2017

F i n a n c i a l

R e v i e w

Ye a r e n d e d M a r c h 31, 2 017

To Give Attentive Consideration

H is t o r y1919
October

1919 Mitsuboshi Shokai was established to manufacture cotton belts at thepresent Kobe Plant site.

1920
March

1920 Main products were shifted from cotton belts to rubber belts.

1930
October
June
March
June

1932 The business was incorporated as Mitsuboshi Shokai Co., Ltd.
1935 The company name was changed to Mitsuboshi Chotai Co., Ltd.
1936 Manufacture of conveyor belts began.
1937 Tokyo Branch opened.

1940
October
1940 Manufacture of V-belt began.
January
1947 Manufacture of bicycle tires and tubes began.
November 1947 Shikoku Plant was built and manufacture of flat belts began.
November 1948 Osaka Branch opened.

1950
June
May
July

1955 Nagoya Branch opened.
1957 Manufacture of timing belts began.
1958 Listed on Osaka Securities Exchange.

1960
May
June
January

1

1961 The company name was changed to Mitsuboshi Belting Ltd.
1961 Listed on Nagoya Stock Exchange.
1962 Nagoya Plant was built.

May
July
April

1962 Listed on Tokyo Stock Exchange.
1963 Manufacture of waterproofing sheet began.
1965 Manufacture of automobile interior components began.

1970
July
1973 Manufacture of automobile exterior components began.
February 1977 MBL (Europe) B.V. was established in Netherlands.
July
1977 Mitsuboshi Belting (Singapore) Pte. Ltd. was established in Singapore.
September 1977 Kanagawa Plant was established through the transfer of manufacturing
facilities for automotive components from Mitsuboshi Belting Kanagawa
Manufacturing Co., Ltd.

1980
April
1980 Manufacture of engineering structural foams began.
October
1982 Manufacture of ChemiFlex products from polyurethane materials began.
September 1986 Shiga Plant was built; cord treatment for power transmission belt began.
December 1987 Mitsuboshi Belting (Thailand) Co., Ltd. was established.
February 1988 MBL Antriebstechnik Deutschland GmbH was established in Germany.
March
1988 Production plant was built for MBL (USA) CORPORATION.
September 1988 PT. Mitsuboshi Belting Indonesia was established.

1990
May

1990 MBL International (Asia) Pte. Ltd. was established in Singapore.
Completed construction of a plant at P.T. Mitsuboshi Belting (Indonesia).
October
1992 Head Office was moved to Harborland Center Building, Kobe.
January
1995 The Great Hanshin Earthquake damaged part of Head Office and the Kobe
Plant.
November 1996 P.T. SEIWA INDONESIA was established as a subsidiary of Mitsuboshi
Belting (Singapore) Pte. Ltd.
February 1999 Mitsuboshi Belting Giken Co., Ltd. was established in Ayabe City, Kyoto, forthe purpose of developing and testing production systems.
October
1999 Held ceremony to commemorate 80th anniversary of establishment.

n to Both Humanity and Nature

C on t e n t s
History �����������������

1

Product Line���������������

3

2000 Head offices were placed in Kobe and Tokyo.
2000 Techno Research Center was established adjacent to the Kobe head offi ce.
2000 MBL International (Asia) Pte Ltd in Singapore changed its business purpose
and was renamed MITSUBOSHI OVERSEAS HEADQUARTERS LIMITED.
November 2000 Head Office was moved to Nagata Ward, Kobe
August2001 MOI Tech Europe Sp.z o.o. was established in Poland.
November 2001 Stars Technologies Industrial Limited was established in Thailand.
June2002 MBL Shanghai International Trading Co., Ltd. was established in China.
January
2003 Domestic sales agencies were consolidated into Mitsuboshi Belting Sales
Co., Ltd.
October
2003 Operating officer system was introduced.
April
2004 SUZHOU MITSUBOSHI BELTING CO., LTD. was established in China.
October
2004 Automotive components division was split to Mitsuboshi Belting KaseihinCo., Ltd.
September 2006 All stocks of Mitsuboshi Belting Kaseihin Co.,Ltd. were handed over toInternational Automotive Components Group Japan,LLC.
October
2007 Ayabe Production System Development Center started its operation with the
integrated production system from raw materials to finished products.

Global Network  �������������

5

Management Message ����������

7

Financial Highlights������������

8

News Release ��������������

10

Company Overview������������

11

Consolidated Balance Sheets �������

15

Consolidated Statements of Income ����17

Consolidated Statements ofComprehensive Income����������

18

2010

Consolidated Statements ofShareholders' Equity �����������

19

Consolidated Statements of Cash Flows���20

Notes To Consolidated Financial Statements�

21

Investor Information �����������

22

2000
January
April
June

December 2010 MITSUBOSHI BELTING-INDIA PRIVATE LIMITED was established.
August2012 Mitsuboshi Belting VIETNAM Co., Ltd. was established.
January
2015 Held an advertising pillar lighting ceremony to commemorate the 20th
anniversary of the earthquake.
February 2015 Released Smart Tension, a simple belt tension measurement app for
smartphones.

2

I P r o d u c t L ine
P o w e r Tr a n s m i s s i o n B e l t s a n d R e l a t e d P r o d u c t s

V-Ribbed Belt for
Automobile Serpentine Drives

Belt for Agricultural Machinery

Variable-Speed Belt

Power-Saving V-Belts/ Energy-Saving V-Belts

Belt for Bicycle（with carbon cord）

Timing Belt in Oil

Giga Torque GX

Pulleys/Couplings

A single belt drives seven pulleys for the automobile fan, aircompressor, alternator, and power steering pump.

These belts have improved flexibility and deformation
resistance. Thus, the loss of transmission power due to beltslippage during rotation has been reduced.

This belts uses carbon fiber cord in pursuit of strength andflexibility.This rubber timing belt has world's most efficienthigh power transmission properties. It is being used forindustrial machines and equipment,drag racing car.

Due to improved abrasion and shock resistance, these belts
have superior durability in order to match the demand forincreasing sizes of agricultural machines.

We developed this belt which satisfies both fit performanceas chains and comfort of belt-drive bicycles by using newmaterials and compound.

Our high-precisionpulleys, coupling and our transmission
belts are the best combination for best performance in any
industrial application.

New Products

Crawler belt for rescue robot

We provides Crawler belt with excellent performance anddrurabillity on rough road.

3

Alternator Dumper Pulley

Alternator Dumper Pulley absorbs the rotation fluctuation of
automotive engine.

The belt for a 400cc motorcycle. Quiet and smooth shifting.

This belt can be used under oily environment in the same
way as chains. and it enables the reduction of friction loss,
which is effective to improve fuel efficiency.

