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Non-Consolidated Financial Statements

Non-Consolidated Balance Sheets

ASSETS	October 31, 2011	October 31, 2012
ASSETS	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current assets :
Cash and deposits	¥ 17,761	¥ 15,947	$ 200,195
Notes receivable, trade	2,225	2,615	32,833
Accounts receivable, trade	11,539	12,960	162,696
Negotiable securities	350	350	4,393
Merchandise inventories and products	261	225	2,829
Work in process	33	53	667
Construction equipment	1,331	2,578	32,362
Raw materials and supplies	85	104	1,316
Prepaid expenses	208	213	2,683
Deferred tax assets	354	487	6,123
Consumption taxes receivable	88	－	－
Short-term loans receivable	474	350	4,398
Other	168	198	2,491
Allowance for doubtful accounts	(221)	(201)	(2,530)
Total current assets	34,660	35,883	450,459
Fixed assets :
Tangible fixed assets
Rental equipment	58,591	70,174	880,922
Accumulated depreciation	(33,436)	(38,548)	(483,916)
Net rental equipment	25,154	31,625	397,005
Buildings	14,584	14,779	185,537
Accumulated depreciation	(8,662)	(9,183)	(115,285)
Net buildings	5,922	5,596	70,252
Structures	4,840	4,923	61,810
Accumulated depreciation	(3,897)	(4,048)	(50,816)
Net structures	942	875	10,994
Machinery and equipment	4,654	4,734	59,437
Accumulated depreciation	(4,071)	(4,214)	(52,904)
Net machinery and equipment	583	520	6,532
Vehicle and delivery equipment	68	82	1,033
Accumulated depreciation	(64)	(71)	(900)
Net vehicles and delivery equipment	3	10	132
Tools, furniture and fixtures	1,211	1,252	15,719
Accumulated depreciation	(1,008)	(1,056)	(13,258)
Net tools, furniture and fixtures	203	196	2,460
Land	28,651	28,682	360,057
Construction in progress	2	21	274
Total tangible fixed assets	61,462	67,528	847,710
Intangible fixed assets
Goodwill	90	55	695
Software	145	93	1,173
Telephone subscription rights	50	52	652
Total intangible fixed assets	287	200	2,522
Investments and other assets
Investment securities	2,933	2,864	35,963
Stock of affiliated companies	3,461	4,569	57,364
Advances	9	12	152
Long-term loan to affiliated company	2,394	2,450	30,765
Claims in bankruptcy, claims in reorganization and other similar claims	125	135	1,701
Long-term prepaid expenses	28	24	303
Deferred tax assets	450	513	6,445
Insurance reserve	17	19	249
Long-term guaranty money deposited	837	836	10,505
Other	52	52	660
Allowance for doubtful accounts	(1,587)	(1,822)	(22,880)
Reserve for investment losses	(554)	(898)	(11,275)
Total investments and other assets	8,168	8,759	109,956
Total fixed assets	69,919	76,488	960,189
Total assets	¥ 104,579	¥ 112,372	$ 1,410,649

LIABILITIES AND NET ASSETS	October 31, 2011	October 31, 2012
LIABILITIES AND NET ASSETS	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current liabilities :
Notes payable, trade	¥ 9,114	¥ 10,421	$ 130,824
Accounts payable, trade	2,699	3,115	39,103
Long-term bank loans due within one year	9,411	10,647	133,661
Short-term bank loans	10,000	－	－
Accounts payable, other	6,345	7,342	92,167
Accrued expenses	353	412	5,174
Corporate taxes payable	286	2,107	26,458
Consumption and other taxes payable	－	190	2,395
Deposits	45	147	1,850
Accrued bonuses to employees	443	488	6,134
Allowance for disaster losses	289	10	125
Equipment notes payable	291	426	5,359
Other	107	104	1,308
Total current liabilities	39,389	35,413	444,563
Long-term liabilities :
Long-term bank loans	15,648	20,575	258,291
Long-term accrued expenses	11,282	16,303	204,664
Accrued employees retirement benefits	30	－	－
Retirement allowances to directors and auditors	158	－	－
Provision for loss on guarantees	36	－	－
Asset retirement obligations	123	126	1,590
Total long-term liabilities	27,278	37,005	464,547
Total liabilities	66,667	72,419	909,110
Net assets :
Shareholders’ equity
Capital stock	9,696	9,696	121,726
Capital surplus
Capital legal reserve	10,817	10,817	135,794
Other capital surplus	143	143	1,799
Total capital surplus	10,960	10,960	137,594
Retained earnings
Earned legal reserve	1,375	1,375	17,264
Other retained earnings
Reserve for advanced depreciation of fixed assets	19	19	246
General reserve	13,731	13,731	172,378
Retained earnings brought forward	1,953	3,859	48,454
Total retained earnings	17,079	18,986	238,343
Treasury stock	(25)	(27)	(345)
Total owners’ equity	37,711	39,616	497,318
Valuation and translation adjustments
Valuation difference on other investment securities	199	336	4,220
Total valuation and translation adjustments	199	336	4,220
Total net assets	37,911	39,952	501,538
Total liabilities and net assets	¥ 104,579	¥ 112,372	$ 1,410,649

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.

