NAKANO CORPORATION

Annual Report 2011
Fiscal year ended 31st March 2011

CONTENTS
Financial Highlights

1

Business Overview and Results

2International Operations Network

4

International Works Portfolio

6

Domestic Works Portfolio

12Report of Independent Auditors

14

Consolidated Balance Sheets

15

Consolidated Statements of Income

17

Consolidated Statements of Comprehensive Income

18

Consolidated Statements of Changes in Net Assets

19

Consolidated Statements of Cash Flows20

Notes to Consolidated Financial Statements

21

Supplemental Information
Nonconsolidated Balance Sheets

39

Nonconsolidated Statements of Income41

 X ! Z  [Company History

43

Investor Information

43

Share Price Range

43

Annual Report 2011
For further information contact:
Nakano Corporation
International Operations Headquarters
4-2-28 Kudan-kita, Chiyoda-ku,
Tokyo 102-0073, Japan
Tel: +81-(0)3-81-3265-4685
Fax: +81-(0)3-81-3265-4698
www.wave-nakano.co.jp

Cautionary remarks regarding forward looking statements
This Annual Report includes forward-looking statements that represent Nakano Corporation’s assumptions and expectations in light !!!\  >!]"<  ! >  ^   * !!< ! *!  _!
uncertainties which may cause actual performance results to differ from those discussed in the forward looking statements in accordancewith changes in the domestic and international business environment.

FINANCIAL HIGHLIGHTS
NAKANO CORPORATION and its subsidiaries
Years ended March 31, 2007 through 2011
2007

Contract awards

2008

2009

2010

2011

2011

Millionsof yenThousands of
U.S. dollars¥ 127,069¥ 136,232¥ 125,333¥ 107,751¥ 99,321$ 1,194,479

101,702116,360

116,593

120,186

120,283

1,446,578

Operating income

1,543

2,687

2,902

2,956

1,404

16,885

Ordinary

1,281

2,536

2,650

2,740

1,362

16,380Net income

953

1,767

1,768

1,829

639

7,684

-

-

-

2,007

180

2,164

Total net assets

11,583

11,285

10,14011,941

11,914

143,283

Total assets

78,08773,54280,72571,183

65,231

784,497

Net cash provided by (used in) operating activities

6,719(2,344)

(645)

5,468

9,617

115,658

Net cash provided by (used in) investing activities

1,031

5,014

93

73

(464)

(5,580)Net cash provided by (uses in) financing activities(1,447)(5,294)

1,568(4,058)(1,692)(20,348)

Cash and cash equivalents at end of period

12,976

10,024

10,702

12,326

19,552

235,141

Yen

U.S. dollars

Net sales

Comprehensive income

Per shere of common stock (in yen and U.S. dollars)
Net assets¥ 243.63¥ 259.91¥ 285.30¥ 336.92¥ 337.52$ 4.05

Net income

26.75

50.47

51.40

53.19

18.58

0.22

Cash dividends applicable to the year

3.50

6.00

6.00

6.00

6.00

0.07

Number of employees

1,133

1,154

1,122

1,129

1,145

Note: The rate of ¥83.15 = US$1.00, the foreign exchange rate on March 31, 2011, has been used for translation.
Net Sales
160,000

140,000

140,000

120,000

120,000

100,000

100,000

80,00060,000Net Income
2 000
2,000

1,500

Millions of yen

160,000

Millions of yennMillions of yen

Contract Awards

80,00060,00040,00040,00020,00020,000

500

0

0

0

Domestic

International

Medical Welfare
12.5%

Medical Welfare
10.3%
Industrial
22.3%

Educational 3.6%

2009

2010

2011

Operating IncomeJapan¥370.412mln

Industrial
16.6%

Office7.1%
North America¥133.007mln

Warehouse/
Logistics 2.6%

Warehouse/ Logistics 1.1%

2008

International

Construction Sales

Construction Awards

Office 12.0%

2007

2007 2008 200
09 2010 20112007 2008 2009 2010 2011

Domestic

1,000

Retail 12.5%¥99,321mln

Other
13.4%

Educational
9.2%

Rental13.8%

Sale Housing
12.2%

RentalHousing
9.1%¥118,693mln

Other
9.1%

¥1,404mln

Rental Housing
16.1%
Sale Housing
16.5%

-1-

Southeast Asia
¥901.398mln

Business Overview & Results < ! !_! X !''*< _ ! !_!`>* <! \    ><   < \   > >  < !    ! ]$  !!XX ! 
the opportunity to have developed into a well established company in the construction industry. Now, a new!<!\ <  {  \ > ! ]$ ! >> !!X
ourselves to this ever-changing new environment, and to accommodating our customer’s expectations andrequirements. In order to accomplish this goal, our business philosophy emphasizes three core elements,“Faith, Enthusiasm, and Creativity.”

A Message from the President
2011 Business Report
We are pleased to provide details of the company and its subsidiaries         

(1) Current Corporate Group Condition
Business Course & Results
Although there has been some relief for export oriented companies provided byincreasing demand by developing nations, a steep appreciation in the value of
the Japanese Yen has meant the pace of recovery for the Japanese economy < ! ! ! <!\ \ ]"<X  <!\ 
crude oil and raw material supplies due to instability in the Middle East, has led
to a weakened economic environment and sustained economic uncertainty.

Although we have reorganized our group structure to quickly address the changing needs of our clients and theJapanese economic environment, the domestic construction industry has observed a continued trend of contracted
public sector investment, and no genuine recovery in private sector capital spending. These factors have contributed to! } >  >! _ >! \ !  >X    _  ]  *our 36 years of international experience and achievements have allowed us to register consistent achievements in therobust economies of South East Asia. As a result, our business performance for this period is as follows.
  ! !    < !  !  ! 
 ~*'> ~*[> !!   ! ] !*
nonconsolidated construction awards were ¥68,291mln (¥17,770mln annual decrease).
The major domestic orders received during this period were for new construction of the Tohoku Regional Raw Material  ; !{!    !X! "\! ]* > <_< ]* ] "!\! ]' ! * =!` ! * "_
![`<> $ ! !X !!> *!"!_!_;X!
= !}X!  _(provisionally named) by Tokyo AiseikaiMedical Association.
 !!*>!   >X      _ < <! Z! _; ! \
in Singapore by Ascendas Frasers Pte Ltd a joint venture between Ascendas Land and Frasers Centerpoint, newconstruction of the CSF CX5 Data Center in Malaysia by Integrated DC Builders SDN BHD, Toyo Seal Indonesia’s No.3
! *!  < _! !_! =! !$! < "<!!\"<!!_! !_]-2-

!  <! ! ! ~*'>~>!! ! *>X  ~*%'><
annual decrease) for construction works, and ¥1,590mln (¥97mln annual increase) for real estate related businesses.
!*`! !  <! ! ! ~'*>~%*>!!  ! *
comprised of ¥92,355mln (¥6,972mln annual decrease) for construction works, and ¥1,215mln (¥122mln annual
increase) for real estate related businesses.
Primary domestic completions included construction of Kosha Heim Mukaihara (Period 1) by Tokyo Metropolitan
Housing Supply Corporation, new construction of The Koshigaya Building by Koshigaya Gomu Kogyo Co., Ltd., Higashimatsuyama Station East Exit Precinct Upgrading and Facility Building Construction by Sekisui Chemical Co., Ltd., and
new High School Construction (provisionally named) by Amagasaki City, Hyogo. Internationally, major completions
included St. Thomas Suites Condominium in Singapore by FCL Tower Pte Ltd., the Konica Minolta Period 3 Factory!$ ! =!!!\ !=!!" <=!!!*Z!! <>! \Z"]
Panasonic Energy Indonesia, and the Auto Interior Products Period 2 Factory in Thailand by Auto Interior Products.
From the above results, consolidated construction work to be carried forward were ¥115,479mln (¥19,371mln annual
decrease), and non-consolidated consolidated construction work to be carried forward ¥79,125mln (¥24,063mln annual
decrease).
 >X !\ <! ! ! *X !>  !~*[[>~*>!!  ! * _X  !~*'%>~*'>!!  ! *!   ! 
~%'>~*>!!
decrease). Moreover, in non-consolidated terms, operating income was ¥43mln (¥2,259mln annual decrease), working
X  !~[%>~*>!!  ! *   ! 
~'>~*>!!  ! ]

Akira Asai
President, NAKANO CORPORATION-3-

NAKANO INTERNATIONAL
Z "  "$   !  "   #  
Centering on the diverse economies of Southeast Asia, Nakano Corporation’s international construction
operations have allowed us the opportunity to partner with some of the world’s largest and most prominentinternational and domestic Japanese corporations to produce a wide and varied array of high quality,competitively priced works. In the future, it is our intention to exert every possible effort towards the realizationof even greater international expansion and development.

Tokyo

Hanoi Shenzen
Bangkok

Ho Chi Minh City

Kuala Lumpur
Singapore
JakartaHeadquarters
Tokyo, Japan !! 
USASingapore
Malaysia
ThailandIndonesia
Vietnam
China

Surabaya

Project Locations
Algeria
Australia
Bahrain
China
EnglandFranceGermany
Guam
Hungary
Indonesia
Iran
Iraq

Jordan
Libya
Malaysia
Myanmar
New ZealandRussiaSaudi Arabia
Singapore
South Korea
Spain
Syria
Taiwan-4-

ThailandUSA
Vanuatu
VietnamYemen $  Translating globalizing client needs into reality  <  !\<>        !!    <    !   [ ! !X  
1975, Nakano Corporation has successfully completed upwards of 1,300 international projects in 35 nations
around the world. By integrating advanced technical know-how with safety and quality based project management techniques has forged a reputation for sound, quality works completed within time and budgetary
constraints.

