MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOYOTA TSUSHO CORPORATION |
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Registered Office : |
Century Toyota Bldg, 4-9-8 Meieki Nakamuraku Nagoya 400-8575 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
July 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Metals, Machinery, Vehicles,
Industrial Materials, etc |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
Yen 124,775.7 Million |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
name & address
TOYOTA TSUSHO CORPORATION
REGD NAME: Toyota Tsusho KK
MAIN OFFICE: Century Toyota Bldg,
4-9-8 Meieki Nakamuraku Nagoya 400-8575 JAPAN
Tel:
052-584-5000 Fax: 052-584-5663
URL: http://www.toyota-tsusho.co.jp/
E-Mail address:info@toyota-tsusho.co.jp
ACTIVITIES
Import, export, wholesale of metals, machinery, vehicles,
industrial materials, etc
BRANCHES
Tokyo, Osaka, Toyoda, Kariya, Sendai, Niigata, Fukuoka,
other (Tot 64)
OVERSEAS
Asia (32), Oceania (3), Europe (15), Mid East (2), Africa
(3), N America (24),
Central/South America (7)
CHIEF EXEC
JUNZO SHIMIZU, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,212,726 M
PAYMENTS REGULAR CAPITAL Yen 64,936 M
TREND STEADY WORTH Yen 626,538 M
STARTED 1948 EMPLOYES 22,945
COMMENT
GENERAL
TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR CORP.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 124,775.7 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is the sole general trading
house in Toyota Motor group.
Established originally in 1936 as an auto loan firm for Toyota
automobiles. Incorporated in 1948 on
the basis of a spin-off from Toyoda Sangyo Kaisha in order to engage in foreign
trading, as Nisshin Tsusho Kaisha Ltd.
Renamed as captioned in 1987. A
general trading house specializing in automobile-related products, steel,
machinery & chemical products.
Steel & nonferrous metals account for about 40% of total sales. Active in overseas operations with offices
in China, USA, Europe, Thailand, Australia, etc. In April 2000, merged Kasho Co Ltd, then a mid-size trading
firm. In Mar 2000, went into capital
investment and business tie-up with Tomen Corp, followed by the merger of the
firm in Apr 2006. The merger benefited
the firm by expanded operations into other sectors which the subject was less
competitive: Toyota excels in auto-related products, while Tomen in chemicals
and non-automotive sectors. The firm
exports Toyota cars chiefly to S/E Asia, China, Mid East & Latin America. Growing into comprehensive trading company
with strong growth of overseas trading.
The firm’s goal is to boost group net profits to Yen 100,000 million in
the year ending Mar 2011, according to the firm.
(Recent
News from Nikkei Business Daily):
17/Dec/2007: Toyota won a deal with Iraqi government to
supply electrical substation equipment for US$40 million. It will deliver 30 transformers mfr’d by
Meidensha Corp to substations in central Iraq, including Baghdad, starting from
end 2008. Tomen Corp, which merged with
Toyota Tsusho in spring 2006, had strong presence in Mid East and had sup- plied substation equipment to Iraq since
1970s.
07/Mar/2008: Reported Toyota Tsusho obtained 7.5% stake
in 4,200 sq-kilometer natural gas mining concession off coast of Western
Australia. The interest was purchased
from Woodside Energy Ltd and BHP Billiton for undisclosed sum. Toyota will develop the pro- ject jointly with these firms, aiming to being
production around 2015.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 6,212,726 million, a 57.5% up from Yen 3,945,319
million in the previous term. The said
merger with Tomen Corp boosted sales.
Metals, machinery/electronics & automobile fields continued growth thanks
to higher materials and brisk demand automobiles from overseas continued. By divisions, metals up 17.8% to Yen
1,844,500 million,; machinery/electronics up 42% to Yen 1,535,100 million;
automobiles up 16.8% to Yen 751,700 million; energy/chemicals up 323.3% to Yen
1,269,200 million; foods up 233.3% to Yen 349,600 million. The recurring profit was posted at Yen
112,713 million and the net profit at Yen 77,211 million, respectively,
compared with Yen 86,179 million recurring profit and Yen 45,732 million net
profit, respectively, a year ago.
