Consolidated Financial Highlights
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIESAs of March 31, 2012 and 2013
Japanese yen(millions)

U.S. dollars(thousands)%
Charge2012/2013

2012

2013

2013

\ 201,932\ 202,236$ 2,150,303

+0.2%

9,222

9,723

103,381+5.4%

Total assets

176,038

196,375

2,087,985+11.6%Net assets

122,042

135,711

1,442,966+11.2%For the year:
Net sales
Net income
At year-end:

Japanese yen

Per share data:

U.S. dollars

Net income\ 191,21\ 201.95

2.15

+5.6%

Net assets

2,386.53

2,642.60

28.10+10.7%

50.00

50.00

0.53

−

Cash dividends$

Note：Dollar figures are translated, for convenience only, at the rate of \ 94.05 to U.S. $1.00.

Net Sales(Millions of yen)

2013

202,236

2013

2012

201,932

2012

2011

196,452

2011

2010

152,6712009

166,7500(Millions of yen)

2013
2012
2011

13,024113.722009

112.00

0

2010

2009

5,441

2009

Annual Report 2013

6,000

8,000

10,00040

6080

100 120 140 160 180 200 220 240 260 280

12,00014,000(Yen)

2,642.60
2,386.53

2011

5,524

4,000

20

Net Assets Per Share of Common Stock

2010

2,000

268.32

2012

9,222

0

191.21

2013

9,723

(Yen)

201.95

2010

20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

Net Income

1

Net Income Per Share of Common Stock2,279.57
2,115.38
1,999.38

0

500

1,000

1,500

2,000

2,500

3,000

Business Operations
Review of Fiscal Year 2012

Outlook of Fiscal Year 2013

Although the trouble in China that started in
September of 2012 declined domestic orders in thesecond half of last year, the newly established facilities
and increased orders from North America had contributedin the process of beating all previous yearly sales records.
On the other hand, labor expenses had continued to risein the ASEAN area which was an area that produced ahigh profit margin until now. We will focus attention toareas as volume zones while our group company’s
management will strengthen operation. The consolidated
financial results of the fiscal year are listed as thefollowing: Sales 202.2 billion yen (increase of 0.2%),
Operating Profit 14.3 billion yen (14.4% decrease),
Ordinary Profit 16.3 billion yen (0.9% increase), Current
Term Net Profit 9.7 billion yen (5.4% increase).

The outlook of the next fiscal year is that sales willfurther increase with the majority of sales to be fromoverseas. In regards to profit, the cost of establishingfacilities, ASEAN labor expenses and depreciation
expenses are forces that can make profit making difficult.
By focusing on production of all EXEDY groups as one
company, we can emerge to have another successful
year. Sales 220.0 billion yen (increase of 8.8% fromcurrent year), Operating Profit 16.0 billion yen (11.4%
increase), Ordinary Profit 15.5 billion yen (5.1%
decrease), Current Term Net Profit 9.0 billion yen (7.4%
decrease).
July, 2013
Haruo Shimizu
President and Chief Exective Officer

From left to right: Masayuki Matsuda (Director), Hidehito Hisakawa (Director), Haruo Shimizu (President and Chief Executive Officer), Etsuji Terada (Director), Hisayasu Masaoka (Director)

Annual Report 20132

Topics of the Year
Manufacturing
Thailand Plant Expansion
As the fast-developing ASEAN auto industry continues togrow, EXEDY Thailand has started their plant expansion
to allow them to produce 500,000 torque converters andclutch packs a year starting from September, 2013.

Strengthening of Development in Shanghai.
In order to increase the market share of EXEDY
products in China’s automobile makers, EXEDY
Shanghai has expanded by adding a R&D facility. The
new establishment will allow for the necessary
development and testing needed for torque converter
manufacturing within the Shanghai branch.

Joint Corporation Established in Russia.
As demand of automobiles increases in Russia, EXEDY VIS RUS
LLC has been established as of October 2012 as a manual clutch
maker in Russia’s southern city of Tolyatti.

Ecology
Solar Business in Tamba, Hyogo.
In collaboration with Sumikin Bussan Corporation, EXEDY hasestablished a solar farm that had begun operation on March
15th, 2013. The 30,000m2 facility is capable of producing 1.6
million kWh a year from its 7,098 solar panels.

Quality
EXEDY received the Daihatsu Special Quality Awardfor the 13th consecutive year.
(Awarded April 16, 2013)5

Annual Report 2013

Consolidated Five-Year Summary
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31
Japanese yen(millions)2009
For the year:
Net sales
Net income

2010

U.S. dollars(thousands)

2011

2013

2012

2013

		
		
		
		
		
		
\ 166,750\ 152,671\ 196,452\ 201,932\ 202,236$ 2,150,303

5,441

5,524

13,024

9,222

9,723

103,381

		
		
		
		
At year-end:

		
		
		
		

Total assets\ 136,907\ 153,426\ 164,417\ 176,038\ 196,375$ 2,087,985

Current assets

59,871

81,47891,136

96,13897,723

1,039,054

Property, plant and equipment

70,14064,98665,39571,092

88,590941,946

Current liabilities

24,11532,911

36,15637,487

38,734

411,845

Long-term debt
Net assets
Shareholders' equity ratio
Retained earnings
Per share data:
Net income
Net income - diluted
Net assets

2,627

3,099

4,200

9,838

14,904

158,469

103,249

109,096

116,820122,042

135,711

1,442,966

70.9 %
87,58867.0 %
92,14067.0 %
102,979

64.6 %

65.3 %
109,607		

64.6 %

116,914		
				Japaneseyen 		
						1,243,105
U.S. dollars\ 112.00\ 113.72\ 268.32\ 191.21\ 201.95

－

－

－

－

－

$

2.15
－

1,999.38

2,115.38

2,279.57

2,386.53

2,642.60

28.10

Note : Dollar figures are translated, for convenience only, at the rate of \ 94.05 to U.S. $1.00.				

Financial Section
Consolidated Five-Year Summary

6

Consolidated Balance Sheets

7

Consolidated Statements of Income

9

Consolidated Statements of Comprehensive Income

10

Consolidated Statements of Changes in Net Assets

11

Consolidated Statements of Cash Flows12

Notes to Consolidated Financial Statements

13

Independent Auditors' Report

29

Corporate Data

30

Annual Report 20136

Consolidated Balance Sheets
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIESAs of March 31, 2012 and 2013
Japanese yen(millions)

ASSETS

U.S. dollars(thousands)

2013

2012

2013

Current Assets:		
Cash and cash equivalents (Note 16)\

Time deposits

25,593$ 272,121

83

71

755

39,52339,816423,349

27,923\

Notes and accounts receivable (Notes 4, 16 and 18) 		Trade		

Non-consolidated subsidiaries and affiliates

14

5

53

		

Allowance for doubtful accounts

(89)

(103)

(1,095)Inventories (Notes 2 and 4)

21,88524,938265,157

Deferred tax assets (Note 8)

2,789

3,141

33,397

Short-term loans to non-consolidated subsidiaries and affiliates
Other current assets
		

Total current assets

568

518

5,508

3,442

3,744

39,80996,13897,723

1,039,054

8,524

9,037

96,087						Property, Plant and Equipment (Note 4 ) :		
Land
Buildings and structures

47,00350,489536,831

Machinery and vehicles

111,953

125,840

1,338,012

Tools and furniture

40,40044,472472,855

Construction in progress

7,510

17,038181,159

		Less - accumulated depreciation		

Total property, plant and equipment

215,390

246,876

2,624,944(144,298)(158,286)(1,682,998)

71,092

88,590941,946

1,587

2,093

22,254

923

856

9,102

		
		
		
Investments and Other Assets: 		Investments in securities (Notes 3 and 16)
Investments in and loans to		non-consolidated subsidiaries and affiliates

123

307

3,264

Deferred tax assets (Note 8)

1,850

1,927

20,489Other assets

4,325

4,879

51,876

8,808

10,062

106,985

196,375$ 2,087,985

Long-term loans

		

Total investments and other assets

Total Assets

The accompanying notes to the consolidated financial statements are an integral part of these statements.

7 Annual Report 2013\

176,038\

Japanese yen(millions)

LIABILITIES AND NET ASSETS

U.S. dollars(thousands)

2013

2012

2013

Current Liabilities:
Short-term borrowings including
current portion of long-term debt (Notes 4, 6 and 16)

\

5,701

\

5,185

$

55,130Notes and accounts payable (Note 16) 		Trade

19,25817,586

186,986

		Construction

2,230

4,573

48,623

264

23

245

		

Non-consolidated subsidiaries and affiliates

Accrued expenses (Note 16)

7,196

7,311

77,735

Accrued income taxes

1,700

2,685

28,549

1,138

1,371

14,57737,487

38,734

411,845

Long-term debt (Notes 4, 6 and 16)

9,838

14,904

158,469

Deferred tax liabilities (Note 8)

1,204

2,086

22,180

Employees' severance and retirement benefits (Note 9)

4,525

3,938

41,871Retirement benefits for directors and corporate auditors

4

－

－

938

1,002

10,654

16,50921,930233,174

8,284

8,284

88,081Other current liabilities
		

Total current liabilities		Long-term Liabilities:

Other long-term liabilities
		

Total long-term liabilities

		Contingent Liabilities (Note 18)		
		
Net Assets		
Shareholders' Equity (Note 17):		
Common stock
Authorized - 168,000 thousand shares in 2012 and 2013
Issued - 48,594 thousand shares in 2012 and 2013
Capital surplus
Retained earnings

7,541

7,541

80,181

109,607

116,9141,243,105

Treasury stock		

432 thousand shares in 2012 and 595 thousand shares in 2013

(1,180)(1,498)(15,928)

Total shareholders' equity

124,252

131,241

1,395,439

Accumulated Other Comprehensive Income
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
		

Total accumulated other comprehensive income

436

737

7,836

(9,749)(5,136)(54,609)(9,313)(4,399)(46,773)