Consolidated Net
Construction Sales

Domestic
Market77.2%

Singapore 11.2%¥118,693mln
Thailand 4.3%
Malaysia 4.0%%
Indonesia 2.7%
2Vietnam 0.6%

San Jose
Los AngelesgHeadquarters"_=!
 

$ %

"<_ ! * !
!_! ! *!_!
!! ! * !!
< ! *__!

+302%'  ()  %

Nakano’s international based sales have grown from
¥9.10bln in 2006 to ¥27.51bln in 2011¥30bln........................................................................................................................................................................................................

¥25bln...................
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¥15bln

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¥10bln¥9.10bln.......
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¥27.51bln *

+




-5-



;__! !< *!XX ;!< ! !< *<\!
! ! !< *!!>!
_<!>! !< *_<!>!
\! !_ !< *"< !
"! !< *"!`_
!"<_ !< *;!<<= !  *__!<;!>!>!!  *;!>!>!;!  * >!!!_
!_<!  * !_<=  ""$  2011

Since initially expanding into the diverse economies of South East Asia, Nakano Corporation has continually developed its technical expertise in order to expand both the scale and nature of international projects. In addition to ourdesign, construction and technical assistance activities, large scale real estate development projects undertaken by  X>  !>X   !X <! ! >   X! X >>{!
project management.

St Thomas Suites
"<>!$!_*!X 
St Thomas Suites is an 176 apartment
ultra premium residential unit developmentof two 33-level high rise tower towers
and an elevated landscaped green zone.
Designed by Japanese architect Masaki
Miyaki, the project’s distinctive curved
forms rise at orientations providing shelter
from daytime sunrays and maximum
extension of its open-plan interiors.

Latitude Condominium !!=! !*!X 
Completing in 2010, Latitude Condominium is a luxury residential freehold condominium
development of one 22-storey tower and two 23-storey towers in Singapore’s exclusive
Jalan Mutiara residential precinct. Developed by Phoenix Reality Pte Ltd (Capitaland), the127 unit development is located less than 10 minutes from Singapore’s CBD, and nearby
Orchard Road many dining, shopping and entertainment attractions.

Caspian Condominium
!_  &  *!X 
Set upon a spacious parcel of lakeside land, this eleven 17-storey
building development of 712 residential leasehold units by Frasers
Centerpoint will transform Singapore’s Jurong Lake district into
a vibrant commercial district upon project completion in 2012.

-7-

Changi Business Park Changi South, !X 

>> !>X };  
Changi Business Park is a mixed use development project set for completion in 2012. Constructed by Nakano Singapore
as a joint venture between Ascendas Land and Frasers Centerpoint, the project comprises a retail shopping complex, \*!<   X> ]X *< X   !  !!X !  *! !
easy access to nearby amenities such as the Singapore Expo exhibition center, transport links, and a growing numberof domestic and international hi-tech corporations in the surrounding area .

Optima Condominium"!!<= !<<   *!X [

X>!>>!X   [` 
residential tower blocks developed as a joint venture
between Hong Leong Group Singapore and Japan’s Mitsui
Fudosan. Set for completion in 2014, the 28,199m2 project
offers full onsite luxury condominium facilities and ease ofaccess via the adjacent Tenah Marah MRT station link.

-8-

$!  >> _   !*!X '    >X   !  '* $!   
Condominium is a 36,241m 2 waterfront leasehold ! !  >X }     !
towers that line the tranquil banks of Bedok Reservoir tothe north and Bedok Reservoir Park to the East, around
10 minutes from Changi International Airport.

Designed by DP Architects, and jointly developed by
Frasers Centerpoint Limited and Far East Organization,
the project is set on a resort style 3,160m2 site combining
easy access to lush parklands, high quality schools, andsurrounding leisure amenities such as the Eastlink Mall,
Bedok Shopping Complex, and the Eastpoint Mall.

Singapore BCA Construction ExcellenceAward for Metropolitan Condominium
The Metropolitan Condominium has been awarded with theSingapore Building Construction Authority’s 2011 Award
for Construction Excellence in the category of Residential
Buildings S$1,200/m2 and Above. The award recognizes highstandards of management, technical expertise, and work excellence. The
Metropolitan received the award for overcoming the constraints posedby the proximity of an MRT station and line, as well as the adoption of
precast elements and system formwork to enhance productivity.
The Metropolitan Condominium was also previously a recipient of<   =! _ !*!\ <>! _  > !
scheme designed to recognize and promote best practices for
quality, design and performance in the construction industry. The
project includes a 8,106m2 green area, sky garden, rainwater
harvesting technology, automatic irrigation systems, energy < >*!   >! !]-9-

 "

"

 &" $  2011&!!  \ !!*=!!!
Set for completion in 2011, projects such as Nakano Construction’s 53,518m2 Integrated DC Builders CSF CX5 Data
Center in Cyberjaya, Malaysia have allowed our group to exercise our production facility and warehouse based industrial  }X   ! !   ! <` < ! < >! _  X ! !  !]   ," 

1,300+

Major Project
Completions
Across Asia so far

Sumitec Vietnam FactoryZ !! * !>

Mitsubishi Pencil Vietnam Factory"<! !Z! _* !>

Panasonic Energy Indonesia Factory\  !! * !

Mitsubishi Pencil Vietnam Factory"<! !Z! _* !>

- 10 -

2011 Bureau
Veritas Issue
5 Food Safety !

! ! !>!   !! * !>!  < X  ! ! ! \!!!  ! *<!  <   >!! <> !X  ! ]"< X  !;<=< }X   
hot, humid weather all year round, and required both a level of design and construction superior to Japanesestandards, as well as a low cost and reduced construction schedule. To accommodate these requirements, theproject employed a range of cutting edge provisions such as insulation panels over its roof and walls and countermeasures against freezing and frosting, and contamination by chemicals and foreign objects.

Takai Seiki Indonesia Factory== !! * !

Toyo Seal Factory== !! * !

Ohara Plastics Vietnam Factory"<! !Z! _* !>

Thoken Thermo Tech Training Center>!! !_  !! *"<!!

_!Z<! >! ! ! $! <
!><!_ *"<!!

Enshu-Sanko Vietnam Factory
! < !! * !>

- 11 -

&="$ Z"

2011=!$!  !Z\$ ! !"_

>!!!_=X!\<;<< >!!!_*;This state-of-the-art new high school is designed to offer an innovative rangeof new electronic, commerce, and mechanical based courses in addition to
traditional subjects. The campus is set in an organic format to foster open
communication, and promote an easy learning environment for students andteachers. The campus also incorporates cutting edge environmental technologies
such as roof gardens, implanted wall greenery, natural sky lighting, and permeable
!   !X!  ! X       ]<`! ! ]'  !>X }"_

<!; >=_!<! !"_ !  <  <>!*;

Heim Grande Higashi-matsuyama;!<`>!!>!*!!>!

- 12 -

"_ \!;=X!!; !<!! =!! >  >&  >\  !_! !!   <;= !X!!; !<!! Management System) by the Japan Construction Occupational Safety and Health Association. The
COHSMS system structure focuses on initiatives to realize safe, comfortable working environments,
the eradication of occupational injury causes, and the betterment of onsite corporate construction
health and safety standards.

   "_
Ogura Uomachi 3-chome Building!`_<*__!

Osaka Municipal Senri Furuedai Apartments!*!_!

!=X!< <  !*!_!

Z! _" ;!<`!! "_

Koshigaya Landmark Building
<!!*!!>!

_\  !>X }"_

- 13 -

$-.%$/%3!"-.-"-/4"!/%$)The Board of Directors
NAKANO CORPORATION
We have audited the accompanying consolidated balance sheets of NAKANO CORPORATION and consolidated subsidiaries as of March 31, 2011 and 2010, and the related consolidated statements of income,                                             !                      ! !  "  ! ! !      !        #     $!         !        !  !                 % !  !           !  !      !
        % !    !    !     !                   !        
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
& !                                      '%(%' )*)%&'      !     + /4 5644
  5646        !                       !         # 
 78  !                    ended March 31, 2011 are presented solely for convenience. Our audit also included the translation of yen
amounts into U.S. dollar amounts and, in our opinion, such translation has made on the basis describedin Note 2.

IZUMI AUDIT CORPORATION
9 #August 31, 2011- 14 -

%)%5!"/-"'5-)6--/)
NAKANO CORPORATION and its subsidiaries
As of March 31, 2010 and 2011
Thousands of
U.S. dollars

Millions of yen(Note 2)2010

¥ 12,750

7 89*; 9<89

Notes receivable, accounts receivable from completed
construction contracts and other (Notes 4 and 7)
Costs on uncompleted construction contracts (Note 4)
Costs on real estate business (Note 4)
Raw materials and supplies
Deferred tax assets (Note 10)
Accounts receivable-other
Other
Allowance for doubtful accounts

23,444
11,211
462
23
937
1,740
1,158
(669)

=8>>
8*
>
<
9=
*>
8
?<9@

 >8>>< 8*9+8<+



<8=>

>8**
 8* ?8<9@Total current assets

51,059

9<8<<

 <9>8+>

+8>
89
8
 ?<89*@ =+8=9 >8= 89
 ?*8*+<@16,072

<8* +>8++=

131

>

2,555
464

8*9 +89*<8<



Current assets:
Cash and deposits (Notes 4, 6 and 7)

Noncurrent assets:
Property, plant and equipment (Note 4)
Buildings and structures=!< * < **  !} 
LandConstruction in progress
Accumulated depreciation

Total property, plant and equipment
Intangible assets

8,337
*[[%
11,0600(4,772)

8<>

Investments and other assets
Investment securities (Notes 4, 7 and 8)
Long-term loans receivable
Claims provable in bankruptcy, claims provablein rehabilitation and other
Deferred tax assets (Note 10)
Other
Allowance for doubtful accounts

1,000
521
352
(973)





