MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	Nippon Suisan Kaisha Ltd
Registered Office :	10F, Nippon Bldg., 2-6-2, Ote-Machi, Chiyoda-Ku, 100-8686
Country :	Japan
Financials (as on) :	31.03.2013
Date of Incorporation :	31.03.1943
Legal Form :	Public Parent
Line of Business :	Company mainly engaged in marine and food product businesses.
No. of Employees :	10,175

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 :	Slow but correct
Litigation :	Clear

NOTES :

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

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

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

Nippon Suisan Kaisha Ltd

10F, Nippon Bldg., 2-6-2, Ote-machi
Chiyoda-Ku, 100-8686
Japan
Tel:	81-3-32447000
Fax:	81 (3) 3244-7085
www.nissui.co.jp

Employees:

10,175

Company Type:

Public Parent

Corporate Family:

70 Companies

Traded:

Tokyo Stock Exchange:

1332

Incorporation Date:

31-Mar-1943

Auditor:

Ernst & Young ShinNihon LLC

Financials in:	USD (Mil)
Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	6,832.0 ^1
Net Income:	(57.7)
Total Assets:	4,481.4 ^2
Market Value:	573.6
	(11-Oct-2013)

Business Description

NIPPON SUISAN KAISHA, LTD. is a Japan-based company mainly engaged in marine and food product businesses. The Company operates in five business segments. The Marine Products segment is engaged in the fishing, aquaculture, processing and sale of marine products. The Food segment manufactures and sells processed food products such as frozen food products and common temperature food products, among others. The Fine segment manufactures and sells diagnostic agents, generic pharmaceuticals, pharmaceutical raw materials and health food. The Logistics segment is engaged in the cold storage of marine products, as well as the transportation of refrigerated cargo. The Others segment is engaged in the construction and repair of ships, as well as the marine transportation and engineering businesses. As of March 31, 2012, the Company had 75 subsidiaries and 32 associated companies. On January 28, 2013, the Company sold a 100% stake of EXPLOTATION PESQUERA DE LA PATAGONIA S.A. (PESPASA). For the three months ended 30 June 2013, Nippon Suisan Kaisha Ltd revenues increased 1% to Y142.43B. Net income applicable to common stockholders increased from Y755M to Y2.69B. Revenues reflect Food Business segment increase of 5% to Y72.43B, Fine Chemicals segment increase of 7% to Y7.29B, Logistics Business segment increase of 9% to Y3.41B. Net income benefited from Fine Chemicals segment income increase of 12% to Y1.93B.

Industry

Industry	Food Manufacturing
ANZSIC 2006:	1140 - Fruit and Vegetable Processing
ISIC Rev 4:	1030 - Processing and preserving of fruit and vegetables
NACE Rev 2:	1039 - Other processing and preserving of fruit and vegetables
NAICS 2012:	311412 - Frozen Specialty Food Manufacturing
UK SIC 2007:	1039 - Other processing and preserving of fruit and vegetables
US SIC 1987:	2038 - Frozen Specialties, Not Elsewhere Classified

Key Executives

Name	Title
Norio Hosomi	Chief Executive Officer, Executive President, Chief Director of Business Promotion (COO), Representative Director
Kunihiko Koike	Chief Financial Officer, Senior Managing Executive Officer, Representative Director
Tomomi Kimura	Executive Officer, Deputy Chief Director of Broad Area Sales
Kenichi Sugiyama	IR Contact Officer
Junichi Nishida	Executive Officer

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	3	Nippon Suisan Kaisha Ltd to Sell Germany-based Subsidiary- Nihon Shokuryo Shimbun	10-Jun-2013
Negative Earnings Pre-Announcement	1	Nippon Suisan Kaisha Ltd Expects Extraordinary Loss for FY 2013; Amends Consolidated Full-year Forecast for FY 2013	22-Mar-2013
Dividends	1	Nippon Suisan Kaisha Ltd Lowers Consolidated Full-year Outlook for FY Ending March 2013; Cancels Midterm and Year-end Dividend Payment Plan for FY Ending March 2013	5-Nov-2012

* number of significant developments within the last 12 months

NEWS

Title	Date
Tokyo Stock Exchange: morning price list -6- Japan Economic Newswire (234 Words)	24-Oct-2013
Tokyo Stock Exchange: closing price list -6- Japan Economic Newswire (239 Words)	23-Oct-2013
Tokyo Stock Exchange: morning price list -6- Japan Economic Newswire (237 Words)	22-Oct-2013
Tokyo Stock Exchange: closing price list -6- Japan Economic Newswire (238 Words)	21-Oct-2013
Tokyo Stock Exchange: closing price list -6- Japan Weekly Monitor (237 Words)	21-Oct-2013
Tokyo Stock Exchange: morning price list -6- Japan Weekly Monitor (236 Words)	21-Oct-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.00	1.53
Quick Ratio (MRQ)	0.54	0.78
Debt to Equity (MRQ)	4.85	1.14
Sales 5 Year Growth	1.20	6.97
Net Profit Margin (TTM) %	-0.74	7.06
Return on Assets (TTM) %	-0.98	7.05
Return on Equity (TTM) %	-5.60	21.45

Stock Snapshot

Traded: Tokyo Stock Exchange: 1332

As of 11-Oct-2013

   Financials in: JPY

Recent Price	203.00	EPS	7.51
52 Week High	238.00	Price/Sales	0.10
52 Week Low	139.00	Price/Book	1.13
Avg. Volume (mil)	1.46	Beta	0.61
Market Value (mil)	56,273.69

	Price % Change	Rel S&P 500%
4 Week	-2.40%	-3.37%
13 Week	-3.79%	-3.40%
52 Week	33.55%	-20.35%
Year to Date	14.04%	-18.10%

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
10F, Nippon Bldg., 2-6-2, Ote-machi
Chiyoda-Ku, 100-8686
Japan

Tel:	81-3-32447000
Fax:	81 (3) 3244-7085

www.nissui.co.jp

Quote Symbol - Exchange
1332 - Tokyo Stock Exchange
Sales JPY(mil):	566,858.0
Assets JPY(mil):	421,645.0
Employees:	10,175
Fiscal Year End:	31-Mar-2013

Industry:	Food Processing

Incorporation Date:	31-Mar-1943
Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer, Executive President, Chief Director of Business Promotion (COO), Representative Director:	Norio Hosomi

Industry Codes

ANZSIC 2006 Codes:
1140	-	Fruit and Vegetable Processing
0419	-	Other Fishing
5309	-	Other Warehousing and Storage Services
1120	-	Seafood Processing
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing
2391	-	Shipbuilding and Repair Services
0414	-	Fish Trawling, Seining and Netting
6923	-	Engineering Design and Engineering Consulting Services

ISIC Rev 4 Codes:
1030	-	Processing and preserving of fruit and vegetables
2100	-	Manufacture of pharmaceuticals, medicinal chemical and botanical products
5210	-	Warehousing and storage
3011	-	Building of ships and floating structures
0311	-	Marine fishing
7110	-	Architectural and engineering activities and related technical consultancy
1020	-	Processing and preserving of fish, crustaceans and molluscs

NACE Rev 2 Codes:
1039	-	Other processing and preserving of fruit and vegetables
2120	-	Manufacture of pharmaceutical preparations
1020	-	Processing and preserving of fish, crustaceans and molluscs
5210	-	Warehousing and storage
2110	-	Manufacture of basic pharmaceutical products
3011	-	Building of ships and floating structures
0311	-	Marine fishing
7112	-	Engineering activities and related technical consultancy

NAICS 2012 Codes:
311412	-	Frozen Specialty Food Manufacturing
325412	-	Pharmaceutical Preparation Manufacturing
325411	-	Medicinal and Botanical Manufacturing
336611	-	Ship Building and Repairing
493120	-	Refrigerated Warehousing and Storage
114111	-	Finfish Fishing
541330	-	Engineering Services
311710	-	Seafood Product Preparation and Packaging
114112	-	Shellfish Fishing

US SIC 1987:
2038	-	Frozen Specialties, Not Elsewhere Classified
4222	-	Refrigerated Warehousing and Storage
0913	-	Shellfish
2091	-	Canned and Cured Fish and Seafoods
3731	-	Ship Building and Repairing
0912	-	Finfish
8711	-	Engineering Services
2834	-	Pharmaceutical Preparations
2833	-	Medicinal Chemicals and Botanical Products

UK SIC 2007:
1039	-	Other processing and preserving of fruit and vegetables
0311	-	Marine fishing
71129	-	Other engineering activities (not including engineering design for industrial process and production or engineering related scientific and technical consulting activities)
2110	-	Manufacture of basic pharmaceutical products
1020	-	Processing and preserving of fish, crustaceans and molluscs
2120	-	Manufacture of pharmaceutical preparations
3011	-	Building of ships and floating structures
52103	-	Operation of warehousing and storage facilities for land transport activities of division 49

Business Description

NIPPON SUISAN KAISHA, LTD. is a Japan-based company mainly engaged in marine and food product businesses. The Company operates in five business segments. The Marine Products segment is engaged in the fishing, aquaculture, processing and sale of marine products. The Food segment manufactures and sells processed food products such as frozen food products and common temperature food products, among others. The Fine segment manufactures and sells diagnostic agents, generic pharmaceuticals, pharmaceutical raw materials and health food. The Logistics segment is engaged in the cold storage of marine products, as well as the transportation of refrigerated cargo. The Others segment is engaged in the construction and repair of ships, as well as the marine transportation and engineering businesses. As of March 31, 2012, the Company had 75 subsidiaries and 32 associated companies. On January 28, 2013, the Company sold a 100% stake of EXPLOTATION PESQUERA DE LA PATAGONIA S.A. (PESPASA). For the three months ended 30 June 2013, Nippon Suisan Kaisha Ltd revenues increased 1% to Y142.43B. Net income applicable to common stockholders increased from Y755M to Y2.69B. Revenues reflect Food Business segment increase of 5% to Y72.43B, Fine Chemicals segment increase of 7% to Y7.29B, Logistics Business segment increase of 9% to Y3.41B. Net income benefited from Fine Chemicals segment income increase of 12% to Y1.93B.

More Business Descriptions

Fishing industry dealing in fresh and frozen fish; frozen and canned food products; manufacture of fish meal and oil; marine products including food supplements and vitamins; ham, sausage and fish paste products

Seafood & Frozen Food Products Mfr; Frozen Foods Refrigeration & Transportation; Health Food & Pharmaceutical Mfr; Marine Transportation, Engineering, Ship Construction & Repair

Nippon Suisan Kaisha, Ltd. (Nissui) is a diversified company which focuses on the production and distribution of fresh, processed and frozen sea food. Its vertical integration operations include fishery, aquaculture, processing and sales of marine foods. The company also offers services such as, building, repairing and operating ships; and commercializing equipment and plant hardware used in the processing segment.The company operates its business through five reportable business segments, namely, Marine Products, Foods, Fine Chemicals, General Distribution and Others.The Marine Products segment is the core business of the company, which includes fishing, farming, purchasing, processing and selling of marine products. Nissui also puts its efforts on aquaculture business to maintain procurement and processing bases of natural marine resources worldwide so as to meet the increase in global demand for marine resources. In South America, Nissui established a vertically-integrated system for completing the whole process from breeding of parent fish, spawning, aquaculture, to processing through its own technologies.Further, the company manages the aquaculture of black tiger shrimp in Indonesia, eel aquaculture in China and yellowtail and Bluefin tuna aquaculture in Japan. For the fiscal year ended March 2012, the Marine Products segment reported 35.4% of the company's total revenue, indicating an increase of 18% over the previous year.The company’s Food business segment manufactures and commercializes various products in Japan, such as frozen prepared foods for household and commercial uses, canned and bottled foods, fish sausage, chikuwa, and imitation crab and fish paste products. It also offers ready-to-be-served food products. These products are furnished to chilled foods companies that serve as vendors for convenience stores. The Food business segment reported 45.6% of the company's total revenue during the fiscal year 2012, reflecting an increase of 2% over the previous year.The Fine Chemicals segment specializes in manufacturing and marketing of diagnostic products, ordinary medicines and pharmaceutical and health ingredients. The company and Mochida Pharmaceutical Co., Ltd. jointly developed and commercialized high-purified EPA as pharmaceutical ingredients. It supplies EPA/DHA refined for foods as nutritional products, food products such as baby formula and supplements in Japan and in overseas markets like Western countries and Asia. Nissui Pharmaceutical concentrates on dealing with natural pharmaceutical products, supplements and diagnostic products. For the fiscal year ended March 2012, the segment reported 4.5% of the company's total revenue, indicating an increase of 4% over the previous year.The General Distribution business segment offers cold storage of marine products and transportation of frozen and refrigerated goods. It supports Marine Products Business and Processed Food Business. This segment is further segmented into three divisions, Cold Storage Business which comprises a network of cold storage operations established over Japan; Third Party Logistics (3PL) business which is entrusted to operate general distribution for mass merchandisers and the food service industry; and International Marine Logistics business, which supports the global supply chain of the Nissui Group. The General Distribution business reported 3.3% of the company's total revenue during the fiscal year 2012, reflecting an increase of 5.9% over the previous year.The company’s Other business is operated by Nissui Engineering which builds, repairs and operates ships and sells equipment and plant hardware used in the processing segment based on technologies and manpower. The General Distribution business reported 3.3% of the company's total revenue during the fiscal year 2012, indicating an increase of 5.3% over the previous year.Nissui categorized its geographical operations into three reportable segments, namely, Japan, North America and Others. Japan accounted for 74.6% of the company total revenue, followed by Others (15.7%) and North America reported 9.7% of the company's total revenue for the fiscal year ended March 2012.The company operates along with its subsidiaries, namely, Hakata Marukita Suisan C., Ltd., Netuno International S.A., Nordic Seafood A/S and others.

