Murakami Corporation

Company Profile

■URL

http://www.murakami-kaimeido.co.jp/english/index.html

■Address

11-5 Tenma-cho, Aoi-ku, Shizuoka-city, Shizuoka, 420-8550, Japan

Business Overview

-The top supplier of rear-view mirrors for automobiles. Non-affiliated.

-As of the fiscal year that ended Mar. 2016, sales for Toyota accounted for 36.5% of companywide sales.

-The Company's share of the rear view mirror market is over 40% domestically and 7% globally. (As of Nov. 2016, based on the Company's research.)

-Consisting of two business divisions: Mirror system business division and Opto-Electronics division. Capable of handling almost all processes of mirror system manufacturing in-house, from finishing mirror surfaces to electric systems.

Financial Highlights

-In FY ended March 2016, sales were JPY 65,683 million (a 1.6% increase on a year-over-year (y/y) basis), operating income was JPY 5,811 million (a 0.6% decrease y/y), ordinary income was JPY 6,361 million (a 5.7% decrease y/y), and net income attributable to owners of the parent was JPY 4,072 million (a 16.0% decrease y/y). Automotive related  products accounted for 94% of the Company's overall sales.

-The Company will construct its second automotive rear-view mirror plant in Foshan, Guangdong Province, China. The new plant is scheduled to begin operations in January 2018. 

-The Company focuses its development activities on technologies that support autonomous drive and safety systems, as well as on new rear-view monitoring technology in response to changes in laws and regulations.

Shareholders

-Listed on the second section of the Tokyo Stock Exchange. (As of Mar. 31, 2016)
Name or Company Name Investment Ratio (%)
Houeisha 14.20
Individual Shareholder 7.97
BBH for Fidelity Low-priced Stock Fund 6.25
Asahi Glass Co., Ltd. 5.64
The Bank of Tokyo-Mitsubishi UFJ, Ltd. 4.76
Shizuoka Nakajimaya Hotel Chain Co., Ltd. 3.51
Shizuoka Bank, Ltd. 3.50
Meiji Yasuda Life Insurance Company 3.41
Tokyo Small and Medium Business Investment & Consultation CO., LTD. 3.06
The Bank of New York GCM Client Accounts JPRD ISG FE-AC 3.06
Total 55.41

Products

Mirror Systems
Hydrophilic clear mirrors (HCM)
Electro-chromic mirrors
Aspheric mirrors
Power folding units
Actuators
Super heaters
Door mirrors with foot light
Auto retractable mirrors
Door mirrors with turn lamp
Door mirrors with side camera
Reverse-gear combination mirrors
Antidazzle wide inner mirrors with indicators
Antidazzle wide inner mirrors
Actuator units for electric vehicle inlet