Conveyor Belts and Systems and Related Products

Baggage conveyance Light Conveyor

Non Shrink Belt

Blue-colored Light Conveyor Belt

High Luminous Transmittance Belt

Our light conveyor belt "LOGISTAR" has high transportcapacity to convey any luggages, enables to reduce noises
made at logistic sites requring high speed operation.

We use the blue color for light conveyor belt, since natural
foods do not have this color. It is suitable for checking on
clean-up and detection of foreign matter and residue.

Our Light conveyor belts bring safety and hygiene to lightduty conveyance: food products conveyance and foodproduction.

This belt's light transmittance is 96%. It is suitable for foodand medical supplies inspection lines.

Round Conveyor

Capable of smoothly transferring even with small objects.
This conveyor belt is light-weight, saves space, and low
noise.

Waterproof and Pond Liner Materials

Waterproofing Membrane

A 5-million-ton agricultural and industrial reservoir serving
a population of 380,000 on the Atsumi Peninsula, Aichi
Prefecture.

Engineering Structural Foam

Automatic Teller Machine(ATM)A resin molding product that is made by using our structural
foam injection molding technology is used for the exterior
part which is required for strength.

NEO-HARDFOAM Waterproofing System

Waterproofing system with durable EPDM rubber membraneand rigid polyurethane foam insulation.

Metal roofing repair system

Combination of EPDM rubber membrane and resin capping
covers existing metal roofing.

Metal Conductive Paste"MDot" Heat-hardened type silver
conductive paste

These nanoparticles are sintered at low temperatures andhave consistent excellent electrical properties in resin films.

"CUX" Sintering type copper conductive
paste
As one example of products for the vehicle application, Our
product is used in circuit protection parts used for a car
navigation system.

4

I G lo b a l N e t w o r k

MBL (USA) CORPORATION

Mitsuboshi Belting Ltd.

MBL Antriebstechnik Deutschland GmbHMITSUBOSHI POLAND Sp.z o.o.

MBL SHANGHAI INTERNATIONAL
TRADING CO., LTD.

SUZHOU MITSUBOSHI BELTING CO., LTD.

MBL Antriebstechnik Deutschland
GmbH

MITSUBOSHI BELTING-INDIA
PRIVATE LIMITEDMITSUBOSHI OVERSEAS
HEADQUARTERS PRIVATE LIMITED(Dubai Representative Office)MITSUBOSHI POLAND Sp.z o.o.

MITSUBOSHI OVERSEAS
HEADQUARTERS PRIVATELIMITED

P.T. Mitsuboshi Belting Indonesia
P.T. SEIWA INDONESIA

MITSUBOSHI BELTING-INDIA PRIVATELIMITED

5

MITSUBOSHI OVERSEAS HEADQUARTERS
PRIVATE LIMITED

P.T. SEIWA INDONESIAMBL SHANGHAI INTERNATIONAL
TRADING CO., LTD.

SUZHOU MITSUBOSHI BELTING CO., LTD.

MBL（USA）CORPORATION（Detroit Office）

MBL（USA) CORPORATION

Mitsuboshi Belting Ltd.
（Kobe Head Office）
Mitsuboshi Belting Ltd.
（Tokyo Head Office）

MOI TECH
HONG KONG LIMITEDMITSUBOSHI OVERSEAS HEADQUARTERS
PRIVATE LIMITED（Taiwan Representative
Office）
MOI TECH HONG KONG LIMITEDMITSUBOSHI BELTING VIETNAM CO., LTD.

STARS TECHNOLOGIES INDUSTRIAL LIMITED…Plant & Sales Office…Plant…Sales office
MITSUBOSHI BELTING
VIETNAM CO., LTD.

P.T. Mitsuboshi Belting Indonesia

STARS TECHNOLOGIESINDUSTRIAL LIMITED6

I Ma n a ge m e n t M e ssage

ChairmanPresident

Norio Nishikawa

Hajime Kakiuchi

Mitsuboshi Belting Ltd. was established in 1919 as a manufacturer of industrial belts and through untiring efforts,
has become one of the leading companies in the belt industry.
Now our products include waterproofing and water shielding sheets and engineering plastics, but we havealways adhered to the motto, “produce quality and sell quality” and to earn the trust of customers. Mitsuboshi’s
high-quality products are essential to daily life as well as progress of the industry.
We have always maintained strict quality assurance and both domestic and overseas factories are obtaining ISO
9001 or ISO/TS 16949, which is considered to be the most stringent international standard for quality
management systems. Our main domestic factories and several other overseas factories have been certified by
ISO14001, and we are actively engaged in development of environmentally-friendly products.
With the basic management policy, “to contribute to society by supplying goods of high performance, highprecision and high quality” and the corporate philosophy, “to give attentive consideration to both humanity andnature”, we strive for the prosperous future of the society.

Board of Directors
Chairman

Norio Nishikawa
President

Hajime Kakiuchi
Director, Member of the Board

Yoshio Yamaguchi

Director, Member of the Board

Masayoshi Nakajima

Director, Member of the Board

Yoshihiro Oda

Director, Member of the Board

Takashi Katayama

Director, Member of the Board

Takashi Usami

Director, Member of the Board

Ryuzo Miyao

Board of Corporate
Auditors

Executive Officers
President, Executive Officer

Hajime Kakiuchi

Managing Executive Officer

Corporate Auditor(standing statutory auditor)

Vice-Senior Managing
Executive Officer

Managing Executive Officer

Masaharu Kurono
Corporate Auditor

Yoshio Okushima
Corporate Auditor

Masayuki Hashimoto
Corporate Auditor

Hiroharu Okubo

Yoshio Yamaguchi
Vice-Senior Managing
Executive Officer

Masayoshi Nakajima
Managing Executive Officer

Yoshihiro Oda

Managing Executive Officer

Takashi Katayama

Managing Executive Officer

Norio Kumano

Managing Executive Officer

Takeshi Hamura

Managing Executive Officer

Takashi Sasaki

Managing Executive Officer

Kenkichi Masuda

7

Hiroshi Ikeda

Mineo Morino

Managing Executive Officer

Keiji Mataba
Executive Officer

Tan Chin Yeow
Executive Officer

Tatsuo Ito

Executive Officer

Shinji Kuramoto
Executive Officer

Toru Shimomura
Executive Officer

Toshimi Kumazaki
Executive Officer

Kazutoshi Ishida(June 29, 2017)