Nippon Suisan Kaisha, Ltd. (Nissui) focuses on the production and distribution of fresh, processed and frozen sea food. Its activities include farming, purchasing, fishing, processing and sale of marine products. The company is also focuses on building, repairing, freezing and transportation of frozen and refrigerated goods. It manufactures and commercializes diagnostic medicines, ordinary medicines, health foods and pharmaceutical materials. Nissui operates through five reportable business segments, namely, Marine Products, Foods, Fine Chemicals, General Distribution and Others. The company operates with the help of 75 subsidiaries and 33 associated companies in Japan, Canada, New Zealand, the Netherlands, Chile, Argentina, Thailand, China, France, Spain, Indonesia, Vietnam, Singapore and the U.S. Nissui is headquartered in Tokyo, Japan.The company's strategy is to develop new categories that respond to the changes of the customers. It also intends to reinforce access to resources by adding purchasing to the existing fishery and aquaculture businesses; and expanding sales capacities in Japan and overseas.The company reported revenues of (Yen) JPY 566,858.00 million during the fiscal year ended March 2013, an increase of 5.36% over 2012. The operating profit of the company was JPY 5,485.00 million during the fiscal year 2013, a decrease of 24.23% from 2012. The net loss of the company was JPY 4,789.00 million during the fiscal year 2013, as against a net profit of JPY 2,006.00 million during 2012.

Founded in 1911, Nippon Suisan Kaisha, also known as Nissui, is a producer of fresh and frozen seafood products, including fish, fish oils and feeds. In addition to its internal seafood operations, the company also various subsidiary business units, including shelf-stable foods, chilled foods, fine chemicals, fine foods operations, medicines, growth media, reagents for diagnostic tests, health supplements, shipbuilding, ship-repair, ferry services, nautical machinery manufacturing and physical plant production. Nissui's major subsidiaries include Hohsui Corporation, Unisea, EMDEPES, Salmones Antartica, Seaload Group, Nippo Shokuhin Kogyo, Nippon Cookery, Kyowa Technos, Fishking Processors, Gorton's, Nissui Engineering, Nissui Marine Industries and Japan Marine Business Enterprises. Nippon Suisan Kaisha maintains its corporate headquarters in Tokyo.

Financial Data

Financials in:	JPY(mil)
Revenue:	566,858.0
Net Income:	-4,789.0
Assets:	421,645.0
Long Term Debt:	133,290.0
Total Liabilities:	371,884.0
Working Capital:	-8.6
Date of Financial Data:	31-Mar-2013

1 Year Growth

5.4%

NA

5.2%

Market Data

Quote Symbol:	1332
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	203.0
Stock Price Date:	10-11-2013
52 Week Price Change %:	33.6
Market Value (mil):	56,273,688.0
SEDOL:	6640927
ISIN:	JP3718800000
Equity and Dept Distribution:
FY'94-'02 WAS, & FY'05-'07 1&3 Q WAS & O/S were estimated. FY'08 3Q WAS=O/S. 12/2007, Name changed from Nippon Suisan Kaisha, Ltd. FY'08 AR net income was adjusted to reflect reported EPS. FY'08 Q1 WAS=O/S.

Subsidiaries

Company	Percentage Owned	Country
Nissui Marine Industries Co Ltd	100%	JAPAN
Kurose Suisan Co Ltd	100%	JAPAN
Nissui Logistics Corporation	100%	JAPAN
F W Bryce Inc	100%	USA
Nippon Suisan (Europe) BV	100%	NETHERLANDS
King & Prince Seafood Corporation	100%	USA
Cite Marine SAS	59%	FRANCE
Shandong Sanfod Nissui Ltd	58.6%	PEOPLE'S REPUBLIC OF CHINA
Kyowa Suisan Co Ltd	83%	JAPAN
Hokkaido Nissui Co Ltd	100%	JAPAN
Empresa de Desarollo Pesquero de Chile S.A.	50%	CHILE
Nippon Suisan (USA) Inc	100%	USA
Nissui Pharmaceutical Co Ltd	53.6%	JAPAN
Nippon Suisan (Singapore) Pte Ltd	100%	SINGAPORE
Yokohama Trading Corporation	91.8%	JAPAN
Yamatsu Suisan Co Ltd	50%	JAPAN
Unisea Inc	100%	USA
Salmones Antartica SA	100%	CHILE
Nippo Shokuhin Kogyo Co Ltd	100%	JAPAN
Kitakyushu Nissui Co Ltd	100%	JAPAN
Nippon Cookery Co Ltd	100%	JAPAN
Chilldy Co Ltd	100%	JAPAN
Gorton's Inc	100%	USA
Carry Net Co Ltd	100%	JAPAN
Nissui Engineering Co Ltd	100%	JAPAN

Shareholders

Major Shareholders

Master Trust Bank of Japan (5.2%)

Key Corporate Relationships

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

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Excellent Research and Development Facilities · Business Growth · Diversified Business Operations	Weaknesses · Increasing Trade Receivables
External Origin (attributes of the environment)	Opportunities · Growing Ageing Population · Huge Potential in the Emerging Markets	Threats · Gloomy Economic Outlook: Japan · Rising Counterfeit Goods Market · Highly Competitive Market

Overview

Nippon Suisan Kaisha, Ltd. (Nissui) is a leading food manufacturer and processor in Japan. Strong business growth and diverse business operations are its key strengths, even as, increasing trade receivables remains a major area of concern. Rising counterfeit goods market, highly competitive market, and global economic scenario could have an adverse effect over Nissui’s business, operating results and financial condition. However, growing ageing population and huge potential in the emerging markets could present ample growth opportunities to the company.

Strengths

Excellent Research and Development Facilities

In the kind of operations the company is involved, research and development activities plays a crucial role. The company's central research laboratory is involved in various research activities. It has three laboratories, namely, Fishery Products Research Group( does research on taste and characteristics of raw materials), Aquaculture Fundamental Research Group( does research on developing fishless feed for aquaculture) and Health Fundamental Research( does research on the active ingredients contained in fish oils).Companies Food Safety Research Center does food safety analysis such as analyzing residual pesticides and heavy metal residual drug. The research center has also created kits and manuals and setup a lab to train people. The Technology Development Center promotes automation and energy saving measures to improve operational efficiency. The Development Center is attached to all the production facilities of the company's Foods, Marine Products and Fine Chemical businesses. The center also enhances the performance of the technology by inspecting at production plants. In addition, the newly launched Tokyo Innovation center in Hachioji, Tokyo will fortify the research and development capabilities. The company's research and development enhances the food safety, operational efficiency and enables to introduce novel food products creating competitive advantage.

Business Growth

The company generated growth in its business despite of the challenging economic conditions resulting from the Great East Japan Earthquake and certain movements at the end of the fiscal year suggesting correction toward a weaker yen. Nissui recorded sales ofJPY538.03 billion in 2012, indicating an increase of 8.8%, as compared to JPY494.29 billion in 2011. This indicates that the company has generated better business eventually increasing market share in the industry. Such business growth has allowed the company to generated better profitability.

Diversified Business Operations

The company’s diversified business operations allow it to mitigate risk from low of underperformance of one segment or geography with positive performance from another. Nissui operates through five reportable business segments, namely, Marine Products, Foods, Fine Chemicals, and General Distribution. Marine Products segment includes fishing, aquaculture, purchasing, processing and selling of marine products. The Foods segment produces and sells frozen food, shelf-stable foods, and other processed foods. The company’s Fine Chemicals segment manufactures and sells medical ingredients, health foods, diagnostic medicines, and general pharmaceuticals. Nissui’s General Distribution includes the cold storage and transportation of frozen and refrigerated goods that back up the above businesses. In FY 2012, the company generated 48.2% of net sales from Foods segment, 43.3% from Marine Products segment, 4.69% from Fine Chemicals, and 3.6% from General Distribution. Geographically, the company operates across Japan, North America, and Others. In FY2012, Nissui generated 78.4% of net sales from Japan, 10.8% from North America, and 10.8% from Others.

Weaknesses

Increasing Trade Receivables

The company’s increasing accounts receivables affects its competitive and profitability position. Nissui reported accounts receivables of JPY66.96 billion in 2012, representing an increase of 5.3%, as compared to JPY63.5 billion in 2011, indicating possible credit sales. The company under its operational process entered into several factoring agreements with trade debtors as per the trade settlements. Such increasing accounts receivable reflects inefficient credit management by Nissui. In the backdrop of economic slowdown, the probability of defaults by any of creditors may increase. This might impact the overall financial position as well as profitability of the company.

Opportunities

Growing Ageing Population

The growing population of people aged above 65 offers a huge opportunity for the company to increase its revenues. The population aging rate, i.e. the share of people aged 65 and over in the total population, reached 23.3% in 2011. According to a survey, people aged 65 years and above are expected to reach 25.6% by 2030 and 40% by 2050. This aged population spends more on health and nutritional products compared to the younger generation. As the company offers various pharmaceutical products and health materials made from active ingredients extracted or refined from marine resources, to the consumers, it has the opportunity to increase its sales in this segment, owing to the rising percentage of old age people.

Huge Potential in the Emerging Markets

Nissui could benefit from expanding its business in emerging markets. According to the World Bank, the global GDP is expected to grow at 3.5% in 2012. The prospects for developing countries are better with a relatively robust recovery, likely to grow 6.2% in 2012. Further, GDP in rich countries was 1.8% in 2010 and is expected to increase 2.5% in 2012. Growth in the East Asia and Pacific region (especially China) as well as South Asia (especially India) has been resilient. China and India, with its huge population base and increasing per capita income, has significant demand potential. It is expected that in future China will maintain a double digit GDP growth rate and India’s GDP growth is expected to be in the range of 6-8%. Economic growth, combined with old and young population and low per capita consumption, could lead to increased demand in the future. Additionally, factors like growing affluence, increasing brand-consciousness and low penetration of organized retailers in these countries make them attractive destinations for global retailers.

Threats

Gloomy Economic Outlook: Japan

Japan's economic growth declined in the second quarter of 2012 due to Eurozone crisis adversely affected the exports and subdued domestic consumption. In the second quarter, the country’s gross domestic product grew only 0.3% from the previous three months. The economy expanded 1.4% in the corresponding period in 2011. It is expected that, Japan’s growth may slow further in coming months amid an uncertain global economic climate. Decline in the domestic demand and weak exports due to fragile recovery in the US economy and Europe's debt crisis, there is a possibility that the country’s economy will not make any progress during the third quarter in 2012. A strong Japanese currency has made things worse for the country's exporters by making their goods more expensive and denting their profits. Japan’s household spending and private consumption both rose only 0.1% during the second quarter, as compared to 1.2% in the first quarter of 2012. Such gloomy economic conditions could adversely affect the company’s business operations.

