THE MOTOR

THE WORLDTURNS TO.

2000
ANNUAL REPORTN E T S A L E S ( Ye n i n m i l l i o n s )2
CONTENTS

2000

116,233

1999

117,545

1998

124,652

1997

121,835

1996

97,765Financial Highlights

Letter to Shareholders



About Mabuchi Motor

Financial Review

F i v e -Ye a r F i n a n c i a l S u m m a r yConsolidated Balance SheetsConsolidated Statements of Income

Consolidated Statements of Shareholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial StatementsIndependent Auditors’ ReportCorporate Information

FINANCIAL HIGHLIGHTS
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31

N E T I N C O M E ( Ye n i n m i l l i o n s )2000

N E T I N C O M E P E R S H A R E ( Ye n )23,472

2000

498.61

18,793

1999

399.201998

17,016

1998

362.001997

16,664

1997

354.69

1996

8,940

1996

190.70

1999


Yen

U.S. Dollars(millions)(thousands)

1998

1999

2000

2000

¥ 124,652¥ 117,545¥ 116,233$ 1,010,722

Operating income

28,30028,481

28,624

248,904

Income before income taxes

28,48728,49833,644

292,557

Net income

17,016

18,793

23,472

204,104

Shareholders’ equity

187,841

204,403

218,472

1,899,756

Total assets

207,682

218,083

242,626

2,109,791

Net sales

Yen

Per share of common stock:

U.S. Dollars

Net income¥ 362.00¥ 399.20¥ 498.61

Cash dividends

45.00

70.00

75.00

$

4.34
0.65

Notes: 1. U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥ 115=U.S. $1, the approximate exchange
rate on December 31, 2000.
2. Net income per share figures are based on the weighted average number of shares of common stock outstanding during eachfiscal year.

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT

LETTER TO SHAREHOLDERS
Overview of Performance

Dear Shareholder:
The “flight to quality” by investors from highly speculative ventures toestablished companies producing something of discernible value is a paton the back for Mabuchi Motor shareholders. You can almost hear thereassuring whir of countless Mabuchi motors in so many indispensabledevices used by all of us every day of our lives.
I am pleased to report that Mabuchi Motor has posted record earnings
for fiscal year 2000. Earnings per share soared 24.9% to ¥498.61 from¥399.20, and consolidated net income surged commensurately to¥23.4 billion.

T O D A Y, O U R T I N Y M O T O R S A R E H A R D A T W O R K in more products of more types

than ever before. Customers bought 1.7 billion of them in fiscal year 2000 alone— a 7.8% increase in sales. In fact, unit sales are up to almost every market we
supply. These increases include 13.1% for Audio and Visual Equipment, 11.9%
for Precision Instruments and Office Equipment, 9.2% for Automotive
Products, and 12.1% for Home Appliances and Power Tools.
W H I L E E A R N I N G S F O R 2 0 0 0 R E A C H E D A N A L L - T I M E H I G H , our consolidated net

sales dipped slightly from fiscal year 1999 — just 1.1% to ¥116.2 billion. This isdue in part to the fluctuation of currencies and our lowering the average price perunit of our DC motor to overcome stiff competition in various markets. We
remain fiercely committed to delivering the finest product at the lowest
possible price.

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORTA S T R O N G Y E A R F O R U S I S A S T R O N G Y E A R F O R Y O U . Mabuchi shareholders’equity is up 6.9% to ¥218.4 billion. In 2000, we increased dividend by 7.1% to¥75 per share. Historically, we have used any cash reserves to cover research anddevelopment and capital investment essential to our growth and progress. This
keeps us financially sound while maximizing return to our shareholders in stepwith business performance through dividend increases and stock splits. Since
1999, we’ve taken that policy a step further by establishing strict calculation
criteria to determine potential shareholder dividends from consolidated net
income. Specifically (barring unforeseeably harsh business circumstances), we
will continue to provide our shareholders with a stable dividend base of ¥50 per
share. We will add to that a supplemental dividend calculated as a defined
proportion of our consolidated net profits.
H O W B R I G H T A R E O U R P R O S P E C T S G O I N G F O R W A R D ? When you consider that Mabuchi motors are everywhere

you are, the outlook is very bright indeed. Chances are, there’s one in your electric shaver and toothbrush,in your car’s power windows and your computer’s printer, in your power tools and your children’s toys.
Mabuchi is secure in its standing as the world’s leading manufacturer of small electric motors. That’s because
we not only make a superior product, we can also produce it on whatever scale is required and deliver it on
time. All at a price that’s cost-effective for our customers.
B U T O P T I M I S M M U S T B E T E M P E R E D B Y F O R E S I G H T . In an environment that grows ever more competitive,

we must constantly renew our commitment to setting the standard for quality, service and value. That means
pioneering breakthrough technologies that give our customers the edge they need to succeed in the marketplace. It means developing strategies to deliver more product faster so we can meet rising demand. It means
continually re-evaluating our management and production methods so that we can not just respond to, but
anticipate, our customers’ evolving needs and guarantee their satisfaction.
W E H A V E A L W A Y S W E L C O M E D — and risen to — the challenges before us, and I am

confident that Mabuchi Motor will continue to do so in the years ahead.
F I N A L L Y, W E B E L I E V E W E M A K E A M O D E S T B U T M E A N I N G F U L contribution to

the global economy and, ultimately, one which improves the daily lives of people
all over the world who enjoy the comfort and convenience of innumerable devices
using our motors. I hope that you, as a valued shareholder, can take a small
measure of pride in the work that we do.
Sincerely,

Takaichi Mabuchi
President
March 29, 2001
MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

ABOUT MABUCHI MOTOR
Corporate Overview

Since our inception in 1954, Mabuchi has been a pioneer inthe manufacture of high-quality small electric motors.
Today, our annual production capacity of 1.8 billion units is
the largest in the world.
Mabuchi customers represent the finest brands internationallyfrom every industry with small-motor needs. They trust
Mabuchi to meet both their performance and production
requirements so that they can deliver their own products tomarket on time and with confidence.



