MESCO, Inc. and Subsidiaries
Consolidated Financial Statements
For the year ended March 31,
2019 and 2020

Financial Highlights
Millions of yen
2018
2019
2020

Thousands of
U.S. dollars
2020¥38,570 ¥32,457 ¥21,022
1,557
1,590
171
22,775 21,500 19,884
13,802 14,497 13,733
121.87 124.52
13.36
66.00
66.00
33.00

$193,202
1,568
182,739
126,210
0.12
0.30

Mesco,Inc. and Consolidated Subsidiaries
Years ended March 31

Consolidated Performance
Net sales
Net income
Total assets
Total net assets
Net income per share(￥,$)Cash dividends per share(￥,$)
Notes:

1. All U.S. dollar figures are translated from Japanese yen amounts, for convenience
only, at the rate of ￥108.81 to US$1.00, the rate prevailing at March 31,2020.
2. In this report, fiscal 2020 represents the year ended March 31,2020.

Net sales(Millions of Yen)2020

Net Income(Millions of Yen)

21,0222019

2020
32,457

2018

38,5702017

33,9452016

24,181

2019

1,590

2018

1,557

2017

1,559

2016

2020

13.36

2019

124.5220192018

121.8720182017

122.08

2017

2016

2016

72.89

Total net assets(Millions of Yen)
2020

13,7332019

14,4972018

13,802

2017
2016

931

Total Assets(Millions of Yen)

Net Income per Share
(Yen)
2020

171

12,72911,762

1

19,88421,50022,77523,80421,507

Financial Section
Five-Year Summary
Mesco,Inc. and Consolidated Subsidiaries
Years ended March 31

Millions of yen
2018
2019

2016

2017

Consolidated Performance
For the year:
Orders
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Income before income taxes
Net income¥42,316
24,181
20,318
3,863
2,436
1,427
1,479
931

¥30,953
33,94529,182
4,764
2,607
2,157
2,214
1,559

¥28,252
38,57033,643
4,928
2,699
2,229
2,299
1,557

¥24,896
32,45727,451
5,006
2,803
2,203
2,296
1,590

¥26,869
21,022
18,293
2,729
2,572
157
254
171

At year-end:
Total current assets
Total assets
Total current liabilities
Long-term liabilities
Total net assets¥19,377
21,507
8,560
1,185
11,762¥21,61123,804
9,883
1,191
12,729¥20,311
22,7757,850
1,122
13,802¥19,177
21,5005,915
1,088
14,497¥17,577
19,884
5,051
1,100
13,733Per share data:
Net income (￥)Cash dividends applicable to the year (￥)¥72.8938.00¥122.08
54.00¥121.87
66.00¥124.52
66.00¥13.36
33.00

332

348

360

370

379

Number of employees ( person )

2

2020

Financial Review
Overview
During the fiscal year ended March 31, 2020, the Japanese economy entered a recessionary
phase as a result of decreased personal spending after the consumption tax hike and slowdowns
in the global economy triggered by the U.S.-China trade dispute, in addition to the spread of thenovel coronavirus disease (COVID-19) in Japan and overseas, despite a trend of moderate
recovery against the backdrop of improvements in the employment and income environment.
Under these circumstances, on a consolidated basis, the Company's net sales during fiscal year
amounted ￥21,022 million (US$193,202 thousand), down 35.2%, or ￥11,435 million, from theprevious year.
At the earnings level, the gross profit decreased 45.5% to ￥2,729 million (US$25,083
thousand), and the gross profit margin was 13.0%, which was slightly down as compared to theprevious year.
Selling, general and administrative (SGA) expences decreased 8.2% or ￥230 million, to￥2,572 million (US$23,641 thousand).
As a result, operating income decreaced 92.9%, or ￥2,046 million, to ￥157 million (US$1,442
thousand), and, income before income taxes decreaced 88.9%, or ￥2,041 million, to ￥254
million (US$2,339 thousand).
Income taxes totaled ￥84 million (US$771 thousand), down 88.1%, or ￥622 million.
Consequently, net income decreased 89.3%, or ￥ 1,420 million, to ￥171 million (US$1,568
thousand).
Net income per share was ￥13.36 (US$0.12), and cash dividends applicable to the year was￥33.00 (US$0.3) per share.
Segment Information
Engineering
The Engineering Group's net sales decreased 40.2%, or ￥10,123 million, to ￥15,032 million(US$138,152 thousand) due to a decrease of large-scale projects such as the hydraulic power
plant.
Accordingly, segment (ordinary) profit dropped 84.2% or ￥2,129 million, to ￥401 million (US$3,685 thousand).
Piping and Soundproof materials
The Piping and Soundproof materials Group's net sales decreased 13.1%, or ￥978 million, to￥6,503 million (US$59,765 thousand) , reflecting a drop of orders.
Whereas, segment (ordinary) profit rose 1.5% or ￥8 million, to ￥570 million (US$ 5,240
thousand) due to the effect for the cost-of-sales reduction.
Financial Position
The Company's total assets decreased 7.5%, or ￥1,616million, during this period, amounting to￥19,884 million (US$182,739 thousand). This was chiefly attributable to a decrease of ￥1,341
million in Notes and accounts receivable.
Total liabilities decreased 12.2%, or ￥852 million, to ￥6,151 million (US$56,528 thousand),owing to a decrease of ￥894 million in Other current liabilities.
Factors that included an decrease of ￥672 million in net income led to a reduction in total net
assets of ￥764 million, to ￥13,733 million (US$126,210 thousand) .
Consequently, Company's equity ratio rose 1.7 percentage-point, to 69.1%.
The Company had no interest-bearing debt at fiscal year-end.

3Cash FlowsNet cash provided by operating activities decreased ￥2,119 million, to net cash outflow of￥115 million (US$1,053 thousand), mainly reflecting ￥254 million of income before income
taxes and ￥2,027 million of decrease in notes and accounts receivable, which were partially
offset by ￥712 million of increase of costs on uncompleted construction contracts,￥313 million
of decrease in advances received,￥1,011 million of decrease in other current liabilities and￥445 of income taxes.
Net cash used in investing activities came to net cash outflow of ￥265 million (US$2,437
thousand), due mainly to ￥83 million of payments in acquisition property, plant and equipments,￥275 million of the deposit to time deposits.
Net cash used in financing activities amounted to net cash outflow of ￥842 million (US$7,742
thousand), owing to ￥842 million payments for cash dividends.
As a result, cash and cash equivalents at the end of fiscal year decresed ￥1,222 million, to￥5,325 million (US$48,935 thousand).
Forward-Looking Statement
With regard to business prospects going forward, the current global pandemic of the COVID-19
is spreading and at this point it is not possible to predict when it will come to an end.
In addition to this, there are concerns over other various uncertainties, including the impacts
from the spread of COVID-19 on domestic and overseas economic activity.
In light of this environment, the Company projects that its consolidated net sales in fiscal
2020,ended March 31, 2021 will amount to ￥30,300 million, up 44.1% from the level in fiscal
2019.
This projection was made by the Company based on information currently available, and it issubject to change due to various potential risks and uncertain elements. Accordingly, if events
do not correspond to some of the many assumptions made by the Company to provide a basis
for the projections, actual performance may be considerably different than projected
performance.
Mesco and Consolidated Subsidiaries
Years ended March 31, 2021 ( Prospect )Millions of yen
2021

Millions of
U.S.dollars (Note 1)
2021

Net sales￥30,300$278.5

Net income

￥780

$7.2

Net income per share ( ￥ , $ )￥61.07$0.6

4

Consolidated Balance Sheets
MESCO, Inc and Consolidated Subsidiaries
Years ended March 31, 2019 and 2020

Millions of yen
2019
2020
AssetsCurrent assets:
Cash and time deposits (Note 5)
Notes and accounts receivable
Trade
Unconsolidated subsidiaries

Thousands of
U.S. dollars(Note 1)
2020¥2,049¥2,403$22,087

Inventories (Note 3)
Deposits to the holding company (Note 5)
Other current assets
Less:Allowance for doubtful accounts
Total current assets

9,506
7
668
526
6,239
193
(10)
19,177

8,112
61
1,427
499
4,824
263
(9)
17,57774,548557
13,111
4,581
44,331
2,413(85)
161,543

Investments and other assets:
Investment securities: (Note 12)
Unconsolidated subsidiaries
OthersDeferred tax assets (Note 10)
Asset for retirement benefits (Note 11)
OthersLess:Allowance for doubtful accounts
Total Investments and other assets

57
0
432
92
230
(11)
801

66
0
468
23
212
(4)
764

604
0
4,299
212
1,945
(36)
7,024

1,099
1,099
579
586
2,866
2,933
−
1
4,544
4,619
(3,022)(3,077)
1,522
1,542¥21,500 ¥19,884

10,1005,387
26,956
542,448(28,276)
14,172$182,739

Costs on uncompleted construction contracts

Property, plant and equipment:
Land
Buildings and structures
Machinery, vehicles and equipment
Construction in progress
Less:Accumulated depreciation
Total Property, plant and equipment
Total assets
See accompanying notes.

