MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	MITSUBISHI SHOKUHIN CO LTD
Formerly Known As :	RYOSHOKU LIMITED
Registered Office :	1F, Tokyo Ryutsu Center Annex , 6-1-1, Heiwajima , Ota-Ku, 143-6556
Country :	Japan
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.1925
Legal Form :	Public Subsidiary
Line of Business :	Wholesale of food, beverages and tobacco
No. of Employees :	5,757

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

MITSUBISHI SHOKUHIN CO LTD

1F, Tokyo Ryutsu Center Annex

6-1-1, Heiwajima

Ota-Ku, 143-6556

Japan

Tel: 81-3-37675111

Fax: 81 (3) 3767-0422

 Website : www.mitsubishi-shokuhin.com

Synthesis

Employees: 5,757

Company Type: Public Subsidiary

Corporate Family: 348 Companies

Ultimate Parent: Mitsubishi Corp

Traded: Tokyo Stock Exchange: 7451

Incorporation Date: 13-Mar-1925

Auditor: Deloitte Touche Tohmatsu LLC

Financials in: USD (mil)

Fiscal Year End: 31-Mar-2013

Reporting Currency: Japanese Yen

Annual Sales: 27,948.2 ¹

Net Income: 138.3

Total Assets: 6,450.8 ²

Market Value: 1,538.4

(30-Aug-2013)

 Business Description

Mitsubishi Shokuhin Co., Ltd., formerly RYOSHOKU LIMITED, is a Japan-based company mainly engaged in the wholesale of food products in Japan. The Company operates its business through two business segments. The Prepared Food segment offers common temperature prepared foods, such as seasoning, noodles, dry goods, beverage and others. The Cold Food segment provides frozen foods. The Alcoholic Beverage segment provides alcoholic beverage. The Confectionery segment provides confectionery. The Others segment is engaged in the real estate management and logistics businesses. As of March 31, 2012, the Company had 35 subsidiaries and four associated companies. On October 1, 2011, the Company merged with a wholly owned subsidiary, meidi-ya Corporation, which is engaged in the food wholesale business. On April 1, 2012, the Company merged with its three wholly owned subsidiaries, SAN-ESU INC., Food Service Network Co.,Ltd. and RYOKA JAPAN LTD. For the three months ended 30 June 2013, Mitsubishi Shokuhin Co Ltd revenues increased 2% to Y579.62B. Net income increased 62% to Y2.3B. Revenues reflect Cold food business segment increase of 3% to Y218.51B, Processed Food Business segment increase of 2% to Y191.67B, Confectionery Business segment increase of 6% to Y60.88B. Net income benefited from Liquor Business segment loss decrease of 66% to Y164M.

Industry

Industry Grocery Wholesale

ANZSIC 2006: 3609 - Other Grocery Wholesaling

ISIC Rev 4: 4630 - Wholesale of food, beverages and tobacco

NACE Rev 2: 4639 - Non-specialised wholesale of food, beverages and tobacco

NAICS 2012: 42442 - Packaged Frozen Food Merchant Wholesalers

UK SIC 2007: 4639 - Non-specialised wholesale of food, beverages and tobacco

US SIC 1987: 5142 - Packaged Frozen Foods

 Key Executives

Name	Title
Takeshi Inoue	President, Executive President, Chief Executive Officer, Representative Director
Daiichiro Suzuki	Chief Financial Officer, Managing Executive Officer, Chief Director of Finance and Accounting, Director
Toyohiko Matsuzawa	Executive Officer, Chief Director of General Affairs and Human Resources
Nobuhiko Sakurai	Manager of Accounting Group
Ryozo Nishioka	CFO

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.04	1.32
Quick Ratio (MRQ)	0.93	0.58
Debt to Equity (MRQ)	0.0000	0.87
Net Profit Margin (TTM) %	0.53	1.92
Return on Assets (TTM) %	2.01	6.14
Return on Equity (TTM) %	10.88	14.00

Stock Snapshot

Traded: Tokyo Stock Exchange: 7451

As of 30-Aug-2013

   Financials in: JPY

Recent Price	2,603.00	EPS	220.38
52 Week High	3,145.00	Price/Sales	0.07
52 Week Low	1,824.00	Dividend Rate	42.00
Avg. Volume (mil)	0.06	Price/Earnings	11.44
Market Value (mil)	151,300.70	Price/Book	1.25
		Beta	0.37

	Price % Change	Rel S&P 500%
4 Week	1.72%	10.00%
13 Week	4.29%	7.10%
52 Week	44.53%	-2.80%
Year to Date	19.35%	-7.22%

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
1F, Tokyo Ryutsu Center Annex
6-1-1, Heiwajima
Ota-Ku, 143-6556
Japan

Tel:	81-3-37675111
Fax:	81 (3) 3767-0422

www.mitsubishi-shokuhin.com

Quote Symbol - Exchange
7451 - Tokyo Stock Exchange
Sales JPY(mil):	2,318,873.0
Assets JPY(mil):	606,945.0
Employees:	5,757
Fiscal Year End:	31-Mar-2013

Industry:	Food Processing

Incorporation Date:	13-Mar-1925
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Previous Name:	RyoShoku Ltd

President, Executive President, Chief Executive Officer, Representative Director:	Takeshi Inoue

Industry Codes

ANZSIC 2006 Codes:
3609	-	Other Grocery Wholesaling
3601	-	General Line Grocery Wholesaling
3606	-	Liquor and Tobacco Product Wholesaling
1199	-	Other Food Product Manufacturing Not Elsewhere Classified
6720	-	Real Estate Services

ISIC Rev 4 Codes:
4630	-	Wholesale of food, beverages and tobacco
1079	-	Manufacture of other food products n.e.c.
6820	-	Real estate activities on a fee or contract basis

NACE Rev 2 Codes:
4639	-	Non-specialised wholesale of food, beverages and tobacco
4634	-	Wholesale of alcoholic and other beverages
4636	-	Wholesale of sugar and chocolate and sugar confectionery
6831	-	Real estate agencies
1089	-	Manufacture of other food products n.e.c.

NAICS 2012 Codes:
42442	-	Packaged Frozen Food Merchant Wholesalers
424820	-	Wine and Distilled Alcoholic Beverage Merchant Wholesalers
424450	-	Confectionery Merchant Wholesalers
424410	-	General Line Grocery Merchant Wholesalers
531210	-	Offices of Real Estate Agents and Brokers
311999	-	All Other Miscellaneous Food Manufacturing

US SIC 1987:
5142	-	Packaged Frozen Foods
2099	-	Food Preparations, Not Elsewhere Classified
5141	-	Groceries, General Line
5182	-	Wine and Distilled Alcoholic Beverages
5145	-	Confectionery
6531	-	Real Estate Agents and Managers

UK SIC 2007:
4639	-	Non-specialised wholesale of food, beverages and tobacco
46342	-	Wholesale of wine, beer, spirits and other alcoholic beverages
4636	-	Wholesale of sugar and chocolate and sugar confectionery
6831	-	Real estate agencies
1089	-	Manufacture of other food products n.e.c.

p

Business Description

Mitsubishi Shokuhin Co., Ltd., formerly RYOSHOKU LIMITED, is a Japan-based company mainly engaged in the wholesale of food products in Japan. The Company operates its business through two business segments. The Prepared Food segment offers common temperature prepared foods, such as seasoning, noodles, dry goods, beverage and others. The Cold Food segment provides frozen foods. The Alcoholic Beverage segment provides alcoholic beverage. The Confectionery segment provides confectionery. The Others segment is engaged in the real estate management and logistics businesses. As of March 31, 2012, the Company had 35 subsidiaries and four associated companies. On October 1, 2011, the Company merged with a wholly owned subsidiary, meidi-ya Corporation, which is engaged in the food wholesale business. On April 1, 2012, the Company merged with its three wholly owned subsidiaries, SAN-ESU INC., Food Service Network Co.,Ltd. and RYOKA JAPAN LTD. For the three months ended 30 June 2013, Mitsubishi Shokuhin Co Ltd revenues increased 2% to Y579.62B. Net income increased 62% to Y2.3B. Revenues reflect Cold food business segment increase of 3% to Y218.51B, Processed Food Business segment increase of 2% to Y191.67B, Confectionery Business segment increase of 6% to Y60.88B. Net income benefited from Liquor Business segment loss decrease of 66% to Y164M.

More Business Descriptions

Wholesale trade in groceries and food including noodles and seasonings, beverages, luxury food items, canned and bottled goods, confectionery, chilled and other processed foods

General Processed Foods Distr

Packaged Frozen Food Merchant Wholesalers

Financial Data

Financials in:	JPY(mil)
Revenue:	2,318,873.0
Net Income:	11,472.0
Assets:	606,945.0
Long Term Debt:	4,625.0
Total Liabilities:	488,277.0
Working Capital:	-15.8
Date of Financial Data:	31-Mar-2013

1 Year Growth

7.8%

-6.6%

3.0%

Market Data

Quote Symbol:	7451
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	2,603.0
Stock Price Date:	08-30-2013
52 Week Price Change %:	44.5
Market Value (mil):	151,300,704.0
SEDOL:	6744540
ISIN:	JP3976000004
Equity and Dept Distribution:
Up to FY'01 WAS estimated. FY'03 WAS was 41,027,690. FY'04 2Qtr WAS 41,027,174. FY'04-'06 1&3Q WAS & O/S were estimated. FY'07 3Q WAS were estimated and used as DWAS & o/s. FY'08 3Q WAS was estimated and used as O/S. FY change from 12/31 to 03/31 from FY10.

Shareholders

Major Shareholders

Mitsubishi Corporation (60.5%)

Key Corporate Relationships

Auditor:	Deloitte Touche Tohmatsu LLC
Auditor:	Deloitte Touche Tohmatsu LLC

CORPORATE FAMILY	CORPORATE STRUCTURE NEWS:
	Mitsubishi Corp Mitsubishi Shokuhin Co Ltd
Mitsubishi Shokuhin Co Ltd Total Corporate Family Members: 348

Company Name

Company Type

Location

Country

Industry

Sales (USD mil)

Employees

Mitsubishi Corp

Parent

Chiyoda-Ku

Japan

Miscellaneous Wholesale

71,938.5

65,975

Acquisition of Kirin Kyowa Foods Co., Ltd. proposed/announced.See corporate structure news on Mitsubishi Corp for details Asset/product line purchase proposed/announced.See corporate structure news on Mitsubishi Corp for details

Mitsubishi Shokuhin Co Ltd

Subsidiary

Ota-Ku

Japan

Grocery Wholesale

27,948.2

5,757

Ryoka Japan Ltd.

Subsidiary

Tokyo

Japan

Grocery Wholesale

1,500

Nangoku RS Liquor Ltd.

Subsidiary

Kagoshima

Japan

Alcoholic Beverage Wholesale

30

Niigata Ryoshoku Ltd.

Subsidiary

Kobe

Japan

Grocery Wholesale

Ryoshoku Liquor Ltd.

Subsidiary

Tokyo

Japan

Alcoholic Beverage Wholesale

Fukushima Ryoshoku Ltd.

Subsidiary

Fukushima

Japan

Grocery Wholesale

Hokuriku Ryoshoku Ltd.

Subsidiary

Kanazawa, Ishikawa

Japan

Grocery Wholesale

Iida Ryoshoku Ltd.

Subsidiary

Nagano

Japan

Grocery Wholesale

RJ Ogura Ltd.

Subsidiary

Sapporo, Hokkaido

Japan

Grocery Wholesale

Kyushu Ryoshoku Liquor Ltd.

Subsidiary

Fukuoka

Japan

Alcoholic Beverage Wholesale

Princes Ltd.

Subsidiary

Liverpool

United Kingdom

Grocery Wholesale

2,412.1

4,166

Princes Tuna (Mauritius) Limited

Subsidiary

Riche Terre

Mauritius

Food Manufacturing

119.1

2,000

Princes Soft Drinks Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

220

Well Well Well (UK) Ltd.

Subsidiary

Carlisle

United Kingdom

Beverage Manufacturing

44.4

129

Princes Foods B.V.

Subsidiary

Rotterdam, Zuid-Holland

Netherlands

Grocery Wholesale

210.9

40

Abbey Foods (Liverpool) Ltd.

Subsidiary

Liverpool

United Kingdom

Grocery Wholesale

25

Napolina Ltd.

Subsidiary

Liverpool

United Kingdom

Grocery Wholesale

167.8

19

West Yorkshire Industrial Estates (Management) Ltd.

Subsidiary

Liverpool

United Kingdom

Property Managers

0.4

Gee Bee Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Stretton Hills Mineral Water Co. Ltd.

Subsidiary

Liverpool

United Kingdom

Grocery Wholesale

Jack L. Israel Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Leon Frenkel Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Beta Foods Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Barraclough (1996) Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

C. Shippam Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Cima Foods Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Princes Foods (1989) Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

Princes Foods Ltd.

