UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2008

Commission file number 0-12602

MAKITA CORPORATION

(Translation of registrant’s name into English)

3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x       Form 40-F  o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):  o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  o                No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-        

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 31, 2008

Makita Corporation

Consolidated Financial Results
for the six months ended September 30, 2008
(U.S. GAAP Financial Information)

 
 

(English translation of “KESSAN TANSHIN”
originally issued in Japanese language)

CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2008

October 31, 2008

Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President & Representative Director

1. Results of the six months ended September 30, 2008 (From April 1, 2008 to September 30, 2008)

(1) CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the six months ended								For the six months ended
		September 30, 2007								September 30, 2008
							%								%
Net sales			169,537				28.5				175,558				3.6
Operating income			33,899				58.5				36,047				6.3
Income before income taxes			34,468				58.1				34,453				0.0
Net income			23,596				53.3				24,851				5.3
		Yen
Net income per share			164.17								175.60

Notes:

The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, and net income against the corresponding period of the previous year.

(2) CONSOLIDATED FINANCIAL POSITION

		Yen (millions)
		As of				As of
		March 31, 2008				September 30, 2008
Total assets			386,467				382,000
Shareholders’ equity			316,498				316,519
Shareholders’ equity ratio to total assets (%)			81.9	%			82.9	%
		Yen
Shareholders’ equity per share			2,201.36				2,248.53

2. Dividend Information

		Yen
		For the year ended				For the year ending
		March 31, 2008				March 31, 2009
Cash dividend per share:
Interim			30.00				30.00
Year-end			67.00			(Note)
Total			97.00			(Note)

Notes:		1.	The forecast for cash dividend announced on April 30, 2008 has not been revised.
		2.	While the Company has set forth under the Articles of Corporation of the Company that the record date for the payment of dividend shall be the last day of a relevant period, at the present time, the projected amount of dividends as of the said record date has not been determined yet.
			For further details, refer to “Explanation regarding proper use of business forecasts, and other significant matters” on page 2.

			1
English translation of “KESSAN TANSHIN” originally issued in Japanese language

3. Consolidated Financial Forecast for the year ending March 31, 2009 (From April 1, 2008 to March 31, 2009)

		Yen (millions)
		For the year ending March 31, 2009
											%
Net sales			303,000								(11.6	)
Operating income			54,000								(19.4	)
Income before income taxes			50,200								(23.7	)
Net income			36,200								(21.4	)
		Yen
Net income per share							257.16

Note:		The consolidated financial forecast for the year ending March 31, 2009 has been revised.
		For details, refer to [Qualitative Information and Financial Statements] section 3 “Qualitative information on consolidated financial forecast” on page 4.
		The above forecast is based on the assumption of exchange rates of 95 yen to the U.S. dollar and 120 yen to the euro for the second half of the fiscal year.
		The above forecast is also based on information as available at the present time, and includes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided above.

4. Other

(1)		Changes in important subsidiaries during the period (Changes in specific subsidiaries accompanied by changes in scope of consolidation): None
(2)		Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements: Note: Refer to [Qualitative Information and Financial Statements] section 4 “Other” on page 4.
(3)		Changes in principles, procedures and disclosures of the accounting policies concerning quarterly consolidated financial statements preparation: Note: Refer to [Qualitative Information and Financial Statements] section 4 “Other” on page 4.
(4)		Number of shares outstanding (common stock)

1. Number of shares issued (including treasury stock):	As of September 30, 2008:	144,008,760
	As of March 31, 2008:	144,008,760
2. Number of treasury stock:	As of September 30, 2008:	3,241,663
	As of March 31, 2008:	235,135
3. Average number of shares outstanding:	As of September 30, 2008:	141,521,162
	As of September 30, 2007:	143,725,286

Explanation regarding proper use of business forecasts, and other significant matters

1.		The consolidated financial forecast for the year ending March 31, 2009 has been revised. Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] section 3 “Qualitative information on consolidated financial forecast” on page 4.
		The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.
2.		Makita’s basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or greater, with a lower limit on annual cash dividends of 18 yen per share. However, in the event special circumstances arise, computation of the amount of dividends will be based on consolidated net income after certain adjustments.
		The Board of Directors plans to meet in April 2009 for a report on earnings for the year ending March 31, 2009. At the time, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors plans to propose a dividend equivalent to at least 30% of net income. The Board of Directors will submit this proposal to the General Meeting of Shareholders scheduled for June 2009.
		The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income per share (after adjustments for special circumstances) and multiplied by 100.

