.7	-23.2	-19.5	-19.4
Total Funded Status	-21.8	-22.7	-23.2	-19.5	-19.4
Discount Rate	2.00%	2.00%	2.00%	2.00%	2.50%
Expected Rate of Return	1.50%	1.50%	1.50%	1.50%	1.50%
Unrecognized Actuarial Gains and Losses	8.7	7.7	9.7	6.6	6.6
Unrecognized Prior Service Cost	-1.1	-1.5	-1.8	-0.5	-0.7
Expense Unrecog. for Acct. Changes	1.3	2.2	2.9	3.2	3.5
Prepaid Pension Benefits	0.1	0.1	0.6	0.9	1.1
Reserve for Accrued Retirement Benefits	-12.9	-14.4	-13.0	-11.1	-11.1
Net Assets Recognized on Balance Sheet	-4.0	-5.8	-1.7	-0.9	-0.6

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	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG	Grant Thornton Taiyo ASG
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Income Before Tax	26.0	33.9	46.4	20.0	-23.5
Depreciation	22.5	23.7	23.0	25.5	25.8
Impairment Loss(1)	1.2	0.2	0.2	0.1	5.4
Amort. of goodwill	0.0	0.1	0.1	0.4	0.8
Amort. of Negative Goodwill	-	0.0	0.0	-0.1	-0.1
Increase (decrease) in provision for bon	-0.4	-0.3	2.2	1.3	-2.3
Increase (decrease) in allowance for dou	-0.2	-0.7	0.1	-1.9	-1.1
Increase (decrease) in provision for ret	0.3	1.4	0.5	0.7	0.7
Increase (decrease) in provision for dir	0.3	0.1	0.2	0.4	0.4
Int.&Div. Income	-1.2	-1.3	-1.2	-1.1	-2.0
Subsidy income	-	-	0.0	-1.3	0.0
Interest Expense	0.4	0.3	0.3	0.3	0.4
Equity in (earnings) losses of affiliate	-0.6	-0.7	-0.4	0.7	0.9
Gain sale invet. sec.	-	-	0.0	1.2	-0.8
Loss (gain) on sales of property, plant	0.0	0.2	0.3	0.1	0.9
Decrease (increase) in notes and account	7.9	6.7	-12.2	-30.2	45.4
Decrease (increase) in inventories	-1.9	2.6	-12.9	1.0	15.7
Increase (decrease) in notes and account	-8.3	-8.1	8.6	15.2	-27.3
Other Operating Cash Flow	0.0	0.0	-	-	-
Other, net	-3.1	1.0	0.7	6.7	0.8
Int.&Div. Received	1.7	1.6	1.4	1.1	2.6
Interest Paid	-0.4	-0.3	-0.4	-0.4	-0.4
Subsidy income	-	-	0.0	1.3	0.0
Tax Paid	-8.0	-21.8	-4.9	-2.7	-2.4
Tax Refunded	0.3	2.1	0.5	8.9	0.0
Adjustment	-	-	-	0.1	-
Cash from Operating Activities	36.5	40.6	52.7	47.2	39.9
Payments Of Loans Receivable	-0.8	-	-	-	-
Time Deposit Made	-30.4	-17.2	-11.4	-7.6	-11.1
Time Deposit Matured	34.1	21.1	12.6	1.4	2.2
Purchase of short-term investment securi	-9.0	-16.9	-11.7	-1.3	0.0
Proceeds from sales of short-term invest	7.9	22.5	5.8	0.0	0.4
Purchase of property, plant and equipmen	-55.7	-37.4	-20.5	-5.0	-36.0
Proceeds from sales of property, plant a	0.3	0.2	0.1	0.1	0.2
Purch.-Invest. Sec.	-0.9	-0.4	-1.8	-6.4	-0.2
Sale-Invest. Sec.	1.4	1.4	0.7	0.6	1.8
Rounding adjustment Cash flow	-	0.0	-	-	-
Loans Collected	-	0.0	0.5	0.2	0.5
Purch.-Other Invest.	-4.7	-2.4	-4.6	-1.2	-4.3
Proceeds From Other Investments	1.8	2.0	1.3	2.9	0.0
Other, net	-1.0	-0.5	-1.5	-0.9	-4.8
Cash from Investing Activities	-56.9	-27.7	-30.6	-17.2	-51.2
Increase in short-term loans payable	7.1	12.4	-	-	-
Decrease in short-term loans payable	-8.0	-9.8	-5.1	-6.6	-3.4
Proceeds from long-term loans payable	0.8	0.0	5.1	1.0	7.7
Repayment of long-term loans payable	-4.0	-4.0	-3.0	-3.5	-1.0
Dividend Paid	-8.8	-9.3	-6.2	-1.8	-7.6
Rounding adjustment Cash flow	0.0	0.0	-	-	-
Minor. Div. Paid	-	-	0.0	0.0	0.0
Purchase of treasury	0.0	0.0	0.0	-5.6	-14.9
Other, net	-0.1	-0.1	2.3	5.0	2.5
Cash from Financing Activities	-13.1	-10.8	-6.9	-11.5	-16.8
Foreign Exchange Effects	7.1	-1.3	-5.0	-0.8	-2.1
Net Change in Cash	-26.5	0.9	10.2	17.7	-30.2
Net Cash - Beginning Balance	180.0	188.3	163.3	132.9	153.1
Net Cash - Ending Balance	153.6	189.2	173.5	150.5	122.9
Cash Interest Paid	0.4	0.3	0.4	0.4	0.4
Cash Taxes Paid	7.7	19.7	4.3	-6.2	2.4

