1-1-1, Kidamotomiya, Neyagawa-shi, Osaka, 572-8570, Japan
Tel: 81-72-824-6933 Fax: 81-72-821-7913
URL http://www.exedy.com

Year Ended March 31, 2012

Mission Statement
The Shape of Our Future: “Creation of Fulfillment”
Each employee, with a good conscience and hope for the future,
will create fulfillment for our society.
Through advanced technology and scrupulous attention to detail,we will create fulfillment for our customers.
With pride and a desire to grow, we will create fulfillment
for the EXEDY family.

H Printed in Japan
2012.7.1,000. 361 ○Consolidated Financial Highlights
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIESAs of March 31, 2011 and 2012
Japanese yen(millions)

U.S. dollars(thousands)%
Charge2011/2012

2011

2012

2012

Net sales\ 196,452\ 201,932$ 2,456,893+2.8%

Net income

13,024

9,222

112,203-29.2%

Total assets

164,417

176,038

2,141,842+7.1%

Net assets

116,820122,042

1,484,876+4.5%

For the year:

At year-end:

Japanese yen

Per share data:

U.S. dollars

Net income\ 268.32\ 191,21

2.33-28.7%Net assets

2,279.57

2,386.53

29.04

+4.7%

50.00

50.00

0.61

−

Cash dividends$

Note : Dollar figures are translated, for convenience only, at the rate of \82.19 to U.S. $1.00.

Net Sales(Millions of yen)2012

201,932

2012

2011

196,452

2011

2010

152,6712009

166,750

2008

187,3030(Millions of yen)

2012
2011

13,024113.722009

112.00

2008

2009

5,441

2009

Annual Report 2012

8,000

10,0006080

100 120 140 160 180 200 220 240 260 280(Yen)

12,0002,386.53
2,279.57
2,115.38
1,999.38

2008

11,658

6,000

40

2011
2010

4,000

20

Net Assets Per Share of Common Stock

5,524

2,000

239.9502010

0268.32

2012

9,222

2008

(Yen)

191.21

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 Stock

14,0002,102.64

0

200

400

600

800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400

Business Operations
Review of Fiscal Year 2011

Outlook of Fiscal Year 2012

Throughout the negative repercussions of theearthquake experienced in east Japan of last year, we
had seen the recovery of orders in the second half of the
1st quarter, especially within AT products. Sales in Asia
have maintained high growth, especially as the orders in
China are expanding steadily within our group companies.
In regards to costs within production, factors such as
the price of steel which has risen and the strong value ofyen has put pressure on our profit margins. The
consolidated financial results of the fiscal year are listed
as following: Sales 201.9 billion yen (increase of 2.8%),
Operating Profit 16,700 million yen (21.6% decrease),
Ordinary Profit 16,100 million yen (22.4% decrease),
Current Term Net Profit changed to 9,200 million yen(29.2% decrease).

Within the next term, the amount of orders from ouroverseas firms is expected to increase sales. In order tobe able to fulfill the overseas demand and enter newmarkets, resources to fund the developments will beacquired from profits in order to build the expansion offacilities and factories. Below lists the financial
expectations ending in March, 2013. Sales 210 billion yen(an increase of 4.0% from the previous fiscal year),
Operating Profit 16,500 million yen (1.7% decrease),
Ordinary Profit 6 billion yen (1.1% decrease) and Current
Term Net Profit 9 billion yen (2.4% decrease).
July, 2012
Haruo Shimizu
President and Chief Exective Officer

From left to right: Katsumi Shintou (Director), Masayuki Matsuda (Director),
Hidehito Hisakawa (Director), Haruo Shimizu (President and Chief Executive Officer),
Etsuji Terada (Director), Hisayasu Masaoka (Director), Hideki Miura (Director)
Annual Report 20122

Consolidated Sales (Unit : \100 million)
TS, Motorcycle

ATMT

201,931

FY2011FY2010196,451

FY2009152,671

FY2008

166,749

FY2007

187,302500

3Annual Report 2012

1,000

1,500

2,000
Annual Report 20124

Consolidated Sales (Unit : \100 million)
TS, Motorcycle

ATMT

201,931

FY2011FY2010196,451

FY2009152,671

FY2008

166,749

FY2007

187,302500

3Annual Report 2012

1,000

1,500

2,000
Annual Report 2012

4

New Headquarters
As the construction of the new headquarters had been completed on February
28th 2012, employees had started operation within the new facility as of March
26th 2012.
The new building consists of 11 floors, standing 56.6 meters tall with 12,500
square meters of floor space.
Efforts to lower our dependency on outside energy sources and CO2
consumption, numerous solar and wind powered fixtures have been installed
throughout the building and landscape.

Energy efficient solar panels.

Ease of functionality has been a
top priority considered during
the construction of the offices.

Hall withaccommodationfor 250 people.

Manufacturing
EXEDY Clutch India Private Limited
In order to strengthen the participation within
the automobile and motorcycle market inIndia, EXEDY Clutch India will begin thedevelopment of a third factory.

EXEDY DYNAX Mexico S.A. de C.V.
As the production of automobiles continues toflourish in Mexico, we have begun our plans to
expand and establish a new factory to meetthe growing demand.