			2
English translation of “KESSAN TANSHIN” originally issued in Japanese language

[Qualitative Information and Financial Statements]

1. Qualitative Information on Consolidated Operating Results

     For the six months (“the period”) ended September 30, 2008, the world’s economy has been characterized by financial instability caused in part by the sub-prime loan problems in the United States and by a steep rise in raw material prices, those have spilled over into the global economy, and the business climate is rapidly decelerating.

     What is more, the decrease in demand in the housing market is affecting Japan and the United States and also Western European countries, adding to the intensity of the market downturn.

     In such conditions, the Makita Group has expanded our product lines through the development of power tools such as hammer drills that are equipped with the low-vibration mechanisms which have an established reputation in technology, rechargeable tools that utilize lithium-ion batteries, and gardening equipment outfitted with mini 4-cycle engines.

     In production, we are moving forward with the expansion of the Romanian plant in Eastern Europe and construction of the second plant in Brazil in South America in order to reinforce global capacity and balance.

     In sales, we are also improving and developing sales and after-service networks by establishing and operating local subsidiaries in India and Colombia.

     In our consolidated financial results for the period, sales declined in the United States and Japan, but increased 3.6% over the same period of the previous year, to 175,558 million yen, because demand in emerging countries in Eastern Europe, Russia, Southeast Asia, Central and South America, and the Middle East remained strong.

     For the period, sales have risen continuously to a new record for the fourth consecutive period and sales have increased for eight consecutive period.

     In terms of earnings, operating income rose 6.3% compared to the same period of the previous year, to 36,047 million yen (ratio of operating income to net sales; 20.5%), income before income taxes amounted to 34,453 million yen, a 0.04% decline from the same period of the previous year (ratio of income before income taxes to net sales; 19.6%), and net income for the period amounted to 24,851 million yen (ratio of net income to net sales; 14.2%), up 5.3% from the same period of the previous year.

     Net sales by geographic area were as follows:

     In Japan, despite a recovery in the number of housing starts, the market environment continues to remain bleak, contributing to a decrease in sales to 24,378 million yen, down 5.0% from the same period of the previous year.

     In Europe, although sales in Western Europe fell into a downward trend, sales in Eastern Europe and Russia continued to expand, marking a 5.4% increase over the same period of the previous year to 83,131 million yen.

     In North America, sales via the home improvement channel remained steady in persistent stagnation in the U.S. housing market, thanks to having established a partnership with Home Depot U.S.A., Inc., the largest home improvement retailer in the United States, in March 2008. However, sales declined to 25,836 million yen, for a 10.7% decrease, due to a significantly weaker dollar versus the yen in foreign exchange markets for the same period of the previous year.

     In Asia, sales remained robust at 13,163 million yen in Southeast Asia, a 19.4% increase over the same period of the previous year.

     In other regions such as those in Central and South America which are growth countries with abundant resources, sales amounted to 10,579 million yen, a 30.1% increase compared to the same period of the previous year; while sales in the Middle East and Africa rose 15.2% to 9,964 million yen, and sales in Oceania climbed 2.8%, to 8,507 million yen.

     As a result above, the foreign sales ratio in the period ended September 30, 2008, rose to 86.1%, up 1.2 points from 84.9% in the same period of the previous year.

2. Qualitative Information on Consolidated Financial Position

     Compared to the end of the previous fiscal year, total assets at the end of this second quarter declined in value by 4,467 million yen to 382,000 million yen. The principal factor was because marketable securities were sold off, in order to acquire company’s own stock.

     Compared to the end of the previous fiscal year, liabilities declined in value by 4,363 million yen to 63,090 million yen. The key factor was a decrease in income taxes payable.

     Compared to the end of the previous fiscal year, shareholders’ equity increased in value by 21 million yen to 316,519 million yen.

			3
English translation of “KESSAN TANSHIN” originally issued in Japanese language

3. Qualitative Information on Consolidated Financial Forecast

     The forecast for the third quarter and for the fiscal year ending March 31, 2009 is based on the assumption that the financial instability caused by the sub-prime loan problem in the United States will stay not only in developed countries, but in the new emerging countries that have enjoyed steady growth, with the entire global economy is facing a period of contraction.

     The forecast is assumed on basis of continuing rise of raw materials price and in a continued strengthening of the yen.

     In the condition above, the previous forecast has been revised as follows.