7,103

8,869

94,300122,042

135,711

1,442,966\ 176,038\ 196,375$ 2,087,985

		Minority Interests 						Total net assets

		
Total Liabilities and Net Assets		

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Annual Report 20138

Consolidated Statements of Income
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2012 and 2013
Japanese yen(millions)

U.S. dollars(thousands)

2012

2013

2013

\ 201,932\ 202,236$ 2,150,303

161,524

161,836

1,720,744

40,40840,400429,559

23,62526,039276,864

16,78314,361

152,695

Interest and dividend income

181

269

2,860

Interest expense

(409)

(523)

(5,561)

Gains (losses) on sale or disposal of property, plant and equipment

(195)

266

2,828

Net Sales 				
Cost of Sales 		Gross profit		Selling, General and Administrative Expenses (Note 10)		
Operating income		
Other Income (Expenses) : 		Equity in gains (losses) of non-consolidated subsidiaries and affiliates
Foreign exchange gains (losses), net
Gains on reversal of allowance for doubtful accounts
Impairment loss on goodwill (Note 5)

4

(48)

(510)

(895)

1,772

18,841

18

－

－

(515)

－

－

690

229

2,435

(1,121)

1,965

20,893

15,662

16,326

173,588

Current

4,966

5,179

55,066

Deferred

361

350

3,721

Income before Minority Interests

10,335

10,797

114,801

Minority Interests in Net Income of Consolidated Subsidiaries

1,113

1,074

11,4209,723$ 103,381

Other, net

Income before income taxes and minority interests		
Income Taxes (Note 8)				
Net Income

\

9,222

\

		
Per Share Data (Note 14) :		
Net income
Net income - diluted
Cash dividends

The accompanying notes to the consolidated financial statements are an integral part of these statements.

9 Annual Report 2013

Japanese yen\ 191.21

U.S. dollars\ 201.95

$

2.15

－

－

－

50.00

50.00

0.53

Consolidated Statements of Comprehensive Income
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2012 and 2013
Japanese yen(millions)

Income before Minority Interests		

U.S. dollars(thousands)

2012

2013

2013

\ 10,335\ 10,797

114,801

Other Comprehensive Income
Valuation difference on available-for-sale securities		
Foreign currency translation adjustments		

79

301

3,200

(1,951)

5,511

58,597－13

138(1,872)

5,825

61,935

8,463\ 16,622$ 176,736

Owners of the parent		

7,795

14,633

155,588

Minority interests		

668

1,989

21,148

Share of other comprehensive income of associates accounted for using equity method		

Total other comprehensive income (Note19)

Comprehensive Income		\Comprehensive Income attribute to:		

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Annual Report 201310

Consolidated Statements of Changes in Net Assets
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2012 and 2013
Japanese yen(millions)Shareholders' Equity		Common Stock				 Balance at beginning of year				 Balance at end of year		
Capital Surplus				 Balance at beginning of year				 Balance at end of year		Retained Earnings		
		 Balance at beginning of year				Net income				 Disposal of treasury stock				 Capital increase of consolidated subsidiaries				 Cash dividends paid				 Balance at end of year		Treasury Stock				 Balance at beginning of year				 Purchase of treasury stock				 Disposal of treasury stock				 Balance at end of year		Total Shareholders' Equity				 Balance at beginning of year				Net income				 Purchase of treasury stock				 Disposal of treasury stock				 Capital increase of consolidated subsidiaries				 Cash dividends paid				 Balance at end of year		Accumulated other Comprehensive Income		
Valuation Difference on Available-for-sale Securities				 Balance at beginning of year				Other, net		
		 Balance at end of year		Foreign Currency Transaction Adjustments		
		 Balance at beginning of year				Other, net		
		 Balance at end of year		
Minority Interests				 Balance at beginning of year				Other, net		
		 Balance at end of year		Total Net Assets
		 Balance at beginning of year				Net income				 Purchase of treasury stock				 Disposal of treasury stock				 Capital increase of consolidated subsidiaries				 Cash dividends paid				Other, net		
		 Balance at end of year		
The accompanying notes to the consolidated financial statements are an integral part of these statements.

11 Annual Report 2013

U.S. dollars(thousands)

2012

2013

2013

8,284
8,284

8,284
8,284

88,081
88,081

7,541
7,541

7,541
7,541

80,18180,181

102,979
9,222
(1)
63
(2,656)109,607

109,6079,723(8)－(2,408)116,914

1,165,412
103,381(85)－(25,603)
1,243,105

(804)
(377)
1
(1,180)(1,180)(340)
22(1,498)(12,547)(3,615)234(15,928)

118,000
9,222
(377)
0
63
(2,656)124,252

124,252
9,723
(340)
14
－
(2,408)131,241

1,321,127
103,381(3,615)
149－(25,603)
1,395,439

357
79
436

436
301
737

4,636
3,200
7,836

(8,240)(1,509)(9,749)(9,749)4,613(5,136)(103,658)
49,049(54,609)

6,703
400
7,103

7,103
1,766
8,869

75,524
18,776
94,300116,820
9,222
(377)
0
63
(2,656)(1,030)122,042

122,042
9,723
(340)
14
－
(2,408)6,680
135,711

1,297,629
103,381(3,615)
149－(25,603)
71,025
1,442,966

Consolidated Statements of Cash Flows
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2012 and 2013
Japanese yen(millions)

U.S. dollars(thousands)

2012

2013

2013

\ 15,662\ 16,326$ 173,588

Cash Flows from Operating Activities:
Income before income taxes and minority interests
Adjustments for :11,677

11,734

124,763

Losses (gains) on sale or disposal of property, plant and equipment

158

(298)

(3,169)Impairment loss on goodwill

515

－

－

Depreciation and amortization

Decrease in allowance for doubtful accounts

(11)

(1)

(11)

Increase (decrease) in employees' severance and retirement benefits

(518)

(668)

(7,103)

Interest and dividend income

(181)

(269)

(2,860)Interest expense

409

523

5,561

Decrease (increase) in notes and accounts receivables(6,953)

1,606

17,076

Increase in inventories(1,318)(871)(9,261)

Increase (decrease) in notes and accounts payables

697(3,551)(37,757)

Other, net

407

(568)

(6,038)

		Subtotal

20,54423,963

254,789

Interest and dividend income received

203

306

3,254

Interest paid

(412)

(536)

(5,699)(7,392)(4,329)(46,029)

12,943

19,404

206,315

Increase in time deposits

(9)

(65)

(691)

Decrease in time deposits

204

83

883

(17,928)(21,849)(232,313)

Income taxes paid		Net cash provided by operating activities

Cash Flows from Investing Activities:

Payments for purchases of property, plant and equipment

67

683

7,262

(1,950)(895)(9,516)

Payments for purchases of investment in securities

(14)

(17)

(181)

Payments for additional portions of consolidated subsidiaries

(134)

(27)

(287)

Additions to loans receivable

(199)

(142)

(1,510)

Collection of loans receivable

111

153

1,627

Proceeds from sales of property, plant and equipment
Payments for acquisitions of intangible assets

Other, net
		Net cash used in investing activities

53

(38)

(403)

(19,799)(22,114)(235,129)

Cash Flows from Financing Activities:
185

403

4,285

Proceeds from long-term loans payable

1,652

4,835

51,409

Repayments of long-term loans payable(614)(2,358)(25,072)

Increase (decrease) in short-term borrowings, net

(377)

(340)

(3,615)(2,656)(2,407)(25,593)

Cash dividends paid to minority shareholders

(460)

(479)

(5,093)

Other, net

7,232

(31)

(330)

4,962

(377)

(4,009)Payments for acquisitions of treasury stock
Cash dividends paid		Net cash provided (used) in financing activities

Effect of Exchange Rate Changes on Cash and Cash Equivalents
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year

(221)

757

8,049

(2,115)(2,330)(24,774)

30,03827,923296,895\ 27,923\ 25,593$ 272,121

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Annual Report 201312

Notes to Consolidated Financial Statements
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES

1. Summary of Significant Accounting and Reporting Policies(a) Basis of presenting the consolidated financial statements
The accompanying consolidated financial statements of EXEDY
Corporation (“the Company") and its consolidated subsidiaries havebeen prepared in accordance with the provisions set forth in the Financial
Instruments and Exchange Law in Japan and its related accounting
regulations, and in conformity with accounting principles generally
accepted in Japan (“Japanese GAAP”), which are different in certain
respects as to application and disclosure requirements from International
Financial Reporting Standards.
The accounts of the Company’s overseas subsidiaries are prepared inaccordance with either International Financial Reporting Standards or
U.S. generally accepted accounting principles, and partially reflect theadjustments which are necessary to confirm with Japanese GAAP. The
accompanying consolidated financial statements have been restructured
and translated into English from the consolidated financial statementsof the Company prepared in accordance with Japanese GAAP and filedwith the appropriate Local Finance Bureau of the Ministry of Finance as
required by the Financial Instruments and Exchange Law in Japan. Certain
supplementary information included in the statutory Japanese language
consolidated financial statements, but not required for fair presentation, is
not presented in the accompanying consolidated financial statements.
The translation of the Japanese yen amounts into U.S. dollar amounts
is included solely for the convenience of readers outside Japan, using
the prevailing exchange rate at March 31, 2013, which was ¥94.05 to
U.S. $1.00. The convenience translation should not be construed as
representation that the Japanese yen amounts have been, could havebeen, or could in the future be, converted into U.S. dollars at this or any
other rate of exchange.
(b) Principles of consolidation
The accompanying consolidated financial statements include the accountsof the Company and 30 (2012:30) significant subsidiaries as of March
31, 2013, over which the Company has power of control through majority
voting rights or the existence of certain conditions evidencing control by
the Company.
Investments in 4 (2012:4) non-consolidated subsidiaries and 2 (2012:1)
affiliates as of March 31, 2013, over which the Company has the ability to
exercise significant influence over operating and financial policies of theinvestees, are accounted for using the equity method.
In the elimination of investments in consolidated subsidiaries, the assets
and liabilities of the subsidiaries, including the portion attributable to minority
shareholders, are valued using the fair value at the time the Company
acquired control of the respective subsidiary. Material intercompany
balances, transactions and profits have been eliminated in consolidation.
All the overseas subsidiaries except for 2 consolidated subsidiaries,
are consolidated using a fiscal period ending December 31. Significant
transactions occurring from January 1 to March 31, the Company’s fiscal
year-end, are adjusted for in the consolidated financial statements.
(c) Translation of foreign currencies
Monetary assets and liabilities denominated in foreign currency aretranslated into Japanese yen at current rates at each balance sheet date
and the resulting translation gains or losses are charged to income for thecurrent period.
The balance sheets of consolidated overseas subsidiaries are translated
into Japanese yen at the year-end rates except for shareholders' equity
accounts, which are translated at historical rates. Income statements ofconsolidated overseas subsidiaries are translated at the average rates
during the year. Translation adjustments resulting from translating financial
statements whose accounts are denominated in foreign currencies are notincluded in the determination of net income but are reported as “Foreign
currency translation adjustments” in a component of net assets andminority interests.