Quality
EXEDY received the Daihatsu Special Quality Awardfor the 12th consecutive year.
(Awarded April 5, 2012)5

Annual Report 2012

Consolidated Five-Year Summary
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31
Japanese yen(millions)2008
For the year:

2009

U.S. dollars(thousands)

2010

2012

2011

2012

		
		
		
		
		
		

Net sales\ 187,303\ 166,750\ 152,671\ 196,452\ 201,932$ 2,456,893

Net income

11,658

5,441

5,524

13,024

9,222

112,203

		
		
		
		
		
		
At year-end:

		
		
		
		
		
		

Total assets\ 158,147\ 136,907\ 153,426\ 164,417\ 176,038$ 2,141,842

Current assets

82,00059,871

81,47891,136

96,1381,169,704

Property, plant and equipment

68,22070,14064,98665,39571,092864,971

Current liabilities

37,207

24,11532,911

36,15637,487456,102

Long-term debt
Net assets
Net assets / Total assets
Retained earnings
Per share data:
Net income
Net income - diluted
Net assets

2,966

2,627

3,099

4,200

9,838

119,698

110,033

103,249

109,096

116,820122,042

1,484,876

64.6 %
84,93470.9 %

67.0 %

87,58892,14065.3 %

65.3%

109,607		

1,333,580		

67.0 %
102,979

		
		
		
		
Japaneseyen 		
						
		U.S. dollars\ 239.95\ 112.00\ 113.72\ 268.32\ 191.21

－

－

－

－

－

$

2.33
－

2,102.64

1,999.38

2,115.38

2,279.57

2,386.53

29.04

Note : Dollar figures are translated, for convenience only, at the rate of \ 82.19 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 20126

Consolidated Balance Sheets
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIESAs of March 31, 2011 and 2012
Japanese yen(millions)

ASSETS

U.S. dollars(thousands)

2012

2011

2012

Current Assets:		
Cash and cash equivalents (Note 16)
Time deposits

27,923$ 339,737

283

83

1,010

33,22939,523

480,874\ 30,038\

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

8

14

170

(82)

(89)

(1,083)Inventories (Notes 2 and 4)

21,232

21,885266,273

Deferred tax assets (Note 8)

2,819

2,789

33,934

		Non-consolidated subsidiaries and affiliates		Allowance for doubtful accounts

Short-term loans
Other current assets
		

Total current assets

463

568

6,911

3,146

3,442

41,87891,136

96,1381,169,704

8,166

8,524

103,711						Property, Plant and Equipment (Note 4 ) :		
Land
Buildings and structures

42,10547,003571,882

Machinery and vehicles

107,490111,953

1,362,124Tools and furniture

38,74140,400491,544

Construction in progress

6,367

7,510

91,374		Less - accumulated depreciation		

Total property, plant and equipment

202,869

215,390

2,620,635(137,474)(144,298)(1,755,663)

65,39571,092864,972

1,494

1,587

19,309703

923

11,230						Investments and Other Assets: 		Investments in securities (Notes 3 and 16)
Investments in and loans to		non-consolidated subsidiaries and affiliates

141

123

1,497

Deferred tax assets (Note 8)

2,144

1,850

22,509Other assets

3,404

4,325

52,621

7,886

8,808

107,166

176,038$ 2,141,842

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 2012

\ 164,417\

Japanese yen(millions)

LIABILITIES AND NET ASSETS

U.S. dollars(thousands)

2012

2011

2012

Current Liabilities:
Short-term borrowings including
current portion of long-term debt (Notes 4, 6 and 17)

\

3,465

\

5,701

$

69,364

Notes and accounts payable (Note 16) 		Trade

19,35819,258234,311

		Construction

1,591

2,230

27,132

33

264

3,212

Accrued expenses (Note 16)

7,126

7,196

87,553

Accrued income taxes

3,844

1,700

20,684

		Non-consolidated subsidiaries and affiliates

739

1,138

13,84636,15637,487456,102

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

4,200

9,838

119,698

Deferred tax liabilities (Note 8)

1,145

1,204

14,649

Employees' severance and retirement benefits (Note 9)

5,044

4,525

55,055Retirement benefits for directors and corporate auditors

9

4

49

1,043

938

11,413

11,441

16,509200,864

8,284

8,284

100,791

Other 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 2011 and 2012
Issued - 48,594 thousand shares in 2011 and 2012
Capital surplus
Retained earnings

7,541

7,541

91,751

102,979

109,607

1,333,580

Treasury stock
288 thousand shares in 2011 and 432 thousand shares in 2011		Total shareholders' equity(804)(1,180)(14,357)

118,000

124,252

1,511,765

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

Total accumulated other comprehensive income

357

436

5,305

(8,240)(9,749)(118,616)(7,883)(9,313)(113,311)

6,703

7,103

86,422

116,820122,042

1,484,876\ 164,417\ 176,038$ 2,141,842

		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 20128

Consolidated Statements of Income
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2011 and 2012
Japanese yen(millions)

U.S. dollars(thousands)

2011

2012

2012

\ 196,452\ 201,932$ 2,456,893

152,344

161,524

1,965,252

44,10840,408491,641

22,712

23,625

287,443

21,396

16,783204,198

78

181

2,202

Interest expense

(323)

(409)

(4,976)

Losses on sale or disposal of property, plant and equipment

(32)

(195)

(2,373)

Net Sales 				
Cost of Sales 		Gross profit		Selling, General and Administrative Expenses (Note 10)		
Operating income		
Other Income (Expenses) : 		Interest and dividend income

Equity in gains of non-consolidated subsidiaries and affiliates
Foreign exchange gains (losses), net

59

4

49

(860)

(895)

(10,889)

4

18

219

178

－

－

Impairment loss on goodwill (Note 5)

－

(515)

(6,266)

Other, net

511

690

8,394

(385)

(1,121)(13,640)

21,011

15,662

190,558

Current

6,504

4,966

60,421

Deferred

225

361

4,392

Income before Minority Interests

14,282

10,335

125,745

Minority Interests in Net Income of Consolidated Subsidiaries

1,258

1,113

13,542

Gains on reversal of allowance for doubtful accounts
Gains on reversal of reserve for warranty

Income before income taxes and minority interests		
Income Taxes (Note 8)				
Net Income
		
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 2012

\ 13,024\

9,222

Japanese yen\ 268.32$

112,203

U.S. dollars\ 191.21

$

2.33

－

－

－

50.00

50.00

0.61

Consolidated Statements of Comprehensive Income
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2011 and 2012
Japanese yen(millions)

Income before Minority Interests		

U.S. dollars(thousands)

2011

2012

2012

\ 14,282\ 10,335

125,745

Other Comprehensive Income
Valuation difference on available-for-sale securities		
Foreign currency translation adjustments		
Share of other comprehensive income of associates accounted for using equity method		

Total other comprehensive income (Note19)

