Greetings

 First, we would like to sincerely thank you, our shareholders, for your continued support.
 This is to inform you that our Company’s Business Report for the 39th fiscal year (from October 1, 2016 to September 30, 2017) is now available for your review. On this occasion, we would like to say a few words.
 During the 39th fiscal year, the business environment surrounding the Company remained favorable backed by robust customer demand mainly in the overseas markets. Given the situation, we focused our efforts on proactive sales promotions and product development, as well as strengthening the production systems of the entire Group. As a result of these efforts, we reached the highest levels ever recorded in orders received, net sales and across all profit items. Once again, we extend our heartfelt appreciation to our shareholders for your assistance and cooperation. Annual dividends per share for the fiscal year ended September 30, 2017 increased by 20 yen per share from the 38th fiscal year, and we started to pay 60 yen per share on December 1.
 Going forward, we anticipate changes in the external environment, including intensified competition with our competitors, the risk of exchange fluctuations and concerns over the slowing down of the global economy.
 Under such circumstances, we will be implementing measures to expand the size of our business and enhance our corporate competitiveness. To begin with, we will focus on, among other things, preparing for the construction of a new factory in Japan and reinforcing our production systems for the commencement of full-scale operations of the third factory in India, as well as exert ourselves to enhance our product competitiveness through technical improvements to existing mainstay products, the development of new products, etc.
 In sales, we will aim to increase the scale of our sales by implementing market penetration measures for our new products as well as carrying out flexible sales measures in line with market trends.
 We hope our shareholders will look forward to our company’s further growth, and we would greatly appreciate your continued encouragement.

December 2017
Representative Director, Chairman and CEO
Daiichi Aoki


Representative Director, President and COO
Junichi Miyasaka