THE MOTOR

THE WORLD TURNS TO
OFFICEEQUIPMENT

AUDIO & VISUAL
EQUIPMENTAUTOMOTIVE PRODUCTS

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT.
HOMEAPPLIANCESPOWER TOOLSM A B UC H I H A S E A R N E D T H E B U S I N E S S O F L E A D I NG M A R K E T E R S
T H E WO R L D OV E R BY V I RT U E O F A N U N R I VA L E D C A PA B I L I T Y I N
EV E RY P H A S E O F P R O D UC T I O N :P R O D UC T D EV E L O P M E N T

Mabuchi develops product to meet precise technical and performance specifications — fromdesigning entirely new motors to improving or adapting existing products for new or special
applications. Taking novel approaches and harnessing new technologies and materials tosolve problems and enhance performance is part of Mabuchi’s tradition of technologicaladvancement.
QUA L I T Y C O N T R O L

Stringent testing monitored by our own experts at our own facilities simulating the harshest
environmental and operating conditions ensures optimal product performance. In fact, ourquality control system has been recognized by the Dutch Council for Certification, which hasawarded Mabuchi Motor two ISO 9000 accreditations. They have also awarded us a thirdcertification for our efforts to limit any adverse effects of production on health and theenvironment, a policy to which we are firmly committed.
S TA N D A R D I Z AT I O N & A P P L I C AT I O N D I V E R S I T Y

Once we’ve met a customer’s exact specifications for a product, we continue to adapt that
product to work in as many diverse applications as possible. A single product that performs
a wide range of customer needs may then be efficiently and cost-effectively mass-produced.
M A N U FAC T U R I NG T E C H NO L O G I E S

We’re always developing and implementing new and improved manufacturing
technologies to optimize efficiency and maximize output.
C O S T - E F F E C T I V E P R I C I NG

Mabuchi product standardization and ultra-efficient manufacturingmethods allow us to offer a product of exceptional quality at a price thathelps customers control their costs and maintain their profit margins.
E X AC T D E L I V E RY S C H E D U L E S

A perfect product is useless unless it arrives when it’s needed in the quantities
required. Our standardization and manufacturing protocols enable us tomaintain exact delivery schedules.
C O M M I T M E N T T O E X C E L L E NC E

Mabuchi’s continuing commitment to set the standard for excellence in the
manufacture of small electric motors is our pledge to carry on with the dedication,
vision and pioneering spirit that has made us the leading producer in the world.

FINANCIAL REVIEWNET SALES
In fiscal 2000, consolidated sales amounted to ¥116,233 million ($1,011 million), down by 1.1% from the previous year
due primarily to the effect of the appreciated yen against the U.S. dollar during the year and also declining selling prices
from on-going worldwide competition.
Following is the trend of our markets by application in 2000:
A U D I O A N D V I S UA L E QU I P M E N T

Motor sales increased to meet demands for DVD/CD/MD player motors and for applications based on digital technology
such as playback/record/disc-driving motors in PCs. However, sales decreased 2.3% to ¥53,182 million ($462 million) due
to the stronger yen and user's shift to economy motor models.
A U T O M O T I V E P R O D UC T S

Motor sales for all main items such as rear view mirrors, door lock, air-conditioning damper actuators, etc. were brisk. But
sales decreased 3.0% to ¥26,758 million ($233 million) due to the same factors as described in the Audio & Visual Market.
H O M E A P P L I A NC E S A N D P OW E R T O O L S

Motor sales for toothbrushes soared. Also, motor demand for health care, hairdressing products and power tools as wellas our main items such as shavers increased. Sales increased 2.4% to ¥18,004 million ($ 157 million) in spite of astronger yen.
P R E C I S I O N I N S T RU M E N T S A N D O F F I C E E QU I P M E N T

Motor sales for printer and for camera products soared. Sales increased 11.4% to ¥12,173 million ($ 106 milion) in
spite of a stronger yen.



T OY S A N D H O B B I E S

Sales were generally slow and we strategically withdrew from the most economical motor market. So sales decreased
12.4% to ¥6,068 million ($ 53 million).
Reviewing net sales by geographic area in 2000, net sales in Japan decreased 14.1% to ¥16,429 million ($ 143 million).
The Japanese economy was slightly recovering but slow during the year despite continuing fiscal and financial policies
to stimulate the economy.
The U.S. and the European markets enjoyed steady overall growth during the year, but net sales in those markets
decreased due primarily to the effect of translation from U.S. dollar to the appreciated yen. Net sales decreased 6.0%
in North and Latin America and 5.3% in Europe. Net sales increased 7.3% in China and Hong Kong, and 0.1% in
Asia Pacific.

N E T S A L E S BY A P P L I C AT I O N

19 9 6

Yen

U.S. Dollars(millions)(thousands)

19 9 719 9 8

Audio-Visual Equipment¥ 40,298 ¥ 55,236
Automotive Products
22,95829,036
Home Appliances and Power Tools
14,737
17,316
Precision Instruments and Office Equipment
11,116
12,502
Toys and Hobbies
7,848
7,608
Other
808
137
Total
¥ 97,765 ¥ 121,835¥ 58,524
27,80918,056
11,5548,522
187¥ 124,652

Other includes parts and equipment sales.
MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT

19 9 92000¥ 54,429 ¥ 53,182
27,59926,75817,58518,004
10,92912,173
6,928
6,068
75
48
¥ 117,545 ¥ 116,233

2000

$

462,452
232,678
156,557
105,852
52,765418$ 1,010,722

N E T S A L E S B Y A P P L I C A T I O N (continued)%
2000

AUDIO & VISUAL EQUIPMENT

5% 10%

16%

23%

46%
AUTOMOTIVE PRODUCTS

1999

HOME APPLIANCES & POWER TOOLS1998

PRECISION INSTRUMENTS &OFFICE EQUIPMENT

1997
1996
(Yen in millions)

30,00060,00090,000Yen

U.S. Dollars(millions)(thousands)

NET SALES BY GEOGRAPHIC AREA

Japan
North and Latin America
EuropeChina and Hong Kong
Asia Pacific
Other
Total

TOYS & HOBBIES

12 0 , 0 0 0

1996

1997

1998

1999

2000

¥ 20,154
12,834
10,83028,441
24,698808¥ 97,765¥ 20,832
16,107
13,83839,12931,792137¥ 121,835¥ 20,634
16,17016,22844,051
27,382187¥ 124,652¥ 19,124
14,843
14,731
42,18826,58475¥ 117,545¥ 16,429
13,945
13,95145,262
26,59848¥ 116,233

2000$

142,861
121,261
121,313393,583
231,286418$ 1,010,722

Other includes parts and equipment sales.