Comprehensive Income		

38

79

961

(3,122)(1,951)(23,737)

1－－(3,083)(1,872)(22,776)

8,463$ 102,969\ 11,199\

Comprehensive Income attribute to:		
Owners of the parent		

10,299

7,795

94,841

Minority interests		

900

668

8,128

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

Annual Report 201210

Consolidated Statements of Changes in Net Assets
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2011 and 2012
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 2012

U.S. dollars(thousands)

2011

2012

2012

8,284
8,284

8,284
8,284

100,791
100,791

7,541
7,541

7,541
7,541

91,75191,751

92,14013,024－－(2,185)102,979

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

1,252,938
112,203(12)
766(32,315)
1,333,580

(39)
(765)
－
(804)

(804)
(377)
1
(1,180)(9,782)(4,587)
12(14,357)

107,926
13,024(765)－－(2,185)
118,000

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

1,435,698
112,203(4,587)0766(32,315)
1,511,765

319
38
357

357
79
436

4,344
961
5,305

(5,477)(2,763)(8,240)(8,240)(1,509)(9,749)(100,256)(18,360)(118,616)

6,328
375
6,703

6,703
400
7,103

81,555
4,867
86,422109,096
13,024(765)－－(2,185)(2,350)116,820

116,820
9,222
(377)
0
63
(2,656)(1,030)122,0421,421,341
112,203(4,587)0766(32,315)(12,532)
1,484,876

Consolidated Statements of Cash Flows
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES
Years ended March 31, 2011 and 2012
Japanese yen(millions)

U.S. dollars(thousands)

2011

2012

2012

\ 21,011\ 15,662$ 190,558

Cash Flows from Operating Activities:
Income before income taxes and minority interests
Adjustments for :11,754

11,677142,073

Losses on sale or disposal of property, plant and equipment

2

158

1,922

Impairment loss on goodwill

－

515

6,266

Depreciation and amortization

(0)

(11)

(134)

(1,062)(518)(6,302)

Interest and dividend income

(78)

(181)

(2,202)

Interest expense

323

409

4,976

Decrease (increase) in notes and accounts receivables(814)(6,953)(84,597)

Increase in inventories(5,644)(1,318)(16,036)

Increase (decrease) in notes and accounts payables

8,480

Decrease in allowance for doubtful accounts
Increase (decrease) in employees' severance and retirement benefits

3,453

697

Other, net

524

407

4,953

		Subtotal

29,46920,544249,957

Interest and dividend income received

104

203

2,470

Interest paid

(316)

(412)

(5,012)(6,449)(7,392)(89,938)

22,80812,943

157,477

Income taxes paid		Net cash provided by operating activities

Cash Flows from Investing Activities:
Increase in time deposits

(460)

(9)

(110)

Decrease in time deposits

809

204

2,482

(13,965)(17,928)(218,129)

Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment

354

67

815

Payments for acquisitions of intangible assets(826)(1,950)(23,726)

Payments for purchases of investment in securities

(286)

(14)

(170)

Payments for additional portions of consolidated subsidiaries

(439)

(134)

(1,630)Additions to loans receivable

(52)

(199)

(2,421)

Collection of loans receivable

210

111

1,351

Other, net
		Net cash used in investing activities

(58)

53

645

(14,713)(19,799)(240,893)

Cash Flows from Financing Activities:
Increase (decrease) in short-term borrowings, net

(420)

185

2,251

Proceeds from long-term loans payable

2,018

1,652

20,100

Repayments of long-term loans payable(1,153)(614)(7,470)

Payments for acquisitions of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
		Net cash provided (used) in financing activities

(765)

(377)

(4,587)(2,186)(2,656)(32,315)

(368)

(460)

(5,597)

(6)

7,232

87,990(2,880)4,962

60,372

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(774)

(221)

(2,689)Net Increase in Cash and Cash Equivalents

4,441(2,115)(25,733)

Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year

25,59730,038365,470\ 30,038\ 27,923$ 339,737

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

Annual Report 201212

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(c) Translation of foreign currencies

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 fromInternational Financial Reporting Standards.

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 the current period.

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 Financeas 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 fairpresentation, 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, 2012, which was ¥82.19 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 theaccounts of the Company and significant companies over which theCompany has power of control through majority voting rights or the
existence of certain conditions evidencing control by the Company. The
consolidated financial statements include the accounts of the Company
and its 29 and 30 significant majority owned subsidiaries as of March
31, 2011 and 2012, respectively.
Investments in non-consolidated subsidiaries and affiliates over which
the Company has the ability to exercise significant influence over
operating and financial policies of the investees, are accounted for using
the equity method. Investments in 5 and 4 non-consolidated subsidiaries
as of March 31, 2011 and 2012 and 1 and 1 affiliate as of March 31,
2011 and 2012 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. Materialintercompany balances, transactions and profits have been eliminatedin 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, theCompany’s fiscal year-end, are adjusted for in the consolidated financial
statements.

13 Annual Report 2012

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 statementsof consolidated 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 not included in the determination of net income but arereported as “Foreign currency translation adjustments” in a componentof net assets and minority interests.
(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 possessed for selling except for supplies are mainly statedat the lower of cost (first-in, first-out) or net realizable value at thebalance sheet date. Supplies are mainly stated at cost determined by
the last purchase cost method.
(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 acquiredby the Company and its domestic consolidated subsidiaries on and after
April 1, 1998 is computed by using the straight-line method.
Estimated useful lives of property, plant and equipment are as follows:
Buildings and structures ........... 3 - 50 years
Machinery and vehicles …........ 2 - 15 years
Tools and furniture………. 2 - 20 years
Maintenance and repairs including minor renewals and betterments arecharged to income as incurred.

(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,
the Company and consolidated domestic subsidiaries account for
finance leases commencing prior to April 1, 2008 which do not transfer
ownership of the leased property to the lessee as operating lease withdisclosure of certain “as if capitalized” information in Note 7.