Subsidiary

Liverpool

United Kingdom

Nonclassifiable Establishments

160

Princes

UK Branch/Trading address

Chichester

United Kingdom

Food Manufacturing

200

Nikken Corporation Co., Ltd.

Subsidiary

Tokyo

Japan

Specialty Construction Trade Contractors

815.2

2,278

Chuo Kagaku Co Ltd

Subsidiary

Konosu-Shi

Japan

Paper Product Manufacturing

744.5

2,167

Shanghai Chuo Kagaku Co.,Ltd

Subsidiary

Shanghai, Shanghai

China

Rubber and Plastic Product Manufacturing

285

Wuxi Chuo Kagako Co.,Ltd.

Subsidiary

Jiangyin, Jiangsu

China

Rubber and Plastic Product Manufacturing

250

Chongqing Centre Chemistry Co., Ltd.

Subsidiary

Chongqing, Chongqing

China

Miscellaneous Manufacturing

6.1

YONEKYU CORPORATION

Subsidiary

Numazu-Shi

Japan

Food Manufacturing

1,737.9

1,720

Nantong Fushimei Foodstuff Co., Ltd.

Subsidiary

Nantong, Jiangsu

China

Food Manufacturing

17.7

300

Yonekyu Kagayaki Corp.

Subsidiary

Kasukabe, Saitama

Japan

Food Manufacturing

267.3

Yonekyu Oishiitori K.K.

Subsidiary

Tohaku-Gun, Tottori

Japan

Grocery Wholesale

131.5

Yonekyu Delica Foods K.K.

Subsidiary

Numazu, Shizuoka

Japan

Food Manufacturing

98.2

Indiana Packers Corporation

Subsidiary

Delphi, IN

United States

Grocery Wholesale

400.0

1,700

Indiana Packers Corp

Branch

Odessa, FL

United States

Grocery Stores

1.3

5

Indiana Packers Corp

Branch

Ferdinand, IN

United States

Railroad Transportation Services

0.1

1

IT Frontier Corporation

Subsidiary

Tokyo

Japan

Computer System Design Services

597.3

1,682

Astillas Exportaciones Ltda

Subsidiary

Lota

Chile

Forestry and Logging

1,500

KENTUCKY FRIED CHICKEN JAPAN, LTD.

Subsidiary

Shibuya-Ku

Japan

Restaurants and Bars

1,034.9

1,083

Mitsubishi Shoji Food Tech Co., Ltd

Subsidiary

Tokyo

Japan

Food Manufacturing

266.8

832

Mc-Towa International Sweeteners Company Limited

Subsidiary

Muang, Rayong

Thailand

Basic Chemical Manufacturing

200

Mitsubishi Shoji Food Tech Co., Ltd - Shiki Factory

Facility

Shiki, Saitama

Japan

Food Manufacturing

Mitsubishi Shoji Food Tech Co., Ltd - Fuji Factory

Facility

Fuji, Shizuoka

Japan

Food Manufacturing

Mitsubishi Shoji Food Tech Co., Ltd - Bansyu Factory

Facility

Hyogo

Japan

Food Manufacturing

PT. Centram

Subsidiary

Pasuruan, East Java

Indonesia

Food Manufacturing

NITTO FUJI FLOUR MILLING CO., LTD.

Subsidiary

Chuo-Ku

Japan

Food Manufacturing

575.7

753

Sumida Shoji K.K.

Subsidiary

Chuo-Ku, Tokyo

Japan

Grocery Wholesale

100.1

Sawayaka, K.K.

Subsidiary

Chuo-Ku, Tokyo

Japan

Restaurants and Bars

85.7

Nitto Fuji Unyu K.K.

Subsidiary

Ota-Ku, Tokyo

Japan

Trucking

30.9

Nitto Fuji Flour Milling Co.,Ltd.

Branch

Shizuoka, Shizuoka

Japan

Food Manufacturing

Kohjin Co., Ltd.

Subsidiary

Tokyo

Japan

Synthetic Chemical Manufacturing

382.6

665

Kohjin Co., Ltd.- Yatsushiro Factory

Facility

Yatsushiro, Kumamoto

Japan

Miscellaneous Chemical Manufacturing

Kohjin Co., Ltd - Saiki Factory

Facility

Saiki, Oita

Japan

Pharmaceutical Manufacturing

Mitsubishi International Corp

Subsidiary

New York, NY

United States

Metals and Minerals Wholesale

2,429.0

650

Mitsubishi Corporation International (Europe) PLC

Subsidiary

London

United Kingdom

Miscellaneous Wholesale

754.9

165

Mitsubishi France SAS

Subsidiary

Paris

France

Metals and Minerals Wholesale

165.3

42

Mitsubishi Italia SpA

Subsidiary

Milano, Milano

Italy

Chemical Wholesale

16.1

14

Mitsubishi Nederland B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Machinery Wholesale

9

Mitsubishi Corporation Operations Limited

Subsidiary

London

United Kingdom

Miscellaneous Professional Services

150

California Oils Corporation

Subsidiary

Richmond, CA

United States

Food Manufacturing

0.8

80

Woodland Nut Oils

Branch

Woodland, CA

United States

Grocery Wholesale

28.4

15

Coil Plus-Illinois Inc.

Subsidiary

Plainfield, IL

United States

Metals and Minerals Wholesale

21.6

65

Mitsubishi De México, S.A. De C.V.

Subsidiary

Ciudad De Mexico, Distrito Federal

Mexico

Chemical Wholesale

11.9

49

Mitsubishi De México, S.A. De C.V.

Branch

Mtxico, Distrito Federal

Mexico

Nonclassifiable Establishments

15

Mitsubishi Canada Limited

Subsidiary

Vancouver, BC

Canada

Miscellaneous Chemical Manufacturing

30

Alberta Pacific Forest Ind Inc

Subsidiary

Boyle, AB

Canada

Paper Product Manufacturing

420

Alberta Pacific Forest Ind

Branch

Edmonton, AB

Canada

Paper Product Manufacturing

8.3

12

Alberta Pacific Forest Ind

Branch

Fort Mcmurray, AB

Canada

Paper Product Manufacturing

8.3

12

Alberta Pacific Forest Ind

Branch

Conklin, AB

Canada

Paper Product Manufacturing

6.9

10

Alberta Pacific Forest Ind

Branch

Conklin, AB

Canada

Forestry and Logging

1.4

5

Alberta Pacific Forest Ind

Branch

Wabasca, AB

Canada

Food Manufacturing

2.4

2

Alberta Pacific Forest Ind

Branch

Edmonton, AB

Canada

Paper Product Manufacturing

0.7

1

Mitsubishi Canada LTD

Branch

Toronto, ON

Canada

Miscellaneous Wholesale

36.9

30

Mitsubishi International Corp

Branch

Seattle, WA

United States

Miscellaneous Wholesale

37.7

16

Mitsubishi International Corp

Branch

Los Angeles, CA

United States

Metals and Minerals Wholesale

37.3

14

Mitsubishi Cement Corporation

Subsidiary

Henderson, NV

United States

Cement and Concrete Product Manufacturing

125.0

10

Mitsubishi Cement Corp

Branch

Lucerne Valley, CA

United States

Cement and Concrete Product Manufacturing

117.9

200

Service Rock Products

Branch

Barstow, CA

United States

Home and Garden Retail

3.0

9

Service Rock Products

Branch

Henderson, NV

United States

Home and Garden Retail

1.0

3

Mitsubishi Cement Corp

Branch

Long Beach, CA

United States

Cement and Concrete Product Manufacturing

0.6

1

Mitsubishi International Corp

Branch

Palatine, IL

United States

Machinery and Equipment Manufacturing

2.3

10

Mitsubishi International Corp

Branch

Washington, DC

United States

Metals and Minerals Wholesale

14.4

9

Mitsubishi International Corp

Branch

Irving, TX

United States

Metals and Minerals Wholesale

24.0

7

Mitsubishi International Corp

Branch

Copley, OH

United States

Metals and Minerals Wholesale

17.7

7

Mitsubishi International Corp

Branch

Chicago, IL

United States

Metals and Minerals Wholesale

19.4

6

Mitsubishi International Corp

Branch

Pittsburgh, PA

United States

Miscellaneous Wholesale

14.9

6

Mitsubishi International Corp

Branch

Andover, MA

United States

Metals and Minerals Wholesale

7.3

3

Mitsubishi International Corp

Branch

Tucson, AZ

United States

Metals and Minerals Wholesale

2.1

1

Nippon Care Supply Co., Ltd.

Subsidiary

Minato-Ku

Japan

Professional and Commercial Equipment Wholesale

116.4

565

Nosan Corporation

Subsidiary

Yokohama

Japan

Food Manufacturing

500

Nichiku Yakuhin Kogyo Corporation

Subsidiary

Ayase, Kanagawa

Japan

Pharmaceutical Manufacturing

31.5

6

Kyushu Nosan Shoji Corporation

Subsidiary

Shibushi, Kagoshima

Japan

Miscellaneous Wholesale

131.9

Pet Line Co.,Ltd.

Subsidiary

Tajimi, Gifu

Japan

Food Manufacturing

121.4

Tohoku Nosan Shoji K.K.

Subsidiary

Shiogama, Miyagi

Japan

Miscellaneous Wholesale

51.4

Kanto Nosan Shoji K.K.

Subsidiary

Tsuchiura, Ibaraki

Japan

Miscellaneous Wholesale

48.2

Shikoku Nosan-Egg Co.,Ltd.

Subsidiary

Ayauta-Gun, Kagawa

Japan

Grocery Wholesale

27.9

Hernic Ferrochrome (Pty) Ltd

Subsidiary

Brits

South Africa

Metals Mining

500

San-Esu Inc.

Subsidiary

Tokyo

Japan

Grocery Wholesale

491

MEIWA CORPORATION

Subsidiary

Chiyoda-Ku

Japan

Chemical Wholesale

1,580.3

450

Meiwa (Shanghai) Corporation

Subsidiary

Shanghai, Shanghai

China

Petroleum Wholesale

170.3

Juzen Corporation

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Chemical Wholesale

141.2

Tokyo Glasron Co.,Ltd.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Construction and Hardware Materials Wholesale

62.6

NIHON SHOKUHIN KAKO CO., LTD.

Subsidiary

Chiyoda-Ku

Japan

Food Manufacturing

690.6

428

Mitsubishi Corporation Financial & Management Services (Japan) Ltd.

Subsidiary

Tokyo

Japan

Investment Services

404

Mitsubishi Corporation (China) Investment Co., Ltd.

Subsidiary

Shanghai

China

Investment Services

400

Mitsubishi Corporation Machinery, Inc.

Subsidiary

Tokyo

Japan

Machinery Wholesale

370

Dai-Nippon Meiji Sugar Co., Ltd.

Subsidiary

Tokyo

Japan

Food Manufacturing

349

MCE Bank GmbH

Subsidiary

Flörsheim Am Main, Hessen

Germany

Pensions and Funds

300

MCE Verwaltung GmbH

Subsidiary

Flörsheim Am Main, Hessen

Germany

Motor Vehicle Rental

5.1

AMS Auto Markt Am Schieferstein GmbH

Subsidiary

Flörsheim Am Main, Hessen

Germany

Shipping and Water Transport

52

Midata Service GmbH

Subsidiary

Flörsheim Am Main, Hessen

Germany

Research and Development Services

41

Sigmaxyz Inc.

Subsidiary

Minato-Ku, Tokyo

Japan

Consulting Services

90.7

278

Dia Modern Engineering (Thailand) Company Limited

Subsidiary

Muang, Chon Buri

Thailand

Motor Vehicle Parts Manufacturing

250

Mitsubishi Shoji Plastics Corporation

Subsidiary

Tokyo

Japan

Chemical Wholesale

1,644.3

240

Hokuriku M C Oil K.K.

Subsidiary

Toyama, Toyama

Japan

Gasoline Stations and Fuel Dealers

43.4

47

Doryo Sekiyu Co.,Ltd.

Subsidiary

Sapporo, Hokkaido

Japan

Gasoline Stations and Fuel Dealers

49.3

1

Kansai M C Oil K.K.

Subsidiary

Toyonaka, Osaka

Japan

Gasoline Stations and Fuel Dealers

152.1

M C Oil K.K.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Gasoline Stations and Fuel Dealers

142.6

Miyaseki K.K.

Subsidiary

Sendai, Miyagi

Japan

Gasoline Stations and Fuel Dealers

123.3

Mcs Service K.K.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Chemical Wholesale

10.7

Mitsubishi Shoji Packaging Corporation

Subsidiary

Tokyo

Japan

Paper Wholesale

1,946.2

230

Riverina (Australia) Pty Ltd

Subsidiary

West End, QLD

Australia

Food Manufacturing

414.7

230

Mitsubishi Company (Thailand), Ltd.