%
2000

23%

39% 12%

12%

JAPAN

14%

1999

NORTH AND LATIN AMERICA

1998

EUROPE1997

CHINA AND HONG KONG

1996
(Yen in millions)

ASIA PACIFIC
30,00060,00090,000

12 0 , 0 0 0

COSTS, EXPENSES AND NET INCOME
Cost of sales decreased by 1.8%, to ¥71,592 million ($623 million). The cost of sales ratio improved 0.4 percentage
points, to 61.6% from 62.0% in 1999, due mainly to reduced unit costs resulting from a production volume increaseby 22.8% over 1999.
Selling, general and administrative expenses decreased by 0.7% over the previous year as a result of continuous efforts
to reduce indirect administrative costs. As a result of these factors, operating income slightly increased 0.5%, to¥28,624 million ($249 million) over the previous year.
Other income (expense) includes net other income of ¥5,020 million ($44 million) in 2000 versus net otherincome of ¥17 million in 1999. The increase in 2000 was principally due to an increase in interest income andexchange gains, compared with exchange losses of ¥1,689 in 1999, resulting in a significant increase in income before
income taxes by 18,1%, to ¥33,644 million ($293 million).
Net income also increased 24.9%, or ¥4,679 million, to ¥23,472 million ($204 million) due mainly to an increaseof pretax income, the reduction in Japan’s statutory income tax rate to 41.7% in 2000 from 47.4% in 1999 and adoption of deferred tax accounting which resulted in a decrease in provision for income taxes by ¥951 million ($8 million).

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

FINANCIAL REVIEW(continued)

FOREIGN CURRENCY
As indicated in Note 8 “Segment Information” to consolidated financial statements, overseas sales accounted forapproximately 86% of consolidated net sales in 2000, of which 91% was transacted in U.S. dollars and U.S. dollar
linked currencies.
In 2000, the average rate of the yen appreciated approximately 5.4% against the U.S. dollar, compared with 1999.
The appreciation of the yen against the foreign currencies resulted in decreases of net sales of approximately ¥5,400
million ($47 million) and operating income of ¥1,500 million ($13 million).
The Company uses foreign exchange forward contracts to hedge foreign exchange risks associated with accounts
receivable and payables denominated in foreign currencies (see Note 6 “Derivative Financial Instruments”).
FINANCIAL POSITION
Net working capital at December 31, 1999 and 2000 is summarized as follows (millions of yen):

Current assets
Current liabilities
Net working capital
Current ratio

19 9 92000¥ 113,755
11,613¥ 102,142
9.8¥ 148,331
14,216¥ 134,115
10.4

Increase¥¥

34,576
2,603
31,973The increase in current assets at December 31, 2000 consisted of mainly cash and cash equivalents by ¥11,137 million,
short-term investments by ¥15,320 million, inventories by ¥4,796 million and deferred tax assets by ¥2,021 million.
Foreign currency time deposits and investment trusts were the main items in the increases of cash and short-term investments.
Long-term liabilities increased by ¥7,631 million due to the recognition of past service liability of ¥840 million anddeferred tax liability of ¥6,632 million on undistributed earnings of foreign subsidiaries.
Shareholders’ equity increased by ¥14,069 million compared to the previous year. The shareholders’ equity ratio
declined 3.7 percentage points, to 90.0% from 93.7% at the previous year-end due to the recognition of deferred tax
liability on undistributed earnings of foreign subsidiaries as mentioned in the preceding paragraph.
CASH FLOW
The major items of cash flows for the years ended December 31, 1999 and 2000 are summarized below (millions of yen):

Net income
Depreciation and amortization
Additions to plant and equipment
Purchase of short-term investments and investment securities, net
Repayments of short-term borrowings
Cash dividends paid
Other, net
Net increase in cash and cash equivalents

19 9 92000¥ 18,793
7,234(3,560)(9,180)(5,210)(2,354)
5,978
11,701¥ 23,472
6,425(4,629)(13,392)–(3,811)
3,072
11,137

Net cash provided by operating activities decreased ¥5,035 million from 1999, to ¥28,301 million ($246 million) due
mainly to an increase in inventories resulting from the robust performance in production and the sales slow down in the
fourth quarter.
Net cash used in investing activities increased ¥3,688 million from 1999, to ¥16,183 million ($141 million) which
was attributable to the increases in capital investments and purchase of marketable securities.
Net cash used in financing activities decreased ¥3,757 million from 1999, to ¥3,807 million ($33 million) due tothe repayment of short-term borrowings of ¥5,210 million in 1999. Cash dividends paid increased ¥1,457 million
from 1999,to ¥3,811 million ($33 million) under the new dividend program announced in October 1999, resulting in
an increase in dividends per share from ¥70 to ¥75.
The Company believes that its financial condition remains very strong. The present balance of liquid assets are indispensable for the Company to further strengthen its existing core business and create the opportunities for new business.
This should result in the appreciation of shareholder value.
MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORTF I V E -Y E A R F I N A N C I A L S U M M A RY
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31

Yen

U.S. Dollars(millions)(thousands)

