Non-Consolidated Financial Statements
For the Fiscal Year Ended March 31, 2002 		May 16, 2002


Nissho Iwai Corporation  
Listed stock exchange: the first sections of Tokyo, Osaka, and Nagoya
Headquarters: Osaka, Tokyo
Securities Code: No. 8063    
Contact Information: Seiichi Aoki, General Manager, Public Relations office
  Tel. (03) 5520-2400
Board of Directors' Meeting: May 16, 2002
Annual Shareholders' Meeting: June 26, 2002
The Company has a policy of paying interim dividends.
Trading unit of the Company consists 1,000 shares.



1.Non-Consolidated Business Results for the Fiscal Year Ended March 31, 2002
(1) Results of Operations
Net Sales Operating Income Recurring Profit
Millions of Yen % Millions of Yen % Millions of Yen %
March 31, 2002 3,675,718 -18.6 7,093 -48.4 7,668 -52.7
March 31, 2001 4,515,095 -24.7 13,739 -33.7 16,203 -32.8

Net Income EPS EPS
(Fully Diluted)		 ROE
(Net Income)		 ROA
(Recurring Profit)		 Recurring Profit to Net Sales
Millions of Yen % Yen Yen % % %
March 31, 2002 3,237 -54.6 3.70 3.55 1.6 0.4 0.2
March 31, 2001 7,123 26.6 8.15 7.75 3.5 0.7 0.4
Notes:
1. Average number of outstanding shares during the period: 874,417,331 shares (after deducting treasury stock)
preceding period: 874,433,379 shares
2. Changes in accounting policies during the period: YES
3. Percentages indicate changes in net sales, operating income, recurring profit and net income compared with the preceding fiscal year.

(2) Dividends
Total Dividends per Share Interim Dividends
per Share		 Year-End Dividends
per Share		 Total Dividends per Annum Payout Ratio Total Dividends to Shareholders' Equity Ratio
Yen Yen Yen Millions of Yen % %
March 31, 2002 0.00 0.00 0.00 0 -  - 
March 31, 2001 0.00 0.00 0.00 0 -  - 

(3) Financial Position
Total Assets Shareholders' Equity Shareholders' Equity Ratio (BPS)
Millions of Yen Millions of Yen % Yen
March 31, 2002 1,881,077 198,194 10.5 226.66
March 31, 2001 2,208,465 202,773 9.2 231.89
Notes:
1. Number of outstanding shares as of March 31, 2002 : 874,403,255 shares (after deducting treasury stock)
as of March 31, 2001 : 874,434,453 shares
 
2. Number of treasury stocks as of March 31, 2002 : 31,198 shares
  as of March 31, 2001 :   3,046 shares

2.Non-Consolidated Business Projections for the Fiscal Year Ending March 31, 2003
Net Sales Recurring Income Net Income Interim Dividends
per Share		 Year-End Dividends
per Share		 Total Dividends
per Share
Millions of Yen Millions of Yen Millions of Yen Yen Yen Yen
Interim period
ending September
30, 2002		 1,550,000 1,500 1,000 -  -  - 
Fiscal year ending
March 31, 2003		 3,000,000 3,000 2,000 -  -  - 
Projected net income per share for the fiscal year ending March 31, 2003: 2.29 yen

This report contains forward-looking statements, which reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those projected in the forward-looking statements due to factors such as changing economic environment, exchange rate fluctuations, M&A activities, and changes in competitive conditions as well as government regulations and litigation.

Note: Nissho Iwai Corporation and its consolidated domestic subsidiaries maintain their accounts and records in accordance with the provisions set forth in the Japanese Commercial Code and the Securities and Exchange Law and in conformity with accounting principles and practices generally accepted in Japan. The above statements are translated into English for the convenience of the readers outside Japan.

Consolidated Financial Statements
Non-Consolidated Financial Statements
Management Policy
Business Results and Financial Position

Although due care has been taken to ensure data accuracy, under no circumstances will Nissho Iwai Corporation be liable for any direct, indirect, special, incidental, consequential, or other damages based on any use of this financial report.


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