MIRA
INFORM REPORT
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Report Date : |
2nd
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AISAN
INDUSTRY CO LTD |
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Registered Office : |
1-1-1
Kyowacho Ohbu City Aichi-Pref 474-8588, Japan. |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
December,
1938 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer
of carburetors, engine valves, other automotive
parts |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
Yen 5,866.6 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
AISAN
INDUSTRY CO LTD
REGD NAME
Aisan
Kogyo KK
MAIN OFFICE
1-1-1
Kyowacho Ohbu City Aichi-Pref 474-8588 JAPAN
Tel :
0562-47-1131
Fax : 0562-47-1150
*.. The
given address is its Toyota Plant at: 635-30 Komugio Nishi-Hirosecho Toyota
City Aichi-Pref
URL : http://www.aisan-ind.co.jp/
E-Mail address :
post@aisan-ind.co.jp
ACTIVITIES
Mfg of carburetors, engine valves, other automotive parts
BRANCHES
Tokyo, Osaka, Hamamatsu, Hiroshima, Sapporo
OVERSEAS
Detroit (USA), Shanghai (China), Seoul (Korea), Brussels (Belgium)
FACTORY(IES)
At the caption address, Anjo, Toyota
OVERSEAS
USA, Indonesia, China (3), France, Korea, Czech (2) (See REGISTRATION)
CHIEF EXEC
YOSHITO KATO, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 156,693 M
PAYMENTS REGULAR CAPITAL Yen 7,351 M
TREND STEADY WORTH Yen 63,325 M
STARTED 1938 EMPLOYES 5,447
COMMENT
MFR SPECIALIZING IN AUTOMOTIVE PARTS, AFFILIATED WITH TOYOTA
MOTOR. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 5,866.6 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company is a leading carburetor mfr, affiliated with
Toyota Motor Corp (See REGISTRATION). Electronic fuel injection parts as
mainline. Third in engine valves.
Emphasis on application of
electronic technology. Diversifying
into other lines, such as parking systems, deodorizing equipment etc. Overseas investment aggressive. Orders from VW of Germany on the rise,
putting its revenues all time high.
Expanding sales to other than Toyota Motor, with non-Toyota sales
growing to nearly 40% due partly to lower unit sale price to Toyota. Reportedly, technical assistance agreement
for fuel pumps signed with Russian automakers, DSK and Motorika.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 156,693
million, a 13.2% up from Yen 138,385 million in the previous term. This is attributed to higher automobile
production together with strengthening sales activities targeting car mfrs
throughout the world. Engine parts
expanded backed by Toyota’s accelerating production hike. Unit prices of canisters rose due to tighter
regulations in N America. Core items of
throttle bodies, fuel pump module and canisters continued in rising demand. The recurring profit was posted at Yen 7,381
million and the net profit at Yen 4,029 million, respectively, compared with
Yen 7,137 million recurring profit and Yen 4,250 million net profit,
respectively, a year ago. The
deteriorated net profit reflects steep rise in materials prices, including fuel
oil prices, increased expenses for quality assurance in line with rapidly
expanded production, offsetting effects of sales increase & cost-reduction
efforts company-wide.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 7,700 million and the net profit at Yen 3,100 million, on a
10.4% rise in turnover, to Yen 173,000 million. Engine parts continuing growth, led by production boost by
Toyota.
First Half results ending Sept/2006: Sales Yen 84,886 million (up
13.9%), operational profit Yen 3,780 million (16.2%), recurring profit Yen
3,852 million (21.6%), net profit Yen 696 million (down 60.2%). (% compared with the same period previous
term). Demand for core items of fuel
pump modules, canisters and throttle bodies continued rising.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 5,866.6 million, on 30 days normal terms.
REGISTRATION
Date Registered : Dec 1938
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
190 million shares
Issued :
55,059,496 shares
Sum :
Yen 7,260 million
Major shareholders (%)
Toyota Motor Corp*(32.7),Toyota Industries (17.3), Japan Trustee
Services Bank T (5.6), Master Trust Bank of Japan T (4.1), Trust & Custody
Services Bank (3.2), SMBC (2.8), Mitsui Sumitomo Ins (1.6), Employees’
S/Holding Assn (1.5), Nippon Life Ins (1.0), Mitsubishi UFJ Trust Bank (0.8);
foreign owners (3.3)
No. of shareholders: 5,098
*.. World’s big 3 automakers, Toyota City Aichi-Pref, founded
1937, listed Tokyo, Osaka, Nagoya, New
York, London S/E’s, capital Yen 397,050 million, turnover Yen 21,036,909
million, recurring profit Yen 2,037,860 million, net profit Yen 1,372,180
million, total assets Yen 28,731,595 million, net worth Yen 10,560,449 million,
employees 285,977, pres Katsuaki Watanabe
Listed on the S/Exchange (s) of: Tokyo, Nagoya
Managements
Yoshito Kato, pres & CEO; Toyohiko Inoue, s/mgn dir; Ryoichi
Sato, mgn dir; Yukito Hasegawa, mgn dir; Hiroshi Iwahana, mgn dir; Michikatsu
Satoh, mgn dir; Kaneo Imamura, dir; Kenji Kasamatsu, dir; Kozo Nomura, dir;
Shoji Kawakami, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies
Franklin Precision Industry Inc, others (total 19 as of Mar/06)
Overseas affiliates:
Franklin Precision Industry Inc (USA), mfg throttle bodies, carbon
canisters, fuel pumps;PT Asian Nasmoco Industri (Indonesia), mfg throttle
bodies, carbon canisters;
Tianjin Aisan Automobile Parts Co Ltd (China), mfg throttle
bodies, carbon canister;
Aisan (Tianjin) Auto Parts Co Ltd (China); mfg throttle bodies,
carbon canisters;
Aisan (Foshan) Auto Parts Co Ltd (China), mfg throttle bodies,
carbon canisters, engine valves;
Hymdam Industrial Co Ltd (Korea), mfg fuel pumps & fuel pump
modules;
Aisan Bitron Europe SA (France), mfg fuel pump modules;
Aisan Bitron Czech sro (Czech), mfg fuel pumps;
Aisan Bitron Louny sro (Czech), mfg throttle bodies.
