NIPPON SEIRO CO., LTD.

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Financial Data

Income Statement
Years ended December 31
Millions of yen
  2006 2007 2008 2009 2010
NET SALES 38,282 42,749 48,110 26,176 32,648
COST OF SALES 32,994 36,846 43,674 24,260 27,653
GROSS PROFIT 5,288 5,902 4,435 1,915 4,994
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 2,543 2,765 2,848 2,298 2,378
OPERATING INCOME 2,744 3,136 1,586 -382 2,616
NON-OPERATING INCOME(EXPENSES):
    Interest and dividend income 9 12 10 9 8
    Interest expenses (360) (334) (353) (260) (218)
    Foreign exchange gains 4 43 145 26 86
    Others (6) 77 44 73 31
        Non-operating income(expenses)-net (353) (202) (155) (151) (92)
ORDINARY INCOME 2,391 2,934 1,432 -534 2,523
INCOME BEFORE INCOME TAXES 2,093 2,881 1,132 -652 2,563
INCOME TAXES:
    Current 894 1,195 2,036 7 739
    Deferred -24 2 -126 -219 307
        Total income taxes 869 1,198 1,910 -211 1,047
NET INCOME 1,223 1,683 -777 -441 1,516
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Balance Sheet
Years ended December 31
Millions of yen
  2006 2007 2008 2009 2010
ASSETS
CURRENT ASSETS:
Cash and deposits 1,758 57 416 925 1,082
Notes and accounts receivables:
    Trade notes 394 349 139 158 148
    Trade accounts 3,889 5,992 4,755 4,411 4,705
    Allowance for doubtful accounts -4 -5 -4 -4 -5
Inventories 6,416 6,756 9,304 7,337 6,157
Deferred tax assets 160 153 207 358 156
Prepaid expenses and other current assets 297 417 181 420 121
Consumption taxes receivable - - - 413 -
Total current assets 12,911 13,722 15,000 14,021 12,366
PROPERTY, PLANT AND EQUIPMENT:
Land 8,985 9,244 9,248 9,248 9,248
Buildings and structures 7,859 8,063 8,134 8,178 8,357
Machinery and equipment 16,419 16,609 16,960 17,788 18,430
Tools, furnitures and fixures 438 483 547 568 581
Other assets 124 120 125 129 517
Construction in progress 71 142 265 446 54
Total 33,898 34,665 35,281 36,361 37,190
Accumulated depreciation -20,293 -20,671 -21,288 -21,924 -22,680
Net property,plant and equipment 13,605 13,993 13,992 14,436 14,507
INVESTMENT AND OTHER ASSETS:
Investment securities 611 483 334 327 267
Deferred tax assets - - 70 136 34
Other assets 99 116 168 210 167
Total investment and other assets 710 600 573 674 469
TOTAL ASSETS 27,227 28,316 29,566 29,132 27,343
  2006 2007 2008 2009 2010
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
Notes payable:
    Notes payable-trade 320 503 558 405 411
    Notes payable-facilities 79 84 157 148 134
Accounts payable:
    Accounts payable-trade 1,088 2,272 1,931 3,012 999
    Accounts payable-other 316 464 579 446 420
Short-term loan payable 8,377 7,175 9,659 9,212 7,795
Income taxes payable 905 763 - - 752
Accrued expenses 20 22 19 19 19
Other current liabilities 547 691 638 636 801
Total current liabilities 11,658 11,977 13,544 13,880 11,333
NON-CURRENT LIABILITIES:
Long-term loan payable 3,455 2,818 3,454 3,228 3,149
Deferred tax liabilities for land revaluation 3,490 3,490 3,490 3,490 3,490
Others 168 129 275 216 251
Total non-current liabilities 7,114 6,437 7,220 6,935 6,892
NET ASSETS:
Shareholders' equity:
    Capital stock 1,120 1,120 1,120 1,120 1,120
    Capital surplus 14 14 14 14 14
    Retained earnings 2,112 3,605 2,626 2,050 3,388
    Treasury stock -2 -3 -3 -3 -532
Valuation
    Revaluation reserve for land 5,130 5,130 5,130 5,130 5,130
    Other 81 33 -85 4 -2
Total net assets 8,455 9,900 8,801 8,316 9,117
TOTAL LIABILITIES AND
NET ASSETS		 27,227 28,316 29,566 29,132 27,343
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