MITSUBA Corporation Business Report FY2011

Business Highlights

Financial Overview

(in millions of JPY)
  FY ended Mar. 31, 2012 FY ended Mar. 31, 2011 Rate of
change (%)
Sales 207,803 208,162 (0.2) -
Operating income 7,928 10,462 (24.2) -Financial performance ended up lower year-on-year due to negative currency translation based on the high evaluation of the yen in relation to currencies of developing countries and due to the rise in the costs of raw materials.
Ordinary income 7,266 9,445 (23.1) -
Current net income 2,917 3,655 (20.2) -
Transportation equipment components
Sales 197,868  197,865


-In Japan, the volume of automotive production recovered to a high level during the second half of the fiscal year due to eco-car sales-incentive programs that were introduced in December 2011. Also, automotive production recovered in the U.S.A. and developing countries were able to continue achieving strong sales growth, despite the damage caused by the flooding in Thailand. Nevertheless, the bond crisis in Europe negatively affected currency evaluations in developing countries, so operating revenue for the year ended up being essentially equal to what it was the previous fiscal year.
Operating income 8,397  10,167 (17.4) -


-The Company announced on January 27 that its three wholly-owned subsidiaries in the U.S. were merged as of January 1, 2012. The consolidation is meant to increase a competitive edge in cost and efficiency in management of the Company's operations in North America through speedy decision makings. The three companies merged are "American Mitsuba Corporation" (AMC) based in Illinois for sales of automotive parts, "CME LLC Ltd."(CME) based in Delaware for manufacture of automotive starter motors, power window motors and fan motors and "CME Automotive LLC" (CMEA) for sales of wiper motors and other products. CME and CMEA are to be dissolved, with AMC as a surviving company to take over assets and liabilities of the two liquidated companies. (From an article in the Nikkan Jidosha Shimbun on January 30, 2012)

Outlook for FY ending Mar. 31, 2013

(in millions JPY)
  FY ending Mar. 31, 2013
FY ended Mar. 31, 2012
(Actual Result)
Rate of Change
Sales 220,000 207,803 5.9
Operating income 8,000 7,928 0.9
Ordinary income 8,000 7,266 10.1
Current net income 3,000 2,917 2.8

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


R&D Expenditure

(in millions of JPY)
  FY ended Mar. 31, 2012 FY ended Mar. 31, 2011 FY ended Mar. 31, 2010
Overall 411 487 557
Transportation equipment components 360 399 488

R&D Structure

-In Japan, R&D activities at the Group are mainly conducted at the Mitsuba Technical Center in Kiryu, Gunma Prefecture; and at the Yokohama Technical Center.

-Outside Japan, the Company has technical centers in the U.S.A., Italy, Germany, Thailand, the Philippines, India, Vietnam, and China. These centers work in close collaboration with the centers in Japan while continuing to globalize the Company's R&D capacities.

-In further developing advanced technologies, the Company collaborates with external organizations such as universities, the Tsukuba office of the National Institute for Materials Science, and others, conducting joint R&D activities.

-The Company announced that it has established a new company Mitsuba Automotive Technology (Shanghai) Co., Ltd. in Shanghai, China in order to increase the speed of developing new products. The company becomes the 8th overseas development company of the Mitsuba Group. It is capitalized at 600,000 USD. (From a press release on November 17, 2011)

R&D Activities

-The Company is conducting R&D activities on new actuators, which form the basis of its core technology in the areas of motor technology and control technology; and on keys, which form the basis of elemental technology. Also, the Company is working on developing new systems in which advanced control technology, new sensor technology, and drive principles have been incorporated.

-The Company launched production of the following products during the fiscal year that ended March 2012.
  • Front wiper system
  • Rear wiper system
  • Window washer system
  • Door  mirrors
  • Horns
  • Power window motor
  • Seat motor
  • Sun roof motor
  • Power sliding door system
  • Fan motor
  • Electric Power Steering motor
  • Starter motor for four-wheel vehicle
  • Fuel pump
  • AC generator
  • Controller
-Currently, the Company is conducting joint R&D activities in the area of elemental technology to raise product reliability, researching next-generation systems and actuators.

Technology Licensing-in Agreement

(As of Mar. 31, 2012)
Name of
other party
Contract details Contract Period
Tokyo Electrica de Mexico, S.A. de C.V. Ichikoh Industries
Exercising the usage of patents and expertise in manufacturing automotive components in Mexico. Between Dec. 1993 and the time the Company discontinues production of related products
The Company Donnelly
License agreement on rearview mirror systems fixed on the body, including turn signal light. This includes turn signal lights. Between Sep. 2005 and the time when the patent expires


Technology Licensing-out Agreement

(As of Mar. 31, 2012)
Partner Agreement Details Contract Period
Shihlin Electric & Engineering Corp.
Production technology license and operational license for motorcycles / automobiles electric parts From Aug. 1998
(automatic renewal)
Armstrong Auto Parts Sdn. Bhd.
Production technology license and operational license for motorcycles / automobiles electric parts From May 1992
(automatic renewal)
(South Africa)
Licensing of manufacturing technology for wiper motors for automobiles From Mar. 1979
(automatic renewal)
APM Automotive Holdings Berhad
Licensing of technology for wiper motors and washers etc. for automobiles Apr. 2007 - Apr. 2012
Delloyd Group
Licensing of manufacturing technology for power window motors and door lock actuators for automobiles From Oct. 2001
(automatic renewal)

Investment Activities

Capital Expenditure

(in millions of JPY)
  FY ended Mar. 31, 2012 FY ended Mar. 31, 2011 FY ended Mar. 31, 2010
Overall 12,236 9,237 9,794
Transportation equipment components 12,141 9,011 9,454

-The Company invested in facilities and equipment at its Transportation equipment components, including at subsidiaries located inside and outside Japan, to produce power-window motors and wiper motors four-wheel vehicles, and other products.

Planned Capital Investments

(As of Mar. 31, 2012)
Name Facility type Planned investment amount
(in million JPY)
Planned completion
The Company
R&D Center R&D facilities 311 Apr.
Akagi Plant Machinery to manufacture new products 961 Apr.
Onishi Plant Machinery to manufacture new products 225 Apr.
Niisato Plant Machinery to manufacture new products 800 Apr.
Tone Plant Machinery to manufacture new products 407 Apr.
Tomioka Plant Machinery to manufacture new products 161 Apr.
Fukushima Plant Machinery to manufacture new products 59 Apr.
Niigata Plant Machinery to manufacture new products 187 Apr.
Subsidiaries in Japan
Momimo Manufacturing Co., Ltd. Facilities to increase production volume 184 Apr.