The way of mutual progress

ANNUAL REVIEW 2012

For the Year Ended March 31, 2012

PRESIDENT’S MESSAGE

Yushiro Chemical Industry Co., Ltd. has contributed to theprogress and material development of Japan by supplying quality
oil-fat-wax (yu-shi-ro) products. We have succeeded in developing
and offering to virtually all industrial markets such auxiliary
products as metalworking oils and fluids, polishing agents forbuilding maintenance. To respond to the needs of the industry,
every technology we have acquired will be fed back to our R&D
process for the creation of newer technologies and products basedon our corporate ideal of “the way of mutual progress.”

Eiichi Ogo
PRESIDENT

1. Expand production and sales bases to develop markets in Southeast Asia
and India. In addition, conduct investments to expand production
capabilities in America and Brazil. Conduct organizational reform ofdomestic sales and technology and strengthen cooperation with overseas
bases so that we can respond to the needs of major customers expanding
their business overseas.

Business summary
During this consolidated fiscal year, growth in the global economy slowed
amid the economic downturn triggered by the debt crisis in European
countries, and a tightened monetary policy in emerging countries including
China. In Japan, despite the significant damage caused by natural disasters
including the Great East Japan Earthquake and the flooding in Thailand, amild recovery trend has emerged, backed by special demand related toreconstruction after the earthquake.
The automobile industry, which is the main customer for our products, haspicked up slightly due to robust markets in emerging countries and therecovery in the United States economy.
Under these circumstances, net sales increased 1.5% over the previous fiscal
year to ¥23,482 million, thanks to increased sales in both domestic andoverseas subsidiaries and affiliates brought by the recovery of production in
the automobile industry.
In terms of profit, operating income fell 57.8% year over year to ¥878
million, mainly due to the impact of the soaring price for raw materials.
Ordinary income dropped 47.3% year over year to ¥1,298 million, amid
declining interest expenses and syndicated loan commissions. Net income
was down 51.7% year over year to ¥693 million.
Note that there has been a change in presentation of royalty income received
from subsidiaries and affiliates, etc. to which we license technology; formerly
presented as non-operating income, this will be presented as “net sales”
from this consolidated fiscal year. In conjunction with this change, segment
income, which was adjusted to ordinary income on the consolidated
statements of income, will now be adjusted to operating income.
Comparisons and analysis for this fiscal year are based on figures after thechange.

Business segment(

Previous Fiscal Year
April 1, 2010 throughMarch 31, 2011

) (Current Fiscal Year
April 1, 2011 throughMarch 31, 2012

Increase/) Decrease

Million yen%

Million yen

%

%

Japan

16,05469.4

16,364

69.7

101.9

North and South America

2,865

12.4

2,703

11.5

94.3

China

2,651

11.5

2,900

12.4

109.4

Southeast Asia / India

1,563

6.7

1,514

6.4

96.9

Total

23,135100.0

23,482

100.0

101.5

2. Establish branch offices of the Technical Center in Nagoya and Tokyo
to provide a system for research and development which responds to theneeds of customers in Japan and overseas and promptly follows-up sales
activities. Also foster human resources that can actively work overseas,
integrating sales and technology.
3. Establish a rapid product development and sales system for cutting oils
and fluids for photovoltaic cells and further correspond to the cutting
method using bonded abrasive grains to make these products a larger
source of revenues.
4. In the building maintenance chemicals business, launch projects to
expand the business and conduct product development and active sales
expansion in response to the market.

Future Issues and Challenges
We believe that we will need to tackle the following issues in order to makethe business strategy outlined above viable and to transform the Company
into a truly global company.
1. Global expansion
2. Strategic designing and development of products
3. Strengthened coordination between sales and technology overseas andin Japan
4. Establishment of personnel education and training systems on a global
basis
5. Strengthened corporate governance for overseas subsidiaries andaffiliates

Basic policy for profit distribution
The Company prioritizes shareholder returns and seeks to maintain a properbalance between returns through the dividends payments and investments
for continued growth.

