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The fair value of land is determined based on official notice prices that are assessed and published by the Commissioner of the National Tax Administration, as stipulated in Article 2, paragraph 3 of the Ordinance Implementing the Law Concerning Land Revaluation. Reasonable adjustments, including those for the timing of assessment, are made to the official notice prices. 

According to the Law, the Company and consolidated subsidiaries are not permitted to revalue the land after April 1, 2002. Such unrecorded gain on revaluation at March 31, 2003 was ¥209 million (US$ 1,739 thousand). 

## 10. Short-Term Borrowings and Long-Term Debts 

Short-term borrowings at March 31, 2003 and 2002 consisted of the following: 

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