MIRA
INFORM REPORT
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Report Date : |
29.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTOLIV JAPAN LTD |
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Registered Office : |
Nisso 13 Bldg, 2-5-1 Shinyokohama Kohokuku Yokohama 222-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
July 2001 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer, Importer, Wholesaler Oof Seat Belts, Air Bags,
Steering Wheels |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
YEN 1,274 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
AUTOLIV JAPAN LTD
REGD NAME: Autoliv KK
MAIN OFFICE: Nisso 13 Bldg, 2-5-1
Shinyokohama Kohokuku Yokohama 222-0033 JAPAN
Tel:
045-475-3501 Fax: 045-475-3502
URL: http://www.autoliv.jp.com/
E-Mail address: infoajs@autoliv.com
ACTIVITIES
Mfg, import, wholesale of seat belts, air bags, steering
wheels
BRANCHES
Tsukuba, Fujisawa, Atsugi, Hiroshima, Nagoya
FACTORIES
Tsukuba, Fujisawa, Atsugi, Taketoyo (Aichi), Hiroshima
OFFICER(S)
BRADLY J MOOLEY, PRES
Takeshi Matsuoka, dir
Mitsuyoshi Kuramochi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMAR
FINANCES FAIR A/SALES Yen 70,000
PAYMENTS REGULAR CAPITAL Yen 498 M
TREND STEADY WORTH Yen 4,010 M
STARTED 2001 EMPLOYES 2,200
COMMENT
MFG OF AUTO SAFETY SYSTEMS, WHOLLY OWNED BY AUTOLIV INC,
SWEDEN.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,274 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Autoliv Inc, Sweden, as its mfg and marketing base in Japan. Specializes in mfg auto safety systems: air bags, seat belts, steering wheels, child seats, other. Has strong position in the airbag inflator market. In 2000, acquired the second largest Japanese steering wheel company with a market share exceeding 20%, and in 2003 completed the acquisition of NSK’s* Asian seat belt operations. Including NSK’ sales, the firm accounts for nearly one fifth of the Japanese seat belt market. Sales in Japan account for about 10% of total global sales.
* NSK Ltd, largest mfr of bearings, Tokyo, founded 1916, listed Tokyo, Osaka S/E’s, capital Yen 67,176, million, turnover Yen 717,225 million; automotive-related products sales account for 55% of total sales.
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 70,000 million, a 9% rise from Yen 64,000 million in the previous term. Child seats and other auto safety systems sales expanded. The net profit was posted at Yen 50 million, up from Yen 45 million a year ago. The firm does not disclose net profits precisely and these figures have been estimated.
For the term that ended Dec 2007 the net profit was projected and believed posted at Yen 55 million, on an 11% rise in turnover, to Yen 78,000 million. Auto safety systems sales continued expanded due to increased car accidents across the country.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,274 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 2001
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 10
million shares
Issued: 9,975
shares
Sum: Yen
498.7 million
Major shareholders (%)
Autoliv Inc, Sweden (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures auto safety systems: steering
wheels, air bags, seat belts, night vision systems,
safety electronics, anti-whiplash systems, seat components, child seats, other
auto safety
systems & components (--100%).
Clients
[Automakers] Toyota Motor, Mazda, Nissan Motor, Mitsubishi Motors, Honda Motors, Daihatsu Co, Fuji Heavy Ind, Isuzu Motor, other.
No. of accounts
300
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Supplied from Autoliv Inc group firms.
Payment record
Regular
Location
Business area in Yokohama.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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78,000 |
70,000 |
64,000 |
60,400 |
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Recur.
Profit |
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Net
Profit |
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55 |
50 |
45 |
-28 |
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Total
Assets |
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N/A |
N/A |
13,830 |
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Net
Worth |
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4,010 |
3,960 |
3,915 |
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Capital,
Paid-Up |
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565 |
515 |
470 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
11.43 |
9.38 |
5.96 |
11.03 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
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28.31 |
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N.Profit/Sales |
0.07 |
0.07 |
0.07 |
-0.05 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/12/2007 fiscal
term.
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. |
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)