Annual Report - Makita Corporation Global Site

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Foreign currency contracts; Japanese yen (In millions, except average contractual rates) U.S. dollars (In thousands) 2008 2009 2009 Average Average Contract contractual Contract contractual Contract amounts Fair Value rates amounts Fair Value rates Amounts Fair Value US$/Yen ¥ 4,614 ¥ 155 ¥ 103.32 ¥ 9,324 ¥ (368 ) ¥ 94.31 $ 94,181 $ (3,717) euro/Yen 5,816 (37) 156.63 5,495 (397) 121.04 55,505 (4,010) A$/Yen 418 7 92.83 294 (20) 62.61 2,969 (202) STG£/Yen 228 10 206.88 105 (4) 135.39 1,061 (40) SFR/Yen - - - 332 (10) 83.02 3,353 (101) CAN$/Yen - - - 155 (1) 77.66 1,566 (10) euro/STG£ 3,804 (108) - 1,888 4 - 19,071 40 US$/STG£ - - - 17 - - 172 - US$/euro 1,288 (36) - 1,380 (44) - 13,940 (445) STG£/euro - - - 5 - - 51 - US$/A$ 450 4 - 136 (1) - 1,374 (10) Total ¥ 16,618 ¥ (5) ¥ 19,131 ¥ (841) $ 193,243 $ (8,495) Foreign currency swaps: US$/Yen ¥ 7,840 ¥ 353 ¥ 105.94 ¥ 3,462 ¥ (104 ) ¥ 96.16 $ 34,970 $ (1,051) euro/Yen 1,860 32 161.73 2,073 (217 ) 118.48 20,939 ( 2,191) SFR/Yen 201 - 100.35 - - - - - Total ¥ 9,901 ¥ 385 ¥ 5,535 ¥ (321 ) $ 55,909 $ (3,242) Options purchased to sell foreign currencies: US$/Yen ¥ 202 ¥ 7 ¥ 101.23 ¥ 188 ¥ 4 ¥ 93.91 $ 1,899 $ 40 Total ¥ 202 ¥ 7 ¥ 188 ¥ 4 $ 1,899 $ 40 Options written to buy foreign currencies: US$/Yen ¥ 208 ¥ (2) ¥ 103.99 ¥ 190 ¥ (11) ¥ 94.94 $ 1,919 $ (111 ) Total ¥ 208 ¥ (2) ¥ 190 ¥ (11) $ 1,919 $ (111) Item 12. Description of Securities Other than Equity Securities Not applicable 75
PART II Item 13. Defaults, Dividend Arrearages and Delinquencies None Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds None Item 15. Controls and Procedures A. Disclosure controls and procedures Makita performed an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the FY2009. Disclosure controls and procedures (as such term is defined in Rules 13-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended the “Exchange Act”) are designed to ensure that the material financial and non-financial information required to be disclosed in the reports that Makita files under the Exchange Act is accumulated and communicated to its management including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures also ensure that the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. The evaluation was performed under the supervision of Makita’s Chief Executive Officer and Makita’s Chief Financial Officer. Makita’s disclosure, controls and procedures are designed to provide reasonable assurance of achieving its objectives. Managerial judgment was necessary to evaluate the cost-benefit relationship of possible controls and procedures. Its Chief Executive Officer and Chief Financial Officer have concluded that Makita’s disclosure controls and procedures are effective. B. Management’s annual report on internal control over financial reporting Makita’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 76
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UNITED STATES SECURITIES AND EXCHAN
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Indicate by check mark whether the
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Exchange rates (Japanese yen amount
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In particular, currency exchange ra
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Makita may not be able to protect i
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Item 4. Information on the Company
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Products The following table sets f
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Principal Markets, Distribution and
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In recent years, in the U.S. power
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C. Organizational structure As of M
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Item 4A. Unresolved Staff Comments
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Currency Fluctuations Makita is aff
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In Asia, sales were favorable in th
Page 39 and 40: As the Company operates using only
Page 41 and 42: FY2008 compared to FY2007 Net Sales
Page 43 and 44: Selling, General and Administrative
Page 45 and 46: CRITICAL ACCOUNTING POLICIES As dis
Page 47 and 48: performs comprehensive market resea
Page 49 and 50: For the balance of deferred income
Page 51 and 52: Maintaining the level of Makita’s
Page 53 and 54: Makita also expects a longer period
Page 55 and 56: FY2008 Cash Flows Net cash provided
Page 57 and 58: Makita has developed the Optimum Ch
Page 59 and 60: G. Safe harbor All information is n
Page 61 and 62: Shinichiro Tomita Current Position:
Page 63 and 64: The Company had an unfunded retirem
Page 65 and 66: The total number of shares of the C
Page 67 and 68: To the knowledge of the Company, it
Page 69 and 70: According to this basic policy, the
Page 71 and 72: C. Markets See Item 9.A. D. Selling
Page 73 and 74: The Companies Act specifically requ
Page 75 and 76: Restriction on dividends from Surpl
Page 77 and 78: than 8 weeks from the day of such d
Page 79 and 80: purchase price or any other conside
Page 81 and 82: however, affect transactions betwee
Page 83 and 84: Japanese Taxation The following is
Page 85 and 86: treated as U.S. source ordinary inc
Page 87 and 88: A Non-U.S. Holder generally will no
Page 89: Item 11. Quantitative and Qualitati
Page 93 and 94: Report of Independent Registered Pu
Page 95 and 96: The Board of Statutory Auditors of
Page 97 and 98: position of the chief executive off
Page 99 and 100: of the voting rights represented at
Page 101 and 102: Makita Corporation and Subsidiaries
Page 103 and 104: MAKITA CORPORATION AND SUBSIDIARIES
Page 109 and 110: 1. DESCRIPTION OF BUSINESS MAKITA C
Page 111 and 112: (g) Property, Plant and Equipment a
Page 113 and 114: (p) Impairment of Long-Lived Assets
Page 115 and 116: are accounted for under SFAS No. 13
Page 117 and 118: Yen (millions) Gross Unrealized Hol
Page 119 and 120: The following table shows the gross
Page 121 and 122: Maturities of debt securities class
Page 123 and 124: 9. INCOME TAXES Income before incom
Page 125 and 126: Significant components of deferred
Page 127 and 128: 10. RETIREMENT AND TERMINATION BENE
Page 129 and 130: Measurement date The Company uses a
Page 131 and 132: 11. SHORT-TERM BORROWINGS AND LONG-
Page 133 and 134: 13. OTHER COMPREHENSIVE INCOME (LOS
Page 135 and 136: 14. U.S. dollars (thousands) Tax be
Page 137 and 138: 16. FAIR VALUE MEASUREMENTS In this
Page 139 and 140: The amount of gain or (loss) recogn
Page 141 and 142:
(f) Limitation The fair value estim
Page 143 and 144:
There are no individually material
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