5. Build IT system that allows for the accurate and prompt communication ofcustomer, product, and service information through the construction of the
new core system.

M e d i u m - a n d L o n g - Te r m P l a n

Yen in millions

The automobile industry, which is the main customer of our products, it isbelieved that the current production volume and production of main parts
will be maintained domestically while production capabilities will be further
enhanced overseas. Our key products, metalworking oils and fluids, arehighly reliant on the automobile industry, and we are actively planning andconducting investments in the necessary domestic bases. We also believe it isimportant to build systems for fostering human resources who can actively
work overseas and for the supply of high value-added products and services.

Fiscal Years ended March 31,

Based on this understanding, we will follow the basic policies below with the16th Medium-Term Plan that started from April 2011 to deploy businesswith a global viewpoint throughout the world in addition to Japan.

Per Share Amounts

Net sales
Operating income

U.S. dollars in thousands

2012

2011

2012

¥23,482¥23,135$285,712

878

2,078

10,683

Net income

693

1,435

8,442

Total assets

28,962

28,780352,390

Net assets

20,69020,714

251,743

Net income per share
Cash dividends per share
Net assets per share

Yen

U.S. dollars¥50.08¥111.34$0.60

27.00

25.00

0.32

1,400.37

1,415.27

17.03

Notes : 1. U.S. dollar amounts, converted at the rate of ¥82.19 to US$1.00, are for convenience only.
2. Net income per share is based on the average number of shares outstanding at the end of each fiscal year.
3. Japanese yen amounts of less than one million have been excluded.

1

2

REVIEW OF OPERATIONSThe Yushiro Group consists of Yushiro Chemical Industry Co.,
Ltd., two domestic subsidiaries, ten overseas subsidiaries and three
affiliates, and its major businesses are the production and sales ofmetalworking oils and fluids, chemicals for building maintenance.
We have also expanded our business to include the purchaseand sale of products related to each business, logistics and otherservices.

R E V I E W O F O P E R AT I O N S B Y R E G I O N
1. JapanIn the metalworking oils and fluids business environment, although the impact of theGreat East Japan Earthquake and the flooding in Thailand was felt in the automobile
industry, the number of units produced exceeded the previous fiscal year, owing tocontinuance and recovery of production activities. In the photovoltaic cell industry,
production has declined due to a major downturn in demand in European markets.
In these circumstances, net sales exceeded those for the previous year, thanks to sales
efforts.
Meanwhile, in the building maintenance industry, although there was some impact
from the earthquake, we endeavored to improve income by expanding sales of highvalue-added products.
As a result, net sales in Japan rose 1.9% over the previous fiscal year to ¥16,364
million. Segment income (operating income) was down 57.0% over the previous
fiscal year to ¥464 million, mainly due to the effect of the soaring price for raw
materials.
2. North and South America
In the United States, despite the effects of the earthquake, net sales exceeded those of
the previous fiscal year, reflecting strong sales backed by an increase in the number ofunits produced by automobile manufacturers, and growth in business with newcustomers. In Brazil, despite growth in production and sales by automobile
manufacturers, net sales fell below those of the previous fiscal year owing to the effectof yen appreciation.
As a result, net sales were down 5.7% over the previous fiscal year to ¥2,703 million.
Segment income (operating income) was down 63.1% over the previous fiscal year to¥135 million, mainly due to the effect of the soaring raw materials prices.
3. China
In China, although the earthquake caused a temporary slump in production among
the Japanese automobile manufacturers who are our main customers, sales to local
steel companies rose, and net sales exceeded those of the previous fiscal year.
As a result, net sales increased 9.4% over the previous fiscal year to ¥2,900 million.
Segment income (operating income) was down 43.1% over the previous fiscal year to¥254 million, mainly due to the effect of the soaring raw materials prices.
4. Southeast Asia/India
In the countries of Southeast Asia, the earthquake caused a temporary slump in
production mainly among the Japanese automobile manufacturers, and HDD related
production was also weak; as a result, net sales fell below those of the previous fiscal
year. Sales grew in India, thanks to aggressive sales efforts focused on Japanese
automobile manufacturers.
As a result, net sales declined 3.1% over the previous fiscal year to ¥1,514 million.
Segment income (operating income) was down 89.6% over the previous fiscal year to¥19 million, mainly due to the effect of the soaring raw materials prices.