Subsidiary

Bangkok

Thailand

Architecture and Engineering

28.6

230

Mitsubishi Shoji Construction Materials Corporation

Subsidiary

Tokyo

Japan

Construction and Hardware Materials Wholesale

220

Mitsubishi Corporation Unimetals Ltd

Subsidiary

Tokyo

Japan

Metals and Minerals Wholesale

5,319.1

219

Mitsubishi Corporation Unimetals Ltd. Taipei Branch (Japan)

Branch

Taipei City, Taipei

Taiwan

Machinery Wholesale

3

MC Metal Service Asia (Thailand) Co Ltd

Subsidiary

Chonburi

Thailand

Metals and Minerals Wholesale

200

Thai MC Company Ltd.

Subsidiary

Bangkok

Thailand

Machinery and Equipment Manufacturing

200

Bridgestone Sales (Thailand) Company Limited

Subsidiary

Bang Rak, Bangkok

Thailand

Motor Vehicle Wholesale

360

MC Machinery Systems, Inc.

Subsidiary

Wood Dale, IL

United States

Machinery Wholesale

25.0

180

MC Machinery Systems Inc

Branch

Cypress, CA

United States

Machinery Wholesale

36.5

15

MC Machinery Systems Inc

Branch

Pine Brook, NJ

United States

Machinery Wholesale

21.1

7

Mitsubishi Laser

Branch

Cypress, CA

United States

Electronics Wholesale

9.5

7

MC Machinery Systems Inc

Branch

Springfield, MA

United States

Machinery Wholesale

6.7

3

MC Machinery Systems Inc

Branch

Loveland, OH

United States

Machinery Wholesale

2.3

1

Mitsubishi International GmbH

Subsidiary

Düsseldorf, Nordrhein-Westfalen

Germany

Miscellaneous Wholesale

1,909.5

170

Mitsubishi Motors Malaysia Sdn Bhd

Subsidiary

Shah Alam, Selangor

Malaysia

Motor Vehicle and Parts Dealers

373.1

150

Mitsubishi Corporation (Hong Kong) Ltd.

Subsidiary

Hong Kong

Hong Kong

Miscellaneous Professional Services

120

Mitsubishi Corporation (Singapore Branch)

Branch

Singapore

Singapore

Investment Services

110

Mitsubishi Australia Ltd

Subsidiary

Melbourne, VIC

Australia

Motor Vehicle Wholesale

1,545.7

100

Agrex, Inc.

Subsidiary

Overland Park, KS

United States

Commodities

278.0

100

Agrex Inc

Branch

Ephrata, WA

United States

Miscellaneous Wholesale

46.4

19

Agrex Inc

Branch

Superior, NE

United States

Storage and Warehousing

1.2

9

Agrex Inc

Branch

Portland, OR

United States

Storage and Warehousing

1.0

8

Agrex Inc

Branch

Norfolk, NE

United States

Storage and Warehousing

1.0

7

Agrex Inc

Branch

Deweese, NE

United States

Storage and Warehousing

0.5

4

Agrex Inc

Branch

Oak, NE

United States

Storage and Warehousing

0.3

2

Mitsubishi Corporation (Taiwan) Ltd.

Subsidiary

Taipei

Taiwan

Miscellaneous Professional Services

100

Infosec Corporation

Subsidiary

Minato-Ku, Tokyo

Japan

Miscellaneous Professional Services

22.0

93

Mitsubishi Shoji Chemical Corp.

Subsidiary

Tokyo

Japan

Chemical Wholesale

673.2

90

Mcyamasan Polimers Co.,Ltd.

Subsidiary

Chuo-Ku, Tokyo

Japan

Chemical Wholesale

138.9

Cape Flattery Silica Mines Pty., Ltd.

Subsidiary

Cairns, QLD

Australia

Non-Metallic Minerals Mining

15.5

90

Sinar Berlian Sdn. Bhd.

Subsidiary

Kuala Lumpur

Malaysia

Miscellaneous Professional Services

67.7

80

Mitsubishi Corporation (Korea) Ltd.

Subsidiary

Seoul

Korea, Republic of

Miscellaneous Professional Services

80

Sanyo Foods Co., Ltd.

Subsidiary

Ichikawa, Chiba

Japan

Food Manufacturing

78

Mitsubishi Corporation do Brasil S.A.

Subsidiary

São Paulo, SP

Brazil

Petroleum Wholesale

13.8

75

MC Energy, Inc.

Subsidiary

Tokyo

Japan

Petroleum Wholesale

1,468.8

65

MC Aviation Partners Inc.

Subsidiary

Tokyo

Japan

Commercial and Industrial Rental

64

KIBIKASEI CO., LTD.

Subsidiary

Tokyo

Japan

Chemical Wholesale

64

Kibikasei Co.,Ltd.

Branch

Osaka, Osaka

Japan

Chemical Wholesale

Metal One Holdings America, Inc.

Subsidiary

Rosemont, IL

United States

Metal Products Manufacturing

25.0

60

Nicometal Mexicana, S.A. De C.V.

Subsidiary

San Francisco De Los Romo, Aguascalientes

Mexico

Metal Products Manufacturing

76

Coilplus Mexicana, S.A. De C.V.

Subsidiary

Ramos Arizpe, Coahuila

Mexico

Metal Products Manufacturing

20

Metal One America Inc

Branch

Southfield, MI

United States

Metal Products Manufacturing

2.0

8

Metal One America Inc

Branch

Cincinnati, OH

United States

Metal Products Manufacturing

1.2

5

Metal One America Inc

Branch

Smyrna, TN

United States

Metal Products Manufacturing

1.2

5

Metal One America Inc

Branch

Santa Fe Springs, CA

United States

Metal Products Manufacturing

1.1

5

Metal One America Inc

Branch

Vancouver, WA

United States

Metal Products Manufacturing

0.8

3

Metal One America Inc

Branch

Woodstock, GA

United States

Metal Products Manufacturing

0.7

3

Metal One America Inc

Branch

Miami, FL

United States

Metal Products Manufacturing

0.4

2

Metal One America Inc

Branch

Houston, TX

United States

Metal Products Manufacturing

0.4

1

Metal One America Inc

Branch

Philipsburg, MT

United States

Metal Products Manufacturing

0.3

1

d-rights Inc.

Subsidiary

Tokyo

Japan

Movies

40

Mitsubishi Corporation

Subsidiary

Makati City, NCR

Philippines

Petroleum Wholesale

36

Mitsubishi Development Pty Ltd

Subsidiary

Sydney, NSW

Australia

Investment Services

7,367.9

30

Crosslands Resources Limited

Subsidiary

West Perth, WA

Australia

Metals Mining

8.3

330

Petro-Diamond Singapore (Pte) Ltd

Subsidiary

Singapore

Singapore

Petroleum Wholesale

2,554.3

30

Petro-Diamond, Inc.

Subsidiary

Irvine, CA

United States

Petroleum Wholesale

25.0

30

Petro-Diamond Inc

Branch

Long Beach, CA

United States

Petroleum Product Manufacturing

107.3

12

Oakajee Port & Rail Pty Ltd

Subsidiary

West Perth, WA

Australia

Specialty Construction Trade Contractors

11.3

30

Isuzu Sales Deutschland GmbH (ISD)

Subsidiary

Flörsheim Am Main, Hessen

Germany

Motor Vehicle Manufacturing

29.7

25

Mc Marketing & Sales (Hong Kong) Limited

Subsidiary

Lai Chi Kok, Kowloon

Hong Kong

Grocery Wholesale

0.2

25

Alternative Investment Capital Ltd.

Subsidiary

Tokyo

Japan

Investment Services

24

Isuzu Utes Australia

Subsidiary

Eagle Farm, QLD

Australia

Motor Vehicle Wholesale

4.1

22

Mitsubishi Peru S A

Subsidiary

Lima, Lima

Peru

Nonclassifiable Establishments

22

MAC Funding Corporation

Subsidiary

Wood Dale, IL

United States

Investment Services

5.0

20

Tredia Fashion Co., Ltd.

Subsidiary

Tsim Tsa Tsui, Kowloon

Hong Kong

Textile Manufacturing

20

Mitsubishi New Zealand

Subsidiary

Auckland

New Zealand

Miscellaneous Wholesale

1.6

18

MCX Exploration (USA) Ltd.

Subsidiary

Houston, TX

United States

Petroleum and Natural Gas Extraction

0.8

18

Mc Automobile (Europe) N.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Shipping and Water Transport

1,397.0

16

MMC Danmark A/S

Subsidiary

Glostrup

Denmark

Motor Vehicle Wholesale

57.1

16

M C Logistics C I S Ooo

Subsidiary

Moscow

Russian Federation

Travel and Reservation Services

6.3

16

Diamond Tanker Pte. Ltd.

Subsidiary

Singapore

Singapore

Commercial and Industrial Rental

15

Agrex Asia Pte. Ltd.

Subsidiary

Singapore

Singapore

Grocery Wholesale

103.7

13

Princes Ltd.

Subsidiary

Rotterdam, Zuid-Holland

Netherlands

Grocery Wholesale

13

Diamond Power Corporation

Subsidiary

Tokyo

Japan

Electricity Generation and Distribution

12

Acquisition by Chubu Electric Power Company,Incorporate proposed/announced.See corporate structure news on Mitsubishi Corp for details

SKYPORT SERVICE CORPORATION

Subsidiary

Tokoname, Aichi

Japan

Air Transportation Services

12

Mcap Europe Limited

Subsidiary

Dublin

Ireland

Commercial and Industrial Rental

151.3

9

Mcap Ireland 01 Limited

Subsidiary

Dublin

Ireland

Commercial and Industrial Rental

6.8

Triland USA Inc.

Subsidiary

New York, NY

United States

Commodities

5.0

8

MC Capital Inc.

Subsidiary

New York, NY

United States

Banking

7

Mrs Corporation

Subsidiary

Minato-Ku, Tokyo

Japan

Commercial Fishing

46.9

2

MC Automobile Holding Asia B.V.

Subsidiary

Amsterdam

Netherlands

Motor Vehicle Wholesale

1

Mitsubishi Shokuhin Co.,Ltd.

Subsidiary

Ota-Ku, Tokyo

Japan

Grocery Wholesale

26,711.1

Fine Life, K.K.

Subsidiary

Ota-Ku, Tokyo

Japan

Grocery Wholesale

1,064.6

39

Kinki Ryoshoku, K.K.

Subsidiary

Fukuchiyama, Kyoto

Japan

Grocery Wholesale

31.0

10

Kanto Ryoshoku, K.K.

Subsidiary

Haga-Gun, Tochigi

Japan

Grocery Wholesale

704.5

Shikoku Ryoshoku, K.K.

Subsidiary

Takamatsu, Kagawa

Japan

Grocery Wholesale

273.9

Oitaken Shurui Oroshi K.K.

Subsidiary

Oita, Oita

Japan

Alcoholic Beverage Wholesale

213.9

Ryoshoku Pet Care, K.K.

Subsidiary

Yokohama, Kanagawa

Japan

Miscellaneous Wholesale

183.4

San-Esu Nishinihon, K.K.

Subsidiary

Kudamatsu, Yamaguchi

Japan

Grocery Wholesale

174.8

Kanto Meijiya Shoji K.K.

Subsidiary

Maebashi, Gunma

Japan

Grocery Wholesale

141.5

Carytec Inc.

Subsidiary

Ota-Ku, Tokyo

Japan

Trucking

116.6

Rc Food Service, K.K.

Subsidiary

Tokushima, Tokushima

Japan

Grocery Wholesale

72.0

Mc Healthcare,Inc.

Subsidiary

Minato-Ku, Tokyo

Japan

Professional and Commercial Equipment Wholesale

1,831.5

Mc Medical, Inc.

Subsidiary

Minato-Ku, Tokyo

Japan

Professional and Commercial Equipment Wholesale

101.2

Nhs Shizuoka, K.K.

Subsidiary

Shizuoka, Shizuoka

Japan

Professional and Commercial Equipment Wholesale

67.5

Mitsubishi Corporation Fashion Co.,Ltd.

Subsidiary

Shibuya-Ku, Tokyo

Japan

Clothing and Apparel Manufacturing

1,805.0

Mitsubishi Shoji Plastics Corporation

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Chemical Wholesale

1,771.0

Nikken Corporation

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Specialty Construction Trade Contractors

881.3

Nikken Real Estate Ltd.

Subsidiary

Ashikaga, Tochigi

Japan

Commercial Real Estate Leasing

36.9

11

Ndt Corporation Ltd.

Subsidiary

Minato-Ku, Tokyo

Japan

Machinery Wholesale

96.1

Mitsubishi Corporation Technos

Subsidiary

Minato-Ku, Tokyo

Japan

Machinery Wholesale

869.5

Mitsubishi Corporation India Private Limited

Subsidiary

New Delhi, Delhi

India

Chemical Wholesale

814.6

It Frontier Corporation

Subsidiary

Minato-Ku, Tokyo

Japan

Computer System Design Services

693.7

Dai-Nippon Meiji Sugar Co., Ltd.