19 9 619 9 719 9 819 9 92000

2000¥ 97,765¥ 121,835¥ 124,652¥ 117,545¥ 116,233$ 1,010,722

Operating income

14,68024,06228,30028,481

28,624

248,904

Income before income taxes

17,47930,672

28,48728,49833,644

292,557

Net income

8,940

16,66417,016

18,793

23,472

204,104¥ 190.70¥ 354.69¥ 362.00¥ 399.20¥ 498.61

30.00

40.00

45.00

70.00

75.00

7,234

¥ 6,425

Operating Results
Net sales

Per share of common stock:
Net income

$

4.34

(Yen and U.S. Dollars)
Cash dividends per share

0.65(Yen and U.S. Dollars)
Depreciation and amortization¥ 8,320

¥

7,837

¥

7,314

¥

$

55,870Capital expenditures

8,367

9,753

6,832

4,051

4,627

40,235R&D expenses

2,920

3,702

3,780

3,752

2,832

24,626

Shareholders’ equity¥ 157,362¥ 172,422¥ 187,841¥ 204,403¥ 218,472$ 1,899,756

Total assets¥ 191,508¥ 213,045¥ 207,682¥ 218,083¥ 242,626$ 2,109,791

46,96846,99947,07647,07647,07644,31956,54755,53058,27960,511

Balance Sheet

Other Data
Number of shares outstanding(thousands of shares)
Number of employees

Notes: 1. U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥115=U.S. $1, the approximate exchange
rate on December 31, 2000.
2. Net income per share figures are based on the weighted average number of shares of common stock outstanding during each fiscal year.
3. Number of employees includes contract manufacturing labor at plants in Guang Dong, China.
4. In 2000, to comply with a newly released accounting standard for research and development costs, the Company changed theprevious scope of such costs to disclose only costs incurred in research and development activities for new products and processes.
Expenditures relating to research and development activities are charged to income as incurred and amounted to ¥2,832 million($24,626 thousand) for the year ended December 31, 2000. Those costs based on the previous scope in 1999 and 2000 were
¥3,752 million and ¥4,456 million ($38,748 thousand), respectively.

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

CONSOLIDATED BAL ANCE SHEETS
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries
December 31, 1999 and 2000
ASSETS

Yen

U.S. Dollars(millions)(thousands)

19 9 92000

2000

Cash and cash equivalents¥ 49,133¥ 60,270$ 524,087

Short-term investments

27,28542,605

370,478

Trade notes and accounts receivable

14,144

15,164

131,861

Less-Allowance for doubtful receivables

(244)

(289)

(2,513)Inventories

21,667

26,463

230,113

Deferred Income Taxes

–

2,021

17,574

Other current assets

1,770

2,097

18,235

Total current assets

113,755

148,331

1,289,835

Land

4,003

4,014

34,904

Buildings

36,551

38,430334,174

Machinery and equipment

49,99255,321

481,052

Construction in progress

1,364

1,501

13,05391,91099,266863,183(53,951)(61,907)(538,322)

37,95937,359324,861

Investment securities

54,923

52,949460,426

Long-term loans receivable

1,951

2,027

17,626

Other investments and other assets

2,961

1,770

15,391

59,83556,746493,443

6,534

190

1,652

¥ 218,083¥ 242,626$ 2,109,791

Current Assets:

Plant and Equipment, at cost:Less-Accumulated depreciation

Investments and Other assets:

Foreign Currency Translation Adjustments

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

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORTLIABILITIES AND SHAREHOLDERS’EQUITY

Yen

U.S. Dollars(millions)(thousands)

19 9 9

2000

2000

4,819

¥ 4,572

Accrued expenses

2,390

3,453

30,026

Accrued income taxes

3,867

5,707

49,626

Other current liabilities

537

484

4,208

11,613

14,216123,617

784

944

8,209

Deferred income taxes

–

6,632

57,670

Other long-term liabilities

27

866

7,530

811

8,442

73,409

1,256

1,496

13,009Current Liabilities:
Trade notes and accounts payable

Total current liabilities¥$

39,757Long-term Liabilities:
Estimated retirement and termination allowances

Minority Interests

Contingent Liabilities
Shareholders’Equity:
Common stock, par value ¥50 per share:
Authorized: 100,000,000 shares:
Issued: 47,075,881 sharesin 1999 and 2000

20,70520,705

180,043

Additional paid-in capital

20,42020,420177,565

Retained earnings

163,284

177,348

1,542,157

Less-Treasury stock

(6)

(1)

(9)

204,403

218,472

1,899,756¥ 218,083¥ 242,626$ 2,109,791

Total shareholders’ equity

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

CONSOLIDATED STATEMENTS OF INCOME
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries
For the years ended December 31, 1999 and 2000

Yen

U.S. Dollars(millions)(thousands)

19 9 92000

2000¥ 117,545¥ 116,233$1,010,722

Cost of Sales

72,93371,592

622,539

Gross profit

44,61244,641

388,183

Selling, General and Administrative Expenses

16,131

16,017139,279

Operating income

28,481

28,624

248,904

Interest and dividend income

1,662

3,054

26,557

Interest expense

(26)

(1)

(9)

(1,689)3,372

29,32270(1,405)(12,217)

17

5,020

43,65328,49833,644

292,557

Current

9,544

10,94895,200

Deferred–(951)(8,270)

9,544

9,997

86,930

(161)

(175)

(1,523)¥ 18,793¥ 23,472$ 204,104

Net Sales

Other Income (Expenses):

Exchange gains (losses) on foreign currency transactions
Other, net

Income before income taxes
Income Taxes:

Minority Interests
Net Income

Yen

U.S. Dollars

19 9 92000¥ 399.20¥ 498.61

70.00

75.00

2000

Per Share of Common Stock:
Net income
Cash dividends applicable to earnings of the year

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

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT

$

4.34
0.65

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUIT Y
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries
For the years ended December 31, 1999 and 2000
Number of Shares

Yen

U.S. Dollars(thousands)(millions)(thousands)

19 9 92000

19 9 92000

2000

Beginning balance

47,07647,076¥ 20,705¥ 20,705$ 180,043

Ending balance

47,07647,076¥ 20,705¥ 20,705$ 180,043

Beginning balance¥ 20,420¥ 20,420$ 177,565

Ending balance¥ 20,420¥ 20,420$ 177,565¥ 146,720¥ 163,284$ 1,419,861–(5,447)(47,364)

243

–

–

Net income

18,793

23,472

204,104

Cash dividends(2,354)(3,813)(33,157)

Bonuses to directors and statutory auditors

(118)

(148)

(1,287)¥ 163,284¥ 177,348$ 1,542,157

Common Stock:

Additional Paid-in Capital:

Retained Earnings:
Beginning balance
Cumulative effect of applying deferred tax accounting
Adjustment due to an increase in consolidated subsidiaries

Ending balance

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

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

CONSOLIDATED STATEMENTS OF CASH FLOWS
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries
For the years ended December 31, 1999 and 2000

U.S. Dollars(thousands)

