TSE Code 8511
June 4, 2013

To Shareholders
President
Eizo Kobayashi
JAPAN SECURITIES FINANCE CO., LTD.
1-2-10, Nihonbashi-Kayabacho, Chuo-ku, Tokyo, JapanNOTICE OF THE 103rd ORDINARY GENERAL MEETING OF SHAREHOLDERS～extract
Dear Shareholders,
You are hereby advised of the convocation of the 103rd Ordinary General Meeting of Shareholders of
the Company, details of which are indicated below. We hope very much that you will be able to attend thisMeeting.
In order to exercise your rights, please review the attached reference materials, and indicate yourapproval or disapproval of the proposals on the enclosed document, then return it or vote on the Internet
site (http://www.e-sokai.jp) by 5:20 p.m. Japan Standard Time on 25th June, 2013.
We are pleased to announce you that we participate in the ICJ voting platform, improving the voting
environment for all our shareholders. The ICJ is offering access to the world's most widely used andsophisticated electronic voting platform, ADP's Proxy Edge voting platform.
Details
1. Date and Time:
2. Venue:

10:00 a.m. on Wednesday, 26th June, 2013

JAPAN SECURITIES FINANCE CO., LTD., Conference Room
1-2-10 Nihonbashi-Kayabacho, Chuo-ku, Tokyo, Japan

3. Agenda for the Meeting
Items to be reported:
Report 1: The 103rd fiscal year (from Apr. 1, 2012 to Mar. 31, 2013)
Business Report, Consolidated Financial Statements and Report of audits of theconsolidated financial statements by the Independent Auditor and the Board ofAuditors.
Report 2:

The 103rd fiscal year (from Apr. 1, 2012 to Mar. 31, 2013)
Financial Statements.

Items to be resolved:
Agenda 1: Appropriation of Retained Earnings
Agenda 2: Partial Amendment to the Articles of Incorporation
Agenda 3: Election of eight Directors
Agenda 4: Election of two Directors in response to the Merger
Agenda 5: Election of one Auditor in response to the Merger
Agenda 6: Election of one Substitute Auditor
Note:This English version is not a legally accurate translation of the original Japanese text.

REFERENCE DOCUMENTS PERTAINING TO EXERCISE OF VOTING RIGHTS
Agenda and Reference Information

Agenda 1:

Appropriation of Retained Earnings

The Company proposes the appropriation of retained earnings in the following manner.
Year-end dividend
The Company determines the rate of dividend in accordance with the company’s dividend policy for
distributing dividend by taking account of its financial results, while considering its shareholders' equity andappropriate internal reserves as a financial institution.
With respect to dividends for the term, in consideration of the company’s dividend policy, Company’s
year-end dividends will be calculated at 7 yen per share. Accordingly, annual dividends which include theinterim dividends of 7 yen per share will be calculated at 14 yen per share.
(1) Type of dividend asset
Cash(2) Allocation of dividend assets and total amount of allocation
7 yen per share of common stock
Total amount of payout: 651,329,518 yen(3) Effective date of dividend payment
June 27, 2013

Agenda 2:

Partial Amendment to the Articles of Incorporation(Reason for Proposal)
In response to the expansion of business upon the Merger with Osaka Securities Finance Company,
Ltd.(OSF) (hereinafter “the Merger”), the Company proposes a partial amendment to the Articles ofIncorporation in order to strengthen its management functions.
The proposed amendment will become effective on the effective date of the Merger (scheduled forJuly 22, 2013) subject to the condition that the Merger becomes effective.
(Contents of Amendments)
Contents of Amendments are set forth below.
(Amendment parts are underlined)
Current

AmendedChapter IV Directors and Board of Directors

Chapter IV Directors and Board of Directors

Article 18 (Number of Directors)
The number of directors of the Company shall not
exceed nine.

Article 18 (Number of Directors)
The number of directors of the Company shall not
exceed ten.

Article 24 (Directors with Specific Duties)
The Board of Directors may appoint, in accordancewith its resolutions, a Chairman, a President, a Vice
President and several Senior Managing Directors
and Managing Directors from among the directors.

Article 24 (Directors with Specific Duties)
The Board of Directors may appoint, in accordancewith its resolutions, a Chairman, a Vice Chairman, aPresident, several Vice Presidents, several Senior
Managing Directors and several Managing Directors
from among the directors.

