FINANCIAL HIGHLIGHTS
NAKANO CORPORATION and its subsidiaries
Years ended March 31, 2008 through 2012
2008

2009

2010

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

Contract awards

2012

2012

Millionsof yenThousands of
U.S. dollars¥ 136,232¥ 125,333¥ 107,751¥ 99,321¥ 101,198$ 1,231,269

116,360

116,593

120,186

120,283

110,344

1,342,547

Operating income

2,687

2,902

2,956

1,404

229

2,786

Ordinary income

2,536

2,650

2,740

1,362

275

3,345

Net income (loss)

1,767

1,768

1,829

639

(2,024)(24,625)

Net sales

-

-

2,007

180

(1,997)(24,297)

Total net assets

Comprehensive income

11,285

10,14011,941

11,914

9,710

118,140

Total assets

73,54280,72571,183

65,231

65,838801,046

Net cash provided by (used in) operating activities(2,344)

(645)

5,468

9,617

(2,462)(29,954)

Net cash provided by (used in) investing activities

5,014

93

73

(464)

(1,371)(16,680)

Net cash provided by (used in) financing activities(5,294)

1,568(4,058)(1,692)(603)(7,336)

Cash and cash equivalents at end of period

10,024

10,702

12,326

19,552

15,026

182,820

Yen

U.S. dollars

Supplemental Information
Nonconsolidated Balance Sheets

39

Nonconsolidated Statements of Income

41

Corporate Pro¿le42

Company History

43

Investor Information

43

Share Price Range

43

Per share of common stock (in yen and U.S. dollars)
Net assets¥ 259.91¥ 285.30¥ 336.92¥ 337.52¥ 271.14$ 3.29Net income (loss)

50.47

51.40

53.19

18.58

(58.88)(0.71)Cash dividends applicable to the year

6.00

6.00

6.00

6.00

3.00

0.03

Number of employees

1,154

1,122

1,129

1,145

1,169

Note: The rate of ¥82.19 = US$1.00, the foreign exchange rate on March 31, 2012, has been used for translation.
Contract Awards

Net Sales

Net Income (Loss)
2,500

140,000
2,000

140,000

120,000

1,500

100,000

80,00060,000Millions of yen

Millions of yen

Millions of yen

120,000

100,000

80,00060,000

1,000
500
2012

0
2008

2009

2010

2011

-500
-1,00040,00040,00020,00020,000-1,50002008

Domestic

Annual Report 2012
NAKANO CORPORATION

Annual Report 20122009

For further information contact:

2010

2011

Nakano Corporation-2,5002008

International

2009

Domestic

2010

2011

2012

International

Operating Income (Loss)

Construction Sales

Construction Awards

Fiscal year ended 31st March 2011

-2,000

0

2012

1,500

International Operations Headquarters
Medical Welfare
14.7%

4-2-28 Kudan-kita, Chiyoda-ku,
Industrial
39.3%

Tel: +81-(0)3-3265-4685

900

Warehouse/
Logistics3.4%

Fax: +81-(0)3-3265-4698
www.wave-nakano.co.jp

1,200

Industrial
26.1%

Office
8.3%

Office 5.1%

¥101,198mln

Educational
4.6%¥108,464mln

Warehouse/ Logistics 3.8%

Cautionary remarks regarding forward looking statements
This Annual Report includes forward-looking statements that represent Nakano Corporation’s assumptions and expectations in lightof currently available information. These statements reÀect industry trends, client’s situations and other factors, and involve risks anduncertainties 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.
-2-

Retail
1.7％

Educational 4.2%

RentalHousing
1.6%

Other
4.5%
Sale Housing
25.0%

Retail 8.7％

Other
11.3%

Millions of yen

Tokyo 102-0073, Japan

Medical Welfare
14.8%

600
300
Japan
0
-300
-600
-900

Sale Housing
14.3%

Rental Housing
8.6%-1,200-1,500-1-Southeast
North
Asia
America

Business Overview & Results
Since the foundation of Nakano Corporation, previously established as Nakano-gumi in 1933, we have bene¿ted fromthe con¿dence demonstrated to us by our esteemed customers over the last seventy eight years. We are greatly thankful
for the opportunity to have developed into a well established company in the construction industry. Now, in this industry
it is essential to respond quickly to the changes in society and the growing diversity of customer’s needs. Under thesecircumstances, we are committed to adapting and anticipating the changing times so that we can accommodate ourcustomers’ requirements and expectations. In order to accomplish goal, our business philosophy emphasizes threecore elements, “sincerity, devotion, and creativity.” We are deeply committed to meet our customer’s expectations andsincerely appreciate their trust and support.

A Message from the President
2012 Business Report
We are pleased to provide details of the company and its subsidiaries
IRUWKH¿VFDO\HDUVSDQQLQJVW$SULOWRVW March 2012.

(1) Current Corporate Group Condition
Business Course & Results
Although there has been a partial sign of the Japanese economic recovery
from Great East Japan Earthquake and subsequent nuclear plant disasters
during the consolidated ¿scal year, the ¿nancial instability in Europe and long
lasting value appreciation in the Japanese yen has created dif¿cult businessenvironment and caused the company’s pro¿tability to deteriorate.

Sales for this consolidated ¿scal year were ¥110,344mln (¥9,938mln annual decrease),comprised of ¥108,464mln(¥10,228mln annual decrease) for construction works, and ¥1,879mln (¥289mln annual increase) for real estate related
business. Additionally, non-consolidated sales for this consolidated ¿scal year were ¥72,381mln (¥19,974mln annual
decrease), for construction works, and ¥1,530mln (¥314mln annual increase) for real estate related business.
Primary domestic completions included construction of Kohnodai Hospital and Hepatitis & Immunity Laboratory of
National Center for Global Health and Medicine by Kohnodai Hospital, National Center for Global Health and Medicine,Somi Shokuhin’s Tanba No.3 Factory, Yokogawa Densikiki Co., Ltd.’s Hadano Factory, Souka Matsubara Housing
Complex by Urban Renaissance Agency.
Internationally, major completions included Optima Condominium by TID Pte Ltd., Integrated DC Builders SDN BHD’s
CSF CX5 Data Center, Chuhatsu Indonesia’s No.2 Factory, and Saha Seiren Co., Ltd. New Factory.
From the above results, consolidated construction work to be carried forward were ¥108,212mln (¥7,266mln annual
decrease), and non-consolidated construction work to be carried forward were ¥64,230mln (¥14,894mln annual decrease).
In terms of profitability for this consolidated fiscal year, operating income was ¥229mln (¥1,175mln annual
decrease), ordinary income was ¥275mln (¥1,086mln annual decrease), and current net loss were ¥2,024mln(net income ¥ 639mln in the last ¿scal year).
Moreover, in non-consolidated terms, operating loss was ¥1,376mln (operating income ¥43mln in the last¿scal year), ordinary loss was ¥859mln (ordinary income ¥467mln in the last ¿scal year), and current net loss
were ¥2,548mln (net income ¥325mln in the last ¿scal year).

While increased demands of reconstruction from the earthquake have enabled some slow recovery in the domestic
construction market, it stopped short of leading to the overall recovery. On the other hand shortage of labor, material
and equipment caused additional burdens in the construction business environment.
Under these dif¿cult and compounding circumstances, we couldn’t achieve our initial goal in the domestic market mainly
because many of the domestic clients postponed their capital improvements. Conversely, in South East Asia due to therobust economies, we were able to take advantage of the increased construction demands both in local companies
and in the Japanese companies operating there. We registered record high orders.

Akira Asai
President, NAKANO CORPORATION

Our business performance for this period is as follows;
Construction awards for this consolidated ¿scal year were ¥101,198mln (¥1,876mln annual increase). Additionally,
non-consolidated construction awards were ¥57,486mln (¥10,805mln annual decrease).
The major domestic orders received during this period were new construction works of the F Bakery Siga Sales Center
awarded from Fuji Baking Group Co., Ltd., Fukuoka Omiya Condominium by NTT Urban Development Corporation,
Yamagata National Hospital’s New Medical Ward, and Fukushima College Main Building.
Internationally, major orders received were the Rainforest Condominium by Camborne Development Pte Ltd., joint
venture between TID Pte Ltd and City Developments Limited, Nippon Express (Malaysia) SDN BHD Warehouse
Expansion Works, Kao Indonesia Chemical New Plant by Hitachi Plant Technologies, Ltd. and Ajinomoto Birdy Factoryby Ajinomoto Sales (Thailand) Co., Ltd.
-2-

-3-

NAKANO INTERNATIONALOPERATIONS NETWORK
Comprehensive Nationwide and International Design and Construction Coverage

GLOBAL WORKS COVERAGE
Translating globalizing client needs into reality
Since the establishment of our ¿rst international of¿ces in the United States in 1974 and Singapore in
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.