13 Annual Report 2013(d) Securities
Securities consist principally of marketable and nonmarketable equity
securities.
Other securities with available fair market value are stated at fair market
value. Valuation difference on available-for-sale securities are reported,
net of applicable income taxes , as a separate component of net assets.
Realized gains and losses on the sale of such securities are computed
using the moving average cost method.
Other securities with no available fair market value are stated at moving
average cost, net of the amount considered uncollectible.
If the fair market value of other securities declines significantly, suchsecurities are stated at fair market value and the difference between
the fair market value and the carrying amount is recognized as a loss
in the period of decline. If the net asset value of other securities with noavailable fair market value declines significantly, such securities should be
written down to the net asset value by charging to income.
(e) Derivatives
All derivatives are stated at fair value.
(f) Inventories
Inventories held for sale except for supplies are mainly stated at the lowerof cost (moving average method) or net realizable value at the balance
sheet date. Supplies are mainly stated at cost determined by the lastpurchase cost method.
(Change in method of inventory valuation)
Inventories except for supplies of the Company and its consolidated
subsidiaries were previously stated at the lower of cost or net realizablevalue using First-in First-Out (FIFO) method mainly, however, starting fromthe fiscal year commencing April 1, 2012, inventories are stated at thelower of cost or net realizable value using moving the average method.
This change is aimed at reducing the impact of price fluctuations of raw
material on income as well as the standardization of the accounting policy
within the Group along with introduction of a new information system at
the Company.
The change of the accounting policy is effective from April 1, 2012,
not applied retrospectively to past financial statements because it isimpractical to recalculate the price information calculated by FIFO, using
moving average method in the information system. Therefore, the bookvalue of inventory calculated by FIFO at the end of the previous fiscal
year is treated as the book value of inventory at the beginning of current
fiscal year.
Effects of this change on the consolidated financial statements for theyear ended March 31, 2013 are immaterial.
(g) Property, plant and equipment
The Company and its domestic consolidated subsidiaries compute thedepreciation of property, plant and equipment by using the decliningbalance method and its overseas consolidated subsidiaries mainly byusing the straight-line method. The depreciation of buildings acquired by
the Company and its domestic consolidated subsidiaries on and after April
1, 1998 is computed by using the straight-line method.
(Change in depreciation method)
From the year ending March 31, 2013, the Company and its domestic
subsidiaries have changed its depreciation method, in accordance withthe amendment in corporate tax law, for property, plant and equipment.
Assets acquired on or after April 1, 2012 are depreciated using the method
prescribed in amended corporate tax law.
Due to this change in depreciation method, depreciation decreased by\179 million ($1,903 thousand), operating income and income before
taxes and minority interests have increased by \171 million ($1,818
thousand) respectively.

Estimated useful lives of property, plant and equipment are as follows:
Buildings and structures
Machinery and vehicles
Tools and furniture........... 10 - 30 years…........ 7 - 20 years………. 4 - 7 years

Maintenance and repairs including minor renewals and betterments arecharged to income as incurred.
(Change in accounting estimates on useful lives of property, plantand equipment)
From the year ending March 31, 2013, the Company and its consolidated
subsidiaries have changed its useful lives of property, plant andequipment in line with globalization of the Company’s group. This change
was proceeded to reflect the reassessment of economic useful lives ofsame type of property, plant and equipment used in the same condition,such as physical lives and cycle of products.
Due to this change, depreciation decreased by \191 million ($2,031
thousand), operating income and income before taxes and minority
interests have increased by \182 million ($1,935 thousand) respectively.
(h) Software
Software is amortized using the straight-line method over the useful lives(3-5 years) of the software.
(i) Leases
Finance leases, except for certain immaterial leases, are capitalized anddepreciated over lease terms, as applicable. However, as permitted, theCompany and consolidated domestic subsidiaries account for financeleases commencing prior to April 1, 2008 which do not transfer ownershipof the leased property to the lessee as operating lease with disclosure ofcertain “as if capitalized” information in Note 7.
(j) Income taxes
The Company and its consolidated subsidiaries recognize the tax effects
of temporary differences between the carrying amounts of assets andliabilities for tax and financial reporting purposes.
The asset and liability approach is used to recognize deferred tax assets
and liabilities for the expected future tax consequences of temporary
differences between the carrying amounts of assets and liabilities forfinancial reporting purposes and the amounts used for income tax
purposes.
(k) Allowance for doubtful accounts
The Company and its consolidated subsidiaries provide for doubtful
accounts principally at an amount computed based on the historicalbad debt ratio during a certain reference period plus the estimateduncollectible amount based on the analysis of individual accounts.
(l) Allowance for product warranties
The Company and its consolidated subsidiaries provide for warranty claim
costs relating to quality of products. The provision is estimated based on
historical warranty claims ratio during a certain reference period.
(m) Employees' severance and retirement benefits
The Company and its consolidated subsidiaries provide for employees'
severance and retirement benefits at the end of the fiscal year based on
the estimated amounts of projected benefit obligation and the fair value ofthe plan assets at that date.
Actuarial differences are fully amortized in the following year after
when the actuarial differences are recognized. Prior service costs arerecognized in expenses in the year in which they are incurred.
(n) Retirement benefits for directors and corporate auditors
Domestic consolidated subsidiaries have unfunded retirement allowanceplans for directors and corporate auditors. The amounts required under
the plans have been fully accrued.

(o) Accounting for consumption taxes
Consumption taxes withheld upon sale and consumption taxes paid by
the Companies on their purchases of goods and services are not includedin the amounts of respective revenue or cost or expense items in theaccompanying consolidated statements of income.
(p) Per share data
The computation of net income per share is based on the weighted
average number of shares outstanding during each year, excluding theCompany’s treasury stock, and based on net income attributed to ordinary
shareholders, excluding bonuses to directors and corporate auditors,
etc. The computation of net assets per share is based on the numberof shares of common stock outstanding at the year-end, excluding theCompany’s treasury stock, and based on net assets attributed to ordinary
shareholders, excluding minority interests.
Cash dividends per share shown in the statements of income are theamounts attributable to the respective years.
(q) Goodwill
Goodwill, except for minor goodwill is amortized by the straight-line
method over five years. Minor goodwill is expensed as incurred.
(r) Cash and cash equivalents
Cash and cash equivalents include cash on hand, demand deposits andshort-term investments which have maturities of three months or lesswhen purchased, are easily convertible into cash and have little risk offluctuation in value.
(s) Reclassification
Certain comparative figures have been reclassified to conform to thecurrent year’s presentation.
(t) Accounting Standards issued but not yet effective(Accounting Standard for Retirement Benefits)
Accounting Standard for Retirement Benefits (ASBJ Statement No. 26,
May 17, 2012)
Guidance on Accounting Standard for Retirement Benefits (ASBJ
Guidance No. 25, May 17, 2012)
1. Summary(1) Treatment in consolidated balance sheet
Under the amended rule, actuarial differences and past service costs
that are yet to be recognized in profit or loss would be recognizedwithin the net asset section (accumulated other comprehensive
income), after adjusting for tax effects, and the deficit or surplus would
be recognized as a liability or asset without any adjustments.
(2) Treatment in consolidated statement of income and consolidated
statement of comprehensive income
The portion of actuarial differences and past service costs that are
incurred in the current period, but not recognized in profit or loss
would be included in other comprehensive income.
The portion of actuarial differences and past service costs thatwere included in accumulated other comprehensive income and berecognized in profit or loss in the current period would be adjusted inother comprehensive income (reclassification adjustment).
2. Effective dates
Effective for the end of fiscal year commencing on or after April 1,2013.
3. Effect of application of the standard
The Company and its consolidated domestic subsidiaries are currently
in the process of determining the effects of the new standard on the
consolidated financial statements.

Annual Report 201314

2. Inventories
Inventories as of March 31, 2012 and 2013 were as follows:
Japanese yen(millions)Finished goods
Work-in process
Raw materials
Supplies

U.S. dollars(thousands)

2012

2013

9,665
5,047
5,548
1,625
\ 21,885\ 11,012
4,973
6,326
2,627
\ 24,938

\

2013
$

117,087
52,876
67,262
27,932$ 265,157

The ending inventory balance presented above is the net of write-downs of inventories when their carrying amounts become unrecoverable, and thewrite-downs recognized in cost of sales were \212 million and \263 million ($2,796 thousand) as of March 31, 2012 and 2013, respectively.

