Financial Overview

(in millions of JPY)

	FY2009	FY2008	Rate of Change (%)	Factors
Overall
Sales	54,740	55,047	(0.6)	-
Operating income	4,288	935	358.6	-
Ordinary income	4,575	1,156	295.8	-
Current net income	2,261	218	937.2	-
Mirror system business
Sales	50,627	50,052	1.1	-Production volumes of eco-cars like hybrids increased.
Operating income	4,744	967	390.6	Activities for enhancing productivity and reducing cost and expenses were expanded.

>>>Financial Forecast for the Next Fiscal Year(Sales, Operating Income etc.)

R&D Expenditure

(in millions of JPY)

	FY2009	FY2008	FY2007
Overall	351	472	495

R&D Structure

-Each department's technical group works in cooperation with the R&D division, which is in charge of development for the entire group.
-The total number of R&D staff is 32, which includes the R&D division at the headquarters and technical groups at each department.

R&D Activities

1.Vehicle information conveyance system
-Development of all-weather safety enhancing mirror system 
-Development of blind spot eliminating system
-Development of environmentally-conscious mirror system (light weight and energy saving) 

2.Automobile parts 
-Development of value-added door mirrors 
-Development of mirror products of enhanced convenience 
-Development of safety enhancing mirror products
-Development of environmentally conscious mirror products 

3. High function fine glass
-Development of various types of optical filters and mirrors
-Development of light-adjusting filters (mirrors)
-Development of surface modification elements 

-The Company will start marketing activities for its antidazzle mirror that is designed to prevent dazzle from discharge headlamps. Made by evaporating a silica-chromium alloy on to the surface of a mirror, it largely blocks the bluish white light, unique to discharge headlamps. The conventional mirror designed to prevent dazzle from halogen headlamps had a problem of stronger reflection of the discharge headlamp's light. The issue of the mass production technology capable of keeping the evaporated alloy thickness constant has been solved and the Company sees the production cost reduction tangible. This antidazzle mirror will be proposed for side-view mirrors. Although it has been used for vehicles for the Imperial Family, this will be the company's first full-fledged activity to propose it for mass production vehicles. (From an article in the Nikkan Jidosha Shimbun on Nov. 5, 2009)

Licensing of Technology to Other Companies

(As of Mar. 31, 2010)

Partner	Contract	Contract Period
Ken Sean Factory Co., Ltd. (Taiwan)	To supply design and manufacturing technology on Automotive Rear-view Mirrors to automakers in Taiwan (except Ford Lio Ho Motor) including Japanese automakers	2010.02.01- 2011.01.31*
Ampas Industries Co., Ltd. (Thailand)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2009.12.29- 2010.12.28*
Delloyd Industries (M) Sdn. Bhd. (Malaysia)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2009.12.05- 2010.12.04*
Fu-Hwa Glass Co., Ltd. (Taiwan)	To supply design and manufacturing technology on Automotive Rear-view Mirrors to automakers in Taiwan (except Kuozui Motors) including Japanese automakers	2009.04.01- 2010.03.31*
Tata Ficosa Automotive Systems, Ltd. (India)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	From Sep. 1, 2004 to the completion of delivery of the products subject to the contract
Ficosa Do Brasil , Ltda. (Brazil)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	From Sep. 1, 2004 to the completion of delivery of the products subject to the contract
Ficosa International S.A. (Spain)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2009.06.30 - 2010.06.29*
Murakami Ampas (Thailand) Co., Ltd. (Thailand)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2009.07.01 - 2010.06.30*
Murakami Manufacturing U.S.A. Inc. (USA)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2010.01.01 - 2010.12.31*
Murakami Manufacturing (Thailand) Co., Ltd. (Thailand)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2009.06.30 - 2010.06.29*
Jiazing Murakami Ishizaki Corporation (China)	To supply design and manufacturing technology on Automotive Rear-view Mirrors	2009.08.01 - 2010.07.31*

* Contracts are renewed every year if both parties agree.

Investment Expenditure

(in millions of JPY)

	FY2009	FY2008	FY2007
Overall	1,595	4,773	3,294
Mirror system business	1,565	4,733	3,265

Mirror system business
-The Company made investments mainly in equipment for improving productivity and quality control, as well as for launching new products at rear mirror manufacturing plants in Fujieda, Ohigawa and Yaizu. 
-Capital investments were made at overseas subsidiaries in equipment primarily for enlarging production volume and enhancing productivity.

New Facilities (Mirror System Business)

(As of Mar. 31, 2010)

Name (Location)	Type of facility	Planned total investment (in million JPY)	Start	Planned completion
Fujieda Plant (Shizuoka Pref., Japan)	Production facilities for Automotive Rear-view Mirrors	267	Apr. 2010	Mar. 2011
	Production facilities for fine glass	70	Apr. 2010	Oct. 2010
	Other	93	Apr. 2010	Feb. 2011
Yaizu Plant (Shizuoka Pref., Japan)	Production dies for Automotive Rear-view Mirrors	575	Apr. 2010	Mar. 2011
	Production facilities for fine glass	80	Apr. 2010	Jan. 2011
	Other	2	Apr. 2010	Dec. 2010
Ohigawa Plant (Shizuoka Pref., Japan)	Production facilities for Automotive Rear-view Mirrors	371	Apr. 2010	Feb. 2011
	Other	8	Apr. 2010	Dec. 2010
Jiaxing Murakami Ishizaki Corp. (Zhejiang, China)	Plant construction	1,480	Apr. 2010	Mar. 2011
Murakami Ampas (Thailand) Co., Ltd. (Samutprakarn, Thailand)	Land	172	May, 2010	June, 2010
	Production facilities for Automotive Rear-view Mirrors	242	Apr. 2010	Dec. 2010