content_image/46634.jpg content_image/46633.jpg content_image/46632.jpg content_image/46631.jpg
Annual maturities of long-term debt at March 31, 2003, were as follows: 

<img src='content_image/46634.jpg'>

The following assets were pledged as collateral for short-term debt at March 31, 2003: 

<img src='content_image/46633.jpg'>

The following assets were pledged as collateral for long-term debt at March 31, 2003: 

<img src='content_image/46632.jpg'>

## 9. RETIREMENT BENEFITS 

Employees who terminate their services with the Company are, under most circumstances, entitled to receive lump-sum retirement benefits based upon their rates of pay at the time of termination, years of service and certain other factors. 

However, an employee who terminates at 50 years of age or older with service of at least 20 years is entitled to receive an annuity from the trustee under the pension plan which covers such employees. If the annuity does not reach the level of total retirement benefits due, the remainder would be paid by the Company. 

Certain consolidated subsidiaries also have severance payment and pension plans similar to those of the Company. 

Retirement benefits include retirement benefits to directors, offi- cers and corporate auditors in the amount of ¥271 million ($2,259 thousand) and ¥196 million for the years ended March 31, 2003 and 2002, respectively. The retirement benefits to directors and cor- porate auditors are paid subject to the approval of the shareholders. 

The liability for employees’ retirement benefits at March 31, 2003 and 2002, consisted of the following: 

<img src='content_image/46631.jpg'>

