Exhibit 8.1

Principal Subsidiaries:

	Country of	Voting rights owned by us, directly
Name	Incorporation	or indirectly
Nissin Servicer Co., Ltd.	Japan		74.6	%
NIS Securities Co., Ltd.	Japan		100.0
Nissin Leasing (China) Co., Ltd.	China		100.0
Aprek Co., Ltd.	Japan		69.3
NIS Lease Co., Ltd.	Japan		100.0
NIS Property Co., Ltd.	Japan		100.0
Nissin Insurance Co., Ltd.	Japan		100.0
NIS Real Estate Co., Ltd.	Japan		100.0
Woodnote Corporation	Japan		64.0