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.

Consolidated Net
Construction Sales

Singapore 14.4%
Domestic Market
65.7%
Thailand 10.1%¥108,464mln

Malaysia 5.0%
Indonesia 3.8%
Vietnam 1.0%

Tokyo
San Jose
Los AngelesgHanoi Shenzen
Bangkok

Ho Chi Minh City

Headquarters

Kuala Lumpur
Singapore
Jakarta

Tokyo Main Of¿ce
Civil Engineering Of¿ce

Surabaya

5HJLRQDO2I¿FH
Tohoku Regional Of¿ce, Sendai
Osaka Regional Of¿ce, Osaka
Nagoya Regional Of¿ce, Nagoya
Kyushu Regional Of¿ce, Fukuoka

Headquarters
Tokyo, Japan

International Of¿ce
USA
Singapore
Malaysia
ThailandIndonesia
Vietnam
China

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

Jordan
Libya
Malaysia
Myanmar
New ZealandRussiaSaudi Arabia
Singapore
South Korea
Spain
Syria
TaiwanThailandUSA
Vanuatu
Vietnam
Yemen

+409%

¥9.10bln in 2006 to ¥37.20bln in 2012¥40bln¥37.20bln........................................................................................................................................................................................................

¥30bln........................................................................................................................................................................................................
. ............
....
.... ............
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....

¥20bln........................................................................................................................................................................................................
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....
........................

¥10bln¥9.10bln........................................................................................................................................................................................................
...............
....
.........
...
.....
....
...
.......
...
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2006
-4-

%UDQFK 6DOHV2I¿FH

Nakano’s international based sales have grown from

2010

2011

2012
-5-

Hokkaido Branch Of¿ce, Sapporo
Higashi Kanto Branch Of¿ce, Chiba
Kita Kanto Branch Of¿ce, Saitama
Yokohama Branch Of¿ce, Yokohama
Ibaraki Branch Of¿ce, Tsuchiura
Taito Branch Of¿ce, Taito-ku
Kita Tohoku Branch Of¿ce, Hachinohe
Mie Sales Of¿ce, Yokkaichi
Hyogo Sales Of¿ce, Amagasaki
Kitakyushu Sales Of¿ce, Kitakyushu

MAJOR INTERNATIONAL WORKS 2012

Changi Business Park
(Commercial Complex ƒ Hotel ƒ Of¿ce Building)
Changi South, Singapore ‫ ۄ‬2012
Changi Business Park is a mixed use development project set forcompletion in 2012. The construction of the shopping complex
and the hotel building have completed and they are now in
operation. The of¿ce building is to be completed within this year.

-6-

-7-

The Rainforest
Choa Chu Kang, Singapore | 2014
The Rainforest is uniquely designed in resort-style living landscape with a nature reserve theme to embrace its name. A
wide range of condo facilities for the interest of all ages from the Hideout Lagoon, Hammock Court, Club House, Garden
Deck, Look Out Tower to Spa Pool. It is ¿lled with a total of 466 residential units including Sky Suites and Penthouses. All
units are situated in a north south orientation to enjoy either the facilities view or unblocked view.

Boathouse Condominium
Upper Serangoon View, Singapore | 2015
Boathouse Residences is a 99-year leasehold condominium development
located at Upper Serangoon View, expected to be completed in 2015.
Inspired by its geographic location next to the rivers of Sungei Serangoon
and Sungei Punggol, the condo with a total of 493 units combines the
serenity of the river with the luxury of living in a houseboat to present an
extraordinary riverine lifestyle.

Palm Isles Condominium
Flora Drive, Singapore | 2015

Award-winning projects

Located in the jewel of Flora Drive, The Palm Isles is a 429-unit
project set in picturesque waterscape and lush landscapemimicking a beach resort. A comfortable lifestyle with well-de¿ned
activity areas will appeal to a multitude of home seekers. The 28
exclusive luxurious “Garden Homes” units offer the charms of“landed-living” within a condominium setting.

St Thomas Suites
St Thomas Walk, Singapore | 2010
-8-

St Thomas Suites is a 176-unit ultra premium residential developmentof two 33-storey high rise towers and a beautifully landscaped green
zone. Designed by Japanese architect Masaki Miyake, the project’s
distinctive curved forms rise at orientations, providing shelter fromdaytime sunrays and maximum extension of its open-plan interiors. St
Thomas Suites is awarded “FIABCl Prix d’Excellence Awards 2012”.
Latitude Condominium, completing in 2010, 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. Latitude Condominium is awarded
BCA Construction Excellence Award. Dozens
of projects including these two, constructedby Nakano Singapore, are given the BCA’s
Green Mark certification, abench mark environmental
scheme designed to recognize
and promote best practices
f o r q u a l i t y, d e s i g n a n d
performance in the construction
Latitude Condominium
industry, in respect of ecoJalan Mutiara, Singapore | 2010
friendly construction.
-9-

INTERNATIONAL INDUSTRIAL WORKS 2012

Malaysia’s GBI
Certi¿cation topromote green
buildings

NTT Data Centre | Cyberjaya, Malaysia | 2012
NTT Data Center in Cyberjaya, Malaysia constructed by Nakano Construction Sdn Bhd has been certi¿ed Green
Building Index Silver. Green Building Index (GBI) is Malaysia’s green certi¿cation for buildings created to promotesustainability in the built-environment. The GBI provides an opportunity for developers and building owners to designand construct green, sustainable buildings and reduce our impact on the environment. Solar panel, eco-friendly
construction materials, roof garden, daylight system, energy-ef¿cient lighting & cooling system, and rainwater
harvesting system equipped in this project have contributed to the GBI certi¿cation.

CSF CX5 Data Center | Cyberjaya, Malaysia | 2011
Projects such as Integrated DC Builders CSF CX5 Data Center (53,518 m2) in Cyberjaya, Malaysia constructed by Nakano
Construction and completed in 2011, have allowed our group to exercise our production facility and warehouse based industrial
construction experience in an increasingly diverse range of hi-tech ¿elds in the markets we operate across Asia.

Asian Market Development

1,300+

Major Project
Completions
Across Asia so far
Shinpack Factory
Pinthong Industrial Estate, Thailand | 2012

Saha Seiren Factory
Kabinburi Industrial Zone, Thailand | 2011

Hino Motors Factory
Bukit Indah Industrial Park, Indonesia | 2012

Chuhatsu Factory
Suryacipta City of Industry, Indonesia | 2012

Amata Summit Rental Factory
Amata Nakorn Industrial Estate, Thailand | 2011

Nawaloha Industry Factory
Saraburi, Thailand | 2008

H-One Factory
Pinthong Industrial Estate, Thailand | 2011

Auto Interior Product Factory
Thailand | 2011

Resort Spa
Bangkok, Thailand | 2010

Triumph Factory
Amata Nakorn Industrial Estate, Thailand | 2012- 10 -- 11 -

DOMESTIC WORKS PORTFOLIO 2012
Tokyo Of¿ce Obtains COHSMS Occupational Health and Safety Management System
In December 2010 Nakano was accredited with COHSMS certi¿cation (Occupational Health and Safety
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.