Non-Consolidated Statements of Income

	Prior Consolidated Fiscal Year (From November 1, 2010 to October 31, 2011)	Current Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012)
	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Total revenues	¥ 60,906	¥ 69,091	$ 867,332
Total cost of revenues	44,271	48,797	612,574
Gross profit	16,635	20,294	254,757
Selling, general and administrative expenses	13,816	14,618	183,512
Operating income	2,819	5,675	71,245
Non-operating revenues
Interest revenue	33	26	328
Interest revenue on negotiable securities	0	0	8
Dividend income	50	84	1,055
Rents received	174	163	2,056
Insurance benefits	32	35	447
Cash bonus received	5	23	291
Reversal of allowance for disaster losses	ー	101	1,273
Other	114	222	2,790
Total non-operating revenues	412	657	8,253
Non-operating expenses
Interest expense	449	430	5,406
Loss on sale of notes receivable	39	43	545
Provision of allowance for doubtful accounts	ー	225	2,826
Provision of allowance for investment losses	ー	686	8,621
Other	143	120	1,518
Total non-operating expenses	632	1,506	18,917
Ordinary income	2,598	4,825	60,581
Extraordinary profits
Gain on sale of fixed assets	11	0	4
Gain on sale of investment securities	0	0	1
Subsidies	ー	142	1,789
Reversal of provision for loss on guarantees	30	ー	ー
Gain on termination of retirement benefit plan	1,465	ー	ー
Other	5	17	220
Total extraordinary profits	1,512	160	2,015
Extraordinary losses
Loss on sale or retirement of fixed assets	75	108	1,362
Loss on sale of investment securities	17	115	1,454
Valuation loss on investment securities	133	0	0
Loss on investment in partnership enterprise	1	ー	ー
Provision of allowance for investment losses	73	ー	ー
Transfer to allowance for doubtful accounts of affiliated companies	75	ー	ー
Loss from disaster	837	ー	ー
Loss on adjustment for changes of accounting standard for asset retirement obligations	83	ー	ー
Other	58	ー	ー
Total extraordinary losses	1,356	224	2,817
Income before taxes and adjustments	2,754	4,762	59,779
Corporate, local and business taxes	777	2,442	30,661
Adjustment for corporate and other taxes	543	(243)	(3,061)
Total corporate and other taxes	1,321	2,198	27,599
Net income	¥ 1,433	¥ 2,563	$ 32,179

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.

Non-Consolidated Statements of Changes in Net Assets
(November 1, 2011 - October 31, 2012)

		Shareholders’ equity				Accumulated other comprehensive income
	Number of shares of common stock	Common stock	Capital surplus	Retained earnings	Treasury stock	Net unrealized holding gain (loss) on other securities	Total net assets
	Thousands of shares	Millions of yen
Balance at October 31, 2010	32,872	¥ 9,696	¥ 10,960	¥ 16,303	¥ (24)	¥ 154	¥ 37,089
Net income			ー	1,433			1,433
Cash dividends			ー	(656)			(656)
Acquisition of treasury stock			ー	ー	(0)		(0)
Disposal of treasury stock			(0)	ー	0		0
Other			ー	ー		45	45
Balance at November 1, 2011	32,872	¥ 9,696	¥ 10,960	¥ 17,079	¥ (25)	¥ 199	¥ 37,911
Net income			ー	2,563			2,563
Cash dividends			ー	(656)			(656)
Acquisition of treasury stock			ー	ー	(2)		(2)
Disposal of treasury stock			0	ー	0		0
Other			ー	ー		136	136
Balance at October 31, 2012	32,872	¥ 9,696	¥ 10,960	¥ 18,986	¥ (27)	¥ 336	¥ 39,952

	Shareholders’ equity				Accumulated other comprehensive income
	Common stock	Capital surplus	Retained earnings	Treasury stock	Net unrealized holding gain on other securities	Total net assets
	Thousands of U.S. dollars (Note)
Balance at November 1, 2011	$ 121,726	$ 137,594	$ 214,407	$ (316)	$ 2,508	$ 475,919
Net income		ー	32,179			32,179
Cash dividends		ー	(8,243)			(8,243)
Acquisition of treasury stock		ー	ー	(32)		(32)
Disposal of treasury stock		0	ー	3		3
Other		ー	ー		1,711	1,711
Balance at October 31, 2012	$ 121,726	$ 137,594	$ 238,343	$ (345)	$ 4,220	$ 501,538

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.

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Non-Consolidated Financial Statements

Non-Consolidated Balance Sheets

ASSETS

Current assets :

Fixed assets :

LIABILITIES AND NET ASSETS

Current liabilities :

Long-term liabilities :

Net assets :

Non-Consolidated Statements of Income

Total revenues

Gross profit

Operating income

Ordinary income

Extraordinary losses

Net income

Non-Consolidated Statements of Changes in Net Assets (November 1, 2011 - October 31, 2012)

Balance at October 31, 2010

Balance at November 1, 2011

Balance at October 31, 2012

Balance at November 1, 2011

Balance at October 31, 2012

Non-Consolidated Statements of Changes in Net Assets
(November 1, 2011 - October 31, 2012)