(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
the Company’s treasury stock, and based on net income attributed toordinary shareholders, excluding bonuses to directors and corporate
auditors, etc. The computation of net assets per share is based on
the number of shares of common stock outstanding at the year-end,
excluding the Company’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 applicable to the respective years.

(j) Income taxes(q) Goodwill

The Company and its consolidated subsidiaries recognize the tax
effects of temporary differences between the carrying amounts of assets
and liabilities 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.

Goodwill, except for minor goodwill is amortized by the straight-line
method over five years. Minor goodwill is expensed as incurred.

(k) Allowance for doubtful accounts(s) Reclassification

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 estimatedbased 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 valueof the 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 paidby the Companies on their purchases of goods and services are notincluded in the amounts of respective revenue or cost or expense itemsin the accompanying consolidated statements of income.

(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 few risks offluctuation in value.

Certain comparative figures have been reclassified to conform to thecurrent year’s presentation.
(t) Additional Information
Change in Accounting Policies – Accounting Standards for
Accounting Changes and Error Corrections
The Company and its consolidated domestic subsidiaries adopted“Accounting Standard for Accounting Changes and Error Corrections”(Accounting Standards Board of Japan (“ASBJ”) Statement No.24
issued on December 4, 2009) and “Guidance on Accounting Standard
for Accounting Changes and Error Corrections” (ASBJ Guidance No. 24,
issued on December 4, 2009) for accounting changes and correctionsof prior period errors which are made from the fiscal year beginning on
April 1, 2011.
Accounting method for disposal of treasury stock under Employee
Stock Ownership PlanAt the board of directors’ meeting held on April 27, 2012, a resolution
was made to introduce a trust-type employee incentive plan called“ESOP investing stock” and to dispose of treasury stock through thirdparty allotment to the trust account. The purpose for the disposal is topromote employee’s motivation and provide positive effects of employee
ownership and participation of the Company’s operation, and to boost
the Company’s value in the medium to long term by accelerating
management style focusing on increasing corporate value. Accordingly,
the Company sold 100,000 shares of treasury stock to Mitsubishi UFJ
Trust and Banking Corporation (“ESOP Trust Account”) on May 17,
2012.
The Company’s stock held by the ESOP Trust Account is treatedas treasury stock held by the Company from the perspective of an
economic substance. Accordingly, the Company’s stock held in the
ESOP Trust Account is recorded under treasury stock in the Company’s
consolidated financial statements.
As of March 31, 2012, the number of Company’s stock held in the
ESOP Trust Account amounted to 99,600 shares.

Annual Report 201214

2. Inventories
Inventories as of March 31, 2011 and 2012 were as follows:
Japanese yen(millions)

2012

2011
Finished goods
Work-in process
Raw materials
Supplies

U.S. dollars(thousands)

9,665
5,047
5,548
1,625
\ 21,885\ 10,227
4,082
5,678
1,245
\ 21,232

\

2012
$

117,593
61,40767,502
19,771$ 266,273

The ending inventory balance represents after write-down of book value when their carrying amounts become unrecoverable, and the write-down
recognized at cost of sales were \260 million and \212 million ($2,579 thousand) as of March 31, 2011 and 2012, respectively.

3. Securities
Other securities with book values (fair values) exceeding acquisition costs as of March 31, 2011 and 2012 were as follows:
Japanese yen (millions)

March 31, 2011

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

644
－
－
644

Book value
1,286
－
－
1,286

\

\

Difference
642
－
－
642

\

\

Japanese yen (millions)

March 31, 2012

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

374
－
－
374

Book value
1,145
－
－
1,145

\

\

U.S. dollars (thousands)
Difference

Acquisition cost

Book value

$

$

771
－
－
771

\

\

$

4,550
－
－
4,550

13,931－－
13,931$

Difference
$

$

9,381
－
－
9,381

Other securities with book values (fair values) not exceeding acquisition costs as of March 31, 2011 and 2012 were as follows:
Japanese yen (millions)

March 31, 2011

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

174
－
－
174

Book value
\

\

140
－
－
140

Difference
\

\

(34)
－
－
(34)

Japanese yen (millions)

March 31, 2012

Acquisition cost

Equity securities
Interest-bearing securities
Others

\

\

453
－
－
453

Book value
\

\

370
－
－
370

U.S. dollars (thousands)
Difference\\

Acquisition cost

Book value

$

$

(83)
－
－
(83)

$

5,512
－
－
5,512

4,502
－
－
4,502

$

Difference$$(1,010)－－(1,010)The book value of securities with no available fair values as of March 31, 2011 and 2012 were as follows:
Japanese yen(millions)

2012

2011
Other securities with no fair value Non-listed equity securities

15 Annual Report 2012\

68

U.S. dollars(thousands)

\

72

2012
$

876

4. Assets Pledged as Collateral
The following assets were pledged as collateral for \179 million and \289 million ($3,516 thousand) of secured loans from government-sponsoredagencies as of March 31, 2011 and 2012, respectively :Japanese yen(millions)

2012

2011
Accounts receivable and inventories
Property, plant and equipment

94
－
94

\
\

U.S. dollars(thousands)

1,403
1,131
2,534

\
\

2012
$
$

17,07013,76130,831

5. 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, 2011 and 2012 were as follows:
Japanese yen(millions)

2012

2011
Short-term borrowings
Current portion of long-term debt
Current portion of lease obligation
Bonds Payable
Long-term debt
Lease obligations
Other interest bearing debt

\

\

2,775
690
22
－
4,200
27
81
7,795

U.S. dollars(thousands)

2,717
2,984
23
7,000
2,838
42
213
\ 15,817\2012

Weighted
averageinterest rates$

33,05836,306280
85,16834,530511
2,591$ 192,444

4.3 %
4.0
－
0.5
5.9
－
0.4

Year due2017
2013-20172013-2017

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, 2012 were as follows:

Bonds Payable
Years ending March 31

Japanese yen(millions)2017 and thereafter
\

7,000
7,000

Long-term deptYears ending March 31

Japanese yen(millions)

2014
2015
2016
2017 and thereafter

\

\

1,427
794
132
485
2,838

U.S. dollars(thousands)$

85,16885,168

U.S. dollars(thousands)