3. Securities
Other securities with book values (fair values) exceeding acquisition costs as of March 31, 2012 and 2013 were as follows:
Japanese yen (millions)

March 31, 2012

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

374
－
－
374

Book value
\

\

1,145
－
－
1,145

Difference
\

\

771
－
－
771

Japanese yen (millions)

March 31, 2013

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

432
－
－
432

Book value
\

\

1,428
－
－
1,428

U.S. dollars (thousands)
Difference\\

Acquisition cost

Book value

$

$

996
－
－
996

$

4,593
－
－
4,593

15,183－－
15,183$Difference$$

10,590－－10,590

Other securities with book values (fair values) not exceeding acquisition costs as of March 31, 2012 and 2013 were as follows:
Japanese yen (millions)

March 31, 2012

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

453
－
－
453

Book value
\

\

370
－
－
370

Difference
\

\

(83)
－
－
(83)

Japanese yen (millions)

March 31, 2013

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

949
－
－
949

Book value
\

\

635
－
－
635

U.S. dollars (thousands)
Difference\\

Acquisition cost

Book value

$

$

(314)
－
－
(314)

$

10,090－－10,090

6,752
－
－
6,752

$

Difference$$(3,338)－－(3,338)The book value of securities with no available fair values as of March 31, 2012 and 2013 were as follows:
Japanese yen(millions)

2013

2012
Other securities with no fair value Non-listed equity securities

15 Annual Report 2013\

72

U.S. dollars(thousands)

\

30

2013
$

319

4. Assets Pledged as Collateral
The following assets were pledged as collateral for \289 million and \275 million ($2,924 thousand) of secured loans as of March 31, 2012 and2013, respectively :Japanese yen(millions)

2013

2012
Accounts receivable and inventories
Property, plant and equipment

1,403
1,131
2,534

\
\

U.S. dollars(thousands)

2013

1,555
1,717
3,272

\
\

$
$

16,534
18,256
34,7905. Impairment of Fixed Assets
The Company and its consolidated subsidiaries evaluated the profitability in each business category, which is Manual automotive drivetrain
operations, Automatic automotive drivetrain operations, Industrial drivetrain operations and Other (Plants and other facilities).
Accounting for impairment of fixed assets shall be applied only when the investment may not be recoverable in the business.
For the year ended March 31, 2012, impairment loss on the equity share of EXEDY India Limited, a consolidated subsidiary, was recognized on the
non-consolidated financial statement. As a result, impairment loss on goodwill of \515 million ($6,266 thousand) for the subsidiary was recognized.

6. Bonds Payable, Short-term Borrowings and Long-term Debt
Bonds Payable, Short-term borrowings and long-term debt as of March 31, 2012 and 2013 were as follows:
Japanese yen(millions)

2013

2012
Short-term borrowings
Current Portion of Bond Payable
Current portion of long-term debt
Current portion of lease obligation
Bonds Payable
Long-term debt\

Lease obligations
Other interest bearing debt

2,717
－
2,984
23
7,000
2,838

U.S. dollars(thousands)

\

3,365
66
1,754
40
7,000
7,904

2013
$

Weighted
averageinterest rates

35,779702
18,649425
74,42884,041

5.0 %
1.5
5.5
－
0.5
3.7

42

125

1,329

－

213
\ 15,817

685\ 20,939

7,284$ 222,637

0.7Year due2017
2014-2018
and thereafter
2014-2018
and thereafter

Average interest rates for lease obligations are omitted because lease obligations include assumed interest amounts.
Annual maturities of bonds payable, long-term debt and lease obligations as of March 31, 2013 were as follows:

Bonds Payable
Years ending March 31

Japanese yen(millions)

2017
\

7,000
7,000

Long-term Dept
Years ending March 31

Japanese yen(millions)

2015
2016
2017
2018
2019 and thereafter

\

\

666
2,022
2,567
2,009
640
7,904

U.S. dollars(thousands)$

74,42874,428

U.S. dollars(thousands)

Lease Obligation
Years ending March 31

Japanese yen(millions)

$

2015
2016
2017
2018
2019 and thereafter

\

$

7,081
21,49927,29521,361
6,805
84,041

\

39
37
29
15
5
125

U.S. dollars(thousands)
$

$

415
393
308
160
53
1,329

Annual Report 201316

7. Leases(a) Finance leases
As discussed in Note 1 (i), finance leases commenced prior to April 1, 2008 which do not transfer ownership of leased assets to lessees areaccounted for as operating leases.
Information relating to finance leases, except those leases for which the ownership of the leased assets is considered to be transferred to the lessee,
is described below.
Pro forma information regarding leased property such as acquisition cost, accumulated depreciation, accumulated losses on impairment and future
minimum lease payments under finance leases that do not transfer the ownership of the leased property to the lessee for the years ended
March 31, 2012 and 2013 were as follows:
Japanese yen (millions)

March 31, 2012
Machinery and vehicles
Tools and furniture

Accumulated
Acquisition Accumulated losses on
cost
depreciation impairment\\

March 31, 2013
Machinery and vehicles
Tools and furniture

39
91
130

\
\

34
57
91

\
\

－
－
－

Balance
\
\

5
34
39

Japanese yen (millions)

U.S. dollars (thousands)

Accumulated
Acquisition Accumulated losses on
cost
depreciation impairment

Accumulated
Acquisition Accumulated losses on
cost
depreciation impairment

\
\

135
91
226

\
\

106
69
175

\
\

－
－
－

Balance
\
\

29
22
51

$ 1,435968$ 2,403$ 1,127734$ 1,861$$

Balance
$

－
－
－

$

308
234
542

The scheduled maturities of future lease payments, on such lease contracts for the years ended March 31, 2012 and 2013 were as follows:
Japanese yen(millions)

2013

2012
Due within one year
Due over one year
Lease payments for the year

2013
$

\

29
22
51

$

308
234
542

\

29

$

308

\

\

16
23
39

\

19

\

U.S. dollars(thousands)

The amounts of acquisition costs and future minimum lease payments under finance leases includes the interest expense portions.
Depreciation expenses, which are not reflected in the accompanying consolidated statements of income, calculated by the straight-line method,were \19 million and \29 million ($308 thousand) for the years ended March 31, 2012 and 2013, respectively.
The Company had no leased assets on which impairment should have been recognized for the years ended March 31, 2012 and 2013.

(b) Operating leases
The scheduled maturities of future lease payments under non-cancelable operating leases as of March 31, 2012 and 2013, were as follows:
Japanese yen(millions)

2013

2012
Due within one year
Due over one year\\

17 Annual Report 2013

10
30
40

U.S. dollars(thousands)

\
\

10
19
29

2013
$
$

106
202
308

8. Income Taxes
Significant components of the Company and consolidated subsidiaries' deferred tax assets and liabilities as of March 31, 2012 and 2013 were as follows:
Japanese yen(millions)

2013

2012
Deferred Tax Assets:
Employees' severance and retirement benefits
Net operating losses carried forward
Accrued bonuses to employees
Impairment losses on property, plant and equipment
Unrealized profit eliminated in consolidation (inventories)
Losses on devaluation of inventories
Unrealized profit eliminated in consolidation (fixed assets)
Accrued warranty costs
Accrued enterprise tax
Retirement benefits for directors and corporate auditors
Depreciation
Other
Total Deferred Tax Assets
Valuation allowance
Deferred Tax Assets\

Deferred Tax Liabilities:
Depreciation and amortization
Retained earnings of overseas subsidiaries
Reserve for advanced depreciation
Net unrealized holding gains on other securities
Other
Total Deferred Tax Liabilities
Valuation allowance
Deferred Tax Liabilities
Net Deferred Tax Assets

1,679
1,169
882
514
535
573
399
209
97
172
－
971
7,200
(674)
6,526

\

3,432

1,443
1,151
879
219
578
532
391
133
191
151
731
1,209
7,608
(442)
7,166

2013
$

(1,888)(1,342)
(325)
(399)
(233)
(4,187)－(4,187)(1,291)(1,024)
(332)
(252)
(195)
(3,094)－(3,094)\

U.S. dollars(thousands)

\

2,979

15,343
12,238
9,346
2,329
6,146
5,657
4,157
1,414
2,031
1,606
7,772
12,85580,894(4,700)76,194(20,074)(14,269)(3,456)(4,242)(2,478)(44,519)－(44,519)$

31,675The Company and its consolidated subsidiaries are subject to a number of taxes based on income, which, in the aggregate, indicate a statutory tax
rate in Japan of approximately 40.4% and 38.0% for the years ended March 31, 2012 and 2013.
The following table summarizes the significant differences between the statutory tax rate and the Company's effective tax rate for financial statement
purposes for the years ended March 31, 2012 and 2013:2012
Statutory Tax Rate
Adjustments for:		 Different tax rates applied to overseas subsidiaries
		 Adjustment for write-down of investment on subsidiaries
		 Tax credit for research and development expenses
		 Increase (decrease) in valuation allowance
		 Per capital inhabitants tax
		 Increase(decrease) of retained earnings of overseas subsidiaries
		 Non-deductible expenses
		 Foreign withholding tax
		 Impairment loss on goodwill
		 Correction due to tax-rate change		Other
Effective Tax Rate2013

40.4 %
38.0 %
		
		
(4.5)
(4.5)
(2.8)
(0.3)
(1.9)
(1.7)
(1.6)
(1.6)
0.1
0.1
0.1
1.9
0.4
0.4
0.7
0.5
1.3
－
1.5
－
0.3
1.1
34.0 %
33.9 %

Annual Report 201318

9. Employees' Severance and Retirement Benefits
The Company and its domestic consolidated subsidiaries have adopted defined benefit retirement plans: cash balance plans and lump-sum payment
plans, as well as defined contribution pension plans.
The liability for employees' severance and retirement benefits included in the liabilities section of the consolidated balance sheets as of March 31,
2012 and 2013 consisted of the following:
Japanese yen(millions)

Projected benefit obligation
Fair value of plan assets
Unrecognized actuarial differences
Employees' severance and retirement benefits

U.S. dollars(thousands)

2012

2013

2013

\ (11,621)
7,035(4,586)61\ (4,525)\ (11,722)
8,542(3,180)(758)\ (3,938)$ (124,636)
90,824(33,812)(8,059)$ (41,871)

Included in the consolidated statements of income for the years ended March 31, 2012 and 2013 were employees' severance and retirement benefit
expenses comprised which of the following:
Japanese yen(millions)

2013

2012
Service costs
Interest costs
Expected return on plan assets
Amortization of actuarial differences
Employees' severance and retirement benefit expenses
Others

\

\

496
231
(128)
222
821
189
1,010

U.S. dollars(thousands)

509
230
(140)
61
660
194
854

\

\

(Note) "Others" represents the payments to defined contribution pension plans.		