Revised Forecast for consolidated performance during the fiscal 2009 (from April 1, 2008 to March 31, 2009)

		(Million yen)
																		Net income
										Income before								per share
		Net sales				Operating income				income taxes				Net income				(yen)
Outlook announced previously (A)			343,000				64,000				63,000				42,000				292.13
Revised forecast (B)			303,000				54,000				50,200				36,200				257.16
Change (B-A)			(40,000	)			(10,000	)			(12,800	)			(5,800	)			—
Percentage revision			(11.7	)%			(15.6	)%			(20.3	)%			(13.8	)%			—
Actual results for the previous year ended March 31, 2008			342,577				67,031				65,771				46,043				320.30

     The above forecast is based on the assumption of exchange rates of 95 yen to the U.S. dollar and 120 yen to the euro for the second half of the fiscal year.

     The above forecast is based on information as available at the present time, and includes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided above.

4. Other

(1)		Changes in important subsidiaries during the period (Changes in specific subsidiaries accompanied by changes in scope of consolidation): None
(2)		Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements:
		With regard to the income tax expenses, the Company computes interim income tax expense (benefit) by multiplying reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income before income taxes for the reporting period.
(3)		Changes in principles, procedures and disclosures of the accounting policies concerning quarterly consolidated financial statements preparation:
		Starting with this fiscal year, the Company has adopted the “Fair Value Measurements” pursuant to the Statement of Financial Accounting Standards No. 157. This Statement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The adoption did not give rise to any material effect on the Company’s consolidated financial position or results of operations.

			4
English translation of “KESSAN TANSHIN” originally issued in Japanese language

5. Consolidated Financial Statements

(1) Consolidated Balance Sheets

		Yen (millions)
		As of March 31, 2008								As of September 30, 2008
		Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			46,306								42,678
Time deposits			2,393								3,591
Marketable securities			49,443								34,865
Trade receivables-
Notes			2,950								3,011
Accounts			60,234								60,989
Less- Allowance for doubtful receivables			(1,018	)							(1,032	)
Inventories			112,187								120,210
Deferred income taxes			6,478								6,587
Prepaid expenses and other current assets			11,382								11,656
Total current assets			290,355				75.1	%			282,555				74.0	%
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			18,370								18,463
Buildings and improvements			64,268								63,311
Machinery and equipment			75,651								77,007
Construction in progress			2,765								6,436
			161,054								165,217
Less- Accumulated depreciation			(91,996	)							(91,206	)
			69,058				17.9	%			74,011				19.4	%
INVESTMENTS AND OTHER ASSETS:
Investment securities			18,034								15,927
Goodwill			2,001								1,994
Other intangible assets, net			2,240								2,372
Deferred income taxes			1,826								1,219
Other assets			2,953								3,922
			27,054				7.0	%			25,434				6.6	%
			386,467				100.0	%			382,000				100.0	%

			5
English translation of “KESSAN TANSHIN” originally issued in Japanese language

		Yen (millions)
		As of March 31, 2008								As of September 30, 2008
		Composition ratio								Composition ratio
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term borrowings			1,724								1,123
Trade notes and accounts payable			23,372								22,835
Other payables			5,640								6,149
Accrued expenses			7,982								6,585
Accrued payroll			8,096								7,772
Income taxes payable			7,518								5,374
Deferred income taxes			58								32
Other liabilities			5,266								5,239
Total current liabilities			59,656				15.4	%			55,109				14.4	%
LONG-TERM LIABILITIES:
Long-term indebtedness			908								861
Accrued retirement and termination allowances			3,716								3,353
Deferred income taxes			1,215								1,836
Other liabilities			1,958								1,931
			7,797				2.0	%			7,981				2.1	%
			67,453				17.4	%			63,090				16.5	%
MINORITY INTERESTS			2,516				0.7	%			2,391				0.6	%
SHAREHOLDERS’ EQUITY:
Common stock			23,805								23,805
Additional paid-in capital			45,753								45,752
Legal reserve			5,669								5,669
Retained earnings			249,191								264,410
Accumulated other comprehensive income (loss)			(7,657	)							(10,908	)
Treasury stock, at cost			(263	)							(12,209	)
			316,498				81.9	%			316,519				82.9	%
			386,467				100.0	%			382,000				100.0	%
		As of March								As of September
		31, 2008								30, 2008
Total number of shares authorized			496,000,000								496,000,000
Number of shares issued			144,008,760								144,008,760
Number of shares issued (excluding treasury stock)			143,773,625								140,767,097
Number of treasury stock			235,135								3,241,663

