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MIRA INFORM REPORT

 

 

Report Date :            

16.04.2011

 

IDENTIFICATION DETAILS

 

Name :

TOYOTA TSUSHO CORPORATION

 

 

Registered Office :

Century Toyota Bldg, 4-9-8 Meieki Nakamuraku Nagoya 400-8575

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

July 1948

 

 

Com. Reg. No.:

(Nagoya-Nakamuraku) 031731

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of metals, machinery, vehicles, industrial  materials, etc

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 114,857.7 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

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

 

*.. The is its Osaka Branch Office

 

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 5,102,261 M

PAYMENTS      REGULAR         CAPITAL           Yen 64,936 M

TREND             SLOW               WORTH            Yen 650,215 M

STARTED                     1948                 EMPLOYES      2,548

 

 

COMMENT    

 

GENERAL TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR CORP. 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 114,857.7 MILLION, 30 DAYS NORMAL  TERMS.

 

 

                        Forecast (or estimated) figures for 31/03/2011 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.  This is a general trading house specializing in automobile-related products, steel, machinery & chemical products.  Steel & nonferrous metals account for about 50% 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, food 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.  Made 7% investment in Takeuchi Mfg, construction machinery firm, and forming tie-up for joint sales in Mid/South America.  Planning amalgamation of automobile seat fabrics business with Toyota Boshoku, textile mfr associated with Toyota Motor Group. Participating in pharmaceuticals development support field.  Regarding the impact of the Pacific Coast of Tohoku Earthquake, the firm reported that the Tohoku Branch in Sendai has not been affected much by the Earthquake.

 

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 5,102,261 million, an 18.8% down from Yen 6,286,996 million in the previous term.  The global economy affected the sales, although recovery is seen in Asian emerging market economies, particularly in China.  Japan embarked on a gradual recovery driven by growth in exports to Asia and recovery in consumer spending on autos, home electronics, and other big-ticket items.  However, with employment environment still adverse, corporate capital spending sluggish, and deflation deepening due to overcapacity and domestic demand deficit throughout the fiscal year.  By divisions, Metals down 21.2% to Yen 412,200 million; Machinery & Electronics down 14.2% to Yen 1,162,000 million; Automotive down 27.6% to Yen 223,100 million; Energy & Chemicals down 19.9% to Yen 1,120,300 million; Produce & Foodstuffs down 16.1% to Yen 306,900 million; Consumer Products down 4.58% to Yen 297,500 million.  The recurring profit was posted at Yen 67,378 million and the net profit at Yen 27,339 million, respectively, compared with Yen 98,396 million recurring profit and Yen 40,224 million net profit, respectively, a year ago.

 

(Apr/Dec/2010 results): Sales Yen 4,206,399 million (up 14.6%), operating profit Yen 70,160 million (up 82.6%), recurring profit Yen 86,130 million (up 82.4%), net profit Yen 42,171 million (up 117.5%).  (% compared with the corresponding period a year ago). 

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 98,000 million and the net profit at Yen 48,000 million respectively, on a 7.8% rise in turnover, to Yen 5,500,000 million.  The company will post a Yen 200 billion decline in sales due to a changeover of nonferrous metals accounting standards, but little impact on profits.  Sales of metals and machines will rise, thanks to increase in car produced by Toyota Motor in Asia.  Operating profits will rise further, spurred by higher market prices.

 

The financial situation is considered FAIR to EXCELLENT and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 114,857.7 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Jul 1948

Regd No.:           (Nagoya-Nakamuraku) 031731

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), Master Trust Bank of Japan T (3.8), Japan Trustee Services Bank (3.5), MUFG (3.3), Mitsui Sumitomo Ins (2.8), Aioi Ins (1.9), Tokio Marine Nichido Fire Ins (1.9), SMBC (1.2), Nippon Life Ins (1.1); foreign owners (16.6)

 

No. of shareholders: 43,975

 

Listed on the S/Exchange (s) of: Tokyo, Nagoya

 

Managements: Mitsuo Kinoshita, ch; Katsunori Takahashi, v ch; Koji Oshige, v pres; Kenji Takanashi, v pres; Mikio Asano, s/mgn dir; Masashi Yamamoto, s/mg dir; Yasuhiko Yokoi, s/mgn dir; Makoto Hyodo, mgn dir; Minoru Hayata, mgn dir Jun Nakayama, 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 (23%): 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 (22%): 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 (54.0%): Asia/Oceania 34.6%, N America 6.5%, Europe 6.3%, other regions 6.6%

 

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

 

FINANCES

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

5,102,261

6,286,996

 

  Cost of Sales

4,821,470

5,960,317

 

      GROSS PROFIT

280,790

326,679

 

  Selling & Adm Costs

225,199

235,661

 

      OPERATING PROFIT

55,591

91,017

 

  Non-Operating P/L

11,788

7,379

 

      RECURRING PROFIT

67,379

98,396

　

      NET PROFIT

27,339

40,224

BALANCE SHEET

 

 

 

 

  Cash

　

170,714

242,537

 

  Receivables

 

886,425

690,646

 

  Inventory

 

386,019

426,391

 

  Securities, Marketable

　

　

 

  Other Current Assets

111,143

100,554

 

      TOTAL CURRENT ASSETS

1,554,301

1,460,128

 

  Property & Equipment

238,941

224,733

 

  Intangibles

 

109,409

118,479

 

  Investments, Other Fixed Assets

371,896

326,749

 

      TOTAL ASSETS

2,274,547

2,130,089

 

  Payables

 

681,456

492,678

 

  Short-Term Bank Loans

257,997

231,064

 

　

 

　

　

 

  Other Current Liabs

195,442

321,346

 

      TOTAL CURRENT LIABS

1,134,895

1,045,088

 

  Debentures

 

95,000

95,000

 

  Long-Term Bank Loans

342,141

350,008

 

  Reserve for Retirement Allw

13,596

12,406

 

  Other Debts

　

38,699

40,590

 

      TOTAL LIABILITIES

1,624,331

1,543,092

 

      MINORITY INTERESTS

 

 

 

Common stock

64,936

64,936

 

Additional paid-in capital

154,367

154,367

 

Retained earnings

386,084

365,130

 

Evaluation p/l on investments/securities

21,105

2,147

 

Others

 

30,867

7,165

 

Treasury stock, at cost

(7,144)

(6,749)

 

      TOTAL S/HOLDERS` EQUITY

650,215

586,996

　

      TOTAL EQUITIES

2,274,547

2,130,089

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

100,217

123,760

 

Cash Flows from Investment Activities

-73,090

-54,827

 

Cash Flows from Financing Activities

-107,623

4,614

　

Cash, Bank Deposits at the Term End

　

170,714

242,530

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

650,215

586,996

 

 

Current Ratio (%)

136.96

139.71

 

 

Net Worth Ratio (%)

28.59

27.56

 

 

Recurring Profit Ratio (%)

1.32

1.57

 

 

Net Profit Ratio (%)

0.54

0.64

 

 

Return On Equity (%)

4.20

6.85

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.52

UK Pound

1

Rs.72.72.

Euro

1

Rs.64.41

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.