-2-

Agenda 3:

Election of eight Directors

As the term of office of nine directors will expire at the conclusion of this Ordinary General Meeting of
Shareholders, the Company proposes the election of eight directors.
The candidates are as listed below.
No.
1

Name
(Date of birth)
Minoru Masubuchi(Nov. 3, 1943)

Brief personal history &Significant concurrent positions
May 1993
May 1994
Jul. 1998
Jul. 2002
Jun. 2004
Jun. 2005
Jun. 2006
Jun. 2008
Jun. 2010
Jun. 2012

Adviser to Governor of Market Operations
Dept, Bank of Japan (BOJ)
Director-General of Financial and Payment
System Dept., BOJ
Executive Director of BOJ
Standing Adviser of IBM Japan, Ltd.
President of JSF
Director of JSF Trust and Banking Co., Ltd.
Director of Japan Information Processing
Service Co., Ltd.
(to the present)
Director of Nihon Building Co., Ltd. (to the present)
Director of Tokyo Rope Manufacturing Co.,
Ltd. (to the present)
Chairman of JSF (to the present)

Shares of
JSF owned
53,900(Significant concurrent positions)- Director of Nihon Building Co., Ltd.
- Director of Japan Information Processing Service Co., Ltd.
- Director of Tokyo Rope Manufacturing Co., Ltd.
2

Eizo Kobayashi(Sep. 8, 1948)

Director-General of Personnel and Corporate
Affairs Dept., BOJ
Director-General of Bank Examination and
May 2000
Surveillance Dept., BOJ
Executive Director of BOJ
Jun. 2002
Senior Advisor of Aflac JapanMay 2006
Vice Chairman of Aflac Japan
Jul. 2007
Adviser of JSF
May 2010
Jun. 2010
Senior Managing Director of JSF, Responsibility
for Risk Management Dept
Jun. 2012
President of JSF (to the present)(Significant concurrent positions)- Director of Cross Plus Inc.
- Director of Shinhan Bank JapanMay 1999-3-

20,000

No.
3

Name
(Date of birth)
Hiroshi Asakura(Nov. 1, 1955)

Brief personal history &Significant concurrent positions
Apr. 1978
Jun. 2002
Jun. 2005
Jun. 2006
Oct. 2006
Feb. 2008
Jun. 2009

Jun. 20114

Toshihiro Oritate(Dec. 6, 1957)

Jan. 2002
Jul. 2006
Apr. 2008
Nov. 2009
Jun. 2010
May. 2012
Jun. 2012

Shares of
JSF owned

Joined JSF
General Manager of Planning Dept
General Manager of Margin Loan Dept
Executive Officer & General Manager ofMargin Loan Dept
Director of JBIS Holdings, Inc.
Executive Officer & General Manager of Loan DeptManaging Director of JSF
Responsibility for Treasury Dept, Margin
Loan Dept and Loan Dept
(to the present)
Auditor of Japan Information Processing
Service Co., Ltd.

34,500General Manager of Aomori Branch, BOJ
Deputy Director-General of Personnel andCorporate Affairs Dept, BOJ
Director-General of Payment and Settlement
Systems Dept, BOJ
Director-General of Currency Issue Dept, BOJ
Director–General of Personnel and Corporate
Affairs Dept, BOJ
Advisor of JSF
Managing Director of JSF
Responsibility for General Affairs Dept,
Accounting Dept and Affiliates(to the present)

5,200

＊
5

Toshihiko Ishide(Nov. 17, 1958)

Apr. 1981
Jun. 2006
Jun. 2008
Jun. 2009

Joined JSF
General Manager of Bond Trading Dept
General Manager of Treasury Dept
Executive Officer & General Manager ofTreasury Dept.
(to the present)

31,1006

Takashi Imai
(Dec. 23, 1929)

Jun. 1993
Apr. 1998
May 1998

President of Nippon Steel Corp.
Chairman of Nippon Steel Corp.
Chairman of Nippon Keidanren (Japan
Business Federation)
Honorary Chairman of Nippon Keidanren (to the present)
Director of JSF(to the present)
Director & Senior Adviser / Honorary
Chairman of Nippon Steel Corp.
Senior Adviser (Sodanyaku) / Honorary
Chairman of Nippon Steel Corp.
Senior Adviser (Shayuu) / Honorary
Chairman of Nippon Steel Corp. (to the present)

4,000

May 2002
Jun. 2002
Apr. 2003
Jun. 2003
Jun. 2008(Significant concurrent positions)- Director of Nippon Television Holdings, Inc.
- Auditor of Nippon Life Insurance Co.
- Director of Tokyo Financial Exchange Inc.