I F in a n cia l H ig h l ig h t s
Years ended March 31

Million Yen

2017

2016

2015

2014

2013

2012

Domestic Belts¥26,908¥26,536¥27,268¥26,567¥25,692¥26,474

Overseas Belts

29,49930,87629,35527,38820,636

19,843

Building & Construction Materials

5,345

5,162

5,417

5,725

4,894

4,412

Others

4,642

4,486

4,210

4,003

4,356

4,608

Total

66,396

67,062

66,251

63,68555,581

55,339

Exports sales ratio

45.1%

46.5%

45.0%

43.7%

37.5%

37.1%

Cost of sales¥44,649¥45,859¥45,828¥44,852¥38,995¥38,448

Selling, general and administrative

13,468

13,572

13,28912,70811,364

11,195

Operating income

8,278

7,630

7,133

6,124

5,220

5,695

Income before income taxes

9,406

7,788

8,344

7,012

5,992

5,336

Income attributable to owners of parent

6,663

5,691

6,146

4,721

3,735

3,294

Total assets

89,91287,27886,07378,576

72,79069,075¥108.15¥88.35¥95.14¥73.07¥57.06¥49.26

Sales Business Segment :Per share data (in yen)
Net income
Cash dividends

22.00

18.00

20.00

16.00

14.00

14.00

Book value

1,043.20

946.53935.17785.02683.18598.63Gross profit margin

32.8%

31.6%

30.8%

29.6%

29.8%

30.5%

Operating income margin

12.5%

11.4%

10.8%

9.6%

9.4%

10.3%

Current ratio

318.30%308.40%281.70%227.70%216.02%214.70%Capital expenditures¥3,375¥2,436¥2,076¥4,075¥2,203¥1,690Depreciation expense¥2,839¥3,092¥3,091¥2,924¥2,830¥3,116Equity ratio

70.2%

68.5%

70.2%

64.6%

60.6%

58.0%

Long-term debt retio against equity

13.7%

16.1%

12.9%

15.1%

20.7%

25.3%

Number of shares outstanding (thousands)

65,20868,20868,20871,20871,20874,208

Note: Income statement and balance sheet figure for the periods ended March 31, 2017, 2016, 2015, 2014, 2013, and 2012 were audited by Accounting Auditors and which are
different from ones disclosed in Tokyo Stock Exchange in consideration of expected readers.

Consolidated Balance Sheets
Net Sales

Operating income

Ordinary income¥66,396mil¥8,278mil¥8,487mil

Sales by Business
Building &Construction Materials¥5,345mil¥6,663mil

Operating income by Business
Building &Construction Materials¥450mil

Others¥4,642mil

7.0％
8.1％

Domestic Belts¥26,908mil

40.5％

Overseas Belts¥29,499mil

Income attributableto owners of parent

44.4％

Total Sales¥66,396mil

Overseas Belts¥3,377mil

Others

4.3％ 1.6％ ¥170mil

31.9％
62.2％
Domestic Belts¥6,584mil

Operating income(before adjustment deduction)¥10,583mil

8

I F in a n cia l H ig h l ig h t s
Net Sales

Operating income
Operating income
Operating margin

1.0% decrease
from the previous year

（Million Yen）
80,00060,00055,581

63,68566,251

67,062（Million Yen）
9,000

66,3969.4
6,000

40,0005,220

8.5% increase

from the previous year
9.6
6,124

10.8

12.5

11.4

7,133

7,630

8,278

3,000

20,000
0

2013

2014

2015

2016

2013

2014

2015

9.0% increase（Million Yen）
9,000

7,302

8,217

7,788

8,487

6,146

6,000

3,735

3,000

2013

from the previous year

（Million Yen）
9,000

3,000

0

2017

17.1% increase

5,992

6,000

2016

Income attributable to owners of parent
from the previous year

2014

2015

2016

0

2017

Total assets & Equity ratio

2013

4,721

2014

5,691

2015

2016

60,41459,750

2015

2016

6,663

2017

Total net assets

Total assets
Equity ratio（Million Yen）
90,000

72,79078,576

86,07387,27889,91260,000

70.2

64.6

30,000

68.5

2014

2015

2016

（Million Yen）
90,00070

60,00060

30,000

0

0

70.2

60.6
2013

（％）
80

2017

44,146

Cash dividends & Payout ratio

2013

50,721

2014

63,1362017

EPS(Earnings Per Share)

Cash dividends
Payout ratio
（Yen）
30

（％）
30

24.5
20

14

21.9

21.0
20

16

20.3

20.4

10

0

2013

2014

2015

2016

2017

57.06

5.3

6.2

108.15
88.35

73.07

30
0

2013

2014

（％）
12

9

7.5

6.6

7.5

2015

2016

2017

9

8.9

10.0

11.1
9.5

10.8

6
3

3

9

0

95.14

90

ROE(Return On Equity)

（％）
12

0

（Yen）
120

60
10

ROA(Return On Assets)

6

20

22

18

2013

2014

2015

2016

2017

0

8

4

0

2017

Ordinary income

0

（％）
12

2013

2014

2015

2016

2017

0

I N e w s R e le a s e

THE 15TH WORLD DISTRIBUTORS MEETING

THE 15TH WORLD DISTRIBUTERS MEETING was held in Kobe(Japan) on October
1,2016. 174 people from domestic and foreign distributors participated.
The slogan of this meeting is "The Best Quality Products Together with The Best
Partners!". We demonstrated how a wide variety of our products are used in ourdaily life. We will continue to cooperate with you and strive to improve our
performance.

The Best Quality Products
Together with The Best Partners!

10

I C o m p a ny O v e r v ie w

1. Summary of Business Results(1) Business Results(2) Condition of Cash Flow

Whereas Japanese economy showed a gradual recovery under the situation

Cash flow from operating activities achieved an income of 9,216 million yen,where an improvement of the corporate earnings, employment and income

which was an increase of 505 million yen over the previous fiscal year. Major

continued, uncertainty lingered due to volatile stock prices and crude oil pricefactors for this increase were composed of 1,618 million yen increase in income

trend.

before income taxes despite an increase of 701 million yen in trade notes andIn overseas economy, global economy remained uncertain because the growthaccounts receivable year-on-year.

in Asian emerging markets including Chinese market slowed and new US

Cash flow from investing activities resulted in expenditure of 1,998 million yen,administration affected finance and economic policies, etc.

which was an increase of 438 million yen over the previous fiscal year. A major

Under these circumstances, Mitsuboshi Belting Ltd. (the “Company”) and its

factors for this increase were composed of an increase of 1,286 million yen inconsolidated subsidiaries (together with “the Group”) have been reinforcing

proceeds from sale of investment securities despite an increase of 425 million

sales operations in growing markets mainly in Asia, promoting restructuring of

yen in purchase of property, plant and equipment compared with the previous

the manufacturing system, and working to improve business efficiency and to

fiscal year.

attain further cost reduction.

