Company Report 2002-2003

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1 ) YEAR 2003 SALES ACTIVITIES
With our great thanks to all of our clients and business partners, Fujiyama Trading Ltd could close year 2003 with the highest record sales throughout the company' history.

Our sales reached the amount of JPY4.3 billion (US$ 37.4 million) and 90% of sales accounted for export and overseas business. Although there was apprehension about the influence of SARS during this financial term, orders from our customers have been going up constantly.

There were also many positive factors, including expansion of used vehicles business stimulated by new emission control here in Japan, and the increase of sales in a new field, such as construction machineries.Thanks to the effect of these factors the annual company sales have exceeded JPY4 billion, which exceeded our expectations.
office
2) NEW OFFICE
The head office was relocated in October 2003. Now our office occupies the seventh floor of Asahi Seimei Yokohama Building.

As our new office is twice as specious as the previous one, the business efficiency is likely to go up and mistakes in paper work can be minimized. Moreover, we have introduced an optical fiber networking system and the external server system to have more speedy communication and better security.

Introduction of IP telephone is also planned further this term.
3) YEAR 2003 FINANCIAL RESULT
Based on good performance of Year 2003, we could strengthen our own capital share up to 40%.

Our liquid assets are also pretty high standing at 90% out of our total assets, so we do not have any unnecessary investments, lands & buildings, nor shares & stocks.
4) COMPANY SHARE HOLDING UPDATED
We have performed the stock rearrangement, and decided to make a clearance for the former President Shinohara and G-trading stocks. Therefore, we do not hold G-trading stocks anymore. The present stock composition of our company is as follows.
Yoshiharu Warashina : 35%
Masahiko Samata : 40%
Katusufumi Abe : 25%
Note: Warashina and Abe contain by family possession
5) YEAR 2004 FORECAST
Sales performance in September 2003 already reached around JPY 500 million as a good start.

Although it is under unforeseen circumstances, we forecast approximately JPY400-500 million (US$3.5 - 4.3 million) sales this term.

As in previous years based on the same policy, we will try our best to keep our clients satisfied with our services and keep steady growth for future without compromising any progress that we should achieve.