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| (1)Major subsidiaries | |||||
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| Company name | Capital (¥ Million) |
Number of employees | Ratio of shareholdings (%) |
Major lines of business | |
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| Heiwa Kosan Co., Ltd. | 30 | 100 | Warehousing, paper processing | |
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| Tsujiwa Co., Ltd. | 10 | 100 | Wholesaling of Japanese papers | |
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| Heiwa Paper Co., (Hong Kong) Ltd. |
0.8 (HK $ million) |
100 | Wholesaling of Japanese and other papers | |
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| Heiwa Paper (Shanghai) Co., Ltd. |
1.3 (US $ million) |
100 | Sale of processed and other papers | |
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