Revised Business Results

Maruwa Co Ld
9 February 2001


Note) Following notice is in relation to the financial results forecast
originally announced on November 10th 2000 in accordance with a requirement of
the Tokyo and Nagoya Stock Exchange.

(Translation)

Notice Regarding Revision of Business Results

In consideration of the recent business climate, the financial results forecasts
for fiscal 2001 (year to March 31st, 2001) announced at the time of the interim
report on November 10th 2000 was revised as indicated below:

(1) Consolidated Financial Result

Revision of Fiscal Year results forecasts for fiscal 2001 
(year to March 31st 2001)

                                                            (Million of yen)
                                    Net Sales    Ordinary Income    Net Income
Previously Announced Forecast (A)    17,200           3,600            2,250
 Revised Forecast (B)                16,200           3,670            2,320
     Change (B-A)                    -1,000              70               70
     Change ( % )                      -5.8%              2%             3.1%

(2) Non-Consolidated Financial Results

Revision of Fiscal Year results forecasts for fiscal 2001 
(year to March 31st 2000 )

                                                            (Million of yen)
                                    Net Sales     Ordinary Income   Net Income
Previously Announced Forecast (A)    12,600            1,960         1,020
   Revised Forecast (B)              11,400            1,790           875
     Change (B-A)                    -1,200             -170          -145
     Change %                          -9.5%            -8.7%         14.2%


*Overseas Listing cost was reflected as an extraordinary expense for the
calculation of the above Net Income.

(3) Reason for Revision

The reason for the revision of the Net Sales is due to a sudden change in the
balance of supply and demand since the latter half of last year. Effect of
production adjustments by Taiwanese power supply manufacturers was the main
reason. 
However, placing importance on profit figures over sales figures, the company
sought reduction of production costs and promoted concentration of
high-profit-making products. As a result, Net Income is expected to exceed the
initial  forecast figure. The decrease in profit of non-consolidated financial
result is due to change of sales of Circuit Ceramic Products previously
purchased from Malaysia Factory to direct sales. 
The construction began this year for the new factory initially planned for next
year.  As a result, it is expected that mass production capacity will be ready
for next year when the products sold are to undergo recovery. And with launch of
new products, business is expected to yield much contribution.