Kohnodai Hospital and Hepatitis & Immunity Laboratory of National Center for Global Health and Medicine | Chiba | 2012

Shin-Chiba NHK Broadcast Hall | Chiba | 2011

Yamagata National Hospital | Yamagata | 2013

Souka Matsubara Housing Complex | Saitama | 2012

Somi Shokuhin Tanba No.3 Factory | Kyoto | 2011- 12 -

Fukuoka Omiya Condominium | Fukuoka | 2013

F Bakery Shiga Sales Center | Shiga | 2013

Fukushima College Main Building | Fukushima | 2012

K’s Denki Nishi-kasai Store | Tokyo | 2011

Yokogawa Denshikiki Hadano Factory | Kanagawa | 2012

Hosen Gakuen Gym Seismic Strengthening | Tokyo | 2012- 13 -

CONSOLIDATED BALANCE SHEETSNAKANO CORPORATION and its subsidiaries
As of March 31, 2011 and 2012
Thousands of
U.S. dollars
Millions of yen(Note 2)

2012

2012

17,102$ 208,078

2011
AssetsCurrent assets:
Cash and deposits (Notes 4, 6 and 7)¥ 20,406¥

Notes receivable, accounts receivable from completed
construction contracts and other (Notes 4 and 7)

19,771 

Costs on uncompleted construction contracts (Note 4)
Real estate for sale

2,631
-


550



Costs on real estate business
Raw materials and supplies

710
25

242


Deferred tax assets (Note 10)
Accounts receivable-other

492
637

49
520

Other
Allowance for doubtful accounts

1,131
(254)

 Total current assets

45,551 

Buildings and structures
Machinery, vehicles, tools, furniture and ¿xtures

8,227
1,431


  

Land
Accumulated depreciation

11,010(5,046)


   

Total property, plant and equipment

15,623

15,456

188,052

127



2,362
420



6,691
2,944

596




Noncurrent assets:
Property, plant and equipment (Note 4)

Intangible assets

Investments and other assets
Investment securities (Notes 4, 7 and 8)
Long-term loans receivable
Claims provable in bankruptcy, claims provablein rehabilitation and other178

Deferred tax assets (Note 10)
Other

845
329

Allowance for doubtful accounts

(207)

176



2,141






(206)(2,506)3,929

 

Total noncurrent assets

19,68018,691

227,412¥ 65,231¥  

The accompanying notes are an integral part of these ¿nancial statements.

- 15 -






Total investments and other assets

Total assets- 14 - 


Thousands of

NAKANO CORPORATION and its subsidiaries

Millions of yen(Note 2)For the years ended March 31, 2011 and 2012

2012

2012

2011
Liabilities
Current liabilities:
Notes payable, accounts payable for construction
contracts and other (Notes 4 and 7)¥ 36,270 

Current portion of bonds (Note 14)
Short-term loans payable (Notes 4, 7 and 15)

560
3,755




Income taxes payable
Advances received on uncompleted construction contracts

139
4,578

174


Provision for warranties for completed construction
Provision for loss on construction contracts (Note 4)

138
1,022


951




11,570




Provision for bonuses
Other (Note 15)

357
945

Total current liabilities

47,768CONSOLIDATED STATEMENTS OF INCOME

U.S. dollars  



2,117 

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*URVVSUR¿W
Gross pro¿t on completed construction contracts
Gross pro¿t-real estate business
Gross pro¿t (loss)-other business

3,031

1,975

Deferred tax liabilities (Note 10)
Provision for retirement bene¿ts (Note 9)

147
847

224
918

Negative goodwill
Other (Notes 14 and 15)

258

226

2,749

184
116

161
18

1,958
219

Non-operating expenses:
Interest expenses
Other

61,576

1,400
7,192










(27)



 





  



Extraordinary income:Gain on sales of noncurrent assets (Note 5)
Other
Total extraordinary incomeForeign currency translation adjustment(2,116)(2,211)(26,901)

Total accumulated other comprehensive income(2,019)(2,071)(25,197)

11,914

Total liabilities and net assets¥ 65,231

9,710
 


118,140 

Loss on disaster
Loss on construction
Other- 16 -




1,046

498

170

300

179

1,362







11
508


-




-

520







56
469


67
169




815
2,056

2,177

525

428

5,207

1,357

(141)

(1,715)

376
212
159


47





571


748





Income (loss) before minority interests608 

Minority interests in income (loss)

(30)





Income (loss) before income taxes and minority interests
Income taxes:
Income taxes-current
Income taxes for prior periods
Income taxes-deferred (Note 10)
Total income taxes¥

Net income (loss)

The accompanying notes are an integral part of these ¿nancial statements.

The accompanying notes are an integral part of these ¿nancial statements.

2,786

Extraordinary loss:

Total extraordinary losses

Total net assets
9,490
97

Total non-operating income 





86

41

14

Total non-operating expenses
780
8

119
34
57
47

Ordinary income

Non-operating income:Interest income
Dividends income
Foreign exchange gains
Amortization of negative goodwill
Other

Net assets

307

1,280,824

2,725
11,169

Minority interests

105,271



113,811229



96

1,267,550
12,969292

1,404

 

Accumulated other comprehensive income:
Valuation difference on available-for-sale securities

104,180
1,066
24

Operating income

13,626

113,023750
38

24,0295,548

Total shareholders’ equity 



53,317

Treasury stock 


22,472Total noncurrent liabilities

Capital surplus
Retained earnings

120,283Total liabilities$




5,061

 
1,847







¥118,693
1,552
38

5,066




5,061

2012

6,471




¥

2012

Selling, general and administrative expenses (Note 5)

114
1,408

Shareholders’ equity:
Capital stock

2011

5,670
801
(0)

Total gross pro¿t

Noncurrent liabilities:
Long-term loans payable (Notes 4, 7 and 15)

Millions of yen

Thousands of
U.S. dollars(Note 2)- 17 -

639¥(2,024)



$


(24,625)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMECONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSNAKANO CORPORATION and its subsidiaries

NAKANO CORPORATION and its subsidiaries

For the years ended March 31, 2011 and 2012

For the years ended March 31, 2011 and 2012

Shareholders’ Equity

Millions of yen

2012

2012

Total

Valuationdifference
on available

Foreigncurrency

Total
accumulated
othertranslation
adjustment

comprehensive
income2011¥

Income (loss) before minority interests

608

Millions of yen

Thousands of
U.S. dollars(Note 2) 

Capitalstock
%DODQFHDVDW0DUFK

Other comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income

(96)
(331)


(100)



(427)

 




(1,216)


¥

5,061

Capitalsurplus

¥

1,400

¥

Accumulated other comprehensive income

Retainedearnings

Treasurystockshareholders’equity-for-salesecurities

6,759

¥

¥

(26)

¥

(1,800)¥(1,606)

Minority
interests¥

352

Total net
assets13,195¥ 193

Dividends from surplus

-

-

(206)

-

(206)

-

-

-

-

¥

11,941(206)

Net income

-

-

639

-

639

-

-

-

-

639

Purchase of treasury stock

-

-

-

(1)

(1)

-

-

-

-

(1)

-

-

-

-

-

(96)

(316)

(412)

(45)

(458)

Net changes of items other thanshareholders’ equity
Total changes of items during the180

Comprehensive income(1,997)(24,297)

period%DODQFHDVDW0DUFK

Comprehensive income attributable to:Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

226
(45)

(2,076)79(25,258)
961

¥

5,061

¥

1,400

432
¥

(1)

7,192

¥

(27)

431
¥

(96)

13,626

¥

96

(316)
¥

(2,116)(412)¥(2,019)

(45)
¥

307

(26)
¥

11,914

Dividends from surplus

-

-

(206)

-

(206)

-

-

-

-

(206)

Net loss--(2,024)-(2,024)

-

-

-

-

(2,024)Purchase of treasury stock

-

-

-

(0)

(0)

-

-

-

-

(0)

Net changes of items other thanshareholders’ equity

The accompanying notes are an integral part of these ¿nancial statements.