3

Subsidiaries and Associated Companies

Business on metalworking oils and fluids

Overseas Subsidiaries

What is "metalworking oils and fluids"• Fluids used for processing steel and other metals into specific shapes.
• Important areas of fluid performance include lubricity, cooling ability, etc.
• Mainly used in the automotive, precision processing and semiconductor
processing industries.

Yushiro Manufacturing America Inc.
783 West Mausoleum Road, P.O. Box 217
Shelbyville, Indiana 46176-9720 U.S.A.
Phone: (1) 317-398-9862 Fax: (1) 317-392-4818
URL: http://www.yushirousa.com/
Yushiro do Brasil Indústria Química Ltda.
Av. Henry Néstle, 3100 Caçapava, CEP 12281-970,
São Paulo, Brazil
Phone: (55) 12-3654-8100 Fax: (55) 12-3654-8101
URL: http://www.yushiro.com.br/
Shanghai Yushiro Chemical Industry Co., Ltd.
881 Fulian Road, Baoshan District,
Shanghai City, P.R. China 201906
Phone: (86) 21-3604-1188 Fax: (86) 21-3604-0666
Qidong Yushiro Chemical Industry Co., Ltd.
New Qidong Port North
Qidong City, Jiangsu, Province, P.R. China 226264
Phone: (86) 513-8369-9942 Fax: (86) 513-8369-9943
Yushiro-Jet Chemicals Sdn. Bhd.
14, Jalan Utama 2/28, Pusat Perindustrian Maju Jaya,
47100 Puchong, Selangor Darul Ehsan, Malaysia
Phone: (60) 3-8061-9737 Fax: (60) 3-8062-2731
URL: http://www.jetchem.com.my/
Yushiro (Thailand) Co., Ltd.
AMATA Nakorn Industrial Estate 700/533 Moo7,
Don Hua Roh, Muang, Chonburi 20000, Thailand
Phone: (66) 3845-4873 Fax: (66) 3845-4879
Yushiro India Company Private Limited
201, JMD Regent Square, M.G.Road,
Gurgaon-122002 (Haryana), India
Phone: (91)124-424-1650 Fax: (91)124-424-1652
PT. Yushiro Indonesia
JI. Maligi, Blok B-2B, Kawasan Industry KIIC,
Karawang 41361-West Java, Indonesia
Phone: (62)21-8911-4271 Fax: (62)26-7845-7934

Products• Cutting and Grinding Oils and Fluids• Aluminum Diecasting Lubricants• Cutting Oils and Fluids for Advanced-Material• Cleaners• Rust Preventives• Rolling Oils and Fluids• Drawing Oils and Fluids• Forming Oils and Fluids• Quenching Agents• Fire Resistant Hydraulic Lubricants• Other Oils and Fluids
Customers• Automobile companies• Precision machine processing companies• Steel companies• Electric equipment companies• Other machine processing companies

65
4

Automobile
52.5%

3

2

1

1. Automobile manufacturer andAutomobile related: 52.5%
2. Photo Voltaic/semiconductor: 12.7%
3. Precision machinery: 12.8%
4. Ball bearing manufacturer: 4.6%
5. Steel industry: 3.8%
6. Other: 13.6%