Subsidiary

Chuo-Ku, Tokyo

Japan

Food Manufacturing

474.6

Nakatora Co.,Ltd.

Subsidiary

Shimonoseki, Yamaguchi

Japan

Grocery Wholesale

104.4

Ishigakijima Sugar Manufacturing Co.,Ltd.

Subsidiary

Ishigaki, Okinawa

Japan

Food Manufacturing

15.8

Mitsubishi Australia Limited

Subsidiary

Melbourne, VIC

Australia

Miscellaneous Professional Services

458.8

Mitsubishi Corporation Lt, Inc.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Road Transportation Services

375.1

Mitsubishi Corporation Logistics (Shanghai) Ltd.

Subsidiary

Shanghai, Shanghai

China

Road Transportation Services

70

Mitsubishi Corporation LT Singapore Pte Ltd

Subsidiary

Singapore

Singapore

Storage and Warehousing

20.1

55

Mitsubishi Corporation LT Europe GmbH

Subsidiary

Düsseldorf, Nordrhein-Westfalen

Germany

Miscellaneous Transportation Services

18

Mitsubishi Corporation Lt Hong Kong Co., Limited

Subsidiary

Central District, Hong Kong

Hong Kong

Road Transportation Services

7

Mitsubishi Hellas S.A.

Subsidiary

Athens

Greece

Consulting Services

2.1

5

Mi Berau B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Banking

371.2

Japan Farm, K.K.

Subsidiary

Soo-Gun, Kagoshima

Japan

Crop and Animal Production

362.0

Mitsubishi Corporation Insurance Co.,Ltd.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Insurance Agents

247.2

Mitsubishi Corporation Power Systems,Inc.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Industrial Machinery Repair and Maintenance

230.6

Mc Foods Ltd.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Grocery Wholesale

202.8

Life Gear Corporation

Subsidiary

Minato-Ku, Tokyo

Japan

Clothing and Apparel Wholesale

199.8

Chuo Kasei Co.,Ltd.

Subsidiary

Osaka, Osaka

Japan

Chemical Wholesale

155.7

Komagome Spc Inc.

Subsidiary

Bunkyo-Ku, Tokyo

Japan

Ambulatory Services

143.0

Mc Produce Co.,Ltd.

Subsidiary

Saitama, Saitama

Japan

Grocery Wholesale

126.7

Japan Medicalnext Co.,Ltd.

Subsidiary

Osaka, Osaka

Japan

Professional and Commercial Equipment Wholesale

113.6

Sanyo Foods Co.,Ltd.

Subsidiary

Ichikawa, Chiba

Japan

Food Manufacturing

93.2

Fresh Kitchen Corp.

Subsidiary

Saitama, Saitama

Japan

Food Manufacturing

92.4

Mitsubishi Corporation Financial & Management Services(Japan) Ltd.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Banking

73.5

Mitsusbishi Corporation Machinery, Inc.

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Miscellaneous Professional Services

71.3

Mitsubishi Corporation Urban Development,Inc

Subsidiary

Chiyoda-Ku, Tokyo

Japan

Commercial Real Estate Leasing

62.5

Ryosho Machinery (Shanghai) Co., Ltd.

Subsidiary

Shanghai, Shanghai

China

Machinery Wholesale

31.1

Human Link Corporation

Subsidiary

Tokyo

Japan

Employment Services

21.0

Mitsubishi Venezolana C.A.

Subsidiary

Caracas

Venezuela

Miscellaneous Wholesale

Diamond Gas Sakhalin B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Banking

Bow Bells House Investment L - 1 Ltd.

Subsidiary

London

United Kingdom

Investment Services

Diamond Gas Carriers B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Banking

Thai-MC Co Ltd

Joint Venture

Bangkok

Thailand

Metals and Minerals Wholesale

Asia Starch Holding Company Limited

Subsidiary

Pathumwan, Bangkok

Thailand

Mortgage and Credit

Asia Modified Starch Company Limited

Subsidiary

Pathum Wan, Bangkok

Thailand

Food Manufacturing

345

Fuji Isuzu Corporation

Subsidiary

Fuji, Shizuoka

Japan

Metal Products Manufacturing

Gifu Isuzu Corporation

Subsidiary

Gifu

Japan

Metal Products Manufacturing

MC Terminal Co., Ltd.

Subsidiary

Tokyo

Japan

Investment Services

Hamamatsu Isuzu Corporation

Subsidiary

Iwata, Shizuoka

Japan

Metal Products Manufacturing

Alpac Pulp Sales Inc.

Subsidiary

Vancouver, BC

Canada

Miscellaneous Wholesale

Ome Isuzu Corporation

Subsidiary

Ome, Tokyo

Japan

Metal Products Manufacturing

Mitsubishi Heavy Industries Limited

Subsidiary

Abu Dhabi, Abu Dhabi

United Arab Emirates

Petroleum Wholesale

Mitsubishi Argentina S.A.C. Y R.

Subsidiary

Ciudad De Buenos Aires, Ciudad De Buenos Aires

Argentina

Agricultural Chemical Manufacturing

Mitsubishi Corporation Bureau De Liaison D'Alger

Subsidiary

Alger

Algeria

Motor Vehicle Wholesale

Mitsubishi International Corp. (Iran) ,Ltd

Subsidiary

Teheran

Iran

Miscellaneous Professional Services

Mitsubishi Corporation Branch In Almaty

Branch

Almaty

Kazakhstan

Electrical Equipment and Appliances Manufacturing

Mitsubishi Corporation Bureau De Liaison De Casablanca

Subsidiary

Casablanca

Morocco

Specialty Construction Trade Contractors

MMC Car Poland Sp. z o.o.

Subsidiary

Warsaw

Poland

Motor Vehicle and Parts Dealers

Mitsubishi Corporation

Subsidiary

Doha

Qatar

Motor Vehicle Wholesale

Mitsubishi Corporation Bureau De Liaison De Tunis

Subsidiary

Tunis

Tunisia

Motor Vehicle Wholesale

Toyo Reizo Co., Ltd.

Subsidiary

Tokyo

Japan

Grocery Wholesale

Kouzai Bussan Co.,Ltd.

Subsidiary

Sanuki, Kagawa

Japan

Grocery Wholesale

150.8

Toyo Reizo Food Service K.K.

Subsidiary

Shizuoka, Shizuoka

Japan

Food Manufacturing

38.0

Mitsubishi Corporation

Subsidiary

Jeddah

Saudi Arabia

Petroleum Wholesale

Foodlink Corporation

Subsidiary

Tokyo

Japan

Grocery Wholesale

Mitsubishi Corporation Technos

Subsidiary

Tokyo

Japan

Machinery Wholesale

The Interflex Group Europe Ltd.

Subsidiary

Sunderland

United Kingdom

Miscellaneous Professional Services

130

Interflex Scotland Ltd.

Subsidiary

Dalkeith

United Kingdom

Miscellaneous Manufacturing

58.1

202

Ebr Holdings Ltd.

Subsidiary

Sunderland

United Kingdom

Holding Companies

Triland Metals Ltd.

Subsidiary

London

United Kingdom

Banking

29.7

57

Mitsubishi Corporation Finance PLC

Subsidiary

London

United Kingdom

Banking

14

Spitalgate Dealer Services Ltd.

Subsidiary

Cirencester

United Kingdom

Motor Vehicle and Parts Dealers

4.6

13

Mcx Exploration (UK) Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

1.2

11

Mpdc Nguma Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

8

Mcx Dunlin (UK) Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

23.5

6

Mcx Osprey (UK) Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

8.0

6

Tomori E&P Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

12.7

5

Mc Asset Management Europe Ltd.

Subsidiary

London

United Kingdom

Pensions and Funds

2.3

2

Guarantee Services North Sea Ltd.

Subsidiary

London

United Kingdom

Banking

10.6

Financial Services North Sea Ltd.

Subsidiary

London

United Kingdom

Banking

1.4

Pinnacle Resources Ltd.

Subsidiary

London

United Kingdom

Holding Companies

Mc Fuel Cell Investments Ltd.

Subsidiary

London

United Kingdom

Miscellaneous Professional Services

Mc Fuel Cell Investments Ii Ltd.

Subsidiary

London

United Kingdom

Miscellaneous Professional Services

Mc UK Investment Ltd

Subsidiary

London

United Kingdom

Investment Services

Sulawesi Lng Development Ltd.

Subsidiary

London

United Kingdom

Miscellaneous Professional Services

Diamond Solar Europe Ltd.

Subsidiary

London

United Kingdom

Electricity Generation and Distribution

Liberia Japan Petroleum Ltd

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

Mc Resource Development Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

Mcq Copper Ltd.

Subsidiary

London

United Kingdom

Petroleum and Natural Gas Extraction

MC Finance & Consulting Asia Pte. Ltd.

Subsidiary

Singapore

Singapore

Miscellaneous Professional Services

Princes Holding (Rotterdam) B.V.

Subsidiary

Amsterdam, North Holland

Netherlands

Miscellaneous Professional Services

Mc Aviation Financial Services (Europe) B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Banking

Mc Finance Netherlands B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Banking

MC Copper Holdings B.V.

Subsidiary

Amsterdam

Netherlands

Metals Mining

Yamato Isuzu Corporation

Subsidiary

Yamato, Kanagawa

Japan

Metal Products Manufacturing

Diamond Energy Exploration & Production (Brunei Deepwater) B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Banking

Mitsubishi Corporation Capital Ltd.

Subsidiary

Tokyo

Japan

Investment Services

Mitsubishi Corporation LT, Inc.

Subsidiary

Tokyo

Japan

Consulting Services

Mitsubishi Shoji Sekiyu Co., Ltd.

Subsidiary

Tokyo

Japan

Petroleum Wholesale

Lifetime Partners, Inc.

Subsidiary

Tokyo

Japan

Ambulatory Services

MC Facilities Co., Ltd.

Subsidiary

Tokyo

Japan

Facilities Management

MC-V Beteiligung Verwaltungsgesellschaft mbH

Subsidiary

Flörsheim Am Main, Hessen

Germany

Holding Companies

Diamond Realty Investments, Inc.

Subsidiary

Los Angeles, CA

United States

Real Estate Agents and Brokers

Gunma Isuzu Corporation

Subsidiary

Gunma

Japan

Metal Products Manufacturing

Gunma Isuzu Corporation - Takasaki Factory

Facility

Gunma

Japan

Metal Products Manufacturing

Seto Futo Co., Ltd.

Subsidiary

Kurashiki, Oka

Japan

Shipping and Water Transport

Ajoco Exploration Co., Ltd.

Subsidiary

Tokyo

Japan

Petroleum and Natural Gas Extraction

Ajoco'91 Exploratiojn Co., Ltd.

Subsidiary

Tokyo

Japan

Petroleum and Natural Gas Extraction

MPDC Gabon Co., Ltd.

Subsidiary

Tokyo

Japan

Petroleum and Natural Gas Extraction

Onahama Petroleum Co., Ltd.

Subsidiary

Iwaki, Fukushima

Japan

Petroleum and Natural Gas Extraction

Anjo Isuzu Corporation

Subsidiary

Anjo, Aichi

Japan

Metal Products Manufacturing

Oyama Isuzu Corporation

Subsidiary

Oyama, Tochigi

Japan

Metal Products Manufacturing

MC Ferticom Co., Ltd.

Subsidiary

Tokyo

Japan

Agricultural Chemical Manufacturing

Isuzu Auto-Service Corporation

Subsidiary

Gunma

Japan

Consulting Services

Isuzu Warehouse Corporation

Subsidiary

Oyama, Tochigi

Japan

Metal Products Manufacturing

Diamond Generating Asia, Limited

Subsidiary

Hong Kong

Hong Kong

Electricity Generation and Distribution

MC Finance International B.V.

Subsidiary

Amsterdam

Netherlands

Investment Services

MSK FARM MACHINERY CORPORATION

Subsidiary

Tokyo

Japan

Machinery Wholesale

Meidi-ya Corporation

Subsidiary

Tokyo

Japan

Grocery Wholesale

Isuzu Business Support Corporation

Subsidiary

Tokyo

Japan

Metal Products Manufacturing

Isuzu Management Service Corporation

Subsidiary

Tokyo

Japan

Consulting Services

I-willing Corporation

Subsidiary

Tokyo

Japan

Employment Services

I-communications Corporation

Subsidiary

Tokyo

Japan

Consulting Services

Bell-Info-Tec Corporation

Subsidiary

Tokyo

Japan

Computer System Design Services

Angola Japan Oil Co., Ltd.

Subsidiary

Tokyo

Japan

Petroleum and Natural Gas Extraction

ITC Corporation Co., Ltd.