19 9 92000

2000¥ 18,793¥ 23,472$ 204,104

7,234
203
–
202
(1,945)
6,065
2,478
5
301
33,336

6,425
990
(951)
362
(172)
(2,609)
(643)
1,840
(413)
28,30155,8708,609(8,270)3,148(1,496)(22,687)(5,591)
16,000(3,591)
246,096

Cash Flows from Investing Activities:
Additions to plant and equipment
Change in short-term investments
Purchase of investment securities
Proceeds from sale of investment securities
Other,net
Net cash used in investing activities(3,560)8,279(33,620)
16,161
245(12,495)(4,629)(15,304)(16,170)
18,082
1,838(16,183)(40,252)(133,078)(140,609)
157,235
15,982(140,722)

Cash Flows from Financing Activities:
Change in short-term borrowings
Cash dividends paid
Other,net
Net cash used in financing activities(5,210)(2,354)–(7,564)–(3,811)
4(3,807)–(33,139)
35(33,104)

Cash and Cash Equivalents from Consolidating previously
Unconsolidated Subsidiaries
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year377
(1,953)
11,70137,432–
2,826
11,137
49,133–
24,574
96,844427,243¥ 49,133¥ 60,270$ 524,087¥¥$

Cash Flows from Operating Activities:
Net income
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization
Estimated retirement and termination allowance
Provision for income taxes - deferred
Unrealized losses on marketable securities
Increase in trade notes and accounts receivables(Increase) Decrease in inventories
Increase (Decrease) in trade notes and accounts payable
Increase in accrued income taxes
Other, net
Net cash provided by operating activities

Yen(millions)

Cash and Cash Equivalents at End of Year
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest
Income taxes

25
9,506

The accompanying notes to consolidated financial statements are an integral part of these statements.
MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT

1
9,128

9
79,374NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries

1. SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES(a) Basis of presenting financial statements
The accompanying consolidated financial statements of Mabuchi Motor Co., Ltd. (the “Company”) and its consolidated subsidiaries have been prepared from the consolidated financial statements filed with the Minister of Finance as
required by the Securities and Exchange Law of Japan. The Company maintains the accounts in accordance with theprovisions set forth in the Japanese Commercial Code and in conformity with accounting principles and practices generally accepted in Japan, which may differ in some material respects from accounting principles and practices generally
accepted in countries and jurisdictions other than Japan.
In addition, the notes to the consolidated financial statements include information which is not required underaccounting principles generally accepted in Japan but is presented herein as additional information. For the purpose ofthis report, certain reclassifications have been made to present the accompanying consolidated financial statements in aformat which is familiar to readers outside Japan.
Effective in 2000, the Company was required to prepare a consolidated statement of cash flows as part of consolidated financial statements under the Securities and Exchange Law of Japan. In accordance with a new accounting standard
released in connection with this requirement, the Company has prepared the accompanying 2000 consolidated statement of cash flows with reclassifications of the previously reported consolidated statement of cash flows for 1999.
For the convenience of the reader, the accompanying consolidated financial statements have also been presented in
U.S. dollars by arithmetically translating yen amounts at the rate of ¥115 to U.S. $1, which was the approximate exchange
rate prevailing on December 31, 2000.
Certain reclassifications have been made to the accompanying consolidated financial statements for 1999 to conformto the 2000 presentations.
(b) Principles of consolidation
The consolidated financial statements include the accounts of the Company and all significant subsidiaries. All significant inter-company balances, transactions, and profits have been eliminated in consolidation. Investments in unconsolidated subsidiaries are stated at cost.
( c ) Tr a n s l a t i o n o f f o r e i g n c u r r e n c i e sTransactions in foreign currencies are translated at the exchange rates in effect at the time of the transactions. Monetarycurrent assets and liabilities denominated in foreign currencies are translated into Japanese yen at the rates of exchange
in effect at the balance sheet date. All other accounts are translated at historical rates in effect at the time of each transaction. Exchange differences resulting from these translations are included in income.
Foreign subsidiaries’ assets and liabilities are translated into yen at the rates of exchange in effect at the balance sheet
date. The accounts of shareholders’ equity are translated at historical rates. Revenues and expenses are translated at the
average rates of exchange for the year. Translation adjustments are not included in income but are dealt with as anaccount of assets or liabilities.
(d) Cash and cash equivalents
Cash and cash equivalents include all highly liquid investments, generally with original maturities of three months or
less, that are readily convertible to known amounts of cash and are so near maturity that they present insignificant riskof changes in value because of changes in interest rates.
(e) Short-term investments and investment securities
Short-term investments consist principally of marketable equity securities, debt securities and investment trust.
Investment securities consist principally of foreign debt securities and marketable equity securities. Marketable securi-

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

N O T E S T O C O N S O L I DAT E D F I N A N C I A L STAT E M E N T S(continued)

Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries

ties are stated at the lower of cost, determined by the moving average method, or market. Closed end investment trustand foreign debt securities are stated at cost.
(f) Inventories
Finished goods, work in process and raw materials are principally stated at average cost. Marketable raw materials suchas copper, gold, silver and palladium are stated at the lower of average cost or market.
(g) Depreciation
Depreciation of plant and equipment is computed by the declining-balance method for the Company and its domestic
subsidiary and principally by the straight-line method for overseas subsidiaries over the estimated useful lives. In connection with the amendment of the Japanese corporate income tax law in 1998, the Company and its domestic subsidiary
applied the straight-line method to buildings which were purchased after April 1, 1998.
(h) Research and development expenses
In 2000, to comply with a newly released accounting standard for research and development costs, the Company
changed the previous scope of such costs to disclose only costs incurred in research and development activities for new
products and processes. Expenditures relating to research and development activities are charged to income as incurredand amounted to ¥2,832 million ($24,626 thousand) for the year ended December 31, 2000. Those costs based on
the previous scope in 1999 and 2000 were ¥3,752 million and ¥4,456 million ($38,748 thousand), respectively.

