MIRA INFORM REPORT

 

 

Report Date :

01.08.2014

 

IDENTIFICATION DETAILS

 

Name :

UNIPRES CORPORATION

 

 

Registered Office :

Sun Hamada Bldg 5F, 1-19-20 Shin-Yokohama Kohokuku Yokohama 222-8581

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

March, 1945

 

 

Com. Reg. No.:

(Yokohama-Kohokuku) 045218

 

 

Legal Form :

Limited Company (Kabushiki Kaisha

 

 

Line of Business :

Mfg of auto body press parts

 

 

No. of Employees

7,775

 

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 10,982.5 million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.

Source : CIA

 

 

 

Company name and address

 

UNIPRES CORPORATION

REGD NAME:    Unipres KK

MAIN OFFICE:  Sun Hamada Bldg 5F, 1-19-20 Shin-Yokohama Kohokuku Yokohama 222-8581 JAPAN

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

 

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

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of auto body press parts

 

 

BRANCHES   

 

Yamanashi, Mooka, Yokosuka, other

 

 

OVERSEAS   

 

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

 

 

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 289,491 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 9,767 M

TREND             STEADY           　         WORTH            Yen 109,081 M

STARTED         1945                 　         EMPLOYES      7,775

 

MAX CREDIT LIMIT: YEN 10,982.5 MILLION, 30 DAYS NORMAL TERMS

 

 

COMMENT

 

MFR OF CAR BODY PRESS PARTS

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

Business

Terms Ending

Annual Sales*

R.Profit*

N.Profit*

S.Growth

Net Worth*

Results:

31/03/2011

219,032

20,313

11,750

(%)

75,451

(Consolidated)

31/03/2012

239,086

24,255

14,529

9.16

88,068

 

31/03/2013

237,832

18,153

11,218

-0.52

105,009

 

31/03/2014

289,491

17,518

8,208

21.72

109,081

 

31/03/2015

285,000

16,500

8,000

-1.55

..

Unit: In Million Yen

Forecast figures for the 31/03/2015 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 produces car body parts, transmission parts and plastic parts.  Has production bases in China, USA, UK and Thailand.  The company plans to set up a plant to produce car body press parts in the neighborhood of Nissan Motor’s plant in Russia, spending Yen 6 billion.  Start of production is scheduled for Jun 2015.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2014 fiscal term amounted to Yen 289,491 million, a 21.7% up from Yen 237,832 million in the previous term.  Sales of press parts, including mainstay parts for car body frameworks, increased, thanks to a rapid expansion in car production overseas centering on North America.  The effect of a weaker Yen also greatly contributed.  The recurring profit was posted at Yen 17,518 million and the net profit at Yen 8,208 million, respectively, compared with Yen 18,153 million recurring profit and Yen 11,218 million net profit, respectively, a year ago.

 

For the current term ending Mar 2015 the recurring profit is projected at Yen 16,500 million and the net profit at Yen 8,000 million, respectively, on a 1.6% fall in turnover, to Yen 285,000 million.  In the mainstay business relating to car body press parts for Nissan Motor, a main customer, sales in Japan & Europe will fall, and those in Asia will be also at a standstill.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 10,982.5 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:         47,410,073 shares

Sum:            Yen 9,767 million

 

Major shareholders (%): Company’s Treasury Stock (11.1), Nippon Steel & Sumitomo Metal (10.9), Japan Trustee Services T (4.6), Master Trust Bank of Japan T (3.8), CMBL SA Re Mutual Funds (3.5), Zenkyoren (2.9), JP Morgan Chase Bank 385632 (2.8),  Northern Trust (AVFC) American (2.2), JP Morgan Chase Bank 385093 (2.0), Clearstream Banking (2.0); foreign owners (36.4)

 

No. of shareholders: 3,781

 

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

 

Managements: Masanobu Yoshizawa, pres; Shigeru Asahi, v pres; Tetsuo Uotsu, v pres; Masahide Masuda, s/mgn dir; Hideki Ogoshi, s/mgn dir; Yoshio Ito, s/mgn dir; Hiroyoshi Yamakawa, mgn dir; Yukihiko Morita, mgn dir; Shinji Shiokawa, 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* (85%), transmission parts (12%), plastic parts (2%), others (1%)

 

Overseas Sales (40%)

 

*.. Car Body Press Parts: bumper reinforce, 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 Bank (Tokyo)

Shizuoka Bank (Fuji-Chuo)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Consolidated in million yen)

 

 

 

Terms Ending:

31/03/2014

31/03/2013

INCOME STATEMENT

 

 

 

Annual Sales

 

289,491

237,832

 

Cost of Sales

254,872

205,193

 

GROSS PROFIT

34,618

32,638

 

Selling & Adm Costs

19,183

16,613

 

OPERATING PROFIT

15,435

16,025

 

Non-Operating P/L

2,083

2,128

 

RECURRING PROFIT

17,518

18,153

 

NET PROFIT

8,208

11,218

BALANCE SHEET

 

 

 

 

Cash

 

20,756

8,823

 

Receivables

 

35,148

29,705

 

Inventory

 

21,409

24,480

 

Securities, Marketable

 

 

 

Other Current Assets

11,909

9,958

 

TOTAL CURRENT ASSETS

89,222

72,966

 

Property & Equipment

104,150

81,761

 

Intangibles

 

2,724

2,365

 

Investments, Other Fixed Assets

14,859

10,713

 

TOTAL ASSETS

210,955

167,805

 

Payables

 

26,176

16,223

 

Short-Term Bank Loans

25,791

12,369

 

 

 

 

 

 

Other Current Liabs

22,581

17,107

 

TOTAL CURRENT LIABS

74,548

45,699

 

Debentures

 

 

 

 

Long-Term Bank Loans

8,705

7,507

 

Reserve for Retirement Allw

10,494

1,206

 

Other Debts

 

8,126

8,384

 

TOTAL LIABILITIES

101,873

62,796

 

MINORITY INTERESTS

 

 

 

Common stock

9,767

9,639

 

Additional paid-in capital

10,825

10,697

 

Retained earnings

89,009

81,982

 

Evaluation p/l on investments/securities

590

344

 

Others

 

9,128

2,361

 

Treasury stock, at cost

(10,238)

(14)

 

TOTAL S/HOLDERS` EQUITY

109,081

105,009

 

TOTAL EQUITIES

210,955

167,805

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2014

31/03/2013

 

Cash Flows from Operating Activities

 

38,255

17,882

 

Cash Flows from Investment Activities

-30,783

-23,772

 

Cash Flows from Financing Activities

2,001

2,764

 

Cash, Bank Deposits at the Term End

 

20,756

8,823

ANALYTICAL RATIOS            Terms ending:

31/03/2014

31/03/2013

 

 

Net Worth (S/Holders' Equity)

109,081

105,009

 

 

Current Ratio (%)

119.68

159.67

 

 

Net Worth Ratio (%)

51.71

62.58

 

 

Recurring Profit Ratio (%)

6.05

7.63

 

 

Net Profit Ratio (%)

2.84

4.72

 

 

Return On Equity (%)

7.52

10.68

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.25

UK Pound

1

Rs.101.92

Euro

1

Rs.80.70

                

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SDA

               

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.