Subsidiary

Tokyo

Japan

Computer System Design Services

Trility Group Pty Ltd

Subsidiary

Executives Report

Board of Directors

Name	Title	Function
Kanji Nakano	Chairman	Chairman
Tadanori Imamura	Senior Managing Executive Officer, Chief Director of Low Temperature Business, Director	Director/Board Member
Biography: Mr. Tadanori Imamura has been serving as Senior Managing Executive Officer, Chief Director of Low Temperature Business and Director in Mitsubishi Shokuhin Co., Ltd. since April 1, 2012. He used to serve as President and Representative Director in a subsidiary, MEIDI-YA Corporation, and worked for its parent company, Mitsubishi Corporation. Age: 61
Takeshi Inoue	President, Executive President, Chief Executive Officer, Representative Director	Director/Board Member
Biography: Mr. Takeshi Inoue has been serving as President, Executive President, Chief Executive Officer and Representative Director in Mitsubishi Shokuhin Co., Ltd. since April 2012. He used to serve as Executive Vice President and Representative Director in its parent company, Mitsubishi Corporation. Age: 67
Takehiko Kakiuchi	Independent Director	Director/Board Member
Biography: Mr. Takehiko Kakiuchi has been serving as Independent Director in Mitsubishi Shokuhin Co., Ltd. since June 2013. He is also serving as Managing Executive Officer and Chief Executive Officer of Life Industry Group in its parent company, Mitsubishi Corporation. Age: 57
Toru Moriyama	Board Member	Director/Board Member
Takao Nakajima	Board Member	Director/Board Member
Minoru Nakamura	Managing Executive Officer, President of Kanto Office, Director	Director/Board Member
Biography: Mr. Minoru Nakamura has been serving as Managing Executive Officer, President of Kanto Office and Director in Mitsubishi Shokuhin Co., Ltd. since June 27, 2013. His previous titles include Executive Officer and President of Chubu Office in the Company. He used to work for other two companies. Age: 61
Ryozo Nishioka	CFO	Director/Board Member
Yoichi Noda	Senior Managing Executive Officer, Chief Director of Alcohol Business, Director	Director/Board Member
Biography: Mr. Yoichi Noda has been serving as Senior Managing Executive Officer, Chief Director of Alcohol Business and Director in Mitsubishi Shokuhin Co., Ltd. since June 27, 2013. His previous titles include Executive Officer, Managing Executive Officer, President of Kyushu Office and President of Kansai Office in the Company. He used to work for other two companies. Age: 63
Yoshiyuki Shimada	Managing Executive Officer, Chief Director of Candy Business, Director	Director/Board Member
Biography: Mr. Yoshiyuki Shimada has been serving as Managing Executive Officer, Chief Director of Candy Business and Director in Mitsubishi Shokuhin Co., Ltd. since July 1, 2011. He used to be President and Representative Director of a subsidiary. Age: 64
Daiichiro Suzuki	Chief Financial Officer, Managing Executive Officer, Chief Director of Finance and Accounting, Director	Director/Board Member
Biography: Mr. Daiichiro Suzuki has been serving as Chief Financial Officer, Managing Executive Officer, Chief Director of Finance and Accounting and Director in Mitsubishi Shokuhin Co., Ltd. since June 2013. He used to work for Mitsubishi Corporation Financial & Management Services (Japan) Ltd and its parent company, Mitsubishi Corporation. Age: 56

Executives

Name	Title	Function
Takeshi Inoue	President, Executive President, Chief Executive Officer, Representative Director	Chief Executive Officer
Biography: Mr. Takeshi Inoue has been serving as President, Executive President, Chief Executive Officer and Representative Director in Mitsubishi Shokuhin Co., Ltd. since April 2012. He used to serve as Executive Vice President and Representative Director in its parent company, Mitsubishi Corporation. Age: 67
Toshio Arai	Executive Officer, Chief Director of Business Support	Division Head Executive
Tadafumi Furuya	Executive Officer, Manager of Strategy Office in Main Alcohol Business Unit	Division Head Executive
Age: 61
Hideo Hiraishi	Executive Officer, Chief Director of Candy in Kanto Office	Division Head Executive
Masatoshi Hoshi	Managing Executive Officer, Chief Director of Processed Food Business	Division Head Executive
Yoichi Ichiura	Executive Officer, President of Chushikoku Office	Division Head Executive
Tadanori Imamura	Senior Managing Executive Officer, Chief Director of Low Temperature Business, Director	Division Head Executive
Biography: Mr. Tadanori Imamura has been serving as Senior Managing Executive Officer, Chief Director of Low Temperature Business and Director in Mitsubishi Shokuhin Co., Ltd. since April 1, 2012. He used to serve as President and Representative Director in a subsidiary, MEIDI-YA Corporation, and worked for its parent company, Mitsubishi Corporation. Age: 61
Keiji Kawakita	Executive Officer, Chief Director of Commercial Low Temperature Food	Division Head Executive
Yoshinori Kobayashi	Executive Officer, President of Chubu Office	Division Head Executive
Kazuhiro Makino	Executive Officer, President of Hokkaido Office	Division Head Executive
Toyohiko Matsuzawa	Executive Officer, Chief Director of General Affairs and Human Resources	Division Head Executive
Yoshiyasu Miyata	Executive Officer, Chief Director of Product	Division Head Executive
Akira Murakami	Managing Executive Officer, Chief Director of NC	Division Head Executive
Hideto Nagasawa	Executive Officer, President of Kyushu Office	Division Head Executive
Masatsugu Nakagawa	Executive Officer, Chief Director of CVS	Division Head Executive
Minoru Nakamura	Managing Executive Officer, President of Kanto Office, Director	Division Head Executive
Biography: Mr. Minoru Nakamura has been serving as Managing Executive Officer, President of Kanto Office and Director in Mitsubishi Shokuhin Co., Ltd. since June 27, 2013. His previous titles include Executive Officer and President of Chubu Office in the Company. He used to work for other two companies. Age: 61
Yoichi Noda	Senior Managing Executive Officer, Chief Director of Alcohol Business, Director	Division Head Executive
Biography: Mr. Yoichi Noda has been serving as Senior Managing Executive Officer, Chief Director of Alcohol Business and Director in Mitsubishi Shokuhin Co., Ltd. since June 27, 2013. His previous titles include Executive Officer, Managing Executive Officer, President of Kyushu Office and President of Kansai Office in the Company. He used to work for other two companies. Age: 63
Norio Okada	Executive Officer, President of Tohoku Office	Division Head Executive
Rokuro Onoda	Executive Officer, Chief Director of Logistics	Division Head Executive
Age: 62
Yoshio Shimada	Executive Officer, Chief Director of Fresh and Business Food Material	Division Head Executive
Yoshiyuki Shimada	Managing Executive Officer, Chief Director of Candy Business, Director	Division Head Executive
Biography: Mr. Yoshiyuki Shimada has been serving as Managing Executive Officer, Chief Director of Candy Business and Director in Mitsubishi Shokuhin Co., Ltd. since July 1, 2011. He used to be President and Representative Director of a subsidiary. Age: 64
Daiichiro Suzuki	Chief Financial Officer, Managing Executive Officer, Chief Director of Finance and Accounting, Director	Division Head Executive
Biography: Mr. Daiichiro Suzuki has been serving as Chief Financial Officer, Managing Executive Officer, Chief Director of Finance and Accounting and Director in Mitsubishi Shokuhin Co., Ltd. since June 2013. He used to work for Mitsubishi Corporation Financial & Management Services (Japan) Ltd and its parent company, Mitsubishi Corporation. Age: 56
Toshihiro Yamaguchi	Executive Officer	Division Head Executive
Age: 62
Yasuo Yamamoto	Executive Officer	Division Head Executive
Ryozo Nishioka	CFO	Finance Executive
Nobuhiko Sakurai	Manager of Accounting Group	Investor Relations Executive
Takanori Akiyoshi	Executive Officer	Other
Shinichi Hayama	Executive Officer	Other

Significant Developments

Mitsubishi Shokuhin Co Ltd to Pay Year-end Dividend for FY 2013

May 07, 2013

Mitsubishi Shokuhin Co Ltd announced that it will pay a year-end dividend of JPY 22 per share (JPY 1,257 million in total), above the latest dividend forecast of JPY 20 per share, to all the shareholders as a record of March 31, 2013, effective June 28, 2013.

