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4 solution with an extermely fine particle, TEPIC, a special epoxy compound, SUNEVER polyimide for liquid crystal display (LCD) alignment coating, HI-LITE chlorinated isocyanurates, and high- purity chemicals, such as sulfuric acid, nitric acid and ammonia. Prostaglandin, an original bio-active substance developed by our proprietary chiral (fine organic chemical synthesis) technology, is expanding its applications as a pharmaceutical and agrochemical intermediate. Packaging of SNOWTEX customized products according to the needs of the particular In the high-performance specialty chemicals sector, we offer The assets (property, plant and equipment, valued Y25,829 million ($208,131 thousand) on book) pledged at 31st March, 21 1997 as collateral for long-term bank loans amounted to Y5,186 million ($41,789 thousand). products by the market. customers' requirements and in a timely manner "learn trying to quickly into new from 1998 1999 2000 and thereafter Y3,030 17,072 17,549 Y37,651 $24,416 137,566 141,410 $303,392 only in its planning, sales and marketing staff work to incorporate nrpduct where all Year ended 31st March Millions of Yen Thousands of US$ marketing policy. Long-term debt payments fall due after 31st March, 1997 as follows: Our lineup of high-performance specialty chemicals includes SNOWTEX, a colloidal silica High-quality ammonia products plant In the basic chemicals sector, we are engaged in of a wide variety of sulfuric acid, production and sales industrial chemicals, melamine and urea. can be sectors: high-performance specialty chemicals. such as ammonia, sealant, SUNEVER for LCD alignment coating, transparent polyimide for semiconductors, and high-resolution polyimide for use in photosensitive materials. Many of these products already have the top-ranking share in their , respective world markets and will continue to level in the future. generate a high of profit subscribe for the Company's common stock at a price of Y731 per share. (Under the terms of the issue, the exchangeable price is subject to adjustment in certain cases, which include stock splits.) In connection with these notes with warrants issue, the Company entered into a long-term forward exchange contract to hedge the notes in the principal amounts of 5.Fr.l00 million and US$100 million. Accordingly, the notes were translated at the forward exchange contract rate and the differences between the amount translated at the forward exchange contract rate and the amount translated at the historical exchange rate in an amount of n,882 million has been deferred and amortised over a period from the date when the forward exchange was made to the settlement date based on the number of months. A. The Chemicals Q.can you give an overview of operations in the Chemicals Division? Division roughly divided into two basic chemicals and A.Sales of high-performance specialty chemicals have been marking double-digit growth, and currently account for around 43% of divisional sales. Among others, sales were favorable for SNOWTEX as a polishing agent for electronic materials, TEPIC for semiconductor Less 4.7% unsecured convertible bonds, due 1998 0.9% unsecured convertible bonds, due 2001 0.375% guaranteed notes with warrants due 1998 2.375% guaranteed notes with warrants due 2000 current l!ortion 5,441 5,000 7,185 8,929 39,477 (3,469) Y36,008 5,441 5,000 7,185 8,929 37,651 (3,030) Y34,621 43,844 40,290 57,897 71,950 303,392 (24,4]6) $278,977 Unsecured loans from banks and others, at interest rates ranged from 1.04% to 5.7%, maturing serially through Interview with Nobuichiro Fujimoto Strategy n Chemicals Division Managing Director Q. What are the shares of basic chemicals and high-performance specialty chemicals in total divisional sales? Secured loans from banks and others, at interest rates from 2.125% to 7.6%, maturing serially through 6,149 5,910 47,623 ranged At Millions of Yen 1996 1997 Y6,773 Y5,186 March Thousands of US$ 1997 $41.789 the c,hemicals and agrochemical sectors, our main business through interviews with the managing directors. With the aim of becoming a distinctive "Value Creating Enterprise, we are working on improving our financial base and business structure. At the same time, we are reinforcing our operations to develop high value-added products targeting industries with strong growth potential by utilizing our accumulated technical expertise in the organic and inorganic fine chemical fields. We would like to introduce our various activities in the specialty Business Strategy Designed tttake Us a "Value Creating Enterprise" Nobuichiro Fujimoto, Managing Director At 31 st 11. Long-Term Debt March, 1996 and 1997 long-term debt consisted of the following: 31st Employers' savings deposits bore interest at the rate of 3.0% per annum n,197 1,984 6,788 Y9,969 at 31st March. 1996 and 1997, respectively. fields, Accrued bonuses Employers' savings deposits Others At 31st 10. Accrued Expenses and Other Current Liabilities Convertible bonds due 1998, unless previously redeemed, are convertible into shares of common stock of the Company at the conversion price of Y700 per share through 29th September, 1998. Convertible bonds due 2001 are convertible into shares of common stock of the Company at the conversion price of Y765 per share through 27th September, 2001. (Under the terms of the issue, the conversion price is subject to adjustment in certain cases, which include stock splits,) 0.375% Notes payable in Swiss Francs, due 1998 with warrants to subscribe for the Company's common stock at a price of Y721 per share. (Under the terms of the issue, the exchangeable price is subject to adjustment in certain cases, which include stock splits.) 2.375% Notes payable in US$, due 2000 with warrants to 1996 and 1997, accrued expenses and other current liabilities consisted of the following: At 31st March Millions of Yen Thousands of US$ 1996 1997 1997 n,154 $9,645 2,028 15,987 6,368 54,698 Y9,550 $80,330 March, e e