(i) Income taxes
Prior to 2000, income taxes of the Company and most of its subsidiaries are provided based on the amount requiredby the tax returns.
In 2000, the Company and its consolidated subsidiaries account for income taxes using a new accounting standard
issued by the Business Accounting Deliberation Council of Japan. This standard requires recognition of deferred taxes
under the liability method, whereby deferred tax assets and liabilities are recognized for the expected tax consequencesof temporary differences between the tax bases of assets and liabilities and their reported amounts using presently enacted tax rates. Provision for Japanese income taxes on undistributed earnings of foreign subsidiaries is made only on thoseamounts in excess of the funds considered to be permanently reinvested.
As a result of this change in accounting for income taxes, 2000 net income increased ¥943 million ($8,200 thousand) and retained earnings decreased by ¥4,504 million ($39,165 thousand) as of and for the year ended December
31, 2000 over the amounts which would have been recorded if the prior year’s method had been applied. Also, thecumulative effect of this change to retained earnings as of January 1, 2000 has been reported as a “Cumulative effect ofapplying deferred tax accounting” in the consolidated statements of shareholders’ equity.
( j ) Te r m i n a t i o n a n d r e t i r e m e n t p l a n s
The Company has a trusteed noncontributory pension plan covering substantially all qualified full-time employees.
Under the plan, eligible employees are entitled to a 10-year annuity or lump-sum payments based on the rate of pay at
the time of retirement or termination, length of service and certain other factors. Annual payments to the trustees forthe pension plan, which are deductible for tax purposes, are based on actuarially determined costs of the plan.
In 2000, the Company changed its method of charging prior service costs of the pension plan to an accrual basis froma cash basis. Under the cash basis, the Company had charged the annual payments to income, including the amortization of prior service costs. Under the new accounting method adopted in 2000, the Company charged to income past
service costs through the recognition of long-term accrued expense of ¥840 million ($7,304 thousand). This was thebalance of past service liability as of November 30, 2000. This change was made to more reasonably recognize pension

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT

costs and to maintain a healthy financial policy. This new policy also considers the poor performance of pension fundassets in the recent economic environment. Adoption of the new method decreased 2000 income before income taxes by¥840 million ($7,304 thousand).
The Company’s pension fund assets and the actuarially computed value of pension benefits as of November 30, 2000,
the latest date of report available from the trustees, were ¥3,898 million ($33,896 thousand) and ¥4,729 million($41,122 thousand), respectively.
Certain subsidiaries have similar pension plans to the Company and have pension fund assets of ¥1,590 million($13,826 thousand) as of December 31, 2000. Also, certain subsidiaries have unfunded retirement and termination
allowance plans for qualified employees and the amounts required under the plan have been fully accrued.
The Company also has an unfunded retirement and termination allowance plan for directors and statutory auditors,
and has fully accrued the amount required under the plan.
Total provisions, including prior service costs, charged to income under these termination and retirement plans for theyears ended December 31, 1999 and 2000 were ¥653 million and ¥1,532 million ($13,322 thousand), respectively.
2. INVENTORIESInventories as of December 31, 1999 and 2000 were as follows:

Finished goods
Work in process
Raw materials

Yen

U.S. Dollars(millions)(thousands)

19 9 92000

2000¥ 10,551
3,127
7,989
¥ 21,667¥ 15,132
3,187
8,144
¥ 26,463$ 131,583
27,71370,817$ 230,113

3. SHORT-TERM INVESTMENTS AND INVESTMENT SECURITIESShort-term investments and investment securities as of December 31, 1999 and 2000 include marketable debt and equity securities and investment trusts of which market value is as follows:

Yen

U.S. Dollars(millions)(thousands)

19 9 9Book
value

Market Gains
value (losses)

2000

Book
value

2000

Market Gains
value (losses)

Book
value

Marketvalue

Gains(losses)

Short-term investments:
Debt securities¥ 9,440 ¥ 9,413 ¥ (27)Equity securities
1,301
2,658 1,357
Investment trusts
15,05015,12575¥ 25,791 ¥ 27,196 ¥ 1,405¥ 7,425 ¥ 7,291 ¥ (134)
1,293
1,772
479
32,387 29,862 (2,525)¥41,105 ¥ 38,925 ¥ (2,180)$ 64,565 $ 63,400 $ (1,165)
11,243
15,4094,166
281,627 259,669(21,958)$357,435 $ 338,478 $ (18,957)

Investment securities:
Equity securities¥ 2,114¥ 2,054 ¥ 2,537 ¥$ 17,861 $ 22,061 $¥ 3,312 ¥ 1,198

483

MABUCHI MO TOR CO., LTD.

4,200

THE MOTOR THE WORLD TURNS TO.

N O T E S T O C O N S O L I DAT E D F I N A N C I A L STAT E M E N T S(continued)

Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries

4 . I N C O M E TA X E S
The Company is subject to several taxes based on income with a normal tax rate aggregating approximately 47.4% and41.7% for the years ended December 31, 1999 and 2000, respectively. Foreign subsidiaries are subject to income taxes
in the countries where they operate.
A reconciliation of the significant differences between the Japanese statutory income tax rate and the effective income
tax rate on pre-tax income for the year ended December 31, 2000 was as follows:

2000

Statutory income tax rate
International income taxed at varying rates
Effect on elimination of dividend income fromforeign subsidiaries for consolidation purposes
Foreign and R & D tax credit utilization
Other, net
Effective income tax rate

41.7%
(13.6)
5.6
(3.7)
(0.3)
29.7%

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components ofdeferred tax assets and liabilities at December 31, 2000 were as follows:



Yen

U.S. Dollars(millions)(thousands)

Deferred tax assets:
Unrealized profits on inventories and fixed assets¥ 1,737$ 15,104

Accrued pension cost and retirement and termination allowances

585

5,087

Accrued enterprise taxes

545

4,739

Evaluation losses on assets

246

2,140

Depreciation

111

965

Other

184

1,600

Total

3,408

29,635

Tax on undistributed foreign earnings

7,665

66,652

other

198

1,722

Total

7,863

68,374

Deferred tax assets

2,182

18,974

Deferred tax liabilities¥ 6,635$ 57,696

Deferred tax liabilities:

As reported in the consolidated balance sheet:

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORT5 . S H A R E H O L D E R S ’ E Q U I T Y A N D P E R S H A R E DATAThe Japanese Commercial Code (the “Code”) provides that an amount equivalent to at least 10% of cash dividends paid
and other cash outlays resulting from appropriations of retained earnings with respect to each annual period be appropriated to the legal reserve until such reserve equals 25% of the stated capital. The legal reserve of ¥3,046 million and¥ 3,446 million ($29,965 thousand) is included in retained earnings at December 31, 1999 and 2000, respectively.
The Code also provides that additional paid in capital and the legal reserve are not available for cash dividends, but may
be used to reduce a capital deficit by resolution of the shareholders or may be capitalized by resolution of the Board of
Directors.
Year-end cash dividends are approved by the shareholders after the end of each fiscal year, and semi-annual interim
cash dividends are declared by the Board of Directors after the end of each interim six-month period. Such dividends
are payable to shareholders of record at the end of each fiscal year or interim six-month period.
In accordance with the Code, these dividends and the related appropriations of retained earnings have not beenreflected in the financial statements at the end of such fiscal year. However, dividends per share shown in the accompanying consolidated statements of income reflect dividends applicable to the respective fiscal year. Net income per shareis computed based on the weighted average number of shares of common stock outstanding.
On September 25, 2000, semi-annual interim cash dividends (¥36 or $0.31 per share) of ¥1,695 million ($14,739
thousand) were paid to shareholders of record at June 30, 2000. On March 29, 2001, the shareholders approved thedeclaration of cash dividends (¥39 or $0.34 per share) totaling ¥1,836 million ($15,965 thousand), payments ofbonuses to directors and statutory auditors totaling ¥170 million ($1,478 thousand) and related appropriations ofretained earnings to legal reserve of ¥201 million ($1,748 thousand).
6 . D E R I VAT I V E F I N A N C I A L I N ST R U M E N T S
The Company enters into forward exchange contracts and forward precious metal contracts as a normal part of risk
management efforts. As a result, the Company is exposed to risk of credit-related losses in the event of nonperformanceof counterparties to foreign exchange contracts and precious metal contracts, but management believes such risks to beminor because of the high creditability of the counterparties and such financial instruments have not been held for trading purpose. Following is a summary of derivative financial instruments which are currently held by the Company.
The Company uses foreign exchange forward contracts to hedge the risk of changes in foreign exchange rates substantially associated with accounts receivable and payable denominated in foreign currencies. The Company had forward
exchange contracts which mature within a year to sell ¥296 million and ¥773 million ($6,722 thousand) in U.S. dollars at December 31, 1999 and 2000, respectively, and the estimated fair value outstanding at December 31, 1999 and2000 were ¥287 million and ¥797 million ($6,930 thousand), respectively.
Forward precious metal contracts are used by the Company to hedge the risk of changes in market prices resulting frompurchase of precious metals as raw materials for motor products. The contracted amounts outstanding at December 31,
1999 and 2000 were ¥45 million and ¥150 million ($1,304 thousand), respectively, and the estimated fair value outstanding at December 31, 1999 and 2000 were ¥48 million and ¥153 million ($1,330 thousand), respectively.
7. C O N T I N G E N T L I A B I L I T I E S
As of December 31, 2000, certain subsidiaries were contingently liable principally for bank guarantees in the amountof ¥32 million ($278 thousand).

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

N O T E S T O C O N S O L I DAT E D F I N A N C I A L STAT E M E N T S(continued)

Mabuchi Motor Co., Ltd. and Consolidated Subsidiaries

8 . S E G M E N T I N F O R M AT I O N
The Company and consolidated subsidiaries manufacture and sell small electric motors, parts and equipment used for
production purposes. Substantially all of the consolidated net sales and operating income are generated from a broad
range of motor products. The information on net sales, operating income and assets by geographic area, and overseas sales
is summarized as follows:
Segment Information by Geographic Area

U.S. Dollars(thousands)

19 9 92000

2000¥35,952
43,92379,875¥ 29,240
50,51679,756$ 254,261
439,269
693,530

56,19746,659102,856

60,881
48,219109,100

529,400
419,296
948,696

13,28026
13,306

12,757
14
12,771

110,930122
111,052

EuropeOutside customers
Intersegment
Total
Corporate and elimination
Consolidated

12,11719
12,136(90,628)¥ 117,545

13,3552
13,357(98,751)¥ 116,233

116,13018
116,148(858,704)$ 1,010,722

Operating Income:
Japan
Asia
U.S.A.
EuropeCorporate and elimination
Consolidated¥ 17,525
7,499
697
559
2,201
¥ 28,481¥ 16,067
11,336
721
727
(227)
¥ 28,624$ 139,713
98,574
6,269
6,322(1,974)$ 248,904

Assets:Japan
Asia
U.S.A.
EuropeCorporate and elimination
Consolidated¥ 65,063
78,0205,264
4,942
64,794¥ 218,083¥ 65,344
88,8605,964
5,322
77,136¥242,626$ 568,209
772,695
51,861
46,278670,748$2,109,791

Net sales:Japan
Outside customers
Intersegment
Total
Asia
Outside customers
Intersegment

Yen(millions)

U.S.A.
Outside customers
Intersegment

The amount of corporate assets included in “Corporate and elimination” is ¥111,334 million in 1999 and ¥129,621 million ($1,127,139 thousand) in 2000, which comprises principally cash, short-term investments and investment securities.
MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORTOverseas Sales

Yen

U.S. Dollars(millions)(thousands)

19 9 9

2000

2000

U.S.A.

¥ 14,843¥ 13,945$ 121,261

Europe14,731

13,951

121,313

Asia and Other

68,824

71,899625,209

Total

98,39899,795

867,783

Net Sales

117,545

116,233

1,010,722% of Overseas Sales to Net Sales

83.7%

85.9%

85.9%

Overseas Sales

Overseas sales are the total of exports by the Company and sales by consolidated overseas subsidiaries.



MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

INDEPENDENT AUDITORS’ REPORTTo the Board of Directors of Mabuchi Motor Co., Ltd.
We have audited the consolidated balance sheets of Mabuchi Motor Co., Ltd. and consolidated subsidiaries as ofDecember 31, 2000 and 1999, and the related consolidated statements of income, shareholders’ equity, and cash flows
for the years then ended, all expressed in yen. Our audits were made in accordance with auditing standards, procedures and practices generally accepted and applied in Japan and, accordingly, included such tests of the accounting
records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the accompanying consolidated financial statements, expressed in yen, present fairly the consolidated
financial position of Mabushi Motor Co., Ltd. and consolidated subsidiaries as of December 31, 2000 and 1999, andthe consolidated results of their operations and their cash flows for the years then ended, in conformity with accounting principles and practices generally accepted in Japan applied on a consistent basis, except as noted in the following paragraph.
As described in Note 1 (h) and 1 (i) to the consolidated financial statements, Mabuchi Motor Co., Ltd. and consolidated subsidiaries have adopted new accounting standards for research and development costs and tax-effect accounting in
the preparation of their consolidated financial statements for the year ended December 31, 2000. Also the company
changed the method of charging prior service costs of the pension plan to an accrual basis from a cash basis, as referred
to in Note 1 (j).
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended
December 31, 2000 are presented solely for convenience. Our audit included the translation of yen amounts into U.S.
dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 (a) to the consolidated financial statements.