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	15 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Special 31-Mar-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	93.619712	103.395546
Auditor	Deloitte Touche Tohmatsu LLC	Deloitte Touche Tohmatsu LLC	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Net Sales	27,948.2	27,253.1	21,453.1	14,791.2	13,562.6
Revenue	27,948.2	27,253.1	21,453.1	14,791.2	13,562.6
Total Revenue	27,948.2	27,253.1	21,453.1	14,791.2	13,562.6
Cost of Revenue	25,746.3	24,983.6	19,689.0	13,517.1	12,416.1
Cost of Revenue, Total	25,746.3	24,983.6	19,689.0	13,517.1	12,416.1
Gross Profit	2,201.9	2,269.5	1,764.1	1,274.2	1,146.4
Selling/General/Administrative Expense	1,541.1	1,597.6	1,208.0	885.7	815.1
Labor & Related Expense	455.3	441.5	387.4	277.5	259.2
Total Selling/General/Administrative Expenses	1,996.4	2,039.1	1,595.4	1,163.2	1,074.3
Amortization of Acquisition Costs	-	-	0.1	2.1	1.9
Depreciation/Amortization	-	-	0.1	2.1	1.9
Restructuring Charge	11.3	24.6	-	-	-
Impairment-Assets Held for Use	13.5	12.9	37.2	20.4	3.4
Impairment-Assets Held for Sale	2.7	1.7	3.6	12.8	8.7
Other Unusual Expense (Income)	3.5	12.5	18.0	3.7	12.0
Unusual Expense (Income)	31.1	51.6	58.8	37.0	24.0
Other Operating Expense	-	0.0	-	-	-
Other Operating Expenses, Total	-	0.0	-	-	-
Total Operating Expense	27,773.8	27,074.3	21,343.3	14,719.3	13,516.4
Operating Income	174.3	178.8	109.8	71.9	46.2
Interest Expense - Non-Operating	-2.0	-1.9	-1.9	-0.7	-0.4
Interest Expense, Net Non-Operating	-2.0	-1.9	-1.9	-0.7	-0.4
Interest Income - Non-Operating	1.8	2.2	2.3	1.4	1.5
Investment Income - Non-Operating	21.7	6.9	9.1	4.2	3.9
Interest/Investment Income - Non-Operating	23.5	9.1	11.4	5.6	5.4
Interest Income (Expense) - Net Non-Operating Total	21.5	7.1	9.5	4.9	5.1
Gain (Loss) on Sale of Assets	13.8	0.4	1.8	1.0	1.1
Other Non-Operating Income (Expense)	15.0	16.9	10.4	5.0	5.3
Other, Net	15.0	16.9	10.4	5.0	5.3
Income Before Tax	224.7	203.2	131.5	82.8	57.7
Total Income Tax	88.5	47.0	47.8	31.3	22.3
Income After Tax	136.2	156.2	83.7	51.5	35.4
Minority Interest	2.1	-0.6	-0.1	-0.9	-1.3
Net Income Before Extraord Items	138.3	155.6	83.6	50.7	34.1
Net Income	138.3	155.6	83.6	50.7	34.1
Miscellaneous Earnings Adjustment	-	0.0	-	0.0	0.0
Total Adjustments to Net Income	-	0.0	-	0.0	0.0
Income Available to Common Excl Extraord Items	138.3	155.5	83.6	50.6	34.1
Income Available to Common Incl Extraord Items	138.3	155.5	83.6	50.6	34.1
Basic/Primary Weighted Average Shares	57.1	52.8	43.0	43.0	43.1
Basic EPS Excl Extraord Items	2.42	2.95	1.94	1.18	0.79
Basic/Primary EPS Incl Extraord Items	2.42	2.95	1.94	1.18	0.79
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	138.3	155.5	83.6	50.6	34.1
Diluted Weighted Average Shares	57.1	52.8	43.0	43.0	43.1
Diluted EPS Excl Extraord Items	2.42	2.95	1.94	1.18	0.79
Diluted EPS Incl Extraord Items	2.42	2.95	1.94	1.18	0.79
Dividends per Share - Common Stock Primary Issue	0.51	0.51	0.35	0.32	0.21
Gross Dividends - Common Stock	28.9	28.9	15.0	13.8	9.1
Interest Expense, Supplemental	2.0	1.9	1.9	0.7	0.4
Depreciation, Supplemental	77.4	77.1	70.9	53.5	46.3
Total Special Items	20.3	56.5	62.9	40.7	28.5
Normalized Income Before Tax	245.0	259.7	194.5	123.5	86.2
Effect of Special Items on Income Taxes	6.8	11.9	20.7	13.6	8.8
Inc Tax Ex Impact of Sp Items	95.4	58.9	68.5	44.9	31.1
Normalized Income After Tax	149.7	200.8	126.0	78.7	55.1
Normalized Inc. Avail to Com.	151.8	200.2	125.8	77.8	53.8
Basic Normalized EPS	2.66	3.79	2.93	1.81	1.25
Diluted Normalized EPS	2.66	3.79	2.93	1.81	1.25
Amort of Acquisition Costs, Supplemental	3.0	5.2	6.0	4.7	5.6
Reported Operating Profit	205.4	230.4	168.6	110.9	72.1
Reported Ordinary Profit	225.8	250.7	183.0	118.1	80.0
Normalized EBIT	205.5	230.4	168.5	108.9	70.2
Normalized EBITDA	285.8	312.7	245.4	167.1	122.2
Current Tax - Total	95.1	40.0	-	-	-
Current Tax - Total	95.1	40.0	-	-	-
Deferred Tax - Total	-6.6	7.0	-	-	-
Deferred Tax - Total	-6.6	7.0	-	-	-
Income Tax - Total	88.5	47.0	-	-	-
Interest Cost - Domestic	3.6	3.5	4.1	2.9	2.7
Service Cost - Domestic	253.1	230.4	13.4	10.5	10.9
Prior Service Cost - Domestic	-1.5	-2.2	-2.6	-1.6	-1.3
Expected Return on Assets - Domestic	-0.8	-0.9	-1.1	-0.8	-0.9
Actuarial Gains and Losses - Domestic	2.3	2.2	2.7	2.2	1.2
Other Pension, Net - Domestic	3.2	1.5	0.5	0.4	0.2
Domestic Pension Plan Expense	259.8	234.5	17.0	13.5	12.7
Total Pension Expense	259.8	234.5	17.0	13.5	12.7
Discount Rate - Domestic	1.20%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Total Plan Interest Cost	3.6	3.5	4.1	2.9	2.7
Total Plan Service Cost	253.1	230.4	13.4	10.5	10.9
Total Plan Expected Return	-0.8	-0.9	-1.1	-0.8	-0.9
Total Plan Other Expense	3.2	1.5	0.5	0.4	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.095	90.65
Auditor	Deloitte Touche Tohmatsu LLC	Deloitte Touche Tohmatsu LLC	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Cash & Equivalents	27.1	53.2	12.5	23.3	28.7
Short Term Investments	446.4	285.2	67.6	425.4	368.5
Cash and Short Term Investments	473.5	338.5	80.0	448.6	397.1
Accounts Receivable - Trade, Gross	3,129.4	3,583.5	1,941.2	2,130.8	2,227.5
Provision for Doubtful Accounts	-19.6	-3.0	-1.6	-5.8	-5.9
Trade Accounts Receivable - Net	3,109.8	3,580.5	1,939.6	2,125.0	2,221.6
Other Receivables	909.7	981.7	844.9	391.6	391.6
Total Receivables, Net	4,019.5	4,562.2	2,784.4	2,516.6	2,613.2
Inventories - Finished Goods	555.6	589.5	406.1	451.0	465.4
Inventories - Raw Materials	0.2	0.7	0.3	0.4	0.4
Total Inventory	555.9	590.2	406.4	451.4	465.8
Deferred Income Tax - Current Asset	32.8	18.6	19.8	16.3	11.8
Other Current Assets	31.9	34.1	19.4	21.7	25.4
Other Current Assets, Total	64.7	52.7	39.2	38.1	37.2
Total Current Assets	5,113.6	5,543.5	3,310.1	3,454.7	3,513.3
Property/Plant/Equipment - Net	794.0	962.5	735.5	692.0	732.4
Goodwill, Net	43.0	52.1	56.8	56.6	65.2
Intangibles, Net	28.0	35.9	24.7	23.2	25.2
LT Investment - Affiliate Companies	9.7	11.4	-	-	-
LT Investments - Other	231.3	253.1	179.1	160.3	180.0
Long Term Investments	241.0	264.5	179.1	160.3	180.0
Note Receivable - Long Term	0.2	26.1	5.1	6.8	9.2
Deferred Income Tax - Long Term Asset	37.0	66.6	54.5	40.4	33.6
Other Long Term Assets	194.1	202.8	167.6	145.0	145.0
Other Long Term Assets, Total	231.1	269.5	222.1	185.4	178.7
Total Assets	6,450.8	7,154.0	4,533.4	4,579.0	4,704.0
Accounts Payable	4,323.5	4,950.1	2,987.0	3,241.8	3,430.6
Accrued Expenses	24.2	25.6	21.4	6.0	0.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	19.0	17.6	13.5	6.0	0.0
Income Taxes Payable	65.4	16.6	12.5	26.0	17.7
Deferred Income Tax - Current Liability	-	-	0.0	0.1	0.1
Other Current Liabilities	501.6	549.1	327.7	345.0	330.9
Other Current liabilities, Total	567.0	565.7	340.2	371.0	348.6
Total Current Liabilities	4,933.8	5,558.9	3,362.1	3,624.8	3,780.2
Capital Lease Obligations	49.2	51.1	45.8	21.0	0.0
Total Long Term Debt	49.2	51.1	45.8	21.0	0.0
Total Debt	68.2	68.6	59.4	27.0	0.0
Deferred Income Tax - LT Liability	2.6	2.2	2.2	2.3	3.5
Deferred Income Tax	2.6	2.2	2.2	2.3	3.5
Minority Interest	12.4	20.6	14.9	14.4	14.4
Reserves	19.1	22.2	-	-	-
Pension Benefits - Underfunded	147.1	164.1	126.0	116.3	122.6
Other Long Term Liabilities	25.4	30.9	19.0	2.1	2.8
Other Liabilities, Total	191.6	217.2	145.0	118.5	125.4
Total Liabilities	5,189.5	5,850.0	3,570.1	3,781.0	3,923.4
Common Stock	113.0	129.0	128.3	114.2	117.3
Common Stock	113.0	129.0	128.3	114.2	117.3
Additional Paid-In Capital	353.3	403.5	230.9	205.6	211.2
Retained Earnings (Accumulated Deficit)	786.4	790.0	641.9	510.2	482.1
Treasury Stock - Common	-27.1	-30.9	-30.7	-27.2	-27.9
Unrealized Gain (Loss)	35.8	12.6	-6.8	-4.5	-1.7
Translation Adjustment	-0.2	-0.3	-0.2	-0.2	-0.2
Other Equity	-	0.0	-	-	-
Other Comprehensive Income	0.0	-	-	-	-
Other Equity, Total	-0.2	-0.3	-0.2	-0.2	-0.2
Total Equity	1,261.2	1,304.0	963.3	798.1	780.6
Total Liabilities & Shareholders’ Equity	6,450.8	7,154.0	4,533.4	4,579.0	4,704.0
Shares Outstanding - Common Stock Primary Issue	57.1	57.1	43.0	43.0	43.0
Total Common Shares Outstanding	57.1	57.1	43.0	43.0	43.0
Treasury Shares - Common Stock Primary Issue	1.0	1.0	1.0	1.0	1.0
Employees	5,757	5,867	4,369	4,516	4,661
Number of Common Shareholders	4,142	4,336	4,688	4,350	4,588
Total Long Term Debt, Supplemental	-	52.5	33.2	-	-
Long Term Debt Maturing within 1 Year	-	52.5	33.2	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	-	-
Total Capital Leases, Supplemental	68.2	68.6	59.4	27.0	-
Capital Lease Payments Due in Year 1	19.0	17.6	13.5	6.0	-
Capital Lease Payments Due in Year 2	16.6	16.6	12.4	5.6	-
Capital Lease Payments Due in Year 3	13.5	13.0	10.3	5.2	-
Capital Lease Payments Due in Year 4	9.1	9.1	7.2	4.0	-
Capital Lease Payments Due in Year 5	5.3	5.7	4.7	1.8	-
Capital Lease Payments Due in 2-3 Years	30.1	29.6	22.7	10.8	-
Capital Lease Payments Due in 4-5 Years	14.4	14.8	12.0	5.8	-
Cap. Lease Pymts. Due in Year 6 & Beyond	4.7	6.6	11.2	4.4	-
Pension Obligation - Domestic	223.2	220.8	182.3	166.2	182.3
Plan Assets - Domestic	56.0	60.1	60.1	57.6	61.2
Funded Status - Domestic	-167.2	-160.7	-122.2	-108.6	-121.1
Total Funded Status	-167.2	-160.7	-122.2	-108.6	-121.1
Discount Rate - Domestic	1.20%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Accrued Liabilities - Domestic	-141.1	-159.6	-121.5	-111.8	-118.3
Other Assets, Net - Domestic	26.1	1.1	-0.7	3.2	2.8
Net Assets Recognized on Balance Sheet	-114.9	-158.5	-122.2	-108.7	-115.4
Total Plan Obligations	223.2	220.8	182.3	166.2	182.3
Total Plan Assets	56.0	60.1	60.1	57.6	61.2

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	15 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-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	93.619712	103.395546
Auditor	Deloitte Touche Tohmatsu LLC	Deloitte Touche Tohmatsu LLC	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Net Income/Starting Line	224.7	203.2	131.5	82.8	57.7
Depreciation	77.4	77.1	70.9	53.5	46.3
Depreciation/Depletion	77.4	77.1	70.9	53.5	46.3
Amortization of Acquisition Costs	3.0	5.2	6.0	4.7	5.6
Amortization	3.0	5.2	6.0	4.7	5.6
Unusual Items	-10.3	14.0	34.4	34.8	10.8
Equity in Net Earnings (Loss)	0.4	0.0	0.2	0.0	0.0
Other Non-Cash Items	-7.7	-14.4	-19.3	-12.9	-0.8
Non-Cash Items	-17.6	-0.3	15.2	21.9	9.9
Accounts Receivable	-26.1	-364.6	496.0	29.4	97.2
Inventories	-44.3	-3.8	102.4	2.2	23.6
Accounts Payable	-12.2	447.0	-658.5	-98.2	-149.5
Taxes Payable	2.1	-7.6	6.7	-0.5	-2.8
Other Liabilities	-0.3	11.8	3.5	0.7	0.2
Other Operating Cash Flow	-0.6	-23.3	-101.3	5.3	-8.2
Changes in Working Capital	-81.5	59.4	-151.3	-61.0	-39.4
Cash from Operating Activities	205.9	344.6	72.4	101.9	80.2
Purchase of Fixed Assets	-25.3	-21.9	-21.7	-22.5	-19.3
Purchase/Acquisition of Intangibles	-7.7	-19.9	-8.2	-5.6	-9.0
Capital Expenditures	-33.0	-41.8	-29.9	-28.1	-28.3
Sale of Business	-	22.9	0.4	1.1	0.0
Sale of Fixed Assets	38.0	8.4	16.5	3.5	6.1
Sale/Maturity of Investment	50.0	2.8	9.5	1.2	4.4
Investment, Net	1.0	10.2	-1.9	0.1	0.0
Purchase of Investments	-6.5	-6.7	-10.6	-3.8	-23.3
Other Investing Cash Flow	-0.7	5.3	-10.1	-0.2	1.6
Other Investing Cash Flow Items, Total	81.8	42.9	3.8	1.9	-11.2
Cash from Investing Activities	48.8	1.1	-26.1	-26.2	-39.4
Other Financing Cash Flow	-1.2	-0.3	-0.2	-0.2	-0.2
Financing Cash Flow Items	-1.2	-0.3	-0.2	-0.2	-0.2
Cash Dividends Paid - Common	-31.0	-19.0	-17.0	-10.1	-9.2
Total Cash Dividends Paid	-31.0	-19.0	-17.0	-10.1	-9.2
Repurchase/Retirement of Common	-	-	-	-	-3.5
Common Stock, Net	0.0	0.0	-0.1	0.0	-3.5
Issuance (Retirement) of Stock, Net	0.0	0.0	-0.1	0.0	-3.5
Short Term Debt, Net	-	-66.3	-7.6	-	0.0
Long Term Debt Reduction	-20.4	-17.5	-13.1	-3.7	0.0
Long Term Debt, Net	-20.4	-17.5	-13.1	-3.7	0.0
Issuance (Retirement) of Debt, Net	-20.4	-83.8	-20.7	-3.7	0.0
Cash from Financing Activities	-52.6	-103.2	-38.1	-14.1	-12.9
Net Change in Cash	202.1	242.5	8.2	61.6	27.8
Net Cash - Beginning Balance	740.4	535.5	485.3	382.5	318.6
Net Cash - Ending Balance	942.5	778.0	493.4	444.2	346.4
Cash Interest Paid	2.0	1.9	2.0	0.7	0.3
Cash Taxes Paid	37.4	40.7	77.4	36.8	31.3