Lease obligation
Years ending March 31

Japanese yen(millions)

$

2014
2015
2016
2017 and thereafter\$

17,362
9,661
1,606
5,901
34,530

\

16
12
10
4
42

U.S. dollars(thousands)
$

$

195
146
122
48
511

Annual Report 201216

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,
2011 and 2012 were as follows:
Japanese yen (millions)

March 31, 2011
Machinery and vehicles
Tools and furniture

Accumulated
Acquisition Accumulated losses on
cost
depreciation impairment\\

March 31, 2012
Machinery and vehicles
Tools and furniture

80
96
176

\
\

57
48
105

\
\

－
－
－

Balance
\
\

23
48
71

Japanese yen (millions)

U.S. dollars (thousands)

Accumulated
Acquisition Accumulated losses on
cost
depreciation impairment

Accumulated
Acquisition Accumulated losses on
cost
depreciation impairment

Balance

$

$

\
\

39
91
130

\
\

34
57
91

\
\

－
－
－

Balance
\
\

5
34
39

475
1,107
$ 1,582$414
693$ 1,107

$
$

－
－
－

$

61
414
475

The scheduled maturities of future lease payments, on such lease contracts for the years ended March 31, 2011 and 2012 were as follows:
Japanese yen(millions)

2012

2011
Due within one year
Due over one year
Lease payments for the year

2012
$

\

16
23
39

$

195
280
475

\

19

$

231

\

\

26
45
71

\

30

\

U.S. dollars(thousands)

The amounts of acquisition costs and future minimum lease payments under finance leases included the interest expense portions.
Depreciation expenses, which are not reflected in the accompanying consolidated statements of income, calculated by the straight-line method,were \30 million and \19 million ($ 231thousand) for the years ended March 31, 2011 and 2012, respectively.
The Company had no leased assets on which impairment should have been recognized for the years ended March 31, 2011 and 2012.

(b) Operating leases
The scheduled maturities of future lease payments under non-cancelable operating leases as of March 31, 2010 and 2011, were as follows:
Japanese yen(millions)

2012

2011
Due within one year
Due over one year\\

17 Annual Report 2012

8
22
30

U.S. dollars(thousands)

\
\

10
30
40

2012
$
$

122
365
487

8. Income Taxes
Significant components of the Company and consolidated subsidiaries' deferred tax assets and liabilities as of March 31, 2011 and 2012 were as follows:
Japanese yen(millions)

2012

2011
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
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

2,038
1,169
1,079
659
492
471
374
328
258
218
976
8,062
(1,509)
6,553

\

3,815

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

2012
$

(1,291)(1,024)
(332)
(252)
(195)
(3,094)－(3,094)(1,038)(1,001)
(329)
(251)
(119)
(2,738)－(2,738)\

U.S. dollars(thousands)

\

3,432

20,42814,223
10,731
6,254
6,509
6,972
4,855
2,543
1,180
2,093
11,81487,602(8,201)
79,401(15,708)(12,459)(4,039)(3,066)(2,372)(37,644)－(37,644)$

41,757The 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% for the years ended March 31, 2011 and 2012.
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, 2011 and 2012:2011
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 rate

2012

40.4 %
40.4 %
		
		
(5.3)
(4.5)
(2.8)
－
(1.5)
(1.9)
(1.9)
(1.6)
0.1
0.1
1.0
0.1
0.2
0.4
0.3
0.7
1.3
－
1.5
－
(1.3)
0.3
32.0 %
34.0 %

Adjustment of deferred tax assets and liabilities for enacted changes in tax laws and rates
On December 2, 2011, amendments to the Japanese tax regulations were enacted into law.
Due to this change in statutory income tax rates, net deferred tax assets decreased by JPY 199 million as of March 31, 2012 and deferred income
tax expense recognized for the year ended March 31, 2012 increased by JPY 238 million.

Annual Report 201218

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,
2011 and 2012 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)

2011

2012

2012

\ (11,679)
6,446(5,233)189\ (5,044)\ (11,621)
7,035(4,586)61\ (4,525)$ (141,392)
85,594(55,798)
743$ (55,055)

Included in the consolidated statements of income for the years ended March 31, 2011 and 2012 were employees' severance and retirement benefit
expenses comprised of the following:
Japanese yen(millions)

2012

2011
Service costs
Interest costs
Expected return on plan assets
Amortization of actuarial differences
Employees' severance and retirement benefit expenses
Others

\

\

535
231
(119)
(473)
174
190
364

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

U.S. dollars(thousands)

\

\

496
231
(128)
222
821
189
1,010

2012
$

$

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

19 Annual Report 2012

2011

2012

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

6,035
2,810(1,557)
2,701
9,989
2,300
12,289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, 2011
and 2012 were as follows:
Japanese yen(millions)

2012

2011
Research and development expenses

4,596

\

U.S. dollars(thousands)

\

2012

4,412

$

53,680

11. Derivatives
The following table provides information on derivative instruments as of March 31, 2011 and 2012.
Japanese yen (millions)

March 31, 2011
Forward exchange contracts:
To sell U.S. dollars
To sell EuroTo buy U.S. dollars
To buy Thai bahts
To buy Japanese Yen

Contract
amount
672
116
203
73
17
\ 1,081
\

Fair
value
\

\

(4)
(4)
(4)
(1)
(0)
(13)

Gain
(Loss)
(4)
(4)
(4)
(1)
(0)
(13)

\

\

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 EuroTo buy Japanese Yen

Contract
amount
\

\

398
176
14
31
16
5
640

Fair
value
\

\

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

\

\

U.S. dollars (thousands)

Gain(Loss)

Contract
amount

Fair
value

Gain
(Loss)

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

$ 4,843
2,141
170
377
195
61
$ 7,787$ (219)
(171)
(12)
0
0
(0)
$ (402)$ (219)
(171)
(12)
0
0
(0)
$ (402)