Century Ota Showa & Co.
March 29, 2001

See note 1 (a) to the consolidated financial statements which explains the basis of preparing the consolidated financial
statements of Mabuchi Motor Co., Ltd. under Japanese accounting principles and practices.

MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORTCORPORATE INFORMATIONBOARD OF DIRECTORSAs of March 29, 2001

President

Takaichi Mabuchi

Executive Managing Director

Shinji Kamei

Managing Director

Shoji Nishimura

Directors

Sun Zuei Che
Nobuyo Habuchi
Seiya Nakanishi
Yasuo Uehara
Shunroku Nishimura

Statutory Auditors

Kiyoshi Iwakura
Chiaki Kajiwara
Ichiro Ando
Yuzaburo Nagase

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

CORPORATE INFORMATIONC O R P O R AT E D I R E C T O RY
As of December 31, 2000

Consolidated Subsidiaries
MABUCHI INDUSTRY CO., LTD.
19 Sam Chuk St., San Po Kong
Kowloon, Hong Kong
Tel: 852-2328-5575
Fax: 852-2352-1008
MABUCHI TAIWAN CO., LTD.
6/F No.3 Sec.1 Tun Hwa South Rd.
Taipei, Taiwan
Tel: 886-2-2579-0155
Fax: 886-2-2570-6535
MABUCHI MOTOR TAIWAN LTD.
No.66 Kai Fa Rd., N.E.P.Z.
Kaohsiung, Taiwan
Tel: 886-7-362-1111
Fax: 886-7-361-9111

MABUCHI MOTOR DALIAN LTD.
Harbin Rd., Dalian Economic
and Technical Development Zone
China
Tel: 86-411-761-1111
Fax: 86-411-761-2900
MABUCHI MOTOR WAFANGDIAN LTD.
Wafangdian City
Laohutun Town, China
Tel: 86-411-537-0241
Fax: 86-411-537-0291

MABUCHI MOTOR VIETNAM LTD.
No.28, Bienhoa Industrial Zone 2Long Binh Ward, Bienhoa City
Dongnai Province, Vietnam
Tel: 84-61-836711
Fax: 84-61-836712
MABUCHI PRECISION INDUSTRIES LTD.
1087 Hinata-cho,Tatebayashi-shi
Gunma-ken, 374-0076, Japan
Tel: 81-276-72-1941
Fax: 81-276-72-1943
MABUCHI PRECISION INDUSTRIES HONG KONG LTD.
19 Sam Chuk St., San Po Kong
Kowloon, Hong Kong
Tel: 852-2328-5575
Fax: 852-2352-1008
DONGGUAN MABUCHI MOTOR EQUIPMENT CO., LTD.
16 Tian Bao Road, Dong Zong Road
Dong Guang City, Guang Dong Province
China
Tel: 86-769-225-6985
Fax: 86-769-225-6984
MABUCHI MOTOR AMERICA CORP.
3001, West Big Beaver Rd., Suite 520
Troy, MI. 48084 U.S.A.
Tel: 1-248-816-3100
Fax: 1-248-816-3242

MABUCHI MOTOR (JIANGSU) CO., LTD.
No.1 Liu Xu Rd., Song Ling
Economic and Technical Development Zone
Wu Jiang City, Jiang Su, China
Tel: 86-512-345-1111
Fax: 86-512-345-0438

MABUCHI MOTOR (SINGAPORE) PTE. LTD.
111 North Bridge Rd., #21-02
Peninsula Plaza, Singapore 179098
Tel: 65-339-9991
Fax: 65-339-9091

MABUCHI MOTOR (MALAYSIA) SDN. BHD.
Plot 15, Kanthan Industrial Estate
31200 Chemor, Perak, Malaysia
Tel: 60-5-201-1888
Fax: 60-5-201-2288

MABUCHI MOTOR (EUROPE) GmbH
Hahnstrasse 38, 60528
Frankfurt/Main, Germany
Tel: 49-69-6690220
Fax: 49-69-66902229

Non-Consolidated Subsidiaries
MABUCHI REAL ESTATE CO., LTD.
TAIWAN MABUCHI (HONG KONG) CO., LTD.
MABUCHI MO TOR CO., LTD.

2000 ANNUAL REPORTI N V E ST O R I N F O R M AT I O N
As of March 31, 2001

Corporate Headquarters
MABUCHI MOTOR CO., LTD.
430 Matsuhidai, Matsudo-shi
Chiba-ken 270-2280, Japan
Tel: 047-384-1111
Fax: 047-389-5299
http://www.mabuchi-motor.co.jp

Ordinary General Meeting of Shareholders
The Ordinary General Meeting of Shareholders will be heldat the end of March in Matsudo.

Independent AccountantsCentury Ota Showa & Co. (Member Firm of KPMG International)
Tokyo, Japan

Tr a n s f e r A g e n t o f C o m m o n S h a r e s H a n d l i n g O f f i c e
The Toyo Trust and Banking Co., Ltd.
Corporate Agency Department
10-11, Higashi-suna 7-chome,Koto-ku
Tokyo 137-8081, Japan
Tel: 03-5683-5111

Japanese Stock Exchange Listing
Tokyo stock exchange

MABUCHI MO TOR CO., LTD.

THE MOTOR THE WORLD TURNS TO.

CORPORATE HEADQUARTERS

430 Matsuhidai, Matsudo-shi
Chiba-ken 270-2280, Japan
Tel: 047-384-1111
Fax: 047-389-5299
h t t p : / / w w w. m a b u c h i - m o t o r. c o . j p