Cash flow from financing activities resulted in expenditure of 6,196 million yen,

As a result, for this fiscal year, the Group recorded the consolidated net sales

which were a decrease of 6,757 million yen compared with the previous fiscalof 66,396 million yen (1.0% decrease compared to the previous fiscal year), theyear. Major factors for this increase were composed of an expenditure of 953

operating income of 8,278 million yen (8.5% increase compared to the previous

million in purchase of treasury stock and a decrease of 4,500 million yen in

fiscal year), the ordinary income of 8,487 million yen (9.0% increase compared

proceeds from long-term loans payable compared with the previous fiscal year.

to the previous fiscal year) and the income attributable to owners of parent was

After adding the effect of exchange rate change on cash and cash equivalents of

6,663 million yen (17.1% increase compared to the previous fiscal year).

83 million yen to the total amount of cash flows through operating, investing

Business results by business segment were as follows:

and financing activities, a increase in cash and cash equivalents was 1,104
million yen increase. After adding the balance at beginning of current period
24,011 million yen, the balance as of the end of this consolidated fiscal year for
cash and cash equivalent stood at 25,116 million yen.

08
58

4

26

81

7

,9

36
,5

6,

6,

I

6,500
6,000

I

5,500

I

15,000Iof large-sized timing belts sales to engineering structural foam caused a rise in sales.

7,000

I

While sales of belts for OA equipment fell due to a decrease of user's products to Chinese markets, expansion

20,000I

buses and trucks.

25,0007,500

I

Meanwhile, sales of automobile belts for repair increased as a whole on the back of an increase for demand forMillion Yen(Income)I

were flat as a result of introduction of its belts into new models.

30,000I

No belt installed cars had an effect on automotive belts sales for belt installed car production line but its sales

Domestics Belts
Million Yen(Sales)26●Business of Power Transmission Belts（Domestic）

5,000

I

Although sales of synthetic resin material to semiconductor and LCD manufacturing equipment rose, overall

I
I

3,500

I

the previous fiscal year) while the consolidated operating income by this segment stood at 6,584 million yen

2016■ Total Sales

2017

3,000

I

As a result, the consolidated net sales by this segment stood at 26,908 million yen (1.4% increase compared to0Ilogistic facilities contributed a increase in its sales.

4,000

5,000

I

On the other hand, strong demand for conveyer belts to the fields for food and logistic used in airports and

4,500

I

sales for synthetic resin material decreased affected by the decrease in its sales of a part of purchased goods.

10,000■ Operating Income(3.4% decrease compared to the previous fiscal year).

●Business of Power Transmission Belts（Overseas）

29
,4

99

30
,8
76

7
37
3,
0
82
2,

I

0

2016
■ Total Sales

2017■ Operating Income

0

I

11

I

stood at 3,377 million yen (19.8% increase compared to the previous fiscal year) on a Japanese yen basis.

1,000

5,000

I

(4.5% decrease compared to the previous fiscal year) while the consolidated operating income by this segment

2,000

10,000I

but the amount converted into Japanese currency fell due to appreciation of yen and stood at 29,499 million yen

3,000

I

As a result, the consolidated net sales for this segment exceeded the previous fiscal year on a local currency basis

15,0004,000

I

remained strong. Also, sales of agricultural belts to China and Thailand and of OA equipment for remained strong.

20,0005,000

IIn Asia, sales of automobile belts for two-wheel and four-wheel vehicle especially to China and Southeast Asia

Million Yen(Income)Iline offset with a decrease in automotive belts sales for repairs.

25,000I

Also, overall sales in Europe increased slightly as an increase in sales of automotive belts for installed car productionI

automotive belts for repairs.

30,000I

sales increased as an increase in its sales for belt installed car production line offset an decrease in sales ofI

In the United States, sales in industrial belts grew particularly in agricultural markets. Meanwhile, automobile belts

Overseas Belts
Million Yen(Sales)2. Research and Development Activities
The management principle of the Group is; “To contribute to society by

3. S ummary of Investment in Plant andEquipment

supplying goods of high performance, high precision and high quality”. Under

The Company's basic management principle is ”To contribute to society bythis management principle we are strenuously making efforts to further improve

supplying goods of high performance, high precision and high quality”.

fundamental technologies and to positively use simulation technologies for

The company made investment of 3,375 million yen in the renewal of

fluidity analysis, impact analysis and stress analysis so that we may cope with

manufacturing facilities mainly in overseas factories aggressively andcustomers' demand which is diverse and changeable in a timely manner. At

reinforcement of domestic belt test facilities to expand sales for agricultural

the same time, we are performing overall research and development activities

belts and of production facilities to increase sales of resin product with theincluding studies of materials, facilities, construction methods, analysis methods,

aim of establishing organizational structure to enable to respond to a growing

etc. with the aim of realizing the reduction of environmental loads, highdemands in Asian countries on a timely manner.

productivity and the development of high performance, high precision and highquality products as declared in the company management principle.
At present, research and development are promoted by R&D and Research &Designing sections in our operating divisions in cooperation with Development
Department of each group company. Besides, we are pursuing joint researchwith universities and public research institutes as well as joint developmentwith other companies under a close tie-up and cooperation, for the purpose ofcarrying out research effectively and developing a cutting-edge technology.
The total R&D expenses of all our group companies for the current fiscal year
was 2,627 million yen.
The total R&D expenses included the basic research expenses of 723 million yen
not allocatable to each division, for Silver nanoparticles paste, Coatings & inks forglass, Surface treatments for glass, Conductive copper paste, Thick film copper
circuit boards, etc.

Building & Construction Materials

5,

16
5,
20
3

200

I

100

0

2016

2017

■ Total Sales

0

I

1,000

I

stood at 450 million yen (121.2% increase compared to the previous fiscal year).

I

compared to the previous fiscal year) while the consolidated operating income by this segment

2,000

I

As a result, the consolidated net sales by this segment stood at 5,345 million yen (3.5% increaseIwaterproofing sheet and construction works of waste disposal site stayed favorable.

300

I

construction sectors but overall sales for civil engineering sector increased as sales of400

I

The economic downturn in waterproofing work industry resulted in a decrease in sales in0I●Business of Building & Construction Materials

500

45

I

3,000

34

I

4,000

2

I

5,000

Million Yen(Income)
I

6,000

5

Million Yen(Sales)■ Operating Income

OthersMillion Yen(Sales)
64
2
4,

86
4,
4

I

250

I

4,000

300

I

5,000

I

●Other Businesses

Million Yen(Income)Other businesses include the supply of engineering structural foams, developed metal
17
0
14
2

As a result, the consolidated net sales by other businesses stood at 4,642 million yen (3.5%

150

I

2,000

I

increase compared to the previous fiscal year) while the consolidated operating income by this

200

I

3,000

I

nanoparticles machinery and equipment and purchased products, etc.