 11,395

¥ 140



 



 













Total changes of items during theperiodBalance as at March 31, 2012


¥

5,061


¥


1,400

  
¥



4,961

¥


(27)


¥


¥

 
(2,211)¥ (2,071)


¥


386

¥

9,710

Thousands of U.S. dollars (Note 2)
Shareholders’ Equity%DODQFHDVDW0DUFK

Capitalstock

CapitalsurplusRetainedearnings

Accumulated other comprehensive income

Treasury
stock

Total
shareholders’equityValuationdifference
on available-for-salesecurities$

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive
incomeMinority
interests

Total net
assets$ (24,565) $ 3,735$ 144,956$ 61,576$ 17,033$ 87,504(328)$ 165,786$ 1,168$ (25,745)

Dividends from surplus--(2,506)-(2,506)

-

-

-

-

(2,506)Net loss--(24,625)-(24,625)

-

-

-

-

(24,625)

Purchase of treasury stock

-

-

-

(0)

(0)

-

-

-

-

(0)

Net changes of items other thanshareholders’ equity































 











  



 



 

















Total changes of items during theperiodBalance as at March 31, 2012

$ 61,576$ 17,033

  $ 60,360


$


(328)

The accompanying notes are an integral part of these ¿nancial statements.

- 18 -- 19 -$ 138,642$ 1,703$ (26,901)$ (25,197)$ 4,696$ 118,140

CONSOLIDATED STATEMENTS OF CASH FLOWSNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NAKANO CORPORATION and its subsidiaries

NAKANO CORPORATION and its subsidiaries

For the years ended March 31, 2011 and 2012
Millions of yen

Thousands of
U.S. dollars(Note 2)

2012

2012

2011
Net cash provided by (used in) operating activities:
Income (loss) before income taxes and minority interests
Adjustments for:
Depreciation and amortization
Impairment loss
Amortization of negative goodwill
Increase (decrease) in allowance for doubtful accounts
Increase in provision for retirement bene¿ts
Interest and dividends income
Interest expenses
Decrease (increase) in notes and accounts receivable-trade
Decrease in costs on uncompleted construction contracts
Increase in other inventories
Increase in notes and accounts payable-trade
Increase (decrease) in advances received on uncompleted
construction contracts
Other, net

¥

1,357

(141)

$

(1,715)

395
10
(57)
(431)
145
(153)
184
3,484
8,565
(249)
3,353



 

72
 
161
(6,579)
987
 
2,264










876

1,958
(80,046)
12,008
27,545(7,935)
1,521




SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid

10,190
153
(190)
(536)

(2,024)

 
 

Net cash provided by (used in) operating activities

9,617(2,462)

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
Other, net

(427)
7
(94)
16
33

 
2,052
 

42



(464)

 Net cash provided by (used in) ¿nancing activities:
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Cash dividends paid
Other, net

(455)
300
(1,570)(1,080)
(206)
1,318

1,175

(1,256)
 
(206)
(56)

Net cash used in ¿nancing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents(1,692)
(233)
7,226

 
(88)
(4,525)

Net cash used in investing activities

Cash and cash equivalents at beginning of period¥

12,326

Cash and cash equivalents at end of period (Note 6)¥

The accompanying notes are an integral part of these ¿nancial statements.

- 20 -

19,552

¥















(24,625)



(29,954)










24,966


511


14,296
(15,281)
(2,506)(681)

(1,070)(55,055)



15,026$

182,820

1. Basis of Presenting
Consolidated Financial
Statements

The consolidated ¿nancial statements presented herein of NAKANO CORPORATION (the “Company”)
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.
In preparing these consolidated ¿nancial statements, certain reclassi¿cations and rearrangements
have been made to the consolidated ¿nancial statements issued domestically in order to present
them in a form which is more familiar to readers outside Japan. In addition, certain reclassi¿cations
have been made in the 2011 ¿nancial statements to conform to the classi¿cations used in 2012.

2. U.S. Dollar Amounts

The accounts of consolidated ¿nancial statements presented herein are expressed in Japanese
yen by rounding down to the nearest million. The U.S. dollar amounts shown in the accompanying
consolidated ¿nancial statements and notes thereto have been translated from Japanese yen into
U.S. dollars on the basis of ¥82.19 to U.S.$1, the rate of exchange prevailing at March 30, 2012,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.

3. Summary of Signi¿cantAccounting Policies

a. Consolidation
1) Scope of Consolidation
The Company had 11 subsidiaries as of March 31, 2012. The consolidated ¿nancial statements
for the year ended March 31, 2012 include the accounts of the Company and all subsidiaries. The
Company had 3 af¿liates as of March 31, 2012. As of March 31, 2012, the equity method was notapplied to all af¿liates, as these companies were not signi¿cant in terms of retained earnings or net
income of the consolidated ¿nancial statements.
2) Financial Statements of Subsidiaries
The ¿nancial year-end of an overseas subsidiary is December 31.
Consolidation of the subsidiary is therefore performed by using the provisional ¿nancial statements
prepared as of March 31. Other subsidiaries’ ¿nancial year-end is March 31.
3) Difference between the Cost of Investment and Equity in the Net Assets of a Subsidiary
Excess of the cost of investment in a subsidiary over the amount of the underlying equity in the
net assets of the subsidiary is principally amortized over a ¿ve-year period on a straight-line basis.
Negative goodwill recognized on, or before April 1, 2010 is amortized over a ¿ve-year period ona straight-line basis as permitted as a transitional measure by the revised accounting standard.
b. Investment Securities
Investment securities are classi¿ed and accounted for, depending on management’s intent, as 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,
which are not classi¿ed as the aforementioned securities, are reported at fair value, with unrealized
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.
c. Inventories
Costs of uncompleted construction contracts are determined by the speci¿c identi¿cation method.
Real estate for sale, costs on real estate business and raw materials and supplies are stated atcost determined by the speci¿c identi¿cation method for real estate for sale and costs of real estatebusiness 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.
- 21 -

l. Revenue and Cost of Construction Contracts
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 year
ended March 31, 2012 was ¥94,843 million ($1,153,948 thousand).

d. Property, Plant and Equipment (excluding lease assets)
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment of
the Company and its domestic consolidated subsidiaries is computed by the declining-balancemethod, while buildings (excluding building ¿xtures) acquired on or after April 1, 1998 are depreciatedusing the straight-line method. The useful lives and residual values of the assets are determinedbased on the regulations of the Corporate Income Tax Law.
Foreign consolidated subsidiaries use primarily the straight-line method.
e. Intangible Assets (excluding lease assets)
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.
f. Lease Assets
Depreciation of lease assets under ¿nance leases that do not transfer ownership of the lease assets
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.
g. Allowance for Doubtful Accounts
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 estimateduncollectible amounts of the speci¿c accounts.
h. Provision for Warranties for Completed Construction
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 ¿scal year.
i. Provision for Loss on Construction Contracts
The provision for loss on construction contracts is provided by the Company and its consolidated
subsidiaries with respect to construction projects for which eventual losses are reasonably estimated.

m. Cash and Cash Equivalents in the Consolidated Statements of Cash Flows
In preparing the consolidated statements of cash Àows, cash and cash equivalents include cash on
hand, readily-available deposits and short-term highly liquid investments with maturities less than
three months at the time of acquisition that are exposed to insigni¿cant risk of changes in value.
n. Additional Information
The Company applied the new accounting standard “Accounting Standard for Accounting Changes
and Error Corrections” (ASBJ Statement No.24, December 4, 2009) and “Guidance on AccountingStandard for Accounting Changes and Error Corrections” (ASBJ Guidance No. 24, December 4,2009) to accounting changes and error corrections which were made on or after April 1, 2011.

4. Notes to Consolidated
Balance Sheets

1) The assets pledged as collateral and collateralized liabilities are as follows:
Thousands ofMillions of yen

2011

As of March 31

2012N 3URYLVLRQIRU5HWLUHPHQW%HQH¿WV
The provision for retirement bene¿ts for employees provided by the Company and its someconsolidated subsidiaries is calculated based on estimated amounts of retirement bene¿t obligations
and pension assets as of the consolidated ¿scal year-end.
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.
(Additional Information)
The Company abolished the tax quali¿ed pension plan and transferred to the de¿ned bene¿t corporate
pension plan and de¿ned contribution corporate pension plan in May 2011. In the year ended March
31, 2011, the Company applied Accounting Standards Board of Japan (“ASBJ”) Guidance No. 1“Accounting for Transfers between Retirement Bene¿t Plans” and recognized loss on the revisionof retirement bene¿t plans in an amount of ¥162 million under extraordinary loss.