Annual Report 201220

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
design business 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 Board of Directors of the Company to determine the allocation of management resources. Accordingly, the reportable segmentsof the Company are composed 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 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 tradedor transferred among the segments are mainly determined considering market prices of the goods.
(c) Information about reported segment profit or loss, segment assets, segment liabilities and other material items
Reported segment information for the years ended 31, 2011 and 2012 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

21 Annual Report 2012

U.S. dollars(thousands)

2011

2012

\ 57,349
120,756
178,105
27,964
206,069(9,617)\ 196,452\ 58,074
123,277
181,351
31,601
212,952(11,020)\ 201,932$ 706,582
1,499,903
2,206,485
384,487
2,590,972(134,079)$ 2,456,893\ 47,916
110,574
158,490
25,432
183,922(8,866)\ 175,056\ 49,434
116,463
165,897
29,438
195,335(10,186)\ 185,149$ 601,460
1,416,997
2,018,457
358,170
2,376,627(123,932)$ 2,252,695

\

9,433
10,182
19,615
2,532
22,147(751)\ 21,396

\

8,640
6,814
15,454
2,163
17,617(834)\ 16,783$ 105,122
82,906
188,028
26,317214,345(10,147)$ 204,198\ 43,033
78,937
121,970
20,990142,960
21,457\ 164,417\ 46,675
87,550134,225
23,173
157,398
18,640\ 176,038$ 567,891
1,065,215
1,633,106
281,944
1,915,050
226,792$ 2,141,842

2,861
7,820
10,681
1,067
11,7486\ 11,754

\

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

$

\

2012

32,86398,065130,928
13,177
144,105(2,032)$ 142,073

Capital Expenditures:
Manual automotive drivetrain operations
Automatic automotive drivetrain operations
		 Reporting segment total
Other operations
		Sub Total
Corporate and eliminations

4,266
9,218
13,484
2,291
15,775(62)\ 15,713\

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

54,593
169,558
224,151
37,694
261,845(2,191)$ 259,654

Note : 1. "Other operations" is the business segment which doesn't attribute to any 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 Operationg Income \(834) million($(10,147) thousand) consists of "Elimination of intersegment
transactions" \237 million($2,884 thousand), "Amortization of goodwill" \(136) million($(1,655) thousand), "Company-wide expense" which is not allocatedto reportable segments \(861) million($(10,476) thousand) and "other adjstments" \(74) million($(900) thousand).
"Company-wide expense" mainly consists general and administrative expenses and expence for new-product development not attributable to any reportablesegments.
(b) "Corporate and eliminations" of Assets \18,640 million($226,792 thousand) consists of "Company-wide assets" which is not allocated to reportablesegments \20,989 million($255,372 thousand), "Elimination of intersegment transaction" \(2,136) million($(25,989) thousand) and "other adjstments"\(213) million($(2,591) 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 \(167) million($(2,032) thousand) consists of "Adjustment of unrealized gain for intersegmnet
transaction of fixed assets" \(167) million($(2,032) thousand).
(d) "Corporate and eliminations" of Capital Expenditures \(180) million($(2,191) thousand) consists of "Adjustment of unrealized gain for intersegmnet
transaction of fixed assets" \(180) million($(2,191) thousand).
3. The segment income is adjusted to accord with operating income of "consolidated statement of income".

(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, 2011and 2012 were as follows :Japanese yen(millions)

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

U.S. dollars(thousands)

2011

2012

2012

\ 89,646
36,99460,4009,412\ 196,452\ 102,196
33,972
57,1668,598\ 201,932$ 1,243,412
413,335
695,535
104,611$ 2,456,893\ 38,098
7,816
19,091390\ 65,395\ 39,667
9,310
21,791324\ 71,092$ 482,626
113,274
265,130
3,941$ 864,971

The Company's operations are classified into geographical areas as follows: Japan, America (including Mexico), 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 2011 and 2012 were as follows :Japanese yen(millions)Company Name

Sales Segment

JATCO Corporation

AT and MT

2011

2012

\ 29,892\ 32,236

U.S. dollars(thousands)

2012$ 392,213

Annual Report 201222

13. Related Party Transactions
For the years ended March 31, 2011 and 2012, 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 33.4% 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, 2011 and 2012 were as follows:
March 31, 2011
Subjects

Categories

The
Company

Other relatedcompany's
subsidiary

Aisin AW
Co., Ltd.

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

Name

Address

Anjo City
Aichi pref.

CapitalJapanese yen(millions)Operation

Voting rights(%)

Manufacturing
automotive
parts

－

\ 26,480

Manufacturing
automotive
parts

－

$ 282,290

Administrationof overall
40%
North
(directly held)
Americanoperations\ 26,480

Relationship
Businessrelationship

Trade

Sale ofproducts

Sale ofproducts
Concurrently
servingas directors\ 5,693

Sale ofproducts

Sale ofproducts

Dept

Interest
expenseRelationship
Businessrelationship

Trade

Sale ofproducts

Sale ofproducts
Concurrently
servingas directors\ 6,140$ 74,705

Sale ofproducts

Sale ofproducts

Dept

Interest
expenseAmountJapanese yen(millions)

Accounts

Balance

Japanese yen(millions)

Accounts
receivable\ 1,239

Advanced
received\8\ 2,941

Accounts
receivable

\ 609

\ 12

Long-term
debt\ 1,369

March 31, 2012
CapitalSubjects

Categories

Name

AddressThe
Company

Other relatedcompany's
subsidiary

Aisin AW
Co., Ltd.

Anjo City
Aichi pref.

Dynax
Corporation

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.