100

I

segment stood at 170 million yen (19.5% increase compared to the previous fiscal year).
I

0

I

50

I

1,000

■ Total Sales

2017■ Operating Income

0

I

2016

12

I C o m p a ny O v e r v ie w

4. Risks to the Business

However, in a phase of a soaring resource price including crude oil, there is a

Listed below are the various risks that could affect investor's decision withskyrocket manufacturing costs. Moreover, stable and efficient procurement ofregard to the article of the business and financial conditions described in

raw materials from overseas and supply of raw materials to overseas affiliatedfinancial statements.

companies could be interfered by export/import restrictions, etc.

Note that matters pertaining to the future presented herein are determined by

Therefore, in the case that the Company is not able to flexibly procure raw

us as of the end of fiscal year.

materials or procurement costs continue to rise extremely, it may have a

possibility that a rapid rise in market price of major raw materials could

significant negative impact on our performance.

(1) Economic Status
The Group develops, manufactures and provides functional components(5) Exchange Rate Fluctuation

principally in the automobile, general engineering, IT and construction

The Group manufactures and sells its products mainly in Japan, Asia, USA andindustries. Our main markets are Japan, Asia, USA, and Europe,etc. The change inEurope, etc. Exchange rate fluctuations may have a strong influence on

demand from various industries and the economic status around the worldtransactions denominated in foreign currencies involving export in each area

could affect us adversely.

and foreign assets and liabilities such as deposit, account receivable and loans.

The Group distributes our main products, Transmission belts, to the industries

When preparing our consolidated financial statements, exchange rates used toabove. Low demand or a reduction in equipment investment in each company

convert into Japanese Yen have a influence on its value denominated in

could cause our market to shrink and have a detrimental impact on ourJapanese Yen even with no fluctuation of value on its reporting currency basis.

performance as well.

Appreciation of the yen against other currencies, especially the U.S. dollars andApproximately 75% of the transmission belts sold by our company are

Euro having a large impact on our groups, could damage our performance.

manufactured in other countries. As we are expected to be more dependent on

The Group has taken as many effective measures to reduce or avoid theoverseas manufacturing in the future due to growing global economy, aexchange risks as possible. Nonetheless, as there are not few cases that would

sluggish global economy could negatively affect our operating performance.

not be cleared in the short term, it causes a negative effect on performance andWar, terror, riots, disaster like earthquake, epidemic could strike a sharp blow ona decrease in asset value potentially.

economy. Slowdown in demand could be expected during the event. Our
problem is that the Company may have difficulty procuring materials andproducts to customers. To reinforce our product material supply system, we
have taken several countermeasures. However, there is no guarantee that all(6) O fficial Restrictions on Businesses in Japan andOverseasrisks are eliminated.

In the countries where our businesses operate, the Group is exposed to a variety

Therefore, the domestic and international economic situation and industryof regulations on import / export controls, custom duty, and businesstrend may have a significant negative impact on our performance and financial

investment, etc. Also our activities should be restricted legally by antimonopoly

position.

laws, patent rights, tax, and the environmental regulation including waste
disposal and recycling. If our business activities are not able to accommodate(2) Price Competition

quickly and flexibly to these business environments, it would rise costs andMarket competition in our main business areas such as automobile, generaladverse effect on our financial performance.

compel us to retreat from overseas businesses. Obviously it could have aengineering, IT and construction industries is getting extremely severe.
A demands for competitive price and high value-added products from ourcustomers is getting harsh. We have reinforced and enhanced our research and(7) Product Quality

development systems as well as our technical expertise with the aim of

In order to maintain and improve the product quality of the Group, we haveproviding high performance, high precision, and high quality products. We haveestablished a strict standards based on customer demand standards and ouralso been making our efforts to strengthen production and sales constantly

group standards. However, in the case that any defective products are found or

towards supply of our product worldwide.

customer complaints are received, the Group enrolled in insurance to minimize

However, despite our untiring effort on such activities, deteriorating

losses on our group companies.

competitiveness could have adverse effect on our performance.

Nevertheless, any expense which is not covered by any available insurance
could adversely affect business results or the financial position of the Group.

(3) Impact on Automobile Industry
The degree of dependence on sales of automobile industry exceeds 40%.

(8) Risks from Natural Disasters

Although the Company does not belong to any members of car makers,

Our production bases could be subject to a catastrophic loss caused by natural

unmanageable factors, such as a economy slump in automobile industries, poordisasters such as earthquakes and floods. In the event of natural disasters, theclient business results, damages caused by large-scale natural disasters, andCompany would suffer from a stable supply to our customers and a temporarychanges in component procurement policy could have a knock-on effect at us

massive burden of expense arising from a drop in sales and incurred for

as well.

restoration.

Although the Company have engaged in managerial improvement in order to

In preparation for such disasters, we have established the global and domestic

maintain customer satisfaction for all clients including those in the automobile

production system including the backup system for overseas production sites,industry, such changes may adversely affect our performance.

forming a robust structure for product delivery.
In spite of these efforts, however, there is a possibility that a temporary(4) Material Procurement

suspension of operation, delayed delivery and a huge amount of expenses

Our production sites need a variety of materials such as rubber, sailcloth, glass

Moreover, it is possible that our business results are adversely influenced byfiber and resin which are essential for product manufacturing. We procure thesedrop in sales if a major client should suffer from a catastrophic damage or facematerials from diverse suppliers considering a stability, price and quality.

production suspension/restriction because of a broken supply chain, etc.

incurred for restoration occur. It may adversely affect our business results.

without any damage on our group's production sites by a natural disaster.

13

5. Corporate Governance(1) Basic Stance on Corporate Governance(2) Overview of the Corporate Governance System

The Company considers corporate governance one of its topmost management

The Company has in place a Board of Directors comprising eight members, ofpriorities, in order to secure the trust of its shareholders and fulfill its corporate

whom two are outside directors, and a Board of Corporate Auditors. This boardsocial responsibilities.

has four members, of whom two are outside corporate auditors.

In accordance with this basic philosophy, the Company strives to enhance its
business productivity in prompt and flexible response to the changes in the

The Board of Directors meets monthly to make decisions on important items

business environment and the market, and for maintenance, the Company

and supervise the execution of operations by directors.

addresses strengthening of supervisory function to management and theinternal control in order to maintain and enhance its management efficiency

The Company employs an executive officer system.

and transparency, and, thereby, enhance its corporate governance in
By separating the functions of management decision-making and supervisionaccordance with the following Basic Policy.

from operational execution, the Company aims to strengthen its operational
execution structure and bolster management efficiency.