The Company’s advantages in the field of Cutting
and Grinding Oils and Fluids• Our overwhelming share in the automobile industry; morethan 60%
The Company features its production development capacities
and quick response to changes in the automobile industry
including rationalization, changes in materials and measures
to address environmental issues.
• Our wide human network interacts with users in different
industries at “The Society of Cutting Fluids & Cutting
Technology”
About the Society
The society was launched in 1954 as an on-site research group made up of
metal processing technology researchers, and has served as an officebridging academy and industry for 50 years.
Engineers with abundant on-site experience, beginning with those from
our automotive manufacturing customers, as well as those from machine
manufactures, tooling manufactures, etc., gather to exchange information
and work together to develop higher technologies and further nurture
their expertise. This group has served as a “training room” for theseexperts throughout the history of the industry. It is therefore no
exaggeration to say that this group is a national asset supporting productdevelopment, or monozukuri.

Note: Metalworking oils and fluids business: Metalworking oils and fluids are
manufactured and sold by Yushiro Chemical Industry Co., Ltd.
In overseas markets, metalworking oils and fluids are manufactured and sold by
the Company’s subsidiaries: Yushiro Manufacturing America Inc., in the UnitedStates; Yushiro do Brasil Ind. Quimica Ltda., in Brazil; Shanghai Yushiro
Chemical Industry Co., Ltd., Qidong Yushiro Chemical Industry Co., Ltd., andGuangzhou Yushiro Oil & Fluids Co., Ltd., in China; Yushiro-Jet Chemicals
Sdn. Bhd., in Malaysia; Yushiro (Thailand) Co., Ltd., in Thailand; Yushiro India
Company Private Limited, in India; P.T.Yushiro Indonesia in Indonesia; andYushiro Mexico S.A. de C.V. in Mexico; and our affiliates: Buhmwoo Chemical
Industry Co., Ltd., and Buhmwoo Co., Ltd., in South Korea and San-I ChemicalCo., Ltd., in Taiwan.

Shares of sales by customers for the fiscal year
ended March 2012.

Overseas Associated Companies
Buhmwoo Chemical Ind. Co., Ltd. & Buhmwoo Co., Ltd.
70-3, Yangjae-Dong, Seocho-gu, Seoul, Korea
Phone: (82) 2-571-6321 Fax: (82) 2-571-6329
URL: http://www.buhmwoo.com/
San-I Chemical Co., Ltd.
7th Fl. No.48 Ming Chuang W. Rd., Taipei, Taiwan R.O.C.
Phone: (886)-02-2522-1313 Fax: (886)-02-2522-1363

4

Consolidated Balance Sheets(Unaudited)
As of March 31, 2012 and 2011

U.S. dollars
in thousands(Note 5)

Millions of yen

AssetsCurrent assets:
Cash and time deposits
Notes and accounts receivable–tradeMarketable securities
Inventories
Income taxes payable
Consumption tax receivable
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets:
Buildings and structures
Machinery, equipment and vehicle
Tools, furnitures and fixtures
Land
Lease assets
Construction in progress(Total property, plant and equipment)(Total intangible fixed assets)
Investment in securities
Investments in subsidiaries and affiliates
Long-term loans receivable
Savings premium
Deferred tax assets
Other assets
Allowance for doubtful accounts(Total investments and other assets)
Total fixed assets
Total assets

5

2012

2011

2012

U.S. dollars
in thousands(Note 5)

Millions of yen

Liabilities and net assets

2012

2011

2012

Current liabilities:¥5,661
5,920
340
2,355
332
0
148
188
(33)
14,913

2,832
755
195
3,935
49
453
8,221
324
2,334
2,495
9
473
56
150
(16)
5,503
14,049¥28,962¥6,153
5,346
390
2,224
–
–
244
302
(24)
14,636

2,752
829
146
3,952
63
89
7,834
183
2,199
2,488
11
461
19
968
(24)
6,125
14,143¥28,780$68,878
72,031
4,139
28,658
4,046
11
1,811
2,288
(413)
181,452