5Millions of yen
2019
2020
Liabilities and Net Assets
Current Liabilities:
Notes and accounts payable:
Trade
Others
Accrued income taxes
Advances received
Accrued bonuses

Thousands of
U.S. dollars(Note 1)
2020

Other current liabilities
Total current liabilities¥3,216
137
465
241
387
164
22
1,281
5,915

¥3,193
167
89
608
386
171
80
356
5,051

$29,341
1,539
817
5,588
3,549
1,574
737
3,272
46,417Long-term Liabilities:
Liability for retirement benefits(Note 11)
Directors' and corporate auditors' retirement benefits
Deferred tax liabilities (Note 10)
OthersTotal Long-term liabilities

1,013
47
1
27
1,088

1,015
58
0
27
1,100

9,327
534
1
248
10,111

1,085
684
12,826(7)
14,5891,085
684
12,153(7)
13,9169,975
6,290
111,692(60)
127,897

(0)
(29)
(149)
(147)
58
(7)
(92)
(183)
14,497
13,733¥21,500 ¥19,884(267)(1,350)(68)(1,686)126,210$182,739

Allowance for warranties for completed construction
Allowance for expected losses on construction contracts in process

Contingent Liabilities(Note 7)
Net Assets(Note 8)
Shareholders' equity:
Common stock
Authorized - 32,000 thousand shares
Issued - 12,780 thousand shares
Capital surplus
Retained earnings
Less: Treasury stock
Total Shareholders' equity
Valuation, translation adjustments and others:
Unrealized gains ( losses ) on hedging derivatives,net of tax

Foreign currency translation adjustments
Remeasurement of defined benefit plans
Total valuation, translation adjustments and others

Total net assets
Total liabilities and net assets
See accompanying notes.

6Consolidated Statements of Income
MESCO, Inc and Consolidated Subsidiaries
Years ended March 31, 2019 and 2020

Millions of yen
2019
2020
Net sales (Note 9):Construction contracts (Note 2)
Net sales on sideline businessNet sales of merchandise
Net sales of finished goods
Total net sales of side line businessTotal net sales
Cost of sales:
Construction contracts (Note 2)
Cost of sales on sideline business
Cost of merchandise soldCost of finished goods soldTotal cost of sales on sideline businessTotal cost of sales
Gross profit:
Construction contracts (Note 2)
Gross profit on sideline business
Gross profit-merchandise
Gross profit-finished goods
Total gross profit on sideline businessTotal gross profit

Thousands of
U.S. dollars(Note 1)
2020¥28,870¥17,663$162,328

1,852
1,736
3,588
32,457

1,663
1,696
3,359
21,022

15,287
15,58630,873
193,202

24,345

15,455142,038

1,564
1,542
3,106
27,451

1,375
1,463
2,838
18,293

12,635
13,44626,081
168,119

4,524

2,208

20,290

287
194
482
5,006
2,803
2,203

289
233
521
2,729
2,572
157

2,653
2,139
4,792
25,08323,641
1,442

Loss on valuation of membership
Others , net
Total other income
Income before income taxes

68
(0)
7
1
(0)
−
17
93
2,296

83
(0)
6
1
(7)
(0)
16
98
254

759
(1)
51
6
(62)
(4)
147
897
2,339

Income taxes (Note 10):
Current
Deferred
Total income taxes
Net income
Net income attributable to owners of parent

636
69
706
¥1,590¥1,590

79
5
84
¥171
¥171

723
48
771
$1,568$1,568Yen

Yen¥124.52
66.00¥13.36
33.00

Selling , general and administrative expenses (Note 6)

Operating income
Other income (expense):
Interest and dividends income
Interest expense
Equity in gains(losses) of unconsolidated subsidiaries

Foreign exchange gain (loss)
Loss on disposal of property, plant and equipment

Amounts per share of common stock:
Net income (Note 15)
Cash dividends applicable to the year
See accompanying notes.

7

U.S. dollars(Note 1)
$0.12
0.30

Consolidated Statements of Comprehensive Income
MESCO, Inc and Consolidated Subsidiaries
Years ended March 31, 2019 and 2020

Millions of yen
Income before minority interests
Other comprehensive income
Unrealized gains (losses) on hedging derivatives, net of tax
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income (Note 16)
Comprehensive income (Note 16)(Breakdown)Comprehensive income attributable to :Owners of the parent
Non-controlling interests
See accompanying notes.

8

2019
1,590

Thousands ofMillions of yen U.S.dollars (Note 1)
2020
2020

171

1,568

(10)
(96)
54

(29)
(1)
(65)

(263)
(14)
(601)

(1)

4

33

(52)
1,538

(92)
79

(845)
723

1,538

79

723

−

−

−

Consolidated Statements of Changes in Net Assets
MESCO, Inc and Consolidated Subsidiaries

Shareholders' equity

Years ended March 31, 2019 and 2020

Valuation, translation adjustments and others

Number of
Unrealized
Foreign Remesure- Total valuation,
Total
gains (losses) on
shares ofCommon Capital Retained Treasury
currency
ments oftranslation
Total
shareholders'
hedging derivatives, translationcommonstock surplus earnings stock
definedadjustments net assets
equity（Note 8）stock issued
net of tax adjustments benefit plans and others
Millions of yen(Thousands)

Net assets at April 1, 201912,780Cash dividends
Net income
Purchase of treasury stock¥1,085 ¥684 ¥12,826¥(7)¥14,589

12,780¥58¥(92)¥14,497

(843)

(843)

(843)

171

171

171

−

−

−

Net changes during the year
Balance at March 31, 2020¥(149)¥1,085 ¥684 ¥12,153¥(7)¥13,916

Shareholders' equity

(29)

2

(65)

(92)

(92)

¥(29)

¥(147)¥(7)¥(183)¥13,733

Valuation, translation adjustments and others

Number of
Unrealized
Foreign Remesure- Total valuation,
Total
gains (losses) on
shares ofCommon Capital Retained Treasury
currency
ments oftranslation
Total
shareholders' hedging derivatives,
commonstock surplus earnings stocktranslation
definedadjustments net assets
equity（Note 8）stock issued
net of tax adjustments benefit plans and others
Millions of yen(Thousands)

Net assets at April 1, 201812,780¥1,085 ¥684 ¥12,078¥(7)¥13,841

¥9

¥(53)

¥4

¥(39)

¥13,802

Cash dividends

(843)

(843)

(843)

Net income attributable toowners of parent

1,590

1,590

1,590

Purchase of treasury stock

(0)

(0)

(0)

Net changes during the year
Balance at March 31, 201912,780¥1,085 ¥684 ¥12,826¥(7)¥14,589

Shareholders' equity

(10)

(96)

54

(52)

(52)

¥0

¥(149)¥58¥(92)¥14,497

Valuation, translation adjustments and others
Foreign Remesure- Total valuation,
currency
ments oftranslation
Totaltranslation
definedadjustments net assets
net of tax adjustments benefit plans and others
Thousands of U.S. dollars (Note 1)

Total
Common Capital Retained Treasury
shareholders'
stock surplus earnings stock
equity（Note 8）

Net assets at April 1, 2019

$9,975 $6,290 $117,871$(60)$134,076

Unrealized

gains (losses) on
hedging derivatives,$(4)$(1,370)$533$(841)$133,235

Cash dividends(7,747)(7,747)(7,747)

Net income

1,568

1,568

1,568

−

−

−

Purchase of treasury stock

Net changes during the year
Balance at March 31, 2020

$9,975 $6,290 $111,692$(60)

See accompanying notes.

9$127,897

(263)

20

(601)

(845)

(845)

$(267)$(1,350)$(68)$(1,686)$126,210

Consolidated Statements of Cash Flows
MESCO, Inc and Consolidated Subsidiaries
Years ended March 31, 2019 and 2020

Millions of yen
2019
2020

Thousands of
U.S. dollars(Note 1)
2020

Cash flows from operating activities:
Income before income taxes
Depreciation and amortization
Loss on retirement of non-current assets
Increase(Decrease) in allowance for doubtful accounts
Foreign exchange gain
Equity in losses(gains) of unconsolidated subsidiaries
Decrease(Increase) in asset for employees' retirement benefits
Increase(Decrease) in liability for employees' retirement benefits
Increase(Decrease) in allowance for warranties for completed construction
Increase(Decrease) in allowance for expected losses on construction contracts in process

Interest and dividends income
Decrease (Increase) in notes and accounts receivable
Decrease (Increase) in costs on uncompleted construction contracts

Decrease (Increase) in inventories
Increase (Decrease) in accounts payable
Increase (Decrease) in advances received
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities:
Increase in time deposits
Decrease in time deposits
Acquisition of property, plant and equipment
Acquisition of intangible assets
Payments for retirement of non-current assets
Others , net
Net cash used in investing activities
Cash flows from financing activities:
Payment for cash dividends to the Company's shareholders
Payment for purchase of treasury stock
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year (Note 5)
See accompanying notes.