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English translation of “KESSAN TANSHIN” originally issued in Japanese language

(2) Consolidated Statements of Income

		Yen (millions)
		For the six months ended								For the six months ended
		September 30, 2007								September 30, 2008
							(%)								(%)
NET SALES			169,537				100.0				175,558				100.0
Cost of sales			98,847				58.3				100,824				57.4
GROSS PROFIT			70,690				41.7				74,734				42.6
Selling, general, administrative and other expenses			36,791				21.7				38,687				22.1
OPERATING INCOME			33,899				20.0				36,047				20.5
OTHER INCOME (EXPENSES):
Interest and dividend income			1,022								954
Interest expense			(166	)							(169	)
Exchange losses on foreign currency transactions, net			(125	)							(1,462	)
Realized gains (losses) on securities, net			8								(660	)
Other, net			(170	)							(257	)
Total			569				0.3				(1,594	)			(0.9	)
INCOME BEFORE INCOME TAXES			34,468				20.3				34,453				19.6
PROVISION FOR INCOME TAXES:
Current			10,168								7,686
Deferred			704								1,916
Total			10,872				6.4				9,602				5.4
NET INCOME			23,596				13.9				24,851				14.2

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English translation of “KESSAN TANSHIN” originally issued in Japanese language

(3) Condensed Consolidated Statements of Cash Flows

		Yen (millions)
		For the six months ended				For the six months ended
		September 30, 2007				September 30, 2008
Net cash provided by operating activities			13,803				14,222
Net cash provided by (used in) investing activities			(4,950	)			3,132
Net cash used in financing activities			(10,047	)			(22,511	)
Effect of exchange rate changes on cash and cash equivalents			(248	)			1,529
Net change in cash and cash equivalents			(1,442	)			(3,628	)
Cash and cash equivalents, beginning of period			37,128				46,306
Cash and cash equivalents, end of period			35,686				42,678

(4) Notes on the preconditions for a going concern: None

(5) Condensed Operating Segment Information

For the six months ended September 30, 2007
		Yen (millions)
																										Corporate
										North																and elimi-				Consoli-
		Japan				Europe				America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			35,281				78,871				28,792				5,511				21,082				169,537				—				169,537
(2) Inter-segment			34,085				2,707				2,342				48,684				106				87,924				(87,924	)			—
Total			69,366				81,578				31,134				54,195				21,188				257,461				(87,924	)			169,537
Operating expenses			57,352				68,485				30,016				47,603				18,240				221,696				(86,058	)			135,638
Operating income			12,014				13,093				1,118				6,592				2,948				35,765				(1,866	)			33,899
For the six months ended September 30, 2008
		Yen (millions)
																										Corporate
										North																and elimi-				Consoli-
		Japan				Europe				America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			35,371				83,192				26,062				6,009				24,924				175,558				—				175,558
(2) Inter-segment			33,454				2,792				2,809				51,597				79				90,731				(90,731	)			—
Total			68,825				85,984				28,871				57,606				25,003				266,289				(90,731	)			175,558
Operating expenses			59,925				70,438				27,726				50,201				20,881				229,171				(89,660	)			139,511
Operating income			8,900				15,546				1,145				7,405				4,122				37,118				(1,071	)			36,047

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English translation of “KESSAN TANSHIN” originally issued in Japanese language

(6) Notes in case there is any significant change in the shareholders’ equity

Consolidated Statement of Shareholders’ equity

		Yen (millions)
		For the six months ended
		September 30, 2008
COMMON STOCK:
Beginning balance			23,805
Ending balance			23,805
ADDITIONAL PAID-IN CAPITAL:
Beginning balance			45,753
Disposal of treasury stock			(1	)
Ending balance			45,752
LEGAL RESERVE:
Beginning balance			5,669
Ending balance			5,669
RETAINED EARNINGS:
Beginning balance			249,191
Cash dividends			(9,632	)
Net income			24,851
Ending balance			264,410
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Beginning balance			(7,657	)
Other comprehensive income (loss) for the period			(3,251	)
Ending balance			(10,908	)
TREASURY STOCK, at cost:
Beginning balance			(263	)
Purchases and disposal (Note)			(11,946	)
Ending balance			(12,209	)
TOTAL SHAREHOLDERS’ EQUITY			316,519

Note:

Purchases of treasury stock: In May 2008, the Company bought back 3 million shares of company’s own stock for 11,923 million yen in the market.

