Update : Dec. 29, 2011
[Tokyo Stock Exchange, Inc.]
An Improvement Report has been made available for public inspection as follows.
|1. Company Name||
Daio Paper Corporation
(Code: 3880, Market Division: 1st Section)
|2. Public Inspection Period||From Dec. 30, 2011 (Fri.) to Dec. 29, 2016 (Thu.)|
Securities Listing Regulations, Rule 502, Paragraph 4
(Public Inspection of Improvement Report)
|3. Reason for Submission||
On Dec. 12 and 14, 2011, Daio Paper Corporation (hereinafter "the Company") disclosed a summary of corrections to its earnings reports (kessan tanshin), etc. of past fiscal years. It revealed that the Company had disclosed financial statements in which significant corrections were required. The Company performed such actions as (1) failing to post allowance for doubtful accounts related to the loan from some of the Company's consolidated subsidiaries to the former Chairman and Representative Director for his personal use and (2) engaging in false accounting procedures regarding deferred income tax asset and the impairment loss of unlisted affiliated companies' stocks for past fiscal years.
This was a case of insufficient disclosure arising from deficiency in the system and framework in the Company for performing timely disclosure appropriately and improvements to said system and framework are deemed to be significantly required. Therefore, TSE requested the Company to submit a report containing the background to this insufficient disclosure and improvement measures of said system and framework.
* After submission of the Improvement Report by the Company, in addition to making such report available for public inspection in the Information Terrace in TSE Arrows, it will also be made available on the TSE website and through the TDnet database service.
Information on the systems and frameworks regarding Improvement Reports and such reports that are currently available for public inspection can be found on the following page of the TSE website (http://www.tse.or.jp/listing/kaizen/index.html) (available only in Japanese).
DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Tokyo Stock Exchange Group, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.
Tokyo Stock Exchange, Inc.
Listed Company Services