10¥2,296
144
−
(2)
(1)
(7)
33
23
41
(198)
(68)
10,401632
72(1,275)(10,615)
1,189
2,665
65
(0)
(726)
2,004

¥254
140
7
(7)
0
(6)
(33)
11
7
58
(83)
2,027
(712)
27
6
(313)
(1,126)
257
74
(0)
(446)
(115)

$2,339
1,290
62
(69)
3
(51)
(307)
97
68
532
(759)
18,625(6,546)253
51(2,872)(10,353)
2,363
682
(1)
(4,097)(1,053)

(320)
−

(275)
112

(2,523)
1,033

(105)
(18)
−
1
(442)

(83)
(8)
(6)
(7)
(265)

(758)
(70)
(55)
(63)
(2,437)

(842)
(842)
(0)
−
(842)
(842)
(30)
0
690
(1,222)
5,856
6,546¥6,546 ¥5,325(7,742)−(7,742)
4(11,227)
60,162$48,935

Notes to Consolidated Financial Statements
MESCO,Inc. and Consolidated Subsidiaries
Years ended March 31, 2019 and 2020

1.Basis of Presenting Consolidated Financial Statements
The accompanying consolidated financial statements have been prepared in accordance with theprovisions set forth in the Japanese Financial Instruments and Exchange Law and its related accounting
regulations, and in conformity with accounting principles generally accepted in Japan (“Japanese
GAAP”), which are different in certain respects as to application and disclosure requirements ofInternational Financial Reporting Standards. The accounts of consolidated overseas subsidiaries areprepared in accordance with either International Financial Reporting Standards or U.S. generally
accepted accounting principles, with adjustments for the specified six items as applicable.
The accompanying consolidated financial statements have been restructured and translated into English(with some expanded descriptions) from the consolidated financial statements of MESCO, Inc. (“theCompany”) prepared in accordance with Japanese GAAP and filed with the appropriate Local Finance
Bureau of the Ministry of Finance as required by the Financial Instruments and Exchange Law. Some
supplementary information included in the statutory Japanese language consolidated financial
statements, but not required for fair presentation, is not presented in the accompanying consolidated
financial statements.
Amounts less than one million yen have been rounded off in the presentation of the accompanying
consolidated financial statements. As a result, the totals in yen shown herein do not necessarily agreewith the sums of the individual amounts.
The translation of the Japanese yen amounts into U.S. dollars are included solely for the convenience ofreaders outside Japan, using the prevailing exchange rate at March 31, 2020, which was ¥108.81 to U.S.
$1. The convenience translations should not be construed as representations that the Japanese yenamounts have been, could have been, or could in the future be, converted into U.S. dollars at this or any
other rate of exchange.
2.Summary of Significant Accounting Policiesa) Consolidation
The consolidated financial statements include the accounts of the Company and its significant
subsidiaries (the “Companies”). All significant intercompany transactions, accounts and unrealized profits
among the Companies have been eliminated in consolidation. Investments in the unconsolidated
subsidiaries and significant affiliates, which the Company and its subsidiaries are able to influence, in amaterial degree, their financial and operating decision-making, is accounted for by the equity method
after the elimination of unrealized intercompany profits. In the elimination of investments in subsidiaries,
the assets and liabilities of the subsidiaries are recorded based on the fair value at the time when the
Company acquired control of the respective subsidiaries.
b) Goodwill
The consolidation difference between acquisition cost and net assets at the date of acquisition is shownas the goodwill.
c) Foreign currency translation and foreign currency financial statements
Revenues and expenses are translated at the rates of exchange prevailing when transactions are made.
Monetary claims and liabilities denominated in foreign currencies are generally translated into eachreporting currency at the rates of foreign exchange prevailing at the balance sheet dates and theresulting translation gains or losses are included in earnings. All assets, liabilities, revenues andexpenses of consolidated foreign subsidiaries are translated into Japanese yen at the rates prevailing attheir balance sheet dates. The resulting translation adjustments are shown as “Foreign currencytranslation adjustments,” a component of net assets.
d) Cash and cash equivalents
In the accompanying statements of cash flows, cash and cash equivalents include cash on hand,demand deposits and short-term investments with maturities of three months or less from the date ofacquisition which have high liquidity and negligible risk of price fluctuation.

11e) Marketable securities and investment securities
Available-for-sale securities with fair market values are stated at fair market values, and the corresponding
unrealized holding gains or losses, net of applicable income taxes, are reported as a component of net
assets.
Realized gains and losses on sale of such securities are computed using average cost.
Other available-for-sale securities with no available fair market value are stated at average cost.
f) Derivative transactions and hedge accounting
The Company generally state derivative financial instruments at fair value and recognize changes in thefair value as gains or losses unless they are used for hedging purposes and qualified for hedge
accounting.
If derivative financial instruments are used as hedges and meet certain hedging criteria, the Company
generally defers recognition of gains or losses resulting from changes in their fair value until the related
gains or losses on the hedged items are recognized.
All of derivative contracts are based on actual demand and not for trading in the short term or for
speculation.
For commodities forward transaction for purchases of inventories and currency forward contracts , theCompany evaluates hedge effectiveness by comparing the cumulative changes in cash flows or thechanges in fair value of the hedged items with the corresponding changes in the hedging derivative
instruments.
The hedge effectiveness is skipped for currency forward contracts that are believed to have high hedge
effectiveness, such as in cases where hedging instruments and hedged items share the same importantcharacteristics.
g) Inventories
Costs on uncompleted construction contracts：
Inventories of side line business：
Other inventories：

At cost on an individual basis
At cost on an individual basis
At cost using average method

The carrying value of inventories on the balance sheet is presented at book value after write-down for a decline in earnings.

h) Property, plant and equipment
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment isgenerally computed by the declining-balance method based on the estimated durable years of these
depreciable assets, except the straight-line method is applied to: (1) buildings, excluding building fixtures,acquired after March 31, 1998 and (2) property, plant and equipment of consolidated subsidiaries. The
durable years of these assets generally range from 6 to 36 years for buildings and structures and 2 to 20
years for machinery and equipment.
i) Allowance for doubtful accounts
The Company and consolidated subsidiaries provide the allowance for doubtful accounts in an amountsufficient to cover possible losses on collection by estimating individually uncollectible amounts andapplying a percentage based on collection experience to the remaining accounts.
j) Allowance for warranties on completed construction
Allowance for warranties on completed construction is provided as an estimated amount calculated using
an actual percentage of related losses during a past certain period.
k) Allowance for expected losses on contraction contracts in process
An allowance is provided for estimated future losses related to the construction contracts in process.
l) Employee's retirement benefits
The Company provided employee's retirement benefits based on the estimated amounts of projected
benefit obligation and the fair value of the plan assets at the balance sheet date. The liabilities andexpenses for employees' retirement were determined based on the amounts actuarially calculated using
certain assumptions.

12m) Director's and statutory auditor's retirement benefits
Directors and corporate auditors are generally entitled to receive retirement benefits based on the
Companie's internal rules. Their retirement benefits are accrued at the amount required to pay inaccordance with the internal rules if the directors and corporate auditors had retired at the balance sheet
date.
n) Research and development expenses
Research and development expenses are charged to statements of income as incurred.
o) Income taxes
The Companies recognize tax effects of temporary differences between the financial statement basis andthe tax basis of assets and liabilities. The provision for income taxes is computed based on the pretax
income of each of the Companies, with certain adjustments required for consolidation and tax purposes.
The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected
future tax consequences of temporary differences.
p) Net income, diluted net income and cash dividends per share
Net income per share is computed based on the weighted-average number of shares of common stock
outstanding during the respective fiscal year.
Diluted net income per share is not presented as there were no shares with dilutive effects in 2019 and 2020.
Cash dividends per share represent the historical amount applicable to the respective year.
q) Bonuses to directors and corporate auditors
Bonuses for directors and corporate auditors are accounted for as expense with an allowance of theestimated amount attributable for the fiscal year.
r) Recognition of revenues and related costs
Recognition of net sales and cost of sales of completed construction contracts
Construction contracts whose outcome can be estimated reliably: Percentage-of-completion method
Other construction contracts: Completed-contract methods) Reclassification
Certain prior year amounts have been reclassified to conform to the 2020 presentation. These changes
had no impact on previously reported results of operations or shareholders' equity.
t) Accounting of consumption tax
Consumption tax generally withheld upon sale, as well as that paid for purchases of goods or services,
are recorded as a liability or an asset, and are excluded from the relevant revenue, costs or expenses.

13u) Accounting standards not yet applied, etc.
(Accounting standard for revenue recognition, etc.)
・ "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29 on March 30,2018, AccountingStandards Board of Japan)・ "Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No.30 on
March 30,2018, Accounting Standards Board of Japan)(1) Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board(FASB) in the United States jointly developed comprehensive accounting standards for revenue
recognition and published the "Revenue from Contracts with Customers" (IFRS 15 in the IASB and
Topic 606 in the FASB) in May 2014. Given that IFRS 15 will be applied from a fiscal year startingon or after January 1, 2018 and that Topic 606 will be applied from a fiscal year starting after
December 15, 2017, the Accounting Standards Board of Japan (ASBJ) has developed comprehensive
accounting standards for revenue recognition and published them in step with the Imprementation
Guidance.
The basic policy of the ASBJ in developing accounting standards for revenue recognition is thought
to be setting accounting standards, with the incorporation of the basic principles of IFRS 15 as astarting point, from a standpoint of comparability between financial statements, which is one of thebenefits of ensuring consistency with IFRS 15, and to be adding alternative accounting treatments
without losing comparability if there is an item that we should take into account in practices, etc.
that have been conducted in Japan.
(2) Planned date of application
To be applied from the beginning of the fiscal year ending March 31, 2022.
(3) Impact of application of the accounting standards, etc.
The amount of the impact on consolidated financial statements is currently under review.