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English translation of “KESSAN TANSHIN” originally issued in Japanese language

SUPPORT DOCUMENTATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecast

		Yen (millions)
		For the six months								For the six months								For the six months
		ended September								ended September								ended September
		30, 2006								30, 2007								30, 2008
						(%)								(%)								(%)
Net sales			131,891				23.7				169,537				28.5				175,558				3.6
Domestic			22,927				14.5				25,649				11.9				24,378				(5.0	)
Overseas			108,964				25.8				143,888				32.1				151,180				5.1
Operating income			21,387				(17.4	)			33,899				58.5				36,047				6.3
Income before income taxes			21,796				(17.8	)			34,468				58.1				34,453				0.0
Net income			15,390				(40.4	)			23,596				53.3				24,851				5.3
Net income per share (Yen)			107.09								164.17								175.60
Cash dividend per share (Yen)			19.00								30.00								30.00
Dividend payout ratio (%)			17.7								18.3								17.1
Employees			9,077								10,093								10,799
										Yen (millions)
										For the year ended March 31, 2008								For the year ending March 31, 2009 (Forecast)
														(%)								(%)
Net sales											342,577				22.4				303,000				(11.6	)
Domestic											52,193				11.4				48,700				(6.7	)
Overseas											290,384				24.6				254,300				(12.4	)
Operating income											67,031				39.1				54,000				(19.4	)
Income before income taxes											65,771				33.3				50,200				(23.7	)
Net income											46,043				24.5				36,200				(21.4	)
Net income per share (Yen)											320.30								257.16
Cash dividend per share (Yen)											97.00								—
Dividend payout ratio (%)											30.3								—
Employees											10,436								—

Note:		The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before income taxes, and Net income against the corresponding period of the previous year.
		Please refer to page 4 for the qualitative information on the consolidated financial forecast for the year ending March 31, 2009.

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English translation of “KESSAN TANSHIN” originally issued in Japanese language

2. Consolidated Net Sales by Geographic Area

		Yen (millions)
		For the six months ended								For the six months ended								For the six months ended
		September 30, 2006								September 30, 2007								September 30, 2008
						(%)								(%)								(%)
Japan			22,927				14.5				25,649				11.9				24,378				(5.0	)
Europe			56,558				35.3				78,865				39.4				83,131				5.4
North America			24,513				18.7				28,942				18.1				25,836				(10.7	)
Asia			9,776				15.4				11,021				12.7				13,163				19.4
Other regions			18,117				15.4				25,060				38.3				29,050				15.9
Central and South America			5,931				16.4				8,134				37.1				10,579				30.1
The Middle East and Africa			6,203				21.2				8,650				39.4				9,964				15.2
Oceania			5,983				9.1				8,276				38.3				8,507				2.8
Total			131,891				23.7				169,537				28.5				175,558				3.6

Note:

The table above sets forth Makita’s consolidated net sales by geographic area based on the customer’s location for the periods presented. Accordingly, it differs from operating segment information on page 8.

3. Exchange Rates

		Yen
		For the six				For the six				For the six				For the six				For the year
		months ended				months ended				months ended				months ending				ending March
		September 30,				September 30,				September 30,				March 31, 2009				31, 2009
		2006				2007				2008				(Forecast)				(Forecast)
Yen/U.S. Dollar			115.38				119.40				106.12				95				101
Yen/Euro			146.01				162.33				162.80				120				141

4. Sales Growth in local currency basis (Major countries)

		For the six months ended
		September 30, 2008
		(%)
U.K.			(0.9	)
Germany			5.8
France			(0.7	)
Russia			22.3
U.S.A.			(3.0	)
China			14.1
Brazil			42.5
Makita Gulf (UAE) *			35.5
Australia			10.3

*Including export sales for the Middle East and Africa.

			11
English translation of “KESSAN TANSHIN” originally issued in Japanese language

5. Production Ratio (unit basis)

		For the six months ended				For the six months ended				For the six months ended
		September 30, 2006				September 30, 2007				September 30, 2008
		(%)				(%)				(%)
Domestic			27.9				24.0				20.2
Overseas			72.1				76.0				79.8

6. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost

		Yen (millions)
		For the six months				For the six months				For the six months				For the year ended
		ended September				ended September				ended September				March 31, 2009
		30, 2006				30, 2007				30, 2008				(Forecast)
Capital expenditures			4,873				7,161				9,827				22,000
Depreciation and amortization			3,715				3,879				4,426				10,000
R&D cost			2,605				2,826				3,493				7,100

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English translation of “KESSAN TANSHIN” originally issued in Japanese language