-4-

No.
7

Name
(Date of birth)
Akira Kanno(Dec. 1, 1932)

Brief personal history &Significant concurrent positions
Dec. 1986
May 1992
May 1994

Executive Director of BOJ
Deputy Governor of Export-Import Bank of Japan
Vice-Chairman & Senior Managing Governor ofFederation of Bankers Associations of Japan
Vice-Chairman & Senior Managing Governor ofJapanese Bankers Association (renamed)
Director of JSF(to the present)
Chairman of Japan Electric Power Exchange

50,600Vice President of Daiwa Securities Co., Ltd.
President of Daiwa Asset Management Co., Ltd.
Chairman of Daiwa Asset Management Co., Ltd.
Chairman of Investment Trusts Association
Jun. 2003
Standing Adviser of Daiwa Asset Management Co., Ltd.
Jul. 2003
Chairman of Japan Securities Dealers Association
Jul. 2006
Public Governor of Japan Securities Dealers Association
Chairman of NPO-APROSIS (Association for Promoting
Securities Investment and Study)
Sep. 2006
Director of Kanpo Co., Ltd. (currently, Japan Post
Insurance Co., Ltd.)(to the present)
Jul. 2007
Adviser of Daiwa Asset Management Co., Ltd. (to the present)
Jun. 2008
Director of JSF(to the present)
Jul. 2008
Adviser of Japan Securities Dealers Association(Significant concurrent positions)- Director of Japan Post Insurance Co., Ltd.
- Director of Paramount Bed Holdings Co., Ltd.

3,000

Apr. 1999
Jun. 2003
Dec. 2004
8

Hiroshi Koshida(May. 21, 1937)

Shares of
JSF owned

Jun. 1991
Jun. 1998
Jun. 2001

Note 1:
Note 2:
Note 3:Note 4:

Person shown with asterisk (*) is a new candidate of Directors.
The Company has no conflict of interest with each candidate.
Takashi Imai, Akira Kanno and Hiroshi Koshida are candidates for outside directors.
Reasons for recommending them as candidates for outside directors are as follows.
(1) Takashi Imai is nominated in the expectation of his abundant experience and wide
knowledge in economic circles as well as his objective standpoint which is independent fromexecutive directors. He has been our outside director since June 2002 and acted for 11
years at the conclusion of this meeting.
(2) Akira Kanno is nominated in the expectation of his abundant experience and wide knowledge
in financial circles as well as his objective standpoint which is independent from executive
directors. He has been our outside director since June 2003 and acted for 10 years at theconclusion of this meeting.
(3) Hiroshi Koshida is nominated in the expectation of his abundant experience and wide
knowledge in securities circles as well as his objective standpoint which is independent fromexecutive directors. He has been our outside director since June 2008 and acted for 5
years at the conclusion of this meeting.
Note 5: In November of 2008, Nippon Television Holdings, Inc., where Takashi Imai serves as Outside
Director, broadcasted a news program based on a false recognition of the truth. In March 2009,
Nippon Television Holdings, Inc. apologized to persons concerned and broadcasted thecorrected information in accordance with the Broadcast Act. Though he was not directly
involved with the aforementioned news program, after the broadcast in question, he-5-Note 6:

appropriately executed his role as Outside Director through various measures including Board
Meeting deliberations for proposals to ensure the prevention of reoccurrence of such incidents.
Takashi Imai, Akira Kanno and Hiroshi Koshida are Independent Directors as defined by the
Tokyo Stock Exchange. If they are elected as proposed, they will continue to be Independent
Directors.

Agenda 4:

Election of two Directors in response to the Merger

In response to the expansion of business upon the Merger with OSF, the Company proposes theelection of two new directors in order to strengthen its management functions.
The proposed election of two directors will become effective on the effective date of the Merger(scheduled for July 22, 2013) subject to the condition that the Agenda 2 is approved as well as the Merger
becomes effective.
The candidates are as listed below.
No.
1

Name
(Date of birth)
Takao Hotta(Jan. 1, 1946)

Brief personal history &Significant concurrent positions
Jul. 1997
Jul. 1998
Jul. 1999
Jun. 2003
Jun. 2005
May 2007Jun. 2007