34,4569,191
2,381
47,876602
5,522
100,031
3,949
28,40530,361
112
5,765
682
1,828
(198)
66,956
170,937$352,390¥3,493¥3,264$42,499

Short–term borrowings

1,280

900

15,573

Accounts payable-other

548

435

6,673

Accrued corporate taxes

78

701

954

Accrued bonuses

420

486

5,113

Notes and accounts payable–trade

Deferred tax liabilities

0

–

2

Other current liabilities

715

703

8,707

Total current liabilities

6,536

6,493

79,525Long-term debt

275

160

3,348

Accrued retirement benefits for employees

918

879

11,169Accrued retirement allowances for directors

206

184

2,512

Deferred tax liabilities

44

44

535

Long-term liabilities:

Other long-term liabilities

292

304

3,553

Total long-term liabilities

1,735

1,572

21,121

8,272

8,066

100,646

Shareholders' equity

23,236

22,916

282,713

Common stock

4,249

4,249

51,701

Capital surplus

4,058

4,058

49,377Retained earnings

16,382

16,062

199,328

Treasury stock(1,454)(1,454)(17,694)

Accumulated other comprehensive income(3,835)(3,309)(46,666)

Total liabilities
Net assets:

Net unrealized gains on securities

262

211

3,197

Currency translation adjustments(4,098)(3,521)(49,864)(Total minority interests)
Total net assets
Total liabilities and net assets

1,290

1,106

13,467

20,69020,714

251,743¥28,962¥28,780$352,390

6

Consolidated Statements of Income

Important points forming the basis of
consolidated financial statements(Unaudited)
For the Years Ended March 31, 2012 and 2011

U.S. dollars
in thousands(Note 5)

Millions of yen

2012

2011

1. Scope of Consolidation2012¥23,482¥23,135$285,712

Cost of sales

16,881

15,690205,394

Gross profit

6,601

7,444

80,317

Net sales

5,723

5,366

69,634

Operating income

878

2,078

10,683

Interest and dividend income

172

150

2,104

Equity in earnings of associated companies

252

381

4,639

Other income

98

46

1,196

Interest expenses

16

42

205

Selling, general and administrative expenses

Other expenses

86

150

1,055

Ordinary income

1,298

2,464

15,792Gain from sale of fixed assets

4

37

50

Gain from sale of investment in securities

–

162

–

Other extraordinary income

0

46

6

Loss on disposal of fixed assets

13

3

161

Loss on revaluation of investments in securities

1

–

24

Other extraordinary losses

0

9

5

1,286

2,697

15,658

343

994

4,179

Income before income taxes
Corporate, local income enterprise taxes
Deferred taxes

86

1

1,047

Total income taxes

429

996

5,227

Income before minority interests

857

1,701

10,431

Minority interests
Net income

(163)

(266)

(1,988)¥693¥1,435$8,442

Consolidated Statements of Cash Flows(Unaudited)
For the Years Ended March 31, 2012 and 2011

U.S. dollars
in thousands(Note 5)

Millions of yen

2012

2012

Cash flows from operating activities:¥78¥1,414

Cash flows from investing activities:(1,361)(127)(16,566)

Cash flows from financing activities:

132

(558)

1,612

Effect of exchange rate changes on cash and cash equivalents

(190)

(223)

(2,323)

Net increase (decrease) in cash and cash equivalents(1,341)

505(16,322)