2013
$

$

5,412
2,446
(1,489)
649
7,018
2,062
9,080

Assumptions used in the calculation of the above information were as follows:

Method of attributing the projected benefits to periods of service
Discount rate
Expected rate of return on plan assets
Amortization of prior service costs
Amortization of actuarial differences

2012

2013

Straight-line basis
2.0%
2.0%
1 year
1 yearStraight-line basis
2.0%
2.0%
1 year
1 year

10. Research and Development Expenses
Research and development expenses are charged to income as incurred. Research and development expenses for the years ended March 31,
2012 and 2013 were as follows:
Japanese yen(millions)

2013

2012
Research and development expenses

19 Annual Report 2013

\

4,412

U.S. dollars(thousands)

\

4,178

2013
$

44,423

11. Derivatives
The following table provides information on derivative instruments as of March 31, 2012 and 2013.
Japanese yen (millions)

March 31, 2012
Forward exchange contracts:
To sell U.S. dollars
To sell EuroTo sell New zealand dollars
To sell Japanese Yen
To buy U.S. dollars
To buy Japanese Yen

Contract
amount
\

\

398
176
14
31
16
5
640

Fair
value
\

\

(18)
(14)
(1)
0
0
(0)
(33)

Gain
(Loss)
(18)
(14)
(1)
0
0
(0)
(33)

\

\

Japanese yen (millions)

March 31, 2013
Forward exchange contracts:
To sell U.S. dollars
To sell EuroTo sell Australia dollars
To sell New zealand dollars
To buy Japanese Yen

Contract
amount
887
327
63
28
5
\ 1,310
\

Fair
value
\

\

3
8
(1)
(0)
0
10

\

\

U.S. dollars (thousands)

Gain(Loss)

Contract
amount

3
8
(1)
(0)
0
10

$ 9,431
3,477
670
298
53
$ 13,929

Fair
value
$

$

32
85
(11)
(0)
0
106

Gain
(Loss)
$

$

32
85
(11)
(0)
0
106

12. Segment Information(a) General information about reportable segments
The Company and its consolidated subsidiaries are mainly engaged in the manufacture and sale of automotive parts.
From the aspects of function, technological specification and productive structure, the product lines of the Company are classified roughly into 2
group, "Manual Transmission Parts" and "Automatic Transmission Parts". The Company, in cooperation with its consolidated subsidiaries, designbusiness strategy and conduct business for these 2 product lines inside Japan and overseas. And concerning these 2 product lines, separate
financial information is accessible among the constituent units of the Company and that are subject to periodical examination, in order for the Boardof Directors of the Company to determine the allocation of management resources. Accordingly, the reportable segments of the Company arecomposed of 2 segments, "MT (Manual automotive drivetrain related business)" which manufactures and sells Manual Transmission Parts and "AT(Automatic automotive drivetrain related business)" which manufactures and sells Automatic Transmission Parts.
(b) Basis of measurement about reported segment profit or loss, segment assets, segment liabilities and other material items
The accounting policies of the reportable segment are mainly consistent to what is described in Note 1 "Summary of Significant Accounting andReporting Policies". The segment profit (loss) is based on operating income before amortization of goodwill. The prices of the goods traded ortransferred among the segments are mainly determined by considering market prices of the goods.
(c) Information about reported segment profit or loss, segment assets, segment liabilities and other material items

Annual Report 201320

Reported segment information for the years ended 31, 2012 and 2013 were as follows :Japanese yen(millions)

Sales:
Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Eliminations (inter-segment net sales)
Operating Costs and Expenses:
Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Non-allocated operating expenses and eliminations
Operating Income:Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Non-allocated operating expenses and eliminations
Assets:Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Corporate and eliminations
Depreciation and Amortization:
Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Corporate and eliminations
Capital Expenditures:
Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Corporate and eliminations

21 Annual Report 2013

U.S. dollars(thousands)

2012

2013

\ 58,074
123,277
181,351
31,601
212,952(11,020)\ 201,932\ 60,455
122,889
183,344
28,330211,674(9,438)\ 202,236$ 642,796
1,306,635
1,949,431
301,223
2,250,654(100,351)$ 2,150,303\ 49,434
116,463
165,897
29,438
195,335(10,186)\ 185,149\ 52,348
116,313
168,661
27,650196,311(8,436)\ 187,875$ 556,597
1,236,715
1,793,312
293,9932,087,305(89,697)$ 1,997,608

\

8,640
6,814
15,454
2,163
17,617(834)\ 16,783

\

8,107
6,576
14,683680
15,363(1,002)\ 14,361$\ 46,675
87,550134,225
23,173
157,398
18,640\ 176,038\ 51,243
99,271
150,51431,437
181,951
14,424\ 196,375$ 544,848
1,055,513
1,600,361
334,259
1,934,620
153,365$ 2,087,985

\

2,701
8,060
10,761
1,083
11,844(167)\ 11,677

\

2,966
7,767
10,733
1,155
11,888(154)\ 11,734$

4,487
13,936
18,423
3,098
21,521(180)\ 21,341\

4,460
13,752
18,212
5,989
24,201(147)\ 24,054

$

\

2013

86,19969,920156,119
7,230
163,349(10,654)$ 152,695

31,536
82,584
114,120
12,281
126,401(1,638)$ 124,763
47,422
146,220
193,642
63,679257,321(1,563)$ 255,758

Note : 1. "Other operations" includes businesses which is not part of any of the 2 reportable segments, and contain industrial machine drivetrain operation, clutches formotorcycle operation, transport operation, etc.
2. The contents of adjustments are as follows :(a) "Non-allocated operating expenses and eliminations" of Operating Income \(1,002) million ($(10,654) thousand) consists of "Elimination of intersegment
transactions" \161 million($1,712 thousand), "Amortization of goodwill" \(66) million ($(702) thousand), "Company-wide expense" which is not allocated toreportable segments \(1,133) million($(12,047) thousand) and "other adjstments" \35 million ($372 thousand).
"Company-wide expense" mainly consists of general and administrative expenses and expense for new-product development not attributable to any
reportable segments.
(b) "Corporate and eliminations" of Assets \14,424 million ($153,365 thousand) consists of "Company-wide assets" which is not allocated to reportablesegments \18,768 million ($199,553 thousand), "Elimination of intersegment transaction" \(4,157) million ($(44,200) thousand) and "other adjstments" \(187)
million ($(1,988) thousand).
"Company-wide assets" mainly consists of the cash and cash equivalents and securities that are not attributable to any reportable segments.
(c) "Corporate and eliminations" of Depreciation and Amortization \(154) million ($(1,638) thousand) consists of "Adjustment of unrealized gain for intersegment
transaction of fixed assets" \(154) million ($(1,638) thousand).
(d) "Corporate and eliminations" of Capital Expenditures \(147) million ($(1,563) thousand) consists of "Adjustment of unrealized gain for intersegment
transaction of fixed assets" \(147) million ($(1,563) thousand).
3. The segment income is adjusted to accord with operating income of "consolidated statement of income".
(Change in depreciation method)
From the year ending March 31, 2013, the Company and its domestic subsidiaries have changed its depreciation method, in accordance with the amendment in corporate
tax law.
Due to this change, depreciation for MT, AT and other segment decreased by \34 million ($362 thousand), \124 million ($1,318 thousand) and \21 million ($223
thousand), respectively. Also, operating income for MT, AT and other segment have increased by \33 million ($351 thousand), \118 million ($1,255 thousand) and \20
million($212 thousand) respectively.
(Change in accounting estimates on useful lives of property, plant and equipment)
From the year ending March 31, 2013, the Company and its consolidated subsidiaries have changed its useful lives of property, plant and equipment.
Due to this change, depreciation for MT increased by \52 million ($553 thousand) and depreciation for AT and other segment decreased by \149 million ($1,584
thousand) and \94 million ($1,000 thousand), respectively. Also, operating income for MT decreased by \50 million ($532 thousand) and operating income for AT andother segment increased by \142million ($1,510 thousand) and \90 million($957 thousand), respectively.

(1) Information about products and services
Due to the segment of products and services are same as the reportable segment, description of this item is omitted.
(2) Information about geographic areas for the years ended March 31, 2012and 2013 were as follows :Japanese yen(millions)

Sales:
Japan
America
Asia-Oceania
Other
Tangible Assets:
Japan
America
Asia-Oceania
Other

U.S. dollars(thousands)

2012

2013

2013

\ 102,196
33,972
57,1668,598\ 201,932\ 101,125
38,12151,014
11,976\ 202,236$ 1,075,226
405,327
542,414
127,336$ 2,150,303\ 39,667
9,310
21,791324\ 71,092\ 39,986
14,83933,381384\ 88,590$ 425,157
157,778
354,928
4,083$ 941,946

The Company's operations are classified into geographical areas as follows: Japan, America (including Mexico and Panama), Asia-Oceania (Thailand,
Malaysia, China, Korea, Indonesia, Vietnam, Australia, United Arab Emirates, New Zealand and India) and Other (Europe).