Opt + Electronics
Concave mirrors
Aspheric (Spheric) mirrors

Components
Active spoiler controllers

History

Mar, 1948 Established as Murakami Corporation, which succeeded "Kaimeido." Founded in 1882 as a manufacturer of mirrors and wholesaler of glass.
Sep, 1958 Awarded a contract for rear-view mirrors from Toyota Motor Industries Co., Ltd. (currently, Toyota Motor Corporation) and started production.
Nov, 1967 Established Fujieda plant in Fujieda City, Shizuoka Prefecture to expand rear-view mirror production.
Dec, 1967 Awarded a contract for rear-view mirrors from Mitsubishi Heavy Industries Co., Ltd. (currently, Mitsubishi Motors Corporation).
Jan, 1975 Established Shizuoka Auto Glass Co. jointly with Asahi Glass Corporation to separate the automotive glass sales division.
May, 1981 Established Shizuoka Sun Mirror jointly with Asahi Glass Corporation and its exclusive distributor in Shizuoka City to separate the mirror and glass processing division from the Company.
Apr, 1983 Established Kaitsu (Present name: Murakami Kaimeido Kasei) jointly with Tsutsunaka Plastic Industries Co., Ltd. and separated the chemical parts division.
Nov, 1991 Listed in the Japan Securities Dealers Association (JSDA).
Mar, 1995 Listed on the Second Section of the Tokyo Stock Exchange.
Oct, 1996 Established Ooigawa plant in Fujieda City, Shizuoka Prefecture to enhance the capacity of rear-view mirror production.
Nov, 1997 Established Murakami Ampas (Thailand) Co., Ltd. Jointly with Ampas Industry Co., Ltd. in Thailand. Started manufacturing of rear-view mirrors.
Dec, 1999 Dissolved Shizuoka Sun Mirror. Consolidated its mirror and glass processing business with Murakami Kaimeido Techno.
June, 2000 Established Murakami Manufacturing U.S.A. Inc. (a 100% subsidiary) in Kentucky as a site for the sales and production of rear-window mirrors.
July, 2001 Established Murakami Manufacturing (Thailand) a 100% subsidiary, in Thailand as a site for the sales and production of rear-window mirrors.
Oct, 2001 Established Murakami Manufacturing (Hong Kong) Co., Ltd. (a 100% subsidiary) to expand sales in field of opt-electronics in China.
Nov. 2002 Established Jiaxing Murakami Ishizaki Corporation jointly with Ishizaki Honten Company, Limited as a manufacturing and sales base in China for rearview mirrors.
Mar. 2004 Established Murakami Saikyu (Thailand) as a manufacturing and sales base for dies in Thailand, jointly with Saiku Seiki.
May, 2007 Established Murakami Corporation Kyushu (a wholly owned subsidiary) in Asakura City, Fukuoka Prefecture, as a manufacturing and sales center for rear view mirrors.
Feb. 2008 In China, Jiaxing Murakami Kaimeido Corporation acquired a license as a local production and sales base of back mirrors.
Feb. 2011 Established Jiaxing OLSA Murakami Corporation, a production and sales company in China, through a joint investment with OLSA S.p.A.
Dec. 2011 Constructed the Tsuiji Plant in Shizuoka, in order to augment its production framework for manufacturing rearview mirror systems.
Jul. 2012 Merged and absorbed the operations of Jiaxing Murakami Kaimeido Corporation into Jiaxing Murakami Ishizaki Corporation, which became the surviving company.
Sep. 2012 Changed the name of Jiaxing Murakami Ishizaki Corporation to Jiaxing Murakami Corp.
Nov. 2012 Acquired 51% of the outstanding stock shares in PT Delloyd, a company in Indonesia manufacturing and selling rearview mirrors, turning it into a subsidiary.
Feb. 2013 Changed the name of PT Delloyd to PT. Murakami Delloyd Indonesia.
Sep. 2013 Established 100% subsidiary Murakami Corporation (Thailand) Ltd. for designing and preparing production of rear-view mirrors.
Feb. 2014 Established 100% subsidiary Murakami Manufacturing Mexico, S.A. de C.V. for manufacturing and sales of rear-view mirrors.

Supplemental Information 1

Technology Licensing-out Agreement

(As of Mar. 31, 2016)
Partner Contract Contract Period
Ken Sean Factory Co., Ltd.
(Taiwan)
To supply design and manufacturing technology on automotive rear-view mirrors to automakers in Taiwan (except Ford Lio Ho Motor) including Japanese automakers Feb. 1, 2016 -
Jan. 31, 2017*
Ampas Industries Co., Ltd.
(Thailand)
To supply design and manufacturing technology on automotive rear-view mirrors Dec. 29, 2015 -
Dec. 28, 2016*
Delloyd Industries (M) Sdn. Bhd.
(Malaysia)
To supply design and manufacturing technology on automotive rear-view mirrors Dec. 5, 2015 -
Dec. 4, 2016*
Fu-Hwa Glass Co., Ltd.
(Taiwan)
To supply design and manufacturing technology on automotive rear-view mirrors to automakers in Taiwan (except Kuozui Motors) including Japanese automakers Apr. 1, 2015 -
Mar. 31 2016*
Tata Ficosa Automotive Systems, Ltd.
(India)
To supply design and manufacturing technology on automotive rear-view mirrors From Sep. 1, 2004 to the completion of delivery of the products subject to the contract
Ficosa Do Brasil , Ltda.
(Brazil)
To supply design and manufacturing technology on automotive rear-view mirrors From Sep. 1, 2004 to the completion of delivery of the products subject to the contract
Ficosa International S.A.
(Spain)
To supply design and manufacturing technology on automotive rear-view mirrors Jun. 30, 2015 -
Jun. 29, 2016*
Metagal Argentina S.A.
(Argentina)
To supply design and manufacturing technology on automotive rear-view mirrors Jan. 27, 2016 -
Jan. 26, 2017*

* Contracts are renewed every year if both parties agree.

>>>FY ended Mar. 31, 2008 Business report
>>>FY ended Mar. 31, 2009 Business report
>>>FY ended Mar. 31, 2010 Business report
>>>FY ended Mar. 31, 2011 Business report
>>>FY ended Mar. 31, 2012 Business report
>>>FY ended Mar. 31, 2013 Business report
>>>FY ended Mar. 31, 2014 Business report
>>>FY ended Mar. 31, 2015 Business report

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

Note: A figure in brackets ( ) indicates a loss