>+
+9<
=
?>@

89
 8*
8=<*
 ?89+=@Total investments and other assets

3,920



8==

 9>8<Total noncurrent assets

20,124 =8*+ *8*+

¥ 71,183¥ *<8

; >+989=>

Total assets"< !>X! ! !  !X! <  !!! > ]

- 15 -

Thousands of
U.S. dollars
Millions of yen(Note 2)

2010





¥ 32,983

7 *8>

; 9*8==

700

<*



*8>9

Short-term loans payable (Notes 7 and 15)
Income taxes payable

4,108
122

8><<
=

9<8<=
8*>

Advances received on uncompleted construction contracts

12,53998<>+



<<8<>

158
557
641
954

+
8
<>
=9<






8*<=
8=
98=
8*<

Liabilities
Current liabilities:
Notes payable, accounts payable for construction
contracts and other (Note 7)
Current portion of bonds (Note 14)

Provision for warranties for completed construction
Provision for loss on construction contracts (Note 4)
Provision for bonuses
Other (Note 15)
Total current liabilities

52,764

 9>8>*+ <>989>=

100
4,403
156

171
945








<*
8
9>
+9>
9
+9+








*8>9
*89<
8>*>
8+*
8>
8=+

Total noncurrent liabilities

6,478



<8<9+



**8>

Total liabilities

59,242 <8>

 *989

5,061

7

<8*

;*8+*<

Capital surplus
Retained earnings
Treasury stock

1,400
6,759
(26)





89
>8=
?>@





*8+>
+*89=9?9@Total shareholders’ equity

13,195 8** *8+>

##    Q
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

193(1,800)=* ?8*@
8<9
 ?<899>@

Total accumulated other comprehensive income(1,606)

 ?8=@

 ?98+@Noncurrent liabilities:
Bonds payable (Note 14)
Long-term loans payable (Notes 7 and 15)
Deferred tax liabilities (Note 10)
Z    > \    
Negative goodwill
Other (Note 15)

Net assets
Shareholders’ equity:
Capital stock






¥

Minority interests:

352

Total net assets

11,941 8=9 98+¥ 71,1837 *<8

; >+989=>

Total liabilities and net assets"< !>X! ! !  !X! <  !!! > ]

- 16 -

>

8*=

%)%5!"/-")//--/)%3!%-











NAKANO CORPORATION and its subsidiaries
For the years ended March 31, 2010 and 2011
Thousands ofMillions of yen

U.S. dollars(Note 2)





2010
Net sales:
Net sales of completed construction contracts
Sales on real estate business (Note 11)
Sales on other business¥Total net sales
Cost of sales:
Cost of sales of completed construction contracts (Note 5)
Cost of sales on real estate business (Note 11)
Cost of sales on other businessTotal cost of sales

118,693
1,450
41

7

120,186 8+ 899*8<>+

111,293573
25

 8

><

+

 8<=8**=8=
9<>

111,892 8+ 8*+8>9

+8*=8<<
+

;



89>89<*+8**<
9<>

X




 Q X >X    ! X ` ! ! \  X `< \ *'

%





<8*>
+
?@





*+8=
=8*?@"! X 

*'



*89>



>>8+) 8     Z  ?<@

5,337



<8**

*8=*Operating income

2,956



899



*8++<[  Q
Interest income
Dividends income
Amortization of negative goodwill
Other

50
32
57
30






=
9
<>
9>






89
9+
*+<
<*<

Total non-operating income

170



<+



8

265
51
68





+9
9=
**





8<+=>=[ Z  QInterest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income-Z   Q
Gain on sales of noncurrent assets (Note 5)
Reversal of allowance for doubtful accounts
Other
Total extraordinary income-Z    QImpairment loss
Provision of allowance for doubtful accounts
Bad debts written off   > \  X!  '_!
Loss on disaster
Other



Total extraordinary losses

386







8*>

2,740



8*

*8+

13
51
6






<
*






*8>
>

71



<



*8<

15
495
`
126




<
*
<*
=




8*
8=9+
*>8=>











637



<<



*8

Income before income taxes and minority interests

2,174



8<>



*8=!  Z Q
Income taxes-current
Refund of income taxes for prior periods
Income taxes-deferred (Note 10)

249
82





>*

<=





98<
8<9=
8=

332



>9+



+8==<

1,842



*+



>8

12



?@



?*@

1,829

7

*=

;

>8*+9

Total income taxes
Income before minority interests   ? @
¥Net income"< !>X! ! !  !X! <  !!! > ]

- 17 -

%)%5!"/-")//--/)%3%.$-6-)!\-!%-

NAKANO CORPORATION and its subsidiaries
For the years ended March 31, 2010 and 2011
Thousands ofMillions of yen

U.S. dollars(Note 2)





2010
¥

Income before minority interests

1,842

*+

;

>8

156
9

?=*@
?@

?8<9@?8=+@165?9>@



?<8<@Comprehensive income

2,007

+



8*9Comprehensive income attributable to:Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

1,981
26

*
?9<@




8>>
?<9@

Other comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income"< !>X! ! !  !X! <  !!! > ]

- 18 -¥%)%5!"/-")//--/)%36X-)!-/))-/)NAKANO CORPORATION and its subsidiaries
For the years ended March 31, 2010 and 2011
Millions of yen
Shareholders’ Equity

Accumulated other comprehensive income
Valuationdifference

'

 

   8=

¥Foreign

Total
accumulated

Total

on available

currency

other

CapitalCapitalRetained

Treasuryshareholders’-for-saletranslation

comprehensive

Minority

Total netstock

surplusearnings

stock

equitysecurities

adjustment

incomeinterests

assets(1,758)

¥

5,061

¥

1,400

¥

5,136

¥

(25)

¥

11,572¥37¥ (1,795)

¥

326

¥

10,140

Dividends from surplus

-

-

(206)

-

(206)

-

-

-

-

(206)

Net income

-

-

1,829

-

1,829

-

-

-

-

1,829

Purchase of treasury stock

-

-

-

(0)

(0)

-

-

-

-

(0)

-

-

-

-

-

156

(4)

151

26

178

-

-

1,623

(0)

1,622

156

(4)

151

26

1,800

13,195¥ 193¥ (1,800)

Net changes of items otherthan shareholders’ equity
Total changes of items
during the period'    8

¥

5,061

¥

1,400

¥

6,759

¥

(26)

¥

¥

(1,606)¥352¥

11,941Dividends from surplus

[

[

?*@[?*@

[

[

[

[

?*@

Net income

[

[

*=

[

*=

[

[

[

[

*=

Purchase of treasury stock

[

[

[

?@

?@

[

[

[

[

?@

[

[

[

[

[

?=*@

?*@

?9@

?9<@

?9<+@

[

[

9

?@

9

?=*@

?*@

?9@

?9<@

?*@

7 89 7 >8=

7 ?>@7 8**=*

7 ?8*@

7 ?8=@7 >

7 8=9

Net changes of items otherthan shareholders’ equity
Total changes of items
during the period'    8

7 <8*7

Thousands of U.S. dollars (Note 2)
Shareholders’ Equity

Treasurystockshareholders’equityValuationdifference
on available-for-salesecurities(312)$ 158,689$ 2,321

Total

'

 

   8

Capitalstock

CapitalsurplusRetainedearnings$ 60,865$ 16,837$ 81,286

Accumulated other comprehensive income$

Foreigncurrencytranslation
adjustment$ (21,647)

Total
accumulated
othercomprehensive
income$Minority
interests

Total net
assets(19,314) $ 4,233$ 143,607

Dividends from surplus

[

[

?89>>@[?89>>@

[

[

[

[

?89>>@Net income

[

[

>8*+9

[

>8*+9

[

[

[

[

>8*+9

Purchase of treasury stock

[

[

[

?@

?@

[

[

[

[

?@

Net changes of items other'than shareholders’ equity

[

[

[

[

[

?8<9@?8+@?98=<9@

?<9@

?<8<+@

Total changes of items during the period

[

[

<8=<

?@<8+

?8<9@?8+@?98=<9@

?<9@?@; *8+*< ; *8+> ; +*89=9; ?9@; *8+>

; 8<9; ?<899>@; ?98+@ ; 8*=; 98+    8

"< !>X! ! !  !X! <  !!! > ] - 19 -











%)%5!"/-")//--/)%3)635%]) 





 

NAKANO CORPORATION and its subsidiaries
For the years ended March 31, 2010 and 2011

Millions of yen

Thousands of
U.S. dollars(Note 2)



2010
Net cash provided by (used in) operating activities:
Income before income taxes and minority interests
Adjustments for:
Depreciation and amortization
Impairment loss
Amortization of negative goodwill
Increase (decrease) in allowance for doubtful accounts   ! X    > \  Interest and dividends income
Interest expenses
Decrease in notes and accounts receivable-trade
Decrease in costs on uncompleted construction contracts
Decrease (increase) in other inventories
Increase in notes and accounts payable-trade
Decrease in advances received on uncompleted construction contracts
Other, net

¥

2,174

7

8<>

;

*8=

430 
15
(57)
378

(83)
265
3,902 
7,770
23
731 
(8,588)(1,086)

=<

?<>@
?9@
9<?<@
+9
89+9
+8<*<
?9=@
8<
?>8=<@
8<

98><
?*+<@?<8+@8>9
?8+9@8
98=
8*?8==9@989?=<89=@+8=

SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid

5,929 83(271)
(272)

8=
<?=@
?<*@

8<9=
8+9?8+<@?*899*@Net cash provided by operating activities

5,468 =8*>

<8*<+

Net cash provided by (used in) investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Other, net(770)
1,077 (409)
105 
(0)
(24)
6
89

?9>@
>
?=9@
*


?<8<@+9?8@=
=*

Net cash provided by (used in) investing activities

73 ?9*9@

?<8<+@
(3,240)
-(457)-(100)
(206)(54)