Rising Counterfeit Goods Market

The company’s performance will be affected by the rising influx of counterfeited products in the market, especially in the emerging countries. The growing market for counterfeit goods has been on rise across industries and is affecting the sales as well as the image of the established brands. The counterfeit goods are expected to cross $2 trillion in sales by 2026. Such imitated goods in the industry are eating into the market share of the branded products through their low price offerings. Since the customers end up buying the counterfeited products bearing the look-alike brand labels, low quality of these counterfeits affects the consumer confidence and also tarnishes the brand image of the genuine company. Particularly in the food business where the health is at risk due to the adulterated stuff and continuous outbreak of diseases in animals, the counterfeit stuff which comes without any safety measures will tarnish the company's image. Thus, the company is prone to these challenges and any under performance of the counterfeit products will have a major affect over its fortunes.

Highly Competitive Market

The company operates in marine and food markets, which are highly competitive. With the entry of more new players in this market, the current level of competition is expected to further intensify in the near future, which may result in price reductions. The company competes with a broad range of food products which are manufactured and distributed by companies with substantially greater financial, marketing and distribution resources. The company competes with Ajinomoto Co., Inc., Kyokuyo Co., Ltd., Nichirei Corporation, Nippon Meat Packers, Inc., and Itoham Foods Inc. If the company is not able to maintain the product quality and consumer loyalty, this intense competition could reduce the sales volume of the company, thereby hampering its market position.

Corporate Structure News

Total Corporate Family Members: 70

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nippon Suisan Kaisha Ltd	Parent	Chiyoda-Ku	Japan	Food Manufacturing	6,832.0	10,175
Nippon Cookery Co., Ltd.	Subsidiary	Tokyo	Japan	Food Manufacturing		3,500
Nippon Marine Enterprises,Ltd.	Subsidiary	Yokosuka, Kanagawa	Japan	Commercial and Industrial Rental	92.9	339
NISSUI PHARMACEUTICAL CO., LTD.	Subsidiary	Taito-Ku	Japan	Pharmaceutical Manufacturing	159.0	336
Nissui Pharmaceutical Co., Ltd. - Tsukuba Plant	Facility	Chikusei, Ibaraki	Japan	Pharmaceutical Manufacturing
Nippon Marine Enterprises, Ltd.	Subsidiary	Yokosuka, Kanagawa	Japan	Commercial and Industrial Rental		307
The Gorton Group	Subsidiary	Gloucester, MA	United States	Food Manufacturing		300
King & Prince Seafood Corporation	Subsidiary	Brunswick, GA	United States	Food Manufacturing		350
King & Prince Seafood Corp	Branch	Redmond, WA	United States	Grocery Wholesale	40.0	100
Specialty Products	Subsidiary	Cleveland, OH	United States	Food Manufacturing	9.3	40
KITAKYUSHU NISSUI CO., LTD	Subsidiary	Kitakyushu, Fukuoka	Japan	Food Manufacturing		100
Nippon Suisan Kaisha, Ltd - Kashima Plant	Facility	Kamisu, Ibaraki	Japan	Grocery Wholesale		60
UniSea Foods, Inc.	Subsidiary	Redmond, WA	United States	Food Manufacturing	125.0	50
Hakata Marukita Suisan Co., Ltd	Subsidiary	Fukuoka	Japan	Grocery Wholesale		50
Mogami Foods Co., Ltd.	Subsidiary	Nishimurayama-Gun, Yamagata	Japan	Food Manufacturing	61.5	49
Yokohama Trading Corp. Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Wholesale		40
KYOWA SUISAN CO., LTD	Subsidiary	Sakaiminato, Tottori	Japan	Crop and Animal Production		30
Kyowa Sangyo K.K.	Subsidiary	Sakaiminato, Tottori	Japan	Grocery Wholesale	32.5	16
Nissui Food System Co., Ltd.	Subsidiary	Tokyo	Japan	Restaurants and Bars		10
Nippon Suisan (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Grocery Wholesale	126.9	7
Kitakanto Foods System Co., Ltd.	Subsidiary	Mito, Ibaraki	Japan	Grocery Wholesale	34.7	6
Nippon Suisan (U.S.A.), Inc.	Subsidiary	Redmond, WA	United States	Grocery Wholesale		6
Fishking Processors, Inc.	Subsidiary	Los Angeles, CA	United States	Food Manufacturing		350
Uni Sea Inc	Subsidiary	Redmond, WA	United States	Grocery Wholesale		42
Uni Sea Inc	Branch	Dutch Harbor, AK	United States	Grocery Wholesale	12,740.9	5,000
Grand Aleutian Hotel/Unisea	Branch	Dutch Harbor, AK	United States	Hotels and Accommodation	2.5	75
F.W. Bryce, Inc.	Subsidiary	Gloucester, MA	United States	Grocery Wholesale		25
Atlantic Reefer Terminals Inc.	Subsidiary	Gloucester, MA	United States	Storage and Warehousing		3
Yamatsu Suisan K.K.	Subsidiary	Niigata, Niigata	Japan	Grocery Wholesale	230.6
Yokohama Trading Corporation.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Wholesale	203.7
Kaneko Sangyo K.K.	Subsidiary	Karatsu, Saga	Japan	Food Manufacturing	164.8
Delmar Co.,Ltd.	Subsidiary	Funabashi, Chiba	Japan	Food Manufacturing	89.4
Nissui Marine Kogyo Co.,Ltd.	Subsidiary	Kitakyushu, Fukuoka	Japan	Specialty Construction Trade Contractors	63.8
Nippo Foods Industry Co.,Ltd.	Subsidiary	Kumamoto, Kumamoto	Japan	Food Manufacturing	34.9
Nippon Suisan (Europe) B.V.	Subsidiary	Amstelveen	Netherlands	Holding Companies	0.8
CITE MARINE S.A.S.	Subsidiary	Kervignac	France	Food Manufacturing		374
Empresa de Desarollo Pesquero de Chile S.A.	Subsidiary	Santiago	Chile	Grocery Wholesale
Oita Chuo Suisan Co., Ltd	Subsidiary	Oita	Japan	Transportation Equipment Wholesale
Nagasaki Shipyard Co., Ltd.	Subsidiary	Nagasaki	Japan	Ship and Boat Building
CARRY NET CO., LTD	Subsidiary	Nagoya, Aichi	Japan	Shipping and Water Transportation Services
Maruuo Suisan Co.,Ltd	Subsidiary	Himeji, Hyogo	Japan	Grocery Wholesale
Nippon Suisan America Latina S.A.	Subsidiary	Santiago	Chile	Grocery Wholesale
Tokyosuisanunyu Corporaition	Subsidiary	Tokyo	Japan	Commercial Real Estate Leasing
Tomiso Co.,Ltd	Subsidiary	Nagoya, Aichi	Japan	Food Manufacturing
Hokuriku Fresh Foods Co., Ltd	Subsidiary	Toyama	Japan	Food Manufacturing
Kunihiro Inc	Subsidiary	Onomichi, Hiroshima	Japan	Grocery Wholesale
Hiroshimasuisan Co., Ltd	Subsidiary	Hiroshima	Japan	Grocery Wholesale
Kaneko Shokuhin Co., Ltd	Subsidiary	Mitoyo, Kagawa	Japan	Grocery Wholesale
Nippon Suisan Kaisha, Ltd - Anjo Plant	Facility	Anjo, Aichi	Japan	Food Manufacturing
Nippon Suisan Kaisha, Ltd - Himeji General Plant	Facility	Himeji, Hyogo	Japan	Food Manufacturing
Nippon Suisan Kaisha, Ltd - Tobata Plant	Facility	Kitakyushu, Fukuoka	Japan	Food Manufacturing
Nippon Suisan Kaisha, Ltd - Tsukuba Plant	Facility	Tsukuba, Ibaraki	Japan	Basic Chemical Manufacturing
Nippon Suisan Kaisha, Ltd - Imari Fish Feed and Oil Plant	Facility	Imari, Saga	Japan	Food Manufacturing
Sasaya Shoten Co., Ltd	Subsidiary	Kushiro, Hokkaido	Japan	Food Manufacturing
CHILLDY CO., LTD	Subsidiary	Tokyo	Japan	Food Manufacturing
HOKKAIDO NISSUI CO., LTD	Subsidiary	Sapporo, Hokkaido	Japan	Food Manufacturing
NIPPO SHOKUHIN KOGYO CO., LTD	Subsidiary	Kumamoto	Japan	Food Manufacturing
NISSUI ENGINEERING CO., LTD	Subsidiary	Tokyo	Japan	Architecture and Engineering
Suisan Ryutsu Co., Ltd	Subsidiary	Tokyo	Japan	Grocery Wholesale
Chuo Foods Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Grocery Wholesale	147.7	13
Nakatani Suisan Co., Ltd	Subsidiary	Kagoshima	Japan	Crop and Animal Production
KUROSE SUISAN CO., LTD	Subsidiary	Kushima, Miyazaki	Japan	Grocery Wholesale
NISSUI MARINE INDUSTRIES CO., LTD	Subsidiary	Kitakyushu, Fukuoka	Japan	Architecture and Engineering
Netuno International S.A.	Subsidiary	Recife	Brazil	Crop and Animal Production
SALMONES ANTARTICA S.A	Subsidiary	Santiago	Chile	Crop and Animal Production
NISSUI LOGISTICS CORPORATION	Subsidiary	Tokyo	Japan	Shipping and Water Transport
Nippon Kayaku Co., Ltd. - Tokyo Plant	Facility	Tokyo	Japan	Basic Chemical Manufacturing
YAMATSU SUISAN CO., LTD	Subsidiary	Niigata	Japan	Grocery Wholesale
P.T. NIPPON SUISAN INDONESIA	Subsidiary	Jakarta	Indonesia	Crop and Animal Production
Nippon Suisan Kaisha, Ltd - Hachioji General Plant	Facility	Hachioji, Tokyo	Japan	Food Manufacturing

Competitors Report

Company Name	Location	Employees	Ownership
Ajinomoto Co Inc	Chuo-Ku, Japan	27,518	Public
Hayashikane Sangyo Co., Ltd.	Shimonoseki-Shi, Japan	604	Public
ITOHAM FOODS INC.	Nishinomiya-Shi, Japan	5,191	Public
KYOKUYO CO., LTD.	Minato-Ku, Japan	2,397	Public
Nichirei Corp	Chuo-Ku, Japan	12,680	Public