143.Inventories
Inventories as of March 31, 2019 and 2020 consisted of the following:
Millions of yen
2019
2020
¥215
¥220
311
278
¥526
¥499

Merchandise and finished goods
Raw material and supplies
Total

Thousands of
U.S. dollars(Note1)
2020$2,024
2,557$4,581

4.Allowance for expected losses on construction contracts in process
Amounts of costs on uncompleted construction contracts and merchandise and finished goods,
for which a construction loss is anticipated, matching with allowance for expected losses
on construction contracts were as follows:
Thousands ofMillion
U.S. dollars(Note1)
2019
2020
2020
Allowance for expected losses on construction contracts in process
¥22
¥80
$737
Costs on uncompleted construction contracts−−−
Merchandise and finished goods
−
−
−
Total
¥22
¥80
$737
Note: Costs on uncompleted construction contracts for which a construction loss is anticipated andallowance for expected losses on construction contracts in process are presented without being offset.

5.Amounts of Cash and Cash Equivalents
Amounts of cash and cash equivalents at March 31, 2019 and 2020 were reconciled with cash
and time deposits as follows:
Thousands ofMillions of yen
U.S. dollars(Note1)
2019
2020
2020
Cash and time deposits¥2,049 ¥2,403$22,087
Time deposits with maturities exceeding(1,741) (1,902)(17,483)
three months from the date of deposit
Deposits to the holding company
6,239
4,824
44,331
Total: Cash and cash equivalents¥6,546 ¥5,325$48,935

6.Research and Development Expenses
Research and development expenses included in general and administrative expenses amounted
to ￥33 million and ￥46 million (US$423 thousand), for the years ended March 31, 2019 and 2020,
respectively.

7.Contingent Liabilities
Contingent liabilities at March 31, 2019 and 2020 were as follows:
Millions of yen
2019
2020
−
−
−
−

Notes receivable securitized with recourse
Total

15

Thousands of
U.S. dollars(Note1)
2020
−
−

8.Net Assets
The Japanese Company Law provides that an amount equal to 10 % of cash dividends and othercash appropriations of retained earnings must be set aside as a legal earnings reserve included
in retained earnings until the total amount of capital surplus and the legal earnings reserve equals
25% of common stock.
The excess of the total amount of capital surplus and the legal earnings reserve over 25% ofcommon stock can be transferred to retained earnings by a resolution of the shareholders, which
may be available for dividends.
The maximum amount that the Company can distribute as dividends is calculated based on theunconsolidated financial statements of the Company in accordance with the Japanese Company
Law.

16

9. Segment information
The operations of the Companies for the years ended March 31, 2019 and 2020 were summarized as follows.

(a) Overview of reportable segments
The reportable segments of the Company are those units for which separate financial statements can beobtained among the constituent units of the Company and which are regularly examined by the Board of
Directors for decisions on the allocation of management resources and for assessing businessperformance.
The Company has business sectors categorized by products and services in head office, and eachbusiness sectors plans business strategies comprehensively and operates business activities
domestically and internationally.
As a result, the Company reports two segments, such as "Engineering" and "Piping and Soundproof
materials" based on business sectors categorized by products and services.
(b) Basis for Calculating amounts of net sales, profit or loss, assets, and other items by reported segment
Accounting procedure for reported segments is mostly the same as procedures indicated in 2. Summaryof Significant Accounting Policies. Profit for reported segments is based on ordinary income. Sales forinter-segment are based on actual market prices.
(c) Information on amounts of net sales, profit or loss, assets, and other items by reported segment
Segment information as of and for the fiscal year ended March 31, 2019 was as follows:EngineeringYear ended March 31, 2019
Sales
Outside customers
intergroup
Total
Segment profit (loss)
Segment Assets
Depreciation expense
Interest income
Investment gains(losses) on equity method
Investments of unconsoridated subsidiaries
Capital expenditures¥25,053102
25,155¥2,530¥8,066
32
42
7
57
5

Millions of yen
Piping andSoundproof
materials¥7,404
77
7,481
¥562
¥6,594
91
−
−
−
80

Total

¥32,457
179
32,636¥3,092¥14,660
123
42
7
57
85

Thousands of U.S. dollars ( Note 1 )Piping andEngineering
Soundproof
Total
Materials
Year ended March 31, 2019
Sales
Outside customers
intergroup
Total
Segment profit (loss)
Segment Assets
Depreciation expense
Interest income
Investment gains(losses) on equity method
Investments of unconsoridated subsidiaries
Capital expenditures$225,705
918
226,623$22,797$72,668
287
377
65
509
45

17

$66,702693
67,395$5,062$59,402
824
−
−
−
722

$292,407
1,611
294,018$27,859$132,069
1,111
377
65
509
766

Segment information as of and for the fiscal year ended March 31, 2020 was as follows:EngineeringYear ended March 31, 2020
Sales
Outside customers
intergroup
Total
Segment profit (loss)
Segment Assets
Depreciation expense
Interest income
Investment gains or losses on equity method
Investments of unconsoridated subsidiaries
Capital expenditures¥14,752280
15,032¥401¥9,000
22
57
6
66
20

Millions of yen
Piping andSoundproof
materials¥6,270
233
6,503
¥570
¥5,578
97
−
−
−
110

Total

¥21,022513
21,535¥971¥14,578
119
57
6
66
131

Thousands of U.S. dollars ( Note 1 )Piping andEngineering
Soundproof
Total
Materials
Year ended March 31, 2020
Sales
Outside customers
intergroup
Total
Segment profit (loss)
Segment Assets
Depreciation expense
Interest income
Investment gains or losses on equity method
Investments of unconsoridated subsidiaries
Capital expenditures$135,580
2,572
138,152$3,685$82,715
201
521
51
604
187

18

$57,6222,144
59,765$5,240$51,264
894
−
−
−
1,014

$193,202
4,716
197,917$8,925$133,980
1,095
521
51
604
1,201

(d) Adjustments of difference between the total of Segment information and the total of financial report

Sales
Segment total
Intergroup
Sales on financial report

March 31,2019¥32,636(179)
32,457

Millions of yen
March 31,2020¥21,535(513)
21,022

Profits
Segment total
Corporation

March 31,2019¥3,092(796)
2,296

Millions of yen
March 31,2020
¥971
(710)
262

March 31,2019¥14,660
6,840
21,500Millions of yen
March 31,2020¥14,578
5,306
19,884

Segment total
2019
2020
¥123
¥119
42
57
−
−

Adjustments
2019
2020
¥20
¥21
26
26
0
0

Ordinary Profits on financial report

AssetsSegment total
Corporation
Total Assets on financial report

OthersDepreciation expense
Interest income
Interest Expense
Investment gains(losses) on
equity method
Investments of unconsoridated subsidiaries

Capital expenditures
Sales
Segment total
Intergroup
Sales on financial report
Profits
Segment total
Corporation
Ordinary Profits on financial report

AssetsSegment total
Corporation
Total Assets on financial report

OthersDepreciation expense
Interest and Dividends received

Interest Expense
Investment gains(losses) on
equity method
Investments of unconsoridated subsidiaries

Capital expenditures

Millions of yen
Financial report
2019
2020
¥144
¥140
68
83
0
0

7

6

−

−

7

6

57
85

66
131

−
15

−
17

57
100

66
148

Thousands of U.S.dollars(Note 1)
March 31,2019
March 31,2020$294,018$197,917(1,611)(4,716)292,407
193,202
Thousands of U.S.dollars(Note 1)
March 31,2019
March 31,2020$27,859$8,925(7,172)(6,521)
20,687
2,404
Thousands of U.S.dollars(Note 1)
March 31,2019
March 31,2020$132,069$133,980
61,621
48,759193,690
182,739
Segment total
2019
2020
$1,111$1,095377
521−−

Thousands of U.S.dollars(Note 1)
Adjustments
Financial report
2019
2020
2019
2020
$184
$194
$1,295$1,290
237
238
614
759
1
1
1
1

65

51

−

−

65

51

509
766

604
1,201

−
131

−
158

509
898

604
1,359

19

(e) Relative Information
March 31,2020
1. Area information
Sales
Millions of yen
Total¥21,022Japan¥18,020

Others¥3,002

Japan$165,610

Thousands of U.S.dollars
OtherｓTotal$27,592$193,202

2. Main Customer Information
Customer's name
Mitsui Mining and Smelting Co., Ltd.
Hachinohe Smelting Co., Ltd.
Kamioka Smelting Co., Ltd.

Millions of yen
Sales
Relevant Segment¥3,632 Engineering
2,115 Engineering
1,764 Engineering

Customer's name
Mitsui Mining and Smelting Co., Ltd.
Hachinohe Smelting Co., Ltd.
Kamioka Smelting Co., Ltd.