(3) Information about major customer for the years ended March 31 2012 and 2013 were as follows :Japanese yen(millions)Company Name

Sales Segment

JATCO Corporation

AT and MT

2012

2013

\ 32,236\ 28,814

U.S. dollars(thousands)

2013$ 306,369

Annual Report 201322

13. Related Party Transactions
For the years ended March 31, 2012 and 2013, the Company and its consolidated subsidiaries had operational transactions with Aisin AW Co., Ltd
and Aisin Holdings of America, Inc., which are subsidiaries of Aisin Seiki Co., Ltd. which holds 33.8% of the Company's voting rights.
A summary of the significant transactions between the Company and its consolidated subsidiaries and such companies for the years ended March
31, 2012 and 2013were as follows:
March 31, 2012
CapitalSubjects

Categories

Name

AddressThe
Company

Other relatedcompany's
subsidiary

Aisin AW
Co., Ltd.

Anjo City
Aichi pref.

Other relatedcompany's
subsidiary

Aisin AW
Co., Ltd.

Anjo City
Aichi pref.

Aisin
Exedy
Other related
Holdings
Americacompany'sof America,
Corporation subsidiary
Inc.

Indiana
U.S.A.

Dynax
Corporation

Voting rights

Relationship
Businessrelationship

Trade

Manufacturing
automotive
parts

－

Sale ofproducts

Sale ofproducts
Concurrently
servingas directors\ 6,140\ 26,480

Manufacturing
automotive
parts

－

Sale ofproducts

Sale ofproducts\ 3,258

Accounts
receivable\$ 282,290

Administrationof overall
40%
North
(directly held)
Americanoperations

Dept

Interest
expense\ 10

Current
Portion ofLong-term
debt\ 1,306

Voting rights

Relationship
Businessrelationship

Trade

Sale ofproducts

Sale ofproducts
Concurrently
servingas directors\ 4,130$ 43,913

Sale ofproducts

Sale ofproducts

Dept

Interest
expenseJapanese yen(millions)
U.S. dollars(thousands)\ 26,480

Operation(%)

AmountJapanese yen(millions)

Accounts

Balance

Japanese yen(millions)

Accounts
receivable\ 1,232

Advanced
received

\ 12

769

March 31, 2013
CapitalJapanese yen(millions)
U.S. dollars(thousands)

Subjects

Categories

Name

Address

Operation

The
Company

Other relatedcompany's
subsidiary

Aisin AW
Co., Ltd.

Anjo City
Aichi pref.

\ 26,480$ 281,552

Manufacturing
automotive
parts

－

Dynax
Corporation

Other relatedcompany's
subsidiary

Aisin AW
Co., Ltd.

Anjo City
Aichi pref.

\ 26,480$ 281,552

Manufacturing
automotive
parts

－

Aisin
Exedy
Other related
Holdings
Americacompany'sof America,
Corporation subsidiary
Inc.

Indiana
U.S.A.

$ 282,290

Administrationof overall
40%
North
(directly held)
Americanoperations(%)

AmountJapanese yen(millions)
U.S. dollars(thousands)

Balance

Accounts

Japanese yen(millions)
U.S. dollars(thousands)

Accounts
receivable\ 818$ 8,698

Advanced
received\ 7$ 74\ 2,859$ 30,399

Accounts
receivable\ 532$ 5,657

\ 16
$ 170

Long-term
debt\ 1,455$ 15,470(Transaction terms and policy determination thereof)
With regard to sale of products and debt, prices and other transaction terms are determined by negotiation in consideration of market situations.
Consumption taxes are included in the balance, but not in the trade amounts.

23 Annual Report 2013

14. Per Share Data
Per share data for the years ended March 31, 2012 and 2013 were as follows :Japanese yen(millions)

Net income
Net income - diluted
Net assets

U.S. dollars(thousands)

2012

2013

\ 191.21－
2,386.53\ 201.95－
2,642.60

2013
$

2.15
－
28.10

Diluted net income per share is not disclosed because potentially dilutive securities have not been issued.		

The information on which per share data was calculated for the years ended March 31, 2012 and 2013 were as follows:
Japanese yen(millions)2012
Net income per share of common stock
Net income
		 Amounts not attributed to ordinary shareholders
Net income attributed to ordinary shareholders\\

The weighted average number of shares (thousands)

9,222
－
9,222
48,228\\

U.S. dollars(thousands)

2013

2013

9,723
－
9,723

$ 103,381－$ 103,381

48,146

15. Changes in Net Assets(a) Shares issued / Treasury stock

March 31, 2012
Shares issued:
Common stock (thousands)
Treasury stock:
Common stock (thousands)

Number of shares
as of March 31, 2011

Number of shares
as of March 31, 2012

Increase

Decrease

48,594
48,594－－－－

48,594
48,594

288
288

144
144

－
－

432
432

The increase of treasury stock - common stock 144 thousand is due to open-market purchase of treasury stock pursuant to a resolution of the boardof directors’ meeting held on August 29, 2011.
The decrease of treasury stock-common stock 0 thousand is due to investing stock from Mitsubishi UFJ Trust and Banking Corporation (ESOP Trust
Account) in employees who become beneficiaries of the ESOP based on the Company’s policy of investing stock.
The number of treasury stock as of March 31, 2012 includes the Company’s stock amounted to 99 thousand shares held by The Master Trust Bankof Japan ,Ltd. (ESOP Trust Account)
The increase of treasury stock - common stock 0 thousand is due to purchase of the stocks less than standard unit 2 hundred.

March 31, 2013
Shares issued:
Common stock (thousands)
Treasury stock:
Common stock (thousands)

Number of shares
as of March 31, 2012

Number of shares
as of March 31, 2013

Increase

Decrease

48,594
48,594－－－－

48,594
48,594

432
432

170
170

8
8

594
594

The increase of treasury stock - common stock 100 thousand is due to open-market purchase of treasury stock pursuant to a resolution of the boardof directors’ meeting held on January 30, 2013, and common stock 70 thousand is due to purchase of treasury stock pursuant to Clause 1, Airticle
797 corporate code of Japan.
The decrease of treasury stock-common stock 8 thousand is due to investing stock from Mitsubishi UFJ Trust and Banking Corporation (ESOP Trust
Account) in employees who become beneficiaries of the ESOP based on the Company’s policy of investing stock.
The number of treasury stock as of March 31, 2013 includes the Company’s stock amounted to 91 thousand shares held by The Master Trust Bankof Japan ,Ltd. (ESOP Trust Account)
The increase of treasury stock - common stock 0 thousand is due to purchase of the stocks less than standard unit 2 hundred.

Annual Report 201324

(b) Dividends(1) Dividends
March 31, 2012
Cash dividends paid

Dividends per share

Common stock\ 1,449

Common stock

Resolution

Type of shares

Japanese yen (millions)
U.S. dollars (thousands)

Ordinary general
meeting of theshareholders on
June 22, 2012
Board of Directors'
meeting on
October 29, 2012

Resolution

Type of shares

Cut-off date

Effective dateOrdinary general
meeting of theshareholders on
June 28, 2011

\ 30.0March 31, 2011

June 29, 2011

Board of Directors'
meeting on
October 27, 2011

\ 1,207\ 25.0

September 30, 2011

November 25, 2011

Cash dividends paid

Dividends per share

Cut-off date

Effective dateCommon stock\ 1,207$ 12,834\ 25.0$ 0.27

March 31, 2012

June 25, 2012

Common stock\ 1,207$ 12,834\ 25.0$ 0.27

September 30, 2012

November 26, 2012

Japanese yen (millions)(Japanese yen)March 31, 2013
(Japanese yen)
(U.S. dollars)(2) Dividends, of which cut-off date was in the year ended March 31, 2013, and effective date of which will be in the year ending March 31, 2014
Resolution

Type of shares

Ordinary general
meeting of theshareholders on
June 21, 2013

Common stock

Cash dividends paid

Source ofdividends

Dividends per share\ 1,202$ 12,780

Retainedearnings\ 25.0$ 0.27

Japanese yen (millions)
U.S. dollars (thousands)(Japanese yen)
(U.S. dollars)

Cut-off date

Effective date

March 31, 2013

June 24, 2013

16. Financial Instruments
The Company and its consolidated subsidiaries manage funds only in short-term deposits, raise funds by bonds or loans and engage in derivativetransactions for the purpose of avoiding the risk of foreign exchange rate fluctuation and ensuring steady cash flow, and not for trading or speculative
purposes. Hedging accounting of derivative transactions was not applied as the necessary conditions were not met.
Notes and accounts receivable have exposure to the credit risk of customers. The Company and its consolidated subsidiaries are managing sucha risk by controlling the due date and balance of receivables from customers and watching their credit risk conditions in accordance with the Group
credit regulations. Furthermore, to avoid the risk of foreign exchange rate fluctuation and to ensure steady cash flow of accounts receivable, theCompany and its consolidated subsidiaries engage in derivative transactions (forward currency exchange contracts).
Certain securities include exposure to market risk. The Company and its consolidated subsidiaries holds such securities for the purpose ofmaintaining relationships with customers or suppliers and not for trading purposes. The fair values of the securities are periodically reported to theBoard of Directors of the board meeting of the Company.
Due dates of notes and accounts payable are mainly within one year.