OPERATION
Activities: Manufactures automotive engine parts:
(Sales breakdown by divisions).
Electronic Fuel Injectors (52%):
throttle
bodies, fuel pumps, fuel injectors, fuel pump modules, intake modules,
accelerator pedal modules, EFI (Electronic Fuel Injection) system for
motorcycles & scooters, carbon canisters;
Carbon Canisters (14%); Engine
Valves (8%); Carburetors (3%); other parts (18%);
Non-Automotive Parts (5%): parking systems, deodorizing
equipment, others.
Overseas sales ratio 32.6%: N America (USA &
Canada) 14.1%; Asia (China, Korea, Indonesia) 11.7%; Others 6.8%).
Clients
[Automakers] Toyota Motor, Mitsubishi Motors, Daihatsu Motor,
Suzuki Motor, Yamaha Motor, Toyota Industries, Mazda Motor, Nissan Motor, Hino
Motors, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Toyota Tsusho, Kohwa Precision Ind, Daishin,
Miyama Seiko, Aido Kogyo, other.
Payment record
Regular
Location
Light industrial area in Ohbu City, Aichi-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (Nagoya)
SMBC (Nagoya)
Relations: Satisfactory
FINANCES
(Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME
STATEMENT |
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Annual Sales |
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156,693
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138,395
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Cost of Sales |
138,322
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121,471
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GROSS PROFIT |
18,370
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16,923
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Selling & Adm Costs |
11,023
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9,857
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OPERATING PROFIT |
7,347
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7,066
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Non-Operating P/L |
34 |
71 |
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RECURRING PROFIT |
7,381
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7,137
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NET PROFIT |
4,029
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4,250
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BALANCE
SHEET |
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Cash |
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8,873
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5,571
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Receivables |
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28,499
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24,146
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Inventory |
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11,945
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10,074
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Securities, Marketable |
5,316
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7,951
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Other Current Assets |
6,554
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6,100
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TOTAL CURRENT ASSETS |
61,187
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53,842
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Property & Equipment |
50,547
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45,702
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Intangibles |
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1,423
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1,225
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Investments, Other Fixed Assets |
11,266
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10,574
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TOTAL ASSETS |
124,423
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111,343
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Payables |
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24,837
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20,670
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Short-Term Bank Loans |
8,640
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7,432
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Other Current Liabs |
16,904
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15,099
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TOTAL CURRENT LIABS |
50,381
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43,201
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Debentures |
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Long-Term Bank Loans |
684 |
746 |
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Reserve for Retirement Allw |
7,568
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7,439
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Other Debts |
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713 |
423 |
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TOTAL LIABILITIES |
59,346
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51,809
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MINORITY INTERESTS |
1,751
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1,516
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Common
stock |
7,351
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7,351
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Additional
paid-in capital |
9,353
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9,262
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Retained
earnings |
44,774
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41,680
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Evaluation
p/l on investments/securities |
1,741
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945 |
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Others |
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122 |
(1,207) |
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Treasury
stock, at cost |
(16) |
(14) |
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TOTAL S/HOLDERS` EQUITY |
63,325
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58,017
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TOTAL EQUITIES |
124,423
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111,343
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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10,446
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10,307
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Cash
Flows from Investment Activities |
-10,387
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-9,806
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Cash
Flows from Financing Activities |
-305 |
4,180
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Cash,
Bank Deposits at the Term End |
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13,989
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13,282
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
63,325
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58,017
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Current
Ratio (%) |
121.45
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124.63
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Net
Worth Ratio (%) |
50.89
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52.11
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Recurring
Profit Ratio (%) |
4.71 |
5.16 |
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Net
Profit Ratio (%) |
2.57 |
3.07 |
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Return
On Equity (%) |
6.36 |
7.33 |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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