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To Our Shareholders and Investors (2014)

Junichi Takahashi, President & Representative Director

  I'd like to take this opportunity to thank you sincerely for your continued support.

  As the core of the agrichemical business of Idemitsu Kosan Co., Ltd., SDS Biotech K.K. has made efforts for research and development toward manufacturing of safe and useful products for all customers. And it has endeavored to expand the business not only in Japan but also in the global agrichemical market, particularly in Asia.

  Japan's agrichemical market is approaching maturity, and in this context, it is difficult to expect great expansion of that market. Meanwhile, the global agrichemical market is tending to grow associated with the increasing demand for agricultural products along with global population growth and the economic development of emerging countries. Under these circumstances, we converted India-based SDS Ramcides CropScience Private Limited (Ramcides) to our subsidiary in January 2013 and since then we have strived to establish a system for expanding sales in the Asian market. As a result, backed by contribution of sound sales from Ramcides and sales of new products in Japan as well as higher income from the export business caused by a weaker yen, the Group's net sales for FY2013 were 13,034 million yen and operating income was 1,128 million yen.
  Furthermore, in March 2014, we made an investment and entered into a business alliance with two Chinese companies in order to strengthen the supply system of fungicide "Daconil" for overseas markets, one of our core products. With this business arrangement, we will accelerate global development more than ever and enhance the earning power in the global business.

  Under our important policy of returning profits to our shareholders and based on our basic principle, we will continue to constantly distribute dividends in consideration of mid- and long-term earnings, etc., for continuous development of our business.

  We will pursue business activities while being thoroughly committed to our management philosophy and aim to be a company that is capable of satisfying the expectations and trust of all our stakeholders and investors.

  We would greatly appreciate your continued guidance and support in our endeavors.

   March 2014
   Junichi Takahashi
   President & Representative Director