(Apr/Dec/2007 results): Sales
Yen 1,959,941 million (up22.5%), operating profit Yen 35,157 million (up
14.4%), recurring profit Yen 39,075 million (up 22.5%), net profit Yen 17,715
million (down 20.3%). (% compared with
the corresponding period a year ago).
Metals, Energy and Chemicals boosted sales. Net profit decreased due to corporate taxes levied to two merged
companies.
For the current term ending Mar
2008 the recurring profit is projected at Yen 128,000 million and the net
profit at Yen 65,000 million, on a 9.5% rise in turnover, to Yen 6,800
million. Metals, machinery/electronics
& automobile fields will continue growth, thanks to higher materials and
brisk demand for automobiles from overseas countries. On-going benefits from the merger effect, including increased
number of importers and reduced overheads, offsetting negative effects of
goodwill and increased interest payments.
Tax payments reduced to normal levels.
Tied up with women’s wear retailer Biscaye to cultivate new apparel
brands. In steel-making raw materials,
in-house recycling expanded at plant in Thailand.
The
financial situation is considered FAIR to EXCELLENT and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 124,775.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1948
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,000
million shares
Issued: 354,056,576
shares
Sum: Yen
64,936 million
Major shareholders (%)
Toyota
Motor Corp*(21.5), Toyota Industries (11.1), Japan Trustee Services Bank (5.5),
Master Trust Bank of Japan (3.9), MUFG (3.4), Mitsui Sumitomo Ins (3.0), Tokio Marine Nichido Fire Ins
(1.9), Aioi Ins (1.9), Trust & Custody Services Trust (1.5), Nippon Life Ins (1.5);
foreign owners (13.5)
*..
One of world’s big 3 automakers, Toyota City, Aichi-Pref, founded 1937, listed
Tokyo, Osaka, Nagoya, New York,
London, capital Yen 397,050 million, turnover Yen 23,948,091 million, recurring
profit Yen 2,382,516 million, net profit Yen 1,644,032 million, total assets
Yen 32,574,779 million, net worth Yen 11,836,092 million, employees 299,394,
pres
Katsuaki Watanabe
No. of shareholders: 44,721
Listed on the S/Exchange (s) of
Tokyo, Nagoya
Managements
Masaaki
Furukawa, ch; Yoji Toyohara, v ch; Junzo Shimizu, pres; Nobuhiko Sahara, v
pres; Mahito Kageyama, v pres; Katsunori Takahashi, v pres; Kiyoshi
Furubaya-shi, s//mgn dir; Shun’ya Fukutomi, s/mgn dir; Yoshimasa Kondo, s/mgn
dir; Ryoji Shimizu, s/mgn dir; Koji Oshige, s/mgn dir; Yoichi Kihara, s/mgn dir
Nothing detrimental is known as
to the commercial morality of executives.
Related companies
Toyota Tsusho America Inc, other
OPERATION
Activities:
A general trading house for import, export, wholesale operations:
(Sales breakdown by divisions):
Metals Division (30%):
special steel products, unwrought nonferrous & precious metals, rolled light metal products, copper, copper
alloy products, scrap iron & scrap nonferrous metals, Ferro-alloy products, recycling & disposable
catalysts, other;
Machinery & Electronics Division
(25%): machine tools, industrial & textile machinery, testing & measuring instruments,
environmental equipment, information & telecommunications equipment,
electronic devices & parts, PC’s & peripherals, software, automotive
parts, forklifts, intelligence
transport equipment, other;
Automotive Division (12%):
passenger cars, commercial cars, light vehicles, trucks & buses, automotive parts, other;
Energy & Chemicals Division (20%): petroleum
products & LPG, coal, petroleum chemicals, synthetic resin, fat & oil
products, chemical additives, natural & synthetic rubbers, other;
Consumer Products, Services &
Materials Division (6%): agricultural & livestock products,
foods, condominium & commercial buildings, construction & housing
materials, furniture, textile products & materials, jewelry, automotive
interior parts & materials, packaging materials,
paper & pulp, life & health insurance & property & casualty insurance,
other.