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

Operation

Voting rights(%)\ 26,480$ 322,180

Manufacturing
automotive
parts

－

\ 26,480$ 322,180

Manufacturing
automotive
parts

－

$ 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\ 1,232$ 14,990

Advanced
received

\ 12
$ 146

\ 3,258$ 39,640

Accounts
receivable\ 769$ 9,356

\ 10
$ 122

Long-term
debt\ 1,306$ 15,890(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 2012

14. Per Share Data
Per share data for the years ended March 31, 2011 and 2012 were as follows :Japanese yen(millions)

Net income
Net income - diluted
Net assets

2011

2012

\ 268.32－
2,279.57\ 191.21－
2,386.53

U.S. dollars(thousands)

2012
$

2.33
－
29.04

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, 2011 and 2012 were as follows:
Japanese yen(millions)

2012

2011
Net income per share of common stock
Net income
		 Amounts not attributed to ordinary shareholders
Net income attributed to ordinary shareholders\ 13,024－\ 13,024

The weighted average number of shares (thousands)

48,539U.S. dollars(thousands)

\
\

9,222
－
9,222

2012
$
$

112,203－112,203

48,22815. Changes in Net Assets(a) Shares issued / Treasury stock

March 31, 2011
Shares issued:
Common stock (thousands)
Treasury stock:
Common stock (thousands)

Number of shares
as of March 31, 2010

Number of shares
as of March 31, 2011

Increase

Decrease

48,594
48,594－－－－

48,594
48,594

12
12

276
276

－
－

288
288

The increase of treasury stock - common stock 275 thousand is due to open-market purchase of treasury stock pursuant to a resolution of the boardof directors’ meeting held on January 27, 2011
The increase of treasury stock - common stock 1 thousand is due to purchase of the stocks less than standard unit 6 hundred.

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.

Annual Report 201224

(b) Dividends(1) Dividends
March 31, 2011
Cash dividends paid

Dividends per share

Common stock\ 1,215

Common stock

Resolution

Type of shares

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

Ordinary general
meeting of theshareholders on
June 28, 2011
Board of Directors'
meeting on
October 27, 2011

Resolution

Type of shares

Cut-off date

Effective dateOrdinary general
meeting of theshareholders on
June 24, 2010

\ 25.0March 31, 2010

June 25, 2010

Board of Directors'
meeting on
October 28, 2010

\ 972

\ 20.0

September 30, 2010

November 26, 2010

Cash dividends paid

Cash dividends paid

Cut-off date

Effective dateCommon stock\ 1,449$ 17,630\ 30.0$ 0.37

March 31, 2011

June 29, 2011

Common stock\ 1,207$ 14,685\ 25.0$ 0.30

September 30, 2011

November 25, 2011

Japanese yen (millions)(Japanese yen)March 31, 2012
(Japanese yen)
(U.S. dollars)(2) Dividends, of which cut-off date was in the year ended March 31, 2012, and effective date of which will be in the year ending March 31, 2013
Resolution

Type of shares

Ordinary general
meeting of theshareholders on
June 22, 2012

Common stock

25 Annual Report 2012

Cash dividends paid

Source ofdividends

Cash dividends paid

\ 1,207$ 14,685

Retainedearnings\ 25.0$ 0.30Japanese yen (millions)
U.S. dollars (thousands)(Japanese yen)
(U.S. dollars)

Cut-off date

Effective date

March 31, 2012

June 25, 2012

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, not for trading or speculative
purposes. Hedging accounting through 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 such arisk 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 and ensure steady cash flow of accounts receivable in foreign currency, the Company 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 have such securities for the purpose ofmaintaining relationships with customers or suppliers not for trading purposes. The fair values of the securities are periodically reported to the Boardof Directors of the board meeting of the Company.
Due dates of notes and accounts payable are mainly within one year.
Short-term borrowings are mainly for the purpose of working capital and bonds payable and long-term debt is mainly for the purpose of payment forinvestment in equipment. Derivative transactions are entered and controlled by the financial department with approval of the financial manager
under the rules of each company, which provide the details such as the department in charge and the maximum transaction amount. To reduce
credit risk, transactio
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, 2011 and 2012 were as follows.
Japanese yen (millions)

March 31, 2011
Cash and time deposit
Notes and accounts receivable
Investments in securities
Other securities
Notes and accounts payable
Short-term borrowings
Accrued expenses
Long-term debt
Derivative transactions

Book
value

Fair
value

\ 30,321
33,235\ 30,321
33,235

1,426(17,178)(2,775)(6,223)(4,890)(13)

1,426(17,178)(2,775)(6,223)(4,817)(13)

Difference
\

－
－
－
－
－
－
( △ 73)－

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)

U.S. dollars (thousands)
Book
value

Fair
value

－
－

$ 340,747
481,007$ 340,747
481,007

$

－
－
－
－
－
( △ 51)－

18,433(209,709)(33,058)(80,302)(85,169)(70,836)(402)

18,433(209,709)(33,058)(80,302)(85,169)(70,215)
(402)

－
－
－
－
－
( △ 621)－

Difference\

Difference－－

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 and accrued expenses 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 carrying amount which approximates fair value because the date of issue is close to March 31, 2012.
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 201226

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 \995 million ($12,107 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. Refund schedule for current credit after consolidated dateJapanese yen (millions)2013
Cash and time deposit
Notes and accounts receivable\ 28,006
39,534\ 67,540

2014 ～2017 2018 ～ 2022
\
\

－
－
－

\
\

－
－
－

U.S. dollars (thousands)
2023 and
thereafter
\
\

2013
$ 340,747
481,007$ 821,754－－－

2014 ～2017 2018 ～ 2022

2023 and
thereafter

$

$

－
－
－

$

$
$

－
－
－

－
－
－

$

4. Payment schedule for long-term debt after consolidated dateJapanese yen (millions)2013
Long-term debt

\ 2,984

U.S. dollars (thousands)

2014 ～2017 2018 ～ 2022

2023 and
thereafter\ 9,483

\

\

355

2013
$ 36,306－

2014 ～2017 2018 ～ 2022

2023 and
thereafter$ 115,379

$

$

4,320

－

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, 2011 and 2012 were as follows :Japanese yen(millions)

2012

2011
Trade notes receivable discounted
Trade notes receivable endorsed

27 Annual Report 2012

\

125
－

U.S. dollars(thousands)

\

297
15

2012
$

3,614
183

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

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

Japanese yen(millions)

U.S. dollars(thousands)

2012

2012

\

79
－
79
(0)
79

$

961
－
961
(0)
961

(1,951)(1,951)(23,737)(23,737)

