Financial Information: Annual Report 2004

	Consolidated Balance Sheets
	NSK Ltd. and Subsidiaries

			Millions of yen		Thousands of U.S. dollars (Note 2)
As of March 31			2004	2003	2004
Assets
Current assets:
	Cash and cash equivalents		¥58,993	¥58,938	$556,538
	Short-term investments (Note 3)		1,726	1,199	16,283
	Notes and accounts receivable:
		Affiliated companies	1,143	2,437	10,783
		Trade	120,064	111,076	1,132,679
		Less allowance for doubtful receivables	(1,252)	(1,276)	(11,811)
	Inventories (Note 4)		75,905	83,487	716,085
	Deferred tax assets (Note 7)		11,447	5,999	107,991
	Other current assets		27,463	23,886	259,085
Total current assets			295,491	285,749	2,787,651
Non-current assets:
	Property, plant and equipment, at cost (Notes 5 and 9):
		Land	26,426	22,915	249,302
		Buildings	150,426	145,645	1,419,113
		Machinery and equipment	430,884	422,828	4,064,943
		Construction in progress	9,108	7,102	85,925
			616,845	598,491	5,819,292
		Less accumulated depreciation	(420,034)	(399,856)	(3,962,585)
	Property, plant and equipment, net		196,810	198,635	1,856,698
	Excess of cost over net assets acquired		5,272	-	49,736
	Investments in and advances to affiliated companies		33,579	42,891	316,783
	Investment securities (Notes 3 and 9)		54,903	36,805	517,953
	Deferred tax assets (Note 7)		3,619	5,325	34,142
	Prepaid pension cost (Note 10)		22,223	14,842	209,651
	Other non-current assets		9,975	8,848	94,104
Total non-current assets			326,386	307,349	3,079,113
Total assets			¥621,877	¥593,098	$5,866,764

				Millions of yen		Thousands of U.S. dollars (Note 2)
As of March 31				2004	2003	2004
Liabilities and shareholders’ equity
Current liabilities:
	Short-term debt (Notes 6 and 9)			¥75,249	¥87,265	$709,896
	Current portion of long-term debt (Note 9)			39,157	15,837	369,406
	Notes and accounts payable (Note 9):
		Affiliated companies		15,414	21,732	145,415
		Trade		68,299	65,649	644,330
	Accrued income taxes (Note 7)			6,708	3,816	63,283
	Accrued expenses and other current liabilities (Note 8)			40,759	33,012	384,519
Total current liabilities				245,588	227,314	2,316,868
Long-term liabilities:
	Long-term debt (Note 9)			132,141	164,677	1,246,613
	Accrued employees’ retirement benefits (Note 10)			17,316	6,503	163,358
	Accrued officers’ retirement benefits			1,729	1,668	16,311
	Deferred tax liabilities (Note 7)			16,722	2,756	157,755
	Other long-term liabilities			7,638	7,875	72,057
Total long-term liabilities				175,548	183,481	1,656,113
Minority interests				12,077	11,736	113,934
Shareholders’ equity (Notes 11 and 16):
	Common stock, without par value:
		Authorized:
			2004 - 987,244,000 shares
			2003 - 987,244,000 shares
		Issued:
			2004 - 551,268,104 shares	67,176	-	633,736
			2003 - 551,268,104 shares	-	67,176	-
	Additional paid-in capital			77,923	77,923	735,123
	Retained earnings			58,856	48,366	555,245
	Unrealized holding gain on securities			19,127	5,133	180,443
	Translation adjustments			(30,061)	(23,670)	(283,594)
	Less treasury stock, at cost			(4,361)	(4,362)	(41,142)
Total shareholders’ equity				188,662	170,566	1,779,830
Commitments and contingencies (Note 13)
Total liabilities and shareholders’ equity				¥621,877	¥593,098	$5,866,764
The accompanying notes are an integral part of these statements.