?9<<@
?8<>@8>9
?8+@?*@
?<<@

?<89>@8*>
?+8++@*8<9?8=++@?89>>@
?**@

[*
139 
1,623 10,702?8*=@
?@
>8*
8*?89+@?8+@+*8=
9+8+

12,3267 =8<<!<X  \ !! 
Net decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Other, net!< !! 
Effect of exchange rate change on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period (Note 6)¥"< !>X! ! !  !X! <  !!! > ]
- 20 -;<89

%/-)/%%)%5!"/-"3!!5)//--/)
NAKANO CORPORATION and its subsidiaries

1. Basis of Presenting
Consolidated Financial
Statements"< ! !!! > X   < 
Z " < >X!
and its consolidated subsidiaries (together, the “Companies”) are prepared in accordance with theprovisions set forth in the Corporation Law of Japan and the Financial Instruments and Exchange
Law of Japan, and in conformity with accounting principles generally accepted in Japan (“Japanese
GAAP”), which are different in certain respects as to application and disclosure requirements ofInternational Financial Reporting Standards.
 X X! <  ! !!! > * ! !!! ! ! > <! \ >! < ! !!! >  > !  X  
< >! > <<> !>!  !  !X!]!* ! !!<! \ >! < !!! >  >< !! ]

2. U.S. Dollar Amounts

"< !! !!! > X   < !  }X  !X!  
yen by rounding down to the nearest million. The U.S. dollar amounts shown in the accompanying! !!! > ! < <! \  !!  >!X!   
U.S. dollars on the basis of ¥83.15 to U.S.$1, the rate of exchange prevailing at March 31, 2011,and have been then rounded down to the nearest thousand. These U.S. dollar amounts are notintended to imply that the Japanese yen amounts have been or could be converted, realized or
settled in U.S. dollars at this or any other rate.

'] >>! !
Accounting Policies    1) Scope of Consolidation"<  >X! <!  \!   !  =! < '*  ! ] "<  !  !!
statements for the years ended March 31, 2010 and 2011 include the accounts of the Company!!\!  ]"< >X!<!'!! !=! <'*!] =! <'*!*<  {> < !!XX !!! *!<  >X! ! > !  !   > < ! !!! > ]2) Financial Statements of Subsidiaries
"< !! ! ` !  !\! &  >\ '] !< \! <  X  > \< X !!!! > X X! !=! <']< \!  !! ! ` =! <']
3) " ^ !  -_#   )#^  
Excess of the cost of investment in a subsidiary over the amount of the underlying equity in the net! < \! X X!!>   ! ` ! X ! !<` \!]According to the revised accounting standard for business combinations which became effective April
** !  <!\   !!!! !!<    !\ 
assets and liabilities upon acquisition. The revised standard permits negative goodwill recognizedon, or before April 1, 2010 to be amortized under the previous accounting standard.
 !    * \   X *!>   ! ` ! X !
straight-line basis as permitted as a transitional measure by the revised accounting standard.
^ ! ) #
 >      !  !  ! !   *  X   >!! >   * !
follows:i) held-to-maturity debt securities, which are expected to be held to maturity with the positive intent
and ability to hold to maturity are reported at amortized cost and ii) available-for-sale securities,<<! ! !< ! >     *!  X  !! ! * < ! 
gains and losses, net of applicable taxes, reported in a separate component of net assets, while thecost of securities sold is computed using the moving- average method.
Non-marketable available-for-sale securities are stated at cost determined by the moving-averagemethod. For other than temporary declines in fair value, investment securities are reduced to net
realizable value by a charge to income.

- 21 -

 !
>X    !!   > \< X  !> <]Real estate for sale, costs on real estate business and raw materials and supplies are stated at  > \< X  !> <  ! !  ! ! ! ! 
business and by the last purchase price method for raw material and supplies, while the net bookvalue of these inventories in the balance sheet is written down if the net realizable value declines.
 .8.  -_#?Z #   @Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment of theCompany and its domestic consolidated subsidiaries is computed by the declining-balance method,< \ }\} !{  !  X *!  X ! 
the straight-line method. The useful lives and residual values of the assets are determined basedon the regulations of the Corporate Income Tax Law.
Foreign consolidated subsidiaries use primarily the straight-line method.
 ! ^   ?Z #   @Intangible assets are amortized by the straight-line method. Useful lives of the assets are determinedbased on the regulations of the Corporate Income Tax Law.
Software for internal use is amortized over a period of the internal available years (5 years) using
the straight-line method.
 5  
& X ! ! !  !  ! <! !   <X<  ! ! 
to the lessee is calculated by the straight-line method over the lease term of the lease assets withno residual value.
Finance leases which existed at March 31, 2008 and do not transfer ownership of the lease assets
to the lessee are accounted for as operating lease transactions, as permitted by the accounting
standard.
    "#^#  #The allowance for doubtful accounts provided by the Company and its domestic consolidated
subsidiaries is stated in amounts considered to be appropriate based on each company’s past credit
loss experience and an evaluation of potential losses in the receivables and others outstanding.
Foreign consolidated subsidiaries provide for such possible losses based on the estimated \ !>< X !] . ]     # The provision for warranties for completed construction is provided by the Company and its domestic
consolidated subsidiaries to cover expenses for defects claimed concerning completed work basedon the estimated amount of compensation to be paid in the future for the work completed during the! ! ] . 5  #  
The provision for loss on construction contracts is provided with respect to construction projects forwhich eventual losses are reasonably estimated.
` . '# 
The provision for bonuses provided by the Company and its domestic consolidated subsidiaries is
accrued at the year end to which such bonuses are attributable.
, . $' "<  X     >  \     >X  X   \ <  >X! !  > ! \!  !! \!  >! !>  > \  \!
!X ! !< ! ! ! ` ]
Actuarial differences are amortized commencing in the following year after the difference isrecognized primarily by the straight-line method over a period (12 years) which is shorter than the
average remaining years of service of the employees.

- 22 -

? ! @<  !   =! <'**< >X!  !\<< !}{! X X!
! ! <   \   X ! X X!!   \ X ! X 
plan on May 1, 2011. Accordingly, the Company applied Accounting Standards Board of Japan !  ]  " ! \   >   Z!    ><  !   =! <'*!  <    > \  X!
in an amount of ¥162 million ($1,948 thousand) under extraordinary loss in the accompanying
consolidated statements of income for the year ended March 31, 2011.
Effective from the year ended March 31, 2010, the Company adopted ASBJ Statement No. 19
Z! ! > >  !!    >   Z! ' ! > 
No. 19, July 31, 2008). There is no effect of the change on operating income, ordinary income andincome before income taxes and minority interests.
  $%^  On March 31, 2008, the ASBJ issued ASBJ Statement No. 18 “Accounting Standard for Asset
Retirement Obligations” and ASBJ Guidance No. 21 “Guidance on Accounting Standard for Asset  > \!] <!!! *!!   > \!  !!!  >! \! < ! <  >!!\ } ! ! < !\ } ! ! !{ *  *  X   ! !  !]"< !   > \!  !< ><  !<^  {  < 
future asset retirement and is recorded in the period in which the obligation is incurred if a reasonableestimate can be made. Effective April 1, 2010, the Company adopted this accounting standard.
The effect of applying this accounting standard was to decrease “Operating income”, “Ordinary
income” and “Income before income taxes and minority interests” for the year ended March 31,
2011 by ¥2 million ($24 thousand), ¥2 million ($24 thousand) and ¥27 million ($324 thousand),
respectively.
 $#   #  
Revenue of construction contracts is recorded by the percentage-of-completion method for thecompleted portion of the contracts at the balance sheet date, if the outcome of the construction
contract can be reliably estimated and the completed-contract method is applied to other contracts
whose outcome cannot be reliably estimated. The percentage of completion is calculated based on
the cost incurred to date as a percentage of the estimated total cost.
Construction revenue recognized based on the percentage-of-completion method for the years
ended March 31, 2010 and 2011 was ¥55,971 million and ¥92,362 million ($1,110,787 thousand).
    -_#     )   3 X X! < ! ! > !<^ *!<!!< {!  !<
hand, readily-available deposits and short-term highly liquid investments with maturities less than< ><!< > !{<!!  }X ! _<! ! ]  ! Effective from the year ended March 31, 2011, the Company adopted new accounting standards,“Accounting Standard for Presentation of Comprehensive Income” (ASBJ Statement No. 25, June30, 2010).
In addition, the Company prepared the consolidated statement of comprehensive income for2010 as well as for 2011.

- 23 -

4. Notes to Consolidated
Balance Sheets

1) The following assets are pledged as collateral for long-term loans payable of ¥4,403 million and¥2,881 million ($34,648 thousand), short-term loans payable of ¥2,548 million and ¥2,530 million($30,426 thousand) and security deposits as of March 31, 2010 and 2011, respectively:
Thousands of

As of March 31

Millions of yen

U.S. dollars





2010

Cash and deposits
Notes receivable
Costs on real estate business
Buildings
Land
Investment securities

¥

102
801
195
2,132
9,791
1,042

7

Total

¥

14,0637 8>*


+
8*<
=8>=
=9

;


89=
=8*
 98+9 >8>< 8+>

; *<8<2) The Companies are contingently liable for the following:Thousands of

As of March 31

Millions of yen

U.S. dollars





2010

Guarantees of completion of construction contracts
Guarantee on employees’ housing loan

¥

4,260
5

7

*8<=
;

>98>
9

Total

¥

4,266

7

*8*

;

>98>

3) “Costs on uncompleted construction contracts” which are estimated to recognize losses and“Provision for loss on construction contracts” are recorded on a gross basis without offsetting. Costs
on uncompleted construction contracts which are estimated to recognize losses and covered by“Provision for loss on construction contracts” amounted to ¥557 million and ¥596 million ($7,167
thousand) as of March 31, 2010 and 2011, respectively.