Thousands of U.S.dollars(Note 1)
Sales
Relevant Segment$33,384 Engineering
19,436 Engineering
16,214 Engineering

2010.Income Taxes
The Company is subject to a number of taxes based on income, which, in the aggregate, indicate statutory
rates in Japan of approximately 30.5% for the years ended March 31, 2019 and 2020.
Its foreign subsidiaries were subject to the income taxes of the countries in which they operate.
Significant components of the Companies' deferred tax assets and liabilities as of March 31, 2019 and2020 were as follows:
Thousands ofMillions of yen
U.S. dollars(Note1)
2019
2020
2020
Deferred tax assets:
Unpaid enterprise tax
¥26
¥10
$93
Accrued business office taxes
3
3
32
Excess accrued bonuses to employees
118
118
1,083
Allowance for warranties for completed construction
50
52
480
Allowance for expected losses
724225
on construction contracts in process
Employees' retirement benefits
309
310
2,845
Directors' and corporate auditors' retirement benefits
14
18
163
Excess bad debt expenses
6
4
34
Loss on valuation of golf course membership
12
12
110
Loss on valuation of inventories
3
1
12
Accrued social insurance
20
19
177
Unrealized gains (losses) on hedging derivatives, net of tax
0
13
117
Others16
19
178
Subtotal
584
604
5,549
Valuation allowance
(15)
(13)
(121)
Total deferred tax assets
569
591
5,428
Deferred tax liabilities:
Retained earnings of foreign subsidiaries
¥109
¥116
$1,064
Accumulated adjustments for retirement benefit28
765
Unrealized gains (losses) on hedging derivatives, net of tax−−−
Others101
Total deferred tax liabilities
138
123
1,130
Net deferred tax assets
432
468
4,298
The net deferred tax assets at March 31, 2019 and 2020 were contained in the consolidated balance
sheets as follows:
Thousands ofMillions of yen
U.S. dollars(Note1)
2019
2020
2020
Deferred tax assets - non current
¥432
¥468
$4,299Deferred tax liabilities - non current
1
0
1
The following table summarizes the significant differences between the statutory effective tax rate andthe tax rate calculated based on the Company's consolidated financial statements for the year ended
March 31, 2019 and 2020.

Statutory income tax rate
Permanent difference due to non-deductible expense
Inhabitant tax
Valuation allowance
Difference in tax rates of foreign consolidated subsidiaries
Retained earnings of foreign consolidated subsidiaries
Change in income tax rates
OthersTax rate calculated based on the Companie's
consolidated financial statements

21

2019
30.5%
0.9
0.7
(0.1)
(1.1)
0.1
(0.2)
(0.1)

2020
30.5%
2.8
5.6
(0.8)
(6.7)
2.7
0.0
(1.1)

30.7%

33.0%

11.Employees' Retirement Benefits
The Company provides two retirement benefit plans for employees, an unfunded retirement plan and afunded retirement plan, under which all eligible employees are entitled to benefits based on the lengthof service and basic rate of pay at the time of termination.
Defined benefit plans(a) Movement in retirement benefit obligations
Thousands ofMillions of Yen
U.S. dollars(Note1)
2019
2020
2020
¥2,321¥2,248$20,664
155
144$1,326
−
−
−
(87)
(51)
(473)
(¥140)(¥101)(925)¥2,248¥2,241$20,592

Balance at the beginning of the fiscal year
Service cost
Interest cost
Actuarial loss(gain)
Benefits paid
Balance at the end of the fiscal year(b) Movement in plan assets

Thousands ofMillions of Yen
U.S. dollars(Note1)
2019
2020
2020
¥1,379¥1,328$12,204
33
29
262
(57)
(111)
(1,018)
45
54
500
(¥71)
(¥51)
(471)
¥1,328¥1,249$11,477

Balance at the beginning of the fiscal year
Expected return on plan assets
Actuarial gain(loss)
Contributions paid by the employer
Benefits paid
Balance at the end of the fiscal year(c) Reconciliation from retirement benefit obligations and plan assets to liability(asset) for retirement benefits
Thousands ofMillions of Yen
U.S. dollars(Note1)
2019
2020
2020
Funded retirement benefit obligations¥1,236¥1,226$11,265
Plan assets(1,328)(1,249)(11,477)
(92)
(23)
(212)
Unfunded retirement benefit obligations
1,013
1,015
9,327
Total Net liability(asset) for retirement benefits at the end of the fiscal year
921
992
$9,115
Liability for retirement benefits
Asset for retirement benefits
Total Net liability(asset) for retirement benefits at the end of the fiscal year

1,013
(¥92)
¥921

1,015
(¥23)
¥992

9,327
(212)
$9,115(d) Retirement benefit costs

Service cost
Interest cost
Expected return on plan assets
Net actuarial loss amortization
Total retirement benefit costs for the fiscal years ended March31

Thousands ofMillions of Yen
U.S. dollars(Note1)
2019
2020
2020
¥155
¥144
$1,326
−
−
−
(33)
(29)
(262)
48
(35)
(320)
¥170
¥81
$744

(e) Accumulated adjustments for retirement benefit
Millions of Yen
2019
2020
(¥83)
¥11
(¥83)
¥11

Actual gains and losses that are yet to be recgnized
Total balance at the end of the fiscal year

22

Thousands of
U.S. dollars(Note1)
2020
$99
$99

(f) Plan assets
1. Plan assets comprise
2019
55.2%
40.4%
4.4%
100.0%

Equity securities
Bonds
Other
Total

2020
26.4%
67.4%
6.2%
100.0%

2. Long-term expected rate of return
Current and target asset allocations, histrical and expected returns on various categories ofplan assets have been considered in determining the long-term expected rate of return.
(g) Actuarial assumptions
The principal actuarial assumptions at March, 31 2019 and 2020
2019
Discount rate
0.0%
Long-term expected rate of return
2.38%

23

2020
0.0%
2.15%

12.Financial Instruments(a)Conditions of Financial Instruments
1．Policy for financial instruments
The Companies raise funds primarily through bank loans.
Temporary fund surpluses are managed principally through short-term deposits.
The Companies utilize financial assets with high degrees of safety for surplus funds.
The Companies use derivatives to reduce risk as described below and do not enter into
derivatives for trading in the short term or for speculation.
2.Description of financial instruments, risk
Notes and accounts receivable from completed construction contracts- are exposed to the credit
risks of customers.
Because the Companies are expanding their business globally, certain trade receivables
denominated in foreign currencies are exposed to foreign currency exchange rate fluctuation risk.
For this risk, currency forward contracts are used on a certain portion of the positions that areconsidered as necessary.
Deposits to the holding company is deposits paid to the holding company in accordance with thepolicy of management for temporary fund surpluses.
Investment securities are equity securities, and most of which is equity securities forunconsolidated subsidiaries.
The majority of notes and accounts payable for construction contracts have payment due datesof less than one year. A portion of those are denominated in foreign currencies in association
with the import of materials and equipments, raw materials and others are thus exposed to foreign
currency exchange rate fluctuation risks. For this risk,currency forward contracts are used on acertain portion of the positions that are considered as necessary.
Derivative transactions entered into by the Companies are implemented and controlled basedon the Company’s internal policies. Moreover, in order to mitigate credit risk, the Companies
only conduct business with highly rated financial institutions and trading companies.
Regarding derivative transactions, please refer to “Notes to Consolidated Financial Statements 13.
Derivative Transactions”.
3.Description of risk management system
Supplementary explanation regarding fair value of financial instruments
The fair value of financial instruments is measured based on the market price, if available, or
reasonably estimated value if a market price is not available. Because fair value is estimatedbased on certain assumptions, the fair value might differ if different assumptions are used.
In addition, the contract amount of the derivative transactions described below in Notes 13(Derivative Transactions) does not represent the market risk of the derivative transactions.
(b)Fair value of financial instruments
The carrying amounts on the consolidated balance sheets, fair value, and differences as ofMarch 31, 2020 are as next page. In addition, financial instruments, of which it is extremely difficult
to measure the fair value, are not included. (Please refer to “2. Financial instruments whose
fair value is extremely difficult to measure”)

24Millions of yen
Consolidated balance
sheet amount

Fair value

Difference¥2,403¥2,403

￥−

8,172

8,172

−

4,824
15,3994,824
15,399−−(3,360)(3,360)

−

(608)

(608)

−

(3,968)(42)(3,968)(42)−−

Year ended March 31, 2020
Assets:(a)Cash and time deposits:(b)Notes and accounts receivablefrom completed construction contracts:(c) Deposits to the holding company:

Total:
Liabilities:(a)Notes and accounts payable
for construction contracts:(b)Advances received
on uncompleted construction contracts:

Total:
Derivative transactions

Notes:Derivative assets and liabilities are on net basis. Items that are net liabilities are shown in parenthesis.

Thousands of U.S.dollars (Note 1)
Consolidated balanceYear ended March 31, 2020
Assets:(a)Cash and time deposits:(b)Notes and accounts receivablesheet amount

Fair value

Difference$22,087

22,087$−75,10575,105−44,331
141,523

44,331
141,523−−(30,879)(30,879)−(5,588)(5,588)−(36,467)(385)(36,467)
(385)

−
−

from completed construction contracts:(c) Deposits to the holding company:

Total:
Liabilities:(a)Notes and accounts payable
for construction contracts:(b)Advances received
on uncompleted construction contracts:

Total:
Derivative transactions

Notes:Derivative assets and liabilities are on net basis. Items that are net liabilities are shown in parenthesis.