- 22 -

2012

Cash and deposits
Notes receivable
Buildings
Land
Investment securities

¥

202
800
2,065
9,791
904

¥

Total

¥

13,763  

Short-term loans payable
Long-term loans payable

¥

2,530
2,881



 
 

202
799
1,864




$

2,457
9,721
22,679  

The following investments securities included in the above are deposited as security for dealing:
Thousands ofMillions of yen

j. Provision for Bonuses
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.

U.S. dollars

2011

As of March 31

Investment securities¥

24

U.S. dollars

2012
¥

24

2012
$

292

2) The Companies are contingently liable for the following:Thousands ofMillions of yen

2011

As of March 31

U.S. dollars

2012

2012

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

¥

6,159
2




0
0

Total

¥

6,162

¥

5,942

$

72,295- 23 -

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.
Thousands ofMillions of yen

U.S. dollars

2012

2012

2011

As of March 31

Costs on uncompleted construction contracts covered
by “Provision for loss on construction contracts”

6. Notes to Consolidated
Statements of Cash
Flows

The reconciliation between “Cash and cash equivalents” reported in the consolidated statementsof cash flows and “Cash and deposits” reported in the consolidated balance sheets is
as follows:
Thousands of

As of March 31

¥

596

¥

67

$

Cash and deposits per consolidated balance sheets
Less: Time deposits maturing over three months
Cash and cash equivalents per consolidated
statements of cash Àows8154) The following notes receivable and payable matured on March 31, 2012 are included in therespective accounts, since March 31, 2012 falls on a bank holiday:

Millions of yen

U.S. dollars

2011

2012

2012

¥ 20,406(853)¥ 17,102(2,076)$ 208,078(25,258)¥ 19,552¥ 15,026$ 182,820

Thousands of——Notes receivable
Notes payable

5. Notes to Consolidated
Statements of Income

Millions of yen

U.S. dollars

2012

2012

2011

As of March 31



1) Provision for loss on construction contracts included in “Cost of sales of completed construction
contracts” was as follows:
Thousands ofMillions of yen

2011

For the year ended March 31

Provision for loss on construction contracts¥

595

U.S. dollars

2012
¥

896

2012
$

10,901

2) The major components of “Selling, general and administrative expenses” were as follows:
Thousands ofMillions of yen

2011

For the years ended March 31

Depreciation
Provision for bonuses
Retirement bene¿t expenses
Employees’ salaries and allowances

¥

126
148
286
2,463

U.S. dollars

2012



92



2012





1,119



3) Research and development costs included in selling, general and administrative expenses wereas follows:
Thousands ofMillions of yen

2011

For the year ended March 31

Research and development costs¥

28

U.S. dollars

2012




7. Financial Instruments

1. Overview
1) 3ROLF\IRU¿QDQFLDOLQVWUXPHQWVThe 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 foreignexchange Àuctuation risks associated with foreign currency denominated transactions and interest
rate Àuctuation risks associated with loans payable, and not for speculative purposes.
2) 7\SHVRI¿QDQFLDOLQVWUXPHQWVULVNDQGULVNPDQDJHPHQW
The Companies control risks by type of ¿nancial instruments in accordance with the risk management
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 frommarket value Àuctuations.
The Companies manage liquidity risk associated with loans payable by appropriately planningfor fund raising based on monthly cash Àow projections.
Regarding derivative transactions, the Companies execute and control the transactions basedon the internal control rules which de¿ne the transaction authority and limits and enter into contracts
with only the high credit rating ¿nancial institutions to reduce credit risk.
3) 6XSSOHPHQWDU\H[SODQDWLRQRQIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV
The fair value of ¿nancial instruments is determined based on the market price or reasonableestimated 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.

2012




4) “Gain on sales of noncurrent assets” consisted of the following:Thousands ofMillions of yen

2011

For the years ended March 31

U.S. dollars

2012

2012

Land
Buildings
Vehicles
Other

¥

3
1
6
0

¥

7
1
1
0

$

85
12
12
0

Total

¥

11









- 24 -- 25 -

 )DLUYDOXHRI¿QDQFLDOLQVWUXPHQWV
The carrying amount, fair value and difference of the ¿nancial instruments as of March 31, 2011
and 2012 are as follows:
Note that the ¿nancial instruments whose fair value is extremely dif¿cult to determine are notincluded in the following table (See (Notes): 2):(Notes):1.

Assets:(1) Cash and deposits and (2) Notes receivable, accounts receivable from completed construction

Millions of yen
March 31, 2011

Carrying amount(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¥

20,406

Fair value¥

20,406

contracts and other

Difference¥

The carrying amount is presented as the fair value, since the fair value approximates the carrying-

19,771

19,771

-

24
1,099

24
1,099

0
-

41,30141,3010

Method used for determining the fair value of the ¿nancial instruments and matters regarding securities
and derivative transactions: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,

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

36,2703,755
3,031

36,270
3,755
3,031

-

43,05643,056----the fair value of investment trust is determined based on the published standard quotation priceand the fair value of debt securities is determined based on the published price by the Japan
Securities Dealers Association. Notes regarding investment securities classified by the
management’s intent 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.

Millions of yen
March 31, 2012

Carrying amount(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¥

17,102

Fair value¥

17,102¥

Assets total-

25,97725,977

-

24
1,129

25
1,129

0
-

Unlisted equity securities



Above ¿nancial instruments are not included in “(3) Investment securities” in the above table, since there is no market

1,975

1,975






-

45,48745,487----

Derivative transactions

Thousands of U.S. dollars
Carrying amount

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 -

Millions of yen
As of March 31

2011

¥

1,238

U.S. dollars

2012





2012



price and their fair value is extremely dif¿cult to identify.

Liabilities total(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

Carrying amounts of ¿nancial instruments for which it is extremely dif¿cult to identify the fair value wereas follows :Thousands of(1) Notes payable, accounts payable forconstruction contracts and other(2) Short-term loans payable(3) Long-term loans payable

March 31, 20122.

Difference$

208,078

Fair value$

208,078

Difference$-





292





468,207
61,19924,029468,207
61,19924,029



--3. Redemption schedule for monetary assets and investment securities with contractual maturities
after balance sheet dateMillions of yen
Due in one
year or less

As of March 31, 2011

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

¥




- 27 -

20,406

Due after one
year through¿ve years

Due after ¿ve
years throughten years

Due after
ten years

¥

¥

¥

-

-

-

19,771

-

-

-

-

14

9

-

40,177

¥

14

3
¥

13

¥

-

Millions of yen
Due in one
year or less

As of March 31, 2012

Due after one
year through¿ve years

Due after ¿ve
years throughten years

Due after
ten years¥¥¥

Thousands of U.S. dollars

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

17,102---

25,977

-

-

-

-

14

9

-

-

2

-

-

  

8. Investment Securities









Thousands of U.S. dollars
Due in one
year or less

As of March 31, 2012

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

$

Due after one
year through¿ve years

208,078$

Due after ¿ve
years throughten years-$

Due after
ten years-$-

Due after

Due after

Due after two

three years

four years

year through years throughthrough four

through ¿ve

Due after

years

years

¿ve years

Due after one
As of March 31, 2012

year or lessLong-term loans payable

two years 



 







Investment securities as of March 31, 2011 and 2012 consisted of the following:

Millions of yen
As of March 31

2011

Thousands of
U.S. dollars

2012

2012

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

¥

24
1,099

¥

24


$

Total

¥

1,123



 

292
 

The carrying amount and fair value of held-to-maturity debt securities as of March 31, 2011 and2012 are as follows:
Millions of yen













Carrying
amountAs of March 31, 2011

Japanese government bonds
-

170

-

109

24

524,151

$

206

24

Unrealized
gain

Unrealized
loss

¥

¥

0

-

Fair value

¥

24

-

$

¥

-

109

$

Millions of yen
Carrying
amountAs of March 31, 2012

Japanese government bonds
4.

three years¥

24

Unrealized
gain

Unrealized
loss

¥

¥

0

-

Fair value¥

25

Repayment schedule of long-term loans payable subsequent to the consolidated balance sheet date was
as follows:
Thousands of U.S. dollars