5. Notes to Consolidated
Statements of Income

1) Provision for loss on construction contracts in the amount of ¥476 million and ¥595 million($7,155 thousand) is included in “Cost of sales of completed construction contracts” for the years
ended March 31, 2010 and 2011, respectively.
2) The major components of “Selling, general and administrative expenses” were as follows:
Thousands of

For the years ended March 31

Millions of yen

U.S. dollars





2010

Depreciation
Provision for bonuses  > \   }X  
Employees’ salaries and allowances

¥

137
258
'
2,582

7

*
9+
+*
89*

;

8<<
8>>=
89=
=8*

3) Research and development costs which are included in selling, general and administrative
expenses were ¥32 million and ¥28 million ($336 thousand) for the years ended March 31, 2010
and 2011, respectively.
4) “Gain on sales of noncurrent assets” for the years ended March 31, 2010 and 2011 consists ofthe following:
Land: ¥6 million and ¥3 million ($36 thousand), Vehicles: ¥5 million and ¥6 million ($72 thousand)and Other: ¥1 million and ¥1 million ($12 thousand), respectively- 24 -

6. Notes to Consolidated
Statements of Cash
Flows

The reconciliation between “Cash and cash equivalents” reported in the consolidated statements!<^ !!<! X X  < ! \!! < ! 
Thousands of

As of March 31

7. Financial Instruments

2010

Millions of yen

U.S. dollars





Cash and deposits per consolidated balance sheets
Less: Time deposits maturing over three months¥ 12,750(423)

7 89* ; 9<89?+<@
 ?8<+@Cash and cash equivalents per consolidated! > !<^ ~ *'%

7 =8<<; <89 %1) .       #
The Companies raise operating funds primarily through bank loans and bond issues. Temporary
fund surpluses are managed principally through short-term deposits with little risk. Under thepolicy of the Companies, the Companies use derivatives only for the purpose of reducing foreign}<! ^! _!!  <   >!  !!! ! ^! _!!  <!X!!\ *! X ! X X ]2) /      # 8 ,  ,  
"< >X!   _\X !! > ! !  <<  _>!! > 
policy.
Regarding credit risk associated with notes receivable and accounts receivable from completed
construction contracts, the Companies identify major customers’ credit status by monitoring thepayment terms and credit balances by each customer.
Regarding investment securities principally consisting of equity securities, the Companies
regularly identify the quoted market price of the listed securities to manage the risks arising from>! _ ! ^!]The Companies manage liquidity risk associated with loans payable by appropriately planning  !\! ><!<^ X  ]Regarding derivative transactions, the Companies execute and control the transactions based
<  !    <<  <  !!!< !>!   !<< <<  !!!    _]3) )#  Z    #     #"<  !  !   !!  >     >  \!   <  >! _  X     !!\ 
estimated amount if there is no market price. Certain assumptions are used for calculation of suchfair value, and accordingly, the result of such calculation may vary, if different assumptions are used.

- 25 -

 3  #     #"< ! !>*! ! !  < !! > !=! <'*
and 2011 are as follows: <!< !! >  < ! !  } >   > ! 
included in the following table (See (Notes): 2):
Millions of yen
March 31, 2010

(1) Cash and deposits(2) Notes receivable, accounts receivable fromcompleted construction contracts and other(3) Investment securities
Held-to-maturity securities
Available-for-sale securities
Assets total(1) Notes payable, accounts payable forconstruction contracts and other(2) Short-term loans payable(3) Long-term loans payable
Liabilities total
Derivative transactions

Carrying amount

Fair value

Difference¥ 12,750

78><7[23,444

8999

[

24
1,291

9
8=

?@[37,510>8<

?@32,9834,108
4,403

8=+
98+
989

[[41,494989=9

[

-

-

-

Millions of yen
March 31, 2011

(1) Cash and deposits(2) Notes receivable, accounts receivable fromcompleted construction contracts and other(3) Investment securities
Held-to-maturity securities
Available-for-sale securities
Assets total(1) Notes payable, accounts payable forconstruction contracts and other(2) Short-term loans payable(3) Long-term loans payable
Liabilities total
Derivative transactions

Carrying amount

Fair value

Difference¥ 20,406

789*

7[19,771

=8>>

[

24
1,099

9
8==


[41,301

98



36,2703,755
3,031

*8>
8><<
8

[
[[43,056

98<*

[

-

-

-

Thousands of U.S. dollars(1) Cash and deposits(2) Notes receivable, accounts receivable fromcompleted construction contracts and other(3) Investment securities
Held-to-maturity securities
Available-for-sale securities
Assets total(1) Notes payable, accounts payable forconstruction contracts and other(2) Short-term loans payable(3) Long-term loans payable
Liabilities total
Derivative transactions- 26 -

Carrying amount

Fair value

Difference$ 245,411

;9<89;[237,775

>8>><[

288
13,217

++
8>


[496,704

9=*8>9436,199
45,159
36,4529*8==
9<8<=*89<

[
[[

517,811<>8+

[

-

-

-

   ] = <       > <  !  !   <  !!  >  ! >! 

! 

securities and derivative transactions:
Assets:(1) Cash and deposits and (2) Notes receivable, accounts receivable from completed construction
contracts and other
The carrying amount is presented as the fair value, since the fair value approximates the carrying
amount because they will be settled within a short period of their maturity.
(3) Investment securities
The fair value of equity securities is determined based on the quoted price of the exchanges, thefair value of investment trust is determined based on the published standard quotation price andthe fair value of debt securities is determined based on the published price by the Japan Securities& !  !]   !  >    ! \< >!! >  of holding are described in Note 8 “Investment Securities”.
Liabilities:(1) Notes payable, accounts payable for construction contracts and other and (2) Short-term loans
payable The carrying amount is presented as the fair value, since the fair value approximates the carrying
amount because they will be settled within a short period of their maturity.
(3) Long-term loans payable
The carrying amount is presented as the fair value, since the fair value approximates the carrying
amount because their interest rates will be reset within a short period of their maturity.

2. Unlisted equity securities in the carrying amount of ¥1,239 million and ¥1,238 million ($14,888
thousand) as of March 31, 2010 and 2011 are not included in “(3) Investment securities” in the!\ !\ * <>! _ X  !<  ! !  } >  ]3. Redemption schedule for monetary assets and investment securities with contractual maturities
after balance sheet dateMillions of yen







Due in one
 !   =! <'*

Cash and deposits
Notes receivable, accounts receivablefrom completed construction
contracts and other
Investment securities:
Held-to-maturity securities(Japanese government bonds)
Available-for-sale securities with
contractual maturities

¥

Total

¥

12,750& !  
year through  ! & ! 
years through  ! Due after  ! 

¥

¥

¥

-

-

-

23,444

-

-

-

-

14

9

-

-

-

3

-

36,194

¥

14

¥

13

¥

-

Millions of yen







Due in one
 !   & !  
year through  ! 

Cash and deposits
Notes receivable, accounts receivablefrom completed construction
contracts and other
Investment securities:
Held-to-maturity securities(Japanese government bonds)
Available-for-sale securities with
contractual maturities¥ 89*

¥

Total

=! <'*

- 27 --& ! 
years through  ! ¥-Due after  ! ¥-

=8>>

-

-

-

-

9

=

-

-

-



-

¥ 98>>¥ 9¥ 

¥-Thousands of U.S. dollars & !   & ! 
Due in one
year through years through !     !   ! =! <'*

Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts
and other
Investment securities:
Held-to-maturity securities(Japanese government bonds)
Available-for-sale securities with
contractual maturities; 9<89

Total

-

;

Due after  ! 

-

;

;

-

>8>><

-

-

-

-

*+

+

-

-

-

*

-

; 9+8+>

; *+; <*;

-

4. Regarding repayment schedule of long-term loans payable, please see Note 15 “Loans Payable andOther Debts”.

?  @Effective from the year ended March 31, 2010, the Companies adopted new accounting standards,“Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, March 10, 2008) and“Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No. 19,
March 10, 2008).

8. Investment Securities

Investment securities as of March 31, 2010 and 2011 consisted of the following:

As of March 31

Millions of yen

Thousands of
U.S. dollars





2010

Held-to-maturity securities
Available-for-sale securities with market value

¥

24
1,291

¥

Total

¥

1,315

¥ 8

9
8==

;

++
8>; 8<<

The carrying amount and fair value of held-to-maturity debt securities as of March 31, 2010 and2011 are as follows:
Millions of yen
As of March 31, 2010

Carrying
amountJapanese government bonds¥

As of March 31, 2011

Carrying
amountUnrealized
gain

Japanese government bonds¥ 9

¥

24

Unrealized
gain

¥

0

Unrealized
loss

¥

(0)

Fair value¥

24

Millions of yen



Unrealized
loss

¥

-

Fair value¥9Thousands of U.S. dollars
As of March 31, 2011

Carrying
amountUnrealized
gain

Japanese government bonds; ++;- 28 -



Unrealized
loss

Fair value-; ++;

The carrying amount (fair value) and acquisition cost of available-for-sale securities as of March 31,
2010 and 2011 are as follows:
Millions of yen
Carrying
amountAs of March 31, 2010

Unrealized
gain

Unrealized
loss

Acquisition cost

Equity securities
Other

¥

1,287
3

¥

391
1

¥

(67)
-

¥

963
1

Total

¥

1,291

¥

393

¥

(67)

¥

965

Millions of yen
Carrying
amountAs of March 31, 2011

Unrealized
gain

Unrealized
loss

Acquisition cost

Equity securities
Other

¥

8=*


¥


=


¥


?@
-

¥

=


Total

¥

8==

¥

=9

¥

?@

¥=<Thousands of U.S. dollars
As of March 31, 2011

Carrying
amountUnrealized
gain

Equity securities
Other; 8+
*

;


Total

; 8>

;

Unrealized
loss

Acquisition cost

8<
; ?8<><@-; 8

8<<

; ?8<><@; 899

Note: Impairment loss on marketable equity securities which are categorized as available-for-sale securities wasrecognized in the amount of ¥32 million ($384 thousand) for the year ended March 31, 2011.