EXECUTIVE REPORT

Board of Directors

Name	Title	Function
Tsugio Haruki	Independent Director	Director/Board Member
Biography: Mr. Tsugio Haruki has been serving as Independent Director in NIPPON SUISAN KAISHA,LTD. since June 2013. He used to serve as Senior Managing Director of JSR CORPORATION. Age: 66
Norio Hosomi	Chief Executive Officer, Executive President, Chief Director of Business Promotion (COO), Representative Director	Director/Board Member
Biography: Mr. Norio Hosomi has been serving as Chief Executive Officer, Executive President, Chief Director of Business Promotion (COO) and Representative Director of NIPPON SUISAN KAISHA, LTD., since June 2012. He joined the Company in April 1973. He previously served as Senior Managing Executive Officer, Manager of Production Promotion Office, Managing Director and Director in the Company. Mr. Hosomi obtained his Bachelor's degree in Food Science from Hokkaido University. Age: 63 Education: Hokkaido University, B (Food Sciences)
Naoto Ihara	Executive Officer, Manager of Quality Assurance Office, Director	Director/Board Member
Biography: Mr. Naoto Ihara has been serving as Executive Officer, Manager of Quality Assurance Office and Director in NIPPON SUISAN KAISHA, LTD. since June 25, 2009. He joined the Company in April 1977 and used to serve as Manager of Quality Assurance Office in the Company. Age: 58
Susumu Kaneda	Senior Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Susumu Kaneda has been serving as Senior Managing Executive Officer and Director of NIPPON SUISAN KAISHA, LTD. since June 2012. He joined the Company in April 1971. His previous titles include Managing Executive Officer, President of Nagoya Office, Chief Director of Wide Area Sales and Director of Family Food Products. Age: 64
Keishiro Kinoshita	Independent Director	Director/Board Member
Biography: Mr. Keishiro Kinoshita has been serving as Independent Director in NIPPON SUISAN KAISHA,LTD. since June 2013. He used to serve as Senior Managing Executive Officer and Director in Sompo Japan Insurance Inc., as well as work for izuho Corporate Bank, Ltd. Age: 64
Kunihiko Koike	Chief Financial Officer, Senior Managing Executive Officer, Representative Director	Director/Board Member
Biography: Mr. Kunihiko Koike has been serving as Chief Financial Officer, Senior Managing Executive Officer and Representative Director of NIPPON SUISAN KAISHA, LTD., since June 2012. He used to serve as President of a subsidiary, NIPPON SUISAN (U.S.A.), INC. He joined the Company in April 1975. His previous titles were Managing Executive Officer and Director of Accounting in the Company. He obtained his Bachelor's degree in Commerce from Waseda University in March 1975. Age: 61 Education: Waseda University, B (Commerce)
Akiyo Matono	Managing Executive Officer, Director	Director/Board Member
Biography: Mr. Akiyo Matono has been serving as Managing Executive Officer and Director in NIPPON SUISAN KAISHA, LTD. since June 2012. He joined the Company in April 1977. He previously served as Executive Officer, Director of 1st Fishery Business, Director of Fish Feed and Director of Marine Sales. He also used to be President and Representative Director in another subsidiary. Age: 59
Yoshio Ohsawa	Board Member	Director/Board Member
Koki Sato	Executive Officer, Director	Director/Board Member
Biography: Mr. Koki Sato has been serving as Executive Officer and Director in NIPPON SUISAN KAISHA, LTD. since June 2012. He joined the Company in April 1979. He used to serve as Director of General Affairs in the Company. Age: 56
Takaaki Wakasugi	Board Member	Director/Board Member
Takeshi Wakisaka	Executive Officer, President of Osaka Office, Director	Director/Board Member
Biography: Mr. Takeshi Wakisaka has been serving as Executive Officer, President of Osaka Office and Director in NIPPON SUISAN KAISHA, LTD., since June 2012. He joined the Company in April 1980 and served as President of Nagoya Office and Fukuoka Office. Age: 55

Executives

Name	Title	Function
Norio Hosomi	Chief Executive Officer, Executive President, Chief Director of Business Promotion (COO), Representative Director	Chief Executive Officer
Biography: Mr. Norio Hosomi has been serving as Chief Executive Officer, Executive President, Chief Director of Business Promotion (COO) and Representative Director of NIPPON SUISAN KAISHA, LTD., since June 2012. He joined the Company in April 1973. He previously served as Senior Managing Executive Officer, Manager of Production Promotion Office, Managing Director and Director in the Company. Mr. Hosomi obtained his Bachelor's degree in Food Science from Hokkaido University. Age: 63 Education: Hokkaido University, B (Food Sciences)
Naoto Ihara	Executive Officer, Manager of Quality Assurance Office, Director	Division Head Executive
Biography: Mr. Naoto Ihara has been serving as Executive Officer, Manager of Quality Assurance Office and Director in NIPPON SUISAN KAISHA, LTD. since June 25, 2009. He joined the Company in April 1977 and used to serve as Manager of Quality Assurance Office in the Company. Age: 58
Yuji Iwata	Executive Officer, Chief Director of Broad Area Sales	Division Head Executive
Susumu Kaneda	Senior Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Susumu Kaneda has been serving as Senior Managing Executive Officer and Director of NIPPON SUISAN KAISHA, LTD. since June 2012. He joined the Company in April 1971. His previous titles include Managing Executive Officer, President of Nagoya Office, Chief Director of Wide Area Sales and Director of Family Food Products. Age: 64
Tomomi Kimura	Executive Officer, Deputy Chief Director of Broad Area Sales	Division Head Executive
Yuji Kobayashi	Executive Officer, Director of Fishery Food Material Business	Division Head Executive
Kunihiko Koike	Chief Financial Officer, Senior Managing Executive Officer, Representative Director	Division Head Executive
Biography: Mr. Kunihiko Koike has been serving as Chief Financial Officer, Senior Managing Executive Officer and Representative Director of NIPPON SUISAN KAISHA, LTD., since June 2012. He used to serve as President of a subsidiary, NIPPON SUISAN (U.S.A.), INC. He joined the Company in April 1975. His previous titles were Managing Executive Officer and Director of Accounting in the Company. He obtained his Bachelor's degree in Commerce from Waseda University in March 1975. Age: 61 Education: Waseda University, B (Commerce)
Volker Kuntzsch	Executive Officer, President of Subsidiaries	Division Head Executive
Yuichi Makino	Executive Officer, Manager of Information Promotion Office	Division Head Executive
Biography: Mr. Yuichi Makino has been serving as Executive Officer and Manager of Information Promotion Office in NIPPON SUISAN KAISHA, LTD., since June 25, 2009. He joined the Company in April 1977. Age: 58
Akiyo Matono	Managing Executive Officer, Director	Division Head Executive
Biography: Mr. Akiyo Matono has been serving as Managing Executive Officer and Director in NIPPON SUISAN KAISHA, LTD. since June 2012. He joined the Company in April 1977. He previously served as Executive Officer, Director of 1st Fishery Business, Director of Fish Feed and Director of Marine Sales. He also used to be President and Representative Director in another subsidiary. Age: 59
Shinsuke Ohki	Executive Officer, Director of Household Food	Division Head Executive
Hisami Sakai	Executive Officer	Division Head Executive
Biography: Mr. Hisami Sakai has been serving as Executive Officer in NIPPON SUISAN KAISHA, LTD., since June 25, 2009. He joined the Company in April 1981. His previous titles include Marin Supply Chain Officer, Food Supply Chain Officer and Director in the Company. Age: 55
Koki Sato	Executive Officer, Director	Division Head Executive
Biography: Mr. Koki Sato has been serving as Executive Officer and Director in NIPPON SUISAN KAISHA, LTD. since June 2012. He joined the Company in April 1979. He used to serve as Director of General Affairs in the Company. Age: 56
Yoichi Sekiguchi	Executive Officer	Division Head Executive
Biography: Mr. Yoichi Sekiguchi has been serving as Executive Officer in NIPPON SUISAN KAISHA, LTD., since June 25, 2009. He joined the Company in April 1979 and used to serve as Director of Fine Chemical and Director in the Company. Age: 56
Seiji Takahashi	Executive Officer, President of Subsidiary	Division Head Executive
Biography: Mr. Seiji Takahashi has been serving as Executive Officer in NIPPON SUISAN KAISHA, LTD., as well as President of a subsidiary, NIPPON SUISAN AMERICA LATINA S.A. He joined the Company in April 1982 and served as Director of Diet and Aquaculture. Age: 55
Takeshi Wakisaka	Executive Officer, President of Osaka Office, Director	Division Head Executive
Biography: Mr. Takeshi Wakisaka has been serving as Executive Officer, President of Osaka Office and Director in NIPPON SUISAN KAISHA, LTD., since June 2012. He joined the Company in April 1980 and served as President of Nagoya Office and Fukuoka Office. Age: 55
Eiichiro Yamahashi	Executive Officer, Director of Professional-use Food	Division Head Executive
Biography: Mr. Eiichiro Yamahashi has been serving as Executive Officer and Director of Professional-use Food in NIPPON SUISAN KAISHA, LTD., since June 25, 2009. He joined the Company in April 1980 and served as Director of Capital Area Professional-use Sales. Age: 56
Yasumasa Yamasaki	Executive Officer	Division Head Executive
Biography: Mr. Yasumasa Yamasaki has been serving as Executive Officer in NIPPON SUISAN KAISHA, LTD., since June 25, 2009. He is also serving as Representative Director in a subsidiary. He joined the Company in April 1979. He was previously serving as Director of Food Material Sales, Director of Capital Region Business-used Sales and Director of Business-use Food. Age: 58
Junichi Nishida	Executive Officer	Administration Executive
Yoshinori Hosoya	Statutory Auditor	Accounting Executive
Masahide Koizumi	Standing Statutory Auditor	Accounting Executive
Kazumasa Sahara	Statutory Auditor	Accounting Executive
Motoyuki Kanaji	Executive Officer Human Resources	Human Resources Executive
Kenichi Sugiyama	IR Contact Officer	Investor Relations Executive

Significant Developments

Nippon Suisan Kaisha Ltd to Sell Germany-based Subsidiary- Nihon Shokuryo Shimbun

Jun 10, 2013

Nihon Shokuryo Shimbun reported that Nippon Suisan Kaisha Ltd will sell its stake in a subsidiary Leuchtturm Beteiligungs- und Holding Germany AG, which is engaged in production and sale of frozen marine products, to a Germany-based investment group. The transaction price is not disclosed.

Nippon Suisan Kaisha Ltd Expects Extraordinary Loss for FY 2013; Amends Consolidated Full-year Forecast for FY 2013

Mar 22, 2013

Nippon Suisan Kaisha Ltd announced that it expects JPY 8,000 million extraordinary loss due to discontinuing of subsidiary's business for the fiscal year ending March 31, 2013. The Company has reaffirmed the consolidated full-year forecast for revenue of JPY 560,000 million, operating profit of JPY 6,000 million, ordinary profit of JPY 2,600 million and lowered the forecast for the net profit (loss) from JPY 0 million to JPY (6,000 million) and earning (loss) per share from JPY 0.00 to JPY (21.72) for the fiscal year ending March 31, 2013.

Nippon Suisan Kaisha Ltd Sells EXPLOTATION PESQUERA DE LA PATAGONIA S.A. (PESPASA) to PESQUERA VERAZ S.A.

Jan 29, 2013

Nippon Suisan Kaisha Ltd announced that it has sold 136,287,892 shares of its common stock (a 100% stake), of EXPLOTATION PESQUERA DE LA PATAGONIA S.A. (PESPASA) to PESQUERA VERAZ S.A., for USD 100, on January 28, 2013.

Nippon Suisan Kaisha Ltd Lowers Consolidated Full-year Outlook for FY Ending March 2013; Cancels Midterm and Year-end Dividend Payment Plan for FY Ending March 2013

Nov 05, 2012

Nippon Suisan Kaisha Ltd announced that it has lowered its consolidated full-year outlook for revenue from JPY 570,000 million to JPY 560,000 million, operating profit from JPY 13,500 million to JPY 6,000 million, ordinary profit from JPY 12,500 million to JPY 2,600 million, net profit from JPY 6,000 million to JPY 0 million and earning per share from JPY 21.72 to JPY 0.00 for the fiscal year ending March 31, 2013. This is due to the decreased sales of aquatic products and food stuff businesses. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 555.50 billion and net profit of JPY 4.63 billion. The Company also announced that it has resolved to cancel its midterm and year-end dividend of JPY 2.50 per share, which were announced on May 15, 2012, respectively, for the fiscal year ending March 2013.

Nippon Suisan Kaisha Ltd's Subsidiary Lowers Stake in Sub-subsidiary

Oct 29, 2012

Nippon Suisan Kaisha Ltd announced that its subsidiary, Nippon-Suisan America Latina S.A. has sold 1,082,818 shares of Pesquera Friosur S.A.'s common stock, which is a 30.01% stake, for CLP 4,806,192,000 in total, to Deris S.A., effective October 1, 2012. After this, Nippon-Suisan America Latina S.A. holds a 20% stake in Pesquera Friosur S.A.