Millions of yen
Due after

Due after

Due after two

three years

four years

year through years throughthrough four

through ¿ve

Due after

years

years

¿ve years

Due after one
Due in one
As of March 31, 2011

year or lessLong-term loans payable¥-

two years¥

450

three years

¥

960

¥

910

¥

711

Carrying
amountAs of March 31, 2012¥-

Japanese government bonds





Unrealized
gain

Unrealized
loss









Fair value





The carrying amount (fair value) and acquisition cost of available-for-sale securities as of March
31, 2011 and 2012 are as follows:

Millions of yen
Millions of yen
Due after
Due after one
Due in one
As of March 31, 2012

year or lessLong-term loans payable

Due after

Due after two

three years

four years

year through years throughthrough four

through ¿ve

Due after

years

years

¿ve years

two years- 28 -



three years







 



Carrying
amountAs of March 31, 2011

Unrealized
gain

Unrealized
loss Acquisition cost

Equity securities
Other

¥

1,096
3

¥

293
1

¥

(131)
-

¥

933
1

Total

¥

1,099

¥

294

¥

(131)

¥

935

- 29 -

Millions of yen
Carrying
amountAs of March 31, 2012

Equity securities
Other



Total



Unrealized
gain
2




0







 
-



 




1


Thousands of U.S. dollars
As of March 31, 2012

Carrying
amountUnrealized
gain

Equity securities
Other 
24


0 - 
12

Total

 



  

Unrealized
loss Acquisition cost

Note: Impairment loss on marketable equity securities which are categorized as available-for-sale securities
was recognized in the amount of ¥32 million and ¥17 million ($206 thousand) for the years ended
March 31, 2011 and 2012, respectively.

Available-for-sale securities which were sold during the years ended March 31, 2011 and 2012 are
as follows:

Thousands ofMillions of yen

U.S. dollars

2012

2012

2011

Sales proceeds
Gain on sales
Loss on sales

9. Retirement Bene¿ts

¥

1
0



2) 3URMHFWHGEHQH¿WREOLJDWLRQV

Unrealized
loss Acquisition cost


2




24

1) 2XWOLQHRIWKH&RPSDQ\¶VUHWLUHPHQWEHQH¿WSODQVThe Company has de¿ned bene¿t plans that consist of a de¿ned bene¿t corporate pension plan anda lump-sum retirement bene¿t plan and also de¿ned contribution pension plans. Certain consolidated

Thousands ofMillions of yen
As of March 31

2011

Projected bene¿t obligations
Plan assets¥

Unfunded bene¿t obligations
Unrecognized actuarial differences(1,630)783

Provision for retirement bene¿ts

¥

(847)

2012

  



(2,159)1,240(26,268)
15,086

¥

(918)

$

(11,169)3) 5HWLUHPHQWEHQH¿WH[SHQVHVMillions of yen

Thousands of
U.S. dollars

2012

2012

2011

For the years ended March 31

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

Subtotal
Contribution to Welfare Pension Fund
Loss on revision of retirement bene¿t plans

292
100
(70)
113



435
240
162

Total

¥

838





65






790


226
-




2,749
-







4) $VVXPSWLRQDQGSROLFLHVXVHGLQFRPSXWLQJSURMHFWHGEHQH¿WREOLJDWLRQVInter-period allocation method of projectedbene¿t obligations
Discount rate
Expected rate of return on plan assets
Amortization periods for actuarial differences

subsidiaries have lump-sum bene¿t plans. Furthermore, the Company may pay additional retirementbene¿ts upon the retirement of certain employees. The Company abolished the tax quali¿ed pension
plan and transferred to a de¿ned bene¿t corporate pension plan and a de¿ned contribution corporate
pension plan in May 2011.
In addition, the Company participates in Tokyo Construction Welfare Pension Fund.

- 30 -(4,383)
2,752

U.S. dollars

2012- 31 -

2011

2012

Straight-line basis
2.0%
2.0%
12 years(amortized by thestraight-line method
over a de¿ned period
within the range of
average remaining
service years of
employees at the timeof occurrence fromthe following year ofoccurrence)

Straight-line basis
1.0%
0.0%
12 years(amortized by thestraight-line method
RYHUDGH¿QHGSHULRG
within the range of
average remaining
service years of
employees at the timeof occurrence fromthe following year ofoccurrence)10. Deferred Tax
Accounting3) On December 2, 2011, the “Act for Partial Amendment to the Income Tax Act, etc. for the purposeof Creating a Taxation System Responding to Changes in Economic and Social Structures”
and the “Act on Special Measures for Securing Financial Resources Necessary to Implement
Measures for Reconstruction following the Great East Japan Earthquake” were promulgated.
Consequently, the corporate tax rate will be reduced and a special recovery tax will be imposed.
In accordance with this tax reform, the effective statutory tax rate, which is used to measuredeferred tax assets and deferred tax liabilities, has been reduced from 40.7% to 38.0% for
temporary differences that are expected to be eliminated during the period from April 1, 2012
through March 31, 2015 and 35.6% for temporary differences to be eliminated on or after
April 1, 2015. As a result, deferred tax assets (the mount after deducting deferred tax liabilities),
deferred tax liabilities (the amount deducting deferred tax assets) and income taxes – deferred
deceased by ¥0 million ($0 thousand), ¥18 million ($219 thousand) and ¥7 million ($85
thousand), respectively and valuation difference on available-for-sale securities increased by¥10 million ($121 thousand).

1) The signi¿cant components of deferred tax assets and liabilities as of March 31, 2011 and 2012
are as follows:

Thousands of

As of March 31

Millions of yen

U.S. dollars

2012

2012

2011

Deferred tax assets:
Provision for bonuses
Provision for retirement bene¿ts
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

145
331
131
323
416
1,535
1,817
296

¥

4,998
(3,604)

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







1,082

1,484





 


1,394









¥

(64)

¥

(75)

$

(912)

(128)

 





(10)

(12)

¥

Net deferred tax assets (liabilities)

$


¥

Other
Deferred tax liabilities

89

122






¥

(203)
1,190

¥


(224)
 

$


2011
40.7%
3.7
(13.7)
(0.2)
2.9
15.8
9.4
(3.5)

Actual effective tax rate

55.1

The Company and certain consolidated subsidiaries own of¿ce buildings, commercial facilities andresidual 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, 2011 and 2012 was ¥678 millionand ¥685 million ($8,334 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, 2011 and 2012.
The carrying amounts, changes in such balances during the year and fair values of suchproperties are as follows:
Thousands of(146)(2,725)

As of March 31

Carrying amounts(Note 1):

2) A reconciliation between the normal effective statutory tax rates and the actual effective tax
rates reÀected in the consolidated statements of income for the year ended March 31, 2011is as follows:

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

11. Investment andRental Properties

Information for the year ended March 31, 2012 was omitted, since net loss was recorded.

U.S. dollars

2012

2012

2011

Beginning balance¥
Increase (decrease) (Note 2)
Ending balance¥

14,209(320)
13,889¥17,063

Fair value (Note 3)(892)



(10,852)





(Notes): 1. The carrying amount is presented after deducting accumulated depreciation from the acquisitioncost.
2. Increase during the year ended March 31, 2011 primarily represents the acquisition of real estateof ¥73 million and decrease primarily represents depreciation of ¥230 million.
Increase during the year ended March 31, 2012 primarily represents the acquisition of real estateof ¥131 million ($1,593 thousand) and decrease is primarily due to the change in holding purpose
from investment to internal use of ¥759 million ($9,234 thousand) and depreciation of ¥196 million($2,384 thousand).
3. Fair values of properties as of March 31, 2011 and 2012 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.