Others (7%)
Overseas Sales Ratio (49.9%): Asia/Oceania
29.6%, N America 7.8%, Europe 6.3%, other regions
6.2%
Clients
[Car
makers, wholesalers, other mfrs] Toyota Motor, Toyota Tsusho America, Toyota Steel Center, Crown Motors, Denso Corp,
Toyota Motor China, other.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Toyota Motor, JFE Steel, Nippon Steel, Toyota Steel Center, Toyota Industries, Denso Corp, other.
Payment record
Regular
Location
Business area in Nagoya. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
MUFG (Tokyo)
SMBC (Nagoya)
Relations: Satisfactory
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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6,212,726 |
3,945,319 |
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Cost of Sales |
5,884,267 |
3,751,052 |
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GROSS PROFIT |
328,458 |
221,592 |
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Selling & Adm Costs |
218,456 |
141,536 |
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OPERATING PROFIT |
110,002 |
80,056 |
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Non-Operating P/L |
2,711 |
6,123 |
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RECURRING PROFIT |
112,713 |
86,179 |
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NET PROFIT |
77,211 |
45,732 |
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BALANCE SHEET |
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Cash |
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126,871 |
77,051 |
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Receivables |
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1,031,639 |
683,995 |
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Inventory |
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381,135 |
276,345 |
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Securities, Marketable |
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Other Current Assets |
119,792 |
69,592 |
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TOTAL CURRENT ASSETS |
1,659,437 |
1,106,983 |
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Property & Equipment |
204,576 |
126,756 |
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Intangibles |
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145,657 |
14,655 |
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Investments, Other Fixed Assets |
452,559 |
354,308 |
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TOTAL ASSETS |
2,462,229 |
1,602,702 |
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Payables |
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791,770 |
536,029 |
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Short-Term Bank Loans |
232,940 |
207,612 |
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Other Current Liabs |
274,205 |
275,576 |
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TOTAL CURRENT LIABS |
1,298,915 |
1,019,217 |
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Debentures |
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80,400 |
55,000 |
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Long-Term Bank Loans |
416,111 |
145,283 |
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Reserve for Retirement Allw |
15,226 |
3,342 |
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Other Debts |
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25,038 |
48,564 |
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TOTAL LIABILITIES |
1,835,690 |
1,271,406 |
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MINORITY INTERESTS |
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16,976 |
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Common
stock |
64,936 |
26,748 |
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Additional
paid-in capital |
154,367 |
24,705 |
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Retained
earnings |
275,465 |
206,679 |
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Evaluation
p/l on investments/securities |
70,714 |
60,530 |
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Others |
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65,687 |
(162) |
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Treasury
stock, at cost |
(4,631) |
(4,181) |
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TOTAL S/HOLDERS` EQUITY |
626,538 |
314,319 |
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TOTAL EQUITIES |
2,462,229 |
1,602,702 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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44,598 |
33,089 |
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Cash
Flows from Investment Activities |
-31,159 |
-119,378 |
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Cash
Flows from Financing Activities |
-46,555 |
90,452 |
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Cash,
Bank Deposits at the Term End |
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125,603 |
75,032 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
626,538 |
314,319 |
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Current
Ratio (%) |
127.76 |
108.61 |
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Net
Worth Ratio (%) |
25.45 |
19.61 |
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Recurring
Profit Ratio (%) |
1.81 |
2.18 |
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Net
Profit Ratio (%) |
1.24 |
1.16 |
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Return
On Equity (%) |
12.32 |
14.55 |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)