25 Annual Report 2013

Short-term borrowings are mainly for the purpose of working capital and bonds payable and long-term debt is mainly for the purpose of funding
investment in equipment.
Derivative transactions are entered and controlled by the financial department with approval of the financial manager under the rules of eachcompany, which prescribes details such as the department in charge of transactions and the limits for transaction. To reduce credit risk, transaction
counterparties are limited to major financial institutions.
Notes and accounts payable and borrowings have exposure to liquidity risk. The Company and its consolidated subsidiaries are controlling suchrisk by planning monthly budgets of payment.
The book values of the financial instruments included in the consolidated balance sheet and their fair values at March 31, 2012 and 2013 were as follows.
Japanese yen (millions)

March 31, 2012
Cash and time deposit
Notes and accounts receivable
Investments in securities
Other securities
Notes and accounts payable
Short-term borrowings
Accrued expenses
Bonds payable
Long-term debt
Derivative transactions

Book
value

Fair
value

\ 28,006
39,534\ 28,006
39,534

1,515(17,236)(2,717)(6,600)(7,000)(5,822)(33)

1,515(17,236)(2,717)(6,600)(7,000)(5,771)(33)

Difference
\

－
－
－
－
－
－
－
(△51)
－

Japanese yen (millions)

March 31, 2013
Cash and time deposit
Notes and accounts receivable
Investments in securities
Other securities
Notes and accounts payable
Short-term borrowings
Accrued expenses
Accrued income taxes
Bonds payable
Long-term debt
Derivative transactions

Book
value

Fair
value

\ 25,664
39,818\ 25,664
39,8182,063(15,472)(3,365)(6,894)(2,685)(7,066)(9,658)10

2,063(15,472)(3,365)(6,894)(2,685)(7,125)(9,593)
10

U.S. dollars (thousands)
Book
value

Fair
value

－
－

$ 272,876
423,371$ 272,876
423,371

－
－
－
－
－
(59)
(△65)
－

21,935(164,508)(35,779)(73,301)(28,549)(75,130)(102,690)
106

21,935(164,508)(35,779)(73,301)(28,549)(75,758)(101,999)
106

Difference\

Difference
$

－
－
－
－
－
－
－
(628)
(△691)－

1. The methods used to determine the fair value of financial instruments and derivative transactions are as follows:
Cash and time deposit, notes and accounts receivable, notes and accounts payable, short-term borrowings, accrued expenses and accrued income
taxes are settled in the short term and the fair values are considered to be equal to book values. Therefore, fair values are stated at book values.
Investments in securities (Other securities) are stated at fair market value. Information regarding investments in securities classified by the
purposes for which they are held is noted in the relevant section of this report.
Bonds payable is stated at fair value based on the method in which total amount of principal and interest is discounted at the interest rate thatwould be applied if each company borrowed the same, but new, principal amount.
Long-term debt is stated at fair value based on the method in which total amount of principal and interest is discounted at the interest rate thatwould be applied if each company borrowed the same, but new, principal amount.
Derivative information is noted in the relevant section of this report.

Annual Report 201326

2. Financial instruments for which the fair value is considered difficult to determine
Non-listed equity securities and investments in non-consolidated subsidiaries and affiliates (book value \886 million ($9,421 thousand)) have nomarket price available and are considered to be financial instruments for which the fair market value is difficult to determine.
Therefore, these instruments are not included in "Investment insecurities (Other securities)" in the table above.
3. Receipt schedule for current credit after consolidated dateJapanese yen (millions)2014
Cash and time deposit
Notes and accounts receivable\ 25,664
39,818\ 65,482

U.S. dollars (thousands)

2015 ～2018 2019 ～ 2023

2024 and
thereafter

\

\

\

－
－
－

\
\

－
－
－

\

2014
$ 272,876
423,371$ 696,247－－－

2015 ～2018 2019 ～ 2023

2024 and
thereafter

$

$

－
－
－

$

$
$

－
－
－

－
－
－

$

4. Payment schedule for long-term debt after consolidated dateJapanese yen (millions)2014
Bonds Payable
Long-term debt

66\
\ 1,754\ 1,820

U.S. dollars (thousands)

2015 ～2018 2019 ～ 2023

2024 and
thereafter\ 7,000\ 7,264\ 14,264

\
\
\

\
\
\

－
640
640

2014
$
702
$ 18,649$ 19,351－－－

2015 ～2018 2019 ～ 2023

2024 and
thereafter$ 74,428$ 77,236$ 151,664

$
$
$

$
$
$

－
6,805
6,805

－
－
－

17. Net Assets
Net assets section comprises three subsections, which are shareholders’ equity, valuation and translation adjustments and minority interests.
Under the Japanese Corporate Law ("the Law"), the entire amount paid for new shares is required to be designated as common stock. However, acompany may, by a resolution of the Board of Directors, designate an amount not exceeding one-half of the price of the new shares as additional paid-incapital, which is included in capital surplus.
Under the Law, in cases where a dividend distribution of surplus is made, the smaller of an amount equal to 10% of the dividend or the excess, if any,of 25% of common stock over the total of additional paid-in-capital and legal earnings reserve must be set aside as additional paid-in-capital or legal
earnings reserve. Additional paid-in-capital is included in capital surplus and legal earnings reserve is included in retained earnings in the accompanying
consolidated balance sheets.
Under the Law, legal earnings reserve and additional paid-in capital could be used to eliminate or reduce a deficit and could be capitalized by a resolutionof the shareholders' meeting.
Under the Law, additional paid-in capital and legal earnings reserve may not be distributed as dividends. However, by a resolution of the shareholders'meeting, all additional paid-in-capital and all legal earnings reserve may be transferred to other capital surplus and retained earnings, respectively, which
are potentially available for dividends.
The maximum amount that the Company can distribute as dividends is calculated based on the non-consolidated financial statements of the Company inaccordance with Japanese laws and regulations.

18. Contingent Liabilities
Contingent liabilities as of March 31, 2012 and 2013 were as follows :Japanese yen(millions)

2013

2012
Trade notes receivable discounted
Trade notes receivable endorsed

27 Annual Report 2013

\

297
15

U.S. dollars(thousands)

\

725
12

2013
$

7,709
128

19. Comprehensive Income
Amounts reclassified to net income (loss) in the current period that were recognized in other comprehensive income in the current or previous periods
and tax effects for each component of other comprehensive income were as follows
Japanese yen(millions)

2013

2012
Valuation difference on available-for-sale securities
Increase (decrease) during the year
Reclassification adjustments
Sub-total, before tax
Tax (expense) or benefit
Sub-total, net of tax
Deferred gains or losses on hedges
Increase (decrease) during the year
Sub-total, net of tax
Share of other comprehensive income of associates accounted for using equity method
Increase (decrease) during the year
Reclassification adjustments
Sub-total, net of tax
Total other comprehensive income

\

79
－
79
(0)
79

U.S. dollars(thousands)

\

463
(2)
461
(160)
301

2013
$

4,923
(22)
4,901
(1,701)
3,200(1,951)(1,951)

5,511
5,511

58,59758,597

(3)
3
－

13
－
13

138
－
138

(1,872)

5,825

61,935

Annual Report 201328

Independent Auditors' Report
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES

29 Annual Report 2013

Corporate Data
BOARD OF DIRECTORSAND CORPORATE AUDITORSEXECUTIVE OFFICERS

As of June 30, 2013

As of June 30, 2013

As of March 31, 2013

President and Chief Executive Officer :Haruo Shimizu

Senior Executive Managing Officer :Hidehito Hisakawa
Hisayasu Masaoka
Masayuki Matsuda

Name:
EXEDY Corporation

Number of Issued Shares:
48,594 thousand shares

Established:
July 1, 1950

Number of Shareholders:
11,216

Paid-in Capital:￥8,284 million

Average number of shares
held by one Shareholder:
4,333 shares

Director : Hidehito Hisakawa
Hisayasu Masaoka
Masayuki Matsuda
Hiroshi Toyohara
Tadashi Nakahara
Yoshihiro Kojima
Fumio Fujimori
Kagenori Fukumura
Auditors : Keizo Nishigaki
Kanshiro Toyoda
Koji Okada
Takenori Yamasaki

Executive Managing Officer :Shogo Okamura
Yoshio Katayama
Senior Executive Officer :Hiroshi Toyohara
Makoto Ichikawa
Executive Officer :Tadashi Nakahara
Masahito Baba
Tetsuya Yoshinaga
Shinji Fujimoto
Yoshimi Osanai

Koji Akita
Kenji Matsuda
Yoshihiro Kojima
Mitsugu Yamaguchi
Yoshihiro Yamamura
Shigeo Tabata

OUTLINE OF COMPANY

Number of Employees:
2,614
Number of Authorized Shares:
168,000 thousand shares

Listed on First Sections,Tokyo/Osaka Stock Exchange

DOMESTIC JAPANESE NETWORKHead Office

1-1-1 Kidamotomiya, Neyagawa-shi, Osaka, 572-8570
Tel: 81-72-824-6933 Fax: 81-72-821-7913

Tokyo Sales Office

EXEDY Trading Bldg., 5th Floor, 2-17-2 Iwamoto-cho,
Chiyoda-ku, Tokyo, 101-0032
Tel: 81-3-3862-2771 Fax: 81-3-3864-1547

Saitama Sales Office

Chubu Sales Office

Tosho Bldg., 2nd Floor, 1-16-5 Mikawaanjo-cho, Anjo-shi,
Aichi, 446-0056
Tel: 81-566-71-2750 Fax: 81-566-72-7015

Hiroshima Sales Office

EXEDY Trading Bldg., Room202, 6-6 Sakaemachi, Kaita-cho,
Aki-gun, Hiroshima, 736-0043
Tel: 81-82-821-0021 Fax: 81-82-823-6620

Oomiyanakacho AK Bldg., 6th Floor, 1-104 Naka-cho,
Oomiya-ku, Saitama-shi, Saitama, 330-0845
Tel: 81-48-650-4441/2 Fax: 81-48-650-4443

Ueno Division< Utsunomiya Office >Kawagoe Plant

Data Service Utsunomiya Bldg. 5th Floor, 4-8-22 Motoimaizumi,
Utsunomiya-shi, Tochigi, 321-0954
Tel: 81-28-614-3620 Fax: 81-28-614-3680

Kanagawa Sales Office

Asahi Mutual Life Insurance Co. Bldg., 2nd Floor, 4-1-10
Naka-cho, Atsugi-shi, Kanagawa, 243-0018
Tel: 81-46-297-7051 Fax: 81-46-225-5568

Shizuoka Sales Office

RICOH Solutions Higashi Shizuoka Bldg., 2nd Floor, 6-20
Aratajima-cho, Fuji-shi, Shizuoka, 417-0043
Tel: 81-545-54-0861 Fax: 81-545-54-0862

Hamamatsu Sales Office

CITY21 Bldg., 6th Floor, 320-4 Sunayama-cho, Naka-ku,
Hamamatsu-shi, Shizuoka, 430-0926
Tel: 81-53-413-6011 Fax: 81-53-413-6012

2418 Ota-cho, Iga-shi, Mie, 518-0825
Tel: 81-595-23-8101 Fax: 81-595-24-5521
1-103-25 Yoshinodai, Kawagoe-shi, Saitama, 350-0833
Tel: 81-49-225-0601 Fax: 81-49-225-0600

Hiroshima Plant

6-11 Taguchi Kenkyu Danchi, Higashi Hiroshima-shi,
Hiroshima, 739-0038
Tel: 81-82-425-3434/5 Fax: 81-82-425-3436

DYNAX Corporation

1053-1 Kamiosatsu, Chitose-shi, Hokkaido, 066-8585
Tel: 81-123-24-3247 Fax: 81-123-49-2050

EXEDY Casting Co., Ltd.