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-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	15 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Special 31-Mar-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	93.619712	103.395546
Auditor	Deloitte Touche Tohmatsu LLC	Deloitte Touche Tohmatsu LLC	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Net Sales	27,948.2	27,253.1	21,453.1	14,791.2	13,562.6
Total Revenue	27,948.2	27,253.1	21,453.1	14,791.2	13,562.6
Rounding adjustment Income Statement	-	0.0	-	-	-
Cost of Sales	25,746.3	24,983.6	19,689.0	13,517.1	12,416.1
Other Selling/General/Admin. Expense	309.7	316.7	-	-	-
Store & freight expenses	1,065.5	1,124.4	816.9	602.2	543.9
Provision for doubtful accounts(SGA)	-	-	-	0.3	1.8
Selling General And Administrative Expen	26.4	25.3	-	-	-
Salaries	-	-	346.7	262.9	245.4
Provision for bonuses.	407.3	393.4	22.0	-	-
Provision for dir's bonuses	0.8	1.2	1.4	1.1	0.8
Accrued Retirement Expenses	20.4	20.8	16.1	12.6	12.0
Reserve for officers retirement	0.3	0.8	1.2	1.0	1.0
Administrative fee	166.0	156.5	104.6	76.3	74.2
Other SGA	-	-	286.4	206.9	195.2
Other Unusual Expense (Income)	0.0	-	-	-	-
Insurance Income	-	-3.8	-	-	-
Additional contribution on withdrawal fr	-	7.2	-	-	-
Loss on adjustment for changes of accoun	-	3.3	-	-	-
Other	3.9	0.7	-	-	-
SP Rev. allow. doubtful accts.	-	0.0	-4.1	0.0	-
SP Insurance income	-	-	0.0	-	-
SP Other Special Income	-0.3	0.0	-0.5	0.0	0.0
SP Loss Valu. Inv. Secs	2.7	1.7	3.6	12.8	8.7
SP Allow. Bad Debt	-	-	0.0	0.1	4.9
SP Impairment Loss	12.4	9.7	36.5	20.0	3.2
disaster loss	-	5.0	18.5	0.0	-
SP L on settlement of rent	-	-	-	0.0	5.3
Manegement integration expenses	11.3	24.6	-	-	-
SP Receivable on backout of pension plan	-	-	0.0	-	-
SP Cost about bus. consol.	-	-	2.5	-	-
SP L on acct. change on assets retire.	-	-	0.0	-	-
SP Other Special Loss	-	-	1.6	3.7	1.9
NOP Amort. Goodwill	-	-	0.1	2.1	1.9
NOP L. on retire. of fixed assets	1.2	3.2	0.7	0.4	0.2
Total Operating Expense	27,773.8	27,074.3	21,343.3	14,719.3	13,516.4
SP Gain Sale Fixed	13.8	0.4	1.8	0.1	1.1
SP Gain Sale Inv. Secs.	15.1	0.5	1.7	0.3	0.4
Gain on sales of subsidiaries and affili	-	0.0	3.1	0.0	-
SP Gain on transfer of business	-	-	0.0	0.8	0.0
NOP Interest Income	1.8	2.2	2.3	1.4	1.5
NOP Dividend Income	7.0	6.4	4.5	3.9	3.5
NOP Equity Earning	-	-	-	0.0	0.0
Other Non-Operating Income (Expense)	0.0	-0.1	-	-	-
NOP Real Estate Income	20.8	12.9	13.8	7.9	4.2
NOP Other Income	15.3	16.0	10.4	5.3	5.3
NOP Interest Expense	-2.0	-1.9	-1.9	-0.7	-0.4
NOP Equity Loss	-0.4	0.0	-0.2	0.0	0.0
Rent expenses on real estates	-17.7	-9.4	-10.1	-6.3	-3.0
NOP Other Expenses	-3.4	-2.5	-3.7	-1.8	-1.2
Net Income Before Taxes	224.7	203.2	131.5	82.8	57.7
Provision for Income Taxes	88.5	47.0	47.8	31.3	22.3
Net Income After Taxes	136.2	156.2	83.7	51.5	35.4
Minority interests in income	2.1	-0.6	-0.1	-0.9	-1.3
Net Income Before Extra. Items	138.3	155.6	83.6	50.7	34.1
Net Income	138.3	155.6	83.6	50.7	34.1
Miscellaneous Earnings Adjustment	-	0.0	-	-	-
Adjustment	-	-	-	0.0	0.0
Income Available to Com Excl ExtraOrd	138.3	155.5	83.6	50.6	34.1
Income Available to Com Incl ExtraOrd	138.3	155.5	83.6	50.6	34.1
Basic Weighted Average Shares	57.1	52.8	43.0	43.0	43.1
Basic EPS Excluding ExtraOrdinary Items	2.42	2.95	1.94	1.18	0.79
Basic EPS Including ExtraOrdinary Items	2.42	2.95	1.94	1.18	0.79
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	138.3	155.5	83.6	50.6	34.1
Diluted Weighted Average Shares	57.1	52.8	43.0	43.0	43.1
Diluted EPS Excluding ExtraOrd Items	2.42	2.95	1.94	1.18	0.79
Diluted EPS Including ExtraOrd Items	2.42	2.95	1.94	1.18	0.79
DPS-Ordinary Shares	0.51	0.51	0.35	0.32	0.21
Gross Dividends - Common Stock	28.9	28.9	15.0	13.8	9.1
Normalized Income Before Taxes	245.0	259.7	194.5	123.5	86.2
Inc Tax Ex Impact of Sp Items	95.4	58.9	68.5	44.9	31.1
Normalized Income After Taxes	149.7	200.8	126.0	78.7	55.1
Normalized Inc. Avail to Com.	151.8	200.2	125.8	77.8	53.8
Basic Normalized EPS	2.66	3.79	2.93	1.81	1.25
Diluted Normalized EPS	2.66	3.79	2.93	1.81	1.25
Interest Expense	2.0	1.9	1.9	0.7	0.4
BC - Depreciation of Goodwill	3.0	-	-	-	-
Amortization of Goodwill - footnote	-	5.2	-	-	-
Amortization of Goodwill	-	-	6.0	4.7	5.6
BC - Depreciation of Fixed Assets	77.4	-	-	-	-
Amort of Tangible Assets-Current Portion	-	77.1	-	-	-
Depreciation	-	-	70.9	53.5	46.3
Income taxes-current	95.1	40.0	-	-	-
Current Tax - Total	95.1	40.0	-	-	-
Income taxes-deferred	-6.6	7.0	-	-	-
Deferred Tax - Total	-6.6	7.0	-	-	-
Income Tax - Total	88.5	47.0	-	-	-
Reported Operating Profit	205.4	230.4	168.6	110.9	72.1
Reported Ordinary Profit	225.8	250.7	183.0	118.1	80.0
Service Cost	253.1	230.4	13.4	10.5	10.9
Interest Cost	3.6	3.5	4.1	2.9	2.7
Expected Return on Plan Asset	-0.8	-0.9	-1.1	-0.8	-0.9
Prior Service Cost	-1.5	-2.2	-2.6	-1.6	-1.3
Actuarial Gains and Losses	2.3	2.2	2.7	2.2	1.2
Other Pension Cost	3.2	1.5	0.5	0.4	0.2
Domestic Pension Plan Expense	259.8	234.5	17.0	13.5	12.7
Total Pension Expense	259.8	234.5	17.0	13.5	12.7
Discount rate	1.20%	2.00%	2.00%	2.00%	2.00%
Plan asset expected rate of return	1.50%	1.50%	1.50%	1.50%	1.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.095	90.65
Auditor	Deloitte Touche Tohmatsu LLC	Deloitte Touche Tohmatsu LLC	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Cash & Deposit	27.1	53.2	12.5	23.3	28.7
Notes and accounts receivable-trade	3,129.4	3,583.5	1,941.2	2,130.8	2,227.5
Short-term investment securities	446.4	285.2	67.6	425.4	368.5
Inventory-merchandise&finished goods	555.6	589.5	406.1	451.0	465.4
Inventory-raw materials&supplies	0.2	0.7	0.3	0.4	0.4
Deferred Tax	32.8	18.6	19.8	16.3	11.8
Accounts receivable-other	532.2	571.9	403.3	390.3	391.6
Short-term loans receivable	377.5	409.7	441.6	1.2	-
Rounding adjustment Assets	0.0	0.0	-	-	-
Other Assets	31.8	34.0	19.4	21.7	25.4
Allowance for Doubtful Accounts	-19.6	-3.0	-1.6	-5.8	-5.9
Total Current Assets	5,113.6	5,543.5	3,310.1	3,454.7	3,513.3
other PPE Net	0.0	0.0	-	-	-
Buildings and structures, net	285.1	356.1	249.5	245.7	250.5
Machinery, equipment and vehicles, net	33.5	43.4	43.0	54.0	75.7
Tools, furniture and fixtures, net	10.8	12.9	9.8	9.0	9.5
Land	404.4	491.7	381.5	361.5	388.9
Lease assets, net	58.8	58.2	51.1	21.7	0.0
Construction in Progress	1.4	0.2	0.7	0.2	7.8
Goodwill	43.0	52.1	56.8	56.6	65.2
Other Total intangible assets	0.0	-	-	-	-
Other Total Intangible Assets, Net	-	0.0	-	-	-
Software	22.8	29.9	18.7	18.9	22.6
Lease assets	2.9	3.4	3.4	1.9	0.0
Other Intangibles	2.2	2.6	2.5	2.4	2.6
Other LT Investments	231.3	253.1	-	-	-
Investment Securities	-	-	179.1	160.3	180.0
Long-term loans receivable	0.2	26.1	5.1	6.8	9.2
Deferred tax assets	37.0	66.6	54.5	40.4	33.6
Other Long Term Assets	0.0	-	-	-	-
Other Total investments and other assets	0.0	-	-	-	-
Rounding adjustment Assets	-	0.0	-	-	-
Other Assets	215.0	250.8	192.2	170.8	177.1
Allowance for Doubtful Accounts	-20.9	-48.0	-24.7	-25.9	-32.0
Adjustment	-	-	0.1	0.0	-
Invt Secs Noncons, Asc, Affd Cos	9.7	11.4	-	-	-
Total Assets	6,450.8	7,154.0	4,533.4	4,579.0	4,704.0
Notes and accounts payable-trade	4,323.5	4,950.1	2,987.0	3,241.8	3,430.6
Current lease obligations	19.0	17.6	13.5	6.0	0.0
Tax Payable	65.4	16.6	12.5	26.0	17.7
Allowance for bonuses.	23.5	24.5	20.2	5.0	-
Provision for directors'' bonuses	0.7	1.1	1.2	0.9	0.9
Deferred Tax	-	-	0.0	0.1	0.1
Rounding adjustment Liability	0.0	0.0	-	-	-
Asset retirement obligations	0.0	0.3	-	-	-
Current Liability on retirement of ass.	-	-	0.0	-	-
Other Liability	501.6	548.8	327.7	345.0	330.9
Total Current Liabilities	4,933.8	5,558.9	3,362.1	3,624.8	3,780.2
Lease obligations	49.2	51.1	45.8	21.0	0.0
Total Long Term Debt	49.2	51.1	45.8	21.0	0.0
Deferred Tax	2.6	2.2	2.2	2.3	3.5
Provision For Retirement Benefits	143.4	160.2	121.5	111.8	118.3
Provision for directors'' retirement ben	3.7	3.9	4.6	4.5	4.4
Other Long Term Liabilities	0.0	-	-	-	-
Rounding adjustment Liability	-	0.0	-	-	-
Liability on retirement of assets	-	-	0.0	-	-
Other Liability	25.3	30.9	19.0	2.1	2.8
Minority Interest	12.4	20.6	14.9	14.4	14.4
Asset retirement obligations	19.1	22.2	-	-	-
Total Liabilities	5,189.5	5,850.0	3,570.1	3,781.0	3,923.4
Deferred gains or losses on hedges	0.0	-	-	-	-
Rounding adjustment Equity	-	0.0	-	-	-
Common Stock	113.0	129.0	128.3	114.2	117.3
Total capital surpluses	353.3	403.5	230.9	205.6	211.2
Total retained earnings	786.4	790.0	641.9	510.2	482.1
Treasury Stock	-27.1	-30.9	-30.7	-27.2	-27.9
Valuation difference on available-for-sa	35.8	12.6	-6.8	-4.5	-1.7
Translation Adjustment	-0.2	-0.3	-0.2	-0.2	-0.2
Total Equity	1,261.2	1,304.0	963.3	798.1	780.6
Total Liabilities & Shareholders' Equity	6,450.8	7,154.0	4,533.4	4,579.0	4,704.0
S/O-Ordinary Shares	57.1	57.1	43.0	43.0	43.0
Total Common Shares Outstanding	57.1	57.1	43.0	43.0	43.0
T/S-Ordinary Shares	1.0	1.0	1.0	1.0	1.0
Full-Time Employees	5,757	5,867	4,369	4,516	4,661
Total Number of Shareholders	4,142	4,336	-	-	-
Number of Common Shareholders	-	-	4,688	4,350	4,588
LT debt maturing within 1 year	-	52.5	33.2	-	-
Total Long Term Debt, Supplemental	-	52.5	33.2	-	-
Capital Lease maturing within 1 yr	19.0	17.6	13.5	6.0	-
Cap Lease Maturg over a Yr within 2 Yrs	16.6	16.6	-	-	-
Capital Lease maturing within 2 yr	-	-	12.4	5.6	-
Cap Lease Maturg over 2 Yr within 3 Yrs	13.5	13.0	-	-	-
Capital Lease maturing within 3 yr	-	-	10.3	5.2	-
Cap Lease Maturg over 3 Yr within 4 Yrs	9.1	9.1	-	-	-
Capital Lease maturing within 4 yr	-	-	7.2	4.0	-
Cap Lease Maturg over 4 Yr within 5 Yrs	5.3	5.7	-	-	-
Capital Lease maturing within 5 yr	-	-	4.7	1.8	-
Other Capital Lease	4.7	6.6	-	-	-
Capital Lease remaining	-	-	11.2	4.4	-
Total Capital Leases, Supplemental	68.2	68.6	59.4	27.0	-
Pension Obligation	223.2	220.8	182.3	166.2	182.3
Fair Value of Plan Asset	56.0	60.1	60.1	57.6	61.2
Funded Status	-167.2	-160.7	-122.2	-108.6	-121.1
Total Funded Status	-167.2	-160.7	-122.2	-108.6	-121.1
Discount Rate	1.20%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return	1.50%	1.50%	1.50%	1.50%	1.50%
Unrecognized Actuarial Gains and Losses	11.1	6.4	-8.1	-5.8	10.1
Unrecognized Prior Service Cost	15.1	-5.3	7.3	8.9	-7.3
Reserve for accrued retirement benefits	-141.1	-159.6	-121.5	-111.8	-118.3
Net Assets Recognized on Balance Sheet	-114.9	-158.5	-122.2	-108.7	-115.4

