子会社

Independent Auditors’ Report

Subsidiaries and Affiliates
連結子会社

To the Shareholders and Board of Directors of
HOKUETSU PAPER MILLS, LTD.:

Subsidiaries

北越パッケージ株式会社〒101-0047

東京都千代田区内神田2-15-9 古河千代田ビル7Ｆ

株式会社北越エンジニアリング〒950-0881

新潟市榎町57〒101-0044

Hokuetsu Engineering Co., Ltd.

東京都千代田区鍛冶町1-5-4 神田ＮＡビル4Ｆ

Hokuetsu Trading Corporation

At Hokuestu Paper Mills, Ltd., 57, Enoki-machi, Niigata, Niigata, 950-0881

北越水運株式会社〒950-0881

Kanda NA Bldg. 4F, 5-4, Kaji-machi 1-chome, Chiyoda-ku, Tokyo, 101-0044

新潟市榎町57

Hokuetsu Suiun Co., Ltd.

勝田紙精選株式会社〒312-0062

ひたちなか市高場1760

北越製紙（株）内株式会社テクノ北越〒950-0881

新潟市榎町57

北越製紙（株）内

北越紙精選株式会社

We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the non-consolidated financial statements referred to above present fairly, in all material respects, the nonconsolidated financial position of HOKUETSU PAPER MILLS, LTD. as of March 31, 2003 and 2002, and the non-consolidated
results of their operations for each of the three years in the period ended March 31, 2003, in conformity with accounting
principles generally accepted in Japan as described in Note 1(a) to the non-consolidated financial statements.

〒950-0881

新潟市榎町57

北越製紙（株）内株式会社京葉資源センター〒272-0127

千葉県市川市塩浜3-14-1

岩手木材興業株式会社〒028-4423

岩手県岩手郡岩手町大字土川第4地割62-33

株式会社北越フォレスト〒969-6586

福島県河沼郡会津坂下町大字坂本字下平山甲1529

57 Enoki-machi, Niigata, Niigata, 950-0881

Katsuta Kami Seisen Co., Ltd.
At Hokuestu Paper Mills, Ltd., 1760, Takaba, Hitachinaka, Ibaraki, 312-0062

Techno-Hokuetsu, Ltd.
At Hokuestu Paper Mills, Ltd., 57, Enoki-machi, Niigata, Niigata, 950-0811

Hokuetsu Kami Seisen Co., Ltd.
At Hokuestu Paper Mills, Ltd., 57, Enoki-machi, Niigata, Niigata, 950-0881

Keiyo Shigen Center Co., Ltd.
14-1, Shiohama 3-chome, Ichikawa, Chiba, 272-0127

Iwate Mokuzai Kogyo Co., Ltd.
62-33, No.4 Jiware, Oaza-Tsuchikawa, Iwate-machi, Iwate-gun, Iwate,028-4423

Hokuetsu Forest Co., Ltd.

持分法適用関連会社
丸大紙業株式会社〒101-0054〒940-0027〒950-3131

新潟県長岡市西蔵王3-5-1
新潟市濁川字前通251-1

株式会社荒海チップ〒967-0012

福島県南会津郡田島町大字川島字土橋1205

株式会社新潟ピーシーシー〒950-0063

1529, Aza-Shimohira Yamako, Oaza-Sakamoto, Aizu Sakashita-machi,Kawanuma-gun, Fukushima, 969-6586

東京都千代田区神田錦町3-3 竹橋3-3ビル

株式会社ニッカン
北越協立株式会社

Without qualifying our opinion, we draw attention to the following.
(1) As discussed in Notes 1(b), 1(c) and 1(h) to the non-consolidated financial statements, HOKUETSU PAPER MILLS,
LTD. prospectively adopted the new Japanese accounting standards for (a) market valuation of available-for-sale securities
effective April 1, 2001 and (b) financial instruments and employees’ retirement benefits and the revised Japanese accounting
standard for foreign currency translation effective April 1, 2000.
(2) As discussed in Note 1(e) to the non-consolidated financial statements, HOKUETSU PAPER MILLS, LTD. changed
the depreciation method of machinery and equipment effective April 1, 2001.

Furukawa Chiyoda Bldg. 7F, 15-9, Uchikanda 2-chome, Chiyoda-ku,
Tokyo, 101-0047

北越製紙（株）内

北越トレイディング株式会社

We have audited the accompanying non-consolidated balance sheets of HOKUETSU PAPER MILLS, LTD. (a Japanesecorporation) as of March 31, 2003 and 2002, and the related non-consolidated statements of income and shareholders’ equity
for each of the three years in the period ended March 31, 2003, expressed in Japanese yen. These non-consolidated financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on thesenon-consolidated financial statements based on our audits.

Hokuetsu Package Co., Ltd.

新潟市上王瀬町2-3

Affiliates
Marudai Shigyo Co., Ltd.
Takehashi 3-3 Bldg., 3-3, Kanda Nishiki-machi, Chiyoda-ku, Tokyo,
101-0054

Nikkan Co., Ltd.
5-1, Nishizao 3-chome, Nagaoka, Niigata, 940-0027

Hokuetsu Kyouritsu Co., Ltd.
251-1, Aza-Maedori, Nigorigawa, Niigata, Niigata, 950-3131

Arakai Chip Co., Ltd.
1205, Aza-Dobashi, Oaza-Kawashima, Tajima-machi, Minamiaizu-gun,Fukushima, 967-0012

Niigata PCC Co., Ltd.
2-3, Kamiose-machi, Niigata, Niigata, 950-0063

The non-consolidated financial statements as of and for the year ended March 31, 2003 have been translated into UnitedStates dollars solely for the convenience of the reader. We have recomputed the translation and, in our opinion, the nonconsolidated financial statements expressed in Japanese yen have been translated into United States dollars on the basis set
forth in Note 1(a) to the non-consolidated financial statements.

