Mikuni Corporation Business Report FY ended Mar. 2014

Business Highlights

Financial Overview

(in millions of JPY)
  FY ended Mar. 31, 2014 FY ended Mar. 31, 2013 Rate of Change (%) Factor
Sales 96,456 81,942 17.7 -
Operating income 4,323 2,262 91.1 -
Ordinary income 4,176 2,131 96.0 -
Net income 2,736 1,408 94.3 -
Automotive Components Division
Sales 62,750 57,287 9.5 -Sales of automotive parts grew year-on-year. In Japan sales were lower due to a change in the product mix; however, sales in Asia such as in China and Indonesia increased due to strong demand.
Operating income 3,634 2,100 73.0

Outlook for FY ending Mar. 2015

(in millions of JPY)
  FY ending Mar. 31, 2015
FY ended Mar. 31, 2014
(Actual Results)
Rate of Change
Sales 96,000 96,456 (0.5)
Operating income 4,200 4,323 (2.9)
Ordinary income 3,500 4,176 (16.2)
Net income 2,400 2,736 (12.3)

>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)


R&D Expenditure

(in millions of JPY)
FY ended Mar. 31, 2014 FY ended Mar. 31, 2013 FY ended Mar. 31, 2012
Overall 1,562 1,448 1,267
-Automotive products 1,383 1,317 1,151

R&D Facilities

-The Company's Odawara Plant is in charge of conducting overall R&D activities and developing new business sectors.

R&D Activities

Automotive Products
-The Company is promoting R&D of control technology, actuator technology, sensing technology and material technology for computerized control fuel injection systems and engine components.

-The Company is making technological developments for CO2 reduction, as well as for reducing fuel consumption and vehicle electrification.

-As of the end of March 2014, the Company was conducting the following R&D activities:
  • Development of air intake module for four-wheel vehicles and development of a new resin intake manifold.
  • Development of a new electronically-controlled throttle body for four-wheel vehicles.
  • Development of axle pedal modules .
  • Development of continuously variable transmission systems.
  • Development of variable valve-timing transmission (VVT), and new generation VVT.
  • Development of new engine exhaust gas control valve.
  • Development of an electric vacuum pumps.
  • Development of a new-type of oil pump.
  • Development of a new-type of electric oil pump.
  • Development of new coolant circulation pumps and coolant controlling valves.
  • Development of flow control valves and hydrogen sensors for fuel cell vehicles.
  • Development of new pressure sensors and new position sensors.
  • Development of new type of fuel valve for common-rail fuel-injection systems designed for diesel-engines.

Investment Activities

Capital Expenditure

(in millions of JPY)
FY ended Mar. 31, 2014 FY ended Mar. 31, 2013 FY ended Mar. 31, 2012
Overall 4,907 5,914 4,991
-Automotive products 4,511 5,358 4,446

-The automotive division focused its investment activities on building new plant facilities, developing new products, strengthening basic studies, launching production of new models, and streamlining operations.

Investment Outside Japan

-On October 2013, the Company announced that its U.S. subsidiary, Mikuni American Corporation, will make an additional investment of approximately USD 4.2 million (approximately JPY 420 million) in its Mexican subsidiary, Mikuni Mexicana S.A. de C.V. The Company is going to appropriate the fund in casting and processing facilities including the building in order to increase its manufacturing capability. This is in line with the Company's regional strategy which plans to propulsive its automotive related business in the Americas. (From a press release on Oct. 28, 2013)

Planned Capital Investments (Automotive segment)

(As of Mar. 31, 2014)
Company/Plant Location Estimated amount
of investment
(in millions of JPY)
Period of the project
From To
Odawara Plant Kanagawa Pref., Japan 754 Apr. 2014 Mar. 2015
Morioka Plant Iwate Pref., Japan 352 Apr. 2014 Mar. 2015
Kikugawa Plant Shizuoka Pref., Japan 443 Apr. 2014 Mar. 2015
Mikuni (Thailand) Co., Ltd. Ayutthaya, Thailand 457 Jan. 2014 Dec. 2014
PT. Mikuni Indonesia Bekasi, Indonesia 635 Jan. 2014 Dec. 2014
Mikuni India Private Limited Rajasthan,India 542 Apr. 2014 Mar. 2015
Mikuni (Shanghai) Co., Ltd. Shanghai, China 693 Jan. 2014 Dec. 2014
Mikuni American Corporation California, USA 804 Jan. 2014 Dec. 2014