[Basic Policy]
1. T he Company strives to respect its shareholders’ rights and secure its
shareholders’ equality.
2. The Company strives to respect its shareholders’ rights and positions, andwork properly in harmony with its stakeholders (shareholders, customers,
employees, communities and so on).
3. T he Company strives to disclose its corporate information timely andproperty, and, thereby, secure transparency and fairness.
4. The Company strives to cause its board of directors meeting and so on fulfill
properly the functions and the responsibility, in light of its fiduciary
responsibility and accountability to its shareholders.
5. The Company strives to have constructive dialogues with its shareholders.

Governance Structure
General Meeting of Shareholders
Appointment,
removalBoard of Corporate Auditors（eight directors, including
two outside directors）（four corporate auditors, including
two outside corporate auditors）

ReportCooperation

Accounting auditor

Auditing

Board of Directors

Appointment,
removal

Accounting audits
Management,
supervision

Auditing

Representative directors
ReportingManagement Council
Risk Management
Committee
Compliance Committee

Cooperation

Instructions

Cooperation

Product Development
Council
Quality Assurance
CouncilAudit department（Internal Control System
Management Office）

Accounting audits

Health, Safety andEnvironment Council
Technology Committee（Ernst & Young ShinNihon LLC）

Appointment,
removalInternal audits

Executive officers/business departments, Group companies

14

I C o n s ol id a t e d B a l a n c e S h e e t s

Years ended March 31

ASSETS

Million Yen

Thousand U.S. dollar

2017

2016

2017

2016

Cash on hand and in banks¥26,262¥24,803$234,092$221,088

Trade notes and accounts receivable

14,64814,146

130,564

126,089

Merchandise and finished goods

11,605

11,230103,445

100,104

Work in process

1,549

1,640

13,807

14,619Raw materials and supplies

2,388

2,178

21,286

19,417

Deferred tax assets

844

860

7,523

7,670

Other

494

544

4,406

4,851

Allowance for doubtful accounts

(112)

(87)

(999)

(782)

57,67955,316514,126

493,057

11,066

11,182

98,642

99,673

Other

348

343

3,103

3,064

Allowance for doubtful accounts

(11)

(17)

(104)

(154)

Total investments and long-term receivables

11,403

11,508

101,640

102,583

Land

4,280

4,286

38,15338,210

Buildings and structures

21,04520,504

187,591

182,767

Machinery, equipment and vehicles

44,62444,240397,755

394,336

Tools, furniture and fixtures

13,792

13,377

122,942

119,242

Construction in progress

721

599

6,431

5,346

Subtotal

84,46483,009752,873

739,904

Accumulated depreciation(63,705)(62,627)(567,836)(558,224)

20,75920,382

185,037

181,679

69

70

623

627

¥89,912¥87,278$801,428$777,948

Current assets

Total current assets
Investments and long-term receivable
Investment securities

Property, plant and equipment

Net property, plant and equipment
Intangible assets
Total assets

15

Years ended March 31

LIABILITIES AND SHAREHOLDERS' EQUITY

Million Yen

Thousand U.S. dollar

2017

2016

2017

2016

Trade notes and accounts payable¥7,779¥7,597$69,340$67,722

Short-term loans payable

2,325

3,075

20,72827,417

Current portion of long-term loans payable

1,147

1,876

10,223

16,726

Accounts payable-other

2,300

1,822

20,50816,248

Income taxes payable

1,360

473

12,126

4,221

Provision for bonuses

759

719

6,769

6,415

2,449

2,367

21,831

21,10018,121

17,933

161,527

159,852

3,048

4,195

27,16837,391

491

510

4,378

4,550

Deferred tax liabilities

3,092

3,027

27,56526,987

Net defined benefit liability

1,393

1,151

12,418

10,266

Provision for directors' retirement benefits

26

23

236

205

Asset retirement obligations

70

78

626

702

Long-term guarantee deposited

385

379

3,437

3,386

Other

146

227

1,307

2,030

Total long-term liabilities

8,654

9,594

77,13985,516

Total liabilities

26,77627,527

238,667

245,368

Common stock

8,150

8,150

72,646

72,646

Capital surplus

2,111

3,927

18,81835,004Retained earnings

50,32845,091

448,603401,924

Treasury stock(3,305)(3,167)(29,461)(28,236)

Total shareholders' equity

57,28554,001

510,607481,339

Valuation difference on available-for-sale securities

6,338

6,279

56,49655,971

Foreign currency translation adjustment

(201)

(245)

(1,797)(2,184)Remeasurements of defined benefit plans

(285)

(285)

(2,546)(2,546)

Total accumulated other comprehensive income

5,851

5,748

52,15351,240Total net assets

63,13659,750562,760

532,579

Total liabilities and net assets¥89,912¥87,278$801,428$777,948

Current liabilities

Other
Total current liabilities
Long-term liabilities
Long-term loan payable
Long-term accounts payable-other

Shareholders' equity

Accumulated other comprehensive income

16

I C o n s ol id a t e d S t a t e m e n t s o f Inc om eYears ended March 31

Million Yen

Thousand U.S. dollar

2017

2016

2017

2016

Net sales¥66,396¥67,062$591,821$597,755

Cost of sales

44,64945,859397,980

408,762

Gross profit

21,747

21,203

193,841

188,992

Selling, general and administrative expenses

13,468

13,572120,052

120,977

Operating income

8,278

7,630

73,78868,015Interest income

102

103

917

921

Dividends income

346

327

3,089

2,917

Other

336

293

2,997

2,616

Total non - operating income

785

724

7,004

6,455

Interest expenses

41

45

368

408

Foreign exchange losses

259

283

2,310

2,524

Loss on valuation of derivatives

0

59

1

534

Loss on disposal of fixed assets

122

58

1,088

524

Other

153

118

1,368

1,056

Total operating expenses

576

566

5,138

5,047

8,487

7,788

75,65469,422Gain on sales of investment securities

1,080

―

9,632

―

Total extraordinary income

1,080

―

9,632

―

Impairment loss

161

―

1,443

―

Total extraordinary loss

161

―

1,443

―

Income before income taxes

9,406

7,788

83,84469,422

Income taxes-current

2,530

1,953

22,554

17,408

Income taxes-deferred

212

143

1,892

1,283

2,742

2,097

24,446

18,691

Net income

6,663

5,691

59,39750,731

Income attributable to owners of parent¥6,663¥5,691¥59,397¥50,731

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss

Income taxes

Total income taxes

Per share of common stock

17

Yen

U.S.dollers

Net income¥108.15¥88.35

$0.96

$0.79

Cash dividends¥22.00¥18.00

$0.20

$0.16

I C o n s ol id a t e d S t a t e m e n t s o f C om pr e h e n si v e Inc om eYears ended March 31