(3)
3
－

(37)
37
－

(1,872)(22,776)

Annual Report 201228

Indepnedent Auditors' Report
EXEDY CORPORATION AND CONSOLIDATED SUBSIDIARIES

29 Annual Report 2012

Corporate Data
BOARD OF DIRECTORSAND CORPORATE AUDITORSEXECUTIVE OFFICERS

As of June 30, 2012

As of June 30, 2012

As of March 31, 2012

President and Chief Executive Officer :Haruo Shimizu

Senior Executive Managing Officer :Etsuji Terada
Hidehito Hisakawa
Hisayasu Masaoka
Masayuki Matsuda

Name:
EXEDY Corporation

Number of Issued Shares:
48,594 thousand shares

Established:
July 1, 1950

Number of Shareholders:
8,400

Paid-in Capital:￥8,284 million

Average number of shares
held by one Shareholder:
6,494 shares

Director : Etsuji Terada
Hidehito Hisakawa
Hisayasu Masaoka
Masayuki Matsuda
Tadashi Nakahara
Hiroshi Toyohara
Kagenori Fukumura
Fumio Fujimori
Auditors : Shigeru Sugiyama
Kanshiro Toyoda
Koji Okada
Takenori Yamasaki

Executive Managing Officer :Shogo Okamura
Senior Executive Officer :Koji Akita
Makoto Ichikawa
Executive Officer :Tadashi Nakahara
Masahito Baba
Tetsuya Yoshinaga
Kenji Matsuda
Yoshihiro Yamamura
Shigeo Tabata

Yoshio Katayama
Katsumi Shinto
Hiroshi Toyohara
Mitsugu Yamaguchi
Keizo Nishigaki
Akira Hirai
Shinji Fujimoto
Yoshihiro Kojima

OUTLINE OF COMPANY

Number of Employees:
2,541
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

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

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.

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

EXEDY Precision Co., Ltd.

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

EXEDY Hiroshima Co., Ltd.

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

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 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

EXEDY Sun Co., Ltd.

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

OVERSEAS NETWORKEXEDY Holdings of America Corporation (EHA)
8601 Haggerty Road South, Belleville, MI 48111, U.S.A.
Tel: 1-734-397-3333 Fax: 1-734-397-9567

EXEDY America Corporation (EAC)

2121 Holston Bend Drive, Mascot, TN 37806, U.S.A.
Tel: 1-865-932-3700 Fax: 1-865-932-2230

EXEDY Globalparts Corporation (EGP)

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)

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

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

EXEDY Friction Material Co., Ltd. (EFM)

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 (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

P.T. EXEDY Indonesia (EXI)

Jl. Permata V Lot EE 3 Kawasan Industri KIIC Karawang 41361
Jawa Barat, INDONESIA
Tel: 62-21-89114666 Fax: 62-21-89114568

Av. Estados Unidos de America 114, Parque Industrial San Francisco,
San Francisco de Los Romo, Aguascalientes C.P. 20300, MEXICO P.T. EXEDY Motorcycle Indonesia (EMI)Jl. Permata V Lot EE 3 Kawasan Industri KIIC Karawang 41361
Tel: 52-449-929-2104 Fax: 52-449-139-4904
Jawa Barat, INDONESIA
EXEDY Clutch Europe Ltd. (ECE)
Tel: 62-21-89114573 Fax: 62-21-89114574
Unit2, Rokeby Court, Manor Park, Runcorn, Cheshire, WA7 1RW, U.K.
EXEDY Vietnam Co., Ltd. (EXV)
Tel: 44-1928-571850 Fax: 44-1928-571852
Khai Quang Industrial Zone, Vinh Yen City, Vinh Phuc Province,< Moscow Representative Office >Socialist Republic of VIETNAM
Room No. 657, Smolensky Passage, Smolenskaya sq. 3, 121099,
Tel: 84-211-3721252 Fax: 84-211-3721253
Moscow, RUSSIA
Tel: 7-495-937-8301 Fax: 7-495-937-8200

EXEDY DYNAX Europe Ltd. (EDE)

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

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

EXEDY Australia Pty. Ltd. (EAP)EXEDY (Shanghai) Co., Ltd. (ESC)

EXEDY New Zealand Ltd. (ENZ)

EXEDY Guangzhou Co., Ltd. (EGC)

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

5

EXEDY Chongqing Co., Ltd. (EXC)

Annual Report 2012

1399 Chengqiao Road, Fengxian District, Shanghai, 201400, CHINA
Tel: 86-21-67109075 Fax: 86-21-37565209
No.406 E-Area, Longfu Car Accessories Centre, Hengfu Road,
Guangzhou, CHINA
Tel: 86-20-83489166 Fax: 86-20-83489370

Shanghai DYNAX Corporation (DXC)

No.2 plant 1399 Chengqiao Road, Fengxian District, Shanghai,
201400, CHINA
Tel: 86-21-57437465 Fax: 86-21-57437458

DYNAX Industry (Shanghai) Co., Ltd. (DXS)

No.350 Rongxiang Road, Songjiang Export Processing Zone,
Shanghai 201613,CHINA
Tel: 86-21-57748388 Fax: 86-21-57748389

EXEDY India Ltd. (EIL)< 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)No60/1, Ground Floor Miyajima House Residency Road 2nd Cross,
Bangalore-560025 Karnataka, INDIA
Tel: 91-80-4173-9891 Fax: 91-80-4173-9891

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

Annual Report 201230

1-1-1, Kidamotomiya, Neyagawa-shi, Osaka, 572-8570, Japan
Tel: 81-72-824-6933 Fax: 81-72-821-7913
URL http://www.exedy.com

Year Ended March 31, 2012

Mission Statement
The Shape of Our Future: “Creation of Fulfillment”
Each employee, with a good conscience and hope for the future,
will create fulfillment for our society.
Through advanced technology and scrupulous attention to detail,we will create fulfillment for our customers.
With pride and a desire to grow, we will create fulfillment
for the EXEDY family.

H Printed in Japan
2012.7.1,000. 361 ○