MIRA INFORM REPORT

 

 

Report Date :

08.12.2011

 

IDENTIFICATION DETAILS

 

Name :

UNIPRES CORP

 

 

Registered Office :

Sun Hamada Bldg, 1-19-20 Shin-Yokohama Kohokuku Yokohama 222-8581

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

March 1945

 

 

Com. Reg. No.:

(Yokohama-Kohokuku) 045218

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of car body press parts

 

 

No. of Employees :

6,225

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 8,387.3 Million

Status :

Good

Payment Behaviour :

Regular

Litigation :

--

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

UNIPRES CORP

REGD NAME:    Unipres KK

MAIN OFFICE:  Sun Hamada Bldg, 1-19-20 Shin-Yokohama Kohokuku Yokohama 222-8581

JAPAN

                        Tel: 045-470-9250     Fax: 045-470-8797-

 

                        *.. The is its division office adjacent to the Head Office

 

URL:                 http://www.unipres.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of car body press parts

 

BRANCHES   

 

Yamanashi, Mooka, Yokosuka, other

 

OVERSEAS   

 

USA (3), Mexico, Europe (2), China (2), India, Thailand

 

FACTORIES  

 

Tochigi, Fuji, Sagami, Yamato

 

OVERSEAS

 

USA, UK, China, India, Thailand

 

 

CHIEF EXEC

 

MASANOBU YOSHIZAWA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 219,032 M

PAYMENTS      REGULAR         　CAPITAL        Yen 9,109 M

TREND             STEADY           　WORTH         Yen 75,451 M

STARTED                     1945                 　EMPLOYES   6,225

 

 

COMMENT

 

MFR OF CAR BODY PRESS PARTS 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 8,387.3 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is the largest mfr & distributor of pressed automobile parts, associated with Nissan Motor.  Specializes in mfg car body press parts (See OPERATION).  Sales to Nissan group account for around 90%.  Also involved in mfg industrial machinery, jigs & tools.  Has production bases in China, USA, UK and Thailand.  The firm is planning to newly set up in 2012 a plant in Indonesia to produce car body press parts, spending Yen 2.8 billion. 

 

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2011 fiscal term amounted to Yen 219,032 million, a 24.6% up from Yen 175,750 million in the previous term.  New car model launches by customers and the start of full productions at new plants contributed to the growth.  Sales by regions: Japan up 18.9%, North America up 24.8%, Europe up 16.8%, Asia up 49.8%, aided by full production at India & Thailand plants.  The recurring profit was posted at Yen 20,313 million and the net profit at Yen 11,750 million, respectively, compared with Yen 11,801 million recurring profit and Yen 6,537 million net profit, respectively, a year ago. 

           

            (Apr/Sept/2011 results): Sales Yen 111,345 million (up 6.0%), operating profit Yen 11,595 million (up 16.9%), recurring profit Yen 11,137 million (up 24.7%), net profit Yen 6,617 million (up 23.9%).  (% compared with the corresponding period a year ago)

 

            For the current term ending Mar 2012 the recurring profit is projected at Yen 22,500 million and the net profit at Yen 13,000 million, on a 10.6% rise in turnover, to Yen 236,000 million.  April & May saw a fall in domestic production due to the aftermath of the earthquake disaster.  But recovery in production at Nissan Motor, main customer, is faster than expected both at home and overseas.  Operating profit will maintain a high level.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 8,387.3 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Mar 1945

Regd No.:         (Yokohama-Kohokuku) 045218

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       74 million shares

Issued:                46,422,473 shares

Sum:                   Yen 9,109 million

 

Major shareholders (%): Nissan Motor (11.3), Nippon Steel (11.1), Japan Trustee Services T (11.0), Master Trust Bank of Japan T (6.7), Yoshinori Eguchi (2.6), Japan Trustee Services t9 (2.2), Mellon Bank Mellon Omnibus USP (1.4), Chase London SL Omnibus Acct (1.2), Takao Tamura (1.2),Tadaomi Yamkawa (1.1); foreign owners (25.2)

 