Available-for-sale securities which were sold during the years ended March 31, 2010 and 2011 are as
follows:

Millions of yen

Thousands of
U.S. dollars





2010

Sales proceeds
Gain on sales
Loss on sales¥- 29 -

6
0
-

¥




;





]   >   1) %#  j ^  "< >X!<!  \  X!<!!!}{! X X!!!>X`
>  >  \   X!]  ! !  \!   <!  >X`> \   X!]
"< >X!  !\<< !}{! X X!! ! !  \   X !  X  X! ! !     \  X !  X  X!  =! * ] < > *< >X!>!X!!!  > \  X<   >  !
employees.
In addition, the Company participates in Tokyo Construction Pension Fund.
2) .` ^ ^  As of March 31

Z   \  \!
Plan assets¥ \  \!
Unrecognized actuarial differences
Z    > \  ¥Millions of yen

Thousands of
U.S. dollars

2010





(5,091)
3,515¥ ?98+@8><

; ?<8>@8=*

*
872?8*@>+?=8*@=89*?+9>@

; ?8+*@Millions of yen

Thousands of
U.S. dollars





(702)

¥

3) $^ Z 

For the years ended March 31

2010

Service cost
Interest cost
Expected return of plan assets
Amortization of actuarial differences¥

Subtotal \$ ! Z 
   > \  X!
¥

732

¥

=

?>@


;

8<
8
?+9@
8<+

9<
9
*

<8
8++*
8=9+

++

; 8>+#    #  #` ^ ^  Inter-period allocation method of projected \  \!
Discount rate
Expected rate of return on plan assets
Amortization periods for actuarial differences



¥

478
'
`

Total
4) 

301
99
(60)
138



- 30 -

2010

 !<` \!
2.0%
2.0%
12 years(amortized by thestraight-line method
 !  X 
within the range of
average remaining
service years of
employees at the timeof occurrence fromthe following year ofoccurrence)) [ ^ 
x
x
 (amortized by the [ 
  
   
service years of
employees at the timeof occurrence from   # @

10. Deferred Tax
Accounting

The Company and its domestic subsidiaries are subject to Japanese national and local income taxes
which, in the aggregate, resulted in normal effective statutory tax rate of approximately 40.7% for theyears ended March 31, 2010 and 2011.
1) "< !>X  
as follows:!}! !!\ !=! <'*!! 

As of March 31

Millions of yen

Thousands of
U.S. dollars





2010

Deferred tax assets:
Provision for bonuses
Z    > \  Allowance for doubtful accounts
Loss on valuation of real estate for sale
Provision for loss on construction contracts
Impairment loss
Tax loss carryforwards
Other

¥

Subtotal
Less: valuation allowance

261
[
657
487
226
1,546
988
606

¥

5,047
(3,477)

Deferred tax assets
Deferred tax liabilities:
Valuation difference on available-for-sale securities
Undistributed earnings of foreign consolidated
subsidiaries
Other

9<



9*
8<<
8+>
=*

;

98==+
?8*9@

8>9
8=+
8<><
8++9
<8
+89*
8+<
8<<=*8+?989@

¥

1,569

¥

8=9

;

*8>*9

¥

(130)

¥

?*9@

;

?>*=@

(131)
(5)

?+@
?@?8<=@?@

Deferred tax liabilities

¥

(267)

¥

?@

;?899@Net deferred tax assets

¥

1,302

¥ 8=;98

2) A reconciliation between the normal effective statutory tax rates and the actual effective tax rates^  < ! ! > >  <  !   =! <'*!
is as follows:
2010



Normal effective statutory tax rate
Expenses not deductible income tax purposesTax rate differences in foreign consolidated subsidiaries
Undistributed earnings of foreign consolidated subsidiaries
Inhabitant per capita taxes
Income taxes for prior periods
Valuation allowance
Other

40.7%
2.2
(0.5)
1.2
1.7
(31.5)
1.5

9>x
>
?>@
?@
=
<+
=9
?<@

Actual effective tax rate

15.3

<<

- 31 -

11. Investment andRental Properties"< >X!! !! \!    \*>> !! !
residual units for lease in Tokyo, other domestic areas and overseas countries. Rental income fromthese real estate properties for lease for the years ended March 31, 2010 and 2011 was ¥800 millionand ¥678 million ($8,153 thousand). Rental income and related costs are included in “Sales on realestate business” and “Cost of sales on real estate business”, respectively, in the accompanying
consolidated statements of income for the years ended March 31, 2010 and 2011.
The carrying amounts, changes in such balances during the year and fair values of such properties
are as follows:
Millions of yen

April 1, 2009¥

14,288Decrease¥(78)

Carrying amount

Fair value

March 31, 2010

March 31, 2010¥

14,209¥17,990Millions of yen

April 1, 2010¥

98=

Decrease¥?@

Carrying amount

Fair value

March 31, 2011

March 31, 2011¥

8++=

¥>8*

Thousands of U.S. dollars

April 1, 2010; >8++

Decrease;?8+9+@

Carrying amount

Fair value

March 31, 2011

March 31, 2011;

*>8<;

<8>(Notes): 1. The carrying amount is presented after deducting accumulated depreciation from the acquisitioncost.
2. Increase during the year ended March 31, 2010 primarily represents the acquisition of real estateof ¥346 million and decrease primarily represents the sales of real estate of ¥88 million anddepreciation of ¥241 million.
Increase during the year ended March 31, 2011 primarily represents the acquisition of real estate of¥73 million ($877 thousand) and decrease primarily represents depreciation of ¥230 million ($2,766
thousand).
3. Fair values of properties as of March 31, 2010 and 2011 are measured as follows:(1) The fair values of major domestic properties are determined based on the real estate appraisal
value by independent real estate appraisers and the fair values of other properties are determinedbased on the internal appraisal in accordance with “Japanese Real Estate Appraisal Standard”.
(2) The fair values of overseas properties are determined based on the real estate appraisal by
local independent real estate appraisers.

?  @Effective from the year ended March 31, 2010, the Companies adopted new accounting standards,“Accounting Standard for Disclosures about Fair Value of Investment and Rental Property” (ASBJ
Statement No. 20, November 28, 2008) and “Guidance on Accounting Standard for Disclosuresabout Fair Value of Investment and Rental Property” (ASBJ Guidance No. 23, November 28, 2008).

- 32 -

12. Segment Information

a. Description of reportable segments"< >X!  X !\  > ! <   << X! ! !! >!!!!\ and regular evaluation by the Board of Directors is being performed in order to decide how resources
are allocated among the Companies. The Companies are active in the construction business and thereal estate business in Japan and foreign countries. Therefore, the Companies consist of regional
segments which are based on each business. Reportable segments of the construction business are“Japan” and “Southeast Asia”, and those of the real estate business are “Japan” and “North America”.
\] = <> ! >  < !>! *X *! *!\ !<  >
for each reportable segment The accounting policies of each reportable segment are consistent to<    '*>>! ! Z ]]  >!!\! *X *! *!\ !<  >! 
Millions of yen
Reportable segments
Construction

For the year ended
March 31, 2010

Japan

Southeast
Asia

Total

Real estate

Japan

North
America

1,161

¥

Other
(Note 1)

Total

Adjustments Consolidated(Note 2)
(Note 3)Total

Net sales:
Customers¥ 98,404¥ 20,288¥ 118,693

41¥ 120,186-¥ 120,186

Inter-segment

295

19

315

¥

15

289
-

¥

1,450
15

¥

-

330

¥

(330)

-

Total

98,70020,308

119,008

1,177

289

1,466

41

120,516(330)

120,186

Segment income

1,883

347

2,231

581

137

719

5

2,956

-

2,956

Segment assets

33,032

10,96844,001

13,841

2,103

15,94564

60,01011,172

71,183

Other items:
Depreciation¥

Impairment loss

107

¥

78

¥

185

¥

214

¥

30

¥

244

¥

0

¥

430

¥

-

¥

430

-

-

-

15

-

15

-

15

-

15

14

48

62

343

4

347

0

410

-

410

Increase in property,
plant, and equipment
and intangible assets(Notes): 1. “Other” is a business segment not included in the reportable segments and it is insurance agent business.
2. An adjustment of “Segment assets” in an amount of ¥11,172 million is corporate assets which are not allocated to each reportable segment
and consists of surplus fund (cash and deposits), long-term investment fund (investment securities and insurance premium fund) anddeferred tax assets of the Company.
3. Segment income is reconciled with operating income in the accompanying consolidated statements of income.
Millions of yen
Reportable segments
Construction
For the year ended
March 31, 2011

Japan

Southeast
Asia

Real estate

Total

Japan

North
AmericaTotal¥ >8 ¥ +8*=

¥ 8+¥ >

¥ 8<<

Other(Note 1)Total

¥ +¥ 8+Adjustments Consolidated(Note 2)
(Note 3)

Net sales:
Customers¥ =8**

Inter-segment
Total
Segment income (loss)
Segment assets¥-¥ 8+

[

+

+

*

[

*

[

9

?9@

[

=8**

>8<

+8>

8=*

>

8<*+

+8+?9@

8+

?>@

=

>*9

<



*<

?@

899

[

899

>8=+<

98<*<

8<<

8=<

8<<

<89

<<

9+8>

>89*<8

Other items:
Depreciation
Impairment loss¥

>9 ¥

>

[

[

[



[



[



[



9

=

<9

>=



>=





[



==

¥

¥

=

¥

>

¥



¥



¥

=<

¥

-

¥

=<

Increase in property,
plant, and equipment
and intangible assets- 33 -

Thousands of U.S. dollars
Reportable segments
Construction
For the year ended
March 31, 2011

Japan

Southeast
Asia

Real estate

Total

Japan

North
AmericaTotal; <8== ; 89>89<*

Other(Note 1)

Total

Adjustments(Note 2)

Consolidated(Note 3)

Net sales:
Customers; 889<Inter-segment
Total; <8=; 8<=; +8**<; 9<>; 899*8<>+

[

*

*

=

[

=

[

9+

;

?9+@

[ ; 899*8<>+[889<

<8>

89>8*+9

<8<+*8<=

+8+<>

9<>

899*8===

?9+@

899*8<>+Segment income(loss)?8*9>@8+<=8++

*8<

8<==

>8+<

?99@

*8++<[

*8++<

Segment assets

*8=<

><8*<=89**>8>

+8

+<89***<>>8<=9*8=

>+989=>

98><

;

98><Other items:
Depreciation
Impairment loss;8=

;++= ;8+

;

8

;

9

;

8*<>

;

 ;

[ ;

[

[

[



[



[



[



*+

9*=

*9=

=<



=<



8<==

[

8<==

Increase in property,
plant, and equipment
and intangible assets

(Notes): 1. “Other” is a business segment not included in the reportable segments and it is insurance agent business.
2. An adjustment of “Segment assets” in an amount of ¥17,204 million ($206,903 thousand) is corporate assets which are not allocated toeach reportable segment and consists of surplus fund (cash and deposits), long-term investment fund (investment securities andinsurance premium fund) and deferred tax assets of the Company.
3. Segment income (loss) is reconciled with operating income in the accompanying consolidated statements of income.