Notes:
1. Method of estimating fair value of financial instruments
Assets:(a)Cash and time deposits and (c)Deposits to the holding company:
The consolidated balance sheet amounts approximate fair value because of the short maturity ofthese instruments.
(b)Notes and accounts receivable from completed construction contracts:
The fair values of these financial instruments are equivalent to the book value, because of theshort term settlements;
although, the fair value of notes and accounts receivable from completed construction contracts
due over one year are based on the present value of discounted cash flows using the interest
rate determined by the factors such as bonds issued by the government of Japan.
Liabilities:(a)Notes and accounts payable for construction contracts (b)Advances received on uncompleted construction contracts:

The consolidated balance sheet amounts approximate fair value because of the short maturity ofthese instruments.
Derivative transactions:Contract amount, fair value, unrealized gain or loss, and others are described in “Notes toConsolidated Financial Statements 13. Derivative Transactions” .

25

2. Financial instruments whose fair value is extremely difficult to measure
Consolidated balance sheet amountMillions ofThousands ofyen
U.S.dollars(Note 1)
Classification¥66$604
Unlisted equity securities
Investment securities is only unlisted equity securities, and there is no market value and it isextremely difficult to measure the fair value.
3. The redemption schedule for money claim with maturity
date subsequent to the consolidated balance sheets dateMillions of yen

Year ended March 31, 2020(a)Cash and time deposits:(b)Notes and accounts receivablefrom completed construction contracts:(c) Deposits to the holding company:
Total:

April 1 , 2020 toApril 1 , 2021 toMarch 31 , 2021

March 31 , 2025

¥2,403

\−

8,172

−

4,824
15,399−−Thousands of U.S.dollars (Note 1)

Year ended March 31, 2020(a)Cash and time deposits:(b)Notes and accounts receivablefrom completed construction contracts:(c) Deposits to the holding company:
Total:

26

April 1 , 2020 toApril 1 , 2021 toMarch 31 , 2021

March 31 , 2025

$22,087＄−

75,105−44,331
141,523−−

13.Derivative Transactions
The Company used currency forward contracts to hedge transactions, such as sales denominatedin foreign currencies and forecasted purchases of inventories (mainly construction materials and raw
materials) against foreign currency exchange risk.
The Companies utilized commodities forward transaction to reduce the Companie's exposure tofluctuations in raw material prices which is subject to international market fluctuation.
All of these contracts were based on actual demand and not for trading in the short term or for
speculation.
(a) Derivative transactions for which hedge accounting had not been applied as of March 31, 2020
was as follows:
Commodity-related derivatives
Millions ofThousands of
Yen
U.S. dollars(Note 1)
2020
2020

Type
Forward contracts
Buying:Contract amounts
metal:
Due over one year
Market value
Net unrealized gains

79

$729

81
2

746
17

Notes: Market values of commodity forward contracts are based on forward rates or prices provided byfinancial institutions(b) Derivative transactions for which hedge accounting had been applied as of March 31, 2020
were as follows:
Currency-related derivatives

Type
Hedged items
Forward contracts
Selling:
Notes and accounts
U.S.dollars: receivable from completed
construction contracts

Millions ofThousands ofyen
U.S. dollars(Note 1)
2020
2020

Contract amounts
Due over one year
Market value
Unrealized gain(loss)¥2,438
(−)
2,485
(47)

$22,410(−)
22,841(431)

Contract amounts
Due over one year
Market value
Unrealized gain(loss)
Contract amounts
Due over one year
Market value
Unrealized gain(loss)
Contract amounts
Due over one year
Market value
Unrealized gain(loss)
Contract amounts
Due over one year
Market value
Unrealized gain(loss)

¥65
(−)
66
1
¥27
(−)
27
(0)
¥353
(−)
356
3
¥2,884
(−)
2,934
(44)

$599
(−)
605
6
$248
(−)
245
(3)
$3,246(−)
3,273
26$26,502(−)
26,964(401)

Buying:U.S.dollars:

Notes and accounts
payable for construction
contracts

Euros:

Notes and accounts
payable for construction
contracts

Malaysia
Ringgits

Notes and accounts
payable for construction
contracts

Total

Notes:(a)The deferred hedge method is applied as hedge accounting methods.
(b)Market values of currency forward contracts are based on prices provided by financial institutions.

27

14.Related Party Transactions
1. Year ended March 31, 2019(1) Transactions of the Company with its holding company and significant shareholders, for the year ended
March 31, 2019 were as follows:
Millions of Yen
2019
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-19(c) Capital (Millions of yen)
Description of(d) Equity ownership percentage held
AmountAccount
Amounttransaction
by the holding company(a) Mitsui Mining And Smelting Co.,Ltd.

Sales(b) Holding Company(c) 42,129 millions of yen(d) Direct 63.4%¥3,398Purchases

662

Deposit of funds

1,098Interest income

260Interest expense

Notes and accounts receivable fromcompleted construction contracts¥1,196

Advances received on uncompleted
construction contracts−

Other current receivables

11

Notes and accounts payable fromcompleted construction contracts

167

Other current liabilities

15

Deposits to the holding company

6,239

−
−

−
−

Thousands of U.S.dollars
2019(a) Name(b) Attribution(c) Capital (Millions of yen)(d) Equity ownership percentage heldby the holding company

Transactions during the year ended

31-Mar-19
Description oftransaction

Amount(a) Mitsui Mining And Smelting Co.,Ltd.

Sales(b) Holding Company(c) 42,129millions of yen(d) Direct 63.4%$30,609

Purchases

5,962

Balance at the end of the year
Account
Notes and accounts receivable fromcompleted construction contracts$10,779

Advances received on uncompleted
construction contracts−

Other current liabilities

98

Notes and accounts payable fromcompleted construction contracts

1,504

Other current liabilities

138

Deposit of funds

9,895

Deposits to the holding company

Interest income

236
1

−
−

Interest expense

Amount56,206

Notes：
1. The amounts stated above do not include consumption tax, except for the balance at fiscal year end,
which includes the consumption tax amount.
2. Business conditions and policy of business conditions(i)The amount of orders was determined properly on an arm’s – length basis as in the case ofother general transactions(ii)The purchase amount of raw materials for metal processing was determined properly consideringnormal market prices as in the case of other general transactions(iii)The interest rate of deposits paid to its holding company was determined properly considering normal
market interest rates as in the case of other general transactions
3. Workers on loan
The Company accepted 21 workers on loan ( 20 support persons on engineering service and1 support person on administrative service ) from Mitsui Mining & Smelting Co.,Ltd.(its holding company）
by request from the Company based upon the contract between the two parties for the year ended
March 31, 2019.
4. The transaction amount of withdrawal of funds is stated in net increase basis.

28

−
−

(2) Transactions of the Company with its unconsolidated subsidiary for the year ended March 31, 2019were as follows:
Millions of Yen
2019
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-19(c) Capital (Thousands of Baht)
Description of(d) Equity ownership percentage ofAmountAccount
Amounttransaction
the Company(a) Siam Mesco Co.,Ltd.
Sales

¥9

Notes and accounts receivable fromcompleted construction contracts¥7

Purchases

19

−

−

(b) Unconsolidated subsidiary(c) 3,000 thousands of Baht(d) 49.0%

Thousands of U.S.dollars
2019(a) Name(b) Attribution(c) Capital (Thousands of Baht)(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-19
Description oftransaction

Amount(a) Siam Mesco Co.,Ltd.

Account

AmountSales$84

Notes and accounts receivable fromcompleted construction contracts$60

Purchases

171

−

−

(b) Unconsolidated subsidiary(c) 3,000 thousands of Baht(d) 49.0%

Balance at the end of the year

Notes：
1. The amounts stated above do not include consumption tax, except for the balance at fiscal year end,
which includes the consumption tax amount.
2. Business conditions and policy of business conditions(i)The amount of orders received was determined properly on an arm’s – length basis as in the case ofother general transactions(ii)The purchase amount of raw materials for metal processing was determined properly consideringnormal market prices as in the case of other general transactions
3. SIAM MESCO Co.,Ltd is regarded as subsidiary because a majority of directors are made up of by
the Company's directors or employees.

29

(3) Transactions of the Company with companies with the same parent company and subsidiaries of otheraffiliates of the Company for the year ended March 31, 2019 were as follows:
Millions of Yen
2019
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-19(c) Capital
Description of(d) Equity ownership percentage ofAmountAccount
Amounttransaction
the Company(a) Mitsui Kinzoku Catalysts Zhuhai Co., Ltd.
(b) Company with the same parent company(c) 34,400 thousands of RMB
(d)
−

Sales

¥292

Notes and accounts receivable fromcompleted construction contracts

¥246

Sales

¥3,343

Notes and accounts receivable fromcompleted construction contracts¥330

Advances received on uncompleted
construction contracts

6

Other current receivables

5

Notes and accounts payable fromcompleted construction contracts

1

Other current liabilities

2(a) Hachinohe Smelting Co.,Ltd.
(b) Company with the same parent company(c) 4,795 millions of yen(d)−Rent incomeof facilities

9

Purchases

39(a) Kamioka Mining and Smelting Co.,Ltd.

