Revision of Business Results

Maruwa Co Ld
26 September 2001


Contact:

Management and Planning Office 
MARUWA CO., LTD. 
3-83 Minamihonjigahara-cho, 
Owariasahi-city, Aichi Prefecture, 
Japan 488-0044


                    Notice Regarding Revision of Business Results

In consideration of the recent business climate, the financial results forecasts
for fiscal 2002 (year to March 31st, 2002) announced with the financial 
statements on May 29th, 2001, were revised as indicated below.

(1) Consolidated Financial Results

Revision of First Half results forecast for fiscal 2002 (year to March 31st 
2002)

                                                            (Million of yen)

                                         Net Sales  Ordinary Income     Interim
                                                                      Net Income

Previously Announced 
  Forecast (A)                           7,790          1,770          1,200

Revised Forecast (B)                     5,313            130            104    

  Change (B-A)                          -2,477         -1,640         -1,096

  Change ( % )                          -31.8%         -92.7%         -91.3%

Previous Results for First Half 
Fiscal 2001 (year to March 31st, 2001)  7,996           1,891          1,283 

Revision of Fiscal Year results forecast for fiscal 2002 (year to March 31st 
2002)

                                                                (Million of yen)

                                       Net Sales  Ordinary Income     Fiscal
                                                                    Net Income

Previously Announced
  Forecast (A)                          17,320         3,940          2,680

Revised Forecast (B)                    10,692           511            340 

  Change (B-A)                          -6,628        -3,429         -2,340  

  Change ( % )                          -38.3%        -87.0%         -87.3% 

Previous Results for Fiscal 2001 
(year to March 31st, 2001)              16,099         3,885          2,631

(2) Non-Consolidated Financial Results

Revision of Fiscal Year results forecast for fiscal 2002  
 (year to March 31st 2002)                                           

                                                                (Million of yen)

                                       Net Sales  Ordinary Income     Interim
                                                                   Net Income

Previously Announced
  Forecast (A)                           5,300           760            450

Revised Forecast (B)                     3,724            85             70     

  Change (B-A)                          -1,576          -675           -380

  Change ( % )                          -29.7%        -88.8%          -84.4%

Previous Results for First Half Fiscal 2001 
(year to March 31st, 2001)               5,891           942            722


Revision of Fiscal Year results forecasts for fiscal 2002 
(year to March 31st 2002)                                        

                                                               (Million or yen)

                                       Net Sales  Ordinary Income     Fiscal
                                                                   Net Income

Previously Announced
  Forecast (A)                          11,780         1,690            990 

Revised Forecast (B)                     7,588           359            234     

  Change (B-A)                          -4,192        -1,331           -756

  Change ( % )                          -35.6%        -78.8%          -76.4%

Previous Results for Fiscal 2001 
(year to March 31st, 2001)              11,108         1,638            893 

(3) Reasons for Revision

As the worldwide recession spreads, adjustments in the personal computers, 
mobile telecommunications, and optical network industries are still continuing. 
Furthermore, the recovery of demand in the U.S. economy is likely to delay due 
to the effects of the terrorist attack in New York City.

As for the Company's future performance, it has become very unlikely that the 
initially expected sales recovery could be achieved.  The Company's production 
divisions could not adjust to the large-scale, sudden drop in sales, and the 
forecast figures were revised as indicated above.

The forecast figures of business results indicated in this material were 
calculated based on information attainable at this moment, but they include 
factors of much uncertainty.  Therefore, please be advised that the actual 
business results may differ significantly from the forecast figures indicated in
this material, depending on changes in the industry sentiment.

Regarding the interim dividend, the Company is planning an increase from 6 yen 
to 7 yen per stock.  Part of the capital expenditure amount will be allocated 
for this dividend payment.