112 Haishi, Fukuchiyama-shi, Kyoto, 620-0955
Tel: 81-773-22-1156 Fax:81-773-23-8477

EXEDY Kyoto Co., Ltd.

EXEDY Precision Co., Ltd.

104-1 Joden, Mimasaka-shi, Okayama, 701-2625
Tel: 81-868-74-3501 Fax: 81-868-74-3503

EXEDY Logistics Co., Ltd.

1-30-1 Kidamotomiya, Neyagawa-shi, Osaka, 572-0822
Tel: 81-72-822-1462 Fax: 81-72-822-1174

EXEDY Trading Co., Ltd.

1-1-33 Kidamotomiya, Neyagawa-shi, Osaka, 572-0822
Tel: 81-72-824-7633 Fax: 81-72-822-1016

EXEDY Sun Co., Ltd.

1-16-5 Kidamotomiya, Neyagawa-shi, Osaka, 572-0822
Tel: 81-72-822-1147 Fax: 81-72-824-3871

EXEDY Electric Facilities Co., Ltd.

6-17, Kamiki-cho, Moriguchi-shi, Osaka,570-0024
Tel: 81-6-6997-3131 Fax: 81-6-6997-3150

Nippon Retarder System Co., Ltd.

1-1-33 Kidamotomiya, Neyagawa-shi, Osaka, 572-0822
Tel: 81-72-820-0911 Fax: 81-72-824-1035

CROYDON Co., Ltd.

65, Torimiyama, Matsuyama-machi, Kitakata-shi, Fukushima, 966-0901
Tel: 81-241-23-3100 Fax: 81-241-25-7367

EXEDY SB Hyogo Co., Ltd.

1-10-9, Shin-machi, Nishi-ku, Osaka-shi, Osaka, 550-0013
Tel: 81-6-7634-8017

15 Kizuogawa, Kizugawa-shi, Kyoto, 619-0214
Tel: 81-774-73-0631 Fax: 81-774-73-2147

OVERSEAS NETWORKEXEDY America Corporation (EAC)

EXEDY New Zealand Ltd. (ENZ)

Shanghai DYNAX Corporation (DXC)

EXEDY Globalparts Corporation (EGP)

EXEDY Thailand Co., Ltd. (EXT)EXEDY Corporation Asean Regional Office (EAR)

DYNAX Industry (Shanghai) Co., Ltd. (DXS)EXEDY Friction Material Co., Ltd. (EFM)

EXEDY India Ltd. (EIL)

2121 Holston Bend Drive, Mascot, TN 37806, U.S.A.
Tel: 1-865-932-3700 Fax: 1-865-932-2230
8601 Haggerty Road South, Belleville, MI 48111, U.S.A.
Tel: 1-734-397-3333 Fax: 1-734-397-7300

EXEDY-DYNAX America Corporation (EDA)

8601 Haggerty Road South, Belleville, MI 48111, U.S.A.
Tel: 1-734-397-6556 Fax: 1-734-397-6566

DYNAX America Corporation (DXA)

568 East Park Drive, Roanoke, VA 24019, U.S.A.
Tel: 1-540-966-6010 Fax: 1-540-966-6011

EXEDY DYNAX Mexico S.A. de C.V. (EDM)

Av. Estados Unidos de America 114, Parque Industrial San Francisco,
San Francisco de Los Romo, Aguascalientes C.P. 20300, MEXICO
Tel: 52-449-929-2104 Fax: 52-449-139-4904

EXEDY Latin America S.A. (ELA)

P.H. World Trade Center, Piso 3, Oficina 303, Marbella, Panama City,
Republic of PANAMA
Tel: 507-395-7122 Fax: 507-395-7124

EXEDY Clutch Europe Ltd. (ECE)

Unit2, Rokeby Court, Manor Park, Runcorn, Cheshire, WA7 1RW, U.K.
Tel: 44-1928-571850 Fax: 44-1928-571852< Moscow Representative Office >Park Place, Office E311, Leninskiy prospect 113/1, Moscow,
117198, RUSSIA
Tel: 7-495-937-8301 Fax: 7-495-937-8200

EXEDY VIS RUS LLC (EVR)

Makarova Street 23, Togliatti, 445015, RUSSIA
Tel: 7-8482-758547 Fax: 7-8482-691660

EXEDY DYNAX Europe Ltd. (EDE)

2800 Tatabanya, Szarkalab UT6, HUNGARY
Tel: 36-34-311-117 Fax: 36-34-311-122

EXEDY Australia Pty. Ltd. (EAP)

21 Fiveways Boulevard, Keysborough,Victoria 3173, AUSTRALIA
Tel: 61-3-9701-5556 Fax: 61-3-9701-5684

151 Wairau Road Glenfield Auckland, NEW ZEALAND
Tel: 64-9-444-0901 Fax: 64-9-444-0903

700/316 Moo 6, Bangna-Trad Road, Tumbon Don Hua Roh,
Amphur Muang, Chonburi 20000, THAILAND
Tel: 66-38-214-423 Fax: 66-38-214-422
700/359 Moo 6, Bangna-Trad Road, Tumbon Don Hua Roh,
Amphur Muang, Chonburi 20000, THAILAND
Tel: 66-38-743-923 Fax: 66-38-743-927

EXEDY ENGINEERING ASIA Co., Ltd. (EEA)

700/552 Moo 6, Bangna-Trad Road, Tumbon Don Hua Roh,
Amphur Muang, Chonburi 20000, THAILAND

EXEDY (Malaysia) Sdn.Bhd. (EXM)

PT 16748, Jalan Permata 1/5, Arab-Malaysian Industrial Park
71800 Nilai, Negeri Sembilan, MALAYSIA
Tel: 60-6-7992988 Fax: 60-6-7996388

PT. EXEDY Manufacturing Indonesia (EMI)Jl. Permata V Lot EE 3 Kawasan Industri KIIC Karawang 41361
Jawa Barat, INDONESIA
Tel: 62-21-89114666 Fax: 62-21-89114568

EXEDY Vietnam Co., Ltd. (EXV)Khai Quang Industrial Zone, Vinh Yen City, Vinh Phuc Province,
Socialist Republic of VIETNAM
Tel: 84-211-3721252 Fax: 84-211-3721253

EXEDY Chongqing Co., Ltd. (EXC)

No.4 Longjing Road, North New Economic Development Zone,
Chongqing, 401122, CHINA
Tel: 86-23-62924439 Fax: 86-23-62900348

EXEDY (Shanghai) Co., Ltd. (ESC)

1399 Chengqiao Road, Fengxian District, Shanghai, 201400, CHINA
Tel: 86-21-67109075 Fax: 86-21-37565209

EXEDY Guangzhou Co., Ltd. (EGC)

No.2 plant 1399 Chengqiao Road, Fengxian District, Shanghai,
201400, CHINA
Tel: 86-21-57437465 Fax: 86-21-57437458
No.350 Rongxiang Road, Songjiang Export Processing Zone,
Shanghai 201613,CHINA
Tel: 86-21-57748388 Fax: 86-21-57748389< Aurangabad Plant >Plot No.L-4, M.I.D.C. Industrial Area, Chikalthana, Aurangabad431 210, Maharashtra, not M.H.INDIA
Tel: 91-240-2484014 Fax: 91-240-2484403< Greater Noida Plant >Plot No.9, Udyog Kendra Industrial Area, Greater Noida, 201 304,
U.P., INDIA
Tel: 91-750-3131000 Fax: 91-120-2397086

EXEDY Clutch India Private Limited (ECI)

Plot Nos. 5-P, 9 to 18, 19 Part and 32 to 38 Narasapura Industrial Area,
Appasandra Village Kolar Taluk and District Karnataka, 563133, INDIA
Tel: 91-8152-244-004

EXEDY Middle East FZCO (EME)

P.O.BOX 18199, Warehouse No. ZE5 & ZE6 Jebel Ali Free
Zone, Jebel Ali Dubai, U.A.E.
Tel: 971-4-883-2244 Fax: 971-4-883-2500< Amman Representative Office >Room No.103, 1st Floor, AI Housanie Bldg. #6 Salem Moh'd
AI-Ekdhah Street Sweifieh, Wadi AI-Saier, Amman, JORDAN
Tel: 962-658-13215 Fax: 962-658-13015< Nairobi Representative Office >International House, 1st Floor, Room No.12, Mama Ngina Street,
P.O. Box 41931-00100, Nairobi, KENYA
Tel: 254-20-221-1214 Fax: 254-20-221-5700< Riyadh Representative Office >Room #1 AI Edressi Bldg, Price Fahed Bin Ibrahim St.
In front of AL-Majal Centre, Riyadh, Kingdom SAUDI ARABIA
Tel: 966-121-48431 Fax: 966-121-48728

No.406 E-Area, Longfu Car Accessories Centre, Hengfu Road,
Guangzhou, CHINA
Tel: 86-20-83489166 Fax: 86-20-83489370

Annual Report 201330