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	Unqualified with Explanation
Net Sales	6,832.0	6,813.9	5,768.3	5,181.5	5,028.1
Revenue	6,832.0	6,813.9	5,768.3	5,181.5	5,028.1
Total Revenue	6,832.0	6,813.9	5,768.3	5,181.5	5,028.1
Cost of Revenue	5,383.1	5,297.6	4,449.7	4,039.2	4,019.6
Cost of Revenue, Total	5,383.1	5,297.6	4,449.7	4,039.2	4,019.6
Gross Profit	1,448.9	1,516.3	1,318.6	1,142.3	1,008.6
Selling/General/Administrative Expense	929.4	940.0	822.9	722.6	664.0
Labor & Related Expense	324.2	302.7	270.1	246.2	219.3
Advertising Expense	34.7	38.1	36.9	28.4	25.6
Total Selling/General/Administrative Expenses	1,288.3	1,280.8	1,129.9	997.1	908.8
Research & Development	43.5	60.9	52.5	43.0	37.8
Depreciation	47.1	53.6	41.8	35.1	32.7
Depreciation/Amortization	47.1	53.6	41.8	35.1	32.7
Impairment-Assets Held for Use	4.8	21.9	3.1	11.5	46.7
Impairment-Assets Held for Sale	1.7	8.2	0.9	3.2	25.1
Other Unusual Expense (Income)	-2.5	-0.8	56.8	0.0	35.7
Unusual Expense (Income)	3.9	29.3	60.8	14.7	107.5
Total Operating Expense	6,765.9	6,722.2	5,734.6	5,129.1	5,106.4
Operating Income	66.1	91.7	33.7	52.4	-78.3
Interest Expense - Non-Operating	-45.4	-47.2	-42.0	-38.6	-40.7
Interest Expense, Net Non-Operating	-45.4	-47.2	-42.0	-38.6	-40.7
Interest Income - Non-Operating	11.2	10.3	6.6	6.4	5.1
Investment Income - Non-Operating	26.7	21.5	8.8	25.0	-1.9
Interest/Investment Income - Non-Operating	37.9	31.8	15.3	31.4	3.2
Interest Income (Expense) - Net Non-Operating Total	-7.5	-15.5	-26.6	-7.2	-37.5
Gain (Loss) on Sale of Assets	-96.6	-58.3	-1.6	-8.1	-42.5
Other Non-Operating Income (Expense)	11.6	0.9	5.5	6.5	-2.7
Other, Net	11.6	0.9	5.5	6.5	-2.7
Income Before Tax	-26.3	18.8	10.9	43.6	-161.0
Total Income Tax	53.9	-11.2	8.7	31.2	-10.8
Income After Tax	-80.2	29.9	2.2	12.3	-150.2
Minority Interest	22.5	-4.5	-12.9	-11.8	-11.4
Net Income Before Extraord Items	-57.7	25.4	-10.7	0.6	-161.5
Net Income	-57.7	25.4	-10.7	0.6	-161.5
Miscellaneous Earnings Adjustment	0.0	-	0.0	-0.1	-0.1
Total Adjustments to Net Income	0.0	-	0.0	-0.1	-0.1
Income Available to Common Excl Extraord Items	-57.7	25.4	-10.7	0.5	-161.6
Income Available to Common Incl Extraord Items	-57.7	25.4	-10.7	0.5	-161.6
Basic/Primary Weighted Average Shares	276.3	276.3	276.3	276.3	276.4
Basic EPS Excl Extraord Items	-0.21	0.09	-0.04	0.00	-0.58
Basic/Primary EPS Incl Extraord Items	-0.21	0.09	-0.04	0.00	-0.58
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-57.7	25.4	-10.7	0.5	-161.6
Diluted Weighted Average Shares	276.3	276.3	276.3	276.3	276.4
Diluted EPS Excl Extraord Items	-0.21	0.09	-0.04	0.00	-0.58
Diluted EPS Incl Extraord Items	-0.21	0.09	-0.04	0.00	-0.58
Dividends per Share - Common Stock Primary Issue	0.00	0.13	0.12	0.11	0.10
Gross Dividends - Common Stock	0.0	35.0	32.3	29.7	27.5
Interest Expense, Supplemental	45.4	47.2	42.0	38.6	40.7
Depreciation, Supplemental	203.1	212.6	194.8	191.5	154.7
Total Special Items	117.9	102.0	78.8	35.2	170.3
Normalized Income Before Tax	91.6	120.7	89.8	78.7	9.3
Effect of Special Items on Income Taxes	35.2	30.7	21.8	8.0	52.5
Inc Tax Ex Impact of Sp Items	89.1	19.5	30.5	39.2	41.7
Normalized Income After Tax	2.5	101.2	59.2	39.5	-32.4
Normalized Inc. Avail to Com.	25.0	96.7	46.2	27.6	-43.8
Basic Normalized EPS	0.09	0.35	0.17	0.10	-0.16
Diluted Normalized EPS	0.09	0.35	0.17	0.10	-0.16
Amort of Acquisition Costs, Supplemental	17.4	14.3	16.5	12.3	20.3
Rental Expenses	29.3	24.7	31.1	27.0	24.8
Advertising Expense, Supplemental	34.7	38.1	36.9	28.4	25.6
Research & Development Exp, Supplemental	43.5	60.9	52.5	43.0	37.8
Reported Operating Profit	70.0	121.0	94.4	67.0	31.4
Reported Ordinary Profit	65.6	106.4	73.2	66.4	-12.2
Normalized EBIT	70.0	121.0	94.4	67.1	29.3
Normalized EBITDA	290.5	347.9	305.7	270.9	204.2
Current Tax - Total	57.7	55.4	-	-	-
Current Tax - Total	57.7	55.4	-	-	-
Deferred Tax - Total	-3.8	-66.6	-	-	-
Deferred Tax - Total	-3.8	-66.6	-	-	-
Income Tax - Total	53.9	-11.2	-	-	-
Interest Cost - Domestic	11.7	14.7	13.9	13.4	12.4
Service Cost - Domestic	20.2	20.1	18.5	17.7	17.3
Prior Service Cost - Domestic	0.3	0.4	-1.9	-3.8	-3.5
Expected Return on Assets - Domestic	-9.7	-9.7	-8.5	-6.8	-9.4
Actuarial Gains and Losses - Domestic	34.9	14.0	9.0	8.0	-2.0
Domestic Pension Plan Expense	57.4	39.5	31.0	28.5	14.9
Total Pension Expense	57.4	39.5	31.0	28.5	14.9
Discount Rate - Domestic	1.50%	1.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.50%	2.50%	2.50%	2.50%	2.50%
Total Plan Interest Cost	11.7	14.7	13.9	13.4	12.4
Total Plan Service Cost	20.2	20.1	18.5	17.7	17.3
Total Plan Expected Return	-9.7	-9.7	-8.5	-6.8	-9.4

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	Unqualified with Explanation
Cash & Equivalents	149.9	116.9	120.2	116.1	259.2
Short Term Investments	11.6	3.4	19.4	4.3	2.4
Cash and Short Term Investments	161.5	120.3	139.6	120.4	261.5
Accounts Receivable - Trade, Gross	750.1	819.8	773.5	637.1	592.4
Provision for Doubtful Accounts	-5.3	-6.9	-6.3	-5.4	-6.6
Trade Accounts Receivable - Net	744.8	812.9	767.1	631.7	585.8
Total Receivables, Net	744.8	812.9	767.1	631.7	585.8
Inventories - Finished Goods	476.5	609.9	586.1	418.9	500.7
Inventories - Work In Progress	176.4	168.8	139.4	101.2	80.2
Inventories - Raw Materials	293.5	270.6	260.8	203.7	217.8
Total Inventory	946.4	1,049.3	986.3	723.8	798.8
Deferred Income Tax - Current Asset	32.3	35.1	37.8	29.1	39.5
Other Current Assets	257.7	339.1	373.1	320.4	243.7
Other Current Assets, Total	290.0	374.1	410.9	349.5	283.2
Total Current Assets	2,142.6	2,356.6	2,303.9	1,825.4	1,929.3
Buildings	1,257.5	1,371.6	1,342.3	1,139.9	1,052.9
Land/Improvements	265.1	288.2	284.2	241.4	211.5
Machinery/Equipment	1,350.3	1,461.4	1,411.7	1,270.1	1,092.0
Construction in Progress	48.0	40.1	39.2	46.2	19.8
Other Property/Plant/Equipment	175.6	209.3	201.5	160.7	132.2
Property/Plant/Equipment - Gross	3,096.5	3,370.7	3,278.9	2,858.3	2,508.3
Accumulated Depreciation	-1,899.7	-2,043.4	-1,913.1	-1,650.5	-1,414.0
Property/Plant/Equipment - Net	1,196.8	1,327.3	1,365.8	1,207.8	1,094.3
Goodwill, Net	53.5	43.8	54.9	44.1	48.9
Intangibles, Net	131.7	163.6	161.4	117.8	111.3
LT Investment - Affiliate Companies	297.4	290.1	296.6	-	-
LT Investments - Other	425.4	428.2	420.9	716.9	592.9
Long Term Investments	722.8	718.3	717.5	716.9	592.9
Note Receivable - Long Term	81.5	45.6	99.8	97.7	31.1
Deferred Income Tax - Long Term Asset	95.7	126.7	61.8	41.6	40.2
Other Long Term Assets	56.7	84.0	57.6	57.4	54.4
Other Long Term Assets, Total	152.4	210.7	119.4	99.0	94.6
Total Assets	4,481.4	4,865.9	4,822.8	4,108.7	3,902.6
Accounts Payable	344.5	367.1	350.4	269.1	275.4
Accrued Expenses	283.5	331.4	264.6	237.9	217.7
Notes Payable/Short Term Debt	1,389.5	1,465.2	1,326.7	968.0	1,184.2
Current Portion - Long Term Debt/Capital Leases	4.6	8.2	233.0	264.6	133.5
Income Taxes Payable	32.2	37.7	18.4	24.3	22.3
Other Current Liabilities	96.3	172.4	100.0	94.8	58.2
Other Current liabilities, Total	128.5	210.2	118.4	119.1	80.5
Total Current Liabilities	2,150.6	2,382.1	2,293.3	1,858.7	1,891.3
Long Term Debt	1,402.3	1,454.0	1,432.7	1,145.0	1,027.3
Capital Lease Obligations	14.3	18.3	13.0	13.8	14.7
Total Long Term Debt	1,416.6	1,472.3	1,445.7	1,158.8	1,042.0
Total Debt	2,810.7	2,945.7	3,005.5	2,391.4	2,359.7
Deferred Income Tax - LT Liability	19.0	20.1	21.1	33.0	29.8
Deferred Income Tax	19.0	20.1	21.1	33.0	29.8
Minority Interest	143.9	218.6	245.8	192.5	166.5
Pension Benefits - Underfunded	184.0	166.6	159.0	167.1	170.5
Other Long Term Liabilities	38.4	48.8	49.3	39.5	38.3
Other Liabilities, Total	222.3	215.5	208.3	206.6	208.8
Total Liabilities	3,952.5	4,308.6	4,214.2	3,449.7	3,338.4
Common Stock	252.2	288.0	286.3	253.9	240.2
Common Stock	252.2	288.0	286.3	253.9	240.2
Additional Paid-In Capital	146.2	167.0	166.0	147.2	139.3
Retained Earnings (Accumulated Deficit)	168.8	274.3	293.5	316.4	324.2
Treasury Stock - Common	-2.7	-3.1	-3.1	-2.7	-2.5
Unrealized Gain (Loss)	16.5	-21.8	-26.0	-5.0	-24.2
Translation Adjustment	-49.7	-143.1	-104.3	-49.2	-110.5
Other Comprehensive Income	-2.4	-4.0	-3.9	-1.7	-2.4
Other Equity, Total	-52.1	-147.1	-108.2	-50.9	-112.8
Total Equity	528.9	557.4	608.6	659.0	564.1
Total Liabilities & Shareholders’ Equity	4,481.4	4,866.0	4,822.8	4,108.7	3,902.5
Shares Outstanding - Common Stock Primary Issue	276.3	276.3	276.3	276.3	276.3
Total Common Shares Outstanding	276.3	276.3	276.3	276.3	276.3
Treasury Shares - Common Stock Primary Issue	0.9	0.9	0.9	0.9	0.9
Employees	10,175	10,513	11,172	8,801	8,608
Number of Common Shareholders	45,136	39,160	41,382	40,600	37,257
Total Long Term Debt, Supplemental	1,669.6	1,723.7	1,672.5	1,403.9	1,152.8
Long Term Debt Maturing within 1 Year	267.3	269.6	239.8	258.9	125.5
Long Term Debt Maturing in Year 2	210.7	284.8	246.3	251.3	308.5
Long Term Debt Maturing in Year 3	297.6	230.4	309.8	177.1	185.5
Long Term Debt Maturing in Year 4	326.8	273.9	196.7	191.9	162.6
Long Term Debt Maturing in Year 5	366.6	369.2	258.3	164.3	173.3
Long Term Debt Maturing in 2-3 Years	508.3	515.2	556.1	428.4	494.0
Long Term Debt Maturing in 4-5 Years	693.4	643.1	454.9	356.2	335.9
Long Term Debt Matur. in Year 6 & Beyond	200.6	295.7	421.6	360.5	197.4
Total Capital Leases, Supplemental	19.0	26.5	21.3	19.5	22.7
Capital Lease Payments Due in Year 1	4.6	8.2	8.3	5.7	8.0
Capital Lease Payments Due in Year 2	3.4	4.8	6.1	5.1	4.6
Capital Lease Payments Due in Year 3	2.0	3.1	2.0	4.8	5.4
Capital Lease Payments Due in Year 4	1.6	1.9	1.1	3.4	3.8
Capital Lease Payments Due in Year 5	1.0	1.1	0.4	0.4	0.8
Capital Lease Payments Due in 2-3 Years	5.5	7.9	8.1	9.9	10.1
Capital Lease Payments Due in 4-5 Years	2.5	3.1	1.5	3.8	4.5
Cap. Lease Pymts. Due in Year 6 & Beyond	6.3	7.3	3.4	0.1	0.1
Pension Obligation - Domestic	504.8	550.5	519.9	463.0	441.2
Plan Assets - Domestic	290.8	281.9	292.6	251.7	199.4
Funded Status - Domestic	-214.0	-268.6	-227.3	-211.4	-241.7
Total Funded Status	-214.0	-268.6	-227.3	-211.4	-241.7
Discount Rate - Domestic	1.50%	1.50%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.50%	2.50%	2.50%	2.50%	2.50%
Prepaid Benefits - Domestic	-	-	-	0.0	0.0
Accrued Liabilities - Domestic	-181.4	-163.8	-156.2	-161.8	-164.9
Other Assets, Net - Domestic	32.6	104.8	71.1	49.6	77.0
Net Assets Recognized on Balance Sheet	-148.8	-59.1	-85.2	-112.2	-87.9
Total Plan Obligations	504.8	550.5	519.9	463.0	441.2
Total Plan Assets	290.8	281.9	292.6	251.7	199.4