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	15 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-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	93.619712	103.395546
Auditor	Deloitte Touche Tohmatsu LLC	Deloitte Touche Tohmatsu LLC	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Net Income Bf. Tax	224.7	203.2	131.5	82.8	57.7
Depreciation	77.4	77.1	70.9	53.5	46.3
Loss (gain) on sales of intangible asset	-0.7	-	-	-	-
Loss On Adjustment For Changes Of Accoun	-	3.3	-	-	-
Impairment Loss	12.4	9.7	36.5	20.0	3.2
Amortization of Goodwill	3.0	5.2	6.0	4.7	5.6
Increase (decrease) in provision for ret	3.6	1.3	-4.8	-3.3	0.1
Increase (decrease) in provision for dir	0.3	-4.4	-0.5	0.2	0.6
Increase (decrease) in allowance for dou	-4.7	-4.7	-9.1	-5.2	3.1
Interest & Dividend Income	-8.8	-8.6	-6.8	-5.3	-5.0
Interest Expense	2.0	1.9	1.9	0.7	0.4
Equity in (earnings) losses of affiliate	0.4	0.0	0.2	0.0	0.0
Loss (gain) on sales of property, plant	-10.2	-0.4	-1.1	2.0	-0.9
Asset retire accounting changes	-	-	0.0	-	-
Loss (gain) on sales of investment secur	-14.5	-0.4	-1.5	-0.3	-0.3
G/L on sale of affiliated secs.	-	-	-3.1	0.0	-
Loss (gain) on valuation of investment s	2.7	1.7	3.6	13.1	8.8
Decrease (increase) in notes and account	9.5	-362.9	458.8	38.0	41.9
Decrease (increase) in inventories	-44.3	-3.8	102.4	2.2	23.6
Decrease (increase) in accounts receivab	-35.6	-1.7	37.2	-8.5	55.3
Increase (decrease) in notes and account	-12.2	447.0	-658.5	-98.2	-149.5
Increase (decrease) in accrued consumpti	2.1	-7.6	6.7	-0.5	-2.8
Rounding adjustment Cash flow	0.0	-	-	-	-
Other Operating Cash Flow	-	0.0	-	-	-
Trade-Security Money	-0.3	11.8	3.5	0.7	0.2
Other, net	29.9	10.7	-28.8	37.5	18.4
Interest & Dividend Received	8.8	8.6	6.8	5.3	5.0
Interest Paid	-2.0	-1.9	-2.0	-0.7	-0.3
Tax Paid	-37.4	-40.7	-77.4	-36.8	-31.3
Adjustment	-	-	0.0	-	-
Cash from Operating Activities	205.9	344.6	72.4	101.9	80.2
Purchase of property, plant and equipmen	-25.3	-21.9	-21.7	-22.5	-19.3
Proceeds from sales of property, plant a	38.0	8.4	16.5	3.5	6.1
Purch. Intangible	-7.7	-19.9	-8.2	-5.6	-9.0
Purch. Inv. Secs.	-2.9	-6.3	-9.6	-3.7	-19.8
Sale Inv. Secs.	45.0	1.0	4.5	0.4	1.2
Sale of affiliated secs.	-	-	1.8	0.0	-
Purchase subsidiaries' securities	-3.6	0.0	-0.9	0.0	-3.3
Proceeds from purchase of investments in	-	22.9	0.4	0.0	-
Outflow - sale of subs' secs.	-	-	0.7	-	-
Rounding adjustment Cash flow	0.0	0.0	-	-	-
Net decrease (increase) in short-term lo	1.0	10.2	-1.9	0.1	0.0
Payments of long-term loans receivable	0.0	-0.4	-0.1	-0.1	-0.1
Collection of long-term loans receivable	5.0	1.8	2.6	0.7	3.2
Disposal of businesses invested	-	-	0.0	1.1	0.0
Other, net	-0.6	5.3	-10.1	-0.2	1.6
Cash from Investing Activities	48.8	1.1	-26.1	-26.2	-39.4
Net Inc. in short term loans payable	-	-66.3	-7.6	-	0.0
Repayment of finance lease	-20.4	-17.5	-13.1	-3.7	0.0
Cash liquidation dividends paid to minor	-1.5	-	-	-	-
Proceeds From Stock Issuance To Minority	0.6	-	-	-	-
Rounding adjustment Cash flow	0.0	0.0	-	-	-
Dividend Paid	-31.0	-19.0	-17.0	-10.1	-9.2
Dividend-Minority	-0.2	-0.3	-0.2	-0.2	-0.2
Purchase Treasury Stock	-	-	-	-	-3.5
Net decrease (increase) in treasury stoc	0.0	0.0	-0.1	0.0	-
Cash from Financing Activities	-52.6	-103.2	-38.1	-14.1	-12.9
Net Change in Cash	202.1	242.5	8.2	61.6	27.8
Net Cash - Beginning Balance	740.4	535.5	485.3	382.5	318.6
Net Cash - Ending Balance	942.5	778.0	493.4	444.2	346.4
Cash Interest Paid	2.0	1.9	2.0	0.7	0.3
Cash Taxes Paid	37.4	40.7	77.4	36.8	31.3

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
	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 (?)	5,880.6	2.20%	27,948.2	7.76%	18.75%	10.63%
Operating Income1 (?)	27.7	83.14%	174.3	2.46%	29.05%	27.50%
Income Available to Common Excl Extraord Items1 (?)	23.4	61.50%	138.3	-6.60%	34.25%	33.73%
Basic EPS Excl Extraord Items1 (?)	0.41	61.50%	2.42	-13.72%	22.10%	26.48%
Capital Expenditures2 (?)	-	-	33.0	-16.91%	1.36%	-13.05%
Cash from Operating Activities2 (?)	-	-	205.9	-37.21%	21.44%	9.22%
Free Cash Flow (?)	-	-	152.4	-40.02%	27.57%	21.23%
Total Assets3 (?)	6,368.7	4.07%	6,450.8	2.98%	12.50%	6.58%
Total Liabilities3 (?)	5,151.2	2.48%	5,189.5	1.31%	11.53%	5.65%
Total Long Term Debt3 (?)	0.0	-	49.2	9.96%	33.18%	-
Employees3 (?)	-	-	5757	-1.87%	8.43%	3.17%
Total Common Shares Outstanding3 (?)	57.1	0.00%	57.1	0.00%	9.96%	5.85%
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
	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	7.88%	8.33%	8.22%	8.61%	8.45%
Operating Margin (?)	0.62%	0.66%	0.51%	0.49%	0.34%
Pretax Margin (?)	0.80%	0.75%	0.61%	0.56%	0.43%
Net Profit Margin (?)	0.49%	0.57%	0.39%	0.34%	0.25%
Financial Strength
Current Ratio (?)	1.04	1.00	0.98	0.95	0.93
Long Term Debt/Equity (?)	0.04	0.04	0.05	0.03	0.00
Total Debt/Equity (?)	0.05	0.05	0.06	0.03	0.00
Management Effectiveness
Return on Assets (?)	1.89%	2.56%	1.79%	1.13%	0.84%
Return on Equity (?)	10.15%	13.12%	9.29%	6.54%	5.00%
Efficiency
Receivables Turnover (?)	6.15	7.09	7.91	5.88	5.80
Inventory Turnover (?)	42.33	47.93	44.57	30.04	29.55
Asset Turnover (?)	3.88	4.46	4.58	3.25	3.23

Market Valuation USD (mil)
P/E (TTM) (?)	12.04	.	Enterprise Value2 (?)	1,480.6
Price/Sales (TTM) (?)	0.06	.	Enterprise Value/Revenue (TTM) (?)	0.06
Price/Book (MRQ) (?)	1.24	.	Enterprise Value/EBITDA (TTM) (?)	6.08
Market Cap as of 30-Aug-20131 (?)	1,538.4	.
1-ExchangeRate: JPY to USD on 30-Aug-2013	98.350366
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-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.04	1.00	0.98	0.95	0.93
Quick/Acid Test Ratio (?)	0.91	0.88	0.85	0.82	0.80
Working Capital1 (?)	179.8	-15.3	-52.0	-170.1	-266.9
Long Term Debt/Equity (?)	0.04	0.04	0.05	0.03	0.00
Total Debt/Equity (?)	0.05	0.05	0.06	0.03	0.00
Long Term Debt/Total Capital (?)	0.04	0.04	0.04	0.03	0.00
Total Debt/Total Capital (?)	0.05	0.05	0.06	0.03	0.00
Payout Ratio (?)	20.92%	17.19%	18.00%	27.20%	26.91%
Effective Tax Rate (?)	39.40%	23.14%	36.36%	37.75%	38.60%
Total Capital1 (?)	1,329.4	1,372.6	1,022.6	825.1	780.6
Efficiency
Asset Turnover (?)	3.88	4.46	4.58	3.25	3.23
Inventory Turnover (?)	42.33	47.93	44.57	30.04	29.55
Days In Inventory (?)	8.62	7.61	8.19	12.15	12.35
Receivables Turnover (?)	6.15	7.09	7.91	5.88	5.80
Days Receivables Outstanding (?)	59.35	51.45	46.17	62.10	62.96
Revenue/Employee2 (?)	4,280,987	4,452,093	5,076,855	3,293,753	3,318,918
Operating Income/Employee2 (?)	26,705	29,208	25,973	16,008	11,306
EBITDA/Employee2 (?)	38,557	41,795	42,753	27,927	22,645
Profitability
Gross Margin (?)	7.88%	8.33%	8.22%	8.61%	8.45%
Operating Margin (?)	0.62%	0.66%	0.51%	0.49%	0.34%
EBITDA Margin (?)	0.90%	0.94%	0.84%	0.85%	0.68%
EBIT Margin (?)	0.62%	0.66%	0.51%	0.49%	0.34%
Pretax Margin (?)	0.80%	0.75%	0.61%	0.56%	0.43%
Net Profit Margin (?)	0.49%	0.57%	0.39%	0.34%	0.25%
COGS/Revenue (?)	92.12%	91.67%	91.78%	91.39%	91.55%
SG&A Expense/Revenue (?)	7.14%	7.48%	7.44%	7.86%	7.92%
Management Effectiveness
Return on Assets (?)	1.89%	2.56%	1.79%	1.13%	0.84%
Return on Equity (?)	10.15%	13.12%	9.29%	6.54%	5.00%
Valuation
Free Cash Flow/Share2 (?)	2.67	5.08	1.02	1.73	1.38
Operating Cash Flow/Share 2 (?)	3.18	5.78	1.74	2.38	2.13
1-ExchangeRate: JPY to USD Period End Date	94.088557	82.385362	82.88	93.095	90.65
2-ExchangeRate: JPY to USD Average for Period	94.088557	82.385362	82.88	93.095	90.65

Current Market Multiples
Market Cap/Earnings (TTM) (?)	12.25
Market Cap/Equity (MRQ) (?)	1.26
Market Cap/Revenue (TTM) (?)	0.06
Market Cap/EBIT (TTM) (?)	8.72
Market Cap/EBITDA (TTM) (?)	6.32
Enterprise Value/Earnings (TTM) (?)	11.78
Enterprise Value/Equity (MRQ) (?)	1.22
Enterprise Value/Revenue (TTM) (?)	0.06
Enterprise Value/EBIT (TTM) (?)	8.38
Enterprise Value/EBITDA (TTM) (?)	6.08

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.37
UK Pound	1	Rs.100.85
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

NLM

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.