- 32 -

Millions of yen- 33 -

12. Segment
Information

a. Description of reportable segments
The Companies’ reportable segments are those for which separate financial information isavailable 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 businessand the real 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”.
b. Methods of measurement for the amounts of sales, pro¿t (loss), assets and other items for eachreportable segment.
The accounting policies of each reportable segment are consistent to those disclosed in Note 3,“Summary of Signi¿cant Accounting Policies”.
c. Information about sales, pro¿t (loss), assets and other items is as follows:

Thousands of U.S. dollars
Reportable segments
Construction
For the year ended
March 31, 2012

For the year ended

Real estateSoutheast

March 31, 2011

Japan

Other

North

Asia

Total

Japan

27,032¥ 118,693

-

18

18

16

Total

91,66027,051

118,712Segment income (loss)

(137)

901

764

17,985

14,56532,550Adjustments Consolidated(Note 1)

America

America

Adjustments Consolidated(Note 1)

Total

(Note 2)









 



 

Japan

Asia

Total

Japan

  

 





























 







 





(Note 3)

Total

Customers
Inter-segment



Total





  
 

Segment income (loss) 



 

Segment assets   

 





  

























 































































  

Other items:
Impairment loss





Increase in property,

Reportable segments
Construction

Other

North

Net sales:

Depreciation
Millions of yen

Real estateSoutheast

Total(Note 2)plant, and equipment
and intangible assets(Note 3)(Notes): 1. “Other” is a business segment not included in the reportable segments and it is insurance agent business.

Total

2. An adjustment of “Segment assets” in an amount of ¥10,286 million ($125,149 thousand) is corporate assets which are not allocated

Net sales:
Customers¥

Inter-segment

Segment assets

91,660

¥

¥

1,280

¥

271

¥

1,552

¥

38

¥ 120,283¥-¥

120,283

-

34

(34)

-

-

16

1,296

271

1,568

38

120,318(34)

120,283

520

133

653

(12)

1,404

-

1,404

13,905

1,515

15,421

55

48,027

17,204

65,231

to each reportable segment and consists of surplus fund (cash and deposits) and long-term investment fund (investment securities
and insurance funds) of the Company.
3. Segment income (loss) is reconciled with operating income in the accompanying consolidated statements of income.

Other items:
Depreciation¥

Impairment loss

99

¥

74

¥

173

¥

193

¥

27

¥

221

¥

0

¥

395

¥

-

¥

395

-

-

-

10

-

10

-

10

-

10

14

39

54

79

0

79

0

133

-

133

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 is corporate assets which are not allocated to each reportablesegment and consists of surplus fund (cash and deposits), long-term investment fund (investment securities and insurance funds) anddeferred tax assets of the Company.
3. Segment income (loss) is reconciled with operating income in the accompanying consolidated statements of income.
Millions of yen
Reportable segments
Construction
For the year ended

Real estateSoutheast

March 31, 2012

Other

North
Japan

America

Adjustments Consolidated(Note 1)Total

 

  







 



 



 

 

Japan

Asia

Total

  











































(Note 2)

(Note 3)Total

Net sales:
CustomersInter-segment



Total





  

Segment income (loss) 































Segment assets   



 



























 



-

27

 

Other items:
Depreciation
Impairment loss




-


-


-


27

-

27

-


27

Increase in property,
plant, and equipment
and intangible assets

















- 34 -























- 35 -

13. Per ShareInformation

Basic net income (loss) per share is computed based on the weighted average number of shares ofcommon stock outstanding during the year. Diluted net income (loss) per share is not presented forthe years ended March 31, 2011 and 2012 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 as of
the balance sheet dates.
Net assets and net income (loss) per share for the years ended March 31, 2011 and 2012 wereas follows:

14. Bonds Payable

Short-term and long-term bonds payable as of March 31, 2011 and 2012 consisted of the following:Thousands ofIssuer and Issue type

For the years ended March 31

2011

Net assets per share
Basic net income (loss) per share¥

337.5218.58

U.S. dollars

2012

2012


(58.88)
(0.71)(Notes): 1. Net assets per share is calculated based on the following information:

U.S. dollars

Interest

2012

2012

rate (%)

Collateral

Maturity(Note) 2

NoneMar. 29, 2013

(Note) 2

NoneMar. 29, 2013

(Note) 2

NoneMar. 29, 2013

2011

(Nakano Corporation)
4th unsecured bondSep. 30, 2010¥

with early redemption clause
5th unsecured bondYenIssue dateMillions of yen

Sep. 30, 2010

with early redemption clause
6th unsecured bondSep. 30, 2010

with early redemption clause
Total

¥







(200)

400



 





400







(200)

 





320

160

1,946

(160)

(160)

(1,946)

1,120



(560)







 





(Notes): 1. ( ) denotes the amount expected to be redeemed within one year.
2. The interest rate of bonds from 4th to 6th unsecured bonds is 0.55% p.a. for the period from

As of March 31

Thousands ofOctober 1, 2010 through March 31, 2011 and the interest rate for the subsequent interest period

Millions of yen

U.S. dollars

is set to be a rate computed by deducting 1.00% p.a. from the short-term prime rate on the second

2012

2012

preceding banking day (“Interest rate base date”) from the starting date of the interest calculation

2011

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

11,914

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

period. However, if such interest rate is less than the interest rate which is added by 0.10% p.a.

¥

9,710

$

118,140

(307)

 





11,607





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 following is a summary of maturities of bonds subsequent to March 31, 2012:
Thousands ofYear ending March 31

34,389

Millions of yen

2013



2014 and thereafter
2. Net income (loss) per share is calculated based on the following information:

Thousands of

For the years ended March 31

2011

Net income (loss)
Amount not attributable to common
stock shareholders
Net income (loss) attributable to common
stock Average number of shares of common
stock during the year (in thousand shares)- 36 -¥

639¥

U.S. dollars

2012

2012

(2,024) $(24,625)

-

-

-

639

(2,024)(24,625)

34,391

U.S. dollars


-

Total

Millions of yen

- 37 -




-





15. Loans Payable andOther Debts

Short-term loans payable, long-term loans payable and other debts as of March 31, 2011 and2012 are as follows:
Thousands of

As of March 31
Short-term loans payable

Millions of yen

U.S. dollars

Average interest

2012

2012

rate (%)

54,507

2.28

2011
¥

3,305

¥

4,480

$

450

550

6,691

1.85

54





-

3,031

1,975

24,029

2.12

28

7

85

-



Long-term loans payable

Sep. 30, 2013 -excluding current portion

Mar. 31, 2016

Lease obligations excluding

Apr. 30, 2013 -current portion
Total

¥

6,869

¥

7,041

$

Oct. 31, 2016

85,667(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 shownsince interest equivalent amounts included in the aggregated lease premiums are allocated toeach ¿scal year using the straight-line method.
2. The following is a summary of annual maturities of loans payable and lease obligations subsequent
to March 31, 2012:

Millions of yen
Years ending March 31

16. Subsequent Events

Long-termloans payable

2013
2014
2015
2016
2017
2018 and thereafter

¥

Total

¥

Thousands of U.S. dollars

LeaseLong-term
obligations loans payable

550
1,110
734
131
-

¥

2,525

¥

28
2
2
2
0
-

$

36

$

NAKANO CORPORATIONAs of March 31, 2011 and 2012
Millions of yen

Thousands of
U.S. dollars

2012

2012

2011

Current portion of leaseobligations

NONCONSOLIDATED BALANCE SHEETS

Maturity

Current portion of
long-term loans payable

SUPPLEMENTAL INFORMATION

Lease
obligations

6,691
13,505
8,930
1,593
-

$

30,721

$

340
24
24
24
0
438

At the Annual General Meeting of Shareholders held on June 28, 2012, it was resolved to distributethe year-end cash dividends of ¥3 ($0.03) per share of common stock of the Company.
The aggregate amount of such cash dividends is ¥103 million ($1,253 thousand).

