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Financial Statement Information

(Unit: million yen)
		Year ended March 2010	Year ended March 2011
Assets section
■Current assets
Cash and deposits		3,928	3,143
Trade notes and accounts receivable		5,703	4,499
Commodities and products		423	762
Work in process		96	55
Advance payments	Point	1,186	4,001
Deferred tax assets		309	209
Short-term loans		1,641	1,225
Deposits		2,120	2,120
Other payments		357	435
Allowance for bad debt		△374	△346
Total current assets		15,391	16,106
■Fixed assets
Tangible fixed assets
(1) Buildings and structures		110	93
(2) Machinery and vehicles		34	23
(3) Tools and equipment		153	117
(4) Land		21	22
Total tangible fixed assets		320	256
Intangible fixed assets	Point	1,059	1,230
Investments and other assets	Point	5,750	5,972
Total fixed assets		7,129	7,460
Total assets		22,521	23,566

Point

An increase in advance payments reflected larger advances recorded in subsidiaries in China, where the priority is often given to purchases when sales activities are carried out.
A decline in intangible fixed assets (goodwill) and a rise in investments and other assets (investment securities) were attributable to the inclusion of Liandi Clean Technology Inc. Group in equity method affiliates.

Liability section
■Current liabilities
Trade notes and accounts payable	Point	976	1,332
Short term loans and debts	Point	4,835	5,298
Long term loans scheduled for repayment within one year		1,283	1,017
Income taxes payable, etc.		91	153
Allowance for bonuses		157	231
Allowance for officers'bonuses		27	48
Other		995	1,211
Total current liabilities		8,365	9,294
■Fixed liabilities
Long term loans and debts	Point	1,494	1,899
Other		131	82
Total fixed liabilities		1,626	1,981
Total liabilities		9,991	11,275

Net assets section
■Shareholders’ equity
Capital	2,843	2,843
Capital surplus	7,678	7,678
Retained earnings	1,398	1,334
Treasury stock	△88	△88
Total shareholders’ equity	11,831	11,768
Total other accumulated comprehensive income	△706	△867
■Minor interest	1,404	1,389
Total net assets	12,529	12,290
Total liabilities and net assets	22,521	23,566

Point

An increase in trade notes and accounts payable reflected a rise in purchases at subsidiaries in China.
An increase in short-term loans and long-term loans reflected financing for sales activities in China.

(Unit: million yen)
		Year ended March 2010	Year ended March 2011
Sales	Point	22,020	17,812
Cost of sales		17,505	14,409
Gross profit on sales		4,515	3,403
Selling, general, and administrative expenses	Point	3,198	2,710
Operating profit		1,316	692
Non-operating income		413	776
Non-operating expenses		488	646
Ordinary profit		1,241	821
Extraordinary profit		119	9
Extraordinary loss		382	362
Current net profit before taxes and other adjustments		978	468
Income tax, residential tax and business tax		151	117
Income tax adjustments		△29	138
Income before minority interests		-	212
Minority interest income	Point	775	204
Net income		80	8

Point

A fall in sales and minority interest income reflected the fact that Liandi Clean Technology Inc. Group became an equity-method affiliate.
A decline in selling, general, and administrative expenses was mainly attributable to a decrease in the amortization of goodwill, reflecting the inclusion of Liandi Clean Technology Inc. Group in equity method affiliates.

(Unit: million yen)
Consolidated		March 2011
		Shareholders’ equity
		Capital	Capital surplus	Retained earnings	Treasury stock	Total shareholders’ equity
Balance as of March 31, 2010		2,843	7,678	1,398	△88	11,831
Changes during consolidated accounting year
Dividend on retained earnings	Point			△71		△71
Current net profit				8		8
Changes to items other than shareholders’equity during consolidated accounting year (net)
Total changes during consolidated financial year		-	-	△63	-	△63
Balance as of March 31, 2011		2,843	7,678	1,334	△88	11,768

		Valuation difference on other securities	Deferred gains/losses on hedging instruments	Foreign exchange adjustment account	Total other accumulated comprehensive income	Minority interest	Total net assets
		Other accumulated comprehensive income				Minority interest	Total net assets
Balance as of March 31, 2010		△16	△9	△681	△706	1,404	12,529
Changes during consolidated accounting year
Dividend on retained earnings	Point						△71
Current net profit							8
Changes to items other than shareholders' equity during consolidated accounting year (net)		19	3	△182	△160	△14	△174
Total changes during consolidated financial year		19	3	△182	△160	△14	△238
Balance as of March 31, 2011		2	△5	△864	△867	1,389	12,290

Point

A dividend of 100 yen per share was paid in the 21st term, and a year-end dividend of 200 yen will be paid in the 22nd term.

(Unit: million yen)
		Year ended March 2010	Year ended March 2011
Cash flow from operating activities	Point	966	△908
Cash flow from investment activities	Point	△1,095	△74
Cash flow from financial activities	Point	3,915	387
Exchange rate difference in relation to cash and cash equivalents		△49	△140
Decrease in cash and cash equivalents resulting from the exclusion of subsidiaries from consolidation		△4,336	-
Increase (or decrease: Δ) in cash and cash equivalents		△600	△735
Opening balance of cash and cash equivalents		4,478	3,878
Closing balance of cash and cash equivalents		3,878	3,143

Point

Net cash used in operating activities reflected cash outflows, especially an increase in advances of 3,009 million yen, offsetting cash inflows, including current net profit before taxes and other adjustments of 468 million yen, and a decline in receivables of 884 million yen.
Net cash used in investment activities was attributable to cash outflows, including payments of loans receivable of 403 million yen, offsetting cash inflows such as the collection of loans receivable of 579 million yen.
Net cash provided by financial activities resulted from cash inflows, primarily proceeds from long-term loans payable of 1,500 million yen, offsetting cash outflows, including the repayment of long-term loans payable of 1,328 million yen.

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