Revision of Business Results

Maruwa Co Ld
7 May 2002


                                                                   May 7th 2002
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 November 9th 2001 were revised as indicated below.

(1) Consolidated Financial Results

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        10,692                 511                 340
    Forecast (A)
Revised Forecast (B)        10,000               (1,000)             (1,200)
    Change (B-A)             (692)               (1,511)             (1,540)
    Change (%)               -6.5%                 --                   --
Previous Results for        16,099                3,885               2,631
Fiscal 2001 (year to
  March 31st, 2001)

(2) Non-Consolidated Financial Results

Revision of Fiscal Year results forecasts for fiscal 2002 (year to March 31st
2002)
                                                                (Million of yen)
                           Net Sales        Ordinary Income    Fiscal Net Income

Previously Announced         7,588                 359                 234
    Forecast (A)
Revised Forecast (B)         7,400                (160)               (190)
    Change (B-A)             (188)                (519)               (424)
    Change (%)               -2.5%                 --                   --
Previous Results for        11,108                1,638                893
Fiscal 2001 (year to
  March 31st, 2001)

(3) Reasons for Revision

The electronic components industry, to which the Company belongs, has shown the 
sign of progress in production control and inventory adjustment since entering 
this year. However, particularly in overseas markets, the industry remains in a 
severe state. Although having endeavored to strengthen a production structure by
promoting thorough fixed cost cutting, in addition to order slowdown from 
IT-related companies, the Company was pressed for harsh response to return of 
products even shipped in last term ostensibly for inventory adjustments mainly 
from the overseas customers in Taiwan and Europe.

As facing the terminal accounts, the Company drastically disposed of long-term 
stay inventories, especially products returned during this term, in order to 
promote more transparent and resilient management in next term.  Also, as for 
precious metal, which a consolidated subsidiary possesses as product material, a
significant drop in its market price caused a heavy loss. For these reasons, 
both ordinary income and net income are likely to be lower than the expectation
announced in November 2001.

End





                      This information is provided by RNS
            The company news service from the London Stock Exchange