Jun. 2011

Secretary-General of the Executive Bureau, Securities
and Exchange Surveillance Commission
Director-General of the Mint Bureau. Ministry of Finance
Senior Director of Tokyo Financial Exchange Inc.
Executive Deputy President of Japan
Tobacco Inc.(JT)
Representative Director-Executive Deputy
President of JT
Advisor of Osaka Securities Finance
Company, Ltd. (OSF)
President of OSF (to the present)
Director of ODK Solutions Company, Ltd. (tothe present)
Auditor of Mazda Motor Corporation, Ltd. (tothe present)

Shares of
JSF and
OSF owned
JSF―
OSF
37,700(Significant concurrent positions)- Director of ODK Solutions Company, Ltd.
- Auditor of Mazda Motor Corporation, Ltd.
2

Yasufumi Oda(Nov. 6, 1953)

Jul. 2005
Jun. 2010
Jun. 2011
Jun. 2012

Associate Director-General of Financial
System and Bank Examination Dept., BOJ
Associate General Manager Planning Dept., OSF
Director and General Manager Planning
Dept., OSF
Managing Director and General Manager
Planning Dept. OSF (to the present)

JSF
―
OSF
3,700

Note 1: The Company has no conflict of interest with each candidate.
Note 2: Takao Hotta will retire from the position of the Director of ODK Solutions Company, Ltd. on
June 26, 2013.

-6-

Agenda 5:

Election of one Auditor in response to the Merger

In response to the expansion of business upon the Merger with OSF, the Company proposes theelection of one new auditor in order to strengthen its auditing functions.
The proposed election of one auditor will become effective on the effective date of the Merger(scheduled for July 22, 2013) subject to the condition that the Merger becomes effective.
The candidate is as listed below.
The consent of the Board of Auditors has been obtained for this proposal.
Name(Date of birth)Tadahiko Genta(Mar. 3, 1953)

Brief personal history &Significant concurrent positions
Jun. 2002
Apr. 2005
Jun. 2008
Jun. 2012Manager of Kyoto Branch, OSF
General Manager Business Dept. of Tokyo
Branch, OSF
Director and General Manager Business Dept. OSF
Auditor of OSF (to the present)
Auditor of ODK Solutions Company, Ltd.(to thepresent)

Shares of
JSF and
OSF owned
JSF―
OSF
10,900(Significant concurrent positions)- Auditor of ODK Solutions Company, Ltd.
Note 1: The Company has no conflict of interest with a candidate.
Note 2: Tadahiko Genta will retire from the position of the Auditor of ODK Solutions Company, Ltd. on
June 26, 2013.

-7-

Agenda 6:

Election of one Substitute Auditor

At the commencement of this Ordinary General Meeting of Shareholders, the decision of the 102nd
Ordinary General Meeting of Shareholders held on June 27th, 2012 to elect Masato Denawa as Substitute
Auditor will expire. Accordingly, the Company proposes the reappointment of Masato Denawa as
Substitute Auditor in order to provide for the possible case scenario in which the number of incumbent
auditors provided by laws or regulations becomes insufficient.
The candidate is as listed below.
The consent of the Board of Auditors has been obtained for this proposal.
Name(Date of birth)
Masato Denawa(Feb. 5, 1964)

Brief personal history &Significant concurrent positions
Apr. 1990

Jan. 1999
Jun. 2000
Apr. 2002
Jul. 2007
Sep. 2007
Jun. 2008
Apr. 2009
Apr. 2011

Apr. 2013

Registered
Lawyer(DaiichiTokyo
Bar
Association)
Joined Okinobu & Ishihara Law Office (currently,
Spring Partners)
Partner attorney at Spring Partners (to the present)
Auditor of Kinkan Co., Ltd.
(to the present)
Lecturer at Keio Univ. Faculty of Law.
Director of Advise Link Co., Ltd. (to the present)
Auditor of Japan Prime Realty Investment Corp.
(to the present)
Substitute Auditor of JSF(to the present)
Lecturer at Keio Law School
Practicing-Attorney-Professor for Civil Advocacy
at the Legal Training and Research Institute of
the Supreme Court of Japan
Practicing-Attorney-Senior Professor for Civil
Advocacy at the Legal Training and ResearchInstitute of the Supreme Court of Japan(to the present)

Shares of
JSF owned―

Note 1: The Company has no conflict of interest with a candidate.
Note 2: Masato Denawa is a candidate for substitute outside auditor.
The Company asks for his election in expectation of his special knowledge and abundant
experience as a lawyer.