Cash and cash equivalents at beginning of year

6,397

5,892

77,840¥5,056¥6,397$61,517

Cash and cash equivalents at end of year

7

2011

$

954

The scope of consolidation includes all 12 consolidated subsidiaries: Yushiro
Unso Co., Ltd., Yushiro General Service Co., Ltd., Yushiro Manufacturing
America Inc., Yushiro do Brasil Indústria Química Ltda., Yushiro Mexico
S.A. de C.V., Shanghai Yushiro Chemical Industry Co., Ltd., Qidong
Yushiro Chemical Industry Co., Ltd., Guangzhou Yushiro Oil & Fluids Co.,
Ltd., Yushiro-Jet Chemicals Sdn. Bhd., Yushiro (Thailand) Co., Ltd., Yushiro
India Company Private Limited., and P.T. Yushiro Indonesia.
2. Application of the Equity Method
The three affiliates, Buhmwoo Chemical Industry Co., Ltd., Buhmwoo Co.,
Ltd. and San-I Chemical Co., Ltd., are included in the scope of application
for the equity method.
3. Fiscal Years of the Consolidated Subsidiaries
The fiscal year-end of all ten overseas subsidiaries is December 31. In
preparing the consolidated financial statements, results as of that date areused, provided that necessary adjustments are made regarding materialtransactions conducted between January 1 and March 31, the consolidation
closing date.
4. Significant Accounting Policies(1) Valuation standard and methods for securities
In other securities, quoted securities are stated at market value at the
fiscal year-end. Unrealized gains are included in net assets, and the costof securities sold is computed using the moving-average method.
Unquoted securities are accounted for on a cost basis using the moving
average method.
(2) Valuation standard and methods for inventories
The aggregate average cost method is adopted (i.e., the book value
reduction method based on declines in profitability). (However, the lastpurchase price method is used for fuel of supplies.)(3) Depreciation method used for major depreciable assets
1. Tangible fixed assets (excluding leased assets)
The Company and its consolidated subsidiaries in Japan use thedeclining-balance method (however, the straight-line method isadopted for the Company’s technical research center, which
completed construction in 1997). However, the straight-line method
is used for buildings acquired on or after April 1, 1998 (with the
exception of annexed facilities). Overseas consolidated subsidiaries
generally use the straight-line method. The main terms of usefulservice life are 3 to 50 years for buildings and structures and 2 to 20
years for other tangible fixed assets. Inexpensive depreciable assets
costing ¥100,000 to ¥200,000 are equally amortized over 3 years on
a straight-line basis.
2. Intangible fixed assets (excluding leased assets)
The amortization of intangible fixed assets is conducted by thestraight-line method. Computer software for internal use isamortized by the straight-line method over the estimated useful life
(5 years).
3. Leased assets
Assets leased under finance lease transactions without a transfer ofownership
The straight-line method in which the lease term is deemed as theuseful life, with a zero residual value, is used.
Finance lease transactions without a transfer of ownership, with alease that begins prior to March 31, 2008, continue to be handledaccording to the methods relating to conventional lease transactions.

(4) Reserves
Allowance for doubtful accounts
The allowance for doubtful accounts is provided for possible bad
debt at the amount estimated based on the past bad debt experience
for normal receivables, plus uncollectible amounts determined byreference to the collectability of individual doubtful receivables.
Accrued bonuses
The Accrued bonuses is provided at an estimated amount based on
the internal payment prediction standard.
Reserve for directors’ bonuses
At our subsidiaries Qidong Yushiro Chemical Industry Co., Ltd.
and Shanghai Yushiro Chemical Industry Co., Ltd., the reserve forbonuses to directors is provided at the amount estimated to be
accrued for the consolidated balance sheet date to prepare for suchpayments.
Accrued retirement benefits for employees
The accrued retirement benefits for employees are provided forpossible payment of employees’ retirement benefits at the amount tobe accrued at the balance sheet date, and are calculated based on theretirement benefit obligation and fair value of pension plan assets at
the end of this fiscal year. The actuarial gain or loss is amortized by
the straight-line method over a period of 10 years, which is shorter
than the average remaining service years for employees at the time ofrecognition, from the following year of recognition.
Accrued retirement allowances for directors
In order to prepare the reserve for retirement allowances for
directors, the Company and its subsidiaries Yushiro Unso Co., Ltd.
and Yushiro General Service Co., Ltd. recognized the retirement
allowances for directors by the estimated amount on the
consolidated balance sheet date based on the internal regulations.
Litigation Loss Reserves
In order to prepare for potential losses on litigation, we have estimatedvalue of potential future losses and recorded the amount deemednecessary as litigation loss reserves.
(5) Scope of funds contained within the consolidated statements of cashflows
The funds (cash and cash equivalents) included in the consolidated
statements of cash flows consist of cash on hand, deposits that can bewithdrawn at any time, and short term investments with maturities
within three months from the acquisition date that can be easilyliquidated and are exposed to only a minimal value fluctuation risk.
(6) Other significant matters for the preparation of consolidated financial
statements
1. Standards for conversion of foreign currency denominated assets andliabilities to Japanese yen
Debts and credits denominated in foreign currencies are converted toyen at the actual market exchange rate on the closing date. The effectof exchange rate changes is recorded as a gain or loss.
2. Accounting treatment of consumption tax, etc.
Consumption tax, etc. is recorded on tax exclusive basis.
5. The U.S. dollar amounts in the financial statements for the
fiscal year ended March 31, 2012, represent translation ofJapanese yen at the rate of ¥82.19=US$1.00.