Million Yen

Thousand U.S. dollar

2017

2016

2017

2016

¥6,663¥5,691$59,397$50,731

Valuation difference on available-for-sale securities

58(1,655)525(14,752)

Foreign currency translation adjustment

43(2,188)387(19,504)

Remeasurements of defined benefit plans

（0）

144

（0）

1,286

102

(3,698)912(32,970)

6,766

1,992

60,30917,761

6,766

1,992

60,30917,761――――Net Income
Other comprehensive income

Total other comprehensive income
Comprehensive income(Details)
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non controlling interests

18

I C o n s ol id a t e d S t a t e m e n t s o f S h a r e h old e r s' E qu i t y

Years ended March 31
Current consolidated fiscal year (From April 1, 2016 to March 31, 2017)

Million Yen
Shareholders' equity

Balance at March 31, 2016

Accumulated other comprehensive income

Commonstock

CapitalSurplusRetainedearnings

Treasurystock
at cost¥8,150¥3,927¥45,091(¥3,167)

Total
Valuation
Foreign
Remeasurements
accumulated
Total share difference
currencyof defined benefit
otherholders'
on availabletranslationplanscomprehensive
equityfor-saleadjustment
incomesecurities¥54,001¥6,279(¥245)(¥285)¥5,748

Total net
assets¥59,750

Amount of changes during consolidated
accounting year
Dividends from retained earnings(1,127)(1,127)(1,127)

Profit attributable to owners of parent

6,663

6,663

6,663

(2,252)(2,252)(2,252)

2,115

―

―

―

―

Purchase of treasury stock
Retirement of treasury stock(2,115)

Transfer to capital surplus fromretained earnings

299

(299)

Net changes of items other thanshareholders' equity
Total amount of changes duringconsolidated accounting year
Balance at March 31, 2017―
¥8,150

58

43

(0)

102

102

3,283

58

43

(0)

102

3,385

¥2,111 ¥50,328 (¥3,305) ¥57,285¥6,338(¥201)(¥285)(1,815)

5,236

(137)

Current consolidated fiscal year (From April 1, 2016 to March 31, 2017)

Thousand U.S. dollar
Shareholders' equity

Balance at March 31, 2016

¥5,851 ¥63,136

Retainedearnings

Treasurystock
at costAccumulated other comprehensive income
Total
Valuation
Foreign
Remeasurements
accumulated
Total share difference
currencyof defined benefit
otherholders'
on availabletranslationplanscomprehensive
equityfor-saleadjustment
incomesecurities

Commonstock

CapitalSurplus$72,646$35,004 $401,924 ($28,236) $481,339$55,971($2,184)($2,546)

Total net
assets$51,240 $532,579

Amount of changes during consolidated
accounting year
Dividends from retained earnings(10,047)(10,047)(10,047)

Profit attributable to owners of parent

59,39759,39759,397(20,081)(20,081)(20,081)

18,855――――Purchase of treasury stock
Retirement of treasury stock(18,855)

Transfer to capital surplus fromretained earnings

2,670(2,670)Net changes of items other thanshareholders' equity
Total amount of changes duringconsolidated accounting year
Balance at March 31, 201719―
$72,646

525

387

(0)

912

912

29,268

525

387

(0)

912

30,180$18,818 $448,603 ($29,461) $510,607$56,496($1,797)($2,546)(16,185)

46,679(1,225)$52,153 $562,760

I C o n s ol id a t e d S t a t e m e n t s

o f C a s h F lo w s

Years ended March 31

Million Yen

Thousand U.S. dollar

2017

2016

2017

2016

Net income before taxes¥9,406¥7,788$83,844$69,422

Depreciation and amortization

2,839

3,092

25,311

27,567

20

(21)

183

(195)

Operating activities:

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability

238

194

2,125

1,731

Increase (decrease) in long-term accounts payable-other

(19)

(42)

(171)

(375)

3

(1)

31

(14)

Increase (decrease) in provision for directors' retirement benefits
Increase (decrease) in provision for bonuses

41

25

366

229

(449)

(430)

(4,006)(3,838)Interest expenses

41

45

368

408

Foreign exchange losses(gains)

27

85

245

760

Losses (Gains) on sales of property, plant and equipment

(7)

(9)

(69)

(84)

Disposal of property, plant and equipment

122

58

1,088

524

(1,080)―(9,632)0Interest and dividend income

Gains on sales of investment securities
Impairment loss

161

―

1,443

―

Decrease(increase) in trade notes and accounts receivable

(677)

24

(6,036)216

Decrease(increase) in inventories

(686)

(517)

(6,123)(4,616)

Increase(decrease) in trade notes and accounts payable

419

485

3,742

4,331

Increase (decrease) in accrued consumption taxes

(14)

(171)

(125)

(1,526)

Decrease(increase) in other current assets

54

23

485

210

Increase(decrease) in other current liabilities

24

125

216

1,119

Other
Subtotal

(8)

59

(73)

534

10,457

10,815

93,213

96,4073,838Interest and dividends income received

449

430

4,006

Interest expenses paid

(41)

(44)

(372)

(397)

(1,648)(2,490)(14,697)(22,197)

9,216

8,711

82,15077,650

Payments into time deposits

(519)

(206)

(4,626)(1,839)Proceeds from withdrawal of time deposits

184

313

1,647

2,790

Purchase of property, plant and equipment(22,593)

Income taxes paid
Net cash and cash equivalents provided by (used in) operating activities
Investing activities:(2,959)(2,534)(26,378)

Proceeds from sale of property, plant and equipment

26

8

238

77

Purchase of investment securities

(4)

(4)

(44)

(43)

1,286

―

11,464

―

(12)

(11)

(113)

(106)

(1,998)(2,436)(17,813)(21,715)

Proceeds from sale of investment securities
Other
Net cash and cash equivalents provided by (used in) investing activities
Financing activities:
Net increase (decrease) in short-term loans payable

(720)

(212)

(6,421)(1,890)

Proceeds from long-term loans payable

―

4,500

―

40,110

Repayment of long-term loans payable(1,876)(1,003)(16,726)(8,941)

Purchase of treasury stock(2,252)(1,299)(20,081)(11,586)

Dividends paid

(1,127)(1,356)(10,047)(12,092)

(219)

(66)

(1,957)(593)(6,196)561(55,234)