-8-

CONSOLIDATED BALANCE SHEETSAs of March 31, 2013

Millions of Yen

ASSETS
Current assets:
Cash
Short-term investments
Short-term loans receivable
Securities lent
Securities in custody
Securities in deposit
Deferred tax assets
Collateral money for securities borrowed
Other current assets
Allowance for doubtful receivables
Total current assets

124,255
945,971
732,475
347,1492,140
392,791
211
1,092,112
3,166(1,221)
3,639,052

Non-current assets:
Tangible non-current assets:
Buildings and structures
Tools, furniture and fixtures
Land
Leased assets
Construction in progress

2,474
303
3,264
11
507
6,562

Intangible non-current assets:
Software
Other intangible non-current assets

821
21
842

Investments and other assets:
Investments in securities
In-house loan
Other investments and other assets
Allowance for doubtful receivables

528,599
139
1,248
(907)
529,080

Total non-current assets

536,485

Total Assets

4,175,537-9-

As of March 31, 2013
LIABILITIES AND NET ASSETS
Current liabilities:
Call Money
Short-term borrowings
Current portion of Long-term borrowings
Commercial paper
Accrued income taxes
Allowance for bonuses (Employees)
Allowance for bonuses (Directors & Executive Officers)
Collateral money received for securities lentCollateral securities deposited
Securities borrowed
Securities lent opposite account
Other current liabilities
Total current liabilities
Non-current liabilities:
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for employees retirement benefits
Allowance for officers retirement rewards
Asset retirement obligations
Derivative financial instruments
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets:
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

Millions of Yen

1,446,600
606,210
7,500
231,500
222373
39983,076
502,322
203,82135,93731,737
4,049,340

3,675
86
2,272
67
46
864
593
7,606
4,056,946

10,0005,181
96,787(515)
111,453

Valuation and translation adjustments
Net unrealized gain on other securities
Deferred loss on hedges
Gain on revaluation of land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 10 -

7,845
(864)
155
7,137
118,590
4,175,537

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended March 31, 2013

Millions of Yen

Operating revenues
Operating expenses

17,675
8,193

Operating profit
General and administrative expenses

9,482
7,694

Operating income

1,787

Non-operating revenues
Interest received and dividends received
Equity in gains of affiliates
Rental fees
Gain on investment in investment partnership
Miscellaneous revenues

109
486
51
79
43
770

Non-operating expenses
Interest expenses
Miscellaneous expenses

000

Recurring income

2,557

Extraordinary profit
Gain on sale of investments in securities

165
165

Extraordinary loss
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on sale of investments in securities

32
0
118
152

Income before income taxes
Income taxes
Current
Deferred

2,570
593
199
792

Income before minority interests
Minority interests

1,777
‐

Net income

1,777- 11 -

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity

Balance at April 1, 2012

Common stock

Additional
paid-in capital

Retainedearnings

Treasury stock

Total
shareholders’equity10,0005,181

96,312(604)

110,889

Changes arising during the year:
Cash dividends(1,302)Net Income

1,777

Purchase of treasury stock(1,302)
1,777
(0)

(0)

(0)

(0)

89

89

Increase of treasury stock
resulting from change inequity of affiliates
Decrease in treasury stock heldby an affiliate
Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2013

－

－

474

88

563

10,0005,181

96,787(515)

111,453

Accumulated other comprehensive income

Balance at April 1, 2012

Net unrealized
gain or loss on
securities

Deferred loss
on hedges

4,501

－

Gain onTotal accumulated
revaluation of other comprehensive
land
incomeTotal net assets

4,657

115,546

155

Changes arising during the year
Cash dividends(1,302)Net Income

1,777

Purchase of treasury stock(0)

Increase of treasury stock
resulting from change inequity of affiliates(0)

Decrease in treasury stock heldby an affiliate

89

Net changes other thanshareholders’ equity

3,344

(864)

－

2,480

2,480

Total changes during the year

3,344

(864)

－

2,480

3,043

7,845

(864)

155

7,137

118,590

Balance at March 31, 2013- 12 -

NON-CONSOLIDATED BALANCE SHEETSAs of March 31, 2013

Millions of Yen

ASSETS
Current assets:
Cash
Call loans
Short-term investments
Loan for margin transactions
Bond financing and General loans
Other loans
Securities lent for margin transactions
Securities lent for bond lending
Other securities lent
Securities in custody
Securities in deposit
Prepaid expenses
Deferred tax assets
Collateral money for securities borrowed
Accrued revenue
Other current assets
Allowance for doubtful receivables
Total current assets