?  @Effective from the year ended March 31, 2011, the Companies adopted new accounting standards, “Revised Accounting Standard
for Disclosures about Segments of an Enterprise and Related Information” (ASBJ Statement No. 17, March 27, 2009) and “Guidanceon the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” (ASBJ Guidance No. 20,
March 21, 2008).
The segment information for the year ended March 31, 2010 under the revised this accounting standard is also disclosed
hereunder as required.

- 34 -

13. Per Share Information

Basic net income per share is computed based on the weighted average number of shares of common
stock outstanding during the year. Diluted net income per share is not presented for the years ended
March 31, 2010 and 2011 since the Company had no potentially dilutive shares outstanding as of
the balance sheet dates.
Net assets per share is computed based on the number of shares of common stock outstanding asof the balance sheet dates.
Net assets and net income per share for the years ended March 31, 2010 and 2011 were as follows:

For the years ended March 31
Net assets per share
Basic net income per share2010¥

336.92
53.19

7

Yen

U.S. dollars





><
+<+

;

9<


(Notes): 1. Net assets per share is calculated based on the following information:

As of March 31

Millions of yen

Thousands of
U.S. dollars





2010

Total net assets
Deductions from total net assets:
Minority interests¥

Net assets attributable to common stock
Number of shares of common stock used incomputing net assets per share(in thousand shares)

11,9417

8=9;98+

(352)

?>@

?8*=@11,5888*>

=8<=

34,39498+=

2. Net income per share is calculated based on the following information:

For the years ended March 31

Millions of yen

Thousands of
U.S. dollars





2010

Net income
Amount not attributable to common
stock shareholders
Net income attributable to common stock
Average number of shares of common stockduring the year (in thousand shares)- 35 -

¥

1,829

7

*=

;

>8*+9

-

-

-

1,829

*=

>8*+9

34,396

98=

14. Bonds Payable

Short-term and long-term bonds payable as of March 31, 2010 and 2011 consisted of the following:Thousands ofMillions of yen

U.S. dollars

Interest
Issuer and Issue type

Issue date

2010





rate (%) Collateral

Maturity(Nakano Corporation)
1st unsecured bond with

Mar. 31, 2008¥

early redemption clause
2nd unsecured bond with

?- @

300

-

-

(300)

( - @

?- @

Mar. 31, 2008

early redemption clause
4th unsecured bond with

( - @

Mar. 31, 2008

early redemption clause
3rd unsecured bond with

300
(300)

200

-

-

(100)

( - @

?- @

9

; 98+?@

?89<@Sep. 30, 2010-

early redemption clause
5thunsecured bond with( - )
Sep. 30, 2010

early redemption clause
6th unsecured bond with

Sep. 30, 2010

-

9

98+

(-)?@

?89<@-

8+9+( - )

?*@

?8=9@

800

7 8; 89*=(700)

?<*@?*8>9@

early redemption clause
Total

7

¥

(Note) 2

NoneMar. 31, 2011

(Note) 2

NoneMar. 31, 2011

(Note) 2

NoneMar. 30, 2012

(Note) 3

NoneMar. 29, 2013

(Note) 3

NoneMar. 29, 2013

(Note) 3

NoneMar. 29, 2013

(Notes): 1. ( ) denotes the amount expected to be redeemed within one year.
2. The interest rate of bonds from 1st to 3rd unsecured bonds is 0.99% p.a. for the period from April
1, 2008 through September 30, 2008 and the interest rate for the subsequent interest periods is
set to be a rate computed by deducting 1.00% p.a. from the short-term prime rate on the second
preceding banking day (“Interest rate base date”) from the starting date of the interest calculation
period. However, if such interest rate is less than the interest rate which is added by 0.10% p.a.
to 6 month TIBOR (p.a.) of Japanese yen (“Minimum interest rate”) at the interest rate base date,the minimum interest rate will be applied.
3. The interest rate of bonds from 4th to 6th unsecured bonds is 0.55% p.a. for the period from October 1,
2010 through March 31, 2011 and the interest rate for the subsequent interest period is set to bea rate computed by deducting 1.00% p.a. from the short-term prime rate on the second precedingbanking day (“Interest rate base date”) from the starting date of the interest calculation period.
However, if such interest rate is less than the interest rate which is added by 0.10% p.a. to 6 month
TIBOR (p.a.) of Japanese yen (“Minimum interest rate”) at the interest rate base date, the minimum
interest rate will be applied.
4. The following is a summary of maturities of bonds subsequent to March 31, 2011:

Year ending March 31

Millions of yen

2012

7

2013
2014 and thereafter
Total- 36 -

Thousands of
U.S. dollars

<*

;

*8>9

<*



*8>9

-

-

7 8; 89*=15. Loans Payable andOther Debts

Short-term loans payable, long-term loans payable and other debts as of March 31, 2010 and 2011
are as follows:
Thousands of

As of March 31
Short-term loans payable

Millions of yen

U.S. dollars

2010





Average interest
rate (%)¥ 3,760¥8<;=8>9>

2.32

348

9<

<89

2.04

53

<9

*9=

-

4,403

8

*89<

2.27

Mar. 31, 2016

79

+

*

-

Oct. 30, 2015

¥ 8,644¥*8+*=

;+8*=

Maturity

Current portion of long-termloans payable
Current portion of leaseobligations
Long-term loans payable
excluding current portion

Sep. 30, 2012 -Lease obligations excluding
current portion
Total

May. 31, 2012 -(Notes): 1. “Average interest rate” represents the weighted average interest rate on loans payable outstanding
as of the balance sheet date. “Average interest rate” of lease obligations is not shown since interest{! !> < ! !  ! X >>! !!  !<! ! using the straight-line method.

2. The following is a summary of annual maturities of loans payable and lease obligations subsequent
to March 31, 2011:
Millions of yen

Years ending March 31

Thousands of U.S. dollars

Long-term

LeaseLong-termLeaseloans payable

obligationsloans payable

obligations

2012
2013
2014
2015
2016
2017 and thereafter

¥

450
450
960
910
711
-

¥

54
26
0
0
0
-

$

5,411
5,411
11,545
10,944
8,550
-

$

649
312
0
0
0
-

Total

¥

3,481

¥

83

$

41,864$998- 37 -

16. Subsequent Events

At the Annual General Meeting of Shareholders held on June 29, 2011, it was resolved to
distribute the year-end cash dividends of ¥6 ($0.07) per share of common stock of the Company.
The aggregate amount of such cash dividends is ¥206 million ($2,477 thousand).

- 38 -

SUPPLEMENTAL INFORMATION

%%)%5!"/-"'5-)6--/)













NAKANO CORPORATIONAs at March 31, 2010 and 2011

Millions of yen

Thousands of
U.S. dollars





8
=9=
8<9
8+
**+
<
<
99<
*<=
+
?<<@; *8+89
<8+9>
>89
+8
+
<8<
>8=<
=8><
?8**@

40,143 

89*<>+89

Noncurrent assets:
Property, plant and equipment
Buildings
Accumulated depreciation

6,601(3,068)

*8*
?8+@>=8<
?+8+@Buildings, net

3,532 8+9

98*=>

228 (164)

+
?><@

8>9?89@

64 

<

*>

179 
(169)

>=
?>@

8<
?8*+@

10 

>

+9

23 
(17)


?=@

>*
?+@

5



*

[
(377)99
?++@

<8==
?98***@



<

9

10,279 
205 
(78)

8><=
?=@

8<>
8<
?8<<@2010 Current assets:
Cash and deposits
Notes receivable-trade
Accounts receivable from completed construction contracts
Costs on uncompleted construction contracts
Costs on real estate business
Raw materials and supplies < ` >!  !\ \!  !!! 
Deferred tax assets
Accounts receivable-other
Other
Allowance for doubtful accounts¥

Total current assets

Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
"*  !} 
Accumulated depreciation







"*  !} * 

Land
Lease assets
Accumulated depreciation
Lease assets, net
Total property, plant and equipment

6,965
1,822 17,231 
11,156 
417 
23 

873 
1,798 508 (669)

7

127 

>=

=<

14,069 8+9

**899*

125 

=

89

2,464 
*[
%
1,000
140 
396 
607 
(1,218)

8=
8>9
*><
>+
99
>>
<<
?9<@

>8<*9
>89++8>
89
8>
=8>
*899?<89<@

Intangible assets
Total intangible assets

Investments and other assets
Investment securities _\!  !!!  ` >!  !\  >\!  !!! 
Claims provable in bankruptcy, claims provable in rehabilitation and otherInsurance funds
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets

6,356 *89=

>>8=>

Total noncurrent assets

20,552 

8>=

9<8+>Total assets¥- 39 -

60,6957

<8+9<;*8<Millions of yen

Thousands of
U.S. dollars

2010





¥ 15,555
10,617700
4,108 72
11,843 
158
557 
637
719

78>=
8*9<*
8><<
9
8=>+
+8
<>*

;*<8+*+
<8<+*8>9
9<8<=9+
9>8+9
8*<=
8=
989<+8*

44,968*8=*9998<=

100
4,403 
%'
634 
278 

<*
8
+9
<==
>

*8>9
*89<
=8>+=
>8
89+=

Total noncurrent liabilities

6,089

<8

*8*+

Total liabilities

51,05798>

<>8=

¥ 5,0617<8*;*8+*<

1,400 89

*8+>

1,400 89

*8+>3,040 

8<=

>8==

3,040

8<=

>8==

(26)

?>@

?9@

9,475 =8<=

<8*=

162 

>>

=*

162 

>>

=*

9,637 =8*>

*8>¥ 60,6957<8+9<;*8<Liabilities
Current liabilities:
Notes payable-trade
Accounts payable for construction contracts
Current portion of bonds
Short-term loans payable
Income taxes payable
Advances received on uncompleted construction contracts
Provision for warranties for completed construction
Provision for loss on construction contracts
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities:
Bonds payable
Long-term loans payableZ    > \  Long-term deposits received
Other

Net assets
Shareholders’ equity:
Capital stock
Capital surplus
Legal capital surplus
Total capital surpluses
Retained earnings
Other retained earnings
Retained earnings brought forward
Total earned surpluses
Treasury stock
Total shareholders’ equity\ #     `#  Q
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 40 -

%%)%5!"/-")//--/)%3!%-







NAKANO CORPORATION
For the years ended March 31, 2010 and 2011
Millions of yen

Thousands of
U.S. dollars





2010
Net sales:
Net sales of completed construction contracts¥

Sales on real estate business

99,3287=8<<;88>

1,093

8<

98*

100,421=8<>

8<8>

92,942

++89+8*8<=<

506

*+

+8

93,448+=8

8>8+=%*'

8=*

9>8=<



<

*8=+

%*

9899=

<8<<) 8     Z  

4,670

989*

<8=++

Operating income

2,302

9

<>

Interest income

20

<+

*=>

Total net sales
Cost of sales:
Cost of sales of completed construction contracts
Cost of sales on real estate businessTotal cost of salesX Q X >X    ! X ` ! ! \ "! X [  Q

Dividends income

228

<><

*8=<

Foreign exchange gains
Other

2
11

=

9*=

Total non-operating income

262

*>9

+8<

Interest expenses

265

+9

8

Other

59

*9

>*=

Total non-operating expenses

325

9=

8==9

2,239

9*>

<8**

Reversal of allowance for doubtful accounts

52

<

*8>

Other

12





Total extraordinary income

64

<9

*8+

8*

[ Z  QOrdinary income-Z   Q

-Z   

Q
-

<

Provision of allowance for doubtful accounts

Bad debts written off

495

-

-



   > \  X!

`

*

8=9+

{!!!! 
Loss on disaster

'

-

-

-

<*

*>

Other

116

+

8*9

Total extraordinary losses

642

<9

*8*

Income before income taxes

1,661

9>>

<8>*!  Z Q
Income taxes-current

32

9

<<

Income taxes-deferred

11

=

8

Total income taxes

44

<

8+<

¥Net income- 41 -

1,617

7

<

;

8=+

%$.%$/-.$%3!5As of March 31, 2011

Company Outline
Company Name
Headquarters
Foundation
Established
Paid-in Capital
Employees
Stock Listing
Primary Business

NAKANO CORPORATION
4-2-28 Kudan-kita, Chiyoda-ku, Tokyo 102-0073, Japan
8th February 1933
19th December 1942
¥5,061,678,686
1,145
Tokyo Stock Exchange, First Section
Domestic Construction Projects
International Construction Projects

Board of Directors
Honorary Chairman
President
Directors

! X !   
Corporate Auditors

Yoshikazu Oshima
Akira Asai
Yutaka Sasa
Toshihide Kurokawa=!!  Shunichi Sato

Munekazu Sako
Makoto Yasuhiro"!!<$!!!\Kohei Yamaya

Koichiro Nakano    3   ! #
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Corporate Bank, Ltd.
The 77 Bank, Ltd.

Mitsubishi UFJ Trust and Banking Corporation
The Bank of Yokohama, Ltd.

Major Shareholders
Oshima Scholarship Foundation
Yoshikazu Oshima
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Nakano Investment Fraternity Association

 "  %


















 

; !{!  "_=!   "<_ ! !! ! 
!_! ! < ! ;__! !<

 !  %







Kanto Kogyo Co., Ltd.
Marine Dream Co., Ltd.
Nakano Employee Shareholder Association
Sompo Japan Insurance Inc.









;!< ! !<
! ! !<
_<!>! !<
\! !_ !<
"! !<
!"<_ !<
!  = *;!>!>!*;* !_<Nakano International Corporation (USA)Nakano Singapore (Pte.) Ltd. (Singapore)
Nakano Construction Sdn. Bhd. (Malaysia)"<! !_!]*]"<!!


PT. Indonakano (Indonesia)
PT. Nakano S Batam (Indonesia)
Nakano Consulting Shanghai Co., Ltd. (China) X  !  ;<=< !>
;! X  !   !> !#   Japan Federation of Construction Contractors
National General Contractors Association of Japan
Association of Representative General Contractors

Building Contractors Society
The Associated General Contractors of TokyoJapan Prefabricated Construction Suppliers & Manufacturers Association- 42 -

COMPANY HISTORY
2012 Changi Business
Park, Singapore
2008;<=< X  !  !< ]2014 Optima Condominium,
Singapore2006;! X  !   !\< ]2004 Took over construction operations of ] !_! X !
Renamed Nakano Fudo Construction!X!  ]2003 !_! !\< <!]2002  ! !< !!>]2001[! !]1998! !]2009!!<! 
Bangkok1991>X!!> <!  !_! X !]1988"<!!\! X !\ !__]1985  !  !\< !_! !]1982=!!!  !\<  !!>X ]1975 !!  !!\ >  !!X !]1975 ! }X!\ !X ]1974 !!X !\    *! !]1972! "__}<!   ]1958

 X ! < !{!    ]

1942 ` !  X !!X! !~[*]1995 Singapore Tourism
Board Headquarters

1936 !!& >!  ]1997 < = <!
Court, Singapore

1934>X!< !  !  ! >!<*"_]
1933<<_!<>!!_   1995= !  
Factory, SingaporeX !]1911 <\!<  >! ]1885 !_!`>] \ !\  !_!"_]

INVESTOR INFORMATIONAs of March 31, 2011

Securities
Companies
0.48%

Stock Listing
Tokyo Stock Exchange, First Section,
Code Number 1827

SHAREHOLDER COMPOSITION

Authorized Number of Shares
154,792,300

Securities Companies
166,416

Issued Number of Shares
34,498,097

Other Institutions
14,661,539

Minimum Trading Unit
500

Foreign Institutions and Individuals
Other
1,180,332
Institutions
42.50%
Individuals/ Other
14,077,061

Number of Shareholders
4,480

Financial Institutions
4,412,749

Financial
Institutions
12.79%

Individuals/ Other
40.81%

Foreign Institutions
and Individuals 3.42%

Stock Transfer Agent
Mitsubishi UFJ Trust and Banking Corporation

SHARE PRICE RANGE
300
250
200
150
100
50
300,000

Apr ’10Jul ’10

Oct ’1Jan ’11

Apr ’11
Share Price

200,000

Trading Volume

100,000- 43 -

NAKANO CORPORATION
4-2-28 Kudan-kita, Chiyoda-ku, Tokyo 102-0073, Japan
Tel: +81-(0)3-3265-4685 Fax: +81-(0)3-3265-4698
www.wave-nakano.co.jp

USA
111 W Saint John St., #514 San Jose, CA 95113, USA
Tel: +1-408-286-9702 Fax: +1-408-286-9701
3020 Old Ranch Road, Suite 300, Seal Beach, CA 90740, USA
Tel: +1-562-799-5726 Fax: +60-3-9059-6277

SINGAPORE
1 Coleman St., #06-02 The Adelphi, 179803, Singapore
Tel: +65-6333-4933 Fax: +65-6338-8568

MALAYSIA
Block B, 15-4-2, Megan Salak Park Jalan 1/125E, Taman Desa Petaling, Kuala Lumpur 57100, Malaysia
Tel: +60-3-9059-6977 Fax: +60-3-9059-6277

THAILAND
17-03, 2170 Bangkok Tower, New Petchburi Road, Bangkapi, Huaykwang, Bangkok 10310, Thailand
Tel: +66-2-308-0500 Fax: +66-2-308-0497

INDONESIA
1401 Wisma Tamara 14th Floor Jl. Jend. Sudirman KAV. 24, Jakarta 12920, Indonesia
Tel: +62-21-5203674 Fax: +62-21-5203670
Jalan Laksamana Bintan Komp. Tanah Mas Blok G3A Sei Panas-Batam, Indonesia
Tel: +62-0788-463004 Fax: +62-0788-463006

VIETNAM        !"! $! %& '*;<=<* !>
Tel: +84-8-3-930-6501 Fax:+84-8-3-930-6499
No.302 3rd Floor of Thang Long Industrial Park Techno-Center Dong Anh District, Hanoi, Vietnam
Tel: +84-4-3-955-0050 Fax: +84-4-3-955-0053

CHINA
Room 10A3, First World Plaza, Hongli Road West, Shenzhen 518034, China
Tel: +86-755-8296-8491 Fax: +86-755-8296-8493