Tokyo, Japan
June 27, 2003

北越製紙株式会社

Asahi & Co.

80

Hokuetsu Paper Mills, Ltd. 81

会社の概要

経営陣

Corporate DataManagement（2003年3月31日現在）（As of March 31, 2003）

商号

北越製紙株式会社

本社所在地〒103-0021 東京都中央区日本橋本石町3-2-2
Tel: (03) 3245-4500
Fax: (03) 3245-4511

創立日

1907年4月27日

資本金26,821百万円

上場取引所

東京証券取引所 市場第一部
大阪証券取引所 市場第一部

普通株式

授権株式数
発行済株式数

決算日

3月31日

従業員数

1,118人（単体）株主数

4,707人

株主総会

6月下旬新潟県長岡市にて開催

ホームページ

http://www.hokuetsu-paper.co.jp/: 260,000,000株: 164,052,054株

事業所所在地

Hokuetsu Paper Mills, Ltd.
3-2-2 Hongoku-cho, Nihonbashi, Chuo-ku,
Tokyo 103-0021, Japan
Tel: (03) 3245-4500 Fax: (03) 3245-4511
Established
April 27, 1907
Paid-in capital¥26,821 million
Listing
Tokyo Stock Exchange, First Section
Osaka SecuritiesExchange, First Section
Common Stock
Authorized: 260,000,000
Issued: 164,052,054
Settlement Date
March 31
Number of Employees
1,118 (Non-consolidated)
Number of Shareholders 4,707
Annual Meeting
The annual meeting of shareholders of thecompany is normallyheld in june of each year
in nagaoka, Niigata, Japan
URL:
http://www.hokuetsu-paper.co.jp/

研究所〒940-0027

新潟県長岡市西蔵王3-5-1

新潟工場〒950-0881〒940-0028

Central Research Laboratory

新潟県長岡市蔵王3-2-1

Niigata Mill

関東工場（市川）〒272-0032

千葉県市川市大洲3-21-1〒460-0003〒950-0881

Kanto Mill Katsuta

収洋常勤監査役
朝岡良和
三輪正明

土川正男

代表取締役会長

代表取締役社長

矢野健司

Akira Arai
Chairman

Masaaki Miwa
President

新井陽

監査役
宮澤仁成

Directors
Yukio Kobayashi
Norihiko Shimokoshi
Kiyoshi Tamura
Minoru Hotta
Osamu Suzuki
Kouichi Akagawa
Hiroshi Sugawara

愛知県名古屋市中区錦1-2-11

Osaka Branch

3-21-1, Ohsu, Ichikawa, Chiba Pref. 272-0032
1760, Takaba, Hitachinaka, Ibaraki Pref. 312-0062

新潟県新潟市榎町57

実

鈴木菅原

Nagaoka Mill

大阪府大阪市中央区南久宝寺町4-5-17

新潟営業所

潔

堀田

赤川公一

57, Enoki-cho, Niigata, Niigata Pref. 950-0881

Kanto Mill Ichikawa

名古屋営業所田村3-5-1, Nishi-Zao, Nagaoka, Niigata Pref. 940-0027

茨城県ひたちなか市高場1760

大坂支社〒541-0058

下越典彦

3-2-1, Zao, Nagaoka, Niigata Pref. 940-0028

関東工場（勝田）〒312-0062

小林征夫

Offices and mills

新潟県新潟市榎町57

長岡工場

取締役

Corporate Name
Head Office

4-5-17, Minamikuhoji-cho, Chuo-ku, Osaka, Osaka Pref. 541-0058

Nagoya Office
1-2-11, Nishiki, Naka-ku, Nagoya, Aichi Pref. 460-0003

Niigata Office
57, Enoki-cho, Niigata, Niigata Pref. 950-0881

林原行雄

大野紘司

岸本晢夫

専務取締役

常務取締役

常務取締役

Yukio Rimbara
Senior Managing
Director

Hiroshi Ohno
Managing Director

Sekio Kishimoto
Managing Director

Standing Statutory Auditors
Yoshikazu Asaoka
Masao Tsuchikawa
Kenji Yano

Statutory Auditors
Jinsei Miyazawa

北越製紙株式会社

82

服部昌明

安達隆

藤田和男

常務取締役

常務取締役

常務取締役

Masaaki Hattori
Managing Director

Takashi Adachi
Managing Director

Kazuo Fujita
Managing Director

Hokuetsu Paper Mills, Ltd. 83

Hokuetsu Paper Mills, Ltd.

Hokuetsu Paper Mills, Ltd.

2003年3月期

本社：〒103-0021 東京都中央区日本橋本石町3-2-2
Head Office: 3-2-2 Hongoku-cho, Nihonbashi, Chuo-ku, Tokyo 103-0021, Japan
Tel: +81-3-3245-4500 Fax: +81-3-3245-4511

一年間のご報告

Hokuetu Paper Mills, Ltd.
Annual Report 2003
Year Ended March 31, 2003

Printed on paper made from
Elemental Chlorine-Free pulp.
無塩素漂白（ECF）パルプ使用

Printed on Slight White paper andSlight Natural paper.
本誌はスライトホワイト、スライトナチュラルを使用しております。

This book was printed using soy ink.
本冊子は, 大豆油インクを用いて印刷されております。

2003.10. 発行
Published Oct. 2003
Printed in Japan