(b) Company with the same parent
company(c) 4,600 millions of yen(d)−Notes and accounts receivable fromcompleted construction contracts

Sales¥6,589¥409
5Other current receivables
Advances received on uncompleted
construction contracts

Purchases

2

188

1

Other current liabilities

Thousands of U.S.dollars
2019(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-19
Description oftransaction

AmountAccount(a) Mitsui Kinzoku Catalysts Zhuhai Co., Ltd.
(b) Company with the same parent company(c) 34,400 thousands of RMB
(d)

Sales

$2,629Sales$30,115(b) Company with the same parent company(c) 4,795 millions of yen$2,219−Rent incomeof facilities
Purchases(b) Company with the same parent
company(c) 4,600 millions of yen−

Notes and accounts
receivable fromcompleted construction
contracts

51

82

Other current receivables

41

347

Notes and accounts
payable from completed
construction contracts
Other current liabilities
Notes and accounts receivable fromcompleted construction contracts

Sales$59,359

Purchases

1530$2,972

Advances received on
uncompleted construction
contracts(a) Kamioka Mining and Smelting Co.,Ltd.

(d)

Notes and accounts
receivable fromcompleted construction
contracts

Amount−(a) Hachinohe Smelting Co.,Ltd.

(d)Balance at the end of the year

Other current receivables

13
20$3,681
41

Advances received on uncompleted
construction contracts

1,692

Other current receivables

5Millions of Yen
2019(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company(a) Miike Smelting Co.,Ltd.
(b) Company with the same parent company(c) 100 millions of yen(d)−Transactions during the year ended

Balance at the end of the year

March 31, 2019
Description oftransaction

Amount

Sales

¥364

Account

Notes and accounts receivable fromcompleted construction contracts

Amount¥244

Thousands of U.S.dollars (Note1)
2019(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company(a) Miike Smelting Co.,Ltd.
(b) Company with the same parent company(c) 100 millions of yen(d)−Transactions during the year ended

March 31, 2019
Description oftransaction

AmountSales$3,281

31

Balance at the end of the year
Account

Notes and accounts receivable fromcompleted construction contracts

Amount$2,196

(4) Transactions of the consolidated subsidiaries of Company with companies with the same parent
company and subsidiaries of other affiliates of the Company for the year ended March 31, 2019 wereas follows:
Millions of Yen
2019
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-19(c) Capital
Description of(d) Equity ownership percentage ofAmountAccount
Amounttransaction
the Company(a) Mitsui Copper Foil (Malaysia) SDN.BHD.
(b) Company with the same parent company(c) 330 millions of Malaysia Ringgits
(d)
−

Sales

¥1,000Notes and accounts receivable fromcompleted construction contracts

¥689

Sales

¥525

Notes and accounts receivable fromcompleted construction contracts¥299(a) TAIWAN COPPER FOIL CO., LTD.
(b) Company with the same parent company(c) 800 millions of NT$(d)−Thousands of U.S.dollars
2019(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-19
Description oftransaction

AmountBalance at the end of the year
Account

Amount(a) Mitsui Copper Foil (Malaysia) SDN.BHD.
(b) Company with the same parent company(c) 330 millions of Malaysia Ringgits
(d)
−

Sales

$9,013

Notes and accounts receivable fromcompleted construction contracts$6,208

Sales$4,731

Notes and accounts receivable fromcompleted construction contracts$2,695(a) TAIWAN COPPER FOIL CO., LTD.
(b) Company with the same parent company(c) 800 millions of NT$
(d)
−

32

Notes：1. The amounts stated above do not include consumption tax, except for the balance at fiscal year end,
which includes the consumption tax amount.
2. Business conditions and policy of business conditions(i)The amount of orders received was determined properly on an arm’s – length basis as in the case ofother general transactions(ii)The purchase amount of raw materials was determined properly considering normal market prices
as in the case of other general transactions(iii)Rent expense of machineries was determined properly considering normal market prices as in thecase of other general transactions
3. Notes about parent company and significant affiliated company
Information on its parent company
Mitsui Mining & Smelting Co.,Ltd. (listed in Tokyo Stock Exchange)33

2. Year ended March 31, 2020
(1) Transactions of the Company with its holding company and significant shareholders, for the year ended
March 31, 2019 were as follows:
Millions of Yen
2020
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-20(c) Capital (Millions of yen)
Description of(d) Equity ownership percentage held
AmountAccount
Amounttransaction
by the holding company(a) Mitsui Mining And Smelting Co.,Ltd.

(b) Holding Company(c) 42,129(d) Direct 63.4%

Sales¥3,632

Purchases

629

Deposit of funds

1,415Interest income

260Interest expense

Notes and accounts receivable fromcompleted construction contracts¥1,590

Advances received on uncompleted
construction contracts

0

Notes and accounts payable fromcompleted construction contracts

127

Other current liabilities

15

Deposits to the holding company

4,824

−
−

−
−

Thousands of U.S.dollars
2020(a) Name(b) Attribution(c) Capital (Millions of yen)(d) Equity ownership percentage heldby the holding company(a) Mitsui Mining And Smelting Co.,Ltd.

(b) Holding Company(c) 42,129(d) Direct 63.4%

Transactions during the year ended

31-Mar-20
Description oftransaction

AmountSales$33,384

Purchases

5,780

Deposit of funds

13,007

Interest income

2371Interest expense

Balance at the end of the year
Account

AmountNotes and accounts receivable fromcompleted construction contracts$14,612Advances received on uncompleted
construction contracts−

Notes and accounts payable fromcompleted construction contracts

1,164

Other current liabilities

141

Deposits to the holding company

44,331−−

Notes：
1. The amounts stated above do not include consumption tax, except for the balance at fiscal year end,
which includes the consumption tax amount.
2. Business conditions and policy of business conditions(i)The amount of orders was determined properly on an arm’s – length basis as in the case ofother general transactions(ii)The purchase amount of raw materials for metal processing was determined properly consideringnormal market prices as in the case of other general transactions(iii)The interest rate of deposits paid to its holding company was determined properly considering normal
market interest rates as in the case of other general transactions
3. Workers on loan
The Company accepted 23 workers on loan ( 21 support persons on engineering service and2 support persons on administrative service ) from Mitsui Mining & Smelting Co.,Ltd.(its holding company）
by request from the Company based upon the contract between the two parties for the year ended
March 31, 2020.
4. The transaction amount of withdrawal of funds is stated in net increase basis.

34

−
−

(2) Transactions of the Company with its unconsolidated subsidiary for the year ended March 31, 2020
were as follows:
Millions of Yen
2020
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-20(c) Capital (Thousands of Baht)
Description of(d) Equity ownership percentage ofAmountAccount
Amounttransaction
the Company(a) Siam Mesco Co.,Ltd.
(b) Unconsolidated subsidiary

Sales

¥72

(c) 3,000 thousands of Baht(d) 49.0%

Notes and accounts
receivable fromcompleted construction
contracts¥61

Thousands of U.S.dollars
2020(a) Name(b) Attribution(c) Capital (Thousands of Baht)(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-20
Description oftransaction

Amount(a) Siam Mesco Co.,Ltd.
(b) Unconsolidated subsidiary

Sales

$663

(c) 3,000 thousands of Baht(d) 49.0%

Balance at the end of the year
Account
Notes and accounts
receivable fromcompleted construction
contracts

Amount$557

Notes：
1. The amounts stated above do not include consumption tax, except for the balance at fiscal year end,
which includes the consumption tax amount.
2. Business conditions and policy of business conditions(i)The amount of orders received was determined properly on an arm’s – length basis as in the case ofother general transactions(ii)The purchase amount of raw materials for metal processing was determined properly consideringnormal market prices as in the case of other general transactions
3. SIAM MESCO Co.,Ltd is regarded as subsidiary because a majority of directors are made up of by
the Company's directors or employees.

35

(3) Transactions of the Company with companies with the same parent company and subsidiaries of otheraffiliates of the Company for the year ended March 31, 2020 were as follows:
Millions of Yen
2020
Transactions during the year ended(a) Name
Balance at the end of the year(b) Attribution
31-Mar-20(c) Capital
Description of(d) Equity ownership percentage ofAmountAccount
Amounttransaction
the Company
Notes and accounts receivablefrom completed construction
contracts(a) Hachinohe Smelting Co.,Ltd.
Sales¥2,115
Advances received on
uncompleted construction
contracts

6

6

Other current receivables

329

Notes and accounts payablefrom completed construction
contracts

5

Other current liabilities

2(b) Company with the same parent company(c) 4,795 millions of yen

(d)

−

−

¥759

Rent incomeof facilities

Purchases

Thousands of U.S.dollars
2020(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-20
Description oftransaction

AmountAccount(a) Hachinohe Smelting Co.,Ltd.
Sales$19,436(d)−−Rent incomeof facilities

Purchases

36

Notes and accounts
receivable fromcompleted construction
contracts

Amount$6,975

Advances received on
uncompleted construction
contracts

52

59

Other current receivables

29
47

270

Notes and accounts
payable from completed
construction contracts
Other current liabilities

21(b) Company with the same parent company(c) 4,795 millions of yen

Balance at the end of the year

Millions of Yen
2020(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-20
Description oftransaction

AmountBalance at the end of the year
Account

Amount(a) Kamioka Mining and Smelting Co.,Ltd.