4. Long-term prepaid expenses
The straight-line method is adopted.

8

FINANCIAL INDICATORS
Operating Income (yen in million)

Net Sales (yen in million)
2012

23,4822012

2011

23,1352011

2010

19,911

2008

Total Assets, Net Assets (yen in million) , and ROE(%)
693

2012

1,435

2011

2009

2,396

2008

Net Income (yen in million)

3.6

2011

452

2010

536

2009

27,209

2012

2,078
1,014

2010

23,493

2009

878

2010

319

2009

1,884

2008

20,69028,962

20,714

7.7 28,780

28,685

18,6972.7

26,587

17,1581.7

8.7

22,7062008
Total assets

Net assets

33,473ROE

CORPORATE DATA (as of March 31, 2012)34-16, 2-chome, Chidori, Ota-ku, Tokyo 146-8510, Japan
Phone: (03) 3750-3100 Fax: (03) 3750-9915 URL: http://www.yushiro.co.jp¥4,249 million
319
July 24, 1944
Tokyo, Nagoya and Osaka
Hokkaido, Tohoku, Kitakanto, Hamamatsu, Hokuriku, Fukuyama, Hiroshima and Kyushu

Head Office
Capital
Employees
Established
Branch Offices
Sales Offices

Directors and Auditors (as of June 26, 2012)Managing Directors

Yuji Kishi
Haruo Okamoto
Shinji Hamamoto
Yasuo Chiba
Satoshi Sasaki
Akitaka Nozue

Directors

Eiichi Ogo
Yoshiaki Nagai
Masahisa Hirobe
Tatsuharu Hyakusoku
Yoshihiro Sakaguchi

President
ChairmanStanding Auditors
Auditor (CPA)

Stock Information (as of March 31, 2012)
Number of shares issued
Trading unit
Total number of shareholders
Stock listing
Securities code
Transfer agent for common stock
Independent certified public accountants
Main underwriter

15,200,065
100
5,987
First section, Tokyo Stock Exchange
5013
Mitsubishi UFJ Trust and Banking Corporation
Ernst & Young ShinNihon LLC
Nomura Securities Co., Ltd.

(millionsof yen )Market value of shares

50,00040,00030,00020,00010,0000

2006/3 2007/3 2008/3 2009/3 2010/3 2011/3 2012/3

Stock pricesTerm2011.42011.52011.62011.72011.82011.9

High

1,145

1,123

1,242

1,178

1,150

1,075

996

940

Low

1,026

971

1,002

1,056

961

952

856

Trading volume

6,189

3,249

7,005

6,216

4,766

2,916

2,968

(Yen/share)(Yen/share)(Hundred of shares)

2011.10 2011.11 2011.12

2012.12012.2

2012.3

909

883

947

917

801

833

827

818

872

2,060

2,814

2,297

5,873

3,518