5,006(7,171)Other
Net cash and cash equivalents provided by (used in) financing activities

83

(804)

744

Net increase(decrease) cash and cash equivalents

1,104

6,032

9,847

53,770Cash and cash equivalents at beginning of period

24,011

17,979214,026

160,255

Cash and cash equivalents at end of period¥25,116¥24,011$223,873$214,026

Effect of exchange rate change on cash and cash equivalent20

I No t e s To C o n s ol id a t e d F in a ncia l S t a t e m e n t s

1. Basis of Presenting Financial Statements
The accompanying consolidated financial statements of the Company
and its consolidated subsidiaries have been prepared in accordancewith the provisions set forth in Financial Instruments and Exchange Act
of Japan and on the basis of accounting principles and practices
generally accepted in Japan, which are different in certain respects as toapplication and disclosure requirements of the International Financial
Reporting Standards. As permitted by the Securities and Exchange Law
of Japan, each amount of the accompanying consolidated financial
statements is rounded down to the nearest one million yen.
As a result, the totals shown in the accompanying consolidated
financial statements (both in yen and in dollars) do not necessarily
agree with the sums of the individual amounts.

2. Summary of Significant Accounting Policies(1) Scope of consideration(a) Number of consolidated subsidiaries: 22 companies.
(b) Nonconsolidated subsidiaries: 1
The above is unconsolidated and does not apply equity method as it isa small-scale and none of its total assets, net sales, net income or loss,
retained earnings or other items have a significant impact on
consolidated financial statements.
(2) Year-ends of consolidated subsidiaries
22 companies except for 2 companies located in China aligned thefiscal year with parent company (January - December fiscal yearchanged April-March fiscal year) and others prepare provisional
settlement of accounts so that consolidated financial statements is
prepared using financial statements at the same reporting date since
preceding fiscal year.
(3) Investment securities
Marketable securities:
They are carried at cost moving-average method and revaluated at fairvalue with changes in unrealized holding gain or losses.
Non-marketable securities:
They are carried at cost moving-average method.
(4) Inventories
Inventories held for the purpose of usual use:
Inventory is stated at the lower of cost determined by the gross averagemethod or net realizable value.
(5) Property, plant and equipment
Declining-balance method:
Buildings acquired on or after April 1, 1998, buildings and structuresacquired on or after April 1, 2016 and specific fixed assets (all fixed
assets in the office used for developing a production system andproducing prototypes) acquired by the Company and its domestic
consolidated subsidiary are depreciated by the straight-line method
over their estimated lives.
Fixed assets owned by foreign subsidiary companies are depreciated by
the straight-line method.

21(6) Intangible assets and deferred charges
Straight-line method.
(7) Employees' retirement benefits(a) Periodic allocation method for estimated benefit obligation
Upon calculating the retirement obligations, the method of attributing
expected benefit to periods until the end of fiscal year is projected unit
credit.
(b) Amortization of actuarial gains and loss and past service cost
Past service is recognized in profit or loss by straight-line method over acertain period within the expected average remaining working lives of
employees (12- 15 years) in the year in which it arises.
Actuarial gain or loss is recognized in profit or loss by straight-line
method over a certain period within the expected average remaining
working lives of employees (12 - 15 years) from the next year in which itarises.
(c) Application of simple method at small enterprises, etc.
Some domestic consolidated subsidiaries apply a simple method inwhich an estimated amount required to be paid for voluntary
retirement benefits is deemed as the retirement benefit obligations in
the calculations of net defined benefit liability and retirement benefit
expenses.
(8) Cash and cash equivalents
Cash and cash equivalents include cash on hand, time deposit which
can be withdrawn on demand and highly liquid investments with amaturity of three months or less, which are readily to be convertible to
known amounts of cash which are subject to insignificant risk ofchanges in value.
(9) Per share data
Net income per share is computed by dividing net income available tocommon shareholders by the weighted-average number of commonshares outstanding for the year.
Cash dividends per share presented in the consolidated of income are
dividends attribute to the respective years including dividends to be
paid after the year-end.

3. Convert to U.S.Dollars
Amounts in U.S dollars are shown solely for convenience and are
unaudited.The rate of ¥112.19 to U.S.＄1 on March 31, 2017,
approximate current rate has been used for the purpose ofpresentation of the accompanying consolidated financial statements in
U.S. dollars. These translations should not be construed as
representations that the yen amounts actually represent, or have beenor could be converted into, U.S. dollars at that or any other rate.

I In v e s t or In f o r m a t io n ( A s o f M a r c h 31, 2017)

Corporate data
Company Name:

Mitsuboshi Belting Ltd.

Established:

October 10, 1919

Common Stock:8,150 million yen

Fiscal Year-End:

March 31

Public Accounting Firm:

Ernst & Young ShinNihon LLC

Number of Employees:

701（Consolidated: 4,274）

Major shareholders(Top10)

Ownership breakdown
Number of shares held(Thousands)

Name

Japan Trustee Services Bank, Ltd.

7,083

TOYOTA MOTOR CORPORATION

2,355

The Bank of Tokyo-Mitsubishi UFJ, Ltd .

2,340

Client stock ownership

1,894

The Master Trust Bank of Japan, Ltd.

1,606

Employee stock ownership

1,501

MITSUI & CO., LTD.

1,500

Mitsubishi UFJ Trust and Banking Corporation

1,372

Daido Life Insurance Company

1,354

CBNY-GOVERNMENT OF NORWAY

1,279

Foreigncorporations
13.2%

Other
corporate
entities
20.4%

Individuals,
etc.
36.3%

Financial institutions /Brokerages
30.1%

Stock price and trading volume on the Tokyo Stock Exchange

4

5

6

7

8

9

10 11 12

1

2

3

4

5

6

7

8

9

10 11 12

1

2

3

4

5

6

7

8

9

10 11 121

2

Stock Price
(¥)
1,200

3

1,000
800
Trading volume(Thousand Shares)

600

5,500

400

5,000

200

4,500

0

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

4

2014

5

6

7

8

9

10 11 12

1

2015

2

3

4

5

6

7

8

9

10 11 12

1

2016

2

3

4

5

6

7

8

9

10 11 12

1

2

3

2017

22

Kobe Head Office:4-1-21 Hamazoe-dori, Nagata-ku, Kobe 653-0024, Japan
Tel: +81-78-671-5071 / Fax: +81-78-685-5670
Tokyo Head Office:2-3-4, Nihonbashi Chuo-ku, Tokyo 103-0027, Japan
Tel: +81-3-5202-2500 / Fax: +81-3-5202-2520
www.mitsuboshi.co.jp

Q12300201710UR01805A35