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	Unqualified with Explanation
Net Income/Starting Line	-26.3	18.8	10.9	43.5	-161.0
Depreciation	203.1	212.6	194.8	191.5	154.7
Depreciation/Depletion	203.1	212.6	194.8	191.5	154.7
Amortization of Acquisition Costs	17.4	14.3	16.5	12.3	20.3
Amortization	17.4	14.3	16.5	12.3	20.3
Unusual Items	92.0	92.4	67.8	22.7	71.0
Equity in Net Earnings (Loss)	1.1	-16.4	-14.1	-9.9	-11.5
Other Non-Cash Items	24.7	23.3	-7.9	7.8	68.8
Non-Cash Items	117.8	99.4	45.8	20.6	128.3
Accounts Receivable	-1.3	-68.3	-14.9	3.3	-33.2
Inventories	28.2	-70.7	-142.9	137.6	-92.8
Accounts Payable	-6.9	41.6	30.1	-32.8	-43.7
Accrued Expenses	-10.6	60.1	-24.5	8.6	18.9
Other Operating Cash Flow	-138.2	-6.1	-50.8	-23.6	-65.6
Changes in Working Capital	-128.8	-43.4	-203.1	93.0	-216.3
Cash from Operating Activities	183.1	301.6	64.8	361.0	-74.1
Purchase of Fixed Assets	-232.0	-155.0	-195.3	-187.6	-264.0
Purchase/Acquisition of Intangibles	-14.8	-41.0	-30.4	-23.1	-28.7
Capital Expenditures	-246.7	-196.0	-225.7	-210.8	-292.7
Acquisition of Business	-75.4	-3.4	-71.0	0.0	-19.0
Sale of Business	15.6	-	-	-	-
Sale of Fixed Assets	35.3	2.0	8.0	1.5	14.0
Sale/Maturity of Investment	33.0	1.8	5.3	42.9	21.0
Investment, Net	-20.7	14.0	-44.0	-6.8	-18.0
Purchase of Investments	-20.7	-10.0	-13.0	-70.8	-63.3
Other Investing Cash Flow	22.9	-20.0	4.1	-65.6	-23.6
Other Investing Cash Flow Items, Total	-10.1	-15.7	-110.5	-98.8	-88.9
Cash from Investing Activities	-256.8	-211.7	-336.2	-309.6	-381.6
Other Financing Cash Flow	-4.2	-8.1	-7.1	-11.1	-8.9
Financing Cash Flow Items	-4.2	-8.1	-7.1	-11.1	-8.9
Cash Dividends Paid - Common	-16.7	-35.0	-32.3	-29.7	-27.5
Total Cash Dividends Paid	-16.7	-35.0	-32.3	-29.7	-27.5
Common Stock, Net	0.0	0.0	0.0	0.0	-0.2
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	0.0	-0.2
Short Term Debt, Net	30.5	-101.3	197.2	-303.9	495.6
Long Term Debt Issued	520.4	289.1	368.3	388.4	390.6
Long Term Debt Reduction	-427.7	-258.7	-291.6	-212.3	-189.6
Long Term Debt, Net	92.7	30.4	76.7	176.1	201.0
Issuance (Retirement) of Debt, Net	123.2	-70.9	273.9	-127.8	696.6
Cash from Financing Activities	102.4	-114.0	234.5	-168.7	660.1
Foreign Exchange Effects	9.7	-3.8	-7.1	10.3	-14.1
Net Change in Cash	38.4	-27.9	-44.0	-106.9	190.3
Net Cash - Beginning Balance	180.6	217.6	244.5	332.4	117.2
Net Cash - Ending Balance	219.0	189.7	200.5	225.4	307.4
Cash Interest Paid	45.0	46.6	40.6	40.2	40.2
Cash Taxes Paid	57.3	40.6	39.3	32.5	27.7

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	Unqualified with Explanation
Net Sales	6,832.0	6,813.9	5,768.3	5,181.5	5,028.1
Total Revenue	6,832.0	6,813.9	5,768.3	5,181.5	5,028.1
Other Other	163.6	179.2	-	-	-
Cost of sales	5,383.1	5,297.6	4,449.7	4,039.2	4,017.4
Other Selling/General/Admin. Expense	0.1	0.1	-	-	-
Sales Commission	352.6	366.7	329.2	278.5	235.6
SGA, Warehousing expenses	53.9	55.5	46.8	42.3	38.9
Shipping Expense	289.4	273.9	237.7	209.2	205.3
SGA, Advertising Expenses	34.7	38.1	36.9	28.4	25.6
Res-Doubt.Acct.Allow	4.5	2.6	-3.9	-0.5	0.3
Salary Expense	243.9	237.4	217.4	192.8	176.8
SGA, Bonuses	27.3	29.6	25.3	22.6	22.6
SGA, Provision Of Reserve For Bonus	13.3	14.1	12.6	11.9	11.3
Provision for directors' bonuses	2.4	2.4	1.1	1.1	1.0
SGA, Retirement Benefit Expenses	37.3	19.2	13.7	17.8	7.6
SGA, Depreciation	47.1	53.6	41.8	35.1	32.7
SGA, Rent Expense And Repair Expense	29.3	24.7	31.1	27.0	24.8
SGA, Transport. And Communication Exp.	36.0	37.2	33.3	30.9	30.7
Research and Development Expense(in SGA)	43.5	60.9	-	-	-
R & D exp.	-	-	52.5	43.0	37.8
Other SG&A	-	-	148.6	135.4	128.4
Other Unusual Expense (Income)	0.0	-	-	-	-
Gain on extinguishment of tie-in shares	-2.6	-	-	-	-
Gain on revision of retirement benefit p	0.0	-2.5	-	-	-
Reverse of provision for loss on disaste	0.0	-5.1	-	-	-
SP Rev-Doubt.Acct.Allow	-	0.0	-3.5	0.0	-0.7
SP Gain on step acquisitions	-	0.0	-2.8	0.0	-
SP Rev. Affiliate Co. Doubtful Account.	-	-	-	-	0.0
SP Impairment Loss	4.8	21.9	3.1	11.5	46.7
SP Val.Loss-Invest.Sec	1.7	8.2	0.9	3.2	25.1
SP Loss on disaster	0.0	6.9	57.8	0.0	-
SP Special retirement expenses	-	-	0.9	0.0	2.8
SP L on adj. for changes of acct. assets	-	0.0	4.5	-	-
SP Allow for Doubt.Acct	-	-	-	0.0	11.1
SP Officer's retirement benefits	-	-	-	-	0.0
SP Reserve for officers retirement	-	-	-	-	0.0
SP L on val. of inventories	-	-	-	0.0	2.2
SP Commission Expense	-	-	-	-	6.4
SP Casualty losses	-	-	-	0.0	16.1
SP Seismic hazard losses	-	-	-	-	0.0
SP Fish disease losses	-	-	-	-	0.0
SP Fraud transaction related losses	-	-	-	-	0.0
Total Operating Expense	6,765.9	6,722.2	5,734.6	5,129.1	5,106.4
Gain on sales of subsidiaries and affili	1.1	-	-	-	-
SP Sale Gain-Fixed Asst	9.5	1.0	5.1	0.2	3.0
Equity In Losses Of Affiliates	-1.1	-	-	-	-
Loss on sales of investment securities	-0.1	-	-	-	-
Gain On Sales Of Investment Securities	11.6	0.0	-	-	-
Loss on liquidation of business	-100.8	-52.5	-	-	-
SP Sale Gain-Invest.Sec	-	-	0.0	0.2	7.8
SP Gain Sale Affiliate Stock	-	-	-	0.0	0.8
SP Gain on transfer of business	-	-	-	0.0	2.5
SP Dispo.L-Fixed Asset	-6.5	-6.9	-6.7	-8.3	-10.0
SP Sale Loss-Invest.Sec	-	-	-	-	0.0
SP Loss Sale Affiliate Stock	-2.9	-	0.0	-0.3	-0.9
SP Affiliate Liquidated	-	-	-	0.0	-38.0
SP L on equity change	-	-	-	0.0	-4.2
NOP Interest Income	11.2	10.3	6.6	6.4	5.1
NOP Dividend Income	12.3	13.7	12.1	11.0	10.9
NOP Exchange Gain	7.0	-	0.0	4.2	0.0
NOP Gain-Equity Method	0.0	16.4	14.1	9.9	11.5
Subsidy income	7.9	-	-	-	-
Other Non-Operating Income (Expense)	0.0	0.0	-	-	-
NOP Gain-inflation accounting adjustment	-	-	-	-	0.0
NOP Other Non-op.Income	16.2	10.6	14.5	12.1	7.7
NOP Interest Expense	-45.4	-47.2	-42.0	-38.6	-40.7
NOP Exchange Loss	0.0	-8.6	-17.5	0.0	-27.7
NOP Other Non-op.Expense	-12.4	-9.7	-9.0	-5.6	-10.4
Net Income Before Taxes	-26.3	18.8	10.9	43.6	-161.0
Provision for Income Taxes	53.9	-11.2	8.7	31.2	-10.8
Net Income After Taxes	-80.2	29.9	2.2	12.3	-150.2
Minority interests in income	22.5	-4.5	-12.9	-11.8	-11.4
Net Income Before Extra. Items	-57.7	25.4	-10.7	0.6	-161.5
Net Income	-57.7	25.4	-10.7	0.6	-161.5
Miscellaneous Earnings Adjustment	0.0	-	-	-	-
Earning Adjustment	-	-	0.0	-0.1	-0.1
Income Available to Com Excl ExtraOrd	-57.7	25.4	-10.7	0.5	-161.6
Income Available to Com Incl ExtraOrd	-57.7	25.4	-10.7	0.5	-161.6
Basic Weighted Average Shares	276.3	276.3	276.3	276.3	276.4
Basic EPS Excluding ExtraOrdinary Items	-0.21	0.09	-0.04	0.00	-0.58
Basic EPS Including ExtraOrdinary Items	-0.21	0.09	-0.04	0.00	-0.58
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-57.7	25.4	-10.7	0.5	-161.6
Diluted Weighted Average Shares	276.3	276.3	276.3	276.3	276.4
Diluted EPS Excluding ExtraOrd Items	-0.21	0.09	-0.04	0.00	-0.58
Diluted EPS Including ExtraOrd Items	-0.21	0.09	-0.04	0.00	-0.58
DPS-Ordinary Shares	0.00	0.13	0.12	0.11	0.10
Gross Dividends - Common Stock	0.0	35.0	32.3	29.7	27.5
Normalized Income Before Taxes	91.6	120.7	89.8	78.7	9.3
Inc Tax Ex Impact of Sp Items	89.1	19.5	30.5	39.2	41.7
Normalized Income After Taxes	2.5	101.2	59.2	39.5	-32.4
Normalized Inc. Avail to Com.	25.0	96.7	46.2	27.6	-43.8
Basic Normalized EPS	0.09	0.35	0.17	0.10	-0.16
Diluted Normalized EPS	0.09	0.35	0.17	0.10	-0.16
SGA, Advertising Expenses	34.7	38.1	36.9	28.4	25.6
Interest Expense	45.4	47.2	42.0	38.6	40.7
Research and Development Expense(in SGA)	43.5	60.9	-	-	-
R & D	-	-	52.5	43.0	37.8
BC - Depreciation of Goodwill	17.4	-	-	-	-
Amortization of Goodwill - footnote	-	14.3	-	-	-
Amort of goodwill	-	-	16.5	12.3	20.3
BC - Depreciation of Fixed Assets	203.1	-	-	-	-
Depreciation	-	212.6	-	-	-
Depreciation	-	-	194.8	191.5	154.7
SGA, Rent Expense And Repair Expense	29.3	24.7	31.1	27.0	24.8
Income taxes-current	57.7	55.4	-	-	-
Current Tax - Total	57.7	55.4	-	-	-
Income taxes-deferred	-3.8	-66.6	-	-	-
Deferred Tax - Total	-3.8	-66.6	-	-	-
Income Tax - Total	53.9	-11.2	-	-	-
Reported operating profit	70.0	121.0	94.4	67.0	31.4
Reported ordinary profit	65.6	106.4	73.2	66.4	-12.2
Service cost	20.2	20.1	18.5	17.7	17.3
Interest cost	11.7	14.7	13.9	13.4	12.4
Expected return on plan assets	-9.7	-9.7	-8.5	-6.8	-9.4
Actuarial gains and losses	34.9	14.0	9.0	8.0	-2.0
Prior service cost	0.3	0.4	-1.9	-3.8	-3.5
Domestic Pension Plan Expense	57.4	39.5	31.0	28.5	14.9
Total Pension Expense	57.4	39.5	31.0	28.5	14.9
Discount Rate(MIN)-Retirement Cost(Domes	1.50%	1.50%	-	-	-
Discount rate	-	-	2.50%	2.50%	2.50%
Expected return on assets(MIN)-Retiremen	2.50%	2.50%	-	-	-
Plan asset expected rate of return	-	-	2.50%	2.50%	2.50%