58,14150,000650,205
502,322122,01129,500216,206
130,000
943
2,140
392,791
16
82
1,071,362
1,228
613
(161)
3,227,403

Non-current assets:
Tangible non-current assets:
Buildings and structures
Tools, furniture and fixtures
Land
Leased assets
Construction in progress

1,702
594
251
830
9
15

Intangible non-current assets:
Software
Other intangible non-current assets

617
597
19

Investments and other assets:
Investments in securities
Shares in affiliates
Investments in capital
Guaranty money deposited
In-house loan
Other investments and other assets
Allowance for doubtful receivables

433,646406,293
26,893
36
284
139
190
(190)

Total non-current assets

435,966

Total Assets

3,663,370- 13 -

As of March 31, 2013
LIABILITIES AND NET ASSETS
Current liabilities:
Call Money
Short-term borrowings
Current portion of Long-term borrowings
Commercial paper
Accrued expenses
Accrued income taxes
Allowance for bonuses (Employees)
Allowance for bonuses (Directors & Executive Officers)
Collateral money received for margin transactions
Collateral money received for securities lent
Deposit received
Collateral securities deposited
Securities borrowed
Securities lent opposite account
Advanced received profit
Other current liabilities
Total current liabilities
Non-current liabilities:
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for employees retirement benefits
Allowance for officers retirement rewards
Asset retirement obligations
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets:
Shareholders’ equity
Common stock
Capital surplus
Additional paid-in capital
Retained earnings
Earned surplus reserve
Other retained earnings
Reserve for dividends
Special reserve
Retained earnings carried forward
Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Net unrealized gain on other securities
Gain on revaluation of land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 14 -

Millions of Yen

1,161,600
383,310
2,000
231,500
166
17
328
39
26,878994,732
111
502,322
203,82135,93704,220
3,546,987

2,744
86
2,147
43
46
3
5,071
3,552,059

10,0005,181
5,181
89,6962,278
87,4182,030
77,0308,358(506)
104,371

6,783
155
6,939
111,310
3,663,370

NON-CONSOLIDATED STATEMENTS OF INCOME

For the year ended March 31, 2013

Millions of Yen

Operating revenues
Operating expenses

14,154
7,015

Operating profit
General and administrative expenses

7,139
5,849

Operating income

1,290

Non-operating revenues
Interest received and dividends received
Rental fees
Miscellaneous revenues

199
51
18
270

Non-operating expenses
Miscellaneous expenses

00

Recurring income

1,560

Extraordinary profit
Gain on sale of investments in securities

136
136

Extraordinary loss
Loss on retirement of non-current assets
Loss on sale of investments in securities

0
118
119

Income before income taxes
Income taxes
Current
Deferred

1,577
366
185
552

Net income

1,025- 15 -

NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Millions of Yen
Shareholders’ equity
CapitalsurplusRetained earnings
Other retained earnings
Retainedearnings
carriedforwardTotal
retained Treasury
earnings
stock

2,030

8,635

89,973

Cash dividends(1,302)(1,302)(1,302)

Net income

1,025

1,025

1,025

Additional
paid-in Earned Reserve for Special
Commoncapital reserves
stock
dividends reserves
Balance at April 1, 2012

10,000

5,181

2,278

77,030

(505)

Total
shareholders’equity104,649

Changes arising during the year:

Purchase of treasury stock
Net changes other thanshareholders’ equity
Total changes during the year
Balance at March 31, 2013

－

－

－

－

(277)

(277)

(0)

(278)

10,000

5,181

2,278

2,030

77,0308,358

89,696(506)

104,371

Valuation and translation adjustments

5,016

Gain on Total valuation
revaluation of and translation
land
adjustments
155

5,172

Total net assets
109,821

Changes arising during the year:
Cash dividends(1,302)

Net income

1,025

Purchase of treasury stock(0)

Net changes other than
1,767

－

1,767

1,767

Total changes during the year

1,767

－

1,767

1,489

Balance at March 31, 2013

6,783

155

6,939

111,310

shareholders’ equity(0)－

Net unrealized
gain or loss on
securities
Balance at April 1, 2012(0)

- 16 -