No. of shareholders: 3,072

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Masanobu Yoshizawa, pres; Masamitsu Takano, v pres; Shigeru Asahi, v pres; Soichiro Shiomi, v pres; Tetsuo Uotsu, v pres; Masahide Matsuda, s/mgn dir; Tatsutoshi Inutake, s/mgn dir; Yutaka Eguchi, s/mgn dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Unipres Kyushu Corp, Unipres North America Inc, Unipres (UK) Limited, other

 

 

 

OPERATION

           

Activities: Manufactures car body press parts* (84%), transmission parts (13%), plastic parts (2%), others (1%)

Overseas Sales (43.3%): North America (12.9%), Europe (11.9%), Asia (18.3%)

 

*.. Car Body Press Parts: bumper reinfoece, radiator case support, under cover, protector front fender, front side member, side sill, door guard bar, front pillar, rear side member, fuel tank, filler tube, side roof rail, trunk trim, other.

           

Clients: [Car makers, mfrs, wholesalers] Nissan Motor, Nissan Shatai Co, JATCO Ltd, Mazda Motor, Honda Motor, Toyota Motor, Isuzu Motors, Fuji Heavy Ind, UD Trucks Corp, Suzuki Motor, Daihatsu Motor, Calsonic Kansei Corp, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Nissan Motor, Unipres Kyushu Corp, JATCO Ltd, Marubeni Itochu Iron & Steel, Kanae Kogyo KK, other

 

Payment record: Regular

 

Location: Business area in Yokohama.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

                        Mizuho Corporate Bank (Nihombashi)

                        Bank of Yokohama (Tokyo)

                        Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

219,032

175,750

 

  Cost of Sales

182,040

150,306

 

      GROSS PROFIT

36,992

25,443

 

  Selling & Adm Costs

15,227

13,252

 

      OPERATING PROFIT

21,764

12,191

 

  Non-Operating P/L

-1,451

-390

 

      RECURRING PROFIT

20,313

11,801

　

      NET PROFIT

11,750

6,537

BALANCE SHEET

 

 

 

 

  Cash

　

8,385

5,744

 

  Receivables

 

32,657

21,602

 

  Inventory

 

12,596

15,804

 

  Securities, Marketable

　

　

 

  Other Current Assets

7,965

8,477

 

      TOTAL CURRENT ASSETS

61,603

51,627

 

  Property & Equipment

63,211

69,965

 

  Intangibles

 

2,483

2,523

 

  Investments, Other Fixed Assets

9,170

9,054

 

      TOTAL ASSETS

136,467

133,169

 

  Payables

 

18,253

16,174

 

  Short-Term Bank Loans

5,611

6,867

 

　

 

　

　

 

  Other Current Liabs

20,216

27,527

 

      TOTAL CURRENT LIABS

44,080

50,568

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

7,167

9,351

 

  Reserve for Retirement Allw

3,906

4,002

 

  Other Debts

　

5,862

7,109

 

      TOTAL LIABILITIES

61,015

71,030

 

      MINORITY INTERESTS

 

 

 

Common stock

9,109

5,759

 

Additional paid-in capital

10,090

6,535

 

Retained earnings

58,524

47,738

 

Evaluation p/l on investments/securities

125

402

 

Others

 

(2,290)

2,054

 

Treasury stock, at cost

(107)

(350)

 

      TOTAL S/HOLDERS` EQUITY

75,451

62,138

　

      TOTAL EQUITIES

136,467

133,169

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

26,742

22,090

 

Cash Flows from Investment Activities

-15,099

-10,108

 

Cash Flows from Financing Activities

-9,546

-9,533

　

Cash, Bank Deposits at the Term End

　

7,371

5,744

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

75,451

62,138

 

 

Current Ratio (%)

139.75

102.09

 

 

Net Worth Ratio (%)

55.29

46.66

 

 

Recurring Profit Ratio (%)

9.27

6.71

 

 

Net Profit Ratio (%)

5.36

3.72

 

 

Return On Equity (%)

15.57

10.52

 

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.45

UK Pound

1

Rs.80.38

Euro

1

Rs.69.12

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.