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	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Cash and Deposit	149.9	116.9	120.2	116.1	259.2
Notes and accounts receivable-trade	750.1	819.8	773.5	637.1	592.4
Short-term investment securities	11.6	3.4	19.4	4.3	2.4
Merchandise & finished goods	476.5	609.9	586.1	418.9	500.7
Inventories - work-in-process	176.4	168.8	139.4	101.2	80.2
Raw materials & supplies	293.5	270.6	260.8	203.7	217.8
Dfrd. Tax Assets	32.3	35.1	37.8	29.1	39.5
Rounding adjustment Assets	0.0	0.0	-	-	-
Other Curr.Asset	257.7	339.0	373.1	320.4	243.7
Doubtful Account	-5.3	-6.9	-6.3	-5.4	-6.6
Total current assets	2,142.6	2,356.6	2,303.9	1,825.4	1,929.3
Buildings and structures	1,257.5	1,371.6	1,342.3	1,139.9	1,052.9
Accmulated Depreciation	-735.0	-784.9	-734.2	-622.2	-544.1
Machinery, equipment and vehicles	1,179.9	1,226.9	1,170.0	1,062.3	931.3
Acc. Depre&Impair-Machine,Equip&Vehicle	-893.8	-941.0	-875.5	-773.2	-650.5
Ships	170.4	234.6	241.7	207.8	160.7
Accumulated depreciation-Ships	-138.9	-177.3	-170.5	-142.5	-131.5
Land	265.1	288.2	284.2	241.4	211.5
Lease assets	42.4	67.2	63.8	48.4	43.0
Accumulated depreciation-Lease assets	-21.7	-24.9	-24.9	-25.6	-17.4
Construction	48.0	40.1	39.2	46.2	19.8
Other	133.2	142.0	137.6	112.4	89.1
Accmulated Depreciation	-110.2	-115.3	-108.0	-87.0	-70.5
Goodwill	53.5	43.8	54.9	44.1	48.9
Other Total Intangible Assets, Net	0.0	-	-	-	-
Other	94.5	-	-	-	-
Software	37.2	52.3	41.2	35.8	30.9
Other Intangible	-	111.4	120.2	82.0	80.4
Other Investment Securities	425.4	428.2	-	-	-
Investment Sec.	-	-	420.9	716.9	592.9
Invt Secs Noncons, Asc, Affd Cos	293.3	287.5	-	-	-
Invts in Capital Noncons, Ascd, Affd Cos	4.0	2.7	-	-	-
Investment Sec.-stock	-	-	291.7	-	-
Other	-	-	5.0	-	-
Long-term loans receivable	81.5	45.6	99.8	97.7	31.1
Other Other	113.4	-	-	-	-
Other Long Term Assets	0.0	-	-	-	-
Other Other Long Term Assets	0.0	-	-	-	-
Deferred tax assets	95.7	126.7	61.8	41.6	40.2
Other Assets	-	132.6	98.7	123.9	120.7
Allowance for doubtful accounts	-56.8	-48.5	-41.2	-66.5	-66.3
Adjustment	-	-	-	-	0.0
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Total Assets	4,481.4	4,865.9	4,822.8	4,108.7	3,902.6
Notes and accounts payable-trade	344.5	367.1	350.4	269.1	275.4
Short-term loans payable	1,389.5	1,465.2	1,326.7	968.0	1,184.2
LT Borrowing, current	-	-	224.7	258.9	125.5
Lease liabilities, current	4.6	8.2	8.3	5.7	8.0
Income Tax Pybl.	32.2	37.7	18.4	24.3	22.3
Accrued Expense	256.1	300.2	236.9	213.7	195.4
Accrued Bonus	25.3	28.9	26.5	23.1	21.4
Rounding adjustment Liability	0.1	0.1	-	-	-
Provision for loss on business liquidati	25.1	24.9	0.0	-	-
Provision for directors'' bonuses	2.1	2.3	1.2	1.0	1.0
Provision for loss on disaster	0.0	0.7	17.6	0.0	-
Provision-Others	0.2	0.2	1.1	0.5	0.3
Other Curr.Liab.	71.0	146.5	81.3	94.3	57.9
Total Current Liabilities	2,150.6	2,382.1	2,293.3	1,858.7	1,891.3
Long-term loans payable	1,402.3	1,454.0	1,432.7	1,145.0	1,027.3
Lease liabilities, non-current	14.3	18.3	13.0	13.8	14.7
Total Long Term Debt	1,416.6	1,472.3	1,445.7	1,158.8	1,042.0
Dfrd. Tax Liab.	19.0	20.1	21.1	33.0	29.8
Res-Accr.Retire	181.4	163.8	156.2	161.8	164.7
Provision for directors'' retirement ben	2.5	2.8	2.8	5.3	5.8
Other Long Term Liabilities	0.0	-	-	-	-
Rounding adjustment Liability	-	0.0	-	-	-
Other Liability	38.3	48.8	49.3	39.5	38.3
Minor. Interest	143.9	218.6	245.8	192.5	166.5
Total Liabilities	3,952.5	4,308.6	4,214.2	3,449.7	3,338.4
Common Stock	252.2	288.0	286.3	253.9	240.2
Total capital surpluses	146.2	167.0	166.0	147.2	139.3
Total retained earnings	168.8	274.3	293.5	316.4	324.2
Treasury Stock	-2.7	-3.1	-3.1	-2.7	-2.5
Valuation difference on available-for-sa	47.3	4.0	-7.7	10.9	-4.8
Deferred hedge gain/loss	-2.4	-4.0	-3.9	-1.7	-2.4
Translation Adj.	-49.7	-143.1	-104.3	-49.2	-110.5
Other comprehensive income pension liabi	-30.9	-25.8	-18.2	-15.9	-19.4
Total Equity	528.9	557.4	608.6	659.0	564.1
Total Liabilities & Shareholders' Equity	4,481.4	4,866.0	4,822.8	4,108.7	3,902.5
S/O-Ordinary Shares	276.3	276.3	276.3	276.3	276.3
Total Common Shares Outstanding	276.3	276.3	276.3	276.3	276.3
T/S-Ordinary Shares	0.9	0.9	0.9	0.9	0.9
Full-Time Employees	10,175	10,513	11,172	8,801	8,608
Total Number of Shareholders	45,136	39,160	-	-	-
Number of Common Shareholders	-	-	41,382	40,600	37,257
Division And End Of Current Period Remai	13.4	18.3	-	-	-
LT Debts Maturing within 1yr.	253.9	251.3	239.8	258.9	125.5
Lns Pble Maturing over a Yr within 2 Yrs	210.7	284.8	-	-	-
LT Debts Maturing within 2yr.	-	-	246.3	251.3	308.5
Lns Pble Maturg over 2 Yrs within 3 Yrs	297.6	230.4	-	-	-
LT Debts Maturing within 3yr.	-	-	309.8	177.1	185.5
Lns Pble Maturg over 3 Yrs within 4 Yrs	326.8	273.9	-	-	-
LT Debts Maturing within 4yr.	-	-	196.7	191.9	162.6
Lns Pble Maturg over 4 Yrs within 5 Yrs	366.6	369.2	-	-	-
LT Debts Maturing within 5yr.	-	-	258.3	164.3	173.3
Other LT Debt	200.6	295.7	-	-	-
Remaining	-	-	421.6	360.5	197.4
Total Long Term Debt, Supplemental	1,669.6	1,723.7	1,672.5	1,403.9	1,152.8
Capital Lease Payments due in 1 year	4.6	8.2	8.3	5.7	8.0
Cap Lease Maturg over a Yr within 2 Yrs	3.4	4.8	-	-	-
Capital Lease Payments due in 2 years	-	-	6.1	5.1	4.6
Cap Lease Maturg over 2 Yr within 3 Yrs	2.0	3.1	-	-	-
Capital Lease Payments due in 3 years	-	-	2.0	4.8	5.4
Cap Lease Maturg over 3 Yr within 4 Yrs	1.6	1.9	-	-	-
Capital Lease Payments due in 4 years	-	-	1.1	3.4	3.8
Cap Lease Maturg over 4 Yr within 5 Yrs	1.0	1.1	-	-	-
Capital Lease Payments due in 5 years	-	-	0.4	0.4	0.8
Other Capital Lease	6.3	7.3	-	-	-
Capital Lease Remaining Maturities	-	-	3.4	0.1	0.1
Total Capital Leases, Supplemental	19.0	26.5	21.3	19.5	22.7
Pension obligation	504.8	550.5	519.9	463.0	441.2
Fair value of plan asset	290.8	281.9	292.6	251.7	199.4
Funded status	-214.0	-268.6	-227.3	-211.4	-241.7
Total Funded Status	-214.0	-268.6	-227.3	-211.4	-241.7
Discount rate	1.50%	1.50%	2.50%	2.50%	2.50%
Expected return on assets(MIN)-Retiremen	2.50%	2.50%	-	-	-
Expected rate of return	-	-	2.50%	2.50%	2.50%
Unrecognized actuarial gains and losses	32.6	104.8	71.1	51.6	82.9
Unrecognized prior service cost	0.0	0.0	0.0	-2.1	-5.8
Prepaid pension benefits	-	-	-	0.0	0.0
Reserve for accrued retirement benefits	-181.4	-163.8	-156.2	-161.8	-164.9
Net Assets Recognized on Balance Sheet	-148.8	-59.1	-85.2	-112.2	-87.9