Financial Health

Key Indicators 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 (?)	110.7	11.21%	469.6	-3.90%	2.41%	-6.02%
Operating Income1 (?)	5.4	38.44%	18.7	-37.57%	-8.70%	-14.49%
Income Available to Common Excl Extraord Items1 (?)	5.3	112.15%	19.2	-3.76%	9.57%	-7.12%
Basic EPS Excl Extraord Items1 (?)	0.14	112.15%	0.52	-3.75%	10.08%	-5.09%
Capital Expenditures2 (?)	10.7	0.38%	55.7	56.31%	114.81%	15.66%
Cash from Operating Activities2 (?)	10.7	865.14%	36.5	-5.52%	-11.61%	-10.80%
Free Cash Flow (?)	0.0	-	-16.9	-	-	-
Total Assets3 (?)	615.6	7.25%	629.4	3.52%	2.33%	-1.71%
Total Liabilities3 (?)	117.8	4.35%	120.3	-2.91%	-0.96%	-6.46%
Total Long Term Debt3 (?)	0.8	-46.71%	0.6	-76.23%	-57.05%	-19.52%
Employees3 (?)	-	-	3975	4.03%	2.20%	2.42%
Total Common Shares Outstanding3 (?)	36.7	0.00%	36.7	0.00%	0.00%	-1.89%
1-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	98.239969	Â	94.088557	Â	Â	Â

Key Ratios
Â	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Profitability
Gross Margin (?)	24.79%	25.32%	28.42%	24.39%	17.80%
Operating Margin (?)	3.98%	6.13%	9.80%	5.62%	-5.81%
Pretax Margin (?)	5.53%	6.60%	9.13%	5.13%	-5.77%
Net Profit Margin (?)	4.08%	4.07%	6.10%	3.33%	-4.71%
Financial Strength
Current Ratio (?)	4.12	4.38	3.74	4.38	4.83
Long Term Debt/Equity (?)	0.00	0.00	0.02	0.02	0.02
Total Debt/Equity (?)	0.01	0.02	0.02	0.02	0.03
Management Effectiveness
Return on Assets (?)	2.73%	2.85%	4.67%	2.25%	-3.27%
Return on Equity (?)	3.40%	3.66%	6.02%	2.79%	-4.20%
Efficiency
Receivables Turnover (?)	3.39	3.42	3.66	3.44	3.58
Inventory Turnover (?)	6.33	6.72	7.55	7.39	7.21
Asset Turnover (?)	0.67	0.70	0.77	0.67	0.70

