Securitization of Receivables

12 Months Ended

Mar. 31, 2011

17. SECURITIZATION OF RECEIVABLES

The Company sold trade receivables to investors through independent securitization trusts until the year ended March 31, 2009. There were no receivables sold at March 31, 2011 and 2010.

The Company recognized a pretax loss resulting from the sale of trade receivables of ¥679 million for the year ended March 31, 2009.

The Company continued to service the receivables for a fee based on a percentage of the receivables transferred. The investors and the securitization trusts had no recourse to the Company's assets for failure of debtors to pay when due.

The following table summarizes certain cash flows received from securitization trusts:


(¥ in millions)
For the years ended March 31:	2011		2010		2009
Proceeds from collections reinvested in revolving-period securitizations	¥	—	¥	—	¥	55,561
Servicing fees received		—		—		230

- Definition

Provides the disclosures pertaining to a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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