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	Unqualified with Explanation
Income Before Tax	-26.3	18.8	10.9	43.5	-161.0
Depreciation	203.1	212.6	194.8	191.5	154.7
Loss (gain) on extinguishment of tie-in	-2.6	-	-	-	-
Loss on liquidation of business	100.8	52.5	-	-	-
Impairment Loss	4.8	21.9	3.1	11.5	46.7
Amort. of goodwill	17.4	14.3	16.5	12.3	20.3
Increase (decrease) in provision for los	-20.1	-	-	-	-
Increase (decrease) in allowance for dou	0.5	-0.1	-8.6	-5.2	42.1
Increase (decrease) in provision for ret	22.5	0.2	-22.6	-8.2	2.9
Int. and Div. Income	-23.5	-24.0	-18.7	-17.4	-16.0
Interest Expense	45.4	47.2	42.0	38.6	40.7
Equity in (earnings) losses of affiliate	1.1	-16.4	-14.1	-9.9	-11.5
Sale Gain-Fixed Asst	-9.5	-1.0	-5.1	-0.2	-3.0
Dispo.L-Fixed Asset	6.5	6.9	6.7	8.3	10.0
Sale Gain-Invest.Sec	-	-	-	-	0.0
Val.Loss-Invest.Sec	-	-	-	-	0.0
Loss (gain) on sales and valuation of in	-8.0	8.2	0.8	3.1	17.4
Loss on adjustment for changes of accoun	-	0.0	4.5	0.0	-
Loss on disaster	0.0	4.0	57.8	0.0	-
Decrease (increase) in notes and account	-1.3	-68.3	-14.9	3.3	-33.2
Decrease (increase) in inventories	28.2	-70.7	-142.9	137.6	-92.8
Increase (decrease) in notes and account	-6.9	41.6	30.1	-32.8	-43.7
Increase Decrease In Accrued Expenses	-10.6	60.1	-24.5	8.6	18.9
Increase in cash and cash equivalents re	0.7	-	-	-	-
Payments For Loss On Disaster	-0.7	-15.6	-	-	-
Other Operating Cash Flow	0.0	0.0	-	-	-
Other, net	-63.8	79.6	6.1	32.8	-13.2
Int. and Div. Rcvd.	27.9	17.1	22.9	16.3	15.6
Interest expenses paid	-45.0	-46.6	-40.6	-40.2	-40.2
Taxes Paid	-57.3	-40.6	-39.3	-32.5	-27.7
Consolidation Change	-	-	-	-	-0.8
Adjustment	-	-	-	-	0.0
Cash from Operating Activities	183.1	301.6	64.8	361.0	-74.1
Proceeds From Purchase Of Investments In	3.9	-	-	-	-
Proceeds from sales of investments in su	11.7	-	-	-	-
Decrease (increase) in short-term invest	2.1	-	-	-	-
Net Decrease Increase In Time Deposits	0.0	1.3	6.1	7.8	-7.1
Decrease (increase) in short-term invest	-	20.6	5.6	4.1	11.4
Purchase of property, plant and equipmen	-232.0	-155.0	-195.3	-187.6	-264.0
Proceeds from sales of property, plant a	35.3	2.0	8.0	1.5	14.0
Purch-Intang.Asset	-14.8	-41.0	-30.4	-23.1	-28.7
Purch-Investment Sec	-20.7	-10.0	-13.0	-70.8	-63.3
Sale-Investment Sec.	27.0	1.8	5.3	10.6	21.0
Proceeds from redemption of investment s	6.0	-	0.0	32.3	0.0
Purchase of investments in subsidiaries	-54.1	-	-	-	-
Payments for sales of investments in sub	-3.0	-	-	-	-
Purchase of investments in subsidiaries	-18.4	-3.4	-71.0	0.0	-
Purch of Subsidiary Stock-Consol. Change	-	-	-	0.0	-19.0
G-Purch. Subsidiary Stock-Consol. Change	-	-	-	-	0.0
Decrease (increase) in short-term loans	-22.8	-7.8	-55.7	-18.6	-22.3
Rounding adjustment Cash flow	0.0	-	-	-	-
Payments of long-term loans receivable	-	-	0.0	-72.2	0.0
Other, net	22.9	-20.0	4.1	6.6	-23.6
Cash from Investing Activities	-256.8	-211.7	-336.2	-309.6	-381.6
Increase (decrease) in short-term loans	30.5	-101.3	197.2	-303.9	495.6
Proceeds from long-term loans payable	520.4	289.1	368.3	388.4	390.6
Repayment of long-term loans payable	-419.0	-249.9	-280.8	-202.9	-181.3
Repayment of lease	-8.7	-8.8	-10.9	-9.4	-8.3
Rounding adjustment Cash flow	0.0	0.0	-	-	-
Proceeds from stock issuance to minority	-	-	0.0	4.4	0.0
Dividend Paid	-16.7	-35.0	-32.3	-29.7	-27.5
Div.Paid to Minority	-4.2	-8.1	-7.1	-15.5	-8.9
Decrease (increase) in treasury stock	0.0	0.0	0.0	0.0	-0.2
Cash from Financing Activities	102.4	-114.0	234.5	-168.7	660.1
Foreign Exchange Effects	9.7	-3.8	-7.1	10.3	-14.1
Net Change in Cash	38.4	-27.9	-44.0	-106.9	190.3
Net Cash - Beginning Balance	180.6	217.6	244.5	332.4	117.2
Net Cash - Ending Balance	219.0	189.7	200.5	225.4	307.4
Cash Interest Paid	45.0	46.6	40.6	40.2	40.2
Cash Taxes Paid	57.3	40.6	39.3	32.5	27.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	1,445.0	1.07%	6,832.0	5.36%	5.59%	1.20%
Research & Development1 (?)	-	-	43.5	-24.93%	-3.31%	-0.59%
Operating Income1 (?)	30.1	19.17%	66.1	-24.23%	4.04%	-
Income Available to Common Excl Extraord Items1 (?)	27.3	256.82%	-57.7	-	-	-
Basic EPS Excl Extraord Items1 (?)	0.10	256.83%	-0.21	-	-	-
Capital Expenditures2 (?)	-	-	246.7	32.27%	1.48%	3.01%
Cash from Operating Activities2 (?)	-	-	183.1	-36.21%	-23.20%	1.26%
Free Cash Flow (?)	-	-	-56.1	-	-	-
Total Assets3 (?)	4,376.5	0.34%	4,481.4	5.18%	3.17%	1.23%
Total Liabilities3 (?)	3,819.7	-1.62%	3,952.5	4.77%	4.88%	5.23%
Total Long Term Debt3 (?)	1,324.2	13.52%	1,416.6	9.89%	7.17%	11.41%
Employees3 (?)	-	-	10175	-3.22%	4.95%	-0.49%
Total Common Shares Outstanding3 (?)	276.3	0.00%	276.3	0.00%	0.00%	-0.01%
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 (?)	21.21%	22.25%	22.86%	22.05%	20.06%
Operating Margin (?)	0.97%	1.35%	0.58%	1.01%	-1.56%
Pretax Margin (?)	-0.39%	0.28%	0.19%	0.84%	-3.20%
Net Profit Margin (?)	-0.84%	0.37%	-0.19%	0.01%	-3.21%
Financial Strength
Current Ratio (?)	1.00	0.99	1.00	0.98	1.02
Long Term Debt/Equity (?)	2.68	2.64	2.38	1.76	1.85
Total Debt/Equity (?)	5.31	5.28	4.94	3.63	4.18
Management Effectiveness
Return on Assets (?)	-1.62%	0.59%	0.05%	0.30%	-3.86%
Return on Equity (?)	-10.01%	4.16%	-1.64%	0.08%	-19.78%
Efficiency
Receivables Turnover (?)	8.27	8.24	8.06	8.24	8.37
Inventory Turnover (?)	5.09	4.97	5.11	5.12	5.12
Asset Turnover (?)	1.38	1.34	1.26	1.25	1.29

Market Valuation USD (mil)
Enterprise Value2 (?)	3,333.8	.	Price/Sales (TTM)(?)	0.10
Enterprise Value/Revenue (TTM) (?)	0.58	.	Price/Book (MRQ)(?)	1.03
Enterprise Value/EBITDA (TTM) (?)	13.70	.	Market Cap1 (?)	573.6
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 (?)	1.00	0.99	1.00	0.98	1.02
Quick/Acid Test Ratio (?)	0.42	0.39	0.40	0.40	0.45
Working Capital1 (?)	-8.0	-25.5	10.5	-33.3	38.1
Long Term Debt/Equity (?)	2.68	2.64	2.38	1.76	1.85
Total Debt/Equity (?)	5.31	5.28	4.94	3.63	4.18
Long Term Debt/Total Capital (?)	0.42	0.42	0.40	0.38	0.36
Total Debt/Total Capital (?)	0.84	0.84	0.83	0.78	0.81
Payout Ratio (?)	0.00%	137.73%	-300.00%	6,281.41%	-17.02%
Effective Tax Rate (?)	-	-59.49%	79.53%	71.67%	-
Total Capital1 (?)	3,339.6	3,503.1	3,614.1	3,050.4	2,923.8
Efficiency
Asset Turnover (?)	1.38	1.34	1.26	1.25	1.29
Inventory Turnover (?)	5.09	4.97	5.11	5.12	5.12
Days In Inventory (?)	71.71	73.38	71.50	71.24	71.23
Receivables Turnover (?)	8.27	8.24	8.06	8.24	8.37
Days Receivables Outstanding (?)	44.12	44.28	45.27	44.30	43.59
Revenue/Employee2 (?)	592,111	621,198	533,832	585,596	594,263
Operating Income/Employee2 (?)	5,729	8,358	3,115	5,922	-9,251
EBITDA/Employee2 (?)	23,329	27,739	21,144	27,568	9,033
Profitability
Gross Margin (?)	21.21%	22.25%	22.86%	22.05%	20.06%
Operating Margin (?)	0.97%	1.35%	0.58%	1.01%	-1.56%
EBITDA Margin (?)	3.94%	4.47%	3.96%	4.71%	1.52%
EBIT Margin (?)	0.97%	1.35%	0.58%	1.01%	-1.56%
Pretax Margin (?)	-0.39%	0.28%	0.19%	0.84%	-3.20%
Net Profit Margin (?)	-0.84%	0.37%	-0.19%	0.01%	-3.21%
R&D Expense/Revenue (?)	0.64%	0.89%	0.91%	0.83%	0.75%
COGS/Revenue (?)	78.79%	77.75%	77.14%	77.95%	79.94%
SG&A Expense/Revenue (?)	18.86%	18.80%	19.59%	19.24%	18.07%
Management Effectiveness
Return on Assets (?)	-1.62%	0.59%	0.05%	0.30%	-3.86%
Return on Equity (?)	-10.01%	4.16%	-1.64%	0.08%	-19.78%
Valuation
Free Cash Flow/Share2 (?)	-0.20	0.37	-0.60	0.54	-1.35
Operating Cash Flow/Share 2 (?)	0.58	1.05	0.24	1.30	-0.27
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) (?)	-19.75
Market Cap/Equity (MRQ) (?)	1.03
Market Cap/Revenue (TTM) (?)	0.10
Market Cap/EBIT (TTM) (?)	9.60
Market Cap/EBITDA (TTM) (?)	2.35
Enterprise Value/Earnings (TTM) (?)	-114.92
Enterprise Value/Equity (MRQ) (?)	5.99
Enterprise Value/Revenue (TTM) (?)	0.58
Enterprise Value/EBIT (TTM) (?)	55.89
Enterprise Value/EBITDA (TTM) (?)	13.70

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.99.94
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIT

RATING EXPLANATIONS

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

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

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

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

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