Market Valuation USD (mil)
P/E (TTM) (?)	18.54	.	Enterprise Value2 (?)	244.9
Price/Sales (TTM) (?)	0.95	.	Enterprise Value/Revenue (TTM) (?)	0.60
Price/Book (MRQ) (?)	0.71	.	Enterprise Value/EBITDA (TTM) (?)	6.35
Market Cap as of 11-Oct-20131 (?)	389.1	.
1-ExchangeRate: JPY to USD on 11-Oct-2013	98.109887
2-ExchangeRate: JPY to USD on 30-Jun-2013	98.239969

Annual Ratios

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Financial Strength
Current Ratio (?)	4.12	4.38	3.74	4.38	4.83
Quick/Acid Test Ratio (?)	3.35	3.69	3.11	3.74	3.99
Working Capital1 (?)	260.4	318.3	316.2	271.8	228.5
Long Term Debt/Equity (?)	0.00	0.00	0.02	0.02	0.02
Total Debt/Equity (?)	0.01	0.02	0.02	0.02	0.03
Long Term Debt/Total Capital (?)	0.00	0.00	0.02	0.02	0.02
Total Debt/Total Capital (?)	0.01	0.02	0.02	0.02	0.03
Payout Ratio (?)	46.17%	44.43%	24.81%	33.87%	-18.29%
Effective Tax Rate (?)	26.09%	38.26%	33.17%	34.68%	-
Total Capital1 (?)	514.8	563.0	552.4	478.3	448.8
Efficiency
Asset Turnover (?)	0.67	0.70	0.77	0.67	0.70
Inventory Turnover (?)	6.33	6.72	7.55	7.39	7.21
Days In Inventory (?)	57.69	54.29	48.38	49.42	50.62
Receivables Turnover (?)	3.39	3.42	3.66	3.44	3.58
Days Receivables Outstanding (?)	107.65	106.71	99.75	105.97	102.01
Revenue/Employee2 (?)	104,176	128,789	137,613	104,247	112,339
Operating Income/Employee2 (?)	4,150	7,897	13,488	5,860	-6,529
EBITDA/Employee2 (?)	9,142	13,853	19,653	12,671	582
Profitability
Gross Margin (?)	24.79%	25.32%	28.42%	24.39%	17.80%
Operating Margin (?)	3.98%	6.13%	9.80%	5.62%	-5.81%
EBITDA Margin (?)	8.78%	10.76%	14.28%	12.15%	0.52%
EBIT Margin (?)	3.98%	6.13%	9.80%	5.62%	-5.81%
Pretax Margin (?)	5.53%	6.60%	9.13%	5.13%	-5.77%
Net Profit Margin (?)	4.08%	4.07%	6.10%	3.33%	-4.71%
COGS/Revenue (?)	75.21%	74.68%	71.58%	75.61%	82.20%
SG&A Expense/Revenue (?)	19.95%	18.57%	17.52%	18.43%	21.60%
Management Effectiveness
Return on Assets (?)	2.73%	2.85%	4.67%	2.25%	-3.27%
Return on Equity (?)	3.40%	3.66%	6.02%	2.79%	-4.20%
Valuation
Free Cash Flow/Share2 (?)	-0.46	0.08	0.91	1.14	0.11
Operating Cash Flow/Share 2 (?)	0.88	1.06	1.49	1.28	1.08
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) (?)	20.46
Market Cap/Equity (MRQ) (?)	0.78
Market Cap/Revenue (TTM) (?)	0.95
Market Cap/EBIT (TTM) (?)	20.67
Market Cap/EBITDA (TTM) (?)	10.07
Enterprise Value/Earnings (TTM) (?)	12.89
Enterprise Value/Equity (MRQ) (?)	0.49
Enterprise Value/Revenue (TTM) (?)	0.60
Enterprise Value/EBIT (TTM) (?)	13.03
Enterprise Value/EBITDA (TTM) (?)	6.35

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

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

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