(b) Company with the same parent
company(c) 4,600 millions of yen
(d)

Sales

¥1,764

Notes and accounts receivablefrom completed construction
contracts¥264−
Purchases

16

1

Other current liabilities

Thousands of U.S.dollars
2020(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company

Transactions during the year ended

31-Mar-20
Description oftransaction

AmountBalance at the end of the year
Account

Amount(a) Kamioka Mining and Smelting Co.,Ltd.

(b) Company with the same parent
company(c) 4,600 millions of yen
(d)

−

Sales

Purchases

37$16,214

Notes and accounts receivablefrom completed construction
contracts$2,431

145

Other current receivables

6(4) Transactions of the consolidated subsidiaries of Company with companies with the same parent
company and subsidiaries of other affiliates of the Company for the year ended March 31, 2020 wereas follows:
Millions of Yen
2020
Transactions during the year ended(a) Name
Balance at the end of the year
31-Mar-20(b) Attribution(c) Capital
Description of(d) Equity ownership percentage ofAmountAccount
Amounttransaction
the Company(a) Mitsui Copper Foil (Malaysia) SDN.BHD.
(b) Company with the same parent company(c) 330 millions of Malaysia Ringgits(d)−(a) Mitsui Kinzoku Catalyst Zhuhai Co., Ltd.
(b) Company with the same parent company(c) 34 millions of RMB
(d)
−

Sales

¥319

Notes and accounts receivable fromcompleted construction contracts

¥265

Sales

¥677

Notes and accounts receivable fromcompleted construction contracts¥603

Thousands of U.S.dollars
2020(a) Name(b) Attribution(c) Capital(d) Equity ownership percentage of
the Company(a) Mitsui Copper Foil (Malaysia) SDN.BHD.
(b) Company with the same parent company(c) 330 millions of Malaysia Ringgits(d)−(a) Mitsui Kinzoku Catalyst Zhuhai Co., Ltd.
(b) Company with the same parent company(c) 34 millions of RMB(d)−Transactions during the year ended

31-Mar-20
Description oftransaction

AmountBalance at the end of the year
Account

AmountSales$2,933

Notes and accounts receivable fromcompleted construction contracts$2,438Sales$6,224

Notes and accounts receivable fromcompleted construction contracts$5,54638

Notes：1. The amounts stated above do not include consumption tax, except for the balance at fiscal year end,
which includes the consumption tax amount.
2. Business conditions and policy of business conditions(i)The amount of orders received was determined properly on an arm’s – length basis as in the case ofother general transactions(ii)The purchase amount of raw materials was determined properly considering normal market prices
as in the case of other general transactions(iii)Rent expense of machineries was determined properly considering normal market prices as in thecase of other general transactions
3. Notes about parent company and significant affiliated company
Information on its parent company
Mitsui Mining & Smelting Co.,Ltd. (listed in Tokyo Stock Exchange)

3915.Earnings per Share of Common Stock
Earnings per share of common stock at March 31, 2019 and 2020 were as follows:
Net income（Millions of yen）
Year ended March 31, 2019
Net income available¥1,590to common shareholders

Net income（Millions of yen）
Year ended March 31, 2020
Net income available¥171
to common shareholders

Weightedaverage shares（Thousands）

Net income per
share
(Yen)

Net income pershare

12,772¥124.52$1.12

Weightedaverage shares（Thousands）

Net income per
share
(Yen)

Net income pershare

12,772¥13.36（U.S.dollars (Note 1)）（U.S.dollars (Note 1)）$0.12

16.Consolidated Statement of Comprehensive Income
Year ended March 31, 2019 and 2020
Amounts reclassified to net income in the current period that were recognized in other comprehensive
income in the current or previous periods and tax effects for each component of other comprehensive
income were as follows:
Thousands ofMillions of yen
U.S. dollars(Note1)
2020
2019
2020
Unrealized gains (losses) on hedging derivatives:($385)
Increase(decrease) during the year
(¥1)
(¥42)
6
Reclassification adjustments
(13)
1
(379)
Sub-total, before tax
(14)
(41)
116
Tax (expense) or benefit
4
13
(263)
Sub-total, net of tax
(10)
(29)
Foreign currency translation adjustments:
Increase(decrease) during the year
Sub-total, net of tax

(96)
(96)

(1)
(1)

(14)
(14)

Share of other comprehensive income ofassociates accounted for using equity
Increase(decrease) during the year
Sub-total, net of tax

(1)
(1)

4
4

33
33

Retirement Benefits adjustments
Increase(decrease) during the year
Reclassification adjustments
Sub-total, before tax
Tax (expense) or benefit
Sub-total, net of tax

30
48
77
(24)
54

(59)
(35)
(94)
29
(65)

(545)
(320)
(865)
264
(601)

(52)

(92)

(845)

Total other comprehensive income

40Directors and Auditors

Corporate Data

(As of June 24, 2020)(As of March 31, 2020)

President and Representative Director

Established: February 17, 1964

Kazuhiko Aoki
Authorized Capital: 32,000,000 shares
Managing Directors

Yoshihiko Koura
Shigeo Hirayama

Shares issued: 12,780,000 shares
Paid-in capital: ￥1,085,350,000

Directors
Shoji Kawano
Toshihiro Kameda
Natsu Kondo

Stock listing: Common stock is listed on
the Tokyo stock exchange.
Number of shareholders:

Auditors
Shunji Kuwano
Jun-ichi Yamamoto
Yasuhiro Osawa

2,692

The Holding Company:
Percentage ofoutstanding shares(%)
Mitsui Mining & Smelting
Co.,Ltd.

63.4

Consolidated subsidiaries：
Paid-in
Capital(Millions)
MESCO(U.S.A.),INC.
¥13

Share
(%)
100

MESCOENG(MALAYSIA)
SDN.BHD.

¥22

100

TAIWAN MESCO Co.,Ltd.

¥18

100

Non-consolidated subsidiaries：
Paid-in
Capital(Millions)
SIAM MESCO Co.,Ltd.
¥6

41

Share
(%)
49

Directory
Head OfficeMarketing Offices
Sapporo3-2-1 Kinshi, Sumida-ku, Tokyo
130-8531 Japan
Phone:(03)5610-7839 Fax:(03)5610-7863

1-4-1 Kitaichijo Higashi, Chuo-ku,
Sapporo-shi, Hokkaido 060-0031 Japan
Phone:(011)232-8031 Fax:(011)232-8033

Oita Pipe Plant
Sendai843-18 Kasugaura, Seike, Oita-Shi, Oita,
870-0011 Japan
Phone:(097)538-2100 Fax:(097)538-1501

1-11-1 Hon-machi, Aoba-ku, Sendai-shi,
Miyagi, 980-0014 Japan
Phone:(022)227-5146 Fax:(022)227-5148

Branch Offices
TohokuTokyo

76 Hamanayachi, Kawaragi, Hachinohe-shi,
Aomori, 039-1161 Japan
Phone:(0178)28-2041 Fax:(0178)28-5251

3-2-1 Kinshi, Sumida-ku, Tokyo
130-8531 Japan
Phone:(03)5610-7850 Fax:(03)5610-7867

Kamioka

Nagoya1-1, Shikama, Kamioka-cho
Hida-shi, Gifu, 506-1114 Japan
Phone:(0578)82-3539 Fax:(0578)83-2862

3-29-10 Uchiyama Chikusa-ku Nagoya-shi,
Aichi, 460-0075 Japan
Phone:(052)953-0371 Fax:(052)953-0466

KyushuOsaka

2100 Tosen, Omuta-shi, Fukuoka
836-0003 Japan
Phone:(0944)57-3190 Fax:(0944)54-5539

1-23-101 Esaka-cho, Suita-shi, Osaka
564-0063 Japan
Phone:(06)6387-6510 Fax:(06)4861-7716

Philippine Branch
Barangay Taganito, Claver, Surigao del Norte,the Republic of the Philippines

Hiroshima
3-20 Inari-machi, Minami-ku, Hiroshima-shi
Hiroshima, 732-0827 Japan
Phone:(082)262-2230 Fax:(082)262-2260

Indonesia Representative Office
Kaw.Industri Suryacipta, Jl. Surya Lestari Kav.C-3,
Kutamekar Ciampel Karawang Jawa Barat 41361

Fukuoka
2-1-22 Momochihama, Sawara-ku, Fukuoka-shi,
Fukuoka 814-0001 Japan
Phone:(092)843-7729 Fax:(092)843-7780

Subsidiaries
MESCOENG(MALAYSIA) SDN.BHD.
Suite E406, 4th Floor, East Tower, Wisma consplant,
No.2, Jalan SS 16/4, Subang Jaya, 47500 Petaling
Jaya, Selangor Darul Ehsan, Malaysia
Phone : 60-3-5880-8880 Fax : 60-3-5880-5802

TAIWAN MESCO Co.,Ltd.
13F.-5,No.360,Sec.2,Taiwan Blvd.,North Dist.,
Taichung City 404, Taiwan(R.O.C)
Phone : 886-4-2322-3366 Fax : 886-49-225-7702

SIAM MESCO Co.,Ltd.
689 Bhiraj Tower at Emquartier 18th Floor(Unit 1803)
Sukhumvit(Soi 35)Rd. Klongton Nuea, Vadhana, Bangkok 10110,
ThailandPhone : 66-2-260-8441 Fax : 66-2-260-8442

42