Financial Overview

(in millions of JPY)

	FY2008	FY2007	Rate of Change (%)	Factors
Sales	24,843	32,432	(23.4)	-Production decreased in response to inventory adjustments made by automakers, the Company's major customers.
Operating income	481	2,086	(76.9)	-
Income from ordinary business activities	443	2,106	(79.0)	-
Current net profit	143	1,320	(89.1)	-

R&D Expenditure

(in millions of JPY)

	FY2008	FY2007	FY2006
Overall	195	147	118

R&D Activities
-The Company succeeded in developing EGR coolers that meet regulatory requirements necessitating lower diesel engine emissions and higher fuel economy. And in addition, the Company also developed intercoolers that offer improved functionality and reliability but at a  lower cost.

-Succeeded in mass-producing SCR tanks (urea tanks) for the first time in the world.

Exported Technology Contracts (As of Mar. 2009)

Company name	Contract signed on	Contract period
Thai Radiator Mfg, Co., Ltd. (Thailand)	Manufacturing technology for radiators and fuel tanks	May 1, 1982 - Apr. 30, 2009
PT. Selamat Sempurna (Indonesia)	Manufacturing technology for radiators and fuel tanks	Apr. 11, 1979 - Apr. 10, 2009

Capital Investment

(in millions of JPY)

	FY2008	FY2007	FY2006
Overall	2,089	645	2,246

-The Company invested to install new production facilities for radiators and EGR coolers, as well as to renovate, renew and improve the productivity of existing facilities.


New Facilities (As of Mar. 2009)

Company name	Location	Purpose	Planned investment (in million JPY)	Starting Month	Completing Month	Capacity increase on completion
Tokyo Radiator Manufacturing. Co., Ltd.	Kanagawa Pref. Japan	Installation and upgrading of stamping dies	423	Apr. 2009	Mar. 2010	-
Wuxi TRS Heat Exchanger Co., Ltd.	Wuxi, China	Installing and upgrading equipment at manufacturing facility producing heat exchangers.	377	Jun. 2009	June, 2009	35,000 units per month