AssetsCurrent assets:
Cash and deposits
Notes receivable-trade
Accounts receivable from completed construction contracts
Costs on uncompleted construction contracts
Real estate for sale
Costs on real estate business
Raw materials and supplies
Short-term loans receivable to subsidiaries and af¿liates
Accounts receivable-other
Other
Allowance for doubtful accounts¥

Total current assets

13,323949
12,543
2,280
668
25
15
659
1,257
(255)

¥

7,777
859


550
201

10


 

$

94,622
10,451

6,691
2,445

121




31,465

Noncurrent assets:
Property, plant and equipment
Buildings
Accumulated depreciation

6,613(3,228)6,692
 81,421

Buildings, net

3,384



228
(175)


 




Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and ¿xtures
Accumulated depreciation
Tools, furniture and ¿xtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Total property, plant and equipment

53

51

620

179
(172)

179
(175)

2,177
(2,129)

7

4

48

23
(19)


(21)


(255)

3

1

12

424
(388)


 




35





10,275209(129)

10,259217(182)

124,820
2,640(2,214)

79





13,840

119

116

1,411

2,292
2,274
675



664



8,078

178
144
1,307
(452)

176
148
482
(467)

2,141
1,800
5,864
(5,681)Intangible assets
Total intangible assets

Investments and other assets
Investment securities
Stocks of subsidiaries and af¿liates
Long-term loans receivable from subsidiaries and af¿liates
Claims provable in bankruptcy, claims provable in rehabilitationand other
Insurance funds
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets- 38 -¥- 39 -

6,419

5,999

72,98920,379



48,445

589,426

51,845¥NONCONSOLIDATED STATEMENTS OF INCOME
NAKANO CORPORATION
For the years ended March 31, 2011 and 2012

Millions of yen

Thousands of
U.S. dollars

2012

2012

2011

¥

Total current liabilities

13,792
12,604
560
3,755
40
3,978
138
1,022
353
716

¥

36,961

15,854
10,068
45


951
221

$

192,894
122,496
547


11,5702,688


3,031
814
599
767

1,975


489
185

24,029
5,949
2,250

Total noncurrent liabilities

5,212



Total liabilities

42,173

41,486

504,757

Net assets
Shareholders’ equity:
Capital stock
Capital surplus
Legal capital surplus

2012

2012

2011
¥

92,355



Sales on real estate business

1,215



Total net sales

93,571



88,438



682





89,121



3,916



532

527

6,411

4,449





4,406

4,150

50,49243  

Cost of sales:
Cost of sales of completed construction contracts
Cost of sales on real estate businessTotal cost of sales*URVVSUR¿W
Gross pro¿t on completed construction contracts
Gross pro¿t-real estate businessTotal gross pro¿t

Noncurrent liabilities:
Long-term loans payable
Deferred tax liabilities
Provision for retirement bene¿ts
Long-term deposits received
Other

Thousands of
U.S. dollars

Net sales:
Net sales of completed construction contracts

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

Millions of yen

Selling, general and administrative expenses
Operating income (loss)
Non-operating income:Interest income

58

22

267

Dividends income

575





Other

39





Total non-operating income

674

695

8,456

Interest expenses

184

161

1,958

Other

64

16

194

Total non-operating expenses

249

178

2,165

467

(859)

(10,451)

109

Non-operating expenses:
¥

5,061

¥

1,400

Total capital surpluses
Retained earnings
Other retained earnings
Retained earnings brought forward

5,061

$



61,576


1,400



3,159

405

4,927

3,159

405

4,927

(27)

 



9,593





Ordinary income (loss)

Total retained earnings
Treasury stock
Total shareholders’ equity

Extraordinary income:Gain on sales of noncurrent assets

5

9

Other

508

-

-

Total extraordinary income

514

9

109

Extraordinary loss:
Compensation for damages

Valuation and translation adjustments:
Valuation difference on available-for-sale securities

77

Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

¥

120

1,460

Loss on disaster

77

120

1,460

Loss on construction

9,671

6,958

84,657

Other

51,845¥48,445$

589,426

-





56





-

67

815

448





Total extraordinary losses

504





Income (loss) before income taxes

477(1,242)(15,111)

Income taxes:
Income taxes-current

42





Income taxes-deferred

109

1,274

15,500Total income taxes

151¥

Net income (loss)- 40 -- 41 -

325
 


COMPANY HISTORYCORPORATE PROFILE
As of March 31, 20122012 Changi Business
Park, Singapore
2008 Ho Chi Minh City Representative Of¿ce launched.

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
1,169
Tokyo Stock Exchange, First Section
Domestic Construction Projects
International Construction Projects

2014 Optima Condominium,
Singapore2006 Hanoi Representative Of¿ce established.

2002 Second Indonesian of¿ce launched in Batam.

2009 Villa Rachatewi
Bangkok1991 Company name changed to Nakano Corporation.

1988 Thailand based operations begin in Bangkok.
1985 First Indonesian of¿ce is established in Jakarta.
1982 Malaysian Of¿ce established in Kuala Lumpur.

1975 Real Estate & International divisions become
International Operations.

1975 Asian expansion begins in Singapore.
1974 International operations begins in Los Angeles, California.

Standing Corporate Auditors
Corporate Auditors

2001 ISO14001 accreditation.
1998 ISO9001 accreditation.

1972 Raised to Tokyo Stock Exchange First Section.

Board of Directors
Honorary Chairman
President
Directors

2004 Took over construction operations of
Fudo Construction. Nakano Corporation
Renamed Nakano Fudo Construction(Japanese only).

 Nakano Consulting is established in China.

1958 New corporate headquarters constructed.

Yoshikazu Oshima
Akira Asai
Makoto Yasuhiro
Koichiro Nakano
Masaru Kono
Shunichi Sato

1942 Re-organized to corporation (Capitalized at ¥400,000).

Toshihide Kurokawa
Yorinobu Kato
Tadayoshi Watanabe
Kohei Yamaya

1995 Singapore Tourism
Board Headquarters National Diet Building masonry construction.

1997 Swisshotel Merchant
Court, Singapore Company head of¿ce relocated to Kudan Kojimachi, Tokyo.
 Yoshichika Oshima takes over civil engineering operations.

1995 Motorola Electronics
Factory, Singapore

 0DLQ$I¿OLDWHG)LQDQFLDO,QVWLWXWLRQVThe Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Corporate Bank, Ltd.
The Shoko Chukin Bank, Ltd.

1911 Nihonbashi Bridge masony construction.

Mitsubishi UFJ Trust and Banking Corporation
The Bank of Yokohama, Ltd.
The 77 Bank, Ltd.

INVESTOR INFORMATION

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
Japan Trustee Services Bank, Ltd.

 'RPHVWLF2I¿FHV
Headquarters
Tokyo Main Of¿ce
Civil Engineering Of¿ce
Tohoku Regional Of¿ce
Nagoya Regional Of¿ce
Osaka Regional Of¿ce
Kyushu Regional Of¿ce
Hokkaido Branch Of¿ce

1885 Nakano-gumi Co. founded by Kisaburo Nakano in Tokyo.

Higashi Kanto Branch Of¿ce
Kita Kanto Branch Of¿ce
Yokohama Branch Of¿ce
Ibaraki Branch Of¿ce
Taito Branch Of¿ce
Kita Tohoku Branch Of¿ce
Sales Of¿ces (Mie, Hyogo, Kitakyushu)

As of March 31, 2012
Stock Listing
Tokyo Stock Exchange, First Section,
Code Number 1827

SHAREHOLDER COMPOSITION

Authorized Number of Shares
154,792,300

Securities Companies
313,044

Issued Number of Shares
34,498,097

Other Institutions
14,644,789

Minimum Trading Unit
500

Foreign Institutions and Individuals
1,039,632

Number of Shareholders
4,449

Individuals/ Other
13,973,883

Securities
Companies
0.91%

Financial Institutions
4,526,749

Financial
Institutions
13.12%

Individuals/
Other
40.51%

Other
Institutions
42.45%

Foreign Institutions
and Individuals 3.01%

Stock Transfer Agent
Mitsubishi UFJ Trust and Banking Corporation

SHARE PRICE RANGE

 ,QWHUQDWLRQDO2I¿FHV

300

Nakano International Corporation (USA)Nakano Singapore (Pte.) Ltd. (Singapore)
Nakano Construction Sdn. Bhd. (Malaysia)
Thai Nakano Co., Ltd. (Thailand)

PT. Indonakano (Indonesia)
PT. Nakano S Batam (Indonesia)
Nakano Consulting Shanghai Co., Ltd. (China)
Representative Of¿ce in Ho Chi Minh City (Vietnam)
Hanoi Representative Of¿ce (Vietnam)

200
150
100

 ,QGXVWU\$I¿OLDWLRQVJapan Federation of Construction Contractors
The Associated General Contractors of Tokyo
The Associated General Contractors of Osaka

250

National General Contractors Association of Japan
Japan Associated of Representative General Contractors

50
500,000

Apr ’11Jul ’11

Oct ’11

Apr ’12
Share Price
Trading Volume

300,000
200,000
100,000- 42 -Jan ’12400,000- 43 -