Meiwa Industry Co., Ltd.

Company Profile

■URL

http://www.meiwasangyo.co.jp/english/index.html

■Address

Rurie Hon-Atsugi, 3-1-1 Kotobuki-cho, Atsugi-shi, Kanagawa, 243-0003 Japan

Business Overview

-Manufacturing and sales of interior trim parts for trunk room, floor, seat and roof.

Financial Overview

-In FY ended March 2016, the Company's sales totaled JPY 19.05 billion on a consolidated basis, which was a 5.8% decrease on a year-over-basis (y/y). The Company posted operating profit of JPY 104 million (a 74.5% decrease y/y), ordinary loss of JPY 69 million, and net income (attributable to owners of parent company) of JPY 174 million (a 66.0% decrease y/y). Its automotive components sales accounted for 93.8% of the Company's overall sales.

-The Company announced that it will establish a new subsidiary Meiwa Industria Mexico, S.A. de C.V. in San Luis Potosi, Mexico by the end of January 2016. Through this set-up, the Company plans to establish a local production system for automotive interior components in Mexico. (From a press release on January 13, 2016)

Mid-term Management Plan (April 2014 – March 2019)

-In the "GT300" mid-term business plan (covering FY ending Mar 31, 2015 - FY ending Mar 31, 2019), which was developed based on the "Long-term Vision 2020", the Company is aiming to achieve annual sales of JPY 30 billion, of which JPY 27 billion is expected to be contributed by the automotive division. The operating profit ratio target is set at 5%.

Shareholders

-Listed on the first section of the Tokyo Stock Exchange. (As of Mar. 31, 2016)
Name or Company Name Investment Ratio (%)
Taiyo Life Insurance Company 5.99
Yoei Co., Ltd. 5.14
Sumitomo Mitsui Banking Corp. 3.73
Prime Polymer Co., Ltd. 3.40
Mitsui Bussan Plastics Co., Ltd. 2.28
Nippon Life Insurance Company 1.89
Sumitomo Mitsui Trust Bank, Ltd. 1.66
Individual shareholder 1.53
SBI SECURITIES Co.,Ltd. 1.28
The Master Trust Bank of Japan, Ltd. (Trust Account) 1.27
Japan Trustee Services Bank (Trust Account) 1.27
Total 29.50

Products

Floor mats
Dash silencers
Glass run channels
Roof
Door trim
Seatback panels
Nets
Wheel houses
Trunk rooms
Trunk lids
Storage boxes
Deck boards

History

May, 1956 Established Meiwa Industry Co., Ltd in Iriarai, Ota-ku, Tokyo with capital of 2 million yen.
Built main plant in Shimomaruko-cho, Ota-ku and started manufacturing and sales of automotive vinyl chloride floor mats processed by sewing and welding.
May, 1959 Built Ofuna Plant in Kamakura City, Kanagawa. Established an integrated manufacturing system from vinyl chloride material to finished mats and started production and sales.
Aug. 1960 Changed the headquarters location to Kamakura City, Kanagawa (in Ofuna Plant).
Sep. 1965 Established Nagoya Plant in Toyoake-cho, Aichi and started production and sales of polyurethane foam products and vinyl chloride mats. Nagoya Sales Office was set up inside Nagoya Plant.
Feb. 1974 Moved the headquarters to Taito-ward, Tokyo
May, 1979 Merged with Nisshin Co., Ltd. and Meiwa Industrial Co., Ltd., for par value of 50yen, with the aim of raising the share value, strengthening the managerial bases and streamlining the administration. Acquired by Meiwa Industrial Co., Ltd. for 50yen par value.
Jan. 1981 Listed on the second section of the Tokyo Stock Exchange Market
Aug. 1981 Founded a new plant in Showamachi, Yamanashi and started to produce and supply components such as molded-door trims.
July, 1985 Moved the headquarters to Atsugi city, Kanagawa
Feb. 2005 Formed a capital and business alliance with Kaneka Corporation. The two companies launched a joint development project in the area of automotive components and materials.
Mar. 2006 Gained a majority share in a packaging material supplier in Dalian, China from a Japanese company, turning the material supplier into a subsidiary and renaming it Dalian Meiwa Chemical Products Co., Ltd., which will manufacture automotive parts for the Company.
June, 2007 Set up Technology Development Center by consolidating design department, technology development department and production technology department.
July, 2007 Relocated the head office to Kotobuki-cho, Atsugi City, from Onna, Atsugi City.
Mar. 2008 Moved production operations at its Gunma Plant into Kofu Plant, moving its Gunma Office to Ota City.
Apr. 2008 Established a representative office in Guangzhou, China.
June, 2008 Increased the capital equity of Dalian Meiwa Chemical Products Co., Ltd. in China, which was capitalized at 304.1 million yen.
Dec. 2008 Moved the location of Dalian Meiwa Chemical Products Co., Ltd. to the Dalian Bonded Area in Dailian, China.
July, 2009 Established a manufacturing subsidiary, Meiwa (Foshan) Automobile Parts Co., Ltd., in Foshan, China.
Sep. 2009 Dissolved Meishin Kogyo.
Nov. 2010 Increased its stake in Dalian Meiwa Chemical Products Co., Ltd. in China. (Registered capital: 704.10 million yen)
Mar. 2011 Dalian Meiwa Chemical Products Co., Ltd. in China adopted a new corporate name, Meiwa (Dalian) Automobile Parts Co., Ltd.
May 2011 Dissolved business and capital collaborations with Kaneka Corporation.
Mar. 2012 Established Meiwa Industry (Thailand) Co., Ltd. as a sales subsidiary in Bangkok, Thailand.
Apr. 2012 Increased its capital in Meiwa (Foshan) Automobile Parts Co., Ltd. to 700 million yen.
Feb. 2013 Established Meiwa Industry North America, Inc., a subsidiary in the state of Tennessee in the U.S.A.
Apr. 2013 Closed the Guangzhou Representative Office and established Meiwa (Foshan) Automobile Parts Co., Ltd., Guangzhou Branch.
July 2013 Agreed to increased capital in Meiwa Industry (Thailand) Co., Ltd., capital of JPY 16.29 million.
Dec. 2013 Commenced finishing work on floor mats at rental facility of Meiwa Industry (Thailand) Co., Ltd.
Mar. 2014 Agreed to increased investment in Meiwa (Foshan) Automobile Parts Co., Ltd. of JPY 90.00 million.
Sep. 2014 The Company’s stock was transferred to the first section of the Tokyo Stock Exchange (TSE) from the second section of the TSE.
Feb. 2015 Established Michigan sales office of Meiwa Industry North America, Inc. in Novi, Michigan, U.S.
Jan. 2016 Established Meiwa Industria Mexico, S.A. de C.V in San Luis Potosi, Mexico.
Feb. 2016 Made additional investment in Meiwa Industria Mexico S.A. de C.V., and increased the Mexican unit’s capital to MXN 47,598,500.

Apr. 2016

Established Chinese headquarters, which will oversee the Group’s subsidiaries and sales operations in China.
Made additional investment in Meiwa Industry North America, Inc. and increased its capital to USD 13.5 million.
Made additional investment in Meiwa Industry (Thailand) Co., Ltd. and increased its capital to THB 102 million. The Thai unit was converted into Meiwa Industry’s wholly owned subsidiary.

Supplemental Information 1